供应链—面向营运资金管理工作的探讨【外文翻译】

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1、外文翻译ASUPPLYCHAIN-ORIENTEDAPPROACHOFWORKINGCAPITALMANAGEMENTMaterialSource:http://web.ebscohost.comAuthor:ErikHofmannINTRODUCTIONStartingPointofConsiderationsItistakenforgrantedthatsupplychainmanagement(SCM)hasasignificantimpactonacompany’sfinancialperformance(EllramandLiu2002;HofmannandLocker2009).

2、Evidenceaboutthedirectlinkbetweensupplychainperformanceandstock-exchangepriceisshownbySinghalandHendricks’(2002)study.D’Avanzo,VonLewinski,andVanWassenhove(2003)identifyacorrelationbetweensuccessfulSCMandfinancialperformancewheretheyshowthatthegrowthratesofmarketcapitalizationare7to26%higherincompa

3、nieswithexcellentSCM(“supplychainleaders”)thantheaverage.AsSCMreferstointer-organizationalarrangements,wecanidentifyacertaindilemmabetweenthemembersofasupplychainwhenallactorswanttoachievethesamegoaloffinancialimprovement.Creditriskandcapitalcostsareoftentransferredtootherstagesinasupplychainwhenpr

4、acticessuchaspayablesextensionstosuppliers,enforcementofreceivablescollectiontocustomers,orunbalancedinventoryprogramsareapplied(PohlenandGoldsby2003).Extendedpaymenttermsthatposealowerrisktobuyersincludeahigherriskforsuppliers,whomayoftenhaverestrictedaccesstoshort-termfinancingandahighercostofcap

5、ital.Suppliersmayresultinshort-termbalancesheetbenefits.Itcanboomerangback,however,intheformofalessfinanciallystable,andthusahigher-risksupplierbase.Suppliersmaybeforcedtodelayrawmaterialordering,squeezework-in-processinventories,orskimponservicelevelsorqualityprocesses,whentheyarestrappedforcashan

6、dlackadequateaccesstoaffordablecapital.Thistriggersdownstreamdelaysandqualityissuesforthebuyer,includingmanufacturingbreakdowns,orlateordersforkeyaccounts.Inaddition,suppliersareeventuallyforcedtoincludethecostofextendedpaymenttermsinthecostofgoodssold.Overthelong-term,cost-shiftingtosupplierswillr

7、esultinanoverallhighercostofgoodssoldversuscompetitorswhohaveestablishedmorecollaborativepracticesintheirsupplychains.Nonetheless,wepropose;inaccordancewithTimmeandWilliams-Timme(2000);thatfinancialfiguress