财务管理问题研究外文资料翻译

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财务管理问题研究外文资料翻译

出处Fundamentals of Management.作者：[M].Prentice Hall ,2001(3)财务管理问题研究在市场经济中，管理是决定企业生存和发展的重要性。

近年来，由于意识形态偏见在认识和历史原因，许多的内部财务管理制度不健全给财务管理带来混乱的客观理由，导致一些缺乏内部监督机制、发生假帐或者账户外设的帐户直接导致的混乱及财务管理效率低下的企业。

这是来自经验的证明。

因此，加强财务管理，建立健全内部财务管理制度已经成为企业不可或缺的条件。

首先，企业应当建立健全内部财务管理制度。

(一)建立内部财务管理系统是为适应社会主义市场经济体制的客观要求，企业在市场竞争中生存、发展，就必须遵循市场经济的要求规范金融行为；必须按照市场经济的要求融资、经费使用和利益分配，提高生产和操作，提高企业的经济效益，从而增强自己的竞争力以实现经济增长，改变公司经营方式以适应市场经济的客观要求。

(二)建立健全内部财务管理系统是企业管理的内在要求1、财务管理是企业管理的基础，是一切企业管理活动的中心环节。

内部财务管理公司的资金管理活动与形式的价值，主要基于成本管理和资金管理为中心，通过一种价值管理为物理形式的管理。

因此，财务管理是企业管理活动的基础，是企业管理的中心环节。

2、财务管理在各方面的生产经营和整个过程，根据它的意义，我们可以总结四大要素的财务管理，包括筹资管理、投资管理、营运资本管理、利润分配管理。

(三)财务管理和企业管理有广泛的联系在商务活动、财务管理的触角延伸到每一个角落，每一个部门的业务将获得服务的资金通过使用接触到金融部门，每个部门应合理使用资金，为了省钱，所以接受部门的指导，受金融系统的约束，以确保提高企业经济效益。

(四)公司财务管理迅速体现公司的生产工作。

所有生产及企业经营活动都最终反映在其财务结果通过会计、分析、比较，你可以检查实施企业生产经营活动的方式，发现问题，找出解决问题的办法。

外文文献翻译---中小型企业财务管理中存在的问题及其对策

广东工业大学华立学院本科毕业设计（论文）外文参考文献译文及原文系部会计学系专业会计学年级 08级班级名称 2008级会计（7）班学号 14010807030学生姓名吴智聪2012年 2 月 9 日目录1. 外文译文 (1)2. 外文原文 (5)中小型企业财务管理中存在的问题及其对策中小型企业在中国经济发展中发挥着重要的作用。

统计数据表明，在工商行政管理局登记在册的企业中，中小型企业占了99%，产值和利润分别占总额的60%和40%。

此外，中小型企业所提供了75％的城镇就业机会。

可见其为中国的稳定和经济繁荣作出了重要贡献。

虽然中小型企业在国民经济中占有重要地位，对中国经济发展与社会稳定具有很重大的意义。

但是，中小型企业发展的主要障碍是缺乏有效的财务管理。

本文分析了当前中小型企业财务管理中存在的问题，并就改善中小型企业财务管理提出了相应对策。

1.1 中小型企业的财务管理现状自从21世纪以来，中国的中小型企业的蓬勃发展，在经济增长和社会发展中发挥着非常重要的作用。

据财政部统计数据，直到2005年底，中小型企业总数已超过1000万，占中国企业总数的99%。

中小型企业提供了75％的城镇就业机会，工业企业的总产值、销售收入、实现的利得税和出口额分别占总数的60%、57%、40%和60%，上缴的税收已经接近了国家税收总额的一半。

