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论文编号：	13785
作者编号：	2120202948
上传时间：	2023/3/11 16:47:26
中文题目：	M国有专用设备制造公司营运资金管理问题研究
英文题目：	Research on working capital management of M state-owned special equipment manufacturing company
指导老师：	边泓,孙慧强
中文关键字：	营运资金,营运资金管理,专用设备制造业
英文关键字：	working capital, working capital management, special equipment manufacturing
中文摘要：	营运资金是企业用于生存发展的血液。一直以来，企业的净利润都被视为最能反映企业经营效益的数据，但是在社会主义市场经济高度发展的当今社会，财务报表的使用者往往也将企业的现金流情况纳入其决策的考虑因素。而一个企业的营运资金数额恰恰能够在一定程度上反映一个企业资金流动性的高低水平，进而反映企业经营性净资产的流动性水平。尤其是在2020年新冠肺炎疫情暴发后，全球企业的生产经营普遍受到了疫情的较大影响，很多企业的资金链因疏于管理而趋向断裂，从而导致其产生较大的流动性危机。基于上述考虑，对营运资金进行精准管理关系到企业的长久健康发展，因而具有很大的研究价值。长期以来，国内外各学者对营运资金管理的研究逐步趋于全面化和深入化，并在营运资金管理中加入了价值链和渠道管理因素。然而，由于现代社会企业所有制结构、经营管理模式、企业战略规划更加丰富化，各行业的营运资金呈现出各不相同的特点，且每个行业内的各个企业也因为其行业地位和规模大小不同，导致了营运资金水平各有差异。 本文选取的案例企业M公司为某国有能源集团所属装备公司的全资子公司，它在过去长期受到计划经济体制的影响，企业发展缺乏活力。但随着国有企业市场化改革的推进，国资委对国有企业资金使用效率的考核也愈发严格，国有企业面临着较大的营运资金管理压力。此外，M公司所处行业为专用设备制造业，该行业具有较为明显的行业特点，如对经济环境较敏感、易遭受流动性风险等特点。M公司虽为该行业中的龙头企业，但仍受到上下游的较大制约，存在着现金持有量不合理、存货和应收账款压占资金过多、缺少有效的短期融资等多项营运资金管理问题。因此，本文拟通过文献研究法、案例研究法等方法对M公司具体的各项营运资金管理问题进行剖析、寻找出现问题的原因，并结合M公司实际情况和宏观环境的影响为其提出具有实践意义的解决方案。
英文摘要：	Working capital is the blood that an enterprise uses for its survival and development. The net profit of has always been regarded as the data that can best reflect the operating efficiency of the enterprise. However, in today's society with a highly developed socialist market economy, users of financial statements often take the cash flow of the enterprise into consideration in their decision-making. The amount of working capital of an enterprise can just reflect the level of liquidity of an enterprise's capital to a certain extent, and then reflect the liquidity level of the enterprise's operating net assets. Especially after the outbreak of the COVID-19 epidemic in 2020, the production and operation of global enterprises have generally been greatly affected by the epidemic, and the capital chain of many enterprises tends to break due to neglect of management, resulting in a large liquidity crisis. Based on the above considerations, the precise management of working capital is related to the long-term and healthy development of enterprises, so it has great research value. For a long time, domestic and foreign scholars' research on working capital management has gradually tended to be comprehensive and in-depth, and value chain and channel management factors have been added to working capital management. However, due to the richer ownership structure, business management model, and corporate strategic planning of modern social enterprises, the working capital of various industries presents different characteristics, and each enterprise in each industry is also different because of its industry status and size , resulting in varying levels of working capital. The case enterprise M company selected in this paper is a wholly-owned subsidiary of an equipment company affiliated to a state-owned energy group. It has been affected by the planned economic system for a long time in the past, and its development has lacked vitality. However, with the advancement of the market-oriented reform of state-owned enterprises, the SASAC has become more and more strict in the assessment of the efficiency of state-owned enterprises' capital use, and state-owned enterprises are facing greater pressure on working capital management. In addition, the industry in which Company M operates is the special equipment manufacturing industry, which has obvious industry characteristics, such as being sensitive to the economic environment and vulnerable to liquidity risks. Although M company is a leading enterprise in this industry, it is still greatly restricted by upstream and downstream. There are many working capital management problems, such as unreasonable cash holdings, excessive capital occupied by inventory and accounts receivable, and lack of effective short-term financing. Therefore, this paper intends to analyze the specific working capital management problems of M company through literature research method, case study method and other methods, find the reasons for the problems, and propose practical solutions for it based on the actual situation of M company and the impact of the macro environment.
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