: 81-93
Lviv Polytechnic National University
Lviv Polytechnic National University

Purpose – The purpose of the work is to carry out an economic and theoretical analysis of current assets management PJSC Ukrnafta, identify internal reserves to improve the efficiency of this process, and develop proposals to optimize the formation of current assets of the analyzed enterprise and improve their use.

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 – The efficiency of the working capital efficiency of PJSC Ukrnafta was assessed. The analysis of the structure of working capital showed a stable picture. In terms of inventories, there is the formation of moderate volumes, which lead to small losses on their storage and diversion of funds from circulation, as a consequence, it affects profitability, but the risk of downtime in this approach is minimized. Concerning the receivables of the analyzed company, based on the analysis, we can conclude that management applies a flexible credit management policy, which, in turn, helps to increase sales and increase turnover. Speaking of the company's funds, it should be noted a significant increase in their turnover in 2020 and, consequently, more intensive use of funds. Proposals for improving the efficiency of working capital management of the enterprise have been developed and substantiated. These recommendations will enable the company to obtain funds by reducing receivables and inventory costs. The effect of these measures will increase turnover, have a positive impact on liquidity and profitability, reduce the duration of production and financial cycles.

Practical implications – The main results of the study develop both theoretical and practical principles for improving the functioning of working capital, increase the efficiency of economic activity of oil and gas enterprises in Ukraine.

Originality/value – The system of indicators for assessing the efficiency of working capital has been improved, which provides a comprehensive analysis and will strengthen control over its use.

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