Research On Cash Flow Risk Management Of ZY Furnace Company From The Perspective Of Value Chain

The production cycle of the kiln product,the customer concentration area,and the production mode have industry specificity.The cash flow risk of the ZY kiln manufacturing company is greatly affected by the operation status of upstream and downstream customers,market conditions and national policies,and the cash flow risk.Management is closely related to the choice of business strategy and the perfection of internal control.ZY has some problems in the cash flow risk management in the transition from the kiln manufacturing company in the initial stage to the service manufacturing company in the development period.Therefore,this paper chooses ZY furnace kiln manufacturing company to study cash flow risk management.This paper takes ZY company as a case to discuss its cash flow risk management problem from 2014 to 2018.Firstly,from the perspective of value chain,ZY company is divided into two stages: the initial stage and the development stage.On the basis of stage,the internal and external value chain activities are divided to identify the cash flow risk of ZY company.Secondly,the analytic method is used to evaluate the risk of cash flow;based on the above evaluation,the reason why the two-stage cash flow risk change has been analyzed;finally,the internal and external value chain activities are carried out in stages,and the cash flow risk response countermeasures are proposed.Development makes practical guiding significance.The research in this paper finds that ZY kiln production company has experienced two stages of initial stage and development stage.The value chain of the two stages is different,which leads to different cash flow risks.The liquidity and solvency risk of ZY company in the initial stage is relatively high.During the development period,ZY's growth risk is increased.From the perspective of value chain,the two stages of cash flow risk are different.The cash flow risk of the initial stage is mainly caused by the customer link receivable management and the single business development model.The cash flow risk during the development period mainly comes from the potential risks in the R&D process and the changes in the market environment.From the perspective of the value chain,the two-stage cash flow risk response strategies are different.The cash flow risk response measures in the initial stage mainly focus on the value chain activities.In the sales link and customer management,the cash flow risk response during the development period mainly focuses on the improvement of R&D efficiency and market environment changes.The conclusions of this paper have certain reference value for the cash flow risk response in different development stages of the value chain of the kiln manufacturing enterprise.