ASSESSMENT OF THE ECONOMIC POTENTIAL OF MUNICIPAL ENTERPRISES IN THE CONTEXT OF THE EXPRESS ANALYSIS

. The economic potential of municipal enterprises is one of the particular important concerns of business managers, as well as of local public administration. The economic and financial activity of municipal enterprises depends, to a large extent, on external factors, specific to the environment in which the enterprise operates. Regardless of the factors we refer to, it is certain that the economic potential reflects a low level of efficiency of the municipal enterprises activity in the Republic of Moldova. It can be considered that the economic potential is a criterion for positioning the company on the local market, which the authors want to demonstrate in this research paper. The economic-financial indicators used to measure the economic potential of municipal enterprises are grouped according to three criteria: equity held by enterprises, economic and financial profitability, financial autonomy. The weaknesses and strengths of each indicator are presented and the importance of each indicator in reflecting the economic potential of municipal enterprises is emphasized.

resources potential; natural resources potential; organizational and managerial potential; investment potential etc. [12].
The production potential of an enterprise is determined by its ability to produce the maximum possible volume of production or services based on the equipment, technology, scientific and technical information and natural resources at its disposal. The value of the production potential is determined according to the types of production resources, their quantity, quality and efficiency.
The technological potential is determined by the level of progressiveness of the technologies applied for the production of goods and / or the provision of services and is characterized by indicators of resource intensity and product quality.
The potential of human resources is characterized by a set of quantitative and qualitative characteristics that determine the possibility of employees to carry out production activities [10].
The potential of natural resources is reflected by the amount of natural resources that is owned and managed by the company and which are used by it in the production process.
The organizational and managerial potential of the enterprise is characterized by the capacity of the management system to ensure sustainable economic development and a stable position of the enterprise on the market. The organizational and managerial potential is influenced by the organizational structure of the enterprise management, the level of production and labor organization, the personnel management methods [11].
The investment potential of an enterprise is a quantitative feature, which reflects the competitive opportunities to attract potential investors and includes basic economic indicators, namely: physical accessibility of the territory where the enterprise is located, the existence of production factors (raw material, labor, etc.), the consumption demand of the population, the level of infrastructure development, the sales volume, the state of the environment (ecological potential), the qualification of the labor force, the capacity of the consumption market, the production capacity, financial resources, etc. [3].
In this context, in order to assess the development of the economic potential of the enterprise, it is necessary to analyze the factors that determine the productive potential of the enterprise, investment capacity, relations with partners, performance level of the used technologies, labor productivity of enterprise personnel, etc. [2].
For the successful management of their resources, the managers of the enterprises resort to the express analysis of the economic-financial activity. The express analysis of the enterprise is characterized by a set of indicators that reflect the process of formation and use of financial resources. In a market economy, the financial condition of an enterprise reflects the final results of its activities, which are of interest not only to the company's employees, but also to its economic partners, governmental, financial and tax authorities.
There are various approaches to the application of express analysis, in general, focusing on the analysis of the financial and economic condition of the enterprise.
When applying the express analysis, it is advisable to consider all areas of financial and economic activity, in particular financial stability, profitability, indicators of business activity, personnel management, liquidity, sales volume, etc.
The indicators used in the express analysis of the company's activity can be divided into two groups. The first group includes the indicators that characterize the economic-financial activity of the potential of the enterprise, and the second group -the indicators that characterize the economic-financial results of the enterprise.
Thus, the indicators of the first group involve the analysis of the patrimonial situation and the financial situation of the enterprise. The second set of indicators is aimed at analyzing the profitability and efficiency of the use of the economic potential of the enterprise [13].
The express analysis can be seen as a treatment of internal and external information, in order to formulate relevant assessments regarding the economic and financial situation of an enterprise, the identification of factors, causes and conditions that determined it, as well as internal reserves to improve from the point of view of the efficient use of human, material and financial resources [8].
The express analysis aims to predict the expansion of production activity, the choice of sources and the possibility of attracting investments, maintaining the liquidity and solvency of the company, increasing the financial sustainability of the company and improving its competitiveness. The results of the analysis can serve as an assessment of the activity of managers and as a basis for adopting effective management decisions, aimed at stabilizing the financial position of the company.

