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资本运作的分类 The Classification of Working Capital 第一个分类是根据其组成元素，营运资金分为现金，应收账款，存货和应付账款。在此分类的基础上，营运资金管理分为现金和有价证券管理，应收账款管理，库存管理，信用管理，等等.. The first classify is according to their constituent elements, working capital is divided into cash, accounts receivable, inventory and accounts payable. On the basis of this classification, working capital management was divided into cash and securities management, accounts receivables management, inventory management, credit management, etc.. And content of the study is mainly how to determine the best level of the holding of the various components in order to shorten each item turnover and improve the effective turnover of working capital. Specifically, John Sagan (1955) points out that the cash management should pay attention to the prospective cash flows and take advantage of the relationship between risks and benefits of cash forecasting. Because any successful project of cash management thanks to cash flow plan or budget. William (1966) defined "operating capital management” in his monograph is that company makes a value management for variation assets can be controlled in order to maximize the http://www.ukassignment.org/lxslw/ company's goal in the coming period. Apart from that, the book introduces the management of current assets such as cash, securities, accounts receivable, inventories, etc., Then he clearly demonstrate the relationship between inventory management and profit maximization through two inventory models and discuss the optimal holdings model of other current assets; Kight (1972) presents that there is a optimal order model in the case of existence of the insurance reserves and then a number of inventory models are produced. Hence, the traditional working capital management research is limited to classify as elements of working capital. Working capital management is divided into cash and marketable securities management, accounts receivable management, inventory management and accounts receivable management, it results in the various components of working capital management is isolated and the overall concept is lacking. 第二种分类是根据时间变化的特性。肯尼思（1981）首先提出了一个概念。他定义了两部分，即营运资金，应收账款和存货。之后，营运资金分为临时营运资金及永久营运资金。 The second kind of classification is according to the characteristics of changes over time. Kenneth (1981) first proposes the concept of “a permanent part of the working capital”. He defines the working capital as two parts, namely, accounts receivable and inventory. After that, the working capital is divided into temporary working capital and permanent working capital. This partition comes from financing perspective, that is, current assets are divided into temporary liquidity assets and permanent current assets as well as current liabilities are classified as temporary current liabilities and spontaneous current liabilities. Among them, temporary current assets are the current assets which need to be temporarily occupied due to seasonal changes or cyclical impact such as seasonal inventory; Permanent current assets refer that in order to maintain the normal operation of companies even if companies are in the low of operation, they also need to keep current assets; The liabilities which satisfy the demand of temporary current assets are called temporary current liabilities such as the loan for purchasing the seasonal inventory; And spontaneous current liabilities refer to directly generate liabilities during operation of companies such as accounts payable and salary. Overall, the aim of classification above is to analyze each part of current assets should make use of which liability to raise funds so that companies can distinguish whether the risk is high or low. 另一种方式是经营管理的角度划分。王竹泉（2007）在他的文章“国内和国际的营运资金管理研究的回顾与展望”指出，营运资金从企业管理的角度来看，可以分成财务活动的营运资金和经营活动的营运资金 Another way is divided as the angle of operation management. Wang Zhuquan(2007) in his article ‘Retrospect and Prospect of domestic and international working capital management research’ indicates that “working capital can separate into working capital of financial activities and working capital of operation activities from the perspective of business management. on this basis, the working capital of operation activities is divided into marketing channels working capital (finished goods inventory + accounts receivable, notes receivable - Receipts in advance - taxes payable), the working capital of the production channels (product inventory + receivables - Employee benefits payable - other payables) and procurement channels, and working capital (materials inventory + prepaid accounts receivable - accounts payable, notes payable) in accordance with its relationship with the supply chain or channel management. Compared with the first classification, this classification approach focuses on the operation activities of working capital management. Because this classification method can both cover the working capital of various projects, including the overall view of working capital management and clearly reflects the distribution of working capital in the channel. Thereby it lays the foundation of the research of working capital strategy and management models which is based on channel management. |
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