عنوان مقاله [English]
Sustainable growth of a company share value, regardless of financial flow and integration of financial decisions with other physical decisions, is not reachable. Value based supply chain management, attempts to make it possible through taking working capital and fixed assets into consideration as well as factors such as sales and costs. In this paper a mixed integer programming is presented to integrate financial and physical decisions in a multi echelon, multi period and multi commodity supply chain in order to maximize economic value added, as a most prevalent value metric. Working capital management with the option of pre-buy or pre-sell as well as the credit buy or credit sell is one of the most important contributions of this paper. Performance and validation of proposed model, are proven through solving large scale problem sizes. Then, the effect of different buy and sell options, are illustrated. Company value is 64% reduced when options were not considered.
 Walters, D. (2006). “Effectiveness and efficiency: The role of demand chain management”. International Journal of Logistics Management, Vol. 17, pp. 75–94.
 Min, S., Mentzer, S.J., Ladd, R.T. (2007). “A market orientation in supply chain management”. Journal of the Academy of Marketing Science, Vol. 35, pp. 507–522.
 Huan, S.H., Sheoran, S.K., Wang, G. (2004). “A review and analysis of supply chain operations reference (scor) model”. Supply Chain Management: An International Journal, Vol. 9, pp. 23–29.
 Meixell, M. J. Gargeya, V. B. (2005). “Global supply chain design: A literature review and critique”. Transportation Research Part E: Logistics and Transportation Review, Vol. 41, pp. 531–550.
 Shapiro, J. (2007(. “Modeling the supply chain”. 2nd edition. Duxbury. Brooks/Cole: Thompson.
 Brandenburg, M. (2013). “Quantitative Models for Value-Based Supply Chain Management”. Lecture Notes in Economics and Mathematical Systems 660, DOI 10.1007/978-3-642-31304-2, © Springer-Verlag Berlin Heidelberg.
 Rappaport, A. (1998(. “Creating shareholder value. 2nd ed. New York: The Free Press.
 Klibi, W., Martel, A., Guitouni, A. (2010). “The design of robust value-creating supply chain networks: a critical review”. European Journal of Operational Research, Vol. 203(2), pp. 283-293.
 Schenkel,M., Caniëls, M., Krikke, H., Van der Laan, E. (2015). “Understanding value creation in closed loop supply chains – Pastfindings and future direction”. Journal of Manufacturing Systems, Vol. 37, pp. 729-745.
 Christopher, M., Ryals, L. (1999). “Supply chain strategy: Its impact on shareholder value”. International Journal of Logistics Management, Vol. 10(1), pp. 1–10.
 Otto, A., Obermaier, R. (2009). “How can supply networks increase firm value? A causal framework to structure the answer”. Logistics Research, Vol. 1, pp. 131–148.
12] Hofmann, E., Locker, A. (2009). “Value-based performance measurement in supply chain: A case study from the packaging industry”. Production Planning and Control, Vol. 20(1), pp. 68–81.
 Silvestro, R., Lustrato, P. (2014). “Integrating financial and physical supply chains: the role of banks in enabling supply chain integration”. International Journal of Operations & Production Management Vol. 34, pp. 298-324.
 Brandenburg, M., Kuhn, H., Schilling, R. (2014). “Seuring S. Performance- and value-oriented decision support for supply chain configuration. A discrete-event simulation model and a case study of an FMCG”. Manufacturer Journal of Logistic Research 7:118.
 Brandenburg, M. (2016). “Supply chain efficiency, value creation and the economic crisis – An empirical assessment of the European automotive industry 2002–2010”. International Journal of Production Economics, Vol. 171, pp. 321-335.
 Kannegiesser, M., Günther, H.O., Van Beek, P., Grunow, M., Habla, C. (2009). “Value chain management for commodities: A case study from the chemical industry”. In Supply chain planning – Quantitative decision support and advanced planning solutions, ed. H.O. Günter and H. Meyr, 283–313. Berlin/Heidelberg/New York: Springer
 Brandenburg, M., Seuring, S. (2010). “A model for quantifying impacts of supply chain cost and working capital on the company value”. Lecture Notes in Business Information Processing Vol. 46, pp.107–117
 Hahn, G.J., Kuhn, H. (2011). “Optimising a value-based performance indicator in mid-term sales and operations planning”. Journal of the Operational Research Society, Vol. 62, pp. 515–525.
 Hahn, G.J., Kuhn, H. (2012a). “Value-based performance and risk management in supply chains: A robust optimization approach”. International Journal of Production Economics, Vol. 139, pp. 135–144.
 Hahn, G.J., Kuhn, H. (2012b). “Simultaneous investment, operations, and financial planning in supply chains: A value-based optimization approach”. International Journal of Production Economics, Vol. 140, pp. 559–569.
 Ramezani, M., Kimiagari, A.M., Karimi, B. (2014). “Closed-loop supply chain network design: A financial approach”. Applied Mathematical Modelling, Vol. 38, pp. 4099–4119.
 Badri, H., Fatemi, S.M.T., Hejazi, H. (2016). “A two-stage stochastic programming model for value-based supply chain network design”. Scientia Iranica. Transaction E, Industrial Engineering, vol. 23.1, pp. 348-360.
 Badri, H., Fatemi, S.M.T., Hejazi, H. (2017). “A two-stage stochastic programming approach for value-based closed-loop supply chain network design”. Transportation Research Part E, vol. 105, pp. 1-17.
 Schenkel, M., Krikke, H., Caniëls, M., Van der Laan, E. (2015). “Creating integral value for stakeholders in closed loop supply chains”. Journal of Purchasing & Supply Management, Vol. 21, pp. 155-166.
 Hendricks, K., Singhal, V. (2008). “The effect of supply chain disruptions on shareholder value”. Total Quality Management, Vol. 19(7–8), pp. 777–791.
 Johnson, M., Templar, S. (2011). “The relationships between supply chain and firm performance: The development and testing of a unified proxy”. The International Journal of Physical Distribution and Logistics Management, Vol. 41(2), pp. 88–103.
 مظاهری، ع.، کرباسیان، م.، سجادی، م.، سیرویهزاده، ه.، عابدی، س. (1393). "ارائه مدلی جهت بهینهسازی زنجیره تأمین یکپارچه با استفاده از روش برنامه ریزی تصادفی چند هدفه". نشریه بین المللی مهندسی صنایع و مدیریت تولید. شماره 2، جلد 25، صفحات 204-186
 Kaplan, S.N., Ruback, R.S. (1998). “The valuation of cash flow forecasts”. Journal of Financial Economics, Vol. 25, pp. 191–212.