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
财务管理财务分析中英文对照外文翻译文献
覆盖大量的可供选择的债券工具。由于债券市场的改革，出现了由企业发行的可供选择形式的债券工具。在第15章中，向你介绍了三种工具。我们然后致力于第一章提出的由企业负债发行的最具流动性的可供选择企业债券，企业首次发行的资产有价证券。
(文档含英文原文和中文翻译)
附录A
财务管理和财务分析作为财务学科中应用工具。本书的写作目的在于交流基本的财务管理和财务分析。本书用于那些有能力的财务初学者了解财务决策和企业如何做出财务决策。
通过对本书的学习，你将了解我们是如何理解财务的。我们所说的财务决策作为公司所做决策的一部分，不是一个被分离出来的功能。财务决策的做出协调了企业会计部、市场部和生产部。
1财务管理与分析的介绍
财务是经济学原理的应用的概念，用于商业决策和问题的解决。财务被认为有三部分组成：财务管理，投资，和金融机构：
■财务管理有时被称为公司理财或者企业理财。财务的范围就企业单位的财务决策的重要性划分的。财务管理决策包括保持现金流平衡，延长信用，获得其他公司借款，银行的借款和发行股票和基金。
覆盖项目租赁和项目资金融资。我们提供深度的项目租赁的内容在本书的第27章，阐明项目租赁的利弊，你在本书中会频繁的看到和专业的项目资金融资。项目融资的增长十分重要不仅对企业而言，对为了追求发展基础设施的国家也十分的重要。在第28章，本书提供了便于理解项目融资的基本原理。
早期介绍衍生工具。衍生工具（期货、交换物、期权）在理财中发挥着重要作用。在第4章向你介绍这些工具。而衍生工具被看作是复杂的工具，通过介绍将让你明确它们的基础投资工具特征。在早期介绍的衍生工具时，你可以接受那些评估隐含期权带来的困难（第9章）那些在资本预算中隐含的期权（第14章），以及如何运用隐含期权来减少成本及负债（第15章）。
财务管理专业毕业论文—财务报表分析利用财务会计信息外文翻译26907
财务管理专业毕业论文—财务报表分析利用财务会计信息外文翻译26907毕业设计(论文)外文资料翻译系别专业财务管理班级姓名学号外文出处附件 1.原文;2.译文2012年3月1. 原文Financial statement analysis - the use of financial accountinginformation.Many years. Reasonable minimum current ratio was confirmed as 2.00. Until the mid-1960s, the typical enterprise will flow ratio control at 2.00 or higher. Since then, many companies the current ratio below 2.00 now, many companies can not control the current ratio over 2.00. This shows that the liquidity of many companies on the decline.In the analysis of an enterprise's liquidity ratio, it is necessary to average current ratio with the industry to compare. In some industries, the current ratio below 2.0 is considered normal, but someindustry current ratio must be big 2.00. In general, the shorter the operating cycle, the lower the current ratio: the longer the operating cycle, the higher the current ratio.The current ratio compared to the same enterprise in different periods, and compared with the industry average, will help to dry to determine the high or low current ratio. This comparison does not explain why or why low. We can find out the reasons from the by-point analysis of the current assets and current liabilities. The main reason for the exception of the current ratio should be to find out the results of a detailed analysis of accounts receivable and inventory.Flow ratio better than working capital performance of enterprise short-term solvency. Working capital reflect only current assets and current liabilities, the absolute number of differences. The current ratio is also considered the relationship between the current asset size and the size of the current liabilities, make the indicators more comparable. For example, the current ratio between General Motors and Chrysler Motors Corporation. The comparison between the two companies working capital is meaningless, because the two companies of different sizes.Inventory using LIFO France will flow ratio cause problems, this is because the stock is undervalued. The result will be to underestimate the current ratio. Therefore, when compared to using the LIFO method businesses and other costs of the enterprise should pay particular attention to this.Compare the current ratio, analysts should calculate the accounts receivable turnover rate and commodity inventory turnover. This calculation enables the analysis of proposed liquidity problems exist in shouldReceived the views of the accounts and (or) Inventories. Views or opinions on the current ratio of accounts receivable and the depositwill affect the analyst. If the receivables I receivable and liquidity problems, require current ratio higher. Third, the acid test ratio (quick ratio)The current ratio is the evaluation of the liquidity conditions in the current assets and current liabilities. Often, people expect to get more immediate than the current ratio reflect the situation. The acid test ratio (liquid rate) on the relationship of current assets to current liabilities.To calculate the acid test (quick) ratio. From the current assets excluding inventory part. This is because of the slow flow of inventory, the inventory may be obsolete inventory may also be used as a specific creditor's security. For example, the winery's products to Tibet for a long period of time before sold. If you calculate the acid test (liquid) to including wine obstruct inventory will overestimate the enterprise mobility. Inventory valuation, because the cost data may be related to the current price level difference ...Section VI analytical screening proceduresAuditing Standards Description No. 23. Analytical screening procedures, provides guidance for the use of this procedure in the audit. Analytical inspection program goal is to identify significant changes from the business statistics and unusual items.Analytical screening procedures during the audit can run a different number of times, including the planning phase, the audit of the implementation phase and the completion of the audit stage. Analytical inspection procedures can lead to a special audit procedures, such as: Transverse the same type of analysis of the income statement showsan item, such as cost of sales during that period abnormal. This will lead to a careful review of the project cost of sales. The income statement vertical the same type of analysis by comparison with the previous saddle, can be found already for sale to the harmonious proportions of the amount of commodity costs and sales revenue.Accounts receivable turnover ratio and industry data comparison may show the typical speed of the accounts receivable turnover rate is far below the industry. This shows that a careful analysis of the responseto accounts receivable.4 and debt compared to cash flow has significantly decreased ability to repay the debt with internally generated cash flow is essentially dropped.5 aldehyde test ratio decreased significantly, indicating that the ability to repay current liabilities with current assets other than inventory outside is essentially droppedWhen the auditors found that the report or an important trend thanthe string, the next procedure should be carried out to determine whythis trend. This study (survey) can often lead to important discoveries.......Section VI analytical screening proceduresAuditing Standards Description No. 23. Analytical screening procedures, provides guidance for the use of this procedure in the audit. Analytical inspection program goal is to identify significant changes from the business statistics andunusual items.Analytical screening procedures during the audit can run a different number of times, including the planning phase, the audit of the implementation phase and the completion of the audit stage. Analytical inspection procedures can lead to a special audit procedures, such as: Transverse the same type of analysis of the income statement showsan item, such as cost of sales during that period abnormal. This will lead to a careful review of the project cost of sales. The income statement vertical the same type of analysis by comparison with the previous saddle, can be found already for sale to the harmonious proportions of the amount of commodity costs and sales revenue.Accounts receivable turnover ratio and industry data comparison may show the typical speed of the accounts receivable turnover rate is far below the industry. This shows that a careful analysis of the responseto accounts receivable.4 and debt compared to cash flow has significantly decreased ability to repay the debt with internally generated cash flow is essentially dropped.5 aldehyde test ratio decreased significantly, indicating that the ability to repay current liabilities with current assets other than inventory outside is essentially droppedWhen the auditors found that the report or an important trend thanthe string, the next procedure should be carried out to determine whythis trend. This study (survey) can often lead to important discoveries.2. 译文财务报表分析——利用财务会计信息。
