| Under the background of the new normal economic development,the smooth implementation of the "13th Five-Year" strategy,the gradual landing of the PPP project and the further promotion of "one belt and one road" provide new opportunities for the development of the construction industry.However,the low barriers to entry in the construction industry,the fierce competition among enterprises in the industry,the excessive occupation of accounts receivable brought by the expansion of the scale,seriously restricting the liquidity and sustainable development of enterprise funds,and may even directly break the enterprise capital chain.The net profit margin of the construction industry in China in 2017 was 3.25%.At the same time,the asset-liability ratio of most enterprises was on the rise,and even reached 105%.At present,many large-scale construction enterprise groups in China still adopt the traditional fund management mode,which is inefficient and inflexible.The introduction of Financial Sharing provides a new idea for fund reform.In order to explore the impact mechanism of Financial Sharing on the operating capital management mode and performance of construction industry,this paper presents the finance of China Railway Construction Corporation in stages and dynamically based on the theory of process reengineering,core competence,supply chain management and channel management on the basis of combing and summarizing the relevant literature at home and abroad.At last,it is concluded that Financial Sharing can play a positive role in improving the performance of working capital,and provide suggestions for construction enterprises to improve the efficiency of working capital management through Financial Sharing.The results show that:(1)Financial Sharing promotes the transformation and upgrading of working capital management mode of construction enterprises;(2)Financial Sharing promotes working capital management performance of construction enterprises;(3)The different stages of Financial Sharing enhance the performance of working capital management.Based on the above research,this paper suggests that:(1)Enterprises should choose the development model suitable for their own business situation in the construction of Financial Sharing Service Center in combination with the characteristics of the construction industry;(2)Perfect information technology system guarantees the effective operation of Financial Sharing.Strengthening the design and processing of supporting information system can provide solid technical support for capital business;(3)In view of the unified fund settlement platform in the sharing center,it is necessary to strengthen the system construction,enhance the risk management and control ability,guard against the fund risk and give full play to the supervisory role;(4)Perfect the personnel system of the enterprise,provide manpower guarantee for the Financial Sharing Construction and the operation of the new fund management mode.It is hoped that these suggestions can be used for reference by the construction enterprises that are planning to establish Financial Sharing Service Centers to improve working capital management. |
