Economic Analysis: Theory and Practice

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Working capital structure optimization to minimize the liquidity risk

Vol. 18, Iss. 1, JANUARY 2019

Received: 9 October 2018

Received in revised form: 19 October 2018

Accepted: 7 November 2018

Available online: 29 January 2019

Subject Heading: Crisis management

JEL Classification: С01, С02, G33, H12

Pages: 121–135

Stanchulyak Yu.N. Plekhanov Russian University of Economics, Moscow, Russian Federation

Erastova K.O. National Research Ogarev Mordovia State University, Saransk, Republic of Mordovia, Russian Federation

Subject The article considers methods that contribute to improving the enterprise solvency and eliminating the liquidity risk.
Objectives The aim is to determine ways to minimize liquidity risk by improving the size and structure of company's working capital.
Methods The methodology rests on systematization and analysis of theoretical and methodological approaches presented in the domestic and foreign literature on solvency, liquidity risk assessment and working capital management. We also employ scientific methods, such as comparison, grouping, analysis and synthesis, statistical methods, and methods of financial analysis.
Results We consider the role of solvency and liquidity analysis in the crisis management system, define the information base used for conducting the analysis. We also identify and describe the relationship between the level of working capital, liquidity and profit, and calculate the optimal amount of net working capital. The paper presents methods to improve the current asset structure and defines the economic effect of offered measures.
Conclusions The crisis management system should include the solvency and liquidity analysis to minimize the liquidity risk. It is crucial to calculate optimal amount of working capital when designing a crisis management policy, and work out measures to maintain the working capital.

Keywords: solvency, liquidity, risk, crisis management, current assets


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