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.。
财务管理分析【外文翻译】
外文翻译原文Material source：《Analysis For Financial Management》Author：Robert C. HigginsMost thoughtful individuals and some investment bankers know that all interesting financial decisions involve risk as well as return. By their nature, business investments require the expenditure of a known sum of money today in anticipation of uncertain future benefits. Consequently, if the discounted cash flow techniques discussed in the last chapter are to be useful in evaluating realistic investments, they must incorporate considerations of risk as well as return. Tow such considerations are relevant. At an applied level, risk increases the difficulty of estimating relevant cash flows. More importantly at a conceptual level, risk itself enters as a fundamental determinant of investment value. Thus, if two investments promise the same expected return but have differing risk, most of us will prefer the low-risk alternative. In the jargon of economics, we are risk averse, and as a result, risk reduces investment value.The details of the market line need not detain us here. What is important is realization that knowledge of an investment’s expected return is not enough to determine its worth. Instead, investment evaluation is a two-dimensional task involving a balancing of risk against return.1.Risk DefinedSpeaking broadly, there are two aspects to investment risk: The dispersion of an investment’s possible returns, and the correlation of these returns with those available on other assets. An investment’s expected return i s the probability-weighted average of the deviations of three returns are possible—8、12and 18 percent—and if the chance of each occurring is 40、30and 30 percent, respectively, the investment’s expected return is:Expected return=0.40*8%+0.30*12%+0.30*18%=12.2%Dispersion risk captures the intuitively appealing notion that risk is tied to the rang of possible outcomes, or alternatively to the uncertainty surrounding the outcome.Thus because investment A shows considerable bunching of possible returns about the expected return, its risk is low. Investment B, on the other hand, evidences considerably less clustering, and is thus higher risk. Borrowing from statistics, one way to measure this clustering tendency is to calculate the standard deviation of return. The details of calculating an investment’s expected return and standard deviation of return need not concern us here. It is enough to know that risk relates to the dispersion, or uncertainty, in possible outcomes and that techniques exist to measure this dispersion.2.Estimating Investment RiskIn some business situations, an investment’s risk can be calculated objectively from scientific or historical evidence. This is true, for instance, of oil and gas development wells. Once an exploration company has found a field and mapped out its general configuration, the probability that a development well drilled within the boundaries of the field will be commercially successful can be determined with reasonable accuracy.Sometimes history can be a guide. A company that has opened 1,000 fast-food restaurants around the world should have a good idea about the expected return and risk of opening the 1,001st. Similarly, if you are thinking about buying AT＆T stock, the historical record of the past variability of annual return to AT＆T shareholders is an important starting point when estimating the risk of AT＆T shares. I will say more about measuring the systematic risk of traded assets, such as AT＆T shares, in a few pages.Three previously mentioned techniques--sensitivity analysis, scenario analysis, and simulation—are useful for making subjective estimates of investment risk. Although none of the techniques provides an objective measure of investment risk, they all help the executive to think systematically about the sources of risk and their effect on project return. Reviewing briefly, an investment’s IRR or NPV depends on a number of uncertain economic factors, such as selling price, quantity sold, useful life, and so on. Sensitivity analysis involves an estimation o f how the investment’s figure of merit varies with changes in one of these uncertain factors. One commonly used approach is to calculate three returns corresponding to an optimistic, a pessimistic, and a most likely forecast of the uncertain variables. This provides some indication of the range of possible outcomes. Scenario analysis is a modest extension that changes several of the uncertain variables in a mutually consistent way to describe a particular event.Simulation is an extension of sensitivity and scenario analysis in which the analyst assigns a probability distribution to each uncertain factor, specifies any interdependence among the factors, and asks a computer repeatedly to select values for the factors according to their probability of occurring. For each set of values chosen, the computer calculates a particular outcome. The chief benefits of sensitivity analysis, scenario analysis, and simulation are that they force the analyst to think systematically about the individual economic determinants of investment risk, indicate the sensitivity of the investment’s return to each of these determinants, and provide information about the range of possible returns.3.Including risk in investment EvaluationOnce you have an idea of the degree of risk inherent in an investment, the second step is to incorporate this information into your evaluation of the opportunity.The most common way to do this is to the discount rate; that is, discount the expected value of the risky cash flows at a discount rate that includes a premium for risk. Alternatively, you can compare an investment’s IRR, based on expected cash flows, to a required rate of return that again includes a risk premium. The size of the premium naturally increases with the perceived risk of the investment.To illustrate the use of such risk-adjusted discount rates, consider a $10 million investment promising risky cash flows with an expected value of $2 million annually for 10 years. What is the investment’s NPV when the risk-free interest rate is 5 percent and management has decided to use a 7 percent risk premium to compensate for the uncertainty of the cash flows?The bell-shaped curve above the diagram shows the distribution of uncertain annual cash flows. At a 12 percent risk-adjusted discount rat e, the project’s NPV is $1.3 million ($10 million initial cost + $11.3 million present value of future cash flows as shown below).Because the investment’s NPV is positive, the investment is attractive even after adjusting for risk. An equivalent approach is to calculate the investment’s IRR, using expected cash flows, and compare it to the risk-adjusted rate. Because the project’s IRR of 15.1% exceeds 12%, we again conclude that the investment is attractive despite its risk.Note how the risk-adjusted disc ount rate reduces the investment’s appeal. If the investment were riskless, its NPV at a 5% discount rate would be $5.4 million, but because a higher risk-adjusted rate is deemed appropriate, NPV falls by over $4million. In essence, management requires an inducement of at least this amount before it is willing to make the investment.译文资料来源：《财务管理分析》作者：罗伯特C.希金斯很多周到具体的个人和一些投资银行家都知道，所有有利的财务决策都既包含风险也有收益。
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
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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。
2024年财务管理论文英文参考文献
[10]Atkin, C. K. Instrumental utilities and information seeking. New models for mass communication research, Oxford,England: Sage,1973.
