供应链管理和供应链金融中的财务问题
——截止日期2014年8月1日
国际期刊《InternationalJournal of Physical Distribution & Logistics Management》特刊征稿
特邀编辑：马克·约翰逊(华威商学院), 埃里克·霍夫曼(圣加伦大学)
在组织的成本中，供应链占比约为75%。近来，苹果公司的周库存量减少了1-2%，其董事长蒂姆·库克指出，对于公司来说，有效管理库存是极其重要的。虽然盈利能力、流动性、资产效率和一个组织的风险之间是相互依赖，并且互相抑制的，但是有效的供应链管理却会同时对这四个动因产生影响。
许多公司都需要获得信贷了来解决现金流问题以及促进贸易和国际业务。然而大公司都具有从A到AAA评级的“投资级”和相关的信用证条款，当信贷利率随着这种规模大、且信用良好的买家数量的增加而上升时，它们直接和间接的供应商面临更高的融资成本。对非投资级供应商来说，加权平均资本成本（WACC）会增加15%甚至更多——是终端消费者的10倍之多——造成的额外成本会对供应链产生极大影响。此外，提供贸易信贷的金融机构和银行到目前为止主要将它们的服务定位在熟悉的市场和行业，因为其事务是相对明确的条款。目前在亚洲的发展中国家、非洲和东欧几乎没有提供供应链业务的金融机构。这种低效的金融效率使下游企业面临着越来越大的风险。有趣地是，近期，延期支付已经导致大约20%的欧洲公司破产
解决这些挑战的一种方法是供应链金融。它用债务、股权或融资合约的形式处理供应链中的财务问题，但这些至少要有两个供应链成员合作使用，并且经常由一个“中心”企业帮助牵头。供应链金融的目的是为了提高附属公司的整体财务表现和减轻整体供应链的金融(和操作)中断风险。供应链金融的活动范围是非常广泛的。包括了从客户的应收账款和跨越公司的库存资金；对供应商的扩展支付条款；对财务方面有效管理的影响；到供应链成员如何统一标准。
供应链金融需要对流程跨业务功能流程和组织进行集成。供应链金融的目的是优化公司之间的金融体系,以及整合买家、供应商和物流和金融服务提供商之间的金融过程，从而促进现金转换周期，降低营运资本，为所有参与公司创造价值。供应链金融在组织层面上，意味着内部财务和供应链任务更加紧密的联盟以及外部协调的整合。公司的运作部门和财务部门必须采用统一标准，实现更好地沟通。在流程层面上，供应链金融用集成的视角考虑供应链中的现金流和物流过程，并以信息技术和法律体系的标准化作为支撑。
实际的供应链金融承诺会极大地改善融资渠道或通过释放供应链上的潜在流动性来降低外部筹资的需要。最近的估计显示供应链金融在全球范围内的总经济潜力释放为12.5亿美元。但这是真的吗？“三赢”——有时“多赢”——的情况可能似乎是惊人的(比如，供应商，中间的买家和银行都会从供应链金融情景中获益)。 这种情况可行吗？在什么样的环境下呢？如何克服实施过程中的障碍呢？
尽管公司的财务活力会对供应链管理产生明显的影响，但是关于供应链金融领域的研究非常缺乏。本征稿启事鼓励以实验为基础的发展和方法论上严谨的供应链金融领域的文章。尤其欢迎关于供应链金融的直观而深入的成功案例研究以及供应链金融的失败举措。我们还将鼓励文献综述和研究供应链管理和金融及会计的联系的理论论文。潜在的主题包括但并不局限于：
§财务对供应链管理决策的影响；
§整合物流、信息流和资金流；
§协调的现金流管理方法；
§供应链金融现象的理论解释；
§库存融资、跨公司、国家、边界的应收账款和/或应付款的新商业模式；
§将供应链指标转化为财务指标；
§ 供应链金融的标准化，包括财务、等级评定和法律问题；
§ 供应链金融功能的组织结构和制度化；
§ 将服务成本扩展到多个渠道或部分；
§供应链成员统一语言标准；
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论文提交的截止日期为2014年8月1日。公布时间预计为2015年第四季度。
所有提交的论文都要经过IJPDLM的统一审查。关于特刊的任何要求请咨询特邀编辑：
特邀编辑:
§马克·约翰逊, 《运营管理》的副教授，华威商学院, 英国，邮箱：mark.johnson@wbs.ac.uk
§埃里克·霍夫曼, 《物流管理》的助理教授, 圣加伦大学，瑞士,邮箱: erik.hofmann@unisg.ch
Financial Issues inSupply Chain Management and Supply Chain Finance - Due date August 1, 2014
Special issue call for papers fromInternational Journal of Physical Distribution & Logistics Management
Guest Editors: Mark Johnson (Warwick Business School),Erik Hofmann (University of St. Gallen)
Supply chains account for approximately 75% of the spendof organizations (Trent, 2004). Recently, Tim Cook of Apple has stated that itis critical for them to manage their inventory effectively as it reduces invalue by 1 to 2% per week. Effec-tive supply chain management impacts theprofitability, liquidity, asset efficiency and risk of an organization (Johnsonand Templar, 2011), although these four drivers are interdependent and anincrease in one can lead to reductions in the other.
