1、供給鏈融資優化供給鏈資本流動供給鏈融資優化供給鏈資本流動5/5供給鏈融資優化供給鏈資本流動供給鏈融資：優化供給鏈的資本流動文件翻譯外文題目：Supplychainfinance:optimizingfinancialflowsinsupplychains出處：Springer-Verlag2009作者：Hans-ChristianPfohl?6?1MoritzGomm原文：Supplychainfinance:optimizingfinancialflowsinsupplychainsAbstractIssuesrelatedtoflowsofgoodsandinformationarefre

2、quentlydiscussedinthelogisticsandSupplyChainManagementliterature.But,onlyfewcontributionsareexploringthefinancialflowsassociatedwithsupplychains.Thisarticlereviewsthestate-of-the-artofresearchregardingfinancialflowsinsupplychains.Indoingso,itbecomesapparentthatanexplicitexaminationandoptimisationoft

3、hecostofcapitalhasbeenmissingsofar.Inordertoclosethisgap,aconceptualframeworkandamathematicalmodelofSupplyChainFinanceisproposed.1.SupplychainfinanceresearchgapSupplychainmanagement(SCM)isappliedintodaysbusinessworldtooptimisetheflowsofgoods,information,andthefinancialflowswithinandbetweencompaniesb

4、yfunctionalandcross-companyintegration.1Inthepast,academicpapersregardingSCMmainlydealtwiththedesignandoptimisationoftheflowsofgoodsandinformation.Thefinancialflowsbetweencompaniesofthesupplychain,however,wereoftenneglectedandhaveonlyrecentlyfoundgreaterattentionintheacademicSCMliterature.Thispapera

5、nalysestheroleoffinancialflowsinsupplychainsandtheimpactSCMcanhaveonoptimisingsuchflowsintermsofcapitalcost.AframeworkforthefinancialaspectsofSCMisdeveloped.Furthermore,amathematicalmodelisproposedtoexplainfinancingactivitiesacrosssupplychains,whicharereferredtoassupplychainfinancing(SCF).Thebasicid

6、eaofthemodelisthatsupplychaininformationcanbeusedtodecreaseinvestmentrisksandthuscapitalcostsoffinancingprojectswithinsupplychains.First,inthispaper,supplychainflowsareanalysed,andtheroleoffinancialaspectsarediscussedonthebasisofapreliminaryreviewofrelatedliterature.Itisshownthatthecostofcapitalinsu

7、pplychainshasbeenmostlyneglectedsofar.Thefollowingpartofthediscussion(Sect.3)proposesasupplychainfinanceframework.Itcoverstheobjects,actors,andleversofsupplychainfinancing.Finally,inpart4,amathematicalmodelisdevelopedtobetterunderstandtowhatextentfinancialSCMcancontributeindecreasingthecapitalcosts.

8、Thepapercloseswithadiscussionoftheresults.2.LiteraturereviewonfinancialflowsinSCMSupplychainmanagementisaninterdisciplinarymanagementconceptwhichisbasedontheideaofholisticoptimisationofthevariousflowsconstitutingasupplychain.Therearenumeroussuggestionsaboutthekindsandlevelsofflowstobeconsideredinthe

9、literature.Pfohldistinguishesbetweenflowsofinformation,rights,goodsandfinancialflows.Croometal.differentiatebetweengoods,financialresources,humanresources,information,knowledge,andtechnologiesaselementsofexchange.Cooperetal.includetheflowsofmaterial,goods,andinformationinonedirection,andreverseflows

10、ofinformationandfinancialresources.Mentzeretal.considerproducts,services,information,financialresources,informationaboutdemand,andforecastsassupplychainflows.WithrespecttotherangeofactivitiescoveredinSCM,thelogisticschannelaswellasthemarketingchannelareusuallyconsidered,i.e.thechannelofinteractionof

