+7 495 989 9610, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»






Economic Analysis: Theory and Practice

Development of methodological support to assess the financial potential of a commercial organization

Vol. 19, Iss. 12, DECEMBER 2020

Received: 30 July 2020

Received in revised form: 14 August 2020

Accepted: 30 August 2020

Available online: 25 December 2020


JEL Classification: D24, G17, G32

Pages: 2336–2357


Pakhnovskaya N.M. Orenburg State University, Orenburg, Russian Federation


Subject. The number of companies filing for bankruptcy is growing. More often, the reason relates to resource imbalance, which is manifested in the lack of capacity to build-up resources. One of the key drivers of growth and development of any modern company is the availability of capital, which determines its financial potential.
Objectives. The purpose of the study is to develop a methodology for assessing the financial potential of a commercial organization (an industrial enterprise in particular), based on characteristics of its determining factors.
Methods. I employ general scientific methods and techniques, like analysis, grouping, systematization, and modeling.
Results. The proposed methodology for assessing the financial potential of an enterprise rests on a system of interrelated indicators. Each indicator characterizes a certain factor in the formation and destruction of financial potential. These indicators are expressed in relative units of measurement and reflect different aspects of organization's activities in terms of factors that shape its financial potential.
Conclusions. The findings will help enrich the methodological tools of financial management of the organization, primarily when making decisions on investment and capital mobilization.

Keywords: financial potential, financial sustainability, investment attractiveness


  1. Botkin I.O., Pytkin A.N., Khisamova A.I. [Methodological support for enterprise's financial potential evaluation]. Finansy i upravlenie, 2016, no. 4. (In Russ.) URL: Link
  2. Batova N.Yu., Pavlov A.Yu., Yudaeva N.Yu. Finansovyi potentsial organizatsii v otraslyakh i sferakh deyatel'nosti: monografiya [Financial potential of organizations in industries and spheres of activity: a monograph]. Penza, PenzSTU Publ., 2018, 162 p.
  3. Oleinikov A.A. [Structure and system of indicators for analysis of financial potential of an enterprise]. Vestnik Severo-Kavkazskogo federal'nogo universiteta, 2015, no. 1, pp. 147–153.(In Russ.) URL: Link
  4. Pivnyk K.E. [Creating a group of financial ratios to evaluate financial policy of companies]. Finansy i kredit = Finance and Credit, 2020, vol. 26, iss. 5, pp. 1039–1053. (In Russ.) URL: Link
  5. Aliev A.A. [Factors influencing the financial potential of companies' innovative development]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2017, vol. 16, iss. 7, pp. 1370–1381. (In Russ.) URL: Link
  6. Mamedova L.V. [Some aspects of the analysis of financial potential as the main component of economic potential]. Ekonomika i predprinimatel'stvo = Journal of Economy and Entrepreneurship, 2015, no. 6-2, pp. 582–586. (In Russ.)
  7. Min'ko L.V. [The financial potential of the enterprise: The nature and methods of assessment]. Ekonomika i predprinimatel'stvo = Journal of Economy and Entrepreneurship, 2016, no. 2-1, pp. 1028–1035. (In Russ.)
  8. Kozlova E.M. [Evaluation of the financial potential with multivariate analysis]. Evropeiskii zhurnal sotsial'nykh nauk = European Social Science Journal, 2014, no. 1-2, pp. 385–388. (In Russ.)
  9. Pochitaev A.Yu., Akhmetov R.R. [Three-dimensional financial security model as a tool for financial strategy formation in the context of value-based management]. Finansy i kredit = Finance and Credit, 2020, vol. 26, iss. 1, pp. 81–100. (In Russ.) URL: Link
  10. Sukhova L.F. [Corporate financial capabilities: T|he concept, substance, and measurement methods]. Finansovaya analitika: problemy i resheniya = Financial Analytics: Science and Experience, 2016, vol. 9, iss. 12, pp. 2–11. URL: Link (In Russ.)
  11. Nemchinov A.A. [To the question of research of essence of financial capacity of the enterprise]. Finansovye issledovaniya, 2016, no. 3, pp. 157–165. URL: Link (In Russ.)
  12. Mikhalenok N.O., Shnaider V.V., Danilov A.P. [Theoretical aspects, the conceptual apparatus and the problems of analysis of the financial condition of the organization]. Научен вектор на Балканите, 2019, vol. 3, no. 3(5), pp. 95–97. URL: Link (In Russ.)
  13. Karaeva F.E. [Assessment of the financial condition of the organizations: Methodology and practice]. Izvestiya Kabardino-Balkarskogo gosudarstvennogo agrarnogo universiteta im. V.M. Kokova = Izvestiya of Kabardino-Balkarian State Agrarian University named after V.M. Kokov, 2019, no. 2, pp. 134–140. URL: Link (In Russ.)
  14. Medvedeva L.B. [Making Investment Decisions Using Analysis of the Company's Financial Condition]. Agroprodovol'stvennaya politika Rossii = Agro-Food Policy in Russia, 2019, no. 3-4, pp. 17–21. (In Russ.)
  15. Larkina A.A., Pokholok M.D. [Formation of a strategy of economic efficiency of enterprises activities based on the concept of breakeven]. Problemy sovremennoi nauki i obrazovaniya = Problems of Modern Science and Education, 2020, no. 4-2, pp. 12–17. URL: Link (In Russ.)
  16. Charaeva M.V. [The toolkit for financial risk management in financially unsustainable corporations]. Finansovaya analitika: problemy i resheniya = Financial Analytics: Science and Experience, 2020, vol. 13, iss. 1, pp. 50–70. (In Russ.) URL: Link
  17. Bărbuță-Mișu N., Madaleno M., Ilie V. Analysis of Risk Factors Affecting Firms' Financial Performance – Support for Managerial Decision-Making. Sustainability, 2019, vol. 11, iss. 18. URL: Link
  18. Pakhnovskaya N.M. [Debt capacity as a factor of financial stability of the company]. Sovremennye problemy nauki i obrazovaniya = Modern Problems of Science and Education, 2015, no. 2-2. URL: Link (In Russ.)

View all articles of issue


ISSN 2311-8725 (Online)
ISSN 2073-039X (Print)

Journal current issue

Vol. 19, Iss. 12
December 2020