Working capital in Estonian agricultural companies: analysis by size

M. Nurmet, Katrin Lemsalu, J. Lehtsaar
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引用次数: 1

Abstract

The paper examines the working capital indicators to find out the differences between larger and smaller Estonian agricultural companies. In the task of working capital management, a balance between profitability and liquidity is under investigation. A higher level of current assets ensures higher liquidity, but reduces the profitability. The share of inventories in current assets is relatively high in agricultural companies, and can lead to liquidity problems in adverse circumstances. Low levels of current assets can lead to business interruptions, as insufficient stocks lead to delays in the production process, which in turn is amplified in yields or other outputs. The number of employees is used to distinguish the size of the company. The results show that the smallest agricultural companies have higher liquidity and relatively larger share of highly liquid current assets. Larger agricultural companies maintain a higher level of inventory and have a longer inventory turnover period. Smaller companies have a slightly higher share of loans in current liabilities, so they have to maintain a larger financial buffer. The cash conversion cycle is longer for the smallest and the largest agricultural companies while medium-sized companies have a shorter cash conversion cycle. Smaller companies have the longest receivables turnover, showing that they enable longer payment periods for buyers or may have difficulties collecting receivables from the production sold. Having low market power and long receivables turnover, they have relatively higher need for working capital.
爱沙尼亚农业公司的营运资金:按规模分析
本文考察了营运资金指标,以找出较大和较小的爱沙尼亚农业公司之间的差异。在营运资金管理的任务中,正在研究盈利能力和流动性之间的平衡。较高的流动资产水平保证了较高的流动性,但降低了盈利能力。在农业公司中,流动资产中库存的份额相对较高,在不利情况下可能导致流动性问题。低水平的流动资产可能会导致业务中断,因为库存不足会导致生产过程的延迟,而这反过来又会在产量或其他产出中被放大。员工的数量是用来区分公司规模的。结果表明,规模较小的农业公司具有较高的流动性,高流动性流动资产所占比例相对较大。较大的农业公司保持较高的库存水平和较长的库存周转期。小公司的贷款在流动负债中所占的比例略高,因此它们必须保持更大的财务缓冲。最小和最大的农业公司的现金转换周期较长,而中型公司的现金转换周期较短。小公司的应收账款周转时间最长,这表明它们能够为买家提供更长的付款周期,或者可能难以从售出的产品中收取应收账款。它们的市场支配力低,应收账款周转率长,对营运资金的需求相对较高。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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