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_ProjectSchedulingintheFinancialManagementofSupplyChains(excerpts)Author:DurukanKalyoncu,Guldane感谢阅读AcceptanceDate:June2012谢谢阅读Inliterature,numerouspublicationsonmanagingsupplychainsexistmostof精品文档放心下载whichhasfocusedonthephysicalaspectsofthesupplychains.Althoughthe谢谢阅读bottomlineisveryimportantformanagers,therearealimitednumberof感谢阅读publicationsthatcombinethefinancialmanagementofsupplychainswiththe精品文档放心下载physical management. Those studies address the supply chain financial谢谢阅读performancemeasurementwithdifferentapproachesandmeasures;oneofwhich精品文档放心下载hasbeenCashConversionCycle(CCC).CashConversionCycleisametricthat精品文档放心下载measuresthetimeelapsedfromthepaymenttothesupplierstillthereceiptof精品文档放心下载moneyfromthecustomers.Thusitisatwodimensionalconceptthatincorporates精品文档放心下载timeandfinancialconsiderationssimultaneously.Inthatrespectitenables谢谢阅读companiestointegratetheoperationalschedulingwiththefinancialscheduling.谢谢阅读WhenthecomponentsoftheCCCareexaminedseparately;theAveragePayable谢谢阅读andAverageReceivableTermsarerelatedtothecompanyfinancialpolicyand谢谢阅读contracttermsbetweensupplychainpartners.Ontheotherhand,Inventory谢谢阅读ConversionPerioddependsonthefirm’sinventorypolicy.Figure1assumesthat谢谢阅读theinventoryisinretailer’swarehouseonthesamedaywithorderplacementto精品文档放心下载themanufacturer.Alsoitassumesthatthereisnooutboundtransportationtimeso感谢阅读_onthedaythatinventoryleavestheretailer’swarehouseitisreceivedbythe精品文档放心下载customerandAccountsReceivableisissued.Accordingtothoseassumptions精品文档放心下载InventoryConversionPerioddependsontheoptimalorderingquantity.精品文档放心下载Inthesensethat,CCCisembracingAccountPayable,AccountReceivableand感谢阅读InventoryConversionPeriod;firsttwoarerelatedtotimingofcashinflowsand谢谢阅读outflowsandthethirdisrelatedtofirm’soperationspolicy,itisabridging谢谢阅读measurementbetweenoperationalandfinancialplanning.谢谢阅读Also,sinceCCCisthetimepassedfromcashoutflowtocashinflow,itmeasures谢谢阅读howlongthefirmneedsoutsidefinancing.Thusmanyscholars(Farrisand感谢阅读Hutchison(2002),Soenen(1993),BintiMohamadandBintiMohdSaad(2010))谢谢阅读statedthattheshorterCCCthebetterthecompanyfinancesare.However,thereare谢谢阅读somecomplicationsregardingtheCashConversionCyclemetricapproachin精品文档放心下载financialmanagementofsupplychains.Eventhoughsupplychainpartnersput谢谢阅读considerableeffortstohavecontroloverthestreamofcashinflowbymanaging感谢阅读paymentterms,thesecashinflowsaremostlyprobabilisticduetounpredictable感谢阅读conditionsofthedownstreamplayers.Ontheotherhandcashoutflowstothe感谢阅读upperlayersofthechainisdeterministic;howeverthisdependsonthecash感谢阅读availableatthetime.Figure2depictsthe“downstream”and“upstream”supply精品文档放心下载chainpartners.UpstreamPartnersDownstreamPartnersVendorManufacturerDistributor谢谢阅读RetailerCustomer.SupplyChainLevelsAsseenfromtheGuptaandDutta’sstudy精品文档放心下载(2011),theearlypaymentofthedebtsresultinthelowestcashoutflowatthe谢谢阅读_currentperiod,yetitdoesnotnecessarilyresultinthelowestpresentvalueofthe谢谢阅读cashoutflow.Thusmanagingcashflowsinanefficientwayisnotaneasytask感谢阅读takingintoaccounttheprobabilisticinflowsinadditiontothetradeoffsbetween谢谢阅读promptpaymentofthedebt,whichreducestheamounttobepaid,andlate精品文档放心下载payment,whichincreasestheinterestearnedoncashdeposits.Thosefinancial精品文档放心下载considerationsbecomeevenmorecomplicatedforsupplychainswithlongLead精品文档放心下载Times.SoLeadTimereductionhasahugestrategicimportanceforsuccessful谢谢阅读operationofthosechains.Nevertheless,managingLeadTime,whichismostly感谢阅读deterministic,isnotaneasytaskeitherbecauseitaffectsthecashflowstreamin谢谢阅读directorindirectways.Indirectly,LeadTimereductionaffectsthecashflowsby精品文档放心下载improvingcustomerserviceandresponsivenesstodemandshifts.Firstofall,Lead谢谢阅读Timecompressionisa costlyprocessincludinglabor costandadditional谢谢阅读transportationcost.Second,inventoryholdingcostcanbereducedduetolower谢谢阅读requirementfor safety stock.Third, reducing Lead Time reduces the Cash感谢阅读ConversionCycle.AstheCashConversionCyclemeasureshowlongthecompany’精品文档放心下载scashistiedtoaccountspayablesandinventoriestillfulfillinganorder;shortening感谢阅读theLeadTimedecreasescostofborrowing,andalsoitenablesthecompanyto感谢阅读delivertheproductsorservicessooner;thusthereceivablecollection感谢阅读period starts earlier.Although many scholars worked on Lead Time谢谢阅读compressioninsupplychainssuchasBeesley(1996)andTowill(1996)theyboth精品文档放心下载ignoretheinvestmentcostsneededtoachieveareductioninLeadTime.Also感谢阅读neitherBeesleynorTowilltouchthecostofborrowingissue,butratherthey精品文档放心下载_emphasizetheindirectfinancialeffectsoftimereduction,suchasfastresponseto感谢阅读marketandenablingamoreaccuratedemandforecast.Whatismore,mostofthe精品文档放心下载supplychainfinancialmodelingarticlesarenottakingintoaccountthetime谢谢阅读flexibilityfactor.Asknown,companiescanreduceLeadTimesinexchangefora谢谢阅读cost.Sowhilestudyingthefinancialaspectsofthesupplychainthisflexibility谢谢阅读shouldbetakenintoaccount.WhereasBen-DayaandRaouf’s(1994)studyfocuses感谢阅读ontheLeadTimeflexibilityissuebystudyingthecostsofLeadTimereduction感谢阅读alongwiththeeffectsontheinventorypolicysuchasreorderpointandoptimal精品文档放心下载orderquantitywhichaffectsorderingandinventoryholdingcosts,theirstudy感谢阅读doesn’tmodelawholesupplychainwherethetransactionswithupstreamplayers谢谢阅读aretakenintoaccount.Tosumup,inliteraturethereislackofacomprehensiveapproachforthe感谢阅读financialmanagementofthesupplychains.Alsotoday’sincreasinglydynamic谢谢阅读companiescannotbemanagedwithstaticmodels.Thus,predictiveintegrated感谢阅读modelsthattakeintoaccountinstablefinancialmarketsandalsocapableof精品文档放心下载ensuringrequiredliquiditywhileprovidingtimelyandefficientresponsetoorders谢谢阅读iscrucial.So,withthepurposeofbuildingacomprehensiveapproachthat谢谢阅读embracestimeandmoneyconsiderationssimultaneously,ourstudyusesCash精品文档放心下载ConversionCycleasthedecisionvariablewithrespecttowhichweassessthe谢谢阅读FinancialPerformance.Byusingproject-schedulingmethodsintimingofthe精品文档放心下载operationsandpayments,ourstudyaimstofindtheoptimalCashConversion精品