Many companies need to obtain credit to overcome cashflow problems and to facilitate trade and international business. Whereas largecorporations are ‘in-vestment grade’ with AAA to A ratings and related creditterms, their direct and indi-rect suppliers face higher financing costs whilecredit rates often rise as the distance from their large, credit-worthy endbuyers increase (Serena, 2013). For non-investment grade suppliers, theWeighted Average Cost of Capital (WACC) often approaches 15% or more – morethan 10 times the rate of the end buyer – causing additional costs which affectthe whole supply chain (Global Business Intelligence, 2012). In addition,financial institutions and banks which provide trade credit have so far mostlytargeted their services on businesses in familiar markets and industries wheretransactional terms are relatively unambiguous. Currently there is littlefinancial provision of supply chain activities to developing economies in Asia,Africa, and Eastern Europe. Such financial inefficiencies are increasinglybecoming a risk to downstream firms. Anecdotally, late payments contributed toabout 20% of the recent bankruptcies of European firms.
An approach that addresses these challenges is Supply Chain Finance (SCF). Itdeals with financial arrangements in supply chains in the form of debt, equityor financial contracts used collaboratively by at least two supply chainpartners and frequently facilitated by a “focal” company. The aim of SCF is toimprove the overall financial performance of the affiliated firms and tomitigate the overall financial (and operational) risk of disruption in thesupply chain. The activity scope of supply chain finance is very broad. Itspans from how receivables from customers and inventory are financed within andacross the firm; extended payable terms to suppliers which can be used as asource of finance; the impact of effective management in financial terms; tohow supply chain practitioners can ‘speak the language of the board’.
SCF requires integration of processes across businessfunctions and organi-zations. SCF aims at both optimizing the financial systembetween companies, as well as integrating financial processes with buyers,suppliers, and logistics and finan-cial service providers to facilitate thecash conversion cycle, to reduce working capital and to create value for allparticipating companies. On an organizational level, SCF means a much closeralignment between the internal financial and supply chain tasks and theintensification of external cooperation. The operations and finance/treasurydepartment within organizations have to communicate better and in the samelanguage. On the process level, SCF concerns the integrated view of financialand physical processes within the supply chain, supported by standardized ITand legal systems.
Practical SCF approaches promise to significantly improveaccess to finance or reduce the need for external financing by unlocking thepotential liquidity from within supply chains. Recent estimates show the totaleconomic potential of optimization of SCF could globally free up $1.25bn US(Hofmann and Belin, 2011). But is this really true? It seems astonishing that“triple win” – or sometimes “multiple win” – situations are possible (i.e. thesuppliers, the focal buyer and the involved banks benefit from SCF solutions).Can this be? Under which circumstances? And how to overcome barriers ofimplementation?
Despite the clear impact of supply chain managementon the financial viability of firms, there is a dearth of research thatexplores the area of SCF. This call for papers encourages the development ofempirically grounded and methodologically rigorous articles in the area ofsupply chain finance. Especially, illustrative and in-depth case studies ofsuccessful as well as failed SCF initiatives are welcome. We would alsoencourage literature reviews and theoretical papers that examine the nexus ofsupply chain management and finance and accounting. Potential topics include,but are not limited to:
§ The financial impact of supply chain managementdecisions;
§ Integrating the flows of material, informationand finance;
§ Collaborative cash flow management approaches;
§ Theoretical explanations for the phenomenon ofsupply chain finance;
§ Novel business models for financing inventory,receivables and/or payables across company - and country - borders;
§ Translating supply chain metrics into financialmetrics;
§ Standardization of SCF approaches, including offinancial, rating, and legal as-pects;
§ Organizational anchoring andinstitutionalization of SCF functions;
§ Extending cost-to-serve into multiple channelsor segments, and;
§ Supply chain practitioners speaking thelanguage of the board.
Manuscripts should be prepared per the normal guidelinesfor International Journal of Physical Distribution & Logistics Managementand may be submitted through the journal's online system. Details on how tosubmit and the author guidelines can be found at:
www.emeraldinsight.com/products/journals/author_guidelines.htm?id=ijpdlm
Paper submissions are due no later than August 1, 2014. Publication isanticipated for the last quarter of 2015.
All submitted papers deemed topically appropriate will undergo the standardInternational Journal of Physical Distribution & Logistics Managementreview pro-cess. For questions, please contact any of the Guest Editors below.
Guest Editors:
§ Mark Johnson, Associate Professor of OperationsManagement, Warwick Busi-ness School, United Kingdom, Email: mark.johnson@wbs.ac.uk
§ Erik Hofmann, Assistant Professor of LogisticsManagement, University of St.Gallen, Switzerland, Email: erik.hofmann@unisg.ch