Research On Rural E-commerce Working Capital Management

With the rapid develop-ment of Internet technology,rural e-commerce integrating production and sales has become a new industry that absorbs surplus rural labor and enriches the population.The Central Government has issued many documents clearly proposing to use the Internet to solve the "three rural issues" and vigorously develop rural e-commerce.Under this circumstances,many villages have been formed in Taobao County.Dongfeng Village of Shaji Town in Sunning County is one of the first Taobao Villages in the country,and the old and broken village developed the "Sand Set Model" along with the rapid development of the Internet.This means that farmers spontaneously use the e-commerce platform to directly face the market in an organizational business model that takes the "peasant household+network+company" as a core.After ten years of development,the "Shaji Model" has formed a complete industrial chain.It is at the stage of cluster growth and gradually gets rid of the family workshop-style production methods.At the same time,it also encounters many challenges.As the competition in the Internet market is increasing rapidly,how to realize the company's financial management objectives in a fierce market environment is a key issue related to the successful transformation of the"Sand Set Model".Among them,the level of working capital management directly affects whether the company can achieve financial management goals.The domestic research on the management of working capital started in the 1990s,mainly focusing on theoretical analysis,and there are relatively few studies on practical applications.As a new type of e-commerce company integrating production and sales,it can't focus on production just as before,but also pay attention to the allocation of funds,maintain the relationship between the enterprise and upstream and downstream related interest communities,in order to ensure the smooth flow of funds and maximize the efficiency of working capital management.Therefore,based on the perspective of channels,it is more appropriate to measure the efficiency of working capital management under the "Shaji Model".Based on the domestic and foreign research results,this paper selects 86 home appliance business enterprises in Shaji Town as the research object,and makes a descriptive statistical analysis of the current status of its operation and the current status of operating funds management,and based on the channel theory,combines the main body of e-commerce companies.The specificity of the empirical analysis of the factors that affect the efficiency of working capital management.The analysis finds that the increase in e-commerce access threshold in Shaji Town has resulted in a non-perfect competitive market,showing a phased-out and differentiation trend.Small network operators cannot achieve further expansion.Large network operators cannot transform into small and micro enterprises,of which more than half of e-commerce companies are selling at the amount of more than 5 million annually.The level of working capital management among e-commerce companies is uneven,and even there is a negative net working capital in some enterprises.As for the influencing factors,the product/inventory has a negative correlation with the management efficiency of e-commerce working capital in Shaji Town;the accounts payable turnover period has a positive correlation with the management efficiency of e-commerce working capital in Shaji Town;There is a negative correlation between the management efficiency of business working capital and the ratio of current assets.Current assets/long-term assets has a negative correlation with the management efficiency of e-commerce working capital in Shaji Town.Based on the conclusion of empirical analysis,this paper proposes that the government continue to guide the transformation and upgrading of the Sandstorm Model,and that e-commerce operators conduct their own credit management,strengthen inventory management and channel management,in order to improve the management of the working capital of e-commerce companies in Shaji Town and promote the development of the "Shaji Model".