Research On Working Capital Management Under Asset-light Mode

Nowadays,it is more important for an enterprise to adapt to the rapid changes and withstand the impact of capital.So more enterprises are emphasizing the adjustment of their operation model according to external conditions,all walks of life come up with an idea called "asset light model".Now the development of enterprises should pay more attention to brand,marketing,patent and other aspects that can reflect the core competitiveness,then they can achieve the fundamental goal of enterprise survival and profit better.In recent years,China’s Pharmaceutical industry is faced with the continuous changes in the environment.As one of the representatives of the industry,Hengrui Pharmaceutical is constantly adapting to and exploring its development path.Hengrui Pharmaceutical has its asset-light development model,and its utilization level of working capital is worth analyzing.Finally,Hengrui Pharmaceutical should reflect the answer of how to improve the management level of working capital.This paper will take Hengrui pharmaceutical as the research object to study its working capital management level and make an analysis and evaluation.Describe its financial characteristics,and further analyze the advantages and disadvantages of its management methods in combination with relevant theories.Through the analysis to find its financial logic,on the one hand to analyze its further optimization method,on the other hand is to help similar enterprises to learn from his experience.Through research,this paper finds that :(1)the development of the asset-light model of Hengrui Pharmaceutical and its working capital management level complement each other,positively influence each other,and achieve good development;(2)Hengrui Pharmaceutical’s working capital management level has been significantly improved,and it makes good use of the dynamic characteristics of working capital to help its own development with its mature management logic;(3)similar enterprises should fully recognize the liquidity nature of working capital when learning from Hengrui’s experience,and make it fit into the operation process of the enterprise;(4)the deficiencies of working capital management under the asset-light model of Hengrui Pharmaceutical focus on specific details such as the difficulty in collecting accounts receivable and the insufficient utilization of excessive cash.These problems can be further optimized but have little impact.Other enterprises need to pay attention to balance when they learn from them.