财务管理英文

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Chief accountant is also called financial controller, whose responsibilities include financial reporting to outsiders as well as cost and managerial accounting and financial analysis on behalf of the firm’s managers.
• Interest in these topics grew and in turn spurred interest in security analysis, portfolio theory and capital structure theory.
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That is, the perspective of finance changed from reporting only to outsiders to that of an insider charged with the management and control of the firm’s financial operations.
Early 20th century:
Concentrated on reporting to outsiders.
Early 21st century:
Insiders managing and controlling
the firm’s financial operations.
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The company’s secretary was in charge of raising funds and producing the annual reports, as well as the accounting function.
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Profit maximisation functions largely as a theoretical goal.
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Business failures during the Great Depression of the 1930s helped change the focus of finance.
Increased emphasis was placed on bankruptcy, liquidity management and avoidance of financial problems.
chapter 1 & 3 Scope and environment of
financial management
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Development of Financial Management
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At the turn of the twentieth century financial topics focused on the formation of new companies and their legal regulation and the process of raising funds in the capital markets.
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• Capital budgeting became a major topic in finance.
• This led to an increased interest in related topics, most notably firm valuation.
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Typical Finance Structure
Chief Financial Officer
Chief Accountant
Corporate Treasurer
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Corporate treasurer is in charge of raising funds, managing liquidity and banking relationships and controlling risks.
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Financial Goal of the Firm
Profit maximisation?
In microeconomics courses profit maximisation is frequently given as the financial goal of the firm.
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After World War Ⅱ the emphasis of corporate finance switched from financial accounting and external reporting to cost accounting and reporting and financial analysis on behalf of the firm’s managers.