Improving Cash Flow Management
The article discusses various scientific and theoretical views of famous economists on the essence, purpose and objectives of cash flow as an object of financial management and makes appropriate conclusions. Cash flow has a unique property of financial liquidity and fully implements the economic fun...
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| Veröffentlicht in: | Економічний вісник Донбасу |
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| Datum: | 2021 |
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Інститут економіки промисловості НАН України
2021
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| Zitieren: | Improving Cash Flow Management / S. Abbasov // Економічний вісник Донбасу. — 2021. — № 4 (66). — С. 33-38. — Бібліогр.: 19 назв. — укр. |
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| citation_txt | Improving Cash Flow Management / S. Abbasov // Економічний вісник Донбасу. — 2021. — № 4 (66). — С. 33-38. — Бібліогр.: 19 назв. — укр. |
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| description | The article discusses various scientific and theoretical views of famous economists on the essence, purpose and objectives of cash flow as an object of financial management and makes appropriate conclusions. Cash flow has a unique property of financial liquidity and fully implements the economic functions that relate to it.
Cash flow management is a financial tool that allows you to achieve high final results of the financial and economic activities of the company, that is, maximize profits. The principles, methods and a comprehensive analysis of cash flow management are considered. The stages of the cash flow management process and their information support are described in detail. The principles and stages of creating an organizational and functional cash flow management mechanism were considered and emphasized that the formation of an excellent cash flow management mechanism will allow the company to attract additional investments to carry out its current activities and enter foreign markets, including the stock market. Issues of disclosing shadow cash flows in financial management and determining its role in increasing the value of the company and the risks associated with macroeconomic regulation have been studied in detail.
There are reasonable suggestions and recommendations for improving the cash flow management mechanism.
У статті розглядаються різні науково-теоретичні погляди відомих економістів на сутність, призначення та завдання грошового потоку як об’єкта фінансового менеджменту та зроблено відповідні висновки. Грошовий потік має унікальну властивість фінансової ліквідності і повною мірою реалізує економічні функції.
Управління грошовими потоками є фінансовим інструментом, що дозволяє досягти високих кінцевих результатів фінансово-господарської діяльності підприємства, тобто максимізувати прибуток. Розглянуто принципи, методи та комплексний аналіз управління грошовими потоками. Детально описано етапи процесу управління грошовими потоками та їх інформаційне забезпечення. Розглянуто принципи та етапи створення організаційно-функціонального механізму управління грошовими потоками та підкреслено, що формування відповідного механізму управління грошовими потоками дозволить підприємству залучити додаткові інвестиції для здійснення поточної діяльності та виходу на зовнішні ринки, у тому числі на фондові ринки. Детально досліджено питання розкриття тіньових грошових потоків у фінансовому менеджменті та визначення його ролі у підвищенні вартості компанії та ризиків, які пов’язані з макроекономічним регулюванням.
Є обґрунтовані пропозиції та рекомендації щодо вдосконалення механізму управління грошовими потоками.
В статье рассматриваются разные научно-теоретические взгляды известных экономистов на суть, назначение и задачи денежного потока как объекта финансового менеджмента и сделаны соответствующие выводы. Денежный поток обладает уникальным свойством финансовой ликвидности и в полной мере реализует экономические функции.
Управление денежными потоками является финансовым инструментом, позволяющим достичь высоких конечных результатов финансово-хозяйственной деятельности предприятия, то есть максимизировать прибыль. Рассмотрены принципы, методы и комплексный анализ управления денежными потоками. Подробно описаны этапы процесса управления денежными потоками и их информационное обеспечение. Рассмотрены принципы и этапы создания организационно-функционального механизма управления денежными потоками и подчеркнуто, что формирование соответствующего механизма управления денежными потоками позволит привлечь предприятию дополнительные инвестиции для осуществления текущей деятельности и выхода на внешние рынки, в том числе на фондовые рынки. Подробно исследованы вопросы раскрытия теневых денежных потоков в финансовом менеджменте и определения его роли в повышении стоимости компании и рисков, связанных с макроэкономическим регулированием.
Обоснованы предложения и рекомендации по совершенствованию механизма управления денежными потоками.
