There are 4 key performance indicators, which are used to evaluate the effectiveness of working capital management with liquidity concepts. The analysis will be summarized in detail below. Working capital management analysis involves evaluating working capital indicators in the liquidity concept such as average days of inventory (INV), average days of accounts receivable (AR), average number of days of accounts receivable. payable (AP) and the cash conversion cycle (CCC). These 4 elements will be analyzed as follows. Table 2: Comparison of working capital management indicators year 2012 to 2014 WCM indicators 2014 2013 2012 Average number of inventory days 111.24 110.46 100.27 Average number of accounts receivable days 8.51 8.76 8.16Average accounts payable days 15.92 16.80 16.42Cash conversion cycle 103.83 102.42 92.01Source: own representation based on “Thai Beverage financial statements” and annual report from www. http://thaibev.listedcompany.com/ar.html/?skipmobile=05.1) Average number of days of inventory For the year 2014,5.2) Average number of days of customer accounts5.3) Average number of days of customer accounts