A forgótőke menedzsment jelentősége a vezetői döntésekben = Importance of circulating capital management in the managerial decisions

Abstract

As a consequence of the economic crisis, the access to external financing
sources has significantly narrowed down and the creditors have become much
more cautious as well. This means that the parties ensuring external sources more
thoroughly analyse the parties demanding sources and the ones requiring sources
need to be more aware of their own positions and have to know their financing
opportunities from internal sources. Ensuring the internal sources at an adequate
level and the continuous financing of a corporation's activity are closely related
to the circulating capital management. The circulating capital is of fundamental
importance in order to determine the short-term financial situation of corporations.
One key area of the circulating capital management is the liquidity management i.e.
the continuous maintenance of solvency since it is the guarantee of a corporation's
survival in the short term and it also establishes the long-term development.
During the financial analysis of enterprises, we can often meet the problem that the
liquidity indicators show incorrect values, at the same time, its indications are not
visible in the corporate operation yet. Other times, a reverse situation occurs, that
is, the liquidity indicators of an enterprise are adequate, yet the firm has payment
problems. Why do these situations exist? In the study, we try to find a solution to that how such indicator values can be obtained which more accurately indicate the current solvency situation of a corporation.