Выпускная квалификационная работа (магистерская диссертация) посвящена исследованию финансовым методам управления оборотным капиталом предприятия. Предметом исследования выступают экономические отношения, возникающие в процессе управления оборотным капиталом предприятия. Основной целью диссертационной работы - опираясь на теоретические и практические основы науки о финансах, проанализировать современные методы управления оборотным капиталом предприятия и выявить пути повышения эффективности его использования. В заключении выявлены проблемы управления оборотным капиталом предприятия и предложены практические мероприятия по его совершенствованию. / The final qualifying work (master's thesis) is devoted to the study of financial methods for managing the working capital of an enterprise. The subject of research is the economic relations arising in the process of managing the working capital of an enterprise. The main goal of the thesis is to build on the theoretical and practical foundations of the science of finance, analyze modern methods of managing the working capital of an enterprise and identify ways to increase the efficiency of its use. In conclusion, the problems of working capital management of the enterprise are revealed and practical measures for its improvement are proposed.

Структура магистерской диссертации включает в себя введение, магистерской три главы, заключение, список использованных источников и диссертации (на приложения, В первой главе исследуются теоретические русском и аспекты оборотного капитала, структура его активов. Рассматриваются механизмы и методы по формированию и управлению оборотным капиталом в современных условиях экономики. Вторая глава включает в себя финансовую оценку состояния объекта исследования на основе данных бухгалтерской отчетности, анализ показателей обеспеченности: оборотными средствами и их использования, а также был проведен анализ финансового состояния в целом и дана общая оценка предприятия. Третья глава включает в себя описание основных проблем и предложенных мер с целью повышения эффективности управления оборотным капиталом, основанные на модернизации системы управления дебиторской задолженностью и рентабельностью предприятия. Произведен ‘расчет экономического эффекта от предложенных мер. В заключении сформированы основные выводы. / The structure of the master's thesis includes an introduction, three chapters, conclusion, list of sources and dissertations (for applications, The first chapter examines theoretical Russian and aspects of working capital, the structure of its assets. Mechanisms and methods for the formation and management of working capital in modern economic conditions. The second chapter includes financial assessment of the state of the research object on the basis of accounting data, analysis of indicators of security: working capital and their use, as well as an analysis of the financial condition as a whole and an overall assessment of the enterprise.The third chapter includes a description of the main problems and proposed measures to improve efficiency of working capital management, based on the modernization of the system of management of accounts receivable and the profitability of the enterprise. The calculation of the economic effect of the proposed measures is made.

Магистерская диссертация включает в себя введение, три главы, заключение, список использованных источников. В первой главе рассмотрены сущность и структура оборотного капитала, в т.ч . особое внимание уделено дебиторской задолженности, отражены основные причины ее возникновения, описаны факторы, влияющие на величину. Рассмотрен механизм анализа дебиторской задолженности и управления ей. Во второй главе дана характеристика ПАО «ММК», проведен анализ его финансового состояния. Выявлены тенденции в состоянии дебиторской задолженности и управления ей, определены причинно-следственные связи с возможными причинами сложившейся ситуации. В третьей главе обобщены проблемы, выявленные в результате анализа дебиторской задолженности, предложены мероприятия по сокращению дебиторской задолженности и проведен расчет результативности предложенных мер. В заключении сформированы основные выводы. / The master's thesis includes an introduction, three chapters, a conclusion, and a list of sources used. In the first chapter, the essence and structure of working capital are considered, including special attention is paid to accounts receivable, the main causes of its occurrence are reflected, the factors affecting the amount are described. The mechanism of the analysis of accounts receivable and its management is considered. In the second chapter, the characteristics of PJSC MMK are given, an analysis of its financial condition is carried out. Trends in the state of accounts receivable and its management are revealed, cause-and-effect relationships with possible causes of the current situation are determined. The third chapter summarizes the problems identified as a result of the analysis of accounts receivable, suggests measures to reduce accounts receivable and calculates the effectiveness of the proposed measures. In conclusion, the main conclusions are formed.

This research examines the impact of purchasing constraints and demand variability on working capital balances. The working capital accounts considered are creditors, debtors and raw material inventories. Purchasing constraints and demand uncertainty are defined. The supply chain of the South African cable industry, and one manufacturer in particular, and the challenges faced in the cable manufacturing process are discussed. To quantify the influences, a comparison between working capital accounts in the case of economic order quantity and actual purchasing practices is performed. A simulation model is developed to reproduce a larger sample of demand data, matching the cumulative probability density function of each cable type contained in the annual sales budget. The results show, that the working capital accounts react differently to changes in purchasing conditions and variations in demand, the most sensitive being raw material inventories. The study quantifies the influence of purchasing constraints on each working capital value. / Business Management / M.Com. (Business Management)

