İşletmelerde nakit yönetimi

Abstract

Nakit yönetimi, günümüzde en çok kullanılan ve herkes için oldukça önem taşıyan bir kavramdır, özellikle işletmeler açısından karı en yüksek seviyeye çıkarmak en büyük hedef olduğundan, nakit yönetimi ile alınacak kararların önemi bir kat daha artmaktadır, işletmelerde finansal kararlar alınırken risk ile karın en uygun şekilde dengelenmesi amaçlanır. Faaliyet sürecinin çoğu safhasında önem kazanan nakit, aynı zamanda kazanmayan bir unsur olarak kabul edildiğinden hatalı uygulanan bir nakit yönetimi sonucu firmanın maliyetlerini artırıcı bir unsur şekline dönüşebilir. Nakit yönetiminin amacı istenilen zamanda, yeterli miktarda nakit bulundurmak ve bunu yaparken atıl fonları en verimli şekilde değerlendirmektir. Başarılı bir yönetim için ise yapılması gereken ilk faaliyet, firmanın tüm nakit giriş ve çıkışlarının sağlıklı bir şekilde tahmin edilmesidir. Bu sayede nakit yöneticisi optimal tutarda elinde nakit tutabilir. Burada tabii olarak firmanın borç ödeme gücünün zayıflatılmamasına dikkat edilmelidir. Nakit yönetiminin başarıya ulaşabilmesi için özellikle yöneticilere büyük görev düşmektedir. Firma hakkında geleceğe yönelik en doğru tahminleri yapmak ve buna uygun olarak hızlı karar verebilmek başarıya ulaşma şansını artıracaktır. Fakat yöneticilerin kolay olan şekliyle sadece istendiği anda parayı hemen temin etmeyi düşünmeleri ve bunu yaparken bu paranın firmaya olan maliyetini gözardı etmeleri nakit yönetiminin başarısız olmasına yolaçar. Günümüzde de yöneticilerin başarılı olup olmadıklarının ölçüsü olarak bu kolay sistem düşünülmektedir. Hatalı olan bu uygulamadan vazgeçilmesi ve yöneticilerin üstleri tarafından daha gerçekçi yöntemlerle değerlendirilmeleri nakit yönetiminden istenen performansın alınmasını sağlar. ülkemizde nakit yönetimine verilen önem gün geçtikçe artmaktadır, özellikle alternatif piyasaların çoğalması, yurtdışı ile olan işlemlerin artması bu konu ile ilgili uzman kişilerden oluşan birimlerin kurulması gerekliliğini artırmaktadır.

