外文翻譯--庫(kù)存的財(cái)務(wù)績(jī)效評(píng)價(jià)和管理

1、<p>　　Interrelating operational</p><p><b>　　and</b></p><p>　　?nancial performance measurements in inventory control</p><p>　　——Ralf W. Seifert </p><p>

2、　　Financial supply chain management and working capital management are increasingly receiving attention as important avenues to increase profitability in supply chains. By actively managing payment terms and working capi

3、tal requirements, managers can influence financial performance and achieve significant cost savings. However, measures to improve financial performance implicitly restrict and influence operational performance. In our re

4、search we elaborate on the benefits of equally considering bot</p><p>　　1. Introduction</p><p>　　Financial supply chain management and working capital management are increasingly recognized as i

5、mportant means to increase profitability in a supply chain. The physical product flow has long been addressed by researchers and practitioners. However, now companies have identified the financial side of the supply chai

6、n as a promising area for improvements. Prominent examples of companies that have integrated, to some extent, financial and physical flows include Intel, GE and Deutz. Intel advocates</p><p>　　However, the i

7、nterdependency of financial flows and operational flows is rarely recognized and decisions are often made based on other criteria. Operations managers decide from an operational point of view concerning inventory, servic

8、e levels or capacity needs to drive financial performance in terms of profit, working capital requirements and return on investment (Fig. 1). At the same time, financial managers make partially arbitrary decisions concer

9、ning ranges of desired financial performance a</p><p>　　Academics and practitioners agree that more than ever in today’s accelerated business environment, the convergence of the physical supply chain and the

10、 financial supply chain can enhance cash flow predictability, reduce risk-related costs and improve working capital. By optimizing the financial supply chain, managers can efficiently manage receivables or payables, fore

11、cast the financial future and achieve significant cost savings. Enhanced cash flow predictability can reduce risk-related costs a</p><p>　　How do working capital targets affect the optimal ordering policy an

12、d the relationship between product flows and cash flows?</p><p>　　What is the impact of upstream and downstream payment delays on operational and financial performance?</p><p>　　What are the tra

13、de-offs between financial and operational measurements?</p><p>　　This paper is organized as follows. In Section 2, we review relevant literature on this subject. In Section 3, we provide a detailed descripti

14、on of our mathematical model, characterize the optimal ordering policy and quantify the working capital restrictions of our model. In Section 4, we discuss the managerial implications of our analysis in detail and provid

15、e numerical examples which highlight the previous findings. In Section 5, we summarize our key findings. Mathematical references and deriv</p><p>　　4. Managerial insights</p><p>　　In this sectio

16、n we present the numerical results and discuss managerial insights on the effects of working capital constraints based on our modeling framework. In Section 4.1, we investigate the effect of working capital restrictions

17、and payment delays. More precisely in Section 4.1.1 we debate the characteristics of the optimal ordering policy. In Section 4.1.2 we investigate the impact of working capital restrictions in cash flows and product flows

18、. In Section 4.2 we examine the effect of upst</p><p>　　Throughout this section, we illustrate our results with numerical examples. Even thought we use the aforementioned four cases, we base our analysis on

19、the actual cash inflows and cash outflows. The ordering decisions depend on the expected working capital when the payment for the orders is due. Throughout this section and for all cases, we do not base our ordering deci

20、sions in historical data. We use the product data for a HP printer, (h=0.02,p=0.03,c=1.03,r=1.18 and α=0.97) (Seifert et al., 200</p><p>　　5. Conclusion</p><p>　　The importance of financial supp

21、ly chain management is increasingly recognized as an important factor to drive operation’s performance. In this paper we developed and analyzed a model that interrelates the operational and the financial aspects. We disc

22、ussed the shortcomings of the current literature and the difficulties to derive the optimality of a base stock policy due to the nature of the problem at hand. We analyzed how the optimal solution depends on the characte

23、ristics of the supply chain </p><p>　　庫(kù)存的財(cái)務(wù)績(jī)效評(píng)價(jià)和管理</p><p><b>　　拉爾夫·W·塞弗特</b></p><p>　　財(cái)務(wù)供應(yīng)鏈管理和營(yíng)運(yùn)資本管理作為重要的途徑來(lái)增加供應(yīng)鏈的盈利能力，得到越來(lái)越多的關(guān)注。通過(guò)積極付款條件管理及營(yíng)運(yùn)資金需求，管理者可以影響的財(cái)務(wù)業(yè)績(jī)

24、，并取得顯著的成本節(jié)約效果。然而，改善財(cái)務(wù)業(yè)績(jī)的措施，有著限制和影響企業(yè)經(jīng)營(yíng)業(yè)績(jī)的不足。在我們的研究中，我們闡述的是考慮業(yè)務(wù)和財(cái)務(wù)方面的供應(yīng)鏈決策的優(yōu)勢(shì)。我們運(yùn)用了一個(gè)數(shù)學(xué)模型，根據(jù)營(yíng)運(yùn)資金限制和拖延付款，確定最佳的采購(gòu)訂單數(shù)量。我們列舉了最常用的財(cái)務(wù)和運(yùn)營(yíng)資金的測(cè)量標(biāo)準(zhǔn)，如服務(wù)水平，分析權(quán)衡，投資回報(bào)率，利潤(rùn)和庫(kù)存水平。我們的研究結(jié)果表明，拖延付款的意義：在上游/下游的延遲付款的增加/減少有利于降低運(yùn)營(yíng)成本。而且增加了系統(tǒng)在降低總的運(yùn)

