现代企业财务管理中英文对照外文翻译文献
企业资金管理中英文对照外文翻译文献
企业资金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)An Analysis of Working Capital Management Results Across IndustriesAbstractFirms are able to reduce financing costs and/or increase the fund s available for expansion by minimizing the amount of funds tied upin current assets. We provide insights into the performance of surv eyed firms across key components of working capital management by usi ng the CFO magazine’s annual Working CapitalManagement Survey. We discover that significant differences exist b etween industries in working capital measures across time.In addition.w e discover that these measures for working capital change significantl y within industries across time.IntroductionThe importance of efficient working capital management is indisputa ble. Working capital is the difference between resources in cash or readily convertible into cash (Current Assets) and organizational commi tments for which cash will soon be required (Current Liabilities). Th e objective of working capital management is to maintain the optimum balance of each of the working capital components. Business viabilit y relies on the ability to effectively manage receivables. inventory.a nd payables. Firms are able to reduce financing costs and/or increase the funds available for expansion by minimizing the amount of funds tied up in current assets. Much managerial effort is expended in b ringing non-optimal levels of current assets and liabilities back towa rd optimal levels. An optimal level would be one in which a balance is achieved between risk and efficiency.A recent example of business attempting to maximize working capita l management is the recurrent attention being given to the applicatio n of Six Sigma®methodology. Six S igma®methodologies help companies measure and ensure quality in all areas of the enterprise. When used to identify and rectify discrepancies.inefficiencies and erroneous tra nsactions in the financial supply chain. Six Sigma®reduces Days Sale s Outstanding (DSO).accelerates the payment cycle.improves customer sati sfaction and reduces the necessary amount and cost of working capital needs. There appear to be many success stories including Jennifertwon’s(2002) report of a 15percent decrease in days that sales are outstanding.resulting in an increased cash flow of approximately $2 million at Thibodaux Regional Medical Cenrer.Furthermore bad debts declined from 3.4millin to $6000000.However.Waxer’s(2003)study of multiple firms employing Six Sig ma®finds that it is really a “get rich slow”technique with a r ate of return hovering in the 1.2 – 4.5 percent range.Even in a business using Six Sigma®methodology. an “optimal”level of working capital management needs to be identified. Industry factors may impa ct firm credit policy.inventory management.and bill-paying activities. S ome firms may be better suited to minimize receivables and inventory. while others maximize payables. Another aspect of “optimal”is the extent to which poor financial results can be tied to sub-optimal pe rformance.Fortunately.these issues are testable with data published by CFO magazine. which claims to be the source of “tools and informati on for the financial executive.”and are the subject of this resear ch.In addition to providing mean and variance values for the working capital measures and the overall metric.two issues will be addressed in this research. One research question is. “are firms within a p articular industry clustered together at consistent levels of working capital measures?For instance.are firms in one industry able to quickl y transfer sales into cash.while firms from another industry tend to have high sales levels for the particular level of inventory . The other research question is. “does working capital management perform ance for firms within a given industry change from year-to-year?”The following section presents a brief literature review.Next.the r esearch method is described.including some information about the annual Working Capital Management Survey published by CFO magazine. Findings are then presented and conclusions are drawn.Related LiteratureThe importance of working capital management is not new to the f inance literature. Over twenty years ago. Largay and Stickney (1980) reported that the then-recent bankruptcy of W.T. Grant. a nationwide chain of department stores.should have been anticipated because the co rporation had been running a deficit cash flow from operations for e ight of the last ten years of its corporate life.As part of a stud y of the Fortune 500s financial management practices. Gilbert and Rei chert (1995) find that accounts receivable management models are used in 59 percent of these firms to improve working capital projects.wh ile inventory management models were used in 60 percent of the compa nies.More recently. Farragher. Kleiman and Sahu (1999) find that 55 p ercent of firms in the S&P Industrial index complete some form of a cash flow assessment. but did not present insights regarding account s receivable and inventory management. or the variations of any curre nt asset accounts or liability accounts across industries.Thus.mixed ev idence exists concerning the use of working capital management techniq ues.Theoretical determination of optimal trade credit limits are the s ubject of many articles over the years (e.g. Schwartz 1974; Scherr 1 996).with scant attention paid to actual accounts receivable management.Across a limited sample. Weinraub and Visscher (1998) observe a tend ency of firms with low levels of current ratios to also have low l evels of current liabilities. Simultaneously investigating accounts rece ivable and payable issues.Hill. Sartoris.and Ferguson (1984) find diffe rences in the way payment dates are defined. Payees define the date of payment as the date payment is received.while payors view paymen t as the postmark date.Additional WCM insight across firms.industries.a nd time can add to this body of research.Maness and Zietlow (2002. 51. 496) presents two models of value creation that incorporate effective short-term financial management acti vities.However.these models are generic models and do not consider uni que firm or industry influences. Maness and Zietlow discuss industry influences in a short paragraph that includes the observation that. “An industry a company is located in may have more influence on th at company’s fortunes than overall GNP”(2002. 507).In fact. a car eful review of this 627-page textbook finds only sporadic information on actual firm levels of WCM dimensions.virtually nothing on industr y factors except for some boxed items with titles such as. “Should a Retailer Offer an In-House Credit Card”(128) and nothing on WC M stability over time. This research will attempt to fill this void by investigating patterns related to working capital measures within industries and illustrate differences between industries across time.An extensive survey of library and Internet resources provided ver y few recent reports about working capital management. The most relev ant set of articles was Weisel and Bradley’s (2003) article on cash flow management and one of inventory control as a result of effect ive supply chain management by Hadley (2004).Research Method The CFO RankingsThe first annual CFO Working Capital Survey. a joint project with REL Consultancy Group.was published in the June 1997 issue of CFO (Mintz and Lezere 1997). REL is a London. England-based management co nsulting firm specializing in working capital issues for its global l ist of clients. The original survey reports several working capital b enchmarks for public companies using data for 1996. Each company is ranked against its peers and also against the entire field of 1.000 companies. REL continues to update the original information on an a nnual basis.REL uses the “cash flow from operations”value located on firm cash flow statements to estimate cash conversion efficiency (CCE). T his value indicates how well a company transforms revenues into cash flow. A “days of working capital”(DWC) value is based on the d ollar amount in each of the aggregate.equally-weighted receivables.inven tory.and payables accounts. The “days of working capital”(DNC) repr esents the time period between purchase of inventory on acccount fromvendor until the sale to the customer.the collection of the receiva bles. and payment receipt.Thus.it reflects the companys ability to fin ance its core operations with vendor credit. A detailed investigation of WCM is possible because CFO also provides firm and industry val ues for days sales outstanding (A/R).inventory turnover.and days payabl es outstanding (A/P).Research FindingsAverage and Annual Working Capital Management Performance Working capital management component definitions and average values for the entire 1996 –2000 period .Across the nearly 1.000 firms in the survey.cash flow from operations. defined as cash flow from operations divided by sales and referred to as “cash conversion ef ficiency”(CCE).averages 9.0 percent.Incorporating a 95 percent confide nce interval. CCE ranges from 5.6 percent to 12.4 percent. The days working capital (DWC). defined as the sum of receivables and invent ories less payables divided by daily sales.averages 51.8 days and is very similar to the days that sales are outstanding (50.6).because the inventory turnover rate (once every 32.0 days) is similar to the number of days that payables are outstanding (32.4 days).In all ins tances.the standard deviation is relatively small.suggesting that these working capital management variables are consistent across CFO report s.Industry Rankings on Overall Working Capital Management Perfo rmanceCFO magazine provides an overall working capital ranking for firms in its ing the following equation:Industry-based differences in overall working capital management are presented for the twenty-s ix industries that had at least eight companies included in the rank ings each year.In the typical year. CFO magazine ranks 970 companies during this period. Industries are listed in order of the mean ove rall CFO ranking of working capital performance. Since the best avera ge ranking possible for an eight-company industry is 4.5 (this assume s that the eight companies are ranked one through eight for the ent ire survey). it is quite obvious that all firms in the petroleum in dustry must have been receiving very high overall working capital man agement rankings.In fact.the petroleum industry is ranked first in CCE and third in DWC (as illustrated in Table 5 and discussed later i n this paper).Furthermore.the petroleum industry had the lowest standar d deviation of working capital rankings and range of working capital rankings. The only other industry with a mean overall ranking less than 100 was the Electric & Gas Utility industry.which ranked secon d in CCE and fourth in DWC. The two industries with the worst work ing capital rankings were Textiles and Apparel. Textiles rank twenty-s econd in CCE and twenty-sixth in DWC. The apparel industry ranks twenty-third and twenty-fourth in the two working capital measures ConclusionsThe research presented here is based on the annual ratings of wo rking capital management published in CFO magazine. Our findings indic ate a consistency in how industries “stack up”against each other over time with respect to the working capital measures.However.the wor king capital measures themselves are not static (i.e.. averages of wo rking capital measures across all firms change annually); our results indicate significant movements across our entire sample over time. O ur findings are important because they provide insight to working cap ital performance across time. and on working capital management across industries. These changes may be in explained in part by macroecono mic factors Changes in interest rates.rate of innovation.and competitio n are likely to impact working capital management. As interest rates rise.there would be less desire to make payments early.which would stretch accounts payable.accounts receivable.and cash accounts. The ra mifications of this study include the finding of distinct levels of WCM measures for different industries.which tend to be stable over ti me. Many factors help to explain this discovery. The improving econom y during the period of the study may have resulted in improved turn over in some industries.while slowing turnover may have been a signal of troubles ahead. Our results should be interpreted cautiously. Our study takes places over a short time frame during a generally impr oving market. In addition. the survey suffers from survivorship bias –only the top firms within each industry are ranked each year and the composition of those firms within the industry can change annua lly.Further research may take one of two lines.First.there could bea study of whether stock prices respond to CFO magazine’s publication of working capital management rating.Second,there could be a study of which if any of the working capital management components relate to share price performance.Given our results,there studies need to take industry membership into consideration when estimating stock price reaction to working capital management performance.对整个行业中营运资金管理的研究格雷格Filbeck.Schweser学习计划托马斯M克鲁格.威斯康星大学拉克罗斯摘要:企业能够降低融资成本或者尽量减少绑定在流动资产上的成立基金数额来用于扩大现有的资金。
