摘要随着社会经济不断地发展，人们的生活水平日益提高，人们对于服装的需求越来越高，而且人们对于服装的要求也愈发差异化。在服装行业中，市场竞争可谓十分激烈，各企业都竭尽所能设计出各式各样的服装，以保证最大限度地满足市场客户的需求，从而导致了服装市场中各企业的产品同质化非常严重。对此，企业要想正常运行则需要完善自身的营运资金管理。PY公司是一家中型服装企业，目前正处于发展扩大时期，主要客户集中于中层消费者，致力于将自身的服装品牌打造成中国优质的领导品牌。本文通过理论与实践相结合的方法，将要素和渠道管理理论运用到PY公司的营运资金管理分析中，从要素和渠道的视角对PY公司的营运资金管理现状进行分析，分析其营运资金单个项目以及各渠道的营运项目的数据，发现其财务风险较高，盈利能力低；应收账款的回款周期长；存货积压过多；应付账款的利用率低等问题。为此，PY公司应做好降低财务风险，提高盈利能力；加大应收账款的管理力度；加强存货的需求预测；加大应付账款的利用率。通过以上措施来改善企业自身的营运资金管理水平，使企业在市场竞争中发挥出优势。关键词：营运资金财务风险周转期AbstractWiththecontinuousdevelopmentofsocietyandeconomy,people'slivingstandardsareincreasing.People'sdemandforclothingisgettinghigherandhigher,andpeople'srequirementsforclothingarebecomingmoreandmoredifferentiated.Intheclothingindustry,marketcompetitioncanbedescribedasfierce,andcompaniesaredoingeverythingtheycantodesignawiderangeofclothingtoensurethatitmeetstheneedsofmarketcustomerstothegreatestextent.Asaresult,theproducthomogeneityofvariouscompaniesintheclothingmarketisveryserious.Inthisregard,enterprisesneedtoimprovemanagementofworkingcapitaliftheywanttooperatenormally.PYCompanyisamedium-sizedclothingcompany.Itiscurrentlyintheperiodofdevelopmentandexpansion.Itsmaincustomersareconcentratedonmiddle-levelconsumers,anditiscommittedtomakingitsownclothingbrandsintohigh-qualityleadingbrandsinChina.ThisarticleappliesacombinationoftheoryandpracticetoapplythetheoryofelementandchannelmanagementtotheanalysisofPYcompany'sworkingcapitalmanagement.Fromtheperspectiveofelementsandchannels,thispaperanalyzesthecurrentsituationofPYcompany'sworkingcapitalmanagementandanalyzesitsindividualprojectofworkingcapital.Aswellasdataonoperatingitemsfromvariouschannels,itwasfoundthatitsfinancialrisksarehighandprofitabilityislow;accountsreceivableshavelongpaybackperiods;excessiveinventorybacklogs;andlowutilizationofpayables.Tothisend,PYcompaniesshoulddoagoodjobofreducingfinancialrisksandimprovingprofitability;strengthenthemanagementofaccountsreceivable;strengthenthedemandforecastforinventory;andincreas