11、acompanywithitssourcesofsupplyandsalesmarkets.Forthepurposesofthisdiscussion,therelevantfabricofflowsissummedupunderthenotionsoftheflowofgoods,theflowofinformation,andthefinancialflow,asshowninFig.1.ReviewingtheacademiccontributionsonSCMregardingtheoptimisationoffinancialflows,againanumberofdifferen

12、tapproachesarefound.Pfohletal.denominatetheflowoffinancialresourcesasthefinancialsupplychainandlocatethelatterattheinterfacebetweenthefieldsoflogisticsandfinance.TheyexaminethemanagementofthenetcurrentassetsasanimportantissuewithinthescopeofSCM.Beyondtheoptimisationoftheflowofgoodswithafocusonthephy

13、sicalreductioninstocks,theyanalysetheinstrumentsofcashmanagement.Asprimaryleversformanagement,theyconsideroptimaltimingofactivities,thecontrolofreceivables,liabilities,andadvancepayments.Moreover,theoptimisationandsupportoftheinventoryandcashmanagementsaredescribedwithinthescopeofprocessmanagement.S

14、temmlerandSeuringwereamongstthefirstauthorstousethetermsupplychainfinance.Theyspeakofthecontrolandoptimisationoffinancialflowsinducedbylogistics.Logisticallyinducedfinancialprocessescompriseinventorymanagement,thehandlingofthelogisticallyinducedfinancialflowsaswellasthesupportingprocesseswithanimmed

15、iatereferencetologisticsas,forexample,theinsurancemanagementforstocks.AnotherapproachtotheoptimisationoffinancialflowswithinsupplychainsislogisticsfinancingasdefinedbyStenzel:theactivemarketingoffinancialservicesinadditiontologisticsservicesbylogisticsserviceproviders.Thisopensupanotherfieldofcompet

16、enceforlogisticsserviceproviderswithinthescopeoffinancinglogisticsstructures.Inthiscontext,SteinmullerexaminespossibilitiestofinancelogisticsrealestateandFeinenparticularlydealswiththeleasingoflogisticsrealestates.ThetermFinancialChainManagement(FCM),whichisalsousedinthecontextoffinancialflowresearc

17、h,hastobeseenincontrasttothetermsupplychainfinance.TheformerhasparticularlycometobeknowninliteratureandpracticeinconnectiontosoftwareproductsbySAPAGandisdefinedasthesumofthefinancialflowsinandacrosscompanies.TheprocessesthathavetobemanagedbytheFCMarethusreducedtotheprocessingstepsofthebusinessinitia

18、tionandbusinesstransactionprocesses.FCMissupposedtooptimizecross-companyfinancialprocessesusingcollaborativeandautomatictransactionsbetweensuppliers,customersaswellasfinancialandlogisticsserviceproviders.Consequently,adecisiveroleisattributedtoinformationandcommunicationtechnology,sothatmainlytheflo

19、wsofinformationordocumentsareaffected.AcommongroundforthecontributionsintheliteratureisthefocusonthefinancialimpactofSCMuponthevaluechainintermsofinventory,process,andcashmanagementorbymeansofsynchronisationandcollaboration.Thesevariablesaffectthefreecashflowofeachcompanyinvolvedbyincreasedsalesorde

20、creasedcostsaswellasthecostofcapitalbyreducedassets.TheexplicitconsiderationoftheinfluenceofSCMmeasuresonthecapitalcostrate,however,hasbeenlackingsofar(cf.Fig.2).Consideringthegrowingimportanceofvalueorientationinmanagement,thisismethodicallyaswellaspracticallycriticalsincethecapitalcostsaredetermin

21、edbytheassetstobefinancedandthecapitalcostrate.Thisrevealsagapinresearch,whichthispapertargetsat:howcanSCMcontributetodecreasethecapitalcostsintermsofthecapitalcostrate.Thefollowingpartoftheargumentexaminehowthesupplychainofacompanycancontributetomorecosteffectivefinancing.Inter-companyfinancingwith

