IDEAS home Printed from https://ideas.repec.org/a/scn/financ/y2018i4p114-129.html
   My bibliography  Save this article

Взаимосвязь Управления Оборотным Капиталом И Результативности Деятельности Компании // The Relationship Between Management Of Floating Capital And Performance Of The Company

Author

Listed:
  • V. Nazarova V.

    (St. Petersburg School of Economics and Management, National Research university “Higher School of Economics”)

  • S. Glebov P.

    (St. Petersburg School of Economics and Management, National Research university “Higher School of Economics”)

  • В. Назарова В.

    (Санкт-Петербургская школа экономики и менеджмента, Национальный исследовательский университет «Высшая школа экономики»)

  • С. Глебов П.

    (Санкт-Петербургская школа экономики и менеджмента, Национальный исследовательский университет «Высшая школа экономики»)

Abstract

Efficient management of the companyэs floating capital provides an opportunity to create its value by reducing the need for additional financing, increasing profitability, improving liquidity and increasing the efficiency of operations. Floating capital acts as a lever of value creation for owners. An effective model of the management of floating capital allows the company to gain a competitive advantage and increase shareholder wealth. The relevance of our study is due to the need for quality management of the short-term company’s activities to achieve its maximum performance. The purpose of our research was the identification of the nature of the relationship between the components of floating capital and the performance of the Russian companies. The object of the research was the floating capital of the Russian medium and large size companies, analyzed for the period from 2011 to 2016.The subject of the research was a set of floating capital management processes aimed at achieving the company’s strategic goals. To substantiate the relationship between management of the floating capital and the indicator of company’s performance, we used the following metrics: ROA ratio, reflecting the profitability of total assets, as well as indicators of floating capital — the financial cycle of the company and its components: the period of turnover of debtor indebtedness, the period of turnover of accounts payable, and the period of inventory turnover. In order to simulate the relationship between the management of the floating capital and the company’s performance, the authors used the panel regression method to improve the efficiency of the estimates. In order to obtain applied conclusions, the authors built models with fixed and random effects and used cluster standard errors to reduce the impact of data autocorrelation. Based on the study, the authors proved that there is a significant inverse relationship between the length of the financial cycle of the company and the effectiveness of its activities. There was an inverse relationship between the period of accounts payable turnover and the performance of the company. With the rise of the period of turnover of accounts receivable, the performance of the company falls. An inverse relationship was also found between the period of the company’s inventory turnover and the performance of its activities. The results obtained in the course of the research are of great practical value for the management and strategic development of the company. The results of the research can be used in proper management decisions in the field of floating capital. A competent management policy of the company’s floating capital allows for efficient allocation of the company’s resources to improve the quality of its activities, keeping a balance between the predicted risks and performance. Эффективное управление оборотным капиталом компании дает возможность создать ее ценность посредством сокращения потребности в дополнительном финансировании, увеличения доходности, улучшения ликвидности и повышения эффективности операций. Оборотный капитал выступает рычагом создания стоимости и ценности для собственников. Эффективная модель управления оборотным капиталом позволяет компании получить конкурентное преимущество и увеличить благосостояние акционеров. Актуальность исследования обусловлена необходимостью качественного управления краткосрочными аспектами деятельности компании для достижения ее максимальной результативности. Целью статьи является определение характера взаимосвязи между компонентами оборотного капитала и результативностью компаний российского рынка. Объектом исследования является оборотный капитал российских компаний среднего и крупного размеров, проанализированный за период с 2011 по 2016 г. Предмет исследования: совокупность процессов управления оборотным капиталом, направленных на достижение стратегических целей компании. Для обоснования взаимосвязи управления оборотным капиталом и показателя результативности компании используются следующие метрики: коэффициент ROA, отражающий доходность совокупных активов, а также показатели оборотного капитала — финансовый цикл компании и его составляющие: период оборачиваемости дебиторской и кредиторской задолженности, период оборачиваемости запасов.С целью моделирования взаимосвязи управления оборотным капиталом и результативности компании в работе реализован метод панельных регрессий, позволяющий повысить эффективность полученных оценок. С целью получения прикладных выводов в работе были построены модели с фиксированными и случайными эффектами, а также использованы кластерные стандартные ошибки для снижения влияния автокорреляции данных.В ходе исследования было доказано, что между длиной финансового цикла компании и результативностью ее деятельности существует значимая обратная взаимосвязь. Между периодом оборачиваемости кредиторской задолженности и результативностью деятельности компании также выявлена обратная взаимосвязь. С ростом периода оборачиваемости дебиторской задолженности результативность деятельности компании падает. Между периодом оборачиваемости запасов компании и результативностью ее деятельности также выявлена обратная взаимосвязь. Полученные в ходе исследования результаты имеют большую практическую ценность для управления и стратегического развития компании. Они могут использоваться при принятии управленческих решений в области оборотного капитала. Грамотная политика управления оборотным капиталом компании позволяет эффективно распределить ресурсы компании для повышения качества ее деятельности, соблюдая баланс между прогнозируемыми рисками и результативностью деятельности.

