home » Calculations » Development of a methodology for the analysis of working capital of an industrial enterprise. Abstract: Organizational and economic substantiation of the effectiveness of the use of working capital in agricultural organizations (on the materials of the Tambov region)

Development of a methodology for the analysis of working capital of an industrial enterprise. Abstract: Organizational and economic substantiation of the effectiveness of the use of working capital in agricultural organizations (on the materials of the Tambov region)

The financial condition, liquidity and solvency of the organization to a greater extent depend on the level of business activity, the optimal use of working capital, assessment of its size and structure. Due to the fact that current assets form the bulk of the liquid assets of the company, their value should be sufficient to ensure the rhythmic and uniform operation of the organization and, as a result, profit. Usage working capital in economic activity should be carried out at a level that minimizes time and maximizes the speed of circulation of working capital and its transformation into real money supply for subsequent financing and acquisition of new working capital.

The need for financing proportionally depends on the rate of turnover of assets. The lower the turnover of working capital, the greater the need to attract additional sources of financing, since the organization does not have its own funds to carry out business activities. Thus, the indicators of working capital turnover are closely related to the solvency and liquidity of the balance sheet structure.

In the practice of analysis, various turnover ratios are used to evaluate current assets, which can be determined both for the entire working capital of the company as a whole, and for individual components of this capital elements or groups thereof. The availability and effectiveness of working capital are determined and analyzed directly according to the balance sheet data. The change in the balance of working capital as a whole and for its individual groups and elements is a consequence of the continuity of the production cycle, during which stocks are consumed, and their renewal and replenishment is possible only as a result of the sale of products (works, services) and receipt of funds. These indicators are involved in the calculation of turnover ratios in the analysis of the organization's business activity.

An analysis of the state and efficiency of the use of working capital in JSC "VDM" shows the lack of efficiency of their use at the enterprise. Although there are some positive trends in 2011: an increase in the turnover ratio of working capital and a decrease in the load factor of funds into circulation. However, a significant negative factor is the significant share of receivables in the structure of working capital. The company should improve the work with receivables, for this it is necessary to attract reliable payers as partners.

To improve the state of receivables, it is also necessary:

Systematically monitor the ratio of receivables and payables. A significant excess of accounts receivable creates a threat to the financial stability of the enterprise and makes it necessary to attract additional sources of financing;

Monitor the status of settlements on overdue debts;

Timely identify unacceptable types of receivables.

For the most efficient use of working capital, you can provide discounts to debtors for early payment. This will help to reduce short-term receivables, therefore, increase its turnover and turnaround time. This will lead to a decrease in the total amount of current assets, an acceleration of their turnover and the time of their turnover, as well as to the release of funds, which will contribute to an increase in the return on capital. On average, these measures, as the experience of the largest Russian companies shows, will lead to a decrease in accounts receivable at the enterprise by 20%. Consequently, its predicted value in 2013 will be 2,360,056 thousand rubles. If in 2012 the period of turnover of receivables was 4.39 turnovers and 82 days, then the forecasted indicators will be, with an average forecasted revenue of 12852953.3 thousand rubles, 5.45 turnovers and 66 days, which is higher than in 2012 by 1.06 turnover, which indicates an acceleration of the turnover of receivables, and also, the average period of one turnover was reduced by 16 days, which will favorably affect the turnover of current assets.

You can also shorten the cash cycle by:

reduction of the inventory circulation period, i.e. by accelerating the production and sale of goods;

reducing the period of receivables circulation, accelerating the collection of consumer debt;

lengthening the grace period for accounts payable by slowing down their own payments.

Also, one of the measures can be proposed to reduce the balance

finished products by 5%, which will lead to an increase in the turnover of finished products, as well as the turnover of current assets in general. Such a low percentage of decline in finished products is due to the fact that too much volume of marketable products entering the market will lead to the “overstocking” of the latter, which will adversely affect the future. financial condition enterprises, due to a slowdown in inventory turnover, which are classified as “frozen items” of current assets, which is certainly unfavorable for VDM OJSC. Thus, the economic effect after the implementation of all activities will be (table 2.3).

Table 2.3

Economic effect from implemented measures

Continuation of table 2.3

Turnover period, times
Turnover period, days
Finished products, thousand rubles
Turnover period, times
Turnover period, days
Average cost of working capital, thousand rubles
Turnover period, times
Turnover period, days

From the data in Table 2.3 it can be seen that the implementation of all the proposed measures at JSC "VDM" will improve the efficiency of the use of working capital, reducing the period of their turnover by 15 days and increasing the turnover by 0.11 times, by reducing the period of turnover of finished products by 0.05 days, and an increase in the number of turnover by 275.79 times, as well as a reduction in the terms of receivables turnover by 16 days, and an increase in turnover by 1.06 times.

CONCLUSION

In this course work, an analysis was made of the economic activity of the enterprise JSC "VDM" for three years - the main technical and economic indicators of the enterprise's work were considered, an analysis was made of the state of working capital and the efficiency of their use, and everything is clearly shown using graphs.

As a result of this analysis, it was revealed that this enterprise works quite efficiently. The company is quite profitable in its activities. The net profit of the enterprise in 2010 amounted to 272,200 thousand rubles, in 2011 it decreased to 179,530 thousand rubles, and in 2012 it increased to 183,269 thousand rubles. Profitability indicators (production, sales, personnel) similarly decreased in 2011, and increased in 2012, which indicates the successful functioning of the enterprise in 2012. It was found that the fixed assets and labor resources are used effectively.

As a result of the analysis of the state of working capital and the efficiency of their use, it was revealed that the enterprise has a high duration of working capital turnover and a not very high turnover ratio for three years. In 2010, working capital turned over 272 days, i.е. 1.32 times a year. In 2011, the turnaround time was reduced to 202 days, consequently the turnover ratio increased (by 0.46%), which is positive for the company. In 2012, the turnover rate of working capital decreased by 0.2%, while the turnaround time increased by 26 days. This state of working capital characterizes their inefficient use.

Accelerating the turnover of working capital allows you to release significant amounts, and thus increase the volume of production without additional financial resources, and use the released funds in accordance with the needs of the enterprise. In 2011, such a release was and amounted to 2952678 thousand rubles, and in 2012 there was a shortage of working capital (which needs to be filled) in the amount of 936097 thousand rubles.

As a result of factor analysis, it was revealed that the profitability of working capital is increasing every year - in 2011 compared to 2010 from 13.31% to 13.42%. In 2012 from 13.42% to 16.01%. This is mainly due to an increase in the turnover ratio by 0.46 turnovers in 2011 and due to an increase in the return on sales in 2012 (this change caused a larger increase in return on equity).

It was also found that in the structure of current assets there is a decrease in the share of inventories, work in progress, which has a very positive effect on the financial condition of the enterprise. But it was found that the largest share in working capital is accounts receivable, so it turns around the slowest at the enterprise.

Consequently, measures were proposed aimed at more efficient use of working capital and their management at the enterprise. It would be advisable to reduce the share of receivables in the structure of working capital by reducing the amount of debt itself by 20%, as well as reducing finished products in warehouses by 5%, which will give an economic effect from all the proposed measures at JSC VDM in the form of increasing the efficiency of using working capital. funds, reducing the period of their turnover by 15 days and increasing the turnover by 0.11 times, by reducing the period of turnover of finished products by 0.05 days, and increasing the number of turnover by 275.79 times, as well as reducing the terms of receivables turnover by 16 days, and an increase in turnover by 1.06 times.

Thus, the proposed measures are effective and will increase the efficiency of the use of working capital at VDM OJSC, thereby strengthening the financial position of the enterprise, as well as its market position in its segment. Based on the foregoing, we can conclude that the analysis of economic and financial activities is the most important aspect of the normal functioning of any enterprise.

BIBLIOGRAPHY

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As a manuscript

MULKIJANYAN VIOLETTA SERGEEVNA

C Improving the process of managing working capital of an industrial enterprise: organizational and methodological aspect

dissertations for a degree

Candidate of Economic Sciences

Rostov-on-Don - 2011

The dissertation was completed at the Department of Management of the Technological Institute of the Southern Federal University in Taganrog

Supervisor:

Tatarova Anna Vladimirovna

Official opponents: doctor of economic sciences, professor

Skorev Mikhail Mikhailovich

Candidate of Economic Sciences, Associate Professor

Grishchenko Olga Vladimirovna

Lead organization:South Russian State

University of Economics and Service

The defense of the dissertation will take place on March 29, 2011 at 15:00 at a meeting of the joint dissertation council DM 212.208.28 in economic sciences at the Southern Federal University at the address: Rostov-on-Don, st. M. Gorky, 88, room 118.

The dissertation can be found in the Zonal scientific library Southern Federal University at the address: Rostov-on-Don, st. Pushkinskaya, 148.

Feedback on the abstract in two copies, signed and stamped, please send to the address: 347928, Taganrog, GSP 17A, per. Nekrasovsky, 44, joint dissertation council DM 212.208.28, scientific secretary.

At secretary

dissertation council

Candidate of Economics, Associate Professor M.A. Masych

GENERAL DESCRIPTION OF WORK

Relevance of the research topic. The diversity of economic activities of industrial enterprises has necessitated the use of new approaches to management based on the synthesis of the achievements of modern management theory and the experience of its practical application. The end result of the activity of industrial enterprises is always reduced to making a profit and increasing profitability. This is impossible without improving the management process of 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 the volume of working capital helps maintain their required level of liquidity and the enterprise as a whole.

The main trends in reducing the efficiency of the functioning of industrial enterprises are the irrational use of their working capital, which, by ensuring the continuity of the production process, largely determines its efficiency. In modern economic conditions the growing crisis in the world economy poses new challenges, requires the development of organizational and methodological support to determine the required volume and effective structure of working capital elements, the application of systematic and program-targeted approaches to solving the problems of managing this type of resource, which as a result improves the process of working capital management in industry.

Currently, in the methodology for analyzing the state of working capital, there are no resulting conclusions about the main reasons for the deterioration of the state of industrial enterprises and the recommended directions for their rationalization; consistency of the working capital management program with the tactical goals and objectives of the industrial enterprise; organization of a system of control over the state and efficiency of the use of working capital; often the calculation of the coefficients is "statistical" in nature, which leads to the lack of sound management decisions in this area and requires the use of systematic and program-targeted approaches, as well as the development of a decision-making methodology to improve the efficiency of the use of working capital of an industrial enterprise and organizational measures.

Thus, the relevance, insufficient elaboration of theoretical and organizational and methodological aspects, the lack of sound management decisions that correspond to modern business conditions, necessitated the improvement of the working capital management process, and the practical need for such research determined the choice of the dissertation topic, its goals and objectives.

