Çalışma sermayesi yönetimi

Abstract

21 These strategies are more risky as short-term finance involves uncertainty as to the interest rates and as to the availability of the finance itself. The advantage of using short-term finance for financing long-term assets, however, is that it often carries a lower interest rate; the financing decision therefore consists largely of a trade-off between risk and return. Therefore all the strategies have to be set according to the nature of the working capital and the structure of the company itself. MâBIâSYOB Mi20 Thus both fixed assets and working capital are strictly circulating capital and therefore it can be confusing to use this description for just one of them. Working capital, however, circulates that much quicker; the speed of circulation or the turnover of current assets is one indicator of its efficient management - generally the faster the better. The level of net working capital is usually a long-term function of the sales turnover of the company. Thus for most well-established companies the net working capital is at a near-constant ratio to sales when measured over a number of years. In the short run, however, there can be significant fluctuations in the ratio of net working capital to sales for individual companies and this especially applies if the business is seasonal. There will also be a divergence in working capital to sales ratios between different companies. An important characteristic of working capital is its volatile nature and this imposes strains on its financing. Fixed assets tend to expand continuously over the whole period. Likewise, a significant part of the current assets increase at a fairly continuous rate. However, this can be due to seasonal factors or it can relate to fiscal and monetary policies imposed by the Government or to changes in policies of management either in the quest of stimulating business or in meeting competitive pressures (e.g. offering longer credit terms, increased range of styles of finished goods stocks.) A major problem in working-capital management is deciding upon the financing policy. This involves making decisions in the light of management's attitude towards risk. The fixed assets and permanent current assets are financed by long-term capital whilst the fluctuating current assets are financed by short-term credit. Thus at periods where there were no fluctuating current assets, no finance was outstanding and so no interest payable. There are also alternative methods of financing current assets. Sometimes short-term finance is used to finance the fluctuating current assets and part of the permanent current assets. Sometimes, short-term finance funds the fluctuating current assets, the permanent current assets and past of the fixed assets.21 These strategies are more risky as short-term finance involves uncertainty as to the interest rates and as to the availability of the finance itself. The advantage of using short-term finance for financing long-term assets, however, is that it often carries a lower interest rate; the financing decision therefore consists largely of a trade-off between risk and return. Therefore all the strategies have to be set according to the nature of the working capital and the structure of the company itself. MâBIâSYOB Mi20 Thus both fixed assets and working capital are strictly circulating capital and therefore it can be confusing to use this description for just one of them. Working capital, however, circulates that much quicker; the speed of circulation or the turnover of current assets is one indicator of its efficient management - generally the faster the better. The level of net working capital is usually a long-term function of the sales turnover of the company. Thus for most well-established companies the net working capital is at a near-constant ratio to sales when measured over a number of years. In the short run, however, there can be significant fluctuations in the ratio of net working capital to sales for individual companies and this especially applies if the business is seasonal. There will also be a divergence in working capital to sales ratios between different companies. An important characteristic of working capital is its volatile nature and this imposes strains on its financing. Fixed assets tend to expand continuously over the whole period. Likewise, a significant part of the current assets increase at a fairly continuous rate. However, this can be due to seasonal factors or it can relate to fiscal and monetary policies imposed by the Government or to changes in policies of management either in the quest of stimulating business or in meeting competitive pressures (e.g. offering longer credit terms, increased range of styles of finished goods stocks.) A major problem in working-capital management is deciding upon the financing policy. This involves making decisions in the light of management's attitude towards risk. The fixed assets and permanent current assets are financed by long-term capital whilst the fluctuating current assets are financed by short-term credit. Thus at periods where there were no fluctuating current assets, no finance was outstanding and so no interest payable. There are also alternative methods of financing current assets. Sometimes short-term finance is used to finance the fluctuating current assets and part of the permanent current assets. Sometimes, short-term finance funds the fluctuating current assets, the permanent current assets and past of the fixed assets.21 These strategies are more risky as short-term finance involves uncertainty as to the interest rates and as to the availability of the finance itself. The advantage of using short-term finance for financing long-term assets, however, is that it often carries a lower interest rate; the financing decision therefore consists largely of a trade-off between risk and return. Therefore all the strategies have to be set according to the nature of the working capital and the structure of the company itself. MâBIâSYOB Mi20 Thus both fixed assets and working capital are strictly circulating capital and therefore it can be