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    5. 連載:もし工場長が企業経営者になったら
    6. もし工場長が企業経営者になったら 第8回

    もし工場長が企業経営者になったら 第8回

    13 Mar 2017

    もし工場長が企業経営者になったら 第8回

    もし工場長が企業経営者になったら

    第8回 財務に対する客観視(7)- 会社の安全性-

    P&A グラントソントン 伏見将一

    日本の工場長からフィリピン法人社長に就任した場合、会計や税務の知識が不足していたとしても、経営者になったからには経営全般に対して責任を負い、自社の客観視を行う必要がある。客観視を行うためには財務報告内容の把握が必須である。またフィリピン法人の経営者は、フィリピン法人の事業の責任を負っているとともに、その事業の結果を親会社に財務報告として説明する必要がある。

    健康管理が重要なのと同じで、経営者にとって資金繰りに目を配ることは最重要な仕事の一つであり、常に問題が起きないようモニタリング(把握)しておき、困った事態に陥らぬようにしておくことが大事だ。資金繰りに関する意思決定を誤ると、最悪の場合、倒産につながる。

    フィリピン法人の場合は、最終的には親会社が資金を保証してくれることがほとんどであるため、実際には倒産するリスクについて、そこまで心配する必要はないが、資金繰りの管理は当然、経営者の責任のひとつであり、その為にはどういう時に会社倒産のリスクが発生するかの知識を押さえておいた上で、自社の資金繰りの状況を常に把握しておく必要がある。

    では、あなたはどのような時に倒産のリスクが発生するか知っているだろうか。

     

    甲社と乙社の事例

    以前に事例とした甲社と乙社の財務諸表を見てほしい、どちらの方が倒産のリスクが高いと思うだろうか。

    two companies comparison bs pl

    以前にご説明した収益性の分析では、乙社の方の収益性が高いという結果であった。収益性が高いのであれば、他の事象もうまくいっているイメージを持つことが多いと思うが、今回のケースではどうであろうか。倒産リスクが高いのはどちらか。

     

    そもそも、会社が倒産するとは、どういう時であろうか。

    資金繰りは、人間の体に例えれば血液循環である。血液が回らなくなれば人間は死んでしまう。会社は資金が回らなくなった時に倒産する。資金が回らなくなる時とは、払うべき時にお金を払えない時である。具体的には、お金を返す時に返せない時だ。逆に考えると、仮にいくら損失がでても、お金を返すことができる限り、会社は倒産しない。

    そのため、経営者は、使っているお金のうち、返す義務がある他人のお金(借金=負債)と返す義務のない会社自身のお金(自己資金=純資産)の割合を把握することによって、会社がどれだけ倒産しやすいかを把握する必要がある。単純に考えて、借金よりも自己資金が高いほど、会社は倒産しにくいと考えられる。

    どのようにその割合を計算するかというと、とても簡単である。皆さんも一緒に会社の財務諸表を確認して欲しい。使っているお金=投資したお金は「貸借対照表の左側全部=資産合計」、返す義務があるお金は「貸借対照表の右上の負債合計」、返す義務のないお金は「貸借対照表の右下の純資産合計」が示している。

     taishaku taishou

    使っているお金(資産)のうち、自己資金(純資産)がどのくらいの割合かを計算する(純資産比率)。この比率が高ければ、倒産リスクは低いといえる。

    net assets comparison

    乙社の方が、純資産比率が低く、負債に資金繰りを頼っている割合が大きいことがわかる。

    自社の客観視を行う際に、重要な「会社が儲かっているか?」という点について前回まで説明してきた。

    一方で、会社が儲かっているときには、売掛債権・在庫・設備投資が大きくなるのに連動して資金需要が発生し、借入れ等の残高が大きくなることも多い。上記の乙社は、ニッチな製品を取り扱っているため、限られた得意先で売掛債権の回収期間が長く、在庫も多めに保有しておかなければならず、設備投資も繰り返さなければならないという事情があったようだ。

    以前に収益性の指標である総資産利益率(ROA)を分析した際には、乙社の収益性が高いとの結論になった。このことからわかるように、収益性が高いからといって、倒産しにくいわけではなく、前述の通り、会社の成長期であれば、売掛債権・棚卸資産・設備投資等の需要のため、借入金等の債務が膨らみ、この純資産比率が悪くなることも多い。

     

    あなたの会社の純資産比率はいくらか?

    計算してみてほしい。この比率は、業界や業態によって、平均値が異なるが、一般的には、純資産比率について、50%以上を目標にするようにアドバイスしている。これは、返す必要があるお金(負債)よりも、返す必要のないお金(純資産)が上回っている状態を目標としているためである。

     

    資金繰りの好循環を維持するための意思決定力が求められる

    実際、純資産比率が悪くなった場合には、経営者は資金繰りに追われることになり、収益性の改善へ力を注ぐことができず、負のスパイラルに陥ってしまうケースも多い。業績の厳しくなった中小企業の社長が資金繰りに、ほとんどの時間を費やし、成長戦略へ注ぐ時間がないと言ったことも良く耳にする。このような事態にならないよう、まず自社の純資産比率を抑えた上で、あなたの会社の資金繰り状況を把握し、意思決定をしていく必要がある。

    ⇒ 次号へ続く 

     

    伏見 将一(ふしみ しょういち) P&A グラントソントン Japan Desk Director 公認会計士(日本)

    2005年に太陽有限責任監査法人入所。上場企業及び外資企業に対する法定監査業務、財務デューデリジェンス業務や上場支援業務等に従事。また、軍師アカデミー会員として中小企業コンサルの経験を有する。2013年よりフィリピンTOP4の会計事務所であるP&Aグラントソントンに出向。日本の会計・税務との相違に基づいたフィリピンの複雑な会計・税務に関する実務的なアドバイス等、日本人経営者および日系企業の多様なニーズに対応したサービスを提供している。

    P&A グラントソントンJapan Desk:約170社のフィリピン日系企業に対して、監査、税務、アウトソーシング、会社設立、アドバイザリー等会計全般サービスを日本人4名体制で提供している。

    お問い合わせ:

    Japan.Desk@ph.gt.com

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