摘要:营运资金的管理影响着企业能否持续健康的发展，它一直是企业普遍关注的问题。本文在国内外研究成果的基础上，分析了营运资金管理的内涵和特征，认为营运资金具有周转快、变现能力强、形态波动频繁、来源广四个主要特征。营运资金管理的目标是保持适当的偿债能力，不断提高盈利能力。以红豆股份为例，通过与森马服饰进行对比分析，对红豆股份的流动资产占有率分析、流动资产结构及变动分析、流动负债占有率分析、流动负债结构及变动分析得出红豆股份营运资金构成不合理，通过对流动比率分析、速动比率分析、现金比率分析得出红豆股份短期偿债能力差。通过对红豆股份应收账款周转情况分析、存货周转情况分析、现金周转情况分析、营运资金占销售收入比重分析、 营运资金周转期分析、营运资金生产率分析得出红豆股份营运资金使用效率低。最后通过完善营运资金管理制度和技术，确定现金最佳持有量、完善应收账款管理制度、加强存货的管理加强流动负债的管理来优化营运资金的管理。

关键词 营运资金；存货；应收账款；流动负债

Abstract:It's common for enterprises to consider whether working capital management could affect sustainable development or not? This paper is based on some domestic and international literature review to ensure that four main features of working capital are quickly turnover, strong cashability, frequent fluctuations and widely source forms through analysing connotation and characteristics of working capital management.The purpose of working capital management is to maintain a reasonable liquidity for improving profitability. Taking Hongdou Industrial Co.Ltd as an example, after a comparison with Semir Clothing, the working capital structure is not reasonable through analysing stock liquidity share, liquid assets structure and change, current liabilities share, current liabilities structure and change.In addition, the ability of Hongdou to pay for short-term debt is negative by analysing liquidity ratio, Acid-test Ratio and cash ratio. And then the low efficiency on the usage of working capital is because of considering the accounts receivable turnover, inventory turnover situation, cash flow, the sales income proportion of working capital analysis, working capital turnover period and the productivity of working capital. Finally, the usage of improve working capital management system and technology to to determine the optimal money holding capacity, improve the management of accounts receivable system, strengthen inventory management to improve the current liabilities management for optimizing the management of working capital.

Keywords  Working capital  Inventory  Accounts receivable  Current liabilities

本文共有四章，各章主要内容如下：

第一章，绪言主要是介绍了营运资金管理的研究背景和研究意义，并且简单地阐述了国内外营运资金管理的研究现状。

第二章，营运资金管理的概述，主要介绍了营运资金的内涵、营运资金特征以及营运资金管理的内涵和目标。

第三章，红豆股份营运资金管理现状分析，结合红豆股份营运资金的实际情况，通过对营运资金及相关比率的分析，得出红豆股份营运资金结构不合理、短期偿债能力差、营运资金使用效率差等问题。

第四章，加强红豆股份营运资金管理，针对营运资金管理方面的不足，提出加强红豆股份营运资金管理的建议，包括完善营运资金管理制度和技术，确定现金最佳持有量、完善应收账款管理制度、加强存货的管理加强流动负债的管理来优化营运资金的管理。