The degree of development of the problem. Theoretical and methodological foundations for improving the efficiency of industrial enterprises are the subject of the works of domestic and foreign scientists in this field, namely: O. Andryushchenko, A. Birman, A. Gavrilov, M. Glazov, T. Dolgopyatova, I. Evseeva, A. Ilyin, G. Kleiner, B. Koloss, M. Malygin, L. Matveeva, A. Nikitaeva, G. Shmalen.

Studies of tools, methods and mechanisms of the problem of management of a theoretical and methodological nature and an essential and meaningful representation of the management process are presented in the works of V. Arkhipenko, A. Bagurin, A. Bachurin, L. Zlobin, Yu. Kolesnikov, I. Lysakova, S. Myers, A. Mistyukov, I. Nikitin, Yu. Pavlyuchuk, E. Rumyantsev, S. Sukhov.

In matters of management and rational use of working capital, linking them with the production activities of the enterprise, the results of studies by O. Efimova, M. Zaitsev, O. Kachanov, V. Kovalev, D. Komarov, I. Lisitsian, M. Litvin, V. Meshalkin were used , V. Fashchevsky, E. Helfert and a number of other researchers.

The issues of studying the decision-making process in the field of working capital management and economic factors affecting the efficiency of their use were dealt with by such domestic and foreign scientists as I. Abdukarimov, M. Bakanov, I. Balabanov, I. Blank, V. Bocharov, V. Goncharov, M. Gordonov, L. Davydova, V. Deruzhinsky, S. Kryukov, V. Kovaleva, V. Lapshina, N. Naumova, B. Rapoport, E. Streltsova, F. Fabbozzi.

Describing the state of study of the problem of management and use of working capital in industrial enterprises, it should be noted that the analysis of modern monographic and periodical literature allows us to conclude that the theoretical and practical development of issues in this area, which in the future could lead to maximizing the return on advances in working capital financial resources and to increase the efficiency of managing an industrial enterprise as a whole. The complexity and versatility of the management system require the development of organizational and methodological support to improve the process of working capital management, the application of systemic and program-targeted approaches to the management and use of working capital.

The purpose and objectives of dissertation research.Target dissertation research is to develop organizational and methodological support for improving the process of managing this type of resource at industrial enterprises in the short term based on the analysis of the specifics of the activities of industrial enterprises, the essence, features, methods of formation and use of their working capital.

Realization of the set goal required the solution of the following tasks:

- to analyze the features of the process of organization, functioning and management of Russian industrial enterprises in modern conditions, as well as existing approaches to managing the most important element of their resource support - working capital - to identify the role of working capital management in improving the efficiency of an industrial enterprise in the short term;

- 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; to formulate the principles of program-target management of these funds and the construction of an appropriate program based on a system of tactical goals and objectives of an industrial enterprise for a comprehensive solution to the problem of increasing the efficiency of its functioning;

- develop a method for diagnosing the nature of left-sided and right-sided risks of industrial enterprises in order to make informed decisions to determine the required volume of structural components of working capital, as well as to select a model for meeting the need for them;

- develop a decision-making methodology to improve the efficiency of the use of working capital of industrial enterprises to justify the amount of working capital and a model for meeting the need for them;

- propose a set of methodological recommendations, including those of an organizational nature, for improving the management of industrial enterprises in the short term using the developed decision-making methodology to improve the efficiency of the use of working capital of industrial enterprises.

Object and subject of research. object studies are industrial enterprises in the current conditions of the Russian economy. Subject studies advocate the management processes of industrial enterprises, approaches, models and methods of decision-making to improve the efficiency of industrial enterprises in the short term based on the rational use of working capital.

The work was carried out within 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): p.1.1.13. Tools and methods of management of industrial enterprises, industries, complexes; clause 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.

Working hypothesis of dissertation research is based on the proposition that in modern conditions the existing system of working capital management at industrial enterprises leads to a decrease in the efficiency of their operational activities. Existing approaches to managing this process need to be revised and improved organizational and methodological support in terms of analyzing the state of working capital of an industrial enterprise, developing a methodology to support the adoption of effective management decisions and developing a program for managing them based on regulating their volume and proportions of structural components. Thus, improving the quality of working capital management of industrial enterprises requires the development of a methodology for improving the efficiency of their use and a set of organizational measures that will improve the main economic indicators of an industrial enterprise in the short term; to form effective management decisions based on the assessment, analysis of the state of individual elements of working capital, as well as on the trend of changing tactical goals and objectives of an industrial enterprise, external environment in modern conditions of development of the Russian economy.

Theoretical and methodological basis of the study constitutes a set of theoretical provisions, methods and ideas presented in the works of domestic and foreign scientists on the problems of effective use and organization of working capital; management of industrial enterprises under the influence of a variety of external and internal factors on their functioning; specifics of the formation and transformation of working capital of industrial enterprises. Particular attention is paid to the study of publications and developments, which address issues that reveal the content of the process of working capital management in enterprises and consider the relationship of their structural elements.

Information and empirical base of the study represented by materials periodicals, annual reports and primary accounting of industrial enterprises in Taganrog, legislative acts and regulations of the Russian Federation, descriptions of the results of research on the problems of organizing and improving the process of managing working capital at industrial enterprises in the short term and making decisions contained in the publications of Russian and foreign scientists , as well as Internet resources and the dissertator's own author's research.

Instrumental and methodological apparatus works are general scientific and economic methods. To achieve the set goal and the tasks to be solved, set in the dissertation research, systemic and program-targeted approaches were used, various methods systems analysis: logical, comparative, structural, statistical and expert methods analysis.

The main provisions of the dissertation submitted for defense:

1. In modern conditions of activity, the focus on short-term goals becomes the basis for the successful functioning of industrial enterprises, due to the high level of instability of the external and internal environment, which requires the use of systematic and program-targeted approaches to the management of working capital, with the aim of their effective organization and rational use in the interests of stable provision of the production process and an increase in the level of profitability of sales, as well as management of the operating cycle, which makes it possible to single out the stages of making sound management decisions when forming the volume of working capital, their structural components and regulating the duration of the cycle stages (stocks - production - finished products - sales of products) of working capital funds depending on the specifics of the industrial enterprise.

2. A system of criteria for assessing the target state of working capital, including the amount of working capital, the volume of their structural components and the ratio of sources to cover the need for working capital; principles of program-target management of working capital: focus on the final result, end-to-end planning of the management object, the principle of continuity, which allows you to develop a program for managing working capital and thereby improve the process of their management at an industrial enterprise in accordance with the system of tactical goals and objectives of the enterprise, as well as ensure the achievement of a given level of performance in the short term.

3. The method of diagnosing the nature of left-sided and right-sided risks, which consists in comparing the stages of the operating cycle of an industrial enterprise that affect the liquidity and profitability of current assets, which implies the identification weaknesses and zones of probable losses at the enterprise under study and allows assessing the effectiveness of the chosen model for meeting the need for working capital, as well as regulating the current activities of the enterprise.

4. Decision-making methodology to improve the efficiency of the use of working capital of industrial enterprises, including diagnostics of enterprises; formation of a system of indicators for assessing the target state of working capital based on the criteria for their effective use; development of a working capital management program; formation of alternative options for achieving the goal, due to previously identified problems; construction of a predictive scenario for the application of the selected model for meeting the need for working capital; development of management decisions to improve the efficiency of the use of working capital of industrial enterprises; control over the implementation of the developed solutions - all this together made it possible to increase the efficiency of the operating activities of industrial enterprises.

5. Methodological and practical recommendations for the formation and improvement of the management system in industry based on the proposed methodology for improving the efficiency of the use of working capital of industrial enterprises include: the formation of a set of program tasks in accordance with the tactical goals of the enterprise; identification of many alternative options for achieving goals; determination of the volume of working capital and their structural components necessary for the practical implementation of program tasks, as well as the development of organizational measures, which together made it possible to formulate the rules for making managerial decisions, depending on the requirements of the external and internal environment, aimed at improving the main economic indicators activities of industrial enterprises.

Scientific novelty of the dissertation research is determined by the author's contribution to the improvement and development of existing tools for managing working capital of industrial enterprises in the aspect of organizational and methodological support. The main provisions of the work that characterize the scientific novelty include the following:

1. The necessity of applying a systematic approach to the management of working capital of industrial enterprises is substantiated, which differs from the currently used structural approach, which does not take into account the mutual influence of the chosen method of covering the need for working capital on the process of forming the required volume of their structural components and does not allow achieving the specified level the efficiency of the enterprise in the short term, the compliance of the working capital management policy with the tactical goals and objectives of the enterprise, the content of the decision-making stages in the management of working capital, which will determine ways to improve the management of industrial enterprises.

2. A program-targeted approach to the management of working capital of industrial enterprises was applied, in order to increase their efficiency of functioning, which differs from existing approaches in 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 its implementation; the consistency of the program tasks of working capital management with the tactical goals of the enterprise, as well as the methods of their implementation, which make it possible to improve the process of working capital management by regulating the volume of their structural components and determining the method of advancing working capital to the enterprise's activities.

3. A method is proposed for diagnosing the state of industrial enterprises, which differs from the existing ones by determining the nature of left-sided and right-sided risks, based on a comparison of liquidity and profitability indicators of an enterprise, due to the structure of its operating cycle, which allowed not only to eliminate the causes of risks in dynamics, but also to take reasonable management solutions aimed at reducing total costs.

4. A decision-making technique has been developed to improve the efficiency of the use of working capital of industrial enterprises in the short term, which differs from traditional ones in the consistency of program tasks for managing working capital with the tactical goals of the enterprise, the method of diagnosing the state of the enterprise, the pattern of choosing a model for meeting the need for working capital, the invariance of this technique, which as a result allowed to increase the efficiency of the enterprise.

5. A set of recommendations is proposed, which is distinguished by the complexity of solving the problem of improving the efficiency of the functioning of industrial enterprises in the short term based on identifying the nature of risks and determining the zone of loss of liquidity and / or efficiency of the enterprise, the sequence of application of models for meeting the need for working capital and the formation of an effective volume of their structural components, as well as organizational measures have been developed, in particular, the transformation of a linear-functional organizational structure management into a project-type structure, in order to improve the process of managing working capital of an industrial enterprise.

Theoretical and practical significance of the research is determined by its relevance, scientific novelty and lies in the possibility of using the developed organizational and methodological support to improve the process of working capital management in the activities of industrial enterprises, which makes it possible to ensure the efficiency of the use of funds advanced in current assets based on determining the required value of current assets and the effective proportions of their structural components, by choosing the appropriate structure of sources to cover the need for working capital and methods for distributing these sources into the working capital of the enterprise. This approach makes it possible to improve the practice of working capital management at enterprises in this sector. An important scientific problem, which the study is aimed at solving, is of particular importance for the stable operation of industrial enterprises in a modern economy.

