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论文编号：	10105
作者编号：	2120152945
上传时间：	2018/6/8 15:55:29
中文题目：	价值链导向的K公司营运资金管理问题研究
英文题目：	Research on Working Capital Management Based on The Value Chain for K Company
指导老师：	刘志远
中文关键字：	营运资金管理；营运资金结构；食品饮料业；资金流转效率
英文关键字：	Working Capital Management; Working Capital Structure; Food and Beverage industry; Capital Flow Efficiency
中文摘要：	营运资金的管理是企业资金管理的重要组成部分，是企业在日益激烈的竞争环境下提高自身竞争力的重要环节。良好的营运资金管理应当适合于企业自身的管理理念和管理方式，从而提高企业在行业内的资源整合能力和溢价能力。营运资金管理的好坏直接关系到企业的生死存亡。当今企业所面临的外部市场和竞争环境需要企业充分重视其战略方向、组织结构等，所以营运资金的管理也不仅仅是企业内部的财务问题，更应当将企业的营运资金管理放在企业战略的视角下，建立适应于企业内外部环境的营运资金管理方法。 传统的营运资金管理方法，侧重于对于单个生产流程或单个要素科目的绩效考察，而忽视了营运资金内部彼此的连接性。企业的生产经营过程在其经营周期中创造企业价值，而价值的创造往往需要每个要素之间紧密互联。但单一的、不与企业的生产流程评估模式易造成评估体系与企业实际运营之间的脱节。此外，指标内部的划分方式过于粗糙。以存货为例，作为营运资金中的重要指标，其内容包括原材料、半成品、产生品等三种不同形态。传统模式下，未区分存货的不同形态，也就无法真正找出营运资金效率低的真正原因。 迈克尔·波特在《竞争优势》中第一次提出了价值链的理论和概念，并将价值链定义为企业的内部和外部的价值增值活动的合集。事实上，企业生产过程产生了资金的消耗，这一过程体现的就是企业的营运资金的流转过程。而生产的目的，本质上也是为了追求企业的价值增值。因此，价值链的思想与营运资金管理之间天然存在着密不可分的关系。 营运资金以不同的表现形式贯穿于价值创造的全过程之中，并构成了企业价值链理论下基本活动和辅助活动的基础。过去以单一指标、单一环节的分析，并不能对企业的各个环节之间的协同做出反映。通过引入“价值链”，区分企业价值链的增值活动和非增值活动，通过减少或者消除非增值作业，提高增值作业的价值增值，提高营运资金管理的效率，并实现企业价值最大化的目标。因此，价值链导向的营运资金管理本质上是基于企业的生产流程，对企业的业务流程和资金流程进行改进或者优化的方式，并把企业的战略管理纳入到营运资金管理的考虑范围内的过程。这一管理方法应当是区别增值作业和和非增值作业的前提下，对企业的特定价值活动中的营运资金进行管理。 因此，与传统的营运资金管理办法相比，价值链导向的营运资金管理以业务的流程优化为基础，以价值活动为驱动因素，具备了传统营运资金管理方法所不具备的优势：第一，突破企业不同环节、不同部门的限制。将影响企业价值实现的价值链因素包括在内。在实现企业自身生产流程优化的同时，注重利益相关者的价值实现；第二，有助于企业找出自身营运资金管理中的真实短板，提高营运资金的管理效率，并提高企业的竞争优势。 本文以案例研究的方法，以K公司作为研究案例，通过分拆K公司的价值链，明确其增值活动与非增值活动，并在此基础上探讨了K公司在营运资金管理方面存在的问题。K公司是我国一家生产方便面和软饮料的企业，在行业内处于较为领先的地位。消费者需求的变化，使行业面临新的考验，也推动行业迎来新的变革。K公司具备良好的品牌效应和产品影响力，拥有良好的发展空间，但营运资金管理中存在一些亟需解决的问题，制约公司走上发展的新台阶。 基于当前食品饮料行业自身经营的特殊性及竞争态势，本文将研究的重点放在K公司营运资金管理的问题和解决办法上。结合K公司的经营现状和价值链分拆，发现影响K公司价值增值的活动重点为存货、货币资金、应收及应付账款部分。并进一步讨论了K公司营运资金管理中存在的问题，主要包括：存货采购量估算不准确、存货分类不合理、缺乏应收账款的信用管理部门、对经销商的信用评价体系不完善、货币资金的预算管理机制不完善、过度占用上游供应商资金等问题。 价值链思想在解决K公司营运资金管理问题上的思路主要体现在：第一，与生产流程密切结合。比如，存货是链接产、供、销三个环节的纽带，与生产经营过程密切相关。现代企业对于适时制生产系统的重视，就体现了企业对以顾客和市场为核心，以需求定生产的思想正在不断受到大家的认可。价值链导向的存货管理应当体现以销定产的理念，降低企业库存的相关成本，在合理确定采购量的前提下，提高存货的利用率。第二，强调动态管理是价值链导向的营运资金管理强调营运资金的动态管理，即包括一系列静态的流动资产的占用和信息的集合，从而将数据流和物流相结合。第三，强调部门之间的协调与信息共享。比如，K公司过去的存货采购量估算不合理，很大程度上就是因为部门之间的沟通不畅。而通过建立采购部门、产品部门及销售部门三部门的沟通机制，就大大避免了采购量与实际用量之间的脱节，减少了存货滞销。 K公司营运资金管理中存在的问题，表面上是资金周转的效率问题，但这些问题的产生，更多的是公司的经营思路、组织结构、风险收益的权衡等方面的问题。因此，营运资金的管理有必要放在企业战略的视角下，建立适合于企业内外部环境的营运资金管理方法。各个业务环节中流转的资金高效的配置和利用，离不开价值链中各环节之间的协作。通过企业与其外部环境之间的协同，企业内外部价值的共同增值，从而在价值链增值的同时，达到企业价值的最大化。
英文摘要：	The management of working capital is an important part of enterprise capital management and an important link for enterprises to improve their competitiveness in the increasingly fierce competition environment. Good working capital management should be suitable for enterprises' own management concepts and management methods, so as to improve enterprises' ability of resource integration and premium in the industry. The management of working capital is directly related to the survival of enterprises. Today's enterprise external market and the competitive environment faced by enterprises need to fully attach importance to the strategic direction, organization structure, etc., so the working capital management is not only is the enterprise internal financial problems, more enterprise operating funds management shall be under the perspective of corporate strategy, establish adapted to the enterprise internal and external environment of working capital management. The traditional working capital management method focuses on the performance inspection of a single production process or a single element subject, but ignores the interconnectivity of working capital. The production and operation process of an enterprise creates enterprise value in its business cycle, and the creation of value often requires close interconnection between each element. However, the single production process evaluation model, which is not related to the enterprise, can easily lead to the disconnect between the evaluation system and the actual operation of the enterprise. In addition, the internal division of indicators is too crude. Taking inventory as an example, as an important index of working capital, its contents include three different forms, including raw materials, semi-finished products and production products. Under the traditional model, the real reason of low working capital efficiency cannot be found without distinguishing different forms of inventory. Michael E.Porter put forward the theory and concept of value chain for the first time, and defined value chain as a combination of internal and external value appreciation activities. In fact, the production process of an enterprise produces the consumption of capital, which reflects the flow of working capital of the enterprise. The purpose of production, in essence, is to pursue the value appreciation of the enterprise. Therefore, there is an inseparable relationship between the idea of value chain and working capital management. Working capital runs through the whole process of value creation in different forms and forms the basis of basic activities and auxiliary activities in the theory of enterprise value chain. In the past, the analysis of single index and single link could not reflect the cooperation between each link of the enterprise. By introducing a "value chain", to distinguish the enterprise value chain of value-added and non value-added activities, by reducing or eliminating non-value added work, improve the value-added of value-added homework, improve the efficiency