Research On BAIC Blue Park’s Cash Flow Management Based On Value Chain

Cash flow is like the "blood" of an enterprise,flowing in every link of its production and operation process and providing oxygen for every link.Once the cash flow of an enterprise is in difficulty,its normal operation will inevitably be difficult to maintain and may even be on the verge of bankruptcy.However,some new energy vehicle enterprises have also exposed problems such as inventory overhang,lack of core competitiveness of products,low cash holdings.Therefore,it is particularly important to optimize the cash flow management of enterprises.The traditional cash flow management lacks the consideration of each link of the enterprise external value chain,so it lacks the overall situation.The introduction of value chain can connect the key links of cash flow management with the value creation of enterprises and form a management mechanism of value alliance.This paper focuses on China’s new energy automobile manufacturing industry,takes BAIC Blue Park as the case study object,and on the basis of fully interpreting the value chain management theory and DSO theory,firstly analyzes the cash flow status of BAIC Blue Park’s operating activities,financing activities and investment activities.Then,from the perspective of internal and external value chain,the cash flow management situation is deeply analyzed.For internal value chain,the paper analyzes from four aspects: cash flow,process,flow direction and velocity.The external value chain is analyzed from supplier link and customer link.Finally,based on the actual situation of BAIC Blue Park,this paper constructs a cash flow evaluation system based on value chain and uses entropy method to comprehensively evaluate the cash flow management effect of BAIC Blue Park.This paper draws the following conclusions: although the cash flow management effect of BAIC Blue Park is improved in general,there is still a large cash gap and insufficient profitability;Funding needs depend on financing transfusion,financing channels are single;Low efficiency of R&D investment;Inventory overhang,slow cash flow;Heavy reliance on a small number of suppliers;Loose customer credit policy and other problems.To solve these problems,this paper proposes the following measures: to improve the endogenous cash flow hematopoietic ability to create sufficient cash flow;Developing diversified financing channels and optimizing financing structure;Do a good job of investment planning,to achieve the fine management of research and development;Introduce just-in-time purchasing mode,reduce inventory to cash flow occupation;Strengthen supplier evaluation and establish supplier alliance;Improve the customer credit mechanism,dynamically detect accounts receivable.