confusing to use this description for just one of them. Working capital, however, circulates that much quicker; the speed of circulation or the turnover of current assets is one indicator of its efficient management - generally the faster the better. The level of net working capital is usually a long-term function of the sales turnover of the company. Thus for most well-established companies the net working capital is at a near-constant ratio to sales when measured over a number of years. In the short run, however, there can be significant fluctuations in the ratio of net working capital to sales for individual companies and this especially applies if the business is seasonal. There will also be a divergence in working capital to sales ratios between different companies. An important characteristic of working capital is its volatile nature and this imposes strains on its financing. Fixed assets tend to expand continuously over the whole period. Likewise, a significant part of the current assets increase at a fairly continuous rate. However, this can be due to seasonal factors or it can relate to fiscal and monetary policies imposed by the Government or to changes in policies of management either in the quest of stimulating business or in meeting competitive pressures (e.g. offering longer credit terms, increased range of styles of finished goods stocks.) A major problem in working-capital management is deciding upon the financing policy. This involves making decisions in the light of management's attitude towards risk. The fixed assets and permanent current assets are financed by long-term capital whilst the fluctuating current assets are financed by short-term credit. Thus at periods where there were no fluctuating current assets, no finance was outstanding and so no interest payable. There are also alternative methods of financing current assets. Sometimes short-term finance is used to finance the fluctuating current assets and part of the permanent current assets. Sometimes, short-term finance funds the fluctuating current assets, the permanent current assets and past of the fixed assets.21 These strategies are more risky as short-term finance involves uncertainty as to the interest rates and as to the availability of the finance itself. The advantage of using short-term finance for financing long-term assets, however, is that it often carries a lower interest rate; the financing decision therefore consists largely of a trade-off between risk and return. Therefore all the strategies have to be set according to the nature of the working capital and the structure of the company itself. MâBIâSYOB Mi20 Thus both fixed assets and working capital are strictly circulating capital and therefore it can be confusing to use this description for just one of them. Working capital, however, circulates that much quicker; the speed of circulation or the turnover of current assets is one indicator of its efficient management - generally the faster the better. The level of net working capital is usually a long-term function of the sales turnover of the company. Thus for most well-established companies the net working capital is at a near-constant ratio to sales when measured over a number of years. In the short run, however, there can be significant fluctuations in the ratio of net working capital to sales for individual companies and this especially applies if the business is seasonal. There will also be a divergence in working capital to sales ratios between different companies. An important characteristic of working capital is its volatile nature and this imposes strains on its financing. Fixed assets tend to expand continuously over the whole period. Likewise, a significant part of the current assets increase at a fairly continuous rate. However, this can be due to seasonal factors or it can relate to fiscal and monetary policies imposed by the Government or to changes in policies of management either in the quest of stimulating business or in meeting competitive pressures (e.g. offering longer credit terms, increased range of styles of finished goods stocks.) A major problem in working-capital management is deciding upon the financing policy. This involves making decisions in the light of management's attitude towards risk. The fixed assets and permanent current assets are financed by long-term capital whilst the fluctuating current assets are financed by short-term credit. Thus at periods where there were no fluctuating current assets, no finance was outstanding and so no interest payable. There are also alternative methods of financing current assets. Sometimes short-term finance is used to finance the fluctuating current assets and part of the permanent current assets. Sometimes, short-term finance funds the fluctuating current assets, the permanent current assets and past of the fixed assets.21 These strategies are more risky as short-term finance involves uncertainty as to the interest rates and as to the availability of the finance itself. The advantage of using short-term finance for financing long-term assets, however, is that it often carries a lower interest rate; the financing decision therefore consists largely of a trade-off between risk and return. Therefore all the strategies have to be set according to the nature of the working capital and the structure of the company itself. MâBIâSYOB Mi20 Thus both fixed assets and working capital are strictly circulating capital and therefore it can be confusing to use this description for just one of them. Working capital, however, circulates that much quicker; the speed of circulation or the turnover of current assets is one indicator of its efficient management - generally the faster the better. The level of net working capital is usually a long-term function of the sales turnover of the company. Thus for most well-established companies the net working capital is at a near-constant ratio to sales when measured over a number of years. In the short run, however, there can be significant fluctuations in the ratio of net working capital to sales for individual companies and this especially applies if the