As a manuscript MULTIDZHANYAN VIOLETTA SERGEEVNA IMPROVING THE PROCESS OF MANAGEMENT OF WORKING ASSETS OF INDUSTRIAL ENTERPRISE: ORGANIZATIONAL AND METHODOLOGICAL ASPECT Specialty 08.00.05 - Economics and Management national economy: economics, organization and management of enterprises, sectors, complexes (industry) ABSTRACT of the dissertation for the degree of Candidate of Economic Sciences Rostov-on-Don - 2011 The dissertation was completed at the Department of Management of the Technological Institute of the Southern Federal University in Taganrog Supervisor: Candidate of Economic Sciences, Associate Professor Tatarova Anna Vladimirovna Official opponents: Doctor of Economic Sciences, Professor Skorev Mikhail Mikhailovich Candidate of Economic Sciences, Associate Professor Grishchenko Olga Vladimirovna Leading organization: South-Russian State University of Economics and Service The dissertation defense will take place on March 29, 2011 at 15:00 at a meeting of the joint dissertation council DM 212.208.28 in economic sciences at the Southern Federal University at the address: Rostov-on-Don, st. M. Gorky, 88, room 118. The dissertation can be found in the Zonal Scientific Library of the Southern Federal University at the address: Rostov-on-Don, st. Pushkinskaya, 148. The abstract was sent out on February 26, 2011. Feedback on the abstract in two copies, signed and stamped, please send to the address: 347928, Taganrog, GSP 17A, per. Nekrasovsky, 44, joint dissertation council DM 212.208.28, scientific secretary. Scientific Secretary of the Dissertation Council Candidate of Economics, Associate Professor M.A. Masych 2 GENERAL DESCRIPTION OF THE WORK Relevance of the research topic. The diversity of economic activities of industrial enterprises has necessitated the use of new approaches to management based on the synthesis of the achievements of modern management theory and the experience of its practical application. The end result of the activity of industrial enterprises is always reduced to making a profit and increasing profitability. This is impossible without improving the management process of the most important specific resource element of industrial enterprises - working capital, as well as without making effective management decisions in this direction, since the formation and regulation of the volume of working capital helps to maintain their required level of liquidity and the enterprise as a whole. The main trends in reducing the efficiency of the functioning of industrial enterprises are the irrational use of their working capital, which, by ensuring the continuity of the production process, largely determines its effectiveness. In modern economic conditions, the growing crisis phenomena in the world economy pose new challenges, require the development of organizational and methodological support to determine the required volume and effective system structure and elements of program-target working capital approaches, to the application of solving the problems of managing this type of resource, which as a result improves the process of working capital management in industry. At present, in the methodology for analyzing the state of working capital, there are no resulting conclusions about the main reasons for the deterioration of the recommended state of the directions of their industrial rationalization; enterprises and the consistency of the working capital management program with the tactical goals and objectives of the industrial enterprise; organization of a system of control over the state and efficiency of the use of working capital; often the calculation of coefficients is "statistical" in nature, which leads to the absence of reasonable management decisions in this area and requires the use of systematic and program-targeted approaches, as well as the development of a decision-making methodology to improve the efficiency of the use of working capital of an industrial enterprise and organizational measures. Thus, the theoretical and relevance, insufficient organizational and methodological elaboration of aspects, the lack of sound management decisions that correspond to modern business conditions, necessitated the improvement of the working capital management process, and the practical need for such research determined the choice of the dissertation topic, its goals and objectives. The degree of development of the methodological foundations of the problem. increasing the theoretical efficiency and activity of industrial enterprises are devoted to the works of domestic and foreign scientists in this field, namely: O. Andryushchenko, A. Birman, A. Gavrilov, G. Kleiner, M. Glazov, B. Koloss, T. Dolgopyatova, M. Malygin, I. Evseeva, L. Matveeva, A. Ilyin, A. Nikitaeva, G. Shmalen. Studies of the management of tools, methods of theoretical and methodological and mechanisms of nature and the problem of the essential and meaningful representation of the management process are presented in the works of V. Archipenko, A. Bagurin, A. Bachurin, L. Zlobin, Yu. Kolesnikov, I. Lysakova, S. Myers, A. Mistyukov, I. Nikitin, Yu. Pavlyuchuk, E. Rumyantsev, S. Sukhov. In matters of management and rational use working capital, linking them with the production activities of the enterprise, the results of studies by O. Kachanov, V. Kovalev, D. Komarov, O. Efimova, M. Zaitsev, I. Lisitsian, M. Litvin, V. Meshalkin, V. Fashchevsky, E. Helfert and a number of other researchers were used. The issues of studying the decision-making process in the field of working capital management, their effectiveness and economic factors affecting their use, were studied by such domestic and foreign scientists as I. Abdukarimov, M. Bakanov, I. Balabanov, I. Blank, V. Bocharov, V. Goncharov, M. Gordonov, 4 L. Davydova, V. Deruzhinsky, S. Kryukov, V. Kovaleva, V. Lapshina, N. Naumova, B. Rapoport, E. Streltsova, F. Fabbozzi. Describing the state of study of the problem of management and use of working capital at industrial enterprises, it should be noted that the analysis of modern monographic and periodical literature allows us to conclude that the theoretical and practical development of issues in this area is insufficient, which in the future could lead to maximizing the return of financial resources advanced into working capital and to improving the efficiency of managing an industrial enterprise as a whole. The complexity and versatility of the management system require the development of organizational and methodological support to improve the process of working capital management, the application of systemic and program-targeted approaches to the management and use of working capital. The purpose and objectives of dissertation research. The purpose of the dissertation research is to develop organizational and methodological support for improving the process of managing this type of resource at industrial enterprises in short term. The implementation of this goal required the solution of the following tasks: - to analyze the functioning and features of process management by Russian organizations, industrial enterprises in modern conditions, as well as existing approaches to managing the most important element of their resource support - working capital - to identify the role of working capital management in improving the efficiency of an industrial enterprise in the short term; - propose a system of criteria for assessing the target state of working capital of an industrial enterprise, in order to improve the process of managing this type of resource in organizational and methodological aspects; formulate principles target management these means and building an appropriate program based on a system of 5 tactical goals and objectives of an industrial enterprise for a comprehensive solution to the problem of increasing the efficiency of its functioning; - develop a method for diagnosing the nature of left-sided and right-sided risks of industrial enterprises in order to make informed decisions to determine the required volume of structural components of working capital, as well as to select a model for meeting the need for them; - develop a decision-making methodology to improve the efficiency of the use of working capital of industrial enterprises to justify the amount of working capital and a model for meeting the need for them; - propose a complex guidelines, including of an organizational nature, to improve the management of industrial enterprises in the short term using the developed decision-making methodology to improve the efficiency of the use of working capital of industrial enterprises. Object and subject of research. The object of the study is industrial enterprises in the current conditions of the Russian economy. The subject of the study is the management processes of industrial enterprises, approaches, models and methods of decision-making to improve the efficiency of industrial enterprises in the short term based on the rational use of working capital. The work was carried out within the framework of the passport of the scientific specialty 08.00.05 - Economics and management of the national economy: economics, organization and management of enterprises, industries, complexes (industry): p.1.1.13. Tools and methods of management of industrial enterprises, industries, complexes; clause 1.1.25. Methodological and methodological approaches to solving problems in the field of economics, organization and management of industries and enterprises of the machine-building complex. The working hypothesis of the dissertation research is based on the proposition that in modern conditions the existing system of working capital management in industrial enterprises leads to a decrease in the efficiency of their operational activities. The existing approaches to managing this process need to be revised and improved organizational and methodological support in terms of analyzing the state of working capital of an industrial enterprise, developing a methodology to support the adoption of effective management decisions and developing a program for managing them based on regulating their volume and proportions of structural components. Thus, improving the quality of management of working capital of industrial enterprises requires the development of methods for improving the efficiency of their organizational nature, the use of which will allow the complex of measures to improve the main economic indicators of an industrial enterprise in the short term; to form effective management decisions based on the assessment, analysis of the state of individual elements of working capital, as well as on the trend of changing tactical goals and objectives of an industrial enterprise, external environment in modern conditions of development of the Russian economy. The theoretical and methodological basis of the study is a set of theoretical provisions, methods and ideas presented in the works of domestic and foreign scientists on the problems of effective use and organization of working capital; management of industrial enterprises under the influence of a variety of external and internal factors on their functioning; specifics of the formation and transformation of working capital of industrial enterprises. Special attention the work is devoted to the study of publications and developments, which discuss issues that reveal the content of the process of working capital management at enterprises and consider the relationship of their structural elements. The information-empirical materials of periodic accounting legislative acts, the base for researching publications, annual enterprises and reports and industry normative documents are presented by the primary city of Taganrog, the Russian Federation, descriptions of the results of research on the problems of organizing and improving the process of working capital management at industrial enterprises in the short term and decision-making, 7 contained in the publications of Russian and foreign scientists, as well as Internet resources and the dissertation author's own research. The instrumental and methodological apparatus of the work consists of general scientific and economic methods. To achieve the set goal and the tasks to be solved, set in the dissertation research, systemic and program-targeted approaches, various methods of system analysis were used: logical, comparative, structural, statistical and expert methods of analysis. The main provisions of the dissertation submitted for defense: 1. In modern conditions of activity, the focus on short-term goals, due to the high level of instability of external and internal environment, which requires the use of a systematic and program-targeted approach to the management of working capital, with the aim of their effective organization and rational use in the interests of stable provision of the production process and increasing the level of profitability of sales, as well as operating cycle management, which makes it possible to single out the stages of making sound management decisions when forming the volume of working capital, their structural components and regulating the duration of the cycle stages (stocks - production - finished products- sales of products) of working capital, depending on the specifics of the activity of an industrial enterprise. 2. A system of criteria for assessing the target state of working capital, including the amount of working capital, the volume of their structural components and the ratio of sources to cover the need for working capital; principles of program-target orientation on the final result management, working end-to-end means: planning of the management object, the principle of continuity, which allows developing a working capital management program and thereby improving the process of their management at an industrial enterprise in accordance with the system of tactical goals and objectives of the enterprise, as well as ensuring the achievement of a given level of performance efficiency in the short term. 8 3. The method of diagnosing the right-hand operating risk indicators, the nature cycle consisting of industrial liquidity and implies the identification of the left-hand in comparison of the enterprise, profitability and stages affecting assets, which are current weaknesses and zones of probable losses at the enterprise under study and allows to evaluate the effectiveness of the chosen model for meeting the need for working capital, as well as to regulate the current activities of the enterprise. 