For manuscript rights
Turnover management
In agricultural enterprises
08.00.05 - Economics and national economy management (economy,
organization and management of enterprises, industries and complexes:
dissertations for a scientific degree
candidate of Economic Sciences
Novosibirsk 2008.
Scientific adviser: | |
Official opponents: | doctor of Economic Sciences, Professor |
Leading 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 sharply sense a shortage of working capital for sustainable production development. Due to the growth of the share of food imported into the region, impaired equilibrium between prices for agricultural products and consumed material and technical resources, monopolism of enterprises related industries. If, before the start of agrarian reforms, agricultural enterprises at the expense of their own sources were replenished up to 73% of working capital, by 2006 these resources were completely lost.
Many agricultural organizations, due to the low level of income, cannot be manufactured on an extended basis, to update the material and technical base, paying timely with counterparties. Most farms have lost their own working capital, growth reserves have sharply reduced, the possibility of providing themselves with production reserves: seeds, feeds, fertilizers, repair young animals, are limited to the possibilities of purchasing material resources in the desired volume and assortment.
In the structure of working capital of agricultural enterprises, there are practically no funds necessary for current payments. Their share in reverse assets decreased over the period of agricultural reforms from 17 to 1.8%, and by the beginning of 2007, the cash had only 22% of agricultural producers on the settlement accounts. By the end of the year, a lack of funds in the amount of 75% of current assets was formed, which led to a delay in both payables and loans and loans.
Clean working capital is determined by two ways, using the left and right side of the balance:
OCC \u003d OS - CRP and OCC \u003d COST - VNA,
where OS is working capital, rub.; CRZ - short-term accounts payable, rub.; The contract is permanent capital, rub.; VNA - non-current assets, rub.
Permanent capital is the amount of equity equity and medium-term and long-term debt (payroll for more than a year).
The net need for working capital is associated with current operations taking into account stocks, general receivables, including non-bank accounts. The need for current financing can be divided into two parts: a cyclic, directly related to the economic cycle, and acyclic - independent of the cycle. Then the overall need for working capital will be:
CIS. from. \u003d CPU + ADC,
where CPU is a cyclical need for working capital, rub.; ADC is an acyclic need for working capital.
In this case, the cyclical need for working capital can be represented as follows:
CPU \u003d Z + DZH - KZH,
where z - stocks, rub.; Dzh - economic receivables, rub.; KZH - economic accounts payable, rub.
Economic debt includes receivables of buyers and customers and payables to suppliers. All other debt relates to other receivables and payables.
Acyclical need for working capital has the following structure:
ADC \u003d DzPR - KZPR,
where DzPR is other receivables; KZPR - other accounts payable.
Based on the above, we will calculate the need for working capital on the example (Table 2).
table 2
Calculation of the needs of Sukhovsky "in working capital, thousand rubles.
Indicators | ||||
2. Economic receivables | ||||
3. Economic Credit Debt | ||||
4. Cyclical need for working capital (p.1 + p.2 - p.3) | ||||
5. Other receivables | ||||
6. Other accounts payable | ||||
7. Acyclical need for working capital (P.5 - p. 6) | ||||
8. The overall need for working capital | ||||
9. Curvas | ||||
10. Short-term accounts payable | ||||
11. Clean working capital (P.9 - § 10) | ||||
12. Cash (claim 11 - P.8) | ||||
13. The degree of coverage of the need for working capital with money (p. 12: p.8 · 100),% |
The analysis showed that in dynamics the need for working capital is covered by an average of 8-9%.
The establishment of needs for working capital is the main complex of solutions to ensure the effective activities of the agricultural enterprise.
For a comprehensive analysis of working capital management, it is necessary to refer to the rating assessment and distribution of the studied agricultural enterprises in the quality of resource management classes. Each class corresponds to its point value, which is determined based on the indicators selected.
The rating assessment of agricultural enterprises is formed on the basis of the values \u200b\u200bof the economic coefficients and is an informative summary of the analysis of the effectiveness of working capital management.
Table 3.
Palile value of coefficients
Coefficient | Value, points |
Turnover of working capital | |
Current liquidity | |
Maneuverability of own funds | |
Security of current assets with their own working capital | |
Distrarability of payables | |
Ratosities of borrowed and own funds | |
Profitability of working capital |
Compliance with the criteria level of each of the coefficients obtained when analyzing the coefficients gives the corresponding value in points for rating evaluation. Additionally, 5 points are assigned to an agricultural enterprise, subject to the so-called "golden rules of the Organization's economy", in accordance with which the following values \u200b\u200bare considered: TV. p. - The growth rate of gross profits; Tr. - the growth rate of the implementation of the implementation; TOB. To. - The growth rate of the operating capital.
The most optimal ratio of these quantities is optimal:
TV. p.\u003e Tr. \u003e TOB. to.\u003e 100%.
Name of the coefficient (Regulatory value) | Changes for the period | Evaluation in points for the period 1 | Evaluation in points for the period 2 |
||
Coefficient of turnover coefficient (more than 2.0) | The value of the coefficient | The value of the coefficient | Number of points | Number of points |
|
Current liquidity ratio (more than 1.5) | The value of the coefficient | The value of the coefficient | Number of points | Number of points |
|
Coefficient of own funds (more than 0.5) | The value of the coefficient | The value of the coefficient | Number of points | Number of points |
|
Current coefficient of current assets with own working capital (more than 0.1) | The value of the coefficient | The value of the coefficient | Number of points | Number of points |
|
Credit debt turnover coefficient (more than 6.0) | The value of the coefficient | The value of the coefficient | Number of points | Number of points |
|
Ratio ratio of borrowed and own funds (from 0.3 to 1) | The value of the coefficient | The value of the coefficient | Number of points | Number of points |
|
Profitability coefficient of working capital (more than 0.2) | The value of the coefficient | The value of the coefficient | Number of points | Number of points |
|
The execution of the "Golden Rules" | |||||
The amount of points | The amount of points |
||||
Correcting score | |||||
The amount of points | The amount of points |
||||
Working capital management efficiency class | Class from 1 to 4 | Class from 1 to 4 |
Table 5.
|
evaluation, points |
Tarabrin Danil Vyacheslavovich
"Organizational and Economic Justification
Efficiency of working capital
(on the materials of the Tambov region) "
08.00.05 - Economics and national economy management
Organizations, complexes - APK and Agriculture)
Economic sciences
DM 040.041.02
Michurinsky State Agrarian University
393760, Tambov region, Michurinsk, ul. International, 101.
Tel. 5-31-37
For manuscript rights
Tarabrin Danil Vyacheslavovich
Organizational and economic rationale for the efficiency of working capital
In agricultural organizations
(on the materials of the Tambov region)
Specialty 08.00.05 - economics and national economy
(Economics, organization and management of enterprises,
Industries, complexes - APK and Agriculture)
Dissertations for a scientific degree
Candidate of Economic Sciences
Michurinsk-Sciences of the Russian Federation, 2009
The dissertation work was performed at the Department of Organization and Management of FGOU VPO Michurin State Agrarian University.
^ Scientist:
Shalyapina Iraida Pavlovna
Official opponents:
doctor of Economic Sciences, Professor,
^ Teuchev Vladimir Vasilyevich
candidate of Economic Sciences, Associate Professor,
Clemental Elvira Anatolyevna
Leading organization:
FGOU VPO "Penza State Agricultural Academy"
The defense of the thesis will be held "December 25" December 2009 at 10 o'clock at a meeting of the Joint Dissertation Council DM 040.041.02 in the Michurin State Agrarian University at the address: 393760, Tambov region, Michurinsk, ul. International, d. 101, dissertation hall.
The dissertation can be found in the library of the Michurin State Agrarian University, and with the author's abstract - 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 characteristics of work
Relevance of the research topic. Under conditions of market relations, working capital is acquired especially important, as they are an important criterion in determining the profit of the enterprise. The rhythm, coherence and high performance of the work of any agricultural enterprise are largely determined by its security with high-quality working facilities. And since the working capital includes both material and cash 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 agriculture of the Tambov region, there are a number of unresolved organizational and economic problems of rational use of working capital, the effectiveness of the production activities of agricultural enterprises will largely depend on the solution.
The current practices for the use of working capital in Russian agricultural enterprises require significant improvement, refusal to obsolete forms and methods of their organization and management that restrain the increase in production profitability.
Thus, the organizational and economic substantiation of the efficiency of working capital in agricultural enterprises is one of the most important tasks in the way of increasing the effectiveness of agricultural production as a whole.
The urgency, 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 problem learning. Questions of theory and practice of increasing the efficiency of working capital are investigated in the works of domestic and foreign economists: G. Belousenko, I.Ya.Demyanenko, O.V.Efimova, L.N.Kassirova, V.V. Kovaleva, L.I . Kolyacheva, E.S.S., V. Kushnira, L.A. Bernstain, Ambirman, S. B. Valter, K.K.Valtuha, D.K.Van Horn, N . С.Lisitsian, M.A.Pizengolts, V.D. Korotne-VA, G.N. Kochetova, V.Tetechev and others.
At the same time, in our opinion, the problems of efficient use of working capital in agriculture in the conditions of limited sources of their formation are not sufficiently studied and require additional research.
^ The purpose and objectives of the study. The purpose of scientific research is the organizational and economic substantiation of priority areas of increasing the economic efficiency of the use of working capital in agriculture.
Achieving the goal implies the solution of the following tasks:
Clarify the economic essence of working capital and consider the features of their circle in agriculture;
Identify the organizational and economic problems of the rational use of working capital in agricultural organizations;
Conduct analysis of the composition, structures and sources of formation of working capital of agricultural organizations and assess the level of security of them;
Analyze the efficiency of the use of working capital and systematize the factors affecting its formation;
Develop an effective policy of managing the working capital of agricultural organizations;
Justify priority areas to improve the efficiency of the use of revolving agents of agricultural organizations and offer the scheme of their replenishment.
The subject of the study are organizational and economic relations arising in the process of formation and use of working capital in agriculture.
The object of the study is 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 FSUE Education-Plemzavoda "Komsomolets".
The theoretical and methodological basis of the study was the works of classics of economic science, modern domestic and foreign scientists who have made a significant contribution to the development of theory and practice of formation and use of working capital.
The basis of scientific research is the dialectical method of knowledge. When solving the tasks, the following methods were used: economic and mathematical, expert assessments, economic and statistical, monographic, calculating, historical, abstract logical, graphic and other methods of collecting and processing information.
The 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 state statistics by the State Statistics of Russia and the Tambov Region, Information Materials Department of Agriculture of the Tambov Region, Accounting Reports and Primary Documents of Agricultural Enterprises of the region, reference books, These scientific institutions, scientific publications on the materials of conferences and scientific and practical seminars and other information.
The dissertation work was performed in accordance with paragraph 15.52 "The final results of the functioning of the agro-industrial complex, the content, methods of measuring and the path of growth" Passports of the specialty 08.00.05 "Economics and management of the national economy (economics, organization and management of enterprises, industries, complexes - APK and agriculture ) ".
