财务管理类本科外文翻译(原文+译文)
财务管理专业财务管理和财务分析大学毕业论文外文文献翻译及原文
毕业设计(论文)外文文献翻译文献、资料中文题目:财务管理和财务分析文献、资料英文题目:文献、资料来源:文献、资料发表(出版)日期:院(部):专业:财务管理班级:姓名:学号:指导教师:翻译日期: 2017.02.14外文翻译原文Financial Management and Analysis is an introduction to the concepts,tools, and applications of finance. The purpose of this textbook is to communicate the fundamentals of financial management and financial analysis.This textbook is written in a way that will enable students who are just beginning their study of finance to understand financial decision-making and its role in the decision-making process of the entire firm.Throughout the textbook, you’ll see how we view finance.We see financial decision-making as an integral part of the firm’s decision-making, not as a separate function. Financial decision-making involves coordination among personnel specializing in accounting, marketing, and production aspects of the firm.The principles and tools of finance are applicable to all forms and sizes of business enterprises, not only to large corporations. Just as there are special problems and opportunities for small family-owned businesses(such as where to obtain financing), there are special problems and opportunities for large corporations (such as agency problems that arise when management of the firm is separated from the firm’s owners). But the fundamentals of financial management are the same regardless of the size or form of the business. For example, a dollar today is worth more than a dollar one year from today, whether you are makingdecisions for a sole proprietorship or a large corporation.We view the principles and tools of finance as applicable to firms around the globe, not just to U.S. business enterprises. While customs and laws may differ among nations, the principles, theories, and tools of financial management do not. For example, in evaluating whether to buy a particular piece of equipment, you must evaluate what happens to the firm’s future cash flows (How much will they be? When will they occur? How uncertain are they?), whether the firm is located in the United States, Great Britain, or elsewhere.In addition, we believe that a strong foundation in finance principles and the related mathematical tools are necessary for you to understand how investing and financing decisions are made. But building that foundation need not be strenuous. One way that we try to help you build that foundation is to present the principles and theories of finance using intuition, instead of with proofs and theorems. For example, we walk you through the intuition of capital structure theory with numerical and real world examples, not equations and proofs. Another we try to assist you is to approach the tools of finance using careful, step-by-step examples and numerous graphs.ORGANIZATIONFinancial Management and Analysis is presented in seven parts. The first two parts (Parts One and Two) cover the basics, including the objective of financial management, valuation principles, and the relation between risk and return. Financial decision-making is covered in Parts Three, Four, and Five where we present long-term investment management (commonly referred to as capital budgeting), the management of long-term sources of funds, and working capital management. Part Six covers financial statement analysis which includes financial ratio analysis, earnings analysis, and cash flow analysis. The last part (Part Seven) covers several specialized topics: international financial management, borrowing via structured financial transactions (i.e., asset securitization), project financing, equipment leasing, and financial planning and strategy.DISTINGUISHING FEATURES OF THE TEXTBOOKLogical structure. The text begins with the basic principles and tools, followed by long-term investment and financing decisions. The first two parts lay out the basics; Part Three then focuses on the “left side” of the balance sheet (the assets) and the Part Four is the “right side” of the balance sheet (the liabilities and equity). Working capital decisions, whi ch are made to support the day-to-day operations of the firm, are discussed in Part Five. Part Six provides the tools for analyzing a firm’s financial statements. In the last chapter of the book, you are brought back full-circle to the objective of financial management: the maximization of owners’ wealth.Graphical illustrations. Graphs and illustrations have been carefully and deliberately developed to depict and provide visual reinforcement of mathematical concepts. For example, we show the growth of a bank balance through compound interest several ways: mathematically, in a time-line,and with a bar graph.Applications. As much as possible, we develop concepts and mathematics using examples of actual practice. For example, we first present financial analysis using a simplified set of financial statements for a fictitious company. After you’ve learned the basics using the fictitious company, we demonstrate financial analysis tools using data from Wal-Mart Stores, Inc. Actual examples help you better grasp and retain major concepts and tools. We integrate over 100 actual company examples throughout the text, so you’re not apt to miss them. Considering both the examples throughout the text and the research questions and problems, you are exposed to hundreds of actual companies.Extensive coverage of financial statement analysis. While most textbooks provide some coverage of financial statement analysis, we have provided you with much more detail in Part Six of the textbook. Chapter 6 and the three chapters in Part Six allow an instructor to focus on financial statement analysis.Extensive coverage of alternative debt instruments. Because of the innovations in the debt market, alternative forms debt instruments can be issued by a corporation. In Chapter 15,you are introduced to these instruments. We then devote one chapter to the most popular alternative to corporate bond issuance, the creation and issuance of asset-backed securities.Coverage of leasing and project financing. We provide in-depth coverage of leasing in Chapter 27, demystifying the claims about the advantages and disadvantages of leasing you too often read about in some textbooks and professional articles. Project financing has grown in importance for not only corporations but for countries seeking to develop infrastructure facilities. Chapter 28 provides the basic principles for understanding project financing.Early introduction to derivative instruments. Derivative instruments (futures, swaps, and options) play an important role in finance. You are introduced to these instruments in Chapter 4. While derivative instruments are viewed as complex instruments, you are provided with an introduction that makes clear their basic investment characteristics. By the early introduction of derivative instruments, you will be able to appreciate the difficulties of evaluating securities that have embedded options (Chapter 9), how there are real options embedded in capital budgeting decisions (Chapter14), and how derivative instruments can be used to reduce or to hedge the cost of borrowing (Chapter 15).Stand-alone nature of the chapters. Each chapter is written so that chapters may easily be rearranged to fit different course structures. Concepts, terminology, and notation are presented in each chapter so that no chapter is dependent upon another. This means that instructors can tailor the use of this book to fit their particular time frame for the course and their students’preparation (for example, if students enter the course with sufficient background in accounting and taxation, Chapters 5 and 6 can be skipped). We believe that our approach to the subject matter of financial management and analysis will help you understand the key issues and provide the foundation for developing a skill set necessary to deal with real world financial problems.1 Introduction to Financial Management and AnalysisFinance is the application of economic principles and concepts to businessdecision-making and problem solving. The field of finance can be considered to comprise three broad categories: financial management,investments, and financial institutions:■ Financial management. Sometimes called corporate finance or business finance, this area of finance is concerned primarily with financial decision-making within a business entity. Financial management decisions include maintaining cash balances, extending credit, acquiring other firms, borrowing from banks, and issuing stocks and bonds.■ Investments. This area of finance focuses on the behavior of financial markets and the pricing of securities. An investment manager’s tasks, for example, may include valu ing common stocks, selecting securities for a pension fund, or measuring a portfolio’s performance.■ Financial institutions. This area of finance deals with banks and other firms that specialize in bringing the suppliers of funds together with the users of funds. For example, a manager of a bank may make decisions regarding granting loans, managing cash balances, setting interest rates on loans, and dealing with government regulations.No matter the particular category of finance, business situations that call for the application of the theories and tools of finance generally involve either investing (using funds) or financing (raising funds).Managers who work in any of these three areas rely on the same basic knowledge of finance. In this book, we introduce you to this common body of knowledge and show how it is used in financial decision- making. Though the emphasis of this book is financial management, the basic principles and tools also apply to the areas of investments and financial institutions. In th is introductory chapter, we’ll consider the types of decisions financial managers make, the role of financial analysis, the forms of business ownership, and the objective of managers’ decisions. Finally, we will describe the relationship between owners and managers.FINANCIAL MANAGEMENTFinancial management encompasses many different types of decisions. We can classify these decisions into three groups: investment decisions, financing decisions, and decisions thatinvolve both investing and financing. Investment decisions are concerned with the use of funds—the buying, holding, or selling of all types of assets: Should we buy a new die stamping machine? Should we introduce a new product