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(Last Updated On: 11/18/2021 by Lytuong.net)

1. Working capital concept

In order to conduct production and business activities, in addition to labor force and labor materials, enterprises also need to have an object of labor.

Unlike means of labor, the object of labor (raw materials, fuel, semi-finished products…) only participates in one production cycle, in the next production cycle, other labor objects must be used. . Most of the labor objects through the processing process to form the product’s entity (such as cotton into yarn, sand into glass, some are lost as fuel…) so they do not stay the same. original physical form, its value is transferred all at once into the product value. The above-mentioned labor objects, in terms of physical form, are called short-term assets (current assets), while the form of value is called working capital of the enterprise.

Current assets are assets that are constantly circulating in the business process of an enterprise. In the balance sheet, current assets include cash, bank deposits, short-term receivables, short-term investments, inventory, etc. In addition, due to the nature of being able to be converted into cash quickly, Some labor materials such as tools, tools, packages, packing objects… are also listed and the enterprise’s current assets.

In order for the production and business process of an enterprise to be conducted regularly and continuously, the enterprise must have current assets. To form current assets, the enterprise must advance a certain amount of monetary capital for investment and purchase and this investment capital is called the working capital of the enterprise.

Therefore, the working capital in the enterprise can be generalized from the following point of view: Working capital of an enterprise is the amount of money advanced to invest and purchase current assets in order to ensure that the business process of the enterprise is carried out regularly and continuously.

2. Working capital characteristics

While working capital is necessary for a manufacturing enterprise to purchase materials for the production and sale of products, for a commercial enterprise, working capital is needed to stockpile goods for business purposes. organize the sale and purchase of goods. Working capital in a business includes the following characteristics:

– During the process of participating in business activities, working capital is constantly moving and always changing its expression through all stages of the business process.

+ The movement of working capital in manufacturing enterprises through three stages in the following sequence:

  • Stage 1 (T – H): Working capital from monetary form to material form is raw materials. This stage is also known as the purchase of raw materials.
  • Stage 2 (H – H’): Working capital from the form of raw materials to the form of manufactured products. This stage is also known as the production and processing stage.
  • Stage 3 (H’ – T’): Working capital from the form of physical products as manufactured products to the form of initial currency. This stage is called the product consumption phase.

+ The movement of working capital in a commercial enterprise goes through two stages, in the following order:

  • Stage 1 (T-H): Working capital changes from monetary form to physical form (commodities). This stage is also known as the buying phase.
  • Stage 2 (H – T’): Working capital transforms from the form of goods into the form of money, and ends a cycle of working capital. This stage is also known as the sales phase.

– When participating in business activities, the value of working capital moves all once into the value of products and goods and completes a cycle after each business cycle of the enterprise.

3. Classification of working capital

To manage and use working capital effectively, it is necessary to classify working capital. Classification of working capital is the division of working capital into categories according to certain criteria. Normally working capital is classified as follows:

3.1. Classification according to the role of working capital in the production and business process

3.1.1. Working capital in reserve

a. For manufacturing businesses

Working capital in the reserve stage is the cash expression of all kinds of materials to ensure the production activities of the enterprise are carried out continuously, including:

  • Capital of main materials (including semi-finished products purchased from outside): NVLC is the type of raw materials that, when engaged in production, form the main entity of the product. NVLC capital is the amount of capital needed to reserve all kinds of materials, semi-finished products, etc. to serve production such as cement, iron, steel, bricks in construction; semi-finished products purchased from outside such as door frames and doors in construction; yarn purchased from outside in textile enterprises…
  • Capital of auxiliary materials: NVLP has the effect of helping to form a product or make a product more durable and beautiful but does not form the main entity of the product. NVLP capital is the capital needed to stock up on auxiliary materials for production and business such as dyes, paints, lime…
  • Fuel capital: Fuel is actually a type of NVLP, but due to the large amount consumed in production and difficult to maintain, it should be separated into an account to enhance management for this type of material. Fuel capital is the value of stored fuels for production such as coal, firewood, gasoline, oil, gas, gas, etc.
  • Capital of spare parts: is the value of spare parts, spare parts and components for replacement when repairing fixed assets.
  • Packaging capital: is the value of materials and packages used to pack in the production process such as PE bags, paper, plastic boxes, wooden boxes, porcelain vases, etc.
  • Tool capital: is the value of labor materials that are not eligible to become fixed assets being stored for production such as tables, chairs, fans, workwear, scales, baskets, etc.