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| first_indexed | 2025-12-07T15:51:48Z |
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S. Abbasov
33
Економічний вісник Донбасу № 4(66), 2021
DOI: https://doi.org/10.12958/1817-3772-2021-4(66)-33-38
UDC 336.74
S. Abbasov,
DrHab (Economics), Associate Professor,
e-mail: server.abbasov@gmail.com,
Baku State University,
Baku, Azerbaijan
IMPROVING CASH FLOW MANAGEMENT
1. Introduction
In a modern market economy, cash is one of the
most scarce resources, and the success of enterprises and
organizations depends on their more efficient use. With
the help of indicators that characterize cash flows, a
company can reveal additional income-generating
opportunities and self-financing opportunities.
Effective cash flow management is a specific
function of financial management and is an important
factor in reducing the company's solvency risk, asset
management and economic growth.
Cash flow is a key indicator of a company's
development, as it shows the amount of cash available
to the company to produce competitive products, apply
innovative technologies and enter new markets. Thus,
cash flow reflects the company's ability to invest freely,
create reserve funds and use profit as an investment.
The implementation of continuous cash flow is an
important prerequisite for strengthening the company's
position in the market. In this regard, the company needs
to improve cash flow management methods and
improve its organizational and functional mechanisms.
In this regard, the problems of improving the
organizational and functional mechanism of cash flow
management are of particular relevance and there is an
urgent need for their study.
1.1. Cash flow as an object of financial
management
To determine the nature, purpose and objectives of
cash flow management, you need to look at the different
views of famous economists on financial management.
American scientist James van Horn in the book
"Fundamentals of financial management" outlined the
theoretical and methodological foundations of financial
management and called the term "financial manage-
ment" capital management. Due to the effectiveness of
attracting and distributing capital, the financial director
contributes to the development and competitiveness of
the company, as well as to the development of the
economy as a whole [17, p. 10-11].
Russian scientists V. Bocharova and V. Leontiev
consider financial management as the art of managing
the company's finances in terms of the formation and use
of capital, income and cash flows [6, p. 21].
In his research, V. Ostapenko considers financial
management as the process of managing the finances of
an enterprise, developing management goals and
making an impact on finance (monetary relations). [14,
p. 252].
In V. Kovalev's works, financial management is
considered as a system of relationships between various
entities, despite the attraction and use of financial
resources. [11, p. 7]. In this context, financial
management consists of four main divisions: analysis
and planning of general finances, management of
financial resources, investment management and
ongoing financial management. In this definition,
financial resources are specifically designated as an
object of financial management.
The correct view of cash flow as an object of
financial management is explained in the work of
I. Balabanov. The author believes that financial
management is focused on managing financial relations
and the movement of financial resources between
business entities during the movement of financial
resources [5, p. 18].
In the textbook on financial management,
L. Pavlova, financial management is defined as follows:
Financial management is the process of managing funds
by using the influence mechanism [8]. The logical
conclusion from this definition is that the process of
financial management of an enterprise is an integral part
of the management of the enterprise as a whole and
expresses a set of means and methods of influencing the
object of management to achieve a certain goal.
Financial management of the enterprise directs financial
resources to the development of business activities at the
most appropriate time.
In his work, M. Romanovsky describes financial
management as a special area of asset management,
capital formation and the targeted organization of cash
flows necessary to achieve the strategic goals of an
enterprise [7, p. 56].
Thus, there is no consensus in many of these
opinions that cash flow management is perceived as an
object of financial management.
In our opinion, the definition of an object of
financial management requires special discussion, since
the solution of many theoretical and methodological
issues depends on it. The object of financial
management may vary, and its choice depends on the
financial policy of the business entity and the goals of
Finance
S. Abbasov
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Економічний вісник Донбасу № 4(66), 2021
the proposed management. In most cases, the object of
financial management is turnover of cash flow and fund
flow arising in the process of financial and economic
activity of the enterprise. Nevertheless, financial
resources dominate as an object of financial
management and this is absolutely true: an enterprise
can work only if there are sufficient financial resources,
and expanded reproduction also implies the
continuation of the process of formation, distribution,
redistribution and use of financial resources.
1.1.1. Economic content and classification of cash
flows
In a modern market economy, each business entity
freely chooses its development strategy and tactics,
presenting self-financing as a priority. Cash flow in the
enterprise is constantly happening. Technological
improvements caused by significant investments,
changes in inflation and interest rates, tax reforms, affect
the cash flow in the enterprise.