4. Methodology for using decision-making of working capital to improve the efficiency of industrial enterprises, including diagnostics of enterprises; formation of a system of indicators for assessing the target state of working capital on the basis of the criteria for their management of options for effective working capital to achieve use; means; goals, development of the formation of a conditional program of alternative previously identified problems; construction of a predictive scenario for the application of the selected model for meeting the need for working capital; development of management decisions to improve the efficiency of the use of working capital of industrial enterprises; control over the implementation of the developed solutions - all this together made it possible to increase the efficiency of the operating activities of industrial enterprises. 5. Methodical and practical advice formation and improvement of the management system in the industry on the basis of the proposed methodology for improving the efficiency of the use of working capital of industrial enterprises include: the formation of a set of program tasks in accordance with the tactical goals of the enterprise; identification of many alternative options for achieving goals; determination of the volume of working capital and their structural components necessary for the practical implementation of program tasks, as well as the development of organizational measures, which together made it possible to formulate the rules for making managerial decisions, depending on the requirements of the external and internal environment, aimed at improving the main activities of industrial enterprises. 9 economic indicators The scientific novelty of the dissertation research is determined by the author's contribution to the improvement and development of existing tools for managing working capital of industrial enterprises in the aspect of organizational and methodological support. The main provisions of the work that characterize the scientific novelty include the following: 1. The necessity of applying a systematic approach to the management of working capital of industrial enterprises is substantiated, which differs from the currently used structural approach that does not take into account the mutual influence of the chosen method of covering the need for working capital on the process of forming the required volume of their structural components and does not allow achieving a given level of efficiency of the enterprise in the short term, the compliance of the working capital management policy with the tactical goals and objectives of the enterprise, the content of the decision-making stages in the management of working capital, which will allow to determine ways to improve the management of industrial enterprises. 2. A program-target approach was applied to the management of working capital of industrial enterprises' efficiency, functioning, with the aim of increasing their existing approaches by complex problem solving effective management enterprises through the rational use of working capital by developing a program and goals aimed at its implementation; the consistency of the program tasks of working capital management with the tactical goals of the enterprise, as well as the methods of their implementation, which make it possible to improve the process of working capital management by regulating the volume of their structural components and determining the method of advancing working capital to the enterprise's activities. 3. A method for diagnosing enterprises is proposed, which differs from the existing state of industrial ones by determining the nature of left-sided and right-sided risks, based on a comparison of liquidity and profitability indicators of an enterprise, due to the 10 structure of its operating cycle, which allowed not only to eliminate the causes of risks in dynamics, but also to make informed management decisions aimed at reducing total costs. 4. A decision-making methodology has been developed to improve the efficiency of the use of working capital of industrial enterprises in the short term, which differs from the traditional ones in the consistency of program tasks for managing working capital with the tactical goals of the enterprise, the method of diagnosing the state of the enterprise, the pattern of choosing a model for meeting the need for working capital, the invariance of this methodology, which as a result made it possible to increase the efficiency of the enterprise. 5. A comprehensive set of recommendations was proposed, which differs in improving the efficiency of the problem of functioning of industrial enterprises in the short term based on identifying the nature of risks and determining the zone of loss of liquidity and / or efficiency. organizational structure management into a project-type structure, in order to improve the process of managing working capital of an industrial enterprise. The theoretical and practical significance of the study is determined by its relevance, scientific novelty and lies in the possibility of using the developed organizational and methodological support to improve the process of working capital management in the activities of industrial enterprises, which makes it possible to ensure the effectiveness of the use of funds advanced in current assets based on determining the required value current assets and effective proportions of their structural components, by choosing the appropriate structure of sources to cover the need for working capital and methods for distributing these sources into the working capital of the enterprise. This approach makes it possible to improve the practice of working capital management at enterprises in this sector. An important scientific problem, which the study is aimed at, is of particular importance for stable activity industrial enterprises in the conditions of modern economy. The results of the study can be used in educational process when conducting seminars and lectures in the disciplines "Analysis of economic activity", "Financial management", "Financial analysis", "Economics of enterprises", etc. A number of provisions of the work are implemented in practical activities enterprises of JSC "Taganrog Shipyard”, which is confirmed by the relevant implementation documents. Publications. The main content of the thesis and the results of the study are presented in 14 published scientific papers with a total volume of 4 pp, including 4 articles in scientific journals recommended by the Higher Attestation Commission for the publication of the main results of the dissertation for the degree of candidate of economic sciences. Approbation of the research results. The main results of the study are presented in open publications, were reported at scientific and practical conferences in the years. Rostov-on-Don, Taganrog, St. Petersburg, where they received a positive assessment. The structure and volume of the dissertation work consistently reveal its purpose of the task, it consists of an introduction, three chapters, a conclusion, a bibliographic list. MAIN RESEARCH RESULTS The introduction substantiates the relevance of the dissertation research topic, characterizes the degree of study of the issues being developed, defines goals and objectives, theoretical and practical significance, provides provisions and conclusions containing elements of scientific novelty, and highlights the main provisions submitted for defense. 1. It has been established that improving the efficiency of industrial enterprises in the short term is largely determined by the policy of effective management of working capital, focused on reducing the production and financial costs of the enterprise, which allows for the expansion of production and the achievement of high competitiveness of the enterprise in new market conditions; maximize the value of the business by ensuring the optimal duration of the 12th operating cycle; improve the performance of industrial enterprises. The search for internal reserves, as the basis for increasing the efficiency of an industrial enterprise, should be based on improving the organization and management of working capital, which is the most important link production process , which will determine the possibility of their effective use. In this regard, Figure 1 reflects the main aspects of decision-making in the management of working capital of an industrial enterprise. TACTICAL GOALS AND OBJECTIVES OF AN INDUSTRIAL ENTERPRISE Choosing a working capital management policy at an industrial enterprise Aggressive management policy Conservative management policy Tools for effective management of working capital of an industrial enterprise based on the chosen policy ass - increase in the share of money. funds - reducing the level of extra labor. Act. -increasing the share of own. funds -reduction of aggregate. costs - reducing the level of debit. ass - optimization of the level of mat-pr. app. -abbr. ur-nya low-liquid. about. cf. - preventing the accumulation of excessive current assets and short-term liabilities - maximizing the full value of the enterprise Evaluation and selection of tools for effective management of working capital in an industrial enterprise Results when using an aggressive policy: increasing the level of solvency of an industrial enterprise Results when using a conservative policy: increasing the level of profitability of an industrial enterprise Results when using a compromise policy: Maintaining a balance between the risk of loss of solvency and profitability of an enterprise Decision-making when managing working capital of an industrial enterprise Developed by the author based on research materials. 13 In the dissertation research it was determined that in the short term the management of working capital causes the maximization of the level of profit and profitability of the enterprise, the leveling of risks in the models of ensuring the need for working capital, as well as the efficiency of the structure of the sources of their coverage, which will improve the process of working capital management and improve the performance of the enterprise as a whole. 2. It was revealed that the management of working capital is interpreted as the management of its individual components and sources of formation, and as a result reduces the quality of decisions that negatively affect the activities of an industrial enterprise as a whole, and also determines the need for a systematic approach both to the management of industrial enterprises and to the process of working capital management, based on identifying the relationship between the components of working capital and the impact of their use on the effectiveness of managing these funds. In the context of the transition of the economy to innovative way development, the key role of industrial enterprises in the introduction of advanced methods of work, as well as increasing the importance of consistency in the management of current activities is becoming modern enterprise as the most important factor in increasing the efficiency of production. Effective management of the current activities of enterprises in this sector comes down to the fact that the activities of any part of the system have an impact on the activities of all other parts of it. Thus, it is necessary to apply a systematic approach to this phenomenon. The author is based on two assumptions: - the system for managing the activities of industrial enterprises is based on the regulation of the elements of working capital in accordance with the specifics of their properties and the links between them, determined by short-term goals and objectives; - all objects without exception are characterized by movement, change and processes, since systems do not exist outside the processes. Thus, in the process method of describing the management system for the current activities of enterprises, the main element of this system is the process in which resource flows are transformed. In this case, 14 working capital of the enterprise are a specific resource flow. The decision-making process in the management and use of working capital of industrial enterprises is considered in relation to the tactical goals and objectives of the enterprise, which reflects the sequence of intermediate goals or decisions and is selected from a variety of alternatives according to some criterion. This means that there is a process, a change, there is a decomposition into subsystems, and there are systemic connections between these subsystems. Efficient and rational use of working capital determines the required period of time between the acquisition of inventories and receipt Money from the sale of products, characterizes the effectiveness of managing the operating cycle of the enterprise, which is due to the constant transformation of individual elements of working capital in the process production activities industrial enterprises. Thus, their management must be considered as a systemic phenomenon (Figure 2). SPHERE OF CIRCULATION Financial investments outside the enterprise EXTERNAL ENVIRONMENT Accounts receivable Tax and other mandatory payments Bank loans Financial investments within the enterprise INDUSTRIAL ENTERPRISE Accounts payable Own money. funds for advancing into production Cash proceeds from sales Inventories of finished products Stocks of finished products Work in progress SPHERE OF PRODUCTION Figure 2 - Circulation of elements of working capital of an industrial enterprise Developed by the author based on research materials. 15 Systems approach to the management of working capital is to regulate the elements of working capital in accordance with the specifics of their properties and relationships between them and differs from existing themes that it takes into account the link to the tactical goals and objectives of the enterprise in the process of developing sound decisions in the management and use of working capital, which reflects the sequence of intermediate goals or decisions and is selected from a variety of alternatives according to some criterion. 