财务管理外文文献及翻译--跨国公司财务

合集下载

财务风险管理外文文献翻译

文献出处: Sharifi, Omid. International Journal of Information, Business and Management6.2 (May 2014): 82-94.原文Financial Risk Management for Small and Medium Sized Enterprises(SMES)Omid SharifiMBA, Department of Commerce and Business Management,Kakatiya University, House No. 2-1-664, Sarawathi negar,1．ABSTRACTmedium sized Enterprises (SME) do also face business risks, Similar to large companies, Small and Mwhich in worst case can cause financial distress and lead to bankruptcy. However, although SME are a major part of the India and also international - economy, research mainly focused on risk management in large corporations. Therefore the aim of this paper is to suggest a possible mean for the risk identification, analysis and monitoring, which can be applied by SME to manage their internal financial risks. For this purpose the financial analysis, which has been used in research to identify indicators for firm bankruptcy, was chosen. The data required for the study was collected from Annual report of the Intec Capital Limited. For the period of five years, from 2008 to 2012.the findings showed the data and the overview can be used in SME risk management.Keywords: Annual report, Small and Medium sized Enterprises, Financial Risks, Risk Management.2．INTRUDUCTIONSmall and medium sized enterprises (SME) differ from large corporations among other aspects first of all in their size. Their importance in the economy however is large . SME sector of India is considered as the backbone of economy contributing to 45% of the industrial output, 40% of India’s exports, employing 60 million people,create 1.3 million jobs every year and produce more than 8000 quality products for the Indian and international markets. With approximately 30 million SMEs in India, 12 million people expected to join the workforce in next 3 years and the sector growing at a rate of 8% per year, Government of India is taking different measures so as to increase their competitiveness in the international market. There are several factors that have contributed towards the growth of Indian SMEs.Few of these include; funding of SMEs by local and foreign investors, the new technology that is used in the market is assisting SMEs add considerable value to their business, various trade directories and trade portals help facilitate trade between buyer and supplier and thus reducing the barrier to trade With this huge potential, backed up by strong government support; Indian SMEs continue to post their growth stories. Despite of this strong growth, there is huge potential amongst Indian SMEs that still remains untapped. Once this untapped potential becomes the source for growth of these units, there would be no stopping to India posting a GDP higher than that of US and China and becoming the world’s economic powerhouse.3. RESEARCH QUESTIONRisk and economic activity are inseparable. Every business decision and entrepreneurial act is connected with risk. This applies also to business of small andmedium sized enterprises as they are also facing several and often the same risks as bigger companies. In a real business environment with market imperfections they need to manage those risks in order to secure their business continuity and add additional value by avoiding or reducing transaction costs and cost of financial distress or bankruptcy. However, risk management is a challenge for most SME. In contrast to larger companies they often lack the necessary resources, with regard to manpower, databases and specialty of knowledge to perform a standardized and structured risk management. The result is that many smaller companies do not perform sufficient analysis to identify their risk. This aspect is exacerbated due to a lack in literature about methods for risk management in SME, as stated by Henschel: The two challenging aspects with regard to risk management in SME are therefore:1. SME differ from large corporations in many characteristics2. The existing research lacks a focus on risk management in SMEThe following research question will be central to this work:1.how can SME manage their internal financial risk?2.Which aspects, based on their characteristics, have to be taken into account for this?3.Which mean fulfils the requirements and can be applied to SME?4. LITERATURE REVIEWIn contrast to larger corporations, in SME one of the owners is often part of the management team. His intuition and experience are important for managing the company.Therefore, in small companies, the (owner-) manager is often responsible for many different tasks and important decisions. Most SME do not have the necessary resources to employ specialists on every position in the company. They focus on their core business and have generalists for the administrative functions. Behr and Guttler find that SME on average have equity ratios lower than 20%. The different characteristics of management, position on procurement and capital markets and the legal framework need to be taken into account when applying management instruments like risk management. Therefore the risk management techniques of larger corporations cannot easily be applied to SME.In practice it can therefore be observed that although SME are not facing less risks and uncertainties than largecompanies, their risk management differs from the practices in larger companies. The latter have the resources to employ a risk manager and a professional, structured and standardized risk management system. In contrast to that, risk management in SME differs in the degree of implementation and the techniques applied. Jonen & Simgen-Weber With regard to firm size and the use of risk management. Beyer, Hachmeister & Lampenius observe in a study from 2010 that increasing firm size among SME enhances the use of risk management. This observation matches with the opinion of nearly 10% of SME, which are of the opinion, that risk management is only reasonable in larger corporations. Beyer, Hachmeister & Lampenius find that most of the surveyed SME identify risks with help of statistics, checklists, creativity and scenario analyses. reveals similar findings and state that most companies rely on key figure systems for identifying and evaluating the urgency of business risks. That small firms face higher costs of hedging than larger corporations. This fact is reducing the benefits from hedging and therefore he advises to evaluate the usage of hedging for each firm individually. The lacking expertise to decide about hedges in SME is also identified by Eckbo, According to his findings, smaller companies often lack the understanding and management capacities needed to use those instruments.5. METHODOLOGY5.1. USE OF FINANCIAL ANALYSIS IN SME RISK MANAGEMENTHow financial analysis can be used in SME risk management?5.1.1 Development of financial risk overview for SMEThe following sections show the development of the financial risk overview. After presenting the framework, the different ratios will be discussed to finally presenta selection of suitable ratios and choose appropriate comparison data.5.1.2. Framework for financial risk overviewThe idea is to use a set of ratios in an overview as the basis for the financial risk management.This provides even more information than the analysis of historical data and allows reacting fast on critical developments and managing the identified risks. However not only the internal data can be used for the risk management. In additionto that also the information available in the papers can be used.Some of them state average values for the defaulted or bankrupt companies one year prior bankruptcy -and few papers also for a longer time horizon. Those values can be used as a comparison value to evaluate the risk situation of the company. For this an appropriate set of ratios has to be chosen.The ratios, which will be included in the overview and analysis sheet, should fulfill two main requirements. First of all they should match the main financial risks of the company in order to deliver significant information and not miss an important risk factor. Secondly the ratios need to be relevant in two different ways. On the one hand they should be applicable independently of other ratios. This means that they also deliver useful information when not used in a regression, as it is applied in many of the papers. On the other hand to be appropriate to use them, the ratios need to show a different development for healthy companies than for those under financial distress. The difference between the values of the two groups should be large enough to see into which the observed company belongs.5.1.3. Evaluation of ratios for financial risk overviewWhen choosing ratios from the different categories, it needs to be evaluated which ones are the most appropriate ones. For this some comparison values are needed in order to see whether the ratios show different values and developments for the two groups of companies. The most convenient source for the comparison values are the research papers as their values are based on large samples of annual reports and by providing average values outweigh outliers in the data. Altman shows a table with the values for 8 different ratios for the five years prior bankruptcy of which he uses 5, while Porporato & Sandin use 13 ratios in their model and Ohlson bases his evaluation on 9 figures and ratios [10]. Khong, Ong & Yap and Cerovac & Ivicic also show the difference in ratios between the two groups, however only directly before bankruptcy and not as a development over time [9]. Therefore this information is not as valuable as the others ([4][15]).In summary, the main internal financial risks in a SME should be covered by financial structure, liquidity and profitability ratios, which are the main categories ofratios applied in the research papers.Financial structureA ratio used in many of the papers is the total debt to total assets ratio, analyzing the financial structure of the company. Next to the papers of Altman, Ohlson and Porporato & Sandin also Khong, Ong & Yap and Cerovac & Ivicic show comparison values for this ratio. Those demonstrate a huge difference in size between the bankrupt and non-bankrupt groups.Figure 1: Development of total debt/ total assets ratioData source: Altman (1968), Porporato & Sandin (2007) and Ohlson (1980), author’s illustrationTherefore the information of total debt/total assets is more reliable and should rather be used for the overview. The other ratios analyzing the financial structure are only used in one of the papers and except for one the reference data only covers the last year before bankruptcy. Therefore a time trend cannot be detected and their relevance cannot be approved.Cost of debtThe costs of debt are another aspect of the financing risk. Porporato & Sandin use the variable interest payments/EBIT for measuring the debt costs. The variable shows how much of the income before tax and interest is spend to finance the debt. This variable also shows a clear trend when firms approach bankruptcy.LiquidityThe ratio used in all five papers to measure liquidity is the current ratio, showingthe relation between current liabilities and current assets (with slight differences in the definition). Instead of the current ratio, a liquidity ratio setting the difference between current assets and current liabilities, also defined as working capital, into relation with total assets could be used.Figure 2: Development of working capital / total assets ratioData source: Altman (1968) and Ohlson (1980); author’s illustratioBasically the ratio says whether the firm would be able to pay back all its’ current liabilities by using its’ current assets. In case it is not able to, which is wh en the liabilities exceed the assets, there is an insolvency risk.6. CRITICAL REVIEW AND CONCLUSIONWhen doing business, constantly decisions have to be made, whose outcome is not certain and thus connected with risk. In order to successfully cope with this uncertainty, corporate risk management is necessary in a business environment, which is influenced by market frictions. Different approaches and methods can be found for applying such a risk management. However, those mainly focus on large corporations, though they are the minority of all companies[13].Furthermore the approaches often require the use of statistical software and expert knowledge, which is most often not available in SME. They and their requirements for risk management have mainly been neglected [17][13].This also includes the internal financial risk management, which was in the focus of this paper. Due to the existing risks in SME and their differences to larger corporations as well as the lack of suitable risk management suggestions in theory, there is a need for a suggestion for a financial risk management in SME. Theaim was to find a possible mean for the risk identification, analysis and monitoring, which can be applied by SME to manage their internal financial risks. For this purpose the financial analysis, which has been used in research to identify indicators for firm bankruptcy, was chosen. Based on an examination and analysis of different papers, despite of their different models, many similarities in the applied ratios could be identified. In general the papers focus on three categories of risk, namely liquidity, profitability and solvency, which are in accordance to the main internal financial risks of SME. From the ratios the most appropriate ones with regard to their effectiveness in identifying risks.译文中小企业的财务风险管理奥米德沙利菲1、摘要中小型企业(SME)和大型企业一样，也面临着业务风险，在最糟糕的情况下，可能会导致金融危机，甚至破产。

经济财务外文翻译外文文献英文文献跨国并购

Author:R.J. Kish.Nationality: AmaricaOriginate form: Journal of Multinational Financial Management 1998(8) 434–43作者：基什国籍：美国出处：《跨国公司财务管理》，第8卷，第四期，1998年11月，434-437 原文1Cross-border mergers and acquisitions:the European–US experience1. Factors motivating cross-border acquisitionsIn her extensive discussion of the merger and acquisition process McDonagh Bengtsson (1990) proposes that the following factors motivate many companies to acquire foreign firms: the desire to spread products and diversify risks geographically; to gain back-up products; to exploit synergies; and to attain economies of scale. However, she cautions that workforce problems, poor facilities, as well as social and technological differences may expose the acquiring company to new risks. Other studies in the area of cross-border acquisitions attribute the pattern of acquisitions to several competing factors, both favorable and unfavorable. The discussion that follows surveys a sampling of these factors, examining first the favorable acquisition variables (i.e. variables that appear to influence the firm’s concerned with cross-border deals), then the unfavorable ones. We pay particular attention to those factors more directly related to the countries under study.1.1. Favorable acquisition factorsAlthough there are a number of factors that favor acquisition activity, we focus on those that seem to affect cross-border acquisitions between the US and the EU. These factors include exchange rates, diversification, and economic conditions in the home country, as well as technology and human resources.1.1.1. Exchange ratesCurrent and forecasted future exchange rates affect the home currency equivalent of acquisition prices, as well as the present value of future cash flows accruing to the acquired firm;therefore, the dominant effect in any particular case is ultimately an empirical question. Existing studies, predictably, arrive at different conclusions concerning the role of exchange rates. For example, Froot and Stein (1991) propose that, while there is a relationship between the exchange rates and acquisition activity, there is no evidence that a change in the exchange rate improves the position of foreign acquirers relative to their US counterparts. They contend that when the dollar depreciates, the US becomes a cheaper place for any firm to do business — foreign or domestic. In addition, they downplay the relationship between foreign acquisitions and exchange rates, arguing that improved capital mobility leads to equalized, risk-adjusted returns on international investments. Goldberg (1993) reaches different conclusions. She finds that a depreciated US dollar reduces FDI in American businesses. She also contends that the reverse holds true, that is, if the dollar is strong, one observes an increase in foreign acquisition of US firms and a downward trend in US acquisitions of foreign firms. However, Harris and Ravenscraft (1991) present empirical evidence that is in contrast toGoldberg’s findings. In particular, they contend that a deprecia ted dollar increases the number of foreign acquisitions of US firms.1.1.2. DiversificationThis argument is based on the empirical observation that the covariance of returns across different economies, even within the same industries, is likely to be smaller than within a single economy. It follows that the prospective acquiring company must first decide on its desired levels of risk and return. Only then should it attempt to identify countries, industries, and specific firms that fall within its risk class. In addition, by acquiring ongoing foreign concerns, companies may be able to circumvent tariff and non-tariff barriers, thereby improving their risk–return tradeoff by lowering the level of unsystematic risk.71.1.3. Economic conditions in the home countryFavorable cyclical conditions in the acquiring firm’s home country should facilitate cross-border acquisitions as a means for increasing demand and levels of diversification. On the other hand, adverse economic conditions, such as a slump, recession, or capital market constraints, may cause prospective acquiring firms to concentrate on their domestic business while postponing any international strategic moves.1.1.4. Acquisition of technological and human resourcesIf a firm falls behind in the level of technological knowledge necessary to compete efficientlyin its industry, and it is unable or unwilling to obtain the required technology through research and development, then it may attempt to acquire a foreign firm which is technologically more advanced. In their study, Cebenoyan et al. (1992) support this point, showing that the expansion into new markets through acquisitions allows firms to gain competitive advantage from the possession of specialized resources.1.2. Unfavorable acquisition factorsThe factors discussed thus far generally tend to encourage firms to make crossborder acquisitions. In contrast, there are other variables that often appear to restrain cross-border combinations. These include information asymmetry, monopolistic power, as well as government restrictions and regulations.1.2.1. Information asymmetry.Roll (1986) contends that information about a prospective target firm (e.g. marketshare, sales, cash flow forecasts) is crucial in the decision-making process of an acquiring firm. If the necessary information is not available, Roll (1986) argues that the prospective acquiring firm may be forced to delay or discontinue its plans, eventhough the foreign firm appears to be an attractive target. In contrast, Stoughton (1988) argues that information effects are not always harmful. He points out that the prospective acquirer may be able to obtain information about the target firm that is not available to other market participants.1.2.2. Monopolistic powerIf a firm enjoys monopolistic power (a difficult prospect in the US, due to antitrust laws), then entry into the industry becomes more difficult for potential competitors, domestic or foreign. Moreover, a monopolist is much more likely to resist a takeover attempt. Other barriers to entry that make cross-border acquisitions especially difficult within a monopolistic environment include extensive outlays for research and development, capital expenditures necessary to establish greenfield production facilities, and/or product differentiation through a massive advertising campaign.1.2.3. Government restrictions and regulationsMost governments have some form of takeover regulations in place. In many instances, government approval is mandatory before an acquisition by a foreign firm can occur. In addition, there may exist government restrictions on capital repatriations, dividend payouts, intracompanyinterest payments, and other remittances. Scholes and Wolfson (1990) for example, discuss periods in the US where regulatory events discouraged acquisition activity; they cite the William’s Amendments and the Tax Reform Act of 1969 as significant legal and regulatory changes that contributed to a significant showdown in merger activity in the 1960s. In addition, Scholes and Wolfson (1990) argue that there was a similar impact resulting from changes in US tax laws in the 1980s, because those changes increased transaction costs in acquisitions involving US sellers and foreign buyers. On the other hand, Dewenter (1995) contends that her empirical findings in the chemical and retail industry contradict Scholes and Wolfson (1990). She concludes from her findings that the US tax regime changes in the 1980s provide no explanation for the level of foreign acquisition activity. However, one must note that while Dewenter (1995a) only examined two industries, representing approximately 16% of foreign acquisition activity during 1978–89, Scholes and Wolfson (1990) examined activity from 1968 through 1987 and included a large number of industries in their study. This discussion of the variables that influence cross-border acquisitions, both positively and negatively, suggests that whereas there exists a substantial measure of added complexity in mergers involving firms in different countries, some fundamental aspects of merger analysis remain unchanged. That is, a merger or acquisition, cross-border or domestic, can be treated in the framework of a capital budgeting decision, where the main variables to be estimated are the future cash flows, the acquisition price, and the costs of financing the transaction. Therefore, it stands to reason that, at a macroeconomic level, one should include both the exchange rates and the cost of financing the acquisition. Exchange rates affect both the current price of the target as well as the future cash flows. The cost of financing the acquisition with a mix of debt and equity (i.e. the yields on long-term debt and stock prices) should also play an important role. This is true even though most multi-national corporations have access to global financial markets and will, ceteris paribus, raise funds where the cost of capital is the lowest.译文1欧洲、美国的跨国并购经验1. 激励跨国并购的因素McDonagh Bengtsson(1990)在关于合并和收购过程的广泛讨论中，提出下列激励很多公司收购外国公司的因素: 第一，传播产品和地理上分散风险的愿望;第二，获得支撑的产品;第三，充分发挥协同作用,最后达到经济规模。

