Working capital, also referred to as working capital, is the money that a company uses to carry out its day-to-day activities, which is entirely consumed during production cycle. They are usually divided into inventory and cash. They participate in the production process once, fully transfer their value to the cost of production, change their natural-material form.

The main goal of working capital management is to determine optimal volume and structures working capital and sources of their funding. To achieve this goal, the manager must find a compromise between the amount of working capital and the risk of losing liquidity. To maintain liquidity, an enterprise must have a high level of working capital, and to increase profitability, an enterprise must reduce its working capital stock in order to prevent unused current assets.

Working capital management principles are very similar to the principles of receivables management, which is one of the components of current assets. Current assets must be kept in constant motion, and the faster they move (that is, the faster they turn over), the smaller will be the amount needed to finance them.

There are three main models of working capital management.

Aggressive management model. The enterprise does not put restrictions on increasing current assets, has significant cash, stocks of raw materials and finished products, significant receivables - in this case specific gravity current assets in the composition of all assets is high, and the period of turnover of working capital is long. Such a current asset management policy cannot ensure an increased economic profitability of assets, but practically eliminates the issue of an increase in the risk of technical insolvency.

conservative model. The company restrains the growth of current assets - and then the share of current assets in the total assets is low, and the turnover period of working capital is short. Such a policy is pursued by enterprises either in conditions of sufficient certainty of the situation, when the volume of sales, the timing of receipts and payments, the required volume of stocks and the exact time of their consumption, etc. known in advance, or when austerity is needed.

Such a current asset management policy ensures a high economic return on assets, but carries an increased risk of technical insolvency in case of unforeseen situations during the sale of products or in case of an error in calculations.

moderate model. The enterprise occupies an intermediate, "centrist" position - while current assets account for about half of all assets of the enterprise, the period of turnover of working capital has an average duration. In this case and economic profitability assets, and the risk of technical insolvency are at an average level.

A moderate current liability management policy is characterized by an average level of short-term credit in the total liabilities of the enterprise.

A moderate working capital management policy is a compromise between an aggressive and a conservative model.

1.6 Theory of money management

1.7 Miller-Ohr and Baumol models

1.8 Liquidity management

1.9 Inventory management theory

List of used literature

1. Working capital management

Working capital - capital characterized by a short service life, participating and fully expended during one production cycle.

Working capital is the value expression of objects of labor that participate in the production process once, fully transfer their value to the cost of production, change their natural-material form.

Working capital includes:

Material working capital;

Cash;

Short-term financial investments;

Funds in current settlements.

1.1 Structure of working capital

Capital structure - the structure of the company's funds received from various sources of long-term financing. In various business entities, the composition and structure of working capital are not the same, as they depend on the form of ownership, the specifics of the organization production process, relationships with suppliers and customers, production cost structures, financial condition and other factors.

The structure of working capital is the share of each element in their total composition. The structure of working capital reflects the specifics of the operating cycle.

The size and structure of working capital affects their turnover and the duration of the financial cycle.

Effective management of working capital allows you to set their optimal level.

The study of the structure is the basis for predicting future changes in the composition of working capital.

Based on participation in production, working capital production assets are divided into funds in inventories and funds in the production process (or in production), and based on the implementation, they include finished products in stock, shipped goods, cash and receivables.

The typical composition and placement of working capital are shown in Figure 1.

Figure 1 - The composition and structure of the working capital of the enterprise

1.2 The flow cycle Money

Cash flow is the movement of cash in real time, in fact, cash flow is the difference between the amounts of cash receipts and payments of the company for a certain period of time, as the financial year is taken for this period.

Cash flow management is based on the concept of cash circulation. For example, money is converted into inventories, receivables and back into money, closing the cycle of the company's working capital. When the cash flow is reduced or blocked completely, the phenomenon of insolvency occurs. An enterprise may feel a lack of funds even if it formally remains profitable (for example, the terms of payments by the company's customers are violated). It is with this that the problems of profitable, but illiquid companies that are on the verge of bankruptcy are connected.

The cash flow cycle, the time it takes for money to pass through working capital accounts and become money again, can be measured and is called the cash flow cycle. At the beginning of the cycle, the organization invests money in current assets, and the cycle ends when the money is returned as payment for the delivered goods and services. More precisely, the duration of the cash flow cycle is medium duration turnover of current assets or inventories plus the average delay in payments for goods or services delivered (accounts receivable) minus the average delay in payment of accounts payable. Calculating the duration of the cash flow cycle is a critical task for a manager managing working capital. Another task is to find ways to speed up the flow of funds and slow down their outflow.

The cash flow cycle is determined by:

Average duration of inventory turnover + Average term delays in payment of accounts receivable - Average period of delay in payment of accounts payable = Number of days in the planned period x (Average inventory / Inventory consumption in production + Average delay in payment of accounts receivable / Sales volume - Average delay in payment of accounts payable / cost of this products).

At the same time, the average volume of stocks is equal to the arithmetic mean of indicators at the beginning and end of the planning period; the average delay in payment of accounts receivable is equal to the arithmetic average of accounts receivable at the beginning and end of the planning period; the average delay in payment of accounts payable is equal to the arithmetic average of accounts payable at the beginning and end of the planning period.

The actions of a manager that affect the cycle time of various cash flows are as follows:

Inventory financing, loan collateral, liquidation of surplus assets + Factoring, tightening of consumer lending policy, more efficient debt collection procedure – Change in frequency regular payments, delayed payment of bills.

1.3 Basic principles of current asset management

Working capital management - management of current assets and liabilities in order to maximize short-term liquidity.

The main goal of working capital management is to determine the optimal volume and structure of working capital, as well as sources of their financing.

The main principles of working capital management are:

Rationing, which allows you to economically justify the required amount of working capital and thereby ensure the conditions for the successful implementation of their functions.

The use of working capital is strictly for the intended purpose.

Ensuring the safety, rational use and acceleration of the turnover of working capital.

1.4 The concept of cumulative working capital requirement

All types of commercial organizations need capital, i.e. in money embodied in buildings, machinery and equipment, inventories, receivables and other assets needed by a commercial organization to effective management any business. As a rule, all these assets are not acquired at once, but are formed gradually over a period of time. Cumulative (increasing) need for capital is the total cost of the enterprise for the acquisition of assets necessary for it to economic activity.

Calculations of capital requirements for financing current assets can be carried out in two ways: cumulative and elective.

Cumulative method - the need is determined by multiplying total duration diversion of funds into current assets during one operating cycle (in days) for their average daily costs

We will present the calculation of the amount of working capital in the following example.

At the enterprise, the period of storage of the necessary stock of production materials is 25 days. According to the terms of delivery of materials, suppliers provide for a deferred payment for 10 days.

The production process at the enterprise lasts 20 days, i.e. This is the time it takes to produce a finished product. Within 5 days, finished products are sold to consumers. In order to increase sales, the company offers its customers goods in the form of a commercial loan for up to 15 days.

The amounts of average daily payments for the main items of expenditure are: the purchase of materials (50 thousand rubles), the remuneration of personnel (150 thousand rubles) and overhead costs (80 thousand rubles). At the same time, personnel costs start from the beginning of the production process.

Question: what is the need for this enterprise in working capital?

Calculation: First, the period of "capital tying" is determined by adding up the number of days from the moment the materials are purchased until the moment the money is received from customers for goods sold(works and services):

The capital tying period in days, taking into account the grace period for goods provided, will be 55 days (65 days - 10 days).

By adding the average daily payments for materials, staff salaries and overhead costs, the total amount of average daily payments is found: 50 + 150 + 80 = 280 thousand rubles.

After carrying out the above calculations, the amount of necessary working capital is found, which will be 15.400 thousand rubles (55 days x 280 thousand rubles).

1.5 Accounts receivable management theory

The process of formation of receivables is due to the action of two factors:

− the amount of proceeds received from the sale of goods on credit;

− the duration of the time interval between the moment of sale of the goods and the moment of receipt of payment for it.

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• Introduction
• 2.4 Analysis of the financial condition and economic efficiency use of the company's working capital
• Chapter 3 Development of recommendations for improving the efficiency of working capital management of CJSC "Globus"
• 3.1 Problems of working capital management in the enterprise
• 3.2 Improving the working capital management process
• Conclusion
• List of sources used

Introduction

Each organization operating separately from others, leading the production and commercial activity, must have a certain capital, which is a set of material assets and cash, financial investments and costs for the acquisition of the rights necessary for the implementation of economic activities.

In connection with the transition to the market and the formation of enterprises of various forms of ownership, a new concept appeared in accounting - the capital of an enterprise.

