The relevance of research. In the last decade, due to institutional changes, a decline in production volumes, an aggravated payment and settlement crisis, and an acute shortage of own working capital, the efficiency of managing the working capital of Russian industrial enterprises has significantly decreased.

The loss of effective management skills by enterprises was greatly influenced by the failure to improve the rationing that underlies short-term lending, analysis and working capital management. The current methodology for analyzing the financial stability, liquidity, and creditworthiness of enterprises from the standpoint of external users of information - suppliers, tax authorities, banks, and others - does not allow us to assess the effectiveness of the use of working capital. At the same time, the use of financial resources in the interests of stable provision of the process of production and sale of products, its expansion and renewal is impossible without improving the system for managing the process of functioning of working capital, which is why the need for its rationalization is constantly increasing. The complexity and versatility of the management system require an integrated approach to its study. All this allows us to conclude that the topic of the dissertation research, devoted to the systematization of existing theoretical approaches to the formation of a working capital management system, the development of directions for its improvement and their practical implementation, is relevant.

The dissertation work was carried out within the framework of the scientific direction of the Voronezh State University "Economic management system: formation and development". The topic of the dissertation was approved by the Academic Council of the Faculty of Economics of the Voronezh State University, Protocol No. 1 dated November 30, 1998.

The degree of development of the research topic. The origin of the theoretical approach to the interpretation of the category of "working capital" dates back to the end of the 18th - beginning of the 19th centuries. For the first time, the division of advanced capital into parts that differ in the duration of turnover is substantiated in the works of W. F. Quesnay. The formation of ideas about this category was facilitated by the release in 1776 of A. Smith's work "A Study on the Nature and Wealth of Nations", where the division of capital into fixed and circulating capital is clearly traced. The theoretical approaches of A. Smith were further developed in the studies of D. Ricardo, J. Ramsey, J. Sh. Sismondi, A. K. Storch, J. Barton, A. E. Cherbulier, J. St. Mill. A great contribution to the formation of ideas about the category of "circulating capital" was made by K. Marx, who characterized the meager content of the process of capital circulation through the processes of advance payment and value creation.

All further evolution of ideas about working capital is closely connected with the development of the views of A. Smith and K. Marx. The concept of financial management that is being formed within the framework of microeconomics provides for the widespread use of the category "working capital". Its supporters are J. K. Van Horn, L. A. Bernstein, R. N. Holt, E. S. Hendriksen, as well as N. R. Weizman, N. S. Lunsky, N. A. Blatov. The allocation of working capital by K. Marx only at the production stage formed the basis for the emergence and justification of the category "working capital", which became widespread in the Soviet and Russian economy in the works of E. Mitelman, A. M. Birman, P. A. Parfanyak, I. Usatov. A., Kovaleva V. V., Bunicha P. G., Zhevtyak P. N., Lisitsiana N. S., Sheremeta A. D., Saifulina R. S., Rodionova Yu. A., Kozlova N. V. , Perlamutrova V. L.

In the early 90s, in Russia, under the influence of the theory of financial management and the international accounting system, after a 70-year break, the category "working capital" began to be actively used, however, inadequate interpretation of foreign experience gave rise to a plurality of positions in defining and understanding the economic nature of this category (Kovalev V. V., Efimova O. V., Stoyanova E. S., Blank I. A., Balabanov I. T., Khorin A. N., Belendir M. V.)

The analysis of modern monographic and periodical literature devoted to research issues allows us to conclude that there is insufficient theoretical and practical development of issues related to improving the system for managing the process of functioning of the working capital of industrial enterprises: the development of a comprehensive management mechanism, the revival at a qualitatively new level of the practice of normative determination of the need for working capital , development of a model for the formation of working capital, expansion of analytical capabilities of accounting. This circumstance, combined with the relevance, determined the choice of the research topic, the formulation of its goals and objectives.

The purpose and objectives of dissertation research. The purpose of the work is to substantiate the theoretical approach to the study of the processes of formation, advance payment and use of working capital, the development and testing of methodological recommendations for improving the system for managing the process of functioning of the working capital of industrial enterprises.

In accordance with this goal, the following tasks were set and solved: to reveal the economic nature of working capital, to analyze the existing theoretical approaches to the definition of the category "working capital", the content and structure of the working capital functioning process, to identify the need to clarify these approaches;

To form ideas about the process management system for the functioning of the working capital of an industrial enterprise and the directions for its improvement: an integrated management mechanism; functional content, organizational structure;

Justify the need to change the current system of indicators for assessing the effectiveness of the formation and use of working capital;

To identify trends in the dynamics of the working capital of Russian industrial enterprises in the 90s;

Systematize and classify the factors influencing the process of functioning of working capital;

Develop and test guidelines for determining the regulatory need for working capital for industrial enterprises; develop and test guidelines for building a working capital formation model.

