One of the most problems faced by the financial manager is to maintain a balance between resources and applications of short and long term. Working Capital Management appears as a tool to improve the profitability of the company without representing a loss in their ability to pay. This study aims to evaluate if the financial performance achieved by companies belonging to the Stock Exchange of Sao Paulo, from 1999 to 2008, has a dependent relationship with the companies liquidity, measured by Fleuriet´s Model. Also know as Dynamic Analysis Model, the Fleuriet s Model consists of an analysis technique of balance sheets that evaluates the liquidity perspective of operations. and to that end, the balance sheet accounts are reclassified. In this study, the variable Fleuriet s Model was measured by three ways: first just from the perspective of liquidity, with the measurement of the Treasury s Balance and Liquidity s Index; and then from the perspective of the model as a whole, being taken an ordinal scale represent the possible financial structures. In relation to the financial performance adopted as a measure of corporate profitability, the Return on Equity (ROE), and a measure of stock return, the Earnings per Share (EPS). The corporate data used in calculo of variables were collected from financial statements, while the macroeconomic variables were obtained from institutions such as the IPEA and the Central Bank. The data were analyzed with a technical of Panel Data. The results of the initial estimate for the population, indicated that relationship of dependence between the ROE and the Fleuriet s Model and between the LPA and the Fleuriet s Model. When market sector is considered, the Fleuriet s Model is significant and has the opposite pattern expected. For the metalworking and steel industry, the variable Fleuriet s Model significant was Treasury s Balance. Since the textile sector presented the Liquidity s Index as a variable Fleuriet s Model significant. Finally, we have that, although it has been found relationship between the economic and financial performance and the Fleuriet s Model, the estimated models had low explanatory power, making it difficult to generalize the results. / Um dos grandes problemas enfrentados pelo gestor financeiro está na manutenção de um equilíbrio entre recursos e aplicações de curto e longo prazo. A administração do Capital de Giro aparece como uma ferramenta capaz de melhorar a rentabilidade da empresa, sem que isso represente uma perda na sua capacidade de pagamento. Este estudo tem por objetivo avaliar se o desempenho econômico-financeiro obtido pelas empresas pertencentes à Bolsa de Valores de São Paulo, no período de 1999 a 2008, tem relação de dependência com a liquidez das mesmas, mensurada através do Modelo Fleuriet. Também conhecido como Modelo de Análise Dinâmica, o Modelo Fleuriet consiste em uma técnica de análise de balanços que avalia a liquidez pela perspectiva das operações, sendo que, para tal, as contas do balanço patrimonial são reclassificadas. Neste estudo, a variável Modelo Fleuriet foi representada por três medidas: primeiramente, apenas sob a ótica da liquidez, com a mensuração do Saldo de Tesouraria e do Índice de Liquidez; e, posteriormente, sob a ótica do modelo como um todo, sendo adotada uma escala ordinal, para representar as estruturas financeiras possíveis. Já em relação ao desempenho econômico-financeiro, adotou-se uma medida de rentabilidade corporativa, o Retorno sobre o Capital Próprio (ROE), e uma medida de retorno acionário, o Lucro por Ação (LPA). Os dados corporativos utilizados nos cálculos das variáveis foram coletados junto às demonstrações financeiras, enquanto que as variáveis macroeconômicas foram obtidas junto às instituições como o IPEA e o Banco Central. Os dados foram analisados sob a técnica de Dados em Painel. Os resultados da estimação inicial, para a população, indicaram a existência de relação de dependência entre o ROE e o Modelo Fleuriet e entre o LPA e o Modelo Fleuriet. Quando o setor de atuação é considerado, o Modelo Fleuriet mostra-se significativo e apresenta o comportamento inverso esperado. Para o setor de metalurgia e siderurgia, a variável do Modelo Fleuriet significativa foi o a Estrutura de Balanço. Já o setor têxtil apresentou o Índice de Liquidez como a variável do Modelo Fleuriet significativa. Por fim, tem-se que, embora tenha sido encontrada relação entre o desempenho econômico-financeiro e o Modelo Fleuriet, os modelos estimados apresentaram baixo poder de explicação, dificultando a generalização dos resultados.

