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(3.5)
Where P - profit from the sale of products;
N - sales proceeds;
Sps - production cost of sales;
KP - commercial expenses;
YP - management costs.
2. Multiplicative models are used when the resulting indicator is obtained as the
product of several resulting factors
Where Ra is the return on assets;
Rs = P / N - profitability of sales;
FO = N / A - asset recovery ratio;
A - the average value of the organization's assets for the reporting year.
3. When the result indicator is obtained by dividing one factor by another,
multiple models are applied.
4. Different combinations of the above models give mixed or combined models.
In the practice of economic analysis, there are several ways to model
multivariate models: lengthening, formal decomposition, expansion, reduction and
dismemberment of one or more factor indices into composite elements.
Let's do the following modeling of net assets profitability index
Where a = P / N - the profitability of sales, this ratio characterizes the efficiency
of sales of the organization. This indicator characterizes the influence of price policy
and the indicator of sales volume.
B = N / OA - turnover of current assets in turnover, this factor shows how many
turns during the reporting year it makes working capital in the process of production
and marketing and procurement activities.
C = OA / KO - this factor is called the coefficient of current liquidity. It
characterizes the solvency of the organization provided all the stocks are sold and the
receivables are returned.
D = KO / DZ - the ratio of the organization's short-term liabilities to receivables.
This ratio characterizes the degree of coverage of short-term liabilities of the
organization by accounts receivable. It characterizes the financial sustainability of the
organization.
K = DZ / KZ - ratio of accounts receivable to accounts payable. This factor
shows the degree of coverage of accounts receivable. It characterizes the
organization's dependence on creditors and debtors. This indicator can also serve as
an assessment of the organization's security against inflation: the lower this indicator,
the greater the degree of protection.
L = KZ / ZK - ratio of the ratio of the organization's payables to borrowed
capital. This factor characterizes the structure of liabilities. Accounts payable - this is
not all borrowed capital, although, as a rule, it is its main component.
M = ZK / SA - ratio of the ratio of borrowed capital to net assets of the
organization. This factor globally characterizes the financial stability of the
organization. It shows the ratio of own and borrowed sources of financing activities
of the organization.
Thus, we obtained a seven-factor multiplicative model of the profitability of the
company's net assets, consisting of sufficiently diverse and diverse factors
characterizing both the degree of utilization of the organization's assets and the
degree of its financial stability.
The resulting factor model can be solved as in the previous example, by the
method of chain substitutions using absolute differences
At the modern level of development of production and economy there are no
casual and long-term successes. If success was achieved by chance, on an intuitive
level, then it can not be long, since there will be people who will approach the
problem with an economically correct decision, and they will win a competitive
struggle. Success must be justified by a comprehensive and comprehensive analysis
of the economic activities of the organization, rational planning, knowledge and the
maximum use of its advantages, concealing its shortcomings.
The indicator of profitability has a mathematical dependence on many indicators
characterizing the efficiency of the use of assets, the pricing policy of the
organization, the structure of liabilities and assets, financial stability, solvency and
many others.
Complex analysis of the financial state of the organization does not end there,
and can be continued with an analysis of the effectiveness of the use of labor
resources, material resources, fixed assets. A detailed study of each of these areas
will identify specific mechanisms for influencing the final financial performance of
the organization.
14
Analysis of the financial condition of the organization and the identification of
reserves for its further sustainable growth should also continue with an analysis of
solvency ratios, financial stability, asset turnover, analysis of payables and
receivables, cash flow analysis, analysis of net assets, equity, etc.
Thus, profitability indicators are used to compare the performance of individual
enterprises and industries that produce different volumes and types of products.
These indicators characterize the received profit in relation to the spent production
resources. The most commonly used indicators are the profitability of production and
profitability of production.
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