Research On HX Company's Working Capital Management Based On Value Chain

Working capital management plays an important role in the daily operation of enterprises,and has a profound impact on the value creation activities and the realization of strategic objectives of each enterprise.There are many problems in traditional working capital management concepts and methods,which can not make enterprises adapt to the increasingly fierce development environment and restrict the development of enterprises.Maximizing the value is the ultimate goal of every enterprise.The value chain management concept with value creation as the core has attracted more and more attention.Therefore,this paper interacts with the value chain theory and enterprise working capital management,which not only breaks through the traditional management concepts and methods,but also enables enterprises to strengthen the management of working capital from a higher overall perspective,so as to enhance the value creation ability of working capital in all aspects of the value chain,and ultimately realize the enterprise value maximization.This paper selects the representative enterprise HX company in the home appliance industry as the case.Firstly,the background and significance of the article are introduced,and summarizes the research status of working capital management and value chain theory at home and abroad,as well as the research contents and methods;secondly introduces the relevant theoretical basis: the connotation of working capital management,the relevant theory of value chain and the theory of working capital management based on value chain;then analyze the current situation of working capital management of HX company,first of all,analyze the project of working capital management,and put forward the shortcomings of this analysis method,and then uses the main analysis method of this paper--based on the value chain-based working capital management analysis method for further analysis,including channel-based working capital management performance analysis,combined with short-term solvency and cash adequacy analysis,and then on the basis of the analysis,the problems of HX company's working capital management are found,such as excessive purchasing channel material inventory occupying working capital,excessive supplier capital occupying,excessive proportion of auxiliary cost of production channel,and put forward the necessity of HX company to strengthen working capital management,and finally propose optimization countermeasures for these problems,such as strengthening the stock management of purchasing channels,rationally utilizing the commercial credit of accounts payable,optimizing production processes,etc.The purpose is to make HX company take the value chain concept as the guiding ideology better,strengthen the short-term link of its workingcapital management,improve the efficiency of working capital management,further enhance the level of enterprise management,and ultimately maximize the value of the enterprise,which has a certain guiding significance for similar enterprises.