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ЭФФЕКТИВНОСТЬ ИСПОЛЬЗОВАНИЯ ОБОРОТНОГО КАПИТАЛА - КАК ГЛАВНОЕ УСЛОВИЕ УСПЕШНОЙ ДЕЯТЕЛЬНОСТИ ПРЕДПРИЯТИЯ
Абузьярова Ж.
магистр экономических наук, Атырауский университет им. Х. Досмухамедова
Атырау, Казахстан ORCID 0000-0002-2067-6046
EFFICIENCY OF USE OF WORKING CAPITAL - AS THE MAIN CONDITION FOR SUCCESSFUL
ACTIVITIES OF THE ENTERPRISE
Abuzyarova Zh.
Master of Economic Sciences Atyrau University named after Khalel Dosmukhamedov
Atyrau, Kazakhstan ORCID 0000-0002-2067-6046 DOI: 10.5281/zenodo.7298612
АННОТАЦИЯ
Оборотные активы являются одной из составных частей имущества предприятия. Состояние и эффективность их использования - одно из главных условий успешной деятельности предприятия. Инфляция, неплатежи и другие кризисные явления вынуждают компании изменять свою политику по отношению к оборотным активам, искать новые источники пополнения, изучать проблему эффективности их использования.
ABSTRACT
Current assets are one of the components of the property of the enterprise. The condition and efficiency of their use is one of the main conditions for the successful operation of the enterprise. Inflation, non-payments and other crisis phenomena are forcing companies to change their policy in relation to current assets, look for new sources of replenishment, and study the problem of their efficient use.
Ключевые слова: предприятие, оборотные средства, производственные фонды, ресурсы, оборотные фонды, кругооборот фондов.
Keywords: enterprise, working capital, production assets, resources, working capital, circulation of funds.
Introduction
One of the conditions for the continuity of production is the constant renewal of its material foundation -the means of production. In turn, this predetermines the continuity of the movement of the means of production
themselves, which occurs in the form of their circulation.
In its turnover, current assets consistently take on a monetary, productive and commodity form, which corresponds to their division into production assets and circulation funds.
The material carrier of production assets are the means of production, which are divided into objects of labor and tools of labor. Finished products, together with cash and funds in the calculations, form the circulation funds.
The circulation of funds of enterprises begins with the advance of value in cash for the purchase of raw materials, materials, fuel and other means of production - the first stage of the circuit. As a result, cash takes the form of inventories, expressing the transition from the sphere of circulation to the sphere of production. In this case, the value is not spent, but is advanced, since after the completion of the circuit it is returned. The completion of the first stage interrupts commodity circulation, but not circulation.
The second stage of the circuit takes place in the process of production, where the labor power carries out the productive consumption of the means of production, creating a new product that carries in itself the transferred and newly created value. The advanced value again changes its form - from a productive one it passes into a commodity one.
The third stage of the circulation is the sale of manufactured finished products and the receipt of funds. At this stage, working capital again moves from the sphere of production to the sphere of circulation. The interrupted circulation of commodities is resumed, and value passes from the commodity form into the monetary form. The difference between the amount of money spent on the manufacture and sale of products and received from the sale of manufactured products is the cash savings of the enterprise.
Having completed one circuit, working capital enters a new one, thereby carrying out their continuous circulation. It is the constant movement of working capital that is the basis for an uninterrupted process of production and circulation.
An analysis of the circulation of enterprise funds shows that the value advanced not only successively assumes various forms, but also constantly remains in these forms to a certain extent. In other words, the value advanced at each given moment of the circuit is in various parts at the same time in the form of money, production, and commodities.
The circulation of funds of enterprises can only be carried out if there is a certain advanced value in the form of money. Entering the circuit, it no longer leaves it, consistently changing its functional forms. The stated value in cash represents the company's current assets.
Current assets act primarily as a value category. In the literal sense, they are not material values, since they cannot be used to produce finished products. Being value in monetary form, current assets already in the process of circulation take the form of inventories, work in progress, finished products. Unlike inventory items, working capital is not spent, not expended, not consumed, but advanced, returning after the end of one circuit and entering the next.