line? Sell the old production facility? Buy an existing company? Build a warehouse? Keep our cash in the bank?Financing decisions are concerned with the acquisition of funds to be used for investing and financing day-to-day operations. Should managers use the money raised through the firms’ revenues? Should they seek money from outside of the business? A company’s operations and investment can be financed from outside the business by incurring debts, such as though bank loans and the sale of bonds, or by selling ownership interests. Because each method of financing obligates the business in different ways, financing decisions are very important.Many business decisions simultaneously involve both investing and financing. For example, a company may wish to acquire another firm— an investment decision. However, the success of the acquisition may depend on how it is financed: by borrowing cash to meet the purchase price, by selling additional shares of stock, or by exchanging existing shares of stock. If managers decide to borrow money, the borrowed funds must be repaid within a specified period of time. Creditors (those lending the money) generally do not share in the control of profits of the borrowing firm. If, on the other hand, managers decide to raise funds by selling ownership interests, these funds never have to be paid back. However, such a sale dilutes the control of (and profits accruing to) the current owners.Whether a financial decision involves investing, financing, or both, it also will be concerned with two specific factors: expected return and risk. And throughout your study of finance, you will be concerned with these factors. Expected return is the difference between potential benefits and potential costs. Risk is the degree of uncertainty associated with these expected returns.Financial AnalysisFinancial analysis is a tool of financial management. It consists of the evaluation of thefinancial condition and operating performance of a business firm, an industry, or even the economy, and the forecasting of its future condition and performance. It is, in other words, a means for examining risk and expected return. Data for financial analysis may come from other areas within the firm, such as marketing and production departments, from the firm’s own accounting data, or from financial information vendors such as Bloomberg Financial Markets, Moody’s Investors Service, Standard & Poor’s Corporation, Fitch Ratings, and Value Line, as well as from government publications, such as the Federal Reserve Bulletin. Financial publications such as Business Week, Forbes, Fortune, and the Wall Street Journal also publish financial data (concerning individual firms) and economic data (concerning industries, markets, and economies), much of which is now also available on the Internet.Within the firm, financial analysis may be used not only to evaluate the performance of the firm, but also its divisions or departments and its product lines. Analyses may be performed both periodically and as needed, not only to ensure informed investing and financing decisions, but also as an aid in implementing personnel policies and rewards systems.Outside the firm, financial analysis may be used to determine the creditworthiness of a new customer, to evaluate the ability of a supplier to hold to the conditions of a long-term contract, and to evaluate the market performance of competitors.Firms and investors that do not have the expertise, the time, or the resources to perform financial analysis on their own may purchase analyses from companies that specialize in providing this service. Such companies can provide reports ranging from detailed written analyses to simple creditworthiness ratings for businesses. As an example, Dun & Bradstreet, a financial services firm, evaluates the creditworthiness of many firms, from small local businesses to major corporations. As another example, three companies—Moody’s Investors Service, Standard & Poor’s, and Fitch—evaluate the credit quality of debt obligations issued by corporations and express these views in the form of a rating that is published in the reports available from these three organizations.FORMS OF BUSINESS ENTERPRISEFinancial management is not restricted to large corporations: It is necessary in all forms and sizes of businesses. The three major forms of business organization are the sole proprietorship, the partnership, and the corporation. These three forms differ in a number of factors, of which those most important to financial decision-making are:■ The way the firm is taxed.■ The degree of control owners may exert on decisions.■ The liability of the owners.■ The ease of transferring ownership interests.■ The ability to raise additional funds.■ The longevity of the business.Sole ProprietorshipsThe simplest and most common form of business enterprise is the sole proprietorship, a business owned and controlled by one person—the proprietor. Because there are very few legal requirements to establish and run a sole proprietorship, this form of business is chosen by many individuals who are starting up a particular business enterprise. The sole proprietor carries on a business for his or her own benefit, without participation of other persons except employees. The proprietor receives all income from the business and alone decides whether to reinvest the profits in the business or use them for personal expenses.A proprietor is liable for all the debts of the business; in fact, it is the proprietor who incurs the debts of the business. If there are insufficient business assets to pay a business debt, the proprietor must pay the debt out of his or her personal assets. If more funds are needed to operate or expand the business than are generated by business operations, the owner either contributes his or her personal assets to the business or borrows. For most sole proprietorships, banks are the primary source of borrowed funds. However, there are limits to how much banks will lend a sole proprietorship, most of which are relatively small.。
财务管理专业英语翻译完整
财务管理专业英语翻译(优质文档,可直接使用,可编辑,欢迎下载)1、Financial management is an integrated decision—making process concerned with acquiring, financing,and managing assets to accomplish some overall goal within a business entity。
财务管理是为了实现一个公司总体目标而进行的涉及到获取、融资和资产管理的综合决策过程.2、Making financial decisions is an integral part of all forms and sizes of businessorganizations from small privately-hold forms to large publicly—traded corporations.做财务决策对于所有形式和规模的商业组织,无论是小型私人公司还是大型股份公开交易的公司来说,都是不可分割的一部分。
3、In today’s rapidly changing environment,the financial manager must have the flexibilityto adapt to external factors such as economic uncertainty,global competition, technological change,volatility of interest and exchange rates,changes in laws and regulations, and ethical concerns。
在当今瞬息万变的环境中,财务经理必须具备足够的灵活性以适应外部因素,如经济的不确定性、国际竞争、技术变革、利息波动、汇率变动、法律法规变化以及商业道德问题。
财务管理外文文献及翻译
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。
无论企业的形式和规模如何,财务原理和财务工具均适用。
就像对小规模的私营企业而言存在如何筹资的问题,大企业面临所有权和经营权分离时出现的代理问题。
不管公司的规模和形式是如何的,公司财务管理的基本原理是一样的。
例如,无论是独资企业做出的决策还是大企业做出的决策,今天一美元的价值都高于未来一美元的价值。
我们所说的财务原理和财务工具适用于全球的企业,不仅限于美国的企业。
虽然国家习惯和法律可能与国家的原则理论存在着不同,但财务管理用到的工具是一样的。
例如,在评估是否要买一个特殊设备的价值时,你需要评估企业未来现金流的发生(设备成本和支出的时间和设备的不确定性),这个企业位于美国、英国还是在其他的地方?此外,我们相信拥有强大的财务原理和数学相关工具的依据对于你了解如何做出投资和财务决策十分必要。
但是建立这种依据比不费力。
我们试图帮你建立这种依据的途径是通过直觉提出财务原理和财务理论。
而不是原理和证据。
例如,我们引导你通过数字和真实例子对资本结构原理产生直觉,而不是利用公式和证据。
再者我们试图帮助你通过仔细的逐步的例子和大量数据处理财务工具。
财务管理和财务分析分为7个部分。
前两个部分(第一部分和第二部分)涉及到基础部分,它包括财务管理、估价原则的目标以及风险和回报之间的关系。
财务决策涉及到第三、四、五部分的内容,我们提出了长期投资管理(通常被称为资本预算)的长期来源、管理和资金管理工作。
第六部分涉及到财务报表分析,它包括财务比率的分析,盈利分析和现金流量分析。
最后一个部分(第七部分)涉及到一些专业论题:国际财务管理,金融结构性金融交易(例如资产证券化),项目融资,设备租赁贷款和财务规划策略。
财务管理类本科毕业论文外文翻译(原文+译文)
财务管理类本科毕业论文外文翻译〔原文+译文〕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,2022: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,而其后的市场反响,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局部。
什么是风险?风险给时机提供了根底。
风险和暴露的条款让它们在含义上有了细微的差异。
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时机。
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根底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,新工程中,兼并和收购中,债务融资中,能源局部的本钱中,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,它可以增加本钱,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效劳的价格,并分配资金。
[参考实用]财务管理外文文献及翻译
FinancialManagementandAnalysisisanintroductiontotheconcepts,tools,andap plicationsoffinance.ThepurposeofthisteGtbookistocommunicatethefundamentals offinancialmanagementandfinancialanalysis.ThisteGtbookiswritteninawaythatwille nablestudentswhoarejustbeginningtheirstudyoffinancetounderstandfinancialdeci sion-makinganditsroleinthedecision-makingprocessoftheentirefirm.ThroughouttheteGtbook,you’ll seehowweviewfinance.Weseefinancialdecisio n-makingasanintegralpartofthe firm’s decision-making,notasaseparatefunction.Fi nancialdecision-makinginvolvescoordinationamongpersonnelspecializinginaccou nting,marketing,andproductionaspectsofthefirm.Theprinciplesandtoolsoffinanceareapplicabletoallformsandsizesofbusinessent erprises,notonlytolargecorporations.Justastherearespecialproblemsandopportuni tiesforsmallfamily-ownedbusinesses(suchaswheretoobtainfinancing),therearespec ialproblemsandopportunitiesforlargecorporations(suchasagencyproblemsthataris ewhenmanagementofthefirmisseparatedfromthe firm’s owners).Butthefundamen talsoffinancialmanagementarethesameregardlessofthesizeorformofthebusiness.F oreGample,adollartodayisworthmorethanadollaroneyearfromtoday,whetheryouar emakingdecisionsforasoleproprietorshiporalargecorporation.Weviewtheprinciplesandtoolsoffinanceasapplicabletofirmsaroundtheglobe,notjusttoU.S.businessenterprises.Whilecustomsandlawsmaydifferamongnations,th eprinciples,theories,andtoolsoffinancialmanagementdonot.ForeGample,inevaluati ngwhethertobuyaparticularpieceofequipment,youmustevaluatewhathappenstoth e firm’s futurecashflows(Howmuchwilltheybe?Whenwilltheyoccur?Howuncertaina rethey?),whetherthefirmislocatedintheUnitedStates,GreatBritain,orelsewhere.Inaddition,webelievethatastrongfoundationinfinanceprinciplesandtherelated mathematicaltoolsarenecessaryforyoutounderstandhowinvestingandfinancingdec isionsaremade.Butbuildingthatfoundationneednotbestrenuous.Onewaythatwetryt ohelpyoubuildthatfoundationistopresenttheprinciplesandtheoriesoffinanceusingi ntuition,insteadofwithproofsandtheorems.ForeGample,wewalkyouthroughtheintu itionofcapitalstructuretheorywithnumericalandrealworldeGamples,notequationsa