营运资金概念重构与管理创新
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摘要
营运资金管理作为企业财务管理的重要内容,其管理的成效不仅对企业的流动性和收益性产生直接影响,而且还会影响到企业的生死存亡。金融危机更加凸现了其重要性,营运资金管理研究也受到了前所未有的关注。
国内外营运资金管理研究经历了一系列变化：研究重心从营运资金孤立的各项目的优化研究到整体的营运资金管理研究再到基于供应链管理、渠道管理等新视角下营运资金管理的演变,在此影响下,营运资金管理方法的研究经历了从单纯数学方法向以供应链优化和管理为重心的转变,新视角下营运资金管理研究得到了广泛认同并掀起了新的研究热潮。然而,营运资金管理基本理论的研究相对薄弱。营运资金管理理论未在财务理论研究中占据与其重要性相对应的位置,在营运资金概念界定、目标、影响因素等方面未形成一个完整的理论框架,营运资金管理实践亟待科学的理论指导,所以,对营运资金管理的基本理论问题应从营运资金管理的源头上抓起,重塑营运资金管理的概念界定,使得营运资金管理的基本理论符合环境发展和管理需求。
本文以推动营运资金管理理论和方法体系的创新和发展为最终目的,从营运资金概念的重构作为出发点,以营运资金的筹措和使用为基本视角,试图从理论和应用两个方面来考虑,构建营运资金管理理论框架与完善营运资金管理方法体系。本文首先基于营运资金管理理论的环境诉求和实践发展的要求对营运资金进行重新界定和重新分类,并明确了新界定下营运资金管理的基本视角和目标定位,奠定了全文营运资金管理研究的前提；然后在此基础上构建了营运资金的绩效评价体系,解决了衡量企业间营运资金管理水平的标准问题；基于这些问题再去考虑营运资金管理的创新研究,强调从战略、商业模式和流程创新推进营运资金管理,主要从方法、组织、模式三个方面来研究营运资金的管理创新；最后选取机械设备行业对营运资金管理绩效评价体系进行检验,并以海尔集团为例,研究其在全球化环境下营运资金管理的风险与对策,总结其营运资金管理模式特点,利用案例研究方法验证营运资金管理模式在企业中的运用效果。
本文进行的探索性研究取得的创新性成果是：首先,从企业经营管理的角度将营运资金概念界定为：营运资金=资产-营业性负债,使营运资金概念符合了理论发展进步和管理实践需求；其次,在此基础上,以营运资金筹措和使用为基本研究视角,权衡营运资金管理的风险和收益,借助资料包络分析方法,构建了营运资金管理绩效评价体系：一个定量与定性的效率衡量体系；再次,以营运资金预算管理和营运资金流量报告作为营运资金管理创新的两个技术要点,构建了营运资金管理的管理控制体系,强调了营运资金管理整体规划与控制的重要性,强化了营运资金管理的战略高度,并对相应带来的营运资金组织结构体制的变化进行了阐述,初步构建了基于业务流程的营运资金组织结构体系,整体上搭建了新界定下营运资金管理的研究体系。
The management of working capital, which serves as the important content of finance management in an enterprise, not only has a direct effect on the liquidity and profitability, but is also vital to the enterprise. Its importance is highlighted by the financial crisis and never before has the research on the management of working capital been given so much attention.
The research focus of working capital management at home and abroad has been through isolated optimization study of each project item to integrated research on working capital management, and has focused on the evolution from new perspectives like supply chain management and channel management. Under such influence, the managerial approach of working capital had gone through the evolution from focusing on pure mathematic method to supply chain optimization and management. The research on working capital management from new perspectives has won wide support and set off an upsurge. However, research on basic theories of working capital management is relatively weak. The theory of working capital management has not occupied a corresponding special place in the research on financial theory.
A complete theoretical framework has not been formed in the matter of concept definition, target and influencing factor of working capital. The practice of working capital management needs theory as its guidance. To solve the problem of basic theories of working capital management, we need to begin from the source of working capital management. To remold the concept definition of working capital management enable the basic theory of working capital management to keep with environmental development and managerial requirement.
In order to promote the innovation and development of working capital theory and methodology, this dissertation attempts to construct theoretical framework of working capital management and perfect its methodology from theory and application aspects. It starts from reconstruction of working capital concept, and study from view of raising and employing working capital. First of all, this dissertation redefines and reclassifies working capital on the base of environmental appeal and practical development, and clarifies the basic view of point and objectives with the new definition, which preconditions the whole study. Secondly, a evaluation system of working capital is constructed to provide management standard, and then probe into management innovation study in aspects of methods, organization and mode. Lastly, the evaluation system is tested in machine equipment industry. It takes Haier Corporate as an instance to study its risk and solution of working capital management, summarize its mode features and use case study to verify the effect of working capital management mode in corporate.
The innovative achievements of exploratory research can be concluded as follows:firstly, from the perspective of enterprise operation and management, we define the working capital as:working capital equals total assets minus operating liabilities. The formula makes the concept of working capital keep with the development of theory and the requirement of managerial practice. On this basis, we take the obtaining and utilization of working capital as a basic research perspective, balance risk and return of working capital management and turn to Data Envelopment Analysis, which construct the appraisal system of working capital management:a quantitative and qualitative measurement system; Secondly, the working capital budget management and flow rate report of working capital are two technical essentials of working capital management innovation, which emphasize the importance of integrated planning and control of working capital management, intensify the strategic height of working capital management and illustrate the change of working capital organizational structure, build up tentative working capital organizational structures based on work flow, and construct overall study system of working capital management.
