企業需要有足夠營運資金以支應支出,如遇收入金額不足支應支出金額時,企業大多會以融資方式將資金缺口補足,故營運資金的供需配置與融資政策息息相關。營運資金的管理好壞也關係著企業經營成敗,目前中小企業對於營運資金的管理,大都採用經驗法則,尚未有一套完整的規劃模式以確保最適的營運資金管理。 本研究以個案公司之資產與負債的供需運用來進行融資政策,所產生的利息支出很龐大,研究中針對個案公司建立一套線性規劃模式,來降低由各式融資方式所產生的利息支出,並搭配各銀行所給予之最高額度及利率,使其規劃結果更可貼近現況,藉此規劃求解出最小利息支出,使營運資金配置達到最適水位及最佳組合。由於線性規劃具有靈活快速的財務規劃功能,財務管理決策者可依現況改變,適度調整模型之目標式與條件限制式,在短時間內規劃出財務藍圖,以作為資金調度或其他財務規劃決策之運用工具。 研究結果得知,個案公司原先利息支出高達約新台幣3仟4佰萬元,經線性規劃求解後,利息支出約為新台幣2仟9佰萬元,節省金額高達新台幣5佰萬元左右,比原先利息支出降低了15%。由此可知,本研究所建構之線性規劃模式,除了可有效降低利息支出外,尚可快速規劃出財務藍圖,以提供財務規劃者做資金配置。
Enterprises need sufficient working capital to cope with expenses. If there is not enough working capital to cope with the expenses, enterprises would most likely fill in the capital gap by means of financing. Therefore, the supply and demand allocations of the working capital are very closely related to the financing policy. The management of the working capital is also closely related to the success of the enterprises. Currently, most of the medium- and small-sized enterprises adopt the “rule of thumb” for the working capital management. There has not been a programming model to assure an optimal working capital management. In this study, the case company’s assets and liabilities are used to carry out the financing policy. The company’s interest expense is quite large. Thus, a linear programming model is established for the case company to cut the interest expenses. Moreover, the limits and interest rates provided by different banks are applied to ensure that the outcome of the programming is close to reality. The lowest interest expenses are obtained from this programming to allow the allocations of the working capital to be at the optimal level and have the best combinations. Since linear programming has the advantage of flexibility, the financial blueprint can be planned in a short time and be used as the tool in capital allocation and other financial planning decision. The results show that the original interest expense of the case company is about NT$ 34,000,000 while it drops to about NT$ 29,000,000 by way of linear programming. The amount of money saved was NT$5,000,000 which is a 15% reduction from the original interest expense. Therefore, it is seen that, through the linear programming model established in the research, not only the interest expense can be effectively reduced, the financial blueprint can be quickly planned to provide to financial planners for capital allocation.
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