Research On The Strategy Of Working Capital Management Based On Stakeholders’ Perspectives

Working capital for enterprises like the blood of the human body, throughout the whole process of production and operation. Working capital is the most liquid part of the assets of the enterprise. If working capital turnover is poor, the enterprise may fall into the "black bankruptcy". View from the enterprises’bankruptcy during the international financial crisis up until today which began in2007, the funding strand breaks become the biggest killer of bankruptcy. Many domestic and foreign enterprises failed case tells us:the profits determines development, cash flow determines the survival of the company. Working capital management as an important part of corporate financial management, gets more and more attention from the corporate financial officer, who are continuing to try and improve working capital management model.In1960s, stakeholder theory rose, growing to expand its influence in practice. According to stakeholder theory, corporates pursue the maximization of all stakeholders’profit or the value of the enterprise. Enterprises are not only to create the greatest benefits for shareholders, but also to take care of the interests of other stakeholders, and stakeholders should participate in decision-making and have the right to supervise. In the past,research on working capital management only concentrates on the single element.At present, research has turned into the relationship between upstream and downstream enterprises in supply chain management and internal business processes optimization. The role of stakeholders in the corporate working capital management cannot be ignored. So the article combines working capital management theory and stakeholder theory, attempting to introduce stakeholders into the day-to-day working capital management process.This thesis takes chinese enterprises as the research object, and research the corporate working capital management strategy with different stakeholders from the view of the stakeholder theory. The main contents include the following aspects:First, on the basis of articles related, the article discusses the theoretical premise of working capital management based on the stakeholder perspective. Working capital management and stakeholder management share the common goals and theoretical basis, and the combination of the two has important practical significance.Second, define key stakeholders researched in this article. The article select stakeholders from the point of view of capital input、value chain management and classification of stakeholders. This study includes:shareholders, creditors, suppliers, operators, employees and customers.Third, according to the difference among stakeholders in capital investment and roles in the day-to-day business activities of enterprises, this thesis defines the motivation of shareholders, creditors, suppliers, operators, employees and customers to participate in working capital management.Fourth, explore the strategy of working capital management which shareholders, creditors, suppliers, operators, employees and customers participate in. And the thesis selected Jiangquan Industry, Suning, Haier, Weichai Heavy Machinery, Dell as this case study. Finally, the thesis make conclusions and further research prospects.