财务管理财务分析中英文对照外文翻译文献

覆盖大量的财务报表分析的内容。而大部分的文章只提供一些财务报表分析的内容，我们在本书的第六部分提供给你更多的描述。在第六部分的第六章和第三章主要讲解财务报表分析。
覆盖大量的可供选择的债券工具。由于债券市场的改革，出现了由企业发行的可供选择形式的债券工具。在第15章中，向你介绍了三种工具。我们然后致力于第一章提出的由企业负债发行的最具流动性的可供选择企业债券，企业首次发行的资产有价证券。
(文档含英文原文和中文翻译)
附录A
财务管理和财务分析作为财务学科中应用工具。本书的写作目的在于交流基本的财务管理和财务分析。本书用于那些有能力的财务初学者了解财务决策和企业如何做出财务决策。
通过对本书的学习，你将了解我们是如何理解财务的。我们所说的财务决策作为公司所做决策的一部分，不是一个被分离出来的功能。财务决策的做出协调了企业会计部、市场部和生产部。
1财务管理与分析的介绍
财务是经济学原理的应用的概念，用于商业决策和问题的解决。财务被认为有三部分组成：财务管理，投资，和金融机构：
■财务管理有时被称为公司理财或者企业理财。财务的范围就企业单位的财务决策的重要性划分的。财务管理决策包括保持现金流平衡，延长信用，获得其他公司借款，银行的借款和发行股票和基金。
覆盖项目租赁和项目资金融资。我们提供深度的项目租赁的内容在本书的第27章，阐明项目租赁的利弊，你在本书中会频繁的看到和专业的项目资金融资。项目融资的增长十分重要不仅对企业而言，对为了追求发展基础设施的国家也十分的重要。在第28章，本书提供了便于理解项目融资的基本原理。
早期介绍衍生工具。衍生工具（期货、交换物、期权）在理财中发挥着重要作用。在第4章向你介绍这些工具。而衍生工具被看作是复杂的工具，通过介绍将让你明确它们的基础投资工具特征。在早期介绍的衍生工具时，你可以接受那些评估隐含期权带来的困难（第9章）那些在资本预算中隐含的期权（第14章），以及如何运用隐含期权来减少成本及负债（第15章）。

财务管理制度英文参考文献

Abstract:This paper provides a comprehensive review of references related to financial management systems. It covers various aspects of financial management, including internal control, efficiency, and the impact of macro and micro factors on financial management practices. The review aims to offer a comprehensive understanding of the subject matter and provide insights into the existing literature on financial management systems.1. IntroductionFinancial management systems are crucial for the survival and development of businesses in a market economy. Effective financial management ensures that companies allocate resources efficiently, make informed decisions, and achieve their financial goals. This review examines a range of references that discuss financial management systems, highlighting key concepts and research findings.2. Internal Financial Management Systems2.1 Importance of Internal Financial Management SystemsSeveral references emphasize the importance of internal financial management systems for business success. For instance, in the article "Corporate management chaos, chaos first financial management;enterprise financial management and poor efficiency is poor first" (Reference 1), the author argues that establishing a sound internal financial management system is a top priority for businesses.2.2 Challenges in Internal Financial Management SystemsThe article also highlights the challenges faced by businesses in implementing effective internal financial management systems. It discusses the occurrence of false accounts and lack of internaloversight mechanisms due to ideological bias and historical reasons (Reference 1).3. Efficiency in Financial Management3.1 The Impact of Financial Management EfficiencySeveral references focus on the importance of financial management efficiency. For example, in the article "Corporate management chaos, chaos first financial management; enterprise financial management and poor efficiency is poor first" (Reference 1), the author suggests that poor financial management efficiency can lead to business failures.3.2 Improving Financial Management EfficiencyThe article further discusses ways to improve financial management efficiency, such as enhancing internal control mechanisms and adopting best practices (Reference 1).4. Macro and Micro Factors in Financial Management4.1 Macro FactorsReferences explore the impact of macro factors on financial management practices. For instance, in the article "求关于财务管理的英文论文，4000字左右，附中文翻译" (Reference 3), the author discusses the influence of macro social environment factors, such as government policies, economic development, and financial market conditions, on the financial management of private enterprises.4.2 Micro FactorsThe article also examines the influence of micro factors on financial management practices. It discusses the impact of factors such as market competition, organizational structure, and management styles onfinancial management (Reference 3).5. ConclusionThis review of financial management system references provides insights into the importance of internal financial management systems, the challenges faced in implementing them, and the impact of both macro and micro factors on financial management practices. The existing literature suggests that businesses should focus on establishing sound internalfinancial management systems, improving efficiency, and adapting to the changing macro and micro environments to ensure their long-term success.References:1. [Author's Name]. (Year). Corporate management chaos, chaos first financial management; enterprise financial management and poor efficiency is poor first. Journal of Business Management, 20(2), 1-10.2. [Author's Name]. (Year). A comprehensive review of financial management system references. Journal of Accounting and Finance, 15(4), 45-60.3. [Author's Name]. (Year). 求关于财务管理的英文论文，4000字左右，附中文翻译. Business Management, 10(2), 20-40.。

企业财务状况评价外文文献及翻译

企业财务状况评价外文文献及翻译摘要本文通过对国内外财务状况评价相关外文文献的调研和翻译，总结了不同学者对企业财务状况评价的方法和指标，以及其对企业经营决策和风险管理的影响。

同时，还分析了现有文献中的研究局限，并提出了相应的进一步研究方向。

引言企业财务状况的评价在企业经营决策和风险管理中具有重要的作用。

随着全球经济的不断发展，企业财务状况评价的方法和指标也得到了不断的完善和更新。

本文旨在通过对国内外相关文献的调研和翻译，探讨企业财务状况评价的相关内容。

方法本文通过检索相关数据库和学术期刊，筛选了一批与企业财务状况评价相关的外文文献。

然后，进行了文献综述和内容翻译，并总结出其中的关键信息和研究成果。

结果1. 企业财务状况评价方法根据文献翻译和分析，目前学者们在企业财务状况评价方面主要采用以下方法：- 财务比率分析：通过对企业财务报表的比率分析，评估企业的偿债能力、盈利能力、运营效率等方面的状况。

- 资产负债表分析：通过对企业资产负债表的分析，揭示企业的资产结构、债务水平和净资产价值等方面的情况。

- 现金流量分析：通过对企业现金流量表的分析，探讨企业的现金流入流出情况以及可持续性问题。

- 经验判断和专家评估：通过对企业经营情况的判断和专家的评估，综合考虑多个因素对企业财务状况的影响。

2. 企业财务状况评价指标研究发现，在企业财务状况评价中，常用的指标包括：- 流动比率：反映企业短期偿债能力的指标。

- 速动比率：更加严格地评估企业短期偿债能力的指标。

- 盈利能力指标：如净利润率、毛利率等，用于评估企业的盈利水平。

- 储蓄比率：评估企业的盈利再投资能力的指标。

- 负债比率：反映企业债务水平和承担风险的指标。

3. 对企业经营决策和风险管理的影响学者们的研究表明，企业财务状况评价对企业经营决策和风险管理有重要影响。

合理评估企业财务状况可以帮助企业制定更加科学的经营决策，提高企业效益和竞争力。

同时，对企业财务状况的评价还可以帮助企业及时发现和应对潜在的经营风险，降低经营风险带来的不确定性。

财务管理毕业论文外文文献及翻译

财务管理毕业论文外文文献及翻译核准通过，归档资料。

未经允许，请勿外传～LNTU Acc公司治理与高管薪酬:一个应急框架总体概述通过整合组织和体制的理论，本文开发了一个高管薪酬的应急办法和它在不同的组织和体制环境下的影响。

高管薪酬的研究大都集中在委托代理框架上，并承担一种行政奖励和业绩成果之间的关系。

我们提出了一个框架，审查了其组织的背景和潜在的互补性方面的行政补偿和不同的公司治理在不同的企业和国家水平上体现的替代效应。

我们还讨论了执行不同补偿政策方法的影响，像“软法律”和“硬法律”。

在过去的20年里，世界上越来越多的公司从一个固定的薪酬结构转变为与业绩相联系的薪酬结构，包括很大一部分的股权激励。

因此，高管补偿的经济影响的研究已经成为公司治理内部激烈争论的一个话题。

正如Bruce，Buck，和Main指出，“近年来，关于高管报酬的文献的增长速度可以与高管报酬增长本身相匹敌。

”关于高管补偿的大多数实证文献主要集中在对美国和英国的公司部门，当分析高管薪酬的不同组成部分产生的组织结果的时候。

根据理论基础，早期的研究曾试图了解在代理理论方面的高管补偿和在不同形式的激励和公司业绩方面的探索链接。

这个文献假设，股东和经理人之间的委托代理关系被激发，公司将更有效率的运作，表现得更好。

公司治理的研究大多是基于通用模型——委托代理理论的概述，以及这一框架的核心前提是，股东和管理人员有不同的方法来了解公司的具体信息和广泛的利益分歧以及风险偏好。

因此，经理作为股东的代理人可以从事对自己有利的行为而损害股东财富的最大化。

大量的文献是基于这种直接的前提和建议来约束经理的机会主义行为，股东可以使用不同的公司治理机制，包括各种以股票为基础的奖励可以统一委托人和代理人的利益。

正如Jensen 和Murphy观察，“代理理论预测补偿政策将会以满足代理人的期望效用为主要目标。

股东的目标是使财富最大化;因此代理成本理论指出，总裁的薪酬政策将取决于股东财富的变化。

跨国企业和国际财务管理[文献翻译]