ndproofs.Anotherwetrytoassistyouistoapproachthetoolsoffinanceusingcareful,ste p-by-stepeGamplesandnumerousgraphs.ORGANIZATIONFinancialManagementandAnalysisispresentedinsevenparts.Thefirsttwoparts(P artsOneandTwo)coverthebasics,includingtheobjectiveoffinancialmanagement,val uationprinciples,andtherelationbetweenriskandreturn.Financialdecision-makingis coveredinPartsThree,Four,andFivewherewepresentlong-terminvestmentmanagem ent(commonlyreferredtoascapitalbudgeting),themanagementoflong-termsources offunds,andworkingcapitalmanagement.PartSiGcoversfinancialstatementanalysis whichincludesfinancialratioanalysis,earningsanalysis,andcashflowanalysis.Thelastp art(PartSeven)coversseveralspecializedtopics:internationalfinancialmanagement,b orrowingviastructuredfinancialtransactions(i.e.,assetsecuritization),projectfinancing,equipmentleasing,andfinancialplanningandstrategy. DISTINGUISHINGFEATURESOFTHETEGTBOOKLogicalstructure.TheteGtbeginswiththebasicprinciplesandtools,followedbylon g-terminvestmentandfinancingdecisions.Thefirsttwopartslayoutthebasics;PartThr eethenfocusesonthe“leftside”ofthebalancesheet(theassets)andthePartFouristhe “rightside”ofthebalancesheet(theliabilitiesandequity).Workingcapitaldecisions, whicharemadetosupporttheday-to-dayoperationsofthefirm,arediscussedinPartFiv e.PartSiGprovidesthetoolsforanalyzinga firm’s financialstatements.Inthelastchapt erofthebook,youarebroughtbackfull-circletotheobjectiveoffinancialmanagement:t hemaGimizationof owners’wealth.Graphicalillustrations.Graphsandillustrationshavebeencarefullyanddeliberatel ydevelopedtodepictandprovidevisualreinforcementofmathematicalconcepts.Fore Gample,weshowthegrowthofabankbalancethroughcompoundinterestseveralways :mathematically,inatime-line,andwithabargraph.Applications.Asmuchaspossible,wedevelopconceptsandmathematicsusingeG amplesofactualpractice.ForeGample,wefirstpresentfinancialanalysisusingasimplifi edsetoffinancialstatementsforafictitiouscompany.After you’ve learnedthebasicsus ingthefictitiouscompany,wedemonstratefinancialanalysistoolsusingdatafromWal-MartStores,Inc.ActualeGampleshelpyoubettergraspandretainmajorconceptsandto ols.Weintegrateover100actualcompanyeGamplesthroughouttheteGt,so you’re no tapttomissthem.ConsideringboththeeGamplesthroughouttheteGtandtheresearch questionsandproblems,youareeGposedtohundredsofactualcompanies.EGtensivecoverageoffinancialstatementanalysis.WhilemostteGtbooksprovidesomecoverageoffinancialstatementanalysis,wehaveprovidedyouwithmuchmorede tailinPartSiGoftheteGtbook.Chapter6andthethreechaptersinPartSiGallowaninstruc tortofocusonfinancialstatementanalysis.EGtensivecoverageofalternativedebtinstruments.Becauseoftheinnovationsint hedebtmarket,alternativeformsdebtinstrumentscanbeissuedbyacorporation.InCha pter15,youareintroducedtotheseinstruments.Wethendevoteonechaptertothemost popularalternativetocorporatebondissuance,thecreationandissuanceofasset-back edsecurities.Coverageofleasingandprojectfinancing.Weprovidein-depthcoverageofleasing inChapter27,demystifyingtheclaimsabouttheadvantagesanddisadvantagesofleasi ngyoutoooftenreadaboutinsometeGtbooksandprofessionalarticles.Projectfinanci nghasgrowninimportancefornotonlycorporationsbutforcountriesseekingtodevelo pinfrastructurefacilities.Chapter28providesthebasicprinciplesforunderstandingpro jectfinancing.Earlyintroductiontoderivativeinstruments.Derivativeinstruments(futures,swap s,andoptions)playanimportantroleinfinance.Youareintroducedtotheseinstrumentsi nChapter4.WhilederivativeinstrumentsareviewedascompleGinstruments,youarepr ovidedwithanintroductionthatmakescleartheirbasicinvestmentcharacteristics.Byth eearlyintroductionofderivativeinstruments,youwillbeabletoappreciatethedifficulti esofevaluatingsecuritiesthathaveembeddedoptions(Chapter9),howtherearerealop tionsembeddedincapitalbudgetingdecisions(Chapter14),andhowderivativeinstru mentscanbeusedtoreduceortohedgethecostofborrowing(Chapter15).Stand-alonenatureofthechapters.Eachchapteriswrittensothatchaptersmayeasi lyberearrangedtofitdifferentcoursestructures.Concepts,terminology,andnotationarepresentedineachchaptersothatnochapterisdependentuponanother.Thismeansth atinstructorscantailortheuseofthisbooktofittheirparticulartimeframeforthecoursea ndtheir students’preparation(foreGample,ifstudentsenterthecoursewithsufficient backgroundinaccountingandtaGation,Chapters5and6canbeskipped).Webelieveth atourapproachtothesubjectmatteroffinancialmanagementandanalysiswillhelpyou understandthekeyissuesandprovidethefoundationfordevelopingaskillsetnecessary todealwithrealworldfinancialproblems.1IntroductiontoFinancialManagementandAnalysisFinanceistheapplicationofeconomicprinciplesandconceptstobusinessdecision -makingandproblemsolving.Thefieldoffinancecanbeconsideredtocomprisethreebr oadcategories:financialmanagement,investments,andfinancialinstitutions:■Financialmanagement.Sometimescalledcorporatefinanceorbusinessfinance,thisa reaoffinanceisconcernedprimarilywithfinancialdecision-makingwithinabusinessen tity.Financialmanagementdecisionsincludemaintainingcashbalances,eGtendingcre dit,acquiringotherfirms,borrowingfrombanks,andissuingstocksandbonds.■Investments.Thisareaoffinancefocusesonthebehavioroffinancialmarketsandthepr icingofsecurities.Aninvestment manager’s tasks,foreGample,mayincludevaluingco mmonstocks,selectingsecuritiesforapensionfund,ormeasuringa portfolio’s perfor mance.■Financialinstitutions.Thisareaoffinancedealswithbanksandotherfirmsthatspecializ einbringingthesuppliersoffundstogetherwiththeusersoffunds.ForeGample,amana gerofabankmaymakedecisionsregardinggrantingloans,managingcashbalances,set tinginterestratesonloans,anddealingwithgovernmentregulations.Nomattertheparticularcategoryoffinance,businesssituationsthatcallfortheappl icationofthetheoriesandtoolsoffinancegenerallyinvolveeitherinvesting(usingfunds )orfinancing(raisingfunds).Managerswhoworkinanyofthesethreeareasrelyonthesamebasicknowledgeoffi nance.Inthisbook,weintroduceyoutothiscommonbodyofknowledgeandshowhowit isusedinfinancialdecision-making.Thoughtheemphasisofthisbookisfinancialmana gement,thebasicprinciplesandtoolsalsoapplytotheareasofinvestmentsandfinancial institutions.Inthisintroductorychapter,we’ll considerthetypesofdecisionsfinancial managersmake,theroleoffinancialanalysis,theformsofbusinessownership,andtheo bjectiveof managers’decisions.Finally,wewilldescribetherelationshipbetweenown ersandmanagers.FINANCIALMANAGEMENTFinancialmanagementencompassesmanydifferenttypesofdecisions.Wecanclas sifythesedecisionsintothreegroups:investmentdecisions,financingdecisions,andde cisionsthatinvolvebothinvestingandfinancing.Investmentdecisionsareconcernedwi ththeuseoffunds—thebuying,holding,orsellingofalltypesofassets:Shouldwebuyan ewdiestampingmachine?Shouldweintroduceanewproductline?Selltheoldproducti onfacility?BuyaneGistingcompany?Buildawarehouse?Keepourcashinthebank?Financingdecisionsareconcernedwiththeacquisitionoffundstobeusedforinvesti ngandfinancingday-to-dayoperations.Shouldmanagersusethemoneyraisedthroug hthe firms’revenues?Shouldtheyseekmoneyfromoutsideofthebusiness?Acompan y’s operationsandinvestmentcanbefinancedfromoutsidethebusinessbyincurringd ebts,suchasthoughbankloansandthesaleofbonds,orbysellingownershipinterests.Becauseeachmethodoffinancingobligatesthebusinessindifferentways,financingdeci sionsareveryimportant.Manybusinessdecisionssimultaneouslyinvolvebothinvestingandfinancing.Fore Gample,acompanymaywishtoacquireanotherfirm—aninvestmentdecision.Howeve r,thesuccessoftheacquisitionmaydependonhowitisfinanced:byborrowingcashtom eetthepurchaseprice,bysellingadditionalsharesofstock,orbyeGchangingeGistingsh aresofstock.Ifmanagersdecidetoborrowmoney,theborrowedfundsmustberepaidwi thinaspecifiedperiodoftime.Creditors(thoselendingthemoney)generallydonotshar einthecontrolofprofitsoftheborrowingfirm.If,ontheotherhand,managersdecidetora isefundsbysellingownershipinterests,thesefundsneverhavetobepaidback.However, suchasaledilutesthecontrolof(andprofitsaccruingto)thecurrentowners.Whetherafinancialdecisioninvolvesinvesting,financing,orboth,italsowillbeconc ernedwithtwospecificfactors:eGpectedreturnandrisk.Andthroughoutyourstudyoffi nance,youwillbeconcernedwiththesefactors.EGpectedreturnisthedifferencebetwee npotentialbenefitsandpotentialcosts.Riskisthedegreeofuncertaintyassociatedwitht heseeGpectedreturns.FinancialAnalysisFinancialanalysisisatooloffinancialmanagement.Itconsistsoftheevaluationofth efinancialconditionandoperatingperformanceofabusinessfirm,anindustry,orevent heeconomy,andtheforecastingofitsfutureconditionandperformance.Itis,inotherwo rds,ameansforeGaminingriskandeGpectedreturn.Dataforfinancialanalysismaycom efromotherareaswithinthefirm,suchasmarketingandproductiondepartments,fromt he firm’s ownaccountingdata,orfromfinancialinformationvendorssuchasBloombergFinancialMarkets,Moody’s InvestorsService,Standard&Poor’s Corporation,Fitc hRatings,andValueLine,aswellasfromgovernmentpublications,suchastheFederalRe serveBulletin.FinancialpublicationssuchasBusinessWeek,Forbes,Fortune,andtheWa llStreetJournalalsopublishfinancialdata(concerningindividualfirms)andeconomicd ata(concerningindustries,markets,andeconomies),muchofwhichisnowalsoavailabl eontheInternet.Withinthefirm,financialanalysismaybeusednotonlytoevaluatetheperformance ofthefirm,butalsoitsdivisionsordepartmentsanditsproductlines.Analysesmaybeper formedbothperiodicallyandasneeded,notonlytoensureinformedinvestingandfinan cingdecisions,butalsoasanaidinimplementingpersonnelpoliciesandrewardssystem s.Outsidethefirm,financialanalysismaybeusedtodeterminethecreditworthinesso fanewcustomer,toevaluatetheabilityofasuppliertoholdtotheconditionsofalong-ter mcontract,andtoevaluatethemarketperformanceofcompetitors.FirmsandinvestorsthatdonothavetheeGpertise,thetime,ortheresourcestoperfo rmfinancialanalysisontheirownmaypurchaseanalysesfromcompaniesthatspecialize inprovidingthisservice.Suchcompaniescanprovidereportsrangingfromdetailedwrit tenanalysestosimplecreditworthinessratingsforbusinesses.AsaneGample,Dun&Bra dstreet,afinancialservicesfirm,evaluatesthecreditworthinessofmanyfirms,fromsmal llocalbusinessestomajorcorporations.AsanothereGample,threecompanies—Mood y’s InvestorsService,Standard&Poor’s,andFitch—evaluatethecreditqualityofdeb tobligationsissuedbycorporationsandeGpresstheseviewsintheformofaratingthatis publishedinthereportsavailablefromthesethreeorganizations.FORMSOFBUSINESSENTERPRISEFinancialmanagementisnotrestrictedtolargecorporations:Itisnecessaryinallfor msandsizesofbusinesses.Thethreemajorformsofbusinessorganizationarethesolepr oprietorship,thepartnership,andthecorporation.Thesethreeformsdifferinanumber offactors,ofwhichthosemostimportanttofinancialdecision-makingare:■ThewaythefirmistaGed.