集成的財(cái)務(wù)報(bào)表分析在供應(yīng)鏈網(wǎng)絡(luò)的優(yōu)化設(shè)計(jì)在需求的不確定性外文翻譯

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

<文獻(xiàn)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(xiàn)翻譯一：譯文>集成的財(cái)務(wù)報(bào)表分析在供應(yīng)鏈網(wǎng)絡(luò)的優(yōu)化設(shè)計(jì)在需求的不確定性摘要旨在優(yōu)化設(shè)計(jì)的供應(yīng)鏈網(wǎng)絡(luò)的模型已經(jīng)成為一個(gè)供應(yīng)鏈網(wǎng)絡(luò)的主流。本文旨在通過(guò)引入集成了金融的考慮與供應(yīng)鏈設(shè)計(jì)下的決策需求的不確定性的數(shù)學(xué)模型來(lái)填補(bǔ)這一空白的文獻(xiàn)。提出的混合整數(shù)線(xiàn)性規(guī)劃(MILP)問(wèn)題通過(guò)財(cái)務(wù)比率和情景分析需求的不確定性來(lái)進(jìn)行財(cái)務(wù)報(bào)表分析。通過(guò)使用一個(gè)案例研究以及靈敏度分析在金融參數(shù)表達(dá)的商業(yè)環(huán)境很好地說(shuō)明了模型的適用性。該模型可以作為一個(gè)有效的和方便的戰(zhàn)略決策工具被供應(yīng)鏈經(jīng)理來(lái)使用。關(guān)鍵詞：供應(yīng)鏈優(yōu)化；財(cái)務(wù)報(bào)表；需求的不確定性；分銷(xiāo)網(wǎng)絡(luò)在20世紀(jì)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(jìng)爭(zhēng)在他們所有的領(lǐng)域里，從原材料采購(gòu)到客戶(hù)服務(wù)都大幅增加了。公司已經(jīng)開(kāi)始擴(kuò)展他們?cè)谌蚴袌?chǎng)的戰(zhàn)略重點(diǎn)。成本和價(jià)格利益被分散在不同國(guó)家和世界的不同地區(qū)，這推動(dòng)著公司去抓住這些機(jī)會(huì)。因此，公司被迫在有限的“獨(dú)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(gè)媒介，使得公司獲得必要的資源和技能(Spekmanetal.,1998)。這些進(jìn)展驅(qū)動(dòng)了“供應(yīng)鏈管理”(SCM)的演變，公司意識(shí)到他們不能單獨(dú)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(guò)連續(xù)和雙邊關(guān)系互動(dòng)構(gòu)成一個(gè)供應(yīng)鏈網(wǎng)絡(luò)(SCN)，在產(chǎn)品上創(chuàng)造附加價(jià)值(Mentzeretal，2001)。這些網(wǎng)絡(luò)有一個(gè)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(gòu)的原料供應(yīng)商，生產(chǎn)、運(yùn)輸和存儲(chǔ)產(chǎn)品、庫(kù)存管理和分布的產(chǎn)品給客戶(hù)(Simchi-Levietal.,2000)。在SCM中，規(guī)劃過(guò)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(zhǎng)遠(yuǎn)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(jì)(SCND)階段(Meloetal.,2009)。此外，動(dòng)態(tài)設(shè)施選址模型，決策是分散在一個(gè)長(zhǎng)期的規(guī)劃周期，決策變量是時(shí)間依賴(lài)，變得更兼容跟蹤動(dòng)態(tài)復(fù)雜的供應(yīng)鏈(Thanhetal.,2008)。因?yàn)楣就ㄟ^(guò)他們的供應(yīng)鏈整體管理認(rèn)識(shí)到了潛在的競(jìng)爭(zhēng)優(yōu)勢(shì)，學(xué)術(shù)界一直在開(kāi)發(fā)幾個(gè)模型，描述他們的設(shè)計(jì)和操作。