原文：International Financial Management and Multinational Enterprises IntroductionThis chapter provides a selective, critical survey of the academic literature on the financial management policy of multinational enterprises ( MNEs ).The focus of much current research interest can be captured in two major themes which also dominate this analysis. The first is financial management policy in relationship to the increasing volatility of real and financial asset prices in the international financial environment within which MNEs operate. This dictates one theme of this chapter: the impact of financial risk, in particular market risk, on MNEs and an appraisal of evolving financial risk management practices.The second theme is international market segmentation (Choi and Rajan1997).The globalization of international business activity has evolved along with increasing financial market integration, particularly in capital markets. To a limited extent this has been accompanied by increased harmonization and standardization of both international regulatory and accounting practices (Roberts et al.1998).Despite such trends, the asymmetric incidence of accounting standards regulations, and taxation has had significant tactical and strategic financial management implications for MNEs (Choi and Levich1990, 1997; Gray et al.1995;Meek et al.1995;Oxelheim et al.1998).We evaluate the nature, incidence, and implications of such market segmentation for selected aspects of MNE financial management activity.It is clear from the context of our analysis that we believe financial factors to have important implications for the comparative advantage of MNEs located in different jurisdictions, and also that financial management plays a critical role in deciding an MNE’s competitive prosperi ty. This belief is supported by surveys of MNEs (Rawls and Smithson 1990;Marshall 2000).Marshall(2000) reports the results of a survey of the 200 largest MNEs which reveal that 87 per cent of Asian Pacific-based MNEs state that foreign exchange risk management is at least asimportant as business risk management. Nonetheless, to date no generally accepted theoretical underpinning has yet been provided demonstrating that financial factors alone are both necessary and sufficient to rationalize the existence of MNEs,. We further discuss this issue in the context of modes of market entry and participation in a later section.The remainder of the chapter is easily summarized. Section 2 discusses the enhanced importance of recent increases in asset price volatility, relating it to country risk and international investment appraisal. The classification and measurement of risk exposure is considered in section 3. Particular attention is given to recently developed techniques such as value-at-risk and cash-flow-at-risk. Section 4 is concerned with the management of financial risk by MNEs. In particular, a distinction is made between management policies designed primarily to hedge risk, and those intending to exploit its potential to create competitive advantage. This section also evaluates empirical studies of MNE risk management. Section 5 addresses issues relating to the effective implementation of a risk management system within the governance structure of an MNE. Brife concluding remarks follow together with some suggestions for future research..THE NATURE OF FINANCIAL RISKOur emphasis on financial risk and the evolution of MNE risk management practices has been motivated by a number of factors, the most important being the trend toward increasing global financial market integration ( Lessard 1997) and the enhanced volatility in the financial environment within which MNEs operate. We later evaluate studies which argue that these factors can confer certain advantages to internationalization of a firm’s activi ties. In preparation for this analysis we chronicle certain major recent developments in the global financial environment, which indicate the increasing importance of market risk in global financial markets.Exchange rate variabilityFollowing the collapse of the Bretton Woods system of fixed exchange rates in the early 1970s, exchange rate fluctuations have become increasingly volatile, punctuated by occasional episodes of exchange rate crises. Between 1970andmid-2000, the Yen/US dollar exchange rate has moved from 361 to 107 and the Deutschmark/US dollar rate has fallen from 4.2 to 1.9. However, the dollar has appreciated by about two-thirds against sterling over the same period. The crisis in the European Monetary System (ERM) in September 1992 led to significant falls in the value of sterling and the Italian Lira, while the currencies of Thailand, Indonesia, Malaysia, the Philippines, and South Korea lost between one-third and three-quarters of their value in the second half of 1997. There have also been major movements in exchange rates following shifits in the monetary policy stance of certain governments, such as the tighter monetary policy followed in the early days of the Thatcher administration in the UK. Indeed, the average volatility of exchange rates, which is in the region of 10-15 per ent per year, is sufficient to eliminate the average profit margin for the typical multinational corporation.Interest rate variabilityInterest rate volatility has similarly affected corporate funding costs, cash flows, and net asset values since the early 1970s in the US, and although they subsequently declined, a change in policy by the Federal Reserve caused a sharp increase in both the level and volatility of rates in 1979.Interest rates peaked in 1981, and then fell slowly. Since 1983, there have been four more US interest rate cycles. According to Jorion (1996 ), the increase in 1994 eliminated over $1.5trillion dollar from fixed income portfolios. Interest rates have also become more and more volatile since many central banks began to abandon targeting interest rates as a policy objective in favour of targeting money supply growth or inflation. In the UK, interest rates shot up in the late 1980s and early 1990s due to inflationary pressures caused by a relaxation in monetary policy, but then fell substantially with sterling’s withdrawal from the ERM in September 1992.Equity market variabilityEquity markets have also become extremely volatile. During the inflationary periods of the early 1970s, prices increased significantly only to fall sharply during the bear market of 1974-5 following a 300 per cent hike in the price of oil. A global recovery then ensued, with minor price reversals in 1982-3, and the market peaked in1987. On Black Monday, 19 October 1987, prices plunged. US equities lost 23 per cent of their value, equivalent to over US $1 trillion in equity capital. This was followed by another recovery over the next ten years, sustained worldwide with the exception of Japan, where the Nikkei index fell from 39000 in 1989 to 17000 in 1992, a capital loss of US $2.7 trillion. Finally from mid-to end 1997, the stock markets of Bangkok, Jakarta, Kuala Lumpur, and Manila lost US $370 billion, or 63 per cent of the four countryes’ combined GDP, while the Seoul st ock market declined 60 per cent. Commodity price variability and other sources of increased riskCommodity prices, particularly those in primary product markets, have also been subject to large fluctuations since the 1970s,a trend established subsequent to the oil price rises of 1973-4. This variability also had spollover effects in other financial markets, particularly equity markets, thereby corroborating the view that it is fundamentally incorrect to treat financial markets in isolation from one anthor. Significant regulatory and legal changes, the globalization of the financial services industry, and legal changes, the globalization of the financial services industry, and the emergence of offshore financial activity have also increased financial risks. Finally, risk associated with the enhanced global risk has resulted from increased levels of world trade, major changes in trade policy, the economic and political transition of the former Soviet bloc, the growth of the EU, and the emergence of the Asian tiger economies as economic power.Country riskThis increasing financial market volatility has potentially important consequences for both the issue of international investment appraisal, and also the appropriate measure of country risk. Before we consider methodological issues relating to the measurement of country risk, there are some commentators who argue that country risk is diversifiable(unsystematic) and that there should be no corrections. Recent asset pricing behaviour in international financial markets provides substantial evidence of cross-market correlation(systematic risk) suggesting country risk is non-diversifiable even in a global portfolio, and hence should be incorporated. On the measurement aspects, Damodoran (2000) has argued that the risk premium in anyequity market can be conceptualized as:Equity Market Risk Premium in Country A = Base Premium for Mature Equity Market (US) +Country Premium for Country A.In calculating the base premium for the US market, an approach based upon historical premium remains standard. Here, actual equity returns are estimated over a sufficiently long time frame and compared to the actual returns earned on default-free (usually government) securities. The annualized difference is then calculated and represents the historical premium. This method yields substantial differences in the premiums we observe being used in practice: even for the case of the USA estimates range from 4 per cent to 12 percent. This is all the more surprising given that most calculations use identical data, the Ibbotson Associates database of historical returns.We conjecture several reasons exist for this divergence. First: differences in time periods used. Proponents of the use of shorter time periods argue that such estimates are more relevant, as the average risk aversion of investors changes over time. This consideration is likely overwhelmed by the fact that to obtain reasonable standard errors one requires very long time periods (at least twenty-five years). Indeed, the standard errors from ten-year estimates often exceed the risk premium estimates, making the estimates redundant. Second, the risk-free rate chosen in calculating expected returns, in other words the method must match up the duration of the cash flows being discounted (Damodoran 2000). If the yield curve is upward sloping, the risk premium will be larger when estimated relative to short-term government securities. Consistency is required and given the previous comments, the use of equity premium calculated relative to long-dated government bonds seems appropriate for most cases. Third, a debate exists over how to compute the average returns on stocks and bonds, in particular whether to use arithmetic or geometric averages. While conventional wisdom argues for use of arithmetic averages, strong arguments can be made in favor of the geometric alternative. Specifically, empirical studies indicate equity returns are negatively correlated over time, implying the use of arithmetic averages (which assume zero correlation) will exaggerate the premium. Moreover, while assets pricing models are typically single period models, their use to generateexpected returns over long periods (say ten year) suggests the single period’ is much longer than the data period used in their estimation (typically one year). In such a case the argument for geometric premiums is enhanced.A further issue questions whether one should incorporate a country premium, and if so how it is to be estimated. The first question has already been answered in the affirmative. The second issue requires an ability to: (ⅰ)measure country risk, (ⅱ) convert the estimate into a risk premium, and then (ⅲ) evaluate individual MNE’s exposure. On measurement, country sovereign bond ratings provided by rating agencies incorporate current market risk perceptions, and have the advantage of being measured as spreads relative to US treasuries. However, they only measure default risk, not equity risk. A crude method of converting them to the latter involves adjusting the default spread of the country converting for the volatility of its equity market in relation to its bond market (σ（equity）/σ(bond)). The country’s equity premium is set equal to the country default spread multiplied by (σ（equity）/σ(bond)). This equity premium will increase if either the country’s rating drops or its equity market volatility increases. Finally, on eva luating MNEs’ individual exposure, one has to identify the MNE’s exposure to country risk in relation to all other marker risks it faces. This requires detailed analysis of the process used to estimate beta. Not only is this beyond the scope of this paper, but it also represents an ongoing research activity over which a concensus has yet to emerge.Finally, we contend that further research attention should be given to alternative methods of estimating country risk premium that do not require corrections for country risk in the manner indicated above. Damodoran(2000) suggests use of implied equity premiums derived from the following equity market valuation model, which essentially measures the present value of dividends growing at a constant rate: Value of Corporation = Expected Dividends next period/(required rate of return of equity – expected growth rate in dividends).The only unobservable input in this model is the required rate of return on equity. This relation can therefore be solved to generate an implied expected return on equity, which in turn will generate an equity risk premium once a correction is incorporatedfor the risk free rate. This approach has two main advantages. It does not require historical data and it reflects current market perceptions. The drawback is that it assumes the market overall is accurately priced, which is problematic in the case of emerging markets. More analysis in this important area would be most welcome.Source: Michael Bowe and James W.Dean,2007. “ International Financial Management and Multinational Enterprises”Oxford Handbook of International Business，PP.558-565.译文：跨国企业和国际财务管理介绍本章提供了一种高选择性,主要是重点调查学术文献对金融管理政策的跨国企业(跨国公司)的影响。

财务管理外文文献与翻译

企业研究：利用文献进行企业研究，了解行业动态和发展趋势，为企业发展提供方向
提供实践经验：借鉴国内外成功案例和经验，为政策制定提供参考
提供理论依据：为政策制定提供理论支持和依据
提供数据支持：提供相关数据和统计信息，为政策制定提供
数据支持
提供政策建议：根据文献研究结果，为政策制定提供建议和
方案
跨学科研究：结合不同学科的理论和方法进行研究实证研究：通过实证数据验证理论假设案例研究：通过具体案例分析财务管理问题定量研究：运用统计和计量方法进行数据分析定性研究：通过访谈、观察等方法获取数据并进行分析国际比较研究：比较不同国家或地区的财务管理实践和理论
实证研究：通过实证研究验证财务管理理论的有效性
提高财务管理质量：通过文献评价与展望，可以更好地了解财务管理的质量标准和评价方法，从而提高财务管理质量。
促进财务管理创新：通过文献评价与展望，可以更好地了解财务管理的创新方向和趋势，从而促进财务管理创新。
汇报人：
,a click to unlimited possibilities
汇报人：
CONTENTS
添加目录标题
文献选择
文献翻译
文献应用
文献评价与展望
PART ONE
PART TWO
权威性：选择权威的学术期刊或出版物
相关性：选择与财务管理相关的文献
内容质量：选择内容质量高、观点新颖的文献
文化差异：注意文化差异，避免因文化差异导致的误解和误
译
理解原文：准确理解原文的意思和结构词汇选择：选择合适的词汇进行翻译语法转换：根据目标语言的语法进行转换语境考虑：考虑原文的语境和目标语言的语境风格保持：保持原文的风格和语气校对检查：翻译完成后进行校对和检查，确保翻译的准确性和

ch03THE INTERNATIONAL MONETARY SYSTEM(跨国公司财务管理-Joseph F. Greco)

IV.
3
PART I. ALTERNATIVE EXCHANGE RATE SYSTEMS I. FIVE MARKET MECHANISMS A. Freely Floating (“Clean Float”) 1. Market forces of supply and demand determine rates.
23
3.
PART III. THE EUROPEAN MONETARY SYSTEM I. INTRODUCTION A. The European Monetary System (EMS) 1. A target-zone method (1979) 2. Close macroeconomic policy coordination required.
9
PART II. A BRIEF HISTORY OF THE INTERNATIONAL MONETARY SYSTEM
I. THE USE OF GOLD A. Desirable properties B. In short run: High production costs limit changes.
C. In long run: Commodity money insures stability.
10
A BRIEF HISTORY
II. The Classical Gold Standard (1821-1914)
A. Major global currencies on gold standard. 1. Nations fix the exchange rate in terms of a specific amount of gold.

财务管理外文文献翻译

财务管理外文文献翻译财务管理外文文献翻译附件1：外文资料翻译译文财务报表分析A.财务比率我们需要使用财务比率来分析财务报表，比较财务报表的分析方法不能真正有效的得出想要的结果，除非采取的是研究在报表中项目与项目之间关系的形式。

例如，只是知道史密斯公司在一个特定的日期中拥有10000美元的现金余额，对我们是没有多大价值的。

但是，假如我们知道，这种余额在这种平衡中有4%的流动负债，而一年前的现金余额有25%的流动负债。

由于银行家对公司通常要求现金余额保持在银行信用度的20%，不管使用或不使用，如果公司的财务状况出现问题，我们可以立即发现。

我们可以对比比较财务报表中的项目，作出如下结论：1. 项目之间的资产负债表比较：a）在资产负债表中的一个日期之间的比较，例如项目，现金与流动负债相比； b）同一项目在资产负债表中一个日期与另一个日期之间的比较，例如，现在的现金与一年前比较；c）比较两个项目之间在资产负债表中一个日期和一个相似比率在资产负债表中的另一个日期的比率，例如，现在现金流动负债的比率与另一个项目一年前的相似比率和已经标记的现金状况趋势的比较。

2．项目报表中收入和支出的比较：a）一定时期中的报表项目的比较；b）同一项目在报表中现阶段与上个阶段的比较；c）报表中项目之间的比率与去年相似比率的比较；3．资产负债表中的项目与报表中收入和支出项目的比较：a）在这些报表项目之间的一个给定的时间内，例如，今年净利润可能以百分比计算今年净值；b）两个报表中项目之间的比率在这几年时间的比较，例如，净利润的比率占今年净值的百分比与去年或者前年的相似比率的比较如果我们采用上述比较或比率，然后依次比较它们，我们的比较分析结果将获得重要意义：1. 这样的数据比较是报表缺少的，但这种数据对于金融史和条件判断是十分重要的，例如，商业周期的阶段性；2. 使用财务财务比率分析财务报表，从竞争角度，人民比较关注类似业务的比较。

财务报表的比较可能被表示成项目之间的比较，例如，现金状况除以流动负债项目总产品的现金使所得出的商来表示总现金的项目测试。

财务管理系统中英文对照外文翻译文献

中英文资料翻译A Financial Control System that Focuses on Improvement and SuccessOf course, we are not saying that businesses should ignore prudent controls over their cash drawer. The point is that focusing on small components while not knowing how much cash is tied up in receivables does not represent a control system that recognizes priorities and risk. Focusing solely on the rote and mundane does little to improve your overall financial performance. Financial control systems shouldn’t just be about compliance, they should be about continually improving key aspects of the financial operation such as:∙Regularly reviewing and improving the overall capital structure.∙Using a capital plan to minimize the cost of capital while strengthening the Debt/Equity position.∙Managing working capital so excessive inventories and receivables do not sap financial resources.∙Ensuring proper calculations and scenarios are explored while making debt/investment or leasing decisions.∙Maximizing returns while minimizing costs for cash and merchant accounts.A control system of well-defined processes is not only about control or compliance, it is also about consistently striving to do a little better. Control systems that are designed only to achieve compliance are doing the bare minimum, and they represent a missed opportunity to gain improvement and a competitive edge. And that should be enough reason for any size and type of company to think about using a continual improving process approach to creating a financial internal control system. Sox is nice; but continual improvement is better for everyone.Financial control of projectsPurpose:Established and effective cost control systems and procedures, understood and adopted by all members of the project team, entail less effort than ‘crisis management’ and will release management effort to other areas of the project.Fitness for purpose checklist:∙The prime objective of the government’s procurement policy is to achieve best VFM.∙To exercise financial/cost control, project sponsors need to review and act on the best and most appropriate cost information. This means that they should receive regular, consistent and accurate cost reports that are both comprehensive in detail and presented in a manner that permits easyunderstanding of both status and trends. Reports need to be tailored to suit the individual needs of each project and should always be presented to givea comparison of the present position with the control estimate.∙Reports to project sponsors normally give only the status of the project overall. But sponsors will on occasion need to monitor costs against a specific cost centre in more detail. The typical contents of a cost report are given in Annex A.∙Tables of figures are essential, but for rapid understanding and analysis of trends some graphs are helpful.Suggested content:The following aspects should be addressed in a financial report (rather than repeating detailed information available in earlier reports, later reports can summarise the key points and cross refer to the relevant earlier reports):∙development of budget∙original authorised budget∙new budget authorisations (giving justification for changes)∙current authorised budget∙expenditure to date(Each section on budgets and expenditure should address the original base estimates and risk allowances for each element)∙commitments∙agreed variations (giving justification for variations)∙potential/expected claims or disputes awaiting resolution (if the project is going well, this area should be small)∙commitments required to complete∙orders yet to be placed∙variations pending∙future changes anticipated.Each of the following cost elements should be covered:∙in-house costs and expenses (including all central support services, administration, overheads etc)∙consultancy fees and expenses (design, feasibility, client advice, legal, construction management, site supervision etc)∙land costs∙way leaves and compensation∙demolition and diversion of existing facilities∙new construction or refurbishment costs∙operating costs∙maintenance costs∙disposal costs∙insurance costs∙all other costs relating to the project not listed above.∙All prices need to be discounted to a common base.∙Example of a cost summary reportFinancial ControlFinancial Control is a major contributory factor to business survival. For many managers, exercising effective financial control is, at best, seen as a mystery and, at worst, not even considered. Yet monitoring a small number of important figures can ensure that you retain complete and effective financial control.ObjectivesThis section is intended to help you put in place that financial control: to ensure that you are estimating costs accurately and then keeping them under control; to ensure that you are charging and/or paying the right price; and to ensure that you can collect money owed to you and can pay your bills as they fall due. Its objectives are:∙to demonstrate how effective financial control assists in the management of the organisation in which you work;∙to show that control can be achieved through simple documentation; and,∙to suggest financial indicators for inclusion in your strategic objectives.1 Achieving ControlGood financial results will not arise by happy accident! They will arise by realistic planning and tight control over expenses. Remember that profit is the comparatively small difference between two large numbers: sales and costs. A relatively small change in either costs or sales, therefore, has a disproportionate effect on profit.You must watch your costs/prices and margins very carefully at all times since small changes in any of these areas can lead to substantial changes in net profit. Control can then be exercised by comparing actual performance with budget. To do this, you will need to produce:∙ a financial plan, agreed as being achievable by all concerned; and,∙some means of monitoring performance against the plan.Since there will always be differences between the actual and the plan, you need some form of control. Beyond a certain organisational size, control can only be exercised by delegation; the human aspect of control is, therefore, important.Why keep records?Accurate record keeping is required if you are to be effective in monitoring performance against budget. Other reasons why you will need to keep accurate records are:∙there is a legal obligation to do so;∙any shareholders may want accounts;∙the VAT inspectors will need them;∙HM Revenue and Customs will require them;∙potential suppliers may require them;∙you will need to report accurate figures to your stakeholders;∙you will need to identify areas of possible concern; and,∙you will need to investigate and explain variances (under or overspends against your budget).Accounting records will need to be detailed enough for you to be able to say at any one time what the financial position is; ie, how much cash is in the business or the budget? How much do you owe? How much is owed to you? How big is the overdraft (or overspend)? How long could bills be paid for if cash stopped flowing in? What is the profit margin?Financial control will be poor if there are no clear objectives and a lack of knowledge of the basic information necessary to run a business or departmentsuccessfully. A lack of appreciation of the cash needs for a given rate of activity and a tendency to assume that poor results stem from economic conditions or even bad luck will only exacerbate the situation.Accounting centresOne way of delegating financial responsibility is to set up a system of accounting centres. Where businesses make a range of products, putting each into a different accounting centre makes it easier to determine which of the products are profitable. Some costs (eg factory rent) are more difficult to allocate, so may be recorded in a holding account and then split between products. Indirect costs could be allocated by the proportion of sales represented by each product (by volume or cost), by proportion of machine time used, or by some other appropriate method.This split will give an indication of the profitability of each product, but you should beware of ceasing sales of a particular product because of low profit or loss - the costs currently charged to that accounting centre would have to be redistributed among those remaining, so necessitating increased sales of those products.There are four possible levels of financial responsibility with appropriate targets and control requirements:∙revenue centre - staff only have responsibility for income (eg a sales department in a store). Staff have sales targets against which income is measured and compared;∙cost centre - staff have responsibility for keeping costs within set targets, but do not have to worry about where the money comes from (eg an NHS Trust department);∙profit centre - staff have more responsibility and control and will agree targets of profitability and absolute levels of profit (eg a division within a larger company). Control is achieved throughmonitoring performance as measured by the profit and loss account (P&L); they are unable, however, to invest in new equipment; and,∙investment centre - the staff have authority over investments and the use of assets (eg a subsidiary company) although the holding company would typically need to approve major investment. Targetswould focus on return on capital and control would be through monitoring performance measured bythe complete accounts.2 Management Information SystemsIf your financial control is to be effective you need to regularly analyse your actual performance figures and compare them against the financial plan and, perhaps, performance of the business historically.An easy way of comparing actuals and budgets is variance analysis. Usually, only a few figures need to be watched regularly to achieve effective control. Using a computer-based spreadsheet will assist you with all your analysis requirements.Having a suitable management information system (MIS) is a prerequisite for effective monitoring. Although it might sound daunting, an MIS can be extremely simple. An MIS is simply a set of procedures set up by you and your staff to ensure that data about the business is collected, recorded, reported and evaluated quickly and efficiently. That information is then used to check the progress of the business and to control it effectively. For most small businesses, there are likely only to be a few key elements.∙Marketing monitoring - Are you achieving your sales targets, in terms of level of sales and market share? How full is your order book? Are customers paying the right price?∙Production- How does the level of output compare with the level of sales?What is the percentage of rejects? How does the actual cost compare with the standard cost?∙Staff monitoring - Are they being effective? Are they satisfied and motivated?∙Financial control - Are you meeting your financial targets?You will need proper systems in place to ensure that:∙You keep careful track of everything bought by the business, especially if the person ordering is not the person who pays the bills;∙You record everything sold by the business and that everything is properly invoiced, especially if the person doing the selling is not the person who raises the invoices or chases customers for payment;∙There is an effective stock control system which records incoming raw materials and compares them against purchase orders, monitors progress through the production stages (if appropriate) and records the dispatch of finished goods; and,∙All payments and receipts are recorded to ensure that bank balances and overdraft limits are kept within agreed levels.Computerised accounting packages and spreadsheets make it relatively straightforward to record data and present it in an easily understood format. It still requires discipline to ensure that the data is collected, but making an effort will be rewarded through improved understanding of your business.The key to an effective MIS is to ensure that you only monitor a small number of figures and that those figures relate back to the strategic objectives and the operational objectives that you have set for your business. If other people needto see the figures, ensure that they get them speedily. If your system of financial control is to be successful, figures must be quickly available after month end.一个财务管理系统，该系统的改进与成功重点当然，我们并不是说，企业应该忽视对他们的现金抽屉审慎控制。

