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RETURN ON CURRENT ASSETS, WORKING CAPITAL AND REQUIRED RATE OF RETURN ON EQUITY

100%
Bolek M.
Finansowy Kwartalnik Internetowy e-Finanse
|
2014
|
vol. 10
|
issue 2
1-10
EN
The problem of return on current assets and return on working capital related to the cost of equity invested in a company is analyzed in this paper. Risk – return and liquidity – profitability trade-offs influence the company’s equilibrium and management decisions. Liquidity is measured by the cash conversion cycle and it is related to the working capital strategy, measured by current ratio. Rate of return on current assets should be related to the rate of return on working capital that is linked to the cost of capital and the required rate of return. The results indicate that there is a positive relationship between the return on current assets and cash conversion cycle, a positive relationship between cost of equity and return on working capital meaning that the working capital, cash conversion cycle and current assets management are related to profitability, and cost of equity is determined by the required rate of return calculated based on the Capital Asset Pricing Model.
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Kapitał własny w sektorach niefinansowych w Polsce w latach 2009-2011

100%
Szczepaniak P.
Nauki o Finansach
|
2014
|
issue 3(20)
115-126
EN
The paper aims at analysing the sector differentiation in the equity structure by means of selected financial indicators as well as making an attempt to establish an average equity costs for the sector by means of CAPM model. The return on equity indicator has been used to measure financial profitability while a standard deviation indicator of the value creation index has been used to assess a financial risk which led to indicating sectors with the highest and the lowest financial risk. As the research comprises years 2009-2011 its results also show dependency of calculated indicator on phases of the business sector.
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