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 the enterprise 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 market development, 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 such as 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 neededcapital, 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 financing can 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 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-sized enterprises 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 business conditions 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外文文献原文及译文译文：中小企业不同时期财务战略的选择财务战略管理对中小企业发展的意义入手，阐述了企业的发展不仅需要科学、精细的日常管理，更需要高瞻远瞩的战略眼光和战略思想；通过分析中小企业在不同发展时期的财务特征，探讨了企业应如何选择与之相匹配的财务战略问题，为企业做大做强，持续发展，提供了可行的思路。
财务管理财务分析中英文对照外文翻译文献
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）。
企业财务管理研究外文文献翻译
文献出处：Bromiley P, McShane M. Enterprise Risk Management: Review, Critique, and Research Directions[J]. Long Range Planning, 2015，12（03）：61-71.原文The Research of Enterprise Financial ManagementBromiley P, McShane MAbstractEnterprise production and operation process of socialization and modernization level is continuously improved, enterprise financial management and control in the core position in the enterprise management has been gradually revealed. Practice has proved that by strengthening financial management and control is advantageous to the enterprise reasonable and effective use of funds, increasing the use of funds effect; Is advantageous to the enterprise budget, and strive to reduce costs; Easier to find the problems existing in the production and operation enterprises, reduce the economic loss; Is beneficial to improve the level of enterprise production and management, enhance the competitiveness of enterprises. Financial management is the core of enterprise management, seize the financial management, and seize the key to enterprise management.Key words: enterprise financial management; Money management;1IntroductionEnterprise financial management work of the importance of modern enterprise is a lawfully established for the purpose of profit, is engaged in the production and business operation activities of the independent accounting economic organization, its starting point and develops well is the profit. Enterprises in order to achieve the purpose of its survival and development and implementation of management of its final result to financial index to reflect, and financial management object is the enterprise of cash (or cash) and benign circulation and turnover process, so also has established the corresponding the core position of financial management in enterprise management. Enterprise production management is the process of capital movement and value-added process, management and financial management, as a kind of value form into all production and business operation activities, it is implementationmanagement means on the one hand, through the control of the enterprise production and business operation activities of each link, standardize enterprise management, on the other hand, through the scientific financial analysis, provide the basis for enterprise production and management decision-making, it is through the financial management work to make the management of enterprise production and operation have full control over the whole process.2 Related theories2.1 The fine financial managementThe fine financial management is to "fine" as the foundation, do meticulous, for every post, every business, have set up a corresponding with the work process and business norms, practices the key in implementing, and to extend the scope of financial management to unit of each area, fully exercise the financial supervision function, to make the development of financial management and service function, realize financial management no dead Angle, explore the potential value of the financial activities.As a way of modern financial management, the fine financial management is modern enterprise constantly explore the process of adapting to the market economy development, and is suitable for the market rules and the requirements of the development of enterprise financial management, efforts to promote the fine financial management, to improve enterprise financial management ability, is significant to promote enterprise development, at the same time can also keep to further reform and opening up, promote the internationalization of our country economy level unceasingly, really realize the sustainable development of economy in our country. 2.2 The enterprise value maximizationEnterprise value maximization is reasonable on the enterprise financial management, adopt the optimum financial policy, and give full consideration to the relationship between the value of money and pay, in ensuring long-term stable development of enterprises to maximize the enterprise value. The advantages of the enterprise value maximization is that it considers the paid time and risk, to overcome the short-term behavior in the pursuit of profit. Economic added value maximizationgoal refers to the enterprise by means of the reasonable financial management, take the optimization of financial policy, give full consideration to the time value of money and the relationship between risk and reward, on the basis of the guarantee enterprise long-term stable development, the pursuit of a certain period of time has created the maximization of economic value added and the ratio of the invested capital.3 Enterprise financial management statuses3.1 Status of financial management, enterprise management goal is not clearIn the past most of the companies did not improve the status of financial management to an important problem of position, just think corporate profit is good, as long as don't consider reasonable fund raising and reasonable application, regardless of the benefit maximization problem. Lead to some enterprises for the sake of short-term profit after facing the danger of collapse. And although many enterprise financial management attaches great importance to, but for the financial management target is fuzzy.3.2 The lack of a sound and effective budget management systemMany enterprises not to establish and perfect effective budget management system, enterprise management with no clear goal and direction, entirely by "follow", to advance planning and matter controls, afterwards, analyze and audit is in order to cope with the task of "above", bring a lot of enterprise financial management risk. Some companies even compiled the budget, but as a result of budget management system is not sound, or budget is the financial department shall, according to the management intention "behind closed doors", can't reach the effect of beforehand control, the so-called budget only become "decoration" or "face project".3.3 Money is messy, the use of inefficientSaving is the biggest save money, a waste of money is the biggest waste. In the currency as the medium of the market economy condition, enterprise operation must be firmly established with the concept of capital as the core, maximum limit the use efficiency of the pursuit of money. At present, the needs of the enterprise group funds centralized management and multistage corporate funds dispersed to take up its internal contradiction has become the most prominent problems in the presententerprise financial fund management investment decision-making optional the gender is big, some enterprises regardless of their own ability and the development goals, blind investment, keen to spread new stall, investments, more serious loss, compounded of already very tense capital position. Capital precipitation, takes up unreasonable, high of payment default, finished goods continued to grow, capital turnover is slow, enterprise credit and profitability decline.3.4 Distortion of accounting information, disclosure delayMany enterprises did not form a unified accounting and financial reporting system, and not build a unified financial management system, totally "free" in the group members, by financial personnel according to their own ideas to establish financial accounting and management system, lead to each member's financial information between businesses than, data and information disorder; Plus members affected by the "personal interest", insisting that the performance of rise, make the accounts receivable is high and increasing the enterprise financing costs, management costs and bad debt losses, on the other hand, the members of the enterprise financial personnel adjustment index through a variety of artificial means, cause the distortion of accounting data, report false, completely cover up the real operating conditions of the enterprise. If the enterprise can't solve the problem of distortion of accounting information in time, will lead to policy maker’s mistake, for the survival and development of the enterprise is very bad.4 The improvement of the enterprise financial management measures4.1 The financial management personnel must set up the modern financial management the new ideaThe establishment of modern enterprise system not only gives enterprise active rights, as well as the modern enterprise financial management in a rapidly changing, highly risky market economy environment. These put forward higher requirements for enterprise financial management personnel, financial personnel must be established to adapt to finance a new concept of the knowledge economy era. To strengthen information idea, in the modern society, economic information is a commodity; the accounting information is also a commodity. Any commodity value, accountinginformation has value. On the one hand, financial personnel through the rapid, accurate and comprehensive information collection, provide the basis for enterprise financing and investment decisions. Analysis of enterprise production and operation situation, on the other hand, the information provided by, become the enterprises to improve management decision-making basis, have a significant impact to the enterprise management strategy, objectively to create value for the enterprise.4.2 Led to budget as the main body, implements the comprehensive budget managementUnder the market economy system, the allocation of resources will become complicated, management function diversity, only implements the comprehensive budget management, to carry out effective control, the main work is: first, making enterprise management budget; Second, in an orderly way of budget management, including the implementation of budget tracking, analysis, evaluation and assessment; Third, fix the settlement of the monthly, quarterly and annual accounts. By budget control and avoid waste and loss, increase savings, increasing earnings and practicing economy, ensure the realization of enterprise economic benefits.4.3 Make capital use plan, optimizing the allocation of fundsEnterprise can control the amount of money at any time is limited, but the demand for money is unlimited, the enterprise should through scientific analysis of the prediction, the disposable funds raised together effectively, maintain reasonable configuration structure. Including fixed capital and liquidity structure, capital structure, reserves and production in stock funds and quick assets structure, declines at the same time, determine the structure of capital plan, and break it down to the relevant units, for minimum cost and footprint, realize the biggest capital gains. Strengthening the management of procurement funds. A merit, Zelman, choose close to purchase materials, to prevent indirect procurement, procurement blindly, compressed procurement costs, cut down the cost of purchasing, locked good capital expenditures mainstream. Strengthening the management of production capital. Enterprises should start from the implementation of economic responsibility system, in order to reduce the consumption as the breakthrough point, in order to improve thelabor productivity as the basis, focusing on compression controllable costs, reduce production costs, thereby reducing production funds utilization. Strictly control the daily cost, implement cost and expenditure, saving the prize, overruns the report; For some expenses are tough freezing method, which in a certain period of time will not be spending, promote management thrift, lavish in preventing the black sheep of his family.4.4 To actively promote the enterprise's financial and business integration of the workFinancial management is the highest level of the perfect combination of business and finance, that is, financial and business integration. Therefore, unified financial management software, computer is applied to implement financial information and business process integration, and gradually introduce, digest, development, using international advanced ERP system software, is the basic direction of the development of the enterprise internal information. Enterprises should be combined with practice, actively introduce the development use unified integration of financial and business management software, gradually realize the whole process of production and operation of information flow, logistics, capital integration and data sharing, security enterprise budget, settlement, monitoring and so on financial management work standardization, efficient. Enterprises with financial management as the center, with an emphasis on cost control, realizes the financial system and sales system, supply and production of data sharing, unified management.译文企业财务管理研究Bromiley P, McShane M.摘要企业生产经营过程社会化程度和现代化水平正不断得以提高，企业财务管理与控制在企业管理中的核心地位已逐渐显示出来。