财务风险管理外文文献翻译译文

Financial Risk ManagementAlthough financial risk has increased significantly in recent years, risk and risk management are not contemporary issues. The result of increasingly global markets is that risk may originate with events thousands of miles away that have nothing to do with the domestic market. Information is available instantaneously, which means that change, and subsequent market reactions, occur very quickly. The economic climate and markets can be affected very quickly by changes in exchange rates, interest rates, and commodity prices. Counterparties can rapidly become problematic. As a result, it is important to ensure financial risks are identified and managed appropriately. Preparation is a key component of risk management.What Is Risk?Risk provides the basis for opportunity. The terms risk and exposure have subtle differences in their meaning. Risk refers to the probability of loss, while exposure is the possibility of loss, although they are often used interchangeably. Risk arises as a result of exposure.Exposure to financial markets affects most organizations, either directly or indirectly. When an organization has financial market exposure, there is a possibility of loss but also an opportunity for gain or profit. Financial market exposure may provide strategic or competitive benefits.Risk is the likelihood of losses resulting from events such as changes in market prices. Events with a low probability of occurring, but that may result in a high loss, are particularly troublesome because they are often not anticipated. Put another way, risk is the probable variability of returns.Since it is not always possible or desirable to eliminate risk,understanding it is an important step in determining how to manage it. Identifying exposures and risks forms the basis for an appropriate financial risk management strategy.How Does Financial Risk?Financial risk arises through countless transactions of a financial nature, including sales and purchases, investments and loans, and various other business activities. It can arise as a result of legal transactions, new projects, mergers and acquisitions, debt financing, the energy component of costs, or through the activities of management, stakeholders, competitors, foreign governments, or weather. When financial prices change dramatically, it can increase costs, reduce revenues, or otherwise adversely impact the profitability of an organization. Financial fluctuations may make it more difficult to plan and budget, price goods and services, and allocate capital.There are three main sources of financial risk:1. Financial risks arising from an organization’s exposure to changes in market prices, such as interest rates, exchange rates, and commodity prices.2. Financial risks arising from the actions of, and transactions with, other organizations such as vendors, customers, and counterparties in derivatives transactions3. Financial risks resulting from internal actions or failures of the organization, particularly people, processes, and systemsWhat Is Financial Risk Management?Financial risk management is a process to deal with the uncertainties resulting from financial markets. It involves assessing the financial risks facing an organization and developing management strategies consistent withinternal priorities and policies. Addressing financial risks proactively may provide an organization with a competitive advantage. It also ensures that management, operational staff, stakeholders, and the board of directors are in agreement on key issues of risk.Managing financial risk necessitates making organizational decisions about risks that are acceptable versus those that are not. The passive strategy of taking no action is the acceptance of all risks by default.Organizations manage financial risk using a variety of strategies and products. It is important to understand how these products and strategies work to reduce risk within the context of the organization’s risk tolerance and objectives.Strategies for risk management often involve derivatives. Derivatives are traded widely among financial institutions and on organized exchanges. The value of derivatives contracts, such as futures, forwards, options, and swaps, is derived from the price of the underlying asset. Derivatives trade on interest rates, exchange rates, commodities, equity and fixed income securities, credit, and even weather.The products and strategies used by market participants to manage financial risk are the same ones used by speculators to increase leverage and risk. Although it can be argued that widespread use of derivatives increases risk, the existence of derivatives enables those who wish to reduce risk to pass it along to those who seek risk and its associated opportunities.The ability to estimate the likelihood of a financial loss is highly desirable. However, standard theories of probability often fail in the analysis of financial markets. Risks usually do not exist in isolation, and theinteractions of several exposures may have to be considered in developing an understanding of how financial risk arises. Sometimes, these interactions are difficult to forecast, since they ultimately depend on human behavior.The process of financial risk management is an ongoing one. Strategies need to be implemented and refined as the market and requirements change. Refinements may reflect changing expectations about market rates, changes to the business environment, or changing international political conditions, for example. In general, the process can be summarized as follows:1、Identify and prioritize key financial risks.2、Determine an appropriate level of risk tolerance.3、Implement risk management strategy in accordance with policy.4、Measure, report, monitor, and refine as needed.DiversificationFor many years, the riskiness of an asset was assessed based only on the variability of its returns. In contrast, modern portfolio theory considers not only an asset’s riskiness, but also its contribution to the overall riskiness of the portfolio to which it is added. Organizations may have an opportunity to reduce risk as a result of risk diversification.In portfolio management terms, the addition of individual components to a portfolio provides opportunities for diversification, within limits. A diversified portfolio contains assets whose returns are dissimilar, in other words, weakly or negatively correlated with one another. It is useful to think of the exposures of an organization as a portfolio and consider the impact of changes or additions on the potential risk of the total.Diversification is an important tool in managing financial risks.Diversification among counterparties may reduce the risk that unexpected events adversely impact the organization through defaults. Diversification among investment assets reduces the magnitude of loss if one issuer fails. Diversification of customers, suppliers, and financing sources reduces the possibility that an organization will have its business adversely affected by changes outside management’s control. Although the risk of loss still exists, diversification may reduce the opportunity for large adverse outcomes.Risk Management ProcessThe process of financial risk management comprises strategies that enable an organization to manage the risks associated with financial markets. Risk management is a dynamic process that should evolve with an organization and its business. It involves and impacts many parts of an organization including treasury, sales, marketing, legal, tax, commodity, and corporate finance.The risk management process involves both internal and external analysis. The first part of the process involves identifying and prioritizing the financial risks facing an organization and understanding their relevance. It may be necessary to examine the organization and its products, management, customers, suppliers, competitors, pricing, industry trends, balance sheet structure, and position in the industry. It is also necessary to consider stakeholders and their objectives and tolerance for risk.Once a clear understanding of the risks emerges, appropriate strategies can be implemented in conjunction with risk management policy. For example, it might be possible to change where and how business is done, thereby reducing the organization’s exposure and risk. Alternatively, existingexposures may be managed with derivatives. Another strategy for managing risk is to accept all risks and the possibility of losses.There are three broad alternatives for managing risk:1. Do nothing and actively, or passively by default, accept all risks.2. Hedge a portion of exposures by determining which exposures can and should be hedged.3. Hedge all exposures possible.Measurement and reporting of risks provides decision makers with information to execute decisions and monitor outcomes, both before and after strategies are taken to mitigate them. Since the risk management process is ongoing, reporting and feedback can be used to refine the system by modifying or improving strategies.An active decision-making process is an important component of risk management. Decisions about potential loss and risk reduction provide a forum for discussion of important issues and the varying perspectives of stakeholders.Factors that Impact Financial Rates and PricesFinancial rates and prices are affected by a number of factors. It is essential to understand the factors that impact markets because those factors, in turn, impact the potential risk of an organization.Factors that Affect Interest RatesInterest rates are a key component in many market prices and an important economic barometer. They are comprised of the real rate plus a component for expected inflation, since inflation reduces the purchasing power of a lender’s assets .The greater the term to maturity, the greater theuncertainty. Interest rates are also reflective of supply and demand for funds and credit risk.Interest rates are particularly important to companies and governments because they are the key ingredient in the cost of capital. Most companies and governments require debt financing for expansion and capital projects. When interest rates increase, the impact can be significant on borrowers. Interest rates also affect prices in other financial markets, so their impact is far-reaching.Other components to the interest rate may include a risk premium to reflect the creditworthiness of a borrower. For example, the threat of political or sovereign risk can cause interest rates to rise, sometimes substantially, as investors demand additional compensation for the increased risk of default.Factors that influence the level of market interest rates include:1、Expected levels of inflation2、General economic conditions3、Monetary policy and the stance of the central bank4、Foreign exchange market activity5、Foreign investor demand for debt securities6、Levels of sovereign debt outstanding7、Financial and political stabilityYield CurveThe yield curve is a graphical representation of yields for a range of terms to maturity. For example, a yield curve might illustrate yields for maturity from one day (overnight) to 30-year terms. Typically, the rates are zero coupon government rates.Since current interest rates reflect expectations, the yield curve provides useful information about the market’s expectations of future interest rates. Implied interest rates for forward-starting terms can be calculated using the information in the yield curve. For example, using rates for one- and two-year maturities, the expected one-year interest rate beginning in one year’s time can be determined.The shape of the yield curve is widely analyzed and monitored by market participants. As a gauge of expectations, it is often considered to be a predictor of future economic activity and may provide signals of a pending change in economic fundamentals.The yield curve normally slopes upward with a positive slope, as lenders/investors demand higher rates from borrowers for longer lending terms. Since the chance of a borrower default increases with term to maturity, lenders demand to be compensated accordingly.Interest rates that make up the yield curve are also affected by the expected rate of inflation. Investors demand at least the expected rate of inflation from borrowers, in addition to lending and risk components. If investors expect future inflation to be higher, they will demand greater premiums for longer terms to compensate for this uncertainty. As a result, the longer the term, the higher the interest rate (all else being equal), resulting in an upward-sloping yield curve.Occasionally, the demand for short-term funds increases substantially, and short-term interest rates may rise above the level of longer term interest rates. This results in an inversion of the yield curve and a downward slope to its appearance. The high cost of short-term funds detracts from gains that would otherwise be obtained through investment and expansion and make the economyvulnerable to slowdown or recession. Eventually, rising interest rates slow the demand for both short-term and long-term funds. A decline in all rates and a return to a normal curve may occur as a result of the slowdown.财务风险管理尽管近年来金融风险大大增加，但风险和风险管理不是当代的主要问题。