Capital is a term that has a very broad meaning, in general, it is understood as everything that can generate income, or resources created by people for the production of goods and services.

If we consider capital as property accumulated by an enterprise and available in its circulation, then we are talking about working capital.

For the purposes of this thesis It is this economic category "working capital" that is used.

Working capital management is the foundation of a company's success and a test of aptitude for a CFO.

The relevance of the topic of the thesis is explained by the fact that for Russia in recent years this area of ​​work has become more and more relevant - since the nearby reserves have already been exhausted, and one has to resort to more original methods of its management.

Asset management is an urgent problem for Russian enterprises, the solution of which depends on knowledge in various sciences and academic disciplines- enterprise finance, management, management accounting, etc.

management working capital dynamics

The policy of working capital management should provide a search for compromises between the risk of loss of liquidity and the efficiency of the enterprise. It comes down to solving two important tasks: ensuring solvency and ensuring an acceptable volume, structure and profitability of assets.

Different levels of different types of current assets affect profits in different ways, it is this circumstance that determines different approaches to the analysis and principles of enterprise asset management.

The business activity of the enterprise is characterized by indicators of turnover of current assets. Turnover depends not only on the amount of working capital necessary for economic activity, but also on the amount of costs associated with the possession and storage of stocks. In turn, this affects the cost of production and, ultimately, the financial results of the economy.

The acceleration of the turnover of working capital leads to a reduction in the need for them (absolute release of funds) or to an increase in the volume of production, work, services (relative release of funds), which ultimately leads to an increase in sales proceeds and profits.

The slowdown in the turnover of working capital necessitates additional attraction of funds into the economic turnover, tk. ensuring each day of turnover requires a certain amount of funds.

The purpose of this thesis is to analyze the state of working capital management on the example specific enterprise and development of recommendations for improving its management.

To achieve this goal, the thesis work assumes the solution of the following tasks:

study of the theoretical foundations of working capital management, including models of capital management;

performance economic characteristics analyzed enterprise;

analysis of the dynamics of the working capital of the enterprise;

analysis of the economic efficiency of the use of working capital of the enterprise;

identification of reserves for increasing the efficiency of working capital;

calculation of the economic efficiency of the proposed proposals.

The object of the study is the activities of CJSC "Globus".

CJSC "Globus" is engaged in various types activities, the main one being the production confectionery and their wholesale and retail trade.

CJSC "Globus" was registered on September 9, 2004. at the address 432035, Ulyanovsk, Gai Ave., 100.

The company does not belong to small businesses. Authorized capital society is 10 thousand rubles. It has no subsidiaries and dependent companies.

The subject of the study is the management activities of the enterprise, associated with the management of the assets of the enterprise.

The theoretical basis of the study are: Laws, government decrees, modern scientific literature on the topic under study.

To perform the practical part of the thesis was used financial statements CJSC "Globus", primary accounting documents created during state registration enterprises, accounting registers and financial statements for 2009-2010, as well as forecast statements for 2011.

Chapter 1. Theoretical basis working capital management

1.1 The essence of working capital

Capital - economic category; man-made resources used to produce goods and services and generate income. Capital acts in the form of money capital and real capital: at the enterprise level, capital is the entire amount of material goods (things) and money used in production; divided into main and circulating.

Also, the division of capital into fixed and circulating capital exists on the grounds that a distinction is made between the stock and the flow of capital.

Working capital (flow) - part of the capital directed to the formation of working capital and returned as part of the income from the sale of the product during one production cycle.

The term "working capital" (its synonym in domestic accounting - working capital) refers to the mobile assets of the enterprise, which are cash or can be turned into them during the year or one production cycle.

Net working capital is defined as the difference between current assets (working capital) and current liabilities (accounts payable) and shows the extent to which current assets are covered by long-term sources of funds (Fig. 1). The analogue of this indicator in domestic practice- the amount of own working capital.

Fixed capital (reserve) - a part of the capital aimed at the formation of fixed production assets and transferring its value to the cost of production over several production cycles.

Thus, capital can be considered as property accumulated by an enterprise and available in its circulation.

Fig.1. - The logic of the relationship between assets and sources of their coverage

The division of capital into fixed and circulating is very important. You need to know the capital structure. It represents the composition and correspondence of all elements of capital in its total volume.

For the purposes of this thesis, the division of capital into fixed and circulating capital, associated with its reflection in the balance sheet, is considered.

We give the following definitions of working capital.

negotiable capital - elements of capital characterized by a short service life; the cost of which is immediately included in the costs of creating a new product (for example, materials; raw materials; products intended for sale; money).

negotiable capital - the value expression of objects of labor that participate in the production process once, fully transfer their value to the cost of production, change their natural-material form.

Working capital of business entities participating in the circulation of funds market economy, is an organically integrated complex.

The essence of working capital is determined by their economic role, the need to ensure the reproduction process, which includes both the production process and the circulation process. Unlike fixed assets, which repeatedly participate in the production process, working capital operates in only one production cycle and, regardless of the method of production consumption, fully transfers its value to the finished product.

William Collins defines the essence of working capital as "... the short-term current assets of a firm that quickly turn over during the production period." Kanke A.A., Koshevaya I.P. Analysis of the financial and economic activities of the enterprise: Tutorial. - 2nd edition, rev. and additional - M.: ID FORUM: INFRA-M, 2007. - p. 98

A similar definition of working capital is given by Doctor of Economics, Professor Blank I.A.

G. Schmalen more accurately describes the process that working capital provides, in his opinion, the authors of the engineering toolkit effective management define working capital as "funds invested by the company in its current operations during each operating cycle". Kanke A.A., Koshevaya I.P. Analysis of the financial and economic activities of the enterprise: Textbook. - 2nd edition, rev. and additional - M.: ID FORUM: INFRA-M, 2007. - p. 88

negotiable capital - these are funds advanced into working capital and circulation funds, which provide both the production process and the circulation process.

Working capital (working capital) of the enterprise, participating in the process of production and sale of products, makes a continuous circuit. At the same time, funds are transferred from the sphere of circulation to the sphere of production and vice versa, taking the form of circulation funds and circulating production funds. Thus, passing through three phases in succession, current assets change their natural-material form.

In the first phase (D - T), working capital, which originally had the form of cash, is converted into inventories, i.e. move from the sphere of circulation to the sphere of production.

In the second phase (T.P. T,) working capital participate directly in the production process and take the form of work in progress, semi-finished products and finished products.

The third phase of the circulation of working capital (C - D) takes place again in the sphere of circulation. As a result of the sale of finished products, working capital takes the form of cash again.

The difference between the cash receipts received and the cash initially spent (D - D) determines the amount of the firm's cash savings. Thus, making a complete circuit (D - T.P. T - D,), working capital functions at all stages in parallel in time, which ensures the continuity of the process of production and circulation. The circulation of working capital is an organic unity of its three phases.

Unlike fixed capital, which repeatedly participates in the production process, circulating capital functions in only one production cycle and fully transfers its value to the entire manufactured product.

1.2 Classification of working capital for management purposes

Working capital is turned over at least once during a year or one production cycle, if the latter exceeds a year. Capital turnover in this case means the transformation financial resources that occurs cyclically in an organization.

The operating cycle is a period of complete turnover of the entire amount of working capital, during which there is a change of their individual types.

The movement of working capital of the organization in the process of the operating cycle goes through four main stages, successively changing its forms:

1. At the first stage, funds (including their substitutes in the form of short-term financial investments) are used to purchase goods, i.e. incoming inventories.

2. At the second stage, incoming inventories as a result of direct production activities converted into stocks of finished goods.

3. At the third stage, stocks of finished products are sold to consumers and, before they are paid, are converted into receivables.

4. At the fourth stage, collected, i.e. paid, receivables are again converted into cash, some of which can be stored in the form of highly liquid short-term financial investments until their production demand.

The most important characteristic of the operating (commercial) cycle, which significantly affects the volume, structure and efficiency of the use of working capital, is its duration .

It includes the period of time from the moment the organization spends money on the acquisition of incoming inventories of tangible working capital until the receipt of money from debtors for the products sold by it.

The principal formula by which the duration of the operating cycle of an organization is calculated is:

POC \u003d PO YES + PO MZ + PO GP + PO DZ, (1.1)

where POC is the duration of the organization's operating cycle, in days;

ON YES - the period of turnover of the average balance of working capital (including their substitutes in the form of short-term financial investments), in days;

ON MZ - the duration of the turnover of stocks of raw materials, materials and other material factors of production as part of working capital, in days;

ON GP - the duration of the turnover of stocks of finished products, in days;

ON DZ - the duration of the collection of receivables, in days.

