Research On Working Capital Management Optimization And Its Effect Based On Supply Chain Relationship

In recent years,with the promotion and support of a series of policies issued by the state,the competition in China’s household appliance industry is becoming increasingly fierce under the background of strategic transformation.As the basic guarantee of business activities,the working capital of enterprises is facing the demand of more efficient operation.The improvement of working capital management ability has become particularly important.Under the impact of industrial and financial integration,the traditional working capital management mode limited within the enterprise needs to be optimized.Since the 19th CPC National Congress,the guidance on actively promoting the innovation and application of supply chain further defines that the development of supply chain will help to enhance the comprehensive competitiveness of market players.Obviously,if enterprises want to maintain their competitive advantage,the past model of fighting alone is no longer applicable.It is necessary to explore the optimization of enterprise working capital management from the perspective of win-win supply chain.Supply chain relationship is not only the focus of supply chain management,but also the support of enterprise working capital turnover.Therefore,it is worth discussing whether enterprises can optimize working capital management based on supply chain relationship and how to improve capital operation efficiency.Based on this,this paper tentatively starts from the perspective of supply chain relationship,and takes transaction cost theory,supply chain management theory,channel theory and stakeholder management theory as the theoretical basis,summarizes and analyzes the existing literature related to supply chain relationship and working capital management.Then this paper selects Haier Smart Home,a leading household appliance enterprise,as the research object,sorts out the optimization methods between suppliers and customers,summarizes its process of improving operating efficiency from three aspects of logistics,capital flow and information flow,and selects the data from 2015 to 2020.So the optimization effect is comprehensively analyzed from the perspective of factors,channel and integrity.The results show that:(1)the long-term stable supply chain relationship helps to alleviate information asymmetry and promote resource coordination,which is conducive to enterprises to deal with the impact of industry finance integration and the pressure of capital operation in the transition period;(2)From the optimization design of working capital management,enterprises can achieve mutual benefit and win-win in all aspects of logistics,capital flow and information flow by means of long-term strategic partnership with suppliers and customers,optimizing procurement and sales processes,making rational use of commercial credit and improving information sharing,so as to improve the operation efficiency of the overall supply chain;(3)From the perspective of optimization effect,after optimizing the working capital management based on stable supply chain relationship,the working capital management level can be improved to a certain extent from the perspective of factors,channels and integrity.In a word,enterprises should pay attention to the management of supply chain relationship in order to effectively improve operation efficiency and enhance core competitiveness when optimizing working capital management.The research of this paper has certain reference significance for Chinese enterprises to optimize the working capital management mode with the help of supply chain relationship,so as to improve the working capital management level.