Analysts, managers or other business executives and students have at their disposal wide variety analytical techniques when they want to evaluate company's financial position or when they wish to better understand the financial implication of business operational activities or investment. This thesis examines the uses of financial analysis as one of the main financial assessment techniques. After describing theoretically the main tools of financial analysis, this thesis determines the practicality of these tools in evaluating the financial health of a car distributor company for the period from year 2002 to year 2009. Despite the fact that the analyzed company's core business is car distributor, this analysis takes into consideration also other activities of the company such as repair center because, as the analysis shows, it influenced the financial results of the company. This thesis is concluded with general outcomes from the financial analysis and with recommendation for the company in order to prevent potential risks and in order to improve its financial results.

The aim of this thesis is to analyze the management of working capital in Krnovske opravny a strojirny s.r.o. and to find possible ways to improve and streamline its management. Through the analysis of individual component of working capital, evaluation of processes affecting the cash conversion cycle, analysis of working capital as a whole and via comparison with its five biggest competitors, it was suggested to take appropriate measures and that would enable the company to manage working capital more effectively going forward, realize savings and subsequently increase its value.

The aim of this thesis is a complete assessment of the financial situation of a company. Elementary methods of financial analysis are used to evaluate the current state. Proposals are presented in next part of the work. They are designed to improve the financial position of the company and then consolidate the whole economic situation.

Main subject of this master thesis is inventory controlling in Siemens Elektromotory, s.r.o. (Ltd), plant Frenštát pod Radhoštěm. In theoretical part are described the essential topics as the controlling generally , then substance of the the inventory controlling and the importation of inventory for the company, their classification and reasons, why is it so important to go in for the inventory controlling. In the practical part the thesis describes current situation in the company and current controlling toolls in inventory field. Then is described the process of developing new inventrory controlling program and the contribution of this program for inventory management. In following part is performed the ABC analysis of invetory acording their proportion on the total consumption. Based on this part are formulated suggestions for setting up new consignment stocks and calculated the influence on the company asset management

The thesis deals with the management of the solvency in the company MFC-MORFICO s. r. o. are Found through the analysis of individual components of working capital weak spots to improve and streamline its management, attention is paid to the evaluation of the processes intervening in obratového cycle of money, analysis of working capital as a whole and compared with the two largest competitors of the company in the field was designed, appropriate measures and recommendations which should in the future bring higher efficiency in working capital management, the subsequent savings and increase the value of the company.

El objetivo de la publicación es acercar los conceptos y técnicas que conforman las finanzas operativas a los lectores. El autor del libro explica, en seis capítulos, los aspectos básicos del análisis financiero, los ratios y medidas de creación de valor, el apalancamiento, la planeación financiera, la gestión y financiamiento del capital de trabajo. / The purpose of the publication is to show the operational finance’s concepts and techniques to the readers. The author explains, over six chapters, the basic aspects of financial analysis, ratios and measures of value creation, leverage, financial planning, management and working capital financing.