This study investigates the association between traditional and alternative working capital measures and the returns of industrial firms listed on the Johannesburg Stock E"change. Twenty five variables for all industrial firms listed for the most recent 10 years were derived from standardised annual balance sheet data of the University of Pretoria's Bureau of Financial Analysis. Traditional liquidity ratios measuring working capital position, activity and leverage, and alternative liquidity measures, were calculated for each of the 135 participating firms for the 1 0 years. These working capital measures were tested for association with five return measures for every firm over the same period. This was done by means of a chi-square test for association, followed by stepwise multiple regression undertaken to quantify the underlying structural relationships between the return measures and the working capital measures. The results of the tests indicated that the traditional working capital leverage measures, in particular, total current liabilities divided by funds flow, and to a lesser e"tent, long-term loan capital divided by net working capital, displayed the greatest associations, and e"plained the majority of the variance in the return measures. At-test, undertaken to analyse the size effect on the working capital measures employed by the participating firms, compared firms according to total assets. The results revealed significant differences between the means of the top quartile of firms and the bottom quartile, for eight of the 13 working capital measures included in the study. A nonparametric test was applied to evaluate the sector effect on the working capital measures employed by the participating firms. The rank scores indicated significant differences in the means across the sectors for si" of the 13 working capital measures. A decrease in the working capital leverage measures of current liabilities divided by funds flow, and long-term loan capital divided by net working capital, should signal an increase in returns, and vice versa. It is recommended that financial managers consider these findings when forecasting firm returns. / Business Management / D. Com. (Business Management)

Este é um trabalho teórico-empírico que visa principalmente verificar o estado da literatura científica no que diz respeito à consideração dos custos de financiamento da necessidade de capital de giro (NCG) aplicado em mercadorias (NCGp), especialmente em relação aos aprimoramentos do modelo do lote econômico de compras/produção (LEC/LEP). A revisão de literatura mostra diversos modelos aprimorados do LEC/LEP que usam as técnicas de valor presente líquido e fluxos de caixa descontados para considerar o custo do capital no tempo, mas, segundo diversos autores, a diferença entre o LEC original e o uso de tais técnicas é desprezível. Além do mais, o uso destas técnicas não significa que tais modelos tenham incorporado o custo do financiamento da NCGp. Alguns trabalhos, mais recentes, já trazem simulações que levam em consideração o NCGp, outros até já exibem a fórmula NCGp = Estoquesp+Clientesp+Fornecedoresp. Neste trabalho foram feitas 128.000 simulações estocásticas de um modelo dinâmico, de onde se extraíram as variáveis da DRE de cada membro de uma cadeia de suprimentos (CS) hipotética. Foi testada a hipótese de ser este modelo aprimorado, porque incorpora o custo do capital de giro empregado nas mercadorias, mais correto que o modelo que não o incorpora. Para fazer este teste, foi feita uma modelagem (em Excel R) de uma CS contendo dois fornecedores industriais, uma fábrica, um atacadista e um varejista. O modelo recebe como inputs as demandas agregadas do varejista nos dias de cada simulação, que são 360 dias. Os dados foram importados no software estatístico R e as variáveis de saída foram então analisadas nos diversos cenários, regimes e tipos de demanda. Os resultados da análise dos diferentes cenários mostram que é importante considerar os custos financeiros da NCGp. / This is a theoretical and empirical work that primarily aims to check the status of scientific literature with regard to the consideration of the costs of financing the working capital needs (WCN ) applied to goods (WCNp), especially in relation to improvements of economic order/- production quantity (EOQ/EPQ) models. The literature review shows several EOQ/EPQ enhanced models that use net present value and discounted cash flows techniques to consider the cost of capital over time; but according to several authors, the difference between the original EOQ model and with the use of such techniques is negligible. Moreover, the use of these techniques does not mean that such models have incorporated the cost of financing the WCNp. Some latest papers make simulations that consider the WCNp, others have even used the formula WCNp = Inventoriesp +Receivablesp +Payablesp. In this study we made 128,000 stochastic simulations of a dynamic model, from where the were obtained the result\'s variables for each member of a hypothetical supply chain(SC).We tested the hypothesis that this enhanced model, because it incorporates the cost of working capital employed in goods, is more correct than the model that does not. For this test, we made a model (in Excel R) of a CS containing two industrial suppliers, a factory, a wholesaler and a retailer. The model takes as inputs the aggregated demands of the retailer in the days of each simulation, which is 360 days. Data were imported into R statistical software and the output variables were then analyzed in different scenarios, regimes and types of demand. The results of the analysis of different scenarios showed that it is important to consider the financial costs of WCNp, maybe incorporating them into an enhanced EOQ/EPQ model.

Working capital optimization, as an act of balancing liquidity and profitability, presents significant challenges when small businesses lack managerial expertise and access to affordable capital and credit facilities. To remain successful through efficient utilization of working capital, small business leaders need to understand the association between working capital management (WCM), working capital policy (WCP), and business profitability (PFT). Anchored in the cash conversion cycle theory, the purpose of this correlational study was to examine the relationship between WCM, WCP, and PFT. The study employed a retrospective secondary analysis of financial data from 2004 to 2013 from a random sample of 176 publicly traded small U.S. manufacturing companies. The regression results incorporating 3 models were significant in predicting profitability in terms of gross operating profit (GOP), return on asset (ROA), and Tobin's q (TBQ). The regression results showed that WCM and WCP were significant predictors of GOP, F (5, 170) = 8.580, p < .000, R2 = .201; ROA, F (5, 170) = 4.079, p < .002, R2 = .107; and TBQ, F (5, 170) = 6.231, p < .000, R2 = .155. The overall result confirmed that WCM and WCP predicted PFT significantly (p < .05). Small business leaders may incorporate working capital optimization practices into overall corporate strategy, thereby aligning working capital needs with the changing business requirements. The implications for positive social change included the potential to provide small business leaders with knowledge of WCM and WCP as drivers of PFT. Profitable businesses may provide employees and communities with better jobs; stock ownership; and development infrastructures such as road, healthcare, and educational facilities.

