财务管理专业英语第二章

corporate managers cannot effectively serve many masters. Purposeful behavior requires the existence of
这就是说公司经理不能有效的服务多个目标。 a single-valued objective function. 一个单一的价值目标。
has a fiduciary responsibility to act in their best interest. From the stockholders ' perspective, a good
management decision would lead to an increase in the value of the stock. This is because investors generally prefer more wealth to less. Thus , the financial goal of the firm is to maximize shareholders ’ 公司的财务目标是股东财富最大化， "股东"是指公司目前的所有者。 wealth as reflected in the market price of the stock. The term“shareholders" refers to the firm's current owners or stockholders. For non-publicly traded firms, the objective in decision making is to maximize 对于公开交易的公司，决策的目标是实现公司价值最大化。 firm value.
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The article translation 文章翻译
division of opinion exists on the goal of financial management, two leading contenders are stakeholder 对财务管理的目标存在着很大的分歧, theory and value(wealth) maximization. 理论和价值最大化。 但是两种最主要的理论是利益相关者
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Introduction 导言
本段内容主要说明了财务管理的目标，说明了利益相关者理论和价值或财富最大化以及相关的内 容和方法。
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The article translation 文章翻译 2.3 Objectives of Financial Management
2.3 财务管理目标
So far we have seen that financial managers are primarily concerned with long-term investment 到目前为止，我们看到财务管理主要涉及公司长期的投资 and financing decisions as with as with working capital management decisions within a firm. To make 和财务决策， 同样涉及营运资本管理。 财务经理需要一个明确的目标作为 evaluating performance and deciding between alternative courses of actions. Without such a criterion, 绩效评估和可替代业务选择的标准。 财务经理就不能衡量业务的好坏。 如果缺乏这样的标准， the financial manger would be unable to keep score —that is, to measure better from worse. effective decisions, the financial manager needs a clear objective or goal to serve as a standard for
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The article translation 文章翻译
Because common stockholders are the firm's most important stakeholders, the financial manager 由于普通股股东是公司最重要的利益相关者， 对实现他们的最大利益有受托责任。 好的管理决策会导致股票价值的增加。 通常都喜欢更多的财富。 这种财富反映在股票的市场价格。 从股东的角度看， 这是因为投资者 财务经理
theory asserts that managers should make decisions that take into account the interests of all of Βιβλιοθήκη Baidu firm ’s
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The article translation 文章翻译
customers, suppliers, local communities, and the government. The major problem with stakeholder theory 客户、供应商、当地社区和政府。 是涉及到多个目标。 有些可能相互冲突， 利益相关者理论最主要的问题 让财务经理最大化的实现多个目标， 可能使其无法做出合理的决策。 目的性的行为需要
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The article translation 文章翻译
In practice, this goal means that the financial manager can best serve business owners by identifying
这个目标意味着财务经理通过识别
goods and services that add value to the firm because the marketplace desires and values the firm's 商品和服务增加公司价值来更好的服务所有者。 offerings. This single-valued objective server as a prerequisite for rational behavior within an organization. 单一价值的目标是理性行为的先决条件。 In fact, maximizing shareholders'wealth has become the premier business mantra. 事实上，股东财富最大化已成为首要的商业语言。
Introduction to Financial Management (2) 财务管理概述 (2)
061140415 马梓力
Introduction 导言
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The article translation 文章翻译
目录
4 Related knowledge 相关知识
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Professional vocabulary 专业词汇
is that it involves multiple objectives. Telling the financial manager to maximize multiple objectives, some
of which may be conflicting, would leave that manager with no way to make a reasoned decision. That is,
大部分的公司财务理论赞同公司的主要目标是实现长期 firm value or wealth. Some dissertations exists on whether the criterion should be the maximization of 价值或财富的最大化。 股东价值最大化还是公司价值最大化。 一些理论是基于实现 股东财富最大化仅仅 包括普通股 market value of the stockholders or that of the firm. Maximization of shareholder wealth focuses only on stockholders whereas maximization of firm value encompasses all financial claimholders including common 关注股东而公司价值最大化包含所有与公司财务相关者， stockholders, debt holders, and preferred stockholders. 股东、债权人和优先股股东。
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The article translation 文章翻译 2.3.2 Value or Wealth Maximization 2.3.2 价值或财富最大化
Most corporate financial theorists agree that the primary corporate goal is to maximize long-term
and surviving. Each of these possibilities has serious defects as a corporate goal. For example, profit
这些可能的目标作为企业目标都存在着严重的缺陷。 利润最大化着重于会计利润， 忽略了时间跨度和风险。 maximization focuses on accounting profits, lacks a time dimension, and ignores risk. Although much
2.3.1 Stakeholder Theory 2.3.1 利益相关者理论
Stakeholder theory is the main contender to value maximization as the corporate goal. Stakeholder
作为企业的目标，利益相关者理论是价值最大化理论的主要竞争理论。 理论认为管理者所做的决策要考虑公司所有相关者的利益。 stakeholders. Such stakeholders include not only financial claimholders * but also employees, managers, 这些利益相关者不仅包括所有者还包括员工、管理者、 利益相关者
Why focus on maximizing share price? First, using stock price maximization as an objective function
few possibilities include maximizing revenues, profits,earnings per share,returns, market share, or social
一些可能的目标包括：收入、利润、每股收益、收益、市场占有率 good; minimizing costs; maintaining steady earnings growth; avoiding financial distress and bankruptcy; 和社会公益的最大化； 继续存在。 成本最低； 保持稳定的盈利增长； 避免财务危机和破产； 例如， 虽然
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The article translation 文章翻译
What should be the fundamental purpose of a business firm, specifically a corporations? More 企业，特别是公司的根本目的是什么？ 企业，特别是公司的根本目的是什么？ directly, what should be the goal of financial management? The number of potential goals is extensive.A 更直接一点是财务管理的目标是什么？ 潜在目标的数量规模很大。