中小型企业承载着超过75%的技术革新和超过65％的专利发明，他们以其灵活的经营机制和积极创新活动，为经济发展提供了增长的最根本动力。

近年来，中国中小企业的消亡率将近70%，大约有30%的中小型企业存在赤字。

中小型企业应该如何建立现代企业制度，加强财务管理，并科学地进行资本运作以谋求自身的健康发展，是我们密切关注的一个问题。

1.2 中小型企业财务管理中存在的问题⑴财务管理理念滞后，而且方法保守中小型企业由于管理者自身知识水平的限制，使得企业的管理能力和管理质量较低。

他们的管理思想已经不适合现代企业，并且大多数企业领导人缺乏财务管理的理论和方法，忽视了企业资本运作的作用。

财务管理外文资料翻译---财务风险的重要性

毕业设计(论文)外文资料翻译系别：管理信息系专业：财务管理班级：姓名：学号：外文出处：Theory and Decision附件： 1. 原文； 2. 译文How Important is Financial Risk?作者：Sohnke M. Bartram, Gregory W. Brown, and Murat Atamer起止页码：1-7出版日期（期刊号）：September 2009,V ol. 2, No. 4(Serial No. 11)出版单位：Theory and Decision, DOI 10.1007/s11238-005-4590-0Abstract：This paper examines the determinants of equity price risk for a large sample of non-financial corporations in the United States from 1964 to 2008. We estimate both structural and reduced form models to examine the endogenous nature of corporate financial characteristics such as total debt, debt maturity, cash holdings, and dividend policy. We find that the observed levels of equity price risk are explained primarily by operating and asset characteristics such as firm age, size, asset tangibility, as well as operating cash flow levels and volatility. In contrast, implied measures of financial risk are generally low and more stable than debt-to-equity ratios. Our measures of financial risk have declined over the last 30 years even as measures of equity volatility (e.g. idiosyncratic risk) have tended to increase. Consequently, documented trends in equity price risk are more than fully accounted for by trends in the riskiness of firms’ assets. Taken together, the results suggest that the typical U.S. firm substantially reduces financial risk by carefully managing financial policies. As a result, residual financial risk now appears negligible relative to underlying economic risk for a typical non-financial firm.Keywords：Capital structure；financial risk；risk management；corporate finance 1IntroductionThe financial crisis of 2008 has brought significant attention to the effects of financial leverage. There is no doubt that the high levels of debt financing by financial institutions and households significantly contributed to the crisis. Indeed, evidence indicates that excessive leverage orchestrated by major global banks (e.g., through the mortgage lending and collateralized debt obligations) and the so-called “s hadow banking system” may be the underlying cause of the recent economic and financial dislocation. Less obvious is the role of financial leverage among nonfinancial firms. To date, problems in the U.S. non-financial sector have been minor compared to the distress in the financial sector despite the seizing of capital markets during the crisis. For example, non-financial bankruptcies have been limited given that the economicdecline is the largest since the great depression of the 1930s. In fact, bankruptcy filings of non-financial firms have occurred mostly in U.S. industries (e.g., automotive manufacturing, newspapers, and real estate) that faced fundamental economic pressures prior to the financial crisis. This surprising fact begs the question, “How impo rtant is financial risk for non-financial firms?” At the heart of this issue is the uncertainty about the determinants of total firm risk as well as components of firm risk.Recent academic research in both asset pricing and corporate finance has rekindled an interest in analyzing equity price risk. A current strand of the asset pricing literature examines the finding of Campbell et al. (2001) that firm-specific (idiosyncratic) risk has tended to increase over the last 40 years. Other work suggests that idiosyncratic risk may be a priced risk factor (see Goyal and Santa-Clara, 2003, among others). Also related to these studies is work by Pástor and Veronesi (2003) showing how investor uncertainty about firm profitability is an important determinant of idiosyncratic risk and firm value. Other research has examined the role of equity volatility in bond pricing (e.g., Dichev, 1998, Campbell, Hilscher, and Szilagyi, 2008).However, much of the empirical work examining equity price risk takes the risk of assets as given or tries to explain the trend in idiosyncratic risk. In contrast, this paper takes a different tack in the investigation of equity price risk. First, we seek to understand the determinants of equity price risk at the firm level by considering total risk as the product of risks inherent in the firms operations (i.e., economic or business risks) and risks associated with financing the firms operations (i.e., financial risks). Second, we attempt to assess the relative importance of economic and financial risks and the implications for financial policy.Early research by Modigliani and Miller (1958) suggests that financial policy may be largely irrelevant for firm value because investors can replicate many financial decisions by the firm at a low cost (i.e., via homemade leverage) and well-functioning capital markets should be able to distinguish between financial and economic distress. Nonetheless, financial policies, such as adding debt to the capital structure, can magnify the risk of equity. In contrast, recent research on corporate risk management suggests that firms may also be able to reduce risks and increase value with financial policies such as hedging with financial derivatives. However, this research is often motivated by substantial deadweight costs associated with financialdistress or other market imperfections associated with financial leverage. Empirical research provides conflicting accounts of how costly financial distress can be for a typical publicly traded firm.We attempt to directly address the roles of economic and financial risk by examining determinants of total firm risk. In our analysis we utilize a large sample of non-financial firms in the United States. Our goal of identifying the most important determinants of equity price risk (volatility) relies on viewing financial policy as transforming asset volatility into equity volatility via financial leverage. Thus, throughout the paper, we consider financial leverage as the wedge between asset volatility and equity volatility. For example, in a static setting, debt provides financial leverage that magnifies operating cash flow volatility. Because financial policy is determined by owners (and managers), we are careful to examine the effects of firms’ asset and operating characteristics on financial policy. Specifically, we examine a variety of characteristics suggested by previous research and, as clearly as possible, distinguish