Įmonių bankroto prevencija : metodologinis aspektas

LTŠiuo metu Lietuvos ekonomikai būdingos įmonių mokumo problemos. Bandoma įrodyti, kad nuo organizacijos reakcijos į vykstančius pokyčius, nuo vadovo žinių, mąstymo ir supratimo priklauso įmonės sėkmė ir apskritai egzistencija. Straipsnyje apžvelgiamos įmonių mokumo problemų identifikavimo, įmonių potencialaus bankroto vertinimo aspektai, apibendrinami kriterijai, kuriais vadovaujantis galima priimti sprendimus, siekiant užtikrinti finansinių problemų turinčių įmonių veiklos tęstinumą. Todėl šiame darbe nagrinėjamos galimos įmonių bankroto prevencijos priemonės, pateikiamas reagavimo į pokyčius metodologinis požiūris bei metodinės rekomendacijos. [Iš leidinio]Reikšminiai žodžiai: Bankroto prevencija; Analizė; Prognozavimas; Pelno indėlio riba; Gamybos svertas; Bankruptcy prevention; Analysis; Prognosis; Profit contribution margin; Operating leverage.

ENFor a market economy to function, three things must be in place: private ownership, competition, the free exchange of goods, and "hard" budget constraint that permits bankruptcies. The market economy has proved to be a flexible and robust way of organizing production in a modern society. An important reason for its flexibility lies in the bankruptcy mechanism; undertakings that are unable to complete successfully, i.e. that lose money, will be forced to reorganize their operations, and in the last analysis close them down. However, note that bankruptcy does not have to entail the closure of an undertaking. In many cases it will continue under the new ownership and new management. In a market economy it is normal for between 2% and 6% of all undertakings to go bankrupt in the course of one year. Because of unstable economical situation, a lot of Lithuanian enterprises encounter financial problems and get to a crisis situation, which is called bankruptcy. In Lithuania bankruptcy seems to be a brutal mechanism that strikes unjustly. Workers who lose their jobs, in spite of strenuous efforts, are suddenly without their old jobs and their employers. Lenders, and some enterprises that have supplied a bankrupt enterprise, lose money. The market economy in Lithuania is not a garden of roses neither for the employers nor for the employees. When an enterprise has no sufficient liquid resources to pay its bills, it will "go" bankrupt. All that is needed - a creditor sends his claim to the court. No active decision by a public authority is required. Financial difficulties of indebted enterprises, related to the failure of repayment of debts to their creditors, influence negatively the financial stability of these creditors as well as other market participants (suppliers, customers, etc.).Insolvency problems of indebted enterprises have to be resolved, taking into consideration interests of other market participants, a society and a state. This article deals with the indication of insolvency problems of indebted enterprises and the evaluation aspects in predicting the potential bankruptcy of troubled enterprises. The author summarises some criteria, which have to be considered in order to ensure the continuation of the activity of indebted, but still potentially viable, enterprises. The maintenance of the enterprise's liquidity is possible only by providing the effective system of the enterprise risk management. The paper investigates the correlation between operating and financial leverage and the indicators ensuring the success of the enterprise's operations. The indicators determine the impact of the leverage effect on the parameters, and consequently on that basis the estimated value of the enterprise changes. The practical example has been used to confirm the validity of the general rules and principles of the theory of financial management in practice. It is generally known, that competitiveness and financial stability are the main factors of business development for corporations, and that the two factors are somehow interconnected. The paper is devoted to the analysis how to apply the bankruptcy prediction models to evaluate the relative corporation competitiveness, with the help of comparativc analysis of their financial condition.For the analysis the author elected patterns of Altman. Z=l ,2X,+1,4X2+3,3X,+0,6X4+1,0X, Where: X, - working capital / total assets, Xj - retained earnings / total assets, X, - earnings before interest and taxes / total assets, X4 - market value equity / book value of total liabilities, X, - sales / total assets. Zone Z - up to 2,7 - zone of increased susceptibility to the hazard of bankruptcy. Zone Z - 2,8-2,9 - zone of uncertainty. Zone Z - 3,0 and is higher - a zone of low susceptibility to the hazard of bankruptcy. Lithuanian enterprises are using only separate financial ratios, so it is difficult to evaluate the probability and reasons of bankruptcy. This article deals with the problem of bankruptcy probability. [From the publication]