Research On Working Capital Management Of Mengniu Dairy Based On Value Chain

Along with the economic globalization,the information technology iterates rapidly and the competitive environment of enterprises has changed fundamentally.How to ensure sustainable development under the tide of globalization is the key point for the enterprise to make the strategy.In recent years,the theory of value chain management is widely used in enterprise management.Working capital is the strongest part of the liquidity and turnover capacity of the enterprise assets,and its efficiency is related to whether the enterprise can continue to operate.Then the value chain management theory is applied to the working capital management of the enterprises and this method is much accounted of the theorists and the practice.The theory of working capital management based on the value chain requires companies to change the focus of working capital management from “funds” to “operations”,from “finance” to “business”,and discuss how to optimize the value chain structure and how to deal with the relationships of different companies in the value chain,so as to improve the performance of corporate working capital management.The dairy product industry is a typical manufacturing industry.However,due to the particularities of milk and milk powder products and their long value chain and close links in the value chain,the dairy industry and its upstream and downstream industries often become a special industry that attracts much attention.At present,China's dairy products industry has the problems of low working capital operating efficiency and unreasonable working capital structure.Among them,the ultra-large dairy product groups such as Mengniu Dairy and Yili Group are leading the industry in many aspects,but in the management of working capital there are some own problems.Therefore,based on the review of the application of value chain management theory to study status of working capital management,proposed by Professor Wang Zhuquan working capital classification point of view,Mengniu Dairy is selected as the research object.And in the dairy industry,this paper chooses the Yili Group with the best performance of the market as a comparison of enterprises to analyze Mengniu Dairy from the procurement of value chain,production and marketing of 2012-2016 working capital management performance.Through case study and comparison analysis,this paper finds out some problems existing in the management of working capital in Mengniu Dairy.On the basis of the management experience of Yili group and other model enterprises,this paper puts forward some suggestions for the working capital management of Mengniu Dairy.