会计学院知识库

近年来，随着大量的调味品企业涌入资本市场，调味品行业日益强大，市场份额进一步提高，调味品企业之间的竞争也在加剧。调味品企业的经营发展离不开充足的营运资金支持，拥有适量的营运资金是保障调味品企业经营活动顺利开展的必要条件，所以调味品企业要重视对营运资金的管理。但是传统营运资金的管理模式侧重于对单个会计要素的分析，与企业的经营活动及业务流程相脱节，无法全面考量企业的营运资金管理水平。而价值链管理涉及企业经营活动的各个环节，基于价值链视角进行营运资金管理研究，可以创新传统营运资金管理模式，帮助企业有效提升核心竞争力，实现整体价值创造的协同发展。

海天味业作为国内最大的调味品生产企业，以超200 亿的营收规模稳居调味品行业龙头地位，具备产品、渠道、运营、品牌等多维竞争优势，扎根于调味品、酱油、蚝油三大主营业务，多年来销售业绩均实现了稳健增长。本文以调味品企业海天味业为研究对象，采用案例分析法，从价值链视角探究了海天味业营运资金管理的效果。首先，本文阐述了研究背景及意义，提炼并总结了国内外相关研究文献。其次，本文通过对海天味业营运资金的结构和规模进行了分析，初步评估了海天味业营运资金管理状况。然后基于内外部价值链的视角分析了海天味业各个环节中的营运资金管理效果，发现其在内部价值链环节存在应付账款占比过大、存货管理水平低下及销售信用政策过于严苛等问题；外部价值链环节存在供应商管理较为分散、客户流失风险较大等问题。最后，本文从采购、生产、销售、供应商和客户等多个环节对其存在问题提出优化建议。希望基于价值链角度探讨海天味业的营运资金管理状况，能够帮助海天味业优化营运资金管理模式，也能为其他调味品企业的营运资金管理提供借鉴和指导意义。

In recent years, with the influx of a large number of condiment enterprises into the capital market, the condiment industry is increasingly strong, the market share is further improved, the competition between condiment enterprises is also intensified. The operation and development of condiment enterprises cannot do without sufficient working capital support, and having an appropriate amount of working capital is a necessary condition to ensure the smooth development of condiment business activities, so condiment enterprises should pay attention to the management of working capital. However, the traditional analysis mode of working capital management focuses on the analysis of a single accounting element, which is disjointed from the business activities and business processes of enterprises, and cannot comprehensively consider the level of working capital management of enterprises. The analysis of the working capital management effect by means of the value chain tool can innovate the traditional working capital management mode, help enterprises effectively improve their core competitiveness, and realize the coordinated development of the overall value creation.

The case study object of this paper is the condiment enterprise Haitian Flavor industry. As the largest condiment manufacturer in China, Hatian Flavor has a revenue scale of more than 20 billion yuan and has a leading position in the condiment industry. It has multi-dimensional competitive advantages such as products, channels, operations and brands. It is rooted in the three main businesses of condiment, soy sauce and oyster sauce, with rapid and steady sales growth. This paper uses case analysis method to explore the effect of working capital management of Haitanwei industry from the perspective of value chain. First of all, this paper describes the research background and significance, refining and summarizing the literature on working capital at home and abroad. Secondly, by analyzing the structure and scale of the working capital of Haitian Food industry, this paper preliminarily evaluates the working capital management of Haitian Food industry. Then, based on the perspective of internal and external value chain, it analyzes the working capital management effect in each link of Haitian Weiye, and finds that there are some problems in the internal value chain, such as too large proportion of accounts payable, low level of inventory management and too strict sales credit policy. There are some problems in the external value chain, such as decentralized supplier management and high risk of customer loss. Finally, this article from the procurement, production, sales, suppliers and customers and other links to the existing problems of the optimization suggestions. It is hoped that the discussion on the working capital management of Haitian Flavor Industry from the perspective of value chain can help Haitian Flavor industry optimize the working capital management mode and provide reference and guidance for the working capital management of other condiment enterprises.