A cash flow statement is important as a source of
information. This information is used by both financial
managers and investors, and entrepreneurs use it to
solve additional issues, such as creating additional
assets, paying off debts and new investments.
The concept of "cash flows" first became the
subject of research by scientists in the United States in
the first, in connection with the activities of the
securities market. American scientists have developed a
method for calculating, analyzing and forecasting cash
flows of the firm, and the term "cash Flow" has begun
to be recognized internationally.
In the Oxford Dictionary, cash flow is defined as
the movement of money into and out of business when
goods are bought and sold.
M. Romanovsky describes the cash flow as a result
of the cash flow of the company over time, that is, the
total difference between the cash flow of the company
and their repayment for the period [7]. B. Colass gives a
more specific definition of cash flows as the excess of
cash that arises in the enterprise as a result of all
operations that are directly related and unrelated to
economic activities [9, p. 135].
V. Bocharov characterizes cash flow as the
distribution of cash flows by time and place created in
the production process. From the point of view of
J. Pearls, cash flows correspond to the resources
generated by the activities of the company for a certain
period of time. This is an expression of the company's
development potential in the context of full self-
financing” [6].
A more detailed presentation of cash flows was
provided by J. Van Horne. He compares cash flows with
the human circulatory system, representing the
enterprise as a living organism. According to him, if the
cash flow management system works continuously and
efficiently, then the financial condition of the enterprise
as a living organism will be healthy and constantly
developing.
Given the importance of the cash flow category for
financial management, it should be clarified both
broadly and narrowly.
Cash flow in a broad sense means the timely
distribution of cash flows, which is manifested as a
result of the company's activities. The scale of cash
flows in practice can be very different, and the financial
Manager must explain in a narrow sense the category of
cash flows, which refers to the management of a specific
object, the timely distribution of incoming and outgoing
funds at a certain scale.
There is no unanimous view of the existence of
cash flow cycles. French economist B. Colass argues
that the concept of a cycle, understood as a sequence of
operations that are reproduced with a certain frequency,
is suitable for describing production operations (except
for enterprises with a long production cycle). But this
understanding of the cycle is not suitable for describing
investment and financial transactions, and certainly does
not correspond to the description of operations with
cash. Cash transactions, even if they fully meet their
function, cannot be represented in a cycle [9, p. 52].
Summarizing the opinions of various scientists
about cash flows in the economic literature, we can
conclude that the cash flow cycle of an enterprise is a
certain period of time during which assets are returned
as a result of using these assets.
The cash flow at the enterprise can be presented as
a schematic illustration of the cash flow from the sale of
goods to the final distribution of profits and the
formation of financial resources.
Various cash flows that occur in an organization
are classified according to the purposes of analyzing,
planning, and controlling cash flows.
V. Kovalev proposes to analyze cash flows in four
directions; current, investment, financial and other
activities. In our opinion, each of the industrial
enterprises always has some economic operations that
cannot be seriously attributed to any of these areas.
Therefore, other activities may include targeted funding
or values purchased for free. The cash flows generated
by the current activities of the enterprise are often
transferred to the area of investment activity and used to
develop production, and can also be converted into
financial activity to pay dividends to shareholders. In
fact, current activities are often supported by financial
and investment activities, which puts pressure on a
number of enterprises in unstable economic conditions.
The second most important feature of the
classification of cash flows is the scale of servicing
financial and economic processes, as a generalized
indicator of which is the cash flow of the enterprise. It
characterizes the receipt and expenditure of funds at the
level of the enterprise as a whole.
The most valuable classification used in financial
management is the cash flow differentiation used in
valuing a company. The most important of them are:
1. Free cash flows of a company are actual cash
flows arising from its core business, that is, total cash
S. Abbasov
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Економічний вісник Донбасу № 4(66), 2021
flows that remain after tax and are distributed between
creditors and property owners. This can be considered
as cash flow after taxes, which falls into the ownership
of the owner of the company in the conditions if he has
no debt obligations.
2. Total cash flow – the cash flow generated by the
company is the amount available for investment in
support and development of the business. The category
“investment cash flow”, which is differentiated to
measure a company, is inherently consistent with the
cash flows of investing activities.
