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东方雨虹作为一家防水建材上市企业，经过多年的发展，成为了防水建材行业的龙头。伴随着东方雨虹规模的扩大，应收账款也“越滚越大”；随着多项节能环保政策的出台、国际原油价格的上涨以及下游房地产行业的政策紧缩，东方雨虹面临的资金压力也越来越大。营运资金是保证企业正常运作的基础，在企业经营中占据着极其重要的地位。目前,关于企业营运资金管理的研究大都以供应链、渠道关系为视角展开分析，而与供应商、客户关系一样，股东、债权人等群体同样对营运资金的管理有着重要作用。

企业是由各利益相关者投入多元资本组成的一个利益共同体，传统的营运资金管理模式无法全面、具体地体现企业利益相关者对营运资金的影响作用。所以,将利益相关者引入营运资金管理中,研究各利益相关者角度下的营运资金运转情况，在全面分析的基础上优化营运资金管理，从而加强了对利益相关者的认识，也可以对已有的营运资金管理开展深入研究，拓展营运资金管理的研究途径。

本文通过对相关理论、文献的梳理，确定从股东、债权人、供应商、员工、客户五个角度出发对东方雨虹的营运资金管理现状展开研究。研究发现，在股东层面，东方雨虹存在关联交易行为，需要加强关联方交易信息的披露，做好中小股东利益的保障；从债权人角度来看，东方雨虹的经营现金流不足，可能会减弱企业的偿债能力，需要注意对现金流的管理；供应商层面，公司的应付账款周转期延长，可能会降低企业信用，不利于供应商关系的维护，所以，东方雨虹需要注意应付账款的管理，保证供应商的利益，维护自身的商业信用；从员工角度来看，公司的激励措施不到位，产品生产效率变缓，因此员工激励是东方雨虹需要多加关注的事项；在客户角度，应收账款大量产生，回款速度慢是东方雨虹亟需解决的重中之重，需要通过加强客户信息管理等手段来加快应收账款的回款速度。

As a listed waterproof building materials company, Dong Fang Yuhong has become a leader in the waterproof building materials industry after years of development. With the expansion of Dong Fang Yuhong's scale, the accounts receivable are also "rolling bigger and bigger"; with the introduction of a number of energy-saving and environmental protection policies, the rise in international crude oil prices and the tightening of policies in the downstream real estate industry, Dong Fang Yuhong is facing financial difficulties. The pressure is also increasing. Working capital is the basis for ensuring the normal operation of an enterprise and occupies an extremely important position in the operation of an enterprise. At present, most of the research on enterprise working capital management is analyzed from the perspective of supply chain and channel relationship, and like supplier and customer relationship, shareholders, creditors and other groups also play an important role in the management of working capital.

An enterprise is a community of interests composed of multiple capitals invested by various stakeholders. The traditional working capital management model cannot fully and specifically reflect the impact of enterprise stakeholders on working capital. Therefore, introduce stakeholders into working capital management, study the working capital operation from the perspective of each stakeholder, and optimize working capital management on the basis of comprehensive analysis. In this way, the understanding of stakeholders can be strengthened, and in-depth research on existing working capital management can also be carried out, and the research methods of working capital management can be expanded.

By sorting out relevant theories and literature, this paper determines to conduct research on the management status of Dong Fang Yuhong's working capital from five perspectives: shareholders, creditors, suppliers, employees and customers. The study found that at the shareholder level, Dong Fang Yuhong has related transactions, and it is necessary to strengthen the disclosure of related party transaction information and ensure the interests of small and medium shareholders; from the perspective of creditors, Dong Fang Yuhong's operating cash flow is insufficient, which may weaken The company's solvency needs to pay attention to the management of cash flow; at the supplier level, the company's accounts payable turnover period is extended, which may reduce the company's credit and is not conducive to the maintenance of supplier relationships. Therefore, Dong Fang Yuhong needs to pay attention to accounts payable. from the perspective of employees, the company's incentive measures are not in place, and the production efficiency of in-process products is low, so employee incentives are a matter that Dong Fang Yuhong needs to pay more attention to; From this point of view, a large number of accounts receivable are generated, and the slow payment speed is the top priority for Dong Fang Yuhong to solve urgently. It is necessary to speed up the collection speed of accounts receivable by strengthening customer information management and other means.