Resumen
AbstractFinancial policy of a trading enterprise during inflation. The statement that inflation has a negative impact upon cash flow is often heard. The question now arises whether this statement is valid. Are all undertakings affected in a negative way or do some companies benefit? An analysis of a trading concern was performed to find out whether such a concern is hedged against inflation or what its profits should be to hedge itself against inflation for given working capital combinations. The effects of stock profits or no profits and FIFO/LIFO are analyzed. A very important conclusion is drawn that illiquid enterprises do better under these circumstances than the more liquid firms. It appears that illiquidity is a prerequisite for a hedge against inflation if gross margin is small as compared to inflation. However, as and when the ratio profit/inflation improves, the requirement of illiquidlty is less critical and can even be dropped.Die stelling word dikwels gemaak dat inflasie kontantvloei nadelig raak. Die vraag ontstaan of die stelling dat inflasie 'n negatiewe uitwerking het op kontantvloeiresultate in alle gevalle of net in sekere gevalle geldig is. Ondersoek is ingestel om vas te stel in watter mate 'n handelsorganisasie verskans is teen inflasie, of anders gestel, wat sy winsgrens behoort te wees om verskans te wees teen inflasie vir gegewe bedryfskapitaalkombinasies. Die gevolge van voorraadwinste al dan nie en die uitwerking van EIEU/LIEU word ondersoek. 'n Belangrike gevolgtrekking is dat illikiede ondernemings beter vaar as die meer likiedes. Terwyl dit waar is dat illikiditeit 'n voorvereiste is vir verskansing teen inflasie as die winsgrens laag is in verhouding met die inflasiekoers, verval hierdie voorvereiste van swak likiditeit sodra die verhouding wins/inflasie hoog raak.