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      近年来，由于我国乳制品行业市场已经发展成熟，加之乳制品企业数量一直在不断增加，企业之间的竞争日趋白热化。对于企业来讲，营运资金就像我们身体中流淌的血液一样，对企业日常经营活动非常重要，营运资金管理的水平直接决定着企业能否健康的长久发展。传统的营运资金管理只关注企业单一要素是否达到   最优，不重视各要素之间的相互作用和协同关系，营运资金运用得当，一方面可以提高企业的营运资金周转效率，另一方面大幅度降低企业面临的投资风险、 筹资风险和经营风险，甚至盈利能力也会增强。以往的营运资金管理都是把各要 素单独分开来分析，这种分析方法只能看出单独的营运资金要素的影响，不能从企业整体层面了解企业的营运资金管理状况。想要提高企业的营运资金管理能力，只能从供应链视角出发，从不同方面加强乳制品企业资金管理，不仅能够控制企 业的营运成本，还能提高企业的盈利水平。查阅有关营运资金管理相关文发现， 关于乳制品行业营运资金管理的成果相对较少，所以本文选取乳制品行业代表型 企业光明乳业作为案例公司研究供应链下企业营运资金管理。

      本文采用案例分析法，结合供应链管理理论、营运资金管理理论，分析并研 究营运资金管理的现状、问题、原因，然后针对发现的问题给出合适的管理议。 首先，构造完整的供应链营运资金管理评价体系。然后，根据构建的评价体系对 供应链上三个环节的营运资金管理分别进行评价，根据评价的结果找出光明乳业 营运资金管理问题。最后，针对提出的问题给出针对性的建议。

      本文研究内容着重讨论营运资金各要素之间的相互关系对企业的影响，不同于传统营运资金管理的单一要素研究，光明乳业营运资金管理研究以营运资金管 理理论为重点，不止重视企业内部的营运资金管理，还深入分析了外部供应链的管理，一条完整的供应链应该同时包含采购环节的供应商、作为核心企业的企业本身、还有下游销售企业。针对光明乳业营运资金管理的问题进行分析和研究，最后制定出具体的改进意见，为今后准备大力发展供应链的乳制品企业提供供应 链管理的参考意见。

      Due to the maturation of the domestic dairy sector market and the rising number of dairy businesses, there has been an increase in the level of rivalry among these businesses in recent years. Working cash, like the blood circulating in our bodies, is crucial for the functioning and growth of businesses in proper operational circumstances. The degree of working capital management directly affects how well businesses may grow. It can not only increase an organization's working capital turnover efficiency but also significantly lower the operating, finance, and investment risks that the organization faces. It can even increase profitability. The prior working capital management strategy required breaking down the components for analysis; however, this analytical approach only allowed for the influence of each working capital component to be seen, not the working capital management of the organization as a whole. It is only possible to begin from the perspective of the supply chain and strengthen the fund management of dairy enterprises from various angles if we want to increase the ability of businesses to manage their working capital. This will help businesses not only control their operating costs but also raise their level of profitability. After reviewing pertinent papers on working capital management, it is discovered that the dairy business has made very little advances in this area. In order to analyze the working capital management of businesses within the supply chain, this article selects Bright Dairy Industry, a representative operation of the dairy industry.

     The case analysis method is used in this paper, along with the theories of supply chain management and working capital management. The current state, issues, and causes of working capital management are examined, and management recommendations are made that are appropriate for the vibrant dairy industry. Initially, according to the features and structure of the supply chain of dairy industry, a thorough evaluation system of dairy industry working capital management is built. The working capital management of each of the three supply chain connections is then assessed using the established evaluation system, and the issues with working capital management,

      The research topic of this paper, which is fundamentally distinct from typical research on a single aspect of working capital management, is the influence of the mutual link between multiple elements of working capital on firms. Working capital management theory and supply chain management theory are the main topics of Bright Dairy's working capital management research. On the one hand, it places a focus on Bright Dairy's internal supply chain management. The management of the external supply chain, however, is thoroughly researched.A complete supply chain should include upstream suppliers, internal enterprises and downstream customers. This paper analyzes and studies the problems of working capital management of Bright Dairy Industry, and finally formulates specificsuggestions for improvement, so that dairy industry enterprises can have a more comprehensive reference in the process of production, operation and management in the future.