Research On Yanjing Beer Working Capital Management From The Perspective Of Supply Chain

The working capital of an enterprise arises from the basic business activities such as commodity or labor transaction.These business activities are also run in the supply chain.With supply chain theory integrating into the company's development strategy and management activities,it is necessary to conduct research on the working capital management from the perspective of supply chain.The operating activities of beer companies are highly depent on the supply chain,and working capital management in these companies is greatly affected by the supply chain.From the perspective of supply chain,this paper takes Yanjing Beer as the research object,uses the information disclosed in the company's 2012-2016 annual report,and compares it with other listed companies in the same industry,from aspects of working capital strategy,working capital allocation and working capital respectively,to study the working capital management Yanjing Beer's in the last five years.Among them,the analysis of the efficiency of working capital management mainly based on the channel theory,evaluating the efficiency of the working capital management in the procurement,production and sales channels.The study finds that the problems in the working capital management of Yanjing Beer mainly include the follwing:packaging materials occupies too much working capital,goods in process turnover efficiency in the production channel needs to be improved,the merchandise inventory turnover period in the sales channel is long,and the "two-headed" working capital management model is potentially risky.It is believed that the causes of these problems are due to the incomplete information sharing mechanism,and insufficient attention to supply chain relationship management.Finally,according to the causes of the problems found in the research,this paper proposes to improve the information sharing mechanism,and use commercial credit rationally to build a harmonious and win-win supply chain relationship.The possible innovation of this paper is taking a slight adjustment to the classification and evaluating indicators of the original working capital under the channel theory,considering the characteristics of other payables of Yanjing Beer,so that the research is more in line with Yanjing Beer and other beer companies,which makes the paper strongly pertinence;However,due to the lack of internal information,the research conclusions of this paper may not accurately reflect the problems existing in the company.