集成的财务报表分析在供应链网络的优化设计在需求的不确定性外文翻译

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<文献翻译一：原文>IntegrationoffinancialstatementanalysisintheoptimaldesignofsupplychainnetworksunderdemanduncertaintyPantelisLonginidis,MichaelC.Georgiadis.

Integrationoffinancialstatementanalysisintheoptimaldesignofsupplychainnetworksunderdemanduncertainty[J].InternationalJournalofProductionEconomics,Volume129,Issue2,February2011,Pages262–276AbstractModelsthataimtooptimizethedesignofsupplychainnetworkshavebecomeamainstreaminthesupplychainliterature.Thispaperaimstofillagapintheliteraturebyintroducingamathematicalmodelthatintegratesfinancialconsiderationswithsupplychaindesigndecisionsunderdemanduncertainty.TheproposedMixed-IntegerLinearProgramming(MILP)problemenchasesfinancialstatementanalysisthroughfinancialratiosanddemanduncertaintythroughscenarioanalysis.Theapplicabilityofthemodelisillustratedbyusingacasestudyalongwithasensitivityanalysisonfinancialparametersexpressingthebusinessenvironment.Themodelcouldbeusedasaneffectiveandconvenientstrategicdecisiontoolbysupplychainmanagers.KeywordsSupplychainoptimization;Financialstatements;Demanduncertainty;Distributionnetworks1.IntroductionDuringthelastdecadeofthe20thcenturyrapidchangesoccurredinthebusinessenvironment.Competitionamongcompaniesinalltheiroperationalfunctions，fromrawmaterialsourcingtocustomerservice，hasdramaticallyincreased.Companieshaveextendedtheirstrategicfocusintheglobalmarket.Costandpricebenefitshadbeenscatteredacrossvariouscountriesandregionsoftheworldandhadpushedcompaniestoseizeupontheseopportunities.Hence，companieswereforcedtomanagetheiroperationsoverthelimited“uniqueenterprise”framework.Orientationtoexternalenvironmentisamediumthatenablescompaniestoobtainthenecessarysourcesandabilities(Spekmanetal.，1998).Thesedevelopmentshavedriventotheevolutionof“supplychainmanagement”(SCM)ascompanieshaverealizedthattheycannotoperateindividuallyanymore，butonlyaspartsofacomplicatedbusinessoperationschain(Tanetal.，1998).Organizations，whichconstituteasupplychainnetwork(SCN)，interactthroughcontinuousandtwo-sidedconnectionsthatcreateaddedvalueinproducts(Mentzeretal.，2001).Thesenetworkshaveanundefinednumberofechelonsandstageswhiletheirmainoperationsinvolvepurchasingofrawmaterialsfromsuppliers，production，transportationandstorageofproducts，inventorymanagement，anddistributionofproductstocustomers(Simchi-Levietal.，2000).PartoftheplanningprocessinSCMaimsatfindingthebestpossiblesupplychainconfiguration.Thesedecisionsareconsideredstrategicbecauseoftheirlongtimehorizonandaretackledwithfacilitylocationmodels.However，byconsideringcertainaspectsofthesupplychainenvironment，thesemodelsareadequatelycapabletosupporttheSupplyChainNetworkDesign(SCND)phase(Meloetal.，2009).Moreover，dynamicfacilitylocationmodels，wherethedecisionsarespreadoutoveralong-termplanninghorizonandthedecisionvariablesaretime-dependent，arebecomingmorecompatibletotrackthedynamicsofcomplexsupplychains(Thanhetal.，2008).Sincecompaniesrecognizedthepotentialcompetitiveadvantages，gainedthroughaholisticmanagementoftheirsupplychain，theacademiccommunityhasbeendevelopingseveralmodelsthatdescribetheirdesignandoperation.Thesemodelssupportmanagementstaffinbothstrategicandtacticaldecisionsregardingmanagementofsupplyanddistributionnetworks.Althoughnumeroussuccessfulmodelshavebeendevelopedforthedesignandoperationofsupplychains，theirvastmajorityignoresdecisionsinvolvingrevenues，marketingcampaigns，hedgingagainstuncertainties，investmentplanning，andothercorporatefinancialdecisions(Shapiro，2004).Financialfactorsareamongtheissuesthathaveastrongimpactontheconfigurationofglobalsupplychains(Meloetal.，2009).Financialglobalizationfactorssuchascorporateincometaxes，transferprices，currencyexchangerates，aresomeofthekeycomponentsthatasupplychaindesignmodelinthedelocalizationcontextshouldtakeintoaccount(Hammamietal.，2008).Integrationoffinancialaspectsinthesemodelsallowsforthesystematicassessmentoftheimpactofproductiondecisionsinthefinancialoperationandfurtherselectstheiridealcombinationthusprovidingacompetitiveadvantageinthecompany(Guillénetal.