The subject of the study is the system for managing the process of functioning of the working capital of industrial enterprises.

The object of the study is the industrial enterprises of Russia, in general, and the Voronezh region, in particular, including the basic industry - mechanical engineering.

The theoretical and methodological basis of the study are the modern achievements of economic science - the works of domestic and foreign researchers. Legislative and other normative acts of the Russian Federation, reference and methodological literature, periodical press materials, statistical information on industry, including mechanical engineering, of Russia and the Voronezh region were used.

The dissertation research is based on a systematic approach, when performing the work, methods of analysis were used, due to specific tasks: comparative, economic, statistical, logical, graphical and other methods of processing and generalizing information.

Scientific novelty. The most significant, scientifically novel provisions developed in the process of research and submitted for defense are as follows: a theoretical approach has been formed to clarify the content of the working capital functioning process, based on the allocation of “advanced” and “functioning” working capital within its framework; the structure and composition of the complex mechanism for managing the process of working capital functioning, the algorithm for planning and analyzing this process, and the organizational structure of management are proposed; a methodical approach has been developed to improve the system of indicators for assessing the effectiveness of the formation and use of working capital, taking into account the allocation of “advanced” and “functioning” in its composition, sectoral and individual characteristics of industrial enterprises; trends in the dynamics of the working capital of industrial enterprises in Russia in the 90s were identified, the composition was determined and a classification of factors influencing the state of the working capital of industrial enterprises was developed, in the context of the directions and results of their impact on the circulation of capital; guidelines have been developed to determine the need for working capital at enterprises, providing for a combination of refined methods of regulatory planning and optimization modeling; a model for the formation of working capital was created based on optimization of the periods of repayment of receivables and payables and the amount of own working capital.

Theoretical and practical value. The theoretical value of the work is determined by the fact that the conclusions contained in it and the results obtained can be used in further studies of the process of managing the functioning of the working capital of industrial enterprises. Practical recommendations can be applied by managers and specialists of financial and economic services to form an effective system for managing the functioning of working capital, including certain forms of its advance payment.

The provisions and conclusions of the dissertation can also be used in the educational process of higher educational institutions in the preparation of economists and managers in the courses "Financial Management", "Enterprise Finance", "Enterprise Economics", "Accounting".

Approbation of work. The main provisions and conclusions of the dissertation research were tested at problematic seminars of the Department of Labor Economics and Fundamentals of Management of Voronezh State University, at all-Russian scientific and practical conferences (Voronezh 1997-1999.), Interuniversity scientific conference (Voronezh 1997), at annual scientific sessions of VSU.

Publications. The main content of the dissertation is reflected in 11 publications, with a total volume of 2.67 pp. (personally by the author).

Structure and scope of work. The dissertation consists of an introduction, three chapters, a conclusion, a list of references, applications. The list of references includes 193 titles.

The conclusions made by us based on the results of the analysis of the dynamics of the state of the working capital of industrial enterprises indicate that cash accounts for less than 5% in the structure of current assets, and the second main form of working capital advance is accounts receivable.

The receivables optimization model should take into account, first of all, the impact of the size of receivables on the circulation of working capital, the process of its formation. The need for planning current assets corresponding to the stage of circulation (non-standardized) was noted by many authors: K. Drury, V. V. Kovalev, R. N. Holt and others / 9, 41.63, 160, 176, 186 /.

An analysis of the practical activities of the State Enterprise DST of the South Eastern Railway, as part of the development of a business plan to bring this organization out of bankruptcy, made it possible to identify priority areas in the element-by-element calculation of the need for working capital. One of the main claims brought against the organization by the Agency for Insolvency and Bankruptcy and the local press, in addition to the unsatisfactory structure of the balance sheet, was the presence of excess reserves, inefficient work with debtors to pay off their obligations, the lack of a systematic approach to planning receivables, which thereby undermined the foundations of financial sustainability, doomed to the spontaneous attraction of a large amount of borrowed resources.

This is confirmed by the structure of current assets that have developed as of 01.01.97 (Table 3.1.2).

One of the main goals of the consulting group was to determine the planned and actual needs of the organization in the amount of a carryover stock of material resources.