The results of the study can be used in the educational process when conducting seminars and lectures in the disciplines "Analysis of economic activity", "Financial management", "Financial analysis", "Economics of enterprises", etc. A number of provisions of the work are implemented in practical activities enterprises of OJSC "Taganrog Shipyard", which is confirmed by the relevant implementation documents.

Publications. The main content of the dissertation and the results of the study are presented in 14 published scientific papers with a total volume of 4 pp, including 4 articles in scientific journals recommended by the Higher Attestation Commission for publication of the main results of the dissertation for the degree of candidate of economic sciences.

As a manuscript

Toyker Dmitry Vladimirovich

Development of a methodology for the analysis of working capital of an industrial enterprise

Specialty: 08.00.12 - Accounting, statistics

dissertations for a degree

Candidate of Economic Sciences

Moscow -2009

The work was carried out at the Department of Accounting and Analysis of Economic Activities of the State Educational Institution of Higher Professional Education "All-Russian Correspondence Financial and Economic Institute"

Scientific adviser: doctor of economic sciences, professor

Vakhrushina Maria Aramovna

Official opponents Doctor of Economics, 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 dissertation defense will take place on "___" ___________2009. at ___ hours in aud. ____ at a meeting of the dissertation council for the defense of dissertations of the All-Russian Correspondence Institute of Finance and Economics at:

123995, Moscow, st. Oleko Dundicha, 23.

The dissertation can be found in the library of the All-Russian Correspondence Institute of Finance and Economics.

Scientific Secretary of the Dissertation Council,

Candidate of Economics, Associate Professor V.A. Sitnikova

GENERAL DESCRIPTION OF WORK

Relevance of the research topic. In the context of the global economic crisis, characterized primarily by a shortage of liquidity, the issues of working capital management as the most liquid part of the company's assets have become particularly relevant. Unlike other sectors of the economy, industrial production has a long financial and commercial cycle, so its implementation is associated with a high risk of economic losses due to a shortage or irrational use of working capital at one stage or another of the cycle. In this regard, each industrial enterprise needs to solve a two-pronged task: in the process of forming working capital, eliminate unnecessary costs for the acquisition of current assets, and organize their use in such a way that will ensure the maximum possible profit with minimal investment. The solution of this problem, first of all, depends on the quality of the internal analysis, which is designed to determine the required amount of generated working capital, assess the influence of various factors on the change in the efficiency of their use, identify reserves for increasing this efficiency and serve as a rationale for managers' decisions on the use of working capital.

The current methods of analysis of working capital are not free from shortcomings. The study of the economic literature on the issue under consideration allows us to conclude that the improvement of the analysis methodology is largely hampered by problems of both a theoretical and practical nature. Until now, there is no uniformity of views of scientists and practitioners on the nature of working capital. The coefficients used in the analysis process do not always make it possible to reliably determine the results of the use of working capital, therefore, methods based on the use of such coefficients make it possible to make the right management decisions aimed at forming and improving the efficiency of their use. In addition, the data-based information base traditionally used for analysis purposes financial reporting, contains significant limitations for such an analysis.

These problems require in-depth study in order to find ways to improve the quality economic analysis working capital.

Thus, goal this dissertation work consists in the development of theoretical and methodological provisions and practical recommendations aimed at improving the intra-company analysis of working capital of an industrial enterprise. In accordance with this goal, the thesis puts the following tasks:

critically evaluate the accounting and analytical base traditionally used in the process of analysis of working capital, and suggest ways for its further development;
to propose new methods for the analysis of working capital, aimed at further development of existing methods;
develop a mathematical apparatus used in calculations in accordance with the new analysis methodology
formulate recommendations for expanding the system of indicators used in the analysis of the effectiveness of the use of working capital.

Subject of study served as a set of theoretical and scientific and methodological provisions of the economic analysis of working capital of business entities, object of study- 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 on economics and analysis of the activities of organizations, legislative and regulatory acts of the Russian Federation on economic development and the organization of accounting systems. Particular attention was paid to the works of such domestic and foreign authors as A. Upchurch, V.G. Artemenko, I.T. Balabanov, S.B. Barngolts M.V. Belendir, S. Breg, M.A. Vakhrushina, L.T. Gilyarovskaya, A. Daile, O.V. Efimova, M.N. Kreinina, V.V. Kovalev, S.A. Rasskazova-Nikolaev, V.V. Ryzhova, G.V. Savitskaya, A.E. Suglobov, R.S. Saifullin, A.D. Sheremet, K.V. Shchiborsch and others.

In the process of research, the economic and statistical method, methods of grouping, complex analysis, comparative and factor analysis, as well as other methods of scientific research were used.

Scientific novelty of the dissertation results is as follows:

proposals were formulated aimed at developing an accounting and analytical base that is adequate to the goals of the analysis of working capital and based on management accounting and reporting data (pp. 60-66);
developed and theoretically substantiated a method for determining the need for working capital, which is based on the calculation of the amount of costs of the production and commercial cycle, which simplifies the work of identifying this need (pp. 89-101);
suggested new way building an aggregated balance sheet for analyzing the liquidity of the company's assets, based on expanding the current classification of the company's current assets and changing the way assets are valued. The proposed structure of aggregated balance groups eliminates the distortions in the source data inherent in financial statements (pp. 114-119);
the necessity is substantiated and a mathematical apparatus for calculating the turnover of working capital based on the speed of the physical passage of current assets through the stages of the production and commercial cycle has been developed. This will eliminate the influence of factors that distort the calculations of working capital turnover at all stages of the cycle, as well as calculate the turnover of each product group for a comparative analysis of turnover various kinds products (pp. 128-138);
the expediency of using the EVA indicator is disclosed not only in relation to the capital as a whole, but also to determine the efficiency of the use of working capital, which helps to expand the possibilities of analysis by using not only relative indicators (profitability), but also absolute ones (pp. 143-149).

Theoretical and practical significance of the research. The recommendations contained in the dissertation help to increase the level of scientific validity of the ongoing intra-company analysis of working capital. In addition, the approaches proposed in it to the content of the analysis of working capital can be used in further scientific research and in the educational process when preparing a course of lectures on the discipline "Comprehensive economic analysis of economic activity." The practical significance of the work lies in the fact that the proposed approaches contribute to the improvement of the quality of analysis and, as a result, the adoption of sound management decisions aimed at improving the quality of the formation and use of working capital of an enterprise. The approaches developed in the course of the study to the analysis of the formation and efficiency of the use of working capital can be used in the work of enterprises in any industry.

Approbation of work. The practical recommendations formulated by the author in the field of analysis of the formation and use of working capital have been introduced into the practice of the food industry enterprises CJSC "Province" and OJSC "Krasnaya Polyana +", which is confirmed by certificates of implementation. The main theoretical provisions of the dissertation were discussed at scientific seminars of graduate students, the scientific and practical conference of the All-Russian Correspondence Institute of Finance and Economics "Modern problems of methodology for organizing accounting, economic analysis and audit" (Moscow).

The most significant provisions and results of the study were reflected in 7 articles and 1 monograph by the author with a total volume of 2.39 pp, incl. 2 publications in journals recommended by the HAC.

The structure and scope of the dissertation. The dissertation work consists of an introduction, three chapters, a conclusion, a list of references, including 161 primary sources, and applications. The main text of the dissertation contains 174 pages, 34 tables, 11 figures.

The dissertation has the following structure:

Introduction

Chapter 1. Evolution of the concept of working capital, problems of their analysis

1.1 The concept, composition and classification of working capital

1.2 The concept of analysis of the formation and use of working capital

1.3 Modern approaches to the formation of an information base for the analysis of working capital.

Chapter 2

2.1 Management reporting as an information base for the analysis of working capital

2.2 Identification of the need for working capital based on management reporting data

2.3 Analysis of potential sources of working capital financing

Chapter 3. Analysis of working capital: management aspect

3.1 Building an aggregated management balance sheet to analyze the liquidity of the organization's assets

3.2 Analysis of turnover as the speed of working capital passing through the stages of the financial and economic cycle

3.3 Indicators of the effectiveness of the use of working capital

Conclusion

Bibliographic list

Applications

MAIN PROVISIONS OF THE THESIS TO BE DEFENDED

Accounting and analytical support for the analysis of working capital

In the conditions of market relations, the issues of managing working capital of organizations acquire special significance. Being an independent economic category, working capital has an effective impact on the process of production and sales of products. They play a decisive role in organizing the activities of the enterprise, in ensuring its financial stability and solvency, profit and profitability. The effectiveness of the functioning of working capital largely determines the effectiveness of the organization. The complexity and variety of tasks associated with the use of working capital, increasing their turnover and returns, necessitate in-depth research in this area.

Working capital analysis covers the following steps:

identification of the enterprise's need for working capital;
determination of sources of financing of working capital;
analysis of the impact of the state of current assets on liquidity;
calculation of the turnover rate of working capital to determine the effectiveness of their use;
analysis of profit received as a result of the use of working capital.

Generally accepted methods of analysis, as a rule, involve the implementation of the above stages by using only the financial statements of the organization as an accounting and analytical base. However, financial statements are formed according to the rules established by the state, and they do not fully take into account the information needs of the enterprise's management. In this regard, the dissertation proposes to use budgets and reports on their execution based on management accounting data for the analysis of working capital, which should reflect the same aspects of economic activity as financial reporting forms, but the information content of the former differs from the information content of the latter. The former are more analytical, contain not only financial, but also non-financial indicators and allow you to evaluate the assets of an enterprise not by the smallest of the two indicators - cost and market price - but by each of them. This will allow not only to obtain more detailed information for the subsequent analysis of working capital, but also to develop new, more correct methods for calculating analytical indicators.

In the course of the study, the author carried out a comparative analysis of methods based on financial and management accounting data in relation to the activities of enterprises of various industries: CJSC Province (food industry), LLC KurskObuv, OJSC Egorievsk-obuv (light industry) , CJSC "Kursk Machine-Building Production", OJSC "Elevatormelmash" and CJSC "Kurskrezinotekhnika" (machine building), which allows us to count on the universality of our recommendations.

Determining the need for working capital

When determining the need for working capital, it should be taken into account that, firstly, the production costs of the enterprise are carried out at their expense and their shortage 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 a new production cycle, that is, with the time of consumption. material resources. Under these conditions, the enterprise must provide for such an amount of working capital that will allow starting a new circuit without waiting for the end of the previous one. In addition, for uninterrupted operation, the enterprise must have working capital sufficient not only for the formation of current assets and the implementation of production, commercial and administrative expenses, but also for financing the activities of all service facilities of the organization.