The scientific novelty of the study is to substantiate scientific and theoretical provisions and recommendations on 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 study, which characterize the scientific novelty and are treated for protection include the following:
The concept of working rounds of agricultural organizations as an economic category is a value in monetary form, which, unlike existing definitions, includes not only cash, but also the surplus value advanced to the revolving industrial funds and the conversion funds to ensure continuous and sustainable their circulation, necessary for the functioning of agricultural organizations and the implementation of industrial or other activities;
The external and internal factors are systematized affecting the efficiency of working capital, with the allocation of the latest interrelated production (production technology, rational use and storage of working capital, etc.); economic (availability of free cash, economic ties and relations with suppliers and buyers, etc.); organizational and managerial (level of organization of production and management, organization of production reserves, management of receivables and payables, etc.) and social (provision of labor resources, labor productivity, the form of material incentives) factors;
A methodological approach to improving the management of production reserves of agricultural enterprises is determined, based on a combination of options for the frequency of reserves and its size, in order to increase the efficiency of use based on the use of the EOQ model for determining the optimal amount of the order, sharing ABC-method and XYZ-analysis of reserves classification in the nature of their consumption and significance for production;
A scheme of replenishment of working capital of agricultural organizations has been proposed that simplifies access to borrowed funds secured by land plots and allowing the state in the face of the agricultural warranty agency that acts as a guarantor of the loan return, control the land resource market;
An algorithm for the management of receivables of agricultural enterprises was developed, including: conducting the analysis of debtors and receivables, the implementation of its real value, monitoring the ratio of receivables and payables, planning cash flows on the basis of collecting coefficients, the development of advance payment policy and loans, the use of factoring and Control of the repayment of receivables, the use of which in the practice of making agriculture will increase the profitability of receivables, reduce the time of its collection and, thus, increase the efficiency of the use of circulation funds;
Priority areas of increasing the use of working capital of agricultural producers based on improving the production reserves management system, use by agricultural factoring organizations in managing receivables and the use of resource-saving technologies in the implementation of the zero tillage system, which ultimately lead to acceleration of working capital turnover, decrease Material consumption of products manufactured and growth in profitability of production.
The theoretical and practical significance of the work is that the use of agricultural work in the practice of agriculture developed scientifically based proposals is guaranteed to significantly increase the efficiency of working capital and steady increase in agricultural production. Methodical approaches and practical recommendations can be used by commodity producers in solving the tasks of improving the policy management policy and increase their effectiveness, as well as used in the educational process of higher educational institutions.
^ Approbation of research results. The main results of the work were reported and received approval at the International Scientific and Practical Conference "Innovation of Young Scientists and Specialists - the National Project" Development of APK "(Ryazan GSHA. P.A. Kosticheva, December 14-15, 2006); International Scientific and Practical Conference "Agriculture in the Modern Economics: a new role, growth factors, risks" (Viapi them. A.A. Nikonova and RGAU-MSHA. K.A. Timiryazev, XIV Nikonov Readings, October 27-28, 2009 g.; All-Russian scientific and practical conferences "Development of economic analysis and its role in the context of a transforming market economy" (Ryazan Gatu. P.A. Kosticheva, February 28-29, 2008); "Innovations of young scientists of the agro-industrial complex" (Penza GSHA, 2007), "Agricultural Science - Agriculture" (Kurskha GSHA. I.I. Ivanova, January 27-28, 2009), "Socio-economic features of the development of subsidiaries" (TSU them. G.. . Derzhavina, May 24-26, 2009), III All-Russian Scientific and Practical Conference "Agricultural Science in the 21st Century: Problems and Perspectives" (Saratov Gau, 2009), 61 Scientific and Practical Conference (Michgaau, March 26, 2009 .); twice in the II Tour of the All-Russian competition of scientific works of students, graduate students and young X scientists of agricultural universities of the Central Federal District (Orelgaau, April 26-27, 2007 and April 20-21, 2009), the final tour of the All-Russian competition for the best scientific work (RGAU MSHA. K.A.Timiryazev, 2007).
The main results of the dissertation study are set out in 12 printed work with a total volume of 2.1 pp. (including 1.85 pl. copyright).
^ Volume and structure of work. The thesis consists of introduction, three chapters, conclusions and suggestions, a list of references, which includes 154 names. The work is set out on 168 pages of typewritten text, contains 46 tables, 33 drawings and 8 applications.
^ In the introduction, the relevance of the study theme is justified, the state of the problem is considered, the objective of the objective and objectives, the subject, the object and research methods are determined, the scientific novelty and the practical significance of the research results are presented.
^ In the first chapter, the "scientific and theoretical aspects of the efficiency of working capital in agriculture" disclose the essence of the category of working capital and the peculiarities of their cycling in agriculture. The organizational and economic problems of the rational use of working capital in agriculture are systematized. Methodological approaches are considered to determine the provision, normalization and economic efficiency of the use of working capital.
In the second chapter "Analysis of the provision of agricultural organizations by working capital and the effectiveness of their use", the composition and structure of working capital of agricultural organizations of the Tambov region is considered. An analysis of the provision of various elements of working capital and sources of their formation is carried out. The effectiveness of the use of current production funds and conversion funds is considered. It is proposed to be allocated in the composition of internal factors affecting the efficiency of working capital, a system of production, economic, organizational and management and social factors.
^ The third chapter "Ways to improve the economic efficiency of the use of working capital in agriculture" defines a methodological approach to improving the management of the production reserves of agricultural enterprises. The algorithm for the management of receivables is developed and a set of measures to accelerate its turnover is proposed. Priorities are justified to improve the economic efficiency of the use of working rounds of agricultural producers based on improving the production reserves management system, the use of factoring agricultural organizations in the management of receivables and the use of resource-saving technologies in the implementation of the soil treatment system.
In conclusions and suggestions, the main results of research are summarized.
^ Main content of work
Curvas are important as part of the resources of agricultural enterprises, since the efficiency of production and financial sustainability of enterprises depends on their rational use.
From our point of view, the revolving agents of agricultural organizations are a value in cash, which, unlike existing definitions, includes not only the cash, but also the surplus value advanced to the revolving industrial funds and the conversion funds to ensure the continuous and sustainable circuits needed For the functioning of agricultural organizations and the implementation of industrial or other activities.
The studies have made it possible to identify a number of organizational and economic problems of rational use of working capital facing agricultural producers in the process of their activities (Fig. 1). At the same time, under rational it is necessary to understand the use of working capital in the minimum, but sufficient to effectively conduct the production of volume. In our opinion, the most acute problems of rational use of working capital are: the absence in many agricultural enterprises adequate to market conditions for planning production activities by the main elements of working capital, the irrational structure of working capital, the high level of taxes and bank loan rates, the lack of effective control policies Funds, low level of security with quality working capital, dispensation of prices for agricultural products and material and technical resources, improving the current and search for new sources of formation and replenishment of working capital, as well as an insufficient level of support from the state.
The analysis showed that the features of agricultural production affect the structure of working capital enterprises of the industry. It is precisely with this that the prevalence of production current funds in the overall structure of working capital of agricultural enterprises of the Tambov region: 56.9% -76.8%.
Studies found that the structure of working capital is significantly different in agricultural enterprises with different specialization (Table 1). For example, the smallest share of production current funds in the overall structure of working capital is observed in enterprises with two main industries: the grain production of sunflower. This can be explained by a small specific weighing animals on growing and feed in the structure of working capital.
Conducted studies in the field of agricultural production producers working capital show that, in general, the enterprises of the Tambov region do not have a sufficient amount of working capital necessary for the effective management of production and sales activities. This leads to the fact that long-term loans and loans are becoming increasingly important in the sources of the formation of current funds.
Fig. 1. Organizational and economic problems of rational use of working capital
In agriculture
Table 1 - Structure of working capital of agricultural enterprises
With a different combination of commodity industries, 2008,%
Indicators
^ Group of enterprises
on the combination of major commercial
industries (types of products)
Grain production
Grain beetroopy
Grain cattle breeding
Grain production
And sunflower
Lettering
Number of enterprises
^ Production Redemption Funds - Total
Productive reserves
Animals on growing and fattening
Unfinished production
Future spending
^ Calling Funds - Total
Finished products
Means in the calculations
Cash
^ Other working capital
Total working capital
Studies allowed to identify factors that determine the efficiency of the use of production current funds and funds for the appeal in agriculture, which can be divided into external: general economic situation, tax legislation, the conditions for obtaining loans and interest rates on them affecting the influence of the enterprise's interests, and internal, which an enterprise in one way or another is able to influence. In turn, among the latter, we propose to allocate groups of production, economic, organizational and management and social factors (Fig. 2).
The analysis showed that the most effectively working capital was used at a few enterprises with a period of turnover of funds to six months, and at the same time, more than half of the enterprises of the region, working capital have a level of profitability of up to 50%.
The deterministic factor analysis of the turnover of working capital allowed us to identify its dependence on the influence of two main factors - the amounts of turnover and average annual remains of working capital. At the same time, in two cases of five on the turnover coefficient, the average annual cost of working capital has increased greater influence,
there are two others - an increase in the amount of turnover, and only in one case 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 an extremely relevant problem at present, since the effective formation and regulation of working capital contributes to maintaining the optimal level of liquidity, ensures the efficiency of production and financial cycles of activity, and therefore , sufficiently high solvency and financial stability of agricultural enterprises.
When organizing the process of working capital management, much attention should be paid to the management of production reserves, since the efficiency of the production activities of agricultural organizations will largely depend on their rational use.
We have defined a methodological approach to improving the management of the production reserves of agricultural enterprises, which is a set of rules determining the choice of the most appropriate stock management system.
In our opinion, the most important areas of improving the process of managing production reserves are: selection of the most appropriate system of management, calculus for reserves for removing a number of restrictions when using the EOQ model for determining the optimal order of reserves and sharing with the ABC-method XYZ analysis of stock classification The nature of their consumption.
Through a combination of key parameters - the frequency and order size - six production reserves control systems were allocated (Fig. 3). The choice for use in the agricultural organization of a system must be based on the nature of the write-off materials in the production, supplier requirements and the nature of the stored goods.
It is recommended to use the classification of reserves by the nature of their consumption, using XYZ analysis, which will provide the ability to highlight reserves that are used constantly, seasonally, as well as resources that are irregular. The imposition of the XYZ analysis results to the data of the ABC method made it possible to break the reserves of nine blocks, each of which has two characteristics: the cost of stocks and the accuracy of predicting the need for them.
Studies found that in conditions of money deficiency in many agricultural enterprises, an important step towards improving the efficiency of the use of individual elements of industrial stocks can be savings on the relevant articles of material costs.
Analysis showed that the proportion of expenditures on seeds and planting material in the cost of the branch of agricultural organizations
Fig. 3. Formation of warehouse stock management systems of agricultural enterprises
By combining the options for the time periodicity and its size
The Tambov region ranges from 16.1 to 19.8%. You can save on seeds, but the possibilities of this article are limited, since only high-quality seed
No material provides a high harvest. Therefore, an important factor in saving seed is the name of their seeding. So, for example, due to the unreasonable stage of seeding seeds of two crops - oats and spring wheat FSUE, the Komsomolets Education and Spring Wheat In 2008, funds were overspending in the amount of 18.5 thousand rubles.
In inflation, when the immobilization of own working capital becomes very disadvantageous to enterprises, special significance in gaining issues of analysis, assessing receivables and accelerate its turnover.
Analysis showed that in recent years, in the agricultural organizations of the Tambov region, a tendency to increase the amount of receivables, including overdue, and its specific gravity in the overall structure of working capital. Under these conditions, the task of optimizing receivables and reducing its collection time becomes one of the priority areas of increasing the efficiency of working capital.