财务管理论文英文文献
财务管理论⽂英⽂⽂献 参考⽂献的引⽤应当实事求是、科学合理，不可以为了凑数随便引⽤。
下⽂是店铺为⼤家整理的关于财务管理论⽂英⽂⽂献的内容，欢迎⼤家阅读参考! 财务管理论⽂英⽂⽂献篇1： [1]Allport, G. W. Personality: A psychological interpretation. New York: Holt,Rinehart & Winston, 1937. [2]DeVellis, R. Scale development: Theory and application. London: Sage. 1991. [3]Anderson,J. R. Methodologies for studying human knowledge. Behavioural and Brain Sciences,1987,10(3)，467-505 [4]Aragon-Comea, J. A. Strategic proactivity and firm approach to the natural environment. Academy of Management Journal,1998,41(5)，556-567. [5]Bandura, A. Social cognitive theory: An agentic perspective. Annual Review of Psychology, 2001,52,1-26. [6]Barr, P. S,Stimpert,J. L,& Huff,A. S. Cognitive change,strategic action and organizational renewal. Strategic Management Journal, 1992,13(S1)，15-36. [7]Bourgeois, L. J. On the measurement of organizational slack. Academy of Management Review, 1981,6(1)，29-39. [8]Belkin, N. J. Anomalous state of knowledge for information retrieval. Canadian Journal of Information Science, 1980,5(5)，133-143. [9]Bentler,P. M,& Chou C. P. Practical issues in structural equation modeling.Sociological Methods and Research,1987,16(1)，78-117 [10]Atkin, C. K. Instrumental utilities and information seeking. New models for mass communication research, Oxford,England: Sage,1973. [11]Adams, M. and Hardwick, P. An Analysis of Corporate Donations: UnitedKingdom Evidence [J], Journal of Management Studies, 1998,35 (5)： 641-654. [12]Aronoff,C.,and J Ward. Family-owned Businesses: A Thing of the Past or Model of the Future. [J]. Family Business Review, 1995,8(2); 121-130. [13]Beckhard,R“Dyer Jr.,W.G. Managing continuity in the family owned business [J]. Organizational Dynamics, 1983,12 (1)： 5-12. [14Casson, M. The economics of family firms [J]. Scandinavian Economic History Review, 1999' 47(1)：10 - 23. [15]Alchian,A.,Demsetz, H. Production, information costs, and economic organization. American Economic Review [J]. 1972,62(5)： 777-795. [16]Allen, F,J, Qian and M, J. Qian. Law,Finance and Economic Growth in China [J], Journal of Financial Economics, 2005,77: pp.57-116. [17]Amato,L. H.,& Amato,C. H. The effects of firm size and industry on corporate giving [J]. Journal of Business Ethics,2007,72(3)： 229-241. [18]Chrisman, J.J., Chua,J.H., and Steier, L. P. An introduction to theories of family business [J]. Journal of Business Venturing, 2003b, 18(4)： 441-448 财务管理论⽂英⽂⽂献篇2： [1]Antelo,M. Licensing a non-drastic innovation under double informational asymmetry. Rese arch Policy,2003,32(3)， 367-390. [2]Arora, A. Patents,licensing, and market structure in the chemical industry.Research Policy, 1997,26(4-5)， 391-403. [3]Aoki,R.,& Tauman,Y. Patent licensing with spillovers. Economics Letters,2001,73(1)，125-130. [4]Agarwal, S,& Hauswald, R. Distance and private information in lending.Review of Financial Studies,2010,23(7)，2757-2788. [5]Brouthers, K.D.,& Hennart, J.F. Boundaries of the firm: insights from international entry mode research. Journal of Management, 2007,33,395-425. [6]Anderson, J. E. A theoretical foundation for the gravity equation. American Economic Review, 1997,69(1)，106-116. [7]Barkema,H. G.,Bell,J. H. J.,& Pennings, J. M. Foreign entry,cultural barriers,and learning. Strategic Management Journal, 1996, 17(2)，151-166. [8]Bass, B.,& Granke, R. Societal influences on student perceptions of how to succeed in organizations. Journal of Applied Psychology, 1972,56(4)，312-318. [9]Bresman, H.,Birkinshaw, J.,& Nobel, R. Knowledge transfer in international acquisitions. Journal of International Business Studies,1999,30(3)，439-462. [10]Chesbrough, H. W.,& Appleyard,M, M. Open innovation and strategy.California Management Review, 2007,50(1)，57-76.。
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.。
企业集团财务管理研究外文文献翻译2015年中文译文3600字
文献出处:Cohen R, Wright A. The Research of Enterprise Group Financial Management [J]. Journal of Management, 2015, 3(2): 40-55.原文The Research of Enterprise Group Financial ManagementCohen R, Wright AAbstractEconomic globalization, making the information flow, cash flow, logistics, etc are beyond geographical high-speed flow. In this economic environment, the enterprise group's investment and financing, the production and business operation decision as fast and exact, and the decision depends on the quick access to information quickly; Must depend on access to information. In this case, the enterprise group is responsible for internal and external financial information collection; to generate the importance of financial management work is all the more important. Appropriate mode of enterprise group financial management can help enterprise group effectively avoid the financial risk in the process of development, improve the management benefit, improve market competitiveness, thus enabling enterprise groups become bigger and stronger, and keep its healthy and sustainable development.Key words: Enterprise group; financial management; Mode selection1IntroductionAt the beginning of the 20th century, the enterprise group is the important form of the modern economic organization form in European and American some developed industrialized countries. Then this kind of enterprise groups all over the world plays an important role in the economic activities. Some big group and big enterprises with its huge capital strength, advanced technology strength, large organization structure, the first-class management level, and diversified cultural background, have different national, regional and national economic and social life has a great influence. Large, very large, and even multinational enterprise group, play an important role in the world economy. It can be said that a country has the quality and quantity of enterprise group, reflected the country's market economy developmentlevel and the comprehensive competition ability of the enterprise. In order to enhance the management level, improve the competitive ability of enterprises, enterprise group’s calls for a new management mode, and as the management the core of financial management, the eager degree is higher. So, we must explore under the enterprise group financial management mode, study what kind of financial management model can apply to the enterprise group, to meet the rapid development of modern enterprise group.2 Literature reviewAs early as in 1910, the American scholar mead (Meade) published the first studies the financing of a company's financial management work of the company's financial, David (Dewing) in 1938 and Leon (Lyon) published the company's financial policy and the company and its financial problems. These works mainly studies how to raise capital, formed as to research in corporate finance as the center of the traditional financial management theory "school of thought.1929-1933 economic crisis, many companies have realized that the task of financial management and is not only the financing problems, scientific management should also include the funds and the use, only pay attention to the efficient use of funds, keep reasonable capital structure, and strictly control the financial revenues and expenditures, to make the business in an impregnable position.30 s, therefore, the focus of the financial management started from expansionary external finance, the defensive internal control transfer of funds, all kinds of financial goals and budget, debt restructuring, asset appraisal, and maintaining the solvency problems, has become the important content of financial management research during this period. From the stock market appears in the 1950 s, with emphasis on the corporate finance, financial management pattern research, to mature market economy, with emphasis on the cash management, financial management pattern research, to form the system of investment activities, with emphasis on the capital management, financial management pattern research and development to today, with the economic globalization puts forward new requirements of enterprise group financial management mode. From 1958 to 1961, Miller and Modigliani Miller (Modigliani) through a large number of empiricalresearch, puts forward the famous MM theorem, namely in the efficient securities market, the company's capital structure and dividend policy have nothing to do. During this period, in order to study the financial decision-making as the main content of "new financial theory" has been formed, the essence of which is pay attention to the beforehand control of financial management, emphasis will be closely connected with its economic environment, with asset management decisions as the center, the financial management theory to promote a big step-In 1964 and 1965, the famous American financial management experts sharp (William. F.S harped) and linter (J.L inner) in Ma Kiwi done in-depth research, on the basis of the capital asset pricing model is proposed. The emergence of this theory marks another leap forward development of financial management theory. By financial management expert’s sharp capital asset pricing: risk under the condition of market equilibrium theory is considered to form makes a significant contribution to the theory of financial management. After the 70 s, financial tool innovation make the company contact in financial markets is increasingly strengthened. Warrants, financial futures and is widely used in corporate finance and foreign investment activity, promote the developing and perfecting financial management theory. Black (F.B lack) and others created the option pricing model; Ross arbitrage pricing theory is proposed. After the 80 s, the enterprise financial management into a new stage of deepening development, and development in the direction of internationalization, high-precision, computerization and networking. Increasingly along with the economic globalization, international trade and multinational business active unprecedented, foreign exchange risk management, investment analysis, international company financial performance evaluation, etc, become the focus of the financial management, to create a new financial management -- international financial management; With mathematical method, optimization theory and computer and other advanced methods and means in the application of financial management, the company began to develop in the direction of accurate financial analysis.3 Enterprise group financial management objectives and principles3.1 The goal of enterprise group financial managementGoal refers to the behavior or to achieve the desired results. Enterprise group financial management goal is to show the enterprise group to achieve the purpose of through a series of financial activities. For enterprise group, the financial management goal should include two levels, the first level is the enterprise group, the basic goal, auxiliary target at the second level is the enterprise group.Basic target enterprise group and single enterprise financial management goal is consistent, namely with minimal input to obtain the biggest benefit. As more corporate economic association, the enterprise group is to profit as the goal, the financial management goal is associated with enterprise multiple interest groups, is that the interest groups work together and the result of compromise. In a certain time and certain conditions, a certain interest groups may play a leading role, but from the point of enterprise long-term development, not only emphasize particular interest group interests, while ignoring other group's interest. In theory, the goal of the various interest groups is willing to compromise for the long-term stable development of enterprises and enterprise value increasing, the various interest groups to achieve their ultimate goal. So, to the enterprise value maximization as the goal of financial management, than to maximize shareholder wealth as a more scientific financial management target. Enterprise value maximization is reasonable on the enterprise financial management, using the optimal financial policy, gives full consideration to the time value of money and the relationship between risk and reward, on the basis of the guarantee enterprise long-term stable development of the enterprise value maximum.3.2 The principle of enterprise group financial management3.2.1 Integrity principleEnterprise group as a benefit-sharing, risk-sharing legal interests, their financial behavior not only stand in the perspective of member enterprises, and should be based on the interests of the whole enterprise group should be even from the perspective of the whole social stability and healthy development of the economic consideration. Local are subject to the needs of the whole, a single enterprise to obey the needs of the development