文档放心下载Cyclethatgeneratesthehighestaccumulatedcashattheendoftheone-year精品文档放心下载_period.However,inourmodelcashinflowisprobabilisticthuswedon’thavecontrol谢谢阅读overitseffectontheoptimalCCC.Asaresultsomeofthevaluesthatarechanged感谢阅读inordertofindtheoptimalCCCareorderquantity,reorderpointandtheLeadTime谢谢阅读andPayableterm.Soourstudystartswithanalyzingtheissuesaffectingfinancial谢谢阅读managementofsupplychainsandthencoverstherelatedpreviousworkthatthe谢谢阅读modelisbuiltupon.InthenextissuesaffectingthefinancialmanagementinSCare感谢阅读discussed.InsectionIIIreviewoftheliteratureispresentedandinSectionIVthe感谢阅读mathematical model is presented with the objective of maximizing the谢谢阅读accumulatednetcashattheendofaone-yearperiod.Themodelconsiderstiming谢谢阅读ofthecashinflowandoutflowsandLeadTimecrashingcostssimultaneously.感谢阅读Finallyillustrativeexampleandsensitivityanalysisarepresentedfollowedbythe精品文档放心下载conclusionpartsummarizingfindingsofthestudy.精品文档放心下载Bullwhipeffect:Itisoneofmostsignificantreasonsofsupplychaininefficiency.谢谢阅读Itistheamplificationofdemandvarianceasthedemandinformationpassesfrom精品文档放心下载thelowerlevels(customers)ofthesupplychaintotheupperlevels(manufacturers感谢阅读level).Itmaybeseverelydestructiveforthefinancialmanagementofthesupply精品文档放心下载chainasawhole,particularlytheupperlevelsaretheonesmostaffected.Each精品文档放心下载partner,knowingthattheforecaststheyretrievefromthelowerpartnersarenot感谢阅读onehundredpercentaccurate,buildssafetystock.Thustheorderstotheupper感谢阅读levelsincreaseasmoreandmoresafetystockisbuiltinthesystem,whichleadsthe感谢阅读uppertierstohaveanimpressionthatthedemandismorethanitsactuallevel.So感谢阅读_longerLeadTimesresultinhighersafetystocklevelswhichinturnleadsbigger感谢阅读amplificationsintheupperlevelsasknownastheBullwhipEffect.Demandforecast:精品文档放心下载Formaketostockinventorysystemsdemandforecastisthemostimportantaspect精品文档放心下载ofproductionmanagement.Ascycletimeincreases,forecastshavetobemadefor谢谢阅读fartherperiods,whichinturnincreasestheforecasterrors.Andwhentheaccuracy感谢阅读oftheforecastdecreases,firmsareforcedtokeepmoresafetyinventoryandthus感谢阅读incurhigherinventoryholdingcost.Ontheflipsideofthecoin,evenifafirm感谢阅读decidestokeeplowinventorylevels,insuchablurryenvironmentthereishigh谢谢阅读probabilitythatitfallsshortinrespondingtocustomerorderswhichhurtsthe谢谢阅读profitsasmuchastheinventoryholdingcosts.Thus,byshorteningthesupply感谢阅读chaincycletimetheentirechainbenefitsfromaccuratedemandforecast.感谢阅读Costofborrowing/investing:Costofborrowingisanotherkeyaspectofthe谢谢阅读financialmanagementofthesupplychain.Sincemoreinterestischargedwiththe精品文档放心下载timeelapsedovertheissuedateofthedebt,firmsshouldensurecollectionof谢谢阅读moneyfromthecustomersasearlyaspossibleinordertopaythedebts.感谢阅读Apparently,collectionperiod’sprimarydeterminantisthecycletimesincethe精品文档放心下载customersusuallyarenotwillingtopaybeforetheyreceivetheproductunless感谢阅读someincentivessuchasdiscountsareofferedinadvance.