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Working capital structure optimization to minimize the liquidity risk

Stanchulyak Yu.N. Plekhanov Russian University of Economics, Moscow, Russian Federation ( Ulya2708@mail.ru )

Erastova K.O. National Research Ogarev Mordovia State University, Saransk, Republic of Mordovia, Russian Federation ( erast0@mail.ru )

Journal: Economic Analysis: Theory and Practice, #1, 2019

Subject The article considers methods that contribute to improving the enterprise solvency and eliminating the liquidity risk.
Objectives The aim is to determine ways to minimize liquidity risk by improving the size and structure of company's working capital.
Methods The methodology rests on systematization and analysis of theoretical and methodological approaches presented in the domestic and foreign literature on solvency, liquidity risk assessment and working capital management. We also employ scientific methods, such as comparison, grouping, analysis and synthesis, statistical methods, and methods of financial analysis.
Results We consider the role of solvency and liquidity analysis in the crisis management system, define the information base used for conducting the analysis. We also identify and describe the relationship between the level of working capital, liquidity and profit, and calculate the optimal amount of net working capital. The paper presents methods to improve the current asset structure and defines the economic effect of offered measures.
Conclusions The crisis management system should include the solvency and liquidity analysis to minimize the liquidity risk. It is crucial to calculate optimal amount of working capital when designing a crisis management policy, and work out measures to maintain the working capital.


Specifics of making provisions for contingent liabilities and their impact on solvency indicators of the entity

Kolesnik N.F. National Research Ogarev Mordovia State University, Saransk, Republic of Mordovia, Russian Federation ( kolesniknf@mail.ru )

Stanchulyak Yu.N. National Research Ogarev Mordovia State University, Saransk, Republic of Mordovia, Russian Federation ( Ulya2708@mail.ru )

Journal: Financial Analytics: Science and Experience, #2, 2017

Importance The article discusses how corporate solvency is influenced by a chosen method for making provisions for contingent liabilities, as it is assessed through liquidity ratios.
Objectives The research determines how provisions for contingent liabilities influence indicators of corporate solvency by choosing the most appropriate method of making provisions for annual leaves, doubtful debts and impairment of tangible assets.
Methods The methodological underpinning relies upon such scientific methods as modeling, analysis, including financial ones, synthesis, comparison.
Results We determined how various methods for making provisions for contingent liabilities impacted on corporate liquidity ratios and evaluation of the entity's solvency. The article proposes and substantiates techniques for making provisions for contingent liabilities, which allow for reliable results of corporate liquidity and solvency analysis. The article substantiates the need to make a provision for impairment of tangible assets so to accurately assess the current liquidity ratio and ensure the unbiased nature of financial reporting.
Conclusions and Relevance As provided in accounting regulations in Russia, business entities shall make provisions for contingent liabilities. Deliberate evasion of such provisions should be qualified as artificial overstatement of assets in the balance sheet and manipulation with financial results. When choosing a method to make provisions for contingent liabilities, it is important to consider their different effect on financials and evaluation of the entity's financial position. The findings may be used by various businesses.


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