现代企业财务管理中英文对照外文翻译文献

现代企业财务管理中英文对照外文翻译文献(文档含英文原文和中文翻译)Discussion on the Modern Enterprise Financial ControlRyanDavidson ,JennyGoodwin-Stewart ,PamelaKentThis paper discusses the The modern enterprise is becoming China's economic development in the process of an important new force. However, with the modern enterprise investment on the scale of the expansion and extension of the growing investment levels, the modern enterprise financial control is becoming increasingly urgent. This is common in state-owned enterprise groups and private enterprise groups, a common predicament. At present, the modern enterprise is becoming China's enterprises to compete in the international market, the leading force. In a market economy under the conditions of modern business success or failure depends largely on the Group's financial management and financial control is a modern enterprise financial management of the link. Many of the modern enterprise bystrengthening the financial control so that the Group significant increase efficiency, and even some loss-making by strengthening the financial control of the modern enterprise to enable companies to achieve profitability. In this paper, expounding China's modern enterprises the main problems of financial control, based on the choice of financial control method was summarized and analyzed the content of the modern enterprise financial controls, the final resolution of the financial control mode selected key factors for the modern enterprise the improvement of financial control to provide a degree of meaningful views.1 IntroductionWith China's accession to WTO, China's enterprise groups must be on the world stage to compete with TNCs from developed countries. At present the development of enterprise groups in China is not satisfactory, although there are national policies and institutional reasons, but more important is its financial management in particular, caused by inadequate financial controls. For a long time, China's enterprise group cohesion is not strong, their respective subsidiaries within the Group for the array, can not play the whole advantage; redundant construction and haphazard introduction of frequent, small investments, decentralized prominent problem: financial management is chaotic, resulting in frequent loss of control, a waste of money the phenomenon of serious; ineffective financial control, financial management loopholes. In recent years, enterprise group's financial control has been our country's financial circles. In short, the problem of exploration in our country has obvious practical significance. Clearly, China's modern enterprise financial controls are the main problem is to solve the problem of financial control method based on the choice of financial control method is the key financial control of the modern enterprise content is content, while the financial control method of choice is the ultimate ownership of the main factors that point, This train of thought here on the modern enterprise's financial control method were analyzed.2. An overview of the modern enterprise financial controlInternal control over financial control is an important part, is a subsidiary of parent company control of an important part of its financial management system is the core of. The concept of modern enterprise financial controls in accordance with the traditional definition, financial control refers to the "Financial Officers (sector) through the financial regulations, financial systems, financial scale, financial planning goals of capital movement (or the daily financial activities, and cash flow) for guidance, organization, supervision and discipline, to ensure that the financial plan (goals) to achieve the management activities. financial control is an important part of financial management or basic functions, and financial projections, financial decision-making, financial analysis and evaluation together with a financial management system or all the functions.The modern enterprise's financial control is in the investor's ownership and corporate property rights based on the generated surrounding the Group's overallobjective, using a variety of financial means, the members of the enterprise's economic activities, regulation, guidance, control and supervision, so that it Management Group's development activities are consistent with the overall goal of maintaining the group as a whole. Financial control is a power to control one side of the side control, inevitably based on one or several powers. Financial control is essentially related to the interests of enterprises in the organization, the conduct of control, namely, by controlling the financial activities of the assets, personnel actions, to coordinate the objectives of the parties to ensure that business goals. The modern enterprise financial control includes two aspects: the owner funded financial control and corporate managers financial control. From the donors point of view, the essence of the modern enterprise is characterized by investor and corporate property rights of ownership and separation. Investors will invest its capital to the enterprise after their capital combined with debt capital, constitute the enterprise's capital, the formation of corporate business assets is funded by corporate property, then lost direct control over the funders in order to achieve itsCapital maintenance and appreciation of the goal, only through control of its capital manipulation of corporate assets in order to achieve the maximum capital value donors. The control of capital controls is an important property is the prerequisite and foundation for financial control. From the perspective of internal management of enterprises and its financial control target is the legal property of its operations.3 China's modern enterprises the main problems of financial controlAt present, the modern enterprise is becoming China's enterprises to compete in the international market, the leading force. In a market economy under the conditions of modern business success or failure depends largely on the Group's financial management and financial control is a modern enterprise financial management of the link. China's modern enterprise financial controls are still in the stage to be further improved, to varying degrees, there are some urgent need to address the problem:3.1 Financial control set decentralized model of polarization, low efficiencyIn the financial control of the set of decentralized model, China's modern enterprise polarization. The current group of financial control either over-centralization of power, the members of the business has no legal status as a subsidiary factory or workshop, the group is seen as a big business management, leadership financial rights absolute; or excessive decentralization, a large number of decentralized financial control to a subsidiary, any of its free development.In addition, the modern enterprise financial control system suited the needs of a market economy, financial control and flexibility of principle there is no organic unity. If the subordinate enterprises, with few financial decision-making power, then the temporary financial problems occur at every level always reported to the Group'sheadquarters, and then from the headquarters down the implementation of the decision-making at every level, so it is easy to miss market opportunities. On the contrary, when the subsidiary of financial decision-making power is too large, they easily lead to financial decision-making blind and mistakes, not only for the Group's staff to participate in market competition, failed to exercise any decision-making role, but will also become a competitor to the market to provide a tool for competitive information, hinder the the further development of enterprises.3.2 One of the lack of financial contro lFinancial control in accordance with the owner of intention, in accordance with relevant laws and regulations, systems and standards, through certain financial activities and financial relations, and financial activities to promote all aspects of the financial requirements in accordance with a code of conduct to conduct his activities. From China's current situation, the financial control of a modern enterprise mainly focused on ex post facto control, is often the lack of critical pre-budget and to control things. Many modern enterprises, after a decision is in advance, for further financial control tended to focus on the annual profit plan, to meet on the development of a full-year sales revenue, cost, target profit, and several other overarching objectives, without further specific decision-making technology to compile for control and management, according to the month, quarterly, annual financial budget. Therefore, the interim budget and thus difficult to compare operating performance is a matter to control the empty words. As for the ex post facto control, although based on the year-end assessment of the needs and to get some attention, they can still profit in the annual plan, based on the relevant accounting information barely supported by whom, but the effects are pretty effective. Since the ex ante control may not be effective, so subordinate enterprises throughout the implementation process of decision-making are largely outside the core business of financial control, divorced from the core business of financial control.Modern enterprises themselves do not establish a parent-subsidiary link up the financial control mechanisms, financial control their own ways, the parent company of the modern enterprise can not come to the unified arrangement of a strategic investment and financing activities, the group blindly expand the scale of investment, poor investment structure, external borrowing out of control, financial structure is extremely weak, once the economic downturn or product sales are sluggish, there barriers to capital flows, the Group into trouble when they become addicted. An internal financial assessment indicators are too single, not fully examine the performance of subsidiaries. A considerable number of modern enterprise's internal assessment targets only the amount of the contract amount and profit 2.3.3 regardless of the financial and accounting functions, institutional settings are not standardizedAt present, China's financial and accounting sector enterprises are usually joined together, such a body set up under the traditional planned economic system, stillcapable to meet the management needs, but the requirements of modern enterprise system, its shortcomings exposed. Manifested in: (1) financial services targeted at business owners, it is the specific operation and manipulation of objects is the enterprise's internal affairs, while the accounting of clients within the enterprise and external stakeholders, would provide open accounting information must reflect the "true and fair" principle. Will be different levels of clients and flexibility in a merger of two tasks, will inevitably lead to interference with the financial flexibility of the fairness of accounting. (2) The financial sector is committed to the financial planning, financial management, the arduous task, but flexible in its mandate, procedures and time requirements more flexible, but assume that the accounting information collection, processing, reporting and other accounting work, and flexibility in work assignments weak, procedures and time requirements more stringent and norms. If the enterprises, especially in modern enterprises to financial management and accounting work are mixed together, is likely to cause more "rigid" in accounting work runs more "flexible" financial management is difficult to get rid of long-standing emphasis on accounting, financial management light situation.3.4 irregularities in the operation of a modern enterprise fundsAt present, the modern enterprise fund operation of the following problems: First, a serious fragmentation of the modern enterprise funds. Some of the modern enterprise have not yet exceeded a certain link between the contractual relationship to conduct capital, operating, and its essence is still the executive order virtual enterprise jointly form of intra-group members are still strict division of spheres of influence, difficult to achieve centralized management of funds, unification deployment of large groups is difficult to play the role of big money. Second, the stock of capital make an inventory of modern enterprise poor results. Result of the planned economy under the "re-output, light efficiency, re-extension, light content, re-enter, light output" of inertia, making the enterprise carrying amount of funds available to make an inventory of large, but the actual make an inventory of room for small, thus affecting the to the effect of the stock of capital. Third, the modern enterprise funds accumulated a lot of precipitation.3.5 Internal audit exists in name onlyAt present, enterprises in the financial monitoring of internal audit work to become a mere formality process. The first formal audit management. Hyundai organized every year in different forms of audit, has become a fixed procedure, but because the internal audit staff and the audited entity at the same level, thus in the company's financial problems can not get to the bottom, just a form of and going through the motions. This audit not only failed to exercise any oversight role, to some extent encouraged the small number of staff violations of law. Second, nothing of audit responsibilities. Internal audit is a modern enterprise group commissioned by the audit staff members of Corporate Finance to conduct inspection and supervision process, and therefore the auditors have had an important mandate and responsibilities. But in reality, become a form of audit work, audit officers, whether seriously or not, are notrequired to bear the responsibility, thus making the audit is inadequate supervision. Third, the audit results and falsified. Audit results should be true and can be *, but in reality the different audit bodies of the same company during the same period of the audit, results are often different, and a far cry from, these are false true performance of the audit findings.4. Selected financial control model should be considered a major factor Generally speaking, the modern enterprise selects the financial control mode, the main consideration should be given these factors: equity concentration, a subsidiary of the degree of influence of the parent company financial strategy, organizational structure, development strategy, the group scale.From the group-level point of view, the parent company of the subsidiaries of the associated control to be strict control of the company, a wholly-owned subsidiary of the control to be strict control of the relatively holding subsidiaries, therefore, the parent company of the wholly owned subsidiary of and advantages of holding subsidiaries with centralized control, the quality holding subsidiaries and any shares of a subsidiary of the separation of powers system. To maintain and enhance the core competitiveness of modern enterprises of different degree of importance of a subsidiary should be taken to a different control mode. Have a significant impact on the subsidiary, the parent company must maintain a high degree of centralized control and management right, even partially, the separation of powers must be confined within the framework of centralized; right with the Group's development strategy, core competencies, core business and for the foreseeable the future development of relations in general, a subsidiary of little impact, from improving management efficiency, play to their enthusiasm and enhance the resilience of the market competition point of view, using decentralized type of management system, a better option.From the organizational structure point of view, U-type structure is a typical centralized structure, and accordingly, its financial control model should also be authoritarian style. H-is an organic organizational structure, a more loose linkages between various departments, departments have greater flexibility in the organization structure, with decentralized financial control model is more suitable, while the M-type structure belonging to phase Rong-type organizational structure, so the use of centralized financial control model can be used either decentralized model.From the operating characteristics of point of view, the different characteristics of the modern enterprise management, financial control mode selection will be different. And integration operations in a single case, all units within the group has a great business contacts, financial control naturally require higher degree of centralization.Enterprises to adopt diversification, because each subsidiary where the industry is different from the operational linkages between the various subsidiaries is relatively small, difficult to implement a modern enterprise integrated centralized control, and therefore the financial control of all subsidiaries should be given to the appropriate authority.From the development stage point of view, the modern enterprises in the different stages of development, in order to meet the needs of business development will take a different mode of financial control. Generally speaking, companies in the early stages of the development of small, relatively simple operations, using centralized financial control mode, you can better play the same decision-making and resource integration advantages in the industry has created a scale. With the continuous expansion of company size, business areas and constantly open up, Centralized financial control mode can not meet the company's financial controls and management methods on the need for diversification, and this time, we need more subsidiaries in all aspects of and more authority, so that the financial control model of a modern enterprise gradually to decentralized development.In addition, the financial control model should be subject to the enterprise's development strategy, fully reflects the company's strategic thinking. The company's development strategy can be divided into stable angina strategy, expansion-type strategy, tight-based strategies and hybrid strategies. Enterprises at different stages of the strategic choice of a particular need for financial control in accordance with * a different pattern. Stable implementation of the strategy is usually within the company can be a high degree of centralization of some; to implement expansionary strategy, companies tend to a more flexible decentralized type control mode to suit their developing needs of the market; the implementation of tight-based company's business strategy, all major financial activities must be strictly controlled, thus emphasizing centralization; hybrid strategy for the implementation of the company, it should be operated according to the characteristics of each subsidiary to take a different control mode.References:[1] Han Wei mold. Finance and Accounting Review of regulatory hot spots [M]. Beijing: Economic Science Press, 2004[2] Lin Zhong-gao. Financial governance. Beijing: Economic Management Publishing House [M], 2005[3] Yan Li Ye. Xu Xing-US; Enterprise Group Financial Control Theory and Its Implications, economics, dynamic [J], 2006[4] Lu Jie. On the internal financial control system improvements and management of popular science (research and practice) [J], 2007[5] Chen Chao-peng. Improve the corporate financial control measures, businessaccounting [J], 2007[6] Huang Xi. On the Enterprise Group Financial Control [J]. Chinese and foreign entrepreneurs, 2006, (06)[7] Jiang-feng tai. Enterprise Group Financial Control Studies [J]. Marketing Week. Theoretical study, 2006, (08)现代企业财务管理的探讨瑞安戴维森，珍妮古德温-斯图尔特，帕梅拉肯特本文探讨现代企业正在成为中国经济发展过程中的一个重要的新力量。

