营运资金管理制度外文文献.doc

A Model for Quantifying Impacts of Supply Chain Cost and Working Capital on the Company Value Marcus Brandenburg and Stefan Seuring Department of International Management, Faculty of Organic Agricultural Sciences, University of Kassel, 37213 Witzenhausen, Germany  HYPERLINK mailto:brandenburg@uni-kassel.de brandenburg@uni-kassel.de  HYPERLINK http://www.uni-kassel.de/agrar/ima www.uni-kassel.de/agrar/ima Abstract. Supply Chain Management (SCM) is identi?ed and accepted as a competitive advantage. Nevertheless holistic approaches for value- based SCM to leverage this advantage in a value adding way are missing so far. E?cient approaches to quantify and compare value contributions from Supply Chain (SC) value drivers are needed. This paper contributes to this need by proposing a model to e?ciently quantify and compare value contributions from SC cost and working capital, that a?ect the pro?tability and asset performance. Properties and characteristics of the model, which is based on the Discounted Cash Flow concept, are illus- trated by an industrial example of a single company. In this example, the relevance of timing and continuity of developments of SC cost and working capital for value creation is pointed out. Keywords: supply chain management, supply chain cost, working capital, value-based management, discounted cash ?ow. Introduction Supply Chain Management (SCM) has become a competitive advantage for com- panies from various industries (Mentzer et al. [ HYPERLINK \l bookmark20 20], Christopher [ HYPERLINK \l bookmark1 2]), and compet- itive advantage is even considered as a de?ning characteristic of SCM (Hand?eld and Nichols  HYPERLINK \l bookmark10 [10]). Supply Chain (SC) performance improvements (Shepherd and Gu¨nter [ HYPERLINK \l bookmark29 28]) are initiated to increase this advantage. Improvements focusing on ?nancial SC value drivers most often show con?icting e?ects on cost and cap- ital respectively: methods to impr