The Research On Working Capital Management Of VATTI Based On Channel Theory

In recent years,in order to adapt to the rapid economic development and the rise of Internet sales,the kitchen electric industry began to transform and upgrade to intelligent.In this development process,enterprises usually invest more capital and technology,so it is easy to reveal some working capital management problems.Besides,as working capital management plays a quite important role in corporate financial management,it will directly affect the liquidity and profitability of corporate capital,how to improve the efficiency of corporate working capital on the premise of ensuring financial security,so as to reduce costs and bring more profits to the enterprise.This all needs to deepen the research on working capital management,and help enterprises better discover and solve problems to improve working capital management performance.In 2014,VATTI's current liabilities accounted for 99.11%of total liabilities,and the average ratio from 2013 to 2017 was 98.72%.It has strong dependence on short-term funds and triggered thinking about the management of working capital of VATTI.This paper starts from the perspective of management and reclassifies working capital by combining the theory of channel management,adopts indicator analysis method,and takes VATTI as the research object to carry out the research on working capital management based on channel theory.First of all,according to working capital structure of VATTI,this paper mainly analyzes the composition of current assets and current liabilities.Then it analyzes the current management situation of accounts receivable,inventory and accounts payable.Finally,based on the theory of channel management,selected working capital data for five years from 2013 to 2017,compares the working capital management level of VATTI's purchase,production and sales channels with that of the most outstanding enterprise ROBAM in the same industry and the industry average to analyze the working capital management status of all channels of VATTI.In the analysis process,we found the following problems in the management of VATTI working capital,taking too much money from suppliers,low recovery capacity of accounts receivable,and management policies are too aggressive.It was explained that the above problems were caused by the neglect of the importance of payable account management,lack of overall planning awareness of accounts receivable,and the way of financing is too single.For the problems of VATTI,this paper puts forward the corresponding optimization suggestions from three aspects:purchasing channel management,sales channel management and structure management.In the aspect of purchasing channel management,we should strengthen the commercial credit management of accounts payable,intensify the management of supplier relationship,and set up the credit management department;In the aspect of sales channel management,we should establish the customer credit evaluation system and improve the efficiency of logistics distribution;In the aspect of financing policy,we should implement diversified financing.