Research has been established that the receivables management process can be described by a specific algorithm, including: carrying out the analysis of debtors and receivables, the implementation of its real value, control over the ratio of receivables and payables, planning cash flows based on the collection factors, and the development of advance payment policies and granting Credits, factoring and repayment of receivables (Fig. 4), whose use in the practice of agriculture will increase the profitability of receivables, reduce the time of its collection and, thus, increase the efficiency of the use of circulation funds.
In agricultural production, it is possible to offer credit cooperatives of the Tambov region to include in the list of its services, the implementation of factoring services for agricultural enterprises of the region, and the latter - to use this type of services for more efficient management of its receivables.
Taking advantage of the factoring services of the credit cooperative, the FSUE Education-Persomolets, for example, will be able to reduce the amount of its receivables by 2.16 million rubles. And accelerate its turnover almost 10 times, which, in turn, will lead to a reduction in the period of circulation 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 and regression analysis, a model of the dependence of the duration of the turnover of funds from a number of factors reflecting various aspects of the use of working capital was obtained.
Fig. 4. Algorithm of Control Department of Agricultural Leadership
Table 2 - Calculation of the cost of factoring service and the economic advantages of its use in managing receivables of the FSUE Education-Tribal "Komsomolets"
^ I. The cost of factoring service
Articles of expenditure on factoring
service
Calculation of value
factoring services
Service cost,
1. Commission for factoring management
32.2 million rubles. 0.5%
2. Accounting
(2.4 million rubles. 90%) 17%
Reference:
The volume of annual turnover \u003d 32.2 million rubles.
The sum of the reserved receivables \u003d 2.4 million rubles.
The cost of working capital at the end of the year \u003d 25 million rubles.
^ Ii. Turnover of receivables
Forecast / 2008
At 9.7 times<
^ III. Turnover and profitability of working capital
Forecast / 2008
For 20.2 days<
Per 1.1 pp \u003e
The multiple regression equation for the Tambov region examined by agricultural enterprises of the Tambov region was as follows:
Y \u003d 446,3069 - 122,9377x1 - 4,7561x2 + 0.0519x3 - 0.0408x4 + 0.0967x5 + 0.0496x6 - 20,3549x7,
Y - duration of turnover of funds, days;
446.3069 - Free term.
X1 - the cost of gross products per employee, thousand rubles. / Person;
X2 - the cost of working capital in the calculation of 100 hectares S.-H. land, thousand rubles / ha;
X3 - the magnitude of production circulating funds by 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 proportion of production current funds in working capital,%;
X7 is the value of working capital, accounting for 1 employee, thousand rubles / person.
The analysis showed that the duration of turnover turnover by 68.8% depends on the factors included in the model. In this case, the multiple correlation coefficient was 0.830, which indicates a sufficiently high degree of communication between the turning time and the factors included in the model.
For manuscript rights
Toyker Dmitry Vladimirovich
Development of the methodology for analyzing the working capital of an industrial enterprise
Specialty: 08.00.12 - Accounting, statistics
dissertations for a scientific degree
Candidate of Economic Sciences
Moscow -2009
The work was performed at the Department of Accounting and Analysis of the economic activities of the State Educational Institution of Higher Professional Education "All-Russian Correspondence Financial and Economic Institute"
Scientific Director: Doctor of Economic Sciences, Professor
Vakhrushina Maria Aramovna
Official opponents Doctor of Economic Sciences, Professor
Suglobov Alexander Evgenievich
candidate of Economic Sciences, Associate Professor
Ryzhova Valentina Vadimovna
Leading organization Financial Academy under the Government of the Russian Federation
The defense of the thesis will take place "___" ___________ 2009. in ___ hours in Aud. ____ at a meeting of the dissertation council on the protection of the dissertations of GOU VPO "All-Russian Correspondence Financial and Economic Institute" at the address:
123995, Moscow, ul. Oleko Dundich, 23.
The dissertation can be found in the library of the All-Russian Absentee Institute of Finance and Economics.
Scientific Secretary of the Dissertation Council,
k.E.N., Associate Professor V.A. Sitnikova
GENERAL DESCRIPTION OF WORK
Relevance of the research topic. In the context of the global economic crisis, which is primarily a liquidity deficit, issues of working capital management as the most liquid part of the company's assets have gained particular relevance. Unlike other spheres of economics, industrial production has a long financial and commercial cycle, therefore its implementation is associated with the greatest risk of economic losses due to the lack of or irrational use of working capital at a particular stage of the cycle. In this regard, each industrial enterprise needs to solve a two-way task: in the process of formation of working capital, exclude unnecessary costs for the purchase of current assets, and organize their use that will ensure the highest possible profits with minimal investments. The solution of this task, first of all, depends on the quality of intra-profit analysis, which is intended to determine the necessary amount of working capital, assess the influence of various factors for changing the effectiveness of their use, identify reserves of increasing this efficiency and serve as a substantiation of solutions to managers for the use of working capital.
The current methods for analyzing working capital are not free from flaws. The study of economic literature on the issue under consideration allows us to conclude that the improvement of the methodology of the analysis largely impede the problems of both a theoretical and practical nature. There is still no uniformity of views of scientists and practitioners on the nature of working capital. The coefficients used in the analysis process do not always allow reliably to determine the results of the use of working capital, therefore, methods based on the use of such coefficients are to take the right management decisions aimed at forming and improving the efficiency of their use. In addition, the information base based on financial statements, which is traditionally traditionally used for the purpose of analysis, contains significant restrictions on such an analysis.
These problems require a deep study in order to find ways to improve the quality of economic analysis of working capital.
In this way, target This dissertation work is to develop theoretical and methodological provisions and practical recommendations aimed at improving the intra-profit analysis of working capital of an industrial enterprise. In accordance with the specified purpose in the dissertations are set tasks:
- critically evaluate the accounting and analytical base, traditionally used in the process of analyzing working capital, and offer ways to further development;
- suggest new methods for analyzing working capital aimed at the further development of existing techniques;
- develop a mathematical apparatus used in calculations in accordance with the new method of analysis
- formulate recommendations on the expansion of the system of indicators used in the analysis of the efficiency of working capital.
Subject of research served as a combination of theoretical and scientific and methodological provisions of the economic analysis of working capital of economic entities, object research - economic activity of enterprises of machine-building, light and food industries.
Theoretical and methodological basis of the study. The theoretical and methodological basis of the study was the works of domestic and foreign scientists in economics and the analysis of the activities of organizations, legislative and regulatory acts of the Russian Federation on economic development and organization of accounting systems. Special attention was paid to the work of such domestic and foreign authors as A. Apcherch, V.G. Artyomenko, I.T. Balabanov, S.B. Bang holdz M.V. Belendir, S. Breg, MA Vakhrushina, L.T. Gilyarovskaya, A. Daile, O.V. Efimova, M.N. Creinina, V.V. Kovalev, S.A. Nikolaov-Nikolaeva, V.V. Ryzhova, G.V. Savitskaya, A.E. Suglobov, R.S. Saifullin, A.D. Sheremet, K.V. Squeezing, etc.
In the process of research, an economic and statistical method was used, grouping, integrated analysis, comparative and factor analysis, as well as other techniques of scientific research.
Scientific novelty of the dissertationlies in the following:
- suggestions are formulated to develop the accounting and analytical base, adequate to the objectives of the analysis of working capital and based on management accounting and reporting data (p.60-66);
- the method of determining the need for working capital is developed and theoretically substantiated, which is based on the calculation of the cost of the production and commercial cycle that simplifies the work on identifying this need (p.89-101);
- a new way to build an aggregated balance for analyzing the liquidity of an enterprise assets, based on the expansion of the current classification of the enterprise's working capital and changing the method of assessing assets. The proposed structure of aggregated balance groups eliminates the distortions of the source data inherent in financial statements (p.114-119);
- the necessity and developed the mathematical apparatus of calculating the turnover of working capital on the basis of the velocity of the physical passage of current assets of the production and commercial cycle stages is substantiated. This will eliminate the influence of factors distorting the calculations of turnover turnover at all stages of the cycle, as well as to calculate the turnover of each product group for carrying out a comparative analysis of the turnover of various types of products (p.128-138);
- reveal the feasibility of applying an EVA indicator not only in relation to capital as a whole, but also to determine the efficiency of working capital, which contributes to the expansion of analysis capabilities by using not only relative indicators (profitability), but also absolute (p.143-149).
Theoretical and practical significance of the research.The recommendations contained in thesis contribute to increasing the level of scientific validity of the conducted intra-revocative analysis of working capital. In addition, the approaches to the content of working capital analysis can be used in further scientific research and in the educational process in the preparation of the course of lectures on the discipline "Complex Economic Analysis of Economic Activities". The practical significance of the work is that the proposed approaches contribute to improving the quality of the analysis and, as a result, the adoption of informed management decisions aimed at improving the quality of the formation and use of working capital of the enterprise. Approaches developed during the study to analyze the formation and efficiency of working capital can be used in the work of enterprises of any industries.
Approbation of work.The author-formulated practical recommendations for the analysis of the formation and use of working capital were introduced into the practice of the food industry enterprises CJSC Province and Krasnaya Polyana + OJSC, which is confirmed by certificates of implementation. The main theoretical provisions of the dissertation were discussed at scientific seminars of graduate students, a scientific-practical conference of the All-Russian correspondence financial and economic institution "Modern problems of the organization of accounting, economic analysis and auditing" (Moscow).
The most significant provisions and results of the study were reflected in 7 articles and 1 monographs of the author with a total volume of 2.39 pp, incl. 2 publications in magazines recommended by VAC.
Structure and scope of the dissertation.The dissertation work consists of introduction, three chapters, conclusion, a list of used literature, including 161 source, and applications. The main dissertation text contains 174 pages, 34 tables, 11 drawings.
The dissertation has the following structure:
Introduction
Chapter 1. Evolution of the concept of working capital, problems of their analysis
1.1 Concept, composition and classification of working capital
1.2 Concept for the analysis of the formation and use of working capital
1.3 Modern approaches to the formation of the information base for working capital analysis.
Chapter 2. Intercommunicative accounting and analytical support for promising working capital analysis
2.1 Management reports as an information base for conducting working capital analysis
2.2 Detection of need for working capital based on management reporting data
2.3 Analysis of potential sources of funding for working capital
Chapter 3. Observing of working capital: management aspect
3.1 Building an aggregated management balance for analyzing the liquidity of assets of the organization
3.2 Analysis of turnover as a speed of passing by working capital of the stages of the financial and economic cycle
3.3 Ratioration efficiency indicators
Conclusion
Bibliographic list
Applications
The main provisions of the dissertation submitted to defense
Accounting and analytical support for working capital analysis
In market relations, issues of management of working capital of organizations acquire special significance. As an independent economic category, working capital has an effective impact on the production process and sales process. They own a decisive role in organizing the activities of the enterprise, in ensuring its financial sustainability and solvency, profits and profitability. The efficiency of working capital is largely determined by the effectiveness of the organization's activities. The complexity and variety of tasks associated with the use of working capital, an increase in their turnover and returns, cause profound studies in this area.
The analysis of working capital covers the following steps:
- identifying the need of an enterprise in working capital;
- determination of sources of funding for working capital;
- analysis of the impact of the state of current assets for liquidity;
- calculation of speed of turnover of working capital to determine the effectiveness of their use;
- analysis of profits obtained as a result of the use of working capital.