Materials and methods.
The research was conducted based on the data from 10 municipal enterprises in Chisinau municipality, the Republic of Moldova, whose founder is the Chisinau Municipal Council ( Table 1). The evaluation of the economic potential of the municipal enterprises is performed through the express analysis which is imposed by the need for the operative regulation of the management of the local public patrimony. Table 1 Municipal enterprises in Chisinau municipality, the Republic of Moldova, subject to evaluation The name of municipal enterprises Activity field 1 ME "Capital Construction Department of Chisinau City Hall" Accumulation and management of investments in capital constructions 2 ME "Parks, Culture and Leisure Direction" Management of leisure and recreation parks 3 ME "Chisinau Municipal Dental Center" Provision of dental medical services 4 ME "Urban bus park" Provision of municipal public transport services 5 ME "Funeral Services" Management of the municipal cemeteries activity 6 ME Lighting networks "Lumteh" Repair and maintenance of public lighting networks and traffic lights 7 ME Administration "Autosalubritate" Waste collection and transportation 8 ME "Green Spaces Management Association" Management and sanitation of green spaces 9 ME "Electric transport administration" Provision of municipal public transport services 10 ME Exploitation of roads and bridges "Exdrupo" Maintenance of public roads, bridges, underpasses; roadway sanitation Source: Elaborated by the authors on the base [2].
The express analysis of the subject to research in this paper provides the following stages: evolution assessment of the net assets of municipal enterprises in Chisinau; determining the indicators of economic and financial returns; evaluation of the current liquidity and of the autonomy coefficient of the municipal enterprises.
Results and discussions. The activity of municipal enterprises plays an important role in supporting the economy of the municipality of which they are part.
The accessibility, quality and safety of the services provided by them determine both the satisfaction of the population's requirements and the formation of the local and republican budget.
Performance and skills requirements are key measures in improving the economic potential of municipal enterprises. These measures lead to a better study of the potential of enterprises and the identification of solutions in exploiting this potential.
For the analysis of the local public patrimony management, the economic potential of the municipal enterprises is evaluated.
One of the clues that characterizes the economic potential of an enterprise is the share capital. The share capital represents the total value of the contributions (shares, participation quotas, etc., depending on the organizational and legal form of the entity) in order to set up and operate an enterprise, which grants the entity's owners' rights established by its statute and legislation [5].
From the economic point of view, the share capital is distinguished from the patrimonial assets of the enterprise. At the time of the incorporation of the enterprise, the share capital is equal to the patrimonial asset, but as the enterprise obtains profit, the patrimonial asset exceeds the share capital.
In accordance with the provisions of the legislation of the Republic of Moldova, the share capital of the municipal enterprise consists of the value of cash contributions and assets of the founder, except for assets attributed to the public domain and may not be less than 5000 lei or about 300 USD [6].
According to the data from the Public Heritage Register, the total value of the share capital of the 10 municipal enterprises subject to evaluation is USD 35.41 million in 2020, registering an increase of 17.3% compared to the previous year (Table 2). The share capital is a component part of the company's own capital, which is the amount remaining in the entity's assets after debts deduction [9].
The size of the company's equity corresponds to its net worth, determined as the difference between the constituted total assets and the contracted total liabilities. The analysis of the net patrimony highlights its evolution in dynamics and the influence exerted by the total assets or the total debts towards the dynamics of the net patrimony.
According to the data from 2020, the value of net assets (equity) of municipal enterprises subject to assessment was 121.25 million USD. Negative values of the net patrimony were registered in both periods within ME "Capital Construction Department of the Chisinau City Hall", as a result of the existence of surplus values of the company's debts to its assets. At the same time, the enterprise, in addition to three others (ME "Funeral Services", ME "Lumteh" Electric Lighting Networks, ME Exploitation of roads and bridges "Exdrupo"), registered a reduction of the net patrimony in 2020 compared to the previous year. The other municipal enterprises registered insignificant increases of the net patrimony, with the exception of the ME "Urban Bus Park", whose net patrimony increased considerably -10 timesin 2020 compared to 2019. In total, the net patrimony of the municipal enterprises subject to evaluation increased in the analysed period by 9.6% (Table 3). Knowing the degree of economic and financial independence, determining in due course the various causes that generate undesirable changes in the activity of municipal enterprises, involve economic and financial diagnosis through a system of efficiency rates, among which the most important are economic profitability and the financial one.