1.1.2. Methodological foundations of cash flow
management
Management of financial resources, including cash
flows, in a market economy is a complex and
responsible activity. In real economic terms, financial
flows can be in cash or in monetary documents. An
enterprise’s financial resources are a set of cash flows in
the form of cash flows in bank accounts and cash
registers.
The concept of cash flows arose in the United
States in the mid-twentieth century, and its main
provisions were developed by foreign economists.
Cash flow management includes the following key
blocks:
– identification of cash flows for certain types;
– determination of the total amount of cash flows
of different types;
– distribution of the total amount of various types
of cash flows at individual intervals;
– analysis and assessment of internal and external
factors affecting the formation of cash flow.
The implementation of these measures is carried
out within the framework of its financial policy, creating
an effective financial management system that ensures
the achievement of strategic and tactical goals of the
company.
The cash flow management methodology provides
an overview of the general principles and management
methods that are reflected in the respective metho-
dologies. The main and permanent principles of
management are considered to be the provisions that
underlie cash flow management and are characteristic of
all financial management systems. Cash management is
based on the following key principles:
– information accuracy – the management process
must be provided with the necessary database;
– balancing – balancing is achieved by
synchronizing the positive and negative cash flows of
the company by type of activity, volume, time interval
and other significant characteristics;
– ensuring the effectiveness of cash flows through
financial investments of the company;
– liquidity provision- Liquidity is achieved by
optimizing cash balances in accordance with the volume
of term liabilities.
These principles can be the basis of the cash flow
management process of any business entity.
The goal of cash flow management is to ensure the
financial balance of the company in the development
process by balancing and timely synchronization of cash
inflows and expenditures.
To achieve this goal, it is necessary to solve the
following tasks in the cash flow management process:
– ensuring the balance of cash flows
– ensuring timely synchronization of the formation
of cash flows;
– providing an increase in the company's net cash
flow.
However, restricting cash flow management
functions only through balancing and synchronization
undermines management effectiveness.
The main objects of cash flow management are:
– positive cash flow (cash inflow);
– negative cash flow (cash flow expense);
– net cash flow;
– cash balance.
The subjects of cash flow management are the
company's financial services, which depend on the
composition and number of employees, and depend on
the size, structure, types of activities and other factors of
the company's activity.
1.1.3. Organizational and functional mechanism
for managing cash flows
Various aspects of the organizational and
economic mechanism were studied in the works of
domestic and foreign economists. I. Balabanov
interprets the organizational and economic mechanism
of an enterprise as a financial mechanism, a systematic
action of financial levers, which is expressed in
planning, organizing and stimulating the use of finance
[5, p. 25].
T. Makushkin identifies five main elements in the
organizational and economic management mechanism,
each of which in turn expresses the mechanism of a
certain type of enterprise activity: the mechanism of
financial activity; the mechanism of working with
consumers; the mechanism of functioning of internal
processes of the enterprise; the mechanism of the
enterprise as a developing system; the information
mechanism of the enterprise [12, p. 15].
A. Sheremet and P. Sayfulin's financial mechanism
elements include the following [16, p. 13-14]:
– financial relations arising from lending,
investment, taxation, insurance, current financing,
payroll deductions and payments;
– a set of financial indicators: profit, income,
financial sanctions, price, dividends, interest, salaries,
taxes, etc.
– financial methods are understood as financial
accounting, financial analysis, financial planning,
– legislative, regulatory, informational and
methodological support of management.
The traditional organizational and functional
mechanism is defined as a complex set of elements,
structure and functional tasks that are interconnected
organizationally, economically and technologically
S. Abbasov
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Економічний вісник Донбасу № 4(66), 2021
Such interaction has a clear organizational and
functional subordination. Thus, the organizational-
functional mechanism of cash flow management refers
to a set of elements that interact with each other and act
as a whole.
The organizational and functional mechanism for
managing cash flows represents two interrelated areas:
organizational and legal (enterprise management
structure) and functional (determination and
consolidation of professional rights and obligations of
each of the responsible persons).
The composition of elements of an organizational
and functional cash flow management mechanism, its
ultimate goal and the choice of tasks to achieve it depend
on the following factors:
– differences in sectoral and territorial
characteristics of financial and economic activities
– improving the legal regulation and structure of
debt obligations of state and regional authorities and the
conditions for their implementation
– optimal organizational structure that ensures the
efficiency of all departments of the enterprise;
– excellence in information technology provided to
experts for data analysis in order to make appropriate
decisions on cash flow management;
– differences in operating, investing and financing
activities.