Therefore, at the beginning of the first production cycle, it is necessary to accumulate such an amount of working capital so that, until the working capital advanced into it completes its circulation and returns in the form of revenue, the enterprise could incur costs associated with both production and marketing activities and administrative work. If we designate the amount of funds advanced to each stage of production and sale as xi, then the total amount of funds needed in the planning period (x) can be calculated using the formula:

Where: n is the number of stages of production and sale in the planning period;

xi is the amount of funds advanced to the corresponding stage of production.

If we add to this amount of costs management costs (a0) and commercial costs (c0), which are necessary for the operation of the enterprise during the first production and commercial cycle, then the formula will take the following form:

The proposed approach significantly saves labor costs in determining the need for working capital in comparison with conventional methods. In addition, it is focused on the production and commercial cycle, and not on the total cost of the period, which allows you to avoid errors in the calculations of the planned amount of working capital when changing the scale of activity.

Classification of sources of financing of working capital and the sequence of their analysis

In conditions market economy all financial resources, with the help of which the formation of working capital is carried out, have their own value, so the analysis of the sources of working capital plays a significant role.

The dissertation proposes, in addition to own and borrowed sources, to single out attracted sources of working capital formation. Attracted capital includes all types of accounts payable and is separated from borrowed capital, since borrowed capital is funds received by an enterprise for temporary use on terms of urgency, repayment and payment, and payment is not typical for accounts payable. Consequently, attracted capital is a fundamentally different source of working capital formation from borrowed capital.

When analyzing the use of a particular source, the two main criteria are urgency and the cost of capital, so the art of a manager is to make it function for as long as possible, minimizing the cost of funds raised.

The dissertation substantiates the following sequence of analysis of possible sources of funding:

assess what part of the need can be covered by own sources;
calculate the term for attracting borrowed or borrowed funds to meet the remaining need for working capital;
determine the price of each borrowed or attracted source that can be used during the analyzed period;
based on the data obtained, make a choice of source.

Building an aggregated management balance sheet to analyze the liquidity of the organization's assets

When forming the working capital of an enterprise, it is necessary to pay attention to the liquidity of the emerging structure of assets. The implementation of industrial and commercial activities is associated with the movement of material and cash flows. On the one hand, the incoming streams of resources needed to execute production program cause cash outflows. On the other hand, the sale of manufactured products leads to cash inflows. Thus, as a result of the use of working capital in the production and commercial cycle at the reporting date, the enterprise develops a certain structure of current assets formed to carry out its activities and opposing obligations.

The traditional way of analyzing liquidity is to compare the assets and liabilities of the balance sheet, aggregated into four groups according to the following principle: assets - by the degree of decrease in the liquidity of property, liabilities - by the degree of lengthening of the maturity of obligations. At the same time, in order to conclude that the balance sheet is liquid, each of the first three groups of assets must be no less than the corresponding groups of liabilities.

Without belittling the importance of the above approach, we note that it does not always allow making informed management decisions, since the current conditions in which the enterprise operates are not reflected in external financial statements. So, for example, without the use of additional sources of information, it is impossible to determine the share of doubtful receivables and the consequences of non-payment of accounts payable. The dissertation substantiates the need to separate receivables and payables into debt formed in relationships with independent counterparties (third-party debt) and formed in relationships with counterparties belonging to the same owner as the analyzed enterprise (structural debt), since in the short term, structural accounts payable can be attributed to own sources, and structural receivables - to the most liquid assets. In view of the foregoing, the thesis proposes an approach to grouping the assets and liabilities of an organization, which involves the use of management reporting data (Table 1).

Table 1

Grouping of assets for the purposes of liquidity analysis based on management reporting data

Assets			Passive
1	2	3	4	5	6
Group name	Designation	Asset item	Group name	Designation	Liability article
Most liquid assets	A1	Cash, short-term financial investments, structural receivables, notes receivable	The most urgent obligations	P1	Accounts payable net of structural, advances received, other short-term liabilities
Quickly realizable assets	A2	Short-term accounts receivable net of structural, doubtful and bills receivable, standard balances of finished products and other assets	Short-term liabilities	P2	Short-term loans and borrowings, advances received, deferred tax liabilities

The end of the table. one

1	2	3	4	5	6
Slowly realizable assets	A3	Stocks minus the standard balances of finished products and illiquid assets, VAT on acquired valuables	Long-term liabilities	P3	Long-term credits and loans
Difficult to sell assets	A4	Non-current assets, long-term receivables less structural, doubtful receivables and illiquid assets	Permanent liabilities	P4	Equity, structural accounts payable

As can be seen from Table 1, detailing the items of the management balance sheet will allow grouping the assets and liabilities of the organization for subsequent analysis of working capital more adequately to the conditions of economic activity of a particular enterprise.

The dissertation argues that for the purposes of analysis, stocks of raw materials, materials and finished products should be valued at the price of their possible sale, since it is it, and not the cost, that characterizes the amount of potential revenue that allows you to pay off creditors. As a result of changes in the value of inventory and fixed assets, there is a difference between the amount of assets and liabilities of the enterprise, which the dissertation proposes to include in equity.

The practical experience of the author makes it possible to assert that the analysis of the liquidity of an enterprise's assets, based on the use of management reporting data, allows analysts to conduct more successful research for the purposes of planning the acquisition of assets and making payments and make the most correct decisions on managing the financial flows of an enterprise.

The turnover of working capital as the speed of passing through the stages of the production and commercial cycle

The most important factor in the influence of working capital on the results of the enterprise is the turnover of working capital.

However, the fundamental factor in the value of traditionally used turnover indicators (circulation ratio of working capital, duration of turnover and conditional release or attraction of funds) is the amount of revenue received, which depends not only on the turnover rate of working capital, but also on the profit included in the revenue. In the generally accepted practice of calculating turnover, this fact is not reflected, which does not allow for a comprehensive analysis of the financial performance of the organization.

The turnover of working capital is due to the physical transition of assets from one state to another. Based on the formula "Money - Commodity - Production - Commodity" - Money "", a meter that reflects the number of assets involved in one turnover can be the amount of raw materials that are simultaneously used in the bottleneck of the production of any group (type) of products. Then, using the data of the budget execution report, which reflects not only financial, but also non-financial indicators, it is possible to calculate the management turnover ratio (K'ob):

, (3)

where: Q0 is the planned number of sales;

Q1 is the actual number of sales;

- the planned amount of the cost of raw materials (in quantitative terms), basic materials attributable to this product group;

Zzagr - the standard cost of raw materials in quantitative terms at the full load of the bottleneck (production stage or area characterized by insufficient or minimal production capacity).

It is advisable to calculate this indicator for each type (group) of products.

Expression 1 characterizes the normative amount of raw materials and basic materials costs per actual volume of production and sales. It is easy to see that in the above calculation of turnover, the values of revenue are identified according to the principle of recognition of income (or revenue upon shipment) and revenue upon payment. This indicator characterizes the speed of working capital through the stages of production and storage of finished products in a warehouse. To calculate the number of complete cycles (until the moment of payment), the managerial turnover ratio K'ob must be adjusted for the ratio of revenue upon payment and revenue upon shipment.

(4)

where: K''ob - managerial turnover ratio of working capital until the receipt of money by the enterprise;

Nopl - revenue from payment;

Nshipp - revenue from shipment.

The proposed method of calculating the turnover allows you to evaluate the turnover of each type (group) of products.

At the same time, the full load of a bottleneck is understood as the work of not all the capacities available in a given cost center, but only that part of them that is used directly for the production of the type of product in question.

Substituting the values of K'ob and K''ob in the formula for calculating the average duration of one turnover in days (Add), you can get the average duration of turnover for turnover when determining revenue on the basis of revenue recognition D'ob and the average duration of turnover for turnover when determining revenue upon actual cash receipts to the enterprise D''ob

The amount of released (additionally attracted) working capital (rubles) is proposed to be calculated using the formula:

The thesis concluded that to calculate the amount of released (additionally attracted) working capital, the D'ob indicator should be used, since accounts receivable 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 to calculate the funds additionally attracted into circulation, the “variable costs” indicator should be used, since they will increase with an increase in the duration of the production and commercial cycle. Fixed costs will remain the same over the period.

An important advantage of the proposed method of calculating the turnover is that it allows you to determine what part of the revenue the company received by accelerating the turnover, and which - by changing the price. Similarly, a change in the amount of direct costs can be caused by a change in the number of turnovers, a change in the prices of consumed raw materials or labor rates, as well as savings (overruns) of raw materials or an increase (decrease) in the working hours of the main production workers.

The deviation in revenue due to the acceleration of turnover can be calculated using the formula (rubles):

, (6)

where: - change in revenue due to a change in the speed of turnover of working capital;

- managerial turnover ratio of the reporting period (for payment);

- managerial turnover ratio of the base (previous) period (for payment);

– proceeds from sales of the base (previous) period (on payment);

- the number of products sold in the base (previous) period (for payment);

- the amount of production obtained with a full load of the bottleneck in one production cycle.

The deviation of direct costs (the cost of raw materials or the amount of accrued wages) is proposed to be calculated using the formula (rubles):

, (7)

where: - change in direct costs due to a change in the speed of turnover of working capital, rub.;

- managerial turnover ratio of the reporting period (for shipment);

- managerial turnover ratio of the base (previous) period (for shipment);

- the cost of raw materials (labor costs) of the base (previous) period for sold products (for shipment), rub.;

- the volume of products sold in the base (previous) period (by shipment) in physical terms;

- the volume of products produced with a full load of the bottleneck in one production cycle in real terms.

Knowing the duration of the production and commercial cycle, it is possible to calculate the duration of its stages: production, storage of finished products until sales and receivables until payment for finished products by buyers. At the same time, in practice, it is more convenient to calculate these indicators not in chronological, but in reverse order.

The duration of the receivables stage can be determined by comparing the duration of the turnover until the products are shipped to the buyer (D'ob) and until the buyer pays for the products shipped to him (D'ob). Accordingly, the duration of working capital in the state of receivables (in days) is the difference between these indicators.

Dz \u003d D "ob - D'ob, (8)

where Ddz is the duration of working capital in the state of receivables.

The duration of the period the finished product is in the warehouse can be calculated using the data of warehouse accounting cards: the time of arrival of products at the warehouse, as well as the time of departure from the warehouse. Consequently, the duration of working capital in the form of stocks of finished products (in days) can be calculated from the harmonic mean:

(9)

where - the average duration of working capital in the form of stocks of finished products;

DGPi - the duration of storage in the warehouse of each type of finished product;

Vi - the quantity of finished products of the corresponding type (group) in physical terms, located in the warehouse in physical terms;

n - the number of parties that "passed" through the warehouse during the analyzed period.

