会计学院知识库

现金流是决定企业能否存续的重要因素,是企业的生命之线。在充满不确定性的商业环境中,企业不断提高其风险承受能力就需要关注现金流风险。企业采取有效的现金流风险管理和价值链管理措施，可以有效地提升其经济效益，实现价值最大化的目标。价值链管理不仅关注企业内部的经营活动，还重视外部的供应商、客户和银行等对企业的影响。现金流活动贯穿于企业价值链的各个环节。企业的价值链环节为现金流风险管理提供了一个链条,现金流风险管理为企业价值链管理提供了量化依据，将价值链管理与现金流分析相结合有助于企业实现价值最大化的目标。

速冻食品加工行业自出现经过了四十几年的快速发展期，随着我国外部市场经济的放缓，食品加工所需原材料价格变动剧烈、企业之间的竞争环境变得更加复杂，再加上企业本身可能在生产经营、投资决策、筹融资等方面存在着不合理的地方，个别速冻食品加工企业面临挑战，销售遇冷、净利润下滑、业绩亏损。所以速冻食品加工企业不可避免地会面临一些经营危机，其中惠发食品近几年来收入增长速度逐渐放缓，净利润逐年下降，且在2021年发生巨大亏损，与此同时公司还背负着较大的债务压力，因此及时识别其生产经营中存在的各种风险，并采取有效的措施加以控制是重要且迫切的。

本文以价值链理论和风险管理理论为理论出发点，以惠发食品为案例，探讨了其如何基于价值链视角管理现金流风险。首先基于企业价值链内外部各环节对惠发食品的现金流风险进行了初步识别，其次在这个基础上进行现金流风险评价，并将安全性和创值性作为总体目标，具体化为偿债性、流动性、成长性和收益性四个能力，并对多个指标进行分析评价。评价结果表明，惠发食品存在着现金流偿债性风险，短期偿债能力和长期偿债能力均比较弱；成长性风险，经营活动现金流量不稳定，再投资能力弱；收益性风险，利润对现金的贡献率小等问题。最后，基于上述问题对惠发食品提出建议，从内部价值链角度调整产品销售战略、加强对应收账款的管理等；同时，从外部价值链角度提出完善供应商综合考评机制、建立战略伙伴关系等建议。

Cash flow is an indispensable element in the endurance of any business, being its lifeline. In an uncertain business environment,  companies need to focus on cash flow risk in order to improve their risk tolerance. Adopting effective cash flow risk management and value chain management measures,enterprises can significantly increase their economic efficiency and reach the aim of maximizing value. The enterprise’s effect on external suppliers, customers, and banks is not only taken into account by value chain management, but also its internal business activities. All links of the enterprise’s value chain are traversed by cash flow activities. A quantitative basis for enterprise value chain management is provided by cash flow risk management, which is a chain of value that an enterprise’s value chain provides.Maximizing value can be achieved by enterprises through a combination of value chain management and cash flow analysis.

Since the emergence of the frozen food processing industry after more than 40 years of rapid development, with the slowdown of Chinese external market economy, the price of raw materials required for food processing changes dramatically, the competitive environment between enterprises has become more complex, coupled with the enterprise itself may be in production and operation, investment decisions, financing and other aspects of unreasonable places, individual frozen food processing enterprises face challenges, sales are cold, net profit decline, performance losses. Therefore, it is inevitable that quick-frozen food processing enterprises will face some business crises. In recent years, Huifa Food’s revenue growth has gradually slowed down, net profit has been declining year by year, and a huge loss will be incurred in 2021.

Beginning with the theoretical foundations of value chain theory and risk management theory, this paper examines how to handle cash flow risk from a value chain viewpoint, utilizing Huifa Foods as an example. At the outset, Huifa Foods’s cash flow risk is determined through the internal and external connections of its enterprise value chain, followed by an appraisal of the risk. The objectives of safety and value creation are divided into four capabilities: debt servicing, liquidity, growth and profitability; and several indicators are then assessed and analyzed. Results of the assessment demonstrate that Huifa Foods carries a risk of cash flow insolvency, with both short-term and long-term solvency being weak. The risk of expansion is accompanied by unsteady cash flow from operations and a lack of reinvestment capacity. Risk of profitability, with a meager contribution of profit to cash. Recommendations to Huifa Foods, stemming from the aforementioned issues, are to adjust the product saales strategy and bolster the internal value chain’s oversight of accounts receivable. Recommendations to enhance the thorough assessment of suppliers and form strategic alliances from an external value chain viewpoint are being proposed concurrently