business is seasonal. There will also be a divergence in working capital to sales ratios between different companies. An important characteristic of working capital is its volatile nature and this imposes strains on its financing. Fixed assets tend to expand continuously over the whole period. Likewise, a significant part of the current assets increase at a fairly continuous rate. However, this can be due to seasonal factors or it can relate to fiscal and monetary policies imposed by the Government or to changes in policies of management either in the quest of stimulating business or in meeting competitive pressures (e.g. offering longer credit terms, increased range of styles of finished goods stocks.) A major problem in working-capital management is deciding upon the financing policy. This involves making decisions in the light of management's attitude towards risk. The fixed assets and permanent current assets are financed by long-term capital whilst the fluctuating current assets are financed by short-term credit. Thus at periods where there were no fluctuating current assets, no finance was outstanding and so no interest payable. There are also alternative methods of financing current assets. Sometimes short-term finance is used to finance the fluctuating current assets and part of the permanent current assets. Sometimes, short-term finance funds the fluctuating current assets, the permanent current assets and past of the fixed assets.21 These strategies are more risky as short-term finance involves uncertainty as to the interest rates and as to the availability of the finance itself. The advantage of using short-term finance for financing long-term assets, however, is that it often carries a lower interest rate; the financing decision therefore consists largely of a trade-off between risk and return. Therefore all the strategies have to be set according to the nature of the working capital and the structure of the company itself. MâBIâSYOB Mi20 Thus both fixed assets and working capital are strictly circulating capital and therefore it can be confusing to use this description for just one of them. Working capital, however, circulates that much quicker; the speed of circulation or the turnover of current assets is one indicator of its efficient management - generally the faster the better. The level of net working capital is usually a long-term function of the sales turnover of the company. Thus for most well-established companies the net working capital is at a near-constant ratio to sales when measured over a number of years. In the short run, however, there can be significant fluctuations in the ratio of net working capital to sales for individual companies and this especially applies if the business is seasonal. There will also be a divergence in working capital to sales ratios between different companies. An important characteristic of working capital is its volatile nature and this imposes strains on its financing. Fixed assets tend to expand continuously over the whole period. Likewise, a significant part of the current assets increase at a fairly continuous rate. However, this can be due to seasonal factors or it can relate to fiscal and monetary policies imposed by the Government or to changes in policies of management either in the quest of stimulating business or in meeting competitive pressures (e.g. offering longer credit terms, increased range of styles of finished goods stocks.) A major problem in working-capital management is deciding upon the financing policy. This involves making decisions in the light of management's attitude towards risk. The fixed assets and permanent current assets are financed by long-term capital whilst the fluctuating current assets are financed by short-term credit. Thus at periods where there were no fluctuating current assets, no finance was outstanding and so no interest payable. There are also alternative methods of financing current assets. Sometimes short-term finance is used to finance the fluctuating current assets and part of the permanent current assets. Sometimes, short-term finance funds the fluctuating current assets, the permanent current assets and past of the fixed assets.21 These strategies are more risky as short-term finance involves uncertainty as to the interest rates and as to the availability of the finance itself. The advantage of using short-term finance for financing long-term assets, however, is that it often carries a lower interest rate; the financing decision therefore consists largely of a trade-off between risk and return. Therefore all the strategies have to be set according to the nature of the working capital and the structure of the company itself. MâBIâSYOB Mi20 Thus both fixed assets and working capital are strictly circulating capital and therefore it can be confusing to use this description for just one of them. Working capital, however, circulates that much quicker; the speed of circulation or the turnover of current assets is one indicator of its efficient management - generally the faster the better. The level of net working capital is usually a long-term function of the sales turnover of the company. Thus for most well-established companies the net working capital is at a near-constant ratio to sales when measured over a number of years. In the short run, however, there can be significant fluctuations in the ratio of net working capital to sales for individual companies and this especially applies if the business is seasonal. There will also be a divergence in working capital to sales ratios between different companies. An important characteristic of working capital is its volatile nature and this imposes strains on its financing. Fixed assets tend to expand continuously over the whole period. Likewise, a significant part of the current assets increase at a fairly continuous rate. However, this can be due to seasonal factors or it can relate to fiscal and monetary policies imposed by the Government or to changes in policies of management either in the quest of stimulating business or in meeting competitive pressures (e.g. offering longer credit