[8]Bass, B., Granke, R. Societal influences on student perceptions of how to succeed in organizations. Journal of Applied Psychology, 1972,56(4)，312-318.
[4Casson, M. The economics of family firms [J]. Scandinavian Economic History Review, 1999' 47(1)：10 - 23.
[5]Alchian,A.,Demsetz, H. Production, information costs, and economic organization. American Economic Review [J]. 1972,62(5)： 777-795.
[4]Aragon-Comea, J. A. Strategic proactivity and firm approach to the natural environment. Academy of Management Journal,1998,41(5)，556-567.
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。
财务管理或会计专业论文外文文献
原文：Introduction to Financial ManagementSourse:Ryan Allis.Zero to one million.February 2008Business financial management in the small firm is characterized, in many different cases, by the need to confront a somewhat different set of problems and opportunities than those confronted by a large corporation. One immediate and obvious difference is that a majority of smaller firms do not normally have the opportunity to publicly sell issues of stocks or bonds in order to raise funds. The owner-manager of a smaller firm must rely primarily on trade credit, bank financing, lease financing, and personal equity to finance the business. One, therefore faces a much more severely restricted set of financing alternatives than those faced by the financial vice president or treasurer of a large corporation.On the other hand, when small business financial management is concern, many financial problems facing the small firm are very similar to those of larger corporations. For example, the analysis required for a long-term investment decision such as the purchase of heavy machinery or the evaluation of lease-buy alternatives, is essentially the same regardless of the size of the firm. Once the decision is made, the financing alternatives available to the firm may be radically different, but the decision process will be generally similar.One area of particular concern for the smaller business owner lies in the effective management of working capital. Net working capital is defined as the difference between current assets and current liabilities and is often thought of as the "circulating capital" of the business. Lack of control in this crucial area is a primary cause of business failure in both small and large firms.The business manager must continually be alert to changes in working capital accounts, the cause of these changes and the implications of these changes for the financial health of the company. One convenient and effective method to highlight the key managerial requirements in this area is to view working capital in terms of its major components:(1) Cash and EquivalentsThis most liquid form of current assets, cash and cash equivalents (usually marketable securities or short-term certificate of deposit) requires constant supervision. A well planned and maintained cash budgeting system is essential to answer key questions such as: Is the cash level adequate to meet current expenses as they come due? What are the timing relationships between cash inflows and outflows? When will peak cash needs occur? What will be the magnitude of bank borrowing required to meet any cash shortfalls? When will this borrowing be necessary and when may repayment be expected?(2) Accounts ReceivableAlmost all businesses are required to extend credit to their customers. Key issues in this area include: Is the amount of accounts receivable reasonable in relation to sales? On the average, how rapidly are accounts receivable being collected? Which customers are "slow payers?" What action should be taken to speed collections where needed?(3) InventoriesInventories often make up 50 percent or more of a firm's current assets and therefore, are deserving of close scrutiny. Key questions which must be considered in this area include: Is the level of inventory reasonable in relation to sales and the operating characteristics of the business?How rapidly is inventory turned over in relation to other companies in the same industry? Is any capital invested in dead or slow moving stock? Are sales being lost due to inadequate inventory levels? If appropriate, what action should be taken to increase or decrease inventory?(4) Accounts Payable and Trade Notes PayableIn a business, trade credit often provides a major source of financing for the firm. Key issues to investigate in this category include: Is the amount of money owed to suppliers reasonable in relation to purchases? Is the firm's payment policy such that it will enhance or detract from the firm's credit rating? If available, are discounts being taken? What are the timing relationships between payments on accounts payable and collection on accounts receivable?(5) Notes PayableNotes payable to banks or other lenders are a second major source of financing for the business. Important questions in this class include: What is the amount of bank borrowing employed? Is this debt amount reasonable in relation to the equity financing of the firm? When will principal and interest payments fall due? Will funds be available to meet these payments on time?(6) Accrued Expenses and Taxes PayableAccrued expenses and taxes payable represent obligations of the firm as of the date of balance sheet preparation. Accrued expenses represent such items as salaries payable, interest payable on bank notes, insurance premiums payable, and similar items. Of primary concern in this area, particularly with regard to taxes payable, is the magnitude, timing, and availability of funds for payment. Careful planning is required to insure that these obligations are met on time.When small business financial management is concern, many financial problems facing the small firm are very similar to those of larger corporations. For example, the analysis required for a long-term investment decision such as the purchase of heavy machinery or the evaluation of lease-buy alternatives, is essentially the same regardless of the size of the firm. Once the decision is made, the financing alternatives available to the firm may be radically different. Manager must continually be alert to changes in working capital accounts, the cause of these changes and the implications of these changes for the financial health of the company.As a final note, it is important to recognize that although the working capital accounts above are listed separately, they must also be viewed in total and from the point of view of their relationship to one another: What is the overall trend in net working capital? Is this a healthy trend? Which individual accounts are responsible for the trend? How does the firm's working capital position relate to similar sized firms in the industry? What can be done to correct the trend, if necessary?Of course, the questions posed are much easier to ask than to answer and there are few "general" answers to the issues raised. The guides which follow provide suggestions, techniques, and guidelines for successful management which, when tempered with the experience of the individual owner-manager and the unique requirements of the particular industry, may be expected to enhance one's ability to manage effectively the financial resources of a business enterprise.企业财务管理在中小企业的特点是，在许多不同的情况下，需要面对有所不同的一系列问题和机会比那些面临一个大公司。
财务管理分析【外文翻译】
