The Financial Supply Chain(1)
河北科技师范学院
毕业论文外文资料翻
译
题目：金融供应链
完成人：廖婷
指导教师：赵瑞
系别：财经学院
专业、班级：财务会计教育0704
学号：1111070310
完成时间：2011年4月2日
The Financial Supply Chain
金融供业链
[Abstract]Supply chain management has the potential to provide higher returns to shareholders. Y et few companies use it to manage overall financial performance.
[Keywords]financial supply; financial;
【摘要】供应链管理的思想在给增加股东投资回报上拥有潜力。然而却很少有企业将该思想应用于调整自身总体的金融状况。
【关键词】金融供应；金融的
One of the greatest challenges companies face today is delivering a competitive return to shareholders.
为股东提供具有竞争力的回报是当今企业所面临的巨大挑战之一。
Customer demands, competition, labor costs, and operating environment volatility drive down return on capital (ROC).For example, the average ROC has dropped to 6.3 percent in 2002 from 9.5 percent in 1997 for a global index of approximately 1,500manufacturers, distributors, and retailers. Much of this decline is attributable to the general downturn in the global economy in 2001 and 2002.However, from1997 through 2000 - a period of general economic prosperity - ROC dropped 50 basis points, representing a $40 billion decline in annual operating cash flow for these companies.
顾客需求，竞争，劳动力成本以及经营环境的波动性等原因使得资本利润率(ROC)降低。以如下所提为例，根据来自大约1500名的生产商，经销商及零售商的一个全球指标数据，平均资本利用率由1997年的9.5%降到了2002年的6.3%。这在很当程度上可以归因于2001年和2002年全球经济的总体低迷。更有甚者，自1997年至2000年-----繁荣一段时期的经济繁荣，资本利润率也下降了50个基本点，意味着某些企业的年经营现金流流失了,40，000，000，000美元。
Supply chain management (SCM) has the potential to improve the three key drivers of financial performance - growth, profitability, and capital utilization. For example, a recent study explored the financial benefits of collaborative planning, forecasting, and replenishment (CPFR) for several companies, including Procter & Gamble, Wal-Mart, Sara Lee, and Nabisco1. The study found that sales increased 12 percent on average from lower stock-out losses, improved promotional planning, and increased service levels. Inventory and related expenses decreased 20 to 40 percent as a result of lower safety stock because of greater confidence in the forecasting and planning process, and there was a 3.5 to 7.5 percent decrease in production capital requirements as a result of better scheduling.
供应链管理的思想(SCM)在改善金融状态的三个关键要素-----成长、盈利及资金利用上具有发挥潜力。以近期一个面向包括保洁、沃尔玛、沙拉李及纳贝斯克等数家公司在内的旨在探究共同预测，计划及补充(CPFR)的金融效益的调查研究为例，且该研究调查表明，通过降低库存缺货带来的损失，改善营销计划和提高服务层次等措施，可以实现销售额平均增长12%。由于在预测和规划过程中信心的增强，安全库存得到降低，从而达到库存以及相关费用减少20%—40%的结果，较完善的安排之下，生产资本要求得到3.5%—%7.5的减少。
I.Knowledge of Financial-SCM Connection Lacking
一．金融供应链管理链接缺乏知识
Despite SCM’s potential, relatively few companies utilize SCM as a tool to drive financial performance2. Failure to make the financial-SCM connection is driven by several factors.
尽管供应链管理思想存在开发潜力，相对而言，极少有企业将供应链管理作为工具用于金融管理之中。金融供应链思想联系的未曾实施有几个原因。
First, many C-level executives continue to view SCM as a tactical back-room cost-center activity. Only about one-third of SCM’s most senior managers directly report to their company’s C level. A much smaller percentage actually sits on the executive committee. Consequently, the C level may fail to fully appreciate SCM’s tactical and strategic use for managing financial performance. Bob Carbo3 recommends the establishment of a supply chain executive council composed of senior executives to align the organization from the top down to achieve best SCM performance.
