价值链理论自 1985 年美国学者迈克尔波特提出以来,为构建公司核心竞争 优势提供了有效的管理方法和分析工具，给公司经营管理带来了新的机会。本文 以价值链和现金流的关系为基础,对传统的现金流管理理论和实践进行了尝试性 的延伸。 首先从战略分析、会计分析、财务分析和前景分析等对读者传媒公司现状进 行了哈佛框架分析。其次，研究了读者传媒公司现金流在价值链活动存在的问题。 从内部价值链方面，研究了现金流影响下的基本活动和辅助活动，识别了关键价 值活动；从纵向价值链方面，分析了和供应商、客户、银行和股东等的现金流关 系，挖掘了价值链中的潜在价值；从横向价值链方面，对比了和主要竞争对手的 现金流情况，找到了现金流影响的竞争优势和差距。通过分析，发现了读者传媒 现金流的主要问题：存货积压对现金流的占用过多、现金周转期过长和缺乏多元 化转型创造自由现金流。最后，在价值链视角下，确定了读者传媒现金流量优化 的目标和原则，提出配置内部价值链现金流量、提高外部价值链现金流速的优化 建议和重组流程、价值联盟和多元经营的管理保障措施。 基于价值链的公司现金流管理优化，能够全面分析现金流信息，为公司做出 有效的经营管理决策提供重要依据。 关键词: 现金流管理，内部价值链，外部价值链，财务战略II THE RESEARCH OF CASH FLOW MANAGEMENT OPTIMIZATION OF DUZHE MEDIA CORP. Abstract Since the theory of value chain was put forward by American scholar Michael porter in 1985, it has provided effective management methods and analytical tools for the construction of core competitive advantages of enterprises, and brought new opportunities for enterprise operation and management. Based on the relationship between value chain and cash flow, this paper tries to extend the traditional theory and practice of cash flow management. Firstly, this paper use the Harvard framework analyzes the current situation of DuZhe Media company from the perspectives of strategy analysis, accounting analysis, financial analysis and prospect analysis. Secondly, the paper studies the existing problems of the cash flow of Duzhe Media company in the value chain. From the internal value chain, the basic and auxiliary activities under the influence of cash flow are studied, and the key value activities are identified. From the vertical value chain, the paper analyzes the cash flow relationship with suppliers, customers, Banks and shareholders, and excavates the potential value in the value chain. From the horizontal value chain, the paper compares the cash flow of main competitors and finds the competitive advantage and gap of cash flow influence. Through the analysis, the main problems of the cash flow of Duzhe Media company are found: the overstock of the inventory takes up too much of the cash flow, the long cash turnover period and the lack of diversification transformation to create free cash flow. Finally, in the perspective of value chain, determine the Duzhe Media companies’ optimization objectives and principles of cash flow, put forward the internal value chain configuration cash flow, improve cash flow rate of the external value chain optimization Suggestions and restructuring process, value alliance and multiplex management safeguard measures. The optimization of enterprise cash flow management based on value chain can ensure the comprehensiveness of cash flow management information and provide important judgment basis for enterprises to make effective management decisions. Key words: cash flow management, internal value chain, external value chain, financial strategyIII 目 录 中文摘要................................................. I Abstract ................................................ II 一、绪论................................................. 1 1.1 研究背景和意义................................................ 1 1.2 研究内容和方法................................................ 2 1.3 研究思路和框架................................................ 3 二、理论基础与文献综述 ................................... 5 2.1 理论基础...................................................... 5 2.1.1 现金流理论 ................................................ 5 2.1.2 价值链理论 ................................................ 5 2.1.3 资本循环理论 .............................................. 6 2.2 文献综述...................................................... 6 2.2.1 现金流文献综述 ............................................ 6 2.2.2 价值链文献综述 ............................................ 8 2.2.3 基于价值链的现金流文献综述 ............................... 11 三、读者传媒公司现状分析 ................................ 13 3.1 公司基本情况介绍............................................. 13 3.2 基于哈佛分析框架的公司现状分析............................... 15 3.2.1 战略分析 ................................................. 16 3.2.2 会计分析 ................................................. 19 3.2.3 财务分析 ................................................. 20 3.2.4 前景分析 ................................................. 23 四、基于价值链的读者传媒现金流分析 ...................... 25 4.1 现金流基本情况............................................... 25 4.1.1 三种活动现金流量情况 ..................................... 25 4.1.2 现金流量净额情况 ......................................... 28IV 4.1.3 自由现金流量情况 ......................................... 29 4.2 基于内部价值链的现金流....................................... 30 4.2.1 生产作业活动中的现金流分析 ............................... 31 4.2.2 进货和发货后勤活动中的现金流分析 ......................... 34 4.2.3 其他活动中的现金流分析 ................................... 35 4.3 基于纵向价值链的现金流....................................... 38 4.3.1 客户价值链的现金流分析 ................................... 38 4.3.2 供应商价值链的现金流分析 ................................. 42 4.3.3 银行和股东价值链的现金流分析 ............................. 43 4.4 基于横向价值链的现金流....................................... 45 五、基于价值链的读者传媒现金流管理优化 .................. 51 5.1 现金流管理优化的目标和框架................................... 51 5.1.1 现金流管理优化的总目标和具体目标 ......................... 51 5.1.2 价值创造和现金余缺矩阵下的财务选择 ....................... 52 5.1.3 现金流管理优化的总体框架 ................................. 54 5.2 配置内部价值链中现金流流量................................... 54 5.2.1 加强业务管理，优化关键活动的现金流 ....................... 55 5.2.2 加强预算管理，计划最佳现金持有量 ......................... 56 5.2.3 加强成本管理，配置主要产品的现金流 ....................... 57 5.3 提高外部价值链中的现金流速................................... 58 5.3.1 完善供应商价值管理，减少存货对现金流的占用 ............... 58 5.3.2 完善客户价值管理，加速应收账款的回款速度 ................. 60 5.3.3 完善资本价值管理，发挥财务杠杆效应 ....................... 62 六、基于价值链的读者传媒经营保障 ........................ 64 6.1 流程重组，实现扁平化管理..................................... 65 6.2 价值联盟，达成深度协作融合................................... 66 6.3 多元经营，构建“读者生态圈”................................. 66 七、结论................................................ 69V 7.1 主要结论.....................................................69 7.2 研究展望.....................................................69