En el presente trabajo de investigación se ha considerado adecuado analizar la gestión de inventarios y su impacto financiero en las MYPE del sector industrial de fabricación de muebles de Villa el Salvador periodo 2019, con el fin de mejorar la liquidez y rentabilidad a través de la gestión de inventarios. Se realizó un diagnostico actual de la empresa, en el área operativa usando los conceptos teóricos como costos de inventarios, métodos de valuación, modelos de gestión de inventarios, cadena de valor, cadena de suministro, liquidez y rentabilidad. Asimismo, se ha evaluado el sector industrial del parque industrial de Villa el Salvador, adquiriendo información del contexto de este sector. El trabajo de investigación se encuentra dividido en cinco capítulos, los cuales son: Capítulo I: Marco Teórico, donde se presenta las definiciones básicas relacionadas a la Gestión de inventarios, el impacto financiero y el sector de la industria. Luego, en el Capítulo II: Plan de Investigación, se describe el problema, así como la determinación de los objetivos e hipótesis generales y específicas. Seguidamente, en el Capítulo III: Metodología de Investigación, en donde se define el tipo de investigación a emplear, así como la determinación del tamaño de la muestra para el futuro análisis cuantitativo y cualitativo. Posteriormente, en el Capítulo IV: Desarrollo de la Investigación, es donde se aplica los instrumentos descritos previamente, a su vez, se ejecuta un caso práctico para evaluar la Gestión de inventarios y su impacto financiero. Por último, en el Capítulo V: Análisis de los resultados, se realiza el análisis de los instrumentos y el caso práctico, brindando como últimos elementos, conclusiones y recomendaciones finales en relación con todo lo investigado. Es por ello, que el presente trabajo de investigación se ha enfocado en el sector de la industria del mueble en Villa el Salvador, debido a que es uno de los sectores con mayor concentración de empresas MYPE, con una alta demanda de rotación de inventarios, éstas a su vez son las principales generadoras de empleo en el país; asimismo, este subsector de la manufactura es el que más creció en el PBI. Por lo que, se ha determinado que la gestión de inventario no tiene un impacto financiero en las empresas del sector. / In this research work it has been considered appropriate to analyze the management of inventories and their financial impact on MYPEs of the industrial furniture manufacturing sector of Villa el Salvador period 2019, to improve liquidity and profitability through inventory management. A current diagnosis of the company was made, in the operational area using theoretical concepts such as inventory costs, valuation methods, inventory management models, value chain, supply chain, liquidity and profitability. In addition, the industrial sector of the Industrial Park of Villa el Salvador has been evaluated, acquiring information from the context of this sector. The research work is divided into five chapters, which are: Chapter I: Theoretical Framework, which presents the basic definitions related to Inventory Management, financial impact and industry sector. Chapter II: Research Plan then describes the problem, as well as the determination of general and specific objectives and hypotheses. Next, in Chapter III: Research Methodology, where the type of research to be used is defined, as well as the determination of the sample size for future quantitative and qualitative analysis. Subsequently, Chapter IV: Research Development is where the instruments described above are applied, in turn, a case study is implemented to evaluate Inventory Management and its financial impact. Finally, in Chapter V: Analysis of results, the analysis of the instruments and the case study is carried out, providing as the latest elements, conclusions, and final recommendations in relation to everything investigated. That is why this research work has focused on the sector of the furniture industry in Villa el Salvador, because it is one of the sectors with the highest concentration of MYPE companies, with a high demand for inventory rotation, these in turn are the main generators of employment in the country; it is also the largest growing subsector of manufacturing in GDP. Therefore, inventory management has been determined to have no financial impact on companies in the sector. / Tesis