首先，很多C层主管仍然继续把供应链管理视为一项迂回缓解成本中心的活动，而仅有三分之一供应链管理思想理念被多数管理高层直接汇报到公司C层，但是委员会中却很少有人支持。因此，供应链管理的思想中用于金融状况的管理调整未曾得到战略战术应用上的充分重视。鲍勃·卡尔沃建议成立一个由高层主管组成的并且与公司上下相联的供应链思想委员会，从而实现供应链管理思想的最佳运用。
Second, most SCM professionals do not speak the language of finance. Hence, they lack the ability to link SCM to key financial metrics and to articulate how SCM drives financial performance.
其次，多数供应链管理的专业人才未曾用金融的术语来表达。因此，他们缺乏将供应链管理与中心金融度量联系起来的能力，从而去清楚有力地表述供应链管理如何带动金融状态的调整。
Third, SCM drives performance throughout the enterprise. Therefore, SCM strategic and tactical decisions cannot be made in a vacuum. Y et most scorecards and analyses of SCM initiatives are incomplete, as they are not from an enterprise-wide perspective. Decisions on items such as modes of transportation, sourcing, and replenishment are often based solely on operating expenses and many times not even total SCM operating expenses and omit the impact on inventory, warehousing requirements, and possible stock-out losses. If an enterprise-wide perspective is not adopted, the real value of SCM will not be achieved4.
再次，供应链管理通过企业带动业绩提升。基于此，供应链管理战略战术的决策不能脱离现实而制定。从整个企业的角度看，多数供应链管理的计分卡和分析都不完整。一些项目的决策，诸如交通方式，采购模式以及补给方式时常完全依赖于运营费用，撇开存货，仓库贮存要求以及可能的库存缺货损失，多数情况下不是使用全部的供应链管理运营费用。若是供应链管理的思想未在企业范围内被广泛采纳，其真实价值将无法得到实现。
II. The Role of the CFO
二．财务总监的角色定位
The CFO must take a leadership role in educating C-level executives and others on the financial-SCM connection. The CFO has the requisite financial acumen to link business processes, activities, and task to key financial metrics and takes an enterprise-wide perspective. Increasingly, CFOs are at the forefront of translating information from tools such as business intelligence.
财务总监必须在对C层主管以及其他人员关于金融供应链管理联系的培训上起主导作用，并且要从公司全局的角度出发，将自身的金融才能与事关中心金融度量商业过程、活动、任务联系起来，接着逐步地，财务总监在如商务智能之类的工具的信息转化传达的过程中占
据主导。
Ⅲ.Making a Financial-SCM Connection
三．创建金融供应链连接
It is recommended that the CFO use a top-down approach. The top-down approach comprises three steps:
建议财务总监采用自上而下的方法，此方法由以下三步组成：
Step 1: Calculate Value of Gaps in Key Financial Metrics
步骤一：估算核心金融指标中的差异值
SCM drives key financial metrics such as revenue growth, percentage cost of goods sold, and days in inventory (DII).The values of the gaps may be based on benchmarks from competitors, industry aggregates, historical performance, and aspirations derived from business intelligence tools. The value of the gaps can be measured using a variety of value-based financial measures such as free cash flow, economic profit, and stock price5. It is strongly recommended that whatever metric is used, it should meet the following criteria:
供应链管理会从诸如营业额增长率、销售成本率、存货销售天数等因素来带动核心金融指标的变化。差异值有可能通过诸如把竞争者，产业总量，过往业绩以及由商业智能工具转化而来的愿景等因素作为基础来衡量，也可以运用一些像自由现金流，经济利润和股票价格等多种金融手段来达到目的。但是不管运用什么手段来衡量，务必要符合以下标准：
*Used to reward senior managers;
用于奖励高层管理人员；
*Easily understood by many managers throughout the organization;
易于被整个机构的多数管理人员了解；
*Related to shareholder value.
与股东价值相关
The values of the gaps are an effective means to communicate to the organization the need for change and the potential value of improved SCM. For example, communicating that closing a 10-day gap in DII is worth $100 million in cash flow and can potentially add $1 per share in stock price is likely to generate greater motivation for change compared with the strategy of simply announcing the need to reduce DII.