In the process of working capital management within the operating cycle, there are two main components:

the production cycle of the organization;

the financial cycle (or cash flow cycle) of an organization.

Industrial cycle organizations characterizes the period of complete turnover of the material elements of working capital used to service the production process, starting from the moment the goods arrive at the organization and ending with the moment they are shipped to customers.

The duration of the production cycle of the organization is determined by the following formula:

PPC = SM PO + NC PO + GP PO, (1.2)

where PPV is the duration of the organization's production cycle, in days;

POSM - the period of turnover of the average stock of raw materials, materials and semi-finished products, in days;

PONZ - the period of turnover of the average volume of work in progress, in days;

POGP - the period of turnover of the average stock of finished products, in days.

Financial cycle (cash turnover cycle) of an organization is a period of complete turnover of funds invested in working capital, starting from the moment of repayment of accounts payable for goods received and ending with the collection of receivables for the sale of goods.

The duration of the financial cycle (or cash flow cycle) of the organization is determined by the following formula:

PFC \u003d PPC + PDO - POKZ, (1.3)

where PFC is the duration of the financial cycle (cash turnover cycle) of the organization, in days;

PPV - the duration of the production cycle of the organization, in days;

PODZ - the average period of turnover of receivables, in days;

POKZ - the average period of the turnover of accounts payable, in days.

The classification of current assets can be built according to the following main features. Shcherbakov, V.A. Working capital management of an organization / V.A. Shcherbakov. - M.: Economics, 2009. - p. 75

By the nature of financial sources:

gross current assets;

net current assets;

own current assets.

By types:

stocks of raw materials, materials, semi-finished products;

stocks of finished products;

own current assets;

monetary assets;

other types of current assets.

By the nature of participation in the operational process:

current assets serving the production cycle of the organization;

current assets serving the financial (cash) cycle of the organization.

By period of operation:

permanent part of current assets;

variable part of current assets.

Let's consider this classification in more detail.

By character financial sources formation :

INscarlet negotiable assets(or current assets in general) - characterize their total volume, formed at the expense of both own and borrowed capital. As part of the organization's balance sheet, they are reflected as the sum of the second and third sections of its asset.

Htrue negotiable assets(or net working capital) - characterize that part of their volume, which is formed at the expense of own and long-term borrowed capital.

CHOA \u003d OA - CFO, (1.4)

where NVA - the amount of net current assets of the organization;

KFO - short-term current financial obligations of the organization;

WITHprivate negotiable assets(or own working capital) - characterize that part of them, which is formed at the expense of the organization's own capital.

The amount of the organization's own current assets is calculated by the formula:

SOA \u003d OA - DZK - KFO, (1.5)

where SOA is the sum of the organization's own current assets;

OA - the amount of gross current assets of the organization;

DZK - long-term borrowed capital, invested in the current assets of the organization;

KFO - short-term (current) financial obligations of the organization.

If the organization does not use long-term borrowed capital to finance working capital, then the amounts of own and net working capital are the same.

By types negotiable assets :

Wapasy raw materials, materials And semi-finished products. This type of current assets characterizes the volume of incoming material flows in the form of stocks that ensure the production activities of the organization.

Wapasy finished products. This type of working capital characterizes the volume of outgoing material flows in the form of stocks of manufactured products intended for sale. In practice, the volume of work in progress is usually added to this type of working capital (with an assessment of the coefficient of its completion for individual types of products as a whole). With a significant volume and duration of the cycle of work in progress, it is isolated in the process financial management into a separate type of working capital.

Daccounts receivable debt. It characterizes the amount of debt in favor of the organization, represented by financial obligations of legal and individuals for settlements for goods, works, services, advance payments, etc.

Dfinancial assets. In practice, they include not only cash balances in the national and foreign currency(in all their forms), but also the amount of short-term financial investments, which are considered as a form of investment use of the temporarily free balance of cash working capital (the so-called speculative cash balance).

Pother kinds negotiable assets. These include current assets that are not included in the above, if they are reflected in their total amount (deferred expenses, etc.).

By character participation V operational process :

ABOUTon-board assets, serving industrial cycle organizations(stocks of raw materials, materials and semi-finished products; volume of work in progress; stocks of finished products).

ABOUTon-board assets, serving financial (monetary) cycle organizations(accounts receivable, etc.).

By period functioning negotiable capital :

Pconstant Part negotiable assets. It is an invariable part of them, which does not depend on seasonal and other fluctuations in the operating activities of the organization and is not associated with the formation of stocks of inventory items for seasonal storage, early delivery and intended purpose.

Ppregnant Part negotiable assets. It represents a varying part of them, which is associated with a seasonal increase in the volume of production and sales of products, the need to form stocks of inventory items for seasonal storage, early delivery and intended purpose in certain periods of the organization's economic activity. As part of this type of working capital, their maximum and average parts are usually distinguished.

Management of the use of the organization's working capital is associated with specific features of the formation of its operating cycle.

1.3 Principles and models of working capital management

The current asset management policy includes the choice of strategic decisions regarding the given levels for each category of current assets and the way they are financed.

The target setting of the working capital management policy is to determine the volume and structure of current assets, sources of their coverage and the ratio between them sufficient to ensure long-term production and efficient financial activities enterprises. The relationship between these factors and performance indicators is quite obvious. Chronic failure to fulfill obligations to creditors can lead to a break economic ties with all the ensuing consequences.

The formulated target setting is of a strategic nature.

The theory considers three alternative strategies for general level working capital. They differ only in the amount of working capital that the firm considers necessary to maintain a given level of production.

Strategies management negotiable assets :

Cautious, relaxed strategy implies a relatively high level of cash, inventory and marketable securities. At the same time, the volume of sales is stimulated by the policy of loans provided to buyers, which leads to a high level of accounts receivable.

Restrictive strategy assumes that cash securities, inventories and receivables are kept to a minimum .

moderate strategy represents a cross between a cautious and a restrictive current asset management strategy.

From the point of view of the impact on the duration of the financial cycle, the restrictive policy will help accelerate the turnover of current assets and, consequently, reduce the period of circulation of funds. A cautious policy allows for even more high levels insurance stock of working capital, and longer periods of their circulation

The choice of strategy regarding the volume of working capital depends on the decisions of the financial manager. Equally important is the issue of financing current assets.

In the theory of financial management, there is another approach, according to which four models of behavior are distinguished: ideal; aggressive; conservative; compromise.

The choice of one or another model of the financing strategy comes down to establishing the value of long-term liabilities and calculating, on its basis, the value of net working capital as the difference between long-term liabilities and non-current assets

OK = DP-VA, (1.6)

Therefore, each behavioral strategy has its own basic balance equation.

The difference between the models is determined by which funding sources are chosen to cover a varying portion of current assets.

For the convenience of considering the models, the following notation has been introduced:

VA - non-current assets;

TA - current assets (TA = MF + HF);

MF - the system part of current assets;

VCh - a varying part of current actives;

KZ - short-term accounts payable;

DZ - long-term borrowed capital;

SC - equity;

DP - long-term liabilities (DP = SK + DZ);

OK - net working capital (OK = TA-KZ).

The construction of an ideal model is based on the very essence of the categories "current assets" and "current liabilities" and their mutual correspondence. The term "ideal" in this case does not mean an ideal to strive for, but only a combination of assets and sources of their coverage based on their economic content.

The model means that current assets are equal in size to short-term liabilities, i.e. net working capital is zero.

In real life, such a model is almost never found. In addition, from a liquidity position, it is the most risky, since under unfavorable conditions (for example, it is necessary to pay off all creditors at a time), the company may be faced with the need to sell part of fixed assets to cover current accounts payable. The essence of this strategy is that long-term liabilities are set at the level of non-current assets, i.e. the basic balance equation (model) will look like:

DP = VA, (1.7)

The aggressive model means that long-term liabilities serve as sources of coverage for non-current assets and the system part of current assets, i.e. the minimum necessary for carrying out business activities.

In this case, the net working capital is exactly equal to this minimum:

OK = MF, (1.8)

The varying part of current assets is fully covered by short-term accounts payable.

From a liquidity standpoint, this strategy is also very risky, since in real life it is impossible to limit yourself to only a minimum of current assets.

The basic balance equation (model) will look like:

DP \u003d VA + MF, (1.9)

The conservative model assumes that a varying portion of current assets is also covered by long-term liabilities. In this case, there are no short-term accounts payable, and there is no risk of loss of liquidity.

Net working capital is equal in size to current assets:

OK =TA, (1.10)

Of course, the model is artificial.

This strategy assumes the establishment of long-term liabilities at the level specified by the following basic balance equation (model):

DP \u003d VA + MF + HF, (1.11)

The compromise model is the most realistic. In this case, non-current assets, the systemic portion of current assets, and approximately half of the variable portion of current assets are covered by long-term liabilities.

