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<文獻翻譯一：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.

<文獻翻譯一：譯文>集成的財務報表分析在供應鏈網絡的優化設計在需求的不確定性摘要旨在優化設計的供應鏈網絡的模型已經成為一個供應鏈網絡的主流。本文旨在通過引入集成了金融的考慮與供應鏈設計下的決策需求的不確定性的數學模型來填補這一空白的文獻。提出的混合整數線性規劃(MILP)問題通過財務比率和情景分析需求的不確定性來進行財務報表分析。通過使用一個案例研究以及靈敏度分析在金融參數表達的商業環境很好地說明了模型的適用性。該模型可以作為一個有效的和方便的戰略決策工具被供應鏈經理來使用。關鍵詞：供應鏈優化；財務報表；需求的不確定性；分銷網絡在20世紀的最后10年里商業環境發生了快速的變化。企業之間的競爭在他們所有的領域里，從原材料采購到客戶服務都大幅增加了。公司已經開始擴展他們在全球市場的戰略重點。成本和價格利益被分散在不同國家和世界的不同地區，這推動著公司去抓住這些機會。因此，公司被迫在有限的“獨特的企業”框架內管理他們的業務。定向到外部環境的是一個媒介，使得公司獲得必要的資源和技能(Spekmanetal.,1998)。這些進展驅動了“供應鏈管理”(SCM)的演變，公司意識到他們不能單獨操作了，但只是僅限于部分復雜的業務操作鏈(Tanetal.,1998)。組織，通過連續和雙邊關系互動構成一個供應鏈網絡(SCN)，在產品上創造附加價值(Mentzeretal，2001)。這些網絡有一個未定義的數量的階層和階段，而他們的主要業務涉及采購的原料供應商，生產、運輸和存儲產品、庫存管理和分布的產品給客戶(Simchi-Levietal.,2000)。在SCM中，規劃過程的一部分是旨在找到最好的供應鏈配置。這些決定由于具備長遠的眼光和解決與設施選址模型從而被視為戰略。然而，考慮到某些方面的供應鏈環境下，這些模型能夠充分支持供應鏈網絡設計(SCND)階段(Meloetal.,2009)。此外，動態設施選址模型，決策是分散在一個長期的規劃周期，決策變量是時間依賴，變得更兼容跟蹤動態復雜的供應鏈(Thanhetal.,2008)。因為公司通過他們的供應鏈整體管理認識到了潛在的競爭優勢，學術界一直在開發幾個模型，描述他們的設計和操作。這些模型支持管理人員在這兩個戰略和戰術決策管理的供應和分銷網絡。雖然許多被用來設計及運行供應鏈的模型已經成功開發，但他們絕大多數都忽視了決策涉及收入、營銷活動、不確定性、投資規劃對沖，和其他企業的財務決策(Shapiro，2004)。金融是對全球供應鏈的配置有很大影響的因素之一(Meloetal.,2009)。金融全球化因素，諸如企業所得稅、轉讓價格、匯率，是一些關鍵的組件，一個供應鏈設計模型應當在非局部化考慮(Hammamietal.,2008)。在這些模型中，金融方面的集成允許系統影響的評價生產決策在金融運行和進一步選擇理想的組合從而為公司提供一個競爭優勢(Guillenetal.,2006)。尤其建議為資本密集型活動提供一個包含金融因素在內的供應鏈模型(連續生產，重型工業設備等)。金融操作補充生產操作。它們是必要的和重要的活動，因為他們保證生產和分銷業務融資。此外，融資對于投資新的生產流程是必要，包括在新的生產設備，在新的創新的產品，在新市場的擴張。最基本的資金來源是向金融機構貸款和基金增加股本的股票，有或沒有首次公開發行(IPO)。為了從這兩個投資集團吸引資本，公司應該有一個明確和令人滿意的財務狀況。評估一個公司的投資前景和信譽是一個基于靜態和比較分析財務報表的過程(Horrigan,1966andRushinekandRushinek,1987)。同樣，財務報表分析使金融機構基準公司在同一行業相對措施，而不是絕對的措施(CowenandHoffer,1982)。另一個重要的問題是不確定的供應鏈。因為“牛鞭效應”，在SCM環境中，需求的不確定性是早期已經公認的，它的特點是需求的過度波動(Davis,1993)。在對供應鏈網絡的模型的設計中，客戶需求的不確定性是很少被考慮(Ballou,2001年)，特別是對全球物流系統(VidalandGoetschalckx,1997)。系統的考慮不確定性可以方便計算預期收益和基于現狀和未來預測風險評估(Papageorgiou2009)。這項工作首先旨在豐富在供應鏈網絡設計中使用數學規劃技術的文獻。財務報表分析和瞬態需求的不確定性是該方法的顯著特點。接下來的文章組織如下。第二節綜述了文學領域中在供應鏈建模時的金融方面和需求的不確定性，而第三節介紹了供應鏈網絡設計問題，給出了數學公式。通過在第四節和第五節一些計算實驗評估模式平臺下的一個案例研究來說明該模型的適用性。最后一節是結束語以及進一步的研究方向。事實上盡管許多研究人員提到在SCM環境中金融因素的重要性(Shapiro,200