between those associated with the operations of the company (i.e. factors determining economic risk) and those associated with financing the firm (i.e. factors determining financial risk). We then allow economic risk to be a determinant of financial policy in the structural framework of Leland and Toft (1996), or alternatively, in a reduced form model of financial leverage. An advantage of the structural model approach is that we are able to account for both the possibility of financial and operating implications of some factors (e.g., dividends), as well as the endogenous nature of the bankruptcy decision and financial policy in general.Our proxy for firm risk is the volatility of common stock returns derived from calculating the standard deviation of daily equity returns. Our proxies for economic risk are designed to capture the essential characteristics of th e firms’ operations and assets that determine the cash flow generating process for the firm. For example, firm size and age provide measures of line of- business maturity; tangible assets (plant, property, and equipment) serve as a proxy for the ‘hardness’of a firm’s assets; capital expenditures measure capital intensity as well as growth potential. Operating profitability and operating profit volatility serve as measures of the timeliness and riskiness of cash flows. To understand how financial factors affect firm risk, we examine total debt, debt maturity, dividend payouts, and holdings of cash and short-term investments.The primary result of our analysis is surprising: factors determining economicrisk for a typical company explain the vast majority of the variation in equity volatility. Correspondingly, measures of implied financial leverage are much lower than observed debt ratios. Specifically, in our sample covering 1964-2008 average actual net financial (market) leverage is about 1.50 compared to our estimates of between 1.03 and 1.11 (depending on model specification and estimation technique). This suggests that firms may undertake other financial policies to manage financial risk and thus lower effective leverage to nearly negligible levels. These policies might include dynamically adjusting financial variables such as debt levels, debt maturity, or cash holdings (see, for example, Acharya, Almeida, and Campello, 2007). In addition, many firms also utilize explicit financial risk management techniques such as the use of financial derivatives, contractual arrangements with investors (e.g. lines of credit, call provisions in debt contracts, or contingencies in supplier contracts), special purpose vehicles (SPVs), or other alternative risk transfer techniques.The effects of our economic risk factors on equity volatility are generally highly statistically significant, with predicted signs. In addition, the magnitudes of the effects are substantial. We find that volatility of equity decreases with the size and age of the firm. This is intuitive since large and mature firms typically have more stable lines of business, which should be reflected in the volatility of equity returns. Equity volatility tends to decrease with capital expenditures though the effect is weak. Consistent with the predictions of Pástor and Veronesi (2003), we find that firms with higher profitability and lower profit volatility have lower equity volatility. This suggests that companies with higher and more stable operating cash flows are less likely to go bankrupt, and therefore are potentially less risky. Among economic risk variables, the effects of firm size, profit volatility, and dividend policy on equity volatility stand out. Unlike some previous studies, our careful treatment of the endogeneity of financial policy confirms that leverage increases total firm risk. Otherwise, financial risk factors are not reliably related to total risk.Given the large literature on financial policy, it is no surprise that financial variables are,at least in part, determined by the economic risks firms take. However, some of the specific findings are unexpected. For example, in a simple model of capital structure, dividend payouts should increase financial leverage since they represent an outflow of cash from the firm (i.e., increase net debt). We find that dividends are associated with lower risk. This suggests that paying dividends is not as much a product of financial policy as a characteristic of a firm’s operations (e.g., amature company with limited growth opportunities). We also estimate how sensitivities to different risk factors have changed over time. Our results indicate that most relations are fairly stable. One exception is firm age which prior to 1983 tends to be positively related to risk and has since been consistently negatively related to risk. This is related to findings by Brown and Kapadia (2007) that recent trends in idiosyncratic risk are related to stock listings by younger and riskier firms.Perhaps the most interesting result from our analysis is that our measures of implied financial leverage have declined over the last 30 years at the same time that measures of equity price risk (such as idiosyncratic risk) appear to have been increasing. In fact, measures of implied financial leverage from our structural model settle near 1.0 (i.e., no leverage) by the end of our sample. There are several possible reasons for this. First, total debt ratios for non-financial firms have declined steadily over the last 30 years, so our measure of implied leverage should also decline. Second, firms have significantly increased cash holdings, so measures of net debt (debt minus cash and short-term investments) have also declined. Third, the composition of publicly traded firms has changed with more risky (especially technology-oriented) firms becoming publicly listed. These firms tend to have less debt in their capital structure. Fourth, as mentioned above, firms can undertake a variety of financial risk management activities. To the extent that these activities have increased over the last few decades, firms will have become less exposed to financial risk factors.We conduct some additional tests to provide a reality check of our results. First, we repeat our analysis with a reduced form model that imposes minimum structural rigidity on our estimation and find very similar results. This indicates that our results are unlikely to be driven by model misspecification. We also compare our results with trends in aggregate debt levels for all U.S. non-financial firms and find evidence consistent with our conclusions. Finally, we look at