3. Improving the process of managing working capital of an industrial enterprise involves the formation of successive stages of decision-making on the management and use of working capital, focused on achieving their target volume and effective values of structural components by regulating the duration of the stages of the operating cycle. It has been established that the growth of labor productivity, national income in that part of it that goes to consumption, depends on how efficiently the working capital of an industrial enterprise is used, what are their volume and the magnitude of structural components. It is possible to break the vicious circle by improving the entire management system, which allows enterprises to carry out profitable activities and increase their resource base, by making informed decisions to improve the efficiency of the use of working capital. The stages of decision-making in the management of working capital of an industrial enterprise based on a systematic approach are shown in Figure 3. At the first stage, an analysis of the existing volume of working capital is carried out using the main indicators characterizing the efficiency of their use, the dependence of the influence of elements of working capital on each other is revealed and the directions of management decisions are determined. At the second stage, the target volume and values of the structural components of working capital in their total amount and by individual types are determined, which are necessary for the smooth operation of an industrial enterprise, timely coverage of obligations, for which a number of models can be used. At the same time, it is necessary to determine the sources of coverage that form working capital, which should be attracted taking into account their acceptable ratio on economically justified conditions. 16 The working capital management system includes the following stages: Stage 1. Analysis of the existing volume of rev. funds and their structural components Stage 2. Determination of the target volume of working capital and the effective volume of their structural components Inventories Cash 3rd stage. Ensuring the effective use of working capital Stage 4. Organization of a system for monitoring the state and efficiency of the use of resources invested in working capital Finished products Work in progress Sales of products Accounts receivable (more than, less than a year) Elements of working capital advanced to the activities of the enterprise To do this, on the basis of previously developed management decisions, a set of measures is being formed to accelerate the turnover of working capital, increase their profitability, ensure solvency, liquidity and financial stability of the enterprise. Building efficient systems control at the fourth stage of decision-making is formed within the framework of the general control system at the enterprise and involves the reduction of excess volumes or replenishment of the lack of funds and stocks, maneuvering receivables. Thus, within the framework of a systematic approach, based on such an analysis, a conclusion is made about the efficiency of the use of working capital, as well as the interdependence of the elements of working capital from each other and determines the direction of management decisions to improve the process of managing this type of resource. Competent management of this process is of fundamental importance for the results of the current activities of an industrial enterprise and the economy of the region as a whole. 4. It has been established that in order to ensure the efficient operation of industrial enterprises, it is necessary to use a program-target approach to the process of working capital management, since this approach embodies an extensive methodology for solving many problems, The figure was compiled by the author based on the research materials. 17 emerging in various fields activities of enterprises, and is aimed at solving difficult questions by developing a system of program measures aimed at goals, the achievement of which ensures the solution of the problems that have arisen. Program-targeted management of working capital of an industrial enterprise based on a systematic approach involves a comprehensive solution to the problems of their effective management through the rational use of working capital by developing a program and goals aimed at its implementation. In the process of mutual agreement of goals, program activities and resource needs, not only their mutual adjustment is carried out, but also a variant analysis of ways to solve the problem and the types of resources used for this. It is these features of the program-target approach that explain its choice for solving problems in the field of improving the process of managing the working capital of industrial enterprises. The working capital management program (Figure 4) of industrial enterprises is a set of sequentially performed tasks, united by a single goal, aimed at improving the working capital management process under the conditions of specified restrictions. Working capital management program Tactical goals and objectives of an industrial enterprise A lot of actions The results of achieving tactical goals and solving problems Ways to achieve program goals in the management of rev. means Methods of implementation Means necessary for the practical implementation of ways to achieve program goals in the management of working capital Program-targeted approach to overcoming the crisis in the Russian Federation / Electronic page on the Internet / www.sbcinfo.ru @ 2007. 18 - formation of the necessary need for working capital: determination of their target volume and the values of structural components; - ensuring a given level of the ratio of sources to cover the need for working capital; - an effective ratio between the structural elements of working capital, sufficient to ensure long-term production and productive financial activities of an industrial enterprise. Thus, the management of working capital of industrial enterprises, carried out in accordance with the principles of program-oriented management (focus on the final result, end-to-end planning of the management object, the principle of continuity), can become the leading direction in improving the process of working capital management, as well as reforming industrial production as a whole. The development and implementation of program-targeted management is an effective way to solve urgent problems that require the concentration of resources, the concentration of impacts, the target orientation of the means used and the consistency of impacts. Reasonable use of means to achieve goals will ensure the invariance of solving the tasks set and increase the efficiency of the use of working capital of industrial enterprises in the face of changes in the external environment. 5. A method has been proposed and substantiated for diagnosing the nature of left-sided and right-sided risks of an industrial enterprise in order to make informed decisions on determining the need for working capital in the management of an enterprise, aimed at determining the type of model for meeting the need for working capital, in order to increase the efficiency of their use, which will improve the main economic results of the enterprise. An analysis of various risks arising from the management of industrial enterprises made it possible to identify the risks associated with the management of working capital. The search for ways to achieve a compromise between profit, the risk of loss of liquidity and the state of working capital and sources of their coverage involves the definition of 19 right-hand and left-hand management of working capital. risks arising in the process In accordance with this, the phenomena that potentially carry left-sided and right-sided risks are identified, which are reflected in Table 1. Table 1 - Phenomena that carry right-sided and left-sided risks Left-sided risk (asset) Liquidity - accumulation of low-liquid assets, unjustified growth of DZ and a decrease in working capital, lack of cash Right-sided risk (liabilities) Profitability Liquidity - increase in unused working capital, lack of inventories , unreasonable increase in DZ - a non-optimal combination of long-term and short-term borrowings; high level KZ Profitability - a high proportion of long-term borrowed funds; unreasonable increase in shortfall Diagnosing left-sided and right-sided risks consists in choosing a model for meeting the need for working capital, which implies identifying weaknesses and areas of probable losses in the enterprise under study. This made it possible to track the dynamics of changes in the chosen policy in relation to the sources of formation of working capital and to regulate the current activities of an industrial enterprise (Figure 5). Evaluation of the existing model for meeting the need for working capital Assessment of liquidity Evaluation of profitability Choosing a model for meeting the need for working capital Identification of the nature of the risk in the existing model for meeting the need for working capital based on the liquidity and profitability of the enterprise Determining the nature of the risk and the point of its occurrence (right-handed, left-handed) by: Kovalev V.V. Financial analysis: Resource management. Choice of investments. Reporting analysis. - 2nd ed., revised. and additional - M.: Finance and statistics, 2009. - 512 p. 20 Risk can be managed, that is, various measures can be used to predict the occurrence of a risk event to a certain extent and take measures to reduce the degree of risk. In this case, the choice of a model for meeting the need for working capital is the measure that allows leveling, as well as partially eliminating the identified risks. Remained outside the scope of existing models open question about what criteria should be followed when choosing a model for meeting the need for working capital, there are no rules for coordinating the working capital management policy with the tactical goals and objectives of the enterprise, as well as a mechanism for assessing their compliance. Table 2 shows the risks specific to each model for meeting the need for working capital, as well as the criteria that must be followed when choosing a particular model. Models for meeting the need for about. avg Ideal model Aggressive model Conservative model Compromise model Table 2 - Types of risks for different models of meeting the need for working capital obligations → possible non-fulfillment of obligations Low Possible reasons: risk of loss of profitability due to an increase in total costs → loss of additional profit Low Possible reasons: risk of loss of liquidity due to accumulation of short-term. liabilities → decrease in the share of highly liquid assets Low Possible reasons: risk of loss of profitability due to lack of money. cf. → → interruption process and profit loss Low Possible causes: risk of loss of liquidity due to lack of money. funds to repay short-term obligations → possible default High No risk of loss of liquidity High Probability of loss of profitability risk is very low High Probability of risk of loss of profitability is very small short term obligatory during peak and seasonal periods → not met. liabilities High No risk of loss of liquidity High High High High Low payroll due to accumulated excess assets, because Maud. covers all the need for cf. → zoomed in prod. and mother. cost High No risk of loss of profitability In this model, all risks are balanced, but sometimes there may be a decrease in profitability due to the accumulation of excess assets Right-sided risk Liabilities Liquidity Profitability The table was compiled by the author based on research materials. 21 can be observed reduced. liquidity due to the accumulation of surplus. short term liabilities Thus, the process of managing working capital of an industrial enterprise can be represented as follows (Figure 6). The minimum part of working capital (systemic) funds Factors affecting the volume of rev. funds: - need for resources; - available sources of providing resources; - production turnover resources; - solvency of the enterprise; - the duration of the operating cycle; - profitability about. Wed-in The choice of a model for ensuring the need for rev. means based on the identification of risks in the enterprise Ideal Conservative Compromise Aggressive Diagnosis of the nature of the right-sided and left-sided risks of the enterprise's activity Determination of the effective values of the components of working capital Factors affecting the structure of working capital: - the specifics of the formation of stocks, remote control, cash; - turnover of elements rev. funds; -solvency; -liquidity of resources; - the duration of the operating cycle Figure 6 - The process of managing the working capital of an enterprise Studies have shown that the successive change of models for meeting the need for working capital with the opposite type of risk differs from the existing ones by the consistency of the working capital management policy with the tactical goals and objectives of the enterprise, which made it possible to manage risks and determine the zone of loss of liquidity or efficiency of functioning , are indicators of liquidity and profitability of the enterprise. 6. Designed according to modern conditions a methodology for making managerial decisions to improve the efficiency of using working capital of industrial enterprises by regulating their volume and the values of structural components based on a systematic approach and principles of program-targeted management (Figure 7), the implementation of which involves the formation of a set of measures of an organizational nature. Figure compiled by the author based on research materials. 