航空公司资金流动规划模式之建立

APlanningModelforAirlineCapitalFlowsIIIABSTRACTFinancialmanagementofanaircarrieraimsateffectivelyadjustingthecombinationsofitsassetsandliabilitieswitheffectiveinvestmentsinvarioustimesinordertopursuemaximumprofits.Becausecarriersinthepasttypicallyfocusedonsingleportfolioanalysis,lackingofintegratedanalysisofassets,liabilitiesandportfoliosfromasystemperspective,capitalflowsmaynotbeeffective,whichwouldeasilydecreasesystemperformance.Moreover,asvarietyandscaleofportfoliosincrease,integratedanalysesofassets,liabilitiesandportfoliosbecomecomplicated.Iftheseanalysesarehandledinamanualway,itisdifficulttoclarifytheinterrelationshipamongthem,especiallyforalong-termplan.Asaresult,thelong-termprofitisdifficulttooptimize.Thisresearchattemptstodevelopacapitalflowmodelforaircarriersthatintegratesassets,liabilitiesasvariousportfoliosinthedimensionsoftimeandspace,inordertohelpaircarriersplananoptimalcombinationoftheirassetsandliabilities.Themodelemploysatime-spacenetworktoformulatetheflowsofvariousassetsandliabilitiesunderdifferenttime,andthensolvesforanoptimalcombinationofassetsandliabilitiesthroughsystemoptimizationtechniques.Themodelisexpectedtoassistaircarriersindeterminingtheirbestportfoliosinordertoachievemaximumprofits.Mathematically,themodelisformulatedasaIIIgeneralizednetworkflowproblemwithsideconstraintswhichcanbecharacterizedasalinearprogramandissolvedusingthesimplexalgorithm.Inordertotesthowwellthemodelcouldbeappliedintherealworld,acasestudyregardingtheoperationsofamajorTaiwanairlineisperformed.Keywords:AssetLiabilityCapitalflowPortfolioTime-SpacenetworkLinearProgrammingIV—V……………………………..………………………………..………………………………………………………………………………………………..………….……………………….………………………………………….………………………..………………………………………………..………………………………………………………………………………………………………………………………………………1-1…………………………………………..…………………………11-2………………………………………………..………41-3……………………………………………..…………………51-4……………………………………………………..…………61-5………………………………….…………..………….7…..…………………….………..……….92-1…………………………………………………………..….……92-2……..……………………………………..………………152-3..………………………………………..……………………….172-4..…………………………………..……………………………232-5..…………………………………..……………………………27……………..………………………………………29VI3-1………………………………………………….………………293-2……………………………………………………..303-3……………………………………………………………..323-4…………………………………………………………333-5……………………….…………………413-6…………………………………………………….463-7……………………………………………………………………52………………………………………………………534-1………………………….……………………………………….534-2…………………………………….………………………..564-3…………………………………………………………….574-4…………………………………………………………….614-5……………………………………………………………………71………………………………………………….725-1…….……………….……………………………………735-2………………………………….……………………….74……………………………………………………………75……………………………………………………………………78VII1-1…………………………………………………31-2…………………………………………………………………82-3-1LOGO……………………………………………………………172-3-2LOGO…………………………….……………172-3-3……………………………………………….…………182-3-4…………………………………………………192-4-1……………………………………………………242-4-2……….…………………………………………252-4-3…………………………………………………252-4-4…………………………………………………………………252-4-5…………………………………………………………………252-4-6………………………………………………………………262-4-7…………………………………………………………………263-2-1…….…………….…………………………………303-5-1………………………………………………………434-1-1(7987)…………………………………544-1-2(7987)……………………………………544-3-1……………………………………………58VIII4-3-2…………………………………………………594-4-1…………………………………………………………624-4-2……………………………………624-4-3………….………………………………………644-4-4.………………………………………644-4-5………………………….……………664-4-6……………………………………………674-4-7……………………………….……………70IX2-1……………………………………………………………...142-3-1………………………………………………………212-4-185-87………………………………………...234-1-1(%)……………………544-1-2(%)…………………...544-1-3……………………………………..…..554-1-4……………………………………………………..554-1-5………………………………………………………564-1-6………………………………………………………564-3-1()…………………………………………………..564-3-2()…………………………………………………574-4-1………….……………………………...614-4-2………………………………624-4-3……………………….……………………………….634-4-4…………………………………644-4-5……………………….………………………………664-4-6…………………………………674-4-7…………………….…………………………68,69X4-4-8…………….………………………………694-4-9…………….……………………………68,691-119001920~19501960~19701-11-11-2sunkcost1-31-4nodearc1-5Generalizedtime-spacenetwork(CPLEXLINGOLINDO)1-21-22-1NPVGregory197611GloverKlingman1977GeneralizedNetworkCashManagementUFTSviniransan(1974)ATranshipmentModelBig-M1976ValueMaximization1981199119921995SAS5015DEA1993199419871997CharnesCooper1961CrumNye1981Crum19831994-Frank-WolfeMethod,FWMethodAronson1989Mulvey1989Pat’e-cornell1990Stochastic19971999SubgradientAlgorithmCRUMNYE1981Mulvey1989Rustem19951997risk2-1Gregory(1976)11Glover(1977)Svinivansan(1974)TranshipmentModel(1976)(1981)(1991)(1991)(1995)SAS(1993)DEA(1994)Chames(1961)CrumNye(1981)Crum(1983)(1994)Aronson(1989)Mulvey(1989)Pat’e-cornell(1990)(1997)(1999)CrumNye(1981)Mulvey(1989)Rustem(1995)(1997)(1987)(1997)2-21.2.3.1.2.2-3ChinaAirlines19591216PBY26196119621966198819932261995(CIS)3-2-22-3-1logo2-3-2'19961996200320%10%900200380255033%2-3-3(2038)****************12-3-4******50B747-400/B747-400F13/2B747-200/B747-200F1/8B737-80010MD-114A300-600R12(2000317)8,9477,5021,445()200020032-3-1