谢谢阅读Inventoryholdingcost:AccordingtoBen-DayaandRaouf’s(1994)economic精品文档放心下载orderquantity(EOQ)model,asLeadTimeincreases,optimalorderquantityQ*感谢阅读increases;thereforetheaverageinventoryheldbythefirmovertheyear,and精品文档放心下载correspondingholdingcostincrease.Apartfromthephysicalcostofinventory谢谢阅读_holding,higherobsolescencecostrelatedtohigherlevelsofinventoryshouldbe谢谢阅读takenintoaccountincaseofchangeintechnologyornewtrendsindemand.What感谢阅读ismore,opportunitycostisanothersideoftheinventoryholdinginthesensethat精品文档放心下载thecapitalistiedtoinventoryratherthanothermoney-makinginvestments.Lead精品文档放心下载Timecrashingcost:Firmscanshortenthetimeneededtoproduceanddeliverthe谢谢阅读productstocustomersbutthiscanbedoneatacostknownasreductionorcrashingcost.谢谢阅读LeadTimevs.crashingcostgraphisnegativeexponential(decreasingfunction).谢谢阅读Crashingprocessstartswiththelongestlead(processing)timefortheactivities精品文档放心下载whichcorrespondstotheleastcost,thenastheLeadTimeisreducedthecost感谢阅读increasesexponentiallyasillustratedinFigure3.Consequently,thetotalLeadTime精品文档放心下载canbedecomposedintocomponentsdependingontheamountinvestedin感谢阅读reducing/crashingtheLeadTime.精品文档放心下载CashtoCashcycle,whichisfirstdefinedbyGitman(1974)wasfurtherexaminedby精品文档放心下载Gallinger(1997)asthelengthoftheperiodthatthefirm'soperatingcycleneedsto感谢阅读besupportedbycostlyfinancing.Andheadds; “Youcanthinkoftheoperating感谢阅读cycleasthenumberofdayssalesareinvestedininventoriesandreceivables''谢谢阅读(Gallinger,1997).AsseenfromGallinger’sdefinitionlongerCashConversionCycles谢谢阅读damagecompanyfinancesintermsofcostofborrowing/financingthenecessary谢谢阅读funds.Thus,shorteningtheCCCisakeymetricforthecompanyfinancial感谢阅读management.Inthatsense,furtheranalysisoftheCCCmadebySoenen(1993)谢谢阅读decomposesitintothreesections:谢谢阅读_Thelengthofthecredittermthatthecompanygetsfromitssuppliers,感谢阅读Thelengthoftheproductionprocess,and精品文档放心下载Thenumberofdaysthefinalproductsremainsininventorybeforetheyaresold.精品文档放心下载So,inthisstudywearegoingtoexaminetheeffectsoflead-timereduction;in精品文档放心下载otherwordsshorteningthetotalleadtimealongwiththeoptimaltimingfor谢谢阅读AccountsReceivablesandPayablesonfinancialmanagementofthesupplychain.谢谢阅读BesidesreducingtheCCC,LeadTimecompressionbenefitstheorganizationsin精品文档放心下载otherwaystoo.Beesley(1996)statesthat,theideaofquickresponseintheretail谢谢阅读environmentandthatofjust-in-time(JIT)inthemanufacturingarenaaretwo精品文档放心下载importantaspectswheretimereductionplaysacriticalrole.Thevalueoftimein谢谢阅读marketingisvitalsaysBeesleyandadds,asbusinessesbecomemoreandmore谢谢阅读competitive,thetimefactorbecomesmorecritical.Whatismore,accordingtohim,感谢阅读sincetheendconsumersdemandhighvarietyofchoice,retailerstodayshouldhold精品文档放心下载minimalstocksothattheycanmaximizetheproductrangeheldunderoneroof谢谢阅读andalsoofferabetterservicethroughfasterreplenishment.Theauthorstatesthat感谢阅读althoughthesefactorsgivecompetitiveadvantagetothecompanies,customers精品文档放心下载maynotbewillingtopaymoreforspeedandvariety.Theaimin“time精品文档放心下载compression”istocuttheamountoftimeconsumedbybusinessprocesses;谢谢阅读thereforetheprocessofconvertinginputsintooutputs(manufacturingtime)takes谢谢阅读ashorterperiodoftime.Thusthekeytoachievetimecompressionisgettingridof感谢阅读wastedtimeandrearrangingthesequenceoftheactivitiesaccordingly.However精品文档放心下载Beesleydrawsattentiontoaveryimportantfactthatthelogisticalstrategiesare谢谢阅读_mosteffectivewhenappliedtothesupplychaininitsbroadestcontextwherethe精品文档放心下载scopeofsupplychainisanythingthatconvertsaresourceintoadelivered,谢谢阅读consumableproductorservice.Thisiscalledthe “holisticapproach”oratotal感谢阅读systemviewaccordingtoBeesley.So,accordingtohiminhispaper“Time谢谢阅读compressionintheSupplyChain”,competitivenessshouldcomefromthewhole谢谢阅读supplychainsystem,notjustfromthecompany(producer)itself.Besides谢谢阅读shorteningtheLeadTimeanotherwaytoimprovetheCashConversionCycleis感谢阅读extendingtheaverageaccountspayabletermaccordingtoFarrisandHutchison谢谢阅读(2002).Sinceitisthetimeelapsedbetweenissuanceofthedebtandthecash感谢阅读outflow,longerpayabletermsenablescompaniestoobtaininterest-freefinancing.谢谢阅读HoweverFarrisandHutchisonomitthepenaltythatthemanufacturersmaycharge谢谢阅读foralongerpaymentterm,whichwillincreasethecashoutflows.Whatismore,谢谢阅读whenstatingtheprimaryleveragepointstomanageCCC,theyputemphasison谢谢阅读reducingtheaverageaccountsreceivabletermhoweverinordertoencouragethe谢谢阅读downstreampartnersofsupplychaintomakeearlypayments,thecompanyshould感谢阅读offerdiscount,whichinturnreducestheamountofcashinflows.Andfinally,精品文档放心下载reducingthetotalLeadTimeisnotfreeofchargetocompanies.Inthatsense感谢阅读Nobanee(2009)workedonanimprovedwayofmodelingtheoptimalCCCfor精品文档放心下载supplychainswherehedefinestheoptimalCCCasfollows,SeeFigure1:Optimal感谢阅读CashConversionCycle=OptimalInventoryConversionPeriod+Optimal感谢阅读ReceivableCollectionPeriod–OptimalPayableDeferralPeriod.Asseenfrom感谢阅读Nobanee’sequationscompressingeachcomponenttoitsshortesttimewillnot谢谢阅读_necessarilyleadtobetterfinancialresults.Theoptimalpointsshouldbefoundfor谢谢阅读eachcomponentofthelead-time.SincetheCashConversionCyclemeasureshow谢谢阅读longthecompany’scashistiedtofulfillinganorderuntilthecompanyreceives精品文档放心下载cash,shorteningtheLeadTimeaffectstheoptimalCashConversionCycleand精品文档放心下载accordinglythefinancialmanagementofthesupplychainintwoways:精品文档放心下载Inourmodel,workingonathreetiersupplychainconsistingofamanufacturer,感谢阅读retailerandacustomer,weareexaminingthefinancialeffectsofanychangemade谢谢阅读inthecomponentsofCashConversionCycleontheretailer.Ourretailerbasesits精品文档放心下载inventoryplanningonforecastofdemandsoplacesordertothemanufacturerin感谢阅读advancebyusingEconomicOrderQuantity(EOQ)Model.Theretailerissues精品文档放心下载accountspayableuponplacingtheordertothemanufacturer.Theshipmentofthe谢谢阅读itemsoccursafterthemanufacturer’sorder-processingtime.Soittakesorder感谢阅读processingtimeplusinboundtransportationtimefortheretailertoreceivethe精品文档放心下载itemswhichisinitially20daysinourmodel.