V.V. Dluskaya, Alkhateeb A.B.
PhD in Economics,
Associate Professor
Moscow State University
of Economics, Statistics and Informatics (MESI), city of Minsk
THE PROBLEM OF ENSURING
WORKING CAPITAL
BELARUSIAN COMPANIES
Key words: management,
capital, stocks, industry, rationing of receivables
Transformation of
the Economy of the Republic of Belarus in the post-Soviet period caused a
series of problems. First of all, have been lost commodity markets because in
the period of planned economy more than seventy percent of the products
manufactured in the Belarusian SSR, was realized in the neighboring republics.
In - the second,
the introduction of national currencies for some time to suspend deliveries of
necessary raw materials for Belarusian producers. Insufficient supply of
production material resources has led to a decrease in the average annual
growth index for all industries. Particularly affected the manufacturing
industry.
In the
administrative model of management undoubtedly the material - technical support
for enterprises play a leading role, however, encourage enterprises to multiply
a value circulating capital have been neglected. Replenishment of working
capital was considered a state task, so the company did not consider necessary
to seek develop independently of production.
The problem of
the availability and efficient use of working capital, despite a substantial
list of bibliographic references covering the methodological approaches and
measures to improve the efficiency of their use, as well as planning and
analysis remains relevant.
The formation of
an effective system of management of working capital reflects a number of
issues that are closely linked with each other. For example, external factors -
fiscal policy, the fall and rise of exchange rates, the political situation in
the country, etc. a direct impact on production - the economic activity of the
enterprise, namely, the possibility of using those or other management
practices. With increasing raw material prices, companies are trying to
increase the value of safety stock, which leads to the "freezing of
funds"; _ event of insolvency of customers arises need to involve
unjustified bank credit; unstable economic climate, conditions of uncertainty,
increase the risk bankruptcy of the enterprise. The negative factors listed
above do not allow enterprises of Belarus to develop only correct working
capital management methodology allowing to achieve positive results in using
it. Planning for the needs of organizations in material resources woodworking
industry carried out without taking into account the growth of prices on the
basis of historical data, which leads to the failure of monetary resources.
For enterprises
and organizations of the Republic of Belarus woodworking industry need to develop
a qualitatively new approaches to improve the efficiency of planning and the
use of working capital.
We propose an
algorithm for of planning of working capital, in particular, stocks of raw
materials is adapted to modern conditions of managing the woodworking industry
of the Republic of Belarus.
The algorithm is
the following sequence of actions:
1. Analysis of the balances of
material resources:
·
production purposes;
·
nonproductive.
2. Analysis
of the availability of surplus funds in the enterprise:
·
profit;
·
sinking fund.
3. Determination of the norm of
receivables:
·
min value;
·
max value;
·
Norm of receivables.
4. Determination
of the value of inventory reserves of raw materials in connection with the
rationing of receivables:
P↑RM=
P↓RR*SMa/Rf, where
P↑RM -
reserve increase of raw materials;
P↓RR -
reserve reduction of receivables;
SMa - stocks of
raw materials actual;
5. The Plan of purchasing and sales:
·
quarterly;
·
month.
6. Assessment of possible changes in the performance of
the enterprise:
·
profit;
·
profitability.
Working capital
turnover ratio the proportion of the cost of manufacture and sale of products.
The last point is
fundamental, since the purpose of any business is to increase the volume of
production and profit.