The calculation was based on methodological recommendations for determining the regulatory need for a functioning working capital

Characteristics of optimization models used in the management of functional forms of working capital

CONCLUSION

The process of functioning of working capital is a necessary condition for ensuring the production and sale of the company's products. The financial and economic situation of an economic entity largely depends on how efficiently its circulation goes. This requires more attention to the formation and improvement of the working capital management system, the creation of a comprehensive management mechanism, a rational algorithm for building management functions, a flexible management structure; and integration of the working capital management system into the system of strategic and operational management of the enterprise.

In the dissertation work, based on the analysis of the evolution of the working capital management system and modern practice of working capital management at the enterprises of the city of Voronezh, theoretical provisions and practical recommendations were developed for the formation and improvement of the system for managing the process of functioning of the working capital of an industrial (including machine-building) enterprise.

As a result of the dissertation research, the following conclusions and recommendations were obtained.

1. Category "working capital" and the content of the process of its functioning. The systematization of the definitions of the category "working capital", adopted in domestic and foreign literature, revealed the disadvantages and advantages of various approaches. An analysis of their evolution made it possible to determine the key issues in assessing the content of the process of functioning of working capital, presented in the works of Adam Smith, David Ricardo, Karl Marx - this is the identification of working capital at the stage of circulation, determining its size and form of location, characterizing the interaction in the process of circulation with the main capital and added value (profit), the use of borrowed funds as sources of financing. The modern economic literature devoted to the management of working capital and working capital does not contain a reasonable approach to assessing the interaction in the process of the circulation of profit, fixed and working capital, and the sources of their formation. The author has formed his own approach, which involves the introduction of the concepts of "advanced working capital" and "functioning working capital". The composition of the sources of financing of the advanced working capital does not include the unused depreciation fund, retained earnings and profit of the current circulation, and "functioning working capital" is taken in the amount of capital that performs the functions of working capital - all current assets, with the exception of those formed due to depreciation and profit of the current circulation .

The amount of "working working capital" of an individual enterprise can be adjusted for overdue receivables and financial investments. It depends on the individual characteristics of the business entity. This approach allows you to allocate the amount of advanced working capital in circulation, and to determine the size of the functioning working capital. Its justification required clarification of the fundamental categories that characterize the process of working capital functioning: forms of advance payment, own working capital (advanced and functioning), turnover period, sources of working capital financing, etc.

Thus, working capital is capital in cash and commodity forms, formed from own and borrowed sources, advanced into current assets that completely change their form during one production and commercial cycle, in order to ensure the production and financial cycle of the enterprise. In the process of functioning, the size of the advanced working capital changes due to the use as a source of its increase in profits and the performance of the function of working capital by a temporarily unused depreciation fund, which is in the form of current assets,

2. Working capital management system. Improving the system for managing the process of working capital functioning is impossible without applying a systematic approach to its research and formation. As a basis for building the system, it is advisable to use the classical management scheme, which combines the control object, the control mechanism and the control organization into the control system, including the control functions and organizational structure.

A comprehensive management mechanism should be based on the methodological basis of production and financial management, provide for the formation of goals and objectives, criteria for assessing their achievement, take into account the transfer of the burden of managing the production and commercial cycle to the stage of circulation.

Due to the peculiarities of the control object, the leading place in the functional content of control should be given to analysis and planning. At present, in the practical activities of industrial enterprises, normative analysis, as more laborious, has given way to coefficient analysis. The reason for this was the disappearance of the base for comparison and analysis - reasonable standards for various indicators that characterize the process of circulation. Without the revival of normative analysis, the effective implementation of the function of analysis is impossible. Its organization must be preceded by the choice of a system of estimated indicators.

The planning process is based on the determination of the need for working capital, which should combine reasonable, enterprise-specific rationing and flexible simulation modeling that corrects the standard. These methods should complement each other, playing the role of a feasibility study and financial and economic substantiation of the need for working capital.

The organizational structure of the working capital management system of an industrial enterprise occupies one of the leading places in the management system of economic processes in an enterprise. This is due to the importance and vastness of the tasks solved by working capital (resource provision of the production and financial cycles, advances in various types of current assets). The organizational structure should combine program and functional management, provide for the creation of an analytical center that accumulates all information on the movement of working capital

3. Improving the system of indicators for assessing the effectiveness of the formation and use of working capital. The most important direction in improving the working capital management system should be the development of a set of indicators that characterize the process of its functioning and allow determining the dynamics of advanced and functioning working capital. The author proposes a methodical approach to the formation of evaluation criteria for the process of functioning of working capital, taking into account the composition of management objectives, the introduction of the categories "advanced working capital" and "functioning working capital". The formulas for calculating liquidity and financial stability indicators, the turnover period of working capital and the profitability of its use have been refined, including:

