FINANCIAL MANAGEMENT OF FOREIGN AND DOMESTIC COTTON GINNING ENTERPRISES: COMPARATIVE ANALYSIS, DIAGNOSTICS, AND IMPROVEMENT DIRECTIONS

Abstract

This study analyzes the financial management systems of cotton ginning enterprises in China, India, Brazil, and
Uzbekistan using a comparative and empirical approach. The research is based on corporate- and industry-level financial
data covering the period 2018–2023 and evaluates key indicators, including the current ratio (CR), days sales outstanding
(DSO), return on equity (ROE), EBITDA margin, and investment activity ratios.
The findings reveal that seasonal liquidity pressure, high concentrations of accounts receivable, and low investment
activity create systemic risks to the financial sustainability of cotton ginning enterprises in Uzbekistan. The experiences
of China and Brazil confirm that ERP-integrated financial monitoring systems, hedging instruments, and capital market
mechanisms significantly improve working capital management efficiency.
As a scientific contribution of the study, a Seasonal Liquidity Gap Model for cotton ginning enterprises was developed, and
an integrated financial management conceptual framework combining digital financial management, risk management,
and supply chain finance elements was proposed.
The results demonstrate that the implementation of ERP systems, expansion of factoring mechanisms, development of
the agricultural bond market, and adoption of proactive risk management instruments are among the priority directions for
improving the financial stability of Uzbekistan’s cotton ginning industry. The proposed recommendations have practical
significance for industrial policy development, corporate financial strategies, and agro-industrial transformation processes.