Knowing the duration of the period of working capital in the form of stocks of finished products and receivables, as well as the total duration of the production and commercial cycle, it is possible to calculate the duration of working capital in the production sector (Dpr). This indicator can be calculated as the difference between the duration of the production cycle and the duration of working capital in the form of stocks of finished products and receivables (in days):

Dpr \u003d D "ob - Dz - Dgp, (10)

As the study showed, the managerial turnover ratio, calculated through the cost of raw materials, as a rule, exceeds the turnover ratio calculated in the traditional way. The dissertation reveals the reasons for such discrepancies: in practice, during the implementation of the production and commercial cycle, the enterprise incurs a number of costs that are not directly related to it, for example, management costs that are not advanced in the circuit, but are compensated for by the proceeds received, recognized as expenses of the period. However, as a rule, in accounting, these costs are attributed to the cost of finished products and the balance of work in progress, thereby increasing the amount of working capital involved in the calculation of the turnover ratio and reducing its value.

The methodological approaches proposed in the dissertation make it possible to exclude the influence of factors that distort the calculations of working capital turnover at all stages of the production and commercial cycle, as well as to determine the turnover of each product group, which is of particular importance when conducting a comparative analysis of the turnover of various types of products.

Possibilities of using the EVA indicator to analyze the effectiveness of the use of working capital

When analyzing the effectiveness of an enterprise in last years in foreign and Russian practice, more and more attention is paid to the indicator of economic value added - EVA (economic value added).

Economic value added is the net profit of the enterprise, reduced by the amount of payment for all capital invested in the organization. At the same time, it is assumed that the enterprise should not only be profitable in principle, but also make the maximum possible profit from alternative options. This explains the fact that when calculating EVA, the payment for the use of not only borrowed funds, but also equity capital is deducted from the amount of profit. In modern literature, EVA is calculated as an indicator of the effectiveness of the entire capital of an enterprise (non-current and current assets). The dissertation proposes to calculate this indicator and to assess the effectiveness of the use of working capital.

To carry out such a calculation, it is first necessary to exclude the impact on profit of investments in non-working capital. To do this, the dissertation proposes to use in the calculations not profit from ordinary activities, but earnings before interest, taxes and depreciation (EBITDA). Next, you should determine the amount of capital invested in the working capital of the enterprise.

The following analysis assumes a number of assumptions:

equity capital is primarily used to create non-current assets, working capital is formed from its remaining part;
long-term loans are entirely spent on the acquisition of non-current assets. In practice, a situation is possible when, by attracting long-term loans, an enterprise will finance investments in current assets, but it is quite rare.

Then the following relation is true:

Equity capital less deviations in property value

long term duties

Fixed assets

If the amount of non-current assets exceeds the amount of long-term liabilities, this means that current assets were financed from short-term liabilities and part equity. If the amount of non-current assets is less than the amount of long-term liabilities, this means that part of these liabilities is a source of financing for current assets and is not directed to the formation of non-current assets of the enterprise.

Knowing the structure of capital aimed at the formation of working capital, you can calculate its price. The thesis proposes to use the weighted average cost of capital (WACC), which can be calculated as follows:

WACC=Сi * Di (11)

where: Сi is the price of the source, taking into account the tax effect, %.

Di - the share of the source in the total amount of liabilities aimed at the formation of working capital.

Then the EVA indicator for working capital can be calculated using the formula:

EVA = 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 drawn:

EVA = 0. The owner of the enterprise equally wins by continuing operations in the chosen direction or by investing in bank deposits. The decision on the development of selected areas should be made based on marketing objectives (maintaining market share or leaving it, maintaining the image and mission of the enterprise), as well as the degree of risk of activity;
EVA > 0. The investment of working capital in the chosen direction of 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 existing tools of the methodology for analyzing the profit received as a result of working capital management, by using not only relative values (profitability), but also absolute ones.

LISTPUBLICATIONS

Toyker D.V. Analysis of the efficiency of working capital using the EVA indicator // Bulletin of the University (State University of Management). - 2009. - No. 15 - 0.2 p.l.
Toyker D.V. A New Look on turnover // The Economist. - 2007. - No. 5 -0.3 p.l.

Monographs

Modern tendencies development of accounting and economic analysis: theory and practice: Monograph / ed. M.A. Vakhrushina. - M .: Publishing and Trade Corporation "Dashkov and Co", 2009. - 0.5 pp.

Other publications

Toyker D.V. How to calculate the need for working capital // Management Accounting and Finance. - 2008. - No. 3 (15) - 0.5 p.l.
Demchenko O.A., Toyker D.V. What budgets eat with // BOSS. - 2006. - No. 4 -0.2 p.l.
Toyker D.V. Liquidity Analysis: Management Aspect // Management Accounting and Finance. - 2006. - No. 1 (05) - 0.3 p.l.
Toyker D.V. Analysis of the formation of inventories. //Modern problems of methodology of organization of accounting, economic analysis and audit. Materials of the scientific-practical conference of the All-Russian Correspondence Institute of Finance and Economics (November 28-29, 2002). At 2 h. H I / Ed. Prof. L.T. Gilyarovskaya - M. Modern Economics and Law, 2003. -0.1 pp.
Plaskova N.S., Toyker D.V. Financial statements as an information base for financial analysis. // Financial newspaper. Regional release. - 2002. - No. 35 (408) - 0.3 p.l.