Net working capital is equal in size to the sum of the system part of current assets and half of their variable part

OK \u003d MF + 0.5 HF, (1.12)

IN individual moments an enterprise may have excessive current assets, which negatively affects profit, but this is considered as a payment for maintaining the risk of liquidity loss at the proper level.

The strategy assumes the establishment of long-term liabilities at the level specified by the following basic balance equation (model):

DP \u003d VA + MF + 0.5 HF, (1.13)

The formulated target setting is of a strategic nature, but no less important is the maintenance of working capital in an amount that optimizes the management of current activities.

From the standpoint of daily activities, the most important financial and economic characteristic of an enterprise is its liquidity, i.e. the ability to pay off short-term accounts payable on time. For any enterprise, a sufficient level of liquidity is one of the the most important characteristics stability of economic activity. The loss of liquidity is fraught not only with additional costs, but also with periodic stops in the production process.

In practice, working capital management consists of managing current assets and managing current liabilities.

There are several indicators of the effectiveness of working capital management:

coverage ratio (or current liquidity) as the ratio of working capital to short-term liabilities;

quick current liquidity ratio (in the numerator, the amount of inventory is subtracted as the least liquid component of current assets and divided by short-term liabilities);

in Russia, the absolute liquidity ratio is calculated (the numerator contains only cash, which is divided by short-term liabilities);

net working capital is defined as the difference between current assets and current liabilities.

For competent management of current assets, you need to know:

the amount of current assets;

the amount of net (own) working capital;

the structure of working capital (in percent);

turnover of individual elements of working capital;

profitability of current assets;

the duration of the financial cycle (and, consequently, the operating cycle, since the production cycle cannot be significantly reduced).

Solving issues on the management of current assets, it is necessary to distinguish between the concepts of production, financial and operating cycles, the concepts of which are presented in clause 1.2 of this thesis.

Rational asset management does not mean minimizing risks, but a skillful balancing between the risks associated with a lack of current assets and the risks associated with an excess of current assets.

The optimal level of working capital allows you to maximize profits with an acceptable level of liquidity and commercial risk. Liquidity management involves planning the receipt and use of liquid resources in such a way as to be able to pay off its short-term obligations at the right time.

The principles of working capital management are similar to the principles of managing accounts receivable, which is one of the components of current assets.

Current assets must be kept in constant motion, and the faster they move (that is, the faster they turn over), the smaller will be the amount needed to finance them. As for accounts payable (one of the most important components of current liabilities), then Golden Rule treatment of it (and its circulation) - the maximum possible increase in the maturity of this debt without prejudice to the prevailing business relations. If the company to which you owe takes your deferred payment calmly, then you are doing the right thing. A similar rule: pay on time, but not earlier - applies to other components of current liabilities: customer advances, short-term loans, taxes. Actually, from such compromises or searches for the optimum - "do not pay the supplier as long as possible, but do not anger him", "keep a minimum of money (stocks, goods in stock), but remember that there must be an insurance reserve" - ​​and the art of working capital management consists capital.

The smaller the amount (without prejudice to liquidity and business continuity) of working capital required by the company, the more money will be freed up for other purposes.

Chapter 2 Analysis of the state of working capital management of CJSC Globus

2.1 Organizational and economic characteristics of CJSC "Globus"

CJSC "Globus" was registered on September 9, 2004. at the address 432035, Ulyanovsk, Gay Ave., 100. The authorized capital of the company is 10 thousand rubles.

The main activity of the enterprise is the production and sale of confectionery products.

The Ulyanovsk confectionery factory "Globus" is a modern dynamically developing enterprise with liquid products in demand: sugar, butter, combined cookies; souffle; caramel; sweets with whipped shells; fondant candies; roasting; gingerbread; dragee.

The production structure of the enterprise is as follows:

The main production includes 5 workshops:

Workshop No. 1 has 2 departments - for the production of semi-finished products and for the production of confectionery, fondant varieties of sweets, praline varieties of sweets, caramel, toffee, dragee.

Retail workshop No. 2 (elite workshop), specializes in the production of: jig varieties of sweets, whipped varieties of the "Bird's milk" type, roasted varieties of the "Meteorite" type, fruits alcoholized in chocolate.

Workshop No. 3 specializes in the production of marshmallows.

Workshop No. 4 is intended for the production of wafers, sweets with a wafer body, oriental sweets.

Workshop No. 5 for the production of semi-finished products.

Organizational structure enterprise is approved by the Board of Founders and is as follows.

Rice. - 2 Organizational structure of the enterprise CJSC "Globus"

To present the economic characteristics of the analyzed enterprise, accounting reports were used in the form of balance sheets and profit and loss statements for the past five years.

The most informative is the profit and loss statement, on the basis of which it is possible to draw a conclusion about how profitable the enterprise is.

Analysis financial results activities of the organization based on profit and loss statements ( applications A-B) is presented in Table 2.1.

As evidenced by the data of the analytical table, the company has been operating at a profit for five years, increasing revenue from the sale of goods and services. Since 2008 the growth rate of revenue is 110.6% in 2008, 102.8% in 2009 by the years of research. and 118.0% in 2010.

Table 2.1

Analysis of the financial results of CJSC "Globus" for 2006-2010. (million rubles)

Name of indicator						Growth rate, %
Revenue from the sale of goods, works and services
Cost of goods sold
Gross profit
Implementation costs
Revenue from sales
Other expenses balance
Profit before tax
Taxes and fees from profits
Net profit

Gross profit is also growing, except for 2010. In 2010 gross profit compared to 2009 decreased by 14.9% due to the increase in production costs.

Profit from sales of the analyzed enterprise in 2007-2009. grew steadily by 3.9% in 2007, by 11.1% in 2008. and and by 15.3% in 2009. In 2010 However, its growth amounted to only 1.6%, as it was affected by the growth in the cost of production and the growth of costs for its implementation. Despite the fact that the products of CJSC Globus are in demand among buyers in the Ulyanovsk region, and are also supplied to neighboring regions, the decline in consumer demand was affected by a decrease in the level of income of the population due to the financial crisis of 2008-2009, the effect of which was also noticeable in 2010 .

Figure 3 shows a diagram illustrating the growth rate of profits of CJSC "Globus" for the analyzed period of time.

Fig.3. - Dynamics of profit of CJSC "Globus" for 2006-2010, %

Based on the data in Table 2.1., as well as the calculation of average values ​​based on the balance sheets of the enterprise ( applications C-D), the profitability indicators of CJSC "Globus" were calculated for the studied period of time (Table 2.2).

Table 2.2

Analysis of the profitability indicators of CJSC "Globus" for 2006-2010.

Indicators						Growth rate, %
Average equity,
2. Average annual cost of fixed assets, mln. rub.
Average value of assets, million rubles
Proceeds from the sale of goods, products, works, services, million rubles
cost of goods sold,
Profit from sales, million rubles
Profit before tax,
Net profit, million rubles
Product profitability, %
Return on sales, %
Return on assets, %
Return on equity, %
General profitability of the enterprise, %
Capital profitability, %

Almost all calculated profitability indicators for five years increased by the years of the study, which is shown by the diagram (Fig. 4).

Fig.4. - Dynamics of profitability indicators of CJSC "Globus" for 2006-2010, %

However, in 2010 return on sales fell and amounted to 87.1% compared to 2009. The return on assets also decreased and amounted to 97.1% in 2010. Return on equity amounted to

94.1% compared to 2009 The overall profitability of the enterprise is 86.1% compared to 2009, the return on capital also decreased and amounted to only 71.4%.

As you can see, despite the positive trends of previous years, in 2010. at the enterprise, a number of indicators characterizing its financial and economic activity decreased.

Indirect evidence of the presence of problems can serve as the dynamics of the number of employees of the enterprise, namely, staff turnover rates. Table 2.3 shows the calculation of indicators characterizing the movement of the enterprise's personnel.

Table 2.3

Dynamics of the number of employees of CJSC "Globus" for 2006-2010.

Indicators						Deviations, +,-
List number of employees at the beginning of the year, pers.
men, pers. women, pers.
Accepted per year, pers.
Total fired, people
including at will
Acceptance rate
Retirement rate
Flow rate

As the calculations show, the values ​​of the turnover coefficients vary greatly over the years of the study, which indirectly confirms the existence of problems at the enterprise.

