An assessment of the agricultural enterprises solvency with the usage of the Altman model | Hodnotenie platobnej schopnosti poľnohospodárskych podnikov podľa Altmanovho modelu
2008
Wasilewski, M., Warsaw University of Life Science, Warsaw (Poland) | Madra, M.
The paper deals with the analysis of the relationship between the Z index in Altman model and selected features which characterize agricultural enterprises e.g.: land ownership, cropland area, assets and ownership capital value, profitability, liquidity and debt turnover. In order to provide the presented research a number of 118-123 big agricultural enterprises was surveyed in years 2000-2004. It was stated that the economic forecast of solvency level of agricultural enterprises is relatively difficult. The APA companies have been characterized by the highest degree of Z index, while in enterprises of leaseholders and owners the said indicator was placed on rather lower level of the ambiguous classification. In enterprises with the smallest area of cropland, this indicator was the highest. Together with a profitability growth of land use, the indicator Z has been increased relatively. This kind of relationship has not been found in the case of ownership capital profitability. The lack of current liabilities in enterprises did not determine their solvency explicitly. The enterprises with the highest level of current liquidity were characterized by the highest Z indicator, and generally they were in the area of solvency. The relationships between the debt turnover indicator and agricultural enterprises solvency were not confirmed explicitly.
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