As a manuscript MULKIJANYAN VIOLETTA SERGEEVNA IMPROVEMENT OF THE PROCESS OF MANAGEMENT OF WORKING ASSETS OF INDUSTRIAL ENTERPRISE: ORGANIZATIONAL AND METHODOLOGICAL ASPECT Specialty 08.00.05 - Economics and management of the national economy: economics, organization and management of enterprises, branches, complexes (industry) Sciences Rostov-on-Don - 2011 The dissertation was completed at the Department of Management of the Technological Institute of the Southern Federal University in Taganrog Supervisor: Candidate of Economic Sciences, Associate Professor Tatarova Anna Vladimirovna Official opponents: Doctor of Economics, Professor Skorev Mikhail Mikhailovich Candidate of Economic Sciences, Associate Professor Grishchenko Olga Vladimirovna Leading organization: South-Russian State University of Economics and Service The defense of the thesis will take place on March 29, 2011 at 15:00 at a meeting of the joint dissertation council DM 212.208.2 8 in Economic Sciences at the Federal State Autonomous Educational Institution of Higher Professional Education "Southern Federal University" at the address: Rostov-on-Don, st. M. Gorky, 88, room 118. The dissertation can be found in the Zonal Scientific Library of the Southern Federal University at the address: Rostov-on-Don, st. Pushkinskaya, 148. The abstract was sent on February 26, 2011. Feedback on the abstract in two copies, signed and stamped, please send to the address: 347928, Taganrog, GSP 17A, per. Nekrasovsky, 44, joint dissertation council DM 212.208.28, scientific secretary. Scientific Secretary of the Dissertation Council Candidate of Economics, Associate Professor M.A. Masych 2 GENERAL DESCRIPTION OF THE WORK Relevance of the research topic. The diversity of economic activities of industrial enterprises has necessitated the use of new approaches to management based on the synthesis of the achievements of modern management theory and the experience of its practical application. The end result of the activity of industrial enterprises is always reduced to making a profit and increasing profitability. This is impossible without improving the management process of 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 the volume of working capital helps maintain their required level of liquidity and the enterprise as a whole. The main trends in reducing the efficiency of the functioning of industrial enterprises are the irrational use of their working capital, which, by ensuring the continuity of the production process, largely determines its efficiency. In modern economic conditions, the growing crisis phenomena in the world economy pose new challenges, require the development of organizational and methodological support to determine the required volume and effective system structure and elements of program-targeted working capital approaches, to the application of solving problems of managing this type of resource, which as a result improves the management process working capital in industry. Currently, in the methodology for analyzing the state of working capital, there are no resulting conclusions about the main reasons for the deterioration of the recommended state of the directions of their industrial rationalization; enterprises and the consistency of the working capital management program with the tactical goals and objectives of the industrial enterprise; organization of a system of control over the state and efficiency of the use of working capital; often the calculation of coefficients is "statistical" in nature, which leads to the lack of sound management decisions in this area and requires the use of systemic and program-targeted approaches, as well as the development of decision-making methods to improve the efficiency of the use of working capital of an industrial enterprise and organizational measures. Thus, the theoretical and relevance, insufficient organizational and methodological elaboration of aspects, the lack of sound management decisions that correspond to modern business conditions, necessitated the improvement of the working capital management process, and the practical need for such research determined the choice of the dissertation topic, its goals and objectives. The degree of development of the methodological foundations of the problem. increasing the theoretical efficiency and activity of industrial enterprises are devoted to the works of domestic and foreign scientists in this field, namely: O. Andryushchenko, A. Birman, A. Gavrilov, G. Kleiner, M. Glazov, B. Koloss, T. Dolgopyatova, M. Malygin, I. Evseeva, L. Matveeva, A. Ilyin, A. Nikitaeva, G. Shmalen. Studies of management tools, methods of theoretical and methodological and mechanisms of nature and the problem of the essential and meaningful representation of the management process are presented in the works of V. Archipenko, A. Bagurin, A. Bachurin, L. Zlobin, Yu. Kolesnikov, I. Lysakova, S. Myers, A. Mistyukov, I. Nikitin, Yu. Pavlyuchuk, E. Rumyantsev, S. Sukhov. In matters of management and rational use of working capital, linking them with the production activities of the enterprise, the results of research by O. Kachanov, V. Kovalev, D. Komarov, O. Efimova, M. Zaitsev, I. Lisitsian, M. Litvin, V. Meshalkin, V. Fashchevsky, E. Helfert and a number of other researchers. The issues of studying the decision-making process in the field of working capital management, their effectiveness and economic factors affecting their use, were dealt with by such domestic and foreign scientists as I. Abdukarimov, M. Bakanov, I. Balabanov, I. Blank, V. Bocharov, V. Goncharov, M. Gordonov, 4 L. Davydova, V. Deruzhinsky, S. Kryukov, V. Kovaleva, V. Lapshina, N. Naumova, B. Rapoport, E. Streltsova, F. Fabboczi. Describing the state of study of the problem of management and use of working capital in industrial enterprises, it should be noted that the analysis of modern monographic and periodical literature allows us to conclude that the theoretical and practical development of issues in this area, which in the future could lead to maximizing the return on advances in working capital financial resources and to increase the efficiency of managing an industrial enterprise as a whole. The complexity and versatility of the management system require the development of organizational and methodological support to improve the process of working capital management, the application of systemic and program-targeted approaches to the management and use of working capital. The purpose and objectives of dissertation research. The purpose of the dissertation research is to develop, based on the analysis of the specifics of the activities of industrial enterprises, the nature, features, methods of formation and use of their working capital, organizational and methodological support for improving the process of managing this type of resource at industrial enterprises in the short term. The implementation of this goal required the solution of the following tasks: - to analyze the functioning and features of process management by Russian organizations, industrial enterprises in modern conditions, as well as existing approaches to managing the most important element of their resource support - working capital - to identify the role of working capital management in improving the efficiency of industrial enterprises in the short term; - 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; to formulate the principles of program-target management of these funds and the construction of an appropriate program based on a system of 5 tactical goals and objectives of an industrial enterprise for a comprehensive solution to the problem of increasing the efficiency of its functioning; - develop a method for diagnosing the nature of left-sided and right-sided risks of industrial enterprises in order to make informed decisions to determine the required volume of structural components of working capital, as well as to select a model for meeting the need for them; - develop a decision-making methodology to improve the efficiency of the use of working capital of industrial enterprises to justify the amount of working capital and a model for meeting the need for them; - to propose a set of methodological recommendations, including those of an organizational nature, for improving the management of industrial enterprises in the short term using the developed decision-making methodology to improve the efficiency of the use of working capital of industrial enterprises. Object and subject of research. The object of the study is industrial enterprises in the current conditions of the Russian economy. The subject of the study is the management processes of industrial enterprises, approaches, models and methods of decision-making to improve the efficiency of industrial enterprises in the short term based on the rational use of working capital. The work was carried out within 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): p.1.1.13. Tools and methods of management of industrial enterprises, industries, complexes; clause 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 research is based on the proposition that in modern conditions the existing system of working capital management in industrial enterprises leads to a decrease in the efficiency of their operational activities. Existing approaches to managing this process need to be revised and improved organizational and methodological support in terms of analyzing the state of working capital of an industrial enterprise, developing a methodology to support the adoption of effective management decisions and developing a program for managing them based on regulating their volume and proportions of structural components. Thus, improving the quality of working capital management of industrial enterprises requires the development of methods for improving the efficiency of their organizational nature, the use of which will allow the complex of measures to improve the main economic indicators of an industrial enterprise in the short term; to form effective management decisions based on the assessment, analysis of the state of individual elements of working capital, as well as on the trend of changing the tactical goals and objectives of an industrial enterprise, the external environment in the current conditions of 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 effective use and organization of working capital; management of industrial enterprises under the influence of a variety of external and internal factors on their functioning; specifics of the formation and transformation of working capital of industrial enterprises. Particular attention is paid to the study of publications and developments, which address issues that reveal the content of the process of working capital management in enterprises and consider the relationship of their structural elements. The information-empirical materials of periodic accounting legislative acts, the base for the study of publications, annual enterprises and reports and industry, regulatory documents are presented by the primary city of Taganrog, the Russian Federation, descriptions of the results of research on the problems of organizing and improving the process of working capital management at industrial enterprises in the short term and adoption solutions, 7 contained in the publications of Russian and foreign scientists, as well as Internet resources and the dissertation's own author's research. The instrumental and methodological apparatus of the work consists of general scientific and economic methods. To achieve the set goal and the tasks to be solved, set in the dissertation research, systemic and program-targeted approaches, various methods of system analysis were used: logical, comparative, structural, statistical and expert methods of analysis. The main provisions of the dissertation submitted for defense: 1. In modern conditions of activity, the focus on short-term goals becomes the basis for the successful functioning of industrial enterprises, due to the high level of instability of the external and internal environment, which requires the use of systemic and program-targeted approaches to working capital management, in order to their effective organization and rational use in the interests of stable provision of the production process and an increase in the level of profitability of sales, as well as management of the operating cycle, which makes it possible to single out the stages of making informed management decisions when forming the volume of working capital, their structural components and regulating the duration of the cycle stages (stocks - production - finished products - sales of products) working capital, depending on the specifics of the industrial enterprise. 2. A system of criteria for assessing the target state of working capital, including the amount of working capital, the volume of their structural components and the ratio of sources to cover the need for working capital; principles of program-target orientation on the final result management, working end-to-end means: planning of the management object, the principle of continuity, which allows you to develop a working capital management program and thereby improve the process of their management at an industrial enterprise in accordance with the system of tactical goals and objectives of the enterprise, as well as ensure the achievement of a given level of performance in the short term. 8 3. The method of diagnosing the right-hand operating risk indicators, the nature cycle consisting of industrial liquidity and implies the identification of the left-hand in comparison of the enterprise, profitability and stages affecting the assets, which are reverse weaknesses and areas of probable losses in the enterprise under study and allows evaluating the effectiveness of the chosen model to meet the need for working capital, as well as regulate the current activities of the enterprise. 4. Methodology for the use of working capital decision-making to improve the efficiency of industrial enterprises, including diagnostics of enterprises; formation of a system of indicators for assessing the target state of working capital on the basis of the criteria for their management of options for effective working capital to achieve use; means; goals, the development of the formation of a conditional program of alternative previously identified problems; construction of a predictive scenario for the application of the selected model for meeting the need for working capital; development of management decisions to improve the efficiency of the use of working capital of industrial enterprises; control over the implementation of the developed solutions - all this together made it possible to increase the efficiency of the operating activities of industrial enterprises. 5. Methodological and practical recommendations for the formation and improvement of the management system in industry based on the proposed methodology for improving the efficiency of the use of working capital of industrial enterprises include: the formation of a set of program tasks in accordance with the tactical goals of the enterprise; identification of many alternative options for achieving goals; determination of the volume of working capital and their structural components necessary for the practical implementation of program tasks, as well as the development of organizational measures, which together made it possible to formulate the rules for making managerial 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 research is determined by the author's contribution to the improvement and development of existing tools for managing working capital of industrial enterprises in the aspect of organizational and methodological support. The main provisions of the work that characterize the scientific novelty include the following: 1. The necessity of applying a systematic approach to the management of working capital of industrial enterprises is substantiated, which differs from the currently used structural approach, which does not take into account the mutual influence of the chosen method of covering the need for working capital on the process of forming the required volume of their structural components and does not allow achieving a given level of performance efficiency enterprises in the short term, the compliance of the working capital management policy with the tactical goals and objectives of the enterprise, the content of the decision-making stages in the management of working capital, which will determine ways to improve the management of industrial enterprises. 2. A program-target approach was applied to the management of working capital of industrial efficiency of enterprises, functioning, with the aim of increasing their existing approaches by 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 its implementation; the consistency of the program tasks of working capital management with the tactical goals of the enterprise, as well as the methods of their implementation, which make it possible to improve the process of working capital management by regulating the volume of their structural components and determining the method of advancing working capital to the enterprise's activities. 3. A method for diagnosing enterprises is proposed, which differs from the existing state of industrial ones by determining the nature of left-sided and right-sided risks, based on a comparison of liquidity and profitability indicators of an enterprise, due to the 10th structure of its operating cycle, which allowed not only to eliminate the causes of risks in dynamics, but also to take reasonable management decisions aimed at reducing total costs. 