整合作業基礎制及限制理論法 建構中小企業營運決策模式; Integrating Activity-based Costing and Theory of Constrain for SMEs Operating Decision

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Title:	整合作業基礎制及限制理論法建構中小企業營運決策模式;Integrating Activity-based Costing and Theory of Constrain for SMEs Operating Decision
Authors:	曹曾樹;TSAUR,TSEN-SHU
Contributors:	企業管理學系
Keywords:	中小企業;作業基礎制;限制理論法;營運資金管理;現金轉換週期;營運決策模式;SMEs;activity-based costing (ABC);theory of constrain (TOC);working capital management (WCM);cash conversion cycle (CCC);operating decision model (ODM)
Date:	2014-04-28
Issue Date:	2014-06-19 14:01:15 (UTC+8)
Publisher:	國立中央大學
Abstract:	在台灣的中小企業在穩定社會、促進經濟發展、創造就業職位中扮演關鍵性的重要角色(例如:中小企業家數占全體企業家數的 97.67%、中小企業就業人口占 78.12% 的全國就業人口、中小企業營收 84.64% 為國內市場的營運成果)，所以它的營運活力和企業成長是社會安定的重要因素。過去的研究發現，在英國大約有42％的新設立企業，有三分之一的初創公司在三年內因故停止交易，這並不是因為中小企業缺乏客戶市場或產品缺乏利潤，而是因為企業缺乏營運現金週轉。由於大部份的中小企業財務不透明並缺乏妥善的財務管理特性及脆弱的市場融資能力，以致於在市場或經濟大幅波動時，中小企業主在估計市場需求下的生產或投資決策錯誤，肇致因營運現金無法償付日常營運所需的費用而倒閉的消息，時有所聞。對中小企業創業的早期階段，營運資金管理（Working capital management; WCM）與信用風險估量，是非常重要的工作。受限於長期資本市場籌資不易，這些企業更是依靠業主自己的融資，信用貸款和短期銀行貸款來支應其營運活動、應收帳款、購買存貨及投資活動所需要的現金部位。在實務的運作上，在日常營運活動中，大多數中小企業業主依靠產品盈利能力和經驗來管理其匱乏的資金來源。因此，大部分的中小企業均遭受潛在的融資風險。現今，在業界及學界被廣泛使用且效率頗佳的作業基礎制(Activity-based costing; ABC)系統，能協助企業管理者將產品及活動透過成本分析，將成本分攤提列到各項終端產品及活動中，並進行盈利最大化分析，再根據作業基礎制系統分析的結果，使得管理者在進行生產、經營活動前，提供最佳化的營運決策，讓企業獲得最大經營利潤能力。作業基礎制以最佳化途徑，分析非增值活動、過程和產品；但是，作業基礎制的缺失為：可能會忽略過程中的資源限制條件，並且不會考慮到業主的融資能力和經營現金流的限制；因此，當企業發生經營性現金流不足的問題時，及使中小企業未來能獲得最大經營利潤，仍難以避免因營運現金不足，企業發生營運中斷甚至跳票、破產的可能。為了完善分析的過程，避免忽略重要的財務因素，限制理論法(Theory of Constraints；TOC)可協助企業在營運資金短缺衝擊及融資限制的不利狀況下，提供了一個更佳的解決方案。因此研究的目的係針對財務弱勢的中小型企業，以TOC及ABC系統提供業主及經營者一個合適的財務經營決策模型(Financial operating decision model；ODM)，協助企業主進行公司財務操作評估的重要工具。本研究提供了一個以限制理論法和作業基礎制為基底的財務決策數學規劃模型。; In Taiwan, SMEs play an essential role in job creation, which the vitality and growth of SMEs are recognized as important elements in share of employment and stable the economic development. It is found that around 42% of new businesses start-up in the UK annually, but one-third of start-ups ceased trading within three years. It’s not lack of customers or products that destroy businesses, but is lack of cash. Due to the weak financial management characteristics, SMEs cannot afford to starve of cash by their vulnerability to a fluctuation level of working capital. Working capital management (WCM) and the credit risk measurement in the early stage of firms are specially importance to SMEs. With limited access to the long-run capital markets, these firms are more rely on their owner financing, trade credit and short-run bank loans to support their needed investment in cash, accounts receivable and inventory. In practice, most SMEs rely on the product profitability and experience to manage their scarce source of funds in daily activities. Hence, most of SMEs are subjected to the financing risk potential. Currently, the mighty activity-based costing (ABC) system help manager lead to the best operating decisions on profitability analysis, which is called upon to help break down, analyze the nature of object costs in products and activities that generate costs and maximize product profitability. It provides a best way to distinguish non-value added activities, processes and products. However, it may ignore resource constraints in the process and fail to consider managers’ restrictions on financing and operating cash flow, and then the collapse of enterprise was possibly happened with the shortage of operating cash flow. To avoid ignoring important financial factors, Theory of Constraints (TOC) may provide a better solution when making decisions about the impact under the shortage of working capital condition. Hence, to developing an appropriate financial operating decision model (ODM) for SMEs to assist firm’s owners to carry out a financial assessment tool under operation is a crucial works. The purpose of this research paper is to propose a mathematical programming model that provides the financial decision based on the ABC and TOC, with the adoption of ODM.
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