22 Management decision making is an important factor in the activity of any enterprise. Without the correct adoption of managerial decisions, effective management, the economic prosperity of the enterprise is impossible. The effectiveness of management depends on the complex application of many factors, as well as on the procedure for making decisions and their practical implementation. The formation of a decision-making methodology to improve the efficiency of the use of working capital of industrial enterprises involves the development of a list of sequentially performed stages: - analysis of the use of working capital in the operating process of the enterprise in the previous period; - development of a program for managing working capital of an industrial enterprise based on the principles of program-targeted management; - development of a method for diagnosing the nature of the risks of an industrial enterprise in order to make informed decisions to determine the need for working capital; - selection and justification of the model for meeting the need for working capital of an industrial enterprise; - formation of a regulatory need for working capital (determination of the target volume and formation of effective values of the structural components of working capital), sufficient to conduct efficient production and economic activities; - formation of stages for making informed decisions in the management of working capital based on the identification of weaknesses and the reasons for their irrational management; - development and control over the execution of formed management decisions to improve the efficiency of the use of working capital of an industrial enterprise based on a systematic approach. The universality of the developed methodology lies in the invariance of the process of solving problems of increasing the efficiency of the use of working capital of industrial enterprises, which consists in formulating decision-making rules depending on the requirements of the external and internal environment, as well as on the tactical goals and objectives of an industrial enterprise. 23 Object of study: industrial enterprises; object of management: working capital 1. Diagnostics of the state of an industrial enterprise PROBLEMS 1.1. Low liquidity (deficit of money. Wed-in): above-standard tasks to budgets, personnel, suppliers (overdue debts); 1.2. Low profitability vol. funds, therefore, low profits from the enterprise - irrational management of the elements of about. funds; P AND CH AND N Y - lack, surplus of working capital; -incorrectly chosen industrial policy of the enterprise IMPACT METHODS: -restructuring of working capital; - application of models for ensuring the need for rev. means 2. Making managerial decisions to improve the efficiency of the use of rev. means of an industrial enterprise based on a systematic approach and program-targeted management FEEDBACK AND ADJUSTMENT OF THE GOAL 2.1. assessment of the target state of enterprises based on the criteria for the effective use of vol. funds 2.3.Working capital management program (a set of sequentially performed tasks) 2.2.The purpose of the management program about. means before. Limitations: the nature of the problem, resources GOAL DECOMPOSITION 2.5.1. Determination of the nature of risk (diagnostics of right- and left-sided risks in the mod. meeting the need for total funds based on showing liquidity and profitability of the enterprise) 2.5.2. Determining the model used by the enterprise to meet the need for volume. funds in tech. per. NO 2.5.3. Selection of an appropriate model for leveling or partial elimination of risks, if necessary Are the goals achieved? YES 2.5.5. Determination of the target volume of vol. funds and the values of their structural components, the effective ratio of sources to cover the need for working capital 2.6.4. Building a scenario forecast taking into account the application of the developed recommendations 2.6.5. The result of the implementation of the developed recommendations 2.5.4. YES 2.7. Development of management decisions to improve the efficiency of the use of about. funds. enterprises 2.6.3. Development of recommendations for improving the policy of industrial enterprise management. 2.4. Formation of alternative options for achieving the goal, due to previously identified problems (methods of logical enumeration) 2.5. Choosing a model for meeting the need for working capital (determining the best option for achieving the goal according to specified criteria) 2.6. Organization of the construction of a predictive scenario for the application of the selected model for meeting the need for working capital 2. 6.1.Monitoring and evaluating the effectiveness of the implementation of the developed program (analysis of the effectiveness of the use of resources, implying a comparison of the calculated indicators with planned and normative ones) 3. Monitoring the implementation of the developed decisions to improve the efficiency of the use of working capital of an industrial enterprise 24 The practical implementation of the proposed methodology involves the development of organizational measures, namely, the transformation of a linear-functional organizational structure of enterprise management into a project-type structure, in which managers are responsible for coordinating all types of activities and using working capital related to this project. To this end, all material and financial resources handed over to them. Project managers are also responsible for the planning of the project and the progress of its implementation in all quantitative, qualitative and temporal terms. As for the leaders functional divisions, then they delegate some of their responsibilities to the project manager, decide where and how this or that work should be done. The project team should consist of employees of the following departments: planning and economic, financial, marketing, supply and equipment, production control, quality, technical preparation of production and accounting. In conclusion, the main conclusions, generalizations, suggestions and practical recommendations are formulated, arising from the logic and results of the study. The following works have been published on the topic of the dissertation research: Articles in scientific periodicals recommended by the Higher Attestation Commission: 1. Osipova V.S. Some approaches to the management analysis of the state of working capital // Izvestiya TRTU. Thematic issue "Actual problems of economics, management and law". - Taganrog: Izdvo TRUTH, 2005. - No. 6. – P.63–67. - 0.3 p.l. 2. Osipova V.S. Some approaches to working capital management at the enterprise // Izvestiya TRTU. Thematic issue « System analysis in economics and management". - Taganrog: Publishing House of TRTU, 2005. - No. 8. – P.171–179. – 0.5 p.l. 3. Mulkidzhanyan V.S. To the question of the essence and purpose of working capital // Izvestiya TSURE. Thematic issue "Management in economic systems". - Taganrog: Publishing House of TRTU, 2006. - No. 10. – P.9397. - 0.2 p.l. 4. Mulkidzhanyan V.S. Organizational and methodological support for the management of working capital of an industrial enterprise // Bulletin of the Adyghe State University. Series "Economics". - Maykop: Publishing House of ASU, 2010. - Issue. 4(71). - P.206 - 211. - 0.7 p.l. Articles in scientific periodicals, conference materials and collections of scientific papers of universities: 5. Osipova V.S. Working capital management // VII All-Russian Scientific Conference of Students and Postgraduates "Technical Cybernetics, 25 Radio Electronics and Control Systems". Abstracts of reports. - Taganrog: Publishing House of TRTU, 2004. - P.471. - 0.05 p.l. 6. Osipova V.S. The main criteria for assessing the target state of the working capital of an enterprise // International collection of scientific and practical works "Actual problems social work, economy, education and culture”. - Rostov-on-Don: Russian State Social University, Taganrog branch of the TF RSSU, 2005. - No. 3. – P.157–161. - 0.2 p.l. 7. Osipova V.S. Traffic control cash flows// International Scientific and Technical Conference "Intelligent Systems" (AIS'05) and "Intelligent CAD" (CAD-2005). - M: Fizmatlit, 2005. - No. 2. – P.501–504. - 0.2 p.l. 8. Mulkidzhanyan V.S. Diagnostics of the left-sided and right-sided risks of the enterprise's activity as an element of the choice of the working capital financing model // VIII All-Russian Scientific Conference of Students and Postgraduates "Technical Cybernetics, Radio Electronics and Control Systems": Abstracts. - Taganrog: Publishing House of TRTU, 2006. - P.431. - 0.1 p.l. 9. Mulkidzhanyan V.S. Cash flow management // International scientific and methodological conference "Financial Management". - Penza: Society "Knowledge" of Russia, Privolzhsky House of Knowledge, 2007. – P.75–77. - 0.2 p.l. 10. Mulkidzhanyan V.S. Criteria for choosing models for financing working capital // Proceedings of the XI International Scientific and Practical Conference "System Analysis in Design and Management". - St. Petersburg: SPGPU Publishing House, 2007. - No. 2. – P.237–240. - 0.15 p.l. 11. Mulkidzhanyan V.S. Criteria for the choice of working capital financing models. Izvestiya SFedU. Special issue - Taganrog: TTI SFU Publishing House, 2008. - No. 1 p.162-163. - 0.1 p.l. 12. Mulkidzhanyan V.S. A systematic approach to the development of an implementation mechanism financial policy in the field of working capital management // Izvestiya SFU. Thematic issue "Information and Humanitarian Technologies in the Management of Economic and Social Systems". - Taganrog: TTI SFU Publishing House, 2009. - .No. 3. – P.57–62. - 0.4 p.l. 13. Mulkidzhanyan V.S. Improving the efficiency of managing working capital of Russian industrial enterprises based on the regulation of the operating cycle in the current crisis conditions // Izvestiya SFU. Thematic issue "Information and Humanitarian Technologies in the Management of Economic and Social Systems". - Taganrog: TTI SFU Publishing House, 2010. – No. 4. – P.70–76. - 0.4 p.l. 14. Mulkidzhanyan V.S. A systematic approach to managing the current activities of Russian industrial enterprises // Proceedings of the XIV International Scientific and Practical Conference "System Analysis in Design and Management". - St. Petersburg: SPGPU Publishing House, 2010. - Part 2. - S.211-219. - 0.5 p.l. 26 Signed for publication on February 24, 2011. Format 60x84/16. Offset paper. Offset printing. Conv. pech.l. - 1.5. Circulation 100 copies. Order No. Publishing house of the Technological Institute of the Southern Federal University GSP 17A, Taganrog, 28, Nekrasovsky, 44 Printing house of the Technological Institute of the Southern Federal University 27
TARABRIN DANIL VYACHESLAVOVYCH
"ORGANIZATIONAL AND ECONOMIC JUSTIFICATION
EFFICIENCY OF THE USE OF WORKING ASSETS
(on the materials of the Tambov region)"
08.00.05 - economics and management of the national economy
Organizations, complexes - agro-industrial complex and agriculture)
Economic Sciences
DM 220.041.02
Michurin State Agrarian University
393760, Tambov region, Michurinsk, st. International, 101
Tel. 5-31-37
As a manuscript
TARABRIN Danil Vyacheslavovich
^ ORGANIZATIONAL AND ECONOMIC JUSTIFICATION OF THE EFFICIENCY OF THE USE OF WORKING ASSETS
IN AGRICULTURAL ORGANIZATIONS
(on the materials of the Tambov region)
Specialty 08.00.05 - Economics and management of the national economy
(economics, organization and management of enterprises,
Industries, complexes - agro-industrial complex and agriculture)
Dissertations for a degree
Candidate of Economic Sciences
Michurinsk-Science City of the Russian Federation, 2009
The dissertation work was carried out at the department of organization and management of production of the Federal State Educational Institution of Higher Education "Michurinsk State Agrarian University".
^ Academic Supervisor:
Chalyapina Iraida Pavlovna
Official opponents:
doctor of economic sciences, professor,
^ Tekuchev Vladimir Vasilievich
Candidate of Economic Sciences, Associate Professor,
Klimentova Elvira Anatolyevna
Lead organization:
FGOU VPO “Penza State Agricultural Academy”
The defense of the dissertation will take place on December 25, 2009 at 10 o'clock at a meeting of the joint dissertation council DM 220.041.02 at the Michurinsk State Agrarian University at the address: 393760, Tambov Region, Michurinsk, st. International, d. 101, dissertation hall.
The dissertation can be found in the library of the Michurinsk State Agrarian University, and the author's abstract can be found additionally on the official website of the university: http://www.mgau.ru.
Scientific Secretary
United Dissertation Council,
Candidate of Economic Sciences, Associate Professor O.V. Sokolov
^ GENERAL CHARACTERISTIC OF WORK
Relevance of the research topic. In the conditions of market relations, working capital is of particular importance, since they are important criterion in determining the profit of the enterprise. The rhythm, coherence and high performance of any agricultural enterprise is largely determined by its availability of high-quality working capital. And since working capital includes both material and monetary resources, not only the process depends on their organization and efficiency of use. material production, but also financial stability enterprises.
Currently in agriculture In the Tambov region, there are a number of unresolved organizational and economic problems of the rational use of working capital, the solution of which will largely determine the efficiency of the production activities of agricultural enterprises.
The current practice of using working capital in Russian agricultural enterprises requires significant improvement, abandonment of outdated forms and methods of their organization and management, which hinder the growth of production profitability.
Thus, the organizational and economic justification for the effectiveness of the use of working capital in agricultural enterprises is one of the critical tasks on the way to improve the efficiency of agricultural production in general.
The relevance, insufficient development of the problem of the formation and use of working capital in agriculture put forward new tasks on this path and the need to further improve the efficiency of the use of working capital.
^ State of knowledge of the problem. The issues of theory and practice of increasing the efficiency of working capital use are studied in the works of domestic and foreign economists: G.F. Belousenko, I.Ya. Demyanenko, O.V. Efimova, L.N. Kassirov, V.V. Kovalev, L.I. Kolychev, E.S. B. Walter, K.K. Waltukh, D.K. Van Horn, N.S. Lisitsian, M.A.