Thus, we come to the conclusion that in the analyzed enterprise in 2010. there are problems that require more detailed analysis. And since the financial condition of the enterprise affects great amount factors, including the turnover of working capital, it is necessary to analyze what factors influenced the deterioration financial position enterprises in 2010

2.2 Dynamics of working capital of CJSC "Globus" in 2006-2011 years, factors and forecasts for 2012-2013.

We will analyze the dynamics of changes in current and non-current assets of CJSC Globus for five years on the basis of balance sheet data and present it in the form of Table 2.4.

Table 2.4

Analysis of the dynamics of change in current and non-current assets of CJSC "Globus" for 2006-2010.

Indicators						Growth rate, %
Fixed assets,
current assets,

Table 2.4 shows that for the period 2006 - 2010. the value of non-current assets of the enterprise increased by 13929 thousand rubles. (171706 - 157777), or by 8.8% (171706/157777 x 100 = 108.8). positive moment is the increase in working capital in the amount over the years of the study. However, from the data of the same Table 2.4, it can be seen that working capital occupies a large share in the structure of total capital, so we calculate the shares of non-current and working capital of an enterprise and present the structure using a diagram (Fig. 5).

Fig.5. - Capital structure of CJSC "Globus" in 2006-2010.

As it could be assumed earlier, the diagram clearly demonstrated that the largest share in the capital structure is occupied by working capital, its share over the years of the study is slightly reduced in favor of non-working capital. This indicates that the company does not capital investments, most likely, does not attract long-term loans for their implementation.

To draw conclusions about the rationality of the capital structure, it is necessary to consider the dynamics of working capital for the five years under study.

Let us consider in more detail the dynamics of working capital in Table 2.5.

Table 2.5

Analysis of the dynamics and structure of current assets of CJSC "Globus" 2006-2010. (thousand roubles.)

Indicators						Growth rate, %
in % of the total
VAT on acquired valuables
in % of the total
Accounts receivable (over 12 min)
in % of the total
Accounts receivable (less than 12 m-in)
in % of the total
Short-term financial investments
in % of the total
Cash
in % of the total
Other current assets
in % of the total

As can be seen from Table 2.5, the largest share in current assets in the period from 2006-2008. occupies short-term receivables. The share of accounts receivable was 55.9% in 2006, 52.8% in 2007 and 55.8% in 2008. In 2009 the share of short-term debt decreased and amounted to 35.8%, at the same time, short-term financial investments are increasing, the share of which is 15.7%, and in total it is 26,000 thousand rubles. This indicates the activation business activity enterprise management.

In 2010 the share of short-term receivables is 35.7%, that is, it practically does not change. This may indicate an ill-conceived approach to the formation pricing policy, in which there is no choice of potentially solvent buyers, and there are delays in the receipt of funds.

This situation negatively affects the activities of the enterprise and causes the immobilization of the working capital of the enterprise from the production and economic turnover.

Figure 6 shows the structure of the working capital of the analyzed enterprise.

Fig.6 - The structure of the working capital of CJSC "Globus" in 2006-2010

The company makes short-term financial investments for four years out of five, their share in working capital varies by year of study and amounts to 10% in 2007, 7% in 2008, 15.7% in 2009. and 9.3% in 2010.

A positive fact is a relatively stable share of cash in the structure of current assets, which can positively affect the solvency of the enterprise.

The share of reserves slightly increased in 2009-2010, from 35.2% in 2008. up to 43.3% in 2009 and 43.8% in 2010, which may adversely affect the turnover of working capital. Therefore, the state of reserves is the subject of research (Table 2.6).

Table 2.6

Analysis of the dynamics and structure of reserves

CJSC "Globus" for 2006-2010. (thousand roubles.)

Indicators						Growth rate, %
Raw materials
in % of the total
Finished products
in % of the total
Not finished. production
in % of the total
Goods shipped
in % of the total

As the data of Table 2.6 testify, there are significant changes in the structure of reserves. The share of raw materials in working capital is growing, albeit slowly. The share of finished products has changed a lot. If in 2006 finished products 63567.0 thousand rubles, accounted for 99.9% in the structure of reserves, then in 2007. its amount decreased by almost half and amounted to 31905.0 thousand rubles. In 2008-2010 in total terms, finished products are practically unchanged, while in the structure its share was 60.7% in 2008, 49.8% in 2009, and 45.5% in 2010.

The share of work in progress and goods shipped in the structure of working capital also changed significantly.

The share of work in progress decreased in comparison with 2007. and amounted to 25.4% in 2008, 21.9% in 2009, and in 2010. slightly increased and amounted to 24.2% of the total working capital.

The share of goods shipped in the structure increases over the years of the study and amounts to 13.5% in 2008. compared to 5.5% in 2007 In 2009 their share is already 28%, and in 2010 30%. This dynamics can be considered positive, as it implies the receipt of funds for payment for already shipped products, which is associated with the onset of new year holidays when the shipment of products increases, and the receipt of funds is delayed for 3-5 days.

The diagram (Fig. 7) shows how the structure of stocks has changed in 2010. compared to 2006

Fig.7. - Dynamics of the stock structure of CJSC "Globus" 2006-2010.

In general, the structure has changed slightly, and the changes that have occurred cannot be called positive; attention should be paid to the low share of cash in current assets and the significant diversion of funds into inventories and receivables.

For this reason, let us consider the dynamics and structure of the company's receivables for the analyzed period of time.

In Table 2.7 we will calculate the growth rate of receivables.

Table 2.7

Analysis of the dynamics and structure of receivables of CJSC "Globus" 2006-2010. (thousand roubles.)

Indicators						Growth rate, %
Accounts receivable (over 12 months)
including buyers
Accounts receivable (up to 12 months)
including buyers

As can be seen from Table 2.7, the company is working to reduce accounts receivable, as compared to 2006. short-term accounts receivable decreased from 88200.0 thousand rubles. up to 61250.0 thousand rubles. in 2010 Long-term receivables have an insignificant share in the debt structure, which is explained by the type of activity of the enterprise. Buyers pay for the delivery of products in relatively short time. The bulk of the debt is accounted for by settlements with buyers.

Held preliminary analysis indicates that the financial management at the enterprise does not use tools that improve the financial situation at the enterprise, so we can assume that for the upcoming period 2012-2013. the situation will not change significantly.

2.3 Organization of accounting of the movement of elements of working capital and their use

Accounting for the movement of working capital elements is carried out by the accounting department of the analyzed enterprise as follows.

In accordance with the Instructions for the application of the Chart of Accounts, the enterprise uses the option of accounting for the receipt of material assets at accounting prices.

The accounting option for the receipt of materials is fixed in the accounting policy.

Accountingprices- prices that the organization conditionally sets on its own to simplify the accounting for production costs. Chaikovskaya, L.A. Accounting and taxation: textbook. allowance / L.A. Chaikovskaya. - M.: Publishing house "Exam", 2006. - p. 326

In this case, all costs for the purchase of materials are reflected in the account of the same name 10 "Materials"

Analytical accounting of materials is carried out in places of storage (in warehouses) and in accounting.

In warehouses, records are kept by financially responsible persons on special cards, which are opened in the accounting department for each item and type of material. In the cards, materially responsible persons reflect operations on the receipt and consumption of materials.

According to the Instructions for the application of the chart of accounts, finished products are accounted for on account 43 "Finished products" at discount prices without using account 40 "Release of finished products".

When accounting By accounting prices use standard and planned cost.

The normative cost price is established on the basis of the norms and standards established in the organization.

Planned cost - a value established on the basis of market prices, sales prices, data from the previous period or other indicators at the discretion of the organization.

When accounting at discount prices, there are deviations of the planned (normative) cost from the actual cost, which must be written off at the end of the month.

Sales of products are carried out in accordance with contracts concluded with buyers or through retail. Shipment of products from the warehouse is made on the basis of orders from the sales department. Shipment is made out by consignment notes (form TORG No. 12). Also in the accounting department they write out an invoice, a payment request.

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The current asset management policy includes the choice of strategic decisions regarding the given levels for each category of current assets and the way they are financed.

The target setting of the working capital management policy is to determine the volume and structure of current assets, the sources of their coverage and the ratio between them, sufficient to ensure long-term production and efficient financial activities of the enterprise. The relationship between these factors and performance indicators is quite obvious. Chronic failure to fulfill obligations to creditors can lead to the rupture of economic ties with all the ensuing consequences.

The formulated target setting is of a strategic nature.

In theory, three alternative strategies are considered in relation to the overall level of working capital. They differ only in the amount of working capital that the firm considers necessary to maintain a given level of production.

Current asset management strategies:

Cautious, relaxed strategy implies a relatively high level of cash, inventory and marketable securities. At the same time, the volume of sales is stimulated by the policy of loans provided to buyers, which leads to a high level of accounts receivable.

