Методичні альтернативи діагностування фінансового стану операторів системи розподілу електроенергії та їх узгодження
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Date
2024
Journal Title
Journal ISSN
Volume Title
Publisher
Видавничий дім «Гельветика»
Abstract
UKR: Стаття присвячена практичному застосуванню декількох методичних підходів до проведення фінансової діагностики компаній-операторів системи розподілу електроенергії задля отримання більш об’єктивного уявлення щодо їх фінансового стану. В якості методичних альтернатив використано інтегральний метод, дискримінантні моделі Е. Альтмана та О. О. Терещенка, рейтингову оцінку. Об’єктами дослідження виступили вісім вітчизняних компаній. Інтегральна оцінка фінансового стану здійснена з урахуванням авторських позицій щодо системи часткових показників за групами ліквідності, фінансової стійкості, ділової активності, прибутковості, вибору бази порівняння для їх стандартизації, вибору формул згортки останніх в групові та інтегральний індекси. У підсумку виявлено, які компанії за усіма методиками мають стійкий фінансовий стан, а які, навпаки, знаходяться у передкризовому стані.
ENG: Research on theoretical, methodological and practical issues of assessing and diagnosing the financial condition of enterprises is important among many other economic problems. The crisis phenomena faced by domestic companies today only increase the relevance of work in this area. One of the key tasks is to obtain a more objective and reliable picture of the real financial position of individual companies, which in turn provides the basis for a relevant generalised conclusion for the industry to which they belong. The key to a successful solution of the issue raised by the authors of the article is to conduct financial diagnostics of a fairly representative group of enterprises using various methodological approaches. For this purpose, eight energy companies - distribution system operators (DSOs) of different regional affiliation and scale of activity were selected (PJSC "Vinnytsiaoblenergo", DTEK Dnipro Grids JSC, PJSC Zaporizhoblenergo, PRJSC Lvivoblenergo, PRJSC Rivneoblenergo, JSC Ternopiloblenergo, JSC Khersonoblenergo, PJSC Cherkasyoblenergo), which is slightly more than 30% of the total number of companies providing such services. The integral method, discriminant models of E. Altman and O. Tereshchenko, and rating assessment are used as methodological tools. At the same time, taking into account the specifics of the industry and other requirements, a system of partial financial indicators by main groups (liquidity, financial stability, business activity, profitability) has been formed. The methodological approaches to building an integral indicator of financial condition have been clarified. It is known that discriminant models are directly intended to determine the probability of bankruptcy, but, according to the authors of the article, they also indirectly characterise the financial condition: an enterprise is more financially stable if the threat of bankruptcy is lower. The results of the comprehensive study revealed the following. Two companies have been clearly identified - Vinnytsiaoblenergo and Ternopiloblenergo - which, according to all methodological approaches, have the most stable financial position among the analysed enterprises. The results of the analysis obtained for Cherkasyoblenergo indicate a threatening situation, which means that there is a high probability of the company's bankruptcy if the necessary preventive measures are not taken. For other companies, the results obtained using different methodological approaches are quite similar. Certain discrepancies are related to the different limits set in different interpretation scales. Further research will involve the construction of an original discriminant model of financial condition covering all companies providing electricity distribution services.
ENG: Research on theoretical, methodological and practical issues of assessing and diagnosing the financial condition of enterprises is important among many other economic problems. The crisis phenomena faced by domestic companies today only increase the relevance of work in this area. One of the key tasks is to obtain a more objective and reliable picture of the real financial position of individual companies, which in turn provides the basis for a relevant generalised conclusion for the industry to which they belong. The key to a successful solution of the issue raised by the authors of the article is to conduct financial diagnostics of a fairly representative group of enterprises using various methodological approaches. For this purpose, eight energy companies - distribution system operators (DSOs) of different regional affiliation and scale of activity were selected (PJSC "Vinnytsiaoblenergo", DTEK Dnipro Grids JSC, PJSC Zaporizhoblenergo, PRJSC Lvivoblenergo, PRJSC Rivneoblenergo, JSC Ternopiloblenergo, JSC Khersonoblenergo, PJSC Cherkasyoblenergo), which is slightly more than 30% of the total number of companies providing such services. The integral method, discriminant models of E. Altman and O. Tereshchenko, and rating assessment are used as methodological tools. At the same time, taking into account the specifics of the industry and other requirements, a system of partial financial indicators by main groups (liquidity, financial stability, business activity, profitability) has been formed. The methodological approaches to building an integral indicator of financial condition have been clarified. It is known that discriminant models are directly intended to determine the probability of bankruptcy, but, according to the authors of the article, they also indirectly characterise the financial condition: an enterprise is more financially stable if the threat of bankruptcy is lower. The results of the comprehensive study revealed the following. Two companies have been clearly identified - Vinnytsiaoblenergo and Ternopiloblenergo - which, according to all methodological approaches, have the most stable financial position among the analysed enterprises. The results of the analysis obtained for Cherkasyoblenergo indicate a threatening situation, which means that there is a high probability of the company's bankruptcy if the necessary preventive measures are not taken. For other companies, the results obtained using different methodological approaches are quite similar. Certain discrepancies are related to the different limits set in different interpretation scales. Further research will involve the construction of an original discriminant model of financial condition covering all companies providing electricity distribution services.
Description
В. Куценко: ORCID 0009-0007-3862-4248; Т. Ігнашкіна: ORCID 0000-0001-8963-5675
Keywords
оператори системи розподілу електричної енергії, фінансовий стан, діагностика, інтегральний метод, рейтингова оцінка, дискримінантні моделі Е. Альтмана, О. О. Терещенка, electricity distribution system operators, inancial condition, diagnostics, integral method, rating assessment, discriminant models of E. Altman, O. Tereshchenko, КЕП
Citation
Куценко В. О., Ігнашкіна Т. Б. Методичні альтернативи діагностування фінансового стану операторів системи розподілу електроенергії та їх узгодження. Економіка та суспільство. 2024. № 70. DOI: https://doi.org/10.32782/2524-0072/2024-70-72.