谢谢阅读Weassumethatcontracttermsforbothaccountspayableandaccounts精品文档放心下载receivablearenotchangedfortheone-yearperiod.Inthemodelthepatternof感谢阅读collectionfromcustomersisprobabilistic,whereasthepatternofpaymentto谢谢阅读manufacturerdependsonthepaymentreceivedfromcustomers.Thisisthecaseto感谢阅读assurethatthecashinhandissufficienttopaythecurrentdebt.Theretaileroffers精品文档放心下载acredittermtoitscustomers;adiscountof?!ifpaymentisreceivedwithin3days谢谢阅读upondeliveryorthefullamountmustbepaidafterthe3th day.Ontheother感谢阅读handforeachdayafterthe8th dayadelaypenaltyischarged;Thefirm’s感谢阅读_objectiveistomaximizethecashavailableattheendofaone-yearperiodafter谢谢阅读payingtheannualinventoryholding,orderingandcrashingcostsbyproper精品文档放心下载selectionofthedecisionvariablesthatcomposestheCashConversionCycle.Inour谢谢阅读modeltotalLeadTimeisdeterministicwhereastheInventoryConversionPeriod谢谢阅读dependsontheLeadTimes.LeadTime1affectsReorderPointbychangingthe精品文档放心下载requiredsafetystocklevelanddemandduringLeadTime;whatismore,totalLead谢谢阅读Timeaffectsoptimalorderingquantitybychangingthecrashingcost.Thus谢谢阅读InventoryConversionPeriodisadependentvariableinthemodel.精品文档放心下载Andsincethereceivablecollectionperiodisprobabilistic,weareleftwithtwo精品文档放心下载decisionvariables;TotalLeadTimeandthePaymentschedule. Soourpurposeis精品文档放心下载tofindtheoptimalpaymentperiodandoptimaltotalLeadTime,whichgivesthe感谢阅读optimalCCCfortheretailer.Whatismorethemanufacturerisfollowingasimilar感谢阅读reward-punishmentmechanismregardingtheretailer’spurchases;ifthefirmpays谢谢阅读itsdebtwithin10daysitgetsa1%discountbutifitpaysafter20th dayithasto精品文档放心下载pay2%moreforeachdaypassedafterthe20th day.HoweverasstatedinGupta谢谢阅读andDutta’s(2011)study,theoptimalpaymentdayswithinearlyorlatepayment谢谢阅读periodsarethelastdaysofthoseperiodssincethecompanyshouldkeepthe谢谢阅读moneyinhandaslongaspossiblegiventhatthecashoutflowisgoingtobethe精品文档放心下载same.Thus,inourstudyweassumethatthe35%ofthecustomersarepayingon谢谢阅读the3rd day(lastdayoftheearlyperiod),andsimilarly45%ofthecustomersare精品文档放心下载payingonthe8th day(lastdayofthenormalperiod)andforthelatepayments精品文档放心下载forpracticalpurposesweassumethat20%ofthecustomersarepayingonthe10th感谢阅读_day.AndthensimulateaoneyearperiodbyMonteCarloSimulationover100精品文档放心下载iterationsofthecashavailableattheendafterdeductingtheannualinventory精品文档放心下载holdingcosts.Allinall,oursimulationresultsgiveustheaverageCollectionPeriod,谢谢阅读OptimalLeadTimeLevelandcorrespondingInventoryConversionPeriod.Alsothe谢谢阅读integerlinearprogrammingthatwedevelopedtominimizepresentvalueof谢谢阅读accountspayablegivestheoptimalpaymentperiod.Thus,accordingtoFormula1精品文档放心下载wefindtheoptimalCashConversionCycleforthefirmbycombiningtheoptimal精品文档放心下载valuesofitscomponents.TheresultsshowthateveniftheCSLischanged,optimal谢谢阅读CashConversionCycleforthecompanyremains13days.Howevertheaccumulated谢谢阅读cashcorrespondingtotheoptimalCCCischanging.Fromthetableitisseenthat精品文档放心下载accumulatedcashattheendoftheoneyearperiodismaximizedwhentheCSLis谢谢阅读0.70.Thisprovesthattryingtosatisfyeverycustomerdoesn’tnecessarilybrings谢谢阅读moremoneytofirms.InordertoincreasetheCSLthecompanyhastoincrease精品文档放心下载safetystocklevel,whichinturnincreasestheinventoryholdingcost.Whenthe感谢阅读proceedsfromsatisfyingcustomersarenotenoughtojustifythecorresponding谢谢阅读inventoryholdingcost,companystartstolosemoneyforeachadditionalorderit感谢阅读aimstofulfill.SofromTable7,itcanbededucedthattheoptimalCSLforthe感谢阅读manufactureris0.75whentheotherparametersareconstant.However,eventhe精品文档放心下载accumulatedcashismaximizedwhentotalLeadTimeis13,thedifferencebetween精品文档放心下载themaximumvalueandminimumvalueoftheaccumulatedcashisverylittle;so谢谢阅读OptimalLeadTimeandaccordinglytheoptimalCCCisnotverysensitiveto感谢阅读changesinCSL;sochangingCSLfrom0.50to0.90(whichisabigchange)didvery感谢阅读_littlechangeintheaccumulatedcash;soreallytheSSisnotassignificantin感谢阅读determiningCCCorLT.CashConversionCycleisacomprehensivefinancialmeasurementthat谢谢阅读incorporatesthefinancialandoperativeconsiderationsofabusinessentity.Sinceit感谢阅读isthetimeperiodbetweenpaymenttothesuppliersandreceiptofmoneyfromthe感谢阅读customers,itreferstodaysthatthecompanyneedsoutsidefinancing.Inthatsense谢谢阅读manyresearcherspromoteshorterCashConversionCycle;however,ourstudy,谢谢阅读whichusesproject-schedulingtechniquesinshorteningtheCCC,showsthatthere精品文档放心下载isanoptimalvaluefortheCCCcomponents,thatthecompanyisgeneratingthe感谢阅读bestfinancialresults.Sothecompanyshouldnotpushtoshortenthisoptimal谢谢阅读valueattheexpenseoflosingmoney.ToreducetheCCC,acompanycancrashLead精品文档放心下载Time,shortencollectionperiodorprolongpayableterm.Nevertheless,allthose谢谢阅读therefactorscomewithapricetocompany.Whilethereceivablecollectionperiod精品文档放心下载isafunctionofcompany’sgeneraloperationalpolicyandthecustomers’financial谢谢阅读considerations,inordertospeedupcollection,thecompanyhastoprovide精品文档放心下载incentivestothecustomers.Ontheotherhand,thepayabletermandinventory精品文档放心下载conversionperiodarecompletelyundermanagementincentive,providedthatthe感谢阅读cashisenoughtomakepayments.Howeverleadtimecrashingisacostlyprocess感谢阅读andalsodelayingthepaymentstosuppliersmostofthetimecomeswithapenalty.谢谢阅读Sotheoptimalpointsforthesethreecomponentsshouldbefoundwhichgivesthe精品文档放心下载companybestfinancialresults.谢谢阅读Tosumup,althoughCashConversionCycleisacomprehensivemetricthat感谢阅读_thecompaniescanusetoevaluatetheirfinancialandoperationalpolicies,itmakes精品文档放心下载moresensewhenitiscalculatedforconsecutivetimeperiodstoseethechange精品文档放心下载overtimeorwhenitiscomparedwithseveralcompetitors.Asdifferentindustries感谢阅读mayhavedifferentpracticesregardingthereceivableandpayablecontractterms,感谢阅读theoptimalCCCwilldifferfromindustrytoindustry.感谢阅读翻译：财务管理的项目调度供应链(节选)作者:DurukanKalyoncuGuldane精品文档放心下载接受日期:2012年6月_在文学,大量的出版物管理供应链存在的大部分都集中在物理方面的供应链。虽然底线精品文档放心下载是非常重要的经理,有数量有限的出版物,结合供应链的财务管理与实物管理。这些研究解决精品文档放心下载供应链金融性能测量不同的方法和措施,其中之一是现金转换周期(CCC)。现金转换周期是一谢谢阅读个指标,测量时间从供应商的付款直到收到客户的钱。因此它是一个二维的概念,同时包含了精品文档放心下载时间和财务方面的考虑。在这方面它使公司整合运营调度与金融调度。感谢阅读CCC的组件分别检查;平均应收应付和平均条款有关公司财务政策,合同条款之间的供应链合作伙伴。另一方面,库存转换周期取决于公司的库存政策。图1假设零售商的仓库的库存是在同一天顺序放置的制造商。也它假设没有出境运输时间当天,库存使零售商的仓库收到的客户和应收账款。根据这些假设存货转换周期取决于最优订购数量。谢谢阅读在这个意义上,CCC拥抱应付帐款、应收帐款和存货转换时期,前两个是与时间相关的现金流入和流出,第三是有关公司的业务政策,这是一个桥接测量之间的操作和财务规划。