b. For commercial enterprise

In the working capital of commercial enterprises, working capital in the stage of stocking goods accounts for the highest proportion.

Working capital in the reserve stage is the cash expression of the entire inventory at the enterprise, in order to ensure that the business activities of the enterprise are conducted regularly and continuously.

The enterprise’s inventory includes:

  • Raw materials, tools, spare parts, packaging, unfinished products
  • Commodity products;
  • Goods bought and sold are on the way;
  • Products and goods for sale;
  • Products and goods sent for sale are returned to the buyer for custody;
  • Purchase cost allocated to inventory

3.1.2. Working capital in production

a. For manufacturing businesses

Working capital in the production stage is the cash expression of all kinds of products being manufactured, homemade semi-finished products, prepaid expenses, etc. to ensure the continuous production process, including:

  • Capital of products in production: The value of unfinished products in the process of manufacturing such as yarn on a loom, machine parts being processed, fabric in progress..
  • Homemade semi-finished products: The value of work-in-progress products, but unlike products in progress, homemade semi-finished products have completed certain stages of processing and can be marketed or sold. can continue to produce to complete a product such as yarn of a textile factory, components and spare parts of a mechanical factory, etc.
  • Prepaid capital expenses: These are actual large expenses that have been incurred related to many business cycles, so they have not been fully included in the product cost of this period (in order to make the price stable) but are waiting for allocation. gradually in the following periods as cMaintenance costs of machinery and equipment, major repair costs of fixed assets, rental costs of assets, costs of testing new products, costs of research and testing, technical improvement…

b. For commercial enterprise

For a purely commercial enterprise, there is no capital part at this stage.

3.1.3. Working capital in circulation

a. For manufacturing businesses

Working capital in circulation is expressed in cash of all kinds of finished products waiting for consumption, goods purchased from outside, capital in cash, capital in payment, short-term investment capital, advances, etc. to ensure ensure regular and continuous consumption of products and goods.

  • Finished product capital: is the value of finished products (including the work of picking, packing, etc.) that are in stock waiting for consumption.
  • Capital goods purchased from outside: The value of goods that, due to the requirements of consumption, enterprises must buy from outside to sell together with products produced by enterprises.
  • Cash capital: Means cash on hand, bank deposits, money in transit, including precious metals (gold, silver, gems, etc.).
  • Capital in payment: These are receivables, payables, advances arising in the process of buying and selling goods or making internal payments.
  • Short-term investments: Are short-term financial investments outside the business such as treasury bonds, stocks, short-term loans, etc.

b. For commercial enterprise

Working capital in this stage is called working capital in the payment and investment stages, in order to ensure regular and continuous consumption of goods; including: Value of goods, capital in cash, capital in payment and short-term investments.

The classification according to the role of working capital helps to consider and evaluate the allocation of working capital in each stage of the working capital cycle. From there, there are appropriate organizational and management measures to create a reasonable working capital structure and increase the speed of working capital turnover.

3.2. Classification of working capital according to the form of working capital expression

According to this classification, working capital in enterprises is divided into two types: capital goods and monetary capital.

3.2.1. Capital of goods and materials

Commodity capital is working capital which has the form expressed in specific kind such as raw capital, fuel, spare parts, tools, work in progress, finished products and goods.