■ThedegreeofcontrolownersmayeGertondecisions.■Theliabilityoftheowners.■Theeaseoftransferringownershipinterests.■Theabilitytoraiseadditionalfunds.■Thelongevityofthebusiness.SoleProprietorshipsThesimplestandmostcommonformofbusinessenterpriseisthesoleproprietorshi p,abusinessownedandcontrolledbyoneperson—theproprietor.Becausetherearever yfewlegalrequirementstoestablishandrunasoleproprietorship,thisformofbusinessis chosenbymanyindividualswhoarestartingupaparticularbusinessenterprise.Thesole proprietorcarriesonabusinessforhisorherownbenefit,withoutparticipationofotherp ersonseGceptemployees.Theproprietorreceivesallincomefromthebusinessandalon edecideswhethertoreinvesttheprofitsinthebusinessorusethemforpersonaleGpense s.Aproprietorisliableforallthedebtsofthebusiness;infact,itistheproprietorwhoinc ursthedebtsofthebusiness.Ifthereareinsufficientbusinessassetstopayabusinessdebt,theproprietormustpaythedebtoutofhisorherpersonalassets.Ifmorefundsareneed edtooperateoreGpandthebusinessthanaregeneratedbybusinessoperations,theow nereithercontributeshisorherpersonalassetstothebusinessorborrows.Formostsole proprietorships,banksaretheprimarysourceofborrowedfunds.However,therearelim itstohowmuchbankswilllendasoleproprietorship,mostofwhicharerelativelysmall.FortaGpurposes,thesoleproprietorreportsincomefromthebusinessonhisorher personalincometaGreturn.Businessincomeistreatedasthe proprietor’s personalinc ome.Theassetsofasoleproprietorshipmayalsobesoldtosomeotherfirm,atwhichtimet hesoleproprietorshipceasestoeGist.Orthelifeofasoleproprietorshipendswiththelife oftheproprietor,althoughtheassetsofthebusinessmaypasstothe proprietor’s heirs.PartnershipsApartnershipisanagreementbetweentwoormorepersonstooperateabusiness.A partnershipissimilartoasoleproprietorshipeGceptinsteadofoneproprietor,thereism orethanone.Thefactthatthereismorethanoneproprietorintroducessomeissues:Who hasasayintheday-to-dayoperationsofthebusiness?Whoisliable(thatis,financiallyres ponsible)forthedebtsofthebusiness?Howistheincomedistributedamongtheowners ?HowistheincometaGed?Someoftheseissuesareresolvedwiththepartnershipagree ment;othersareresolvedbylaws.Thepartnershipagreementdescribeshowprofitsandl ossesaretobesharedamongthepartners,anditdetailstheirresponsibilitiesinthemana gementofthebusiness.Mostpartnershipsaregeneralpartnerships,consistingonlyofgeneralpartnerswh oparticipatefullyinthemanagementofthebusiness,shareinitsprofitsandlosses,andar。
财务管理英汉对照
1.1、the financial manager plays a dynamic role in a modern company's development. this has not always been the case. until around the first half of the 1900s financial managers primarily raised funds and managed their firms' cash positions-and that was pretty much it. in the 1950s, the increasing acceptance of present value concepts encouraged financial managers to expand their responsibilities and to become concerned with the selection of capital investment projects.财务经理的能动作用,在现代公司的发展。
这并非总是如此。
直到1900财务经理上半年各地主要募集资金和管理他们公司的现金头寸,这是差不多了。
在20世纪50年代,目前的价值观念越来越多地接受,鼓励财务经理去扩大自己的责任,并涉及资本投资项目的选择。
1.2、T oday, external factors have an increasing impact on the financial manager. Heightened corporate competition, technological change, volatility in inflation and interest rates, worldwide economic uncertainty, fluctuating exchange rates, tax law changes, and ethical concerns over certain financial dealings must be dealt with almost daily. As a result, finance is required to play an ever more vital strategic role within the corporation. The financial manager has emerged as a team player in the overall effort of a company to create value. The “old ways of doing things” simply are not good enough in the world where old ways quickly become obsolete. Thus, today’s financial mana ger must have the flexibility to adapt to the changing external environment if his or her firm is to survive.如今,外部因素对财务经理的影响越来越大。
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。
财务管理外文文献翻译
财务管理外文文献翻译财务管理外文文献翻译附件1:外文资料翻译译文财务报表分析A.财务比率我们需要使用财务比率来分析财务报表,比较财务报表的分析方法不能真正有效的得出想要的结果,除非采取的是研究在报表中项目与项目之间关系的形式。
例如,只是知道史密斯公司在一个特定的日期中拥有10000美元的现金余额,对我们是没有多大价值的。
但是,假如我们知道,这种余额在这种平衡中有4%的流动负债,而一年前的现金余额有25%的流动负债。
由于银行家对公司通常要求现金余额保持在银行信用度的20%,不管使用或不使用,如果公司的财务状况出现问题,我们可以立即发现。
我们可以对比比较财务报表中的项目,作出如下结论:1. 项目之间的资产负债表比较:a)在资产负债表中的一个日期之间的比较,例如项目,现金与流动负债相比; b)同一项目在资产负债表中一个日期与另一个日期之间的比较,例如,现在的现金与一年前比较;c)比较两个项目之间在资产负债表中一个日期和一个相似比率在资产负债表中的另一个日期的比率,例如,现在现金流动负债的比率与另一个项目一年前的相似比率和已经标记的现金状况趋势的比较。
2.项目报表中收入和支出的比较:a)一定时期中的报表项目的比较;b)同一项目在报表中现阶段与上个阶段的比较;c)报表中项目之间的比率与去年相似比率的比较;3.资产负债表中的项目与报表中收入和支出项目的比较:a)在这些报表项目之间的一个给定的时间内,例如,今年净利润可能以百分比计算今年净值;b)两个报表中项目之间的比率在这几年时间的比较,例如,净利润的比率占今年净值的百分比与去年或者前年的相似比率的比较如果我们采用上述比较或比率,然后依次比较它们,我们的比较分析结果将获得重要意义:1. 这样的数据比较是报表缺少的,但这种数据对于金融史和条件判断是十分重要的,例如,商业周期的阶段性;2. 使用财务财务比率分析财务报表,从竞争角度,人民比较关注类似业务的比较。
财务报表的比较可能被表示成项目之间的比较,例如,现金状况除以流动负债项目总产品的现金使所得出的商来表示总现金的项目测试。
财务管理专业英语翻译(老师划的重点)
第一单元Financial management is an integrated decision-making process concerned with acquiring, financing, and managing assets to accomplish some overall goal within a business entity.财务管理师为了实现一个公司总体目标而进行涉及到获取、融资和资产管理的综合决策过程Other names for financial management include managerial finance , corporate finance, and business finance.财务管理的其他名称,包括理财,企业融资,商业融资。
Making financial decisions is an integral part of all forms and sizes of business organizations from small privately-held firms to large publicly-traded corporations做财务管理决策对于所有形式和规模的商业组织,无论是小型私人公司还是大型股份公开交易的公司来说,都是不可分割的一部分。
The person associated with the financial management function is usually a top officer of the firm such as a vice president of finance or chief financial officer (CFO).与财务管理职能相关的人通常是在诸如财务副总裁或财务总监的公司高层官员This individual typically reports directly to the president or the chief executive officer (CEO).这样的人通常直接报告总裁或首席执行官In today’s rapidly changing environment, the financial manager must have the flexibility to adapt to external factors such as economic uncertainty, global competition, technological change, volatility of interest and exchange rates, changes in laws and regulations, and ethical concerns.在当今瞬息万变的环境、财务经理必须有灵活的时间来适应外部因素如经济不确定性、国际竞争、技术变革、利息和汇率波动变化的法律、法规,伦理问题。
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。
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。
外文翻译--高校财务管理
原文:College Financial ManagementIn recent years a few universities for funds paid insufficient attention to safety management, financial management, internal control system is not perfect or poorly enforced, leading to school problems in financial management and risk. This gives criminals Colleges and Universities corruption, embezzlement, illegal appropriation of property, acts to bring the convenience, for fraud, crime and even bring opportunity. College Financial Management crime occurred in the field of corruption is generally the person in charge, chief financial officer, financial officer or general use of loopholes in financial management, corruption, misappropriation of university funds or embezzles. Most of these problems lax internal controls and financial management, supervision has a direct relationship is not in place.Design an internal control system is not perfect, accounting, lax supervision sound internal control system is to protect the integrity of university property, material safety foundation, college financial management system and methods after years of development, but still is very perfect, in particular in: (1) The contents of the internal control system failure. Some colleges and universities for many of the construction and supervision of investment projects, demonstration and decision-making, etc. have not been established internal control system to carry out effective monitoring, leading to foreign investment decision-making mistakes, for colleges and universities has resulted in unnecessary losses. (2) Internal control is not wide enough. Some colleges and universities on the financial funds more stringent internal controls, emphasis on internal control over financial funds, the expense of extra-budgetary funds of the internal controls; some colleges and universities to finance the two units into the scope of internal control, or control of strict, ineffective oversight, resulting in the illegal fund-raising, high interest rates to solicit deposit, loans and other illegal funds to the operation of the phenomenon. (3) Internal control system exists in name only. Although some colleges and universities to build internal control system, but not in practice be strictly enforced.Two imperfect budget management, budget implementation is not strictly college financial management, budget management is the central link. Receipts and payments of the costs of colleges and universities should be departmental budgets to implement, but in practice some of the colleges and universities for the education budget inadequate attention, often because of budget preparation time is too short or inadequate transparency of the budget preparation process causes the budget does not accurate or coverage is not wide enough and can not be objectively and comprehensively reflect the situation of schools and universities and financial balance work priorities and direction of development. Financial analysis of weaknesses associated with the development of higher education, the establishment of a socialist market economy and development. Of colleges and universities to speed up the process of integration into society, the content of the increasingly wide range of economic activities in colleges and universities, financial risk is also constantly increasing, financial analysis; financial decision-making has increasingly become an important financial management of colleges and universities. Although, university financial accounting system and harmonization of accounting diameter, providing financial analysis indicators, but indicators of financial analysis does not include the cause of pace of development, economic effects and other aspects. Financial analysis indicators are not perfect; the same time. For a long time, neglect of financial analysis, the lack of experience analyzing data, a serious impact on raising the level of financial management of colleges and universities. Four asset management system is flawed and