terms, increased range of styles of finished goods stocks.) A major problem in working-capital management is deciding upon the financing policy. This involves making decisions in the light of management's attitude towards risk. The fixed assets and permanent current assets are financed by long-term capital whilst the fluctuating current assets are financed by short-term credit. Thus at periods where there were no fluctuating current assets, no finance was outstanding and so no interest payable. There are also alternative methods of financing current assets. Sometimes short-term finance is used to finance the fluctuating current assets and part of the permanent current assets. Sometimes, short-term finance funds the fluctuating current assets, the permanent current assets and past of the fixed assets.21 These strategies are more risky as short-term finance involves uncertainty as to the interest rates and as to the availability of the finance itself. The advantage of using short-term finance for financing long-term assets, however, is that it often carries a lower interest rate; the financing decision therefore consists largely of a trade-off between risk and return. Therefore all the strategies have to be set according to the nature of the working capital and the structure of the company itself. MâBIâSYOB Mi20 Thus both fixed assets and working capital are strictly circulating capital and therefore it can be confusing to use this description for just one of them. Working capital, however, circulates that much quicker; the speed of circulation or the turnover of current assets is one indicator of its efficient management - generally the faster the better. The level of net working capital is usually a long-term function of the sales turnover of the company. Thus for most well-established companies the net working capital is at a near-constant ratio to sales when measured over a number of years. In the short run, however, there can be significant fluctuations in the ratio of net working capital to sales for individual companies and this especially applies if the business is seasonal. There will also be a divergence in working capital to sales ratios between different companies. An important characteristic of working capital is its volatile nature and this imposes strains on its financing. Fixed assets tend to expand continuously over the whole period. Likewise, a significant part of the current assets increase at a fairly continuous rate. However, this can be due to seasonal factors or it can relate to fiscal and monetary policies imposed by the Government or to changes in policies of management either in the quest of stimulating business or in meeting competitive pressures (e.g. offering longer credit terms, increased range of styles of finished goods stocks.) A major problem in working-capital management is deciding upon the financing policy. This involves making decisions in the light of management's attitude towards risk. The fixed assets and permanent current assets are financed by long-term capital whilst the fluctuating current assets are financed by short-term credit. Thus at periods where there were no fluctuating current assets, no finance was outstanding and so no interest payable. There are also alternative methods of financing current assets. Sometimes short-term finance is used to finance the fluctuating current assets and part of the permanent current assets. Sometimes, short-term finance funds the fluctuating current assets, the permanent current assets and past of the fixed assets.21 These strategies are more risky as short-term finance involves uncertainty as to the interest rates and as to the availability of the finance itself. The advantage of using short-term finance for financing long-term assets, however, is that it often carries a lower interest rate; the financing decision therefore consists largely of a trade-off between risk and return. Therefore all the strategies have to be set according to the nature of the working capital and the structure of the company itself. MâBIâSYOB Mi20 Thus both fixed assets and working capital are strictly circulating capital and therefore it can be confusing to use this description for just one of them. Working capital, however, circulates that much quicker; the speed of circulation or the turnover of current assets is one indicator of its efficient management - generally the faster the better. The level of net working capital is usually a long-term function of the sales turnover of the company. Thus for most well-established companies the net working capital is at a near-constant ratio to sales when measured over a number of years. In the short run, however, there can be significant fluctuations in the ratio of net working capital to sales for individual companies and this especially applies if the business is seasonal. There will also be a divergence in working capital to sales ratios between different companies. An important characteristic of working capital is its volatile nature and this imposes strains on its financing. Fixed assets tend to expand continuously over the whole period. Likewise, a significant part of the current assets increase at a fairly continuous rate. However, this can be due to seasonal factors or it can relate to fiscal and monetary policies imposed by the Government or to changes in policies of management either in the quest of stimulating business or in meeting competitive pressures (e.g. offering longer credit terms, increased range of styles of finished goods stocks.) A major problem in working-capital management is deciding upon the financing policy. This involves making decisions in the light of management's attitude towards risk. The fixed assets and permanent current assets are financed by long-term capital whilst the fluctuating current assets are financed by short-term credit. Thus at periods where there were no fluctuating current assets, no finance was outstanding and so no interest payable. There are also alternative methods of financing current assets. Sometimes short-term finance is used to finance the fluctuating current assets and part of the permanent