Research On Working Capital Management Optimization Of T Company From The Perspective Of Channels

Working capital is the blood to maintain the normal operation of enterprises,and working capital management has an important role and status in the financial management of enterprises.In recent years,scholars have gradually combined traditional working capital management with channel management theory,supply chain management theory and customer relationship management theory,among which the most representative one is the working capital management system under the channel perspective,which reflects the new idea of business finance integration in working capital management.As the competition in Chinese medicine industry becomes fierce,efficient working capital management is very important for Chinese medicine enterprises,and the industrial chain of Chinese medicine enterprises is unique,so the working capital management under the channel perspective also has some special characteristics.Based on the channel perspective,this paper takes Company T as the case study object,summarizes the problems and causes of its working capital management on the basis of analyzing the current situation of working capital management of the enterprise,and puts forward corresponding suggestions for working capital management optimization.Firstly,this paper analyzes the current situation of working capital management of Company T by using the working capital management performance evaluation system from the perspective of channels and combining with the comparative analysis method,and finds that there are problems in the working capital management of enterprise’s operation activities,such as the heavy burden of raw material inventory turnover,the excessive occupation of channel funds by in-process products and other receivables,and the uncontrolled control of the scale of funds in sales channels;while there is a risk of shortage of funds in financial management activities.Further digging into the causes of these problems,it is found that T Company adopts the strategy of advance stockpiling of raw materials and the low efficiency is the direct cause of the weak turnover capability of material inventory,and the essence of the channel perspective is the loose channel relationship between enterprises and suppliers;in the production channel,enterprises drive the scheduling plan is not flexible enough,the proportion of investment in production technology research and development is low,the flow of other receivables is scattered and the freedom of withdrawal is high;in the sales channel,enterprises rely on OTC channel for rapid expansion while the channel maintenance cost remains high,channel control gradually declines,enterprise credit policy is lax and accounts receivable management efficiency is low,joint venture channel development and operation efficiency is low,and sales growth is weak under the existing product structure;Meanwhile,in the financial management activities,the enterprise rely on external financing,and has a single source of financing and the debt structure is short.Based on the above problems and causes,this paper proposes the following suggestions:(1)Procurement channel relationship management: build a two-way hybrid integrated procurement model of "company+cooperative+farmers" and establish a strategic alliance of suppliers to reduce the cost of raw material reserve in advance and optimize the supply guarantee mechanism of Chinese herbal medicine.(2)Business process optimization of internal production channels:reduce inventory deposits through flexible scheduling plans of push-pull type and promote intelligent optimization of traditional production processes of Chinese herbal medicines.(3)Strengthen the integrated supervision of other receivables to avoid the risk of potential capital loss.(4)Design of sales channel structure:Rational integration of existing distribution and retail channels and use of diversified distribution means to enhance channel control.(5)Sales channel relationship management: improve credit policy and strengthen the refined management of accounts receivable,build a joint venture sales channel dealer screening mechanism,improve business participation and optimize channel incentives,improve sensitivity to end-consumer demand,and enrich product categories.(6)Enrich the means of enterprise fundraising to improve debt structure,and use supply chain finance to supplement working capital in a timely manner.