Iorha S. Management of working capital of enterprises in terms of market transformations in Ukraine.

The dissertation is devoted to deepening of theoretical bases of management of the working capital of the enterprise and development of scientific and methodical recommendations on improvement of management of the working capital of the enterprise in the conditions of market transformations in Ukraine. The theoretical bases of the working capital management of the enterprise are generalized taking into account the evolution of scientific views on the essence of the working capital of the enterprise. Determining the role and place of working capital in the activities of enterprises allowed to identify special functions inherent in it (reproductive, equilibrium and liquid) and consider them as determinants in the development of management actions for working capital management, which allows to formulate working capital management tasks In order to increase the efficiency of working capital management, classification features of working capital on the basis of balance of liquidity and financial risk are proposed. The theoretical principles of the structure of the working capital management system of the enterprise are generalized. The working capital management system is proposed to be considered as a component of the general management system of the enterprise, which includes two subsystems, namely: management of working capital and management of sources of working capital. The working capital management system of wine industry enterprises in the conditions of market transformations of Ukraine is analyzed. It is determined that the transformation processes in the economy of Ukraine at the present stage constrain the creation and expanded reproduction of working capital by insufficient funds in circulation in the economic system of the state. Diagnosis of the use of working capital of the sample of wine enterprises allowed to identify the low level of quality of working capital use, as evidenced by the data of their grouping by level of liquidity. The results of the assessment of the impact of financial risk on the working capital management system showed that the structure of working capital financing of the analytical sample of wine enterprises is dominated by borrowed sources of financing, which are more represented by short-term liabilities. The proposed scientific and methodological approaches to assessing the effectiveness of working capital management system of the enterprise, which based on the results of assessing the qualitative characteristics of the uses and sources of working capital can determine a comprehensive assessment of the effectiveness of this system. The concept of "weighted average cost of working capital", which means the average interest rate (estimated), which characterizes the value of working capital of the enterprise and determines the validity of management decisions on the feasibility of advancing funds to working capital. The calculation of the weighted average cost of working capital is scientifically substantiated, which allows to determine the efficiency and effectiveness of the existing system of its management and to optimize the composition of sources of working capital financing by the criterion of value. Scientific recommendations for improving the working capital management system of the enterprise have been developed. The mechanism of working capital management of the enterprise is developed and recommended for application, which includes sub-mechanism of management of directions of use of working capital, sub-mechanism of management of sources of working capital formation and sub-mechanism of management of efficiency and balance of directions of use and sources of formation of working capital. Within the system of working capital management of the enterprise scientific approaches to construction of economic and mathematical model of optimization of processes of formation and use of working capital are developed. The use of financial instruments as a factor in improving the functioning and management of working capital of the enterprise is substantiated. The tools and directions of inventory and receivables management in the management of working capital of the enterprise should be considered from the standpoint of their division into actual and potential, which will achieve the effectiveness of management influences.