摘  要

随着互联网技术的蓬勃发展，电子商务成为具有巨大发展潜力的新兴产业。营运资金作为企业生存发展的基石，对企业维持生命力至关重要。以供应链为基础的营运资金管理不仅可以使企业在生产经营过程中获得一定的资金占用优势，还是衡量企业发展能力的重要判断依据。营运资金管理的研究经历了从最初的基于单要素研究到以某特定行业、特定供应链为主的研究。电子商务作为新兴行业，将供应链、营运资金管理与电子商务行业相结合的研究还相对较少，因此，开展供应链视角下电商企业营运资金管理研究具有重要意义。

本文在梳理供应链与营运资金管理相关研究基础上，结合电子商务发展趋势与特性，以苏宁易购为研究案例，剖析其营运资金内部结构，对业务流程上不同环节营运资金管理的现状进行分析，并从供应链上游、下游、内部三个维度分别选取了能够反映企业资金运营状况的财务指标，采用熵值法评价了不同环节营运资金管理的成效，研究发现，营运资金管理水平受供应链各个环节的综合影响，苏宁易购在采购环节与销售环节中与同行业相比处于弱势。为提升苏宁易购营运资金管理水平，本文从采购环节、生产环节、销售环节三个方面对营运资金管理提出了具体的优化措施：（1）采购环节应当建立与供应商的战略协调机制并强化信用保障体系；建立存货系统，加强存货管理；（2)生产环节要加强自主研发，打造自有品牌，聚焦品牌效益，提高供应链的流转速率；(3)针对销售环节要加强基础信息建设，保障物流体系；要加强客户管理，维护好与消费者关系，及时获取信息，满足消费者需求。

ABSTRACT

With the vigorous development of internet technology, e-commerce has become an emerging industry with great development potential. As the cornerstone of the survival and development of enterprises, working capital is very important for enterprises to maintain vitality. Working capital management based on supply chain can not only make enterprises obtain certain capital occupation advantages in the process of production and operation, but also be an important judgment basis to measure the development ability of enterprises. The research of working capital management has experienced from the initial research based on single factor to the research based on a specific industry and specific supply chain. As an emerging industry, there are relatively few studies on the combination of supply chain, working capital management and e-commerce industry. Therefore, it is of great significance to carry out the research on working capital management of e-commerce enterprises from the perspective of supply chain.

On the basis of combing the relevant research on supply chain and working capital management, combined with the development trend and characteristics of e-commerce, taking Suning Tesco as a research case, this paper analyzes the internal structure of working capital, analyzes the current situation of working capital management in different links of business process, and selects financial indicators that can reflect the capital operation status of enterprises from the upstream, downstream and internal dimensions of supply chain, Entropy method is used to evaluate the effectiveness of working capital management in different links. It is found that the working capital management level is comprehensively affected by all links of the supply chain, and Suning Tesco is in a weak position compared with the same industry in procurement and sales. In order to improve the working capital management level of Suning Tesco, this paper puts forward specific optimization measures for working capital management from three aspects: procurement link, production link and sales link: (1) The procurement link should establish a strategic coordination mechanism with suppliers and strengthen the credit guarantee system; Establish inventory system and strengthen inventory management; (2) The production link should strengthen independent research and development, build its own brand, focus on brand benefits, and improve the circulation rate of the supply chain; (3) For the sales link, we should strengthen the construction of basic information and ensure the logistics system; We should strengthen customer management, maintain the relationship with consumers, obtain information in time and meet the needs of consumers.

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