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       近几年，中国汽车行业面临原材料上涨、芯片短缺等因素带来的挑战，再加上汽车市场也趋于饱和，各大车企都开始加速转型，将改革的重点放在去产能、降成本、提质量上，企业间的竞争愈加激烈。对此，汽车企业必须加强财务管理水平，重视营运资金的管理，以提高综合实力。汽车制造业在日常经营活动中，占用的营运资金庞大，其营运资金具有流动性大、变换性强等特点，所以更要加强营运资金的管理。将价值链理论与汽车企业的营运资金管理相结合，可以从企业整体层面对车企营运资金管理进行整合，有助于优化车企的营运资金结构，提高对资金的利用率，增强汽车企业的可持续发展能力。文章以长城汽车股份有限公司为研究对象，基于价值链理论对其营运资金管理进行分析。

       文章首先介绍了长城汽车的价值链构成和营运资金的基本情况。基于价值链理论、渠道管理理论、客户关系理论，对长城汽车在价值链环节上的营运资金管理要素进行分析，接着从案例公司的内部价值链与外部价值链入手，结合三维分析方法，对营运资金的流动性、收益性和风险情况进行深入分析，从中找出长城汽车在营运资金管理中有待优化的地方，以提出改进建议。

       研究表明长城汽车在内外价值链环节上对营运资金的管理还有待优化，主要问题有以下两个方面：一是在内部价值链中各对各环节的资金配置还需整合；二是在外部价值链需要加强企业的前瞻性，和上下游的关系需要加强维护。基于此，提出了加强采购环节对资金的利用率、严格把控生产计划、加强全过程管理等优化建议。通过对价值链上每个环节的完善，使企业价值最大化，以期使案例公司更好更快地发展。

In recent years, Chinese auto industry has faced challenges from rising raw materials and chip shortages, plus the auto market is also becoming saturated, and major auto companies have begun to accelerate their transformation, focusing their reforms on removing production capacity, reducing costs and improving quality, and competition among enterprises has become more intense. In response, automotive enterprises must strengthen the level of financial management and pay attention to the management of working capital in order to improve their comprehensive strength. The automobile manufacturing industry occupies huge working capital in its daily operation activities, and its working capital is characterized by high liquidity and strong changeability, so it is more important to strengthen the management of working capital. Combining the value chain theory with the working capital management of automobile enterprises can integrate the working capital management of automobile enterprises from the overall enterprise level, which helps optimize the working capital structure of automobile enterprises, improve the utilization rate of funds and enhance the sustainable development ability of automobile enterprises. The article takes Great Wall Motor Co., Ltd. as the research object and analyzes its working capital management based on value chain theory.

The article firstly introduces the value chain composition and the basic situation of working capital of Great Wall Motor. Based on the value chain theory, channel management theory and customer relationship theory, the working capital management elements of Great Wall Motor in the value chain are analyzed, followed by the internal and external value chains of the case company, combined with the three-dimensional analysis method, the liquidity, profitability and risk of the working capital are analyzed in depth, from which the areas to be optimized in the working capital management of Great Wall Motor are identified, in order to The study shows that Great Wall Motor has been able to improve its internal and external value chain.

The study shows that the working capital management of Great Wall Motor in the internal and external value chains still needs to be optimized, with the following two main problems: firstly, the allocation of funds in each link in the internal value chain needs to be integrated; secondly, the external value chain needs to strengthen the enterprise's foresight, and the relationship with upstream and downstream needs to be maintained. Based on this, optimization suggestions are made to strengthen the utilization rate of funds in the procurement chain, strictly control the production plan, and strengthen the whole process management. Through the improvement of each link in the value chain, the enterprise value is maximized in order to make the case company grow better and faster.