Generally accepted methods of analysis, as a rule, suggest the implementation of the above steps through the use of only these financial statements of the organization as an accounting and analytical base. However, financial statements are formed by the rules established by the state, and it does not fully take into account the information needs of the company's management. In this regard, in the thesis, it was proposed to be used to analyze working capital built on the management accounting data budgets and reports on their execution, which should reflect the same aspects of economic activities as the forms of financial statements, but the information content of the first is different from the content of the latter. The first is more analytic, contain not only financial, but also non-financial indicators and allow us to evaluate the assets of the enterprise not by the smallest of two indicators - cost and the market price - and for each of them. This will make not only more detailed information for the subsequent analysis of working capital, but also develop new, more correct methods for calculating analytical indicators.
In the process of research, the author carried out a comparative analysis of techniques based on financial and management accounting data, in relation to the activities of enterprises of various sectoral affiliation: CJSC Province (Food Industry), Kurskowfow LLC, Yegoryevsk-shoes OJSC (Light Industry) , CJSC "Kursk Machine-Building Production", OJSC Elevatormalemash and CJSC Kurskzinotekhnika (Mechanical Engineering) - which allows you to count on the versatility of our recommendations.
Determining the need for working capital
When determining the need for working capital, it should be noted that, firstly, the production costs of the enterprise and their lack can lead to interruptions in the production process. Secondly, the receipt of revenue often does not coincide with the time of shipment of products and the beginning of the new production cycle, that is, with the time consumption of material resources. Under these conditions, the enterprise must provide such a size of working capital, which will begin to start a new circuit, without waiting for the end of the previous one. In addition, an uninterrupted work, an enterprise must have a working capital sufficient not only for the formation of current assets and the implementation of industrial, commercial and management costs, but also to finance the activities of all servicing farms of the organization.
Therefore, it is necessary at the beginning of the first production cycle to sachamulate such an amount of working capital in order for, until the revolving funds are completed, and will not return in the form of revenue, the company could carry out costs associated with both production and sales activities and administrative and economic work. If you designate the amount of funds advanced to each stage of production and implementation as XI, then the total amount of the funds necessary in the planned period (x) can be calculated by the formula:
Where: N- The number of production and implementation stages in the planned period;
xi- Amount of funds advanced to the appropriate stage of production.
If this sum of costs add management costs (A0) and commercial expenses (C0), which are necessary for the functioning of the enterprise during the first production and commercial cycle, then the formula will take the following form:
The proposed approach saves labor costs in determining the need for working capital compared with generally accepted methods. In addition, it is focused on a production and commercial cycle, and not a total amount of the cost of the period, which avoids errors in the calculations of the planned amount of working capital when the scale changes.
Classification of sources of financing of working capital and the sequence of their analysis
In the conditions of a market economy, all financial resources with which the formation of working capital is carried out, they have their cost, therefore the analysis of the sources of working capital plays a significant role.
The thesis proposed in addition to its own and borrowed sources to allocate attracted sources of working capital. The attracted capital includes all types of accounts payable and isolated from borrowed capital, since borrowed capital is funds received by the enterprise in temporary use under conditions of urgency, repayment and payability, and for accounts payability is not characteristic. Consequently, the captured capital is fundamentally different from the borrowed source of the formation of working capital.
In the course of the analysis of the use of a source, two main criteria are urgency and capital price, therefore the art of the manager is to force it for a long time as possible, minimizing the cost of funds raised.
The following sequence of analysis of possible sources of financing is justified:
- evaluate which part of the need can be covered at the expense of own sources;
- calculate the time to attract borrowed or attracted funds to ensure the remaining need for working capital;
- determine the price of each borrowed or attracted source, which can be used during the analyzed period;
- based on the data obtained, make a source selection.
Building an aggregated management balance for analyzing the liquidity of the organization's assets
In the formation of working capital of the enterprise, it is necessary to pay attention to the liquidity of the developing structure of assets. The implementation of production and commercial activities is associated with the movement of material and cash flows. On the one hand, incoming the streams of the resources necessary for the performance of the production program cause cash outflows. On the other hand, the implementation of manufactured products leads to the influx of funds. Thus, as a result of the use of working capital in the production and commercial cycle, at the reporting date, an enterprise develops some structure of current assets formed to implement their activities and opposing their obligations.
The traditional method of analyzing liquidity consists in comparing assets and liabilities of the accounting balance, aggregated in four groups according to the following principle: assets - according to the degree of declaration of property liquidity, liabilities - according to the degree of elongation of the diversion of obligations. At the same time, for the conclusion that the balance is liquid, each of the first three groups of assets should be no less than the relevant groups of obligations.
Without detraining the meanings of the above approach, we note that it does not always allow to make informed management decisions, since the conditions that have developed today in which the company operates does not find its reflection in the external financial statements. For example, without the use of additional sources of information, it is impossible to determine the proportion of dubious receivables and the consequences of the non-risk of payables. The dissertation is justified by the need to share receivables and payables for debt formed in relations with independent counterparties (third-party debt) and educated in relationship with counterparties belonging to the same owner as an analyzed enterprise (structural debt), since in the short term, structural accounts debt It can be attributed to its own sources, and structural receivables - to the most liquid assets. Taking into account the foregoing, in the dissertation, a approach to the grouping of assets and liabilities of the Organization, which assumes the use of management reporting data (Table 1) is proposed.
Table 1
Grouping assets for liquidity analysis purposes based on management reporting data
| Assets | Passive | ||||
| 1 | 2 | 3 | 4 | 5 | 6 |
| Group Namely | Obscuration | Article asset | Group Namely | Obscuration | Article Passiva |
| The most liquid assets | A1. | Cash, short-term financial investments, structural receivables, promissory bills | Major urgent obligations | P1 | Credit debt minus structural, advances received, other short-term obligations |
| Rapidly real assets | A2. | Short-term receivables minus structural, dubious and promissory bills, regulatory remnants of finished products and other assets | Short-term liabilities | P2. | Short-term loans and loans, advances received, deferred tax liabilities |
Ending table. one
| 1 | 2 | 3 | 4 | 5 | 6 |
| Slow realizable assets | A3. | Reserves minus the regulatory remnants of finished products and illiquids, VAT on acquired values | Long-term liabilities | P3. | Long-term loans and loans |
| It is difficult to realize my assets | A4. | Non-current assets, long-term receivables minus structural, dubious receivables and illiquidcies | Passion | P4 | Own capital, structural accounts debt |
As can be seen from Table 1, the details of the management of the management balance will allow to group assets and liabilities of the organization for the subsequent analysis of working capital more adequately by the conditions for the economic activity of a particular enterprise.
The dissertation is argued that for the purpose of analyzing the stocks of raw materials, materials and finished products should be estimated at the price of their possible implementation, since it is precisely it, and not costly characterizes the magnitude of the potential revenue that allows you to pay with creditors. As a result of changing the value of commodity and material values \u200b\u200band fixed assets, the difference between the amount of assets and liabilities of the enterprise, which is proposed in the dissertation in their own capital.
The practical experience of the author makes it possible to argue that an analysis of the liquidity of an enterprise assets based on the use of management reporting data allows analysts to conduct more successful studies for the purpose of planning the acquisition of assets and making payments and make the most correct decisions on the financial flow management of the company.
Turnover of working capital as the rate of passage of production and commercial cycles
The most important factor in the influence of working capital on the results of the enterprise is turnover of working capital.
However, the fundamental factor in the importance of the traditionally used turnover indicators (the coefficient of turnover turnover, the duration of turnover and conditional release or attraction of funds) is the size of the revenue, which depends not only on the speed of the revolutions, but also from the profit-laid profit. In the generally accepted practice of calculating turnover, this fact does not find reflections, which does not allow a comprehensive analysis of the financial results of the organization's activities.
The turnover of working capital is due to the physical transition of assets from one state to another. Based on the formula "Money - Product - Production - Product" - Money "", a meter reflecting the number of assets involved in one turn, the amount of raw materials, which is simultaneously used in a narrow place of production of any group (species) of products. Then, using the budget execution report data, which reflects not only financial, but also non-financial indicators, you can calculate the management coefficient of turning (K'OB):
, (3)
where: Q0 is a scheduled number of sales;
Q1 - the actual number of sales;
- the planned amount of the cost of raw materials (in quantitative terms), the main materials attributable to this product group;
ZZAGR - regulatory costs of raw materials in quantitative expression with full loading of a bottleneck (production stage or section characterized by insufficient or minimum amount of production capacity).
This indicator is advisable to calculate for each type (group) of products.
The expression 1 characterizes the regulatory amount of raw materials and basic materials entering the actual volume of production and implementation. It is easy to note that in the above calculation of turning, revenue values \u200b\u200bare identified according to the principle of revenue recognition (or proceeds on the fact of shipment) and revenue on the fact of payment. This indicator characterizes the speed of passing through the processes of production and storage of finished products in stock. To calculate the number of full cycles (until the moment of payment), the managerial coefficient of turnover K'OB must be adjusted to the ratio of revenue on the fact of payment and revenue on the fact of shipment.
(4)
where: K''ob - the management coefficient of turnover turnover before the receipt of money on the enterprise;
Nope - revenue by payment;
NOTGR - shipping proceeds.
The proposed method for calculating the turnover allows you to estimate the turnover of each type (group) of products.
At the same time, under the full load of a bottleneck, the work of not all the capacities available in this place occurrence, but only the parts that are used directly for the production of the type of product under consideration.
Substituting the values \u200b\u200bof K'OB and K'OB in a formula for calculating the average duration of one turn in days (ext), you can obtain the average turning time for turnover when determining revenue on the principle of revenue recognition d'ob and the average duration of turnover for turnover when determining revenue in fact Cash receipts on the enterprise d''ob
The sum of the released (additionally attracted) working capital (rub.) It is proposed to count on the formula:
The dissertation is concluded that, for calculating the amount of released (additionally attracted) working capital, an indicator of D'Or must be used, since receivables are part of working capital. In the case when d'ob1< Д’об0, для расчета высвобожденных средств должен использоваться показатель «выручка». Если же Д’об1 > D'Ob0, then for the calculation of the funds additionally attracted to the turn, the indicator "variables" should be used, since they will increase with increasing the duration of the production and commercial cycle. Permanent costs will remain unchanged for the period.
An important advantage of the proposed method for calculating the turnover is that it allows you to determine what part of the company's revenue received by the acceleration of turnover, which is due to the price change. Similarly, the change in the amount of direct costs may be caused by a change in the number of revolutions, a change in prices for consumed raw materials or rates for labor, as well as savings (overrun) of raw materials or an increase (decrease) of the operation time of the main production workers.
Deviation in revenue due to acceleration of turnover can be calculated by the formula (rub.):
, (6)
where: - change of revenue due to changes in the speed of revolutions;
- management coefficient of turnover of the reporting period (by payment);
- Management coefficient of turnover of the basic (previous) period (by payment);
- revenue from sales of the basic (previous) period (by payment);
- the number of products sold products sold (by payment);
- The amount of products obtained with the full load of a bottleneck for one production cycle.
Deviation of direct costs (the cost of raw materials or the amount of accrued wages) is proposed to count on the formula (rub.):
, (7)
where: - change in direct costs due to changes in the speed of revolutions, rubles;
- management coefficient of turnover of the reporting period (by shipment);
- the management coefficient of turnover of the basic (previous) period (by shipment);
- the cost of raw materials (labor costs) of the basic (previous) period for realized products (by shipment), RUB;
- the scope of the products sold products sold (by shipment) in a natural dimension;
- Product volume made with full loading of a bottleneck for one production cycle in a natural dimension.
