Paper代写：Enterprise working capital management－r51due

下面为大家整理一篇优秀的paper代写范文- Enterprise working capital management，供大家参考学习，这篇论文讨论了企业营运资金管理。营运资金又称总营运资本，是指一个企业所拥有的流动资产和流动负债的总和。从传统的会计角度分析，营运资金是流动资产与流动负债的差额，如果差额为零，则表示流动资产恰巧由流动负债这样的短期融资支持，是理想状态；如果差额为正数，则表示部分流动资产是以长期负债或所有者权益的一定份额为其资金来源，降低了企业的盈利能力；如果差额为负数，则表示短期融资用于了长期投资，企业财务风险加大。

Working capital, also called working capital. General working capital is also called total working capital, refers to an enterprise owned by the sum of current assets and current liabilities, including accounts receivable, inventory, other receivables, notes payable, accrued expenses, other payables and advance bill takes up the money. In the narrow sense, working capital is also known as net working capital, which refers to the difference between current assets and current liabilities of an enterprise at a certain point in time.

From the perspective of the traditional accounting working capital is the difference between current assets and current liabilities, if the balance is zero, said current assets happen to short-term funding support by the current liabilities, is the ideal state; If the difference is positive, it indicates that some current assets are the source of their funds with a certain share of long-term liabilities or owners' equity, which reduces the profitability of the enterprise. If the difference is negative, it means that short-term financing is used for long-term investment and corporate financial risk is increased. However, this traditional accounting concept cannot meet the requirements of modern enterprise management system for financial management. The working capital management advocated in this paper is the sum of the management of current assets and current liabilities. In this case, the sum is not the sum of the amount, but the reflection of the relationship, so that the financial staff can realize it. The management of working capital involves two aspects: current assets and current liabilities.

Any enterprise to develop, cannot leave the sufficient funds to support, long-term investment and maintain daily operation, should have a certain amount of liquidity as a guarantee, so enterprise widespread capital demand is the norm. However, the current shortage of working capital in our country has exceeded the normal range, which constitutes the abnormal growth of high financial risk operation.

The shortage of working capital of Chinese enterprises is the result of long-term interweaving of various external factors and their own factors. One is external factors, such as the sluggish global economy, tight monetary policy, aggravated inflation and fierce market competition. Second, internal factors, caused extensive development and blind investment return on investment is too low, the lack of core technologies and product competitiveness to make sales profit margin is not high, has seriously affected the hematopoietic function of the enterprise, at the same time the lack of attention to working capital and management, because of capital chain rupture and collapse bankrupt companies.

In the face of fierce market competition and blind expansion of excess capacity, many enterprises only pay attention to increase the market share and sales performance, give buyer easing trade credit has become the increase in sales. However, the lack of effective management of the commercial credit, lead to balance of accounts receivable, report forms have high income but no cash inflows, the trade between rival each other default payment for goods, finally embodied in current assets turnover slow defective rate is higher.

In addition, because of the lack of sensitivity to the product structure is not reasonable signal, leading to poor market competitiveness, backward technology, and even eliminated by consumers of inventory backlog, has occupied much of corporate liquidity. For example, kangjia group, a well-known domestic appliance company, is a household name with its flagship color TV set, which has a high market share and good development momentum. However, in 2001, the company suffered its first loss since it went public in 1992, due to blind production and overstocking of color TV products. In 2001, in order to get rid of the shortage of working capital caused by the inventory backlog, kangjia group had to cut its arm to survive, and cut down the price of the color TV inventory by a large price, and the enterprise paid a heavy economic loss.

Unreasonable debt structure, mainly embodied in the duration of the financing and capital use does not match the time limit, such as long-term capital for liquidity, debt service pressure is small, but the financial cost is high, the fund use efficiency is low; Such as short-term financing for long-term investment, known as "short and lend long", investment Banks through short-term working capital loans to the medium and long term projects, is low interest rates, but bring very high financial risk, and even the capital chain rupture into bankruptcy, great harm.

The dependence of credit capital is large, and different types of enterprises have different forming reasons. The high debt of state-owned enterprises is gradually formed in the exploration of the socialist characteristic market economy. In 1985, state-owned enterprises faced a comprehensive transition from the planned economy to the market economy. From the financial direct allocation of funds to the capital construction investment, they were all converted to bank loans, and the loans were "diverted". Such old state-owned enterprises in all kinds of new investment projects and set up all the construction funds of state-owned enterprises into bank credit financing indebtedness, thus formed the high debt ratio of state-owned enterprises the status quo. For the vast number of private enterprises, financing difficulties has been the bottleneck of enterprise development, for the hard-won bank loans, and because of its profitability and anti-risk ability is weak, can only maintain pay interest on the loan and repay the principal of the loan is almost impossible. Banks have been kidnapped to become the food and clothing parents of enterprises, but the "credit" of Banks means "weaning", and private enterprises are likely to die. Private enterprises because of the lack of planning management of working capital, funding and practical application does not match the mismatch, due debt and financial arrangements, in the form of bank loans overdue, hang interest such as the result of a breach of contract. As a result, Banks are more afraid to lend to private enterprises, which hamper the development of enterprises and form a vicious circle.

Most domestic enterprises do not have a deep understanding of working capital, lack of effective management measures and special talents. Financial department only pay attention to the traditional function of accounting accounts reimbursement, and ignore the financial management work, for cash, accounts receivable aging analysis, commercial credit classification management, inventory performance management, and other advanced ideas to accept slowly, insufficient understanding of short-term financing due debt risk, and even lead to financial crisis, such extensive management mode to the modern enterprise to survive in the fierce market competition, to be solved.