of enterprise groups, enterprise group are subject to the needs of social development.3.2.2 Non-profit principleEnterprise group as the main body of market economy, the pursuit of economic interests, drive the risk-averse is the eternal law, is the foundation of its existence and development. It contains two meanings: one is the enterprise group in foreign investment or other associated with external yields should consider when financial activities;2 it is enterprise group in the internal financing, borrow money to consider these activities can bring economic benefits to enterprise groups, should be appropriate to introduce the market mechanism.3.2.3 Balance principleEnterprise group members in the size, position, there are differences in such aspects as development stage, so the enterprise group financial management should pay attention to the balance principle, on the one hand, the enterprise group financial management process, should not only to the enterprise group's "sunrise industry", "chatoyant enterprise" areas, and to maintain fairness and justice, to ensure member enterprise responsibility, right and benefit, the combination of privileges given to individual companies to prevent, affect the enthusiasm of other members of the enterprise; Enterprise group financial management, on the other hand, both must strictly implement the rules and the relevant financial policies, systems, and flexible according to different conditions to coordinate the relationship between the various stakeholders.3.2.4 Long-term principleEnterprise group established aim is to achieve integration of resources integration synergy effect and management, achieve scale economic benefit, and to establish the group's overall market competitive advantage, which can be in an impregnable position in the market competition, long-term existence and continuous development, so the enterprise group financial management to obey and serve the long-term development strategy of enterprise group, don't care about a moment of gain and loss, short-term financial arrangements are subject to long-term planning.4 The main content of the enterprise group financial management mode4.1 The financial management targetFinancial management goal is to show the enterprise financial management activities can hope to achieve the result of the research on financial management goal, is helpful to optimize the structure of financial management theory and effectively guide the financial management practice; Scientifically set up financial management goal, which is beneficial to optimize the financial behavior, and thereby forms a benign circle of financial management. On enterprise financial goals, at present there are mainly three kinds of different points of view: the profit maximization, stockholder wealth maximization, and maximize the enterprise value. However enterprise group in the economic system and enterprise different development period, the enterprise group with other ownership enterprises in the financial management target is different, enterprise group should be based on the actual itself, establish enterprise group financial management target.4.2 The financial management organizationFinancial management organization structure is the operation of enterprise financial management organization guarantee, is the financial management mode of external performance and visual performance. Group of financial institutions should be according to the different situation of enterprise group and the group's hierarchy to build. Group financial organizations set usually has two forms: one is the development of the enterprise group is a principal company (enterprises) as the core, the development of enterprise group of various functional departments will be attached to the main body on the various functions of the company management department, then the main body enterprise established by the finance department is not only the main body of enterprise, and enterprise group finance department.2 it is enterprise group is made up of different industries or different products multiple enterprise established, group finance department to reset at this moment, how to set up, by the group company according to the specific situation to decide. Generally speaking, in a major enterprises as the core, the subsidiary is less, mutual relations between the production and operation of close group, the main body of enterprise financial. Larger workload, his management quality directly affects the group's financial position and performance, group, then more tend to use the first form. Butwhen enterprise group to large-scale development, subsidiary, more diversified, between the independence of the strong, group is to set up independent strong financial management department.4.3 The financial management systemEnterprise group financial management system is refers to the management of headquarters or parent company of enterprise group financial management of all aspects of Quenelle relations, regulating the subsidiary members of the basic system of enterprise financing behavior as determined, referred to as "financial management system, including the financial organization system, financial decision-making system, financial control system of three main aspects.4.4 The financial strategyEnterprise group is aimed at giving full play to the advantages of resources aggregation, in order to make the resources of the enterprise group can really together and benefit, group headquarters must be of strategic management in the first place, that is, financial management must be to serve the group's business strategy for the purpose to develop their own financial strategy. Financial strategy is the enterprise in order to win in the fierce competition to obtain long-term gains as the guidance, through to the enterprise of the industry environment, their own capabilities and resources to carry on the full analysis, in view of the enterprise financing, investment and financial activities such as the allocation of funds make a set of system, long term action plan. When making enterprise financial strategy must take into consideration of the enterprise group may encounter difficulties. Enterprise financial strategy basically has the following three types: type expansionary financial strategy, tighter financial strategy, the steady financial strategy.5 Enterprise group financial management modesEnterprise group financial management to the market as the guide, to the capital as the link, with modern enterprise system as the guarantee, the rational allocation of enterprise group assets, giving full play to the advantages of group, improve the efficiency of capital operation, according to the group company and between members of the enterprise financial management purview division is different, thedomestic enterprise group financial management mode can be divided into "authoritarian" and "distributed" and "harmony" three kinds of type.5.1 "Authoritarian" financial management modesAdopt the mode of enterprise group, most of the focus on the parent company, financial rights to take strict control and unified management, subsidiary to the parent company in the centralized financial management mode, the rights of the parent company, with its original capital subsidiary will be major financial focus to the parent company, and the infiltration of the parent company financial management rights and extends to the subsidiary. Group the board of directors of the company divided the body of the purse strings is dashing (or manager), general manager, deputy general manager, financial manager (finance department) and the financial functional departments, the four levels are the exercise of the body of the purse strings. Lead to enterprise group financial management centralized principle is: to ensure the consistency of enterprise group internal financial target, reduce the enterprise internal members of the phenomenon of "insider control”; to achieve the maximization of corporate interests; to effectively concentrated resources for the strategic adjustment of investment direction.5.2 "Distributed" financial management modeDistributed mode, financial management is to point to in accordance with the principle of importance for the member enterprises group co., LTD. And appropriate to the division of financial control, management and decision-making, group company just focus on the direction and strategic issues. Adopt the mode of enterprise group, subsidiary has sufficient financial management decision-making power, and the management of the subsidiary to the parent company is given priority to with indirect management. It gives the subsidiary fully financial freedom, play the enthusiasm of the subsidiary, make it adapt to the complex financial environment, the parent company mainly in accordance with the contract specifications such as subsidiary financial behavior.5.3 "Compatibility" type financial management modes"Harmony" is centralized and decentralized financial management financialmanagement. This is mainly due to the above two models appeared more obvious flaws, this model only arises at the historic moment.” Harmony" is refers to the enterprise group financial management according to the product, service, customer or region is divided into business department, autonomy in operation of the large enterprise group headquarters awarded the department, to be able to like independent enterprises operate independently according to the market situation, have the authority of financial decisions. According to the parent company centralized degree is different, this kind of management model and can be divided into two types of relative centralization and relative separation of powers. Relatively centralized model mainly embodies the advantages of centralized, avoided due to power is too concentrated, a subsidiary of a lack of enthusiasm and vitality, but also to carry out effective control subsidiary to the parent company. Relatively decentralized model not only reflects the decentralized advantages, and strengthen the group's internal coordination.译文企业集团财务管理研究Cohen R, Wright A摘要经济全球化，使得信息流、资金流、物流等都在跨越地域高速流动。
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。
企业财务管理_外文献翻译
The Organization of Financial management modeAbstractSMEs as a whole have made outstanding contributions to the economic development of countries．In an economic globalization era，more and more countries pay attention to the role of SMEs．Although American SMEs played a major role in promoting the country’S economic development，many American SMEs simply pursuit the considerable portion of sales and market share and ignored the core position of the financial management．The management sense is rigid，and enterprise management limited to the production and operation of the management structure，enterprise financial management and risk control have not been fully used，which lead to negative effects on SMEs credit and financing channels．The reason is the lack of an effective financial management support．Therefore，deepen financial reform，explored the financial potential，improved the level of financial management，reform T he mode of finance management’operation，and build up the financial management mode which suit to the present status of amerian SMEs are the top priority．