Knowing the duration of the production and commercial cycle, it is possible to calculate the duration of its stages: production, storage of finished products before selling and receivables before payment of finished products by buyers. In this case, in practice, these indicators are more convenient to calculate in chronological, but in reverse order.
The duration of the receivables of receivables can be determined by comparing the duration of revolutions before shipment of the products to the buyer (d'ob) and until the buyer shipped products (D) shipped to it. Accordingly, the duration of finding working capital in the state of receivables (in days) is the difference between these indicators.
DDZ \u003d D "ON - D'OB, (8)
where DDZ is the duration of being working capital in a state of receivables.
The duration of the period of finding finished products in a warehouse can be calculated using the data of warehouse accounting cards: the time of arrival of products to the warehouse, as well as the time of disposal from the warehouse. Consequently, the duration of finding working capital in the form of stocks of finished products (in days) can be calculated on the average harmonic:
(9)
where - the average duration of finding working capital in the form of stocks of finished products;
DGPI - Duration of finding in the warehouse of each type of finished products;
Vi - the number of finished products of the corresponding form (group) in physical terms, located in a warehouse in a natural dimension;
n is the number of parties "past" through the warehouse during the analyzed period.
Knowing the duration of the period of spending working capital in the form of stocks of finished products and receivables, as well as the total duration of the production and commercial cycle, one can calculate the duration of the cost of working capital in the field of production (DPR). This indicator can be calculated as the difference between the length of the production cycle and the length of the cost of working capital in the form of stocks of finished products and receivables (in days):
DPR \u003d D "ON - DDZ - DGP, (10)
As the study showed, the managerial turnover coefficient, calculated through the costs of raw materials, as a rule, exceeds the turnover coefficient calculated by the traditional way. In the thesis, the causes of such discrepancies were disclosed: in practice, in the course of the implementation of the production and commercial cycle, the company carries a number of costs, directly with it not related, for example, management costs that are not advantaged into a circuit, but are compensated by the revenue received, recognizing the periods of the period. However, as a rule, in accounting, these expenses are attributed to the cost of finished products and the remains of unfinished production, thereby increasing the amount of working capital participating in the calculation of the turnover ratio and reducing its value.
The methodological approaches proposed in thesis make it possible to exclude the influence of factors distorting the calculations of the turnover of working capital at all stages of the production and commercial cycle, as well as determine the turnover of each product group, which is of particular importance when carrying out a comparative analysis of the turnover of various types of products.
EVA indicator capabilities to analyze the efficiency of working capital
When analyzing the efficiency of the enterprise in recent years in foreign and Russian practice, increasing attention is paid to the Economic Value Added Indicator - EVA (Economic Value Added).
Economic added value is a net profit of the enterprise, reduced by the amount of fee for the entire capital, invested in the organization. It is assumed that the enterprise should be not only income in principle, but also to make a profit, the maximum possible of alternative options. This explains the fact that when calculating EVA from the amount of profit, the fee for the use of not only borrowed funds, but also its own capital is deducted. In modern literature, EVA is calculated as an indicator of evaluating the effectiveness of the entire capital of enterprises (non-current and current assets). The dissertation proposed to calculate this indicator and to assess the efficiency of the use of working capital.
To make such a calculation, first of all it is necessary to exclude the impact on the profit of investments in non-current capital. For this, in the thesis, it was proposed to use in the calculations not profit from ordinary activities, and profit before the recognition of interest, taxes and depreciation (EBITDA). Next, it is necessary to determine the amount of capital attached to the revival means of the enterprise.
Subsequent analysis involves a number of assumptions:
- own capital is primarily used to create non-current assets, working capital are formed due to its remaining part;
- long-term loans are fully spent on the purchase of non-current assets. In practice, a situation is possible when, by attracting long-term loans, the company will finance investments into current assets, but it is rare enough.
Then the following ratio is true:
Own capital minus deviations in the cost of property
long term duties
Fixed assets
If the amount of non-current assets exceeds the amount of long-term liabilities, this means that working capital was financed by short-term obligations and part of their own capital. If the amount of non-current assets less than the amount of long-term liabilities, this means that part of these obligations is the source of financing of current assets and is not aimed at the formation of non-current assets of the enterprise.
Knowing the structure of capital aimed at the formation of working capital, it is possible to calculate its price. The dissertation provides for the use of the weighted average capital price (WACC), which can be calculated as follows:
Wacc \u003d Ci * di (11)
where: CI - the price of the source, taking into account the tax effect,%.
Di is the proportion of the source in the total amount of liabilities aimed at forming working capital.
Then the EVA indicator for working capital can be calculated by the formula:
EVA \u003d EBITDA - WACC * TC, (12)
where: TC (TURN CAPITAL) - the amount of working capital of the enterprise.
Depending on the obtained EVA values, the following conclusions can be made:
- EVA \u003d 0. The owner of the enterprise equally wins, continuing operations in the selected direction or investing bank deposits. The decision to develop selected areas should be made on the basis of marketing tasks (maintaining market share or care, maintaining the image and mission of the enterprise), as well as the risk of activity;
- EVA\u003e 0. The investment of working capital in the selected activity is effective, the market value of the enterprise increases, this direction should be developed;
- EVA.< 0. Рыночная стоимость предприятия уменьшается. Вложенный в оборотные средства капитал уменьшается за счет потери альтернативной доходности.
Thus, the EVA indicator complements the active toolkit of the profit analysis methodology obtained as a result of the management of working facilities, by using not only relative values \u200b\u200b(profitability), but also absolute.
LISTPublications
- Toyker D.V. Analysis of the efficiency of working capital with EVA // Herald of the University (State University of Management). - 2009. - №15 - 0.2 p.
- Toyker D.V. New view on turnover // Economist. - 2007. -№5 -0.3 P.L.
Monographs
- Modern trends in the development of accounting and economic analysis: Theory and Practice: Monograph / Ed. MA Vakhrushina. - M.: Publishing and trading corporation Dashkov and Co., 2009. - 0.5 P.L.
Other publications
- Toyker D.V. How to calculate the need for working capital // Management accounting and finance. - 2008. - №3 (15) - 0.5 pl.
- Demchenko O.A., Toyker D.V. What the budgets are eating // Boss. - 2006. - №4 -0.2 P.L.
- Toyker D.V. Liquidity Analysis: Management Aspect // Management Accounting and Finance. - 2006. - №1 (05) - 0.3 p.
- Toyker D.V. Analysis of the formation of material and industrial stocks. // Modern problems of the organization's methodology of accounting, economic analysis and audit. Materials of the Scientific and Practical Conference of the All-Russian Abovation of the Financial and Economic Institute (November 28-29, 2002). In 2 h I / ed. Prof. L.T. Gilyarovskaya - M. Modern Economics and Law, 2003. -0.1 P.L.
- Plaskova N.S., Toyker D.V. Accounting as an informational base of financial analysis. // Financial newspaper. Regional release. - 2002. - №35 (408) - 0.3 p.
For the rights of the manuscript of Mulkijanyan Violetta Sergeyevna, making the process of management of working capital of the industrial enterprise: organizational and methodical aspect Specialty 08.00.05 - Economics and management of the national economy: Economics, organization and management of enterprises, industries, complexes (industry) dissertation author's abstract on competition of a scientific degree of a candidate of economic Sciences Rostov-on-Don - 2011 Thesis was implemented at the Department of Management of the Technological Institute of the Southern Federal University in Tanganrog Scientific Director: Candidate of Economic Sciences, Associate Professor of Tatarova Anna Vladimirovna Official opponents: Doctor of Economic Sciences, Professor Mikhail Mikhailovich Candidate of Economics, Associate Professor Gryshchenko Olga Vladimirovna Leading organization: South Russian State University of Economics and Service Protection of the thesis will be held "March 29" March 2011 at 15:00 at a meeting of the Joint Dissertation Council DM 212.208.2 8 Economic Sciences at FGOUOU VPO "Southern Federal University" at the address: Rostov-on-Don, ul. M. Gorky, 88, Aud.118. The dissertation can be found in the Zonal Scientific Library of the Southern Federal University at the address: Rostov-on-Don, ul. Pushkinskaya, 148. The abstract displaced "February 26" 2011. Reviews on the author's abstract in two copies, signed and certified by the seal, please send at: 347928, Taganrog, GSP 17A, per. Nekrasovsky, 44, United Dissertation Council DM 212.208.28, Scientist Secretary. Scientific Secretary of the Dissertation Council K.E.N., Associate Professor M.A. Masych 2 General characteristics of work The relevance of the topic of research. The diversity of economic activities of industrial enterprises led to the need to apply new approaches to management based on the synthesis of achievements of modern theory of management and experience of its practical application. The final result of industrial enterprises is always reduced to profit and increase profitability. This is not possible without improving the process of managing 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 working capital contributes to maintaining their necessary level of liquidity and enterprise as a whole. The main tendencies of reducing the efficiency of industrial enterprises are in the irrational use of their working capital, which, ensuring the continuity of the production process, largely determine its effectiveness. In modern economic conditions, increasing crisis phenomena in the global economy are new tasks, require the development of organizational matters to determine the necessary volume and effective systemic structure and elements of program-target revitalization of funds, to apply the problem of management of this type of resource, which as a result improves the management process working capital in industry. Currently, the methodology for analyzing the state of working capital does not have the resulting conclusions on the main reasons for the deterioration of the recommended states of the areas of the industrial rationalization; enterprises and coherence of the program of management of working capital with tactical goals and objectives of the industrial enterprise; organization of the system of monitoring the condition and efficiency of working capital; Often the calculation of the coefficients is "statistical" character, which leads to the lack of reasonable management decisions in this area and requires the application of systemic and program-target approaches, as well as the development of decision-making methodology for improving the use of working capital of industrial enterprise and organizational activities. Thus, theoretical and relevance, insufficient organizational and methodological proceedings of aspects, the lack of informed management decisions corresponding to modern economic conditions have led to the need to improve the process of management of working capital, and the practical need for this kind of research has determined the choice of the topic of the thesis, its goals and objectives. The degree of development of the methodological basics of the problem. Improving the theoretical efficacy and activities of industrial enterprises are devoted to the works of domestic and foreign scientists in the art, namely: O. Andryzhenko, A. Birman, A. Gavrilova, Pleiner, M. Glazow, B. Coloss, T. Dolglytaya, M. Malygin, I. Evseeva, L. Matveva, A. Ilina, A. Nikitayeva, G. Schmanalen. Studies of management of instruments, methods of theoretical and methodological and character mechanisms and the problems of the essential presentation of the management process are presented in the works of V. Arkhipovenko, A. Bagurin, A. Bachurin, L. Zlobina, Yu. Kolesnikova, I. Lysakova, S. Myers, A. Misterukova, I. Nikitin, Yu. Pavlyuchuk, E. Rumyantseva, S. Sukhova. In matters of management and rational use of working capital, linking them with the production activities of enterprises The results of research O. Kachanova, V. Kovaleva, D. Komarova, O. Efimova, M. Zaitseva, I. Lisitsian, M. Litvin, V. Meshalkina, V. Faskevsky, E. Halfert and a number of other researchers. Issues of studying the decision-making process in the field of working capital management The effectiveness of their and economic factors affecting the use, such domestic and foreign scientists, as I. Abdukarimov, M. Bakanov, I. Balabanov, I. Blank, V. Bocharov, V. Goncharov, M. Gordonov, 4 L. Davydova, V. Devsky, S. Kryukov, V. Kovaleva, V. Lapshina, N. Naumova, B. Rapoport, E. Streltsova, F. Fabbie. Describing the state of studying the problem of management and utilization of working capital in industrial enterprises, it should be noted that the analysis of modern monographic and periodic literature allows us to conclude the insufficient theoretical and practical development of issues in the field that in the future could lead to maximizing returns advanced to working capital financial resources and to increase the efficiency of the industrial enterprise as a whole. The complexity and multifaceted management system require the development of organizational matters to improve the process of working capital management, the use of systemic and program-target approaches to the management and use of working capital. The purpose and objectives of dissertation research. The goal of the dissertation study is to be based on the analysis of the specifics of industrial enterprises, entities, features, methods for forming and using their working capital to develop organizational and methodological support for improving the process of managing this type of resource at the enterprises of the industrial industry in the short term. The realization of the goal required to solve the following tasks: - to analyze the functioning and features of the process of the process of Russian organizations, industrial enterprises in modern conditions, as well as existing approaches to the management of the most important element of their resource provision - working capital - to identify the role of working capital management in improving the efficiency of industrial activities enterprises in the short term; - to 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 the principles of program-targeted management of these means and constructing an appropriate program based on a system of 5 tactical objectives and objectives of an industrial enterprise for a comprehensive solution to the problem of improving the effectiveness of its operation; - to develop a method for diagnosing the nature of the left-sided and right-sided risks of industrial enterprises for adopting informed decisions to determine the required volume of structural components of working capital, as well as to select the model of ensuring the need for them; - develop a decision-making methodology for improving the efficiency of working capital of industrial enterprises to substantiate the volume of working capital and model of ensuring the need for them; - Suggest a set of guidelines, including an organizational nature, to improve the management of industrial enterprises in the short-term period through the application of the developed decision-making methodology for improving the efficiency of working capital industrial enterprises. Object and subject of research. The object of research is industrial enterprises in modern conditions of the Russian economy. The subject of research is the processes of management of industrial enterprises, approaches, models and methods for making decisions to improve the efficiency of industrial enterprises in the short-term period based on the rational use of working capital. The work was carried out in 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): Claim 1.1.13. Tools and methods of management of industrial enterprises, industries, complexes; p. 