Most of the construction industry's working capital is high demand, the face of the cash conversion cycle will also need to show stability of the state, to ensure smooth operation. Current construction industry is less focus on working capital , but this study suggests that working capital can be managed through the construction industry issues to explore and understand their working capital management, and thus the status of the problem to find a solution. This study proposes to financial report discusses the case Fu Tai Construction Co., Ltd of its working capital management on the effectiveness of performance, to understand the Working capital management impact on operating performance, follow-up on the case Fu Tai Construction Co., Ltd with discuss the strategies and effectiveness of analysis In this study, financial statements analysis and case study research. Financial Statement Analysis calculated for the relevant indicators, working capital management policies, including some working capital investment policy and financing policy, performance parts into return on assets, return on equity and net profit rate. Case study method and the main result of this case five Listed in working capital management policies and business performance in the indicators observed by comparing the value of the company's strengths and weaknesses of cases, followed by case discussion, strategies. Research results are as follows 1. Taiwan¡¦s Listed Construction Industry working capital management on the operational performance (1).Working capital assets policies: the fixed assets turnover rate will be affected by changes in time, but the ratio of current assets to total assets and total assets turnover rate is not; (2)Working capital financing policy: the current ratio, liquidity ratio and financing decisions liabilities to total assets does not change over time; 3. operating performance: net profit rate of the economy most affected by the return on assets and return on equity is affected to a lesser extent by the economy. 2. The case company's working capital management to improve the implementation of manner in response to the circumstances. (1).The case company policy of working capital assets, an indicator of quality of listed companies, little difference in the policy part of the working capital assets less the same general construction industry, there is no immediate urgency for improvement;(2) working capital financing policy of the indicators in the current ratio and financing decision-making ratio is less than the average listed company, with considerable room for improvement; (3).operating performance indicators are showing a lower level (0.03 to 0.12), representing the need to pay attention to the management of operational activities, to increase management efficiency in order to avoid unnecessary losses.

Syfte:                  Working Capital Management handlar om rörelsekapitalstyrning och är enligt litteraturen av vikt speciellt för mindre företag. Anledningen är att deras kapitalstruktur består av en hög andel omsättningstillgångar och kortfristiga skulder. Working Capital Management innebär i stora drag att optimera rörelsekapitalet i företaget. Eftersom denna uppsats är en pilotstudie är syftet att göra en förundersökning om arbetet med Working Capital Management inom mindre och medelstora företag. Avstampet tas i forskningsfrågorna Använder sig mindre och medelstora företag av Working Capital Management? Känner de till begreppet? Metod:                Den vetenskapliga metoden är en deduktiv, kvalitativ forskningsansats. Primärdata samlas in via webenkäter som sedan analyseras och tolkas utifrån en kvalitativt och hermeneutisk ansats. Slutsatser:           Begreppet Working Capital Management överlag inte är något som de mindre och medelstora företagen vet innebörden av. Respondenterna anger att de inte använder sig av detta begrepp men svar på andra frågor motsäger detta då flertalet av de modeller och nyckeltal som ingår i begreppet ändock används.

Firms that face seasonal demand account for an important fraction of the U.S. economy. However, there is surprisingly little evidence on these firms' financing decisions. Yet, studying these decisions provides a natural setting to shed light on the types of capital (i.e. cash or debt) that firms use to manage short-term financing needs. Using seasonal firms as a setting to examine this issue, I show that seasonal financing needs are met with debt with low exposure to information asymmetry, such as short-term debt and trade credit. I further show that cash reserves, which have high carrying costs and can at time lead to agency problems, are not used for seasonal financing needs. Further, as financial flexibility theory would predict, I document that seasonal firms maintain more conservative financial policies to increase the ability to use debt for short-term financing needs. Specifically, seasonal firms are less levered and have long-term debt with a longer average maturity. Further, seasonal firms adjust toward leverage targets slower during fiscal quarters when debt is used for short-term financing. Overall, my findings indicate that firms minimize costs associated with short-term financing needs by using debt with low issuance costs and the use of this debt impacts the overall capital structure of the firm.

