Performance Analysis And Evaluation Of Working Capital Management Of Manufacturing Enterprises

With the fierce competition of current economic environment,Chinese manufacturing enterprises have encountered unprecedented pressure in the course of its development.In recent years,deproductivity,destocking and deleveraging have become the focus of current enterprises.With the development of manufacturing enterprises in our country,it has become an important aspect to improve the performance level of working capital management and to use capital effectively.As a part of the most liquid capital,working capital plays an important role in the survival and development of the enterprise.In the course of managing the working capital,we should not only ensure the need of the daily circulation of the enterprise,but also reduce the occupation of the capital as far as possible and raise the efficiency of the use of the funds,thus enhancing the overall value of the enterprise.Therefore,scientific and appropriate performance analysis and evaluation of working capital management can provide a good tool for enterprises to improve their financial situation.In recent years,the academic and practical circles at home and abroad have become more and more interested in the study of working capital,and the method of evaluating the performance of working capital management has also made great progress.This paper mainly uses the methods of literature research,case analysis and comparative analysis to study the basic theories such as working capital management theory,supply chain management theory,channel management theory,performance evaluation theory,etc..This paper analyzes the evaluation content and influencing factors of working capital management performance.Firstly,it lists the classification of working capital under the channel theory,points out the necessity and evaluation content of the performance analysis and evaluation of working capital management of enterprises,and analyzes the influencing factors of the performance of working capital management of various channels,and according to the characteristics of manufacturing enterprises.The performance evaluation system of working capital management based on channel management proposed by Professor Wangzhuquan is used to analyze the effectiveness of working capital management of H Company in the last ten years.Through the analysis,some problems existed in the management of H company's working capital are found out,and corresponding solutions are put forward.Then,based on the analysis of the shortcomings of the current performance evaluation system of working capital management,a modified performance evaluation system is constructed on the basis of the current performance evaluation system of working capital management based on channel management.The system is mainly based on the characteristics of working capital management of manufacturing enterprises,and combines the four dimensions of the balanced scorecard to refine the indicators of the performance evaluation of working capital management of enterprises through three channels: procurement,production,and sales.Finally,the suggestions and guarantee conditions of the revised evaluation system are given,and the conclusion is drawn.Based on the supply chain theory and channel theory,and based on the performance evaluation system of working capital management based on channel management,based on the analysis of the present situation and problems of working capital management in H company,the paper puts forward some suggestions for optimizing the performance of working capital management in H company.On the basis of this,a more detailed performance evaluation system of working capital has been established,which provides a way for the manufacturing enterprises to further analyze and evaluate the performance of working capital management.