随着我国旅游行业的快速发展，我国商务往来活动愈发频繁，各大国际赛事活动纷纷在中国各省市开展，带动了酒店行业的全面兴起，酒店作为旅游行业发展的重中之重，在近年呈爆发式增长。然而，受旅游市场扩大开放和不同酒店市场定位差异的影响，酒店发展中面临新的挑战，主要表现为：经济型酒店竞争过度和竞争不足情况并存，中端酒店由于受满足个性化需求的新住宿空间的冲击，将迎来市场饱和，而高端酒店出现供给过剩的现状。在酒店管理层面，随着酒店行业的转型升级，酒店行业面临供应链管理体系构建困难、存货管理风险高，同时面临固定资产投资、基础建设修缮等大量资金投入的情势，这均属于酒店营运资金管理的范畴。因此，本文从不同酒店的营运资金管理入手，调查分析不同星级酒店营运资金管理现状及其绩效，据此提出营运资金管理的相关优化建议，以推动酒店行业顺利转型升级。

本文应用迈点研究院（MTA）和2014-2018年度酒店行业数据，在分析我国不同星级酒店发展现状的基础上,选取南京市三家较为典型的三星级X酒店、四星级Y酒店、五星级Z酒店，对其进行营运资金管理绩效研究。首先，通过实地调查，分析其营运资金的相关管理制度及其经营情况，进而运用三家酒店2011-2018年的财务报表数据，分析其营运资金管理的投资和筹资策略，分析营运资金管理的主要项目发展现状，分析营运资金管理效果；其次，基于要素营运资金管理理论，以上市代表性酒店为参照，从案例酒店的现金流、应收账款和存货角度，深入剖析其绩效差异，并结合实地调研揭示其产生的原因；最后，根据不同星级案例酒店营运资金管理的优势与不足，提出相关优化建议。

本文基于要素的营运资金管理理论，通过实地调研和数据分析，主要研究结论为：（1）不同星级酒店营运资金管理现状。案例酒店营运水平较高，均根据自身情况制定了相关的营运资金管理制度，酒店的收入变现能力较好，但短期偿债能力较弱，流动风险较高。三星级酒店X由于营运规模有限，并未设立专门财务部门，四星级酒店Y营利水平有所提升，产生闲置资金，获得投资收益，五星级酒店Z单笔销售收入较高，其应收账款更易发生坏账。（2）不同星级酒店营运资金管理绩效。分析发现，因购置固定资产、维修基建等建设资金投入需求，案例酒店的货币资金持有量降低，对酒店营运资金管理产生影响。由于延迟支付应付账款和有效的现金管理，案例酒店现金周转效率较高。受具体管理方法和客户群体不同的影响，其应收账款和存货管理水平不尽相同：三星级酒店X营运规模有限，其闲置资金金额的预算估计较为困难，闲置资金利用程度较低，但该酒店有效的应收账款和存货管理方法，使其周转效率保持较高水平；四星级酒店Y，通过集中管控资金，有效对资金预算控制，高效利用闲置资金，定额管理制度，使其存货运营质量水平较高；五星级酒店Z赊销占比相对较高，造成其应收账款回款较慢。与此同时，也因销售金额较大，存在客户保证金等预收账款的可能性较大。

通过以上对案例酒店的营运资金管理绩效评价及其原因分析，本文提出如下对策建议：优化货币资金预算管理、提升营运资金风险管理意识、建立健全应收管理制度和加强存货核算管理。

With the rapid development of China's tourism industry and the increasing frequency of business contacts in China, various major international events are being held in various provinces and cities in China, leading to the overall rise of the hotel industry, as the most important part of the tourism industry development, hotels have been growing explosively in recent years. However, due to the expansion of the tourism market open degree and differences in market positioning of different hotels, hotels are facing new challenges in their development, which are mainly manifested in the coexistence of excessive competition and insufficient competition in economy hotels, due to the impact of the new accommodation space to meet the personalized demand, the middle-end hotels will be saturated in the market, while the high-end hotels appear to be oversupplied. At the hotel management level, with the transformation and upgrading of the hotel industry, the hotel industry is faced with difficulties in establishing a supply chain management system, high risk of inventory management, and at the same time, it is faced with the situation of investment in fixed assets and capital investment in infrastructure repair, etc. , this all belongs to the hotel working capital management category. Therefore, this paper starts with the working capital management of different hotels, investigates and analyzes the current situation and performance of working capital management of different star-rated hotels, and then puts forward relevant optimization suggestions for working capital management, to promote the smooth transformation and upgrading of the hotel industry.

Based on the analysis of the development situation of different star-rated hotels in China, this paper applies the data of MTA and hotel industry from 2014 to 2018, selects three typical three-star X hotel, four-star Y hotel and five-star Z hotel in Nanjing to study their working capital management system of working capital and its operating situation. First of all, through the field research, this paper analyzes the related management system of working capital and its operating situation, and then uses the financial statement data of three hotels from 2011 to 2018 to analyze the investment and fund-raising strategies of working capital management, the paper analyzes the current situation of the main items of working capital management, and analyzes the effect of working capital management; Secondly, based on the theory of factor working capital management, taking listed representative hotels as reference, from the perspective of cash flow, accounts receivable, inventory, the paper analyzes the performance differences of the case hotels, and reveals the reasons for their occurrence; and finally, according to the advantages and disadvantages of the working capital management of different star-rated case hotels, the paper puts forward the related optimization suggestions.

Starting from the theory of working capital management, based on the field research and data analysis, the main conclusions are as follows: (1) The current situation of working capital management of different star-rated hotels. The operating level of the case hotels is relatively high, and relevant working capital management systems have been formulated according to their own conditions, and the revenue of the hotels is relatively good, but its short-term solvency is weak and its liquidity risk is high. Due to the limited operation scale of the three-star Hotel X, no special financial department has been set up. The profit level of the four-star Hotel Y has been raised, idle funds have been generated, and investment income has been gained. The single sales revenue of the five-star Hotel Z is higher, its accounts receivable are more likely to incur bad debts. (2) Working capital management performance of different star hotels. It is found that: Due to the investment demand of construction funds, such as purchase of fixed assets, maintenance and capital construction, the monetary fund holding of case hotels is reduced, which has an impact on the management of hotel working capital. Due to the delayed payment of accounts payable and effective cash management, the cash turnover efficiency of case hotel is higher. Due to the different management methods and customer groups, the level of accounts receivable and inventory management is not the same. Due to the limited operation scale of three-star Hotel X, it is difficult to estimate the budget of the idle funds and the utilization degree of the idle funds is low. However, according to the effective accounts receivable and inventory management methods of the hotel, its turnover efficiency to maintain a high level. Four-star Hotel Y, through the centralized control of funds, effective control of funds budget, efficient use of idle funds, quota management system, so that the high level of inventory operation quality. Five-star Hotel Z credit sales accounted for a relatively high proportion of its accounts receivable slower. At the same time,  because of the sales amount is bigger, the possibility of the existence of the customer deposit and so on collection account in advance is higher.

Through the above-mentioned evaluation of the working capital management performance of the case hotel and the analysis of the reasons, this paper puts forward the following countermeasures and suggestions: Optimizing Monetary Fund budget management, improving working capital risk management consciousness, establishing and perfecting receivable management system and strengthening inventory management. 

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