The primary objective of any corporation should be shareholder wealth maximisation. A firm's working capital policies have an effect on the firm's expected future returns and the risk associated with the returns, which ultimately have an impact on shareholder wealth. Efficient working capital management is a fundamental portion of the overall corporate strategy to create shareholder value. In this study the relationship of corporate profitability and working capital management was investigated. This relationship is examined using regression analysis. A sample of 118 firms listed on the Johannesburg Securities Exchange (JSE) for the period 2003 to 2007 was used. The purpose of this study is to establish whether a relationship exists between working capital management efficiency and profitability, considering the cash conversion cycle and operating profitability of the firm. The results of the regression analysis indicated that a statistical significance exists for three of the five years (2003 - 2005) analysed between profitability, measured with the gross operating profit, and the cash conversion cycle. It is observed (2003-2005 regression results) that a lower gross operating profit is associated with an increase in number of days accounts payable. The negative relationship between accounts receivable and firms' profitability (for 2003-2005) suggests that less profitable firms will pursue a decrease of accounts receivables in the attempt to reduce cash gap in the respective cash conversion cycles. The negative relationship between the number of days inventory and corporate profitability (for 2003-2005) suggests that a sudden decrease in sales accompanied by mismanagement of inventory, will lead to tying up excess capital at the expense of profitable operations. Managers or owners of firms can improve profits for firms by handling correctly the cash conversion cycle and keeping each individual component (accounts receivable, accounts payable and inventory) to an optimum level. These results (for 2003-2005) suggest that managers can create value for shareholders by reducing the cash conversion cycle and its individual components. / Thesis (M.B.A.)--North-West University, Potchefstroom Campus, 2009.

The primary objective of any corporation should be shareholder wealth maximisation. A firm's working capital policies have an effect on the firm's expected future returns and the risk associated with the returns, which ultimately have an impact on shareholder wealth. Efficient working capital management is a fundamental portion of the overall corporate strategy to create shareholder value. In this study the relationship of corporate profitability and working capital management was investigated. This relationship is examined using regression analysis. A sample of 118 firms listed on the Johannesburg Securities Exchange (JSE) for the period 2003 to 2007 was used. The purpose of this study is to establish whether a relationship exists between working capital management efficiency and profitability, considering the cash conversion cycle and operating profitability of the firm. The results of the regression analysis indicated that a statistical significance exists for three of the five years (2003 - 2005) analysed between profitability, measured with the gross operating profit, and the cash conversion cycle. It is observed (2003-2005 regression results) that a lower gross operating profit is associated with an increase in number of days accounts payable. The negative relationship between accounts receivable and firms' profitability (for 2003-2005) suggests that less profitable firms will pursue a decrease of accounts receivables in the attempt to reduce cash gap in the respective cash conversion cycles. The negative relationship between the number of days inventory and corporate profitability (for 2003-2005) suggests that a sudden decrease in sales accompanied by mismanagement of inventory, will lead to tying up excess capital at the expense of profitable operations. Managers or owners of firms can improve profits for firms by handling correctly the cash conversion cycle and keeping each individual component (accounts receivable, accounts payable and inventory) to an optimum level. These results (for 2003-2005) suggest that managers can create value for shareholders by reducing the cash conversion cycle and its individual components. / Thesis (M.B.A.)--North-West University, Potchefstroom Campus, 2009.

