会计学院知识库

互联网技术的飞速发展对我国零售业产生深远影响，网络零售正在逐渐取代实体零售，对传统零售行业构成巨大的威胁，零售企业商业模式转型迫在眉睫。企业转型过程离不开大规模的资金支撑，而经营现金流是企业生存和发展的中流砥柱，在企业转型过程中扮演重要角色。“新零售”模式有助于推动零售企业线上与线下的一体化进程，使线上的互联网技术和线下的实体店铺形成真正意义上的融合，从而完成零售企业在商业维度上的优化升级，成为零售企业创新战略转型和摆脱经营困境的重要途径。然而，目前有关新零售的研究仅停留在理论阶段，很少有学者通过案例分析来深入研究新零售模式，因此，研究企业新零售模式转型下的经营现金流管理具有重要的现实意义。

本文采用理论与案例相结合的研究方法，选取零售业内率先进行商业模式转型的天虹股份作为案例企业。结合“新零售之轮”理论分析企业商业转型期间经营现金流管理水平。首先，本文梳理相关概念和理论基础，介绍相关研究文献。其次，对天虹股份零售模式转型过程以及新零售模式转型动因进行梳理。再次，建立经营现金流评估指标体系，利用层次分析法计算企业整体经营现金流管理水平。最后，从企业内外两部分分析天虹股份转型新零售模式过程中对经营现金流的管理措施。希望通过对天虹股份的深入研究，为其他实体零售企业新零售模式转型提供借鉴和参考。

The rapid development of Internet technology has had a profound impact on China's retail industry, and online retail is gradually replacing physical retail, posing a huge threat to the traditional retail industry. The business model transformation of retail enterprises is imminent.The transformation process cannot be done without large-scale capital support, and operating cash flow is the mainstay of business survival and development, playing an important role in the transformation process. The "new retail" model can help promote the integration of online and offline retail enterprises, and enable the integration of online Internet technology and offline physical stores in a real sense, thus completing the optimization and upgrading of retail enterprises in business dimensions, and becoming an important way for retail enterprises to innovate strategic transformation and get rid of business difficulties. However, the current research on new retailing is only at the theoretical stage, and few scholars have studied the new retail model in depth through case studies. Therefore, it is of great practical significance to study the operational cash flow management under the transformation of the new retail model of enterprises.

In this paper, we use a combination of theory and case studies to examine the management of cash flow in a new retail model. This paper analyzes the level of operating cash flow management during business transformation in the context of the "new retail wheel" theory. First, this paper reviews the conceptual and theoretical foundations and introduces the relevant research literature. Second, the process of retail transformation and the motivation of the new retail model transformation of Tianhong is presented. Again, we establish an operating cash flow assessment index system and use hierarchical analysis to calculate the overall operating cash flow management level of the enterprise. Finally, we analyze the management measures of operating cash flow in the process of transforming the new retail model of Tianhong Stock from both internal and external parts of the company. It is hoped that the in-depth study of Tianhong shares will provide references and lessons for other brick-and-mortar retail enterprises in their new retail model transformation.