這些模型支持管理人員在這兩個(gè)戰(zhàn)略和戰(zhàn)術(shù)決策管理的供應(yīng)和分銷(xiāo)網(wǎng)絡(luò)。雖然許多被用來(lái)設(shè)計(jì)及運(yùn)行供應(yīng)鏈的模型已經(jīng)成功開(kāi)發(fā)，但他們絕大多數(shù)都忽視了決策涉及收入、營(yíng)銷(xiāo)活動(dòng)、不確定性、投資規(guī)劃對(duì)沖，和其他企業(yè)的財(cái)務(wù)決策(Shapiro，2004)。金融是對(duì)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(jià)格、匯率，是一些關(guān)鍵的組件，一個(gè)供應(yīng)鏈設(shè)計(jì)模型應(yīng)當(dāng)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(píng)價(jià)生產(chǎn)決策在金融運(yùn)行和進(jìn)一步選擇理想的組合從而為公司提供一個(gè)競(jìng)爭(zhēng)優(yōu)勢(shì)(Guillenetal.,2006)。尤其建議為資本密集型活動(dòng)提供一個(gè)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(bǔ)充生產(chǎn)操作。它們是必要的和重要的活動(dòng)，因?yàn)樗麄儽ＷC生產(chǎn)和分銷(xiāo)業(yè)務(wù)融資。此外，融資對(duì)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(chǎng)的擴(kuò)張。最基本的資金來(lái)源是向金融機(jī)構(gòu)貸款和基金增加股本的股票，有或沒(méi)有首次公開(kāi)發(fā)行(IPO)。為了從這兩個(gè)投資集團(tuán)吸引資本，公司應(yīng)該有一個(gè)明確和令人滿(mǎn)意的財(cái)務(wù)狀況。評(píng)估一個(gè)公司的投資前景和信譽(yù)是一個(gè)基于靜態(tài)和比較分析財(cái)務(wù)報(bào)表的過(guò)程(Horrigan,1966andRushinekandRushinek,1987)。同樣，財(cái)務(wù)報(bào)表分析使金融機(jī)構(gòu)基準(zhǔn)公司在同一行業(yè)相對(duì)措施，而不是絕對(duì)的措施(CowenandHoffer,1982)。另一個(gè)重要的問(wèn)題是不確定的供應(yīng)鏈。因?yàn)椤芭１扌?yīng)”，在SCM環(huán)境中，需求的不確定性是早期已經(jīng)公認(rèn)的，它的特點(diǎn)是需求的過(guò)度波動(dòng)(Davis,1993)。在對(duì)供應(yīng)鏈網(wǎng)絡(luò)的模型的設(shè)計(jì)中，客戶(hù)需求的不確定性是很少被考慮(Ballou,2001年)，特別是對(duì)全球物流系統(tǒng)(VidalandGoetschalckx,1997)。系統(tǒng)的考慮不確定性可以方便計(jì)算預(yù)期收益和基于現(xiàn)狀和未來(lái)預(yù)測(cè)風(fēng)險(xiǎn)評(píng)估(Papageorgiou2009)。這項(xiàng)工作首先旨在豐富在供應(yīng)鏈網(wǎng)絡(luò)設(shè)計(jì)中使用數(shù)學(xué)規(guī)劃技術(shù)的文獻(xiàn)。財(cái)務(wù)報(bào)表分析和瞬態(tài)需求的不確定性是該方法的顯著特點(diǎn)。接下來(lái)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(shí)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(jì)問(wèn)題，給出了數(shù)學(xué)公式。通過(guò)在第四節(jié)和第五節(jié)一些計(jì)算實(shí)驗(yàn)評(píng)估模式平臺(tái)下的一個(gè)案例研究來(lái)說(shuō)明該模型的適用性。最后一節(jié)是結(jié)束語(yǔ)以及進(jìn)一步的研究方向。事實(shí)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