Working capital

This refers to the portion of a company's capital that is necessary for the day-to-day running of the company. There are three ways of thinking about it. (1) The total amount of current assets is considered working capital. This is specifically called total working capital (although this usage is not used often). (2) Only assets that can be converted into cash and immediately used for trading activities, such as cash, current deposits, notes receivable, and accounts receivable, are considered working capital. This is specifically called working capital, and is essentially equivalent to current assets. This type of financial reserve is essential for purchasing raw materials on a daily basis and paying wages and various expenses. (3) The amount obtained by subtracting the total amount of current liabilities from the total amount of current assets is considered working capital. This is specifically called net working capital, and is the portion of capital that can be used in the short term without considering repayment. Since it is related to maintaining financial liquidity (current solvency), it is the most important in financial management. Therefore, in corporate working capital management, the first step is to calculate the amount of required (net) working capital, and then, in order to maintain it, plan the funds (sources) that will flow in through increases in capital (profits, etc.), repayment of long-term loans, increases in fixed liabilities, etc., and the funds (uses) that will flow out through increases in fixed assets, dividend payments, repayment of fixed liabilities, etc., and set a goal of achieving (maintaining) that amount.

[Mitsuo Morimoto]

Source: Shogakukan Encyclopedia Nipponica About Encyclopedia Nipponica Information | Legend

企業資本のうち、日常の企業運営に必要な部分をいう。その具体的内容には3種の考え方がある。(1)流動資産総額を運転資本とするもの。これをとくに総運転資本という（この用法はあまり使われていない）。(2)現金、当座預金、受取手形、売掛金のように取引活動にただちに動員できる換金性の高い資産のみを運転資本とするもの。これをとくに運転資金といい、内容的にはほぼ当座資産に相当する。日常の原材料の購入、賃金・諸経費の支払いには、この意味の資金準備が不可欠である。(3)流動資産の総額から流動負債の総額を控除した額を運転資本とするもの。これをとくに純運転資本といい、短期間に返済を考慮することなしに運用できる資本部分である。財務流動性（当座の支払能力）の維持に関連するから、財務管理上はもっとも重要な意味をもつ。そこで、企業の運転資本管理では、まず所要（純）運転資本額を算定し、それを維持するために、資本の増加（利益金など）、長期貸付の回収、固定負債の増加などによって流入する資金（源泉）と、固定資産の増加、配当金支払い、固定負債の返済などによって流出する資金（使途）とを計画化し、その実現（維持）に努力目標が置かれる。

［森本三男］

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