差异值的应用是一种沟通机构政策改革需要和提高供应链管理的潜在价值的有效手段。例如，封闭一个为期十天的存货销售天数的缺口价值相当于100，000，000的现金流，拥有使股票每股提高1美元的潜力，与简单的宣布减少存货销售天数的必要的策略相比，封闭的办法则更能激发动力。
Step 2: Link Gaps in Financial Metrics to SCM
步骤二：连接金融度规中的差异和供应链管理
Business Processes and Strategies Gaps in financial metrics are driven by unique company factors such as sales mix, pricing strategies, and outsourcing. The next step in the top-down approach is to link gaps in financial metrics to SCM-related business processes and strategies. A gap in profitability related to percentage cost of goods sold, for example, can be mapped to an SCM-related process such as distribution and logistics, which, In turn, is linked to a key activity such as warehouse management .Warehouse management is related to tasks such as receiving, put-away, pick, pack, and ship, and to key performance indicators (Kips) such as labor costs, average time per pick, and pick accuracy. This mapping provides a better understanding of the cause-and-effect relationships between SCM business activities and financial performance.
商业过程和金融过程中的策略圈受诸如销售组合、价格策略和业务外包等特定的公司因素的影响。自上而下方法的下一步是连接金融度规中的差异和供应链管理相关过程策略。利润的缺口与销售成本率有关，例如，该差异可以映射到一个类似于分校和后勤等与供应链管理相关的商业过程中，换言之，该缺口与仓库管理等关键项目相连，而仓库管理与接收、储存、包装、装运等任务相关，和劳动力成本、平均拾取时间和拾取精度等关键业绩指标(Kips)相挂钩，该映射便于我们理解供应链管理商业活动与金融状况之间的因果联系。
Step 3: Map SCM Initiatives to Financial
步骤三：将供应链管理的新举措映射到金融当中
Performance Gaps the information provided in steps 1 and 2 is used as the foundation for exploring SCM solutions that improve the SCM-related business processes and strategies underlying the gaps in the key financial metrics. This provides a logical methodology for identifying specific areas of opportunity. It also provides a disciplined approach for estimating the monetary benefits and understanding the critical success factors and risks of SCM solutions required for building a business case.
步骤一和步骤二中提到的概念---绩效差距为探讨供应链管理的方案奠定了基础，而方案的制定旨在完善相关商业过程和策略以填补核心金融度规中出现的缺口。该概念为识别具体的机遇领域提供了符合逻辑的方法，与此同时，也有助于严谨准确地评估金钱收益从而理解商业案例中供应链管理方案的成功和风险
Improvements in SCM business processes and strategies typically cannot completely close financial performance gaps. But for many companies, it can make a significant contribution.
供应链管理商业过程策略的完善不能从原则上完全消除绩效差距，但是对于很多企业而言，也还有重大意义。
Ⅳ.Top-Down Approach Example
四．自上而下方法实例
The following is an example of the top-down approach to making the financial-SCM connection:
以下是自上而下方法在创建金融供应链管理连接中的应用实例：
The results in Figure 2 are based on the consolidated operations for a publicly traded appliance manufacturer. The key financial metrics are compared to those of two competitors. Step 1 often provides the most powerful insights when applied to lines of business. A common impediment to analysis at he line-of-business level is the lack of credible financial metrics. However, advanced cost accounting systems and business intelligence are making strides in providing more credible financial metrics and benchmarks.
图2的结果
The gaps in financial metrics are valued using first-year annual cash flow (before-tax) and the potential impact on shareholder value –present value of after-tax, long-term cash flow. The present value of the long-term cash flow gap is also expressed as a potential value per share. Again, it is recommended that the value of the gaps be expressed in terms of measures that are used to reward senior managers, are understood by many throughout the organization, and are linked to returns to shareholders.
The differences is financial metrics are in part attributable to variations in sales mix, pricing strategies, outsourcing, accounting practices, and other factors not related to inefficiencies in business processes or effectiveness of business strategies.
Cost of goods sold as a percentage of revenue is 74.6 percent for the target company and
73.1 percent for the benchmark competitor. The chart shows that the company’s percentage cost of goods sold is 98 percent effective (73.1 percent divided by 74.6 percent) compared to the bench-mark company. Focusing only on the percentage effectiveness, which is a common practice in many benchmarking studies, provides limited motivation to explore solutions to reduce these expenses. However, valuing the gap provides different insights and motivation for change.
