Calculate the autonomy coefficient. Financial independence ratio: how to calculate and analyze

The coefficient of financial autonomy (or independence) reflects the share of assets that can be covered by own funds enterprises. The remaining assets are covered using debt capital. The value of the indicator interests investors, banking organizations. The higher the value, the more independent the enterprise.

Economic meaning of the indicator

The coefficient of autonomy of own funds is one of the indicators of the financial stability of an enterprise. Their values characterize the long-term solvency of the organization.

Autonomy coefficient (concentration equity, ownership of the enterprise) illustrates the degree of independence of the organization from creditors. Defined as the ratio of equity to the value of total assets. That is, it shows the share of equity capital in the totality of assets, own and borrowed.

High values of the indicator indicate financial stability. Low ones, on the contrary, have a significant dependence on creditors.

The ownership ratio is used by financial analysts, arbitration managers, credit organizations and investors.

Financial autonomy coefficient and balance formula

General formula of the indicator:

Kfa = equity capital and reserves/assets.

The calculation takes into account the sum of all assets of the enterprise (maximum liquid, fast, slow and difficult to sell).

Formula based on data balance sheet:

Kfa = page 1300 / page 1700.

Essentially, you need numbers from the liabilities side of the balance sheet.

Calculation of coefficient financial independence:

The indicator did not change much over the three analyzed periods. Which indicates stable financial condition companies. To draw conclusions about the independence of the enterprise from borrowed money, you need to know the norm of the value.

Financial autonomy coefficient: normative value

The accepted regulatory limit for Russian enterprises is >0.5. The higher the indicator, the more stable the financial condition of the organization is considered. The optimal value is 0.6-0.7.

If the coefficient is as close as possible to one, it is possible that the pace of development of the company is being held back. The company does not intentionally attract borrowed capital, and therefore is deprived of an additional source of financing. After all, through borrowed funds it is possible to increase income. On the other hand, if the market situation worsens, so will financial position companies.

The coefficient values of the enterprise under study (see above) do not fall below 0.75. What conclusions can be drawn:

the enterprise is financially stable;
If all creditors immediately demand repayment of debts, the company will be able to pay.

The standard value of the indicator is generalized. The financial independence ratio of a particular company must be compared with the same indicator for enterprises in the same industry. This approach will allow you to determine the exact place of your company among competitors.

The financial autonomy coefficient shows the share of ownership of the enterprise in total amount assets.
It is calculated as the ratio of equity capital to the sum of all company funds.
The accepted norm is more than 0.5.
Less than 0.5 if it is possible to purchase assets using borrowed funds; to reduce financial stability companies.
High values are an indicator of financial stability (independence from attracted capital), the ability to quickly repay all debt obligations.

The financial stability of an organization is the basis for long-term prospects in the development of its financial and economic condition. Constant, systematic analysis of the enterprise’s activities, building a tactical structure of behavior in the market is carried out by analysts based on data accounting. In this case, a number of financial instruments are used that clearly reflect the actual position of the company and its immediate prospects. One of the most important tools for analyzing the financial condition of an enterprise is the autonomy ratio.

The coefficient is included in the group of tools for assessing financial stability and was put into effect by government decree Russian Federation No. 367 of June 25, 2003 “On approval of the rules for conducting financial analysis» as an independent tool for financial analysis in general structure comprehensive assessment activities of the organization. It is used by employees of analytical departments and centers for self-diagnosis of criteria for the financial stability of an enterprise.

Basic definition

The systematic and steady development of an enterprise is impossible without the participation in the assets of the organization of funds introduced to support production on loan terms. The financial situation is influenced to a greater extent by long-term loans(loans), but also taken into account Short-term liabilities, the execution time for which is quite short.

The organizational autonomy coefficient is the mathematical ratio of funds that are the property of the organization (not burdened with encumbrances) to the entire volume Money, including borrowed funds, long-term (short-term) liabilities and other financial assets enterprises. In a broader sense, the autonomy coefficient can be represented as a financial indicator of an enterprise that characterizes the degree of dependence economic situation organizations from credit funds.

Based on the definition of the term, it becomes clear that the financial stability of an enterprise is more stable, the greater the significance of the coefficient of autonomy (financial independence). The generally accepted nominal value of the coefficient is 0.65. This ratio shows that most of the company's assets are secured by its own funds. First of all, credit institutions and partners pay attention to the autonomy coefficient investment projects. It is important for them to minimize the risks associated with a possible loss of investment as a result of the company's bankruptcy.

