| As China’s urbanization continues to advance,people’s income has been increasing year by year,and aesthetics has been constantly changing.People have higher requirements for home decoration.At the same time,with the main force of new housing purchases to lower age groups,consumer preference for home style from mass to small and refined,furniture design is gradually shifting from designer preference to consumer preference.In recent years,the government has continued to introduce residential real estate restrictions,to a certain extent,to reduce the enthusiasm of the development of new properties.Custom furniture manufacturing time is longer,the initial investment in more capital,and a longer recovery period.In this context,furniture manufacturing companies want to compete in the upper reaches of the competition,must start from the value chain structure and make adjustments to corporate working capital management.This paper takes H company,a medium ranked company in the furniture manufacturing industry,as the research object,which makes the conclusions more generalizable.Firstly,the theories of value chain and working capital are sorted out,then the value chain process and the current working capital management method of H furniture manufacturing company are introduced,and the efficiency of working capital management under the value chain of H furniture manufacturing company is analyzed from two perspectives of internal and external value chain,then the evaluation model of working capital management under the value chain is constructed by using 10 indicators,and 20 listed companies in furniture manufacturing industry are ranked comprehensively by principal component analysis to find the gap between H furniture manufacturing company and other companies in specific aspects of working capital management.We then use 10 indicators to build a working capital management evaluation model under the value chain,and use principal component analysis to rank 20 listed companies in the furniture manufacturing industry to find the gaps between H furniture manufacturing company and other companies in specific aspects of working capital management,and then analyze the problems that exist.Through the analysis of the above aspects of H furniture manufacturing company,it is concluded that there is still room for improvement in the working capital management of H furniture manufacturing company under the value chain.The working capital management level in each link of the value chain can be improved by reasonably allocating the working capital in each link of the value chain,improving the working capital management mechanism,optimizing the relationship with suppliers,reducing the inventory backlog,and establishing a bill receivable management team.Finally,we hope that the research in this paper will provide some reference suggestions on working capital management for other companies in the furniture manufacturing industry and promote the better development of the furniture manufacturing industry. |