Economic profitability highlights the performance of using the total assets of the enterprise, respectively the capital invested to obtain these performances. With this rate, investors can assess the extent to which their investment is profitable [7].
The highest rates of financial profitability were registered by ME "Capital Construction Department of the City Hall of Chisinau" (217.8% and 69.3%) and ME Administration "Autosalubritate" (10.9% and 12.5%).
The company's ability to survive financially as well as to pay its debts on time depends on the efficiency of assets use, which is reflected through economic profitability. The values of this indicator show the level of profit (loss) obtained at one leu of assets. Thus, in 2018, the level of economic profitability of the analyzed municipal enterprises was negative in the case of ME "Capital Construction Department of Chisinau City Hall" (-0.1%), ME Exploitation of roads and bridges "Exdrupo" (-0.6%) and ME "Electric transport administration" (-2.4%). In the following year, the situation improved, negative results being obtained only by ME "Capital Construction Department of Chisinau City Hall" (-0.2%).
The relationship between economic and financial profitability highlights the fact that a company may have a low rate of return in relation to economic activity, but high rate in relation to the used capital, mainly due to the increase in its turnover.
The ability of a company to pay its current debts on time, using the amounts resulting from the capitalization of current assets (receivables, inventories, bank deposits) can be measured using liquidity indicators, in particular current liquidity.
The optimal value for this indicator is in the range of 2.0 -2.5, but it may vary depending on the sector of activity of the company.
In 2018, the following municipal enterprises were included in the optimal range of the current liquidity coefficient: ME "Green Spaces Management Association" (2.3), ME Administration "Autosalubritate" (2.5) and ME "Funeral services" (2.7).
In the following year, there is a decrease in the analyzed indicator, and only Administration "Autosalubritate" has reached an optimal level of current liquidity The overrun in question may be the result of oversized stocks or a high level of cash, which negatively characterizes the economic and financial activity of this municipal enterprise (Table 5). Table 5 Analysis of the current payment capacity of municipal enterprises in Chisinau municipality, the Republic of Moldova The name of municipal enterprises Current liquidity 2018 2019 1 ME "Capital Construction Department of Chisinau City Hall" 0,2 0,1 2 ME "Parks, Culture and Leisure Direction" 18,8 18,9 3 ME "Chisinau Municipal Dental Center" 0,8 0,5 4 ME "Urban bus park" 0,7 1,6 5 ME "Funeral Services" 2,7 1,9 6 ME Lighting networks "Lumteh" 1,2 1,2 7 ME Administration "Autosalubritate" 2,5 2,3 8 ME "Green Spaces Management Association" 2,3 1,7 From a long-term perspective, one of the most important features of the economic potential of municipal enterprises is the composition and structure of sources of financing economic activity. In order to assess the financial stability and the structure of the financing sources, the coefficient of financial autonomy, which characterizes the activity of the enterprise in terms of financial independence, can be used. The given coefficient reflects the share of the patrimony formed on account of the own means in the total amount of the assets of the enterprise.
The assessment of the economic potential of the municipal enterprises only through the prism of the analysed indicators proves to be partial. It should be viewed broader by taking into account the correlation between internal and external parameters, quantitative and qualitative parameters, the degree of capitalization of technical and human potential, as well as the competitiveness of municipal enterprises on the market.

Conclusions. The economic potential of municipal enterprises in Chisinau is
capitalized at an average level, which means that the enterprises successfully carry out their economic and financial activity, but there are certain difficulties.
Despite the surplus of current assets over current liabilities, the amount of the current liquidity ratio does not fall within the optimal range for most municipal enterprises. Respectively, the municipal enterprises cannot reimburse their debts from the current assets.
The increase in the value of the own capital of the municipal enterprises did not significantly influence the coefficient of financial autonomy.