Research On Operating Capital Management Of Guang Ming Dairy Industry From The Perspective Of Channel

The working capital of an enterprise has the strongest liquidity and vitality,including all its current assets and liabilities.The level of working capital management plays an important role in the survival and development of enterprises.The efficient operation of working capital is indispensable for the development and progress of any enterprise.In the past,scholars at home and abroad have done a lot of research on working capital management,and gradually formed a series of mature theories.Traditional working capital management theory is based on elements,which has some shortcomings.Professor Wang Zhuquan innovatively put forward the theory of working capital management based on channel.Combining with the whole process of production and operation of an enterprise,he classified the working capital of an enterprise into business activities and financial activities.The working capital of an enterprise’s operating activities is further subdivided into purchasing channels,production channels and sales channels,and a new performance evaluation system is designed.As a typical representative of the fast moving consumer goods market,the dairy industry is closely related to the daily life of residents,with strong market potential and consumer demand.At present,dairy enterprises are in the environment of synchronous development and steady growth of milk sources,products and distribution channels.However,the frequent occurrence of security problems and the continuous influx of competitors make local dairy enterprises face enormous development difficulties and competitive pressures.The production of dairy enterprises needs a large and uninterrupted supply of raw milk.The stock of raw materials required for production occupies a considerable proportion of the total assets of the enterprises,so the efficiency of working capital management has a more obvious impact on dairy enterprises.The whole process of production and operation of dairy industry can be clearly divided into three kinds of activities:purchasing,production and sales.Therefore,this paper applies the theory of working capital management based on channel to dairy industry,chooses representative Bright Dairy Industry as the research sample,studies and analyses the effect of working capital management in each channel of its operation activities,and selects the leading industry Yili shares.As a comparative object,the paper finds out the advantages and disadvantages of Guangming Dairy in the management of working capital,and puts forward corresponding improvement measures to ultimately improve the profitability and market value of enterprises.Firstly,this paper summarizes the theory of working capital management in the past.Secondly,the paper introduces the objectives and related theories of working capital management.Thirdly,the characteristics of dairy industry are introduced,and bright dairy industry is selected as the research sample,Yili shares as a comparison,analysis and evaluation of its basic financial situation and working capital management of various channels to find advantages and problems.Fourthly,the causes of the problems are analyzed and corresponding optimization suggestions are put forward.Finally,it summarizes the research results and points out the shortcomings of the research.Through the analysis of the management effect of Guangming Dairy’s working capital,this paper aims to provide reference and suggestions for the management of working capital of dairy enterprises from the perspective of channels,which is conducive to the long-term stable development of dairy enterprises.