characteristics of publicly traded non-financial firms that file for bankruptcy around the last three recessions and find evidence suggesting that these firms are increasingly being affected by economic distress as opposed to financial distress.In short, our results suggest that, as a practical matter, residual financial risk is now relatively unimportant for the typical U.S. firm. This raises questions about the level of expected financial distress costs since the probability of financial distress is likely to be lower than commonly thought for most companies. For example, our results suggest that estimates of the level of systematic risk in bond pricing may bebiased if they do not take into account the trend in implied financial leverage (e.g., Dichev, 1998). Our results also bring into question the appropriateness of financial models used to estimate default probabilities, since financial policies that may be difficult to observe appear to significantly reduce risk. Lastly, our results imply that the fundamental risks born by shareholders are primarily related to underlying economic risks which should lead to a relatively efficient allocation of capital.Before proceeding we address a potential comment about our analysis. Some readers may be tempted to interpret our results as indicating that financial risk does not matter. This is not the proper interpretation. Instead, our results suggest that firms are able to manage financial risk so that the resulting exposure to shareholders is low compared to economic risks. Of course, financial risk is important to firms that choose to take on such risks either through high debt levels or a lack of risk management. In contrast, our study suggests that the typical non-financial firm chooses not to take these risks. In short, gross financial risk may be important, but firms can manage it. This contrasts with fundamental economic and business risks that are more difficult (or undesirable) to hedge because they represent the mechanism by which the firm earns economic profits.The paper is organized at follows. Motivation, related literature, and hypotheses are reviewed in Section 2. Section 3 describes the models we employ followed by a description of the data in Section 4. Empirical results for the Leland-Toft model are presented in Section 5. Section 6 considers estimates from the reduced form model, aggregate debt data for the no financial sector in the U.S., and an analysis of bankruptcy filings over the last 25 years. Section 6 concludes.2 Motivation, Related Literature, and HypothesesStudying firm risk and its determinants is important for all areas of finance. In the corporate finance literature, firm risk has direct implications for a variety of fundamental issues ranging from optimal capital structure to the agency costs of asset substitution. Likewise, the characteristics of firm risk are fundamental factors in all asset pricing models.The corporate finance literature often relies on market imperfections associated with financial risk. In the Modigliani Miller (1958) framework, financial risk (or more generally financial policy) is irrelevant because investors can replicate the financial decisions of the firm by themselves. Consequently, well-functioning capital markets should be able to distinguish between frictionless financial distress and economicbankruptcy. For example, Andrade and Kaplan (1998) carefully distinguish between costs of financial and economic distress by analyzing highly leveraged transactions, and find that financial distress costs are small for a subset of the firms that did not experience an “economic” shock. They conclude that financial distress costs should be small or insignificant for typical firms. Kaplan and Stein (1990) analyze highly levered transactions and find that equity beta increases are surprisingly modest after recapitalizations.The ongoing debate on financial policy, however, does not address the relevance of financial leverage as a driver of the overall riskiness of the firm. Our study joins the debate from this perspective. Correspondingly, decomposing firm risk into financial and economic risks is at the heart of our study.Research in corporate risk management examines the role of total financial risk explicitly by examining the motivations for firms to engage in hedging activities. In particular, theory suggests positive valuation effects of corporate hedging in the presence of capital market imperfections. These might include agency costs related to underinvestment or asset substitution (see Bessembinder, 1991, Jensen and Meckling, 1976, Myers, 1977, Froot, Scharfstein, and Stein,1993), bankruptcy costs and taxes (Smith and Stulz, 1985), and managerial risk aversion (Stulz,1990). However, the corporate risk management literature does not generally address the systematic pricing of corporate risk which has been the primary focus of the asset pricing literature.Lintner (1965) and Sharpe (1964) define a partial equilibrium pricing of risk in a mean variance framework. In this structure, total risk is decomposed into systematic risk and idiosyncratic risk, and only systematic risk should be priced in a frictionless market. However, Campbelletal (2001) find that firm-specific risk has increased substantially over the last four decades and various studies have found that idiosyncratic risk is a priced factor (Goyal and Santa Clara,2003, Ang, Hodrick, Xing, and Zhang, 2006, 2008, Spiegel and Wang, 2006). Research has determined various firm characteristics (i.e., industry growth rates, institutional ownership, average firm size, growth options, firm age, and profitability risk) are associated with firm-specific risk. Recent research has also examined the role of equity price risk in the context of expected financial distress costs (Campbell and Taksler, 2003, Vassalou and Xing, 2004, Almeida and Philippon, 2007, among others). Likewise, fundamental economic risks have been shown to be to be related to equity risk factors (see, for example, Vassalou, 2003, and the citations therein). Choiand Richardson (2009) examine thevolatility of the firm’s assets using issue-level data on debt and find that asset volatilities exhibit significant time-series variation and that financial leverage has a substantial effect on equity volatility.How Important is Financial Risk?财务风险的重要性作者：Sohnke M. Bartram, Gregory W. Brown, and Murat Atamer起始页码：1-7出版日期（期刊号）：September 2009,Vol. 2, No. 4(Serial No. 11)出版单位：Theory and Decision, DOI 10.1007/s11238-005-4590-0外文翻译译文：摘要：本文探讨了美国大型非金融企业从1964年至2008年股票价格风险的决定小性因素。