At the same time, in our opinion, the problems of effective use of working capital in agriculture in the context of limited sources of their formation have not been sufficiently studied and require additional research.
^ Purpose and objectives of the study. The purpose of the scientific study is the organizational and economic justification of priority areas for increasing economic efficiency use of working capital in agriculture.
Achieving this goal involves solving the following tasks:
Specify economic essence working capital and consider the features of their circulation in agriculture;
To identify organizational and economic problems of the rational use of working capital in agricultural organizations;
Conduct an analysis of the composition, structure and sources of formation of working capital of agricultural organizations and assess the level of provision with them;
Analyze the effectiveness of the use of working capital and systematize the factors influencing its formation;
Develop an effective policy for the management of working capital of agricultural organizations;
Substantiate priority areas for improving the efficiency of the use of working capital of agricultural organizations and propose a scheme for their replenishment.
^ The subject of the study is the organizational and economic relations that arise in the process of formation and use of working capital in agriculture.
^ The object of the study is the agricultural organizations of the Tambov region of various forms of ownership and management. Monographic studies were carried out at the agricultural enterprise of the Michurinsky district of the Tambov region, Federal State Unitary Enterprise Uchkhoz-breeding farm “Komsomolets”.
^ The theoretical and methodological basis of the study was the works of the classics of economic science, modern domestic and foreign scientists who have made a significant contribution to the development of the theory and practice of the formation and use of working capital.
The basis of scientific research is the dialectical method of cognition. When solving the tasks set, the following methods were used: economic-mathematical, expert assessments, economic-statistical, monographic, settlement-constructive, historical, abstract-logical, graphic and other methods of collecting and processing information.
^ The information and statistical base of the study is the reference materials of the Ministry of Agriculture of the Russian Federation, the Ministry of Finance of the Russian Federation, statistical collections published by the state statistics bodies of Russia and the Tambov region, information materials Department of Agriculture of the Tambov region, accounting reports and primary documents of agricultural enterprises in the region, reference literature, data scientific institutions, scientific publications on materials of conferences and scientific-practical seminars and other information.
The dissertation work was carried out in accordance with paragraph 15.52 “The end results of the functioning of the agro-industrial complex, content, methods of measurement and ways of growth” of the passport of the specialty 08.00.05 “Economics and management of the national economy (economics, organization and management of enterprises, industries, complexes - agro-industrial complex and agriculture)”.
^ The scientific novelty of the study lies in the substantiation of scientific and theoretical provisions and recommendations for the effective use of working capital in agricultural organizations in order to increase the economic efficiency of agricultural production. The main provisions of the dissertation research, which characterize scientific novelty and are submitted for defense, include the following:
The concept of working capital of agricultural organizations as an economic category is specified, which is a value in monetary form, which, unlike existing definitions, includes not only cash, but also surplus value advanced to working capital and circulation funds to ensure their continuous and stable circulation, which is necessary for the functioning of agricultural organizations and their production or other activities;
External and internal factors that affect the efficiency of the use of working capital are systematized, with the allocation of the last interconnected production factors (production technology, rational use and storage of working capital, etc.); economic (availability of free cash, economic ties and relationships with suppliers and customers, etc.); organizational and managerial (level of organization of production and management, organization of inventories, management of receivables and payables, etc.) and social (security labor resources, labor productivity, forms of organization financial incentives) factors;
A methodical approach to improving the inventory management system of agricultural enterprises has been defined, based on a combination of options for the frequency of ordering stocks and its size, in order to increase the efficiency of use based on the use of the EOQ model for determining the optimal order volume, the joint use of the ABC method and XYZ analysis of the classification of stocks by the nature of their consumption and significance for production;
A scheme for replenishing the working capital of agricultural organizations is proposed, which simplifies access to borrowed funds secured by land plots and allowing the state, represented by an agricultural guarantee agency acting as a guarantor of loan repayment, to control the land market;
The algorithm for managing receivables of agricultural enterprises has been developed, including: conducting the analysis of debtors and receivables, the assessment of its real value, monitoring the ratio of receivables and accounts payable, planning cash flows based on the coefficients of collections, the development of advanced settlements and the provision of loans, the application of factual factory and monitoring the control receivables, the use of which in the practice of agriculture will increase the profitability of receivables, reduce its collection time and, thereby, increase the efficiency of using the circulation funds;
The priority areas for increasing the efficiency of the use of working capital of agricultural producers are substantiated by improving the inventory management system, the use of factoring by agricultural organizations in the management of receivables and the use of resource-saving technologies in the implementation of the zero-tillage system, which ultimately lead to an acceleration in the turnover of working capital, a decrease in the material intensity of products and an increase in the profitability of production.
^ The theoretical and practical significance of the work lies in the fact that the application in the practice of agriculture of the developed scientifically based proposals is guaranteed to provide a significant increase in the efficiency of the use of working capital and sustainable growth in agricultural production. Methodological approaches and practical recommendations can be used by commodity producers in solving the problems of improving the policy of working capital management and increasing their efficiency, as well as used in the educational process of higher educational institutions.
^ Approbation of the results of the study. The main results of the work were reported and approved at the International scientific-practical conference "Innovations of young scientists and specialists - the national project" Development of the agro-industrial complex "" (Ryazan State Agricultural Academy named after P.A. Kostychev, December 14-15, 2006); International scientific and practical conference "Agriculture in the modern economy: a new role, growth factors, risks" (VIAPI named after A.A. Nikonov and Russian State Agrarian University–Moscow Agricultural Academy named after K.A. Timiryazev, XIV Nikon readings, October 27-28, 2009; All-Russian scientific and practical conferences "Development economic analysis and its role in the context of a transforming market economy”(Ryazan State Technical University named after P.A. Kostychev, February 28-29, 2008); “Innovations of young scientists to the agro-industrial complex” (Penza State Agricultural Academy, 2007), “Agrarian science to agriculture” (Kursk State Agricultural Academy named after I.I. Ivanov, January 27-28, 2009), “Socio-economic features of the development of subsidized regions” (TSU named after G.R. Derzhavin, May 24-26, 2009), III All-Russian ii scientific and practical conference “Agrarian science in the XXI century: problems and prospects” (Saratov State Agrarian University, 2009), 61 scientific and practical conference (MichSAU, March 26, 2009); twice in the 2nd round All-Russian competition scientific works of students, graduate students and young scientists of agricultural universities of the Central Federal District (Orel State Agrarian University, April 26-27, 2007 and April 20-21, 2009), the final round of the All-Russian competition for the best scientific work(RGAU Moscow Agricultural Academy named after K.A. Timiryazev, 2007).
The main results of the dissertation research are presented in 12 printed works with a total volume of 2.1 pp. (including 1.85 pp copyright).
^ Scope and structure of the work. The dissertation consists of an introduction, three chapters, conclusions and suggestions, a list of references, including 154 titles. The work is presented on 168 pages of typewritten text, contains 46 tables, 33 figures and 8 appendices.
^ In the introduction, the relevance of the research topic is substantiated, the state of knowledge of the problem is considered, the goal and objectives, subject, object and methods of research are defined, the scientific novelty and practical significance of the research results are outlined.
^ The first chapter "Scientific and theoretical aspects of the efficiency of the use of working capital in agriculture" reveals the essence of the category of working capital and the features of their circulation in agriculture. The organizational and economic problems of the rational use of working capital in agriculture are systematized. Methodological approaches to the definition of security, regulation and economic efficiency of the use of working capital are considered.
^ The second chapter "Analysis of the availability of agricultural organizations with working capital and the effectiveness of their use" examines the composition and structure of working capital of agricultural organizations in the Tambov region. The analysis of the level of provision with various elements of working capital and sources of their formation is carried out. The effectiveness of the use of circulating production assets and circulation funds is considered. It is proposed to single out, as part of internal factors affecting the efficiency of the use of working capital, a system of production, economic, organizational, managerial and social factors.
^ In the third chapter "Ways to improve the economic efficiency of the use of working capital in agriculture" a methodological approach to improving the system of managing the production stocks of agricultural enterprises is defined. An algorithm for managing accounts receivable has been developed and a set of measures has been proposed to accelerate its turnover. The priority directions of increasing the economic efficiency of the use of working capital of agricultural producers based on the improvement of the inventory management system, the use of factoring by agricultural organizations in the management of receivables and the use of resource-saving technologies in the implementation of the no-tillage system are substantiated.
The conclusions and proposals summarize the main results of the research.
^ MAIN CONTENT OF THE WORK
Working capital is important as part of the resources of agricultural enterprises, since the efficiency of production and the financial stability of enterprises largely depend on their rational use.
From our point of view, the working capital of agricultural organizations is a value in monetary form, which, unlike existing definitions, includes not only cash, but also the surplus value advanced to working capital and circulation funds to ensure their continuous and stable circulation, which is necessary for the functioning of agricultural organizations and their production or other activities.
The conducted research allowed to identify a number of organizational and economic problems of rational use of working capital that agricultural producers face in the course of their activities (Fig. 1). At the same time, rational should be understood as the use of working capital in the minimum, but sufficient for effective management production volume. In our opinion, the most acute problems of the rational use of working capital are: the absence in many agricultural enterprises of a system adequate to market conditions for planning the provision of production activities with the main elements of working capital, the irrational structure of working capital, the high level of taxes and bank loan rates, the lack of an effective policy for managing the elements of working capital, the low level of provision with high-quality working capital, the disparity in prices for agricultural products and material and technical resources, the improvement of existing and the search for new sources of formation and replenishment of working capital, as well as the insufficient level of support from the state .
The analysis showed that the features of agricultural production affect the structure of working capital of enterprises in the industry. It is precisely with this that the predominance of production revolving funds in the general structure of working capital of agricultural enterprises of the Tambov region: 56.9% -76.8%.
Research has established that the structure of working capital differs significantly in agricultural enterprises with different specializations (Table 1). So, for example, the smallest share of production working capital in the total structure of working capital is observed at enterprises with two main industries: sunflower grain production. This can be explained by the small share of animals for growing and feed in the structure of working capital.
The studies conducted in the field of provision of agricultural producers with working capital show that, in general, enterprises of the Tambov region do not have at their disposal a sufficient amount of working capital necessary for the effective management of production and marketing activities. This leads to the fact that in the sources of the formation of working capital, long-term loans and loans.