Reducing cost of goods sold as a percentage of revenue to the benchmark of 73.1 from 74.6 percent adds $205 million to first-year cash flow and $1.3 billion to market value holding all other factors the same. To put this in perspective, the company’s actual funds from operations and market value are $905 million (not shown in Figure 2) and $5.688 billion, respectively. Consequently, even closing 10 percent of the total cost-of-goods-sold gap with improved SCM practices would make a significant contribution.
The results also indicate several other areas to explore for improvement with SCM initiatives. The company’s selling,general, and administrative expenses as a percentage of revenue is 17.6 percent compared to the benchmark of 15.8 percent. The chart shows that percentage selling, general, and administrative is 90 percent effective. However, the valuation of the difference shows gaps of $225 million and $1.35 billion in first-year cash flow and market value, respectively.
DII is 61 days for the company and 52 days for the benchmarks. Completely closing the DII gap would add $277 million to first-year cash flow and $403 million in market value.
Days sales outstanding (DSO) is another area that warrants further investigation. DSO is 84 days for the target company and 52 days for the benchmark. Much of the difference in DSO is likely attributable to differences in credit and collection polic ies, which are not driven by SCM. However, SCM does impact DSO through fill rates, order completeness, shipment integrity, and proof of delivery. For the target company, an improvement in these areas that reduced DSO by only one day would add $35 million to cash flow and market value.
Using the value of the gaps in the financial metrics as the motivation for change, the target company would begin investigating potential gaps in SCM-related business processes such as:
*Distribution and logistics;
分销和后勤
*Forecasting;
预测
*Demand planning;
需求规划
*Procurement;
物资采购
*Production planning;
产品规划
*Order fulfillment;
订单处理
*Transportation management; and
运输管理
*Warehouse management.
仓库管理
Gaps in business processes, in turn, are linked to related activities, tasks, and KPIs. Gaps are
商业过程的缺口，按过来
used to explore SCM solutions such as:
*Collaborative forecasting;
合作预测效果
*Strategic network optimization;
策略性网络资源优化配置
*CPFR;
共同预测、计划及补充
*E-procurement;
电子购物
*Advanced planning;
高级规划
*V endor-managed inventory; and
供应商管理库存
*Strategic outsourcing.
策略性外包
Ⅴ.Conclusion
五．结论
Supply chain management has the potential to help provide higher returns to shareholders. Y et only a small percentage of companies use SCM to manage overall financial performance. The CFO must take a leadership role in making the financial-logistics connection. It is recommended that the CFO make this connection using a three-step, top-down approach which: benchmarks key financial metrics and values gaps; maps gaps to SCM business processes, activities, and KPI’s; and uses this information to explore and prioritize initiatives to improve SCM business processes and strategies.
供应链管理思想在给股东增加收益回报上拥有潜力。然而却很少有企业将该思想用于调整自身的总体金融状况。而财务总监必须在创建金融物流连接中担任领导角色。根据建议，财务总监通过三步骤，采用核心金融度规和跳空值基准参照，供应链管理商业过程和活动过程中的缺口映射，关键业绩指标等自上而下的方法，运用所掌握的信息探讨并且优先改善供应链管理商业过程及策略。
It is also recommended that valuation of gaps in key financial metrics be extended to SCM- related information found in many business intelligence tools. These tools often provide detailed information at the activity and KPI level. Gaps in these activities and KPI’s can be valued similar to the approach shown in Figure 2 and used to prioritize areas that warrant further investigation.
Finally, improving most SCM professionals’ financial acumen is a critical factor in making the financial-SCM connection. SCM professionals must understand how SCM business processes and strategies impact key financial metrics and contribute to returns to shareholders.
Endnotes
1 Andraski,JosephC.,Haedicke,Jack.“CPFR:TimefortheBreakthrough.”Supply Chain Man agement Review. May/June 2003.
2 Timme, Dr.Stephen G.,Williams-Timme, Christine. “The Financial-SCM Connection.”Supply
Chain Management Review.May/June 2000.
3 Carbo,Bob.“Align the Organization for Improved Supply Chain Performance.” ASCET. V olume
4. May 15,2002
4 Timme,Dr.Stephen G.,Williams-Timme,Christine.“The Total Cost of Holding Inventory.” Supply Chain Management Review. July/August 2003.
5 Meyers,Randy.“Measure for Measure.”CFO Magazine.November 1997.