外文翻譯--庫存的財(cái)務(wù)績效評價和管理-wenkub
2023-05-19 07:01:16 本頁面
【正文】 se profitability in supply chains. By actively managing payment terms and working capital 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 research we elaborate on the benefits of equally considering both operational and financial aspects in decisionmaking for the physical and financial supply chain. We develop a mathematical model that determines the optimal purchasing order quantity under working capital restrictions and payment delays. We analyze the tradeoffs between the most monly used financial and operational measurements, such as service level, return on investment, profit margin and inventory level. Our results demonstrate the significance of payment delays: Increases/decreases in the upstream/downstream payment delays favor the system’s operations by decreasing operational costs. Moreover increases in the working capital employed in the system decrease the total operational cost, increase the total financial cost and lower the return on working capital investment. 1. Introduction Financial supply chain management and working capital management are increasingly recognized as important means to increase profitability in a supply chain. The physical product flow has long been addressed by researchers and practitioners. However, now panies have identified the financial side of the supply chain as a promising area for improvements. Prominent examples of panies that have integrated, to some extent, financial and physical flows include Intel, GE and Deutz. Intel advocates the necessity of a transparent view of supply chain information, which covers both the flow of physical goods and the ultimate financial settlement (Intel Corporation, 2020). Along the same lines, GE saved 12% of their total accounts payable by using an electronic invoice system (Hausman, 2020). This new tool improved GE’s ability to forecast cash flow requirements and to perform financial flow and information flow tasks at the same time. This trend is confirmed in Europe as well, where Deutz, a German motor manufacturer, optimized their inventory levels, accounts payables, accounts receivables
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