vestreaВестник Российского экономического университета имени Г. В. ПлехановаVestnik of the Plekhanov Russian University of Economics2413-28292587-9251Plekhanov Russian University of Economics10.21686/2413-2829-2026-3-165-175vestrea-2758Research ArticleФИНАНСЫFINANCEАдаптация подходов в управлении оборотным капиталом малого и среднего бизнеса в условиях экономической неопределенностиAdapting Approaches to Working Capital Management of Small and Medium Business in Conditions of Economic Uncertaintyhttps://orcid.org/0009-0002-7860-4341СпиридоновЕ. Э.SpiridonovE. E.

Евгений Эдуардович Спиридонов, аспирант кафедры финансов устойчивого развития

109992, Москва, Стремянный пер., д. 36

Evgeny E. Spiridonov, Post-Graduate Student of the Department of Finance for Sustainable Development

36 Stremyanny Lane, Moscow, 109992

evgeniy_sp@bk.ruРоссийский экономический университет имени Г. В. ПлехановаРоссияPlekhanov Russian University of EconomicsRussian Federation20262005202603165175Copyright © Спиридонов Е.Э., 20262026Спиридонов Е.Э.Spiridonov E.E.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://vest.rea.ru/jour/article/view/2758

В статье проводится исследование влияния экономической неопределенности, в особенности неопределенности экономической политики, на развитие малого и среднего бизнеса. Актуальность работы обусловлена критической ролью малого и среднего бизнеса как драйвера роста, занятости и инноваций в экономиках развивающихся стран при повышенной уязвимости данного сегмента к нестабильности из-за ограниченных ресурсов и доступа к финансированию. На основе систематизации теоретических подходов и анализа эмпирических данных выявлены ключевые каналы негативного воздействия неопределенности на малые и средние предприятия. Эмпирически на выборке российских предприятий подтверждено статистически значимое изменение элементов финансового цикла в периоды высокой неопределенности. Особое внимание уделено влиянию неопределенности на управление оборотным капиталом: показано, что неопределенность увеличивает финансовый цикл, обостряя потребность в ликвидности и ослабляя связь между эффективностью управления оборотным капиталом и прибыльностью. Автором предложены направления скоординированной политики развивающихся стран для обеспечения устойчивого развития малого и среднего бизнеса, включая меры по оптимизации управления оборотным капиталом, повышению макроэкономической стабильности и улучшению доступа к финансированию. Исследование подчеркивает необходимость адаптивных подходов к управлению оборотным капиталом в условиях волатильности с учетом институциональных особенностей развивающихся экономик.

The article deals with the research on the impact of economic uncertainty, especially uncertainty of economic policy, on the development of small and medium business. Topicality of the research is stipulated by the drastic role of small and medium business as a driver of growth, employment and innovation in economy of developing countries with higher vulnerability of this segment to instability because of limited resources and access to financing. On the basis of theoretical approach systematization and analysis of empiric data the key channels of negative impact of uncertainty on small and medium enterprises were identified. On the sample of Russian enterprises the author empirically proved statistic change of financial cycle elements within periods of high uncertainty. Special attention was paid to the impact of uncertainty on managing working capital: it was shown that uncertainty increases financial cycle, aggravates the need in liquidity and weakens the link between efficiency of working capital management and profitability. The author proposed the lines of coordinated policy of developing countries to provide sustainability of the development of small and medium business, including measures aimed at optimization of working capital management, raising macro-economic stability and improving access to financing. The research underlines the necessity of adaptive approaches to managing working capital in conditions of volatility with regard to institutional specificities of developing economies.

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The authors declare that there are no conflicts of interest present.