集成的財務(wù)報表分析在供應(yīng)鏈網(wǎng)絡(luò)的優(yōu)化設(shè)計在需求的不確定性外文翻譯

外文翻譯學(xué)院宋體四號、加粗專業(yè)宋體四號、加粗屆別宋體四號、加粗學(xué)號宋體四號、加粗姓名宋體四號、加粗指導(dǎo)教師宋體四號、加粗200Ｘ年Ｘ月Ｘ日

<文獻翻譯一：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.

<文獻翻譯一：譯文>集成的財務(wù)報表分析在供應(yīng)鏈網(wǎng)絡(luò)的優(yōu)化設(shè)計在需求的不確定性摘要旨在優(yōu)化設(shè)計的供應(yīng)鏈網(wǎng)絡(luò)的模型已經(jīng)成為一個供應(yīng)鏈網(wǎng)絡(luò)的主流。本文旨在通過引入集成了金融的考慮與供應(yīng)鏈設(shè)計下的決策需求的不確定性的數(shù)學(xué)模型來填補這一空白的文獻。提出的混合整數(shù)線性規(guī)劃(MILP)問題通過財務(wù)比率和情景分析需求的不確定性來進行財務(wù)報表分析。通過使用一個案例研究以及靈敏度分析在金融參數(shù)表達的商業(yè)環(huán)境很好地說明了模型的適用性。該模型可以作為一個有效的和方便的戰(zhàn)略決策工具被供應(yīng)鏈經(jīng)理來使用。關(guān)鍵詞：供應(yīng)鏈優(yōu)化；財務(wù)報表；需求的不確定性；分銷網(wǎng)絡(luò)在20世紀的最后10年里商業(yè)環(huán)境發(fā)生了快速的變化。企業(yè)之間的競爭在他們所有的領(lǐng)域里，從原材料采購到客戶服務(wù)都大幅增加了。公司已經(jīng)開始擴展他們在全球市場的戰(zhàn)略重點。成本和價格利益被分散在不同國家和世界的不同地區(qū)，這推動著公司去抓住這些機會。因此，公司被迫在有限的“獨特的企業(yè)”框架內(nèi)管理他們的業(yè)務(wù)。定向到外部環(huán)境的是一個媒介，使得公司獲得必要的資源和技能(Spekmanetal.,1998)。這些進展驅(qū)動了“供應(yīng)鏈管理”(SCM)的演變，公司意識到他們不能單獨操作了，但只是僅限于部分復(fù)雜的業(yè)務(wù)操作鏈(Tanetal.,1998)。組織，通過連續(xù)和雙邊關(guān)系互動構(gòu)成一個供應(yīng)鏈網(wǎng)絡(luò)(SCN)，在產(chǎn)品上創(chuàng)造附加價值(Mentzeretal，2001)。這些網(wǎng)絡(luò)有一個未定義的數(shù)量的階層和階段，而他們的主要業(yè)務(wù)涉及采購的原料供應(yīng)商，生產(chǎn)、運輸和存儲產(chǎn)品、庫存管理和分布的產(chǎn)品給客戶(Simchi-Levietal.,2000)。在SCM中，規(guī)劃過程的一部分是旨在找到最好的供應(yīng)鏈配置。這些決定由于具備長遠的眼光和解決與設(shè)施選址模型從而被視為戰(zhàn)略。然而，考慮到某些方面的供應(yīng)鏈環(huán)境下，這些模型能夠充分支持供應(yīng)鏈網(wǎng)絡(luò)設(shè)計(SCND)階段(Meloetal.,2009)。此外，動態(tài)設(shè)施選址模型，決策是分散在一個長期的規(guī)劃周期，決策變量是時間依賴，變得更兼容跟蹤動態(tài)復(fù)雜的供應(yīng)鏈(Thanhetal.,2008)。因為公司通過他們的供應(yīng)鏈整體管理認識到了潛在的競爭優(yōu)勢，學(xué)術(shù)界一直在開發(fā)幾個模型，描述他們的設(shè)計和操作。