供應(yīng)鏈融資優(yōu)化供應(yīng)鏈的資金流動(dòng)

1、供應(yīng)鏈融資：優(yōu)化供應(yīng)鏈的資金流動(dòng)文 獻(xiàn)翻譯夕卜文題目：Supply chain finance: optimizing financial flows in supply chains 出 處：Springer-Verlag 2009 作 者：Hans-Christian Pfohl 61 MoritzGomm 原文： Supplychainfinance:optimizingfinancialflowsin supply chains Abstract Issues related to flows of goods and information are frequently discus

2、sed in the logistics and Supply Chain Management literature.But,onlyfewcontributionsareexploringthefinancialflows associatedwith supply chains.This article reviews the state-of-the-art of research regarding financial flows in supply chains. In doing so, it becomesapparentthatanexplicitexaminationand

3、optimisationofthecost ofcapitalhasbeenmissingsofar.Inordertoclosethisgap,aconceptual framework and a mathematical model of Supply Chain Finance is proposed. 1.Supply chain financeresearch gap Supply chain management (SCM) is applied in todays business world to optimise the flows of goods, informatio

4、n, and the financial flows within and between companies by functional and cross-company integration.1 In the past, academic papers regardingSCMmainly dealtwiththedesignandoptimisationof theflows of goods and information.The financial flows between companies of the supply chain, however, were often n

5、eglected and have only recently found greaterattentionintheacademicSCMliterature.Thispaperanalysesthe role of financial flows in supply chains and the impact SCM can have on optimising such flows in terms of capital cost. A framework for the financial aspects of SCM is developed. Furthermore, a math

6、ematical model is proposed to explain financing activities across supply chains, which are referred to as supply chain financing (SCF). The basic idea of the model is that supply chain information can be used to decrease investment risks and thus capital costs of financing projects within supplychai

7、ns.First,inthispaper,supplychainflowsareanalysed,and the role of financial aspects are discussed on the basis of a preliminary review of related literature. It is shown that the cost of capital in supplychainshasbeenmostlyneglectedsofar.Thefollowingpartofthe discussion (Sect.3) proposes a supply cha

8、in finance framework.It covers the objects, actors, and levers of supply chain financing. Finally, in part 4, a mathematical model is developed to better understand to what extentfinancialSCMcancontributeindecreasingthecapitalcosts.The paper closes with a discussion of the results. 2. Literature rev

9、iew on financial flows in SCM Supply chain management is an interdisciplinary management concept which is based on the idea of holistic optimisation of the various flows constituting a supply chain.There are numerous suggestions about the kinds and levels of flows to be considered in the literature.

10、 Pfohl distinguishes between flows of information, rights, goods and financial flows. Croom et al.differentiate between goods, financial resources, human resources, information, knowledge, and technologies as elements of exchange. Cooperet al. include the flows of material, goods, and information in

11、 one direction, and reverse flows of information and financial resources. Mentzer et al. consider products, services, information, financial resources, information about demand, and forecasts as supply chain flows. With respect to the range of activities coveredin SCM, the logistics channel as well

12、as the marketing channel are usually considered, i.e. the channel of interaction of a company with its sources of supply and sales markets. For the purposes of this discussion, the relevant fabric of flows is summed up under the notions of the flow of goods,the flow of information, and the financial

13、 flow, as shown in Fig. 1. Reviewing the academic contributions on SCM regarding the optimisation of financial flows, again a number of different approaches are found. Pfohl et al. denominate the flow of financial resources as the financial supply chain and locate the latter at the interface between

14、 the fields of logistics and finance. They examine the management of the net current assets as an important issue within the scope of SCM. Beyond the optimisation of the flow of goods with a focus on the physical reduction in stocks, they analyse the instruments of cash management. As primary levers

15、 for management, they consider optimal timing of activities, the control of receivables, liabilities, and advance payments. Moreover, the optimisation and support of the inventory and cash managements are described within the scope of process management. Stemmler and Seuring were amongst the first a

16、uthors to use the term supply chain finance. They speak of the control and optimisation of financial flows induced by logistics. Logistically induced financial processes comprise inventory management, the handling of the logistically induced financial flows as well as the supporting processes with a

17、n immediate reference to logistics as, for example, the insurance management for stocks. Another approach to the optimisation of financial flows within supply chains is logistics financingas defined by Stenzel: the active marketing of financial services in addition to logistics services by logistics

18、 service providers. This opens up another field of competence for logistics service providers within the scope of financing logistics struetures. In this context, Steinmu八 llerexamines possibilities to finance logistics real estate and Feinen particularly deals with the leasing of logistics real est

19、ates. The term Financial Chain Management (FCM), which is also used in the contextoffinancialflowresearch,hastobeseenincontrasttotheterm supply chain finance. The former has particularly come to be known in literatureandpracticeinconnectiontosoftwareproductsby SAP AG and is defined as the sum of the

20、 financial flows in and across companies. The processes that have to be managed by the FCM are thus reduced to the processing steps of the business initiation and business transaction processes. FCM is supposed to optimize cross-company financial processes using collaborative and automatic transacti

21、ons between suppliers, customers as well as financial and logistics service providers. Consequently, a decisive role is attributed to information and communication technology, so that mainly the flows of information or documents are affected. A common ground for the contributions in the literature i

22、s the focus on the financial impact of SCM upon the value chain in terms of inventory, process, and cash management or by means of synchronisation and collaboration. These variables affect the free cash flow of each company involved by increased sales or decreased costs as well as the cost of capita