企业财务管理研究外文文献翻译

文献出处：Bromiley P, McShane M. Enterprise Risk Management: Review, Critique, and Research Directions[J]. Long Range Planning, 2015，12（03）：61-71.原文The Research of Enterprise Financial ManagementBromiley P, McShane MAbstractEnterprise production and operation process of socialization and modernization level is continuously improved, enterprise financial management and control in the core position in the enterprise management has been gradually revealed. Practice has proved that by strengthening financial management and control is advantageous to the enterprise reasonable and effective use of funds, increasing the use of funds effect; Is advantageous to the enterprise budget, and strive to reduce costs; Easier to find the problems existing in the production and operation enterprises, reduce the economic loss; Is beneficial to improve the level of enterprise production and management, enhance the competitiveness of enterprises. Financial management is the core of enterprise management, seize the financial management, and seize the key to enterprise management.Key words: enterprise financial management; Money management;1IntroductionEnterprise financial management work of the importance of modern enterprise is a lawfully established for the purpose of profit, is engaged in the production and business operation activities of the independent accounting economic organization, its starting point and develops well is the profit. Enterprises in order to achieve the purpose of its survival and development and implementation of management of its final result to financial index to reflect, and financial management object is the enterprise of cash (or cash) and benign circulation and turnover process, so also has established the corresponding the core position of financial management in enterprise management. Enterprise production management is the process of capital movement and value-added process, management and financial management, as a kind of value form into all production and business operation activities, it is implementationmanagement means on the one hand, through the control of the enterprise production and business operation activities of each link, standardize enterprise management, on the other hand, through the scientific financial analysis, provide the basis for enterprise production and management decision-making, it is through the financial management work to make the management of enterprise production and operation have full control over the whole process.2 Related theories2.1 The fine financial managementThe fine financial management is to "fine" as the foundation, do meticulous, for every post, every business, have set up a corresponding with the work process and business norms, practices the key in implementing, and to extend the scope of financial management to unit of each area, fully exercise the financial supervision function, to make the development of financial management and service function, realize financial management no dead Angle, explore the potential value of the financial activities.As a way of modern financial management, the fine financial management is modern enterprise constantly explore the process of adapting to the market economy development, and is suitable for the market rules and the requirements of the development of enterprise financial management, efforts to promote the fine financial management, to improve enterprise financial management ability, is significant to promote enterprise development, at the same time can also keep to further reform and opening up, promote the internationalization of our country economy level unceasingly, really realize the sustainable development of economy in our country. 2.2 The enterprise value maximizationEnterprise value maximization is reasonable on the enterprise financial management, adopt the optimum financial policy, and give full consideration to the relationship between the value of money and pay, in ensuring long-term stable development of enterprises to maximize the enterprise value. The advantages of the enterprise value maximization is that it considers the paid time and risk, to overcome the short-term behavior in the pursuit of profit. Economic added value maximizationgoal refers to the enterprise by means of the reasonable financial management, take the optimization of financial policy, give full consideration to the time value of money and the relationship between risk and reward, on the basis of the guarantee enterprise long-term stable development, the pursuit of a certain period of time has created the maximization of economic value added and the ratio of the invested capital.3 Enterprise financial management statuses3.1 Status of financial management, enterprise management goal is not clearIn the past most of the companies did not improve the status of financial management to an important problem of position, just think corporate profit is good, as long as don't consider reasonable fund raising and reasonable application, regardless of the benefit maximization problem. Lead to some enterprises for the sake of short-term profit after facing the danger of collapse. And although many enterprise financial management attaches great importance to, but for the financial management target is fuzzy.3.2 The lack of a sound and effective budget management systemMany enterprises not to establish and perfect effective budget management system, enterprise management with no clear goal and direction, entirely by "follow", to advance planning and matter controls, afterwards, analyze and audit is in order to cope with the task of "above", bring a lot of enterprise financial management risk. Some companies even compiled the budget, but as a result of budget management system is not sound, or budget is the financial department shall, according to the management intention "behind closed doors", can't reach the effect of beforehand control, the so-called budget only become "decoration" or "face project".3.3 Money is messy, the use of inefficientSaving is the biggest save money, a waste of money is the biggest waste. In the currency as the medium of the market economy condition, enterprise operation must be firmly established with the concept of capital as the core, maximum limit the use efficiency of the pursuit of money. At present, the needs of the enterprise group funds centralized management and