Sammanfattning Inom de flesta företag finns möjligheter att påverka rörelsekapitalet genom Working Capital Management. Detta kan även förkortas WCM, vilket enligt Deloof (2003) kan definieras som arbetet med att styra företagets rörelsekapital. De flesta företag har dessutom avsevärda summor uppbundna i rörelsekapitalet, vilket medför att WCM har en betydande roll på företagets lönsamhet. I strävan efter att nå ett optimalt rörelsekapital finns det dock risk att företagen drabbas av negativa effekter. Syfte: Denna studie syftar till att undersöka effekterna av WCM och hur dessa effekter påverkas utifrån hanteringen av WCM. Metod: Studien består av en kvantitativ enkätundersökning riktad till svenska tillverkande företag. Analys: Att frigöra kapital beskrivs som det främsta motivet för att genomföra WCM. Det framgår också att initiativ till beslut om en minskning av rörelsekapitalet är centraliserade och det är sällsynt att initiativ startar i den operativa verksamheten. Det sker däremot en nära samverkan i processen av en minskning av rörelsekapitalet mellan de som initierar WCM och den operativa verksamheten. Studien visar att de flesta företag inte upplever några negativa effekter av WCM. De negativa effekter som uppmärksammas inträffar främst i produktionen och gentemot kunder. Slutsats: Svenska tillverkande företag anser att WCM är en högt prioriterad fråga. De beslut som fattas inom WCM medför att ju längre bort från verksamheten besluten tas desto fler negativa effekter medför detta. I arbetet med WCM förekommer en hög grad av samverkan. Det har även framkommit att ökad samverkan mellan ledning och den operativa verksamheten minskar negativa effekter i samband med WCM. Nyckelord: WCM, Working Capital Management, rörelsekapital, rörelsekapitalbindning, samverkan, beslut, negativa effekter / Abstract Most companies are able to influence the working capital through use of Working Capital Management (WCM). According to Deloof (2003), WCM can be defined as the process of controlling a company’s working capital. Since many companies have substantial sums tied up in the working capital, WCM can have a significant role in the company’s profitability. In the pursuit of finding an optimal working capital, there is a risk that companies will experience negative effects.  Purpose: The purpose of this study is to investigate the effects of WCM and how these effects are influenced by how the WCM is managed within the company. Methodology: The study consists of a quantitative survey directed to Swedish manufacturing companies. Analysis: Releasing capital is put forward as the main motive for WCM. It also appears that the initiative for decisions regarding reduction of working capital tend to be centralized, since these initiatives rarely start in the business operations. There is however a close interaction in the process of a reduction in working capital between those who initiate WCM and the operations. The majority of companies within this study do not experience any negative effects of WCM, but when it occurs it is mainly within the production processes or in customer relations. Conclusion: Swedish manufacturing companies believe that WCM is of high priority. This study indicates that negative effects will occur increasingly if decision-making is centralized. Working with WCM requires a high degree of collaboration as the results of this study also points out that through increased interaction between management and operations, negative effects associated with WCM can be reduced. Keywords: WCM, Working Capital Management, working capital, collaboration, decisions and negative effects

Two cases from public health care levels were compared on practises used to manage working capital with two cases from the same levels of health care in private health sector. The objective was to establish whether the practises in public health sector comply with the efficient management of working capital principles and whether it was practically feasible to apply the methods in health care provision. Primary and secondary data was collected. Staffs at an operational and administrative level were interviewed at both the primary and the Secondary health care. It was found that principles of working capital practiced in private sector are mostly consistent with working capital theories and could actually be implemented effectively in public health sector without risking patient health. Inefficiencies were identified in the public sector at both an operational and administrative level especially at a secondary health care level. Finally the study makes recommendations on how to address such inefficiencies. / Thesis(MBA)-University of Natal, Durban, 2003.

M.Com. (Financial Management) / Working capital management (WCM) is considered critical for the success of all business and especially for small businesses. A recession (such as the one that took place in 2009) complicates the working capital management of small businesses. Working capital management of a sample of small and medium enterprises in South Africa were investigated to determine how they manage their working capital during challenging economic conditions. The impact of the 2009 economic recession on WCM was specifically investigated by following a quantitative descriptive research approach. The study sample consisted of 44 companies listed on the JSE Ltd AltX Index. A trend analysis was applied on WCM variables to determine significant changes overthe study period. Because variables were not normally distributed, the Mann Whitney U test was conducted to determine the statistical significance of the WCM mean ranks pre-, during and post-recession phases. The trend analysis of working capital management over the six-year study period exhibited a significant improvement in the working capital management level during the economic recession. This was largely attributed to delaying payment to creditors. The analysis of the WCM variables pre-, during and post-recession phases indicated that there were no significant changes in WCM that can be attributed to the 2009 economic recession. It was concluded that although there were changes in working capital management over the study period, the changes could not only be attributed to the 2009 recession.