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 study is based on the nomination of the provision that in modern conditions the existing system of working capital management at industrial enterprises leads to a decrease in the effectiveness of their operational 6 activities. Existing approaches to the management of this process need to revise and improve the organizational and methodological support in the aspect of the analysis of the state of working capital of the industrial enterprise, the formation of a methodology for supporting the adoption of effective management decisions and developing a program of management of them on the basis of regulating their volume and proportions of structural components. Thus, improving the quality of management of working capital of industrial enterprises requires the development of a methodology for improving the efficiency of organizational nature, use that will allow both the complex to improve the measures of the main economic indicators of the industrial enterprise in the short term; To form effective management solutions based on the assessment, the analysis of the state of individual elements of working capital, as well as on the trend of changing the tactical objectives and objectives of the industrial enterprise, the external environment in modern conditions for the 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 efficient use and organization of working capital; management of industrial enterprises under the conditions of exposure to the variety of external and internal factors on their operation; The specifics of the formation and transformation of working capital of industrial enterprises. Particular attention is paid to the study of publications and developments, in which issues disclosing the content of the process of working capital management in enterprises and considering the relationship of their structural elements. Information and empirical materials of periodic accounting legislative accounting by acts The basis of the study of publications, annual enterprises and reports and industry regulatory documents is represented by the primary Tanganrog, the Russian Federation, descriptions of research results on the problems of organizing and improving the process of working capital management at industrial enterprises in the short term and adoption Decisions, 7 contained in publications of Russian and foreign scientists, as well as Internet resources and their own author's studies of the dissertation. The instrumental and methodological apparatus of the work is general scientific and economic methods. To achieve the goal and solved tasks assigned to the dissertation study, systemic and software-target approaches were used, various methods of system analysis: logical, comparative, structural, statistical and expert analysis methods. The main provisions of the dissertation submitted on the defense: 1. In modern conditions, the basis of the successful functioning of industrial enterprises is the orientation for short-term objectives, due to the high level of instability of the external and internal environment, which requires the use of systemic and program-target approaches to working capital management, with a view to their effective organization and rational use in the interests of stable support for the production process and increase the level of profitability of sales, as well as the operation of the operating cycle, which allows the stages of adopting informed management decisions in the formation of the volume of working capital, their structural components and regulating the duration of the steps of the circuit (stocks - production - Finished products - the sale of products) of working capital, depending on the specifics of the industrial enterprise. 2. The system of criteria for evaluating the target state of working capital, including the volume of working capital, the volume of their structural components and the ratio of sources of coating the need for working capital; Principles Orientation of software-targeted finite control Result revolving through means: Planning the control object, the principle of continuity, which allows you to develop a working capital management program and thereby improve the process of management of their management at an industrial enterprise in accordance with the system of tactical goals and enterprise tasks, as well as ensure the achievement of a given level of efficiency in the short-term period. 8 3. Method for the diagnosis of right-sided risk operational indicators, the cycle of the nature of the consisting industrial liquidity and implies the detection of left-sided in comparison of the enterprise, profitability and stages affecting assets that the current weaknesses and zones of probable losses in the enterprise under study and allows you to evaluate the effectiveness of the selected need for the need for Curvas, as well as regulate the current activities of the enterprise. 4. Methods of using the decision-making of working capital to improve the efficiency of industrial enterprises, including the diagnosis of enterprises; Formation of a system of indicators of estimating the target state of working capital based on the criteria for their management of options for effective recycled achievements of use; means; goals, developing the formation of the conditioned programs of alternative previously identified problems; Building a forecast script application of the selected model for ensuring the need for working capital; development of management decisions to improve the efficiency of the working capital of industrial enterprises; Control over the execution of developed solutions - all this in the aggregate made it possible to increase the effectiveness of the operating activities of industrial enterprises. 5. Methodological and practical recommendations for the formation and improvement of the management system in the industry on the basis of the proposed methodology for improving the efficiency of working capital of industrial enterprises include: the formation of a complex of software tasks in accordance with the tactical objectives of the enterprise; identifying a variety of alternative options for achieving goals; Determining the volume of working capital and their structural components necessary for the practical implementation of software problems, as well as the development of an organizational activity, which in aggregate made it possible to formulate rules for making management 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 study is determined by the author's contribution to the improvement and development of the existing tools for the management of working capital of industrial enterprises in the aspect of organizational and methodological support. The main positions of work that characterize the scientific novelty include the following: 1. The need to apply a systemic 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 selected method of covering the need for working capital on the process of forming the required volume of their structural components and does not allow to achieve the specified level of performance Enterprises in the short term, compliance with the policy of working capital management to the tactical goals and objectives of the enterprise, the content of decision-making stages in the management of working capital, which will determine the ways to improve the management of industrial enterprises. 2. The program-target approach to the management of working capital of industrial efficiency of enterprises, functioning, with the aim of an integrated increase in their existing approaches to a comprehensive solution to the problems of effective management of enterprises through the rational use of working capital by developing a program and goals aimed at fulfilling its implementation; The consistency of the program problems of working capital controls with the tactical objectives of the enterprise, as well as methods of their implementation, allowing to improve the process of managing working capital by regulating the volume of their structural components and determining the method of advances in working capital in the activities of the enterprise. 3. A method for diagnosing enterprises, differing from the existing states of industrial determination of the nature of left-sided and right-sided risks, based on comparison of the liquidity and profitability indicators of the enterprise due to the 10 structure of its operational cycle, which has allowed not only to eliminate the causes of risks, but also to make reasonable Management solutions aimed at reducing total costs. 4. The methodology for making decisions to improve the efficiency of the use of working capital of industrial enterprises in a short term, differing from the traditional coherence of program problems of working capital controls with the tactical objectives of the enterprise, using the method of diagnosing the state of the enterprise, the pattern of choosing a model for ensuring the need for revolving agents, invariating this technique, As a result, it allowed to ensure an increase in the efficiency of the enterprise. five. The complexity has been proposed a set of recommendations, which differs in the effectiveness of the functioning of industrial enterprises in the short term, based on the identification of the nature of risks and determine the liquidity loss zone and / or efficiency, the sequence of functioning of enterprise models, to ensure the need for working capital and the formation of the effective amount of their structural components, And also developed measures for organizational transformation of character, in particular a linear-functional organizational management structure in the structure of the project type, in order to improve the process of managing the working capital of an industrial enterprise. The theoretical and practical significance of the study is determined by its relevance, scientific noveliness and lies in the possibility of applying a developed organizational and methodological support for improving the process of working capital management in the activities of industrial enterprises, which allows to ensure the effectiveness of the use of funds advanced to current assets based on the determination of the necessary amount of current assets and effective proportions of their structural components, by selecting the relevant structure of sources of coverage of the need for working capital and methods for the distribution of these sources into the revival means of the enterprise. This approach allows you to improve the practice of working capital management at the enterprises of this sector. An important scientific 11 problem, on the solution of which a study is directed, is of particular importance for the stable activities of industrial enterprises in the context of the modern economy. The results of the conducted research can be used in the educational process during seminar and lecture classes on the disciplines "Analysis of economic activity", "Financial Management", "Financial Analysis", "Economics of Enterprises" and others. A number of provisions of work are implemented in the practical activity of the enterprise of JSC " Taganrog ship repair plant ", which is confirmed by the relevant documents on the implementation. Publications. The main content of the thesis and the results of the study are set out in 14 published scientific papers with a total volume of 4 pp, including 4 articles in scientific journals recommended by VAC to publish the main results of the dissertation for the degree of candidate of economic sciences. Approbation of research results. The main results of the study are set out in open publications, reported on paper-acting conferences in GG. Rostov-on-Don, Taganrog, St. Petersburg, where they received a positive assessment. The structure and scope of dissertation work consistently disclose its purpose of the problem, consists of introducing, three chapters, conclusion, bibliographic list. The main results of the study in the introduction is justified the relevance of the topic of the dissertation research, it is characterized by the degree of study of the developed issues, the goals and objectives, theoretical and practical significance are determined, the provisions and conclusions containing elements of scientific novelty are determined, and the main provisions submitted to protection are identified. 