multistage corporate funds dispersed to take up its internal contradiction has become the most prominent problems in the presententerprise financial fund management investment decision-making optional the gender is big, some enterprises regardless of their own ability and the development goals, blind investment, keen to spread new stall, investments, more serious loss, compounded of already very tense capital position. Capital precipitation, takes up unreasonable, high of payment default, finished goods continued to grow, capital turnover is slow, enterprise credit and profitability decline.3.4 Distortion of accounting information, disclosure delayMany enterprises did not form a unified accounting and financial reporting system, and not build a unified financial management system, totally "free" in the group members, by financial personnel according to their own ideas to establish financial accounting and management system, lead to each member's financial information between businesses than, data and information disorder; Plus members affected by the "personal interest", insisting that the performance of rise, make the accounts receivable is high and increasing the enterprise financing costs, management costs and bad debt losses, on the other hand, the members of the enterprise financial personnel adjustment index through a variety of artificial means, cause the distortion of accounting data, report false, completely cover up the real operating conditions of the enterprise. If the enterprise can't solve the problem of distortion of accounting information in time, will lead to policy maker’s mistake, for the survival and development of the enterprise is very bad.4 The improvement of the enterprise financial management measures4.1 The financial management personnel must set up the modern financial management the new ideaThe establishment of modern enterprise system not only gives enterprise active rights, as well as the modern enterprise financial management in a rapidly changing, highly risky market economy environment. These put forward higher requirements for enterprise financial management personnel, financial personnel must be established to adapt to finance a new concept of the knowledge economy era. To strengthen information idea, in the modern society, economic information is a commodity; the accounting information is also a commodity. Any commodity value, accountinginformation has value. On the one hand, financial personnel through the rapid, accurate and comprehensive information collection, provide the basis for enterprise financing and investment decisions. Analysis of enterprise production and operation situation, on the other hand, the information provided by, become the enterprises to improve management decision-making basis, have a significant impact to the enterprise management strategy, objectively to create value for the enterprise.4.2 Led to budget as the main body, implements the comprehensive budget managementUnder the market economy system, the allocation of resources will become complicated, management function diversity, only implements the comprehensive budget management, to carry out effective control, the main work is: first, making enterprise management budget; Second, in an orderly way of budget management, including the implementation of budget tracking, analysis, evaluation and assessment; Third, fix the settlement of the monthly, quarterly and annual accounts. By budget control and avoid waste and loss, increase savings, increasing earnings and practicing economy, ensure the realization of enterprise economic benefits.4.3 Make capital use plan, optimizing the allocation of fundsEnterprise can control the amount of money at any time is limited, but the demand for money is unlimited, the enterprise should through scientific analysis of the prediction, the disposable funds raised together effectively, maintain reasonable configuration structure. Including fixed capital and liquidity structure, capital structure, reserves and production in stock funds and quick assets structure, declines at the same time, determine the structure of capital plan, and break it down to the relevant units, for minimum cost and footprint, realize the biggest capital gains. Strengthening the management of procurement funds. A merit, Zelman, choose close to purchase materials, to prevent indirect procurement, procurement blindly, compressed procurement costs, cut down the cost of purchasing, locked good capital expenditures mainstream. Strengthening the management of production capital. Enterprises should start from the implementation of economic responsibility system, in order to reduce the consumption as the breakthrough point, in order to improve thelabor productivity as the basis, focusing on compression controllable costs, reduce production costs, thereby reducing production funds utilization. Strictly control the daily cost, implement cost and expenditure, saving the prize, overruns the report; For some expenses are tough freezing method, which in a certain period of time will not be spending, promote management thrift, lavish in preventing the black sheep of his family.4.4 To actively promote the enterprise's financial and business integration of the workFinancial management is the highest level of the perfect combination of business and finance, that is, financial and business integration. Therefore, unified financial management software, computer is applied to implement financial information and business process integration, and gradually introduce, digest, development, using international advanced ERP system software, is the basic direction of the development of the enterprise internal information. Enterprises should be combined with practice, actively introduce the development use unified integration of financial and business management software, gradually realize the whole process of production and operation of information flow, logistics, capital integration and data sharing, security enterprise budget, settlement, monitoring and so on financial management work standardization, efficient. Enterprises with financial management as the center, with an emphasis on cost control, realizes the financial system and sales system, supply and production of data sharing, unified management.译文企业财务管理研究Bromiley P, McShane M.摘要企业生产经营过程社会化程度和现代化水平正不断得以提高，企业财务管理与控制在企业管理中的核心地位已逐渐显示出来。

