财务管理外文文献.docx
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财务管理外文文献.docx
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财务管理外文文献
ProjectSchedulingintheFinancialManagementofSupplyChains(excerpts)
Author:
DurukanKalyoncu,Guldane
AcceptanceDate:
June2012
Inliterature,numerouspublicationsonmanagingsupplychainsexistmostofwhichhasfocusedonthephysicalaspectsofthesupplychains.Althoughthebottomlineisveryimportantformanagers,therearealimitednumberofpublicationsthatcombinethefinancialmanagementofsupplychainswiththephysicalmanagement.Thosestudiesaddressthesupplychainfinancialperformancemeasurementwithdifferentapproachesandmeasures;oneofwhichhasbeenCashConversionCycle(CCC).CashConversionCycleisametricthatmeasuresthetimeelapsedfromthepaymenttothesupplierstillthereceiptofmoneyfromthecustomers。
Thusitisatwodimensionalconceptthatincorporatestimeandfinancialconsiderationssimultaneously。
Inthatrespectitenablescompaniestointegratetheoperationalschedulingwiththefinancialscheduling.
WhenthecomponentsoftheCCCareexaminedseparately;theAveragePayableandAverageReceivableTermsarerelatedtothecompanyfinancialpolicyandcontracttermsbetweensupplychainpartners。
Ontheotherhand,InventoryConversionPerioddependsonthefirm’sinventorypolicy.Figure1assumesthattheinventoryisinretailer'swarehouseonthesamedaywithorderplacementtothemanufacturer.Alsoitassumesthatthereisnooutboundtransportationtimesoonthedaythatinventoryleavestheretailer'swarehouseitisreceivedbythecustomerandAccountsReceivableisissued.AccordingtothoseassumptionsInventoryConversionPerioddependsontheoptimalorderingquantity.
Inthesensethat,CCCisembracingAccountPayable,AccountReceivableandInventoryConversionPeriod;firsttwoarerelatedtotimingofcashinflowsandoutflowsandthethirdisrelatedtofirm’soperationspolicy,itisabridgingmeasurementbetweenoperationalandfinancialplanning。
Also,sinceCCCisthetimepassedfromcashoutflowtocashinflow,itmeasureshowlongthefirmneedsoutsidefinancing.Thusmanyscholars(FarrisandHutchison(2002),Soenen(1993),BintiMohamadandBintiMohdSaad(2010))statedthattheshorterCCCthebetterthecompanyfinancesare.However,therearesomecomplicationsregardingtheCashConversionCyclemetricapproachinfinancialmanagementofsupplychains.Eventhoughsupplychainpartnersputconsiderableeffortstohavecontroloverthestreamofcashinflowbymanagingpaymentterms,thesecashinflowsaremostlyprobabilisticduetounpredictableconditionsofthedownstreamplayers.Ontheotherhandcashoutflowstotheupperlayersofthechainisdeterministic;howeverthisdependsonthecashavailableatthetime.Figure2depictsthe“downstream”and“upstream”supplychainpartners。
UpstreamPartnersDownstreamPartnersVendorManufacturerDistributorRetailerCustomer.SupplyChainLevelsAsseenfromtheGuptaandDutta'sstudy(2011),theearlypaymentofthedebtsresultinthelowestcashoutflowatthecurrentperiod,yetitdoesnotnecessarilyresultinthelowestpresentvalueofthecashoutflow。
Thusmanagingcashflowsinanefficientwayisnotaneasytasktakingintoaccounttheprobabilisticinflowsinadditiontothetradeoffsbetweenpromptpaymentofthedebt,whichreducestheamounttobepaid,andlatepayment,whichincreasestheinterestearnedoncashdeposits.ThosefinancialconsiderationsbecomeevenmorecomplicatedforsupplychainswithlongLeadTimes.SoLeadTimereductionhasahugestrategicimportanceforsuccessfuloperationofthosechains。
Nevertheless,managingLeadTime,whichismostlydeterministic,isnotaneasytaskeitherbecauseitaffectsthecashflowstreamindirectorindirectways。
Indirectly,LeadTimereductionaffectsthecashflowsbyimprovingcustomerserviceandresponsivenesstodemandshifts.Firstofall,LeadTimecompressionisacostlyprocessincludinglaborcostandadditionaltransportationcost。
Second,inventoryholdingcostcanbereducedduetolowerrequirementforsafetystock.Third,reducingLeadTimereducestheCashConversionCycle。
AstheCashConversionCyclemeasureshowlongthecompany’scashistiedtoaccountspayablesandinventoriestillfulfillinganorder;shorteningtheLeadTimedecreasescostofborrowing,andalsoitenablesthecompanytodelivertheproductsorservicessooner;thusthereceivablecollection
periodstartsearlier.AlthoughmanyscholarsworkedonLeadTimecompressioninsupplychainssuchasBeesley(1996)andTowill(1996)theybothignoretheinvestmentcostsneededtoachieveareductioninLeadTime。
AlsoneitherBeesleynorTowilltouchthecostofborrowingissue,butrathertheyemphasizetheindirectfinancialeffectsoftimereduction,suchasfastresponsetomarketandenablingamoreaccuratedemandforecast。
Whatismore,mostofthesupplychainfinancialmodelingarticlesarenottakingintoaccountthetimeflexibilityfactor。
Asknown,companiescanreduceLeadTimesinexchangeforacost。
Sowhilestudyingthefinancialaspectsofthesupplychainthisflexibilityshouldbetakenintoaccount.WhereasBen—DayaandRaouf’s(1994)studyfocusesontheLeadTimeflexibilityissuebystudyingthecostsofLeadTimereductionalongwiththeeffectsontheinventorypolicysuchasreorderpointandoptimalorderquantitywhichaffectsorderingandinventoryholdingcosts,theirstudydoesn'tmodelawholesupplychainwherethetransactionswithupstreamplayersaretakenintoaccount.
