外文原文 （给予价值的存货管理）.pdf

VALUE-BASED INVENTORY MANAGEMENT Michalski Grzegorz ABSTRACT The basic financial purpose of a firm is to maximize its value. An inventory management system should also contribute to realization of this basic aim. Many current asset management models cl.lrrently found in financial management literature were constructed with the assumption of book profit maximization as basic aim. However these models could lack what relates to another aim, i.e., maximization of enterprise value. This article presents a modified value-based inventory management model. Introduction The basic financial aim of an enterprise is maximization of its vaue. At the same time, a large both theoretical and practica meaning has the research for determinants increasing the firm value. Most financial literature contains information about numerous factors influencing the value. Among those tactors is the net working capital and eements creating it, such as the eve ot cash tied in accounts receivable, inventories and operationa cash balances. A large majority of classic financial modes proposais, reating to the optimum current assets management, were constructed with net profit maximization in view. In order to make these models more suitable for firms, which want to maximize their value, some ot them must be reconstructed. In the sphere ot inventory management, the estimation of the influence of changes in a firms decisions is a compromise between imiting risk by having greater inventory and limiting the costs of inventory. It is the essentia problem ot the corporate tinancial management. The basic finan