Restrictive strategy assumes that cash, securities, inventories, and receivables are kept to a minimum.

moderate strategy represents a cross between a cautious and a restrictive current asset management strategy.

From the point of view of the impact on the duration of the financial cycle, the restrictive policy will help accelerate the turnover of current assets and, consequently, reduce the period of circulation of funds. A prudent policy allows for both higher levels of working capital safety stock and longer circulation periods.

The choice of strategy regarding the volume of working capital depends on the decisions of the financial manager. Equally important is the issue of financing current assets.

In the theory of financial management, there is another approach, according to which four models of behavior are distinguished: ideal; aggressive; conservative; compromise.

The choice of one or another model of the financing strategy comes down to establishing the value of long-term liabilities and calculating, on its basis, the value of net working capital as the difference between long-term liabilities and non-current assets

OK = DP-VA, (1.6)

Therefore, each behavioral strategy has its own basic balance equation.

The difference between the models is determined by which funding sources are chosen to cover a varying portion of current assets.

For the convenience of considering the models, the following notation has been introduced:

VA - non-current assets;

TA - current assets (TA = MF + HF);

MF - the system part of current assets;

VCh - a varying part of current actives;

KZ - short-term accounts payable;

DZ - long-term borrowed capital;

SC - equity;

DP - long-term liabilities (DP = SK + DZ);

OK - net working capital (OK = TA-KZ).

The construction of an ideal model is based on the very essence of the categories "current assets" and "current liabilities" and their mutual correspondence. The term "ideal" in this case does not mean an ideal to strive for, but only a combination of assets and sources of their coverage based on their economic content.

The model means that current assets are equal in size to short-term liabilities, i.e. net working capital is zero.

In real life, such a model is almost never found. In addition, from a liquidity position, it is the most risky, since under unfavorable conditions (for example, it is necessary to pay off all creditors at a time), the company may be faced with the need to sell part of fixed assets to cover current accounts payable. The essence of this strategy is that long-term liabilities are set at the level of non-current assets, i.e. the basic balance equation (model) will look like:

DP = VA, (1.7)

The aggressive model means that long-term liabilities serve as sources of coverage for non-current assets and the system part of current assets, i.e. the minimum necessary for carrying out business activities.

In this case, the net working capital is exactly equal to this minimum:

OK = MF, (1.8)

The varying part of current assets is fully covered by short-term accounts payable.

From a liquidity standpoint, this strategy is also very risky, since in real life it is impossible to limit yourself to only a minimum of current assets.

The basic balance equation (model) will look like:

DP \u003d VA + MF, (1.9)

The conservative model assumes that a varying portion of current assets is also covered by long-term liabilities. In this case, there are no short-term accounts payable, and there is no risk of loss of liquidity.

Net working capital is equal in size to current assets:

OK =TA, (1.10)

Of course, the model is artificial.

This strategy assumes the establishment of long-term liabilities at the level specified by the following basic balance equation (model):

DP \u003d VA + MF + HF, (1.11)

The compromise model is the most realistic. In this case, non-current assets, the systemic portion of current assets, and approximately half of the variable portion of current assets are covered by long-term liabilities.

Net working capital is equal in size to the sum of the system part of current assets and half of their variable part

OK \u003d MF + 0.5 HF, (1.12)

At certain moments, an enterprise may have excessive current assets, which negatively affects profit, but this is considered as a payment for maintaining the risk of liquidity loss at the proper level.

The strategy assumes the establishment of long-term liabilities at the level specified by the following basic balance equation (model):

DP \u003d VA + MF + 0.5 HF, (1.13)

The formulated target setting is of a strategic nature, but no less important is the maintenance of working capital in an amount that optimizes the management of current activities.

From the standpoint of daily activities, the most important financial and economic characteristic of an enterprise is its liquidity, i.e. the ability to pay off short-term accounts payable on time. For any enterprise, a sufficient level of liquidity is one of the most important characteristics of the stability of economic activity. The loss of liquidity is fraught not only with additional costs, but also with periodic stops in the production process.

In practice, working capital management consists of managing current assets and managing current liabilities.

There are several indicators of the effectiveness of working capital management:

coverage ratio (or current liquidity) as the ratio of working capital to short-term liabilities;

quick current liquidity ratio (in the numerator, the amount of inventory is subtracted as the least liquid component of current assets and divided by short-term liabilities);

in Russia, the absolute liquidity ratio is calculated (the numerator contains only cash, which is divided by short-term liabilities);

net working capital is defined as the difference between current assets and current liabilities.

For competent management of current assets, you need to know:

the amount of current assets;

the amount of net (own) working capital;

the structure of working capital (in percent);

turnover of individual elements of working capital;

profitability of current assets;

the duration of the financial cycle (and, consequently, the operating cycle, since the production cycle cannot be significantly reduced).

Solving issues on the management of current assets, it is necessary to distinguish between the concepts of production, financial and operating cycles, the concepts of which are presented in clause 1.2 of this thesis.

Rational asset management does not mean minimizing risks, but a skillful balancing between the risks associated with a lack of current assets and the risks associated with an excess of current assets.

The optimal level of working capital allows you to maximize profits with an acceptable level of liquidity and commercial risk. Liquidity management involves planning the receipt and use of liquid resources in such a way as to be able to pay off its short-term obligations at the right time.

The principles of working capital management are similar to the principles of managing accounts receivable, which is one of the components of current assets.

Current assets must be kept in constant motion, and the faster they move (that is, the faster they turn over), the smaller will be the amount needed to finance them. With regard to accounts payable (one of the most important components of current liabilities), the golden rule for handling it (and its circulation) is to extend the maturity of this debt as much as possible without prejudice to existing business relationships. If the company to which you owe takes your deferred payment calmly, then you are doing the right thing. A similar rule: pay on time, but not earlier - applies to other components of current liabilities: customer advances, short-term loans, taxes. Actually, from such compromises or searches for the optimum - "do not pay the supplier as long as possible, but do not anger him", "keep a minimum of money (stocks, goods in stock), but remember that there must be an insurance reserve" - ​​and the art of working capital management consists capital.

The smaller the amount (without prejudice to liquidity and business continuity) of working capital required by the company, the more money will be freed up for other purposes.

For effective management working capital use different methods, models and management strategies.

First, let's define what a "method" is.

In a broad sense, a method is a way to act, to act in some way, a technique.

In our situation, a management method is a way of working capital management that achieves its most efficient use and, as a result, the company seeks to maximize its profit while minimizing its risk.

As for management strategy, in a broad sense it is “the art of leading the public, political struggle, as well as in general the art of planning a leadership based on correct and far-reaching forecasts.

Working capital management strategy is understood as long-term management based on determining the amount of working capital that the company considers necessary to have to maintain a given level of production.

Some scientists-economists distinguish working capital management models. Polyak G.B., Kraeva T.A., Akodis I.A. There are four main models:

- ideal;

- aggressive;

- conservative;

- moderate.

The very name "ideal" suggests that it is practically extremely rare. Graphically, the ideal method for managing current assets and liabilities is shown in Figure 18.

Figure 18 - The ideal model for managing current assets and liabilities

Current assets are fully covered by short-term liabilities. This method risky in terms of liquidity. In the event of an extreme situation (the need for full settlement with the majority of creditors), the company will be forced to sell part of its fixed assets to cover current accounts payable.

An aggressive management model is characterized by an excess of the share of working capital over the share of fixed capital, as well as a long period of turnover of current assets. The organization has large stocks of raw materials, materials, finished products, significant accounts receivable. Graphically, this can be expressed as shown in Figure 19.

Figure 19 - Aggressive model of current, asset and liability management

A short-term loan finances not only the variable part of current assets (temporary need for working capital), but also part of the permanent current assets. Obviously, the greater the share of short-term credit in the financing of permanent working capital, the more aggressive financial policy. With an aggressive method of working capital management, the company's costs for paying interest on a loan increase, which reduces economic profitability and creates a risk of liquidity loss.

The conservative model (Figure 20) is characterized by a low share of current assets in the organization's assets, a short period of their turnover, as well as a complete absence of short-term accounts payable as liabilities. All the need for working capital is covered by long-term liabilities.

As can be seen, the share of current assets is relatively low. Accordingly, the share of short-term financing in the total value of all liabilities of the enterprise is small. Only a part of the company's variable current assets is covered by a short-term loan. The rest of the need for working capital is covered by permanent liabilities. Such a policy Financial Manager chooses subject to a deep study of sales volumes, a clear organization of mutual settlements, established relationships with suppliers of raw materials and materials. The conservative method contributes to the growth of return on assets. At the same time, it contains elements of risk in case of unforeseen situations in the calculations or during the sale of products.

