Research On Cash Flow Management Of High-tech Enterprise

Cash flow management is the core of corporate finance management.To some degree,to maximize the corporate value is to maximize the cash flow.Cash flow of different industries and different firms require being management by different methods because of the uniqueness of their operating and development.Nowadays, high-tech industry has been expanding increasingly.Developing high-tech industry has become an important part of country strategies.It's necessary and urgent to study on cash flow management of high-tech enterprise.The development process of high-tech enterprise is full of uncertainty,which makes its cash flow fluctuate greatly and hard to predict.They must hold a budgeted mount of cash to cope with huge R&D input and fund demand.While there are not many research results about cash flow management of high-tech enterprise,which not only leave wide research space,but also bring new challenges to this thesis.This thesis firstly analyzes the characteristics of high-tech enterprise and its cash flow,and then discloses the problems to be solved of cash flow management on high-tech enterprise.Secondly,gives solution by means of strategic planning and tactical management of cash flow for each problem.Last,takes Langchao Software Corporation as an example to analyze cash flow and also compare to the leader and average level of the same industry,which is the response to strategic planning and tactical management of cash flow discussed above.Moreover,draws summary on the shortages and related suggestions of cash flow management about this case.The main contributions of this thesis are as follows.Attempting to establish a comprehensive dynamic cash flow management system of high-tech enterprise based on its characteristics.This system consists of three parts that are strategic planning, tactical management and cash flow analyzing,and forms trinity interactive relationships.And also discussing the corresponding methods for high-tech enterprises according to their problems to be solved of cash flow management,which are different from what would descript on the traditional industry.Furthermore,the conclusions based on longitudinal analysis and horizontal comparison on cash flow of Langchao Software Corporation would have some referential value on software industry and the whole high-tech industry.