Current Governance of Working Capital: A Case Study at Thang Long Construction and Mechanical Joint Stock Company

Working capital governance plays a crucial role in ensuring solvency, maintaining production and business operations, and improving the efficiency of capital utilization within a business. This study analyzes the current state of working capital governance at Thang Long Construction and Mechanical Joint Stock Company (TLCJSC) during the period 2021–2023 through the following aspects: cash capital governance, accounts receivable governance, inventory governance, and working capital utilization efficiency. The research results show that the company has made positive changes in improving the speed of working capital turnover and capital utilization efficiency. However, the enterprise still faces some limitations such as heavy reliance on short-term capital, declining solvency, and a significant increase in the scale of accounts receivable. Based on this, the study proposes several directions to improve the efficiency of working capital governance in the future.