Wpływ strategii zarządzania kapitałem obrotowym na rentowność i ryzyko firmy: na przykładzie publicznych spółek sektora budownictwa w Polsce

Miłosz Michałowski

doi:10.18778/2082-4440.47.02

Autor

Miłosz Michałowski Uniwersytet Łódzki, Wydział Zarządzania, Rachunkowość i zarządzanie finansami https://orcid.org/0009-0009-3581-733X

DOI:

https://doi.org/10.18778/2082-4440.47.02

Słowa kluczowe:

zarządzanie kapitałem obrotowym, rentowność, sektor budownictwa, ryzyko

Abstrakt

W artykule przedstawiono analizę strategii zarządzania kapitałem obrotowym w sektorze budowlanym w Polsce. Głównym celem badania jest zidentyfikowanie wpływu zarządzania kapitałem obrotowym na rentowność i ryzyko firm działających w tym sektorze. Badaniem objęto grupę spółek publicznych w latach 2019–2023. Opracowano syntetyczny wskaźnik zapewniający kompleksową ocenę strategii zarządzania kapitałem obrotowym, uwzględniający zarówno aspekty finansowe, jak i inwestycyjne. Na podstawie badań zidentyfikowano i scharakteryzowano cztery podstawowe strategie zarządzania kapitałem obrotowym, analizując ich wpływ na rentowność i ryzyko spółek. W przeciwieństwie do dominującej teorii finansów, wyniki wskazują, że w sektorze budowlanym agresywne strategie zarządzania kapitałem obrotowym negatywnie wpływają na rentowność, jednocześnie zwiększając ryzyko operacyjne. Badanie wykazało, że specyfika sektora budowlanego, charakteryzująca się długimi cyklami realizacji projektów i znaczną kapitałochłonnością, wymaga bardziej konserwatywnego podejścia do zarządzania kapitałem obrotowym. Zaproponowana metodologia oceny strategii zarządzania kapitałem obrotowym stanowi użyteczne narzędzie wspierające podejmowanie decyzji w firmach działających w warunkach zwiększonej niepewności rynkowej.

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