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Терминология: Коефициент за финансов левъридж

24 ноември 2016, 454 прочитания

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Коефициент за финансов левъридж (debt-to-equity ratio) е показател за отношението между заемния и собствен капитал на организацията. Това е един от важните показатели за финансовото състояние на предприятието, наред с аналогичните по смисъл коефициенти за автономия и финансова зависимост, които също отразяват в какви съотношения са заемните и собствените средства на организацията. 

Терминът “финансов левъридж” често се използва в общ смисъл, когато се говори за принципен подход към финансирането на бизнеса, когато с помощта на заемни средства предприятията формират финансов лост за повишаване на възвръщаемостта от собствените средства, вложени в бизнеса. 

терминология

Формула

Коефициент за финансов левъридж = Задължения / Собствен капитал
И числителят, и знаменателят се вземат от счетоводния баланс на организацията. В “Задължения” се включват и дългосрочните и краткосрочните задължения (т.е. всичко, което остава, след като от салдото в баланса се извади собствения капитал). 

 
Нормални стойности
За оптимално се счита отношение 1:1 между задължения и собствен капитал (чисти активи), т.е. коефициент за финансов левъридж равен на 1. 
Допустими са и стойности до 2 (в крупните публични компании коефициентът може да има дори по-висока стойност). 
При по-високи стойности на коефициента организацията губи финансова независимост и финансовото и състояние става крайно неустойчиво. За такава организация става трудно да вземе допълнителни заеми. 
Най-често срещаната стойност на коефициента за финансов левъридж в страните с развити икономики е 1,5 (т.е. 60% заемен капитал и 40% собствен). По-ниски стойности на коефициента подсказват пропуснати възможности за използване на финансови лостове, чрез които да се повиши рентабилността на собствения капитал. 
Както и при други аналогични коефициенти характеризиращи структурата на капитала (коефициент за автономност, коефициент за финансова зависимост), нормалната стойност на коефициента за финансов левъридж зависи от индустрията, мащабите на предприятието и дори от начина за организация на производството (фондоемко или трудоемко производство). Ето защо коефициентът трябва да се оценява динамично и в сравнение с показателите на аналогични предприятия. 
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Коефициент за финансова зависимост

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