Rice. 1. Organizational and economic problems of rational use of working capital
In agriculture
Table 1 - The structure of working capital of agricultural enterprises
With various combinations of commodity sectors, 2008, %
Indicators
^ Enterprise Groups
by combination of main commodity
industries (types of products)
Grain production
Grain-beet growing
Grain and cattle breeding
Grain production
And sunflower
Beet growing
Number of enterprises
^ Production working capital - total
Productive reserves
Animals for growing and fattening
Unfinished production
Future expenses
^ Funds of circulation - total
Finished products
Funds in settlements
Cash
^ Other current assets
Total working capital
The research made it possible to identify factors that determine the effectiveness of the use of production working capital and circulation funds in agriculture, which can be divided into external: the general economic situation, tax legislation, conditions for obtaining loans and interest rates on them, which affect regardless of the interests of the enterprise, and internal, which the enterprise is in one way or another able to influence. In turn, among the latter, we propose to single out groups of production, economic, organizational, managerial and social factors (Fig. 2).
The analysis showed that working capital was used most effectively at a few enterprises with a turnover period of up to six months, and at the same time, more than half of the region's enterprises have working capital with a profitability level of up to 50%.
The carried out deterministic factorial analysis of the turnover of working capital allowed to reveal its dependence on the influence of two main factors - the amount of turnover and the average annual balances of working capital. At the same time, in two cases out of five, the increase in turnover had a greater effect on the turnover ratio. average annual cost working capital, in
the other two - an increase in the amount of turnover, and only in one of the cases the influence of one factor was leveled by another factor.
In our opinion, the development of a perfect mechanism for managing the working capital of agriculture and its effective application in practice is extremely topical issue at present, because effective formation and the regulation of working capital contributes to maintaining an optimal level of liquidity, ensures the efficiency of the production and financial cycles of activity, and, consequently, a sufficiently high solvency and financial stability of agricultural enterprises.
When organizing the process of working capital management great attention should be given to the management of inventories, since the efficiency of the production activities of agricultural organizations will largely depend on their rational use.
We have defined a methodical approach to improving the inventory management system of agricultural enterprises, which is a set of rules that determine the choice of the most appropriate inventory management system.
In our opinion, the most important areas for improving the inventory management process are: choosing the most appropriate inventory management system, calculating the reserve stock to remove a number of restrictions when using the EOQ-model for determining optimal size ordering stocks and sharing with the ABC-method of XYZ-analysis of the classification of stocks by the nature of their consumption.
Through a combination of key parameters - frequency and order size - six inventory management systems were identified (Fig. 3). The choice of a particular system for use in an agricultural organization should be based on the nature of the write-off of materials into production, the requirements of suppliers and the nature of the stored goods.
It is recommended, together with the ABC method, to use the classification of reserves according to the nature of their consumption, using XYZ analysis, which will provide an opportunity to identify reserves that are used constantly, seasonally, as well as resources whose consumption is irregular. Overlaying the results of the XYZ analysis on the data of the ABC method made it possible to divide the reserves into nine blocks, each of which has two characteristics: the cost of the reserves and the accuracy of forecasting the need for them.
Research has established that in conditions of a shortage of funds for many agricultural enterprises, an important step towards improving the efficiency of using individual elements of production reserves can be savings on the relevant items. material costs.
The analysis showed that the share of expenses for seeds and planting material in the costs of the plant growing industry of agricultural organizations
Rice. 3. Formation of stock management systems for agricultural enterprises
By combining options for the frequency of the order and its size
Tambov region is from 16.1 to 19.8%. It is possible to save on seeds, but the possibilities of this article are limited, since only high-quality seed
Noah material provides a high yield. Therefore, an important factor in saving seeds is the rate of their sowing. So, for example, due to the unreasonable seeding rate of seeds of two agricultural crops - oats and spring wheat, in 2008 the Komsomolets educational farm-breeding plant overspent funds in the amount of 18.5 thousand rubles.
In conditions of inflation, when the immobilization of own working capital becomes very unprofitable for enterprises, the issues of analysis, assessment of receivables and acceleration of its turnover are of particular importance.
The analysis showed that in recent years, in the agricultural organizations of the Tambov region, there has been a tendency to increase the amount of receivables, including overdue ones, and its specific gravity in the overall structure of working capital. Under these conditions, the tasks of optimizing accounts receivable and reducing the time of its collection become one of the priority areas for increasing the efficiency of working capital use.
Research has established that the process of receivables management can be described by a certain algorithm, including: analyzing receivables and receivables, assessing its real value, monitoring the ratio of receivables and payables, planning cash flows based on collection ratios, developing a policy for advance payments and granting loans, using factoring and controlling the repayment of receivables (Fig. 4), the use of which in agricultural practice will increase the profitability of receivables, reduce the time of its collection and , thereby, to increase the efficiency of the use of circulation funds.
In the conditions of agricultural production, it is possible to offer credit cooperatives of the Tambov region to include in the list of their services the implementation of factoring services for agricultural enterprises in the region, and the latter to use this type of service for more efficient management of their receivables.
Using the factoring services of a credit cooperative, the Federal State Unitary Enterprise uchkhoz-stud farm "Komsomolets", for example, will be able to reduce the amount of its receivables by 2.16 million rubles. and accelerate its turnover by almost 10 times, which, in turn, will lead to a reduction in the circulation period of working capital by 20.2 days and an increase in their profitability by 1.1 percentage points. (Table 2).
As a result of the correlation-regression analysis, a model was obtained for the dependence of the duration of the turnover of funds on a number of factors reflecting various aspects of the use of working capital.
Rice. 4. Algorithm for managing accounts receivable of agricultural enterprises
Table 2 - Calculation of the cost of factoring services and the economic benefits of its use in the management of accounts receivable of the Federal State Unitary Enterprise of the Komsomolets educational farm and stud farm
^ I. COST OF FACTORING SERVICE
Factoring expense items
service
Cost calculation
factoring services
Cost of services,
1. Commission for factoring management
32.2 million rubles 0.5%
2. Accounting transactions
(2.4 million rubles 90%) 17%
Reference:
The volume of the annual turnover = 32.2 million rubles.
Amount of assignable receivables = 2.4 million rubles.
The cost of working capital at the end of the year = 25 million rubles.
^II. RECEIVABLE TURNOVER
Forecast / 2008
9.7 times<
^iii. TURNOVER AND PROFITABILITY OF WORKING ASSETS
Forecast / 2008
For 20.2 days<
By 1.1 p.p. >
The multiple regression equation for three hundred and seventy surveyed agricultural enterprises of the Tambov region has the following form:
Y = 446.3069 - 122.9377X1 - 4.7561X2 + 0.0519X3 - 0.0408X4 + 0.0967X5 + 0.0496X6 - 20.3549X7,
Y - the duration of the turnover of funds, days;
446.3069 is a free member.
X1 - the cost of gross output per 1 employee, thousand rubles / person;
X2 is the cost of working capital per 100 hectares of agricultural land. land, thousand rubles/ha;
X3 - the value of production working capital per 100 rubles. fixed assets, rub.;
One employee) per 1 thousand rubles. the turnover of funds is accelerated by almost 123 days.
X4 - the ratio of receivables and payables,%;
X5 - the ratio of cash and receivables,%;
X6 - the share of production working capital in the composition of working capital,%;
X7 - the amount of working capital attributable to 1 employee, thousand rubles / person.
The analysis showed that the duration of the turnover of working capital by 68.8% depends on the factors included in the model. At the same time, the coefficient of multiple correlation was 0.830, which indicates a fairly high degree of relationship between the duration of turnover and the factors included in the model.
The financial condition, liquidity and solvency of the organization to a greater extent depend on the level of business activity, the optimal use of working capital, assessment of its size and structure. Due to the fact that current assets form the bulk of the company's liquid assets, their value should be sufficient to ensure the rhythmic and uniform operation of the organization and, as a result, profit. The use of working capital in economic activity should be carried out at a level that minimizes time and maximizes the speed of circulation of working capital and its transformation into real money supply for subsequent financing and acquisition of new working capital.
The need for financing proportionally depends on the rate of turnover of assets. The lower the turnover of working capital, the greater the need to attract additional sources of financing, since the organization does not have its own funds to carry out business activities. Thus, the indicators of working capital turnover are closely related to the solvency and liquidity of the balance sheet structure.
In the practice of analysis, various turnover ratios are used to evaluate current assets, which can be determined both for the entire working capital of the company as a whole, and for individual components of this capital elements or their groups. The availability and effectiveness of working capital are determined and analyzed directly according to the balance sheet data. The change in the balance of working capital as a whole and for its individual groups and elements is a consequence of the continuity of the production cycle, during which stocks are consumed, and their renewal and replenishment is possible only as a result of the sale of products (works, services) and receipt of funds. These indicators are involved in the calculation of turnover ratios in the analysis of the organization's business activity.
An analysis of the state and efficiency of the use of working capital in JSC "VDM" shows the lack of efficiency of their use at the enterprise. Although there are some positive trends in 2011: an increase in the turnover ratio of working capital and a decrease in the load factor of funds into circulation. However, a significant negative factor is the significant share of receivables in the structure of working capital. The company should improve the work with receivables, for this it is necessary to attract reliable payers as partners.
To improve the state of receivables, it is also necessary:
Systematically monitor the ratio of accounts receivable and accounts payable. A significant excess of accounts receivable creates a threat to the financial stability of the enterprise and makes it necessary to attract additional sources of financing;
Monitor the status of settlements on overdue debts;
Timely identify unacceptable types of receivables.
For the most efficient use of working capital, you can provide discounts to debtors for early payment. This will help to reduce short-term receivables, therefore, increase its turnover and turnaround time. This will lead to a decrease in the total amount of current assets, an acceleration of their turnover and the time of their turnover, as well as to the release of funds, which will contribute to an increase in the return on capital. On average, these measures, as the experience of the largest Russian companies shows, will lead to a decrease in accounts receivable at the enterprise by 20%. Consequently, its predicted value in 2013 will be 2,360,056 thousand rubles. If in 2012 the period of turnover of receivables was 4.39 turnovers and 82 days, then the forecasted indicators will be, with an average forecasted revenue of 12852953.3 thousand rubles, 5.45 turnovers and 66 days, which is higher than in 2012 by 1.06 turnovers, which indicates an acceleration in the turnover of receivables, and also, the average period of one turnover has decreased 1 6 days, which will favorably affect the turnover of current assets.
You can also shorten the cash cycle by:
reduction of the inventory circulation period, i.e. by accelerating the production and sale of goods;
reducing the period of receivables circulation, accelerating the collection of consumer debt;
lengthening the grace period for accounts payable by slowing down their own payments.