inaccurate value of the assets reflected in the institutions prevailing in the asset management system imperfections. Reflect the phenomenon of false values. On the one hand, because the assets dish deficient, scrap, damage, housing demolition caused by factors such as the normal value of fixed assets for impairment procedures to reduce delay in processing, resulting in book value is greater than the physical value. On the other hand, due to a number of subjective and objective factors delivered after the completion of infrastructure projects not completed in a timely processing of financial accounts of the procedures, but also failure to timely recorded valuation temporary, confirm the value of new fixed assets cycle is too long, resulting in assetmanagement and financial departments of new fixed assets to confirm time-inconsistency.Research and fund management are not standardized, knot title does not checkout financial system in accordance with the provisions of colleges and universities, colleges and universities with the relevant departments to achieve the specified project and accounting purposes and require a separate special fund should be submitted as required on a regular basis the use of funds, the project is completed should be submitted to the capital expenditure settlement and the use of a written report and accept the relevant departments of the acceptance, inspection. Currently, colleges and universities are not strictly enforcing the above requirements, leading to confusion in research and fund management.Because of these problems, leading to inefficient state-owned assets operation of colleges and universities, waste, loss and other conditions.The main university financial management tasks:1. Do everything possible to raise fundsState education funding shortage, the development of a college bound "bottleneck mouth" today, to alleviate this contradiction, the basis of national funding, market-oriented economy, give full play to advantages of the school, the establishment of the steady growth of multi-channel financing aspect of education funding mechanism.2. Improve budget control and management, improve fund use efficiencyTo ensure the smooth realization of the school budget, the key is to strengthen the daily management of the budget. On the one hand is a large expenditure of funds to focus on management; the other hand, the analysis of budget implementation to strengthen and improve capital efficiency. Increasing management responsibility with the money unit, and according to analysis to improve the budgetary arrangements for the coming year, the budget more scientific and perfect.3. Doing the financial analysis, to improve financial managementPeriod of time on the financial situation of the school system analysis, comparison and evaluation, financial management objectively summarize the experience of the school, revealing the problems and to take timely and effective measures to improve financial management,improve financial management.(1) Control environment.Control environment determines the tone of the organization, set the control of people's consciousness. Control environment include: institutions of higher learning moral values, the capacity of university staff, leadership philosophy and style of management authority and responsibility, organizational development staff methods.(2) Organization planning and control.Organization of planning control consists of two aspects: First, separation of incompatible duties. The daily management of monetary funds is mainly functions of separation, separation of duties of daily management of inventory, fixed assets management, segregation of duties, and construction of the segregation of duties, school-run industry, and the management of segregation of duties and so on. Second, the mutual control of organizations. Specific requirements are: the organization's functions and powers must be authorized and to ensure that the terms of reference within the scope of authorization from any outside interference; each type of business operations must be in the operation of different departments and to ensure mutual checks between the relevant departments; economic operations of each examination, examiners should remain relatively independent, to ensure that checked out to solve problems.(3) The authority to authorize the control.Authorized to approve a general authority and specifically authorized in two forms; general mandate is to handle the rights of general economic business conditions of the class and approval, usually in units of internal control to be clearly defined; special authorization is the right of special economic business process level and approval conditions. For example, when a particular transaction exceeds a certain level of approval authority, only specially authorized to give approval to be processed.(4) Property of material control.Colleges and universities of property and materials distributed in various faculties and departments, by faculty or department of the direct management of property and materials. As colleges and universities are state-owned assets, propertyand materials for the safeguarding of assets and management rigor relatively loose, colleges and universities to develop the property and materials management system in use, management and disposal of these aspects of the implementation of the post-lax, or the absence of a system. Control of property and materials mainly include restriction of access control, periodic inventory control and asset management responsibility system in three areas.(5) Budgetary control.Institutions of higher education budget management is the focus of the work of university financial sector, financial sector generally have dedicated sections of the school's budget income and expenditures is estimated that the allocation of budget expenditures, control, analysis of the structure of income and expenditure in order to school leadership and all parties concerned decision-making information. Internal audit department budget management oversight.(6) Risk control.University risk management control is operating in a timely manner to colleges and universities to predict the risks that may occur identify and take measures to reduce the risk. At present a wide range of funding sources. Therefore, our colleges and universities must enhance risk awareness, strengthen risk management. Should learn from foreign universities by setting up a dedicated risk management department to identify, assess and take preventive measures to minimize the risk.(7) The process control operational activities.To tie in with university teaching and research activities that will occur financing, investment, infrastructure, procurement, logistics, industrial and other school-sponsored economic activities. Should therefore be in accordance with the various business activities within colleges and universities established procedures, methods, operating procedures and principles, the establishment of various management systems and organizational structure, and in accordance with the various functional departments within colleges and universities and personnel responsibilities, authority, scope of work, tasks and requirements the establishment of a top-down post liability regime.(8) System for document control.Document control system is defined as business processes to the requirements of university management, the relevant considerations, as well as processes and so on, forming a written document, rules and regulations, such as colleges and universities in various management rules and regulations, flowcharts, etc., the next issue at all levels personnel, associated personnel in accordance with the implementation of explicit, so that "there are well documented, evidence-based."(9) Supervision and evaluation mechanisms.Supervision and evaluation of colleges and universities are divided into two kinds of external oversight and internal oversight: the competent authorities of colleges and universities to conduct external monitoring, mainly in the form of external audit and financial statements; colleges and universities within the internal supervision and evaluation, in the form of internal audit, discipline inspection and supervision department supervision. Discipline inspection and supervision departments should be located in colleges and universities in charge of internal oversight services should be part of external oversight, as its staff attached to the universities, the independence of poor, so here, as an internal oversight body.(10) Quality control of financial staff.As some of the new university college in particular the lack of management experience, financial officers, coupled with lower quality financial officers, financial rules and regulations are not sound, internal accounting control system is difficult to be most effective. More than some of its provisions remain in the file or words, even if a problem is always major issues to minor ones, the internal control system exists in name only. To prevent financial problems should be the last barrier of financial supervision, financial oversight functions of the general audit by the higher authorities or the prosecution service to perform. Some universities and higher authorities neglected to subordinate the audit and supervision departments inspect and supervise the financial sector, especially some of the higher authorities of private universities without supervision, resulting in financial supervision of individual colleges and universities a mere formality.Currently, the university financial management reform under way, therefore, understands the college financial analysis of the importance of strengthening financial management and guard against financial risks, the Realization of sustained and healthy development is of great practical significance.In short, the market economy conditions, the colleges and universities in order to better survival and development to achieve social and economic win-win goal, we must ensure that the overall objective of improving the quality of teaching financial management model under the constant innovation, and strive to improve the financial management level, so that financial management in the system more into heat, a mechanism more effective, so that colleges and universities to become a rational allocation of resources, resource-saving and underutilized, efficiency-based colleges and universities.Source: Louis C,2001.“College Financial Management”.Dryden Press,pp.709-737.译文:高校财务管理近年来少数高校对资金安全管理工作重视不够,财务管理内控制度不健全或执行不力,致使学校在资金管理方面出现问题和隐患。
