| Under the background of national macro-control and inflation control,OPM strategy(other people’s money),as a new type of working capital management strategy,has been widely concerned and applied by major enterprises.Local governments have also continuously introduced policies to tighten financing channels for the real estate industry,which brings opportunities for the real estate industry to implement the OPM strategy.In the current environment,the impact of OPM strategy on financial flexibility is becoming more and more prominent in the retail industry,but whether it has the same impact on the real estate industry deserves further demonstration.Therefore,this paper takes the OPM strategy as the perspective and CHINA VANKE Co.,Ltd.as the case study object to analyze the impact of the implementation of the OPM strategy on the financial flexibility of enterprises.The innovation of this paper is mainly reflected in two aspects: on the one hand,it is the first time to analyze the financial flexibility of the real estate enterprises that implement the OPM strategy;on the other hand,the single index judgment method and multi index comprehensive method are used to measure the financial flexibility.The main conclusions of this paper are as follows:(1)According to the implementation effect of OPM strategy,CHINA VANKE is divided into two stages: 2011-2016 and 2017-2020,and through the comparison between the implementation degree of OPM strategy and the change trend of financial flexibility index,it is verified that the implementation effect of OPM strategy is related to the degree of enterprise financial flexibility.(2)Build a financial resilience index system,compare the size of CHINA VANKE’s financial resilience index vertically,and verify that the OPM strategy can improve financial flexibility.(3)From the two dimensions of CHINA VANKE’s main projects of working capital and related indicators of financial flexibility,and horizontally compared with Poly and the industry average.Further analysis shows that CHINA VANKE’s OPM strategy has a positive effect on its financial flexibility.In summary,this paper verifies that CHINA VANKE’s implementation of the OPM strategy can improve its financial flexibility,and at the same time puts forward suggestions such as maintaining a reasonable inventory structure,controlling the amount and cycle of prepaid accounts,and actively seeking cooperation with high-quality suppliers during the implementation process.This also provides a reference for companies in the same industry to optimize working capital management. |