current assets. Sometimes, short-term finance funds the fluctuating current assets, the permanent current assets and past of the fixed assets.21 These strategies are more risky as short-term finance involves uncertainty as to the interest rates and as to the availability of the finance itself. The advantage of using short-term finance for financing long-term assets, however, is that it often carries a lower interest rate; the financing decision therefore consists largely of a trade-off between risk and return. Therefore all the strategies have to be set according to the nature of the working capital and the structure of the company itself. MâBIâSYOB Mi20 Thus both fixed assets and working capital are strictly circulating capital and therefore it can be confusing to use this description for just one of them. Working capital, however, circulates that much quicker; the speed of circulation or the turnover of current assets is one indicator of its efficient management - generally the faster the better. The level of net working capital is usually a long-term function of the sales turnover of the company. Thus for most well-established companies the net working capital is at a near-constant ratio to sales when measured over a number of years. In the short run, however, there can be significant fluctuations in the ratio of net working capital to sales for individual companies and this especially applies if the business is seasonal. There will also be a divergence in working capital to sales ratios between different companies. An important characteristic of working capital is its volatile nature and this imposes strains on its financing. Fixed assets tend to expand continuously over the whole period. Likewise, a significant part of the current assets increase at a fairly continuous rate. However, this can be due to seasonal factors or it can relate to fiscal and monetary policies imposed by the Government or to changes in policies of management either in the quest of stimulating business or in meeting competitive pressures (e.g. offering longer credit terms, increased range of styles of finished goods stocks.) A major problem in working-capital management is deciding upon the financing policy. This involves making decisions in the light of management's attitude towards risk. The fixed assets and permanent current assets are financed by long-term capital whilst the fluctuating current assets are financed by short-term credit. Thus at periods where there were no fluctuating current assets, no finance was outstanding and so no interest payable. There are also alternative methods of financing current assets. Sometimes short-term finance is used to finance the fluctuating current assets and part of the permanent current assets. Sometimes, short-term finance funds the fluctuating current assets, the permanent current assets and past of the fixed assets.21 These strategies are more risky as short-term finance involves uncertainty as to the interest rates and as to the availability of the finance itself. The advantage of using short-term finance for financing long-term assets, however, is that it often carries a lower interest rate; the financing decision therefore consists largely of a trade-off between risk and return. Therefore all the strategies have to be set according to the nature of the working capital and the structure of the company itself. MâBIâSYOB Mi20 Thus both fixed assets and working capital are strictly circulating capital and therefore it can be confusing to use this description for just one of them. Working capital, however, circulates that much quicker; the speed of circulation or the turnover of current assets is one indicator of its efficient management - generally the faster the better. The level of net working capital is usually a long-term function of the sales turnover of the company. Thus for most well-established companies the net working capital is at a near-constant ratio to sales when measured over a number of years. In the short run, however, there can be significant fluctuations in the ratio of net working capital to sales for individual companies and this especially applies if the business is seasonal. There will also be a divergence in working capital to sales ratios between different companies. An important characteristic of working capital is its volatile nature and this imposes strains on its financing. Fixed assets tend to expand continuously over the whole period. Likewise, a significant part of the current assets increase at a fairly continuous rate. However, this can be due to seasonal factors or it can relate to fiscal and monetary policies imposed by the Government or to changes in policies of management either in the quest of stimulating business or in meeting competitive pressures (e.g. offering longer credit terms, increased range of styles of finished goods stocks.) A major problem in working-capital management is deciding upon the financing policy. This involves making decisions in the light of management's attitude towards risk. The fixed assets and permanent current assets are financed by long-term capital whilst the fluctuating current assets are financed by short-term credit. Thus at periods where there were no fluctuating current assets, no finance was outstanding and so no interest payable. There are also alternative methods of financing current assets. Sometimes short-term finance is used to finance the fluctuating current assets and part of the permanent current assets. Sometimes, short-term finance funds the fluctuating current assets, the permanent current assets and past of the fixed assets.21 These strategies are more risky as short-term finance involves uncertainty as to the interest rates and as to the availability of the finance itself. The advantage of using short-term finance for financing long-term assets, however, is that it often carries a lower interest rate; the financing decision therefore consists largely of a trade-off between risk and return. Therefore all the strategies have to be set according to the nature of the working capital and the structure of the company itself. MâBIâSYOB Mi