İŞLETME SERMAYE SEVİYELERİNİ ETKİLEYEN FAKTÖRLER NELERDİR?

Year 2019, , 41 - 63, 27.03.2019

André Dorsman , Wim Westerman

https://doi.org/10.17065/huniibf.373644

Abstract

Bu çalışmada, işletme
sermayesi seviyesini etkileyen
faktörler incelenmektedir.
İşletme sermayesi, envanter
yatırımlarının nakit üretmesi için
geçen süre olan nakit dönüşüm döngüsünün
(CCC) uzunluğu ile ölçülebilir. CCC,
kültürler ve alışkanlıklar, kurallar ve
düzenlemeler, bilgi sistemleri, ekonomik
koşullar, piyasalar ve işlemlerin yanı sıra,
varlık hacmi, satış büyüklüğü, ödeme gücü ve
likidite faktörlerinden etkilenmektedir.
Makalede ayrıca, borç hesabı, envanter ve
alacakların devir hesaplarıyla ilgili itici gücü
olan bazı faktörler de tartışılmaktadır.
Makalede çizilen çerçeve, ülke ve işletme
bazında uyarlamalar yapılmasını gerektiriyor
olsa da, gerçek dünya deneyimlerinden alınan
örnek bir davada gösterildiği gibi, şirket
yöneticilerine ve akademik araştırmacılara
ilham kaynağı olabilir. Diğer iki vaka ise,
şirket felsefesinin, işletme sermayesi
seviyelerinin itici gücü olarak göz ardı
edilemeyeceğini ortaya koymaktadır.

Keywords

İşletme semayesi yönetimi, nakit dönüşüm döngüzü, etkileyen faktörler

WHAT DRIVES WORKING CAPITAL LEVELS?

Abstract

This study examines factors that influence the level
of working capital. This can be measured by the length of the cash conversion
cycle (CCC), the period it takes for investments in inventory to generate cash.
The CCC is influenced by contingencies: cultures and habits, rules and
regulations, information systems, economic conditions, markets and operations,
as well as general factors: asset size, sales growth, solvency and liquidity. The
article furthermore discusses several specific drivers of working capital, which
are related to the accounts payables, inventory and accounts receivables cycles.
While the created framework calls for country- and business-wise adaptations, it
can yet inspire corporate managers and academic researchers, such as shown by an
example case drawn from real world experiences. Two other cases reveal though,
that the corporate philosophy cannot be neglected as a driver of working
capital levels.

Keywords

working capital management, cash conversion cycle, drivers

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