，2006).Inclusionoffinancialconsiderationsinsupplychainmodelsisparticularlyadvisedforcapitalintensiveactivities(continuousprocesses，heavyindustrialequipments，etc.).Financialoperationsaresupplementarytoproductionoperations.Theyareessentialandimportantactivitiesbecausetheyensurefinancingofproductionanddistributionoperations.Moreover，financingisnecessaryforinvestmentsinnewproductionprocesses，innewproductionequipment，innewinnovativeproducts，andforexpansioninnewmarkets.Thebasicsourcesoffinancingareloansfromfinancialinstitutionsandfundsfromincreasesinequitystocks，withorwithoutinitialpublicoffering(IPO).Inordertoattractcapitalsfromthesetwoinvestmentgroups，companiesshouldhaveanunambiguouslyandsatisfactoryfinancialstatus.Theevaluationofacompany’sinvestingprospectandcreditstandingisaprocessbasedonstaticandcomparativeanalysisoffinancialstatements(Horrigan，1966andRushinekandRushinek，1987).Inasimilarvein，financialstatementanalysisenablesfinancialinstitutionstobenchmarkcompaniesinthesameindustrywithrelativemeasuresinsteadofabsolutemeasures(CowenandHoffer，1982).AnotherimportantissueinSCMisuncertainty.DemanduncertaintyhasbeenearlyrecognizedintheSCMcontextastheessentialcauseofthe“bullwhipeffect”，whichischaracterizedbyexcessvolatilityindemand(Davis，1993).Uncertaintyofcustomerdemandisrarelyaconsiderationinmodelsforsupplychainnetworkdesign(Ballou，2001)andespeciallyforgloballogisticssystems(VidalandGoetschalckx，1997).Systematicconsiderationofuncertaintycanfacilitatecalculationofexpectedreturnandevaluationofassociatedrisksbasedoncurrentstatusandfuturepredictions(Papageorgiou，2009).Thisworkfirstandforemostaimstoenrichtheliteratureinsupplychainnetworkdesignusingmathematicalprogrammingtechniques.Financialstatementanalysisandtransientdemanduncertaintyarethesalientfeaturesoftheproposedapproach.Therestofthepaperisstructuredasfollows.Section2reviewstheliteratureinthefieldoffinancialaspectsanddemanduncertaintywithinsupplychainmodelingwhileSection3introducesthesupplychainnetworkdesignproblemandpresentsthemathematicalformulation.TheapplicabilityoftheproposedmodelisillustratedthroughacasestudyinSection4andinSection5somecomputationalexperimentsevaluatethemodelinlargertestbeds.Concludingremarksaredrawninthelastsectionalongwithfurtherresearchdirections.2.Literaturereview2.1.SCMmodelswithfinancialaspectsDespitethefactthatmanyresearchershavementionedtheimportanceoffinancialconsiderationsintheSCMcontext(Shapiro,2004,Hammamietal.,2008,Meloetal.,2009andPapageorgiou,2009)veryfewresearchcontributionscanbefoundintheliterature.SCMmodelswithfinancialaspectscouldbedividedintotwogroups.ThosewherefinancialaspectsareconsideredasendogenousvariableswhichmodelthefinancialoperationandareoptimizedalongwiththeotherSCNDvariablesandthosewherefinancialaspectsareconsideredasknownparametersusedinconstraintsandintheobjectivefunction.Regardingthefirstgroup,theworkofPuigjanerandco-workersrepresentsakeycontributioninthearea.Romeroetal.(2003)buildadeterministicmulti-periodmathematicalmodelforthebatchchemicalprocessindustry(CPI)thatcombinedschedulingandplanningwithcashflowandbudgetmanagement.Inthesamevein,Badelletal.(2004)proposedanunequalmulti-perioddeterministicMixed-IntegerLinearProgramming(MILP)modelforthebatchprocessindustriesthatintegratesadvancedplanningandschedulingatplantlevelwithcashflowandbudgeting.Guillénetal.,2006andGuillénetal.,2007introducedadeterministicMILPmodel,foramultiproduct,multi-echelonchemicalsupplychain,whichoptimizesplanning/schedulingandcashflow/budgetingdecisionssimultaneously.Themodelismulti-periodanditsobjectivefunctionisthechangeincompany’sequity,anovelfeatureagainstpreviousmodels.Recently,PuigjanerandGuillén(2008)developedaholisticagent-basedsystemthatwasabletouseanumberofdifferenttoolssuchasif-thenanalysisrulesandmathematicalprogrammingalgorithmsinordertocaptureallprocessesinabatchchemicalsupplychain.Abudgetingmodelwasamongthesefeaturesanditsconnectiontotheagent-basedsystemwasmadethroughpaymentsofrawmaterials,productionandtransportutilities,andthesaleofproducts.YiandReklaitis(2004)presentedatwolevelparametricoptimizationmodelatplantlevelfortheoptimaldesignofbatchstoragenetworksthatintegratedproductiondecisionswithfinancialtransactionsthroughcashflowassignmentineachproductionactivity.Laínezetal.(2007)proposedadeterministicMILPmodelfortheoptimaldesignofachemicalsupplychainbasedonholisticmodelsthatcoveredboththeprocessoperationsandthefinancesofthecompanyandaimedatmaximizingthecorporatevalueofthefirm.