财务管理专业外文翻译资料
The Need of Accounting Standards for Islamic Financial Institutions [Abstract] The accounting and auditing organization for Islamic financial institutions (AAOIFI) hastaken the proper initiative to develop accounting, auditing, governance, ethics, and Shari’ah standards forIslamic Financial Institutions (IFIs). The AAOIFI standards serve as a guideline that may reflect theunique characteristics of IFIs and become a useful tool to meet the various needs of IFIs. Currently, one the major challenges facing Islamic Financial Institutions (IFSs) lies in the preparation of financial statements under different accounting standards and which may result to problem of comparability,reliability and compliance level’s measurement.Implemention of the Islamic Accounting StandardsVinnicombe (2010) argued the extent to which Islamic financial institutions comply with the accounting and governance standards issued by the AAOIFI in their financial reporting. Because Islamic banks operate under vastly different regulatory regimes and political and economic conditions across the globe, the sampled banks were selected from the kingdom of Bahrain. The compliance for the purpose of this study can be defined as the degree to which Islamic financial institutions comply with the multitude of issues in the financial accounting standards (FASs) issued by the AAOIFI. However, the findings of the study indicate high level of compliance with respect to the governance standards relating to the in-house supervisory boards of Islamic banks and reporting the Islamic Murabahah contract. In contrast,compliance with the AAOIFI's requirements regarding the zakah, otherwise called the religious tax, and the Mudarabah contract is relatively low. In addition, a higher number of compliance items are associated with retail as opposed to wholesale banks. However, it should be noted that the samples of the retail bankare more homogeneous and consistent over time compared to those of the wholesale banks.Abdul Rahim (2003) investigated the classification, recognition, measurement, presentation, and disclosure of Sukuk (Islamic bonds) based on the standards required by the AAOIFI. Considering the function of the accounting system to provide the information, the introduction of AAOIFI standards aims to enhance the transparency and comparability of the Islamic banks’ financial statements and provides a descriptive analysis as stipulated in the AAOIFI FAS 17 regarding investment. The conclusion of the study is that, Islamic financial institutions differ from its conventional institutions counterpart, and,therefore, needs an accounting standard that reflects its operation.IntroductionAt present, Islamic banks represent the majority of Islamic Financial Institutions (IFIs), which are spread locally and internationally across both Islamic and non-Islamic countries.The emergence of Islamic banking is due to the increasing demand from Muslims communities worldwide for shariah’s complied Islamic financial products, services, and the variety of modes of Islamic finance. Furthermore, given the rate of growth of the IFIs, the continuous sustainability of the development currently witnessed by Islamic financial institutions needs the Islamic accounting standards, due to the unique characteristics coupled with the growing demand of IFSs’Products statements and reports.Thus, the current standards, which are based on conventional frameworks, seem insufficient to guide the Islamic financial institutions. Currently, the various IFSs institutions apply different accounting standards in their preparation of their accounts due to the absence of Islamic accounting standards (Zaini,2007). The trend towards the accounting and auditing organization for Islamic financial institutions(AAOIFI) standards has become a pressing issue that has generated heated debate in the Organization for Islamic Conference (OIC) countries.Islamic Accounting StandardsIslamic bank transactions as reflected in the financial reporting are prepared under many accounting standards, which pose a threat to the accounting system. Thus, the need for Islamicaccounting standards possesses the potential to ensure a compatible accounting system. This, therefore, has led to the growing aspiration for a financial statement that has the potential to enhance the credibility of financial statements that are in accordance with the Shari’ah ruling and, thus, the need to make the Islamic accounting standards operationalized. Before the implementation of the Islamic accounting standards, such as AAOIFI by Islamic financial institutions, it is necessary to ascertain whether the AAOIFI accounting standards are appropriate and suitable for Islamic banks and whether or not the compliance with the AAOIFI accounting standards may disclose more information to create confidence among investors and the public to invest their money.Therefore, researchers in the area of financial reporting for Islamic financial institutions have conducted a considerable number of studies to investigate the Islamic banks’ compliance to accounting standards. Until recently, one of the main problems facing Islamic banking includes a lack of standardized accounting and auditing standards (Pomeranz, 1997). However, conventional accounting is inappropriate for Muslim users and Islamic organizations (Hameed, 2001), and it is inappropriate to impose unmodified Western accounting practices on developing countries (Karim, 1987). In addition, International Accounting Standards based on such techniques would create difficulties for Muslims around the world.Therefore, it is imperative for the Muslim accountants to develop accounting standards that are specially adapted to Islamic needs and for Muslim countries .Due to the current different regulatory requirements and legislation, the relevance and comparability of financial statements are the foundations upon which accounting standards are predicated. Lovett (2002) documented that with financial statements prepared under different accounting standards, a problem may exist in 1) comparability of financial statements prepared globally, and 2) reliability and creditability.The Need Of Islamic Accounting StandardsThe Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) prepares and issues accounting, auditing, and corporate governance standards, as well as ethics and Shari’ah standards,for Islamic financial institutions. Currently, AAOIFI has published 81 standards, 25 accounting standards,5 auditing standards, 7 governance standards, 2 ethics standardsThe Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), a private standard setting body, was established by the Islamic banks and other interested parties to prepare and promulgate accounting, auditing, and governance standards based on the Shari’ah precepts for Islamic financial institutions (Karim, 2001). The AAOIFI organizations has been recognized and mandated to develop accounting, auditing, governance, and ethics standards that are in line with Shari’ah standards in order to promote comparable, transportable, and reliable accounting information. The formulation and adoption of AAOIFI standards in any country is intended to increase foreign investment, as well as investor’s confidence. These standards are set up to produce financial statements that are transparent in their preparation,the objectives offinancial accounting for Islamic banks and Islamic financial institutions are as follows:To determine the rights and obligations of all interested parties, including those rights and obligations resulting from incomplete transactions and other events in accordance with the principles of Islamic Shari’ah and its concepts of fairness, charity, and compliance with Islamic business values.To contribute to the safeguarding of the Islamic bank’s assets, its rights and the rights of others in an adequate manner.To contribute to the enhancement of the managerial and productive capabilities of the Islamic bank and encourage compliance with its established goals and policies and, above all, compliance with Islamic Shari’ah in all transactions and events.To provide through financial reports useful information to the users of these reports to enable them to make legitimate decisions in their dealings with Islamic banks.In reference to the abjectives, this research has made an attempt to contribute to the current framework and serve as a guide for Islamic financial institutions regarding interest-free transactions through determining the levels of compliance with the AAOIFI accounting standards by Islamic banks.ConclusionThe Adopting or complying with Islamic accounting standards has increasingly become the focus of among Islamic financial institutions. This paper has discussed previous studies about the adoption of accounting standards in developed and developing countries, as well as prior studies on adoption the Islamic accounting, auditing, governance, and Shari’ah standards by Islamic financial institutions and determinants of the extent of levels of compliance with the Islamic accounting standards by Islamic banks.The Islamic accounting standards for Islamic Financial Institutions in accordance with the Shari’ah requirements and the AAOIFI accounting standards may be the best choice for reducing costs and increasing foreign investments and investor's confidence. The objectives of the AAOIFI accounting standards are to prepare and develop accounting, auditing, governance, ethical, and Shari’ah standards relating to the activities of Islamic financial institutions.。
财务管理1(全英文)
6
Outline of Chapter 1
3. The dramatic increase in the use of computers for the analysis of financial decisions.
1
Outline of Chapter 1
problem firms faced was obtaining capital for expansion. B. The depression of the 1930s shifted the focus of finance to bankruptcy, reorganization, corporate liquidity, and governmental regulation of securities markets. The emphasis changed from expansion to survival.
8
Outline of Chapter 1
A. Management’s primary goal is to maximize the wealth of the firm’s stockholders.
B.This goal translates into maximizing the price of the firm’s common stock.This is not the same as maximizing net income or earnings per share.
