إدارة المخاطر التمويلية للمؤسسات الصغيرة و المتوسطة باعتماد أنموذج Z-Score : دراسة تحليلية لعينة من الشركات العاملة في القطاع الزراعي

الملخص EN

Altman Z-ScoreExternal finance is an important factor for most SMEs, as well as for the big ones, especially at the beginning of its formation and growth.

Therefore, these projects may face difficulties in obtaining financing, as well as convincing foreign financing Institutions (such as banks and financial institutions) to finance these projects.

These Institutions face some difficulties in ascertaining the efficiency of these projects and their ability to pay the loans, and an assessment of the viability of these projects in meeting their future obligations.

The study discussed this important problem for all financial institutions by presenting how to achieve the efficient and optimal management for financial risks that accompany the SME financing process based on the Z-Score model.

this model, by relying on its own dimensions for small and medium projects for non-manufacturers Companies and emerging markets, provides evaluation for financial situation of these projects and compared in the past and present, thus giving the decision-maker in the financial institutions a Clear picture about what is the status of these projects and determine whether they funded in the future or not? .

The recent study dependent on financial analyzing of special data of small and medium working companies within the agricultural sector from ( 2013 -2017) according to z-score model, the companies are ( Al- iraqiya for producing and marketing agricultural products, Al-iraqiya for seeds production, middle east for fish producing and marketing, Al-haditha for agricultural and animal production, Al-iraqiya for crops and meet production and marketing and Al – ahelia for agricultural production).

The most important conclusion of the study is that the calculation of the liquid assets for the size of the company, as well as the calculation of profitability may reflect its strength in the market, and also the efficiency of operation, which reassures the financial institutions, if the results was within the safe range in the analyze.

Evaluating these projects may be incomplete unless their historical position is taken into consideration and therefore determining if these projects are profitable or losing, on this base they will be financed if they are to be found within the gray zone or not financed if they were in the red zone.