Purpose – It consists in generalizing the system of financial monitoring of working capital, aimed at improving the efficiency of its use in industrial enterprises of Ukraine (on the example of PJSC Ukrnafta) and developing methodological approaches to forming a working capital management system in a market economy, the implementation of which will help ensure the competitiveness of economic entities.
Design/methodology/approach – In order to achieve the stated goal, the following methods are used in the article: to characterize the aggregate indicators of the state and dynamics of working capital – tabular and graphical; in order to assess the state of working capital – coefficient analysis; to identify the features of the formation and placement of working capital of the enterprise – a comparative analysis; to determine the close relationship of working capital with the balance sheet, statement of financial performance and external factors – correlation; to study domestic and foreign experience in conducting research and using various methods to assess the effectiveness of working capital management – monograph; to detail the object of study and study its structural and functional components – analysis and synthesis; to justify the need for new scientific concepts and approaches to determining the nature of working capital – logical; to formulate conclusions – abstract-logical method.
Conclusions – Based on the above, it can be stated that the formation and replenishment of working capital in the amount necessary for a smooth operating cycle, should be considered one of the main problems for the financial and economic activities of the enterprise. The stable functioning and dynamic development of the business entity depend on its solution. The activity of the enterprise can be considered effective only when it allows not only to rationally form but also to provide an active systematic search for sources of working capital replenishment for its further development.
Practical implications – The practical implementation of the proposed measures to improve the efficiency of formation and use of working capital will allow the most efficient use of own resources to ensure stable financial performance. The analysis carried out is the basis for the development of measures for the effective management of working capital, and ultimately for strengthening the financial condition of the organization.
Originality/value – The proposed method of assessing the functioning of working capital reflects the relationship between individual indicators and makes it possible to assess the functioning of working capital of industrial enterprises of Ukraine from the standpoint of its state, sources of formation, and use. The working capital analysis model can be applied to the management of working capital in other, smaller enterprises of the industrial sector to make full use of the economic potential of enterprises, maintaining their competitiveness and financial stability.
1. Baranova V. H., Hotsuliak S. M. (2008). Teoretychni zasady upravlinnia oborotnym kapitalom [Theoretical principles of working capital management]. Visnyk sotsialno-ekonomichnykh doslidzhen [Bulletin of socio-economic research]. № 30. P. 32-36.
2. Borzenko V. I. (2020). Kompleksnyi pidkhid do optymizatsii oborotnoho kapitalu pidpryiemstva [An integrated approach to the optimization of working capital of the enterprise]. Visnyk Natsionalnoho tekhnichnoho universytetu «KhPI». Ekonomichni nauky [Bulletin of the National Technical University «KhPI». Economic sciences]. № 1(3). С. 59-63. https://doi.org/10.20998/2519-4461.2020.1.59
https://doi.org/10.20998/2519-4461.2020.1.59
3. Borovyk O. A. (2011). Analiz dynamiky oborotnykh koshtiv za vydamy ekonomichnoi diialnosti [Analysis of the dynamics of working capital by type of economic activity]. Formuvannia rynkovykh vidnosyn v Ukraini [Formation of market relations in Ukraine]. № 2. P. 95-99.
4. Vatchenko O. B., Takhmazova I. B. (2011) Upravlinnia oborotnym kapitalom pidpryiemstva [Management of working capital of the enterprise]. Ekonomichnyi prostir [Economic space]. №. 50. P. 193-200.
5. Hryhorieva T. Yu. (2010). Upravlinnia oborotnymy zasobamy pidpryiemstv [Management of working capital of enterprises]. 383 p.
6. Dukal H. S. (2009). Upravlinnia obihovym kapitalom ta yoho vplyv na finansovyi stan pidpryiemstv [Working capital management and its impact on the financial condition of enterprises]. Naukovyi visnyk NLTU Ukrainy [Scientific Bulletin of NLTU of Ukraine]. №19(1). P. 181-184.
7. Zianko V. V., Filatova N. M. (2021). Shliakhy pіdvyshchеnnia еfеktyvnоsti uprаvlіnnia оbоrоtnymy kоshtаmy pіdpryiemstv [Ways to improve the management of working capital of enterprises]. Ekonomіchnyy prostіr [Economic space]. № 62. P. 186-193.
8. Kaminska I., Kovalchuk N., Demydovych A., Dubrovskyi V. (2020). Naukovo-metodychni pidkhody do analizu efektyvnosti vykorystannia vyrobnychoho potentsialu pidpryiemstva [Scientific and methodological approaches to the analysis of the efficiency of using the production potential of the enterprise]. Halytskyi ekonomichnyi visnyk [Galician Economic Bulletin]. Том 6. № 67. С. 193-201. https://doi.org/10.33108/galicianvisnyk_tntu2020.06.193
https://doi.org/10.33108/galicianvisnyk_tntu2020.06.193
9. Kodatskyi V. P. (2010). Shliakhy efektyvnoho upravlinnia oborotnymy aktyvamy promyslovykh pidpryiemstv [Ways of effective management of current assets of industrial enterprises]. Aktualni problemy ekonomiky [Actual problems of economy]. № 4. P. 271-274.
