JOURNAL OF IQRO – ЖУРНАЛ ИҚРО – IQRO JURNALI – olume 18, issue 02, 2025
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www.wo dlyknowledge.uz ILMIY METODIK JURNAL
Azimjon Melie Mu odullo o‘g‘li,
Assis an o Sama kand ins i u e o economics and se ice
Nu boye She bek Toi o‘g‘li
S uden o Sama kand ins i u e o economics and se ice
[email p o ec ed]
FINANCIAL ASPECTS OF FIXED AND WORKING CAPITAL CIRCULATION
Abs ac : This scien i ic a icle analyzes he inancial aspec s o he ci cula u no e o ixed
and wo king capi al as an in eg al pa o he economic p ocess. The heo e ical ounda ions o
capi al ep oduc ion, sou ces o inancing, and hei impac on p oduc ion e iciency a e deeply
examined. Pa icula a en ion is gi en o dep ecia ion o ixed asse s, sou ces o enewal, and he
inancial in e ela ion be ween wo king capi al liquidi y and cash low. The indings indica e ha
e ec i e managemen o capi al ci cula ion plays a c ucial ole in ensu ing economic s abili y
and imp o ing inancial pe o mance.
Keywo ds: Fixed capi al, wo king capi al, ci cula u no e , dep ecia ion, liquidi y, in es men ,
economic e iciency, inancial analysis, p oduc ion asse s, capi al mo emen .
Anno a siya. Ushbu ilmiy maqolada asosiy a aylanma kapi alning doi a iy aylanishi iq isodiy
ja ayonla ning uz iy qismi si a ida ahlil qilingan. Kapi al aylanishining naza iy asosla i, uning
moliya iy manbala i, in es i sion aoliya dagi o‘ ni hamda ishlab chiqa ish sama ado ligiga
a’si i ilmiy manbala asosida chuqu yo i ilgan. Asosiy kapi alning amo iza siyasi, qay a
iklanish manbala i a aylanma kapi alning lik idligi o‘ asidagi moliya iy bog‘liqlik o‘ ganilgan.
Tadqiqo na ijala i kapi al aylanishini sama ali boshqa ish iq isodiy ba qa o likni a’minlashda
muhim omil ekanini ko‘ sa adi.
Kali so‘zla : asosiy kapi al, aylanma kapi al, doi a iy aylanish, amo iza siya, lik idlik,
in es i siya, iq isodiy sama ado lik, moliya iy ahlil, ishlab chiqa ish ondla i, kapi al aylanishi.
Аннотация. В данной научной статье рассматриваются финансовые аспекты кругового
оборота основного и оборотного капитала как неотъемлемой части экономического
процесса. Анализируются теоретические основы воспроизводства капитала, источники его
финансирования и влияние на эффективность производства. Особое внимание уделено
амортизации основного капитала, источникам его обновления и взаимосвязи с
ликвидностью оборотных средств. Результаты исследования показывают, что
эффективное управление оборотом капитала является важным фактором обеспечения
экономической стабильности предприятия.
Ключевые слова: Основной капитал, оборотный капитал, круговой оборот, амортизация,
ликвидность, инвестиции, экономическая эффективность, финансовый анализ,
производственные фонды, движение капитала.
In oduc ion
JOURNAL OF IQRO – ЖУРНАЛ ИҚРО – IQRO JURNALI – olume 18, issue 02, 2025
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The s abili y o any economic sys em, he con inui y o p oduc ion and he s eady g ow h o
inancial esul s depend, i s o all, on he p ope managemen o capi al. Capi al is he hea o
he economy, and i is mani es ed no only in he o m o ma e ial esou ces, bu also as alue in
cons an mo ion. The e o e, economis s explain he in e nal mechanisms o economic ac i i y by
analyzing he p ocess o “ci cula ci cula ion” o capi al.
As Ma x no ed, capi al is a alue ha cons an ly inc eases i s alue. I loses i s o iginal o m
du ing he p oduc ion p ocess, bu a he end o he p ocess i e u ns as a new, inc eased alue.
F om his poin o iew, he mo emen o capi al is he inancial “ci cula o y blood essels” o
p oduc ion.
In he mode n economy, his ci cula ion p ocess is s ongly in luenced by inancial lows,
liquidi y policy, in es men mechanisms and digi al managemen sys ems. The e o e, a ho ough
analysis o he ci cula ci cula ion o ixed and ci cula ing capi al om a inancial poin o iew
is o g ea impo ance no only heo e ically, bu also p ac ically.
Main pa
Capi al is a alue ha pa icipa es in he p oduc ion p ocess and b ings bene i s o i s owne . I s
main o ms a e exp essed in wo di ec ions:
Fixed capi al - long- e m asse s (buildings, s uc u es, machine y, equipmen );
Ci cula ing capi al - cu en cos s o he p oduc ion p ocess ( aw ma e ials, wages, ma e ials,
ene gy).
Bo h a e complemen a y elemen s. I ixed capi al c ea es p oduc ion capaci y, ci cula ing capi al
con inuously uses his capaci y.
