Research On Cash Flow Risk Management Of New Energy Power Battery Enterprises From The Perspective Of Value Chain

In recent years,driven by the dual-carbon goal,the government has introduced a number of policies to support the development of the new energy automobile industry.The new energy industry has ushered in a golden period of development.As an important support of the new energy industry,power battery enterprises are facing an unprecedented market space.However,with the gradual decline of government subsidies,the price rise of upstream raw materials and the increasing competition environment of the industry,power battery enterprises began to appear structural overcapacity,slow receivables recovery,debt repayment pressure and other problems,and there are not a few enterprises in the industry with cash flow shortage.Cash flow runs through every link of enterprise operation and is the carrier of value creation,so the research on cash flow risk management of power battery enterprises is of great significance to the long-term development of enterprises.In this thesis,Gotion High-tech is selected as a case enterprise,and its cash flow risk is studied by combining value chain theory and risk management theory.Specifically,on the basis of sorting out relevant studies,this thesis first describes the basic situation of Gotion High-Tech,and analyzes the current situation of its cash flow management from two aspects: cash flow and velocity.Secondly,starting from internal and external value chains,the thesis identifies the cash flow risks existing in the key links of Gotion High-tech,and uses entropy method and efficacy coefficient method to build a cash flow risk assessment model to quantitatively assess the company’s cash flow risks from the four aspects of cash flow solvency,cash collection,liquidity and growth.Finally,based on the above analysis,the thesis analyzes the causes of cash flow risks in the internal and external value chain of Gotion High-tech and puts forward specific suggestions.Based on an in-depth study of the cash flow situation of Gotion High-tech,the following conclusions are drawn:(1)The quality of cash inflow from operating activities of Gotion High-tech is low,it relies heavily on exogenous financing,and the cash turnover period is long and the cash flow turnover speed is slow.(2)By analyzing the key links of the internal and external value chain of Gotion High-tech,it is believed that the company may have problems such as excessive purchase of raw materials,serious inventory overhang,weak sales collection ability,high dependence on the top five customers,single financing method and insufficient debt paying ability.(3)Build the risk assessment model of entropy method and efficacy coefficient method,and find that the overall cash flow situation of Gotion High-tech in recent years has a large fluctuation range and a high risk level.Among them,cash flow liquidity and debt repayment risk levels are high,and cash flow growth has been improved in the past two years.(4)In-depth analysis of the causes of risks in each link of the enterprise,and put forward the following control suggestions: in the internal value chain,strengthen procurement management;Optimize production process and strengthen inventory management;Establish and improve accounts receivable management system,improve sales collection ability.In the external value chain,establish supplier evaluation mechanism and value alliance;Establish customer credit rating and strengthen customer management;Expand financing channels and optimize financing structure.In the traditional mode,enterprises only start from the internal operation of cash flow risk management,but based on the value chain theory of cash flow management is a comprehensive consideration of all links of enterprise operation,so as to ensure the normal operation of cash flow.Therefore,the research in this thesis can help Gotion High-tech to manage its own cash flow risk more comprehensively,and at the same time provide other enterprises with new ideas of cash flow management.