4. A decision-making technique has been developed to improve the efficiency of the use of working capital of industrial enterprises in the short term, which differs from traditional ones in the consistency of program tasks for managing working capital with the tactical goals of the enterprise, the method of diagnosing the state of the enterprise, the pattern of choosing a model for meeting the need for working capital, the invariance of this technique, which as a result allowed to increase the efficiency of the enterprise. 5. A comprehensive set of solutions to recommendations is proposed, which is distinguished by improving the efficiency of the problem of functioning of industrial enterprises in the short term based on identifying the nature of risks and determining the zone of loss of liquidity and / or efficiency, the sequence of functioning of the application of enterprise models, ensuring the need for working capital and the formation of an effective volume of their structural components is established, and also developed measures for the organizational transformation of the nature, in particular, the linear-functional organizational structure of management into a project-type structure, 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 novelty and lies in the possibility of using the developed organizational and methodological support to improve the process of working capital management in the activities of industrial enterprises, which makes it possible to ensure the effectiveness of the use of funds advanced in current assets based on determining the required value of current assets and effective proportions of their structural components, by choosing the appropriate structure of sources to cover the need for working capital and methods for distributing these sources into the working capital of the enterprise. This approach makes it possible to improve the practice of working capital management at enterprises in this sector. An important scientific problem, which the study is aimed at, is of particular importance for the stable operation of industrial enterprises in the conditions of the modern economy. The results of the study can be used in the educational process when conducting seminars and lectures in the disciplines "Analysis of economic activity", "Financial management", "Financial analysis", "Economics of enterprises" and others. Taganrog Shipyard”, which is confirmed by the relevant implementation documents. Publications. The main content of the dissertation and the results of the study are presented in 14 published scientific papers with a total volume of 4 pp, including 4 articles in scientific journals recommended by the Higher Attestation Commission for publication of the main results of the dissertation for the degree of candidate of economic sciences. Approbation of the research results. The main results of the study are presented in open publications, were reported at scientific and practical conferences in the years. Rostov-on-Don, Taganrog, St. Petersburg, where they received a positive assessment. The structure and volume of the dissertation work consistently reveal its purpose of the task, it consists of an introduction, three chapters, a conclusion, a bibliographic list. MAIN RESEARCH RESULTS In the introduction, the relevance of the topic of the dissertation research is substantiated, the degree of study of the issues being developed is characterized, goals and objectives, theoretical and practical significance are determined, provisions and conclusions containing elements of scientific novelty are given, and the main provisions submitted for defense are highlighted. 1. It has been established that improving the efficiency of industrial enterprises in the short term is largely determined by the policy of effective management of working capital, focused on reducing the production and financial costs of the enterprise, which allows for the expansion of production and the achievement of high competitiveness of the enterprise in new market conditions; maximize the value of the business by ensuring the optimal duration of the 12th operating cycle; improve the performance of industrial enterprises. The search for internal reserves, as the basis for increasing the efficiency of an industrial enterprise, should be based on improving the organization and management of working capital, which is the most important link production process , which will determine the possibility of their effective use. In this regard, Figure 1 shows the main aspects of decision-making in the management of working capital of an industrial enterprise. TACTICAL GOALS AND OBJECTIVES OF AN INDUSTRIAL ENTERPRISE Choosing a working capital management policy at an industrial enterprise Aggressive management policy Conservative management policy Tools for effective management of working capital of an industrial enterprise based on the chosen policy ass - increase in the share of denezhn. funds - reducing the level of extra labor. Act. -increasing the share of own. funds -reduction of aggregate. costs - reducing the level of debit. ass - optimization of the level of mat-pr. app. -abbr. ur-nya low-liquid. about. cf. - preventing the accumulation of excessive current assets and short-term liabilities - maximizing the full value of the enterprise Evaluation and selection of tools for effective management of working capital in an industrial enterprise Results when using an aggressive policy: increasing the level of solvency of an industrial enterprise Results when using a conservative policy: increasing the level of profitability of an industrial enterprise Results when using a compromise policy: Maintaining a balance between the risk of loss of solvency and profitability of the enterprise Decision-making in the management of working capital of an industrial enterprise 13 In the dissertation research it was determined that in the short term the management of working capital causes the maximization of the level of profit and profitability of the enterprise, the leveling of risks in the models of ensuring the need for working capital, as well as the efficiency of the structure of the sources of their coverage, which will improve the process of working capital management and improve the results of functioning activities of the enterprise as a whole. 2. It was revealed that the management of working capital is interpreted as the management of its individual components and sources of formation, and as a result reduces the quality of decisions that negatively affect the activities of an industrial enterprise as a whole, and also determines the need for a systematic approach to both the management of industrial enterprises and to the process of working capital management, based on identifying the relationship between the components of working capital and the impact of their use on the effectiveness of managing these funds. In the context of the transfer of the economy to an innovative path of development, the key role of industrial enterprises in the introduction of advanced methods of work, as well as the increasing importance of consistency in managing the current activities of a modern enterprise as the most important factor in increasing production efficiency, is becoming. Effective management of the current activities of enterprises in this sector comes down to the fact that the activities of any part of the system have an impact on the activities of all other parts of it. Thus, it is necessary to apply a systematic approach to this phenomenon. The author is based on two assumptions: - the system for managing the activities of industrial enterprises is based on the regulation of the elements of working capital in accordance with the specifics of their properties and the links between them, determined by short-term goals and objectives; - all objects without exception are characterized by movement, change and processes, since systems do not exist outside the processes. Thus, in the process way of describing the system for managing the current activities of enterprises, the main element of this system is the process in which resource flows are transformed. In this case, 14 working capital of the enterprise are a specific resource flow. The decision-making process in the management and use of working capital of industrial enterprises is considered in relation to the tactical goals and objectives of the enterprise, which reflects the sequence of intermediate goals or decisions and is selected from a variety of alternatives according to some criterion. This means that there is a process, a change, there is a decomposition into subsystems, and there are systemic connections between these subsystems. The effective and rational use of working capital determines the required time interval between the acquisition of inventories and the receipt of funds from the sale of products, characterizes the effectiveness of managing the operating cycle of an enterprise, which is due to the constant transformation of individual elements of working capital in the process of production activities of industrial enterprises. Thus, their management must be considered as a systemic phenomenon (Figure 2). SPHERE OF CIRCULATION Financial investments outside the enterprise EXTERNAL ENVIRONMENT Accounts receivable Tax and other mandatory payments Bank loans Financial investments within the enterprise INDUSTRIAL ENTERPRISE Accounts payable Own money. funds for advancing into production Cash proceeds from sales Inventory stocks Stocks of finished products Work in progress SPHERE OF PRODUCTION Figure 2 - Circulation of elements of working capital of an industrial enterprise   Developed by the author based on research materials. fifteen Systems approach to the management of working capital is to regulate the elements of working capital in accordance with the specifics of their properties and relationships between them and differs from the existing ones in that it takes into account the link to the tactical goals and objectives of the enterprise in the process of making informed decisions in the management and use of working capital, which reflects a sequence of intermediate goals or decisions and is selected from a variety of alternatives according to some criterion. 3. Improving the process of managing working capital of an industrial enterprise involves the formation of successive stages of decision-making on the management and use of working capital, focused on achieving their target volume and effective values of structural components by regulating the duration of the stages of the operating cycle. It has been established that the growth of labor productivity, national income in that part of it that goes to consumption, depends on how efficiently the working capital of an industrial enterprise is used, what are their volume and the magnitude of structural components. break vicious circle It is possible by improving the entire management system, which allows enterprises to carry out profitable activities and increase their resource base, by making informed decisions to improve the efficiency of the use of working capital. The stages of decision-making in the management of working capital of an industrial enterprise based on a systematic approach are shown 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 influence of elements of working capital on each other is revealed and the directions of management are determined. solutions. At the second stage, the target volume and values of the structural components of working capital in their total amount and by individual types are determined, which are necessary for the smooth operation of an industrial enterprise, 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 coverage that form working capital, which should be attracted taking into account their acceptable ratio on economically justified conditions. 16 The working capital management system includes the following stages: Stage 1. Analysis of the existing volume of rev. funds and their structural components Stage 2. Determination of the target volume of working capital and the effective volume of their structural components Inventories Cash 3rd stage. Ensuring the effective use of working capital Stage 4. Organization of a system for monitoring the state and efficiency of the use of resources invested in working capital Finished products Work in progress Sales of products Accounts receivable (more than, less than a year) Elements of working capital advanced in the activities of the enterprise systemic approach  The third stage is aimed at ensuring the efficient use of working capital. To do this, on the basis of previously developed management decisions, a set of measures is being formed to accelerate the turnover of working capital, increase their profitability, ensure solvency, liquidity and financial stability of the enterprise. The construction of effective control systems at the fourth stage of decision-making is formed within the framework of the general control system at the enterprise and involves the reduction of excess volumes or the replenishment of the lack of funds and stocks, and the maneuvering of receivables. Thus, within the framework of a systematic approach, based on such an analysis, a conclusion is made about the efficiency of the use of working capital, as well as the interdependence of the elements of working capital from each other and determines the direction of management decisions to improve the process of managing this type of resource. Competent management This process is of fundamental importance for the results of the current activities of an industrial enterprise and the economy of the region as a whole. 4. It is established that in order to ensure efficient operation industrial enterprises, it is necessary to apply a program-target approach to the process of working capital management, since this approach embodies an extensive methodology for solving many problems,  The figure was compiled by the author based on the research materials. 17 arising in various fields of activity of enterprises, and is aimed at solving complex issues by developing a system of program measures aimed at goals, the achievement of which ensures the solution of the problems that have arisen. Program-targeted management of working capital of an industrial enterprise based on a systematic approach involves 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 its implementation. In the process of mutual agreement of goals, program activities and resource needs, not only their mutual adjustment is carried out, but also a variant analysis of ways to solve the problem and the types of resources used for this. It is these features of the program-target approach that explain its choice for solving problems in the field of 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 sequentially performed tasks, united by a single goal, aimed at improving the working capital management process under the conditions of specified restrictions. Working capital management program Tactical goals and objectives of an industrial enterprise A set of actions The results of achieving tactical goals and solving problems Ways to achieve program goals in the management of rev. means Methods of implementation Means necessary for the practical implementation of ways to achieve program goals in the management of working capital . Program-targeted approach to overcoming the crisis in the Russian Federation / Electronic page on the Internet / www.sbcinfo.ru @ 2007. 18 - formation of the necessary need for working capital: determination of their target volume and the values of structural components; - ensuring a given level of the ratio of sources to cover the need for working capital; - an effective ratio between the structural elements of working capital, sufficient to ensure long-term production and productive financial activities of an industrial enterprise. Thus, the management of working capital of industrial enterprises, carried out in accordance with the principles of program-oriented management (focus on the final result, end-to-end planning of the management object, the principle of continuity), can become the leading direction in improving the process of working capital management, as well as reforming industrial production as a whole. The development and implementation of program-target management is an effective way to solve urgent problems that require the concentration of resources, the concentration of impacts, the target orientation of the means used and the consistency of impacts. Reasonable use of means to achieve goals will ensure the invariance of solving the tasks set and increase the efficiency of the use of working capital of industrial enterprises in the face of changes in the external environment. 