23、l by reduced assets. The explicit consideration of the influence of SCM measures on the capital cost rate, however, has been lacking so far (cf. Fig. 2). Considering the growing importance of value orientation in management, this is methodically as well as practically critical since the capital cost

24、s are determined by the assets to be financed and the capital cost rate. This reveals a gap in research, which this paper targets at: how can SCM contribute to decrease the capital costs in terms of the capital cost rate. The following part of the argument examine how the supply chain of a company c

25、an contribute to more costeffective financing. Inter-company financing within the supply chain is called supply chain finance and is defined here as: Supply chain finance (SCF) is the inter-company optimisation of financing as well as the integration of financing processes with customers, suppliers,

26、 and service providers in order to increase the value of all participating companies. The task of SCF is to save capital cost by means of better mutual adjustment or completely new financing concepts within the supply chaineventually in combination with a changed role or task sharing. In order to su

27、bstantiate this term, a conceptual framework will be developed in the following. 3 A conceptual framework of supply chain finance In order to conceptualise the term supply chain finance, it has to be examined which assets (objects) within a supply chain are actually financed by whom (actors) and on

28、whatterms (levers). These three dimensions add upto the framework of the supply chain finance譯 文：供應(yīng)鏈融資：優(yōu)化供應(yīng)鏈的 資金流動(dòng)摘要有關(guān)貨物和信息流的問題經(jīng)常在物流與供應(yīng)鏈管理的文獻(xiàn)中討 論。但是，只有少數(shù)的貢獻(xiàn)在探索與供應(yīng)鏈相關(guān)的資金流動(dòng)。本文回顧了國家的 最先進(jìn)的研究關(guān)于供應(yīng)鏈的資金流動(dòng)。這樣做，很明顯，一個(gè)明確的審查和資本 成本優(yōu)化已經(jīng)消失。為了彌補(bǔ)這一缺陷，提出了供應(yīng)鏈金融概念框架數(shù)學(xué)模型。 供應(yīng)鏈金融的研究空白 本文分析了資金流動(dòng)在供應(yīng)鏈中的作用和供應(yīng)鏈管理可 以優(yōu)化在成本方面的資本流

29、動(dòng)影響等。供應(yīng)鏈管理在財(cái)務(wù)方面框架已經(jīng)建立。此 外，提出了解釋整個(gè)供應(yīng)鏈的數(shù)學(xué)模型，這一模型被稱為涉及融資活動(dòng)的供應(yīng)鏈 融資(SCF)。該模型的基本思想是，供應(yīng)鏈的信息可以用來降低在供應(yīng)鏈投資 風(fēng)險(xiǎn)以及融資項(xiàng)目的資金成本。 首先，本文對供應(yīng)鏈的流動(dòng)進(jìn)行了分析，金融 方面的作用是對相關(guān)文獻(xiàn)的初步審查的基礎(chǔ)上進(jìn)行討論。它表明，在供應(yīng)鏈的資 金成本已大多被忽視（第3 部分進(jìn)行討論），并進(jìn)而提出了供應(yīng)鏈融資框架。 它涵蓋了供應(yīng)鏈的主體客體以及融資杠桿。最后，在第四部分討論數(shù)學(xué)模型，以 便更好地理解什么程度的供應(yīng)鏈管理可以有助于降低資本成本。最后本文將得出 近似的結(jié)論。關(guān)于資金流動(dòng)在供應(yīng)鏈管理文獻(xiàn)綜述

30、供應(yīng)鏈管理是一個(gè)跨學(xué)科的 管理概念，它的思想基礎(chǔ)是對構(gòu)成供應(yīng)鏈的各個(gè)流程全面優(yōu)化。 有大量的流動(dòng) 水平方面的文獻(xiàn)。大約有種類，并在文獻(xiàn)中被認(rèn)為是流動(dòng)的水平提出了許多建議。 Pfohl 區(qū)分了信息，權(quán)利，貨物和資金流動(dòng)的區(qū)別。克魯姆區(qū)分了貨物，資金， 人力資源，信息，知識和作為交換元素的技術(shù)之間的區(qū)別。 Cooperet 則區(qū)分了 包括在一個(gè)方向和信息材料，商品流，以及信息和資金反向流動(dòng)。Mentzer等人 把產(chǎn)品，服務(wù)，信息，資金，有關(guān)需求信息，和預(yù)測定義為供應(yīng)鏈流程。 關(guān)于 活動(dòng)的范圍在供應(yīng)鏈管理，物流通道以及營銷渠道通常被認(rèn)為是，即對公司的互 動(dòng)與供應(yīng)和銷售市場覆蓋其來源渠道。供應(yīng)鏈管理活動(dòng)的范圍，物流通道以及營 銷渠道通常被認(rèn)為是，換句話說是對公司的互動(dòng)與供應(yīng)和銷售市場覆蓋其來源渠 道。為了討論便利將在Fig. 1,總結(jié)有關(guān)的織物下的貨物流，信息流，資金流 的概念。 回顧關(guān)于供應(yīng)鏈管理方面的文獻(xiàn)將發(fā)現(xiàn)不同的優(yōu)化資金流動(dòng)方式。 Pfohl 等定名資金源流動(dòng)為供應(yīng)鏈金融并找到之間在物流和金融等領(lǐng)域的接口 后者。找到了連接物流和金融領(lǐng)域之間的接口。他們把凈流動(dòng)資產(chǎn)的管理作為在 供應(yīng)鏈管理范圍內(nèi)的重要課題。除了把重點(diǎn)放在商品與股市上的物理減少流