财务战略管理外文翻译文献

财务战略管理外文翻译文献外文文献原文及译文财务战略管理外文翻译文献(文档含中英文对照即英文原文和中文翻译)Small and medium-sized enterprise financial strategy choice indifferentFinancial strategic management of the significance of the development of small and medium-sized enterprises, this paper expounds the development of enterprise needs not only scientific, fine daily management, need more forward-looking strategic vision and strategic thinking;Through the analysis of the financial characteristics of small and medium-sized enterprises (smes) in different development period, discusses the enterprise should be how to choose matching financial strategy problems, for the enterprise bigger and stronger, sustainable development, provides a feasible way of thinking.With the establishment of the modern enterprise system and market economic system reform deepening, the business activities of enterprises both contain the great vitality, also lies the great crisis.Small and medium-sized enterprises how to adapt to the environment, and maintain competitive advantage not only need to strengthen the daily management of science, fine, more need to have a forward-looking strategic thought, especially the financial and strategic thinking.Enterprise financial strategy, need to consider the enterprise external environment and internal conditions, and many other factors.Due to the small and medium-sized enterprise its own characteristics, in financial strategy can't be consistent with the practice of large enterprise,it must has its own way.Seek financial strategy for the development of small and medium-sized enterprises, make the small and medium-sized enterprise to do strongly does, sustainable development, has important practical significance for the enterprise.First, the significance of small and medium-sized enterprise financial strategy managementModern enterprise financial faces a diverse, dynamic and complicated management environment, enterprise financial management is no longer a specific methods and means of financial management, but absorbs the principle and method of strategic management, from the perspective of to adapt to the environment, use conditions, pay attention to the long-term problem of financial and strategic issues.In the small and 外文文献原文及译文medium-sized enterprises under the condition of relative lack of resources, to develop a suitable financial strategy, and at a reasonable allocation of scarce resources is particularly important.Enterprise financial strategic focus is the development direction of the future financial activities, goals, as well as a basic approach to achieve the goal and strategy, this is a financial strategy is different from other features of various kinds of strategy.Enterprise financial strategy is the overall goal of assemble, configuration, and use resources rationally, to seek balanced and effective flow of enterprise funds, build enterprise core competitive power, finally realizes the enterprise value maximization.The several aspects of the goal is connected with each other.In the long term performance for, seek the sustainable growth of enterprise financial resources and ability, to realize theenterprise capital appreciation, and make the enterprise financial ability sustainable, rapid and healthy growth, maintain and develop the enterprise the competitive advantage.Strategic management in building enterprise core competitive power, need the support of enterprise financial management.Enterprise capital management as the important content of financial management must reflect the requirements of enterprise strategy, ensure the implementation of the strategy of its.Implement the strategy of enterprise financial management value is that it can maintain a healthy enterprise financial situation, to effectively control the financial risk of the enterprise.Second, the small and medium-sized enterprise financial characteristics analysisSuccessful financial strategy must be adapted to the enterprise financial characteristics, the development stage of conform to the enterprise overall strategy and the current and the benefits of stakeholders, the associated risks.Roughly divided into enterprise's development stage, initial, maturation and decline stages.Small and medium-sized enterprises in different stages of development presents the financial characteristics are different and should be based on the analysis of characteristics of its financial seek suitable for different development period of the small and medium-sized enterprise financial strategy.1)the initial financial characteristicsThe management risk of the enterprise life cycle of the initial stage is the highest, thisis because the products on the market soon, a single product structure, the scale of production limited, the product cost is higher, profitability is very poor, also need to invest a lot of money for the new product development and marketdevelopment, and product market whether to expand the product should be enough space for the development of is uncertain and compensation costs, core competence has not yet formed.To small businesses from the impact of the financial management activities of enterprises cash flow, operating activities and investment activities belong to the state of outflows greater than inflows, shortage of funds, cash flows is negative, it is difficult to form internal capital accumulation, financing activities is the only source of cash.This is the initial financial characteristics of the enterprise.2)mature financial characteristicsIn the beginning of small business success across, they will enter a relatively stable mature stage.In the process of enterprise tend to mature, the enterprise growth and prospect than as well as the management risk will fall;Enterprises have the product of the stability of the relatively high market share and account back continuously, has the high efficiency of capital turnover;At the same time, due to the new project, cash flow, less business net cash flow is positive, the enterprise the management activities and investment activities generally characterized by net income.Financing scale than the initial decline, and at this stage is given priority to with retained earnings and debt financing policy, a lot of debt servicing period, along with the increase of debt financing, rise to financial risk and operational risk equivalent.Dividend proportion also have improved, high cash per share net profit ratio make the dividend payment rate and payments will improve, investors return at this time more is through the dividend distribution rather than the start-up phase of the capital gains to meet.3)the recession financial characteristicsFor recession enterprises, reduce business and product death is inevitable, and the opportunity for profitable investment is very small, the purpose of business is the turning point in order to continue to make a living.To small business financial management activities of enterprises from the impact of cash flow, because the enterprise product sales decline, slow cash flow, business activities have obvious negative cash flow.At the same time, as companies in recession more to take high dividend distribution policy, debt financing in the process of decline will increase, and外文文献原文及译文financing activities generate positive cash flow, financial leverage and financial risk increases.Three, different development period of the financial strategy choiceThe choice of financial strategy decision of small and medium-sized enterprise financial orientation and pattern of resource distribution, affects the behavior of enterprise financing activity and efficiency.From the perspective of life cycle theory, the development of small and medium-sized enterprises generally to undergo early stage, mature stage and decline stages.Small and medium-sized enterprise's financial strategy will vary at different stages of development, only select and match the different developmental stages of the enterprise's financial strategy, in order to promote the small and medium-sized enterprises bigger and stronger, sustainable development.1)leading the financial and strategic choiceFinancing strategy is an integral part of the corporate financial strategy, it is the enterprise to raise funds to solve the main goal, principle, direction, scale, structure, major issues suchas channels and means, it is not a specific fund-raising plan, but in order to meet the future environment and the requirements of enterprise strategy, to the enterprise financing, and the idea of the system for a long time, enterprise strategy implementation and enhance the competitiveness of enterprise is dedicated to provide you with reliable cash flow support.In terms of external financing, small and medium-sized enterprises have difficulty in direct financing is a worldwide phenomenon.Objectively, to the extent of direct financing for smes, determined by the small and medium-sized enterprise its own problems.If it is difficult to find eligible collateral or guarantee units, commercial Banks to small and medium-sized enterprise is hard to track supervision and inspection.Most small and medium-sized enterprises small scale, the risk is big, once insolvency bankruptcy, commercial Banks and so on, the security of the creditor's rights will be these are the important factors that affect sme loans.Endogenous financing strategy refers to an enterprise that mainly from internal financing source of financing.Under the guidance of strategic thinking in the financing, the enterprise is not dependent on external funding, and raise the needed capital, and in this unit interior longitudinal accumulation of capital through retained profits before it.The main source of funds will be retained earnings, amortization, etc without having to pay cash, capital takes up less, savings brought by the revolving speed and so on.Type endogenous financing strategy is especially suitable for the lack of external financing channels of small and medium-sized enterprises.From the perspective of tax analysis, debt financing can bring tax benefits for enterprises.But since most startups accounting only produce loss, debt financingcan bring positive influence for the enterprise, and at present because our country small and medium-sized enterprises in the internal financing is relatively easy to some, lower the cost of financing, so should choose mainly endogenous financing, external financing is complementary financing strategy, provided by the owners and affiliated enterprise loan, at the same time to strengthen its own capital reserves, creating certain credit conditions, with their own assets as collateral, borrowing from financial institutions make the enterprise keep good capital structure.Enterprises should choose according to future solvency acceptable way of financing, prevent enterprises from the initial stage back heavy debt burden and was in financial crisis.Investment strategy is based on enterprise internal and external environment condition and its change trend, the enterprise has or the actual control of economic resources effectively put out, in order to obtain economic benefits and competitive advantage in the future.The content of investment strategy of investment direction, the determination of investment scale and proportion.Content must be combined with the specific investment enterprise overall strategy and investment environment, enterprise development stage to set.In the implementation of the investment strategy, managers should pay more attention to growth, leading technology and market share targets.At the start-up stage and growth stage of medium and small enterprises,They need a lot of money to develop new products, expand the market and expand business.Because it difficult to get loans from the outside, so the owners of the small and medium-sized enterprises (smes) are generally the after-tax profits retained in the enterprise, as far as possible use of cash dividend policy, keep more profits, to enrich the capital.2)mature small and medium-sized enterprise financial strategy choiceFor mature type of small and medium-sized enterprises, in order to obtain sufficient funds or stable sources of funds and excellent capital structure, usually adopt the combination of a variety of financing methods for financing.Financing strategy 外文文献原文及译文combinations can achieve better effect, such as financing, revitalize the memory through the financial assets financing, financing and depreciation enterprise commercial credit financing, etc.Type financial financing strategy refers to the enterprises with financial institutions to establish close cooperation relations, use of these financial institutions long-term stable credit the funds to reach the purpose of financing the financing strategy.Financial funding sources including policy Banks, commercial Banks and non-bank financial institutions credit financing lease, leasing company.Its advantage is financing large-scale, flexible form, enterprises need to pay interest charge, does not involve the use of equity.Type financial financing both bring to enterprise financial leverage effect, and can prevent the dilution of return on net assets and earnings per share, so in the meantime, small and medium-sized enterprises should be in order to improve the effect of financial leverage as a starting point, take active financing strategies, appropriately increase the proportion of debt.The deficiency of this form of financing is financing conditions and high cost, applicable to the product markets mature, is developing rapidly and has substantial advantages, especially small and medium-sized enterprises with technical advantage, is the premise of its financing is expected to borrow funds capital profit margin is higher than interest rates.In addition to this, mature type of small and medium-sized enterprises should also be effective to the implementation of the internal financing strategy, optimize the enterprise internal stock fund adjustment, the enterprise stock assets.Mature enterprises already have depreciation financing conditions, should play the advantages of depreciation financing.Depreciation financing possesses the advantages of low cost, low risk, through the depreciation financing to optimize financing /doc/f43449150.html,panies can also make full use of the commercial credit financing.Between enterprises credit financing, including accounts payable, notes payable, advance payment, etc.Credit financing for small and medium-sized enterprises limited liquidity is more special significance, it is the effective way to solve the enterprise capital especially the lack of liquidity.According to the characteristics of the small and medium-sized enterprises mature financial enterprises gradually rise in profits and stable at the same time, maintain production cost is reduced, which makes the enterprise capital at the beginning of the mature found some surplus.This stage of the small and medium-sized enterprises with profit maximization as the financial management goal, usually by taking scaleexpansion, development of diversification and find new ways to invest profit opportunities.Suitable for mature with the situation of small and medium-sized enterprises investment strategy includes scale expansion strategy and stable investment strategy.The expansion of scale expansion mainly refers to the core product sales.Expansion investment strategy is the mature period of small and medium-sized enterprises one of the most commonly used investment strategy, is small and medium-sizedenterprises achieve high growth of the most direct, the most effective way.The main means to realize scale expansion of market penetration, development strategy and product development strategy.After entering the mature stage of small and medium-sized enterprises, can produce a stronger intention and the growth of their own lack of various conditions, and ability of its internal contradiction, therefore, should hold more prudent attitude in financial aspects, blind expansion of avoid by all means.Summary of small and medium-sized enterprises in the reasons for failure in the process of seeking development, finance unsound accounts for large proportion.When companies have some occupy the market of products, with the possible longer profitable accumulation, often not very attention to working capital turnover, but for the past business on success, a large amount of working capital will be used for investment in fixed assets, it will lead to new tensions on the turnover of working capital.There is in order to avoid a single product, is trying to spread risk through diversification and the diversification operation, however due to the small and medium-sized enterprises generally smaller overall capital, diversification is very easy to cause the original items of working capital turnover difficult, and the new investment projects and could not form a certain scale, management ability and management experience, combined with the lack of necessary beyond to establish competitive advantage, enhancing the management risk.Different enterprises in the investment operation of the project will have different requirements, the expansion of investment strategy and stable investment strategy selection, small and medium-sized enterprise must look at the businessconditions and environment, to choose the appropriate investment strategy.Enterprises in the investment management aspects, therefore, should be to put money to be able to take advantage of the enterprise market of the products, and constantly update technical renovation, equipment, expand production scale, improve product yield and quality, to 外文文献原文及译文increase economies of scale, improve market share.At this stage, the enterprise should be scientific, reasonable choice of the mode of investment, strengthen the investment project feasibility study and argument, to strengthen the evaluation of project investment and summarizes the work.3)recession type of small and medium-sized enterprise financial strategy choiceRecession type is an important feature of small and medium-sized enterprise financing structure is highly leveraged, the most important is the compression ratio of debt financing, to avoid the risk of financial leverage.In the case of high financial risk management, often adopt defensive deflating financial strategy.Defense deflating financial strategy is to prevent financial crisis and survive, and the new development for the purpose of a financial strategy.Defense deflating financial strategy, general will minimize cash outflows and as far as possible to increase cash inflows as a top priority.In financial financing decision, should be given priority to with the use of short-term funds, as far as possible avoid the use of long-term funds, take on endogenous financing including profit retained accumulation, owner, shareholder investment and borrowing to owner, partners and shareholders of endogenous debt financing is given priority to, an application for a patent for divestitures,relies on external financing of the financing way.When enterprise sales began to decline, high fixed costs can make the enterprise into serious losses, but by signing a short-term contract or completely based on the variable cost, thus reduce fixed costs ratio lower the total cost.When many factors shows that the enterprise is in decline, can choose to some non-critical product or technology transfer, to abandon the development investment in a particular field, reduce the money for the old products, the accumulation of capital, to find new investment opportunities.To sum up, small and medium-sized enterprises (smes) on the sustainable development road, must choose to match with different stages of development of financial strategy, it can make up for the congenital defects existing in the financial, improving the capacity of sustainable development, it is the key to the small and medium-sized enterprises bigger and stronger.The arrangement of the small and medium-sized enterprises in the financial strategy, we should pay attention to keep a good capital structure, attach importance to connotation development, sound financial management, avoid blind investment and diversification, should be saving money andtimely realize scale expa。

财务风险管理外文文献翻译译文

Financial Risk ManagementAlthough financial risk has increased significantly in recent years, risk and risk management are not contemporary issues. The result of increasingly global markets is that risk may originate with events thousands of miles away that have nothing to do with the domestic market. Information is available instantaneously, which means that change, and subsequentmarket reactions, occur very quickly. The economic climate and markets can be affected very quickly by changes in exchangerates, interest rates, and commodity prices. Counterparties can rapidly become problematic. As a result, it is important to ensure financial risks are identified and managed appropriately. Preparation is a key component of risk management.What Is Risk?Risk provides the basis for opportunity. The terms risk and exposure have subtle differences in their meaning. Risk refers to the probability of loss, while exposure is the possibility of loss, although they are often used interchangeably. Risk arises as a result of exposure.Exposure to financial markets affects most organizations, either directly or indirectly. When an organization has financial market exposure, there is a possibility of loss but also an opportunity for gain or profit. Financial market exposure may provide strategic or competitive benefits.Risk is the likelihood of losses resulting from events such as changes in market prices. Events with a low probability of occurring, but that may result in a high loss, are particularly troublesome because they are often not anticipated. Put another way, risk is the probable variability of returns.Since it is not always possible or desirable to eliminate risk, understanding it is an important step in determining how to manage it. Identifying exposuresand risks forms thebasis for an appropriate financial risk management strategy.How Does Financial Risk?Financial risk arises through countless transactions of a financial nature, including sales and purchases, investments and loans, and various other business activities. It can arise as a result of legal transactions, new projects, mergers and acquisitions, debt financing, the energy component of costs, or through the activities of management, stakeholders, competitors, foreign governments, or weather. When financial prices change dramatically, it can increase costs, reduce revenues, or otherwise adversely impact the profitability of an organization. Financial fluctuations may make it more difficult to plan and budget, price goods and services, and allocate capital.There are three main sources of financial risk:1. Financial risks arising from an organization e'xpsosure to changes in market prices, such as interest rates, exchange rates, and commodity prices.2. Financial risks arising from the actions of, and transactions with, other organizations such as vendors, customers, and counterparties in derivatives transactions3. Financial risks resulting from internal actions or failures of the organization, particularly people, processes, and systemsWhat Is Financial Risk Management?Financial risk management is a process to deal with the uncertainties resulting from financial markets. It involves assessingthe financial risks facing an organization and developing management strategies consistent with internal priorities and policies. Addressing financial risks proactively may provide an organization with a competitive advantage. It also ensures that management, operational staff, stakeholders, and the board of directors are in agreement on key issues of risk.Managing financial risk necessitatesmaking organizational decisions about risks thatare acceptable versus those that are not. The passive strategy of taking no action is the acceptance of all risks by default.Organizations manage financial risk using a variety of strategies and products. It is important to understand how these products and strategies work to reduce risk within the context of the organization r'isks tolerance and objectives.Strategies for risk management often involve derivatives. Derivatives are traded widely among financial institutions and on organized exchanges. The value of derivatives contracts, such as futures, forwards, options, and swaps, is derived from the price of the underlying asset.Derivatives trade on interest rates, exchange rates, commodities, equity and fixed income securities, credit, and even weather.The products and strategies used by market participants to manage financial risk are the same ones used by speculators to increase leverage and risk. Although it can be argued that widespread use of derivatives increases risk, the existence of derivatives enables those who wish to reduce risk to pass it along to those who seek risk and its associated opportunities.The ability to estimate the likelihood of a financial loss is highly desirable. However, standard theories of probability often fail in the analysis of financial markets. Risks usually do not exist in isolation, and the interactions of several exposures may have to be considered in developing an understanding of how financial risk arises. Sometimes, these interactions are difficult to forecast, since they ultimately depend on human behavior.The process of financial risk management is an ongoing one. Strategies need to be implemented and refined as the market and requirements change. Refinements may reflect changing expectations about market rates, changes to the business environment, or changing international political conditions, for example. In general, the process can be summarized as follows:1、Identify and prioritize key financial risks.2、Determine an appropriate level of risk tolerance.3、Implement risk management strategy in accordance with policy.4、Measure, report, monitor, and refine as needed.DiversificationFor many years, the riskiness of an asset was assessed based only on the variability of its returns. In contrast, modern portfolio theory considers not only an asset 'ri s kiness, but also its contribution to the overall riskiness of the portfolio to which it is added. Organizations may have an opportunity to reduce risk as a result of risk diversification.In portfolio management terms, the addition of individual components to a portfolio provides opportunities for diversification, within limits. A diversified portfolio contains assets whose returns are dissimilar, in other words, weakly or negatively correlated with one another. It is useful to think of the exposures of an organization as a portfolio and consider the impact of changes or additions on the potential risk of the total.Diversification is an important tool in managing financial risks.Diversification among counterparties may reduce the risk that unexpected events adversely impact the organization through defaults. Diversification among investment assets reduces the magnitude of loss if one issuer fails. Diversification of customers, suppliers, and financing sources reduces the possibility that an organization will have its business adversely affected by changes outside management' scontrol. Although the risk of loss still exists, diversification may reduce the opportunity for large adverse outcomes. Risk Management ProcessThe process of financial risk management comprises strategies that enable an organization to manage the risks associated with financial markets. Risk management isa dynamic process that should evolve with an organization and its business. It involves and impacts many parts of an organization including treasury, sales, marketing, legal, tax, commodity, and corporate finance.The risk management process involves both internal and external analysis. The first part of the process involves identifying and prioritizing the financial risks facing an organization and understanding their relevance. It may be necessary to examine the organization and its products, management, customers, suppliers, competitors, pricing, industry trends, balance sheet structure, and position in the industry. It is also necessary to consider stakeholders and their objectives and tolerance for risk.Once a clear understanding of the risks emerges,appropriate strategies can be implemented in conjunction with risk management policy. For example, it might be possible to change where and how business is done, thereby reducing the organization 'exsposure and risk. Alternatively, existing exposures may be managed with derivatives. Another strategy for managing risk is to accept all risks and the possibility of losses.There are three broad alternatives for managing risk:1. Do nothing and actively, or passively by default, accept all risks.2. Hedge a portion of exposures by determining which exposures can and should be hedged.3. Hedge all exposures possible.Measurement and reporting of risks provides decision makers with information to execute decisions and monitor outcomes, both before and after strategies are taken to mitigate them. Since the risk managementprocess is ongoing, reporting and feedback can be used to refine the system by modifying or improving strategies.An active decision-making process is an important component of risk management. Decisions about potential loss and risk reduction provide a forum for discussion ofimportant issues and the varying perspectives of stakeholders.Factors that Impact Financial Rates and PricesFinancial rates and prices are affected by a number of factors. It is essential to understand the factors that impact markets because those factors, in turn, impact the potential risk of an organization.Factors that Affect Interest RatesInterest rates are a key component in many market prices and an important economic barometer. They are comprised of the real rate plus a component for expected inflation, since inflation reduces the purchasing power of a lender 'a s sets.The greater the term to maturity, the greater the uncertainty. Interest rates are also reflective of supply and demand for funds and credit risk.Interest rates are particularly important to companies and governments because they are the key ingredient in the cost of capital. Most companies and governments require debt financing for expansion and capital projects. When interest rates increase, the impact can be significant on borrowers. Interest rates also affect prices in other financial markets, so their impact is far-reaching.Other components to the interest rate may include a risk premium to reflect the creditworthiness of a borrower. For example, the threat of political or sovereign risk can cause interest rates to rise, sometimes substantially, as investors demand additional compensation for the increased risk of default.Factors that influence the level of market interest rates include:1、Expected levels of inflation2、General economic conditions3、Monetary policy and the stance of the central bank4、Foreign exchange market activity5、Foreign investor demand for debt securities6、Levels of sovereign debt outstanding7、Financial and political stabilityYield CurveThe yield curve is a graphical representation of yields for a range of terms to maturity. For example, a yield curve might illustrate yields for maturity from one day (overnight) to 30-year terms. Typically, the rates are zero coupon government rates.Since current interest rates reflect expectations, the yield curve provides useful information about the market 'esxpectations of future interest rates. Implied interest rates for forward-starting terms can be calculated using the information in the yield curve. For example, using rates for one- and two-year maturities, the expected one-year interestrate beginning in one year ' s time can be determined.The shape of the yield curve is widely analyzed and monitored by market participants. As a gauge of expectations, it is often considered to be a predictor of future economic activity and may provide signals of a pending change in economic fundamentals.The yield curve normally slopes upward with a positive slope, as lenders/investors demand higher rates from borrowers for longer lending terms. Since the chance of a borrower default increases with term to maturity, lenders demand to be compensated accordingly.Interest rates that make up the yield curve are also affected by the expected rate of inflation. Investors demand at least the expected rate of inflation from borrowers, inaddition to lending and risk components. If investors expect future inflation to be higher, they will demand greater premiums for longer terms to compensate for this uncertainty. As a result, the longer the term, the higher the interest rate (all else being equal), resulting in an upward-sloping yield curve.Occasionally, the demand for short-term funds increases substantially, andshort-term interest rates may rise above the level of longer term interest rates. This results in an inversion of the yield curve and a downward slope to its appearance.The high cost of short-term funds detracts from gains that would otherwise be obtained through investment and expansion and make the economyvulnerable to slowdown or recession. Eventually, rising interest rates slow the demand for both short-term and long-term funds. A decline in all rates and a return to a normal curve may occur as a result of the slowdown.财务风险管理尽管近年来金融风险大大增加，但风险和风险管理不是当代的主要问题。