Este estudio se centra en analizar el ciclo de conversión de efectivo y su relación con la liquidez y la rentabilidad de las empresas. Para ello, se ha sistematizado la información obtenida en artículos de reciente publicación en revistas prestigiosas (en su mayoría cuartiles 1 y 2) y referidos a economías y periodos diversos, lo cual permite estructurar una visión rigurosa, actualizada y amplia sobre el tema. La información ha sido estructurada de la siguiente manera. En primer lugar, se explica qué es el capital de trabajo y cuál es su importancia. Luego, se explican los dos enfoques existentes para gestionar el capital de trabajo: el enfoque agresivo y el conservador. Se presenta al ciclo de conversión de efectivo como una herramienta de la gestión del capital de trabajo. Se estudia después una de las formas de financiamiento del capital de trabajo: el crédito con proveedores. En segundo lugar, se analiza cómo la rentabilidad influye en la duración y en los componentes del ciclo de conversión de efectivo, así como su relación con ratios que miden la rentabilidad. En último lugar, se analiza la relación del ciclo de conversión de efectivo con el apalancamiento, los factores macroeconómicos y con el valor de las empresas. Contar con esta síntesis permitirá que gerentes y administradores puedan gestionar adecuadamente su capital de trabajo y, a la vez, tomar decisiones financieras adecuadas que contribuyan a obtener mejores y mayores beneficios para sus organizaciones. Se espera, asimismo, que la comunidad académica incluya este tema en su agenda de investigación y desarrolle estudios específicos para nuestra realidad. / This study focuses on analyzing the cash conversion cycle and its relationship with the liquidity and profitability of companies. To this end, the information obtained from recently published articles in prestigious journals (mostly quartiles 1 and 2) and referring to different economies and periods has been systematized, which allows structuring a rigorous, updated and broad view on the subject. The information has been structured as follows. First, it explains what working capital is and its importance. Then, the two existing approaches to managing working capital are explained: the aggressive and the conservative approach. The cash conversion cycle is presented as a working capital management tool. Then, one of the forms of working capital financing is studied: supplier credit. Secondly, how profitability influences the length and components of the cash conversion cycle is analyzed, as well as its relationship with ratios that measure profitability. Finally, the relationship of the cash conversion cycle to leverage, macroeconomic factors and firm value is analyzed. This synthesis will enable managers and administrators to adequately manage their working capital and, at the same time, make appropriate financial decisions that contribute to obtaining better and greater benefits for their organizations. It is also expected that the academic community will include this topic in its research agenda and develop specific studies for our reality. / Trabajo de Suficiencia Profesional

It is essential for companies within the process industry to obtain sufficient inventory of indirect material to gain supply chain resilience. Yet, a capital-intensive company that lack efficient inventory management can generate high levels of tied-up capital. The aim of this thesis is to analyze how to optimize Working Capital (WC) for indirect material in stock through a singlecase study at an international mining and metals company. It consist of analytic interviews based on the Performance Management framework evaluating the performance level of WC optimization across the company’s decentralized sites. The results reveals that it is essential to combined both inventory management and WC management to reduce capital employed while maintaining sufficient inventory. For instance, this requires implementation of multi-criterion classification methods for critical items, and purchasing strategies adopted after an item’s lifecycle. Additionally, strategic actions regarding inventory visibility, monitoring and planning are required to reduce excess and dead inventory. The results confirms that information flows are required between involved departments to improve WC while meeting organizational demands. Finally, companies are facing increased uncertainty that impacts their ability to stay competitive and gain supply chain resilience. This thesis suggests ways to mitigate negative consequences from WC optimization during uncertainty. / Det är väsentligt för företag inom processindustrin att erhålla ett lönsamt lager av indirektmaterial för att kunna hantera risker och osäkerhet i försörjningskedjan. Däremot, kapitalintensiva företag som saknar effektiv lagerhantering kan resultera till ökad kapitalbindning. Syftet med detta examensarbete är att analysera optimering av rörelsekapitalet för indirekt material i lager genom en enstaka fallstudie hos ett internationellt gruv- och metallföretag med decentraliserade enheter. Fallstudien består av analytiska intervjuer baserade på ramverket för prestationsledning för att utvärdera enheternas prestationsförmåga att reducera bundet kapital. Resultatet avslöjar att det är nödvändigt att integrera styrning av lagret och rörelsekapitalet för att minska det sysselsatta kapitalet samt bibehålla ett lönsamt lager. Detta kräver exempelvis implementering av multi-dimensionella klassificeringsmetod för kritiska artiklar, samt inköpsstrategier anpassade efter en produkts livscykel. Ytterligare krävs även strategiska åtgärder för öka lagersynlighet, planering och övervakning av lagret för att reducera överskott och obsolet lager. Resultatet bekräftar att informationsflöden krävs mellan inblandade avdelningar för att förbättra rörelsekapitalet och samtidigt möta organisationens efterfråga. Slutligen, företag står inför ökad osäkerhet som påverkar deras förmåga att förbli konkurrenskraftiga samt att få stöd i leveranskedjan. Denna avhandling föreslår därför sätt att mildra negativa konsekvenser som kan uppstå vid optimering av rörelsekapital under osäkerhet.