Modelowanie operacyjnego kapitału obrotowego z zastosowaniem arkusza kalkulacyjnego. Budowa i weryfikacja modelu

• Authors: Szpulak Aleksandra

Title variants

EN

Modeling of an operating working capital – spreadsheet approach. Building and model verification

• Languages of publication: PL

Abstracts

EN

Typical financial model applied in the area of short term financial management under wealth maximization approach is in a form of an analytical model, like the one built by for example [Sartoris, Hill 1983; Kim, Chung 1990]. The assumptions concerning the continuous cash flows resulting from sales and direct relationship between the size of cash flows and the size of sales result in inaccurate and biased forecasts made on the basis of such analytical models. The applicability of it is therefore questionable. The paper presents the construction and verification of the financial model of operating working capital that enables to build forecasts of better quality. Such a goal is achieved by applying the spreadsheet approach instead of analytical functions.

Keywords

EN

operating working capital; operating cash inflows and outflows; forecasts; spreadsheet approach

• Publisher: Uniwersytet Ekonomiczny we Wrocławiu. Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
• Journal: Econometrics. Ekonometria. Advances in Applied Data Analytics
• Year: 2014
• Issue: 4(46)
• Pages: 22-33

Contributors

author

Szpulak Aleksandra

References

• Brealey R.A., Myers S.C., 1996, Principles of Corporate Finance, McGraw-Hill, New York.
• Brigham F.E., Ehrhard M.C., 2008, Financial Management. Theory and Practice, Thomson, New York.
• Charnes J., 2007, Financial Modelling with Cristal Ball and Excel, Jon Wiley & Sons, Hoboken.
• Copeland T.E., Weston J.F., Shastri K., 2005, Financial Theory and Corporate Policy, Prentice Hall, Boston.
• Kim Y., Chung K., 1984, An integrated evaluation of investment in inventory and credit: a cash flow approach, “Journal of Business Finance and Accounting”, Vol. 17.
• Pluta W., 2003, Planowanie finansowe w przedsiębiorstwie, PWE, Warszawa.
• Sartoris W.L., Hill N.C., 1983, A generalized cash flow approach to short-term financial decisions, “Journal of Finance”, May.
• Szpulak A., 2014, Inwestycje netto w operacyjny kapitał obrotowy w rachunku przepływów pieniężnych, Prace Naukowe UE we Wrocławiu, pt. Zarządzanie finansami firm – teoria i praktyka, nr 365.
• Verminnen P. (2005), Corporate Finance. Theory and Practice, Jon Wiley & Sons, Hoboken, s. 31.