Key words：SMEs；financial management；financial management modeConcept of small and medium scale businessSmall and medium scale enterprise have been defined in various ways by various people and government agency just as It has been worked on in various ways by different nation. Micro business has been recognized, a small firm is recognized as well as medium scale business. However, our work will cover both the micro business or small-scale business and the medium scale business.The most comprehensive study of small firms in the United Kingdom was that carried out by the Bolton Committee (1971). The committee defined "small firms" “as one with not more than 200 employees".Financial managementThe financial management of financial activities and financial relations based on the objective existence of the enterprise in the production process,is organization enterprise fund activities to deal with an economic management of the enterprises and the various aspects of the financial relationship and is an important part of enterprise management.Financial management modeFinancial management mode under the guidance of managers in certain financial management thought,of Corporate Financial Management Standard, financial management objects and financial management methods to integration promote effective financial management activities, reasonable running of a state.Present problems1.One-sided pursuit of "hot" industry, regardless of objective conditions and their own ability, ignoring the impact of the national macro-control of enterprise development, and that what the industry can do, what the industry can do a good job. Some enterprises even one-sided that state regulation of what should be on what can certainly make money. Second, the scale of investment in the project, capital structure, the construction period, as well as sources of funding, lack of scientific planning and deployment, the lack of reliable forecasts of the cash flow of the project construction and operation of process that will take place hastily. Once the state has increased the intensity of macroeconomic regulation and control, the tightening of bank credit, construction funds can not be scheduled in place, businesses face a dilemma, even causing huge economic losses. Not only the enterprises themselves to pay a heavy price, some banks will also be dragged into the quagmire.2.Weak awareness of financial risks, the business has always been run in a high-risk area.Enterprises to develop, it is inevitable to liability business, make full use of the role of financial leverage. However, some companies, regardless of the cost,at all costs, do not consider their own ability to repay, and do everything possible to obtain loans from banks. Some companies do not even understand the "debt to repay" the most simple and obvious truth, that to obtain loans from the bank is to make a profit, and only to consider how loans get their hands on, and did not seriously consider how to make limited funds play a benefit more did not consider how to repay. Borrowed funds can not play an effective role, some companies have entered a vicious cycle to rely on loans to survive. As a result, debt-ridden, great financial risk.3.Weak financial controls. Strictly for cash management, the formation of unused funds or insufficient. Some companies believe that cash as possible, resulting in idle cash, did not participate in the production of turnover; does not establish a strict credit policy, the lack of effective collection measures, receivables can not be cashed, or the formation of the allowance for doubtful accounts receivable turnover is slow, the recovery of funds difficult. Inventory control is weak, cause funding sluggish.Countermeasures to address financial management issues1.Narrow financing channels for SMEs, a direct impact on the quality of financial management. Also become a bottleneck restricting the development of small and um-sized enterprises. The SMEs operating small-scale, poor to withstand market risks, should be based on their characteristics as much as possible the funds devoted to the short payback period, a relatively low-risk projects, improve capital efficiency, effectively broaden the corporate finance.2.SMEs to establish medium-and long-term goals, and properly handle the current and long-term interests to establish confidence in investing. Basis, the analysis of the enterprise's own operating conditions to be true of the financial indicators provided by the finance department to determine their own investment approach. Should invest in the project feasibility analysis, analysis from the advanced nature of the products, market productivity and market competitiveness, scientific forecasting and decision-making, large project on the degree of risk, the decision facing the uncertainty of the risk program should take the initiative avoided. Dispersing funds toreduce investment risk. Investment diversification is the effective way for modern enterprises to reduce investment risk and control investment risk.3.Accountants must be familiar with and comply with national laws and regulations, compliance with the financial discipline and system, to comply with professional ethics, good business qualities, which are the basic requirements for the implementation of financial innovation project, but also the ability to innovate and the spirit of innovation.4.To establish the positions of division of labor system and the system of rotation, especially for incompatible positions, such as accounting and cashier, you can not let a person who should have a certain period of time and for the same job, the same individuals as the time, to the period should be rotated. Standardize accounting. Raise the level of basic accounting work.Writer: Yoshihiro Francis FukuyamaFrom: Economic Research.2009中小型企业财务管理模式的探析摘要中小企业作为一个整体的组织.在经济全球化时代的经济发展做出了突出贡献，越来越多的国家重视中小企业.虽然中小企业发挥了重要作用，促进经济发展，但是许多中小企业的作用相当一部分单纯追求销量和市场份额而忽略核心地位的财务管理。
企业财务管理研究外文文献翻译
文献出处：Bromiley P, McShane M. Enterprise Risk Management: Review, Critique, and Research Directions[J]. Long Range Planning, 2015，12（03）：61-71.原文The Research of Enterprise Financial ManagementBromiley P, McShane MAbstractEnterprise production and operation process of socialization and modernization level is continuously improved, enterprise financial management and control in the core position in the enterprise management has been gradually revealed. Practice has proved that by strengthening financial management and control is advantageous to the enterprise reasonable and effective use of funds, increasing the use of funds effect; Is advantageous to the enterprise budget, and strive to reduce costs; Easier to find the problems existing in the production and operation enterprises, reduce the economic loss; Is beneficial to improve the level of enterprise production and management, enhance the competitiveness of enterprises. Financial management is the core of enterprise management, seize the financial management, and seize the key to enterprise management.Key words: enterprise financial management; Money management;1IntroductionEnterprise financial management work of the importance of modern enterprise is a lawfully established for the purpose of profit, is engaged in the production and business operation activities of the independent accounting economic organization, its starting point and develops well is the profit. Enterprises in order to achieve the purpose of its survival and development and implementation of management of its final result to financial index to reflect, and financial management object is the enterprise of cash (or cash) and benign circulation and turnover process, so also has established the corresponding the core position of financial management in enterprise management. Enterprise production management is the process of capital movement and value-added process, management and financial management, as a kind of value form into all production and business operation activities, it is implementationmanagement means on the one hand, through the control of the enterprise production and business operation activities of each link, standardize enterprise management, on the other hand, through the scientific financial analysis, provide the basis for enterprise production and management decision-making, it is through the financial management work to make the management of enterprise production and operation have full control over the whole process.2 Related theories2.1 The fine financial managementThe fine financial management is to "fine" as the foundation, do meticulous, for every post, every business, have set up a corresponding with the work process and business norms, practices the key in implementing, and to extend the scope of financial management to unit of each area, fully exercise the financial supervision function, to make the development of financial management and service function, realize financial management no dead Angle, explore the potential value of the financial activities.As a way of modern financial management, the fine financial management is modern enterprise constantly explore the process of adapting to the market economy development, and is suitable for the market rules and the requirements of the development of enterprise financial management, efforts to promote the fine financial management, to improve enterprise financial management ability, is significant to promote enterprise development, at the same time can also keep to further reform and opening up, promote the internationalization of our country economy level unceasingly, really realize the sustainable development of economy in our country. 2.2 The enterprise value maximizationEnterprise value maximization is reasonable on the enterprise financial management, adopt the optimum financial policy, and give full consideration to the relationship between the value of money and pay, in ensuring long-term stable development of enterprises to maximize the enterprise value. The advantages of the enterprise value maximization is that it considers the paid time and risk, to overcome the short-term behavior in the pursuit of profit. Economic added value maximizationgoal refers to the enterprise by means of the reasonable financial management, take the optimization of financial policy, give full consideration to the time value of money and the relationship between risk and reward, on the basis of the guarantee enterprise long-term stable development, the pursuit of a certain period of time has created the maximization of economic value added and the ratio of the invested capital.3 Enterprise financial management statuses3.1 Status of financial management, enterprise management goal is not clearIn the past most of the companies did not improve the status of financial management to an important problem of position, just think corporate profit is good, as long as don't consider reasonable fund raising and reasonable application, regardless of the benefit maximization problem. Lead to some enterprises for the sake of short-term profit after facing the danger of collapse. And although many enterprise financial management attaches great importance to, but for the financial management target is fuzzy.3.2 The lack of a sound and effective budget management systemMany enterprises not to establish and perfect effective budget management system, enterprise management with no clear goal and direction, entirely by "follow", to advance planning and matter controls, afterwards, analyze and audit is in order to cope with the task of "above", bring a lot of enterprise financial management risk. Some companies even compiled the budget, but as a result of budget management system is not sound, or budget is the financial department shall, according to the management intention "behind closed doors", can't reach the effect of beforehand control, the so-called budget only become "decoration" or "face project".3.3 Money is messy, the use of inefficientSaving is the biggest save money, a waste of money is the biggest waste. In the currency as the medium of the market economy condition, enterprise operation must be firmly established with the concept of capital as the core, maximum limit the use efficiency of the pursuit of money. At present, the needs of the enterprise group funds centralized management and multistage corporate funds dispersed to take up its internal contradiction has become the most prominent problems in the presententerprise financial fund management investment decision-making optional the gender is big, some enterprises regardless of their own ability and the development goals, blind investment, keen to spread new stall, investments, more serious loss, compounded of already very tense capital position. Capital precipitation, takes up unreasonable, high of payment default, finished goods continued to grow, capital turnover is slow, enterprise credit and profitability decline.3.4 Distortion of accounting information, disclosure delayMany enterprises did not form a unified accounting and financial reporting system, and not build a unified financial management system, totally "free" in the group members, by financial personnel according to their own ideas to establish financial accounting and management system, lead to each member's financial information between businesses than, data and information disorder; Plus members affected by the "personal interest", insisting that the performance of rise, make the accounts receivable is high and increasing the enterprise financing costs, management costs and bad debt losses, on the other hand, the members of the enterprise financial personnel adjustment index through a variety of artificial means, cause the distortion of accounting data, report false, completely cover up the real operating conditions of the enterprise. If the enterprise can't solve the problem of distortion of accounting information in time, will lead to policy maker’s mistake, for the survival and development of the enterprise is very bad.4 The improvement of the enterprise financial management measures4.1 The financial management personnel must set up the modern financial management the new ideaThe establishment of modern enterprise system not only gives enterprise active rights, as well as the modern enterprise financial management in a rapidly changing, highly risky market economy environment. These put forward higher requirements for enterprise financial management personnel, financial personnel must be established to adapt to finance a new concept of the knowledge economy era. To strengthen information idea, in the modern society, economic information is a commodity; the accounting information is also a commodity. Any commodity value, accountinginformation has value. On the one hand, financial personnel through the rapid, accurate and comprehensive information collection, provide the basis for enterprise financing and investment decisions. Analysis of enterprise production and operation situation, on the other hand, the information provided by, become the enterprises to improve management decision-making basis, have a significant impact to