3.2.2. Monetary capital

Monetary capital includes cash capital and short-term investments, short-term receivables.

  • Cash capital and short-term investments: Includes cash on hand, bank deposits, cash in transit and short-term securities investments. Cash and short-term securities are an asset of a business that can be easily converted into other assets or to repay debt.
  • Short-term receivables: Mainly receivables from customers, representing the amount owed by customers to the business arising in the process of selling products, goods and services in the form of pre-sale and collection. In addition, in some cases of procurement of materials, enterprises also have to advance money to suppliers, thereby forming receivables.

The classification by form of expression creates favorable conditions for the consideration and assessment of the solvency of the enterprise.

3.3. Classification by source of working capital formation

According to this classification, working capital is divided into two categories:

3.3.1. Equity

Equity is the amount of working capital owned by the enterprise; Enterprises have full rights of ownership, right to use, right to dominate and dispose. Equity depends on the type of business. For state-owned enterprises (mainly state-owned corporations at present), working capital shall be provided by the state budget; for limited liability companies and joint stock companies, this capital is contributed by individuals (co-owners); for a private enterprise, this capital is expended by the private owner when establishing the business as well as by self-addition later.

Self-replenishing working capital is the amount of capital that is added annually from the profits or from the funds of the enterprise. In addition, the capital added by the owners to expand the scale and improve the efficiency of production and business activities of the enterprise.

3.3.2. Liabilities must pay

Liabilities include borrowed capital and payment capital.

  • Borrowed capital: Working capital is formed from loans from commercial banks or other financial institutions, loans through bond issuance.
  • Source of capital in payment: Debts from customers that the business has not yet paid.

This classification shows that the working capital structure of the business is formed by the capital of the business itself or from debt. Since then, there have been regulations on mobilization, management and use of working capital more rationally and effectively.

(Source: MSc. Tran Thi Hoa and CN. Nguyen Huu Cuc, Textbook of Corporate Finance, 2014)

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(Last Updated On: 11/18/2021 by Lytuong.net)

1. Working capital concept

In order to conduct production and business activities, in addition to labor force and labor materials, enterprises also need to have an object of labor.

Unlike means of labor, the object of labor (raw materials, fuel, semi-finished products...) only participates in one production cycle, in the next production cycle, other labor objects must be used. . Most of the labor objects through the processing process to form the product's entity (such as cotton into yarn, sand into glass, some are lost as fuel...) so they do not stay the same. original physical form, its value is transferred all at once into the product value. The above-mentioned labor objects, in terms of physical form, are called short-term assets (current assets), while the form of value is called working capital of the enterprise.

Current assets are assets that are constantly circulating in the business process of an enterprise. In the balance sheet, current assets include cash, bank deposits, short-term receivables, short-term investments, inventory, etc. In addition, due to the nature of being able to be converted into cash quickly, Some labor materials such as tools, tools, packages, packing objects... are also listed and the enterprise's current assets.

In order for the production and business process of an enterprise to be conducted regularly and continuously, the enterprise must have current assets. To form current assets, the enterprise must advance a certain amount of monetary capital for investment and purchase and this investment capital is called the working capital of the enterprise.

Therefore, the working capital in the enterprise can be generalized from the following point of view: Working capital of an enterprise is the amount of money advanced to invest and purchase current assets in order to ensure that the business process of the enterprise is carried out regularly and continuously.

2. Working capital characteristics

While working capital is necessary for a manufacturing enterprise to purchase materials for the production and sale of products, for a commercial enterprise, working capital is needed to stockpile goods for business purposes. organize the sale and purchase of goods. Working capital in a business includes the following characteristics:

– During the process of participating in business activities, working capital is constantly moving and always changing its expression through all stages of the business process.