1.1.4. Identification of shadow cash flows in
financial management
The target management system, which involves the
use of production, marketing, innovative and financial
methods, is widely used in the process of forming and
implementing a corporate financial management
strategy. The financial method used to manage the value
of the company is complex, integrated and affects other
management methods.
The specifics of the financial management method
is determined by its ability to participate in the following
tasks:
– impact on costs and profitability;
– minimizing the cost of raising funds;
– capital structure optimization;
– qualitatively structure cash flow;
– determine the allowable amount of receivables
and payables;
– financial risk management;
– ensure the implementation of effective
investment projects;
– company budgeting;
– implementation of an effective dividend policy;
– to ensure the profitability of assets;
– determine the dynamics of indicators reflecting
the final results of the company.
Within the framework of the above tasks, the
company can operate in various schemes related to
shadow cash flows. This is due to the fact that it has a
one-sided and simple effect on key economic indicators,
that is, on the manipulation of financial results. Holding
companies usually carry out commercial, investment
and financial operations in the national and foreign
markets, as well as in the markets of countries where
they have branches. This means that large companies
can distribute cash flows between several countries. The
financial method used to manage the value of the
company is divided into three areas: operations,
investment activities, the formation of the structure of
private and debt capital. This approach is used in
preparing a cash flow statement and is generally
accepted.
The ability to identify shadow cash flows in
financial management is associated with determining
the impact of factors on the growth of the economic
potential of the enterprise. The realization of this task is
convincing if the increase in the value of the company
occurs in the phase of recession of the economic cycle,
and also if the increase in value occurs in the context of
the upward cycle, it is possible, although it is very
difficult.
This traditional approach does not take into
account the cyclical deviation of the global economy
and the company's ability to form a growth point. This
is explained by the fact that for subsidiaries, the cost is
estimated separately, and then added to the cost of the
parent company to determine the integrated indicator.
At the same time, this does not take into account the
possibility of creating a synergistic effect within the
overall financial strategy. It is believed that it manifests
itself as a result of a simple pooling of resources and
activities, rather than through the use of shadow cash
flows due to the purposeful efforts of the manager.
A value-based approach to identifying the potential
of shadow cash flows in financial management to
increase the value of a company should be based on the
cyclical nature of the global economy. Although this is
somewhat contrary to the probability of market
efficiency, the market value of which is based on all the
information coming to the market, and therefore
corresponds to an objective real price.
2. Conclusions
1. A more accurate definition of cash flow
corresponds more to the term "cash flow", which refers
to the difference between the inflow and outflow of
funds and the various types of assets that serve the
financial and business activities of the company.
2. It is impossible to identify the concepts of
financial flow and cash flow, since financial flow is a
structural element of cash flow. The types of cash flows
directly depend on the cash flow accounting system, as
indicated in International Financial Reporting
Standards.
3. Qualitative characteristics of cash flows can be
estimated by the cyclical sequence of economic
processes in the company and presented in the form of a
cash flow diagram of the company.
4. Management of cash flows mainly occurs in the
course of the financial and economic activities of the
company and ensures its financial stability.
S. Abbasov
37
Економічний вісник Донбасу № 4(66), 2021
5. Cash flow management is a complex process
that uses a combination of methods, tools, and special
techniques that constantly affect cash flows to achieve
the company's strategic goal.
6. To improve cash flow management, it is
important to develop the perfect organizational and
functional mechanism with more precise consideration
of the specifics of the company's activities and the
characteristics of industries.
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INFRA-M. 200 p.
Аббасов С. А. Удосконалення управління грошовими потоками
У статті розглядаються різні науково-теоретичні погляди відомих економістів на сутність, призначення та завдання
грошового потоку як об’єкта фінансового менеджменту та зроблено відповідні висновки. Грошовий потік має унікальну
властивість фінансової ліквідності і повною мірою реалізує економічні функції.
