National University of Science and Technology "MISIS" (MISIS)

O. I. Kalinskiy, Assistant Professor of a Chair of Applied Economics, e-mail: kalinskiy@rambler.ru

In the first part of the article an authentic method of management of the working capital and short term debt based on the solution of the optimization task is offered where the rating valuation focused on the goodwill and capitalization increase is acting as quadratic objective. In this method the fractions are represented by the relative volume of working capital and short term debt. It is concluded that the volume of the working capital and the size of the short term debt are not always optimal for the effective functioning of the enterprise. In the second part of the article, system of management of the working capital and short term debt is introduced that allows to achieve the structure of capital ensuring saving of resources due to the economic utilization of the working capital in the conditions characterized by the instability and falling market demand (which is very timely due to the fact the aftermath impact of the global economic crisis of 2008–2009 is still felt in various industries). At the same time, this system ensures that there is sufficient working capital and sources of its financing at the times when the demand is at its highest level. Based on the modeling of various valuations in the article, it is demonstrated that the implementation of such procedures will allow to ensure the sustainability of the enterprise’s operations and will positively influence on the increase of goodwill and capitalization of the metallurgical enterprise. The author is continuing to work on formulation of models of managing short term debt and working capital that would allow to raise the capitalization and the goodwill of the company.

Second part of an article. First part is published in “Tsvetnye Metally” 2012. No. 5. pp. 10-13

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4. Kalinskiy O. I., Rozhkov I. M., Markov S. V., Redkina E. A. Byulleten nauchno-tekhnicheskoy i ekonomicheskoy informatsii. Chernaya metallurgiya – Bulletin of scientific and technical and economical information. Ferrous metallurgy. 2006. No. 11 (1283). pp. 100–104.

5. Kalinskiy O. I., Rozhkov I. M., Afanasev V. A., Stepanova M. A., Gorbatenko M. V. Vestnik Samarskogo Gosudarstvennogo Ekonomicheskogo Universiteta – Bulletin of Samara State University of Economics. 2010. No. 9 (71). pp. 51–55.

6. Kalinskiy O. I. Vestnik Sankt-Peterburgskogo Gosudarstvennogo Inzhenerno-ekonomicheskogo Universiteta – Bulletin of Saint-Petersburg State University of Engineering and Economics. 2007. No. 5 (18). pp. 184–191.

7. Rozhkov I. M., Kalinskiy O. I., Markov S. V., Larionova I. A., Gorbatenko M. V. Ekonomika v promyshlennosti – Economics in industry. 2009. No. 3. pp. 47–52.