营运资金是企业日常经营活动中的重要组成部分，是流动性最大、变化最快、 周转性最强的资金。营运资金管理效率的高低，是决定企业能否生存的重要条件。 与发达国家的企业相比，我国对营运资金管理的研究尚处于初期阶段，对其的管 理水平还普遍较低。同时，现阶段我国对于从供应链视角出发的营运资金管理绩 效分析还比较缺乏，尤其是缺少结合具体案例进行的分析研究。以供应链及营运 资金管理等基础理论作为支持，采用案例研究法，从企业内部供应链视角下对宏 源地产的营运资金的使用效率进行分析评价。通过宏源地产与行业内企业均值的 对比以及其自身不同历史时点的数据对比，发现现阶段宏源地产处于低效率的营 运资金管理状态，剖析了宏源地产在营运资金管理过程中存在的问题。研究结果 发现在企业营运资金管理过程中，涉及采购渠道、生产渠道、销售渠道的各个环 节的营运资金管理都是一个整体，只有做到全环节的科学化管理才能提高企业的 营运资金管理效率。研究结论为房地产行业内中小规模房地产开发企业加强营运 资金管理提供理论借鉴。 关键词，营运资金管理，供应链管理，渠道II Abstract Working capital is an important part in the daily activities in the enterprise, is the most liquid changes fastest bridge the strongest fund working capital management efficiency of high and low, is one of the important conditions decided to enterprise survival compared with companies in the developed countries, the research of working capital management in our country is still at an early stage, the management level is generally lower at the same time, the present stage in our country for working capital management from the perspective of supply chain performance analysis is relatively lack, especially the lack of study on the analysis of combined with specific case Based on supply chain and management of working capital theory as the support, using the case method, from the enterprise internal supply chain perspective of Hongyuan real estate company analysis evaluation on the efficiency of working capital by Hongyuan real estate company property compared with enterprises in the industry average, and their different historical point data contrast, found that the present stage Hongyuan real estate company is in a state of low efficiency of working capital management, analyzes the Hongyuan real estate company in working capital management problems existing in the process of the research results found in the process of enterprise operating funds management, production channels involved in purchasing channels The working capital management of each link of the sales channel is a whole, only scientific management of the whole link can improve the working capital management efficiency of enterprises Key words: working capital management, supply chain management, placeIII 目 录 第一章 绪论 ......................................................... 1 1.1 研究背景及意义 ............................................... 1 1.1.1 研究背景 ................................................. 1 1.1.2 研究意义 ................................................. 3 1.2 研究内容与框架 ............................................... 3 1.3 研究方法 ..................................................... 6 第二章 理论背景回顾 ................................................. 7 2.1 供应链管理 ................................................... 7 2.2 营运资金管理 ................................................. 9 第三章 研究设计 .................................................... 11 3.1 数据来源 .................................................... 11 3.2 案例公司选取 ................................................ 12 3.3 变量定义 .................................................... 13 第四章 案例分析 .................................................... 14 4.1 案例简介 .................................................... 14 4.2 案例分析 .................................................... 15 4.2.1 采购渠道营运资金管理 .................................... 15 4.2.2 生产渠道营运资金管理 .................................... 19 4.2.3 销售渠道营运资金管理 .................................... 24 第五章 研究结论、实践启示与研究展望 ................................ 31 5.1 研究结论 .................................................... 31 5.2 实践启示 .................................................... 32 5.3 研究展望 .................................................... 35