IMPORTANCE OF LIQUIDITY ANALYSIS IN THE PROCESS OF FINANCIAL MANAGEMENT OF COMPANIES OPERATING IN THE TOURISM SECTOR IN SLOVAKIA: AN EMPIRICAL STUDY

The article defines the financial analysis, with the emphasis on the liquidity analysis, as an essential tool of the corporate financial management process. The main objective of the article is, based on the statistical verification, to analyse liquidity of companies operating in the tourism sector, namely companies providing accommodation services, identify the key factors which influence the level and development of liquidity and therefore, when managed appropriately, may bring the improvement in liquidity management leading to the enhancement of the quality of the financial management process in companies and to their excellence. On the selected sample of companies operating in the tourism sector in Slovakia, the research results reveal the low long-term level of average current and total liquidity for the 2011 to 2014 period and indicate moderate to weak relationship between selected liquidity and profitability ratios. As liquidity is one of the areas reflecting one side of company's performance, its systematic and proper management may help companies achieve their goals on the way to excellence.