Koyupchenko I.N.Siberian Federal University (SibFU), Krasnoyarsk, Krasnoyarsk Krai, Russian Federation kinkras@gmail.com ORCID id: not available
Subject The article considers economic relations in the organization of internal business processes associated with investment of financial resources in operating current assets under limited budget for strategic development. Objectives The purpose of the study is to present analytical tools for solving problems that ensure the functioning of working capital in the system of strategic financial management. Methods The study draws on basic and modern concepts of financial management, current assets, performance management, modern theories of finance, like the theory of bounded rationality, Balanced Scorecard. Results Wepresent an approach to developing a strategy for current asset management. Target indicators and methods to achieve them are given in operational terms and integrated into the invested capital management model. The procedures for calculating an increase in current asset requirements and the level of investment from various sources rest on the distribution function of strategic finance of the organization. Conclusions The offered approach to the choice of analytical methods for solving financial problems facilitates the implementation of strategic functions of current capital in line with the goals of modern management to increase the company value.
Keywords: working capital, cash flow from operations, net working capital, net long-term financing, liquidity ratio
References:
Fal'ko S.G. [Working capital management in Russia: history, current state, prospects]. Menedzhment i biznes-administrirovanie= Management and Business Administration, 2016, no. 4, pp. 90–97. (In Russ.)
Stanislavchik E.N. [Monitoring of financial equilibrium as a component of economic security]. Finansovyi menedzhment = Financial Management, 2016, no. 4, pp. 14–19. (In Russ.)
Neudachin V.V. Realizatsiya strategii kompanii: finansovyi analiz i modelirovanie [Implementing the company strategy: financial analysis and modeling]. Moscow, Delo Publ., 2012, 164 p.
Lisitsina E.V., Tokarenko G.S. [Managing the company financial results]. Finansovyi menedzhment= Financial Management, 2012, no. 6, pp.125–140. (In Russ.)
Gusev A.A. [The EVA concept and company performance assessment]. Finansovyi menedzhment = Financial Management, 2005, no. 1, pp. 57–66. URL: Link (In Russ.)
Cheremushkin S.V. [Contemporary approaches to performance measurement of a firm]. Finansovyi menedzhment = Financial Management, 2014, no. 2, pp. 31–52. URL: Link_ mgmt_approaches.html (In Russ.)
Lisitsina E.V. [Indicators of monetization and commercial efficiency of cash flows of joint-stock companies with State participation]. Finansovyi menedzhment = Financial Management, 2018, no. 5, pp. 3–11. (In Russ.)
Fedorova T.A. [System of market and internal indicators of strategy for enterprise value formation]. Finansy i kredit = Finance and Credit, 2009, vol. 15, iss. 18, pp. 16–25. URL: Link (In Russ.)
Klement'ev A. [Algorithm to choose key indicators for the assessment of a company activity]. Finansoviy director = Financial Director, 2012, no. 7, pp. 38–41. URL: Link (In Russ.)
Cherkashnev R.Yu., Chernyshova O.N., Fedorova A.Yu. [The calculation of free cash flow and economic understanding]. Wschodnioeuropejskie Czasopismo Naukowe, 2016, no. 7, pp. 139–143. (In Russ.)
Fedoseev A. [How to use budgeting to manage company value]. Finansoviy director =Financial Director, 2012, no. 4, pp. 26–31. URL: Link (In Russ.)
Bondarchuk N.V., Gracheva M.E., Karpasova Z.M. Finansovo-ekonomicheskii analiz dlya tselei nalogovogo konsul'tirovaniya [Financial and economic analysis for tax consulting purposes]. Moscow, Palata nalogovykh konsul'tantov Publ., 2014, pp. 132–137.
Zadorozhnaya A.N. [Procedure for determining company's debt load]. Finansovaya analitika: problemy i resheniya = Financial Analytics: Science and Experience, 2014, vol. 7, iss. 48, pp. 39–50. URL: Link (In Russ.)
Davydova L.V., Il'minskaya S.A. [Working capital management policy as part of the overall financial strategy of the company]. Finansy i kredit = Finance and Credit, 2006, vol. 12, iss. 15, pp. 5–11. URL: Link (In Russ.)
Kogdenko V.G. Korporativnaya finansovaya politika: monografiya [Corporate financial policy: a monograph]. Moscow, YUNITI-DANA Publ., 2014, 614 p.
Borisov R., Borisovskii I. [Indicators of control over strategy implementation and current financial condition]. Finansoviy director = Financial Director, 2010, no. 12, pp. 32–37. URL: Link (In Russ.)
Dzhamai E.V., Demin S.S. [Methods to determine the optimal level of financial stability of enterprises operating in high-tech and knowledge-based industries]. Finansovyi menedzhment = Financial Management, 2011, no. 2, pp. 3–11. (In Russ.)
Ivashkovskaya I.V. [Financial measurings of corporate strategies]. Audit i finansovyj analiz = Audit and Financial Analysis, 2007, no. 5, pp. 150–163. URL: Link (In Russ.)
Astrakhantseva I.A., Khokhlova A.V. [Development methods of financial strategy: experience in application]. Finansovaya analitika: problemy i resheniya = Financial Analytics: Science and Experience, 2014, vol. 7, iss. 27, pp. 11–20. URL: Link (In Russ.)
Savitskaya G.V. [Problematic aspects of calculating the capital turnover indicators]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2018, vol. 17, iss. 5, pp. 981–996. (In Russ.) URL: Link
Sukhova L.V. [Factors for managing a turnover of the main working capital and advanced capital]. Finansovaya analitika: problemy i resheniya = Financial Analytics: Science and Experience, 2015, vol. 8, iss. 21, pp. 16–22. URL: Link (In Russ.)
Karzaeva E.A., Karzaev V.A. [Evaluation of enterprise solvency based on future cash flows]. Finansovyi menedzhment= Financial Management, 2017, no. 1, pp. 17–26. (In Russ.)
Kogdenko V.G. [Methods to Analyze Consolidated Financial Statements of Russian Strategic Enterprises on the Basis of Aggregate, Matrix and Dynamic Forms]. Mezhdunarodnyi bukhgalterskii uchet = International Accounting, 2017, vol. 20, iss. 18, pp. 1066–1087. URL: Link (In Russ.)