22、inthesupplychainiscalledsupplychainfinanceandisdefinedhereas:Supplychainfinance(SCF)istheinter-companyoptimisationoffinancingaswellastheintegrationoffinancingprocesseswithcustomers,suppliers,andserviceprovidersinordertoincreasethevalueofallparticipatingcompanies.ThetaskofSCFistosavecapitalcostbymean

23、sofbettermutualadjustmentorcompletelynewfinancingconceptswithinthesupplychaineventuallyincombinationwithachangedroleortasksharing.Inordertosubstantiatethisterm,aconceptualframeworkwillbedevelopedinthefollowing.3AconceptualframeworkofsupplychainfinanceInordertoconceptualisethetermsupplychainfinance,i

24、thastobeexaminedwhichassets(objects)withinasupplychainareactuallyfinancedbywhom(actors)andonwhatterms(levers).Thesethreedimensionsadduptotheframeworkofthesupplychainfinance譯文：供給鏈融資：優化供給鏈的資本流動綱領有關貨物和信息流的問題常常在物流與供給鏈管理的文件中討論?？墒?，只有少量的貢獻在研究與供給鏈有關的資本流動。本文回首了國家的最初進的研究對于供給鏈的資本流動。這樣做，很顯然，一個明確的審察和資本成本優化已經消逝。為

25、了填補這一缺點，提出了供給鏈金融見解框架數學模型。供給鏈金融的研究空白本文分析了資本流動在供給鏈中的作用和供給鏈管理可以優化在成本方面的資本流動影響等。供給鏈管理在財務方面框架已經成立。其余，提出認識釋整個供給鏈的數學模型，這一模型被稱為波及融資活動的供給鏈融資（SCF）。該模型的基本思想是，供給鏈的信息能夠用來降低在供給鏈投資風險以及融資項目的資本成本。第一，本文對供給鏈的流動進行認識析，金融方面的作用是對有關文件的初步審察的基礎進步行討論。它表示，在供給鏈的資本成本已大多被忽略（第3部分進行討論），并從而提出了供給鏈融資框架。它涵蓋了供給鏈的主體客體以及融資杠桿。最后，在第四部分討論數學模

26、型，以便更好地理解什么程度的供給鏈管理能夠有助于降低資本成本。最后本文將得出近似的結論。對于資本流動在供給鏈管理文件綜述供給鏈管理是一個跨學科的管理見解，它的思想基礎是對構成供給鏈的各個流程全面優化。有大批的流動水平方面的文件。大概有種類，并在文件中被以為是流動的水平提出了很多建議。Pfohl劃分了信息，權益，貨物和資本流動的差別?？唆斈穭澐至素浳?，資本，人力資源，信息，知識和作為互換元素的技術之間的差別。Cooperet則劃分了包含在一個方向和信息資料，商品流，以及信息和資本反向流動。Mentzer等人把產品，服務，信息，資本，有關需求信息，和展望定義為供給鏈流程。對于活動的范圍在供給鏈管理

27、，物流通道以及營銷渠道平常被以為是，即對企業的互動與供給和銷售市場覆蓋其根源渠道。供給鏈管理活動的范圍，物流通道以及營銷渠道平常被以為是，換句話說是對企業的互動與供給和銷售市場覆蓋其根源渠道。為了討論便利將在Fig.1，總結有關的織物下的貨物流，信息流，資本流的見解?；厥讓τ诠┙o鏈管理方面的文件將發現不一樣樣的優化資本流動方式。Pfohl等命名資根源流動為供給鏈金融并找到之間在物流和金融等領域的接口后者。找到了連結物流和金融領域之間的接口。他們把凈流動財產的管理作為在供給鏈管理范圍內的重要課題。除了把要點放在商品與股市上的物理減少流程優化問題，他們還分析了現金管理的工具。至于管理的主要杠桿，他們以為最正確活動是應收賬款，欠債和預支款的控制。存貨及現金管理的優化和支持在人員介紹過程管理的范圍內