1. It has been established that increasing the efficiency of industrial enterprises in the short term is largely determined by the policy of effective management of working capital oriented to the reduction of the production and financial costs of the enterprise, which allows to ensure the expansion of production and achieve the high competitiveness of the enterprise in new market conditions; Maximize the value of the business, ensuring the optimal duration of the 12 operating cycle; Increase the efficiency of industrial enterprises. The search for internal reserves, as the basis for improving the efficiency of the industrial enterprise, should be based on improving the organization and management of working capital, which are the most important link of the production process, which will determine the possibility of their effective use. In this regard, in Figure 1 reflects the main aspects of decision-making when managing the working capital of an industrial enterprise. Tactical objectives and objectives of the industrial enterprise Choice of working capital management policies at an industrial enterprise Aggressive management policy Conservative policy management tools for effective management of working capital of an industrial enterprise based on the chosen policy compromise policy of the management of the current Credi. back - increase in the share of denzhan. Funds - reducing the level of non-rig. Act. - Enlarge the share of the props. Funds - Singing SSOCU. Costs - Reducing the level of the flow rate. back - Optimization of the ur-nya mat-pr. Zap. -Sour. Ur-nya low-fiber. about. cf. - Preventing the accumulation of excessive current assets and short-term liabilities - Maximization of the full cost of the enterprise Evaluation and selection of tools for effective management of working capital at an industrial enterprise Results when using aggressive policies: increasing the level of solvency of the industrial enterprise Results using conservative policies: increasing the profitability of the industrial enterprise Using a compromise policy: preservation of the balance between the risk of loss of solvency and profitability of the enterprise. Decisions when managing the wickers of the industrial enterprise Figure 1- The main aspects of decision-making when managing the working capital of the industrial enterprise developed by the author on the research materials. 13 The dissertation study determines that in the short term, working capital is determined by maximizing the level of profit and profitability of the enterprise, the leveling of risks in the requirements of the need for working capital, as well as the effectiveness of the sources of their coverage, which will improve the process of management of working capital and improve the operation of functioning The activities of the enterprise as a whole. 2. It was revealed that the management of working capital is interpreted as controlling its individual components and sources of formation, and as a result reduces the quality of the decisions adopted negatively affecting the activities of an industrial enterprise as a whole, and also determines the need to apply a systematic approach to the management of industrial enterprises and The process of working capital controls based on the identification of relationships between the components of working capital and the effects of their use on the effectiveness of managing these means. In the context of the translation of the economy, the innovative path of development is the key role of industrial enterprises in the introduction of advanced working methods, as well as improving the value of the systemism in managing the current activities of the modern enterprise as the most important factor in improving production efficiency. Effective management of the current activities of enterprises of this sector comes down to the fact that the activity of any part of the system affects the activities of all other parts. Thus, it is necessary to apply the system approach to this phenomenon. The author is based on two assumptions: - the management system of industrial enterprises is based on regulating the elements of working capital in accordance with the specifics of their properties and links between them, determined by the short-term goals and objectives; - Everyone without exception, objects are inherent in movement, change and processes, because outside the system processes do not exist. Thus, in the process method of describing the management system of the current activities of enterprises, the main element of this system is the process in which resource flows are converted. In this case, 14 revolving facilities of the enterprise are a specific resource flow. The process of developing solutions when managing and using working capital of industrial enterprises is considered in binding to the tactical goals and objectives of the enterprise, which reflects the sequence of intermediate purposes or solutions and is selected from a variety of alternatives according to any criterion. This means that there is a process, a change, there is a decomposition on subsystems and there are system connections between these subsystems. Efficient and rational use of working capital determines the desired period of time between the acquisition of reserves and the production of cash from the sale of products, characterizes the effectiveness of the management of the operating cycle of the enterprise, which is due to the constant transformation of individual elements of working capital in the process of industrial enterprises. Thus, the management of them must be considered as a system phenomenon (Figure 2). References Financial investments outside the enterprise in N E W N I S R E D A receivables Tax and other mandatory payments Credits banks Financial investments Including Industrial enterprise Credit debt Own den. Funds for advancement in production Money revenue from sales Material-proceeding stocks of finished products Incomplete production Production sphere Figure 2 - Circuit of the elements of working capital of an industrial enterprise Developed by the author on the research materials. 15 The systematic approach to the management of working capital is to regulate the elements of working capital in accordance with the specifics of their properties and connections between them and differs from existing in that it takes into account the binding to the tactical goals and the tasks of the enterprise in the process of developing informed decisions in the management and use of revolving Funds that reflect the sequence of intermediate purposes or solutions and is selected from a variety of alternatives according to any criterion. 3. Improving the process of managing the working capital of an industrial enterprise involves the formation of consecutive stages of decision-making and the use of working capital focused on achieving their target volume and the effective values \u200b\u200bof the structural components by regulating the duration of the surgery of the operational cycle. It has been established that the growth of labor productivity, national income in that part of its part, which is consumed, depends on how effectively the working capital of the industrial enterprise are used, what are their volume and the magnitude of the structural components. It is possible to break the closed circle by improving the entire management system that allows enterprises to carry out profitable activities and increase their resource base by adopting informed decisions to improve the efficiency of working capital. The decision-making stages in the management of working capital of an industrial enterprise based on a systematic approach are reflected 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 effectiveness of their use, the dependence of the effect of working capital elements is detected and the directions of management are determined solutions. At the second stage, the target volume and importance of structural components of working capital in their total amount and on certain types necessary for the smooth operation of the industrial enterprise, the 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 coating forming the working capital, which should be involved in view of their acceptable ratio on economically sound conditions. 16 The control system of working capital includes the following steps: 1 stage. Analysis of the existing scope. The means and their structural components of the 2 stage. Determination of the target volume of working capital and the effective amount of their structural components of material and production reserves Cash 3 stage. Ensuring efficient use of working capital 4 stage. Organization of the system of control over the condition and efficiency of resource use invested in working capital. Finished products Incorrect production Production Receivables (more than less than a year) Elements of working capital Activated in the activities of the company Figure 3 - Stages of decision-making when managing the working capital of an industrial enterprise based on System approach The third stage is aimed at ensuring the efficient use of working capital. For this, based on previously developed management decisions, a set of measures is formed to accelerate the turnover of working capital, increasing their profitability, ensuring solvency, liquidity and financial stability of the enterprise. The construction of effective monitoring systems at the fourth stage of decision-making is formed in the framework of the overall control system in the enterprise and involves a reduction in unnecessary volumes or replenishment of the lack of money and reserves, maneuvering receivables. Thus, within the framework of the systemic approach, based on such an analysis, it is concluded that the effectiveness of working capital uses, as well as the interdependence of the elements of working capital is revealed and the directions of management decisions are determined to improve the management process of this type of resource. Competent management of this process is of fundamental importance for the results of the current activities of the industrial enterprise and the economy of the region as a whole. 4. It has been established that to ensure the effective activity of industrial enterprises, it is necessary to apply a program-targeted approach to the process of working capital management, since this approach embodies the extensive methodology for solving a variety of problems, The drawing is compiled by the author on the research materials. 17 emerging in various fields of enterprises activities, and is aimed at solving complex issues by developing a system of software measures aimed at the achievement of which ensures that the problems arising. The program-target management of working capital of an industrial enterprise based on a systematic approach implies 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 fulfilling it. In the process of mutual reconciliation of goals, program activities and resource needs, not only their mutual fit is carried out, but also a variant analysis of ways to solve the problem and species used for this resources. It is these features of the program-target approach that his choice is explained to solve problems in 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 consistently performed tasks, combined a single goal, aimed at improving the process of controlling working capital in the conditions of the specified restrictions. The working capital management program Tactical objectives and objectives of an industrial enterprise Many actions The results of achieving tactical purposes and solve problems of ways to achieve program objectives when controlling the evolution. Means for implementing the means necessary for the practical implementation of ways to achieve software targets in control of working capital Figure 4 - Logic scheme of software target management by working capital of industrial enterprise The Process of Control Management Program Performing the following actions: means aimed at compiled by the author of: Godzinsky AM . Program and target approach to overcoming the crisis in the Russian Federation / Electronic page on the Internet / www.sbcinfo.ru @ 2007. 18 - the formation of the necessary need for working capital: determination of their target volume and the values \u200b\u200bof structural components; - ensuring the specified level of ratio of sources of coating the need for working capital; - The effective relationship between the structural elements of working capital is sufficient to ensure the long-term production and effective financial activities of the industrial enterprise. Thus, the management of working capital of industrial enterprises, carried out in accordance with the principles of programmate management (orientation for the final result, through planning the object of management, the principle of continuity), is able to become the leading direction of improving the process of management of working capital, as well as reforming industrial production as a whole. The development and implementation of software target management is an effective way to solve topical problems that require resource concentration, concentration of impacts, target orientation of funds used and consistency. The reasonable use of means of achieving goals will ensure the invariance of solving the tasks and will increase the efficiency of the use of working capital of industrial enterprises under conditions of changes in the external environment. 5. The method of diagnosing the nature of the left-sided and right-sided risks of the activities of an industrial enterprise is proposed and substantiated for the adoption of reasonable decisions to determine the need for working capital in managing an enterprise aimed at determining the type of need for the need for need for working capital, in order to improve the efficiency of their use, which will improve the main Economic results of the enterprise. Analysis of the various risks arising from the management of industrial enterprises has made it possible to highlight the risks associated with the management of working capital. Search for ways to achieve a compromise between profit, the risk of liquidity loss and the state of working capital and sources of their coverage involves the definition of 19 right-sided and left-sided management of working capital. The risks arising in the process in accordance with this are highlighted phenomena, potentially carrying left-sided and right-hand risks, which are reflected in Table 1. Table 1 - phenomena carrying right-sided and left-sided risks of left-sided risk (asset) Liquidity -Construction of low-liquid assets, unreasonable Rising DZ and a reduction in working capital, lack of funds Right-sided risk (passive) Profitability Liquidity - Enlargement of unused working capital, lack of production reserves, unreasonable growth of DZ -naoptimal combination of long-term and short-term borrowed funds; high level of KZ profitability - High proportion of long-term borrowed funds; The unreasonable growth of the KZ diagnosis of left-sided and right-sided risks is to choose a model for ensuring the need for working capital, which implies the identification of weaknesses and zones of probable losses in the enterprise under study. This made it possible to track the dynamics of a change in selected policy regarding the sources of working capital and regulate the current activities of the industrial enterprise (Figure 5). Evaluation of the existing model of ensuring the need for working capital Evaluation of liquidity Evaluation of profitability Choosing a model of ensuring the need for working capital to identify the nature of risk in an existing model of ensuring the need for working capital based on the liquidity and profitability indicators of the enterprise Determination of the nature of the risk and the point of its occurrence (right-hand, left-sided) drawing 5 - Diagnosing the nature of the left-sided and right-sided risks of the activities of an industrial enterprise as an element of selecting a need for a need for working in working capital Table Compiled by the author on the research materials Figure compiled by the author of: Kovalev V.V. Financial Analysis: Resource Management. Choosing an investment. Reporting analysis. - 2nd ed., Pererab. and add. - M.: Finance and Statistics, 2009. - 512 p. 20 risk can be controlled, that is, using various measures to predict a risk event to a certain extent and take measures to reduce the degree of risk. In this case, the choice of model of the need for need for working capital is the measure that allows you to level, and also partially eliminate the revealed risks. Over the framework of existing models, the question remained an open question of what criteria should be guided by the choice of a need for working in working capital, there are no rules for coordinating the policy of working capital management with the tactical objectives and objectives of the enterprise, as well as a mechanism for assessing their compliance. Table 2 shows the risks characteristic of every model of providing need for working capital, as well as criteria that need to be guided by selecting a particular model. Models of need for the need for about. Ideal model Aggressive model Conservative model Compromise model Table 2 - Types of risks at various models of need for working in working capital Left-sided risk Assembly Liquidity Profitability Low Possible Reasons: Risk of liquidity loss due to lack of money for repayment of short-term. Board-in → Possible failure to fulfill the loss-in low possible reasons: the risk of profitability due to an increase in total costs → Loss will complement. Most possible reasons arrived: the risk of liquidity loss due to the accumulation of the short-term. Community-in → Reducing the share of high-liquid assets Low possible reasons: Risk of profitability due Due to den. cf. → → OR interrupt. The process and loss of profits are low possible reasons: the risk of loss of liquidity due to the lack of den. Requests for repayment of short-term obligations-in → Possible failure to fulfill the loss loss, high probability of risk of profitability of profitability is very small, the high probability of risk of profitability of profitability is very small. Possible causes: Risk loss of ren- low possible reasons: The risk of liquidity loss is For the accumulation. short-term. Boom-in peak and seasonal per beds → not fulfill. The loss-in high high high high high loss loss risk is high. High high low table due to accumulation. excess assets, because Maud. covers the whole need in about. cf. → led. . And Mater. Tall is not high. There is no risk of profitability in this model. All risks are balanced, but sometimes a decrease in profitability may be observed due to the accumulation of excessive assets right-sided risk of liabilities. Liquidity profitability. The table is compiled by the author on the research materials. 