10. Kolodiazhna K. A. (2009). Upravlinnia oborotnymy aktyvamy i yikhnia rol v diialnosti pidpryiemstv [Management of current assets and their role in the activities of enterprises]. Torhivlia i rynok Ukrainy [Trade and Market of Ukraine]. T. 2. P. 76-82.
11. Korobov M. Ya. (2010). Finansy promyslovoho pidpryiemstva [Industrial finance]. 160 p.
12. Kosova T. D., Rohanova H. O. (2008). Otsinka vplyvu rozmishchennia oborotnykh koshtiv na likvidnist pidpryiemstv [Estimation of the impact of working capital placement on the liquidity of enterprises]. Ekonomika: problemy teorii ta praktyky: Zb. nauk. pr. [Economics: problems of theory and practice: Coll. Science. etc.] Vyp. 240: V 5 t. T.II. Dnipropetrovsk: DNU. P. 493-502.
13. Koshelok H. V. (2020). Analiz hroshovykh potokiv u systemi upravlinnia pidpryiemstvom [Analysis of cash flows in the enterprise management system]. Halytskyi ekonomichnyi visnyk [Galician Economic Bulletin]. Vol 63. № 2. P. 231-242. https://doi.org/10.33108/galicianvisnyk_tntu2020.02.231
https://doi.org/10.33108/galicianvisnyk_tntu2020.02.231
14. Kustrich L. O. (2010). Pidvyshchennia rivnia upravlinnia oborotnym kapitalom [Improving the level of working capital management]. Visnyk Khmelnytskoho natsionalnoho universytetu [Bulletin of the Khmelnytsky National University]. № 3. P. 103-106.
15. Lysa O. V. (2006). Osoblyvosti vyznachennia potreby pidpryiemstva v oborotnomu kapitali [Features of determining the needs of the enterprise in working capital]. 603 p.
16. Lutsiv N. P. (2007). Teoretychni osnovy formuvannia oborotnoho kapitalu pidpryiemstv [Theoretical bases of formation of the working capital of the enterprises]. Ekonomichni problemy ta perspektyvy stabilizatsii ekonomiky Ukrainy. Aktualni problemy reformuvannia ekonomiky v rehioni: zb. nauk. tr. /Instytut ekonomiky promyslovosti [Economic problems and prospects of stabilization of Ukraine's economy. Current issues of economic reform in the region: Coll. Science. tr. Institute of Industrial Economics]. Donetsk. P. 98-103.
17. Mnykh Ye. V. (2005). Ekonomichnyi analiz [Economic analysis]. 472 p.
18. Nosyriev O. O. Babich I. Ye., Popova V. O. (2020). Formuvannia mekhanizmu upravlinnia oborotnym kapitalom promyslovoho pidpryiemstva u kryzovykh umovakh hospodariuvannia [Formation of the mechanism of working capital management of the industrial enterprise in crisis conditions of managing]. Visnyk Natsionalnoho tekhnichnoho universytetu «KhPI». Ekonomichni nauky [Bulletin of the National Technical University «KhP». Economic sciences]. № 2 (4). P. 93-97. https://doi.org/10.20998/2519-4461.2020.2.93
19. Peltek L. V., Pysarenko S. M. (2013). Metodolohichni aspekty formuvannia systemy upravlinnia oborotnymy aktyvamy pidpryiemstva [Methodological aspects of forming the current assets management system of the enterprise]. Visnyk Zaporizkoho natsionalnoho universytetu [Visnyk of Zaporizhzhya National University]. № 1(5). P. 43-49.
20. Rohanova H. O. (2013). Stratehiia finansuvannia oborotnykh aktyviv: pozytsiia personalistiv [Strategy for financing current assets: the position of personalists]. Ekonomichnyi chasopys XXI [Economic Journal XXI]. № 3-4 (1). P. 82-85.
21. Talakh T. A., Bondaruk Kh. V., Khylko O. V. (2020). Napriamy udoskonalennia metodyky analizu efektyvnosti vykorystannia aktyviv pidpryiemstva [Directions for improving the methodology for analyzing the efficiency of enterprise assets]. Ekonomichni nauky: zbirnyk naukovykh prats Lutskoho natsionalnoho tekhnichnoho universytetu. Seriia «Rehionalna ekonomika» [Economic sciences: collection of scientific works of Lutsk National Technical University. Series «Regional Economy»]. Vyp. 17 (67). P. 213-224.
22. Filatova N. M. (2012). Osoblyvosti upravlinnia oborotnymy koshtamy pidpryiemstva v suchasnykh umovakh hospodariuvannia [Features of working capital management of the enterprise in modern business conditions]. Rehionalna naukovo-tekhnichna konferentsiia profesorsko-vykladatskoho skladu, spivrobitnykiv ta studentiv universytetu [Regional scientific and technical conference of faculty, staff and students of the university]. Vinnytsia. P. 43-45.
23. Ofitsiinyi sait kompanii PAT «Ukrnafta» [Official site of PJSC Ukrnafta]. URL: https://www.ukrnafta.com/