For the Russian Federation, a critical indicator characterizing the expected inability to pay debt obligations in the short term is considered to be a coefficient indicating the share of financing production activities own funds, 35 percent or lower (except for rare cases when a low autonomy ratio is the norm for an organization due to the characteristics of the manufacturing industry). In the financial practice of Western enterprises, the dependence of organizations on borrowed funds is assessed based on the results of the financial leverage instrument, which is an analogue of the autonomy coefficient and has a similar nominal value.

Balance formula

In all cases when it comes to financial instruments, the initial data for analysis and calculations are taken from the organization's accounting program. As a rule, to calculate the coefficient, the necessary and sufficient information is the data accounting reports about profits and balance sheet. It is generally accepted that if production is ensured by 50 percent with its own funds (autonomy coefficient is 0.5), the company can pay off creditors by selling assets. However, given that different assets have different degrees of liquidity in the market, they are all taken into account when fully calculating the autonomy ratio.

In the structural presentation, the formula for calculating the autonomy coefficient is presented as the sum of its own capital investments and reserve funds, divided by the amount of the organization's assets:

K(av) = (K(s)+K(r)) / (A(l)+A(b)+A(m)+A(t)),

or in the form:

K(av)– the value of the autonomy coefficient according to the calculation results;
K(s)– the organization’s own capital, not burdened with sanctions restrictions;
K(r)– reserve funds that the organization can attract without damaging production;
A(l)– the company’s assets having the greatest liquidity on the market;
A(b)– assets of the organization, the time frame for the sale of which in the future is statistically short;
A(m)– a value opposite to A(b), assets with longer sales periods compared to A(b);
A(t)– assets of the organization, the sale of which is temporarily difficult or predictably complicated by a number of circumstances.

The formula for calculating the balance of the autonomy coefficient of accounting form No. 1 is as follows:

K(av) = page 1300 / page 1700

Obviously, the higher the value of the autonomy coefficient, the more stable the company's position in the market. When analyzing the financial efficiency of production management, the value of autonomy is calculated for reporting period in comparison with the average value of the coefficient for a given industry in the region. Further strategic planning is made on the basis of calculation results, taking into account data on past tense autonomy coefficients.

A graphical display of the dynamics of changes in the coefficient clearly shows the system of financial and economic management of the enterprise and its future prospects:

The increase in the autonomy coefficient in comparison with the results of the previous reporting period indicates management's strategy in providing production assets with as much of its own funds as possible, and strengthening the organization's position in the market for goods and services. The risk of bankruptcy of the company is reduced and the likelihood of successful mutual settlements increases in the event of sudden deadlines for all debt obligations. The tendency of the autonomy coefficient to unity in some cases indicates opportunities missed by the management apparatus to increase the average annual income by increasing the volume of borrowed funds with their subsequent investment in the production process (for example, increasing the volume of purchased raw materials, if the raw material factor is a constraint).
Falling autonomy coefficient – even against the background total growth profits are an alarming sign of an impending unfavorable situation. The risk of insolvency in paying debt obligations increases, dependence on changes increases interest rates lending, the amount of interest expenses increases. In order to avoid a deterioration in the financial situation when loan funds are withdrawn and the degree of trust on the part of sponsors decreases, a revision of the production management strategy is required (for example, by finding additional reserves, reducing the share of short-term debt obligations, carrying out personnel reform, technical re-equipment, etc.).

An example of calculation and analysis of the autonomy coefficient

The effectiveness of using the tools of the autonomy coefficient is considered using the example of one of the large Russian ferrous metallurgy enterprises (conditionally “OJSC Chermetstal”). The initial data for calculations are financial indicators production activities of the enterprise, taken from open sources of information. In order to improve the clarity of the example and analyze the dynamics of changes in the autonomy coefficient, the data was taken for four reporting periods of 2015:

K(s+r) page 1300– the amount of own and reserve funds in the first quarter of 2015 – 17,655,560;
K(s+r) page 1300– the amount of own and reserve funds in the second quarter of 2015 – 181,001,381;
K(s+r) page 1300– the amount of own and reserve funds in the third quarter of 2015 – 171,866,380;
K(s+r) page 1300– the amount of own and reserve funds in the fourth quarter of 2015 – 181,717,548;
A(l+b+m+t) page 1700– the sum of all assets of the company in the first quarter of 2015 – 28,510,638;
A(l+b+m+t) page 1700– the sum of all assets of the company in the second quarter of 2015 – 288,815,421;
A(l+b+m+t) page 1700– the sum of all assets of the company in the third quarter of 2015 – 281,212,708;
A(l+b+m+t) page 1700– (the sum of all company assets) in the fourth quarter of 2015 – 276,883,505.

