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Abstract
Those literary sources, which are about the interpretation of the working capital in a context with the
financing strategies of the companies, about the related financial indices, and the counting methodological
questions of all these, could not be called poor, nor unified. The deficiency of defining the concepts that give
the theoretical basis and their vocational tenability, the controversial interpretation and the unclearness of the
related methodological questions creates several problems. The problematic concepts are working capital, net
working capital, working (operational) capital, the circulation of current assets and working capital management
etc. The root of the problems could be found on the other hand in the unclearness of the theoretical contexts,
in the deficiency and vocational tenability of the defining of the related concepts and categories. We define the
concepts of working capital, net working capital, working (operating) capital based on the results of our several
years of research work. We prove the theoretical basis of the concepts and we open up the causal connections,
the interactions of the different elements, and we prove that the sectorial peculiarities cannot be separated from
attention to defining the elements and the interpretation of the contexts.