a c t a u n i v e r s i t a t i s n i c o l a i c o p e r n i c i DOI : http://dx.doi.org/10.12775/AUNC_ZARZ.2019.009 ZARZĄDZANIE XLVI – NR 2 (2019) Pierwsza wersja złożona 12.06.2019 ISSN (print) 1689-8966 Ostatnia wersja zaakceptowana 10.08.2019 ISSN (online) 2450-7040 Iryna Hryniuk *1 MATHEMATICAL MODEL OF CURRENT CAPITAL’S OPTIMIZATION AND MANAGEMENT A b s t r a c t: Current capital management is an important part of the enterprise management system. Determining the optimal value of its components allows more efectively using assets and investing resources. In order to determine the optimal value, it is necessary to determine the basic interdependence between these components. The process of optimization is based on the relationships and interactions between the components of current capital. The mathematical model of optimization of current capital components has been formed and proposed for the purpose of determining the optimal value of each of the components, which will enable the company to more efectively use available resources and production capacities and prevent inappropriate spending and investment of resources. This model is based on the Lotka–Volterra equations and represents a system of three diferential equations that describe the interactions and interdependencies between the components of current capital, determining their optimal size, which ensures the continuity of economic activity, in the use of all production capacities of the enterprise and will help to prevent inefcient spending and investment in assets. The model is created in the process of PhD thesis writing. K e y w o r d s: current capital, current capital components, stocks, accounts receivable, cash, optimization. JEL: C21, C32 INTRODUCTION Current capital is a totality of material assets and cash fows, both in their direct form and in the form of investments, which are in constant circulation in order to ensure the continuity of the production process and liquidity of the enterprise, changing its material form during one operating cycle (Гринюк, 2016). In the process of economic activity can be identifed three groups of current capital components, which have a signifcant impact on the fnancial position of the enterprise: * Contact information: Iryna Hryniuk, Ivano-Frankivsk National Technical University of Oil and Gas, Institute of Economics and Management, Department of Accounting and Taxing, 15 Karpat- ska Street, Ukraine 76019, e-mail: ira.hryniuk@gmail.com