财务报表分析外文文献

Integration of fi nancial statement analysis in the optimal design of supply chain networks under demand uncertainty Pantelis Longinidis Michael C Georgiadis n Department of Engineering Informatics and Telecommunications University of Western Macedonia Karamanli and Lygeris Street 50100 Kozani Greece a r t i c l e i n f o Article history Received 12 November 2009 Accepted 19 October 2010 Available online 26 October 2010 Keywords Supply chain optimization Financial statements Demand uncertainty Distribution networks a b s t r a c t Modelsthataimtooptimizethedesignofsupplychainnetworkshavebecomeamainstreaminthesupply chain literature This paper aims to fi ll a gap in the literature by introducing a mathematical model that integrates fi nancial considerations with supply chain design decisions under demand uncertainty The proposed Mixed Integer Linear Programming MILP problem enchases fi nancial statement analysis throughfi nancialratiosanddemanduncertaintythroughscenarioanalysis Theapplicabilityofthemodel isillustratedbyusingacasestudyalongwithasensitivityanalysisonfi nancialparametersexpressingthe business environment The model could be used as an effective and convenient strategic decision tool by supply chain managers fax 30 2461056501 E mail addresses logggas P Longinidis mgeorg otenet gr M C Georgiadis Int J Production Economics 129 2011 262 276 Nomenclature Indices eproduction resources equipment manpower utilities etc iproducts jplants kpossible distribution centers lcustomer zones mpossible warehouses sproduct demand scenario ttime period Sets KSSset of distribution centers that should be supplied by a single warehouse LSSset of customer zones that should be supplied by a single distribution center Parameters CWH im unit handling cost for product i at warehouse m CDH ik unit handling cost for product i at distribution center k CW m annualized fi xed cost of establishing warehouse at location m CD k annualized fi xed cost of establishing distribution cen ter at location k CP ij unit production cost for product i at plant j CTR ijm unit transportation cost of product i transferred from plant j to warehouse m CTR imk unit transportation cost of product i transferred from warehouse m to distribution center k CTR ikl unit transportation cost of product i transferred from distribution center k to customer zone l CI ij unit inventory cost of product i at plant j CI im unit inventory cost of product i at warehouse m CI ik unit inventory cost of product i at distribution center k CFPt percent of net operating profi ts after taxes that are connected with cash fl ow at the end of period t CCRtminimum bound for cash coverage ratio at the end of time period t CRtminimum bound for cash ratio at the end of time period t CURtminimum bound for current ratio at the end of time period t Dmax k maximum capacity of distribution center k Dmin k minimum capacity of distribution center k DCMFM days corresponded to material fl ow measurement scale DM s ilt demandforproductifromcustomerzonelduringtime period t under scenario s DERtupper bound for debt equity ratio at the end of time period t DRtdepreciation rate at the end of time period t FATRt lowerboundforfi xedassetsturnoverratioattheendof time period t I s min ijt minimum inventory of product i held in plant j at the end of time period t under scenario s I s min imt minimum inventory of product i held in warehouse m at the end of time period t under scenario s I s min ikt minimum inventory of product i held in distribution center k at the end of time period t under scenario s LTDRtupperboundforlong termdebtratioattheendoftime period t LTRtlong term interest rate at the end of time period t nDCminimuminventoryheldatdistributioncenters expressed in terms of number of days equivalent of materials handled nWminimum inventory held at warehouses expressed in terms of number of days equivalent of materials handled nPminimuminventoryheldatproductionplants expressed in terms of number of days equivalent of materials handled NSnumber of product demand scenarios P s max ijt maximum production capacity of plant j for product i during time period t under scenario s P s min ijt minimum production capacity of plant j for product i during time period t under scenario s PMRt lower bound for profi t margin ratio at the end of time period t PRICE s ilt price for product i for customer zone l during time period t under scenario s Qmin jm minimum rate of fl ow of material that can practically and economically be transferred from plant j to ware house m Qmin mk minimum rate of fl ow of material that can practically and economically be transferred from warehouse m to distribution center k Qmin kl minimum rate of fl ow of material that can practically and economically be transferred from distribution center k to customer zone l Q s max ijm maximum rate of fl ow of product i that can be trans ferred from plant j to warehouse m under scenario s Q s max imk maximum rate of fl ow of product i that can be transferred from warehouse m to distribution center k under scenario s Q s max ikl maximum rate of fl ow of product i that can be transferred from distribution center k to customer zone l under scenario s QRtlower bound for quick ratio at the end of time period t Rjetotal rate of availability of resource e at plant j ROARtlower bound for return on assets ratio at the end of time period t ROERtlower bound for return on equity ratio at the end of time period t RTRtlowerboundforreceivablesturnoverratioattheendof time period t STRtshort term interest rate at the end of time period t TDRtupper bound for total debt ratio at th