Mishkin says in his ega d:
“The e iciency o he inancial sys em is mainly de e mined by he co ec dis ibu ion o capi al
and he balanced mo emen o bo h ypes o capi al.”
Thus, he mu ual ha mony o ixed and ci cula ing capi al ensu es he s abili y o economic
ac i i y.
The ci cula ci cula ion o capi al is i s con inuous mo emen be ween money, p oduc ion and
commodi y o ms. K. Ma x exp essed i in he ollowing o mula:
P – T … I … T′ – P′
Whe e P is he ini ial capi al, T is he means o p oduc ion, I is he p oduc ion p ocess, T′ is he
inished p oduc , P′ is he ea ned capi al (p o i ).
In mode n economic sys ems, his p ocess has become mo e complex. The ollowing ac o s
di ec ly a ec he ci cula ion o capi al:
- changes in global inancial ma ke s;
- c edi and in e es a es;
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- dep ecia ion policy;
- inno a i e echnologies in p oduc ion.
These ac o s de e mine he speed and e iciency o capi al u no e .
Fixed capi al is a se o long- e m asse s. Thei inancial managemen is p ima ily associa ed wi h
dep ecia ion policy.
Samuelson and No dhaus no e:
“Obsolescence o ixed asse s is a na u al p ocess o decline in p oduc ion capaci y, bu h ough
inancial managemen his p ocess can be ans o med in o a ool ha s imula es economic
g ow h.”
Co ec calcula ion o dep ecia ion amoun s and hei ein es men accele a es capi al u no e .
Fo example, in mode n indus ial en e p ises, he dep ecia ion und o mode niza ion is he
main sou ce o capi al u no e .
In addi ion, he inancial aspec s o ixed asse s a e also di ec ly ela ed o in es men policy. The
inancial assessmen o in es men p ojec s (NPV, IRR, Payback Pe iod) de e mines he u u e
e iciency o capi al.
Wo king capi al is a key ac o in he daily inancial s abili y o an en e p ise. I consis s o he
ollowing elemen s:
- aw ma e ials and ma e ial ese es;
- wo k in p og ess;
- inished goods ese es;
- cash;
- accoun s ecei able and payable.
Each o hese elemen s can ex end o sho en he capi al u no e pe iod. I he e a e oo many
ese es, he unds will “ eeze”; i he e a e no enough, p oduc ion will s op. The e o e,
de e mining he op imal le el o wo king capi al is one o he mos impo an issues in inancial
managemen .
Gi man w i es:
“E ec i e managemen o wo king capi al is a key inancial s a egy ha de e mines no only he
liquidi y o he en e p ise, bu also i s p o i abili y.”
Thus, op imizing wo king capi al inc eases he a e o capi al u no e and ensu es he con inui y
o inancial lows.
The a e o capi al u no e is an impo an indica o o he e iciency o he en e p ise. I is
exp essed in he ollowing o mula:
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K = T / OK,
whe e T is he olume o p oduc s sold, OK is he a e age amoun o wo king capi al.
Fas u no e means an inc ease in cash lows, inc eased liquidi y and as e p o i . The e o e,
inc easing he a e o capi al u no e is one o he p io i y a eas o he en e p ise’s inancial
policy.
Fo example, B yansky no es:
“A 15% educ ion in he capi al u no e pe iod inc eases p oduc ion e iciency by an a e age o
6–8%.”
This is achie ed in p ac ice h ough imp o ed in en o y managemen , digi aliza ion o he
p oduc ion p ocess, and imp o ed inancial con ol sys ems.
In he con ex o globaliza ion, capi al lows ha e c ossed na ional bo de s and a e in eg a ed
wi h he in e na ional inancial sys em. Today, capi al lows a e in luenced by he ollowing
ac o s:
- in e na ional in es men lows;
- he ac i i ies o ansna ional companies;
- exchange a e luc ua ions;
- global isks (in la ion, in e es a es, geopoli ical isks).
In hese condi ions, ad anced inancial ins umen s — hedge unds, de i a i es, isk managemen
sys ems — a e widely used o manage capi al lows.
Acco ding o mode n economic app oaches:
“The in e na ional ci cula ion o capi al is a measu e o global economic s abili y, bu i equi es
a deepe analysis o inancial isks.”
The e o e, he ci cula ci cula ion o capi al is now closely ela ed no only o na ional inancial
policy, bu also o global ma ke mechanisms.
Conclusion
The inancial aspec s o he ci cula ci cula ion o ixed and ci cula ing capi al a e c ucial o he
s able unc ioning o he economic sys em. Each o m o capi al plays a speci ic ole: ixed
capi al c ea es he p oduc ion base, and ci cula ing capi al keeps i in con inuous mo ion.
A ho ough analysis o he inancial mechanisms o capi al u no e shows ha :
- ein es men o he dep ecia ion und - enews p oduc ion capaci y;
- op imal managemen o wo king capi al - main ains liquidi y;
- inc easing he u no e a e - accele a es p o i s and s imula es economic g ow h.
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Thus, inancially e ec i e managemen o he ci cula ci cula ion o capi al is he basis o he
s abili y o he na ional economy, he “ inancial hea ” o he p oduc ion sys em and he basis o
u u e in es men de elopmen .
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