针对安踏营运资金管理问题,利用比较分析和文献归纳等方法,分析了安踏营运资金管理存在的问题以及营运资金管理的影响因素,提出完善货币资金的预算管理、健全信用管理体系、提高存货管理系统的效率及完善库存监控等策略。研究结果为安踏公司提高营运资金管理水平提供参考。

In view of the issues in Anta working capital management, comparative analysis and literature induction were adopted to study the problems and the influencing factors in Anta’s working capital management. Proposals are presented in improving budget manage-ment of monetary fund, credit management system, efficiency of inventory management sys-tem and inventory control. The results provide a reference for Anta to improve working capital management level.

营运资金是企业日常经营的基础,营运资金风险是企业风险管理中不容忽视的一部分。通过对营运资金风险产生的原因及形式进行概述,进而对营运资金风险组成中的货币资金风险、应收账款风险、存货风险以及应付账款风险进行逐个分析,并提出相关风险管理措施。在此基础上,对主要风险进行整体分析,通过运用营运资金风险预警系统,提高企业及时发现营运资金风险的能力,以便及时采取对策,降低企业营运资金风险。

Working capital is the foundation of enterprise daily management, and working capital risk, as one of enterprise financial risk, is an important part of enterprise risk management that can not be ignored. Based on the summary of the reasons and forms of the working capital risk, this article analyses the monetary capital risk, the risk of accounts receivable, inventory and accounts payable that included in the working capital risk, then puts forward measures about the risk management. On this basis, through the use of working capital risk early warning system, it can analyse the main risk in the overall perspective, and enhance the enterprise＇s abihty to detect the working capital risk timely, enterprise can take measures as soon as possible to reduce business operating funds risk.

通过对我国上市公司各渠道营运资金结构均值和结构离散度的计算，以及对各渠道营运资金投入产出指标均值和离散度的计算分析，发现不同行业在经营性营运资金上的主要投放领域几乎都是营销渠道，而管理重心却都是生产渠道和采购渠道。以其中的电子业为例，从构成要素分析中发现营销渠道营运资金占比较大的原因是稳定存在着大量的应收账款；生产渠道营运资金管理可借鉴优秀企业的存货管理经验；采购渠道营运资金管理策略则包括保持适度的供应商集中度、提高企业自身商业信用、改进存货管理模式。

Based on the channel theory of working capital, the paper calculates the mean and standard deviation rate of both working capital structure and efficiency index of listed companies in China.It is found that almost all different industries place their working capital in the marketing channel, while their management emphases are all put on the production channel and purchasing channel.Taking the electronic industry as an example, the paper finds, through calculation of standard devia-tion rate and skewness, that the key factor of the high proportion of working capital in the marketing channel in the electronic industry is the large amount of accounts receivable there.The management of working capital in the production channel can learn from the inventory management of advanced enterprises.Management strategies for the purchasing channel of electronic industry include keeping a proper concentration of suppliers, enhancing business credit of enterprises and improving the inven-to

将重大融资行为的影响纳入考虑，重新对经营性营运资金管理效率与企业绩效的关系加以探讨，选取沪深两市2004~2012年数据为样本，研究发现：在正常经营状况下，中国上市公司经营性营运资金管理效率与企业绩效之间呈显著正相关关系；而重大融资行为下，二者关系则并不显著。此外，检验结果还显示：重大融资行为本身与企业绩效呈负相关关系；重大融资行为可能会促使经营性营运资金管理效率显著下降。这些可能是导致重大融资行为下经营性营运资金管理效率与企业绩效之间不相关的主要原因。

Based on samples from China''s listed companies (2004-2012),this paper investiga-ted the relationship between efficiency of operational working capital management and corporate performance when taking significant financing in account.It could be found that:without signifi-cant financing,there was a certain positive correlation between efficiency of operational working capital management and China''s corporate performance;however,the correlation disappeared when significant financing occurred.In addition,the output showed:significant financing was significantly negative to corporate performance and led to the decline of efficiency of operational working capital management.These may be the main cause of the correlation lost.

随着医疗保险覆盖面的扩大,医院的应收账款规模也将增加,原本不显眼或不存在的资金问题逐渐浮现,对医院营运资金的管理提出新的挑战。文章分析了医院在营运资金管理中的不利因素,提出医院在资金周转遇阻的情况下,需要着手做好两方面工作:一是进行现金的分期预测,提高资金运作的主动性和计划性;二是在现金预计不足的情况下进行筹资规划,通过利用供应链融资和商业信用带来的便利,减少自有资金的占用,提高资金统筹运作的效率,实现筹资管理的创新。

With the expanse of hospital insurance coverage, the scale of receivables in hospital would increase. Original inconspicuous or non-existent money problems gradually emerged, which put forward new challenges for the operation capital management in the hospital. The negative factors in hospital operation capital management are analyzed , and two aspects of wok are needed: firstly, to predict cash by stages to improve initiative and planning of capital operation;secondly, to implement financing plan under the circumstances of insufficient cash is expected, through utilizing the convenience brought by supply chain financing and commercial credit, to reduce the occupation of owned fund and improve the efficiency of fund arranging operation to achieve the innovation of financing management.