外文翻译原文Material source：《Analysis For Financial Management》Author：Robert C. HigginsMost thoughtful individuals and some investment bankers know that all interesting financial decisions involve risk as well as return. By their nature, business investments require the expenditure of a known sum of money today in anticipation of uncertain future benefits. Consequently, if the discounted cash flow techniques discussed in the last chapter are to be useful in evaluating realistic investments, they must incorporate considerations of risk as well as return. Tow such considerations are relevant. At an applied level, risk increases the difficulty of estimating relevant cash flows. More importantly at a conceptual level, risk itself enters as a fundamental determinant of investment value. Thus, if two investments promise the same expected return but have differing risk, most of us will prefer the low-risk alternative. In the jargon of economics, we are risk averse, and as a result, risk reduces investment value.The details of the market line need not detain us here. What is important is realization that knowledge of an investment’s expected return is not enough to determine its worth. Instead, investment evaluation is a two-dimensional task involving a balancing of risk against return.1.Risk DefinedSpeaking broadly, there are two aspects to investment risk: The dispersion of an investment’s possible returns, and the correlation of these returns with those available on other assets. An investment’s expected return i s the probability-weighted average of the deviations of three returns are possible—8、12and 18 percent—and if the chance of each occurring is 40、30and 30 percent, respectively, the investment’s expected return is:Expected return=0.40*8%+0.30*12%+0.30*18%=12.2%Dispersion risk captures the intuitively appealing notion that risk is tied to the rang of possible outcomes, or alternatively to the uncertainty surrounding the outcome.Thus because investment A shows considerable bunching of possible returns about the expected return, its risk is low. Investment B, on the other hand, evidences considerably less clustering, and is thus higher risk. Borrowing from statistics, one way to measure this clustering tendency is to calculate the standard deviation of return. The details of calculating an investment’s expected return and standard deviation of return need not concern us here. It is enough to know that risk relates to the dispersion, or uncertainty, in possible outcomes and that techniques exist to measure this dispersion.2.Estimating Investment RiskIn some business situations, an investment’s risk can be calculated objectively from scientific or historical evidence. This is true, for instance, of oil and gas development wells. Once an exploration company has found a field and mapped out its general configuration, the probability that a development well drilled within the boundaries of the field will be commercially successful can be determined with reasonable accuracy.Sometimes history can be a guide. A company that has opened 1,000 fast-food restaurants around the world should have a good idea about the expected return and risk of opening the 1,001st. Similarly, if you are thinking about buying AT＆T stock, the historical record of the past variability of annual return to AT＆T shareholders is an important starting point when estimating the risk of AT＆T shares. I will say more about measuring the systematic risk of traded assets, such as AT＆T shares, in a few pages.Three previously mentioned techniques--sensitivity analysis, scenario analysis, and simulation—are useful for making subjective estimates of investment risk. Although none of the techniques provides an objective measure of investment risk, they all help the executive to think systematically about the sources of risk and their effect on project return. Reviewing briefly, an investment’s IRR or NPV depends on a number of uncertain economic factors, such as selling price, quantity sold, useful life, and so on. Sensitivity analysis involves an estimation o f how the investment’s figure of merit varies with changes in one of these uncertain factors. One commonly used approach is to calculate three returns corresponding to an optimistic, a pessimistic, and a most likely forecast of the uncertain variables. This provides some indication of the range of possible outcomes. Scenario analysis is a modest extension that changes several of the uncertain variables in a mutually consistent way to describe a particular event.Simulation is an extension of sensitivity and scenario analysis in which the analyst assigns a probability distribution to each uncertain factor, specifies any interdependence among the factors, and asks a computer repeatedly to select values for the factors according to their probability of occurring. For each set of values chosen, the computer calculates a particular outcome. The chief benefits of sensitivity analysis, scenario analysis, and simulation are that they force the analyst to think systematically about the individual economic determinants of investment risk, indicate the sensitivity of the investment’s return to each of these determinants, and provide information about the range of possible returns.3.Including risk in investment EvaluationOnce you have an idea of the degree of risk inherent in an investment, the second step is to incorporate this information into your evaluation of the opportunity.The most common way to do this is to the discount rate; that is, discount the expected value of the risky cash flows at a discount rate that includes a premium for risk. Alternatively, you can compare an investment’s IRR, based on expected cash flows, to a required rate of return that again includes a risk premium. The size of the premium naturally increases with the perceived risk of the investment.To illustrate the use of such risk-adjusted discount rates, consider a $10 million investment promising risky cash flows with an expected value of $2 million annually for 10 years. What is the investment’s NPV when the risk-free interest rate is 5 percent and management has decided to use a 7 percent risk premium to compensate for the uncertainty of the cash flows?The bell-shaped curve above the diagram shows the distribution of uncertain annual cash flows. At a 12 percent risk-adjusted discount rat e, the project’s NPV is $1.3 million ($10 million initial cost + $11.3 million present value of future cash flows as shown below).Because the investment’s NPV is positive, the investment is attractive even after adjusting for risk. An equivalent approach is to calculate the investment’s IRR, using expected cash flows, and compare it to the risk-adjusted rate. Because the project’s IRR of 15.1% exceeds 12%, we again conclude that the investment is attractive despite its risk.Note how the risk-adjusted disc ount rate reduces the investment’s appeal. If the investment were riskless, its NPV at a 5% discount rate would be $5.4 million, but because a higher risk-adjusted rate is deemed appropriate, NPV falls by over $4million. In essence, management requires an inducement of at least this amount before it is willing to make the investment.译文资料来源：《财务管理分析》作者：罗伯特C.希金斯很多周到具体的个人和一些投资银行家都知道，所有有利的财务决策都既包含风险也有收益。
XXX财务分析体系外文文献翻译最新译文
XXX财务分析体系外文文献翻译最新译文XXX the use of DuPont financial analysis system in XXX DuPont system breaks down the return on equity (ROE) into three components: net profit margin。
asset turnover。
and financial leverage。
Using data from a sample of listed companies。
