دانلود مقاله ISI انگلیسی شماره 94930
ترجمه فارسی عنوان مقاله

در هزینه سرمایه در مدل های موجودی با تقاضای قطعی

عنوان انگلیسی
On the cost of capital in inventory models with deterministic demand
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
94930 2017 23 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : International Journal of Production Economics, Volume 183, Part A, January 2017, Pages 14-20

ترجمه کلمات کلیدی
مدیریت زنجیره تامین، خطر، پیوند مدیریت و مالی عملیات، هزینه سرمایه،
کلمات کلیدی انگلیسی
Supply chain management; Risk; Operations management-finance link; Cost of capital;
پیش نمایش مقاله
پیش نمایش مقاله  در هزینه سرمایه در مدل های موجودی با تقاضای قطعی

چکیده انگلیسی

In the operations management literature, the financial risk in an inventory model is usually assumed to be captured by the (constant) weighted average cost of capital (WACC) of the firm. This assumption is, at best, an approximation, since this cost depends on the risk of the cash flows, which, in turn, depends on the inventory policy. We investigate what the right cost of capital should be in an inventory model with deterministic demand. To do so, we study an inventory model with a generic inventory cost function where risk depends on the inventory decision made. Additive and multiplicative financial noise functions are included to assess the impact of these on both the cost of capital of the firm and the optimal inventory policy. We find that, in contrast to previous models, risk is not in general a monotone function of inventory. Also, a rate close to the risk-free rate, which typically deviates significantly from the WACC, should be used to value inventory-related investments when the inventory cost function is dominated by holding cost for large order quantities, even if investments are subject to other sources of financial variability.