Based on the initial data, the autonomy coefficients of the OJSC Chermetstal company are:

As the visual diagram shows, the autonomy coefficient of the Chermetstal OJSC enterprise did not decrease throughout the year and has a pronounced upward trend. Taking into account the industry specifics of ferrous metallurgy enterprises, the average coefficient (0.61 + 0.63 + 0.61 + 0.65) / 4 = 0.63 is a nominal norm that is within the acceptable range for the region. The share of borrowed funds is no more than 40 percent, the financial condition of the company is stable, the risks of critical situations are extremely low. The company has prospects further development, the feasibility of investment is justified.

In contact with

One of the characteristics of a stable position of an enterprise is its financial stability.

Below financial stability ratios, characterize independence for each element of the enterprise’s assets and for property as a whole, making it possible to measure whether the company is financially stable enough.

The simplest financial stability ratios characterize the relationship between assets and liabilities as a whole, without taking into account their structure. The most important indicator of this group is autonomy coefficient(or financial independence, or concentration of equity in assets).

The stable financial position of an enterprise is the result of skillful management of the entire set of production and economic factors that determine the results of the enterprise. Financial stability is determined by both stability economic environment, within the framework of which the enterprise operates, and on the results of its functioning, its active and effective response to changes in internal and external factors.

Autonomy coefficient

Reference!

Total assets (p.

Important point!

KA = SK/SA, where:

CA - total assets;

KA = page 1300 / page 1700

Important point!

Examples of coefficient calculation

Conclusion!

Questions and answers on the topic

Reference materials on the topic

Return to method analysis financial statements

Autonomy coefficient

At analysis of financial statements, to determine the level of financial stability in the long term, the autonomy coefficient is used.

Definition. Autonomy coefficient is defined as the ratio of equity to the sum of all funds (the sum of capital and reserves, short-term liabilities and long-term liabilities) advanced to the enterprise (or the ratio of the amount of equity to the total balance sheet of the enterprise).

Formula icon (acronym): ETA

Synonyms: financial independence ratio, equity concentration ratio, ownership ratio, independence ratio, equity concentration ratio, Equity to Total Assets, EQ/TA)

Formula for calculating the current ratio:

EtTA — Autonomy coefficient, shares of units;
EC—Equity Capital, rub.
TA — total assets (Total Assets), rub

Purpose. Autonomy coefficient (equity concentration coefficient, ownership coefficient) - characterizes the share of ownership of the owners of the enterprise in the total amount of advanced funds. The higher the value of the coefficient, the more financially stable and independent of external creditors the enterprise is.

The autonomy coefficient is of great importance for investors and creditors, because the higher the ratio, the lower the risk of losing investments and loans. The owners of the company, on the contrary, prefer a low share of equity capital in order to obtain greater profits (this occurs when the return on assets is greater than the cost of borrowed capital).

Example. The total balance sheet of the enterprise at the beginning of the year was equal to 1.265 billion rubles, at the end - 1.369 billion.

Financial stability ratios

rubles The enterprise's own funds at the beginning of the year amounted to 589 million rubles, at the end of the year 623 million rubles.
How and by how much has the value of the autonomy coefficient changed over the year?
How long autonomy coefficient Does it correspond to the standard value?

Let's determine the value of the autonomy coefficient at the beginning of the year:
EtTAstart = 589 / 1265 = 0.4656.

Let us determine the value of the autonomy coefficient at the end of the year:
EtTAcon = 623 / 1369 = 0.4551.

Change autonomy coefficient for the year will be:
EtTA = EtTAcon / EtTAstart = 0.4551 / 0.4656 = 0.9775 or decreased by 2.31%.

Let's define the relation actual value autonomy coefficient and normative:
EtTAstart / norm = 0.4656 / 0.6 = 0.776 or 77.6% of the normative value.
EtTAcon / norm = 0.4551 / 0.6 = 0.7585 or 75.85% of the normative value.

