臺灣博碩士論文加值系統

在1993年，Arcelus 和 Srinivasan [1] 在一個考量折扣的資金流動架構（discounted cash flow framework)中，建構含納決定流動資金整合主要成份的廣泛模型。他們據此模型推導出三種最佳採購策略(the optimal procurement policy)的近似值。然而，這些近似值卻都潛藏著某些不利成本的意涵。
近來，K.J. Chung 和 S.D. Lin [4] 證明客觀的折扣函數其無窮限度顯示值是呈現凹陷狀態。此外，他們更近一步推論出最佳採購策略(the optimal procurement policy)的範圍。在這篇論文中，我們嘗試對於上面提及的採購策略建立一個一般化的模式，且應用我們的結果來推斷對應在[1-7]中的結論。

In 1993, Arcelus and Srinivasan [1] considered a comprehensive model integrating the main components of working capital decisions within a discounted cash flow framework. They presented three approximations to the optimal procurement policy . Sometimes, however, these approximations may yield significant cost penalties.
Recently, K.J. Chung and S.D. Lin [4] show that the objective functions of discounted infinite horizon present value are concave. Furthermore, they also derive the bounds for the optimal procurement policy. In this article, we attempt to establish a generalized form about the above-mentioned topics and apply our results to deduce the corresponding conclusions which appear in [1-7].

1. 緒論
2. 主要的結果
3. 最佳採購策略的應用

[1] Arcelus, F.J. and G. Srinivasan, “Integrating Working Capital Decisions,” Engineering Economist, Vol.39, 1993, pp.1-15.
[2] Chapman, C.B., S.C.Ward, D.F.Cooper and M.J.Page, “Credit Policy and Inventory Control,” Journal of the Operational Research Society, Vol.35, 1984, pp.1055-1065.
[3] Chung, K.J. and S.D.Lin, “A Note on the Optimal Cycle Length with a Random Planning Horizon,” The Engineering Economist, Vol.40, No.4, 1995, pp.385-392.
[4] Chung, K.J. and S.D.Lin, “Determination of the Optimal Procurement Policy Under Integration Working Capital, ” Engineering Economist, Vol.43, 1998, pp.269-277.
[5] Kim, Y.H. and K.H.Chung, “An Integrated Evaluation of Investment in Inventory and Credit: A Cash Flow Approach,” Journal of Business Finance and Accounting, Vol.17, 1990, pp.381-390.
[6] Sartoris, W.L. and N.C. Hill, “A Generalized Cash Flow Approach to Short-term Financial Decisions,” Journal of Finance, Vol.38, 1983, pp.349-360.
[7] Schwartz, R.A., “An Economic Model of Trade Credit,” Journal of Financial and Quantitative Analysis, Vol.9, 1974, pp.643-657.
[8] Thomas, C.B. and R.L. Finney, Calculus and Analytic Geometry, 9th Edition, Addison-Wesley Publishing, 1996.