Working Capital A Techno-Financial Approach Hrishikes Bhattacharyya The operating cycle theory of working capital as derived from 'natural business year' concept of Park and Gladson has not been able to capture the entire techno-financial operating structure of a firm. The currentness or otherwise of operating assets and liabilities cannot also be exactly judged in terms of operating cycle theory because of its in-built inconsistency and mathematical fallacy. In this paper an attempt has been made to develop a comprehensive theory and tool of working capital management from system's point of view.
