LIQUIDITY RISK MANAGEMENT AND MECHANISMS FOR ANCHORING SOLVENCY IN REAL SECTOR ENTERPRISES
Keywords:
Keywords: liquidity risk management, corporate solvency, real sector enterprises, cash conversion cycle, working capital finance, cash flow forecasting, financial resilience.Abstract
ABSTRACT. This article explores the corporate financial mechanisms of liquidity risk management and their structural role in anchoring the long-term solvency of real sector enterprises in Uzbekistan amid shifting economic cycles. The primary objective of the study is to evaluate current cash flow volatility patterns and to formulate adaptive asset-liability management (ALM) frameworks that protect industrial and agricultural enterprises from technical insolvency and structural defaults.
Using methods of horizontal financial analysis, cash conversion cycle (CCC) modulations, and liquidity stress-testing models based on aggregate financial disclosure sheets of major corporate taxpayers, the research reveals a systemic tightening of operating liquid cushions. The empirical results demonstrate that prolonged working capital cycles and high inventory accumulation trends significantly disrupt the net cash flows of medium-sized industrial manufacturing enterprises, elevating short-term liquidity distress.
To anchor sustainable corporate solvency, the article proposes a series of functional mechanisms, including the implementation of dynamic rolling cash forecasts, the optimization of working capital management through automated inventory-to-cash conversions, and the integration of structured corporate trade finance facilities within the national moliya-kredit architecture.
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