Efektywność przedsiębiorstw rolnych a poziom kapitału obrotowego

The analysis of interrelations between value of working capital and effectiveness of agri­cultural enterprises has been presented in the article. Relatively great differentiation of the levels of working capital has resulted from the study. The author pointed out that too high value of the working capital is more advantageous for an enterprise then its negative value. The firms with the lowest level of working capital usually generated loses and showed the highest costs in relation to both assets absorption and sale. On the contrary, firms with the highest working capital level were characterized by the lowest ratios of costs absorption of assets, even though the costs absorption of sale was quite high in comparison with the firms with an average value of working capital. This contributed to lower productivity of costs related to operational activity as well as to the lowest productivity of assets. However, too high value of working capital reflects freezing of financial sources and contributes to deterioration of the efficiency of an enterprise. That is why maximizing of this capital in the agricultural enterprises is not sensible. The special attention should be paid to the adjusting of the level and structure of working capital to the ability of its effec­tive use.

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