会计学院知识库

    OPM战略（Other People’s Money），指企业在经营过程中为获取更多的营运资金而选择占用供应链上下游企业资金的一种经营战略。近年来许多汽车行业企业开始采用OPM战略，利用自己在供应链中的优势地位，对上游供应商的应收账款进行延期支付，并对下游客户账款进行预收，使其轻易得到大量的无息资金，一定程度上可以缓解企业的部分资金周转压力。企业可以利用这笔资金，加大研发力度，扩大生产规模，拓宽营销渠道，进而提高利润。
    本文选择对长城汽车进行案例研究，从OPM战略的视角出发，结合本公司与同行业企业年报的相关数据对其财务状况及财务风险进行研究分析。首先对长城汽车实施OPM战略的运作模式及财务特征进行了介绍；其次对其传统的财务指标进行了分析；最后，从渠道资金周转能力、信用依赖度、营运资金保障能力三个方面构建财务风险综合评价体系，运用熵权TOPSIS法对长城汽车2013-2022年的财务风险水平、变动趋势及同行业企业2022年的财务风险水平进行了对比分析。
    结果表明，长城汽车自2018年实施OPM战略以来，财务风险水平有所上升，财务风险综合评价体系的三个维度中，营运资金保障能力对长城汽车的财务风险影响最大，与同行业企业相比长城汽车处于中下风险水平。得出结论，长城汽车在实施OPM战略时间段内，营运资金保障能力相对不足，渠道资金与供应链各端关系的管理也有所欠缺。由此，围绕长城汽车改善供应链各端关系、提升营运资金保障能力等方面给予了相应建议，以期为汽车行业企业应用OPM战略提供借鉴。

    OPM strategy (Other People's Money) refers to a business strategy in which an enterprise chooses to occupy the funds of enterprises upstream and downstream in the supply chain in order to obtain more working capital in the course of operation. In recent years many enterprises in the automotive industry have begun to adopt the OPM strategy, taking advantage of their dominant position in the supply chain, deferring payment of accounts receivable from upstream suppliers and pre-collecting accounts from downstream customers, so that they can easily obtain a large amount of interest-free funds, which to a certain extent can alleviate some of the enterprise's capital turnover pressure. Enterprises can use this capital to increase research and development efforts, expand production scale, broaden marketing channels, and then increase profits.
    This thesis chooses to conduct a case study on Great Wall Motor, from the perspective of OPM strategy, combining the relevant data from the annual reports of the Company and enterprises in the same industry to study and analyse its financial situation and financial risks. Firstly, it introduces the operation mode and financial characteristics of Great Wall Motor's OPM strategy; secondly, it analyses its traditional financial indicators; finally, it constructs a comprehensive evaluation system of financial risk from three aspects, namely, channel capital turnover ability, credit dependence, and working capital guarantee ability, and applies entropy weight TOPSIS to analyse the level of financial risk, trend of change of Great Wall Motor from 2013-2022, and the financial risk level and trend of peer enterprises in 2022. and the financial risk level of enterprises in the same industry in 2022 were compared and analysed.
    The results show that the financial risk level of Great Wall Motor has increased since the implementation of the OPM strategy in 2018, and among the three dimensions of the comprehensive evaluation system of financial risk, the working capital guarantee ability has the greatest impact on the financial risk of Great Wall Motor, and Great Wall Motor is at the lower-middle level of risk compared with enterprises in the same industry. It is concluded that Great Wall Motor's working capital security ability is relatively insufficient during the implementation of the OPM strategy, and the management of the relationship between the channel funds and the supply chain is also lacking. As a result, corresponding recommendations are given to Great Wall Motor to improve the relationship between the supply chain and enhance the working capital protection ability, in order to provide a reference for the application of OPM strategy by enterprises in the automotive industry.