摘要

L公司是一家从事研发、生产测试和销售军工产品的民营上市公司，公司由核心技术管理团队控制，并由核心团队负责人管理公司运营，团队共同持有公司百分之三十四的股份。公司通过2015年的并购重组上市迅速发展壮大，销售收入十亿元以上，现有员工2000余人。随着公司经营的业务快速发展，应收账款的整体规模逐年增大，坏帐发生的几率增加，同时管理成本增加影响企业经营利润，甚至更严重的可能导致运营资金断流，造成因资金链断裂而破产清算。这说明其应收账款管理水平相对不高，如何提升管理应收账款水平是L公司需要尽快解决的重要问题。

本文结合公司制度，对多年应收账款数据和赊销数据进行分析，对比了同等规模军工上市公司相关财务数据。发现造成公司应收账款规模增大，增长迅速，账龄增长，应收账款周转效率低下的成因，主要归结为赊销金额逐年增大，合同签订的风险管控问题、信用管理不到位，应收帐款风险管理体系不健全，财务信息系统不健全。针对以上的问题，本文从应收账款风险管理的基本原理出发，从事前、中、后三个方面进行了分析，并从管理的三个方面给出了特定的优化方案，以期为 L公司应收账款风险管理提供切实可行的操作建议：第一，L公司必须强化和改进公司的应收帐款回收和奖惩体系；第二，要加强管理层的风险意识和强化执行力；第三，开展监管和执行有关制度，加强风险控制，要更好地发挥内部审计的功能，强化信息化建设和运用。

基于以上对L公司的数据比较分析和优化建议，如能够对这些问题进行专项整改和完善，将应收账款管理的重心前置到事前的防范和事中的管控上，建立相对完整的全流程管理体系，使公司能够主动降低应收账款坏账风险，加快资金流转，让企业健康发展壮大。作者也希望能以L公司为案例，为国内其他的民营军工上市公司在快速发展壮大阶段提供相关启示帮助。

ABSTRACT

 

Company L is a private listed company engaged in research and development, production testing and sales of military products. The company is controlled by the core technology management team, and the operation of the company is managed by the core team leader, with the team jointly holding 34 percent of the company's shares.  Through merger, reorganization and listing in 2015, the company has grown rapidly, with sales revenue of more than one billion yuan and having over 2,000 employees. Due to the rapid growth of the scale of sales of the company, the scale of receivables has increased significantly, with the possibility of bad debts increasing and the increase of management costs affecting the enterprise's operating profits at the same time. What’s even more seriously is that it may lead to the interruption of working capital, resulting in bankruptcy and liquidation due to the fracture of capital chain, which indicates that its level of accounts receivable management is relatively limited. How to improve the level of accounts receivable management is an important issue that L company needs to solve as soon as possible. 

Combined with the company system, this paper has analyzed the accounts receivable data of these years and compared the financial indicators of listed military companies of the same scale. What has been found is that the reasons for the increase of the company's accounts receivable scale, rapid growth, aging growth and low efficiency of accounts receivable turnover are mainly attributed to the risk control problems in contract signing, insufficient credit management, unshaped accounts receivable management system and lack of information. In view of the above problems mentioned, combining theories of the financial risk with accounts receivable management, this paper analyses before, during and after the process of the accounts receivable management and gives the three management perspectives of specific optimization scheme, and strive for L company accounts receivable management work to provide practical operational suggestions. Company L needs to strengthen and improve the collection of the company's receivables and the system of reward and punishment. Meanwhile, it is necessary to improve the risk awareness of management and strengthen the executive ability. Moreover, it is also essential to supervise and implement relevant mechanisms, improve risk prevention and control, give full play to the role of internal audit, and even strengthen information construction and practical application. 

Based on the above data comparing analysis of company L and optimization suggestions and carrying out and improving special rectification of these problems, it is possible to establish a relatively complete whole process management system, enable the company to actively reduce the risk of accounts receivable bad debts, speed up the flow of funds, make enterprises develop healthily. The author also hopes to take the case of Company L as an example to provide relevant inspiration and help for other domestic private military listed companies throughout the rapid development stage.