ch09integration of financial and physical supply chains

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1、IntegrationofFinancialandPhysicalSupplyChainsJeremyF.Shapiro莫明鳳AgendaIntroductionOptimizationModelsforCorporateFinancialPlanning企業財務規劃最佳化模型FinancialPlanningIssuesFacingtheMultinationalCorporation多國企業的財務規劃問題ANetworkIllustrationFinancialFlowsModelModelingExchangeRateR

2、isksRealOptionsforHedgingRisksintheGlobalEconomyFinalThoughtsIntroductionPurposeofintegrationImprovethefirm’sfinancialperformance.Strategicsupplychainplanning.Holisticallyoptimize,notindividually.ComplexforMNC.GoalofthischapterExamineoptimizationmodels.OptimizationM

3、odelsforCorporateFinancialPlanningFinancialdecision:strategic,tactical,operational.ModelingtheBalanceSheet.NumericalExampleofanOptimizationModelforCorporateFinancialPlanning.ModelandMethodologicalExtensions.9.1–ModelingBalanceSheet-1CA+FA-CL-L-E=0資產-負債-股東權益=0△=chang

4、eduringayear.△E(t)=PR(t)-D(t)股東權益=稅後利潤-股東紅利PR(t)=(1-r)(EBIT(t)-iL(t))稅後利潤=(1-稅率)*(稅前盈餘-長期負債*利率)r=稅率,i=利息△CA(t)+△FA(t)-△CL(t)-△L(t)-(1-r)(EBIT(t)-iL(t))+D(t)=0BalanceSheet–XYZCorporationCurrentAssets(CA)FixedAssets(FA)CurrentLiabilities(CL)Long-TermDebt(L)Equity(E)9.

5、1–ModelingBalanceSheet-2Fundsflows△CA(t)-△L(t)+(1-r)iL(t)=-△FA(t)+△CL(t)+(1-r)EBIT(t)+D(t)Left:undercontroloffinancialplannersRight:outsidetheircontrolDecisionvariableDebt-to-equityconstraintL(t)<=KE(t)K<=1債本比DebtserviceconstraintEBIT(t)>=SiL(t)S=5Minimumworkingcap

6、italconstraintCA(t)>=WCL(t)W=2股東權益>=長期負債稅前利潤>=5*長期負債流動資產>=2*短期負債9.1–NumericalExample-1AjaxComputerCorporation.GoalMaximizeweeklyrevenuefromsalesofthesecomputers.3-yearstrategyandnewproduct(lambda).Detailofinvestmentoptionsandconstraints1styear:design,identifysupplie

7、rs,acquireequipments.Expandproductioncapacity.Expandequipment.BalanceSheet–Ajax30萬(CA)130萬(FA)20萬(CL)60萬(L)80萬(E)9.1–NumericalExample-2DetailofinvestmentoptionsandconstraintsEBIT=grossrevenue–marketingandoverheadcosts.Maximizethecompany’sequityattheendof3years.Table

8、9.1–OptimizationModel7C–7G財務變數初始值8C–8G第一年的改變值C8=G8-D8+E8+F8D8=K8+F8E8=50F8>=0G8=I9-J8△CA=△E-△FA+△CL+△L△FA=△L+投資△短期負債為外生變數△長期負債>=0△E=PR-div