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。
中英互译-财务管理
外文资料Our knowledge of capital structures has mostly been derived from data from developed economies that have many institutional similarities. The purpose of this paper is to analyze the capital structure choices made by companies from developing countries that have different institutional structures.The prevailing view, for example Mayer (1990) seems to be that financial decisions in developing countries are somehow different. Mayer is the most recent researcher to use aggregate flow of funds data to differentiate between financial systems based on the "Anglo-Saxon" capital markets model and those based on a "Continental-German-Japanese" banking model. However,because Mayer’s data comes from aggregate flow of funds data and not from individual firms there is a problem with this approach. The differences between private, public, and foreign ownership structures have a profound influence on such data, but tell us nothing about how profit-oriented groups make their individual financial decisions.This paper uses a new firm-level database to examine the financial structures of firms in a sample of ten developing countries. Thus, this study helps determine whether the stylized facts we have learned from studies of developed countries are statistical artifacts of these markets, or whether they have more general applicability.Our focus is on answering three questions:(1) Do corporate leverage decisions differ significantly between developing and developed countries?(2) Are the factors that affect cross-sectional variability in individual countries’ capital structures similar between developed and developing countries?(3) Are the predictions of conventional capital structure models improved by knowing the nationality of the company?This last question is particularly important, since different institutional factors, such as tax rates and business risk, can result in different financing patterns, which then show up in firm data as well as the aggregate flow of funds data. Therefore, it is interesting to consider the value-added of company analysis versus a simple country classification.Very few studies have used cross-country comparisons to test theories of financial structure. Rajan and Zingales (1995), use four key independent variables toanalyze the determinants of capital structures across the G-71countries: the tangibility of assets, market-to?book ratio, logarithm of sales as a size proxy, and a measure of profitability.Our data are for ten developing countries: India, Pakistan, Thailand, Malaysia, Turkey,Zimbabwe, Mexico, Brazil, Jordan, and Korea. These ten countries include five former British colonies, two Latin American countries with a common inflationary experience, and three"others." Hence, as well as reflecting theAnglo-Saxon capital markets and the Continental?German-Japanese banking systems, there is a diversity of cultural and economic factors that should severely test whether extant capital structure models are portable.Our findings suggest that although firms in developing countries have lesslong-term debt than do firms in developed countries and the role of specific capital structure determinants therefore may differ, there is little that is “special” about developing countries. Our empirical models show results that would not look out of place in a similar study of firms from developed economies. Although capital structures do differ systematically across countries and country factors are clearly important, the financial factors that are important in developed countries are also important in developing countries. Thus, our work justifies the importance of factors like the tangibility of assets, size, the market-to-book ratio, business risk, and profitability variables in determining capital structure choice across countries.However, our work also emphasizes the importance of country-specific factors. The size and significance of these financial variables differs across countries, where in a “world” capital structure model, country-specific factors are almost equally as important as the financial variables.As a result, there is still more research needed. For example, what exactly is meant by“country factors?” Are these just different eco nomic factors, such as inflation and economic growth, or do they reflect different legal and accounting systems? Or is it something entirely different that reflects different cultural traditions? Perhaps some or all of the above?The paper is as follows: Section I discusses the data set and the principal characteristics of the financing patterns in the ten developing countries. Section II discusses the determinants of capital structure. Section III discusses the estimation of the capital structure model on a countryby-country basis. Section IV analyzes thedata as a single data set to compare country factors with"economic factors." Section V concludes and offers suggestions for further research.Our primary source is data collected by the International Finance Corporation (IFC). The IFC data comprise abbreviated balance sheets and income statements for the largest companies in each country from 1980 to 1990, although all time periods are not available for every country. The criteria used by the IFC for choosing the countries were that quality data were available for areasonably large sample of firms in the period from1980 to 1991, and that developing countries from every continent were represented.The IFC collected annual financial statements and in some cases stock price data, for a maximum of the 100 largest publicly traded firms in each country for which ongoing data were available throughout the sample period. The IFC chose large publicly traded firms in an effort to obtain high quality financial statements. For some of the smaller countries, fewer than 100 firmsare traded or meet the data availability criteria, which resulted in smaller samples. For several countries, high-quality data for the early years of the sample was not available. For these countries, the sample starts after 1980. The IFC database contains stock price data for eight of the ten countries. Unfortunately, stock price data are not available for any of the companies from Brazil or Mexico and are only available for some companies and/or years for several other countries.Another drawback is that there are no data from the sources and uses-of-funds statement, and for most countries there is little useful data going from sales to earnings before tax. The IFC collected the data for other reasons than those of this research. Thus, as a practical matter it is impossible to go back and get data on alternative company variables that other studies have found useful. For example, there is no data on advertising and R&D expenses that are known to give rise to intangible assets that are difficult to borrow against. Similarly, the data on corporate income taxes are rudimentary. Therefore, it is impossible to create sophisticated tax variables to handle the effect of loss carryforwards or other tax incentives. As a result, the analysis cannot be as sophisticated as that contained in the best studies on U.S. data, such as for example, Bradley, Jarrell and Kim (1984), Titman and Wessels (1988) and Kale, Noe, and Ramirez (1992).However, despite these weaknesses, the IFC data set is still the most detailed dataset available on capital structures in developing countries, and it still allows for the calculation of many variables that are relevant for studies on developed country companies.We find that the variables that are relevant for explaining capital structuresin U.S. and European countries are also relevant in developing countries, despite the profound differences in institutional factors across these developing countries. Knowing these factors help spredict the financial structure of a firm better than knowing only its nationality.A consistent result in both the country and pooled data results is that the more profitable the firm, the lower the debt ratio, regardless of how the debt ratio is defined. This finding is consistent with the Pecking-Order Hypothesis. It also supports the existence of significant information asymmetries. This result suggests that external financing is costly and therefore avoided by firms.However, a more direct explanation is that profitable firms have less demand for external financing, as discussed by Donaldson (1963) and Higgins (1977). This explanation would support the argument that there are agency costs of managerial discretion. Also, this result does not sit well with the static tradeoff model, under which we would expect that highly profitable firms would use more debt to lower their tax bill. We could argue that such firms also have large growth options and high market-to-book ratios, so that the agency costs of debt would imply low debt ratios. However, this possibility relies on an argument that high market-to-book ratios are associated with high levels of current profitability, which is not necessarily true. The importance of profitability also explains why the average-tax-rate variable tends to have a negative effect on debt ratios, since rather than being a proxy for debt tax-shield values, it seems to be an alternative measure of profitability.There is also support for the role of asset tangibility in financing decisions. Clearly, asset tangibility affects total and long-term debt decisions differently. We would expect this from the long-standing argument concerning matching and from the emphasis in bank financing on collateral for shorter-term loans. Generally, the more tangible the asset mix, the higher the long?term debt ratio, but the smaller the total-debt ratio. This indicates that as the tangibility of a firm’s assets increases, by say, 1 percent, although the long-term debt ratio increases, the total debt ratio falls; that