NOVA ZAPAŽANJA I RAZVOJ MODELA KOMBINOVANJA FINANSIRANJA OBRTNIH SREDSTAVA U SREDNJIM PREDUZEĆIMA
NEW INSIGHTS AND DEVELOPMENT OF MODELS OF COMBINING WORKING CAPITAL FINANCE IN MEDIUM ENTERPRISES

Summary/Abstract: Working capital management is a modern microeconomic discipline within management finance with significant practical achievements. It integrates with the foundations of modern microeconomic theory, especially financial, as well as some specific areas of modern management such as cost management, accounting for managers, management information systems and auditing. Not only medium-sized enterprises, but also other business organizations, usually employ and rely on numerous diversified forms of working capital. They also use other additional short-term sources of financing whose maturity is typically shorter than one year, as well as long-term sources. Especially in situations when borrowing from commercial banks eventually becomes restrictive, companies may try to optimize the forms and sources of working capital financing. Our intention is to gradually introduce advanced concepts related to working capital management into the business practice of primarily medium-sized companies. Through the proposed models, we will try to identify combinations and basic forms of working capital and some alternative sources of financing such as securities and long-term debt. We will also point out the importance of the concept of combining working capital in financial management, then we will consider one typology of this optimization as well as other basic tools used in working capital management. With that the combination of working capital management becomes one of the preconditions for the development of medium-sized enterprises. The benefits of the obtained research results should be based on applicable models on which their further dynamic development can be based. Certainly, it is clear from our observations that the advantages of combining working capital do not belong exclusively to medium-sized companies, and that both small and large companies can also benefit from this approach.

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