Магистерская диссертация посвящена разработке методического инструментария, направленного на совершенствование системы управления оборотными средствами на предприятии. В качестве научной новизны выявлена обратно-пропорциональная корреляция между рентабельностью оборотных активов и оборачиваемостью запасов предприятия, а также установлена обратно-пропорциональная зависимость между инфляцией и оборачиваемостью запасов. Автором предложен методический подход к определению потребности в запасах материалов на основе календарного плана-графика, разработаны методические основы для внедрения категорийного подхода к управлению закупками на предприятии. Полученные результаты и рекомендации могут использоваться специалистами предприятий при разработке тактических и стратегических мероприятий по управлению оборотными средствами. / The master's thesis is devoted to the development of methodological tools aimed at improving the working capital management system at the enterprise. As a scientific novelty, an inversely proportional correlation between the profitability of current assets and the turnover of stocks of the enterprise was revealed, and an inversely proportional relationship between the turnover of stocks and inflation was also established. The author has proposed a methodological approach to determining the need for stocks of materials based on a calendar schedule, developed methodological foundations for introduction of a categorical approach to procurement management at enterprise. The obtained results and recommendations can be used by specialists of enterprises in the development of tactical and strategic management measures for working capital.

Anecdotal data affirms that companies applying Lean Six Sigma in their operations not only deliver higher quality products and services, but also obtain superior financial results. The goal of this research was to empirically verify anecdotal data. The study proposed to analyze a group of publicly traded manufacturing companies with the intent of verifying if a correlation exists between companies being lean and the attainment of superior returns on investments. The researcher performed a series of statistical tests comparing key Financial Performance Indicators (FPI) extracted from annual reports (10-K) from a large pool of companies. The outcome of this study showed that superior financial rewards result from a systematic application of lean and quality tools. At the conclusion of this thesis we verified that companies having a business model that stimulates a high level of communication between them and their markets - because they are lean - obtained substantially higher financial advantages when compared to companies that still followed a more traditional mode of production. The results also revealed that lean companies obtained on average Return on Invested Capital (ROIC) 10% higher than mass producers. Therefore, companies wanting to strategically invest their capital should consider Lean Six Sigma as a source of competitive advantage. Another strategic insight derived from this study was the recognition of signs of a smart business. Potential investors should look for the presence of lean and quality improvement programs as one sign that capital is being wisely invested to generate value. Another sign is how well historically ROIC have performed against Weighted Average Cost of Capital (WACC). The research revealed that, on average, lean companies had ROIC of 16%. Assuming that the hurdle rate (WACC) for most companies is near 10%, having ROIC of 16% is an incentive to become lean, thus allowing such companies to create value for their shareholders. Finally, we learned that many factors affect ROIC, namely, brand equity, market positioning, patents, core competency, innovation, leadership, etc. However, the presence of a Lean Six Sigma program in a manufacturing business was a strong positive factor impacting ROIC.

This diploma work assess the financial health of the company in the years 2002–2006 on the basis of selected methods of the financial analysis. It includes proposals of possible solutions of identified problems which should result in the improvement of financial situation of the firm in the following years.