Управління грошовими потоками є фінансовим інструментом, що дозволяє досягти високих кінцевих результатів
фінансово-господарської діяльності підприємства, тобто максимізувати прибуток. Розглянуто принципи, методи та
комплексний аналіз управління грошовими потоками. Детально описано етапи процесу управління грошовими потоками та
їх інформаційне забезпечення. Розглянуто принципи та етапи створення організаційно-функціонального механізму
управління грошовими потоками та підкреслено, що формування відповідного механізму управління грошовими потоками
дозволить підприємству залучити додаткові інвестиції для здійснення поточної діяльності та виходу на зовнішні ринки, у
тому числі на фондові ринки. Детально досліджено питання розкриття тіньових грошових потоків у фінансовому менеджменті
та визначення його ролі у підвищенні вартості компанії та ризиків, які пов’язані з макроекономічним регулюванням.
Є обґрунтовані пропозиції та рекомендації щодо вдосконалення механізму управління грошовими потоками.
Ключові слова: грошовий потік, фінансовий менеджмент, фінансові методи, фінансові інструменти, організаційно-
функціональний механізм, тіньові грошові потоки.
Abbasov S. Improving Cash Flow Management
The article discusses various scientific and theoretical views of famous economists on the essence, purpose and objectives of
cash flow as an object of financial management and makes appropriate conclusions. Cash flow has a unique property of financial
liquidity and fully implements the economic functions that relate to it.
Cash flow management is a financial tool that allows you to achieve high final results of the financial and economic activities of
the company, that is, maximize profits. The principles, methods and a comprehensive analysis of cash flow management are considered.
The stages of the cash flow management process and their information support are described in detail. The principles and stages of
creating an organizational and functional cash flow management mechanism were considered and emphasized that the formation of an
excellent cash flow management mechanism will allow the company to attract additional investments to carry out its current activities
and enter foreign markets, including the stock market. Issues of disclosing shadow cash flows in financial management and determining
its role in increasing the value of the company and the risks associated with macroeconomic regulation have been studied in detail.
There are reasonable suggestions and recommendations for improving the cash flow management mechanism.
Keywords: cash flow, financial management, financial methods, financial instruments, organizational and functional mechanism,
shadow cash flows.
S. Abbasov
38
Економічний вісник Донбасу № 4(66), 2021
Аббасов С. А. Совершенствование управления денежными потоками
В статье рассматриваются разные научно-теоретические взгляды известных экономистов на суть, назначение и задачи
денежного потока как объекта финансового менеджмента и сделаны соответствующие выводы. Денежный поток обладает
уникальным свойством финансовой ликвидности и в полной мере реализует экономические функции.
Управление денежными потоками является финансовым инструментом, позволяющим достичь высоких конечных
результатов финансово-хозяйственной деятельности предприятия, то есть максимизировать прибыль. Рассмотрены
принципы, методы и комплексный анализ управления денежными потоками. Подробно описаны этапы процесса управления
денежными потоками и их информационное обеспечение. Рассмотрены принципы и этапы создания организационно-
функционального механизма управления денежными потоками и подчеркнуто, что формирование соответствующего
механизма управления денежными потоками позволит привлечь предприятию дополнительные инвестиции для
осуществления текущей деятельности и выхода на внешние рынки, в том числе на фондовые рынки. Подробно исследованы
вопросы раскрытия теневых денежных потоков в финансовом менеджменте и определения его роли в повышении стоимости
компании и рисков, связанных с макроэкономическим регулированием.
Обоснованы предложения и рекомендации по совершенствованию механизма управления денежными потоками.
Ключевые слова: денежный поток, финансовый менеджмент, финансовые методы, финансовые инструменты,
организационно функциональный механизм, теневые денежные потоки.
