Rentowność czy wydajność gotówkowa? Syntetyczny pomiar efektywności w kontekście działań z zakresu kreatywnej rachunkowości
Profitability or cash efficiency? Synthetic measurement of efficiency in the context of creative accounting activities

Author(s): Jarosław Nowicki
Subject(s): Economy, Business Economy / Management, Micro-Economics, Accounting - Business Administration, Business Ethics
Published by: Wydawnictwo Uniwersytetu Ekonomicznego w Poznaniu
Keywords: analiza finansowa;rentowność;wydajność gotówkowa;płynność finansowa;pomiar efektywności;
Summary/Abstract: The chapter is methodological in nature. It fits into the discourse on the usefulness of economic analysis tools for enterprises, such as various financial ratios. The aim of the chapter is to assess profitability ratios and cash efficiency ratios as synthetic efficiency measures, particularly in terms of their resilience to common practices of creative accounting. The main method used in the chapter is deduction, and the discussed issues are illustrated with numerical examples. The chapter demonstrates that cash efficiency ratios possess characteristics that make them synthetic measures of efficiency, bordering on profitability and financial liquidity. They are more resilient to the practices of creative accounting compared to profitability ratios and, as such, should be used more frequently as primary synthetic efficiency measures, which currently seem to be dominated by profitability ratios. It is advisable to consider a broader reliance on cash efficiency or, at least, parallel reporting of profitability and cash efficiency. In cases where there are different indications in these two areas, greater importance should be attached to cash efficiency than profitability in financial analysis, which can be successfully done, e.g., in the analysis of publicly traded companies.

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