In order to improve the management level of working capital, enterprises should first focus on their sufficient attention and should be equipped with special personnel and hardware and software tools. After thorough analysis of the historical data of the enterprise and its industry, choose the working capital management mode suitable for the enterprise. Here are some Suggestions.

Make full use of the theory and tools of financial budget, establish a scientific forecasting system based on the enterprise's overall situation, and then determine the reasonable amount of working capital. First, the comprehensive budget system should be established, so that all activities of the enterprise should be carried out under the guidance of budget, and the blindness and randomness should be avoided. Second schedule monthly prepare cash payments, mainly based on the sales contract payment terms to determine cash inflows and into the time, according to the purchasing contract and investment projects forecast cash outflow and the payment date, measure the cash surplus or gap. If there is a cash surplus, it can recommend short-term investment to the manager to increase the capital gain; Cash shortfall, if any, shall be immediately report to the manager, and suggests that financing ways, such as lending through associated company, bank loans, bank acceptance bill discount, export trade and timely solve, avoid financial risk.

Commercial credit is a short-term financing method with low financial cost, accounting for more than 30% of the company's current liabilities. When corporate accounts payable payment days longer than accounts receivable payment days, so the higher sales, through the commercial credit from suppliers interest-free capital, enterprise working capital is more comfortable. So when purchasing department and upstream customers negotiate payment terms, should try to spin the payment term, on the premise of not damage the company reputation, share, as much as possible to use other people's money to make money; The opportunity cost of using commercial credit should also be weighed against the availability of cash discounts; In addition, we should strive for stable suppliers and establish long-term cooperation.

Managers should be aware of the inventory situation, which requires a forecast of inventory demand. Sales department as the starting point, reference historical data and established sales contract to prepare accurate sales monthly plan; The production scheduling department is responsible for the production of the completed products according to the sales volume. The procurement department, as the executive, prepares monthly procurement plan, and makes the purchase according to the requirements. The three links are fully coordinated and the target reaches the minimum inventory holding.

In the first place, the liquidation of accounts receivable should be regarded as an important assessment index of the sales department, and the settlement procedure should be completed, so as to prevent the lack of legal basis for litigation. At the same time, we should strictly control the credit period of the sales contract. Contract, clear credit terms, learn to protect yourself with legal weapons. Second, the financial department should be as the main management of accounts receivable, establish accounts receivable aging analysis system and risk to stop mechanism regularly, hold people accountable for commercial credit to customers' performance statistical analysis, debt collection policies for managers and sales department to provide decision-making basis.

Enterprises should own actual situation, the reference of industry experience, considering profitability, solvency and financial cost and holding requirements, rational choose equity financing or debt financing, reasonable arrangement of current liabilities and long-term liabilities, in meet the needs of business development at the same time, would reduce financial risk to a tolerable range. To optimize the structure of corporate assets and liabilities, we should choose a strategy with moderate risks and benefits, so that long-term asset investment should be solved by long-term financing, such as equity investment or medium - and long-term loan. Liquid asset investment is financed by short-term financing, such as short-term borrowing, commercial credit, trade finance, etc.

In the context of encouraging financial innovation, enterprises should emancipate their minds and broaden their thinking, and make full use of various channels to raise working capital. In addition to equity financing, the financing channels of enterprises include financing lease, bank loan, bill discount, commercial credit and other forms. Each method of financing has its own advantages and disadvantages. Enterprises should make reasonable choices according to their own needs. Only the right ones are the best ones. As a leading enterprise in China's concentrated apple juice industry, HS has set a good example for us in the short-term financing of financial derivatives. HS company using its assets strength and brand reputation, to provide guarantee for upstream fruit in the form of bank loan guarantee, at the same time the HS company as the raw material purchase documents for growers to apply for a loan from the bank. Supply chain financing to solve the HS company need to use cash to growers to buy raw materials of pressure of working capital, realized in the following year non-production would, reduced pressure of working capital, and then pay the fruit raw materials, by the growers to repay bank loans to the harmonious development of the model.

In order to strengthen the management of working capital, enterprises should actively adopt advanced VMI, JMI and other inventory management methods. JMI inventory management strategy to break the traditional fragmented inventory management mode, embodies the integration of supply chain management thinking, the balance of upstream and downstream enterprises to establish a QuanZeLi and risk-sharing inventory management model, reflects the new supplier alliance cooperation. Suning appliance group as one of Chinese home appliance chain giant, in 2007, pioneered in JMI inventory management system, namely the suppliers according to the daily sales information suning appliance and inventory situation, suning appliance order replenishment. By making the supplier for the demand of information, coordinate with the actual customer demand information in consumer market, the suppliers can effective production scheduling, suning appliance can maintain a low inventory operation, so as to improve the service level of the entire supply chain, to reduce the working capital requirements.

Above all, working capital, as an essential part of enterprise management and development of new blood, large enterprises to cope with its important role and impact attaches great importance to and actively deal with, should begin from the fundamentally improve the understanding of the working capital. In addition, by referring to the domestic and foreign advanced working capital management concepts and successful cases, combining the characteristics of the industry and enterprises, it is necessary to properly manage the working capital according to local conditions. In this way, we can integrate with the international advanced financial management ideas as soon as possible, enhance the core competitiveness of the enterprise, maintain the operation safety, achieve the business objectives, and make big and strong.

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