Received by the editors: 12.10.2021
and final form 16.12.2021
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| id | nasplib_isofts_kiev_ua-123456789-184873 |
| institution | Digital Library of Periodicals of National Academy of Sciences of Ukraine |
| issn | 1817-3772 |
| language | English |
| last_indexed | 2025-12-07T15:51:48Z |
| publishDate | 2021 |
| publisher | Інститут економіки промисловості НАН України |
| record_format | dspace |
| spelling | Abbasov, S. 2022-07-26T11:14:25Z 2022-07-26T11:14:25Z 2021 Improving Cash Flow Management / S. Abbasov // Економічний вісник Донбасу. — 2021. — № 4 (66). — С. 33-38. — Бібліогр.: 19 назв. — укр. 1817-3772 DOI: 10.12958/1817-3772-2021-4(66)-33-38 https://nasplib.isofts.kiev.ua/handle/123456789/184873 336.74 The article discusses various scientific and theoretical views of famous economists on the essence, purpose and objectives of cash flow as an object of financial management and makes appropriate conclusions. Cash flow has a unique property of financial liquidity and fully implements the economic functions that relate to it. Cash flow management is a financial tool that allows you to achieve high final results of the financial and economic activities of the company, that is, maximize profits. The principles, methods and a comprehensive analysis of cash flow management are considered. The stages of the cash flow management process and their information support are described in detail. The principles and stages of creating an organizational and functional cash flow management mechanism were considered and emphasized that the formation of an excellent cash flow management mechanism will allow the company to attract additional investments to carry out its current activities and enter foreign markets, including the stock market. Issues of disclosing shadow cash flows in financial management and determining its role in increasing the value of the company and the risks associated with macroeconomic regulation have been studied in detail. There are reasonable suggestions and recommendations for improving the cash flow management mechanism. У статті розглядаються різні науково-теоретичні погляди відомих економістів на сутність, призначення та завдання грошового потоку як об’єкта фінансового менеджменту та зроблено відповідні висновки. Грошовий потік має унікальну властивість фінансової ліквідності і повною мірою реалізує економічні функції. Управління грошовими потоками є фінансовим інструментом, що дозволяє досягти високих кінцевих результатів фінансово-господарської діяльності підприємства, тобто максимізувати прибуток. Розглянуто принципи, методи та комплексний аналіз управління грошовими потоками. Детально описано етапи процесу управління грошовими потоками та їх інформаційне забезпечення. Розглянуто принципи та етапи створення організаційно-функціонального механізму управління грошовими потоками та підкреслено, що формування відповідного механізму управління грошовими потоками дозволить підприємству залучити додаткові інвестиції для здійснення поточної діяльності та виходу на зовнішні ринки, у тому числі на фондові ринки. Детально досліджено питання розкриття тіньових грошових потоків у фінансовому менеджменті та визначення його ролі у підвищенні вартості компанії та ризиків, які пов’язані з макроекономічним регулюванням. Є обґрунтовані пропозиції та рекомендації щодо вдосконалення механізму управління грошовими потоками. В статье рассматриваются разные научно-теоретические взгляды известных экономистов на суть, назначение и задачи денежного потока как объекта финансового менеджмента и сделаны соответствующие выводы. Денежный поток обладает уникальным свойством финансовой ликвидности и в полной мере реализует экономические функции. Управление денежными потоками является финансовым инструментом, позволяющим достичь высоких конечных результатов финансово-хозяйственной деятельности предприятия, то есть максимизировать прибыль. Рассмотрены принципы, методы и комплексный анализ управления денежными потоками. Подробно описаны этапы процесса управления денежными потоками и их информационное обеспечение. Рассмотрены принципы и этапы создания организационно-функционального механизма управления денежными потоками и подчеркнуто, что формирование соответствующего механизма управления денежными потоками позволит привлечь предприятию дополнительные инвестиции для осуществления текущей деятельности и выхода на внешние рынки, в том числе на фондовые рынки. Подробно исследованы вопросы раскрытия теневых денежных потоков в финансовом менеджменте и определения его роли в повышении стоимости компании и рисков, связанных с макроэкономическим регулированием. Обоснованы предложения и рекомендации по совершенствованию механизма управления денежными потоками. en Інститут економіки промисловості НАН України Економічний вісник Донбасу Finance Improving Cash Flow Management Удосконалення управління грошовими потоками Совершенствование управления денежными потоками Article published earlier |
| spellingShingle | Improving Cash Flow Management Abbasov, S. Finance |
| title | Improving Cash Flow Management |
| title_alt | Удосконалення управління грошовими потоками Совершенствование управления денежными потоками |
| title_full | Improving Cash Flow Management |
| title_fullStr | Improving Cash Flow Management |
| title_full_unstemmed | Improving Cash Flow Management |
| title_short | Improving Cash Flow Management |
| title_sort | improving cash flow management |
| topic | Finance |
| topic_facet | Finance |
| url | https://nasplib.isofts.kiev.ua/handle/123456789/184873 |
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