The theoretical, methodical and practical principles of analytical support of solvency management are revealed in the dissertation, as well as conclusions and recommendations aimed at applying the methodology to the activity of enterprises in modern conditions are formulated.
Etymological meaning, scientific approaches to understanding the essence of such concepts as "solvency", "bankruptcy", "crisis", "default" are analyzed, their relationships and interrelation are determined.
Arguments for broader application of the concept of solvency as the ability of an entity to timely and fully pay for its current debt at the expense of available resources, while maintaining the smooth implementation of the basic processes of enterprise functioning and improving the efficiency of activities, which allowed to systematize the corelation between the categories of solvency, insolvency and bankruptcy are given and proved.
It is proposed to expand the classification of solvency factors of an enterprise depending on the consequences of manifestation and interdependence, which will allow to model the process of ensuring solvency management further on, to carry out a comprehensive search of reserves in order to maintain or enhance it.
Existing methods of solvency estimation are analyzed. Their advantages and disadvantages and limitations in use are identified. The formalized and non-formalized analytical methods for assessing the solvency of the enterprise are systematized. It is proved that among the indicators appearing in the author's and state methods of solvency assessment there are no ones that reflect the results of its production activity.
It has been found out that the integrated evaluation is the most attractive among the considered methods and methods of solvency assessment.
The reasons for the low level of solvency of Ukrainian enterprises are analyzed. It was revealed that the current accounts payable growth rate exceeded the current assets growth rate as a negative factor.
The Odessa region enterprises were grouped according to the level of solvency, which made it possible to identify their weaknesses and strengths of activity. It is established that the negative factors that influence the reduction of the solvency level are the lack of equity, dependence on borrowed capital, shortage of own working capital, low levels of financial risk, the possibility of forming current assets at the expense of equity.
The advantages and disadvantages of foreign western bankruptcy models, CIS countries and national bankruptcy models are analyzed. The quality of bankruptcy models has been determined on the basis of the expert evaluation. It has been found that the model should have such qualities as simplicity of calculations, low time costs, high accuracy (according to preliminary studies), versatility of application, ability to take into account the peculiarities of the industry, importance of coefficients included into the model, availability of sources of information, clear interpretation of the model , the optimal number of ratios, the likelihood of determining the risk zone in which the enterprise is located, the ability to predict.
Individual surveys of 17 experts were performed using the Delphi method, and a high degree of consistency in the experts' assessments of the significance of the studied traits with the Kendall coefficient of concordance was proved.
It has been determined that the bankruptcy risk analysis of an enterprise is advisable to be carried out by combining formalized and unformalized methods, which make it more likely to estimate the level of solvency of the enterprise based on quantitative and qualitative characteristics.
The necessity of using economic and mathematical methods to obtain deeper and more complete knowledge about the mechanism of the phenomena under study is substantiated. It is proved that the consistent use of canonical and regression-correlation analysis significantly broadens and deepens the analysis.
The practical significance of the results of the canonical analysis for small businesses that can use in their activities the models built to increase solvency and make effective management decisions is substantiated.
It is proved, that one of the important methods of estimation of solvency is scoring models, which allow complex estimation of solvency of an enterprise with the help of a certain integral indicator.
We also improved the methodology for building a scoring model, which, unlike others, first, involves the allocation of four areas of solvency risk, which correlates with risk theory and allows to take into account their impact on the activities of enterprises, secondly, for indicators that do not have regulatory values, assumes an assessment based on positive or negative changes in dynamics.
It is suggested to use a scoring model in order to clearly assign an enterprise to a particulargroup with one integral value of the indicator.