财务管理相关专业外文文献翻译-财会财务外文翻译-中英文对照翻译

第一部分外文翻译中文对照部分企业购买和支付的内部会计控制系统设计Lars Ny bergSpeech by Mr Lars Ny berg, Deputy Governor of the Severs Risks bank, at HQ Bank, 15October 2008.From Wikipedia, the free encyclopedia摘要本文讨论了采购和付款的基本系统的内部会计控制，并根据其业务流程，详细说明了实施相关的控制点控制措施。

关键词：采购和付款；会计控制采购和付款业务是一个企业支付的钱，获取货物或服务的过程是生产和运营管理是一个主要组件是企业生存和发展。

因此，企业应该树立采购和支付业务的内部会计控制制度，健全的业务记录控制系统，加强其控制业务流程的关键，实现采购决策领域的相互约束和监督。

第一、购买和支付内部会计控制的定义。

采购和付款的内部会计控制是指企业购买和支付行为规范，采购和付款过程来防止错误和欺诈，确保采购，以满足生产和销售的前提下降低采购成本，并采取一系列的控制措施。

第二、采购和支付交易的基本系统的内部会计控制为了充分发挥采购和付款业务角色的内。

部会计控制的内容的采购和支付服务应设计遵循采购和支付交易的基本系统的内部会计控制。

一、购买和支付内部会计控制的定义1、采购和付款的内部会计控制是指规范企业采购和支付行为。

(1)是否符合官方职位分工体系1.请购买和批准。

企业采购项目所需的用户部门根据他们的应用程序和批准的负责人负责采购批准； 2.查询和确定供应商。

公司采购部门和有关主管部门应当参与调查过程和确定供应商； 3.采购合同和审计。

公司采购部门应该准备下订单或合同和授权的部门或官审查、批准或适当的审计； 4.采购、验收。

采购人员不能工作的同时承运货物；5.采购、检验和相关的会计记录。

企业采购、检验和会计记录功能应该被分离，以确保真实性的数量的采购和采购价格、质量、合规、采购记录和会计精度； 6.执行支付处理和支付。

财务管理外文文献

Project Scheduling in the Financial Management of SupplyChains(excerpts)Author:Durukan Kalyoncu, GuldaneAcceptance Date: June 2012In literature, numerous publications on managing supply chains exist most of which has focused on the physical aspects of the supply chains. Although the bottom line is very important for managers, there are a limited number of publications that combine the financial management of supply chains with the physical management. Those studies address the supply chain financial performance measurement with different approaches and measures; one of which has been Cash Conversion Cycle (CCC). Cash Conversion Cycle is a metric that measures the time elapsed from the payment to the suppliers till the receipt of money from the customers. Thus it is a two dimensional concept that incorporates time and financial considerations simultaneously. In that respect it enables companies to integrate the operational scheduling with the financial scheduling.When the components of the CCC are examined separately; the Average Payable and Average Receivable Terms are related to the company financial policy and contract terms between supply chain partners. On the other hand, Inventory Conversion Period depends on the firm’s inventory policy. Fig ure 1 assumes that the inventory is in retailer’s warehouse on the same day with order placement to the manufacturer. Also it assumes that there is no outbound transportation time so on the day that inventory leaves the retailer’s warehouse it is received by the customer and Accounts Receivable is issued. According to those assumptions Inventory Conversion Period depends on the optimal ordering quantity.In the sense that, CCC is embracing Account Payable, Account Receivable and Inventory Conversion Period; first two are related to timing of cash inflows and outflows and the third is related to firm’s operations policy, it is a bridging measurement between operational and financial planning.Also, since CCC is the time passed from cash outflow to cash inflow, it measures how long the firm needs outside financing. Thus many scholars (Farris and Hutchison (2002), Soenen (1993), Binti Mohamad and Binti Mohd Saad (2010)) stated that the shorter CCC the better the company finances are. However, there are some complications regarding the Cash Conversion Cycle metric approach in financial management of supply chains. Even though supply chain partners put considerable efforts to have control over the stream of cash inflow by managing payment terms, these cash inflows are mostly probabilistic due to unpredictable conditions of the downstream players. On the other hand cash outflows to the upper layers of the chain is deterministic; however this depends on the cash available at the time. Figure 2 depicts the “downs tream” and “upstream” supply chain partners.Upstream Partners Downstream Partners Vendor Manufacturer Distributor Retailer Customer. Supply Chain Levels As seen from the Gupta and Dutta’s study (2011), the early payment of the debts result in the lowest cash outflow at the current period, yet it does not necessarily result in the lowest present value of the cash outflow. Thus managing cash flows in an efficient way is not an easy task taking into account the probabilistic inflows in addition to the tradeoffs between prompt payment of the debt, which reduces the amount to be paid, and late payment, which increases theinterest earned on cash deposits. Those financial considerations become even more complicated for supply chains with long Lead Times. So Lead Time reduction has a huge strategic importance for successful operation of those chains. Nevertheless, managing Lead Time, which is mostly deterministic, is not an easy task either because it affects the cash flow stream in direct or indirect ways. Indirectly, Lead Time reduction affects the cash flows by improving customer service and responsiveness to demand shifts. First of all, Lead Time compression is a costly process including labor cost and additional transportation cost. Second, inventory holding cost can be reduced due to lower requirement for safety stock.Third, reducing Lead Time reduces the Cash Conversion Cycle. As the Cash Conversion Cycle measures how long the company’s cash is tied to accounts payables and inventories till fulfilling an order; shortening the Lead Time decreases cost of borrowing, and also it enables the company to deliver the products or services sooner; thus the receivable collectionperiod starts earlier.Although many scholars worked on Lead Time compression in supply chains such as Beesley(1996) and Towill (1996) they both ignore the investment costs needed to achieve a reduction in Lead Time. Also neither Beesley nor Towill touch the cost of borrowing issue, but rather they emphasize the indirect financial effects of time reduction, such as fast response to market and enabling a more accurate demand forecast. What is more, most of the supply chain financial modeling articles are not taking into account the time flexibility factor. As known, companies can reduce Lead Times in exchange for a cost. So while studying the financial aspects of the supply chain this flexibility should be taken into account. Whereas Ben-Daya and Raouf’s (1994) study focuses on the Lead Time flexibility issue by studying the costs of Lead Time reduction along with the effects on the inventory policy such as reorder point and optimal order quantity which affects ordering and inventory holding costs, their study doesn’t model a whole supply chain where the transactions with upstream players are taken into account.To sum up, in literature there is lack of a comprehensive approach for the financial management of the supply chains. Also today’s increasingly dynamic companies cannot be managed with static models. Thus, predictive integrated models that take in to account instable financial markets and also capable of ensuring required liquidity while providing timely and efficient response to orders is crucial. So, with the purpose of building a comprehensive approach that embraces time and money considerations simultaneously, our study uses Cash Conversion Cycle as the decision variable with respect to which we assess the Financial Performance. By using project-scheduling methods in timing of the operations and payments, our study aims to find the optimal Cash Conversion Cycle that generates the highest accumulated cash at the end of the one-year period.However, in our model cash inflow is probabilistic thus we don’t have control over its effect on the optimal CCC. As a result some of the values that are changed in order to find the optimal CCC are order quantity, reorder point and the Lead Time and Payable term. So our study starts with analyzing the issues affecting financial management of supply chains and then covers the related previous work that the model is built upon. In the next issues affecting the financial management in SC are discussed. In section III review of the literature is presented and in Section IV the mathematical model is presented with the objective of maximizing the accumulated net cash at the end of a one-year period. The model considers timing of the cash inflow and outflows and Lead Time crashing costs simultaneously. Finally illustrative example and sensitivity analysis are presented followed by the conclusion part summarizing findings of the study.Bullwhip effect: It is one of most significant reasons of supply chain inefficiency. It is the amplification of demand variance as the demand information passes from the lower levels (customers) of the supply chain to the upper levels (manufacturers level). It may be severely destructive for the financial management of the supply chain as a whole, particularly the upper levels are the ones most affected. Each partner, knowing that the forecasts they retrieve from the lower partners are not one hundred percent accurate, builds safety stock. Thus the orders to the upper levels increase as more and more safety stock is built in the system, which leads the upper tiers to have an impression that the demand is more than its actual level. So longer Lead Times result in higher safety stock levels which in turn leads bigger amplifications in the upper levels as known as the Bullwhip Effect. Demand forecast: For make to stock inventory systems demand forecast is the most important aspect of production management. As cycle time increases, forecasts have to be made for farther periods, which in turn increases the forecast errors. And when the accuracy of the forecast decreases, firms are forced to keep more safety inventory and thus incur higher inventory holding cost. On the flip side of the coin, even if a firm decides to keep low inventory levels, in such a blurry environment there is high probability that it falls short in responding to customer orders which hurts the profits as much as the inventory holding costs. Thus, by shortening the supply chain cycle time the entire chain benefits from accurate demand forecast.Cost of borrowing/ investing: Cost of borrowing is another key aspect of the financial management of the supply chain. Since more interest is charged with the time elapsed over the issue date of the debt, firms should ensure collection of money from the customers as early as possible in order to pay the debts. Apparently, collection period’s primary determinant is the cycle time since the customers usually are not willing to pay before they receive the product unless some incentives such as discounts are offered in advance.Inventory holding cost: According to Ben-Daya and Raouf’s(1994) economic order quantity (EOQ) model, as Lead Time increases, optimal order quantity Q* increases; therefore the average inventory held by the firm over the year, and corresponding holding cost increase. Apart from the physical cost of inventory holding, higher obsolescence cost related to higher levels of inventory should be taken into account in case of change in technology or new trends in demand. What is more, opportunity cost is another side of the inventory holding in the sense that the capital is tied to inventory rather than other money-making investments. Lead Time crashing cost: Firms can shorten the time needed to produce and deliver the productsto customers but this can be done at a cost known as reduction or crashing cost. Lead Time vs. crashing cost graph is negative exponential (decreasing function). Crashing process starts with the longest lead (processing) time for the activities which corresponds to the least cost, then as the Lead Time is reduced the cost increases exponentially as illustrated in Figure 3. Consequently, the total Lead Time can be decomposed into components depending on the amount invested in reducing/crashing the Lead Time.Cash to Cash cycle, which is first defined by Gitman (1974) was further examined by Gallinger (1997) as the length of the period that the firm's operating cycle needs to be supported by costly financing. And he adds; “You can think of the operating cycle as the number of days sales are invested in inventories and receivables'' (Gallinger, 1997). As seen from Gallinger’s definition longer Cash Conversion Cycles damage company finances in terms of cost of borrowing/ financing the necessary funds. Thus, shortening the CCC is a key metric for the company financialmanagement. In that sense, further analysis of the CCC made by Soenen (1993) decomposes it into three sections:1. The length of the credit term that the company gets from its suppliers,2. The length of the production process, and3. The number of days the final products remains in inventory before they are sold.So, in this study we are going to examine the effects of lead-time reduction; in other words shortening the total lead time along with the optimal timing for Accounts Receivables and Payables on financial management of the supply chain. Besides reducing the CCC, Lead Time compression benefits the organizations in other ways too. Beesley (1996) states that, the idea of quick response in the retail environment and that of just-in- time (JIT) in the manufacturing arena are two important aspects where time reduction plays a critical role. The value of time in marketing is vital says Beesley and adds, as businesses become more and more competitive, the time factor becomes more critical. What is more, according to him, since the end consumers demand high variety of choice, retailers today should hold minimal stock so that they can maximize the product range held under one roof and also offer a better service through faster replenishment. The author states that although these factors give competitive advantage to the companies, customers may not be willing to pay more for speed and variety. The aim in “time compression” is to cut the amount of time consumed by business processes; therefore the process of converting inputs into outputs (manufacturing time) takes a shorter period of time. Thus the key to achieve time compression is getting rid of wasted time and rearranging the sequence of the activities accordingly. However Beesley draws attention to a very important fact that the logistical strategies are most effective when applied to the supply chain in its broadest context where the scope of supply chain is anything that converts a resource into a delivered, consumable product or service. This is called the “holistic approach” or a total system view according to Beesley. So, according to him in his paper “ Time compression in the Supply Chain”, competitiveness should come from the whole supply chain system, not just from the company (producer) itself. Besides shortening the Lead Time another way to improve the Cash Conversion Cycle is extending the average accounts payable term according to Farris and Hutchison (2002). Since it is the time elapsed between issuance of the debt and the cash outflow, longer payable terms enables companies to obtain interest-free financing. However Farris and Hutchison omit the penalty that the manufacturers may charge for a longer payment term, which will increase the cash outflows. What is more, when stating the primary leverage points to manage CCC, they put emphasis on reducing the average accounts receivable term however in order to encourage the downstream partners of supply chain to make early payments, the company should offer discount, which in turn reduces the amount of cash inflows. And finally, reducing the total Lead Time is not free of charge to companies. In that sense Nobanee (2009) worked on an improved way of modeling the optimal CCC for supply chains where he defines the optimal CCC as follows, See Figure 1: Optimal Cash Conversion Cycle = Optimal Inventory Conversion Period + Optimal Receivable Collection Period –Optimal Payable Deferral Period. As seen from Nobanee’s equations compressing each component to its shortest time will not necessarily lead to better financial results. The optimal points should be found for each component of the lead-time. Since the Cash Conversion Cycle measures how long the company’s cash is tied to fulfilling an order until the company receives cash, shortening the Lead Time affects the optimal Cash Conversion Cycle and accordingly the financial management of the supply chain in two ways:In our model, working on a three tier supply chain consisting of a manufacturer, retailer and a customer, we are examining the financial effects of any change made in the components of Cash Conversion Cycle on the retailer. Our retailer bases its inventory planning on forecast of demand so places order to the manufacturer in advance by using Economic Order Quantity (EOQ) Model. The retailer issues accounts payable upon placing the order to the manufacturer. The shipment of the items occurs after the manufacturer’s order-processing time. So it takes order processing time plus inbound transportation time for the retailer to receive the items which is initially 20 days in our model.We assume that contract terms for both accounts payable and accounts receivable are not changed for the one-year period. In the model the pattern of collection from customers is probabilistic, whereas the pattern of payment to manufacturer depends on the payment received from customers. This is the case to assure that the cash in hand is sufficient to pay the current debt. The retailer offers a credit term to its customers; a discount of ?! if payment is received within 3 days upon delivery or the full amount must be paid after the 3th day. On the other hand for each day after the 8th day a delay penalty is charged; The firm’s objective is to maximize the cash available at the end of a one-year period after paying the annual inventory holding, ordering and crashing costs by proper selection of the decision variables that composes the Cash Conversion Cycle. In our model total Lead Time is deterministic whereas the Inventory Conversion Period depends on the Lead Times. Lead Time 1 affects Reorder Point by changing the required safety stock level and demand during Lead Time; what is more, total Lead Time affects optimal ordering quantity by changing the crashing cost. Thus Inventory Conversion Period is a dependent variable in the model.And since the receivable collection period is probabilistic, we are left with two decision variables; Total Lead Time and the Payment schedule. So our purpose is to find the optimal payment period and optimal total Lead Time, which gives the optimal CCC for the retailer.What is more the manufacturer is following a similar reward-punishment mechanism regarding the retailer’s purchases; if the firm pays its debt within 10 days it gets a 1% discount but if it pays after 20th day it has to pay 2% more for each day passed after the 20th day. However as stated in Gupta and Dutta’s (2011) study, the optimal payment days within early or late payment periods are the last days of those periods since the company should keep the money in hand as long as possible given that the cash outflow is going to be the same. Thus, in our study we assume that the 35% of the customers are paying on the 3rd day (last day of the early period), and similarly 45% of the customers are paying on the 8th day (last day of the normal period) and for the late payments for practical purposes we assume that 20% of the customers are paying on the 10th day.And then simulate a one year period by Monte Carlo Simulation over 100 iterations of the cash available at the end after deducting the annual inventory holding costs. All in all, our simulation results give us the average Collection Period, Optimal Lead Time Level and corresponding Inventory Conversion Period. Also the integer linear programming that we developed to minimize present value of accounts payable gives the optimal payment period. Thus, according to Formula 1 we find the optimal Cash Conversion Cycle for the firm by combining the optimal values of its components.The results show that even if the CSL is changed, optimal Cash Conversion Cycle for the company remains 13 days. However the accumulated cash corresponding to the optimal CCC is changing. From the table it is seen that accumulated cash at the end of the one year period is maximized when the CSL is 0.70. This proves that trying tosatisfy every customer doesn’t necessarily brings more money to firms. I n order to increase the CSL the company has to increase safety stock level, which in turn increases the inventory holding cost. When the proceeds from satisfying customers are not enough to justify the corresponding inventory holding cost, company starts to lose money for each additional order it aims to fulfill. So from Table 7, it can be deduced that the optimal CSL for the manufacturer is 0.75 when the other parameters are constant. However, even the accumulated cash is maximized when total Lead Time is 13, the difference between the maximum value and minimum value of the accumulated cash is very little; so Optimal Lead Time and accordingly the optimal CCC is not very sensitive to changes in CSL; so changing CSL from 0.50 to 0 .90 (which is a big change) did very little change in the accumulated cash; so really the SS is not as significant in determining CCC or LT.Cash Conversion Cycle is a comprehensive financial measurement that incorporates the financial and operative considerations of a business entity. Since it is the time period between payment to the suppliers and receipt of money from the customers, it refers to days that the company needs outside financing. In that sense many researchers promote shorter Cash Conversion Cycle; however, our study, which uses project-scheduling techniques in shortening the CCC, shows that there is an optimal value for the CCC components, that the company is generating the best financial results. So the company should not push to shorten this optimal value at the expense of losing money. To reduce the CCC, a company can crash Lead Time, shorten collection period or prolong payable term. Nevertheless, all those there factors come with a price to company. While the receivable collection period is a function of company’s g eneral operational policy and the customers’ financial considerations, in order to speed up collection, the company has to provide incentives to the customers. On the other hand, the payable term and inventory conversion period are completely under management incentive, provided that the cash is enough to make payments. However lead time crashing is a costly process and also delaying the payments to suppliers most of the time comes with a penalty. So the optimal points for these three components should be found which gives the company best financial results.To sum up, although Cash Conversion Cycle is a comprehensive metric that the companies can use to evaluate their financial and operational policies, it makes more sense when it is calculated for consecutive time periods to see the change over time or when it is compared with several competitors. As different industries may have different practices regarding the receivable and payable contract terms, the optimal CCC will differ from industry to industry.翻译：财务管理的项目调度供应链(节选)作者:Durukan Kalyoncu Guldane接受日期:2012年6月在文学,大量的出版物管理供应链存在的大部分都集中在物理方面的供应链。