Orientador: Timóteo Ramos Queiroz / Resumo: Este trabalho teve por finalidade analisar a dinâmica do capital de giro das empresas do agronegócio pertencentes aos segmentos de Agricultura, Açúcar e Álcool, e Carnes e Derivados, listadas na Brasil, Bolsa e Balcão (B3) frente a crise econômica brasileira de 2015. Para o cumprimento do objetivo a que este projeto se propôs, foi realizada uma análise das demonstrações financeiras referentes ao período de 2011/2018 das 14 empresas pertencentes aos segmentos citados. Tal análise teve como base a utilização do Modelo Fleuriet, ou ainda denominado como Modelo Dinâmico de Análise Financeira. A metodologia utilizada contou com uma abordagem quantitativa de caráter descritivo. Para cumprir com a finalidade proposta neste trabalho, foi realizada uma Análise de Conglomerados por meio do Método Hierárquico Aglomerativo de Ward, em seguida foram efetuados Testes de Hipóteses para Média das Diferenças a partir da técnica estatística Teste de Wilcoxon. Os resultados apontaram para uma mudança não universal na forma de associação das empresas. Desse modo, foi possível inferir, ceteris paribus, que a crise econômica brasileira influenciou na forma de associação das empresas analisadas, devido às variações positivas e negativas no saldo de tesouraria. Enquanto as organizações Biosev, Excelsior e SLC Agrícola passaram a integrar o primeiro cluster durante o período que compreendia a crise financeira, por conta da evolução nos seus respectivos saldos de tesouraria; as empresas Pomifrutas e T... (Resumo completo, clicar acesso eletrônico abaixo) / Abstract: The purpose of this paper was to analyze the working capital dynamics of agribusiness companies belonging to the Agriculture, Sugar and Alcohol, and Meat and Derivatives segments, listed in Brazil, Bolsa e Balcão (B3) in the face of the 2015 Brazilian economic crisis. In order to achieve the objective of this project, an analysis was made of the financial statements for the 2011/2018 period of the 14 companies belonging to the mentioned segments. Such analysis was based on the use of the Fleuriet Model, or even referred to as the Dynamic Financial Analysis Model. The methodology used had a quantitative approach of descriptive character. To fulfill the purpose proposed in this work, a Cluster Analysis was performed using Ward's Agglomerative Hierarchical Method, then Hypothesis Tests for Differences Mean were performed using the Wilcoxon Test statistical technique. The results pointed to a non-universal change in the way companies associate. Thus, it was possible to infer, ceteris paribus, that the Brazilian economic crisis influenced the form of association of the companies analyzed, due to positive and negative variations in the cash balance. While the organizations Biosev, Excelsior and SLC Agrícola joined the first cluster during the financial crisis period, due to the evolution in their respective cash balances; Pomifrutas and Terra Santa companies showed a worsening in the average of the amounts related to this variable. / Mestre

Ausgehend vom Bedarf an unternehmensinternen, relativ marktunabhängigen Maßnahmen zur Stärkung der Innenfinanzierungskraft von Unternehmen, kann die angestrebte Liquiditätssicherung und Ertragsstabilisierung aus einer effizienten Steuerung der Working-Capital-beeinflussenden Prozesse hervorgehen. Der vorliegende Beitrag fokussiert dabei die definitorische Abgrenzung des Working Capital und des Working Capital Management. Außerdem werden die finanziellen Wirkungen des WCM aufgezeigt. Eine detaillierte Betrachtung der das Working-Capital-beeinflussenden Prozesse verdeutlicht die Komplexität des Prozessgefüges und die Notwendigkeit eines ganzheitlichen Ansatzes zur Working-Capital-Steuerung.