Suggested Citation

  • V. Nazarova V. & S. Glebov P. & В. Назарова В. & С. Глебов П., 2018. "Взаимосвязь Управления Оборотным Капиталом И Результативности Деятельности Компании // The Relationship Between Management Of Floating Capital And Performance Of The Company," Финансы: теория и практика/Finance: Theory and Practice // Finance: Theory and Practice, ФГОБУВО Финансовый университет при Правительстве Российской Федерации // Financial University under The Government of Russian Federation, vol. 22(4), pages 114-129.
  • Handle: RePEc:scn:financ:y:2018:i:4:p:114-129
    as

    Download full text from publisher

    File URL: https://financetp.fa.ru/jour/article/viewFile/738/507.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Petersen, Mitchell A & Rajan, Raghuram G, 1997. "Trade Credit: Theories and Evidence," The Review of Financial Studies, Society for Financial Studies, vol. 10(3), pages 661-691.
    2. Haitham Nobanee & Modar Abdullatif & Maryam AlHajjar, 2011. "Cash conversion cycle and firm's performance of Japanese firms," Asian Review of Accounting, Emerald Group Publishing Limited, vol. 19(2), pages 147-156, July.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. repec:prg:jnlpep:v:preprint:id:681:p:1-17 is not listed on IDEAS
    2. Hari P. Adhikari & Marcin W. Krolikowski & James Malm & Nilesh B. Sah, 2021. "Working capital (mis)management – impact of executive age," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(1), pages 727-761, March.
    3. Ilhan Dalci & Cem Tanova & Hasan Ozyapici & Murad A. Bein, 2019. "The Moderating Impact of Firm Size on the Relationship between Working Capital Management and Profitability," Prague Economic Papers, Prague University of Economics and Business, vol. 2019(3), pages 296-312.
    4. Ha Thi Thuy Van & Dang Ngoc Hung & Vu Thi Thuy Van & Ngo Thanh Xuan, 2019. "Managing Optimal Working Capital and Corporate Performance: Evidence from Vietnam," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 9(9), pages 977-993, September.
    5. Nilesh B. Sah & Anandi Banerjee & James Malm & Anisur Rahman, 2021. "A Good Name Is Better Than Riches: Family Firms and Working Capital Management," Discussion Paper Series 2021-02, McColl School of Business, Queens University of Charlotte.
    6. Iacovone, Leonardo & Ferro, Esteban & Pereira-López, Mariana & Zavacka, Veronika, 2019. "Banking crises and exports: Lessons from the past," Journal of Development Economics, Elsevier, vol. 138(C), pages 192-204.
    7. Jiao Wang & Lima Zhao & Arnd Huchzermeier, 2021. "Operations‐Finance Interface in Risk Management: Research Evolution and Opportunities," Production and Operations Management, Production and Operations Management Society, vol. 30(2), pages 355-389, February.
    8. Kong, Dongmin & Pan, Yue & Tian, Gary Gang & Zhang, Pengdong, 2020. "CEOs' hometown connections and access to trade credit: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 62(C).
    9. Masahiro Enomoto, 2018. "Effects of Corporate Governance on the Relationship between Accounting Quality and Trade Credit: Evidence from Japan," Discussion Paper Series DP2018-12, Research Institute for Economics & Business Administration, Kobe University, revised Dec 2023.
    10. Chen, Catherine Huirong & Choy, Siu Kai & Tan, Yongxian, 2022. "The cash conversion cycle spread: International evidence," Journal of Banking & Finance, Elsevier, vol. 140(C).
    11. Costello, Anna M. & Down, Andrea K. & Mehta, Mihir N., 2020. "Machine + man: A field experiment on the role of discretion in augmenting AI-based lending models," Journal of Accounting and Economics, Elsevier, vol. 70(2).
    12. Paolo Emilio Mistrulli & Valerio Vacca, 2015. "Social capital and the cost of credit: evidence from a crisis," Temi di discussione (Economic working papers) 1009, Bank of Italy, Economic Research and International Relations Area.
    13. Pedro J. García-Teruel & Pedro Martínez-Solano & Juan P. Sánchez-Ballesta, 2014. "Supplier Financing and Earnings Quality," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 41(9-10), pages 1193-1211, November.
    14. Falavigna, Greta & Ippoliti, Roberto, 2023. "SMEs’ behavior under financial constraints: An empirical investigation on the legal environment and the substitution effect with tax arrears," The North American Journal of Economics and Finance, Elsevier, vol. 66(C).
    15. B. C. Giri & S. Sharma, 2016. "Optimal ordering policy for an inventory system with linearly increasing demand and allowable shortages under two levels trade credit financing," Operational Research, Springer, vol. 16(1), pages 25-50, April.
    16. Galina Hale & Cheryl Long, 2010. "If you try, you’ll get by: Chinese private firms’ efficiency gains from overcoming financial constraints," Working Paper Series 2010-21, Federal Reserve Bank of San Francisco.
    17. Marc Auboin & Alisa DiCaprio, 2017. "Why Do Trade Finance Gaps Persist: Does it Matter for Trade and Development?," CESifo Working Paper Series 6425, CESifo.
    18. He, Zhenyu & Tang, Yuwei, 2023. "Local environmental constraints and firms’ export product quality: Evidence from China," Economic Modelling, Elsevier, vol. 124(C).
    19. Çağatay Bircan & Ralph De Haas, 2020. "The Limits of Lending? Banks and Technology Adoption across Russia," The Review of Financial Studies, Society for Financial Studies, vol. 33(2), pages 536-609.
    20. Masten, Arjana Brezigar & Coricelli, Fabrizio & Masten, Igor, 2008. "Non-linear growth effects of financial development: Does financial integration matter?," Journal of International Money and Finance, Elsevier, vol. 27(2), pages 295-313, March.
    21. Wu, Wenfeng & Firth, Michael & Rui, Oliver M., 2014. "Trust and the provision of trade credit," Journal of Banking & Finance, Elsevier, vol. 39(C), pages 146-159.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:scn:financ:y:2018:i:4:p:114-129. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Алексей Скалабан (email available below). General contact details of provider: http://financetp.fa.ru .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.