Published in Scientific Papers. Series "Management, Economic Engineering in Agriculture and rural development", Vol. 24 ISSUE 2
Written by Dimitrina STOYANCHEVA, Rumyana ANGELOVA

The present study makes financial diagnostics of enterprises from the agricultural sector in Bulgaria in order to carry out a thorough analysis of the trends related to the development of economic processes and the possibility of early detection of financial difficulties. The studied enterprises from the agrarian sector are classified according to levels of financial sustainability, which reveal their ability to generate a positive financial result, to pay debts in a timely manner, to be financially independent, etc. To predict the risk of bankruptcy, well-established models in the world practice are used, including the Altman Z-score model, the Springate model and the Fulmer model. The comparison of the results of more than two models will give us a reliable picture of the state of financial stability of the enterprises. The presence of a high percentage of coincidence between the model forecasts is a reason to claim that the forecasts approximate the real state of financial stability. The results show that at least /3 of the surveyed enterprises in the period 20 9-202 are in a state of financial instability.

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