<文献翻译一：译文>集成的财务报表分析在供应链网络的优化设计在需求的不确定性摘要旨在优化设计的供应链网络的模型已经成为一个供应链网络的主流。本文旨在通过引入集成了金融的考虑与供应链设计下的决策需求的不确定性的数学模型来填补这一空白的文献。提出的混合整数线性规划(MILP)问题通过财务比率和情景分析需求的不确定性来进行财务报表分析。通过使用一个案例研究以及灵敏度分析在金融参数表达的商业环境很好地说明了模型的适用性。该模型可以作为一个有效的和方便的战略决策工具被供应链经理来使用。关键词：供应链优化；财务报表；需求的不确定性；分销网络在20世纪的最后10年里商业环境发生了快速的变化。企业之间的竞争在他们所有的领域里，从原材料采购到客户服务都大幅增加了。公司已经开始扩展他们在全球市场的战略重点。成本和价格利益被分散在不同国家和世界的不同地区，这推动着公司去抓住这些机会。因此，公司被迫在有限的“独特的企业”框架内管理他们的业务。定向到外部环境的是一个媒介，使得公司获得必要的资源和技能(Spekmanetal.,1998)。这些进展驱动了“供应链管理”(SCM)的演变，公司意识到他们不能单独操作了，但只是仅限于部分复杂的业务操作链(Tanetal.,1998)。组织，通过连续和双边关系互动构成一个供应链网络(SCN)，在产品上创造附加价值(Mentzeretal，2001)。这些网络有一个未定义的数量的阶层和阶段，而他们的主要业务涉及采购的原料供应商，生产、运输和存储产品、库存管理和分布的产品给客户(Simchi-Levietal.,2000)。在SCM中，规划过程的一部分是旨在找到最好的供应链配置。这些决定由于具备长远的眼光和解决与设施选址模型从而被视为战略。然而，考虑到某些方面的供应链环境下，这些模型能够充分支持供应链网络设计(SCND)阶段(Meloetal.,2009)。此外，动态设施选址模型，决策是分散在一个长期的规划周期，决策变量是时间依赖，变得更兼容跟踪动态复杂的供应链(Thanhetal.,2008)。因为公司通过他们的供应链整体管理认识到了潜在的竞争优势，学术界一直在开发几个模型，描述他们的设计和操作。这些模型支持管理人员在这两个战略和战术决策管理的供应和分销网络。虽然许多被用来设计及运行供应链的模型已经成功开发，但他们绝大多数都忽视了决策涉及收入、营销活动、不确定性、投资规划对冲，和其他企业的财务决策(Shapiro，2004)。金融是对全球供应链的配置有很大影响的因素之一(Meloetal.,2009)。金融全球化因素，诸如企业所得税、转让价格、汇率，是一些关键的组件，一个供应链设计模型应当在非局部化考虑(Hammamietal.,2008)。在这些模型中，金融方面的集成允许系统影响的评价生产决策在金融运行和进一步选择理想的组合从而为公司提供一个竞争优势(Guillenetal.,2006)。尤其建议为资本密集型活动提供一个包含金融因素在内的供应链模型(连续生产，重型工业设备等)。金融操作补充生产操作。它们是必要的和重要的活动，因为他们保证生产和分销业务融资。此外，融资对于投资新的生产流程是必要，包括在新的生产设备，在新的创新的产品，在新市场的扩张。最基本的资金来源是向金融机构贷款和基金增加股本的股票，有或没有首次公开发行(IPO)。为了从这两个投资集团吸引资本，公司应该有一个明确和令人满意的财务状况。评估一个公司的投资前景和信誉是一个基于静态和比较分析财务报表的过程(Horrigan,1966andRushinekandRushinek,1987)。同样，财务报表分析使金融机构基准公司在同一行业相对措施，而不是绝对的措施(CowenandHoffer,1982)。另一个重要的问题是不确定的供应链。因为“牛鞭效应”，在SCM环境中，需求的不确定性是早期已经公认的，它的特点是需求的过度波动(Davis,1993)。在对供应链网络的模型的设计中，客户需求的不确定性是很少被考虑(Ballou,2001年)，特别是对全球物流系统(VidalandGoetschalckx,1997)。系统的考虑不确定性可以方便计算预期收益和基于现状和未来预测风险评估(Papageorgiou2009)。这项工作首先旨在丰富在供应链网络设计中使用数学规划技术的文献。财务报表分析和瞬态需求的不确定性是该方法的显著特点。接下来的文章组织如下。第二节综述了文学领域中在供应链建模时的金融方面和需求的不确定性，而第三节介绍了供应链网络设计问题，给出了数学公式。通过在第四节和第五节一些计算实验评估模式平台下的一个案例研究来说明该模型的适用性。最后一节是结束语以及进一步的研究方向。事实上尽管许多研究人员提到在SCM环境中金融因素的重要性(Shapiro,200