Методологічні підходи до оцінювання фінансового стану підприємства в умовах кризи

Abstract

The article is devoted to the study of enterprise crisis management under the conditions of unstable market environment and increasing economic risks. The relevance of the research is explained by the fact that a significant part of Ukrainian enterprises demonstrates insufficient financial stability, low adaptability of financial management systems, and weak mechanisms of internal control, which considerably reduces their competitiveness. The purpose of the study is to analyze the methodological approaches to assessing liquidity, solvency, and financial stability of enterprises, as well as to substantiate the need for integrating modern financial management tools into crisis management practice. The research is based on classical and modern methods of financial analysis. The methodological basis includes ratio analysis of liquidity and solvency (absolute liquidity ratio, quick ratio, current ratio, critical liquidity ratio), assessment of financial independence, creditworthiness and profitability, as well as the application of regression, correlation, functional-cost and factor analysis. It is substantiated that absolute liquidity is achieved when the most liquid assets exceed the most urgent liabilities, while the quick liquidity ratio should remain within 0.7–1.0, and the current ratio – around 2.0, with possible fluctuations from 1.5 to 3.0–4.0 depending on the industry specifics. The optimal level of the critical liquidity ratio is 0.8–0.9, while a value close to 1.0 indicates high financial stability. Exceeding the absolute liquidity level of 0.35 demonstrates inefficient accumulation of cash resources and underuse of investment potential. The results of the research highlight that four main types of financial stability can be distinguished: absolute, normal, unstable, and crisis. Crisis stability, characterized by overdue receivables and payables and the lack of resources to cover operating costs, is the most dangerous state leading o bankruptcy risks. It is emphasized that early diagnostics of such threats is possible only under the conditions of integrated monitoring of financial indicators, combining traditional accounting methods with modern analytical tools. The scientific novelty of the article lies in the substantiation of the need for a complex integrated system of financial crisis management, which should combine domestic and international practices of assessing liquidity and solvency, adapted to the specific conditions of Ukrainian enterprises. Such an approach makes it possible not only to evaluate the current financial condition, but also to forecast its changes, identify potential crisis threats, and develop preventive management measures. In conclusion, the study proves that a systematic approach to crisis management, based on continuous monitoring of liquidity, solvency and profitability indicators, provides enterprises with an opportunity to maintain financial stability, ensure competitiveness and achieve sustainable development in the long run. The integration of financial analysis methods with decision-making processes in corporate management creates the basis for effective functioning of enterprises in an unstable economic environment