对于企业生存与发展而言，营运资金对维持企业生命力起着举足轻重的作用。因此，如何高效地运用营运资金以协助企业提高生产效率，加快产品创新步伐，提升综合竞争力成为众多企业在激烈的市场竞争制胜的关键。以价值链为基础对营运资金进行管理，不仅有利于调配企业内部各增值环节的资源，减少内部价值链中的资源浪费，还有利于在供应商-企业-客户之间构建利益共同体的价值链，实现外部价值链中各环节的利益增值。

鉴于此，本文以T企业营运资金作为研究对象，探究以价值链为主导，运用对比研究方法进行分析，了解T企业营运资金管理的现状，发现T企业现存的问题及成因。结合价值链理论，对T企业营运资金管理的不足提出以下的改进措施：（1）运用JIT采购模式以避免大批量购料和加强跨部门采购信息沟通以减低采购环节上的成本；（2）依据销售情况而及时调整生产计划，完善存货管理体系以减少库存积压，注重研发创新以赋予产品新的生命力和竞争力；（3）开辟国内市场和打造企业品牌以改善产品滞销的情况；（4）与供应商建立协同合作的共识、完善前期对供应商的评估筛选机制和对与可持续合作的供应商维持友好合作关系；（5）加强应收款项的管理以减少财务风险，提升对客户的服务质量以增强市场竞争力。

    最后，运用价值链管理思想管理T企业，对T企业内部而言，进一步完善采购环节原材料采购制度、提高生产环节存货管理效率、拓宽营销环节销售渠道；对T企业外部而言，能合理地管理应付款项和应收款项，维护与上游供应商和下游客户的关系，从而建立供应商-企业-客户三者结合利益共同体，加快企业内外部营运资金的流转速度，增加企业的营运资金量，进而协助T企业在新一轮市场挑战中保持优势，提升核心竞争力。

For the survival and development of enterprises, working capital plays an important role in maintaining the enterprise vitality. Therefore, for many enterprises, how to use the working capital efficiently is the key to success in the competition of fierce market, speed up product innovation, and enhance comprehensive competitiveness. The management of working capital, which based on the value chain, it is not only beneficial to allocate the resources of each value-added link within the enterprise and reduce the waste of resources in the internal value chain, but also conducive to the construction of the value chain of interest community between the supplier, enterprise and customer, so as to realize the value increment of interests in each link of the external value chain.

In view of this, this paper takes the working capital management of T enterprise as the research object, the comparative study method was used for analysis, understand the current situation of working capital management of T enterprise, and to find the existing problems and causes of T enterprise. Combined with the value chain theory, the following improvement measures are proposed for the deficiency of T enterprise's working capital management: (1) Use JIT purchasing mode to avoid bulk purchase and strengthen cross-department purchasing information communication to reduce purchasing costs; (2) Adjust the production plan according to the sales situation, improve the inventory management system to reduce the overstock, pay attention to research and development innovation to give new vitality and competitiveness to the products; (3) Open up the domestic market and build enterprise brand to improve the situation of unmarketable products; (4) Establish cooperative consensus with suppliers to improve the evaluation and selection mechanism of suppliers in the early stage and maintain friendly cooperative relations with sustainable suppliers; (5) Strengthen receivables management to reduce financial risks, improve customer service quality to enhance market competitiveness.

Finally, using the value chain management idea to manage T enterprise, for internal part of T enterprise, further improve the procurement of raw materials procurement system, improve the production link inventory management efficiency, broaden the marketing link sales channels; For external of T enterprise, it can manage accounts payable and accounts reasonably, maintain relationship with upstream suppliers and downstream customers, so as to set up the supplier- enterprise-customer combination benefit community, speed up the enterprise internal and external operating capital circulation, increase the enterprise's operation, in order to assist T company stay ahead in a new round of market challenges, enhance core competitiveness.