+ The movement of working capital in manufacturing enterprises through three stages in the following sequence:

  • Stage 1 (T – H): Working capital from monetary form to material form is raw materials. This stage is also known as the purchase of raw materials.
  • Stage 2 (H - H'): Working capital from the form of raw materials to the form of manufactured products. This stage is also known as the production and processing stage.
  • Stage 3 (H' – T'): Working capital from the form of physical products as manufactured products to the form of initial currency. This stage is called the product consumption phase.

+ The movement of working capital in a commercial enterprise goes through two stages, in the following order:

  • Stage 1 (T-H): Working capital changes from monetary form to physical form (commodities). This stage is also known as the buying phase.
  • Stage 2 (H – T'): Working capital transforms from the form of goods into the form of money, and ends a cycle of working capital. This stage is also known as the sales phase.

– When participating in business activities, the value of working capital moves all once into the value of products and goods and completes a cycle after each business cycle of the enterprise.

3. Classification of working capital

To manage and use working capital effectively, it is necessary to classify working capital. Classification of working capital is the division of working capital into categories according to certain criteria. Normally working capital is classified as follows:

3.1. Classification according to the role of working capital in the production and business process

3.1.1. Working capital in reserve

a. For manufacturing businesses

Working capital in the reserve stage is the cash expression of all kinds of materials to ensure the production activities of the enterprise are carried out continuously, including:

  • Capital of main materials (including semi-finished products purchased from outside): NVLC is the type of raw materials that, when engaged in production, form the main entity of the product. NVLC capital is the amount of capital needed to reserve all kinds of materials, semi-finished products, etc. to serve production such as cement, iron, steel, bricks in construction; semi-finished products purchased from outside such as door frames and doors in construction; yarn purchased from outside in textile enterprises…
  • Capital of auxiliary materials: NVLP has the effect of helping to form a product or make a product more durable and beautiful but does not form the main entity of the product. NVLP capital is the capital needed to stock up on auxiliary materials for production and business such as dyes, paints, lime...
  • Fuel capital: Fuel is actually a type of NVLP, but due to the large amount consumed in production and difficult to maintain, it should be separated into an account to enhance management for this type of material. Fuel capital is the value of stored fuels for production such as coal, firewood, gasoline, oil, gas, gas, etc.
  • Capital of spare parts: is the value of spare parts, spare parts and components for replacement when repairing fixed assets.
  • Packaging capital: is the value of materials and packages used to pack in the production process such as PE bags, paper, plastic boxes, wooden boxes, porcelain vases, etc.
  • Tool capital: is the value of labor materials that are not eligible to become fixed assets being stored for production such as tables, chairs, fans, workwear, scales, baskets, etc.

b. For commercial enterprise

In the working capital of commercial enterprises, working capital in the stage of stocking goods accounts for the highest proportion.

Working capital in the reserve stage is the cash expression of the entire inventory at the enterprise, in order to ensure that the business activities of the enterprise are conducted regularly and continuously.

The enterprise's inventory includes:

  • Raw materials, tools, spare parts, packaging, unfinished products
  • Commodity products;
  • Goods bought and sold are on the way;
  • Products and goods for sale;
  • Products and goods sent for sale are returned to the buyer for custody;
  • Purchase cost allocated to inventory

3.1.2. Working capital in production

a. For manufacturing businesses

Working capital in the production stage is the cash expression of all kinds of products being manufactured, homemade semi-finished products, prepaid expenses, etc. to ensure the continuous production process, including:

  • Capital of products in production: The value of unfinished products in the process of manufacturing such as yarn on a loom, machine parts being processed, fabric in progress..
  • Homemade semi-finished products: The value of work-in-progress products, but unlike products in progress, homemade semi-finished products have completed certain stages of processing and can be marketed or sold. can continue to produce to complete a product such as yarn of a textile factory, components and spare parts of a mechanical factory, etc.
  • Prepaid capital expenses: These are actual large expenses that have been incurred related to many business cycles, so they have not been fully included in the product cost of this period (in order to make the price stable) but are waiting for allocation. gradually in the following periods as cMaintenance costs of machinery and equipment, major repair costs of fixed assets, rental costs of assets, costs of testing new products, costs of research and testing, technical improvement...

b. For commercial enterprise

For a purely commercial enterprise, there is no capital part at this stage.

