Optimal Short Term Financing Decision
Optimal Short Term Financing Decision
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最优短期融资决策
DOI：
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发表时间：
1965
期刊：
影响因子：
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通讯作者：
J. M. Jones
中科院分区：
文献类型：
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作者：
A. A. Robichek;D. Teichroew;J. M. Jones
许多公司的现金需求遵循季节性模式。这些公司可以从各种来源获得短期现金，以满足其季节性需求：例如，信贷额度、应付账款延期、定期贷款、质押或保理应收款等。这些替代现金来源中的每一种都可能有不同的成本和特殊限制。考虑到一套现金需求以及与其他现金来源有关的成本和制约因素，往往很难确定满足短期现金需求的最佳方式。本文将确定性条件下的短期融资问题表示为一个数学模型，并利用一般线性规划程序进行求解。确定了若干情况下的最优解，并讨论了解的一般形式。本文包括基于边际成本的分析和不确定条件下的短期融资问题的讨论。
The cash requirements of many firms follow a seasonal pattern. These firms may obtain short term cash to cover their seasonal needs from a variety of sources: e.g., lines of credit, delaying of accounts payable, term loans, pledging or factoring receivables, etc. Each of these alternative sources of cash may have different costs as well as special restrictions. Given the set of cash requirements and the costs and constraints relating to alternative sources of cash, it is often difficult to determine the optimum manner of meeting the short-term cash needs. In this paper, this short-term financing problem under certainty is formulated as a mathematical model and solved through the use of a general linear programming routine. Optimum solutions are determined for a number of cases and the general form of the solution is discussed. The paper includes an analysis based on marginal costs and a discussion of the short-term financing problem under uncertainty.