以線性規劃探討資金調度問題之個案研究

A Case Study of Linear Programming for Capital Transfer

黃伃琳(Yu-Lin Huang)

指導教授 ： 江長周

中原大學/商學院/國際貿易研究所/碩士(2007年)

https://doi.org/10.6840/cycu200700788

摘要

在面臨嚴苛的環境挑戰下，沒有考量未來資金成本的負擔，而不斷地累積對高成本資金的使用，將使企業喪失競爭力，進而導致破產。資金決策牽涉範圍甚廣，其複雜程度難以盡述，而其產生的後果和潛在的風險更是不容忽視，因此資金規劃對企業而言是最重要的活動之一。
如果資金管理者有簡便的財務規劃工具，不但可提高財務規劃績效，將有限資源充分運用，亦可使管理控制機制更有效率，且能輔助企業進行融資、投資及營運管理…等財務決策，以達到企業經營效率提升與提高決策品質的目標。
本研究依據營運週期與現金週期的觀念，以某科技公司為個案研究，在其合理的營運資金亦即融資機構所願意提供的最高授信額度下，利用線性規劃模式提出最低成本的融資配置。
本研究所提出之線性規劃模式具有靈活財務調度的功效，除滿足資金決策者限制條件下的最小成本之最佳解外，還可避免陷入負債比率偏高及將來籌措資金不易的窘境；另可依個案公司不同的現實問題，修改線性規劃模式之限制條件，在短時間內迅速規劃出未來的財務藍圖，實為提供資金管理決策者做一財務規劃之參考工具。

關鍵字

現金週期 ； 營運週期 ； 線性規劃 ； 資金調度

並列摘要

If an enterprise facing severe challenging environment does not consider the future capital load while keep using high cost capital, it will lose its competitiveness or even go bankrupt. Capital decision-making is complicated and covers a wide scope issues. The effect and the potential risk of capital decision-making are too important to be ignored. Hence, capital planning is one of the most important activities in an enterprise.
If a capital manager has a simple financial planning tool, he can not only improve the financial planning performance, but also can allocate limited resource more efficiently. Furthermore, the management and control mechanism can be more efficient. Meanwhile, the financial planning tool can help the manager to do the corporate decision-making such as financing, investment and business operation management such that the quality of decision-making and the goal of corporate management can be achieved.
This study is based on the concept of business operation cycle and cash cycle. A technology company was chosen as the study target. Assume that business operation capital equals the highest credit amount that the financing organization would like to provide. A linear planning model is applied to solve the problem of the lowest cost financing allocation.
The flexibility of financial arrangement is the advantage of the linear programming model proposed in this study. It can not only provide the optimal solution of the lowest cost under several constraints, but also can avoid falling into the trap of high debt ratio and the difficulty of capital-raising. Moreover, it is easily to modify the model to do the financial planning according different situations. It can be an efficient good tool for a capital manager.

並列關鍵字

Operating Cycle ； Capita ； Linear Programming ； Cash Cycle

參考文獻

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