I 摘要 自从我国加入世贸组织之后，物流行业开始蓬勃发展起来。尤其是现在网购 的普及，使物流企业的发展迎来了一个巅峰期，同时也加快了物流快递企业之间 的竞争。十二五期间，物流行业出现高速增长，年均增长率高达近14%；电子商 务交易总额约21万亿元，年均增长36%；进出口贸易总额达到近25万亿元，每 年增长率约4%；快递业务量超过200亿件，年均增长近55%。“十二五”期间取 得的巨大成果，为“十三五”计划的发展打下了坚实的基础；国民对物流服务的 需求不断升级且中等收入群体成为了消费的主要群体，物流行业强力地支撑着国 民经济的增效升级和平稳较快发展。 营运资金的管理一直是物流企业财务管理的核心内容，营运资金日常运作的 好坏直接影响物流企业的市场竞争力。物流企业要积极适应经济发展新常态，提 高对营运资金的管理的重视程度。好的营运资金管理，一方面可以通过高效的资 金利用率来持续减少营运资金的持有成本，另一方面还可以保障企业日常经营活 动所需要的花费支出，达到提升企业整体盈利能力的目的，从而创造比同行业竞 争者更高的竞争力。物流行业具有资金需求缺口大和周转密集的特点，物流企业 的发展对企业内部的资金管理有较高的要求。因此，如何提高营运资金管理水平， 降低企业的财务风险，是新形势下的物流企业面临的重要问题。 本文选择2018年登陆资本市场的物流企业德邦快递作为研究对象。首先，阐 述了物流行业的整体发展状况和德邦快递近年来的转型发展情况。其次，根据收 集的相关资料和各项财务数据，从多角度出发，对德邦快递及其同行业上市的物 流快递企业的各项营运资金管理指标进行横向和纵向的对比分析，找出了德邦快 递与同行业其他快递企业的营运资金管理水平差异。同时，通过分析其近年来营 运资金管理结构和效率的趋势，发现其存在的问题和诊断出产生问题的原因。最 后，结合其目前发展中所面临的经营风险，提出了改善其营运资金管理水平的具 体措施。 关键词：物流企业，营运资金，营运资金管理，管理效率 ABSTRACT II ABSTRACT Since China's entry into the WTO, the logistics industry has been booming. Now especially the popularity of the online shopping, the development of logistics enterprises ushered in a peak period, but also accelerated the competition between the logistics enterprises. During the 12th five-year plan period, the logistics industry experienced rapid growth with an average annual growth rate of nearly 14%. The total value of e-commerce transactions is about 21 trillion yuan, with an average annual growth rate of 36%. The total volume of imports and exports reached nearly 25 trillion yuan, with an annual growth rate of about 4%. The volume of courier delivery exceeded 20 billion pieces, with an average annual growth rate of nearly 55%. The great achievements made during the 12th five-year plan period have laid a solid foundation for the development of the 13th five-year plan. The national demand for logistics services is constantly upgrading and the middle-income group has become the main group of consumption. The logistics industry strongly supports the efficient upgrading and the rapid development of the national economy. The management of working capital has always been the core of the financial management of logistics enterprises. Logistics enterprises should actively adapt to the new normal of economic development and pay more attention to the management of working capital. Good working capital management, on the one hand, can continue to reduce the holding cost of working capital through efficient capital utilization, on the other hand, it can also guarantee the daily operation of the enterprise needs to spend, achieve the purpose of improving the overall profitability of the enterprise, so as to create a higher competitiveness than competitors in the same industry. The logistics industry is characterized by large capital demand gap and intensive turnover. Therefore, how to improve the level of working capital management and reduce the financial risk of enterprises is an important problem faced by logistics enterprises in the new situation. This paper selects Deppon Express, a logistics enterprise that landed on the capital market in 2018, as the research object. Firstly, this article describes the overall development of the logistics industry and the transformation and development of Deppon Express in recent years. Secondly, based on the collected relevant information ABSTRACT III and various financial data, this paper makes a horizontal and vertical comparative analysis of various working capital management indexes of Deppon Express and its listed logistics express enterprises in the same industry from multiple perspectives, and finds out the difference in working capital management level between Deppon Express and other logistics enterprises in the same industry. At the same time, by analyzing the trend of its working capital management structure and efficiency in recent years, the existing problems are found, and the root causes of the problems are diagnosed. Finally, combined with its current development in the face of operational business risks, put forward the specific measures to improve its working capital management level. Keywords: Logistics Enterprises, Working Capital, Working Capital Management, Management Efficiency 目 录 IV 目 录 第一章 绪论 .................................................................................................................... 1 1.1 研究背景及研究意义 ........................................................................................ 1 1.1.1 研究背景 ................................................................................................ 1 1.1.2 研究意义 ................................................................................................ 1 1.2 国内外研究现状 ................................................................................................ 2 1.2.1 国外研究现状 ........................................................................................ 2 1.2.1 国内研究现状 ........................................................................................ 5 1.2.3 文献综述述评 ........................................................................................ 7 1.3 研究内容和方法 ................................................................................................ 7 1.3.1 研究内容 ................................................................................................ 7 1.3.2 研究方法 ................................................................................................ 8 第二章 营运资金管理相关理论综述 .......................................................................... 10 2.1 营运资金概述 .................................................................................................. 10 2.1.1 营运资金的概念 .................................................................................. 10 2.1.2 营运资金的特点 .................................................................................. 10 2.2 营运资金管理理论 ........................................................................................... 11 2.2.1 营运资金需求量管理 ........................................................................... 11 2.2.2 营运资金管理策略 .............................................................................. 14 2.2.3 营运资金管理绩效评价指标 .............................................................. 15 第三章 德邦快递现状分析 .......................................................................................... 16 3.1 德邦快递企业简介 .......................................................................................... 16 3.1.1 德邦快递概况 ...................................................................................... 16 3.1.2 核心竞争力 .......................................................................................... 17 3.2 德邦快递转型发展分析 .................................................................................. 20 3.2.1 转型发展背景 ...................................................................................... 20 3.2.2 转型发展必要性 .................................................................................. 22 3.2.3 德邦快递面临的经营风险 .................................................................. 23 3.3 德邦快递的营运资金总