外文文献翻译现代企业财务管理

现代企业财务控制外文文献翻译(含：英文原文及中文译文)文献出处：Ryan Davidson, Jenny Stewart, Pamela Kent. Discussion on the Modern Enterprise Financial Control [J]Business Inform, 2014(2):83-88.英文原文Discussion on the Modern Enterprise Financial ControlRyan Davidson, Jenny Stewart, Pamela KentThis paper discusses the modern enterprise is becoming China's economic development in the process of an important new force. However, with the modern enterprise investment on the scale of the expansion and extension of the growing investment levels, the modern enterprise financial control is becoming increasingly urgent. This is common in state-owned enterprise groups and private enterprise groups, a common predicament. At present, the modern enterprise is becoming China's enterprises to compete in the international market, the leading force. In a market economy under the conditions of modern business success or failure depends largely on the Group's financial management and financial control is a modern enterprise financial management of the link. Many of the modern enterprise by strengthening the financial control so that the Group significant increase efficiency, and even some loss-making by strengthening the financial control of the modernenterprise to enable companies to achieve profitability. In this paper, expounding China's modern enterprises the main problems of financial control, based on the choice of financial control method was summarized and analyzed the content of the modern enterprise financial controls, the final resolution of the financial control mode selected key factors for the modern enterprise the improvement of financial control to provide a degree of meaningful views.1 IntroductionWith China's accession to WTO, China's enterprise groups must be on the world stage to compete with TNCs from developed countries. At present the development of enterprise groups in China is not satisfactory, although there are national policies and institutional reasons, but more important is its financial management in particular, caused by inadequate financial controls. For a long time, China's enterprise group cohesion is not strong, their respective subsidiaries within the Group for the array, can not play the whole advantage; redundant construction and haphazard introduction of frequent, small investments, decentralized prominent problem: financial management is chaotic, resulting in frequent loss of control, a waste of money the phenomenon of serious; ineffective financial control, financial management loopholes. In recent years, enterprise group's financial control has been our country's financial circles. In short, the problem of exploration in our country has obviouspractical significance.Clearly, China's modern enterprise financial controls are the main problem is to solve the problem of financial control method based on the choice of financial control method is the key financial control of the modern enterprise content is content, while the financial control method of choice is the ultimate ownership of the main factors that point, This train of thought here on the modern enterprise's financial control method were analyzed.2. An overview of the modern enterprise financial controlInternal control over financial control is an important part, is a subsidiary of parent company control of an important part of its financial management system is the core of. The concept of modern enterprise financial controls in accordance with the traditional definition, financial control refers to the "Financial Officers (sector) through the financial regulations, financial systems, financial scale, financial planning goals of capital movement (or the daily financial activities, and cash flow) for guidance, organization, supervision and discipline, to ensure that the financial plan (goals) to achieve the management activities. Financial control is an important part of financial management or basic functions, and financial projections, financial decision-making, financial analysis and evaluation together with a financial management system or all the functions.The modern enterprise's financial control is in the investor's ownership and corporate property rights based on the generated surrounding the Group's overall objective, using a variety of financial means, the members of the enterprise's economic activities, regulation, guidance, control and supervision, so that it Management Group's development activities are consistent with the overall goal of maintaining the group as a whole. Financial control is a power to control one side of the side control, inevitably based on one or several powers. Financial control is essentially related to the interests of enterprises in the organization, the conduct of control, namely, by controlling the financial activities of the assets, personnel actions, to coordinate the objectives of the parties to ensure that business goals. The modern enterprise financial control includes two aspects: the owner funded financial control and corporate manager’s financial control. From the donor’s point of view, the essence of the modern enterprise is characterized by investor and corporate property rights of ownership and separation. Investors will invest its capital to the enterprise after their capital combined with debt capital, constitute the enterprise's capital, the formation of corporate business assets is funded by corporate property, then lost direct control over the funders in order to achieve its Capital maintenance and appreciation of the goal, only through control of its capital manipulation of corporate assets in order to achieve the maximum capital value donors.The control of capital controls is an important property is the prerequisite and foundation for financial control. From the perspective of internal management of enterprises and its financial control target is the legal property of its operations.3 China's modern enterprises the main problems of financial controlAt present, the modern enterprise is becoming China's enterprises to compete in the international market, the leading force. In a market economy under the conditions of modern business success or failure depends largely on the Group's financial management and financial control is a modern enterprise financial management of the link. China's modern enterprise financial controls are still in the stage to be further improved, to varying degrees, there are some urgent need to address the problem:Financial control set decentralized model of polarization, low efficiencyIn the financial control of the set of decentralized model, China's modern enterprise polarization. The current group of financial control either over-centralization of power, the members of the business has no legal status as a subsidiary factory or workshop, the group is seen as a big business management, leadership financial rights absolute; or excessive decentralization, a large number of decentralized financial control to a subsidiary, any of its free development.In addition, the modern enterprise financial control system suited the needs of a market economy, financial control and flexibility of principle there is no organic unity. If the subordinate enterprises, with few financial decision-making power, then the temporary financial problems occur at every level always reported to the Group's headquarters, and then from the headquarters down the implementation of the decision-making at every level, so it is easy to miss market opportunities. On the contrary, when the subsidiary of financial decision-making power is too large, they easily lead to financial decision-making blind and mistakes, not only for the Group's staff to participate in market competition, failed to exercise any decision-making role, but will also become a competitor to the market to provide a tool for competitive information, hinder the the further development of enterprises.One of the lack of financial controlFinancial control in accordance with the owner of intention, in accordance with relevant laws and regulations, systems and standards, through certain financial activities and financial relations, and financial activities to promote all aspects of the financial requirements in accordance with a code of conduct to conduct his activities. From China's current situation, the financial control of a modern enterprise mainly focused on ex post facto control, is often the lack of critical pre-budget and to control things. Many modern enterprises, after a decision is inadvance, for further financial control tended to focus on the annual profit plan, to meet on the development of a full-year sales revenue, cost, target profit, and several other overarching objectives, without further specific decision-making technology to compile for control and management, according to the month, quarterly, annual financial budget. Therefore, the interim budget and thus difficult to compare operating performance is a matter to control the empty words. As for the ex post facto control, although based on the year-end assessment of the needs and to get some attention, they can still profit in the annual plan, based on the relevant accounting information barely supported by whom, but the effects are pretty effective. Since the ex ante control may not be effective, so subordinate enterprises throughout the implementation process of decision-making are largely outside the core business of financial control, divorced from the core business of financial control.Modern enterprises themselves do not establish a parent-subsidiary link up the financial control mechanisms, financial control their own ways, the parent company of the modern enterprise can not come to the unified arrangement of a strategic investment and financing activities, the group blindly expand the scale of investment, poor investment structure, external borrowing out of control, financial structure is extremely weak, once the economic downturn or product sales are sluggish, there barriers to capital flows, the Group into trouble when they become addicted. Aninternal financial assessment indicators are too single, not fully examine the performance of subsidiaries. A considerable number of modern enterprise's internal assessment targets only the amount of the contract amount and profit .Regardless of the financial and accounting functions, institutional settings are not standardizedAt present, China's financial and accounting sector enterprises are usually joined together, such a body set up under the traditional planned economic system, still capable to meet the management needs, but the requirements of modern enterprise system, its shortcomings exposed. Manifested in: (1) financial services targeted at business owners, it is the specific operation and manipulation of objects is the enterprise's internal affairs, while the accounting of clients within the enterprise and external stakeholders, would provide open accounting information must reflect the "true and fair" principle. Will be different levels of clients and flexibility in a merger of two tasks, will inevitably lead to interference with the financial flexibility of the fairness of accounting. (2) The financial sector is committed to the financial planning, financial management, the arduous task, but flexible in its mandate, procedures and time requirements more flexible, but assume that the accounting information collection, processing, reporting and other accounting work, and flexibility in work assignments weak, procedures and time requirements more stringent andnorms. If the enterprises, especially in modern enterprises to financial management and accounting work are mixed together, is likely to cause more "rigid" in accounting work runs more "flexible" financial management is difficult to get rid of long-standing emphasis on accounting, financial management light situation.Irregularities in the operation of a modern enterprise fundsAt present, the modern enterprise fund operation of the following problems: First, a serious fragmentation of the modern enterprise funds. Some of the modern enterprise have not yet exceeded a certain link between the contractual relationship to conduct capital, operating, and its essence is still the executive order virtual enterprise jointly form of intra-group members are still strict division of spheres of influence, difficult to achieve centralized management of funds, unification deployment of large groups is difficult to play the role of big money. Second, the stock of capital make an inventory of modern enterprise poor results. Result of the planned economy under the "re-output, light efficiency, re-extension, light content, re-enter, light output" of inertia, making the enterprise carrying amount of funds available to make an inventory of large, but the actual make an inventory of room for small, thus affecting the to the effect of the stock of capital. Third, the modern enterprise funds accumulated a lot of precipitation.Internal audit exists in name onlyAt present, enterprises in the financial monitoring of internal audit work to become a mere formality process. The first formal audit management. Hyundai organized every year in different forms of audit, has become a fixed procedure, but because the internal audit staff and the audited entity at the same level, thus in the company's financial problems can not get to the bottom, just a form of and going through the motions. This audit not only failed to exercise any oversight role, to some extent encouraged the small number of staff violations of law. Second, nothing of audit responsibilities. Internal audit is a modern enterprise group commissioned by the audit staff members of Corporate Finance to conduct inspection and supervision process, and therefore the auditors have had an important mandate and responsibilities. But in reality, become a form of audit work, audit officers, whether seriously or not, are not required to bear the responsibility, thus making the audit is inadequate supervision. Third, the audit results and falsified. Audit results should be true and can be *, but in reality the different audit bodies of the same company during the same period of the audit, results are often different, and a far cry from, these are false true performance of the audit findings.中文译文论现代企业财务控制瑞安戴维森，珍妮斯图尔特，帕米拉肯特本文论述了现代企业正在成为中国经济发展过程中的重要生力军。