要素视角下电商平台营运资金管理优化研究——以D企业为例

Research on the Optimization of E-Commerce Platform Working Capital Management from the Factor Perspective—A Case Study of Enterprise D

摘要: 在电商行业由增量扩张向存量竞争转型的高质量发展新阶段，营运资金管理已成为企业提升运营效率与抗风险能力的关键抓手。本文以国内领先的综合性电商平台D公司为研究对象，基于要素视角，聚焦存货、应收账款、应付账款三大核心模块，系统分析其2021~2025年营运资金管理的演变特征与发展趋势。研究发现：D企业现金储备充裕，财务安全边际较高，但应收账款、存货规模的扩张对其营运资金造成了一定程度的占用；应付账款占比长期维持高位，体现出较强的供应链资金协同能力。三大要素周转呈现差异化特征——存货周转效率稳定且领先行业，应收账款回收速度有所放缓，应付账款周转在经历持续延长后呈现回落态势，反映出企业在平衡资金效率与供应链生态方面的主动调整。总体而言，D公司的现金循环周期持续为负，营运资金管理与业务增长实现了有效协同。基于此，本文提出深化智能供应链建设、加强信用风险管控、优化供应商账期策略等建议，以期为电商企业提升营运资金精细化管理水平、增强财务韧性提供实践参考。

Abstract: Against the backdrop that China’s e‑commerce industry has entered a new stage of high‑quality development featuring a shift from incremental expansion to stock competition, working capital management has become critical for enterprises to enhance operational efficiency and risk resistance. Taking leading domestic comprehensive e‑commerce platform Firm D as the research object, this paper systematically analyzes the evolutionary characteristics and development trends of its working capital management from 2021 to 2025 from a factor perspective, focusing on three core components: inventory, accounts receivable and accounts payable. The empirical results show that Firm D maintains abundant cash reserves and a high financial safety margin. Nevertheless, the expansion of accounts receivable and inventory has imposed a certain degree of occupation on its working capital. Meanwhile, the long‑term high proportion of accounts payable reflects its strong capability in capital coordination across the supply chain. The turnover of the three factors exhibits differentiated features: inventory turnover is stable and outperforms the industry; the speed of accounts receivable collection has slowed down; and accounts payable turnover, after continuous extension, shows a downward trend, reflecting the enterprise’s proactive adjustment in balancing capital efficiency and supply chain ecology. Overall, Firm D’s cash conversion cycle remains persistently negative, indicating effective synergy between working capital management and business growth. Accordingly, this paper puts forward several suggestions, including advancing the construction of intelligent supply chains, strengthening credit risk control, and optimizing supplier credit term strategies, aiming to provide practical references for e‑commerce enterprises to improve the refined management of working capital and enhance financial resilience.