Research On The Impact Of Supply Chain Financing On Working Capital Management Efficiency

Working capital management is an important part of enterprise financial management.Wholesale and retail business is one of the industries with the highest degree of marketization and the most fierce competition in China.It is of great practical significance to evaluate the impact of supply chain financing on the performance of working capital management in this industry.Based on the channel management theory,working capital management theory and supply chain financing theory,this theses analyses the impact of supply chain financing level on the performance of wholesale and retail business working capital management from three channels of procurement,production and marketing respectively,and puts forward theoretical assumptions for empirical analysis.The theoretical and empirical results show that the overall rational use of supply chain financing can significantly improve the efficiency of wholesale and retail business.Operating capital management performance,but the impact of various channels and effects are different.Specifically,the supplier's credit dependence which reflects the financing level of the supply chain of the procurement channel is negatively correlated with the working capital turnover period of the procurement channel,while the proportion of accounts payable in a year is positively correlated with the working capital turnover period of the channel;the proportion of labor cost which reflects the financing level of the supply chain of the production channel is negatively correlated with the working capital turnover period of the channel;for the sales channel,only wholesale channel is concerned.The level of supply chain financing of enterprises is negatively correlated with the working capital turnover period of the channel,while the relationship between the level of supply chain financing of retail industry and the working capital turnover period of marketing channel is not significant.In view of this,this theses puts forward some pertinent suggestions: for purchasing channels,we should make full use of supply chain financing to improve the performance of working capital management in wholesale and retail industries;for production channels,mobilizing the enthusiasm of workers is more obvious than delaying payment of salaries for optimizing the performance of working capital management;for marketing channels,we need to distinguish between wholesale and retail industries.Wholesale industry should make full use of commercial credit to improve the performance of working capital management,while retail industry should pay more attention to controlling the short-term loan ratio and inventory turnover to improve the efficiency of working capital management,and not rely solely on commercial credit financing.