Answer. The value of the autonomy coefficient decreased by 2.31%. At the beginning of the year autonomy coefficient was 77.6% of the standard value, and at the end of the year 75.85%.

Briefly: The autonomy ratio is a convenient and effective indicator of the financial stability of a company.

What does the autonomy coefficient show - the balance formula?

It is calculated as the ratio of equity capital to business assets, based on the balance sheet information (Form No. 1). The meaning of Equity to Total Assets is of interest to partners, creditors, investors, and owners. Its standard value is from 0.5. If the indicator approaches one, then the company is stable, but does not use debt financing enough, which hinders its growth.

Details

Lenders are willing to cooperate with companies that can repay their loans on time. financial obligations. Therefore, they assess in advance whether the company is able to cover its obligations with its own capital and reserves. This criterion also characterizes the financial stability of the business.

Autonomy coefficient(Equity to Total Assets - EQ/TA, KA) or indicator of financial independence is a relative financial indicator that allows you to determine the degree of dependence of a company on debt financing, as well as its ability to repay obligations using its own funds.

Reference! CA is used in the practice of arbitration managers, who are required to establish the financial condition of a company before starting bankruptcy proceedings in its respect (Resolution of the Government of the Russian Federation of June 25, 2003 No. 367 “On approval of the rules for conducting financial analysis by an arbitration manager”).

Analysts use the financial independence ratio to assess the financial strength of a business and assess the likelihood of its bankruptcy.

Reference! The inverse of the autonomy indicator is the financial dependence coefficient, and its analogue is the bankruptcy forecast coefficient.

The reduction in Equity to Total Assets is the first sign that the company requires checking for the likelihood of bankruptcy (bankruptcy forecast coefficient, capitalization ratio, etc.). If this trend is prolonged, then investors and business lenders should consider their injections.

Formula for calculating the autonomy coefficient

The current value of the EQ/TA indicator can be determined on the basis of information from reporting form No. 1 - the balance sheet. To do this, you need to take information from it:

Total equity capital and reserves (p. 1700).

Important point! When calculating the KA indicator, all assets are taken into account, regardless of their degree of liquidity.

The theory of financial analysis uses the following formula for determining EQ/TA:

KA = SK/SA, where:

CA - total assets;

SK - equity capital and reserve reserves.

In practice Russian companies The formula presented above is expressed through the lines of the balance sheet (form No. 1):

KA = page 1300 / page 1700

Important point! If, when calculating, we add to equity capital long term duties, then you get the financial stability coefficient.

Standard indicator value

The Equity to Total Assets indicator can be applied to organizations of any sector of the economy, any scale of activity and form of ownership. Its normative meaning is also universal and uniform for all business entities.

Important point! When conducting detailed financial analysis, they compare the obtained value with the average indicators in the selected sector of the economy.

When analyzing the indicator, it is important to take into account some assumptions:

the higher the value of the financial autonomy indicator, the more stable the position of the enterprise seems;
if the autonomy coefficient is close to 1, then it is believed that business development is hampered by insufficient use of debt financing.

Examples of coefficient calculation

The calculation and analysis of the EQ/TA indicator is most conveniently presented using the example of specific Russian companies. The objects of study were selected:

oil company PJSC Bashneft;
one of the leaders in online retail trade, NEPAO Yulmart.

Conclusion! An analysis of the financial independence of PJSC Bashneft showed that in 2015-2017. the company is becoming increasingly dependent on debt sources of financing. In 2017, the indicator falls below the normative limit. This state of affairs is due to the reorganization of the oil giant in 2015, which led to a gradual reduction in the amount of equity capital.

Conclusion! The Yulmart company's degree of independence from external sources of financing is growing due to the fact that, in conditions of an unstable macroeconomic situation and the volatility of the ruble exchange rate, it decided to follow the strategy of using own sources financing activities.

Overall analysis: position trading company Yulmart is more stable in 2017 than the oil giant Bashneft. The sample shows an algorithm for using the autonomy coefficient formula in the Excel spreadsheet editor.

Questions and answers on the topic

No questions have been asked about the material yet, you have the opportunity to be the first to do so

Reference materials on the topic

Briefly: The autonomy ratio is a convenient and effective indicator of the financial stability of a company. It is calculated as the ratio of equity capital to business assets, based on the balance sheet information (Form No. 1). The meaning of Equity to Total Assets is of interest to partners, creditors, investors, and owners. Its standard value is from 0.5. If the indicator approaches one, then the company is stable, but does not use debt financing enough, which hinders its growth.

