Research On Working Capital Management Of Muyuan Foods Co.,Ltd. Based On The Stakeholders

Due to the stricter regulation of the pig breeding environment and the continuous development of the scale of the industry in the country,the rural family-based free-range model is about to disappear,which has led to an increase in the proportion of large-scale pig breeding.The pig breeding industry is constantly learning from Western countries,from fragmented non-scale farming to centralized scale farming,from traditional family workshops to modern integrated farming,from extensive mode to refined mode.At the same time,working capital,as the most dynamic asset of the company,is the“motivation”to ensure the continuous operation of the company.Faced with increasingly fierce market competition,especially in the face of global financial turmoil leading to a shortage of corporate funds,strengthening working capital management is becoming more and more important for improving capital utilization,reducing financial costs and controlling financial risks.The pig breeding industry is easily affected by the fluctuation of market conditions,and the management of working capital of graduate pig breeding enterprises is of great significance.Through a large amount of literature reading,collection and collation,this paper first summarizes the relevant content of working capital management,performance evaluation,influencing factors and research status of existing problems.Secondly,it introduces the concept of working capital and the short-term turnover of working capital.The source is flexible and diverse,the physical form is variability and easy to be liquidated,and the quantity of funds is volatility,which leads to the meaning of working capital management;once again,introduces the concept and classification of stakeholders,and finally,elaborates on stakeholders The feasibility and necessity of combining management and working capital management to construct a theoretical framework based on stakeholder working capital management.On the basis of theory,we selected Muyuan Foods Co.,Ltd.as a case to comprehensively analyze its working capital management.First,introduce the industry background,the company's basic situation,governance structure and business conditions.Second,a comprehensive analysis of the current state of the company's working capital management from the perspective of various stakeholders.Third,the analysis found that the company has frequent related transactions,internal turnover is slow;the dividend policy is unreasonable,the development funds are insufficient;the net working capital is insufficient,the short-term solvency is weak;the short-term borrowing ratio is significant,the financial risk is high;the procurement management system is not Perfect,raw materials occupy too much capital;account payable management is unreasonable,credit risk rises;product turnover is slow,production efficiency is low;R&D and innovation investment is insufficient,and product innovation value is low.Fourth,in view of the specific problems existing,starting from the goal of working capital management,handling the relationship with stakeholders,and put forward specific suggestions,mainly: standardize related transactions,accelerate theturnover of internal transactions,and optimize the dividend distribution policy.Ensure the development of capital needs;ensure reasonable net working capital,improve short-term solvency;grasp the debt structure,prevent and control financial risks;improve the procurement management system,determine the optimal procurement volume;formulate reasonable accounts payable management policies,reduce credit risk Improve production efficiency,speed up product turnover;increase R&D investment,increase product innovation value;expand product diversity and enhance market competitiveness;formulate reasonable credit policies and expand market share.