The Features of Approaches to the Management of Working Capital of Enterprises

Abstract

The aim of the article is to systematize and characterize the main scientific approaches to the management of working capital of enterprises. The article analyzes the provisions of scientific research related to the analysis of the indicated problematic area, on the basis of which the main approaches to the management of this category are formulated. The following approaches have been allocated and characterized: an approach to the management of working capital, associated with scaling up activities that ensure cost savings for enterprises – participants in logistics networks for the purchase of their individual components and ensuring the possibility of effective use of the latter (scaling approach); resource approach, based on aspects of resource theory, which provides for the possibility of forming a unique package of working capital, which affects the improved and competitive productivity of enterprises and their efficiency; an approach related to determining the features of management of working capital of enterprises within the framework of the benchmark for the cyclical circulation of its components (cyclic approach); an approach to the management of working capital of enterprises based on risk orientation (risk-oriented approach). It is proved that the orientation to the provisions of the considered scientific approaches is due to the characteristics of the organizational, financial and economic status, the attribute of the sector of activity, the period of functioning, and the size of the property of enterprises. It is determined that the achievement of optimal results of working capital management requires a constant assessment of the compliance of the selected approaches with the actual conditions of development of enterprises in the relevant sectors of the economy. It is determined that the choice of some of the analyzed approaches is associated with the assessment of additional factors of an external nature, in particular, it concerns the orientation toward the risk-oriented approach, or the scaling approach, etc.