Research On Working Capital Management Under The Value Chain Guidance

Under the economic globalization situation, there are great changes in the competition environment of enterprise. In order to adapt to the change of circumstance, enterprises change their operating management mode.The gravity centre of enterprises'management concept has changed from market orientation to customer orientation. At present, Enterprise Value Maximization becomes the financial management target. So, Enterprise Value Maximization should be used as the superior target of finance management. Value management has become the core idea in the enterprise management. Nowadays, enterprises must compete with others drastically in the value chain. However, the quality of the value chain is determined by the weakest link. During the developmental process of enterprises, funds are a main bottleneck to affect the future development of companies relate to the life of enterprise, it is the weakest link of value chain.Working Capital Management is the foundation of fund management, so it is necessary to improve the management level of working capital. This paper studies the working capital management under the value chain guidance by associating the value chain management theory with working capital management theory. There are five chapters in the paper. The first chapter is about the purpose and significance of the research, present research review, and the analysis of the problem of the present research. The second chapter introduces the theoretical basis. In the third chapter, it analyses the present situation, exist problems and reasons of working capital management. In the forth chapter, it sets up the theory structure of working capital management under the value chain guidance. In the fifth chapter, it proves the necessity and efficiency of the working capital Management under the value chain guidance by the empirical study of Haier.This paper, based on actual problems of Chinese enterprises in the working capital management, carries on research under the value chain guidance, creatively puts forward the theory of working capital management under the value chain guidance, it is beneficial to improve business management level of enterprises.