the study finds that the DuPont system is effective in XXX。
the XXX that it should be used in n with other financial analysis tools.In recent years。
there has been a growing interest in using financial analysis tools to XXX financial analysis system is one such tool that has XXX in the 1920s to analyze the performance of its own ns。
Since then。
it has been widely used in the financial XXX.The DuPont system breaks down the ROE into three components: net profit margin。
asset XXX。
and financial leverage。
The net profit margin measures the XXX efficiency of the company's use of its assets to generate sales。
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。
财务管理类外文文献
Exploration of Accounting Education ReformEducation is the future of accounting Education in accounting to have access to accounting expertise. Receiving education is the starting point of the accounting profession. As in all areas of high use of discipline in the 21st century as well as China's market integration process speeds up, the accounting professional Development goal must be to thick foundation, wide caliber, high-quality general-purpose, intelligent people. accounting degree education reform must strike out.Pay full attention to practical knowledge of accounting education. Fundamentally rationalize the accounting theory and practice of education, the relationship between education and straightened accounting practice of accounting education in the academic education of the whole position, and effectively recognize the accounting practice of education in the future, the role of practical work, a clear accounting practice education is to create Economic applications effective way of talent.Construction of a new accounting practice of science education system, should consistently adhere to the "practice teaching highlights capacity-building" principles, it has the following characteristics: first, the systematicness. Designed by means of accounting practice teaching must be systematic, complete, consistent with the teaching requirements, and to comply with the laws of learning and memory, from the easier to the advanced, from simple to complexity. Second, the practicality. Refers to the new system in a variety of applications, should occur in a typical accounting practice business process through the theory and design. Third, in advance. The new design is the practice of the teaching system, the creation of a new accounting work on behalf of the future direction of elements. In addition, with contemporary science and Technology and information revolution, corresponding to the development, we should further explore the establishment of computerized accounting practices as represented by the teaching system in order to train students to become proficient in the use of machine analysis and the use of the capacity of the major accounting information . Practice of the use of advanced teaching methods. It should be noted, to computerized information-Technology revolution represented, will make more and more traditional manual accounting experiment does not meet the needs of accounting practices. Should establish a high starting point, simulation and strong accounting simulation system so that accounting practices the teaching environment more realistic. Should pay attention to the diversity of accounting experiment, in addition to opening of Financial Management and management accounting experiment, we must also additional business, tax, accounting system design, project feasibility, asset evaluation and other test programs and pilot projects, adequate attention to these aspects of software development and hardware investment.Ideological education and professional ethics. In a market economy environment, the special nature of accounting require accounting personnel should not only have excellent technical expertise, but also have a high Political level and good work ethic. Academic education in the accounting period, to encourage students to serious Political theory courses, a firm belief in Marxism-Leninism, and foster the idea ofserving the people, conscientiously study Deng Xiaoping Theory and "Three Represents" important thought, so that students in the contemporary Political vicissitudes remain sober-minded , there is a firm and correct political position; education students are often concerned about the situation, policy, ethics, law, etc., to improve self-discipline capability and the ability to distinguish right from wrong, and actively participate in various charity activities, to develop team spirit. Students before graduation to open the accounting professional Ethics courses, fully explain the accounting regulations and ethical theory, allow students a clear accounting in economic management in an important position, consciously establish the spirit of dedication, sense of responsibility, to develop students awareness of good professional Ethics .Re-learning ability and sense of Innovation education. It should be noted that in the accounting academic education, the students are equipped with only the most basic knowledge and skills, some of them leave school without the knowledge became obsolete. This is a prominent feature of today's. Diploma and certificate only proof of student's past, but can not prove that its present and future. Must train students in practical work in the future re-learning ability and Innovation awareness and capacity. Such as human resources, accounting, information and knowledge as an intangible asset valuation, derivatives of the measurement of such knowledge, students receive academic education system during the period had a chance to learn and master. Accounting graduates should be able be to study and master the knowledge and competency.Physical and psychological quality education. In addition to these abilities, we should also pay attention to the students physical and psychological quality of training and training to enable students to develop good exercise habits, trained to a healthy body, while students have a tough, tenacious, are not afraid of setbacks, the will to adapt to environmental change and quality has a positive progressive attitude toward life self-improvement and good sense of team identity. Can allow students to practice, through social means of social contact, with full preparation to meet the challenge, fully display his talent.In short, in the accounting degree stage of education to students of accounting theory with a thicker and wider professional caliber, high professional quality, strong operational capabilities to enable students to have a wider space for development to meet the 21st century needs of economic development.会计教育的改革探索教育被认为是得以进入会计专业技能的会计教育之未来，接受教育则是会计行业的起点。
财务战略管理外文翻译文献