這些模型支持管理人員在這兩個戰(zhàn)略和戰(zhàn)術(shù)決策管理的供應(yīng)和分銷網(wǎng)絡(luò)。雖然許多被用來設(shè)計及運行供應(yīng)鏈的模型已經(jīng)成功開發(fā)，但他們絕大多數(shù)都忽視了決策涉及收入、營銷活動、不確定性、投資規(guī)劃對沖，和其他企業(yè)的財務(wù)決策(Shapiro，2004)。金融是對全球供應(yīng)鏈的配置有很大影響的因素之一(Meloetal.,2009)。金融全球化因素，諸如企業(yè)所得稅、轉(zhuǎn)讓價格、匯率，是一些關(guān)鍵的組件，一個供應(yīng)鏈設(shè)計模型應(yīng)當在非局部化考慮(Hammamietal.,2008)。在這些模型中，金融方面的集成允許系統(tǒng)影響的評價生產(chǎn)決策在金融運行和進一步選擇理想的組合從而為公司提供一個競爭優(yōu)勢(Guillenetal.,2006)。尤其建議為資本密集型活動提供一個包含金融因素在內(nèi)的供應(yīng)鏈模型(連續(xù)生產(chǎn)，重型工業(yè)設(shè)備等)。金融操作補充生產(chǎn)操作。它們是必要的和重要的活動，因為他們保證生產(chǎn)和分銷業(yè)務(wù)融資。此外，融資對于投資新的生產(chǎn)流程是必要，包括在新的生產(chǎn)設(shè)備，在新的創(chuàng)新的產(chǎn)品，在新市場的擴張。最基本的資金來源是向金融機構(gòu)貸款和基金增加股本的股票，有或沒有首次公開發(fā)行(IPO)。為了從這兩個投資集團吸引資本，公司應(yīng)該有一個明確和令人滿意的財務(wù)狀況。評估一個公司的投資前景和信譽是一個基于靜態(tài)和比較分析財務(wù)報表的過程(Horrigan,1966andRushinekandRushinek,1987)。同樣，財務(wù)報表分析使金融機構(gòu)基準公司在同一行業(yè)相對措施，而不是絕對的措施(CowenandHoffer,1982)。另一個重要的問題是不確定的供應(yīng)鏈。因為“牛鞭效應(yīng)”，在SCM環(huán)境中，需求的不確定性是早期已經(jīng)公認的，它的特點是需求的過度波動(Davis,1993)。在對供應(yīng)鏈網(wǎng)絡(luò)的模型的設(shè)計中，客戶需求的不確定性是很少被考慮(Ballou,2001年)，特別是對全球物流系統(tǒng)(VidalandGoetschalckx,1997)。系統(tǒng)的考慮不確定性可以方便計算預(yù)期收益和基于現(xiàn)狀和未來預(yù)測風(fēng)險評估(Papageorgiou2009)。這項工作首先旨在豐富在供應(yīng)鏈網(wǎng)絡(luò)設(shè)計中使用數(shù)學(xué)規(guī)劃技術(shù)的文獻。財務(wù)報表分析和瞬態(tài)需求的不確定性是該方法的顯著特點。接下來的文章組織如下。第二節(jié)綜述了文學(xué)領(lǐng)域中在供應(yīng)鏈建模時的金融方面和需求的不確定性，而第三節(jié)介紹了供應(yīng)鏈網(wǎng)絡(luò)設(shè)計問題，給出了數(shù)學(xué)公式。通過在第四節(jié)和第五節(jié)一些計算實驗評估模式平臺下的一個案例研究來說明該模型的適用性。最后一節(jié)是結(jié)束語以及進一步的研究方向。事實上盡管許多研究人員提到在SCM環(huán)境中金融因素的重要性(Shapiro,200