25、營(yíng)成本，增加財(cái)政總成本和降低營(yíng)運(yùn)資本投資的回報(bào)的周轉(zhuǎn)率。</p><p>　　1、簡(jiǎn)介 財(cái)務(wù)供應(yīng)鏈管理和營(yíng)運(yùn)資本管理正日益被視為增加供應(yīng)鏈中的盈利能力的重要手段。研究人員和從業(yè)人員早已解決實(shí)物產(chǎn)品流動(dòng)性研究。然而，現(xiàn)在公司已經(jīng)在供應(yīng)鏈的財(cái)務(wù)方面確定了一個(gè)有發(fā)展前景的方案。在某些程度上，公司在金融和實(shí)物流動(dòng)方面有著突出的表現(xiàn)，包括英特爾，通用電氣公司和道依茨。英特爾倡導(dǎo)透明的供應(yīng)鏈信息，其中包括實(shí)物商品的流

26、動(dòng)和最終財(cái)務(wù)結(jié)算的必要性（英特爾公司，2007年）。按照同樣的思路，GE利用其使用電子發(fā)票系統(tǒng)（豪斯曼，2005年）保持總帳戶的12％的資金用來(lái)支付。這個(gè)新工具提高GE對(duì)現(xiàn)金流量需求及同時(shí)執(zhí)行資金流和信息流任務(wù)的預(yù)測(cè)能力。這種趨勢(shì)在歐洲的道依茨，德國(guó)汽車制造商等得到證實(shí)，緩解高營(yíng)運(yùn)資本水平和高經(jīng)營(yíng)成本，優(yōu)化庫(kù)存水平，應(yīng)付賬款，應(yīng)收賬款和延遲付款（伯恩哈德，2008年）。</p><p>　　然而，資金流動(dòng)和業(yè)務(wù)流

27、之間的相互依賴性是很少得到認(rèn)可，而決策往往是基于其他標(biāo)準(zhǔn)。運(yùn)營(yíng)經(jīng)理決定從業(yè)務(wù)的觀點(diǎn)出發(fā)，關(guān)于庫(kù)存，服務(wù)水平或能力需求驅(qū)動(dòng)的財(cái)務(wù)利潤(rùn)方面表現(xiàn)在營(yíng)運(yùn)資金需求和投資回報(bào)率交叉點(diǎn)（圖1）。同時(shí)，財(cái)務(wù)經(jīng)理，過(guò)分武斷的決定關(guān)于所需的財(cái)務(wù)表現(xiàn)范圍，從而不可避免地抑制經(jīng)營(yíng)業(yè)績(jī)。在現(xiàn)如今，經(jīng)營(yíng)決策和財(cái)務(wù)決策之間的權(quán)衡是沒(méi)有明確解決的做法，因?yàn)槠髽I(yè)并不總是能夠找到正確的預(yù)測(cè)操作視圖和金融點(diǎn)。例如，努力提高營(yíng)運(yùn)資金狀況可能有適得其反的結(jié)果：過(guò)分強(qiáng)調(diào)了應(yīng)付賬款

28、的減少，可以導(dǎo)致增加的供貨價(jià)格，甚至是更多的營(yíng)運(yùn)資金需求（原因，2005年）。此外，大多數(shù)公司可能會(huì)提高他們的整體營(yíng)運(yùn)資金需求，但很少人會(huì)成功的改善他們的應(yīng)收款和庫(kù)存結(jié)果。</p><p>　　學(xué)術(shù)界和實(shí)務(wù)界都認(rèn)同，在如今的經(jīng)濟(jì)加速發(fā)展的環(huán)境下，比以往任何時(shí)候都要懂得供應(yīng)鏈和金融供應(yīng)鏈的銜接，加強(qiáng)現(xiàn)金流的可預(yù)測(cè)性，降低風(fēng)險(xiǎn)相關(guān)的成本和提高營(yíng)運(yùn)資金。通過(guò)優(yōu)化財(cái)務(wù)供應(yīng)鏈，管理人員可以有效地管理應(yīng)收賬款或應(yīng)付款項(xiàng)，預(yù)測(cè)

