İŞLETME SERMAYE SEVİYELERİNİ ETKİLEYEN FAKTÖRLER NELERDİR?

Yıl 2019, Cilt: 37 Sayı: 1, 41 - 63, 27.03.2019

André Dorsman Wim Westerman

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

Öz

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.

Anahtar Kelimeler

İşletme semayesi yönetimi, nakit dönüşüm döngüzü, etkileyen faktörler

WHAT DRIVES WORKING CAPITAL LEVELS?

Öz

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.

Anahtar Kelimeler

working capital management, cash conversion cycle, drivers

Kaynakça

• Aktas, N., E. Croci, D. Petmezas (2015), Is Working Capital Management Value-Enhancing? Evidence from firm Performance and Investments, Journal of Corporate Finance, 30, 98-113.
• Baños‐Caballero, S., P.J. García‐Teruel, P. Martínez‐Solano(2010), Working Capital Management in SMEs, Accounting & Finance, 50(3), 511-527.
• Baños-Caballero, S., P.J. García-Teruel, P. Martínez-Solano (2014), Working Capital Management, Corporate Performance, and Financial Constraints, Journal of Business Research, 67(3), 332-338.
• Barneveld, W. van, C. Heijes, W. Westerman (2013), The Control of Working Capital: A Case Study on Performance Measurement, Unpublished Paper Presented at the 20th Annual Conference of the Multinational Finance Society, June 30 - July 3, Izmir, Turkey.
• Barneveld, W.M. van, A.B. Dorsman (2016), Beheersing van Kasstromen en Werkkapitaal met Prestatiemaatstaven (“Controlling Cash Flows and Working Capital with Performance Measures”), Maandblad voor Accountancy en Bedrijfseconomie, 90(5), 185-193.
• Blenken Blijdenstein, H., W. Westerman (2008), Optimising a Global Cash Management Structure at Philips Electronics, Journal of Corporate Treasury Management, 1(4), 317-325.
• Dorsman, A., D. Gounopoulos (2008), Controlling Working Capital in Multinational Enterprises, Journal of Corporate Treasury Management, 2(2), 317-325.
• Dorsman, A., D. Gounopoulos, J. Hall, W. Westerman (2010), Controlling Cash Flows, Working Capital and Capital Expenditures with the Multinational Enterprise in: Westerman, W., Van der Meer-Kooistra, J. and Langfield-Smith K., International Management Accounting and Control, McGraw-Hill, 59-87.
• Enqvist, J., M. Graham, J. Nikkinen (2014), The Iimpact of Working Capital Management on Firm Profitability in Different Business Cycles: Evidence from Finland. Research in International Business and Finance, 32(C), 36-49.
• Haron, R., M.R. Nomran (2016), Determinants of Working Capital Management Before, During, and After the Global Financial Crisis of 2008: Evidence from Malaysia, The Journal of Developing Areas, 50(5).
• Platt. H. (2010), Lead with Cash: Cash Flow for Corporate Renewal, London: Imperial College Press.
• Preve, L., V. Sarria-Allende (2010), Working Capital Management, Oxford: Oxford University Press.
• Sagner, J. (2010), Essentials of Working Capital Management. Hoboken NJ: John Wiley & Sons.
• Sagner, J.S. (2014), Working Capital Management: Applications and Cases. Hoboken NJ: John Wiley & Sons.
• Schalk, R., O. Gelderblom, J. Jonker (2012), Schipperen op de Aziatische vaart. De financiering van de VOC kamer Enkhuizen, 1602-1622 (“Sailing on the Asian route, the financing of the VOC Chamber of Enkhuizen, 1602-1622”), Low Countries Historical Review, 127(4), 3-27.
• Westerman, W., (2010), The Value of Working Capital Programs in the Credit Crunch, Journal of Corporate Treasury Management, 3(3), 249-254.
• Westerman, W., F. Wu, M. Wiekens, A. Noordmans, R. Laseur (2016), Working Capital Management Efficiency of Dutch Companies, University of Groningen (working paper).
• Zeidan, R., O. Shapir (2017), Cash Conversion Cycle and Value-Enhancing Operations: Theory and Evidence for a Free Lunch, Journal of Corporate Finance, 45, 201-219.