Giving a summary of the study; liquidity which is defined as the ( ability ) capacity of recovering its commitments on time to be able to run an enterprise's activities without any difficulty is a major factor in a firm's financing programm. There are four types of liquid assets ( current assets ) by the velocity of conversion to cash. Ratios are the principles of the liquidity analysis allowing the firms analysing theirselves. Liquidity ratios show teh power of meeting the existing cash demand. Net working capital ratio, Acid test ratio, Return on Investment ratio, Profit Margin ratio are the mainly important ratios. The liquid assets management of a corporation essentally has four areas of responsibility; financial planning and control, working capital management, capital expenditure analysis and the financing of corporate operations. Until the starting of 1930's, selecting the financial aspects and capital structure were important for enterprises; after that decrease on income and failure of so many firms pointed the importance of liquidity management From 1950's until the present, cash balance, cash collecting, cah payments, cash planning and budgeting have been improved some major objectives of cash flow management, controlling the cash flow; optimising the capital expenditure and sources, founding external liquidity sources suitable for the coy; the management of short term assets and liability accounts and investment facilities. -v- Companies tend to keep money because of operation, contingency and spelaculation purposes. Capital demand of a company depends on which field of business ft is running, trading rules, credit and stock turnover, capacity of receiving loans and payments of loans, economic situation of the country, changes on demand etc. The parameters of the funds-positioning problem are usually to determine; a cash management routine, usually provided by commercial banks, to concentrate cash and ensure that cash transfers are made efficiently and a cash budget, to determine how much is excess and for how long, capital flow analysis can be defined as to determine where to obtain the capital needed and how to spend it most efficiently. Cash flow forecast enables the management to secure the cash needed by reducing uncertainty and by demonstrating the cash balance required. For more effective cash management, a fast cash inflow and a slow cash outflow and a regular company-bank connection must be fortified. The important problem in capital management Is to determine the degree of dispersion of funds between cash and securities after a certain amount of the capital. Financial risk, interest risk and liquidity risk of the security must be concerned before the investment The investment tools used in cash management are gathered in two groups, as Traditional ones like, Treasury Bonds, State drafts, Drafts including Banks' acceptance, Private Sevtion Drafts and Profit. Loss Partnership Bonds and as new investment tools like repo transaction and bonds depending on assets. vi The cash budgets, which show the cash necessity in order to realize the profit aim and changes in cash balance; are the main part of the companies planning activities and very important for the cash management of the companies. In order to perform a succesful financing and cash management, an effective programming is necessary for cash incomes and expenses. It is also necessary to balance the cash using profit and using cost, in order to use the cash sources actively in companies. The effectivity of the company in the market, the sources and cash supplying costs, take an important role in the optimization of the cash - balance. Since 1950's different models are improved to find out the optimum cash amount. These models are called as Cash Balance Models. A few example to these models are ; Baumol Model, depending on the order amount concept; Miller - Orr Model, depending on the idea which accepts that, the companies cash needs change coincidenly; Beranek Model, directed to find out the optimum combination between the current assets' cash balance and marketable bonds and finally White - Norman Model, which is similar to Beranek model and depending on a short term cost function, acting from the concept of periode investment decision and the irregular moving of the cash incomes. The liquidity risk is, the risk which occurs because of a company's unsufficent cash supplying ability and inability of paying its debts. To control and to manage this risk, It is necessary to find out the optimum liquidity amount. In finding out the liquidity capacity, the cash returning period, that means the interval between the necessary cash expenses for the company's production and the cash income sourcing from the company's activities is very important. During this analysis, strong attention has to be paid to the current assets and short term debts. Whenever the cash returning period takes more time, the liquidity situation gets worser, in opposite conditions, gets better. -vii In the international cash management, which has a more complex structure than internal cash management, there is a management of time and exchange value of the money. An international cash manager has to be interested in exchenge rate risk, the political, culture), economic structure of different countries and has to be aware of paying tools, paying periods in the banking system and the controlling factors in forein countries. Forecasting the exchange rates in cash-flow programming is also necessary for such manager In the recent years, in financial markets's transaction volume and velocity area, Important developments occured because of using new technics in computer and communication sector and relavant to this point new concepts and technics are devised in financing sector, because of the increasing of international relationships and the variety of the needs. One of these concepts is Swap. In swap transactions, it is possible to find out the payment conditions of interest and principle amount at first. If there is a exchange use, swap lets a purchasing transaction in a current market, to be replaced with a selling transaction in a fixed term market or either for a revers transaction. So it can be possible to make common transaction in current and fixed term exchange markets. Swap can be divided into three parts as, money, interest and commodity swaps. In Turkey, after 16 July, 1985, trade banks and central bank started this process under certain conditions, in order to make them familier with subject and getting TL without selling the foreign exchange. We can classify exchange markets as Current Market, Forward Market and Future Market. - vili Spot markets are the places where current transactions occur. In spot transactions, while exchanging, the money Is taken as baser and held constant then the exchange rate is determined. The probable exchange rate risk is covered by banks and the difference between buying and selling constitues the bank's earnings. The forward markets contains the processes where the prices of exchange, rate and due of interest etc. is predetermined. In another words, it is related with the trode of exchange that exceeds the value date applied for spot markets. Future market emerged to hedge the risk from the fluctuations in interest rates & exchange rates which have started to be seen after 1970's. By growth of these markets, some other types emerged such as exchange, interest, future endex agreements. Another international currency management concept is the agreements that give the right to sell & buy to the ones who have purchased the " option " on condition that the price of any product is determined to day and held constant. These option agreements are mostly made on movable values, in which, the interest & capital markets are developed against the fluctuations springing from the aim avoiding from the speculations and risk of exchange. Options can be divided into two groups; such as call option and put option. The options are seen in late 1980's and got certainty with the regulation in capital markets in 1992 and mostly conducted by banks. The well understanding of subject, the sufficiency of presentation of processes, the construction of a base structure, that will support the development of these markets will provide an increase in implemeting these -ix options. The disadvantages are the high inflation rate & economic fluctuations which will increase the rate of risk. From the beginning of 1970's by the increase of international trade the enterprises have started keeping foreign exchange and the management of exchange risk, which denotes the losses from the changes in exchange rates, became a port of financial management of an enterprise. The enterprises working with foreign currencies, must take care of the risk of foreign currency in important decisions such as, liquidity, management of debts, reporting the financial results, profit-dividend payments, long-run investment decisions. The changes in foreign currency affects liquidity of currency from two aspects. In a competitive market, it determines the prices of product and changes in the enterence of currency and prices of inputs. We may hedge the risk of exchange by using financial devices such as future and forward exchange contracts. The financial success of businesses can be estimated with currency flow ratios. Currency flow charts show the liquidity, profitability, productivity, renewal of investments, realizing the promises of enterprises. We can understand the results of business activities by looking at the ratios derived from constitutors of currency flow charts.