the enterprise management strategy, objectively to create value for the enterprise.4.2 Led to budget as the main body, implements the comprehensive budget managementUnder the market economy system, the allocation of resources will become complicated, management function diversity, only implements the comprehensive budget management, to carry out effective control, the main work is: first, making enterprise management budget; Second, in an orderly way of budget management, including the implementation of budget tracking, analysis, evaluation and assessment; Third, fix the settlement of the monthly, quarterly and annual accounts. By budget control and avoid waste and loss, increase savings, increasing earnings and practicing economy, ensure the realization of enterprise economic benefits.4.3 Make capital use plan, optimizing the allocation of fundsEnterprise can control the amount of money at any time is limited, but the demand for money is unlimited, the enterprise should through scientific analysis of the prediction, the disposable funds raised together effectively, maintain reasonable configuration structure. Including fixed capital and liquidity structure, capital structure, reserves and production in stock funds and quick assets structure, declines at the same time, determine the structure of capital plan, and break it down to the relevant units, for minimum cost and footprint, realize the biggest capital gains. Strengthening the management of procurement funds. A merit, Zelman, choose close to purchase materials, to prevent indirect procurement, procurement blindly, compressed procurement costs, cut down the cost of purchasing, locked good capital expenditures mainstream. Strengthening the management of production capital. Enterprises should start from the implementation of economic responsibility system, in order to reduce the consumption as the breakthrough point, in order to improve thelabor productivity as the basis, focusing on compression controllable costs, reduce production costs, thereby reducing production funds utilization. Strictly control the daily cost, implement cost and expenditure, saving the prize, overruns the report; For some expenses are tough freezing method, which in a certain period of time will not be spending, promote management thrift, lavish in preventing the black sheep of his family.4.4 To actively promote the enterprise's financial and business integration of the workFinancial management is the highest level of the perfect combination of business and finance, that is, financial and business integration. Therefore, unified financial management software, computer is applied to implement financial information and business process integration, and gradually introduce, digest, development, using international advanced ERP system software, is the basic direction of the development of the enterprise internal information. Enterprises should be combined with practice, actively introduce the development use unified integration of financial and business management software, gradually realize the whole process of production and operation of information flow, logistics, capital integration and data sharing, security enterprise budget, settlement, monitoring and so on financial management work standardization, efficient. Enterprises with financial management as the center, with an emphasis on cost control, realizes the financial system and sales system, supply and production of data sharing, unified management.译文企业财务管理研究Bromiley P, McShane M.摘要企业生产经营过程社会化程度和现代化水平正不断得以提高，企业财务管理与控制在企业管理中的核心地位已逐渐显示出来。
财务风险管理中英文对照外文翻译文献
中英文资料翻译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 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 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 riskwithin 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 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’s riskiness, but also its contribution to the overall riskiness of the portfolio towhich 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 bepossible to change where and how business is done, thereby reducing the organization’s exposure 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 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 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 otherfinancial 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 economy vulnerable 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。
财务管理专业外文文献翻译-会计财务外文翻译-外文文献中英文对照翻译
第一部位外文文献中文对照部分（中英文共5768字）财务管理类本科毕业论文外文翻译译文：[美]卡伦·A·霍契.《什么是财务风险管理？》.《财务风险管理要点》.约翰.威立国际出版公司,2005:P1-22.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。
全球市场越来越多的问题是，风险可能来自几千英里以外的与这些事件无关的国外市场。
意味着需要的信息可以在瞬间得到，而其后的市场反应，很快就发生了。
经济气候和市场可能会快速影响外汇汇率变化、利率及大宗商品价格，交易对手会迅速成为一个问题。
因此，重要的一点是要确保金融风险是可以被识别并且管理得当的。
准备是风险管理工作的一个关键组成部分。
什么是风险？风险给机会提供了基础。
风险和暴露的条款让它们在含义上有了细微的差别。
风险是指有损失的可能性，而暴露是可能的损失，尽管他们通常可以互换。
风险起因是由于暴露。
金融市场的暴露影响大多数机构，包括直接或间接的影响。
当一个组织的金融市场暴露，有损失的可能性，但也是一个获利或利润的机会。
金融市场的暴露可以提供战略性或竞争性的利益。
风险损失的可能性事件来自如市场价格的变化。
事件发生的可能性很小，但这可能导致损失率很高，特别麻烦，因为他们往往比预想的要严重得多。
换句话说，可能就是变异的风险回报。
由于它并不总是可能的，或者能满意地把风险消除，在决定如何管理它中了解它是很重要的一步。
识别暴露和风险形式的基础需要相应的财务风险管理策略。
财务风险是如何产生的呢？无数金融性质的交易包括销售和采购，投资和贷款，以及其他各种业务活动，产生了财务风险。
它可以出现在合法的交易中，新项目中，兼并和收购中，债务融资中，能源部分的成本中，或通过管理的活动，利益相关者，竞争者，外国政府，或天气出现。
当金融的价格变化很大，它可以增加成本，降低财政收入，或影响其他有不利影响的盈利能力的组织。
金融波动可能使人们难以规划和预算商品和服务的价格，并分配资金。
财务管理外文翻译(原文+译文))
【2016年9月】原文：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 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 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 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’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 ofrisk 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。
企业资金管理中英文对照外文翻译文献
企业资金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)An Analysis of Working Capital Management Results Across IndustriesAbstractFirms are able to reduce financing costs and/or increase the fund s available for expansion by minimizing the amount of funds tied upin current assets. We provide insights into the performance of surv eyed firms across key components of working capital management by usi ng the CFO magazine’s annual Working CapitalManagement Survey. We discover that significant differences exist b etween industries in working capital measures across time.In addition.w e discover that these measures for working capital change significantl y within industries across time.IntroductionThe importance of efficient working capital management is indisputa ble. Working capital is the difference between resources in cash or readily convertible into cash (Current Assets) and organizational commi tments for which cash will soon be required (Current Liabilities). Th e objective of working capital management is to maintain the optimum balance of each of the working capital components. Business viabilit y relies on the ability to effectively manage receivables. inventory.a nd payables. Firms are able to reduce financing costs and/or increase the funds available for expansion by minimizing the amount of funds tied up in current assets. Much managerial effort is expended in b ringing non-optimal levels of current assets and liabilities back towa rd optimal levels. An optimal level would be one in which a balance is achieved between risk and efficiency.A recent example of business attempting to maximize working capita l management is the recurrent attention being given to the applicatio n of Six Sigma®methodology. Six S igma®methodologies help companies measure and ensure quality in all areas of the enterprise. When used to identify and rectify discrepancies.inefficiencies and erroneous tra nsactions in the financial supply chain. Six Sigma®reduces Days Sale s Outstanding (DSO).accelerates the payment cycle.improves customer sati sfaction and reduces the necessary amount and cost of working capital needs. There appear to be many success stories including Jennifertwon’s(2002) report of a 15percent decrease in days that sales are outstanding.resulting in an increased cash flow of approximately $2 million at Thibodaux Regional Medical Cenrer.Furthermore bad debts declined from 3.4millin to $6000000.However.Waxer’s(2003)study of multiple firms employing Six Sig ma®finds that it is really a “get rich slow”technique with a r ate of return hovering in the 1.2 – 4.5 percent range.Even in a business using Six Sigma®methodology. an “optimal”level of working capital management needs to be identified. Industry factors may impa ct firm credit policy.inventory management.and bill-paying activities. S ome firms may be better suited to minimize receivables and inventory. while others maximize payables. Another aspect of “optimal”is the extent to which poor financial results can be tied to sub-optimal pe rformance.Fortunately.these issues are testable with data published by CFO magazine. which claims to be the source of “tools and informati on for the financial executive.”and are the subject of this resear ch.In addition to providing mean and variance values for the working capital measures and the overall metric.two issues will be addressed in this research. One research question is. “are firms within a p articular industry clustered together at consistent levels of working capital measures?For instance.are firms in one industry able to quickl y transfer sales into cash.while firms from another industry tend to have high sales levels for the particular level of inventory . The other research question is. “does working capital management perform ance for firms within a given industry change from year-to-year?”The following section presents a brief literature review.Next.the r esearch method is described.including some information about the annual Working Capital Management Survey published by CFO magazine. Findings are then presented and conclusions are drawn.Related LiteratureThe importance of working capital management is not new to the f inance literature. Over twenty years ago. Largay and Stickney (1980) reported that the then-recent bankruptcy of W.T. Grant. a nationwide chain of department stores.should have been anticipated because the co rporation had been running a deficit cash flow from operations for e ight of the last ten years of its corporate life.As part of a stud y of the Fortune 500s financial management practices. Gilbert and Rei chert (1995) find that accounts receivable management models are used in 59 percent of these firms to improve working capital projects.wh ile inventory management models were used in 60 percent of the compa nies.More recently. Farragher. Kleiman and Sahu (1999) find that 55 p ercent of firms in the S&P Industrial index complete some form of a cash flow assessment. but did not present insights regarding account s receivable and inventory management. or the variations of any curre nt asset accounts or liability accounts across industries.Thus.mixed ev idence exists concerning the use of working capital management techniq ues.Theoretical determination of optimal trade credit limits are the s ubject of many articles over the years (e.g. Schwartz 1974; Scherr 1 996).with scant attention paid to actual accounts receivable management.Across a limited sample. Weinraub and Visscher (1998) observe a tend ency of firms with low levels of current ratios to also have low l evels of current liabilities. Simultaneously investigating accounts rece ivable and payable issues.Hill. Sartoris.and Ferguson (1984) find diffe rences in the way payment dates are defined. Payees define the date of payment as the date payment is received.while payors view paymen t as the postmark date.Additional WCM insight across firms.industries.a nd time can add to this body of research.Maness and Zietlow (2002. 51. 496) presents two models of value creation that incorporate effective short-term financial management acti vities.However.these models are generic models and do not consider uni que firm or industry influences. Maness and Zietlow discuss industry influences in a short paragraph that includes the observation that. “An industry a company is located in may have more influence on th at company’s fortunes than overall GNP”(2002. 