29、未來(lái)的財(cái)務(wù)狀況，并顯著的節(jié)約成本。增強(qiáng)現(xiàn)金流的可預(yù)測(cè)性，可以減少風(fēng)險(xiǎn)相關(guān)的成本和提高營(yíng)運(yùn)資金運(yùn)作（安華，2004）。 在Demica的報(bào)告指出（克羅夫特，2007年），供應(yīng)商和客戶的管理對(duì)營(yíng)運(yùn)資金管理的付款條件突出的重要性影響。因此，在深入了解業(yè)務(wù)和財(cái)務(wù)的測(cè)量和參數(shù)之間的取舍，它是相當(dāng)重要的。在本文中，我們結(jié)合在一個(gè)統(tǒng)一的數(shù)學(xué)模型，解決以下幾個(gè)研究問(wèn)題的財(cái)務(wù)和經(jīng)營(yíng)方面的問(wèn)題：</p><p>　　流動(dòng)資金目標(biāo)是如

30、何影響的最佳訂貨政策，產(chǎn)品的流量和現(xiàn)金流量之間的關(guān)系是怎么樣的？ 上游和下游企業(yè)延遲付款對(duì)經(jīng)營(yíng)和財(cái)務(wù)業(yè)績(jī)有何影響？ 財(cái)務(wù)和運(yùn)營(yíng)測(cè)量之間的權(quán)衡是什么？ 本文結(jié)構(gòu)如下：在第2節(jié)中，我們回顧關(guān)于這個(gè)問(wèn)題的相關(guān)文獻(xiàn)。在第3節(jié)，我們提供了一個(gè)詳細(xì)的說(shuō)明我們思想的數(shù)學(xué)模型，刻畫(huà)最優(yōu)的訂貨政策和在我們的模型中量化了營(yíng)運(yùn)資金限制。第4節(jié)中，我們?cè)敿?xì)討論我們的分析管理問(wèn)題，并提供數(shù)值例子，強(qiáng)調(diào)之前的研究結(jié)果。在第5節(jié)，我們總結(jié)了我

31、們的主要成果。數(shù)學(xué)的引用和推導(dǎo)在附錄A。</p><p><b>　　4。管理感悟</b></p><p>　　在本節(jié)中，我們從建立的模型中得到了數(shù)值結(jié)果，并在討論營(yíng)運(yùn)資金約束影響的基礎(chǔ)上提出管理的見(jiàn)解。在4.1節(jié)中，我們談?wù)摿藸I(yíng)運(yùn)資金限制對(duì)拖延付款的影響。更確切地說(shuō)，在4.1.1節(jié)中，我們最優(yōu)的訂貨政策理論的特點(diǎn)。在4.1.2節(jié)中，我們談?wù)摿藸I(yíng)運(yùn)資金限制對(duì)現(xiàn)金流和產(chǎn)

32、品流的影響。在4.2節(jié)中，我們敘述了上游和下游企業(yè)在不同付款條件上的現(xiàn)金流，產(chǎn)品流和營(yíng)運(yùn)資金的目標(biāo)水平的影響。在4.3節(jié)中，我們對(duì)研究各種財(cái)務(wù)和經(jīng)營(yíng)業(yè)績(jī)測(cè)量之間的相互依賴性和不相交的性能目標(biāo)設(shè)置的后果進(jìn)行辯論。最后，在4.4節(jié)中，我們研究的模型參數(shù)的范圍擴(kuò)大后的一些情況。</p><p>　　在本節(jié)中，我們展示了數(shù)值例子與結(jié)果。我們立足于實(shí)際的現(xiàn)金流入和現(xiàn)金流出我們的分析通過(guò)我們使用上述四宗個(gè)案。而對(duì)到期付款的訂

33、單，訂購(gòu)的決定取決于預(yù)期的營(yíng)??運(yùn)資金。在本節(jié)中，并在所有的情況下，我們不會(huì)在歷史數(shù)據(jù)的基礎(chǔ)上決定我們的訂購(gòu)決策。我們使用一個(gè)HP打印機(jī)的產(chǎn)品數(shù)據(jù)，（H = 0.02，P = 0.03，C = 1.03，R = 1.18和α= 0.97）（塞弗特等，2006），并考慮產(chǎn)品的需求，如平均正態(tài)分布分布μ= 100和CV = 0.1變異系數(shù)。這是一個(gè)廣泛的參數(shù)模型研究。我們?cè)诮？蚣艿幕A(chǔ)上，我們采用離散系數(shù)的選擇，本地搜索的方法，來(lái)模擬我們

34、的系統(tǒng)正確性驗(yàn)證。得到這種算法的最優(yōu)解是整個(gè)方案的初步解決。然而，考慮不同的出發(fā)點(diǎn)和搜索方向，計(jì)算過(guò)程變得更龐大復(fù)雜，由于它避免了取數(shù)范圍狹小，確保了解決方案考慮較廣，得到了最佳的解決方案。模擬的時(shí)間跨度是設(shè)定為80期，這相當(dāng)于一個(gè)產(chǎn)品的生命周期。這里我們模擬了50個(gè)樣本路徑，相當(dāng)于90％的置信區(qū)間和0.01的系統(tǒng)誤差，Law和凱爾頓（2000）。</p><p>　　5、結(jié)論 財(cái)務(wù)供應(yīng)鏈管理作為一個(gè)重