Oceňování 2025, 18(2):23-42 | DOI: 10.18267/j.ocenovani.302

Working capital as a generator of corporate value – relationship to marketability and size of a firm

David Halfar, Miloš Mařík, Pavla Maříková
Vysoká škola ekonomická, Fakulta financí a účetnictví, Katedra financí a oceňování podniku

As part of the business valuation, the valuer should, among other things, analyze and forecast working capital and its components. For these purposes, it is advisable, namely for the market valuation, to take into account the values achieved by companies from the same industry. The aim of the article is to find out whether the amount of this value generator differs not only by industry, but also by marketability and size of enterprises. Within two countries and three sectors, the turnover times of inventories, receivables and payables and the working capital intensity of sales were examined. The main finding of the analysis is the fact that tradability does not have a systematic effect on working capital, while the size of the company has a significant influence. According to the prevailing relationship, small and medium-sized enterprises have longer turnaround times of inventories, receivables and payables and higher sales intensity for working capital than large enterprises.

Keywords: Value, business valuation, value generators, value drivers, working capital, turnover time
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Článek je zpracován jako jeden z výstupů výzkumného projektu Fakulty financí a účetnictví VŠE Praha, který je realizován v rámci institucionální podpory VŠE IP100040

JEL classification: G32

Published: January 12, 2026  Show citation

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Halfar, D., Mařík, M., & Maříková, P. (2025). Working capital as a generator of corporate value – relationship to marketability and size of a firm. Oceňování, 18(2), 23-42. doi: 10.18267/j.ocenovani.302
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