507).In fact. a car eful review of this 627-page textbook finds only sporadic information on actual firm levels of WCM dimensions.virtually nothing on industr y factors except for some boxed items with titles such as. “Should a Retailer Offer an In-House Credit Card”(128) and nothing on WC M stability over time. This research will attempt to fill this void by investigating patterns related to working capital measures within industries and illustrate differences between industries across time.An extensive survey of library and Internet resources provided ver y few recent reports about working capital management. The most relev ant set of articles was Weisel and Bradley’s (2003) article on cash flow management and one of inventory control as a result of effect ive supply chain management by Hadley (2004).Research Method The CFO RankingsThe first annual CFO Working Capital Survey. a joint project with REL Consultancy Group.was published in the June 1997 issue of CFO (Mintz and Lezere 1997). REL is a London. England-based management co nsulting firm specializing in working capital issues for its global l ist of clients. The original survey reports several working capital b enchmarks for public companies using data for 1996. Each company is ranked against its peers and also against the entire field of 1.000 companies. REL continues to update the original information on an a nnual basis.REL uses the “cash flow from operations”value located on firm cash flow statements to estimate cash conversion efficiency (CCE). T his value indicates how well a company transforms revenues into cash flow. A “days of working capital”(DWC) value is based on the d ollar amount in each of the aggregate.equally-weighted receivables.inven tory.and payables accounts. The “days of working capital”(DNC) repr esents the time period between purchase of inventory on acccount fromvendor until the sale to the customer.the collection of the receiva bles. and payment receipt.Thus.it reflects the companys ability to fin ance its core operations with vendor credit. A detailed investigation of WCM is possible because CFO also provides firm and industry val ues for days sales outstanding (A/R).inventory turnover.and days payabl es outstanding (A/P).Research FindingsAverage and Annual Working Capital Management Performance Working capital management component definitions and average values for the entire 1996 –2000 period .Across the nearly 1.000 firms in the survey.cash flow from operations. defined as cash flow from operations divided by sales and referred to as “cash conversion ef ficiency”(CCE).averages 9.0 percent.Incorporating a 95 percent confide nce interval. CCE ranges from 5.6 percent to 12.4 percent. The days working capital (DWC). defined as the sum of receivables and invent ories less payables divided by daily sales.averages 51.8 days and is very similar to the days that sales are outstanding (50.6).because the inventory turnover rate (once every 32.0 days) is similar to the number of days that payables are outstanding (32.4 days).In all ins tances.the standard deviation is relatively small.suggesting that these working capital management variables are consistent across CFO report s.Industry Rankings on Overall Working Capital Management Perfo rmanceCFO magazine provides an overall working capital ranking for firms in its ing the following equation:Industry-based differences in overall working capital management are presented for the twenty-s ix industries that had at least eight companies included in the rank ings each year.In the typical year. CFO magazine ranks 970 companies during this period. Industries are listed in order of the mean ove rall CFO ranking of working capital performance. Since the best avera ge ranking possible for an eight-company industry is 4.5 (this assume s that the eight companies are ranked one through eight for the ent ire survey). it is quite obvious that all firms in the petroleum in dustry must have been receiving very high overall working capital man agement rankings.In fact.the petroleum industry is ranked first in CCE and third in DWC (as illustrated in Table 5 and discussed later i n this paper).Furthermore.the petroleum industry had the lowest standar d deviation of working capital rankings and range of working capital rankings. The only other industry with a mean overall ranking less than 100 was the Electric & Gas Utility industry.which ranked secon d in CCE and fourth in DWC. The two industries with the worst work ing capital rankings were Textiles and Apparel. Textiles rank twenty-s econd in CCE and twenty-sixth in DWC. The apparel industry ranks twenty-third and twenty-fourth in the two working capital measures ConclusionsThe research presented here is based on the annual ratings of wo rking capital management published in CFO magazine. Our findings indic ate a consistency in how industries “stack up”against each other over time with respect to the working capital measures.However.the wor king capital measures themselves are not static (i.e.. averages of wo rking capital measures across all firms change annually); our results indicate significant movements across our entire sample over time. O ur findings are important because they provide insight to working cap ital performance across time. and on working capital management across industries. These changes may be in explained in part by macroecono mic factors Changes in interest rates.rate of innovation.and competitio n are likely to impact working capital management. As interest rates rise.there would be less desire to make payments early.which would stretch accounts payable.accounts receivable.and cash accounts. The ra mifications of this study include the finding of distinct levels of WCM measures for different industries.which tend to be stable over ti me. Many factors help to explain this discovery. The improving econom y during the period of the study may have resulted in improved turn over in some industries.while slowing turnover may have been a signal of troubles ahead. Our results should be interpreted cautiously. Our study takes places over a short time frame during a generally impr oving market. In addition. the survey suffers from survivorship bias –only the top firms within each industry are ranked each year and the composition of those firms within the industry can change annua lly.Further research may take one of two lines.First.there could bea study of whether stock prices respond to CFO magazine’s publication of working capital management rating.Second,there could be a study of which if any of the working capital management components relate to share price performance.Given our results,there studies need to take industry membership into consideration when estimating stock price reaction to working capital management performance.对整个行业中营运资金管理的研究格雷格Filbeck.Schweser学习计划托马斯M克鲁格.威斯康星大学拉克罗斯摘要:企业能够降低融资成本或者尽量减少绑定在流动资产上的成立基金数额来用于扩大现有的资金。
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。
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。
财务管理实践外文翻译文献
文献信息：文献标题：Impact of Financial Management Practices on SMEs Profitability with Moderating Role of Agency Cost（财务管理实践对中小企业盈利能力的影响及代理成本的调节作用）国外作者：Saqib Muneer，Rao Abrar Ahmad，Azhar Ali文献出处：《Information Management and Business Review 》, 2017, 9(1):23-30字数统计：英文2939单词，16394字符；中文5144汉字外文文献：Impact of Financial Management Practices on SMEsProfitability with Moderating Role of Agency Cost Abstract The importance of Small and medium enterprises (SMEs) towards economic development and growth is considerable. Some SMEs are facing difficulties to their development due to the lack of financial resources and management experience. The objective of this study is to check the relationships of financial management practices on profitability of small and medium enterprises and also to check the impact of agency cost on this relationship. This study consists of data analysis of two hundred SMEs from Faisalabad Pakistan. The study used primary data predominantly. SPSS 23 is used for descriptive analysis and Structural Equation Model (SEM) through Partial Least Square (PLS) 3 for hypothesis testing. The findings of this study indicate the presence of positive relationship between financial management practices and SMEs profitability but agency cost as a moderator has no effect on this relationship. The study strongly recommends higher adherence to financial management practices. Policy makers, developments partners, owners, and managers of SMEs may use these findings for sustainability of their business in Pakistan.Keywords: Financial management practices, Agency cost, SMEs, Working Capital1.IntroductionSmall and medium enterprises (SMEs) have significant contribution toward creating employment and also toward the economic development and growth (International Labor Organization, 2013, p. 1; Ratten, 2014; ulHaq, Usman, Hussain, and Anjum, 2014; Karadag, 2015). In Japan, small and medium industries have marked dominance, constituting about 99% of corporations (The Information Dissemination and Policy Promotio n Division of Japan’s Patent Office, 2009). In South Africa, SMEs contribute about 91% of formal business and provide 61% employment opportunities and enhance the GDP of South Africa between 52 to 57% (Abor & Quartey, 2010). In low income countries like Pakistan, the scale of the businesses size is limited to micro to medium. The main question is that how small and medium businesses measure their performance (Ahmad & Harif, Hoe, 2013, p. 87; Benedict & Matsotso, 2014, p. 247) said that failure of SMEs is inappropriate scale of measurement of the performance. The measurement of business is better through financial performance (Gallani, Krishnan & Kajiwara, 2015, p. 6). Effective use of finance much emphasized by modern research (Gitman, 2011). This scholarly effort will help to identify the financial management practices effect on the profitability of SMEs and also identify the agency cost effect. Good corporate governance is necessary for improving the performance and profitability of businesses (Braga-Alves & Shastri, 2011; Price, Rountree & Roman, 2011). In developing countries attention has been given to governance of the firm but still firms are suffering the governance problem (Ekanaakey, Perera & Perera, 2010). Actually corporate governance are rules under which the relationship of manager and owner is over looked and it is make sure that the manager is working for best interest of the owner.The contribution of this study is that financial management practices of SMEs are to improve its financial performance and review the cost that has to bear to the owner of the firm for maintaining the fair behavior of the financial manager in thebest interest of the firm. SMEs are a key source of economic growth (Sadi & Henderson, 2010), whether in developed or developing countries. In Saudi Arabia SMEs represent more than 90% of enterprises providing 51% of jobs in private sector and 22% of GDP (Mohammed, 2015 b). Importance of SMEs is now widely recognized as playing a vital role in creating new jobs (OECD, 2006; Karadag, 2015). Pakistan is also a developing country and the importance of SMEs can’t be ignored. Although Importance of these entities considerable but a high failure rate has found there, which led researchers to question the management practices of these entities (Fatoki, 2014, p. 922). In Pakistan SMEs are not providing required results although when compared with other developing countries because in Pakistan SMEs are facing many problems. From the major problem lack of financial management practices also include. This study is conducted in Faisalabad city so that financial management practices adopted by SMEs and the impact of these practices on firm performance can be viewed. For this study Faisalabad is selectedbecause this city is hub of the industries in Pakistan and due to this characteristic is also known as Manchester of Pakistan.2.Literature ReviewPakistan located in South Asia, with population of 188 million and DGP rate 4.7% (The World Bank, 2015). Trade and commerce played an important role in development of the economy so that the government of Pakistan has established a body for support and promote this sector. This government body is called Small and Medium Enterprises Development Authority (SMEDA) and it has responsibility of policies making related to promotion of SMEs, facilitation of financing is also the responsibility of SMEDA. It also helps in training and educating to the entrepreneurs. Pakistan’s position is lowest if it compared wit h other South Asian countries. The ratio of new firm in Pakistan is very low and close competitors of the firms are India and Bangladesh. Other member countries of Organization for Economic Co-operation and Development (OECD) performing much better. Specifically, United Kingdom (UK) is performing excellent and got the position at top of the ranking table. Thereare many factors which are badly affected performance of Pakistan businesses, and in this regard small businesses can play vital role to improve the Pakistan economy. Now Pakistan has also got memberships of OECD. In Pakistan the entrepreneurs are different from the entrepreneurs in other countries. Ali et al. (2010) has reported the impact of culture of Pakistan on entrepreneurial intentions. By usin g Hofstede’s dimensions about cultural, the results indicate that elements of culture for instance; collectivism and uncertainty avoidance are badly affecting the thinking of entrepreneurial intentions in Pakistan.SMEs stand for small and medium enterprises but State Bank of Pakistan (SBP) define SMEs in this way that SMEs can be classified into these three levels of business form micro enterprises, small enterprises and medium enterprises (SBP 2010). By the definition of State Bank of Pakistan SME means that any entity which is not a public limited co and has not full time employees more than 250 (manufacturing business), not more than 50 (in a trading or service business). Like other management science, financial management also establish its goals first and then its objective to achieve its financial goals. The main goal of financial management it to get maximum profit for the firm because many researchers have argued that SMEs play a significant role in the social and economic