W New Energy Vehicle Company Based On Value Chain Research On Optimization Of Working Capital Management

Working capital management is an important part of financial management of enterprises,which directly affects the solvency and profitability of enterprises.Good working capital management is the basis to maintain the normal operation of enterprises and achieve strategic objectives.The manufacturing industry is the foundation for building a strong country and the main carrier of national innovation.Its progress is conducive to better meeting the diverse needs of the people and promoting sustained and healthy economic and social development.Automobile manufacturing industry is a dual benchmark of soft power and hard power of a national manufacturing industry.With the implementation of various ecological and environmental protection policies,China pays more and more attention to the development of new energy automobile industry.Automobile manufacturing industry is gradually moving from traditional to new energy stage.However,in essence,the new energy vehicle manufacturing industry is a capital-intensive industry.In recent years,rising raw materials,chip shortage and other reasons lead to increasing capital demand,coupled with the continuous decline of new energy vehicle subsidies and the policy change of fully canceling subsidies at the end of 2022,which brings great pressure to the profits of new energy vehicle enterprises.Also to the enterprise’s working capital management has brought new challenges.Based on this,this paper studies the working capital management of new energy automobile enterprises,in order to find the existing problems and put forward the corresponding optimization suggestions,to help enterprises optimize the working capital management,in order to cope with the decline and cancellation of new energy subsidies,which has great practical significance.On the basis of sorting out the main research results on enterprise working capital management at home and abroad,combining with the value chain and other relevant theories,this paper takes W new energy Automobile Company as the main research object and analyzes the working capital management status of the company from 2017 to 2021.In this paper,the overall production and sales volume of new energy vehicles and the changes of government subsidy policies are firstly summarized to summarize the general situation of the whole new energy vehicle industry.Secondly,it analyzes W Company’s operating conditions and government subsidies in the past five years,and gives a rough grasp of the overall situation of W Company’s working capital from the perspective of the scale and structure of working capital.In the process of analyzing working capital based on the value chain,procurement,production and sales are selected in the internal value chain,and upstream suppliers and downstream customers are selected in the external value chain.Firstly,the necessity of value chain analysis is explained.Secondly,the status quo and characteristics of each link are summarized respectively.Finally,combined with the financial data to each link of the working capital management status of the detailed analysis.In order to improve the accuracy and comprehensiveness of the analysis,four comparable automobile enterprises with good sales volume of new energy vehicles were selected for horizontal comparison in the specific analysis process.Through case analysis,it is concluded that the main problems in W Company’s working capital management are as follows:(1)Excessive use of supplier funds in procurement;(2)The planning of production links should be strengthened;(3)A large amount of inventory in the sales link is overstocked;(4)Lack of stability in the upstream supplier link;(5)Slow collection of accounts receivable from downstream customers.Based on the summarized problems,this paper puts forward the following optimization suggestions for the working capital management of W Company:(1)Rational use of the company’s commercial credit;(2)Strengthen the synergy of production links;(3)Accelerate the exploration of multi-channel sales channels;(4)Establish supplier strategic alliance;(5)Optimize the company’s accounts receivable management.