摘要：二十一世纪公司的规模和业务也在不断地扩大，而营运资金的绩效直接影响上市公司未来发展的方向。中国重工作为造船业的龙头企业，充足的营运资金可以使得该企业的各个环节得到有效的衔接。一旦该企业疏于对营运资金的管理，就很有可能在造船业中失去竞争力。本文首先对营运资金管理的基本概念、营运资金管理的内容、按渠道和按要素两种营运资金管理分析办法进行了简单的介绍。发现按要素分析方法存在一定的问题，按渠道分析方法是对按要素分析方法的改良与发展。接下来根据中国重工2011-2015年的报表，对该企业这五年的营运资金管理分别通过渠道与要素两种方法进行了分析。发现生产渠道周转期长、理财渠道周转效率差、企业流动资产占比高、存货和应收账款效率差等问题。最后提出对在产品存货进行管理、利用供应链提高货币效率、加强对存货、应收账款的管理等措施。本文旨在为重工营运资金管理提出实务性的建议。

关键词：营运资金管理；中国重工；案例研究

Working Capital Management of China Shipbuilding Industry Company Limited

Abstract：In the rapid economic development today, the size of the company and business is constantly expanding, and working capital’s performance directly affects the future development of listed companies. Adequate working capital can make all aspects of business effectively of the convergence, so that China Shipbuilding Industry Co. Ltd can continue to operate long-term as a leading shipbuilding industry. Once the enterprise fails to manage the working capital, it is likely to lose its competitiveness in the shipbuilding industry and eventually lead to bankruptcy.

This paper first introduces some basic concepts of working capital management, which focuses on the content of working capital management, including cash management, accounts receivable management, inventory management and short-term financing. Then, the two methods of working capital analysis are expounded in theory. They are analyzed by channel and by factor analysis. It is found that there are some problems in the method of factor analysis, and the method of channel analysis is the improvement and development of the method of factor analysis. Next, according to the 2011-2015 year report of China Shipbuilding Industry Co. Ltd, the management of working capital in the past five years has been analyzed by two methods. It is found that the production channel has a long turnover period, poor  efficiency of financial channel turnover, high proportion of current assets and poor efficiency of inventory and accounts receivable. Finally, according to these problems, we put forward the management of product inventory, the use of supply chain, improve the efficiency of money, and strengthen the management of inventory, accounts receivable. This paper aims to make practical recommendations for the management of China Shipbuilding Industry Co. Ltd.

Keywords: Working capital management; China Shipbuilding Industry Co. Ltd; problems research

目录

0引言1

1营运资金管理理论...1

1.1营运资金理论1

1.2营运资金管理内容.2

1.2.1现金管理2

1.2.2应收账款管理.2

1.2.3存货管理3

1.2.4短期融资3

1.3营运资金管理绩效分析相关理论....3

1.3.1按渠道分析办法相关理论.3

1.3.2按要素分析办法相关理论.5

2中国重工营运资金管理现状8

2.1渠道式营运资金现状分析8

2.1.1渠道式总营运资金周转期.8

2.1.2经营活动营运资金各渠道10

2.1.3理财渠道营运资金.12

2.2营运资金按要素现状分析....13

2.2.1营运资金结构13

2.2.3营运资金管理周转效率..20