财务战略管理外文翻译文献外文文献原文及译文财务战略管理外文翻译文献(文档含中英文对照即英文原文和中文翻译)Small and medium-sized enterprise financial strategy choice indifferentFinancial strategic management of the significance of the development of small and medium-sized enterprises, this paper expounds the development of enterprise needs not only scientific, fine daily management, need more forward-looking strategic vision and strategic thinking;Through the analysis of the financial characteristics of small and medium-sized enterprises (smes) in different development period, discusses the enterprise should be how to choose matching financial strategy problems, for the enterprise bigger and stronger, sustainable development, provides a feasible way of thinking.With the establishment of the modern enterprise system and market economic system reform deepening, the business activities of enterprises both contain the great vitality, also lies the great crisis.Small and medium-sized enterprises how to adapt to the environment, and maintain competitive advantage not only need to strengthen the daily management of science, fine, more need to have a forward-looking strategic thought, especially the financial and strategic thinking.Enterprise financial strategy, need to consider the enterprise external environment and internal conditions, and many other factors.Due to the small and medium-sized enterprise its own characteristics, in financial strategy can't be consistent with the practice of large enterprise,it must has its own way.Seek financial strategy for the development of small and medium-sized enterprises, make the small and medium-sized enterprise to do strongly does, sustainable development, has important practical significance for the enterprise.First, the significance of small and medium-sized enterprise financial strategy managementModern enterprise financial faces a diverse, dynamic and complicated management environment, enterprise financial management is no longer a specific methods and means of financial management, but absorbs the principle and method of strategic management, from the perspective of to adapt to the environment, use conditions, pay attention to the long-term problem of financial and strategic issues.In the small and 外文文献原文及译文medium-sized enterprises under the condition of relative lack of resources, to develop a suitable financial strategy, and at a reasonable allocation of scarce resources is particularly important.Enterprise financial strategic focus is the development direction of the future financial activities, goals, as well as a basic approach to achieve the goal and strategy, this is a financial strategy is different from other features of various kinds of strategy.Enterprise financial strategy is the overall goal of assemble, configuration, and use resources rationally, to seek balanced and effective flow of enterprise funds, build enterprise core competitive power, finally realizes the enterprise value maximization.The several aspects of the goal is connected with each other.In the long term performance for, seek the sustainable growth of enterprise financial resources and ability, to realize theenterprise capital appreciation, and make the enterprise financial ability sustainable, rapid and healthy growth, maintain and develop the enterprise the competitive advantage.Strategic management in building enterprise core competitive power, need the support of enterprise financial management.Enterprise capital management as the important content of financial management must reflect the requirements of enterprise strategy, ensure the implementation of the strategy of its.Implement the strategy of enterprise financial management value is that it can maintain a healthy enterprise financial situation, to effectively control the financial risk of the enterprise.Second, the small and medium-sized enterprise financial characteristics analysisSuccessful financial strategy must be adapted to the enterprise financial characteristics, the development stage of conform to the enterprise overall strategy and the current and the benefits of stakeholders, the associated risks.Roughly divided into enterprise's development stage, initial, maturation and decline stages.Small and medium-sized enterprises in different stages of development presents the financial characteristics are different and should be based on the analysis of characteristics of its financial seek suitable for different development period of the small and medium-sized enterprise financial strategy.1)the initial financial characteristicsThe management risk of the enterprise life cycle of the initial stage is the highest, thisis because the products on the market soon, a single product structure, the scale of production limited, the product cost is higher, profitability is very poor, also need to invest a lot of money for the new product development and marketdevelopment, and product market whether to expand the product should be enough space for the development of is uncertain and compensation costs, core competence has not yet formed.To small businesses from the impact of the financial management activities of enterprises cash flow, operating activities and investment activities belong to the state of outflows greater than inflows, shortage of funds, cash flows is negative, it is difficult to form internal capital accumulation, financing activities is the only source of cash.This is the initial financial characteristics of the enterprise.2)mature financial characteristicsIn the beginning of small business success across, they will enter a relatively stable mature stage.In the process of enterprise tend to mature, the enterprise growth and prospect than as well as the management risk will fall;Enterprises have the product of the stability of the relatively high market share and account back continuously, has the high efficiency of capital turnover;At the same time, due to the new project, cash flow, less business net cash flow is positive, the enterprise the management activities and investment activities generally characterized by net income.Financing scale than the initial decline, and at this stage is given priority to with retained earnings and debt financing policy, a lot of debt servicing period, along with the increase of debt financing, rise to financial risk and operational risk equivalent.Dividend proportion also have improved, high cash per share net profit ratio make the dividend payment rate and payments will improve, investors return at this time more is through the dividend distribution rather than the start-up phase of the capital gains to meet.3)the recession financial characteristicsFor recession enterprises, reduce business and product death is inevitable, and the opportunity for profitable investment is very small, the purpose of business is the turning point in order to continue to make a living.To small business financial management activities of enterprises from the impact of cash flow, because the enterprise product sales decline, slow cash flow, business activities have obvious negative cash flow.At the same time, as companies in recession more to take high dividend distribution policy, debt financing in the process of decline will increase, and外文文献原文及译文financing activities generate positive cash flow, financial leverage and financial risk increases.Three, different development period of the financial strategy choiceThe choice of financial strategy decision of small and medium-sized enterprise financial orientation and pattern of resource distribution, affects the behavior of enterprise financing activity and efficiency.From the perspective of life cycle theory, the development of small and medium-sized enterprises generally to undergo early stage, mature stage and decline stages.Small and medium-sized enterprise's financial strategy will vary at different stages of development, only select and match the different developmental stages of the enterprise's financial strategy, in order to promote the small and medium-sized enterprises bigger and stronger, sustainable development.1)leading the financial and strategic