Research On Working Capital Management Of Maanshan Iron&Steel Co.,Ltd Based On Supply Chain Perspective

In recent years,the steel industry sales continued to fall,especially in a massive losses in 2015.The steel industry as a pillar of the country industry get into an unprecedented predicament,capital flows affect the survival of the lifeblood of enterprises.With the landing of the relevant policies and the guidance of the government,the steel industry is generally faced with industrial structure optimization and upgrading,"to address overcapacity"and"to reduce costs and increase benefits" will continue to be the steel industry work focus of the 13th Five-Year Plan.As an important branch of modern financial management,working capital management provides a path for the enterprise to reduce costs and increase benefits.For the production enterprises,the focus of business activities is the production,and the supply chain is the production activities of enterprises along the direction of business processes up and down,with the information flow,capital flow and logistics intertwined to form a system of network structure.Based on the supply chain perspective,the essence of working capital management is a method of integrating supply chain theory into working capital management and managing the working capital more carefully through the management of various channel elements and the linkage between enterprises and channels.Therefore,in-depth study and discussion from the supply chain perspective has important theoretical and practical significance.Based on the theory of supply chain and working capital management,this paper combines the thinking of stakeholders and uses the method of normative research and case study to sort out the related literatures of domestic and foreign working capital management theory and supply chain theory,and then take Maanshan Iron&Steel Co.,Ltd.for example,comparing with Hesteel Company Limited,through the analysis of the company's financial data and operating mode,from the perspective of the supply chain to crack the problems of the Ma Steel in the process of working capital management,and for these issuesgiven the corresponding countermeasures,in order to improve the performance of working capital management of the Ma Steel.Finally,the following conclusions:Firstly,customer relationship and commercial credit management in the procurement and marketing channels is lacking;Secondly,the material inventory in the procurement channels occupies a high proportion of inventory and product inventory in the marketing channel delay capital turnover rate;Thirdly,the cash sales ratio is insufficient and the sales policy is not conductive to the improvement of capital efficiency in the marketing channel;Fourthly,using short-term loans to supply the working capital leads to the higher the risk of funding gap in the financial channel.The structure is as follows:The first chapter is the introduction,points out the background and significance of the research,and then reviews and summarizes the current situation of relevant theoretical research at home and abroad.At the same time,this chaper forms the research content,ideas and methods of the article,and points out the innovation of this paper.Chapter 2 is the theoretical basis of this article,the working capital and the concept of supply chain were elaborated,and summed up the working capital management theory and supply chain management theory;the third chapter takes Ma Steel as a case for in-depth discussion.First of all,this paper introduces the basic situation,strategic positioning,industry analysis and the current operation mode of Ma Steel.And then in contrast with Hesteel company limited,Ma Steel is analyzed emphatically funds management present situation,and points out the problems existing in Ma Steel's working capital management.In the fifth chapter,the author puts forward some concrete suggestions for the root causes of these problems combining with the experience of the current working capital management model and the latest research theory.Finally,in the sixth chapterthe paper,the conclusion of this paper is analyzed,and the direction of future working capital research is prospected.