This research examines the impact of purchasing constraints and demand variability on working capital balances. The working capital accounts considered are creditors, debtors and raw material inventories. Purchasing constraints and demand uncertainty are defined. The supply chain of the South African cable industry, and one manufacturer in particular, and the challenges faced in the cable manufacturing process are discussed. To quantify the influences, a comparison between working capital accounts in the case of economic order quantity and actual purchasing practices is performed. A simulation model is developed to reproduce a larger sample of demand data, matching the cumulative probability density function of each cable type contained in the annual sales budget. The results show, that the working capital accounts react differently to changes in purchasing conditions and variations in demand, the most sensitive being raw material inventories. The study quantifies the influence of purchasing constraints on each working capital value. / Business Management / M.Com. (Business Management)

Abstract in Xhosa and English / This study aimed to examine the relationship between working capital management and the financial performance of listed food and beverage companies in South Africa. Despite the existing literature on this relationship, no notable studies have investigated it in this particular industrial sector. Various data from a sample of 12 food and beverage companies listed on the JSE during the period 2007 to 2016 were collected from iress McGregor databases. Econometric regression analysis was then conducted on the data to determine the magnitude of relationships between working capital components and the financial performance of these companies. The researcher found that adopting an aggressive working capital management strategy assists in creating shareholder wealth through improved financial performance of the firm. To sum up, the shorter the cash conversion cycle, the more profitable the firm will be. / Injongo yesi sifundo kukuphonononga unxulumano phakathi kolawulo lwemali etyalelwa ukusebenza (inkunzi) nentsebenzo yemali (inzala) eyenziwa ziinkampani ezibhalisiweyo zokutya neziselo eMzantsi Afrika. Nangona kukhona okubhaliweyo malunga nolu nxulumano, akukho sifundo sigqamileyo ngeli candelo lorhwebo. Kukho iinkcukacha ezaqokelelwa kwiinkampani ezikhethiweyo ezili-12 nezibhaliswe kwiJSE. Ezi nkcukacha zazikwingqokelela egciniweyo eyaziwa ngokuba yi ‘iress McGregor databases’. Kuye kwenziwa uhlalutyo ngokuthelekisa inzala eqhele ukwenziwa naleyo kuqikelelwa ukuba iza kwenziwa kwezi nkcukacha zikaMcGregor. Oku bekusenzelwa ukubona ubungakanani bonxulumano phakathi kwenkunzi nenzala eyenziwa zezi nkampani. Umphandi ufumanise ukuba ukwakha icebo lolawulo olungqongqo lwenkunzi kuyanceda ekudaleni ubutyebi babanini zabelo ngokuphucula inzala eyenziwa liqumrhu lorhwebo. Elokuqukumbela lithi, ngokufutshanisa ivili lokuguqula imali, iya kuba ngaphezulu inzala yequmrhu lorhwebo. / Business Management / M. Com. (Business Management)

This study investigates the association between traditional and alternative working capital measures and the returns of industrial firms listed on the Johannesburg Stock E"change. Twenty five variables for all industrial firms listed for the most recent 10 years were derived from standardised annual balance sheet data of the University of Pretoria's Bureau of Financial Analysis. Traditional liquidity ratios measuring working capital position, activity and leverage, and alternative liquidity measures, were calculated for each of the 135 participating firms for the 1 0 years. These working capital measures were tested for association with five return measures for every firm over the same period. This was done by means of a chi-square test for association, followed by stepwise multiple regression undertaken to quantify the underlying structural relationships between the return measures and the working capital measures. The results of the tests indicated that the traditional working capital leverage measures, in particular, total current liabilities divided by funds flow, and to a lesser e"tent, long-term loan capital divided by net working capital, displayed the greatest associations, and e"plained the majority of the variance in the return measures. At-test, undertaken to analyse the size effect on the working capital measures employed by the participating firms, compared firms according to total assets. The results revealed significant differences between the means of the top quartile of firms and the bottom quartile, for eight of the 13 working capital measures included in the study. A nonparametric test was applied to evaluate the sector effect on the working capital measures employed by the participating firms. The rank scores indicated significant differences in the means across the sectors for si" of the 13 working capital measures. A decrease in the working capital leverage measures of current liabilities divided by funds flow, and long-term loan capital divided by net working capital, should signal an increase in returns, and vice versa. It is recommended that financial managers consider these findings when forecasting firm returns. / Business Management / D. Com. (Business Management)