Figure 20 - Conservative model for managing current assets and liabilities

For a moderate model of current assets and liabilities management, it is typical that current assets make up half of the organization's total assets. Non-current assets, the system part of working capital and approximately half of the variable part of current assets are covered by long-term liabilities. Net working capital is equal in size to the sum of the constant part of working capital and half of its variable part. This model is the most realistic. Graphically, this model of managing current assets and liabilities is shown in Figure 21.

Figure 21 - Moderate model for managing current assets and liabilities

The moderate financial policy of working capital management is a compromise between an aggressive and conservative model. In this case, all parameters (economic profitability, turnover, liquidity) are averaged.

Based on a comprehensive assessment of the size, composition and structure of current assets, a financial manager can determine a comprehensive policy for managing working capital for each specific period of the enterprise's production activities.

However, in addition to general working capital management models, there are private management methods and policies related to the management of certain parts of working capital.

Consider the features of managing the components of current assets. The problem of inventory management is one of the most important in the field of current asset management. The production stock is formed in order to ensure the continuity of production and eliminate the risk of stopping production. On the other hand, the company bears the costs associated with storage costs freezing funds that could be invested in investment or other activities.

The inventory management policy is part of the overall policy of managing the current assets of the enterprise, which consists in optimizing the overall size and structure of inventories, minimizing the cost of their maintenance and ensuring effective control over their movement.

The development of a stock management policy covers a number of successively performed stages of work, the main of which are:

Analysis of stocks of inventory items in the previous period;

Determination of the goals of the formation of reserves;

Optimization of the size and structure of the main groups of current stocks;

Optimization of the total amount of stocks of inventory items formed at the expense of working capital;

Building efficient systems control over the movement of stocks at the enterprise.

The essence of inventory management tasks lies in the following decision in relation to a specific economic situation: when to stock up and how much to stock up in order to meet existing needs in a timely manner and in the required amount and at the same time ensure a minimum of total costs for storage and supply of individual batches of resources. The following elements are used as initial data in inventory management models: the intensity of demand over time, the organization of replenishment of stocks, the unit costs of storing and supplying individual batches of stored resources, and sometimes unit costs due to shortages.

There are several ways to manage inventory.

EOQ method (Economic ordering quantity) - a method of optimal order size, based on the division of costs associated with inventory stocks, storage costs and order costs, allows you to determine optimal size and terms of procurement of raw materials and materials.

Adding storage costs and ordering costs, we get total costs to maintain stock.

Graphically, it will look like this (Figure 22).

Figure 22 – Optimal order size method

It can be seen from the figure that as the volume of the order increases, the cost of storage increases. On the contrary, the cost of placing an order decreases with an increase in the size of the order lot. Total costs will initially decrease, but after reaching a certain value, they begin to rise again.

The point at which total costs reach their minimum value determines the optimal order lot size (EOQ).

The ABC method implies that the stocks of raw materials and materials are divided into three categories according to the degree of importance certain types stocks depending on their unit cost in the total volume of stocks and in the cost of finished products. Graphically, this is shown in Figure 23.

Figure 23 - Classification of inventory

The exercise of normal technological process is impossible without the availability of all the necessary types of raw materials, but concentrating on the first most important categories of the most valuable types of reserves allows you to achieve the greatest savings in money and time. Category A reserves may be subject to a daily inventory, while the least valuable raw materials and category C reserves may be subject to a monthly inventory.

From point of view financial management Inventory is important for comparing real data with balance sheet data in order to dispose of damaged, underused or unused assets.

XYZ analysis of materials involves an assessment of their significance depending on the frequency of consumption. If we consider the consumption of certain types of materials over a long period, it can be established that among them there are materials that have a constant and stable demand; materials, the consumption of which is subject to certain, for example seasonal, fluctuations, and, finally, materials, the consumption of which is random. Therefore, within each of the classes A, B and C, materials can also be distributed according to the degree of predictability of their consumption. The symbols X, Y, Z are used for such classification.

Class X includes materials, the demand for which is constant or subject to random minor fluctuations, therefore, can be predicted with high precision. The share of such materials in the general nomenclature, as a rule, does not exceed 50-55%.

Class Y includes materials whose consumption is carried out periodically or has the character of a falling or rising trend; Their forecasting is possible with an average degree of accuracy. Their share in the total nomenclature is about 30%.

Class Z includes materials for which it is impossible to identify any regularity in consumption, so it is impossible to predict their consumption (they make up 15% of the total nomenclature).

XYZ analysis serves auxiliary means when preparing decisions to improve the planning of material support for production.

The next way to manage inventories concerns demand dependent inventory management. As we said above, the demand for such reserves depends entirely on the need for other types of raw materials and materials. For example, the demand for such types of inventories as tires, batteries, headlights and other components depends entirely on the number of cars that we plan to produce and sell. There are two methods of demand dependent inventory management: material requirements planning and delivery at the time of assembly (also known as just-in-time delivery).

Material requirements planning. Special computerized systems for stock management with dependent demand have been developed. All such systems are combined under the general name "material requirements planning". The basic idea behind material requirements planning is that if you know the inventory requirement for the production of a certain number of units of finished goods, then you can determine the requirement for each individual type of inventory. From this it is possible to calculate the quantity of reserves of each type that must be constantly available. Material requirements planning is especially important in the production of complex products that require a large number dissimilar components to produce the final product.

Just-in-time (JIT) delivery - stocks are purchased and put into production exactly at the moment when the need arises.

Delivery at the time of assembly is a modern inventory management technique with dependent demand. This approach originated originally in Japan and is now a major part of the Japanese manufacturing philosophy.

JIT means that the production process must be organized in such a way that raw materials and materials are delivered to the place of production at the time when they are needed, and finished goods immediately sent to the customer or consumer.

The same method in inventory management is tolling. It is an inventory management transaction in which the processor receives raw materials free of charge for processing and then returning to the owner as a finished product. The owner pays the processor only for the work, that is, the service for processing raw materials. It is mainly used if the enterprise does not have or does not have enough funds to purchase any type of raw material.

Based on the above description of inventory management methods and Appendix B, we highlight the positive and negative sides applicability of the main models and hierarchize them according to the level of complexity and sequence of use in the theory and practice of inventory management. The results are presented in the form of table 14.

Thus, we will call the first stage preparatory. the methods used in it make it possible to preliminarily prepare the total set of reserves for the management process by dividing them into groups based on cost, volume, frequency of spending and other parameters and identifying the most significant ones.

The second stage is the main one. As part of this stage will be performed directly by the process of optimizing the size of the main identified groups. To do this, we propose to use the most common EOQ (Economic ordering quantity) model - a model of an economically justified order size, based on minimizing the total operating costs for the purchase and storage of stocks.

The last, third stage (final) is used, as a rule, in the production of complex products that require a large number of heterogeneous components for the production of the final product. It is based on the use of requirements planning systems and materials. An example of one of modern methods Inventory management with dependent demand is delivery at the time of assembly - JIT "just in time".

Table 14 - Hierarchy of the main methods and models of inventory management by level of complexity and sequence of application

	Name of method, model			positive	negative
Stage 1 (preparatory)		ABC method		Stocks are structured, allowing you to choose a management model for each individual type. Innovative methods that can be used in various functional areas activities	There is a possibility of insufficient attention to low-value, but sometimes constituting a significant share in the nomenclature of goods
		XYZ method			Most Attention given to materials with constant demand predicted with high accuracy
Stage 2 (main)		Schedule Line Optimization Models (increasing difficulty level)	Static single-item deterministic model without deficit	The most accurate, involve the use of mathematical modeling methods	- you need perfect sales forecasting and their uniform distribution over time They are painstaking, require a lot of time and resources, it is advisable to use where they bring the greatest effect. Provides for safety stock
			Static single-item deterministic model with a deficit
			Stochastic one-item model with a random demand, etc.
Stage 3 (final)		JIT - "just in time"		Allows you to use reserves almost to zero	- the need to concentrate enterprises on a geographical basis Sensitivity to marriage (there is a high probability of paralyzing the entire process) A high level of work organization is required

This hierarchy will allow you to systematize the practice of effective inventory management, saving resources at each stage.

Turning to the receivables management policy, it can be noted that it is part of the overall current asset management policy and marketing policy an enterprise aimed at expanding the volume of sales of products and consisting in optimizing the total amount of this debt and ensuring its timely collection.

Accounts receivable management includes:

Control over the turnover of funds in settlements, which allows you to speed up the turnover and, thereby, timely liquidate the next receivables;

Selection of potential consumers, those who potentially represent the source of subsequent receivables;

Ranking of receivables by the terms of their occurrence and control of bad debts, analysis of data on doubtful debts and actual losses due to non-payments;

Analysis of the structure of accounts receivable;

Accounting for the actual financial situation of the client, periodic revision of the maximum amount for the release of goods, the performance of work, the provision of services;

Preliminary receipt of collateral for an amount less than the amount of receivables; targeting a small number of consumers.