谢谢阅读也,因为CCC是现金流入现金流出的时间的流逝,它衡量公司需要多长时间外部融资。因此许多学者(法里斯和和记黄埔(2002),Soenen(1993),穆罕默德雇主和雇主穆罕默德萨阿德(2010)指出,较短的CCC公司财政状况就越好。然而,也有一些并发症有关的现金转换周期度量方法在金融管理供应链。尽管供应链合作伙伴把相当大的努力控制现金流入的流管理付款条件,这些现金流入主要是由于下游的球员不可预知的条件概率。另一方面,现金流出的上层链确定性;然而这取决于可用的现金。图2描述了“上游”和“下游”供应链合作伙伴。感谢阅读上游合作伙伴下游合作伙伴供应商制造商分销商零售商客户。供应链水平从古普塔和精品文档放心下载杜塔的研究(2011),提前支付的债务导致当期最低现金流出,但它并不一定导致最低的现金流精品文档放心下载出的现值。因此有效地管理现金流不是一项容易的任务考虑概率流入除了立即付款债务之间精品文档放心下载_的权衡,这减少了支付,逾期付款,增加现金存款的利息。那些金融因素变得更加复杂供应链周精品文档放心下载期长的。所以交货时间减少一个巨大的战略重要性为成功操作的链。然而,管理时间,主要是谢谢阅读确定的,也不是一件容易的事,因为它以直接或间接方式影响现金流流。间接地减少提前期影感谢阅读响的现金流改善客户服务和响应需求的变化。首先,提前期压缩是一个昂贵的过程包括劳动精品文档放心下载力成本和额外的运输成本。其次,可以减少库存持有成本由于较低的安全库存要求。第三,减感谢阅读少交货时间减少现金转换周期。随着现金转换周期措施多久公司的现金和应付账和库存,直谢谢阅读到完成订单;缩短交货时间减少借贷成本,同时它使公司更快交付产品或服务,因此,应收账款精品文档放心下载集合期早些时候开始。虽然许多学者致力于等供应链提前期压缩比(1996)和Towill(1996)感谢阅读他们都忽略了投资成本需要实现前置时间的减少。也没有BeesleyTowill触摸的借贷成本精品文档放心下载的问题,而是强调时间减少的间接金融影响,如快速响应市场,使一个更准确的需求预测。更重精品文档放心下载要的是,大部分的供应链金融建模的文章不考虑时间灵活性因素。众所周知,企业可以减少交精品文档放心下载货期来换取成本。因此,研究供应链金融方面的这种灵活性应该考虑。而 Ben-Daya和感谢阅读Raouf(1994)的研究关注的是时间的灵活性问题通过研究交货时间减少的成本以及对库存谢谢阅读策略的影响如订货点和最优订货量影响订购和库存持有成本,他们的研究并没有模型整体与谢谢阅读上游供应链的交易球员都考虑进去。总之,在文学缺乏一个全面的供应链的财务管理方法。今天也日益与静态模型动态公司精品文档放心下载无法管理。因此,预测集成模型,考虑到不稳定的金融市场,也能确保所需的流动性,同时提供及精品文档放心下载时和有效的应对订单是至关重要的。所以,目的是建立一个全面的方法,同时包含了时间和金精品文档放心下载钱方面的考虑,我们的研究使用现金转换周期作为决策变量对我们评估财务绩效。通过使用感谢阅读project-scheduling方法操作的时间和付款,我们的研究目的是找到最优现金转换周期产生精品文档放心下载最高累计现金的最后期限为一年。_然而,在我们的模型中现金流入是概率因此我们没有控制其影响最优CCC。结果值的一感谢阅读些改变为了找到最优CCC是订单数量,订货点和交货时间应付。所以我们的研究开始于分析精品文档放心下载影响供应链的财务管理的问题,然后介绍相关的模型是建立在以前的工作。在接下来的问题感谢阅读影响了财务管理在SC进行了讨论。第三节回顾文献提出和第四节中给出的数学模型的目标精品文档放心下载最大化的累计净现金最后期限为一年。模型考虑现金流入和流出的时间和交货时间同时崩溃感谢阅读的成本。最后说明例子和灵敏度分析提出了紧随其后的是结论部分总结研究的结果。谢谢阅读牛鞭效应:这是最重要的供应链效率低下的原因之一。的放大需求方差的信息从较低层谢谢阅读次的需求(客户)供应链的水平上(制造商)。可能严重破坏金融管理的供应链作为一个整体,特精品文档放心下载别是上部水平是影响最大的。每个合作伙伴,知道预测他们检索从较低的合作伙伴并不是百精品文档放心下载分之一百准确,建立安全库存。因此,订单上增加越来越多的安全库存水平是建立在系统中,精品文档放心下载导致上部层有一个印象,超过其实际水平的需求。所以交货期延长导致更高的安全库存水平感谢阅读进而导致更大的方式上的水平被称为牛鞭效应。需求预测:为使股票库存系统需求预测是生感谢阅读产管理的最重要的方面。随着周期的增加,预测得更远的时间,进而提高了预测错误。预测的谢谢阅读准确性降低,企业被迫保持更多的安全库存,从而产生更高的库存持有成本。在硬币的另一面,谢谢阅读即使一个公司决定保持低库存水平,在这样的环境中有高概率,它低于在应对客户订单这伤害精品文档放心下载了利润库存持有成本。因此,通过缩短供应链循环时间整个链得益于准确的需求预测。感谢阅读借贷成本/投资:借贷成本是另一个重要方面的财务管理供应链。因为更多的利益被控谢谢阅读在债务的发行日期时间,公司应该确保收款客户尽早以支付债务。显然,收集期间的主要决定感谢阅读因素是周期时间因为客户通常不愿意支付之前收到产品,除非提前提供一些激励措施如折谢谢阅读扣。库存持有成本:根据Ben-Daya和Raouf(1994)的经济订货批量(经济订购量)模型,随着感谢阅读时间增加,最优订货量Q*增加,因此该公司持有的平均库存一年,和相应的储存成本增加。除谢谢阅读_了物理库存持有成本,更高的报废成本与较高水平的库存应该考虑改变在技术或需求的新趋感谢阅读势。更重要的是,机会成本是库存控股的另一侧,资本与库存而不是其他赚钱的投资。交货时精品文档放心下载间崩溃成本:企业可以缩短所需的时间生产和交付产品但这可以做客户的成本称为减少或崩溃。交货时间和崩溃的成本图负指数(递减函数)。精品文档放心下载崩溃过程始于最长的(处理)的时间对应于最低成本的活动,那么交货时间是减少成本成倍增精品文档放心下载加如图3所示。因此,总提前期可以分解为组件根据投资额减少/崩溃的时间。谢谢阅读现金,现金周期,首先定义Gitman(1974)进一步检查Gallinger(1997)时期的长度,该公精品文档放心下载司的营业周期需要昂贵的融资支持。他补充道,“你能想到的操作周期的天数销售库存和应谢谢阅读收账款投资”(Gallinger,1997)。从Gallinger定义现金转换周期较长损害公司财务状况的精品文档放心下载借贷成本/融资所需的资金。因此,缩短CCC是公司财务管理的一个关键指标。在这个意义精品文档放心下载上,进一步分析的CCCSoenen(1993)分解成三个部分:感谢阅读1。信用期限的长度,该公司从供应商获得,2。生产过程的长度,3。天最后产品的数量仍然在销售库存。因此,在这项研究中我们将检查更换模具的时间减少的影响;换句话说缩短总提前期与精品文档放心下载最优时机的应收账款和应付款项财务管理供应