Tosumup,inliteraturethereislackofacomprehensiveapproachforthefinancialmanagementofthesupplychains.Alsotoday’sincreasinglydynamiccompaniescannotbemanagedwithstaticmodels.Thus,predictiveintegratedmodelsthattakeintoaccountinstablefinancialmarketsandalsocapableofensuringrequiredliquiditywhileprovidingtimelyandefficientresponsetoordersiscrucial.So,withthepurposeofbuildingacomprehensiveapproachthatembracestimeandmoneyconsiderationssimultaneously,ourstudyusesCashConversionCycleasthedecisionvariablewithrespecttowhichweassesstheFinancialPerformance.Byusingproject-schedulingmethodsintimingoftheoperationsandpayments,ourstudyaimstofindtheoptimalCashConversionCyclethatgeneratesthehighestaccumulatedcashattheendoftheone—yearperiod.
However,inourmodelcashinflowisprobabilisticthuswedon’thavecontroloveritseffectontheoptimalCCC.AsaresultsomeofthevaluesthatarechangedinordertofindtheoptimalCCCareorderquantity,reorderpointandtheLeadTimeandPayableterm。
Soourstudystartswithanalyzingtheissuesaffectingfinancialmanagementofsupplychainsandthencoverstherelatedpreviousworkthatthemodelisbuiltupon。
InthenextissuesaffectingthefinancialmanagementinSCarediscussed.InsectionIIIreviewoftheliteratureispresentedandinSectionIVthemathematicalmodelispresentedwiththeobjectiveofmaximizingtheaccumulatednetcashattheendofaone—yearperiod。
ThemodelconsiderstimingofthecashinflowandoutflowsandLeadTimecrashingcostssimultaneously。
Finallyillustrativeexampleandsensitivityanalysisarepresentedfollowedbytheconclusionpartsummarizingfindingsofthestudy。
Bullwhipeffect:
Itisoneofmostsignificantreasonsofsupplychaininefficiency。
Itistheamplificationofdemandvarianceasthedemandinformationpassesfromthelowerlevels(customers)ofthesupplychaintotheupperlevels(manufacturerslevel).Itmaybeseverelydestructiveforthefinancialmanagementofthesupplychainasawhole,particularlytheupperlevelsaretheonesmostaffected.Eachpartner,knowingthattheforecaststheyretrievefromthelowerpartnersarenotonehundredpercentaccurate,buildssafetystock.Thustheorderstotheupperlevelsincreaseasmoreandmoresafetystockisbuiltinthesystem,whichleadstheuppertierstohaveanimpressionthatthedemandismorethanitsactuallevel.SolongerLeadTimesresultinhighersafetystocklevelswhichinturnleadsbiggeramplificationsintheupperlevelsasknownastheBullwhipEffect.Demandforecast:
Formaketostockinventorysystemsdemandforecastisthemostimportantaspectofproductionmanagement。
Ascycletimeincreases,forecastshavetobemadeforfartherperiods,whichinturnincreasestheforecasterrors。
Andwhentheaccuracyoftheforecastdecreases,firmsareforcedtokeepmoresafetyinventoryandthusincurhigherinventoryholdingcost。
Ontheflipsideofthecoin,evenifafirmdecidestokeeplowinventorylevels,insuchablurryenvironmentthereishighprobabilitythatitfallsshortinrespondingtocustomerorderswhichhurtstheprofitsasmuchastheinventoryholdingcosts。
Thus,byshorteningthesupplychaincycletimetheentirechainbenefitsfromaccuratedemandforecast。
Costofborrowing/investing:
Costofborrowingisanotherkeyaspectofthefinancialmanagementofthesupplychain.Sincemoreinterestischargedwiththetimeelapsedovertheissuedateofthedebt,firmsshouldensurecollectionofmoneyfromthecustomersasearlyaspossibleinordertopaythedebts。
Apparently,collectionperiod’sprimarydeterminantisthecycletimesincethecustomersusuallyarenotwillingtopaybeforetheyreceivetheproductunlesssomeincentivessuchasdiscountsareofferedinadvance。
Inventoryholdingcost:
AccordingtoBen—DayaandRaouf’s(1994)economicorderquantity(EOQ)model,asLeadTimeincreases,optimalorderquantityQ*increases;thereforetheaverageinventoryheldbythefirmovertheyear,andcorrespondingholdingcostincrease。
Apartfromthephysicalcostofinventoryholding,higherobsolescencecostrelatedtohigherlevelsofin
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