Some sources declare an approach to assessing the acceptable amount of receivables at the level of accounts payable of the enterprise. However, it seems incompetent to consider these types of debts in parallel contexts. Accounts payable must be repaid by the enterprise, regardless of the presence and volume of receivables.

New is the issue of estimating the price of receivables depending on the obligations of the debtor to pay the debt. In domestic practice, experience has not yet been gained in calculating the reserve (price) for doubtful debts.

As for the methods of managing receivables, securitization can be noted. economic sense This method consists in the fact that the company draws up the debts of buyers with bills of exchange with their subsequent use as one of the means of payment.

In addition to this method, there is a method in which the company directly sells debt at a discount (discount). The size of the discount is set by agreement of the parties and is the income of the debt buyer. In this case, an appropriate tripartite agreement is drawn up, according to which the debt obligation is redirected to the debt buyer, who in turn undertakes to pay the "price" of debts to the creditor.

The cash asset management policy is part of the overall policy of managing the company's current assets, which consists in optimizing the total amount of their balance in order to ensure constant solvency and efficient use in the storage process.

Cash management includes:

Calculation of the time of circulation of funds;

Analysis cash flows and its forecasting;

Determining the optimal level of funds;

Comparison of financial budgets.

Cash management is based on two opposing trends:

Maintaining current solvency implies a sufficient amount of funds in the accounts and on hand;

Investing free cash leads to additional profit.

Cash flow analysis is carried out according to the reporting period in the following areas:

Current (main) activity, i.e. receipt of proceeds from the sale of products, advances, payment of invoices from suppliers, payment of salaries, settlements with the budget, paid (received) interest on loans and borrowings, etc.;

Investment activity - the movement of funds associated with the acquisition or sale of fixed assets, intangible assets, participation in investment projects, investment portfolio management, etc.;

Financial activities - obtaining long-term loans and borrowings, long-term financial investments, repayment of debts on previously received loans, payment of dividends;

Other cash transactions.

Cash flow analysis is carried out by one of two methods:

1) a direct method based on the calculation of the inflow (revenue, advances, etc.) and outflow (payment of accounts, repayment of loans and borrowings, etc.) of funds;

2) indirect method based on the identification and accounting of cash flow transactions and consistent adjustments to net income.

Cash flow analysis allows you to judge the liquidity of the enterprise and the reasons for the dynamics of profits and cash.

Cash flow forecasting means the calculation of possible sources of cash inflow and outflow according to a scheme similar to the analysis of cash flow for the reporting period, but only for the forecast period. Forecasting is based on statistical data and analysis of actual data.

There are the following methods of cash management:

1. Synchronization of cash flows.

2. Use of funds in transit.

3. Acceleration of cash receipts.

4. Spatio-temporal optimization.

5. Control of payments.

By trying to increase the reliability of the forecasts and by ensuring that cash receipts are best combined with cash payments, the firm can reduce the current account balance to a minimum. Knowing this, companies providing utilities, oil companies and other firms negotiate with suppliers to transfer the amounts payable, and with buyers to collect debt in accordance with constants during certain period"payment cycles". This will help synchronize cash flows, which in turn will help reduce account balances, reduce bank loans, reduce interest costs and increase profits.

Cash in transit (float) is the difference between the balance of funds reflected in the company's current account and passing through bank documents.

As a result, there will be an additional amount of money in the bank account for a certain time, necessary for settlements with creditors, which can be used. If work with debtors in this firm is better established than that of creditors, then the company's accounting documents will show a negative balance, while the documents of the bank that controls its operations will show a positive balance. Thus, the firm should try to schedule payments and debt collection so as to be able to use excess inventory.

One of the ways to accelerate cash receipts is the settlement system in the order of planned payments with subsequent acceptance. It allows you to automatically transfer funds from the buyer's account to the seller's account on specified days.

Accelerating the process of fundraising is only one side of managing these assets, while controlling disbursements is another equally important side, since tangible results can only be achieved if both revenues and expenditures are well managed.

One way to control is the centralization of settlements with creditors. This allows you to correctly assess the incoming cash flows for the company as a whole and draw up a schedule of necessary payments. In addition, it becomes possible to more effectively control settlements with creditors and the movement of funds in transit.

Management of short-term financial investments involves choosing and investing in the most liquid securities, etc.

Each enterprise in the course of its activities in the long term uses one or another management strategy.

Three alternative strategies for working capital management are usually considered. They differ mainly in the amount of working capital that the firm considers necessary to maintain a given level of production.

A cautious, relaxed strategy assumes relatively high levels of cash, inventory, and marketable securities. At the same time, the volume of sales is stimulated by the policy of loans provided to buyers, which leads to a high level of receivables.

A restrictive strategy assumes that cash, securities, inventories, and receivables are reduced to minimum size. The firm, resorting to such measures, is at great risk of being in a state of insolvency if the buyers do not pay their debts on time.

A moderate working capital management strategy is a cross between a cautious and a restrictive strategy. This strategy involves the use of the method of matching the life of assets and liabilities (method of synchronization of cash flows).

Graphically, these strategies can be represented in Figure 24.

Figure 24 - Strategies for managing working capital.

From the point of view of the impact on the duration of the financial cycle, the restrictive policy will help accelerate the turnover of working capital and, consequently, reduce the period of circulation of funds. A prudent policy allows for higher levels of working capital insurance and longer circulation periods. A moderate strategy assumes that the firm, having enough funds available, uses them more rationally, trying to take less risk. The main goal of such a strategy is to minimize the risk that the firm will be unable to pay its obligations when they fall due.

Thus, considering the methods of working capital management, we can talk about the presence of not only common methods management, but also individual, relating to the management of individual elements of working capital. All these methods to some extent reflect the effectiveness of the management and use of working capital in modern conditions.

Working capital management of an enterprise as a fundamental function determines the organization of working capital, including: determining the composition and structure of working capital; determination of the enterprise's need for working capital; determination of sources of working capital formation . In addition, it is proposed to study the change and analysis of working capital in dynamics, causes and consequences; in comparison with the turnover, with the help of indicators of economic efficiency of the use of working capital.

The purposes and nature of the use of certain types of current assets have significant distinctive features. Therefore, at enterprises with a large volume of used current assets, an independent policy for managing their individual types is being developed, which is subject to a general policy.

Thus, in conclusion, we can present the economic - mathematical model working capital management while ensuring the conditions for maximum profitability and the minimum level of its components (in value terms) during the production cycle (formula 50).

R=F1(X1+X2+X3+X4+X5+X6) max ; (50)

Z= F2 (X1+X2+X3+X4+X5+X6) min ,

where: R – return on capital;

Z - costs;

X1 - raw materials and materials (in rubles);

X2 - costs in work in progress (in rubles);

X3 - finished products (in rubles);

X4 - debtors;

X5 - short-term financial investments;

X6 - cash.

The model introduces restrictions on the components of working capital:

1. limitation on stocks of raw materials and materials:

X1 ≥ C1, where C1 is the value of stocks for the production cycle of an enterprise of a particular industry;

2. limitation on costs in work in progress:

X2≤ C2, where C2 is the value of costs in the work in progress of an enterprise of a particular industry;

3. limitation on the volume of finished products:

X3 ≥ C3, where C3 is the volume of finished products manufactured during the production cycle of the enterprise;

4. limitation on the amount of receivables:

X4 ≤ C4, where C4 is the volume of receivables in the process of the production cycle in the industry;

5. limitation on the volume of short-term financial investments:

X5≤ C5, where C5 is the volume of short-term financial debt in the process of the production cycle in the industry;

6. limitation on the amount of cash:

X6≤ C6, where C6 is the amount of cash on current accounts during the production cycle.

However, the study of this model involves significant difficulties, since some coefficients on the right-hand side of the restrictions must be calculated based on the norms. As part of the dissertation research, the issue of inventory management, as a prevailing component in the structure of the working capital of an enterprise, will be considered in more detail.

In conclusion of this section, it should be noted that working capital is the enterprise's funds invested in working capital and circulation funds, which transfer their value to finished products in full during one operating cycle.

Working capital management is a process of influence of the control element of the system (enterprise manager) on managed element(working capital) through various methods, operations and procedures, necessary in order to formulate and realize the goals of the enterprise.

Allocate not only general, but also private methods of working capital management. And management strategies vary depending on the amount of working capital that the company considers necessary to maintain a given level of production, depending on the industry.