Also, one of the measures can be proposed to reduce the balance
finished products by 5%, which will lead to an increase in the turnover of finished products, as well as the turnover of current assets in general. Such a low percentage of decline in finished products is due to the fact that too much volume of marketable products that entered the market will lead to the "overstocking" of the latter, which in the future will adversely affect the financial condition of the enterprise, due to a slowdown in inventory turnover, which are classified as "frozen items" of current assets, which, of course, is unfavorable for JSC "VDM". Thus, the economic effect after the implementation of all activities will be (table 2.3).
Table 2.3
Economic effect from implemented measures
Continuation of table 2.3
|
Turnover period, times | ||||
|
Turnover period, days | ||||
|
Finished products, thousand rubles | ||||
|
Turnover period, times | ||||
|
Turnover period, days | ||||
|
Average cost of working capital, thousand rubles | ||||
|
Turnover period, times | ||||
|
Turnover period, days |
From the data in Table 2.3 it can be seen that the implementation of all the proposed measures at VDM OJSC will improve the efficiency of the use of working capital, reducing the period of their turnover by 15 days and increasing the turnover by 0.11 times, by reducing the turnover period of finished products by 0.05 days, and increasing the number of turnover by 275.79 times, as well as reducing the turnover time of receivables by 16 days, and increasing the turnover by 1.0 6 times.
Thus, the proposed measures are effective and will increase the efficiency of the use of working capital at VDM OJSC, thereby strengthening the financial position of the enterprise, as well as its market position in its segment.
CONCLUSION
In this course work, an analysis was made of the economic activities of the JSC "VDM" enterprise for three years - the main technical and economic indicators of the enterprise's work were considered, an analysis was made of the state of working capital and the efficiency of their use, and everything is clearly shown using graphs.
As a result of this analysis, it was revealed that this enterprise works quite efficiently. The company is quite profitable in its activities. The net profit of the enterprise in 2010 amounted to 272,200 thousand rubles, in 2011 it decreased to 179,530 thousand rubles, and in 2012 it increased to 183,269 thousand rubles. Profitability indicators (production, sales, personnel) similarly decreased in 2011, and increased in 2012, which indicates the successful functioning of the enterprise in 2012. It was found that fixed assets and labor resources are used efficiently.
As a result of the analysis of the state of working capital and the efficiency of their use, it was revealed that the company has a high duration of working capital turnover and a not very high turnover ratio for three years. In 2010, working capital turned over 272 days, i.е. 1.32 times a year. In 2011, the turnaround time was reduced to 202 days, consequently the turnover ratio increased (by 0.46%), which is positive for the company. In 2012, the turnover rate of working capital decreased by 0.2%, while the turnaround time increased by 26 days. This state of working capital characterizes their inefficient use.
Accelerating the turnover of working capital allows you to release significant amounts, and thus increase the volume of production without additional financial resources, and use the released funds in accordance with the needs of the enterprise. In 2011, such a release was and amounted to 2952678 thousand rubles, and in 2012 there was a shortage of working capital (which needs to be filled) in the amount of 936097 thousand rubles.
As a result of factor analysis, it was revealed that the profitability of working capital is increasing every year - in 2011 compared to 2010 from 13.31% to 13.42%. In 2012 from 13.42% to 16.01%. This is mainly due to an increase in the turnover ratio by 0.46 turnovers in 2011 and due to an increase in the profitability of sales in 2012 (this change caused a larger increase in the return on equity).
It was also found that in the structure of current assets there is a decrease in the share of inventories, work in progress, which has a very positive effect on the financial condition of the enterprise. But it was found that the largest share in working capital is accounts receivable, so it turns around the slowest at the enterprise.
Consequently, measures were proposed aimed at more efficient use of working capital and their management at the enterprise. It would be advisable to reduce the share of receivables in the structure of working capital by reducing the amount of debt itself by 20%, as well as reducing finished products in warehouses by 5%, which will give an economic effect from all the proposed measures at JSC "VDM" in the form of increasing the efficiency of using working capital, reducing the period of their turnover by 15 days and increasing the turnover by 0.11 times, by reducing the period of turnover of finished products by 0.05 days, and increasing the amount of turnover in 275.79 times, as well as reducing the terms of receivables turnover by 16 days, and increasing the turnover by 1.06 times.
Thus, the proposed measures are effective and will increase the efficiency of the use of working capital at VDM OJSC, thereby strengthening the financial position of the enterprise, as well as its market position in its segment. Based on the foregoing, we can conclude that the analysis of economic and financial activities is the most important aspect of the normal functioning of any enterprise.
BIBLIOGRAPHY
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As a manuscript
WORKING ASSET MANAGEMENT
IN AGRICULTURAL ENTERPRISES
08.00.05 - Economics and management of the national economy (economics,
organization and management of enterprises, industries and complexes:
dissertations for a degree
Candidate of Economic Sciences
Novosibirsk 2008
Scientific adviser: | |
Official opponents: | doctor of economic sciences, professor |
Lead organization: | FGOU VPO Kemerovo State university |
Scientific Secretary
dissertation council
Candidate of Economic Sciences, Associate Professor
1. general description of work
Relevance of the research topic. In recent years, many agricultural organizations have become acutely aware of the lack of working capital for the sustainable development of production. Due to the growth in the share of food imported into the region, the violation of the established balance between the prices of agricultural products sold and the consumed material and technical resources, the monopoly of enterprises in related industries. If before the start of agrarian reforms, agricultural enterprises replenished up to 73% of working capital from their own sources, by 2006 these resources were completely lost.
Due to the low level of income, many agricultural organizations cannot conduct production on an expanded basis, update the material and technical base, and make timely settlements with counterparties. Most farms have lost their own working capital, growth reserves have been sharply reduced, the ability to provide themselves with production stocks: seeds, feed, fertilizers, replacement young animals, the ability to purchase material resources in the right amount and assortment is limited.
In the structure of working capital of agricultural enterprises, there are practically no funds necessary for current payments. Their share in current assets decreased during the period of agrarian reforms from 17 to 1.8%, and by the beginning of 2007, only 22% of agricultural producers had money in settlement accounts. By the end of the year, there was a shortage of funds in the amount of 75% of current assets, which led to a delay in both accounts payable and loans and borrowings.
Net working capital is determined in two ways, using the left and right sides of the balance sheet:
OKch = OS - KrZ and OKch = Kpost - VnA,
where OS - working capital, rub.; KrZ - short-term accounts payable, rub.; Kpost - constant capital, rub.; VnA - non-current assets, rub.
Fixed capital is the sum of the company's own capital and medium-term and long-term debt (maturity of more than a year).
The net need for working capital is related to current operations, taking into account inventories, total receivables, including non-bank payables. The need for current financing can be divided into two parts: cyclic, directly related to the business cycle, and acyclic, independent of the cycle. Then the total need for working capital will be:
Pob. With. = CPU + ADC,
where Tsp - cyclic need for working capital, rub.; ADC - acyclic need for working capital.
In this case, the cyclical need for working capital can be represented as follows:
Tsp \u003d Z + DZx - KZx,
where З - reserves, rub.; DZh - economic receivables, rub.; КЗх - economic accounts payable, rub.
Business debt includes accounts receivable from buyers and customers and accounts payable to suppliers. All other receivables are classified as other receivables and payables.
The acyclic need for working capital has the following structure:
ADC \u003d DZpr - KZpr,
where DZpr - other receivables; KZpr - other accounts payable.
Based on the above, we will calculate the need for working capital using an example (Table 2).
table 2
Calculation of the needs of Sukhovsky "in working capital, thousand rubles.
Indicators | ||||
2. Business receivables | ||||
3. Business accounts payable | ||||
4. Cyclic need for working capital (clause 1 + clause 2 - clause 3) | ||||
5. Other receivables | ||||
6. Other accounts payable | ||||
7. Acyclic need for working capital (clause 5 - clause 6) | ||||
8. Total need for working capital | ||||
9. Working capital | ||||
10. Short-term accounts payable | ||||
11. Net working capital (clause 9 - clause 10) | ||||
12. Cash (clause 11 - clause 8) | ||||
13. The degree of coverage of the need for working capital in cash (clause 12: clause 8 100),% |
The analysis showed that in dynamics the need for working capital is covered by an average of 8-9%.
Establishing the need for working capital is the main set of decisions to ensure the efficient operation of an agricultural enterprise.
For a comprehensive analysis of the management of the use of working capital, it is necessary to refer to the rating assessment and the distribution of the studied agricultural enterprises according to the classes of efficiency in managing these resources. Each class has its own score, which is determined on the basis of the indicators we have chosen.
The rating assessment of agricultural enterprises is formed on the basis of the obtained values of economic coefficients and is an informative generalizing conclusion of the analysis of the effectiveness of managing the use of working capital.
Table 3
Point value of coefficients
Coefficient | Value, points |
Working capital turnover | |
current liquidity | |
Maneuverability of own funds | |
Security of current assets with own working capital | |
Accounts payable turnover | |
Debt to Equity Ratio | |
Return on working capital |
Compliance with the criterion level of each of the coefficients obtained in the analysis gives the corresponding value in points for the rating. An additional 5 points is awarded to an agricultural enterprise subject to the so-called "golden rule of the organization's economy", according to which the following values are considered: TV. n. is the growth rate of gross profit; Tr. – growth rate of sales volume; Tob. k. is the growth rate of the working capital asset.
The following ratio of the indicated values is optimal:
Tv. n. > Tr. > Tob. k. > 100%.
