CORPORATE LIQUIDITY AS A MANAGEMENT OBJECT: EVOLUTION OF CONCEPTS AND CONTEMPORARY RISKS

Rubtsov Artem Mikhailovich

The paper addresses theoretical and practical aspects of managing corporate liquidity under high market volatility and digital business transformation. The concept of liquidity is traced from the narrow accounting view of "instant asset convertibility" to a comprehensive characteristic that includes cash‑flow forecasting and strategic solvency. The need for a multi‑level liquidity diagnosis—combining ratio analysis, cash‑budgeting, scenario modelling and stress testing—is substantiated. Using data from listed companies, the study shows that global financial crises and rising market uncertainty drive firms to hoard cash reserves, optimise working capital and diversify short‑term funding sources. The impact of Environmental, Social and Governance (ESG) factors on liquidity positions is examined. An adaptive management framework is proposed that embeds treasury operations into the enterprise risk‑management system and uses digital treasury platforms to monitor balances and predict gaps in real time. Practical recommendations include establishing a precautionary cash buffer, configuring trigger indicators of cash shortfalls, and automating treasury processes to enhance financial flexibility.

Keywords:corporate liquidity; solvency; liquidity ratios; cash‑flow analysis; financial crises; ESG risks; digitalisation; uncertainty