Research On Working Capital Management Of S High-tech Enterprises From The Perspective Of Value Chain

Under the current situation of economic globalization,the competitive environment between enterprises in China has changed dramatically.The managers of enterprises in China have gradually realized the importance of working capital management.Working capital is the blood of an enterprise.Whether it can circulate normally determines whether it can operate normally and develop further.The traditional working capital management,lack of the integrity of working capital research,has been unable to fully adapt to the new situation.Working capital management under the value chain integrates a number of internal and external business activities of the enterprise,forming an organic whole of mutual connection,helping the enterprise to enlarge its advantages and complement the enterprise's shortcomings.The combination of theory and strategy can improve the efficiency and profitability of working capital management from the overall level,help enterprises stand out in the fierce competition,so as to maximize the value of enterprises.This paper studies working capital management from the perspective of value chain,and selects the high-tech enterprises which are more important for working capital management as the research object.Because high-tech enterprises have the characteristics of high investment,high growth and high risk,the capital gap is large,so it is very important for high-tech enterprises to maintain the liquidity of capital,which also puts forward the comparison between high-tech enterprises and working capital management high requirements.The S-high-tech enterprise selected in the case belongs to the new material industry,which is one of the eight major fields of national high-tech.the S-high-tech enterprise implements the concentric diversification strategy and has certain influence and representativeness in each subdivision field.Based on the method of normative research and case analysis,from the perspective of value chain,this paper divides the working capital management of S-high-tech enterprise into supplier value chain,internal value chain and customer value chain.Combining with the working capital turnover efficiency of purchase,production and marketing in the value chain of S-high-tech enterprise,it is found that s enterprise creates the internal value chain for the enterprise Low value mainly comes from poor product competitiveness;there are a large number of accounts receivable in the customer value chain,resulting in low efficiency of working capital;in addition,there are some unreasonable factors in the management,resulting in poor transmission of the whole working capital value chain and many other problems,according to the existing problems,put forward the corresponding solutions.In this paper,the research on working capital is not limited to a single financial project,but focuses on various business activities in the whole value chain.The value chain is divided into supplier value chain,internal value chain and customer value chain,and these value chains are integrated into a whole.The research on working capital management of enterprises is carried out in order to give full play to the potential of internal and upstream and downstream enterprises and realize win-win situation in many ways To maximize the comprehensive value.At the same time,it also provides some reference for other enterprises.