国内外营运资金管理研究经历了一系列变化：研究重心从营运资金孤立的各项目的优化研究到整体的营运资金管理研究再到基于供应链管理、渠道管理等新视角下营运资金管理的演变,在此影响下,营运资金管理方法的研究经历了从单纯数学方法向以供应链优化和管理为重心的转变,新视角下营运资金管理研究得到了广泛认同并掀起了新的研究热潮。然而,营运资金管理基本理论的研究相对薄弱。营运资金管理理论未在财务理论研究中占据与其重要性相对应的位置,在营运资金概念界定、目标、影响因素等方面未形成一个完整的理论框架,营运资金管理实践亟待科学的理论指导,所以,对营运资金管理的基本理论问题应从营运资金管理的源头上抓起,重塑营运资金管理的概念界定,使得营运资金管理的基本理论符合环境发展和管理需求。
本文以推动营运资金管理理论和方法体系的创新和发展为最终目的,从营运资金概念的重构作为出发点,以营运资金的筹措和使用为基本视角,试图从理论和应用两个方面来考虑,构建营运资金管理理论框架与完善营运资金管理方法体系。本文首先基于营运资金管理理论的环境诉求和实践发展的要求对营运资金进行重新界定和重新分类,并明确了新界定下营运资金管理的基本视角和目标定位,奠定了全文营运资金管理研究的前提；然后在此基础上构建了营运资金的绩效评价体系,解决了衡量企业间营运资金管理水平的标准问题；基于这些问题再去考虑营运资金管理的创新研究,强调从战略、商业模式和流程创新推进营运资金管理,主要从方法、组织、模式三个方面来研究营运资金的管理创新；最后选取机械设备行业对营运资金管理绩效评价体系进行检验,并以海尔集团为例,研究其在全球化环境下营运资金管理的风险与对策,总结其营运资金管理模式特点,利用案例研究方法验证营运资金管理模式在企业中的运用效果。
本文进行的探索性研究取得的创新性成果是：首先,从企业经营管理的角度将营运资金概念界定为：营运资金=资产-营业性负债,使营运资金概念符合了理论发展进步和管理实践需求；其次,在此基础上,以营运资金筹措和使用为基本研究视角,权衡营运资金管理的风险和收益,借助资料包络分析方法,构建了营运资金管理绩效评价体系：一个定量与定性的效率衡量体系；再次,以营运资金预算管理和营运资金流量报告作为营运资金管理创新的两个技术要点,构建了营运资金管理的管理控制体系,强调了营运资金管理整体规划与控制的重要性,强化了营运资金管理的战略高度,并对相应带来的营运资金组织结构体制的变化进行了阐述,初步构建了基于业务流程的营运资金组织结构体系,整体上搭建了新界定下营运资金管理的研究体系。
The management of working capital, which serves as the important content of finance management in an enterprise, not only has a direct effect on the liquidity and profitability, but is also vital to the enterprise. Its importance is highlighted by the financial crisis and never before has the research on the management of working capital been given so much attention.
The research focus of working capital management at home and abroad has been through isolated optimization study of each project item to integrated research on working capital management, and has focused on the evolution from new perspectives like supply chain management and channel management. Under such influence, the managerial approach of working capital had gone through the evolution from focusing on pure mathematic method to supply chain optimization and management. The research on working capital management from new perspectives has won wide support and set off an upsurge. However, research on basic theories of working capital management is relatively weak. The theory of working capital management has not occupied a corresponding special place in the research on financial theory.
A complete theoretical framework has not been formed in the matter of concept definition, target and influencing factor of working capital. The practice of working capital management needs theory as its guidance. To solve the problem of basic theories of working capital management, we need to begin from the source of working capital management. To remold the concept definition of working capital management enable the basic theory of working capital management to keep with environmental development and managerial requirement.
In order to promote the innovation and development of working capital theory and methodology, this dissertation attempts to construct theoretical framework of working capital management and perfect its methodology from theory and application aspects. It starts from reconstruction of working capital concept, and study from view of raising and employing working capital. First of all, this dissertation redefines and reclassifies working capital on the base of environmental appeal and practical development, and clarifies the basic view of point and objectives with the new definition, which preconditions the whole study. Secondly, a evaluation system of working capital is constructed to provide management standard, and then probe into management innovation study in aspects of methods, organization and mode. Lastly, the evaluation system is tested in machine equipment industry. It takes Haier Corporate as an instance to study its risk and solution of working capital management, summarize its mode features and use case study to verify the effect of working capital management mode in corporate.
The innovative achievements of exploratory research can be concluded as follows:firstly, from the perspective of enterprise operation and management, we define the working capital as:working capital equals total assets minus operating liabilities. The formula makes the concept of working capital keep with the development of theory and the requirement of managerial practice. On this basis, we take the obtaining and utilization of working capital as a basic research perspective, balance risk and return of working capital management and turn to Data Envelopment Analysis, which construct the appraisal system of working capital management:a quantitative and qualitative measurement system; Secondly, the working capital budget management and flow rate report of working capital are two technical essentials of working capital management innovation, which emphasize the importance of integrated planning and control of working capital management, intensify the strategic height of working capital management and illustrate the change of working capital organizational structure, build up tentative working capital organizational structures based on work flow, and construct overall study system of working capital management.
引文
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