21 may be observed. liquidity due to accumulation of excess. short-term. Passives Thus, the process of controlling the working facilities of an industrial enterprise can be represented as follows (Figure 6). The minimum part of the working capital (system) is a variable part of working capital. Improving the process of managing the working capital of an industrial enterprise. Determination of the target volume of OB. Factors affecting the volume of evolution. funds: - the need for resources; - available sources of resource providing; - Processability production. resources; -sppt enterprise; -conditions of the operational cycle; - Industry about. CP-in the choice of the need for the need for the need for evidence. Means based on the identification of risks from the enterprise The ideal conservative compromise aggressive diagnosis of the nature of the right-hand and left-sided risks of the enterprise Determination of the effective values \u200b\u200bof the components of working capital The factors affecting the structure of revolving medias: - specificity of stock formation, DZ, funds; - turnover of elements of the evolution. funds; -solvency; -Colidness of resources; -Realgery of the operating cycle Figure 6 - the process of controlling the working capital of the enterprise studies have shown that the consistent change of models of ensuring the need for working capital with the opposite type of risk is different from the existing coherence of the working capital management policy with the tactical goals and the objectives of the enterprise, which made it possible to manage risks and determine Liquidity loss zone or functioning efficiency Any of the considered models of ensuring the need for working capital at certain stages of the functioning of an industrial enterprise gives various opportunities to exit the risk zone, while the main criteria that should be guided by their choice are the liquidity and profitability of the enterprise. 6. Developed in accordance with modern conditions, the methodology for making management decisions to improve the efficiency of the use of working capital of industrial enterprises by regulating their volume and the values \u200b\u200bof the structural components on the basis of a systematic approach and principles of program-targeted management (Figure 7), the implementation of which involves the formation of a complex of measures of organizational character. The drawing is compiled by the author on the materials of the study. 22 Adoption of management decisions is an important factor in the activities of any enterprise. Without the proper adoption of management decisions, the effective leadership is impossible to economic prosperity of the enterprise. Management efficiency depends on the integrated application of many factors, as well as on the procedure for decisions and their practical implementation. The formation of a decision-making methodology for improving the efficiency of working capital of industrial enterprises involves the development of a list of consistently performed stages: - analysis of the use of working capital in the operating process of the enterprise in the preceding period; - development of a program for the management of working capital of an industrial enterprise based on the principles of program-target management; - development of a method for diagnosing the nature of the risks of the industrial enterprise for adopting informed decisions to determine the need for working capital; - the choice and justification of the model of ensuring the need for working capital of an industrial enterprise; - the formation of a regulatory need for working capital (determination of the target volume and the formation of effective values \u200b\u200bof structural components of working capital) sufficient to conduct effective production and economic activities; - the formation of the stages of adopting informed decisions when managing working capital on the basis of the detection of weak points 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 is the invariance of the process of solving the problems of increasing the efficiency of the use of working capital of industrial enterprises, which is to formulate the decision-making rules, depending on the requirements of the external and internal environment, as well as from the tactical goals and objectives of the industrial enterprise. 23 Research Object: Industrial Enterprises; Object of management: Current means 1. Diagnostics of the state of the industrial enterprise PR O B L E M S 1.1. Low liquidity (deficiency of Den. CP-B): excessive reverse to budgets, personnel, suppliers (overdue arrears); 1.2. Low profitability about. funds, therefore, low profits from the enterprise-enterprise management of elements about. funds; PR and C and N s -Dostostok, surplus; -Neerly chosen industrial policy of the enterprise Methods of exposure: -Restructure of working capital; - Replacing the models of ensuring the need for evidence. Funds 2. Adoption of management decisions to improve the efficiency of the use of evolution. Industrial enterprises based on a system approach and software target control Feedback and target adjustment 2.1. The system is indicated. Estimates of the target state of enterprises based on the criteria for effective use of OB. Tools 2.3. Program of control of working capital (a combination of consistently performed tasks) 2.2.Therel management program. means before. Restrictions: Character of the problem, resources Decomposition of the Objective 2.5.1. The determination of Har-Ra risk (diagnostics of the right and left-board. Risks in the mod. Ensuring the need for funds based on display. Liquidity and profitability. PRED.) 2.5.2. Defense Used by the preliminary model of the need for the need for about. Tools in tech. per. No 2.5.3. Select the appropriate model for leveling or partial risk elimination if it is necessary goals achieved? Yes 2.5.5. Determination of the target volume of software. The means and values \u200b\u200bof their structural components, the effective ratio of sources of coverage of the need for working capital 2.6.4. The construction of a scenario forecast, taking into account the application of the developed recommendations 2.6.5. The result of the implementation of the recommendations of the Recommendations 2.5.4. Application of the coating model of the need for evaluctors. 2. Device the weak points and the causes of irrational management of working capital goals achieved? Yes 2.7. Development of management decisions to improve the efficiency of use of about. funds. Enterprises 2.6.3. Development of recommendations for improving the management policy of industrial prescriptive. 2.4. Formation of alternative options for achieving the goal due to previously identified problems (methods of logical extinguishing) 2.5. Selection model of the need for need for working capital (definition of the best option to achieve a target for specified criteria) 2. 6. Organization of constructing a projected scenario of applying a selected model of demand for working in working capital 2.6.1.Monitoring and evaluating the effectiveness of the developed program (analysis of the efficiency of resources involving the comparison of the calculated indicators with planned and regulatory) 3. Control over the execution of developed efficiency decisions The use of working capital of an industrial enterprise Figure 7 - Methods of making decisions to improve the efficiency of the use of working capital of industrial enterprise Figure is left by the author on the materials of the study. 24 The practical implementation of the proposed methodology involves the development of organizational measures, namely, the transformation of the linear functional organizational structure of the enterprise in the structure of the project type, in which leaders are responsible for the coordination of all activities and the use of working capital belonging to this project. To this end, all material and financial resources are transferred to their disposal. Project executives are also responsible for project planning and its implementation on all quantitative, high-quality and time indicators. As for the heads of functional units, they delegate some of their duties to the project manager, decide where and how one or another should be performed. The project team should consist of workers of the following departments: planned-economic, financial, marketing, supply and configuration, production and production, quality, management of technical preparation of production and accounting. In conclusion, the main conclusions, generalizations, suggestions and practical recommendations arising from the logic and research results are formulated. The following work was published on the topic of the dissertation research: articles in periodic scientific publications recommended by VAC: 1. Osipova V.S. Some approaches to managerial analysis of the state of working capital // Izvestia TRTR. Thematic release "Actual problems of the economy, management and law". - Taganrog: edvo TRTR, 2005. - №6. - p.63-67. - 0.3 p. 2. Osipova V.S. Some approaches to the management of working capital in the enterprise // Izvestia TRTR. Thematic release "System analysis in economics and management". - Taganrog: Publishing House of TRT, 2005. - №8. - p.171- 179. - 0.5 P.L. 3. Mulkidzhanyan V.S. On the issue of the essence and appointment of working capital // Izvestia TRTR. Thematic issue "Management in Economic Systems". - Taganrog: Publishing House TRT, 2006. - №10. - P.9397. - 0.2 p. 4. Mulkidzhanyan V.S. Organizational and methodological support for working capital management of an industrial enterprise // Bulletin Adygei State University. Series "Economics". - Maykop: Publishing House AGU, 2010. - Vol. 4 (71). - C.206 - 211. - 0.7 P.L. Articles in periodic scientific publications, materials of conferences and collections of scientific works of universities: 5. Osipova V.S. Capital Management // VII All-Russian Scientific Conference of Students and Graduate Students "Technical Cybernetics, 25 Radioelectronics and Management Systems". Abstracts reports. - Taganrog: Publishing House TRT, 2004. - p.471. - 0.05 pl. 6. Osipova V.S. The main criteria for assessing the target state of working capital of the enterprise // International collection of scientifically practical work "Actual problems of social work, economics, education and culture". - Rostov-on-Don: Russian State Social University Taganrog branch TF RGSU, 2005. - Number 3. - p.157-161. - 0.2 p. 7. Osipova V.S. Monetary flow control // International Scientific and Technical Conference "Intellectual Systems" (AIS'05) and "Intellectual CAPR" (CAD-2005). - M: Fizmatlit, 2005. - №2. - S.501-504. - 0.2 p. 8. Mulletjanyan V.S. Diagnostics of the left-sided and right-sided risk of enterprise activity as an element of the choice of a working capital financing model // VIII All-Russian Scientific Conference of Students and Graduate Students "Technical Cybernetics, Radioelectronics and Management Systems": Abstracts of reports. - Taganrog: Publishing House TRT, 2006. - p.431. - 0.1 p. 9. Mulletjanyan V.S. Cash flow management // International Scientific and Methodological Conference "Financial Management". - Penza: Society "Knowledge" of Russia, Volga House of Knowledge, 2007. - P.75-77. - 0.2 p. 10. Mulkidzhanyan V.S. Criteria for the choice of models of financing of working capital // Proceedings of the XI International Scientific and Practical Conference "System Analysis in Design and Management". - St. Petersburg: Publishing House of SPGPU, 2007. - №2. - p.237-240. - 0.15 p. 11. Mulletjanyan V.S. Criteria for the choice of models of financing of working capital // News of South Afu. Special edition - Taganrog: Publishing House of Ufa, 2008. - №1 p.162-163. - 0.1 p. 12. Mulletjanyan V.S. A systematic approach to the development of a mechanism for implementing financial policy in the field of working capital management // News of the South Africa. Thematic issue of "Information and humanitarian technologies in the management of economic and social systems." - Taganrog: Publishing House Ufa, 2009. - .Number 3. - S.57-62. - 0.4 pl. 13. Mulkjdzhanyan V.S. Increasing the efficiency of working capital management of Russian industrial enterprises based on the regulation of the operational cycle under the existing crisis conditions // News of the South Afu. Thematic issue of "Information and humanitarian technologies in the management of economic and social systems." - Taganrog: Publishing House of Ttty South Afu, 2010. -№4. - P.70-76. - 0.4 pl. 14. Mululjanyan V.S. A systematic approach to the management of the current activities of Russian industrial enterprises // Proceedings of the XIV International Scientific and Practical Conference "System Analysis in Design and Management". - St. Petersburg: Publishing House of SPGPU, 2010. - Ch. 2. - C.211-219. - 0, 5 pl. 26 Signed for printing 24.02.2011. Format 60x84 / 16. Offset paper. Offset printing. Sl. PEC.L. - 1.5. Circulation 100 copies. Order No. Publishing House of the Institute of Southern Federal University GSP 17A, Taganrog, 28, Nekrasovsky, 44 Typography of the Institute of Technology of the Southern Federal University 27
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