Details

Lenders are willing to cooperate with companies that are able to repay their financial obligations on time. Therefore, they assess in advance whether the company is able to cover its obligations with its own capital and reserves. This criterion also characterizes the financial stability of the business.

Analysts use the financial independence ratio to assess the financial strength of a business and assess the likelihood of its bankruptcy.

Reference! The inverse of the autonomy indicator is the financial dependence coefficient, and its analogue is the bankruptcy forecast coefficient.

Formula for calculating the autonomy coefficient

The current value of the EQ/TA indicator can be determined on the basis of information from reporting form No. 1 - the balance sheet. To do this, you need to take information from it:

Total assets (p. 1300).
Total equity capital and reserves (p. 1700).

Important point! When calculating the KA indicator, all assets are taken into account, regardless of their degree of liquidity.

The theory of financial analysis uses the following formula for determining EQ/TA:

KA = SK/SA, where:

CA - total assets;

SK - equity capital and reserve reserves.

In the practice of Russian companies, the above formula is expressed through the lines of the balance sheet (form No. 1):

KA = page 1300 / page 1700

Important point! If you add long-term liabilities to equity when calculating, you get a financial stability ratio.

Standard indicator value

Important point! When conducting detailed financial analysis, they compare the obtained value with the average indicators in the selected sector of the economy.

When analyzing the indicator, it is important to take into account some assumptions:

the higher the value of the financial autonomy indicator, the more stable the position of the enterprise seems;
if the autonomy coefficient is close to 1, then it is believed that business development is hampered by insufficient use of debt financing.

Examples of coefficient calculation

The calculation and analysis of the EQ/TA indicator is most conveniently presented using the example of specific Russian companies. The objects of study were selected:

oil PJSC company Bashneft;
one of the leaders in online retail trade, NEPAO Yulmart.

The overall result of the analysis: the position of the Yulmart trading company in 2017 is more stable than that of the oil giant Bashneft. The sample shows an algorithm for using the autonomy coefficient formula in the Excel spreadsheet editor.

Questions and answers on the topic

No questions have been asked about the material yet, you have the opportunity to be the first to do so

Reference materials on the topic

Financial Independence Ratio in Excel

The coefficient of financial autonomy (or independence) reflects the share of assets that can be covered by the enterprise’s own funds. The remaining assets are covered using debt capital. The value of the indicator is of interest to investors and banking organizations. The higher the value, the more independent the enterprise.

Economic meaning of the indicator

The coefficient of autonomy of own funds is one of the indicators of the financial stability of an enterprise. Their values characterize the long-term solvency of the organization.

The autonomy coefficient (concentration of equity capital, enterprise ownership) illustrates the degree of independence of the organization from creditors. Defined as the ratio of equity to the value of total assets. That is, it shows the share of equity capital in the totality of assets, own and borrowed.

High values of the indicator indicate financial stability. Low ones, on the contrary, have a significant dependence on creditors.

The ownership ratio is used by financial analysts, arbitration managers, credit institutions and investors.

Financial autonomy coefficient and balance formula

General formula of the indicator:

Kfa = equity capital and reserves/assets.

The calculation takes into account the sum of all assets of the enterprise (maximum liquid, fast, slow and difficult to sell).

Formula based on balance sheet data:

Kfa = page 1300 / page 1700.

Essentially, you need numbers from the liabilities side of the balance sheet.

Calculation of the financial independence ratio:

The indicator did not change much over the three analyzed periods. Which indicates the stable financial condition of the company. To draw conclusions about the independence of an enterprise from borrowed funds, you need to know the standard value.

Financial autonomy coefficient: normative value

The accepted regulatory limit for Russian enterprises is >0.5. The higher the indicator, the more stable the financial condition of the organization is considered. The optimal value is 0.6-0.7.

If the coefficient is as close as possible to one, it is possible that the pace of development of the company is being held back. The company deliberately does not attract borrowed capital, and therefore is deprived of an additional source of financing. After all, through borrowed funds it is possible to increase income. On the other hand, if the market situation worsens, the financial position of the company will also worsen.

The coefficient values of the enterprise under study (see above) do not fall below 0.75.

Autonomy coefficient. Formula. Calculation example for OJSC Severstal

What conclusions can be drawn:

the enterprise is financially stable;
If all creditors immediately demand repayment of debts, the company will be able to pay.

