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The effects of capital turnover on financial performance of industrial enterprises

Author: Nedelcu Ana
Degree:doctor of economics
Speciality: 08.00.10 - Finance; Monetary Economics; Credit
Scientific adviser: Nadejda Botnari
doctor, associate professor (docent), Academy of Economic Studies of Moldova
Institution: Academy of Economic Studies of Moldova


The thesis was presented on the 23 March, 2017
Approved by NCAA on the 31 May, 2017


Adobe PDF document1.27 Mb / in romanian


CZU 658.14/.15:005.915:334.716 (478) (043)

Adobe PDF document 8.22 Mb / in romanian
219 pages


capital, capital turnover, the effects of capital turnover, financial performance, financial performance’s evaluation


The structure of the thesis work: introduction, four chapters, conclusions and recommendations, bibliography, 20 figures, 34 tables, 59 formulas and 31 annexes. The results are published in 18 scientific works.

The field of study of this thesis is finances.

Goals and objectives of the thesis: to develop an index that will permit, based on performance’s multidimensionality, the overall assessment of financial performance and highlighting how the speed of capital turnover influence the financial performance of industrial enterprises.

The scientific innovation and originality of the thesis consists of: development of financial performance concept in a multidimensional and transdisciplinary approach; argumentation of decisive influence of capital turnover on the financial performance; development of the scoring assessment of financial performance; development of financial performance aggregate index of industrial enterprises; development of simulation model of capital turnover effects on the financial performance; identification of directions of financial performance enhancing by capital turnover speed acceleration.

The important scientific problem solved in the field of study consists in elaboration of the aggregate index for the financial performance assessment and of the capital rotation effects on financial performance simulation model, for application in estimating the effects of the rotation of capital on the financial performance in order to determine the directions of increasing financial performance by accelerating the capital turnover speed.

Theoretical significance consists in: systematizing theories on the concept of "capital" as a determinant factor of financial performance; reconsidering the concept "financial performance" based on its complex and transdisciplinary nature; developing methodologies for evaluating financial performance by methods of financial rates, through scoring model and the logit model; developming the methodology for assessing the effects of the capital turnover on the financial performance of industrial enterprises. Scientific reasoning could be used in the development strategy of the industrial sector of Republic of Moldova. This thesis might be used in studying various undergraduate and postgraduate courses in financial domain. The realised research has contributed to the creation of new methodological elements that can be extended in further scientific investigations in the field.

The applicative value of the thesis is manifested multidirectionally and consists of: estimating the financial performance of the industrial enterprises of Moldova and the capital turnover effects; application of scoring model for assessing financial performance; application of logit model in the entity's financial performance diagnosis; application of the simulation model of capital turnover effects on the financial performance and identifying solutions to increase the capital turnover speed and, respectively, financial performance.

Implementation of scientific results. The most important results of the research have been accepted for implementation by the clothing manufacturing enterprise "Tricon" J.S.C., textile enterprise "Covoare-Ungheni" J.S.C. and wine company "Vinia Traian" J.S.C.