Kapitał pracujący w kalkulacji przepływów pieniężnych na potrzeby oceny efektywności inwestycji
Working capital for cash flows for the evaluation of effectiveness of investment

Summary/Abstract: Changes in working capital are one of the factors influencing the results of the evaluation of investment efficiency. Although the impact of changes in working capital on the evaluation appears to be clear a proposal for its recognition in the calculation of the evaluation of effectiveness of investments reported in the literature are not the same. Not quite a precise determination of the methods of presentation of changes in working capital of the project causes in practice a lot of errors. The article discusses whether the calculation of cash flow conical design takes into account changes in working capital during the lifetime of the project and whether the account is always at the end of the forecast release of working capital.

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