The moment of advance is one of the essential and distinctive features of current assets, as it plays an important role in establishing their economic boundaries. The time criterion for advancing current assets should
not be the quarterly or annual volume of funds, but one cycle, after which they are reimbursed and enter the next.
The study of the essence of current assets involves consideration of working capital and circulation funds. Current assets, revolving funds and circulation funds exist in unity and interconnection, but there are significant differences between them, which boil down to the following.
Current assets are constantly at all stages of the enterprise, while the working capital goes through the production process, being replaced by new batches of raw materials, fuel, basic and auxiliary materials. Inventories, being part of working capital, go into the production process, turn into finished products and, as a result, leave the enterprise. Working capital is completely consumed in the production process, transferring its value to the finished product. Their sum per year can be dozens of times greater than the amount of working capital, which, during each circuit, ensures the processing or consumption of a new batch of objects of labor and those remaining in the economy, making a closed circuit.
Revolving funds are directly involved in the creation of new value, and working capital - indirectly, through revolving funds.
In the process of circulation, circulating assets embody their value in circulating assets and therefore, through the latter, they function in the production process and participate in the formation of production costs.
If circulating assets directly and directly participated in the creation of a new product, then they would gradually decrease and by the time the cycle ends they should have disappeared.
Revolving funds, representing use value, act in a single form - productive. Current assets, as noted, not only consistently take on various forms, but also constantly in certain parts are in these forms.
These circumstances create an objective need to distinguish between the turnover of working capital and current assets.
Comparison of circulating assets with circulation funds, which are a functional form of circulating assets at the circulation stage, leads to the following results. The circulation of funds of enterprises ends with the process of selling products. For the normal implementation of this process, they, along with the main and circulating funds, must have circulation funds.
The turnover of circulation funds is inextricably linked with the turnover of circulating production assets and is its continuation and completion. Making a circuit, these funds are intertwined, forming a common turnover, in the process of which the value of circulating funds, transferred to the product of labor, passes from the sphere of production to the sphere of circulation, and the value of the circulation funds in the amount of the advanced value - from the sphere of circulation to the sphere of production. This is how a single turnover of advanced funds is carried out, passing through different functional forms and returning to the original monetary form. Working capital, making a circuit, from the sphere of production, where they function
as working capital, pass into the sphere of circulation, where they function as circulation funds.
The definition of current assets as advanced funds in the created stocks of circulating production assets and circulation funds does not reveal the full economic content of this category. It does not take into account that, along with the advance of a certain amount of money resources, the process of advancing into these stocks of the value of the surplus product created in the production process takes place. Therefore, for profitable enterprises, after the completion of the circulation of funds, the amount of advanced working capital increases by a certain amount of profit received. In unprofitable enterprises, the amount of advanced working capital at the end of the circulation of funds decreases due to the losses incurred.
We often equate current assets with cash. Meanwhile, it is impossible in the literal sense to call them money. The funds employed in production and circulation should not be identified with money. The total value is advanced in the form of money, and, having passed through the process of production and circulation, it assumes that form again. Cash is thus an intermediary in the movement of funds. The total value, expressed in money, turns into real money only occasionally and piecemeal.
So, current assets represent the value advanced in monetary form for the systematic formation and use of working capital and circulation funds in the minimum required amount to ensure the implementation of the production program by the enterprise and the timeliness of settlements.
Current assets of companies perform two main functions: production and settlement. Performing a production function, circulating assets, being advanced in circulating production assets, maintain the continuity of the production process and transfer their value to the
manufactured product. Upon completion of production, current assets pass into the sphere of circulation in the form of circulation funds, where they perform a second function, consisting in the completion of the circulation and the transformation of current assets from a commodity form into a monetary form.
Conclusion
Rhythm, coherence, high performance and efficiency of the enterprise largely depend on its availability of working capital. The lack of funds advanced for the purchase of inventories can lead to a reduction in production, as well as non-fulfillment of the production program. As a result, excessive diversion of funds into reserves that exceed the actual need can lead to deadening of resources and their inefficient use.
Since current assets include both material and monetary resources, not only the process of material production, but also the financial stability of the company as a whole depends on their organization and efficiency of use.
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