is the substitution of long-term for short term debt is less than one.In the individual country data, we also find support for the impact of intangibles and growth options as discussed by Myers (1977) and Scott (1977). Although in the aggregate data it seems that companies reduce their debt financing, as measured by the book-debt ratios, when the market-to-book ratio increases, these effects seem to be proxies for general country factors. These effects do not remain when we include country dummies. Finally, the estimated empirical average tax rate does not seem to affect financing decisions, except as a proxy for corporate profitability.Thus, the answer to the first two questions posed in the introduction is:In general, debt ratios in developing countries seem to be affected in the same way andby the same types of variables that are significant in developed countries. However, thereare systematic differences in the way these ratios are affected by country factors, such asGDP growth rates, inflation rates, and the development of capital markets.Why our skepticism? Because, although some of the independent variables have the expected sign, their overall impact is low and the signs sometimes vary across countries. This latter observation could be due to the differing sample sizes, but it could also imply significant institutional differences that affect the importance of the independent variables. To some extent, we expect this, since the institutional framework governing bankruptcy, the preparation of financial statements, and the availability of different forms of financing is at least as important as the direct variables they measure. Therefore, there is a somewhat negative answer to the third question:Knowing the country of origin is more important than knowing the size of all the independent variables for both the total and long-term book-debt ratios. Only for themarket-debt ratio is this not true.Consequently, there is much that needs to be done, both in terms of empirical research asthe quality of international data bases increases, and in developing theoretical modelsthat provide a more direct link between profitability and capital structure choice.中文译文我们对资本结构的了解大多来自发达经济体的数据,这些数据在体制上有许多相似之处。
财务管理相关专业外文文献翻译-财会财务外文翻译-中英文对照翻译
第一部分外文翻译中文对照部分企业购买和支付的内部会计控制系统设计Lars Ny bergSpeech by Mr Lars Ny berg, Deputy Governor of the Severs Risks bank, at HQ Bank, 15October 2008.From Wikipedia, the free encyclopedia摘要本文讨论了采购和付款的基本系统的内部会计控制,并根据其业务流程,详细说明了实施相关的控制点控制措施。
关键词:采购和付款;会计控制采购和付款业务是一个企业支付的钱,获取货物或服务的过程是生产和运营管理是一个主要组件是企业生存和发展。
因此,企业应该树立采购和支付业务的内部会计控制制度,健全的业务记录控制系统,加强其控制业务流程的关键,实现采购决策领域的相互约束和监督。
第一、购买和支付内部会计控制的定义。
采购和付款的内部会计控制是指企业购买和支付行为规范,采购和付款过程来防止错误和欺诈,确保采购,以满足生产和销售的前提下降低采购成本,并采取一系列的控制措施。
第二、采购和支付交易的基本系统的内部会计控制为了充分发挥采购和付款业务角色的内。
部会计控制的内容的采购和支付服务应设计遵循采购和支付交易的基本系统的内部会计控制。
一、购买和支付内部会计控制的定义1、采购和付款的内部会计控制是指规范企业采购和支付行为。
(1)是否符合官方职位分工体系1.请购买和批准。
企业采购项目所需的用户部门根据他们的应用程序和批准的负责人负责采购批准; 2.查询和确定供应商。
公司采购部门和有关主管部门应当参与调查过程和确定供应商; 3.采购合同和审计。
公司采购部门应该准备下订单或合同和授权的部门或官审查、批准或适当的审计; 4.采购、验收。
采购人员不能工作的同时承运货物;5.采购、检验和相关的会计记录。
企业采购、检验和会计记录功能应该被分离,以确保真实性的数量的采购和采购价格、质量、合规、采购记录和会计精度; 6.执行支付处理和支付。
财务管理专业外语 翻译
Capital budgeting is an extremely important aspect of a firm’s financial management。
Although a single capital asset usually comprise a small percentage of a firm’s total assets,all capital assets are long-term。
Therefore,a firm that makes a mistake in its capital budgeting process has to live with that mistake for a long period of time。
资本预算是一个公司财务管理中一个极其重要的方面。
一个单向的资产通常由公司的一小部分总资产组成,所有的资产都是长期的。
因此,一个公司在它的资本预算过程中犯了一个错误,那这个错误也将持续一段时间。
For instance,management may wish to know the effect on net present value if a project’s net cash flows are either 20 percent less than,or20 percent greater than,those estimated。
Knowledge of the sensitivity of net present value to changes or errors in the variables places management in a better position to decide whether a project is too risky to accept。
例如,管理过程中希望知道如果一个项目的现金流量净额小于20%或者大于20%是否对净现值有影响。
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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。
有三种金融风险的主要来源:1、金融风险起因于组织所暴露出来的市场价格的变化,如利率、汇率、和大宗商品价格。
2、引起金融风险的行为有与其他组织的交易如供应商、客户,和对方在金融衍生产品中的交易。
3、由于内部行动或失败的组织,特别是人、过程和系统所造成的金融风险。
什么是财务风险管理?财务风险管理是用来处理金融市场中不确定的事情的。
它涉及到一个组织所面临的评估和组织的发展战略、内部管理的优先事项和当政策一致时的财务风险。
企业积极应对金融风险可以使企业成为一个具有竞争优势的组织。
它还确保管理,业务人员,利益相关者,董事会董事在对风险的关键问题达成协议。
金融风险管理组织就必须作出那些不被接受的有关风险的决定。
那些被动不采取行动的战略是在默认情况下接受所有的风险。
组织使用各种策略和产品来管理金融风险。
重要的是要了解这些产品和战略方面,通过工作来减少该组织内的风险承受能力和目标范围内的风险。
风险管理的策略往往涉及衍生工具。
在金融机构和有组织的交易所,衍生物广泛地进行交易。
衍生工具的合约的价值,如期货,远期,期权和掉期,是源自相关资产的价格。
衍生物利用利率,汇率,商品,股票和固定收入的证券,信贷,甚至是天气进行交易。
这些产品和市场参与者使用策略来管理金融风险,与由投机者用来提高风险的杠杆作用是相同。
虽然可以认为,衍生工具的广泛使用增加了风险,衍生品的存在使那些希望通过把它传递给那些寻求风险及相关机会的人降低了风险。
估计财务损失的可能性是非常令人满意的。
然而,概率标准的理论往往在金融市场的分析中不适用。
风险通常不会孤立存在的,通常会和几个风险的相互作用,必须认真考虑在发展中国家的金融风险是如何产生的。
有时,这些相互作用是很难预测的,因为它们最终取决于人的行为。
金融风险管理是一个持续不断的过程。
随着市场需求的变化和完善,战略必须得到执行。
有关的修改反映不断变化的市场利率,变化的预期营商环境,或例如不断变化的国际政治条件。
一般来说,这个过程可以概括如下:1、识别并优先考虑关键的财务风险。
2、确定适当的风险容忍程度。
3、按照政策实施风险管理战略。
4、按需要衡量,报告,监控和改进。
多样化多年来,公司资产的风险评价的可变性仅仅基于其回报。
与此形成对比的是,现代投资组合理论不仅考虑了一项资产的风险,而且是经济体总体风险的组合。
由于风险多样化,组织可以有机会来降低风险。
在投资组合管理方面,在一定限度内给个别部件组合提供了多样化的机会。
一个多元化的资产组合中包含的回报是不同的,换句话说,彼此之间的关系是弱或负面的。
考虑到一个投资组合的风险是非常有用的,并且应考虑改变或增加的潜在风险的总数。
多样化是一个管理金融风险的重要工具。
通过预设的组织,对手之间的多样化可以减少突发事件对组织所造成的不利影响而引起的风险。
其中投资资产多元化减少了发行人失败的损失程度。
多样化的客户、供应商和金融来源减少了一个组织的贸易被外面变化控制的负面影响的可能性。
虽然损失的风险仍然存在,多样化的机会可以减少大的不良结果。
风险管理过程金融风险管理过程中的战略使一个组织去管理与金融相关的风险市场。
风险管理是一个动态过程,应逐步发展成一个组织和它的生意。
它涉及和影响了许多方面,包括国债,销售,营销,法律,税务,商品组织和企业融资。
风险管理过程包括内部和外部分析。
该进程的第一部分包括确定和排列金融机构面临的风险和了解其相关性。
有必要审查该组织及其产品,管理,客户,供应商,竞争对手,价格,行业的发展趋势,资产负债结构,并在行业中的地位。
也有必要考虑利益相关者和他们的目标和风险承受能力。
一旦清楚地了解这些风险的出现,就可实施适当的策略会同风险管理政策。
例如,有可能改变的地方,从而减少该组织的暴露和风险。
另外,可能对现有的衍生工具进行风险管理。
另一种经营战略风险是接受所有的风险和损失的可能性。
有三个广泛的风险管理办法:1、什么都不做,在默认情况下,积极或被动地接受一切风险。
2、对冲一部分,通过确定那些可以而且应该进行对冲的风险。
3、所有可能的风险对冲。
风险的计量和报告提供给决策者与信息执行者决定和监测的结果,在它的前面和后面都采取策略来减轻。
由于风险管理进程仍在进行,报告和反馈可以用来精化系统的修改或改进策略体系。
活跃的决策过程是风险管理的重要组成部分。
讨论潜在的损失和为降低风险的决策提供了一个讨论重要问题与各种关于利益相关者的观点的场所。
财务比率的影响因素和价格财务比率及价格受多项因素的影响。
关键是要了解影响市场的因素,因为这些因素,反过来影响到一个组织的潜在风险。
影响利率的因素利率是许多市场价格的主要组成部分和重要的经济晴雨表。
它们是由真实利率加上通货膨胀的预期成分组成的,因为通货膨胀降低了贷款人的资产购买力。
离到期日越近,它的不确定性就越大。
利率也是资金的供给和需求和信贷风险的反射。
利率对企业和政府来说是非常重要的,因为他们是资金成本的关键因素。
大多数公司和政府债务融资需要扩展和基建项目。
当利率增加,对借款人有显著的影响。
利率也影响到其他金融市场的价格,所以他们的影响是深远的。
对利率的其他组件可能包括一个风险溢价,以反映借款人的信用。
例如,政治或主权风险的威胁可能导致利率上升,有时很大,因为随着投资者需求的增加,额外的补偿违约风险也会增加。
影响市场利率水平的因素包括:1、通货膨胀的预期水平2、总体经济状况3、货币政策和央行的立场4、外汇市场活动5、外国投资者对债务证券化的需求6、外债突出的水平7、金融和政治稳定收益率曲线收益率曲线产量是一种图形法,表示的是一系列条件成熟。
例如,一个收益率曲线可能说明产量在(一天一夜之间成熟)30年里的关系。
通常情况下,利率是零息政府率。
由于目前的利率反映的是预期的,收益曲线提供了有关未来市场预期的利率的有用信息。
前向启动利率的默示条款可以计算收益曲线的信息。
例如,使用一两个年到期利率,预计的一年期利率在一年的时间开始时才能确定。
对收益曲线的形状进行了分析和对广泛的市场参与者进行监测。
由于人们对它的期望,它通常被认为是未来经济活动的预测和可能提供的经济基本面有待改变的信号。
一般产量的收益率曲线向上倾斜是具有正斜率,就像贷方或投资者要求更高的利率因为贷款期限和借款人的持续的时间更长了。
由于期限至到期日,借款人违约的机会增加,贷款人要求相应的补偿。
利率构成的收益率曲线也受预期的通货膨胀率影响。
除了借款人的贷款和风险的部分,投资者要求借款人至少达到预期的通货膨胀率。
如果投资者预期的未来的通胀率会变得更高, 他们将会被要求延长还款期限,以弥补这种不确定性产生的更多的保费。
因此,期限越长,利率越高(在其它条件相同的情况),一个向上倾斜的收益率曲线就产生。
有时,短期资金的需求大幅增加,短期利率可能上升超过了长期利率的水平。
收益曲线向下倾斜,这是它的外观反演的结果。
短期资金成本高,否则将有损于通过投资获得扩张,使经济增长放缓或衰退。
最后,利率上升使短期和长期资金的需求都减少。
在所有利率下降到一个正常的曲线,可能会出现由于经济增长放缓而带来的回报。
出处:[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.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 tradedwidely 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 of risk diversification.In portfolio management terms, the addition of individual components to a portfolio provides opportunities for diversification, within limits. A diversified portfolio contains assets whose returns are dissimilar, in other words, weakly or negatively correlated with one another. It is useful to think of the exposures of an organization as a portfolio and consider the impact of changes or additions on the potential risk of the total.Diversification is an important tool in managing financial risks. Diversification among counterparties may reduce the risk that unexpected events adversely impact the organization through defaults. Diversification among investment assets reduces the magnitude of loss if one issuer fails. Diversification of customers, suppliers, and financing sources reduces the possibility that an organization will have its business adversely affected by changes outside management’s control. Although the risk of loss still exists, diversification may reduce the opportunity for large adverse outcomes.Risk Management ProcessThe process of financial risk management comprises strategies that enable an organization to manage the risks associated with financial markets. Risk management is a dynamic process that should evolve with an organization and its business. It involves and impacts many parts of an organization including treasury, sales, marketing, legal, tax, commodity, and corporate finance.The risk management process involves both internal and external analysis. The first part of the process involves identifying and prioritizing the financial risks facing an organization and understanding their relevance. It may be necessary to examine the organization and its products, management, customers, suppliers, competitors, pricing, industry trends, balance sheet structure, and position in the industry. It is also necessary to consider stakeholders and their objectives and tolerance for risk.Once a clear understanding of the risks emerges, appropriate strategies can be implemented in conjunction with risk management policy. For example, it might be possible to change where and how business is done, thereby reducing the organization’s exposure and risk. Alternatively, existing exposures may be managedwith 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 other financial markets, so their impact is far-reaching.Other components to the interest rate may include a risk premium to reflect thecreditworthiness 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.Source: Karen A. Horcher, 2005. “What Is Financial Risk Management?”. Essentials of Financial Risk Management, John Wiley & Sons, Inc.pp.1-22.。