会计学院知识库

现金流是企业的生命线，畅通无阻的现金流才能保障企业日常经营活动的稳定运行。现金流流经内外部价值链的每个环节，而传统现金流管理研究仅着眼于企业内部供产销等环节，忽视了供应商、银行、客户等外部主体对企业现金流的影响，基于内外部价值链的现金流风险管理可以有效整合企业内外部资源，提高现金流整体流转效率，实现企业价值最大化。

本文以兰州黄河企业股份有限公司（以下简称兰州黄河）为案例研究对象，基于价值链研究其现金流管理中的风险问题。首先，通过大量阅读国内外相关文献，总结国内外学者对于价值链、现金流风险管理以及两者结合的研究结论和相关理论，用以指导本文研究。其次，结合兰州黄河的现金流管理现状，对兰州黄河各个价值链环节现金流管理中存在的风险进行识别，总结兰州黄河的现金流风险诱因。再次，运用层次分析法构建可以反映安全性目标的现金流偿债性、流动性和反映创值性目标的收益性、成长性四个维度的现金流风险评估体系，量化兰州黄河的现金流风险程度。然后将兰州黄河近五年的现金流风险程度进行纵向和横向比较，分别从整体和各指标分解角度评估兰州黄河现金流风险并从价值链视角进一步分析原因。最后，针对兰州黄河现金流风险的识别与评估分析结果，结合其现金流风险诱因提出价值链各环节的风险控制建议，内部价值链上企业应根据销售预测和需求计划精准采购、实行精益化生产措施、拓展新零售渠道、专注中高端啤酒的研发，同时通过与供应商成立价值联盟、建立CMR营销体系、设计合理的多元化融资方案等措施控制外部价值链的现金流风险。希望本文研究可以对兰州黄河现金流管理有所帮助，也可以为其他啤酒企业提供借鉴。

Cash flow is the lifeblood of enterprises, and a smooth cash flow is essential to ensure the stable operation of daily business activities. As cash flow passes through every link of internal and external value chains, traditional cash flow management research only focuses on internal links such as production and sales, neglecting the impact of external entities such as suppliers, banks, and customers on enterprise cash flow. Cash flow risk management based on internal and external value chains can effectively integrate internal and external resources of enterprises, improve the overall cash flow efficiency, and achieve the maximization of enterprise value.

This study takes Lanzhou Yellow River, a listed beer enterprise, as a case study object and investigates the risk issues in its cash flow management based on value chain analysis.Firstly, by reviewing a large amount of relevant literature at home and abroad, this study summarizes the research conclusions of domestic and foreign scholars on value chain, cash flow risk management, and the combination of the two, which are used to guide the research of this paper.Secondly, combining with the cash flow management status of Lanzhou Yellow River, this study identifies the risks in the cash flow management of each link in Lanzhou Yellow River's value chain and summarizes the cash flow risk factors of Lanzhou Yellow River.Thirdly, using the Analytic Hierarchy Process (AHP), this study constructs a cash flow risk assessment system that reflects four dimensions of safety objectives, including cash flow solvency, liquidity, and profitability, and value creation objectives, including profitability and growth, and quantifies the cash flow risk level of Lanzhou Yellow River.Then, the cash flow risk level of Lanzhou Yellow River in the past five years is compared longitudinally and horizontally, and the cash flow risk of Lanzhou Yellow River is evaluated from the perspective of the overall and individual indicators and further analyzed from the perspective of the value chain.Finally, based on the results of the identification and evaluation analysis of Lanzhou Yellow River's cash flow risk, this study proposes risk control suggestions for various links in the value chain, on the internal value chain, the enterprise should accurately purchase based on sales forecasts and demand plans, implement lean production measures, expand new retail channels, and focus on the R&D of mid-to-high-end beer.Meanwhile, external cash flow risks in the value chain can be controlled by measures such as establishing value alliances with suppliers, establishing a Customer Relationship Management (CMR) marketing system, and designing reasonable diversified financing plans.It is hoped that this study can be helpful for the cash flow management of Lanzhou Yellow River and provide reference for other beer enterprises.