会计学院知识库

   公司日常高效管理的最终目的是为公司创造价值，实现公司的可持续发展。在整个日常经营过程中，管理层更注重利润表中的相关指标，而忽视了公司经营、投资、筹资过程中的现金流情况，导致现金流风险的出现和爆发，进而增加公司的财务风险，无法实现最终的价值创造目标，反而可能导致公司资金链断裂，破产等危机发生。现金流是公司日常经营中所需的血液，是价值创造的载体，流经于公司日常经营中的每个环节，影响重大。传统模式中的现金流风险管理没有考虑外部环节的资金往来情况，只是从公司内部经营入手控制风险。而将价值链理论运用其中，使得公司内外部相互关联的各项生产经营活动构成了一个创值的动态过程。价值链视角下的现金流风险管理模式从公司的内外部入手帮助其合理控制现金流风险，保障资金正常流转，同时在资金安全前提基础下维持稳定现金流，实现公司长期高效可持续发展，创造价值。

   本文选择汽车制造行业中的老牌国企江淮汽车作为案例研究对象，针对其价值链中与现金流有关的关键环节，根据相关财务指标分析，对各环节存在的现金流风险作出初步识别，发现江淮汽车存在以下问题：采购环节原材料可能购置过量，易造成存货积压；生产环节产能利用率低，无法形成规模经济；现金流价值转化能力不强，销售环节现金回收能力不佳，无法实现资金高效周转；客户环节客户群体分散，缺少稳定大额资金流入；筹资环节偿债性风险较大，筹资方式单一等。之后建立基于安全性和创值性目标下的合适现金流风险评估体系，对其现金流风险进一步量化，发现江淮汽车在偿债性、收益性和成长性方面的现金流风险较大，会影响到公司的正常生产经营。针对上述江淮汽车现金流风险管理中存在的问题，基于价值链视角下现金流风险管理的安全性和创值性目标给出了相应的现金流风险应对策略。包括转变货源策略，构建最佳采购组合、提高产能利用率、适时引进JIT方法、改进供应链金融服务，优化公司资本结构、明确发展战略、提高收现能力等，与此同时希望能为汽车制造行业其他企业的现金流风险管理提供一些借鉴。

    The ultimate goal of the company's daily efficient management is to create value for the company and achieve sustainable development of the company. In the whole process of daily operation, the management pays more attention to the relevant indicators in the profit statement, while ignoring the cash flow in the process of company operation, investment and financing. This behavior will lead to the emergence and outbreak of cash flow risk, and then increase the company's financial risk. Similarly, it will lead to the failure to achieve the ultimate goal of value creation, but may lead to the breakdown of the company's capital chain, bankruptcy and other crises. Cash flow is the blood needed in the daily operation of a company and the carrier of value creation. It flows through every aspect of the company's daily operation and has a significant impact. Cash flow risk management in the traditional mode does not take into account the external aspects of capital transactions, but only controls risks from the internal operation of the company. The application of the value chain theory makes the company's internal and external interrelated production and operation activities constitute a dynamic process of value creation. The cash flow risk management model from the perspective of value chain helps the company to control the cash flow risk reasonably and ensure the normal flow of funds from the internal and external aspects. At the same time, it can maintain stable cash flow on the premise of capital security, help the company to develop efficiently and sustainably for a long time, and create value.

    In this paper, we choose JH Automobile, a state-owned enterprise in the automobile manufacturing industry, as a case study. According to the key links related to cash flow in its value chain and the analysis of relevant financial indicators, we make a preliminary identification of cash flow risks in each link. Through the analysis, it is found that JH Automobile has the following problems: excessive purchase of raw materials in the procurement process, which is easy to cause inventory backlog; low capacity utilization rate in the production process, which can not form economies of scale; weak ability to transform cash flow value, poor ability to recover cash in the sales process, which can not achieve efficient capital turnover; scattered customer groups in the customer process, lack of stable large capital inflow; The risk of debt repayment in the process of financing is high, and the way of financing is single. Then establish the appropriate cash flow risk assessment system based on the safety and value creation objectives, and further quantify the cash flow risk. It is found that the cash flow risk of JH Automobile in terms of debt repayment, profitability and growth is high, which will affect the normal production and operation of the company. In view of the above problems existing in the cash flow risk management of JH Automobile, the corresponding cash flow risk coping strategies are given based on the safety and value-creating objectives of cash flow risk management from the perspective of value chain. These risk response measures include changing sourcing strategy, building the best purchasing portfolio, improving capacity utilization, timely introducing JIT method, improving supply chain financial services, optimizing the company's capital structure, defining development strategies, and improving cash collection ability. At the same time, we hope provide some reference for other enterprises in the automobile manufacturing industry in cash flow risk management.