存货管理外文文献.pdf

36GrzegorzMICHALSKI1UDK:316.485.6Biblid0025-8555,61(2009)Vol.LXI,br.1-2,str.36-47IzvorninauniradJanuar2009.VALUEBASEDMANAGEMENTAPPROACHININVENTORYMANAGEMENTABSTRACTThebasicfinancialpurposeofthefirmismaximizationofitsvalue.Ainventorymanagementshouldalsocontributetorealizationofthisbasicaim.Manycurrentassetsmanagementmodelswhichwecanfindintheliteraturerelatingtofinancialmanagementwereconstructedwiththeassumptionofbookprofitmaximizationasbasicaim.Thesemodelscouldlackingwhatrelatestoanotheraim,i.e.,maximizationofenterprisevalue.Thisarticlepresentsthevaluebasedinventorymanagementmodelmodification.Keywords:inventorymanagement,valuebasedmanagement,freecashflowINTRODUCTIONThebasicfinancialaimofanenterpriseismaximizationofitsvalue.Inthesametime,alargeboththeoreticalandpracticalmeaninghastheresearchfordeterminantsincreasingthefirmvalue.Thefinancialliteraturecontainsinformationaboutnumerousfactorsinfluencingthevalue.Amongthosefactorsisthenetworkingcapital,andelementscreatingit,suchasthelevelofcashtieinaccountreceivable,inventoriesandoperationalcash1Dr.GrzegorzMichalski,AssistantProfessor,DepartmentofCorporateFinanceandValueManagement,WroclawUniversityofEconomics,Wroclaw,Poland.37MP1-2,2009Pristupupravljanjazasnovanognavrednostimauupravljanjuzalihama(str.36-47)balances.Thegreatpartofclassicfinancialmodelsproposalsrelatingtotheoptimumcurrentassetsmanagementwasconstructedwithnetprofitmaximizationinview.Itisreason,whythesemodelsneedreconstruction,whichmakeitswillbesuitableforfirmswhichwanttomaximizetheirvalue.Theestimationoftheinfluenceofchangesinfirmdecisionsinsphereofinventorymanagement,isacompromisebetweenlimitingofriskbyhavinggreaterinventorylevelandlimitingcostsofinventory.Itistheessentialproblemofthecorporatefinancialmanagement.Thebasicfinancialinventorymanagementaimisholdingtheinventoryonminimalacceptablelevelbecauseofitscosts.Holdinginventorytiescapitalusedtofinanceinventoryandlinkswithinventorystorage,insurance,transport,obsolescence,wastingandspoilagecosts.Ontheotherhand,tolowlevelofinventory,couldbesourceofproblemswithmeetingthesupply.VALUEBASEDINVENTORYMANAGEMENTIfadvantagesfromholdinginventoryonaleveldefinedbythefirmwillbegreaterthanthenegativeinfluenceofanalternativecostsfromitsholding,thenthefirmsvaluewillgrow.Changeoftheaccountsreceivablelevelaffectsonthefirmvalue.Tomeasurethat,weuseaformula,basingonanassumption,thatthefirmvalueisasumoffuturefreecashflowstofirm(FCFF)discountedbycostofcapitalfinancingthefirm:()=+=ntttpkFCFFV1,1(1)Where:Vp=FirmValueGrowth,FCFFt=FutureFreeCashFlowGrowthinPeriodt,k=DiscountRate.2Futurefreecashflowwehaveas:()tttNWCCapexNCETNCECECRFCFF+=)1((2)Where:CRt=CashRevenuesonSales,CEt=CashExpensesresultingfromfixedandvariablecostsintimet,NCE=NonCashExpenses,T=EffectiveTaxRate,NWC=NetWorkingGrowth,Capex=CapitalExpensesresultingfromoperationalinvestmentsgrowth.2Toestimatechangesinaccountsreceivablelevels,weacceptdiscountrateequaltotheaverageweightedcostofcapital(WACC).Suchchangesandtheirresultsarestrategicandlongtermintheircharacter,althoughtheyrefertoaccountsreceivableandshortrunareadecisionsT.S.Maness1998,s.62-63.38MP1-2,2009Pristupupravljanjazasnovanognavrednostimauupravljanjuzalihama(str.36-47)Thesimilarconclusions,abouttheresultsofthechangeinventorymanagementpolicyonthefirmvalue,canbeestimatedonthebasisofaneconomicvalueadded,informingaboutthesizeoftheresidualprofit(theaddedvalue)enlargedthevalueofthefirmintheperiod:)(OINWCkNOPATEVA+=(3)Where:EVA=economicvalueadded,NWC=NetWorkingCapital,OI=Long-TermOperatingInvestments,NOPAT=NetOperatingProfitAfterTax,estimatedonthebasisoftheformula:())1(TNCECECRNOPATtt=(4)Thenetworkingcapital(NWC)isthepartofcurrentassets,financedwithfixedcapitals.Thenetworkingcapital(currentassetslesscurrentliabilities)resultsfromlackofsynchronizationoftheformalrisingreceiptsandtherealcashreceiptsfromeachsale.Networkingcapitalalsoresultsfromdivergenceduringtimeofrisingcostsandtime,fromtherealoutflowofcashwhenafirmpaysitsaccountspayable.AAPGINVAARCLCANWC++==(5)Where:NWC=NetWorkingCapital,CA=CurrentAssets,CL=CurrentLiabilities,AAR=AccountsReceivables,INV=Inventory,G=CashandCashEquivalents,AAP=AccountsPayables.Duringestimationofthefreecashflowstheholdingandincreasingofnetworkingcapitaltiesmoneyusedforfinancingit.Ifnetworkingcapitalincrease,thefirmmusttiemuchmoneyanditdecreasefreecashflows.Theproductionlevelgrowthusuallymakesthenecessityofenlargementofcashlevels,inventories,andaccountsreceivable.Partofthisgrowthwillbecoveredwithcurrentliabilities.Forcurrentliabilitiesalsousuallyautomaticallygrowuptogetherwiththegrowthofproduction.Therest(whichisnotedasnetworkingcapitalgrowth)willrequireotherformoffinancing.Theinventorymanagementpolicydecisions,createthenewinventorylevelinfirm.Ithastheinfluenceonthefirmvalue.Itisresultofalternativecostsofmoneytieininventoryandgenerallyofcostsofinventorymanaging.Boththefirstandthesecondinvolvemodificationoffuturefreecashflows,andinconsequencethefirmvaluechanges.OnFigure1,wehavetheinfluence39MP1-2,2009Pristupupravljanjazasnovanognavrednostim。