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现金流是企业发展需关注的核心要素，企业任何一个环节都离不开它。但是近年来随着科技和经济的发展，我国白酒行业竞争激烈，受行业特点的影响，导致部分白酒企业由于产品缺乏核心竞争力，存在库存积压、资金周转困难等现象，使企业现金流管理变得困难。因此企业必须进行转型升级，必须寻找行之有效的现金流管理办法。价值链理论自首次提出以来，就为企业管理提供了有效的分析问题的工具，被企业管理者重视和运用。企业运用价值链管理可以达到资源有效配置和优化，以此实现企业可持续发展和价值最大化的目标，而现金流贯穿于价值链整个过程，因此将价值链与现金流关键环节相结合来分析企业现金流管理状况，在一定程度上可以突破传统现金流管理的局限性，提高企业核心竞争力，实现企业价值创造，打造企业发展新局面。

本文以价值链为研究视角，选择白酒行业四大龙头之一的山西汾酒作为案例公司，采用案例与理论相结合的方法，研究山西汾酒基于价值链的现金流管理。具体内容如下：第一是理论研究，阐述价值链理论和现金流管理理论，并介绍二者之间的关系。第二是案例研究，首先是分析现金流管理现状，从山西汾酒的经营活动、投资活动、筹资活动入手；然后以内部价值链和外部价值链为着手点，深入分析其价值链上各环节现金流管理状况，找到山西汾酒在现金流管理上存在的问题；最后，鉴于山西汾酒在现金流管理方面存在的问题，以内部价值链和外部价值链为视角提出针对性建议。

本文通过对国内外相关研究成果进行梳理，分析其研究成果。同时结合相关理论基础，基于山西汾酒2018-2022年五年内的相关数据，研究山西汾酒基于价值链的现金流管理。通过分析山西汾酒的经营活动、筹资活动和投资活动，进而采用熵值法分析评价其现金流管理水平，发现山西汾酒现金流管理效果良好，在现金流方面存在较低风险。进一步结合价值链分析发现内部在采购、研发、生产等环节，外部在客户和供应商方面存在不足之处，对不足之处提出优化建议。通过上述的研究，在为同行业企业基于价值链的现金流管理研究提供借鉴经验的同时丰富了以价值链为研究视角的现金流管理的理论研究和应用研究。

Cash flow is the core element that needs to be paid attention to in the development of enterprises, and any link of enterprises is inseparable from it. However, in recent years, with the development of science and technology and economy, the competition in China 's liquor industry is fierce. Affected by the characteristics of the industry, some liquor enterprises lack the core competitiveness of their products, and there is a backlog of inventory and difficult capital turnover, which makes the cash flow management of enterprises difficult. Therefore, enterprises must carry out transformation and upgrading, and must find effective cash flow management methods. Since the value chain theory was first proposed, it has provided an effective tool for enterprise management to analyze problems, and has been valued and applied by enterprise managers. Enterprises can use value chain management to achieve effective allocation and optimization of resources, so as to achieve the goal of sustainable development and value maximization. Cash flow runs through the whole process of value chain. Therefore, the combination of value chain and cash flow key links to analyze the cash flow management status of enterprises can break through the limitations of traditional cash flow management to a certain extent, improve the core competitiveness of enterprises, realize the value creation of enterprises, and create a new situation for enterprise development.

From the perspective of value chain, this paper chooses Shanxi Fenjiu, one of the four leading enterprises in liquor industry, as a case company, and studies the cash flow management of Shanxi Fenjiu based on value chain by combining case and theory. The specific contents are as follows : The first is theoretical research, expounding the value chain theory and cash flow management theory, and introducing the relationship between the two. The second is the case study. Firstly, according to the business activities, investment activities and financing activities of Shanxi Fenjiu, the current situation of cash flow management is analyzed. Then, starting from the value chain, the cash flow management status of each link in the value chain of Shanxi Fenjiu is analyzed in depth, and the shortcomings of Shanxi Fenjiu in cash flow management are found. Finally, in view of the shortcomings of Shanxi Fenjiu in cash flow management, the optimization suggestions are put forward from the perspectives of internal value chain and external value chain.

This paper analyzes the research results by combing the relevant research results at home and abroad. At the same time, combined with the relevant theoretical basis, based on the relevant data of Shanxi Fenjiu in the five years from 2018 to 2022, the cash flow management of Shanxi Fenjiu based on the value chain is studied. By analyzing the business activities, financing activities and investment activities of Shanxi Fenjiu, and then using the entropy method to analyze and evaluate its cash flow management level, it is found that the cash flow management effect of Shanxi Fenjiu is good, and there is a low risk in cash flow. Further combined with the value chain analysis, it is found that there are internal deficiencies in procurement, R & D, production and other links, and external deficiencies in customers and suppliers, and optimization suggestions are put forward for the deficiencies. Through the above research, it provides reference experience for the research of cash flow management based on value chain in the same industry, and enriches the theoretical research and application research of cash flow management from the perspective of value chain.