The influence of the size of the functioning and advanced working capital on liquidity indicators is considered;

A methodical approach is proposed to determine the normatively sufficient (minimum) indicator of current liquidity for an industrial enterprise, which provides for the need to cover current liabilities and maintain a functioning working capital for an economic entity to ensure the production and commercial cycle (calculations based on actual materials show that, for example, for mechanical engineering with active the use of buyers' funds, the normative indicator is at the level of 1.2 -1.3);

The interdependence of the coefficients of current liquidity and the provision with own working capital has been proved, an approach has been formed to determine the normatively sufficient level of own functioning working capital for an industrial enterprise;

A methodical approach to determining the value of own functioning working capital according to financial statements has been formed;

The methodology for determining the duration of the period of turnover of functioning and advanced working capital has been refined, using as an indicator of the cost turnover - the cost of production, reduced by depreciation charges accrued for the calculation period;

The methodology for determining the profitability (profitability) of the use of functioning and advanced working capital has been refined, providing for the division of profits between fixed and working capital.

Recommendations for improving the main indicators for assessing the rationality of the formation and efficiency of the use of working capital, taking into account the sectoral and individual characteristics of industrial enterprises, have been tested and accepted for use by industrial enterprises in the city of Voronezh.

4. Trends in the dynamics of the working capital of industrial enterprises and factors affecting the efficiency of managing the process of its functioning. Based on the analysis of statistical data and the results of a survey of engineering enterprises and other industries in Russia (including the Voronezh region), obtained by the author as part of the research group of the program grant

INCO Copernicus of the European Community, the main trends in the dynamics of the functioning working capital of industrial enterprises in the 90s were identified:

Reducing the share of working capital in the total capital of enterprises to 3-4%;

Transformation of the main form of advancing working capital from inventories to receivables;

Slowdown of the turnover period of the working capital of industrial enterprises up to the year 2000;

Reducing the size of own working capital;

Reducing the profitability of the use of working capital.

The factors influencing the process of working capital functioning are determined. They have been systematized and classified to meet the objectives of optimizing the impact on the capital circulation of industrial enterprises.

Based on the analysis of the identified trends in the dynamics of the working capital of domestic industrial enterprises and the factors affecting the process of its functioning, the key parameters of the working capital formation model were determined: the prevailing forms of advance payment (stocks and receivables) and the type of funding source (accounts payable).

5. Determining the need for working capital in enterprises. Developed and tested methodological recommendations for determining the need for working capital for the formation of inventories of industrial enterprises. These include:

Combination of rationing and optimization modeling in determining the need for working capital for the formation of stocks of inventory items;

Use in the methodology for determining the norm for the consumption of material resources for the production program of the estimated planning period corresponding to the duration of the production cycle;

The use of a unified approach when determining the need for material resources for the production program, which makes it possible to present semi-finished products in the form of coefficients of material norms, taking into account the order in which materials are launched in accordance with the requirements of the production cycle;

Clarification of the methodology for calculating the transport and current stock of inventory items;

Application in the calculations of the average percentage of transportation and procurement costs, adjusted for the weighted average index of the nature of the cargo (remoteness of suppliers, cargo parameters) and the projected inflation rate.

Determining the methodically justified size of the carry-over stock of inventory items underlies the development of a policy for attracting working capital for the formation of stocks, which provides for the construction of a schedule (monthly, quarterly) for additional demand or release of capital.

6. Formation of working capital on the basis of optimizing the periods of repayment of receivables and payables and the amount of own working capital. The model of working capital formation proposed by the author is based on the definition of a rational correlation between the periods of turnover of accounts payable and receivables with a certain amount of own working capital and the standard value of the carry-over stock of inventory items.

The resulting model allows you to determine the period of turnover of receivables that meets the requirements of the circulation, which is formed under the influence of the actual or projected period of turnover of accounts payable, the presence and increase in own working capital and the regulatory need for a rolling stock, calculated taking into account the methodological recommendations shown above. It makes it possible to assess the impact of a change in the period of turnover of receivables on the need for own working capital (release or attraction) and the period of turnover of accounts payable (possibility of faster repayment or focus on advance payments).

The findings are confirmed by the results of approbation of the methodological recommendations developed in the dissertation research at a number of industrial enterprises in the city of Voronezh in 1996-2001 (SE Drostroytrest South Eastern Railway, JSC UPMASH, JSC MC Rezon, JSC Avtomatika, JSC GSKB Zernoochistka) ,

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