供应链融资优化供应链的资金流动

1、供应链融资：优化供应链的资金流动文 献翻译夕卜文题目：Supply chain finance: optimizing financial flows in supply chains 出 处：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译 文：供应链融资：优化供应链的 资金流动摘要有关货物和信息流的问题经常在物流与供应链管理的文献中讨 论。但是，只有少数的贡献在探索与供应链相关的资金流动。本文回顾了国家的 最先进的研究关于供应链的资金流动。这样做，很明显，一个明确的审查和资本 成本优化已经消失。为了弥补这一缺陷，提出了供应链金融概念框架数学模型。 供应链金融的研究空白 本文分析了资金流动在供应链中的作用和供应链管理可 以优化在成本方面的资本流

29、动影响等。供应链管理在财务方面框架已经建立。此 外，提出了解释整个供应链的数学模型，这一模型被称为涉及融资活动的供应链 融资(SCF)。该模型的基本思想是，供应链的信息可以用来降低在供应链投资 风险以及融资项目的资金成本。 首先，本文对供应链的流动进行了分析，金融 方面的作用是对相关文献的初步审查的基础上进行讨论。它表明，在供应链的资 金成本已大多被忽视（第3 部分进行讨论），并进而提出了供应链融资框架。 它涵盖了供应链的主体客体以及融资杠杆。最后，在第四部分讨论数学模型，以 便更好地理解什么程度的供应链管理可以有助于降低资本成本。最后本文将得出 近似的结论。关于资金流动在供应链管理文献综述

30、供应链管理是一个跨学科的 管理概念，它的思想基础是对构成供应链的各个流程全面优化。 有大量的流动 水平方面的文献。大约有种类，并在文献中被认为是流动的水平提出了许多建议。 Pfohl 区分了信息，权利，货物和资金流动的区别。克鲁姆区分了货物，资金， 人力资源，信息，知识和作为交换元素的技术之间的区别。 Cooperet 则区分了 包括在一个方向和信息材料，商品流，以及信息和资金反向流动。Mentzer等人 把产品，服务，信息，资金，有关需求信息，和预测定义为供应链流程。 关于 活动的范围在供应链管理，物流通道以及营销渠道通常被认为是，即对公司的互 动与供应和销售市场覆盖其来源渠道。供应链管理活动的范围，物流通道以及营 销渠道通常被认为是，换句话说是对公司的互动与供应和销售市场覆盖其来源渠 道。为了讨论便利将在Fig. 1,总结有关的织物下的货物流，信息流，资金流 的概念。 回顾关于供应链管理方面的文献将发现不同的优化资金流动方式。 Pfohl 等定名资金源流动为供应链金融并找到之间在物流和金融等领域的接口 后者。找到了连接物流和金融领域之间的接口。他们把净流动资产的管理作为在 供应链管理范围内的重要课题。除了把重点放在商品与股市上的物理减少流