会计学院知识库

营运资金管理是经营管理活动中非常重要的一环，营运资金管理不善可能会使企业资金链断裂，进而在某种程度上影响着企业的生存和发展。面对竞争越来越激烈的市场以及全球金融市场的不稳定局面，加强营运资金管理有利于企业进一步控制财务风险。随着资本市场的发展和不断完善，企业与其利益相关者之间的联系在不断地加深，这就强调企业与其利益相关者之间要相互关联和依赖。因此，企业在日常经营管理的过程中应全面顾及企业的不同利益相关者，这样有助于企业营运资金管理效果的全面提升。

本文选取 2022 年营收破百亿的新希望乳业作为案例企业，通过识别与新希望乳业生产经营密切相关的五个利益相关者并分别选取相关的评价指标，构建营运资金管理评价体系对新希望乳业近五年的营运资金管理水平进行评价，并根据指标数据的分析找到新希望乳业营运资金管理过程中存在的问题并提出针对性的优化建议。

经研究发现新希望乳业在股东层面中，关联方交易产生的应收账款比例较低且保持地较为稳定，但是企业的盈利能力欠佳，股东分红比例较低，应注重提高企业盈利能力和股东分红比例，增强股东信心；在债权人层面近五年企业短期偿债能力相对不足，企业的债务结构以短期负债为主，需警惕由短期负债的增加带给企业的风险和压力，应及时优化企业的债务结构；在供应商层面上，应付账款数额较大且逐年增长，需警惕过度占用供应商资金，应对供应商进行分类管理，针对不同的供应商采取不同的应付账款政策；在员工层面需要在人员构成方面做出调整；在客户层面中应收账款回收速度较慢，销售环节管理的效率仍有待提升。本文通过分析并提出相应的建议，以望对新希望乳业的营运资金管理具有一定的建设意义，同时为行业内的其他企业提供参考。

In the operation and management activities of enterprises, working capital management is a very important part. Poor working capital management may break the capital chain of the enterprise, and then affect the survival and development of the enterprise to some extent. Facing the increasingly competitive market and the unstable situation of the global financial market, strengthening the management of working capital is conducive to the further control of financial risks. With the development and continuous improvement of the capital market, the connection between enterprises and their stakeholders is constantly deepening, which emphasizes the interrelation and dependence between enterprises and their stakeholders. Therefore, enterprises should fully take into account different stakeholders in the process of daily operation and management, which is conducive to the overall improvement of the working capital management effect of enterprises.

This paper selected New Hope Dairy, whose revenue exceeded 10 billion in 2022, as a case enterprise. By identifying five stakeholders closely related to the production and operation of New Hope Dairy and selecting relevant evaluation indicators respectively, the working capital management evaluation system was constructed to evaluate the working capital management level of New Hope Dairy in the past five years. Based on the analysis of index data, the problems existing in the working capital management process of New Hope dairy industry were found and the targeted optimization suggestions were put forward.

It is found that in the shareholder level of New Hope Dairy, the proportion of accounts receivable generated by related party transactions is relatively low and stable, but the profitability of the enterprise is not good, and the proportion of shareholders' dividends is low. In the past five years, the short-term debt paying ability of enterprises is relatively insufficient at the creditor level, and the debt structure of enterprises is mainly short-term liabilities. It is necessary to be alert to the risks and pressures brought by the increase of short-term liabilities, and optimize the debt structure of enterprises in time. At the supplier level, the amount of accounts payable is large and growing year by year, so it is necessary to be wary of excessive use of supplier funds, classify suppliers, and adopt different accounts payable policies for different suppliers. At the staff level, it is necessary to make adjustments in personnel composition; At the customer level, the recovery speed of accounts receivable is slow, and the efficiency of sales management still needs to be improved. Through analysis and corresponding suggestions, this paper hopes to have certain construction significance for the working capital management of New Hope Dairy, and provide reference for other enterprises in the industry.