3.1.3. Working capital in circulation

a. For manufacturing businesses

Working capital in circulation is expressed in cash of all kinds of finished products waiting for consumption, goods purchased from outside, capital in cash, capital in payment, short-term investment capital, advances, etc. to ensure ensure regular and continuous consumption of products and goods.

  • Finished product capital: is the value of finished products (including the work of picking, packing, etc.) that are in stock waiting for consumption.
  • Capital goods purchased from outside: The value of goods that, due to the requirements of consumption, enterprises must buy from outside to sell together with products produced by enterprises.
  • Cash capital: Means cash on hand, bank deposits, money in transit, including precious metals (gold, silver, gems, etc.).
  • Capital in payment: These are receivables, payables, advances arising in the process of buying and selling goods or making internal payments.
  • Short-term investments: Are short-term financial investments outside the business such as treasury bonds, stocks, short-term loans, etc.

b. For commercial enterprise

Working capital in this stage is called working capital in the payment and investment stages, in order to ensure regular and continuous consumption of goods; including: Value of goods, capital in cash, capital in payment and short-term investments.

The classification according to the role of working capital helps to consider and evaluate the allocation of working capital in each stage of the working capital cycle. From there, there are appropriate organizational and management measures to create a reasonable working capital structure and increase the speed of working capital turnover.

3.2. Classification of working capital according to the form of working capital expression

According to this classification, working capital in enterprises is divided into two types: capital goods and monetary capital.

3.2.1. Capital of goods and materials

Commodity capital is working capital which has the form expressed in specific kind such as raw capital, fuel, spare parts, tools, work in progress, finished products and goods.

3.2.2. Monetary capital

Monetary capital includes cash capital and short-term investments, short-term receivables.

  • Cash capital and short-term investments: Includes cash on hand, bank deposits, cash in transit and short-term securities investments. Cash and short-term securities are an asset of a business that can be easily converted into other assets or to repay debt.
  • Short-term receivables: Mainly receivables from customers, representing the amount owed by customers to the business arising in the process of selling products, goods and services in the form of pre-sale and collection. In addition, in some cases of procurement of materials, enterprises also have to advance money to suppliers, thereby forming receivables.

The classification by form of expression creates favorable conditions for the consideration and assessment of the solvency of the enterprise.

3.3. Classification by source of working capital formation

According to this classification, working capital is divided into two categories:

3.3.1. Equity

Equity is the amount of working capital owned by the enterprise; Enterprises have full rights of ownership, right to use, right to dominate and dispose. Equity depends on the type of business. For state-owned enterprises (mainly state-owned corporations at present), working capital shall be provided by the state budget; for limited liability companies and joint stock companies, this capital is contributed by individuals (co-owners); for a private enterprise, this capital is expended by the private owner when establishing the business as well as by self-addition later.

Self-replenishing working capital is the amount of capital that is added annually from the profits or from the funds of the enterprise. In addition, the capital added by the owners to expand the scale and improve the efficiency of production and business activities of the enterprise.

3.3.2. Liabilities must pay

Liabilities include borrowed capital and payment capital.

  • Borrowed capital: Working capital is formed from loans from commercial banks or other financial institutions, loans through bond issuance.
  • Source of capital in payment: Debts from customers that the business has not yet paid.

This classification shows that the working capital structure of the business is formed by the capital of the business itself or from debt. Since then, there have been regulations on mobilization, management and use of working capital more rationally and effectively.

(Source: MSc. Tran Thi Hoa and CN. Nguyen Huu Cuc, Textbook of Corporate Finance, 2014)

Previous Post
Next article

Fiscal and monetary

Business Finance

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