会计学院知识库

在现代企业管理中，资本运作是企业日益繁荣的动力源泉，营运资金的有效流通是其核心所在，它贯穿于企业各项业务活动之中，为组织的持续发展提供坚实保障。面临市场竞争的愈发激烈，身处煤炭产业的企业必须在稳固市场地位的同时，还要应对社会责任的承担、清洁能源的开发以及减排目标等多元复杂课题，这一系列因素构成了对管理层及企业自身的巨大挑战。营运资金的管理工作因而被赋予了更高层次的要求，一旦管理不当，就可能导致资金链的断裂或企业运营的中止，这对企业的稳健运行构成了严峻考验。

鉴于此背景，本研究选定恒源煤电作为调查对象，并以其运营资本管理为起点，采用案例分析的研究方法。选取了恒源煤电2018年至2022年间的财务数据进行深入探讨，通过系统审视公司运营资本的规模以及管理状况，课题发现随着企业资本体量的上升，现行的运营资金管理机制未能与公司的成长速度相匹配，造成了一系列问题的逐渐突显，包括长时间占用供应商资金、存货过剩、应收账款周转效率低下，以及货币资金利用率不佳等。由此可见，恒源煤电亟待对其运营资本的管理策略进行优化调整。本文通过案例研究法和大量文献研究，结合理论知识，深入探讨了恒源煤电问题的根源。研究结果表明，导致企业与供应商缺乏合作意识的原因之一是易受到外部环境的影响；同时，渠道内部存在信息共享管理不足的问题，也是导致缺乏合作的因素之一。此外，企业信用政策过于宽松和对资金管理的重视程度不足也是导致该现象存在的两个重要原因。

为确保公司的长远发展，提升恒源煤电营运资金管理效率及其长期发展的支持能力，本文建议采取如下针对性改良策略：一是深化与供应商的合作关系，避免资本过度占压现象的产生；二是强化渠道之间的信息交流网络建设，进而优化生产流程；三是提高应收账款管理的效能；四是增强管理层专业知识的深度储备，并完善营运资金评估体系，增进对营运资金管理的深刻理解与实践。通过这些方法的综合施行，将有效改进恒源煤电在营运资金管理方面的表现。

In modern enterprise management, capital operation is the driving force for the increasing prosperity of enterprises, and the effective circulation of working capital is its core. It runs through various business activities of enterprises, providing solid guarantees for the sustainable development of organizations. Faced with increasingly fierce market competition, enterprises in the coal industry must not only stabilize their market position, but also deal with diverse and complex issues such as social responsibility, clean energy development, and emission reduction targets. These series of factors constitute a huge challenge for management and the enterprise itself. The management of working capital has therefore been given higher requirements. Improper management may lead to the breakage of the capital chain or the suspension of enterprise operations, which poses a severe test to the stable operation of the enterprise.

In view of this background, this study selects Hengyuan Coal Power as the research object, and takes its operational capital management as the starting point, using a case analysis research method. We selected the financial data of Hengyuan Coal Power from 2018 to 2022 for in-depth exploration. Through a systematic examination of the company's operating capital scale and management status, the study found that as the company's capital volume increased, the current operating capital management mechanism failed to match the company's growth rate, resulting in a series of problems gradually becoming prominent, including long-term occupation of supplier funds, excess inventory, low accounts receivable turnover efficiency, and poor utilization of monetary funds. It can be seen that Hengyuan Coal Power urgently needs to optimize and adjust its management strategy for operating capital. This article uses case study method and extensive literature research, combined with theoretical knowledge, to deeply explore the root cause of the problem of constant source coal-fired power. The research results indicate that one of the reasons for the lack of cooperation awareness between enterprises and suppliers is their susceptibility to external environmental influences; At the same time, there is a lack of information sharing management within the channel, which is also one of the factors leading to a lack of cooperation. In addition, the excessively loose corporate credit policies and insufficient emphasis on fund management are also two important reasons for the existence of this phenomenon.

To ensure the long-term development of the company and enhance the efficiency of Hengyuan Coal Power's operational capital management and its ability to support long-term development, this article proposes the following targeted improvement strategies: firstly, deepen the cooperation with suppliers to avoid the occurrence of excessive capital occupation; The second is to strengthen the construction of information exchange networks between channels, thereby optimizing production processes; Thirdly, improve the efficiency of accounts receivable management; The fourth is to enhance the deep reserve of professional knowledge of the management team, improve the evaluation system of working capital, and enhance the profound understanding and practice of working capital management. The comprehensive implementation of these methods will effectively improve the performance of Hengyuan Coal Power in operating capital management.