development of a country (for example, Benzing, Chu and Kara, 2009; Al-Disi, 2010; Han, Benson, Chen and Zhang, 2012; Shinozaki, 2012). Sometime financial decisions taken by owner of the firm proved wrong or wrong decision taken by the hired manager badly affect the profitability of the firm. Profitability of the firm could be damage due to the inefficient financial management. Mostly small and medium size businesses failed due to the absence of sufficient knowledge about efficient financial management. A sound financial management system has the effective governs system to the incomes, expenses, assets and liabilities to organizational performance (Abanis et al., 2013). The purpose of this study is not to cover all the aspect but only these practices will be included in this study accounting information systems, Financial Information System and working capital management.Accounting information systems consists of bookkeeping, recoding financialactivity transactions, cost accounting and the use of computers to manage these all activity. Small and medium enterprise publications and research have highlighted the importance of management of accounting system for SMEs. For example, in the literature of Lavia Lopez and Hiebl (2015) it was concluded that management of accounting system has a positive effect on performance of SMEs. Many SMEs are lower in their formal planning processes (Pemberton and Stone house, 2002). This makes relevant to examine the planning practices of small and medium businesses. Purpose of this study is to review the relationship of accounting information system toward firm profitably. Financial Information System: the frequency and the purpose of financial reporting, analysis of financial reporting, interpretation and auditing of financial reporting. Financial management expertise: the formal and informal education, relevant qualifications, training in financial management and overall financial management expertise. Working capital includes these content management of cash activity, management of account receivables and inventory management. Larger firm invested larger cash in the working capital and also have larger amounts of short term payables due to the source of financing (Deloof, 2003; Muneer et al., 2013). Both internal and external factors can influence the decision about current assets and current liabilities level. Recent studies, Silva (2011) and Gomes (2013) found positive relationship between working capital (WCM) and profitability, which indicates that firms have optimal working capital level which maximizes their profitability; see also Baños-Caballero et al. (2012) for evidence concerning with SpanishSME. Agency cost problem was raised by (Means and Berle, 1932) and in their research they argued that agency cost might be increased when ownership and control of the business separated. They told the cause of this increasing cost in-consistent interest of stockholders and management. Baker and Powell (2005) in their study define the agency problem as that agency problem create difficulties that are faced by the financiers to ensure the owners or stockholders of firm that their finance or fund is not wasted on any un attractive project. To check the impact of financial management practices on firm growth and role of agency cost as moderator, the following hypothesis are developed:Hypothesis 1:H1: Accounting information system (AIS) is positively related with profitability of SMEs.H1a: Accounting information system (AIS) is not positively related with profitability of SMEs.Hypothesis 2:H2: Financial information system (FIS) is positively related with profitability of SMEs.H2a: Financial information system (FIS) is no positively related with profitability of SMEs.Hypothesis 3:H3: Working capital management (WCM) is positively related with profitability of SMEs.H3a: Working capital management is not positively related with profitability of SMEs.Hypothesis 4:H4: Agency Cost as a moderator is affecting the profitability of SMEs.H4a: Agency Cost as a moderator is not affecting the profitability of SMEsFigure 1: Theoretical Frame Work3.MethodologyThis study occupied primary data to analyze the results fromfinancialmanagement practices adopted by SMEs in Faisalabad. This study is conducted to test hypothesis and to develop a relationship between the dependent variable “Firm Growth” and the independent variables “Accounting information system, Financial information system, Working capital management” with moderating effect of agency cost. Survey questionnaires are used to collect the response from the target population.The sample for this study is comprised of 300 SMEs operating in Faisalabad city.Total three hundred questionnaires were delivered to the SMEs out of which two hundred responses were received back. During data entry, 20 questionnaires were incomplete and considered as redundant. Remaining 180 questionnaires were considered for the analysis. To test the hypothesis, Structural Equation Modeling (SEM) is applied by using partial least square (PLS. 3).4.ResultsFor the assessment of validity and reliability Cronbach’s alpha, composite reliability and average variance extracted (A VE) are used in the present study.According to George and Mallery (2003) “The value ofCronbach’s alpha less than0.50 is not acceptable, 0.50-0.60 is considered as poor but acceptable, while any valueabove 0.70 is considered as good”. Results show that data is valid.Table 1: Convergent validity (Measurement Model Quality Criteria)Cronbach’s Alpha CompositeA VEReliabilityAccounting information system 0.875133 0.906144 0.618016 Financial information system 0.768943 0.831819 0.589577 Working capital management 0.772320 0.828675 0.631078 Agency cost 0.674158 0.7794710.618230 Firm performance 0.552810 0.653952 0.565824 Financial Management Practices and Firm Performance Structural Model: Firm performance (FP) was assessed by using a three items scale. Three parameters (Accounting information system (Q1=.515), Financial information system (Q2=.238) and Working capital management (Q3=.112) were used to determine the firm performance and these parameters defined (Q5=.654) of firm performance overall. Itsmean there were also some other variables effecting firm performance.Figure 2: Predictive Relevance of Structural ModelsNote: Q1: Accounting information system (AIS), Q2: Financial information system (FIS), Q3: Working capital management (WCM), Q4: Agency cost, Q5: Firm performanceTable 2: Model Summery of All Independent VariablesHypothetical relationship Path coefficientAbsolute t-statistical valuesValues of R2 Values of Q2Q1 – Q5 0.515*** 6.402Q2-Q5 0.238*** 2.882Q3-Q5 0.112** 1.979Q5 0.654 0.231 Agency Cost (Moderator) and Firm Performance Structural Model: Agency cost is the moderator in this study. In below model agency cost (Q4) is taken as an independent variable (IV) to check its impact on firm performance and its shows (R2=-.076, 0.191, 0.216) of firm performance which is very low of total firm performance. The value of R2 is not significant because it should be more than 0.5Cronbach’s (1951).Figure 3: Predictive Relevance of StructureTable 3: Model SummeryRelationship Path Coefficient Absolute t-statistic valueValue of R2 ModeratorQ1-Q4 -0.076 0.730Q6 0.643 Not moderator Q2-Q4 0.1910.942Q6 0.623 Not moderator Q3-Q4 0.216 0.937Q6 0.525 Not moderator In the current study 4 hypothesis were tested. At the end results identified that 3 hypothesis (H1, H2, H3) were supported. It means results shown that AIS (accounting information system) FIS (financial information system) and WCM (working capital management) have significant impact on the profitability of SMEs. When one hypothesis was supported (H4a). It means result shown that agency cost is not affecting the relationship of (IV) and (DV) as a moderator in this study held in Faisalabad Pakistan.5.ConclusionThe major objective of this study was to examine the effect of financial management practices on the profitability of small and medium business and to checkthe financial practices adopted by SMEs in Faisalabad city of Pakistan. The data analysis shows that financial management practices have significant impact of SMEsprofitability. Most of the firms in Faisalabad city prepared their financial statement, balance sheet and income statement prepared regularly and frequently. Most of the firms have employed accountant for managing accounts department. Tendency to use computer for accounting information system was low in small size business but in medium size businesses accounting system was strong. 80% of the total firms followed cash management practices which include cash budget, review of cash budget on monthly or weekly basis. Most of the small enterprises prepare cash budget on weekly basis. This research shows that mostly firms are familiar to cash budgeting, cash control and cash flows. 36% firm face cash shortage problem for its expenditurewhile 64% firms face cash surplus. Finding tells that cash surplus is major problem than cash shortage for SMEs. Major issues created form cash surplus is that where surplus should invest for earn profit. Most of the firms have not better option to invest surplus cash in a profitable project. Agency problem may play a significance role in performance of business, for this purpose present study was also examined the agency cost behaviors as a moderate between the relationship of financial management and SME profitability in Faisalabad Pakistan. But it was viewed that agency cost worked as a moderator in any other economy but not worked in Faisalabad Pakistan. This study also explains that agency cost as an independent variable have some effect on profitability of SMEs.Limitations of the Research Study: Major limitation related to this study was financial and non-financial resources; time limitation and due to these limitation and scope of the study research have to limit the number of objectives. There are multiple areas of financial management related to research problem and research question directly or indirectly but due to the limitation of time and fund all the areas of financial management could not be investigated. Because resources were scarce so that all the SMEs in Pakistan could not be studied and selected SMEs in Faisalabad city were taken as a target population. Mostly selected firm were manufacturing concern. In Faisalabad city there are large no of small and medium business units and have different management practices and knowledge if compared with the SMEs situated in other cities of Pakistan. All primary data was collected from personalinterview but failed to collect any documentary prove related provided information by the respondent. This study viewed the internal factor which influence the profitability but not viewed any external factor which may affect the financial management practices.Implications for the Further Research: This study leads to the suggestion that in further research work should supplemented so that other areas could be examined which could not covered by this study. Following are the further suggestion for future research.•Findings or current study can be used in other financial management practices such as management of current assets, management of fixed assets and capital structure management in other cities of Pakistan.•Model of this study can be used in the other cities of Pakistan to check the financial management practices.•Most of the small enterprises in Faisalabad Pakistan are not adopting better financial management practices the reasons can be reviewed.•The financial performance of small enterprises and the medium enterprises can be viewed because there is difference in financial management practices of small enterprises and medium enterprises.•In small enterprises owner himself manage financial activities and in medium enterprises accounts manger manage financial activities so that effect of owner and manager financial management practices can be viewed.Finding can be used for the improvement of financial management practices especially in small enterprises for development of this sector of Pakistan.中文译文：财务管理实践对中小企业盈利能力的影响及代理成本的调节作用摘要中小企业对经济发展和增长的重要性是相当大的。
财务管理外文文献及翻译2
财务管理外文文献及翻译2附录A:外文文献(译文)跨国公司财务有重大国外经营业务的公司经常被称作跨国公司或多国企业。
跨国公司必须考虑许多并不会对纯粹的国内企业产生直接影响的财务因素，其中包括外币汇率、各国不同的利率、国外经营所用的复杂会计方法、外国税率和外国政府的干涉等。
公司财务的基本原理仍然适用于跨国企业。
与国内企业一样，它们进行的投资项目也必须为股东提供比成本更多的收益，也必须进行财务安排，用尽可能低的成本进行融资。
净现值法则同时适用于国内经营和国外经营，但是，国外经营应用净现值法则时通常更加复杂。
也许跨国财务中最复杂的是外汇问题。
当跨国公司进行资本预算决策或融资决策时，外汇市场能为其提供信息和机会。
外汇、利率和通货膨胀三者的相互关系构成了汇率基本理论。
即:购买力平价理论、利率平价理论和预测理论。
跨国公司融资决策通常要在以下三种基本方法中加以选择，我们将讨论每种方法的优缺点。
(1) 把现金由国内输出用于国外经营业务;(2) 向投资所在国借贷;(3) 向第三国借贷。
1专业术语学习财务的学生通常会听到一个单词总在耳边嗡嗡作响:全球化( g l o b a l i z a t i on )。
学习资金市场的全球化必须首先掌握一些新的术语，以下便是在跨国财务中，还有本章中最常用到的一些术语:(1) 美国存托证(American Depository Receipt,ADR)。
它是在美国发行的一种代表外国股权的证券，它使得外国股票可在美国上市交易。
外国公司运用以美元发行的ADR，来扩大潜在美国投资者群体。
ADR以两种形式代表大约690家外国公司:一是在某个交易所挂牌交易的 ADR，称为公司保荐形式;另一种是非保荐形式，这些ADR通常由投资银行持有并为其做市。
这两种形式的ADR均可由个人投资和买卖，但报纸每天只报告保荐形式的存托证的交易情况。
(2) 交叉汇率(cross rate)。
它是指两种外国货币(通常都不是美元)之间的汇率。
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。
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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。