5. A method has been proposed and substantiated for diagnosing the nature of left-sided and right-sided risks of an industrial enterprise in order to make informed decisions on determining the need for working capital in the management of an enterprise, aimed at determining the type of model for meeting the need for working capital, in order to increase the efficiency of their use, which will improve the main economic results of the enterprise. An analysis of various risks arising from the management of industrial enterprises made it possible to identify the risks associated with the management of working capital. The search for ways to achieve a compromise between profit, the risk of loss of liquidity and the state of working capital and sources of their coverage involves the definition of 19 right-handed and left-handed management of working capital. risks arising in the process In accordance with this, phenomena that potentially carry left-sided and right-sided risks are identified, which are reflected in Table 1. Table 1 - Phenomena that carry right-sided and left-sided risks Left-sided risk (asset) Liquidity - accumulation of low-liquid assets, unjustified growth of DE and decrease in working capital, lack of funds Right-sided risk (liability) Profitability Liquidity - increase in unused working capital, lack of inventories, unjustified growth of DE - non-optimal combination of long-term and short-term borrowings; high level of KZ Profitability - a high share of long-term borrowed funds; unreasonable increase in shortfall Diagnosing left-sided and right-sided risks consists in choosing a model for meeting the need for working capital, which implies identifying weaknesses and areas of probable losses in the enterprise under study. This made it possible to track the dynamics of changes in the chosen policy in relation to the sources of the formation of working capital and to regulate the current activities of an industrial enterprise (Figure 5). Assessment of the existing model for meeting the need for working capital Assessment of liquidity Assessment of profitability Selection of a model for meeting the need for working capital Identification of the nature of the risk in the existing model for meeting the need for working capital based on the liquidity and profitability of the enterprise Determination of the nature of the risk and the point of its occurrence (right-hand, left-hand) Figure 5 - Diagnosing the nature of left-sided and right-sided risks of an industrial enterprise as an element of choosing a model for meeting the need for working capital   The table was compiled by the author based on the research materials. Financial analysis: Resource management. Choice of investments. Reporting analysis. - 2nd ed., revised. and additional - M.: Finance and statistics, 2009. - 512 p.  20 Risk can be managed, that is, various measures can be used to predict the occurrence of a risk event to a certain extent and take measures to reduce the degree of risk. In this case, the choice of a model for meeting the need for working capital is the measure that allows leveling, as well as partially eliminating the identified risks. Outside the existing models, the question of what criteria should be followed when choosing a model for meeting the need for working capital remains open, there are no rules for coordinating the working capital management policy with the tactical goals and objectives of the enterprise, as well as a mechanism for assessing their compliance. Table 2 shows the risks specific to each model for meeting the need for working capital, as well as the criteria that must be followed when choosing a particular model. Models for meeting the need for about. avg Ideal model Aggressive model Conservative model Compromise model obligations → possible non-fulfillment of obligations Low Possible reasons: risk of loss of profitability due to an increase in total costs → loss of additional. profit Low Possible reasons: risk of loss of liquidity due to accumulation of short-term. liabilities → decrease in the share of highly liquid assets Low Possible reasons: risk of loss of profits due to lack of money. cf. → → interruption process and profit loss Low Possible causes: risk of loss of liquidity due to lack of money. liquidity risk High No risk of loss of profitability High Probability of risk of loss of profitability is very low High Probability of risk of loss of profitability is very small Possible causes: risk of loss of for accumulating short term obligatory during peak and seasonal periods → not met. liabilities High No risk of loss of liquidity High High High High Low payroll due to accumulated excess assets, because Maud. covers all the need for cf. → zoomed in prod. and mother. cost High No risk of loss of profitability In this model, all risks are balanced, but sometimes there may be a decrease in profitability due to the accumulation of excess assets  Right-sided risk Liabilities Liquidity Profitability The table was compiled by the author based on research materials. 21 can be observed reduced. liquidity due to the accumulation of surplus. short term liabilities Thus, the process of managing working capital of an industrial enterprise can be represented as follows (Figure 6). The minimum part of working capital (systemic) funds Factors affecting the volume of rev. funds: - need for resources; - available sources of providing resources; - production turnover resources; - solvency of the enterprise; - the duration of the operating cycle; - profitability about. Wed-in The choice of a model for ensuring the need for rev. means based on the identification of risks in the enterprise Ideal Conservative Compromise Aggressive Diagnosing the nature of right-sided and left-sided risks of the enterprise's activity Determining the effective values of the components of working capital Factors influencing the structure of working capital: - the specifics of the formation of reserves, remote assets, cash; - turnover of elements rev. funds; -solvency; -liquidity of resources; - the duration of the operating cycle Figure 6 - The process of managing the working capital of an enterprise  Studies have shown that the successive change of models for meeting the need for working capital with the opposite type of risk differs from the existing ones by the consistency of the working capital management policy with the tactical goals and objectives of the enterprise, which made it possible to manage risks and determine zone of loss of liquidity or efficiency of functioning Any of the considered models for meeting the need for working capital at certain stages of the functioning of an industrial enterprise provides various opportunities for exiting the risk zone, while the main criteria that should be followed when choosing them are indicators of liquidity and profitability of the enterprise. 6. In accordance with modern conditions, a methodology has been developed for making managerial decisions to improve the efficiency of using working capital of industrial enterprises by regulating their volume and the values of structural components based on a systematic approach and principles of program-targeted management (Figure 7), the implementation of which involves the formation of a set of measures of organizational character.  Figure compiled by the author based on research materials. 22 Management decision making is an important factor in the activities of any enterprise. Without proper management decisions, effective management, the economic prosperity of the enterprise is impossible. The effectiveness of management depends on the complex application of many factors, as well as on the procedure for making decisions and their practical implementation. The formation of a decision-making methodology to improve the efficiency of the use of working capital of industrial enterprises involves the development of a list of sequentially performed stages: - analysis of the use of working capital in the operating process of the enterprise in the previous period; - development of a program for managing working capital of an industrial enterprise based on the principles of program-targeted management; - development of a method for diagnosing the nature of the risks of an industrial enterprise in order to make informed decisions to determine the need for working capital; - selection and justification of the model for meeting the need for working capital of an industrial enterprise; - formation of a regulatory need for working capital (determination of the target volume and formation of effective values of the structural components of working capital), sufficient to conduct efficient production and economic activities; - formation of stages for making informed decisions in the management of working capital based on the identification of weaknesses 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 lies in the invariance of the process of solving problems of increasing the efficiency of the use of working capital of industrial enterprises, which consists in formulating decision-making rules depending on the requirements of the external and internal environment, as well as on the tactical goals and objectives of an industrial enterprise. 23 Object of study: industrial enterprises; object of control: working capital 1. Diagnosis of the state of an industrial enterprise PROBLEMS 1.1. Low liquidity (deficit of money. Wed.): above-standard tasks to budgets, personnel, suppliers (overdue debts); 1.2. Low profitability vol. funds, therefore, low profits from the enterprise - irrational management of the elements of about. funds; P AND CH AND N Y - lack, surplus of working capital; -incorrectly chosen industrial policy of the enterprise IMPACT METHODS: -restructuring of working capital; - application of models for ensuring the need for rev. means 2. Making managerial decisions to improve the efficiency of the use of rev. means of an industrial enterprise based on a systematic approach and program-target management FEEDBACK AND ADJUSTMENT OF THE GOAL 2.1. assessment of the target state of enterprises based on the criteria for the effective use of vol. funds 2.3.Working capital management program (a set of sequentially performed tasks) 2.2.The purpose of the management program about. means before. Limitations: the nature of the problem, resources GOAL DECOMPOSITION 2.5.1. Determining the nature of the risk (diagnostics of right- and left-sided risks in the mod. meeting the need for total funds based on showing liquidity and profitability of the enterprise) 2.5.2. Definition used predpr-em model to ensure the need for about. funds in tech. per. NO 2.5.3. Selection of an appropriate model for leveling or partial elimination of risks, if necessary Are the goals achieved? YES 2.5.5. Determination of the target volume of vol. means and values of their structural components, effective ratio of sources to cover the need for working capital 2.6.4. Construction of a scenario forecast taking into account the application of the developed recommendations 2.6.5. The result of the implementation of the developed recommendations 2.5.4. Application of the model for covering the need for working capital NO 2.6. 2. Identification of weaknesses and causes of irrational management of working capital Have the goals been achieved? YES 2.7. Development of management decisions to improve the efficiency of the use of about. funds. enterprises 2.6.3. Development of recommendations for improving the policy of industrial enterprise management. 2.4. Formation of alternative options for achieving the goal, due to previously identified problems (methods of logical enumeration) 2.5. Choosing a model for meeting the need for working capital (determining the best option for achieving the goal according to specified criteria) 2.6. Organization of the construction of a predictive scenario for the application of the selected model for meeting the need for working capital funds of an industrial enterprise Figure 7 – Decision-making methodology to improve the efficiency of the use of working capital of an industrial enterprise  The figure was left by the author based on the research materials. 24 The practical implementation of the proposed methodology involves the development of organizational measures, namely, the transformation of a linear-functional organizational structure of enterprise management into a project-type structure, in which managers are responsible for coordinating all types of activities and using working capital related to this project. To this end, all material and financial resources are placed at their disposal. Project managers are also responsible for the planning of the project and the progress of its implementation in all quantitative, qualitative and temporal terms. As for the heads of functional units, they delegate some of their responsibilities to the project manager, decide where and how this or that work should be done. The project team should consist of employees of the following departments: planning and economic, financial, marketing, supply and equipment, production dispatching, quality, management technical training production and accounting. In conclusion, the main conclusions, generalizations, suggestions and practical recommendations are formulated, arising from the logic and results of the study. The following works have been published on the topic of the dissertation research: Articles in scientific periodicals recommended by the Higher Attestation Commission: 1. Osipova V.S. Some approaches to the management analysis of the state of working capital // Izvestiya TRTU. Thematic issue "Actual problems of economics, management and law". - Taganrog: Izdvo TRUTH, 2005. - No. 6. – P.63–67. - 0.3 p.l. 2. Osipova V.S. Some approaches to the management of working capital at the enterprise // Izvestiya TRTU. Thematic issue "System Analysis in Economics and Management". - Taganrog: Publishing House of TRTU, 2005. - No. 8. – P.171–179. – 0.5 p.l. 3. Mulkidzhanyan V.S. To the question of the essence and purpose of working capital // Izvestiya TSURE. Thematic issue "Management in economic systems". - Taganrog: Publishing House of TRTU, 2006. - No. 10. – P.9397. - 0.2 p.l. 4. Mulkidzhanyan V.S. Organizational and methodological support for the management of working capital of an industrial enterprise // Vestnik Adygeisky State University. Series "Economics". - Maykop: Publishing House of ASU, 2010. - Issue. 4(71). - P.206 - 211. - 0.7 p.l. Articles in scientific periodicals, conference materials and collections of scientific papers of universities: 5. Osipova V.S. Working capital management // VII All-Russian Scientific Conference of Students and Postgraduates "Technical Cybernetics, 25 Radio Electronics and Control Systems". Abstracts of reports. - Taganrog: Publishing House of TRTU, 2004. - P.471. - 0.05 p.l. 6. Osipova V.S. The main criteria for assessing the target state of the working capital of an enterprise // International collection of scientific and practical works "Actual problems social work , economy, education and culture". - Rostov-on-Don: Russian State Social University, Taganrog branch of the TF RSSU, 2005. - No. 3. – P.157–161. - 0.2 p.l. 7. Osipova V.S. Cash flow management // International Scientific and Technical Conference "Intelligent Systems" (AIS'05) and "Intelligent CAD" (CAD-2005). - M: Fizmatlit, 2005. - No. 2. – P.501–504. - 0.2 p.l. 8. Mulkidzhanyan V.S. Diagnostics of the left-sided and right-sided risk of the enterprise's activity as an element of the choice of the working capital financing model // VIII All-Russian Scientific Conference of Students and Postgraduates "Technical Cybernetics, Radio Electronics and Control Systems": Report Abstracts. - Taganrog: Publishing House of TRTU, 2006. - P.431. - 0.1 p.l. 9. Mulkidzhanyan V.S. Cash flow management // International scientific and methodological conference "Financial Management". - Penza: Society "Knowledge" of Russia, Privolzhsky House of Knowledge, 2007. – P.75–77. - 0.2 p.l. 10. Mulkidzhanyan V.S. Criteria for choosing models for financing working capital // Proceedings of the XI International Scientific and Practical Conference "System Analysis in Design and Management". - St. Petersburg: SPGPU Publishing House, 2007. - No. 2. – P.237–240. - 0.15 p.l. 11. Mulkidzhanyan V.S. Criteria for the choice of working capital financing models. Izvestiya SFU. Special issue - Taganrog: TTI SFU Publishing House, 2008. - No. 1 p.162-163. - 0.1 p.l. 12. Mulkidzhanyan V.S. A systematic approach to the development of a mechanism for the implementation of financial policy in the field of working capital management // Izvestiya SFedU. Thematic issue "Information and Humanitarian Technologies in the Management of Economic and Social Systems". - Taganrog: TTI SFU Publishing House, 2009. - .No. 3. – P.57–62. - 0.4 p.l. 13. Mulkidzhanyan V.S. Improving the efficiency of working capital management of Russian industrial enterprises based on the regulation of the operating cycle in the current crisis conditions // Izvestiya SFU. Thematic issue "Information and Humanitarian Technologies in the Management of Economic and Social Systems". - Taganrog: TTI SFU Publishing House, 2010. – No. 4. – P.70–76. - 0.4 p.l. 14. Mulkidzhanyan V.S. A systematic approach to managing the current activities of Russian industrial enterprises // Proceedings of the XIV International Scientific and Practical Conference "System Analysis in Design and Management". - St. Petersburg: SPGPU Publishing House, 2010. - Part 2. - S.211-219. - 0.5 p.l. 26 Signed for publication on February 24, 2011. Format 60x84/16. Offset paper. Offset printing. Conv. pech.l. - 1.5. Circulation 100 copies. Order No. Publishing house of the Technological Institute of the Southern Federal University GSP 17A, Taganrog, 28, Nekrasovsky, 44 Printing house of the Technological Institute of the Southern Federal University 27

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