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外文翻译学院宋体四号、加粗专业宋体四号、加粗届别宋体四号、加粗学号宋体四号、加粗姓名宋体四号、加粗指导教师宋体四号、加粗200Ｘ年Ｘ月Ｘ日2文献翻译一：原文Integrationoffinancialstatementanalysisintheoptimaldesignofsupplychainnetworksunderdemanduncertainty1AbstractModelsthataimtooptimizethedesignofsupplychainnetworkshavebecomeamainstreaminthesupplychainliterature.Thispaperaimstofillagapintheliteraturebyintroducingamathematicalmodelthatintegratesfinancialconsiderationswithsupplychaindesigndecisionsunderdemanduncertainty.TheproposedMixed-IntegerLinearProgramming(MILP)problemenchasesfinancialstatementanalysisthroughfinancialratiosanddemanduncertaintythroughscenarioanalysis.Theapplicabilityofthemodelisillustratedbyusingacasestudyalongwithasensitivityanalysisonfinancialparametersexpressingthebusinessenvironment.Themodelcouldbeusedasaneffectiveandconvenientstrategicdecisiontoolbysupplychainmanagers.KeywordsSupplychainoptimization;Financialstatements;Demanduncertainty;Distributionnetworks1.IntroductionDuringthelastdecadeofthe20thcenturyrapidchangesoccurredinthebusinessenvironment.Competitionamongcompaniesinalltheiroperationalfunctions，fromrawmaterialsourcingtocustomerservice，hasdramaticallyincreased.Companieshaveextendedtheirstrategicfocusintheglobalmarket.Costandpricebenefitshadbeenscatteredacrossvariouscountriesandregionsoftheworldandhadpushedcompaniestoseizeupontheseopportunities.Hence，companieswereforcedtomanagetheiroperationsoverthelimited“uniqueenterprise”framework.Orientationtoexternalenvironmentisamediumthatenablescompaniestoobtainthenecessarysourcesandabilities(Spekmanetal.，1998).Thesedevelopmentshavedriventotheevolutionof“supplychainmanagement”(SCM)ascompanieshaverealizedthattheycannotoperateindividuallyanymore，butonlyaspartsofacomplicatedbusinessoperationschain(Tanetal.，1998).Organizations，whichconstituteasupplychainnetwork(SCN)，interactthroughcontinuousandtwo-sidedconnectionsthatcreateaddedvalueinproducts(Mentzeretal.，2001).Thesenetworkshaveanundefinednumberofechelonsandstageswhiletheirmainoperationsinvolvepurchasingofrawmaterialsfromsuppliers，production，transportationandstorageofproducts，inventorymanagement，anddistributionofproductstocustomers(Simchi-Levietal.，2000).PartoftheplanningprocessinSCMaimsatfindingthebestpossiblesupplychainconfiguration.Thesedecisionsareconsideredstrategicbecauseoftheirlongtimehorizonandaretackledwithfacilitylocationmodels.However，byconsideringcertainaspectsofthesupplychainenvironment，thesemodelsareadequatelycapabletosupporttheSupplyChainNetworkDesign(SCND)phase(Meloetal.，2009).Moreover，dynamicfacilitylocationmodels，wherethedecisionsarespreadoutoveralong-termplanninghorizonandthedecisionvariablesaretime-dependent，arebecomingmorecompatibletotrack1PantelisLonginidis,MichaelC.Georgiadis.Integrationoffinancialstatementanalysisintheoptimaldesignofsupplychainnetworksunderdemanduncertainty[J].InternationalJournalofProductionEconomics,Volume129,Issue2,February2011,Pages262–2763thedynamicsofcomplexsupplychains(Thanhetal.，2008).Sincecompaniesrecognizedthepotentialcompetitiveadvantages，gainedthroughaholisticmanagementoftheirsupplychain，theacademiccommunityhasbeendevelopingseveralmodelsthatdescribetheirdesignandoperation.Thesemodelssupportmanagementstaffinbothstrategicandtacticaldecisionsregardingmanagementofsupplyanddistributionnetworks.Althoughnumeroussuccessfulmodelshavebeendevelopedforthedesignandoperationofsupplychains，theirvastmajorityignoresdecisionsinvolvingrevenues，marketingcampaigns，hedgingagainstuncertainties，investmentplanning，andothercorporatefinancialdecisions(Shapiro，2004).Financialfactorsareamongtheissuesthathaveastrongimpactontheconfigurationofglobalsupplychains(Meloetal.，2009).Financialglobalizationfactorssuchascorporateincometaxes，transferprices，currencyexchangerates，aresomeofthekeycomponentsthatasupplychaindesignmodelinthedelocalizationcontextshouldtakeintoaccount(Hammamietal.，2008).Integrationoffinancialaspectsinthesemodelsallowsforthesystematicassessmentoftheimpactofproductiondecisionsinthefinancialoperationandfurtherselectstheiridealcombinationthusprovidingacompetitiveadvantageinthecompany(Guillénetal.，2006).Inclusionoffinancialconsiderationsinsupplychainmodelsisparticularlyadvisedforcapitalintensiveactivities(continuousprocesses，heavyindustrialequipments，etc.).Financialoperationsaresupplementarytoproductionoperations.Theyareessentialandimportantactivitiesbecausetheyensurefinancingofproductionanddistributionoperations.Moreover，financingisnecessaryforinvestmentsinnewproductionprocesses，innewproductionequipment，innewinnovativeproducts，andforexpansioninnewmarkets.Thebasicsourcesoffinancingareloansfromfinancialinstitutionsandfundsfromincreasesinequitystocks，withorwithoutinitialpublicoffering(IPO).Inordertoattractcapitalsfromthesetwoinvestmentgroups，companiesshouldhaveanunambiguouslyandsatisfactoryfinancialstatus.Theevaluationofacompany’sinvestingprospectandcreditstandingisaprocessbasedonstaticandcomparativeanalysisoffinancialstatements(Horrigan，1966andRushinekandRushinek，1987).Inasimilarvein，financialstatementanalysisenablesfinancialinstituti