of working capital management, and realize the goal of enterprise value maximization. Therefore, orientation of value chain management of working capital is essentially based on the production process of the enterprise, the enterprise business processes and process improvement or optimization of funds, and the inclusion of the strategic management of enterprises to consider working capital management within the scope of the process. This management method should be to distinguish between value-added operations and non-value-added operations in the premise of the enterprise's specific value activities in the management of working capital. Therefore, compared with the traditional working capital management measures, orientation of value chain management of working capital on the basis of business process optimization, value activities, for drivers, with the traditional method of working capital management, do not have advantage: first, breakthrough the limitation of enterprise different links, different departments. Include the value chain factors that influence the realization of enterprise value. While realizing the optimization of the enterprise's own production process, it pays attention to the realization of the value of stakeholders. Second, it is helpful for enterprises to find out the real shortcoming in their own working capital management, improve the management efficiency of working capital, and improve their competitive advantages. Based on the case study method to K company as a case study, through a spin-off company K value chain, clarify its value-added and non value-added activities, and on this basis discusses the K company on the problems existing in the management of working capital. K company is a manufacturer of instant noodles and soft drinks in China, which is in a leading position in the industry. The changes in consumer demand have brought new challenges to the industry and ushered in new changes in the industry. K company have good brand effect and the product influence, have good development space, but some need to solve problems existing in the management of working capital, restricting the company on the new stage of development. Based on the particularity and competitive situation of the current food and beverage industry, this paper focuses on the problems and solutions of K company's working capital management. Based on the operation status of K company and the separation of value chain, it is found that the activities that affect the value appreciation of K company are mainly the inventory, monetary funds, accounts receivable and accounts payable. And further discusses the problems existing in the management of working capital of K company, mainly includes: the inventory purchase quantity estimation inaccurate, inventory classification is not reasonable, lack of accounts receivable credit management department, to the dealer's credit evaluation system is not perfect, imperfect monetary capital budget management mechanism, excessive funds occupy the upstream suppliers, and other issues. The idea of value chain in solving the problem of working capital management of K company is mainly reflected in: first, it is closely combined with the production process. For example, inventory is the link between production, supply and sales, which is closely related to the production and operation process. Modern enterprises attach great importance to the timely production system, which reflects that enterprises are constantly recognized for the idea of setting production according to demand with customers and market as the core. Value chain oriented inventory management should reflect the concept of sales and production, reduce the related costs of enterprise inventory, and improve the utilization rate of inventory on the premise of reasonable purchase volume. Second, emphasizing the dynamic management of working capital management of the value chain guide emphasizes the dynamic management of working capital, which includes a series of static liquid assets take up and information collection, which combines the data flow and logistics. Third, emphasize coordination and information sharing among departments. For example, the past inventory purchase volume estimation of K company is unreasonable, largely because of the communication between departments. By establishing the communication mechanism between the purchasing department, the product department and the sales department, the disconnect between the purchasing amount and the actual consumption amount is greatly avoided, and the inventory is reduced. K company, the problems existing in the management of working capital, the efficiency of capital turnover problem on the surface, but the production of these problems, more is the company's management idea, organization structure, the problem of the trade-off between risk and return, etc. Therefore, it is necessary to establish a working capital management method suitable for the internal and external environment of the enterprise from the perspective of enterprise strategy. The efficient allocation and utilization of funds in each business link cannot be separated from the cooperation between each link in the value chain. Through the cooperation between the enterprise and its external environment, the value of the internal and external value of the enterprise can be increased together, so as to maximize the value of the enterprise at the same time as the value of the value chain.
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