Coefficient name (standard value) | Changes over the period | Score in points for period 1 | Score in points for period 2 |
||
Working capital turnover ratio (more than 2.0) | Coefficient value | Coefficient value | Number of points | Number of points |
|
Current liquidity ratio (more than 1.5) | Coefficient value | Coefficient value | Number of points | Number of points |
|
Own funds maneuverability ratio (more than 0.5) | Coefficient value | Coefficient value | Number of points | Number of points |
|
The coefficient of security of current assets with own working capital (more than 0.1) | Coefficient value | Coefficient value | Number of points | Number of points |
|
Accounts payable turnover ratio (more than 6.0) | Coefficient value | Coefficient value | Number of points | Number of points |
|
Debt to equity ratio (from 0.3 to 1) | Coefficient value | Coefficient value | Number of points | Number of points |
|
Profitability ratio of working capital (more than 0.2) | Coefficient value | Coefficient value | Number of points | Number of points |
|
Fulfillment of the "golden rule" | |||||
Sum of points | Sum of points |
||||
Corrective score | |||||
Sum of points | Sum of points |
||||
Efficiency class of working capital management | Grade 1 to 4 | Grade 1 to 4 |
Table 5
|
score, points |
-- [ Page 1 ] --
TARABRIN DANIL VYACHESLAVOVYCH
"ORGANIZATIONAL AND ECONOMIC JUSTIFICATION
EFFICIENCY OF THE USE OF WORKING ASSETS
IN AGRICULTURAL ORGANIZATIONS
(on the materials of the Tambov region)"
08.00.05 - economics and management of the national economy
organizations, complexes - agro-industrial complex and agriculture)
economic sciences
Michurin State Agrarian University
393760, Tambov region, Michurinsk, st. International, 101
As a manuscript
TARABRIN Danil Vyacheslavovich
ORGANIZATIONAL– ECONOMIC JUSTIFICATION OF THE EFFICIENCY OF THE USE OF WORKING ASSETS
IN AGRICULTURAL ORGANIZATIONS
(on the materials of the Tambov region)
Specialty 08.00.05 - Economics and management of the national economy
(economics, organization and management of enterprises,
industries, complexes - agro-industrial complex and agriculture)
dissertations for a degree
Candidate of Economic Sciences
Michurinsk-Science City of the Russian Federation, 2009
The dissertation work was carried out at the department of organization and management of production of the Federal State Educational Institution of Higher Education "Michurinsk State Agrarian University".
The defense of the dissertation will take place on December 25, 2009 at 10 o'clock at a meeting of the joint dissertation council DM 220.041.02 at the Michurinsk State Agrarian University at the address: 393760, Tambov Region, Michurinsk, st. International, d. 101, dissertation hall.
The dissertation can be found in the library of the Michurinsk State Agrarian University, and the author's abstract can be found additionally on the official website of the university: http://mgau.ru.
Scientific Secretary
joint dissertation council,
Candidate of Economic Sciences, Associate Professor O.V. Sokolov
GENERAL DESCRIPTION OF WORK
Relevance of the research topic. In the conditions of market relations, working capital is of particular importance, since they are an important criterion in determining the profit of an enterprise. The rhythm, coherence and high performance of any agricultural enterprise is largely determined by its availability of high-quality working capital. And since working capital includes both material and monetary resources, not only the process of material production, but also the financial stability of the enterprise depends on their organization and efficiency of use.
Currently, in the agriculture of the Tambov region, there are a number of unresolved organizational and economic problems of the rational use of working capital, the solution of which will largely determine the efficiency of the production activities of agricultural enterprises.
The current practice of using working capital in Russian agricultural enterprises requires significant improvement, abandonment of outdated forms and methods of their organization and management, which hinder the growth of production profitability.
Thus, the organizational and economic substantiation of the efficiency of the use of working capital in agricultural enterprises is one of the most important tasks on the way to improving the efficiency of agricultural production in general.
The relevance, insufficient development of the problem of the formation and use of working capital in agriculture put forward new tasks on this path and the need to further improve the efficiency of the use of working capital.
The state of knowledge of the problem. The issues of theory and practice of increasing the efficiency of working capital use are studied in the works of domestic and foreign economists: G.F. Belousenko, I.Ya. Demyanenko, O.V. Efimova, L.N. Kassirov, V.V. Kovalev, L.I. Kolychev, E.S. B. Walter, K.K. Waltukh, D.K. Van Horn, N.S. Lisitsian, M.A.
At the same time, in our opinion, the problems of effective use of working capital in agriculture in the context of limited sources of their formation have not been sufficiently studied and require additional research.
Purpose and objectives of the study. The purpose of the scientific research is the organizational and economic substantiation of priority areas for increasing the economic efficiency of the use of working capital in agriculture.
Achieving this goal involves solving the following tasks:
- clarify the economic essence of working capital and consider the features of their circulation in agriculture;
- identify organizational and economic problems of the rational use of working capital in agricultural organizations;
- to analyze the composition, structure and sources of formation of working capital of agricultural organizations and assess the level of provision with them;
- analyze the efficiency of the use of working capital and systematize the factors influencing its formation;
- develop an effective policy for the management of working capital of agricultural organizations;
- substantiate priority areas for improving the efficiency of the use of working capital of agricultural organizations and propose a scheme for their replenishment.
Subject of research are organizational and economic relations that arise in the process of formation and use of working capital in agriculture.
Object of study agricultural organizations of the Tambov region of various forms of ownership and management act. Monographic studies were carried out at the agricultural enterprise of the Michurinsky district of the Tambov region, Federal State Unitary Enterprise Uchkhoz-breeding farm “Komsomolets”.
Theoretical and methodological basis research the works of the classics of economic science, modern domestic and foreign scientists who have made a significant contribution to the development of the theory and practice of the formation and use of working capital served.
The basis of scientific research is the dialectical method of cognition. When solving the tasks set, the following methods were used: economic-mathematical, expert assessments, economic-statistical, monographic, calculation-constructive, historical, abstract-logical, graphical and other methods of collecting and processing information.
Information and statistical base of the study are reference materials of the Ministry of Agriculture of the Russian Federation, the Ministry of Finance of the Russian Federation, statistical collections published by the state statistics bodies of Russia and the Tambov region, information materials of the Department of Agriculture of the Tambov region, accounting reports and primary documents of agricultural enterprises in the region, reference literature, data from scientific institutions, scientific publications based on materials of conferences and scientific and practical seminars and other information.
The dissertation work was carried out in accordance with paragraph 15.52 “The end results of the functioning of the agro-industrial complex, content, methods of measurement and ways of growth” of the passport of the specialty 08.00.05 “Economics and management of the national economy (economics, organization and management of enterprises, industries, complexes - agro-industrial complex and agriculture)”.
Scientific novelty of the research is to substantiate scientific and theoretical provisions and recommendations for the effective use of working capital in agricultural organizations in order to increase the economic efficiency of agricultural production. The main provisions of the dissertation research, which characterize scientific novelty and are submitted for defense, include the following:
- the concept of working capital of agricultural organizations has been clarified as an economic category, which is a value in monetary form, which, unlike existing definitions, includes not only cash, but also surplus value advanced to working capital and circulation funds to ensure their continuous and stable circulation, which is necessary for the functioning of agricultural organizations and their production or other activities;
- systematized external and internal factors affecting the efficiency of the use of working capital, with the allocation of the last interrelated production (production technology, rational use and storage of working capital, etc.); economic (availability of free funds, economic ties and relations with suppliers and buyers, etc.); organizational and managerial (level of organization of production and management, organization of inventories, management of receivables and accounts payable, etc.) and social (security of labor resources, labor productivity, forms of organization of material incentives) factors;
- a methodical approach to improving the inventory management system of agricultural enterprises is defined, based on a combination of options for the frequency of ordering stocks and its size, in order to increase the efficiency of use based on the use of the EOQ model for determining the optimal order volume, the joint use of the ABC method and XYZ analysis of the classification of stocks by the nature of their consumption and significance for production;
- a scheme for replenishing working capital of agricultural organizations is proposed, which simplifies access to borrowed funds secured by land plots and allows the state, represented by an agricultural guarantee agency acting as a guarantor of loan repayment, to control the land market;
- The algorithm for managing receivables of agricultural enterprises has been developed, including: conducting the analysis of debtors and receivables, the assessment of its real value, monitoring the ratio of receivables and accounts payable, planning cash flows based on the coefficients of collections, the development of advanced settlements and the provision of loans, the application of factual factory and monitoring the control receivables, the use of which in the practice of agriculture will increase the profitability of receivables, reduce its collection time and, thereby, increase the efficiency of using the circulation funds;
- the priority directions for increasing the efficiency of the use of working capital of agricultural producers are substantiated by improving the inventory management system, the use of factoring by agricultural organizations in the management of receivables and the use of resource-saving technologies in the implementation of the zero-tillage system, which ultimately lead to an acceleration in the turnover of working capital, a decrease in the material intensity of products and an increase in the profitability of production.
Theoretical and practical significance of the work is that the application in the practice of agriculture of the developed scientifically based proposals is guaranteed to provide a significant increase in the efficiency of the use of working capital and a sustainable growth in agricultural production. Methodological approaches and practical recommendations can be used by commodity producers in solving the problems of improving the policy of working capital management and increasing their efficiency, as well as used in the educational process of higher educational institutions.
Approbation of the research results. The main results of the work were reported and approved at the International scientific-practical conference "Innovations of young scientists and specialists - the national project" Development of the agro-industrial complex "" (Ryazan State Agricultural Academy named after P.A. Kostychev, December 14-15, 2006); International scientific and practical conference "Agriculture in the modern economy: a new role, growth factors, risks" (VIAPI named after A.A. Nikonov and RGAU-MSHA named after K.A. Timiryazev, XIV Nikon readings, October 27-28, 2009; All-Russian scientific and practical conferences "Development of economic analysis and its role in a transforming market economy" (Ryazan State Technical University named after P.A. Kost Vycheva, February 28-29, 2008); “Innovations of young scientists to the agro-industrial complex” (Penza State Agricultural Academy, 2007), “Agrarian science to agriculture” (I.I. Ivanov Kursk State Agricultural Academy, January 27-28, 2009), “Socio-economic features of the development of subsidized regions” (TSU named after G.R. Derzhavin, May 24-26, 2009), the III All-Russian scientific and practical conference “Agrarian science in the XXI century: problems and prospects” (Saratov State Agrarian University, 2009), the 61st scientific and practical conference (MichSAU, March 26, 2009); twice in the II round of the All-Russian competition of scientific works of students, graduate students and young scientists of agricultural universities of the Central Federal District - April 27, 2007 and April 20-21, 2009), the final round of the All-Russian competition for the best scientific work (RSAU Moscow Agricultural Academy named after A.I. K.A. Timiryazeva, 2007).
The main results of the dissertation research are presented in 12 printed works with a total volume of 2.1 pp. (including 1.85 pp copyright).
Scope and structure of work. The dissertation consists of an introduction, three chapters, conclusions and suggestions, a list of references, including 154 titles. The work is presented on 168 pages of typewritten text, contains 46 tables, 33 figures and 8 appendices.
In the introduction, the relevance of the research topic is substantiated, the state of knowledge of the problem is considered, the goal and objectives, subject, object and methods of research are defined, the scientific novelty and practical significance of the research results are outlined.
The first chapter "Scientific and theoretical aspects of the efficiency of the use of working capital in agriculture" reveals the essence of the category of working capital and the features of their circulation in agriculture. The organizational and economic problems of the rational use of working capital in agriculture are systematized. Methodological approaches to the definition of security, regulation and economic efficiency of the use of working capital are considered.