choiceFinancing strategy is an integral part of the corporate financial strategy, it is the enterprise to raise funds to solve the main goal, principle, direction, scale, structure, major issues suchas channels and means, it is not a specific fund-raising plan, but in order to meet the future environment and the requirements of enterprise strategy, to the enterprise financing, and the idea of the system for a long time, enterprise strategy implementation and enhance the competitiveness of enterprise is dedicated to provide you with reliable cash flow support.In terms of external financing, small and medium-sized enterprises have difficulty in direct financing is a worldwide phenomenon.Objectively, to the extent of direct financing for smes, determined by the small and medium-sized enterprise its own problems.If it is difficult to find eligible collateral or guarantee units, commercial Banks to small and medium-sized enterprise is hard to track supervision and inspection.Most small and medium-sized enterprises small scale, the risk is big, once insolvency bankruptcy, commercial Banks and so on, the security of the creditor's rights will be these are the important factors that affect sme loans.Endogenous financing strategy refers to an enterprise that mainly from internal financing source of financing.Under the guidance of strategic thinking in the financing, the enterprise is not dependent on external funding, and raise the needed capital, and in this unit interior longitudinal accumulation of capital through retained profits before it.The main source of funds will be retained earnings, amortization, etc without having to pay cash, capital takes up less, savings brought by the revolving speed and so on.Type endogenous financing strategy is especially suitable for the lack of external financing channels of small and medium-sized enterprises.From the perspective of tax analysis, debt financing can bring tax benefits for enterprises.But since most startups accounting only produce loss, debt financingcan bring positive influence for the enterprise, and at present because our country small and medium-sized enterprises in the internal financing is relatively easy to some, lower the cost of financing, so should choose mainly endogenous financing, external financing is complementary financing strategy, provided by the owners and affiliated enterprise loan, at the same time to strengthen its own capital reserves, creating certain credit conditions, with their own assets as collateral, borrowing from financial institutions make the enterprise keep good capital structure.Enterprises should choose according to future solvency acceptable way of financing, prevent enterprises from the initial stage back heavy debt burden and was in financial crisis.Investment strategy is based on enterprise internal and external environment condition and its change trend, the enterprise has or the actual control of economic resources effectively put out, in order to obtain economic benefits and competitive advantage in the future.The content of investment strategy of investment direction, the determination of investment scale and proportion.Content must be combined with the specific investment enterprise overall strategy and investment environment, enterprise development stage to set.In the implementation of the investment strategy, managers should pay more attention to growth, leading technology and market share targets.At the start-up stage and growth stage of medium and small enterprises,They need a lot of money to develop new products, expand the market and expand business.Because it difficult to get loans from the outside, so the owners of the small and medium-sized enterprises (smes) are generally the after-tax profits retained in the enterprise, as far as possible use of cash dividend policy, keep more profits, to enrich the capital.2)mature small and medium-sized enterprise financial strategy choiceFor mature type of small and medium-sized enterprises, in order to obtain sufficient funds or stable sources of funds and excellent capital structure, usually adopt the combination of a variety of financing methods for financing.Financing strategy 外文文献原文及译文combinations can achieve better effect, such as financing, revitalize the memory through the financial assets financing, financing and depreciation enterprise commercial credit financing, etc.Type financial financing strategy refers to the enterprises with financial institutions to establish close cooperation relations, use of these financial institutions long-term stable credit the funds to reach the purpose of financing the financing strategy.Financial funding sources including policy Banks, commercial Banks and non-bank financial institutions credit financing lease, leasing company.Its advantage is financing large-scale, flexible form, enterprises need to pay interest charge, does not involve the use of equity.Type financial financing both bring to enterprise financial leverage effect, and can prevent the dilution of return on net assets and earnings per share, so in the meantime, small and medium-sized enterprises should be in order to improve the effect of financial leverage as a starting point, take active financing strategies, appropriately increase the proportion of debt.The deficiency of this form of financing is financing conditions and high cost, applicable to the product markets mature, is developing rapidly and has substantial advantages, especially small and medium-sized enterprises with technical advantage, is the premise of its financing is expected to borrow funds capital profit margin is higher than interest rates.In addition to this, mature type of small and medium-sized enterprises should also be effective to the implementation of the internal financing strategy, optimize the enterprise internal stock fund adjustment, the enterprise stock assets.Mature enterprises already have depreciation financing conditions, should play the advantages of depreciation financing.Depreciation financing possesses the advantages of low cost, low risk, through the depreciation financing to optimize financing /doc/f43449150.html,panies can also make full use of the commercial credit financing.Between enterprises credit financing, including accounts payable, notes payable, advance payment, etc.Credit financing for small and medium-sized enterprises limited liquidity is more special significance, it is the effective way to solve the enterprise capital especially the lack of liquidity.According to the characteristics of the small and medium-sized enterprises mature financial enterprises gradually rise in profits and stable at the same time, maintain production cost is reduced, which makes the enterprise capital at the beginning of the mature found some surplus.This stage of the small and medium-sized enterprises with profit maximization as the financial management goal, usually by taking scaleexpansion, development of diversification and find new ways to invest profit opportunities.Suitable for mature with the situation of small and medium-sized enterprises investment strategy includes scale expansion strategy and stable investment strategy.The expansion of scale expansion mainly refers to the core product sales.Expansion investment strategy is the mature period of small and medium-sized enterprises one of the most commonly used investment strategy, is small and medium-sizedenterprises