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首页> 外文期刊>International journal of information systems in the service sector >Minimizing the Risk of Shortfall in Cash Flow for Long-Term Service Agreements Provision
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Minimizing the Risk of Shortfall in Cash Flow for Long-Term Service Agreements Provision

机译：最大限度地减少长期服务协议条款中现金流量不足的风险

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摘要

Long-term service agreements (LTSAs)for the maintenance of capital-intensive equipments like gas turbines, medical equipments, aircraft and locomotive engines, are gaining popularity. A typical LTSA contract, spanning 5-20 years, makes a provider responsible for fully maintaining the equipments. Effective management of LTSAs, using reliability assessment and maintenance strategy, is important since these equipments are vital to basic infrastructure and the economy of a country. Even if a provider utilizes optimal maintenance and operations management strategies, residual financial risks of cashflow shortfalls remain. In this article, a framework for LTSAs risk management is developed to construct hedging strategies that minimize cash flow shortfall risk, while maximizing profit through the life of a contract. Optimal investment decisions for a set of securities are determined to construct the hedging strategies. Using the framework, a combined risk-return objective of the provider is significantly improved by the optimal hedging strategy.
机译：用于维护资本密集型设备（例如燃气轮机，医疗设备，飞机和机车发动机）的长期服务协议（LTSA）越来越受欢迎。一份典型的LTSA合同跨越5至20年，要求供应商负责设备的全面维护。使用可靠性评估和维护策略对LTSA进行有效管理非常重要，因为这些设备对于一个国家的基础设施和经济至关重要。即使提供商采用了最佳的维护和运营管理策略，现金流不足的剩余财务风险仍然存在。在本文中，开发了LTSA风险管理框架，以构建套期保值策略，以最大程度地降低现金流量不足风险，同时在整个合同期内最大化利润。确定一组证券的最佳投资决策以构建对冲策略。使用该框架，最佳对冲策略可以显着改善提供商的综合风险收益目标。

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