会计学院知识库

人口老龄化是我国社会发展面临的重要国情之一，尤其是进入二十一世纪以来，我国老龄化人口数量显著增加，经济的高速发展使得人们愈加重视医疗保健，导致对药品和就医的刚性需求急速增长，药企之间的竞争加剧。医药制造业作为资本密集型行业，占用的资金量十分庞大，在生产经营的各个环节对资金运用具有极高要求，营运资金的管理效果直接关系到公司财务管理的成败，因此企业要在管理中充分发挥营运资金的支持性作用，就需引入价值链理论对其进行管理。从价值链角度创新管理营运资金，一方面，有助于分析企业在不同环节的资金使用效率，能够促使企业针对性的改进营运资金的管理方式，帮助企业在市场竞争中能获得发展。另一方面，通过对价值链的分解，能够督促企业优化自身的价值链，加快产业升级转型，达到提升企业核心竞争力的目的。

本文运用案例分析法，选取华东医药作为个案企业，先对价值链理论、营运资金管理以及基于价值链的营运资金管理的有关知识加以总结和述评，然后阐述了案例企业的财务经营成果与价值链链条，并通过对架构与规模的分析简述了营运资本的状况，得到华东医药营运资金管理的特点，接着从价值链理论出发，具体论述了案例公司在各环节对营运资金管理的不同表现，并且在整体价值链的角度对营运资金管理的整体效益做出了评价，基于上述的分析，找出了公司在不同的价值链环节中管理营运资金时可能存在的一些问题，并根据提出的问题，针对性的提出了关于优化营运资金管理的建议。本文尝试将价值链理论运用到具体的案例中，以期充实价值链视角下营运资金管理的案例研究。

Aging population is one of the important national conditions faced by China's social development, especially since entering the 21st century, the number of aging population in China has increased significantly, the rapid development of economy has made people pay more attention to medical care, resulting in the rigid demand for drugs and medical treatment has increased rapidly, and the competition between pharmaceutical companies has intensified. As a capital-intensive industry, the pharmaceutical manufacturing industry occupies a very large amount of capital, which has extremely high requirements for the use of capital in all aspects of production and operation. The management effect of working capital is directly related to the success or failure of the company's financial management. Therefore, in order to give full play to the supporting role of working capital in management, enterprises need to introduce the value chain theory to manage it. Innovative management of working capital from the perspective of the value chain, on the one hand, helps to analyze the efficiency of capital use in different links of the enterprise, can promote the enterprise to improve the working capital management mode, and help the enterprise to develop in the market competition. On the other hand, through the decomposition of the value chain, enterprises can be urged to optimize their own value chain, accelerate industrial upgrading and transformation, and achieve the purpose of improving the core competitiveness of enterprises.

Using case analysis method, this paper selects Huadong Medicine as the case enterprise, first summarizes and reviews the value chain theory, working capital management and the relevant knowledge of working capital management based on the value chain, then expounds the financial operation results and value chain of the case enterprise, and briefly describes the working capital situation through the analysis of the structure and scale. After obtaining the characteristics of working capital management of Huadong Medicine, this paper elaborates the different performance of working capital management in each link of the case company from the value chain theory, and evaluates the overall benefit of working capital management from the perspective of the whole value chain. Based on the above analysis, This paper finds out some problems that may exist in the management of working capital in different value chain, and puts forward some suggestions on optimizing working capital management according to the problems raised. This paper tries to apply the value chain theory to specific cases in order to enrich the case study of working capital management from the perspective of value chain.