achieve high growth of the most direct, the most effective way.The main means to realize scale expansion of market penetration, development strategy and product development strategy.After entering the mature stage of small and medium-sized enterprises, can produce a stronger intention and the growth of their own lack of various conditions, and ability of its internal contradiction, therefore, should hold more prudent attitude in financial aspects, blind expansion of avoid by all means.Summary of small and medium-sized enterprises in the reasons for failure in the process of seeking development, finance unsound accounts for large proportion.When companies have some occupy the market of products, with the possible longer profitable accumulation, often not very attention to working capital turnover, but for the past business on success, a large amount of working capital will be used for investment in fixed assets, it will lead to new tensions on the turnover of working capital.There is in order to avoid a single product, is trying to spread risk through diversification and the diversification operation, however due to the small and medium-sized enterprises generally smaller overall capital, diversification is very easy to cause the original items of working capital turnover difficult, and the new investment projects and could not form a certain scale, management ability and management experience, combined with the lack of necessary beyond to establish competitive advantage, enhancing the management risk.Different enterprises in the investment operation of the project will have different requirements, the expansion of investment strategy and stable investment strategy selection, small and medium-sized enterprise must look at the businessconditions and environment, to choose the appropriate investment strategy.Enterprises in the investment management aspects, therefore, should be to put money to be able to take advantage of the enterprise market of the products, and constantly update technical renovation, equipment, expand production scale, improve product yield and quality, to 外文文献原文及译文increase economies of scale, improve market share.At this stage, the enterprise should be scientific, reasonable choice of the mode of investment, strengthen the investment project feasibility study and argument, to strengthen the evaluation of project investment and summarizes the work.3)recession type of small and medium-sized enterprise financial strategy choiceRecession type is an important feature of small and medium-sized enterprise financing structure is highly leveraged, the most important is the compression ratio of debt financing, to avoid the risk of financial leverage.In the case of high financial risk management, often adopt defensive deflating financial strategy.Defense deflating financial strategy is to prevent financial crisis and survive, and the new development for the purpose of a financial strategy.Defense deflating financial strategy, general will minimize cash outflows and as far as possible to increase cash inflows as a top priority.In financial financing decision, should be given priority to with the use of short-term funds, as far as possible avoid the use of long-term funds, take on endogenous financing including profit retained accumulation, owner, shareholder investment and borrowing to owner, partners and shareholders of endogenous debt financing is given priority to, an application for a patent for divestitures,relies on external financing of the financing way.When enterprise sales began to decline, high fixed costs can make the enterprise into serious losses, but by signing a short-term contract or completely based on the variable cost, thus reduce fixed costs ratio lower the total cost.When many factors shows that the enterprise is in decline, can choose to some non-critical product or technology transfer, to abandon the development investment in a particular field, reduce the money for the old products, the accumulation of capital, to find new investment opportunities.To sum up, small and medium-sized enterprises (smes) on the sustainable development road, must choose to match with different stages of development of financial strategy, it can make up for the congenital defects existing in the financial, improving the capacity of sustainable development, it is the key to the small and medium-sized enterprises bigger and stronger.The arrangement of the small and medium-sized enterprises in the financial strategy, we should pay attention to keep a good capital structure, attach importance to connotation development, sound financial management, avoid blind investment and diversification, should be saving money andtimely realize scale expa。
财务管理外文文献及翻译2
财务管理外文文献及翻译2附录A:外文文献(译文)跨国公司财务有重大国外经营业务的公司经常被称作跨国公司或多国企业。
跨国公司必须考虑许多并不会对纯粹的国内企业产生直接影响的财务因素，其中包括外币汇率、各国不同的利率、国外经营所用的复杂会计方法、外国税率和外国政府的干涉等。
公司财务的基本原理仍然适用于跨国企业。
与国内企业一样，它们进行的投资项目也必须为股东提供比成本更多的收益，也必须进行财务安排，用尽可能低的成本进行融资。
净现值法则同时适用于国内经营和国外经营，但是，国外经营应用净现值法则时通常更加复杂。
也许跨国财务中最复杂的是外汇问题。
当跨国公司进行资本预算决策或融资决策时，外汇市场能为其提供信息和机会。
外汇、利率和通货膨胀三者的相互关系构成了汇率基本理论。
即:购买力平价理论、利率平价理论和预测理论。
跨国公司融资决策通常要在以下三种基本方法中加以选择，我们将讨论每种方法的优缺点。
(1) 把现金由国内输出用于国外经营业务;(2) 向投资所在国借贷;(3) 向第三国借贷。
1专业术语学习财务的学生通常会听到一个单词总在耳边嗡嗡作响:全球化( g l o b a l i z a t i on )。
学习资金市场的全球化必须首先掌握一些新的术语，以下便是在跨国财务中，还有本章中最常用到的一些术语:(1) 美国存托证(American Depository Receipt,ADR)。
它是在美国发行的一种代表外国股权的证券，它使得外国股票可在美国上市交易。
外国公司运用以美元发行的ADR，来扩大潜在美国投资者群体。
ADR以两种形式代表大约690家外国公司:一是在某个交易所挂牌交易的 ADR，称为公司保荐形式;另一种是非保荐形式，这些ADR通常由投资银行持有并为其做市。
这两种形式的ADR均可由个人投资和买卖，但报纸每天只报告保荐形式的存托证的交易情况。
(2) 交叉汇率(cross rate)。
它是指两种外国货币(通常都不是美元)之间的汇率。
财务管理相关专业外文文献翻译-财会财务外文翻译-中英文对照翻译
第一部分外文翻译中文对照部分企业购买和支付的内部会计控制系统设计Lars Ny bergSpeech by Mr Lars Ny berg, Deputy Governor of the Severs Risks bank, at HQ Bank, 15October 2008.From Wikipedia, the free encyclopedia摘要本文讨论了采购和付款的基本系统的内部会计控制，并根据其业务流程，详细说明了实施相关的控制点控制措施。
关键词：采购和付款；会计控制采购和付款业务是一个企业支付的钱，获取货物或服务的过程是生产和运营管理是一个主要组件是企业生存和发展。
因此，企业应该树立采购和支付业务的内部会计控制制度，健全的业务记录控制系统，加强其控制业务流程的关键，实现采购决策领域的相互约束和监督。
第一、购买和支付内部会计控制的定义。
采购和付款的内部会计控制是指企业购买和支付行为规范，采购和付款过程来防止错误和欺诈，确保采购，以满足生产和销售的前提下降低采购成本，并采取一系列的控制措施。
第二、采购和支付交易的基本系统的内部会计控制为了充分发挥采购和付款业务角色的内。
部会计控制的内容的采购和支付服务应设计遵循采购和支付交易的基本系统的内部会计控制。
一、购买和支付内部会计控制的定义1、采购和付款的内部会计控制是指规范企业采购和支付行为。
(1)是否符合官方职位分工体系1.请购买和批准。
企业采购项目所需的用户部门根据他们的应用程序和批准的负责人负责采购批准； 2.查询和确定供应商。
公司采购部门和有关主管部门应当参与调查过程和确定供应商； 3.采购合同和审计。
公司采购部门应该准备下订单或合同和授权的部门或官审查、批准或适当的审计； 4.采购、验收。
采购人员不能工作的同时承运货物；5.采购、检验和相关的会计记录。
企业采购、检验和会计记录功能应该被分离，以确保真实性的数量的采购和采购价格、质量、合规、采购记录和会计精度； 6.执行支付处理和支付。
财务管理专业毕业论文参考文献
财务管理专业毕业论文参考文献财务管理(FinancialManagement)是在一定的整体目标下，关于资产的购置(投资)，资本的融通(筹资)和经营中现金流量(营运资金)，以及利润分配的管理。
财务管理专业毕业论文参考文献范文一：[1]埃里克·赫尔弗特.财务分析技术一价值创造指南(第11版).人民邮电出版社.2010.11:35-62.[2]宋常.财务分析学.中国人民大学出版社.2007:25-45.[3]张先治.财务分析(第三版)东北财经大学出版社.2008:30-50.[4]鲁爱民.财务分析(第二版)机械工业出版社.2008:20-40.[5]希金斯.财务管理分析(第八版)北京大学出版社.2009:30-50.[6]黄小玉.上市公司财务分析.大连:东北财经大学出版社.2007:15-40.[7]何韧.财务报表分析.上海财经大学出版社有限公司.2010:23-45.[8]苏布拉马尼亚姆.财务报表分析.(第十版)(英文版)中国人民出版社.2010:34-56.[9]彭曼.财务报表分析与证券价值评估(第三版).北京大学出版社.2007:25-55.[10]朱传华.财务分析精要.立信会计出版社.2007:14-35.[11]史蒂斯，史蒂斯，戴蒙德.财务会计:报告与分析(第六版)经济科学出版社.2007:20-45.[12]刘玉梅.财务分析(第三版).大连出版社.2010:24-40.[13]张涛.财务分析.经济科学出版社.2010:13-36.[14]邓德军，谢振莲.财务分析学.国防工业出版社.2009:22-40.[15]苗润生，陈洁.财务分析.清华大学出版社有限公司.2010:23-50.[16]Hall,Matthew.Accountinginformationandmanagerialwork. 2010财务管理专业毕业论文参考文献范文二：[1]邓明然等。
企业理财系统柔性及其评价研究[J].武汉汽车工业大学学报，2000(4)。
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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 that。