Research On Working Capital Management Based On The Stakeholders' Perspective

In the mid-1990-s,the research on working capital management at home and abroad has developed rapidly with the significant growth of the situation.Throughout the companies who “fall” during the financial crisis in 2007,most are suffering from capital chain rupture.The examples of many bankrupt enterprises at home and abroad are also constantly warning us: profit determines the development of the enterprise,while,the cash flow determines the survival of the enterprise.In the 1960 s,the stakeholder theory rose.Under this theory,the enterprise not only pays attention to the interests of the stakeholders,but also takes the interests of other stakeholders into account,and gives them some participant rights and supervision rights.At present,the working capital management has got rid of the single factor research method,put the application of supply chain management theory in,and combined with channel management so as to realize rapid development,at the same time,the corporate stakeholders increasingly strengthen the working capital management.In this paper,through analyzing the necessity and possibility of combining the working capital management and the stakeholder theory,we find that both of them has the same theoretical basis and consistent goal,and can interact,jointly promote the value of enterprises increase,so they have the theoretical conditions to combine.The article takes the analysis of effect mechanism of stakeholders on the working capital management of Qingdao Haier as a breakthrough point,combined with the current situation of the working capital management of Qingdao Haier,and points out the problems of Qingdao Haier in working capital management.On this basis,from shareholders,creditors,suppliers,managers,employees,and customers of the six types of stakeholders,the article puts forward the improvement measures of Qingdao Haier's working capital management.Based on the theory of channel management,Qingdao Haier has achieved the financial and business integration,combining with the internet platform,Qingdao Haier achieves the information sharing between enterprises,suppliers and distributors,which can guarantee the company complete the JIT purchasing,JIT production and JIT sales,overall achieves good management effect.However,the supply chain,channel relations etc as the strategic factors that affect enterprise working capital management efficiency,not enough to cover all strategic elements on the influence of working capital,solely from the supply chain,channel relations to carry out the working capital management,it is inevitable that the working capital turnover failure,management performance decline and so on.Combined with the study of stakeholder theory,we made the following recommendations to improve the working capital management level of Qingdao Haier: Aspects of shareholders and creditors,Qingdao Haier benefits from the convenience which is produced by association exchange between shareholders,meanwhile,they also need to restrain and manage the shareholders' behavior,and constantly improve the corporate governance structure,actively use the innovation of financial tools to establish a new relationship between banks and enterprises.Aspects of suppliers,Qingdao Haier must adhere to the principle of equality and reciprocity,select suppliers according to production needs,formulate and implement the mechanism which is used to evaluate and stimulate suppliers.Aspects of managers and employees,Qingdao Haier needs to make improvements on personnel structure,cooperation between departments,corporate governance and other aspects,increases technology research and developments staff in proper proportion,attracts high-quality talent,increases the association between managers,employees and business interests.Aspects of consumers,in-depth promotes “Zero Inventory”,with the help of internet platform and database system to expedite the customer to participate in the management of working capital.