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АНАЛИЗ ФИНАНСОВОЙ УСТОЙЧИВОСТИ МЕТАЛЛУРГИЧЕСКИХ КОМПАНИЙ
Currently, in the theory of financial analysis there is no unified approach to the definition of the term "financial sustainability". The category "financial sustainability" is usually defined by the authors from different points of view:
- as the ability of the enterprise to fulfill obligations to counterparties (Grachev A.V., 2004);
- as the compliance of financial indicators with standard values (Anushchenkova K.A., 2008)
- as the ability to ensure short-term and long-term solvency and creditworthiness (Efimova O.V., 2013; Bocharov, 2014; Henning, Jordaan, 2016; Myšková, R .; Hájek, P., 2017)
- the company's ability to generate value for shareholders (Zabolotny ,, Wasilewsky, 2019)
- characteristic of the state of the enterprise, in which the organization can achieve maximum performance and results, taking into account the available resources, which ensures the transition to the next stage of development (Kochetkov S.A., Tikhomirov S.V., 2016; Henning, JIF; Jordaan, H., 2016)
Based on the above definitions of the category “financial sustainability”, we can conclude that models that assess the likelihood of insolvency (bankruptcy), as well as the creditworthiness of the enterprise, can act as possible metrics of the financial stability of an enterprise.
It is relevant to study the sectoral features of the financial stability of enterprises due to the insufficient number of methods that reflect the specifics of the industry. This study will analyze the financial stability of metallurgical companies in Russia through the construction of models for assessing creditworthiness, as well as assessing the likelihood of bankruptcy.