The financial autonomy coefficient shows the share of enterprise ownership in the total assets.
It is calculated as the ratio of equity capital to the sum of all company funds.
The accepted norm is more than 0.5.
Less than 0.5 if it is possible to purchase assets using borrowed funds; to reduce the financial stability of the company.
High values are an indicator of financial stability (independence from attracted capital), the ability to quickly repay all debt obligations.

Autonomy coefficient

Autonomy coefficient also called the financial independence ratio, this indicator characterizes the ratio of the enterprise's equity capital to the total assets of the company. It is one of the classic indicators characterizing the independence of an enterprise from financial institutions (creditors). High values of the autonomy coefficient indicate a high degree of dependence of the enterprise on loans and borrowings and low financial stability, because any unexpected payments can cause disruptions in the efficiency of the entire enterprise. The autonomy coefficient describes the capital structure of the enterprise and is important indicator financial stability of the organization.

For investors, a high value of the autonomy coefficient indicates a low risk of losing investments.

Other names for the autonomy coefficient– financial dependence ratio (debt ratio), financial independence ratio (similar) financial leverage ratio (debt to equity ratio), ownership ratio, equity concentration ratio.

Autonomy coefficient formula
Autonomy ratio = Equity / Total assets

Analytical formula for calculating the autonomy coefficient
To directly calculate the autonomy coefficient from the balance sheet, you need to:
Autonomy ratio = (p. 490) / (p. 700)

Standard values of the autonomy coefficient
The standard value for this coefficient is >0.5. The domestic literature also contains values from 0.6 to 0.7.

Autonomy coefficient

In world practice, up to 0.3-0.4 of equity capital is used, this is explained by the fact that greater importance is attached to reputation and timely fulfillment of obligations to creditors. It also follows that variations are possible depending on the industry and type of activity of the enterprise. The higher the capital intensity of the enterprise, the more the enterprise needs long-term sources financing and therefore there should be a larger share of equity capital and a higher value of the autonomy coefficient. On the contrary, for material-intensive industries the autonomy coefficient may be lower than the norm.

There are other coefficients of financial stability and independence: coefficient of concentration of equity capital, coefficient of maneuverability of equity capital, structure coefficient long-term investments, debt capital concentration ratio, debt capital structure ratio, long-term borrowing ratio. You can read about these ratios in the article “Financial stability ratios”.

Profitability may be negative

The autonomy ratio is a convenient and effective indicator of the financial stability of a company. It is calculated as the ratio of equity capital to business assets, based on the balance sheet information (Form No. 1). The meaning of Equity to Total Assets is of interest to partners, creditors, investors, and owners. Its standard value is from 0.5. If the indicator approaches one, then the company is stable, but does not use debt financing enough, which hinders its growth.

Analysts use the financial independence ratio to assess the financial strength of a business and assess the likelihood of its bankruptcy.

Reference! The inverse of the autonomy indicator is the financial dependence coefficient, and its analogue is the bankruptcy forecast coefficient.

Formula for calculating the autonomy coefficient

The current value of the EQ/TA indicator can be determined on the basis of information from reporting form No. 1 - the balance sheet. To do this, you need to take information from it:

Total assets (p. 1300).
Total equity capital and reserves (p. 1700).

Important point! When calculating the KA indicator, all assets are taken into account, regardless of their degree of liquidity.

The theory of financial analysis uses the following formula for determining EQ/TA:

KA = SK/SA, where:

CA - total assets;

SK - equity capital and reserve reserves.

In the practice of Russian companies, the above formula is expressed through the lines of the balance sheet (form No. 1):

KA = page 1300 / page 1700

Important point! If you add long-term liabilities to equity when calculating, you get a financial stability ratio.

Standard indicator value

Important point! When conducting detailed financial analysis, they compare the obtained value with the average indicators in the selected sector of the economy.

When analyzing the indicator, it is important to take into account some assumptions:

the higher the value of the financial autonomy indicator, the more stable the position of the enterprise seems;
if the autonomy coefficient is close to 1, then it is believed that business development is hampered by insufficient use of debt financing.

Examples of coefficient calculation

The calculation and analysis of the EQ/TA indicator is most conveniently presented using the example of specific Russian companies. The objects of study were selected:

oil company PJSC Bashneft;
one of the leaders in online retail trade, NEPAO Yulmart.