The Research On The Operation Capital Management Of BTL Company From The Perspective Of Value Chain

The development of information science and technology has a huge impact on the external economic environment faced by enterprises.In recent years,the slowdown in the national macro-economic growth has made the market situation faced by enterprises more and more serious.China’s traditional coal chemical industry enterprise policy has been tightened gradually.Facing many economic policies and environmental laws and regulations risk,enterprises notice that,Thus to survive in such competitive environment,the key lies in the management of working capital.However,Due to the unavailability of winning competitiveness in recent market by applying the original approach of managing working capital,it is necessary for the enterprise to introduce the theory of value chain to manage working capital in a new perspective,and to extend and deepen the research to maximize the enterprise value as well as the entire value-chain.It is necessary to introduce the theory of value chain,which is a management of working capital in a new perspective.What’s more,expanding the depth and breadth of research is also significant to maximize the value of the company and even the whole value chain value.Firstly,this paper establishes a value chain oriented theoretical framework of working capital management.Through the research into the working capital management model as well as the analysis principle of value chains,this paper believes that in the process of value chains’ management,the logic of working capital management can be demonstrated as:the longitudinal variation of the value chain will contain the company operating funds management focus;the optimization of the internal value chain will improve the company’s capital;the competitor’s value chain will affect the direction of the company’s capital management.Secondly,this paper,which takes BTL company as the research object,analyses the company’s development,business model,development strategy and business conditions,combined with BTL company’s financial information and non-financial information of the company working capital management model in 2012-2016 operation.Finally,this paper also analyses the BTL company’s working capital management value chain process,describes the basic situation of the company’s value chain,In addition,an elaboration on the focus of working capital management in BTL’s longitudinal value chain,the efficiency of working capital in the internal value chain and the direction of competitor’s working capital management will be covered.The study found the company’s working capital management should be extended from the inside to the outside;the improvement in the efficiency of working capital management is related to the optimization of the company’s internal value chain;the competitor’s advantages in its value chain is the benchmark for the company to adjust its working capital management.According to the influence of BTL’s value chains’ management on its working capital management,this paper get the following enlightenment:penetrating the concept of value chain into the working capital management;there is a need for the strengthening in product research and development as well as a change in the way of selling;paying attention to the external environment and adjusting the purchasing strategy;strengthening the upstream and downstream cooperation,and relevant measures such as improving the capital turnover should be adopted to provide practical reference for other companies in working capital management.