财务管理外文文献及翻译

附录A财务管理和财务分析作为财务学科中应用工具。

本书的写作目的在于交流基本的财务管理和财务分析。

本书用于那些有能力的财务初学者了解财务决策和企业如何做出财务决策。

通过对本书的学习，你将了解我们是如何理解财务的。

我们所说的财务决策作为公司所做决策的一部分，不是一个被分离出来的功能。

财务决策的做出协调了企业会计部、市场部和生产部。

无论企业的形式和规模如何，财务原理和财务工具均适用。

就像对小规模的私营企业而言存在如何筹资的问题，大企业面临所有权和经营权分离时出现的代理问题。

不管公司的规模和形式是如何的，公司财务管理的基本原理是一样的。

例如，无论是独资企业做出的决策还是大企业做出的决策，今天一美元的价值都高于未来一美元的价值。

我们所说的财务原理和财务工具适用于全球的企业，不仅限于美国的企业。

虽然国家习惯和法律可能与国家的原则理论存在着不同，但财务管理用到的工具是一样的。

例如，在评估是否要买一个特殊设备的价值时，你需要评估企业未来现金流的发生（设备成本和支出的时间和设备的不确定性），这个企业位于美国、英国还是在其他的地方?此外，我们相信拥有强大的财务原理和数学相关工具的依据对于你了解如何做出投资和财务决策十分必要。

但是建立这种依据比不费力。

我们试图帮你建立这种依据的途径是通过直觉提出财务原理和财务理论。

而不是原理和证据。

例如，我们引导你通过数字和真实例子对资本结构原理产生直觉，而不是利用公式和证据。

再者我们试图帮助你通过仔细的逐步的例子和大量数据处理财务工具。

财务管理和财务分析分为7个部分。

前两个部分（第一部分和第二部分）涉及到基础部分，它包括财务管理、估价原则的目标以及风险和回报之间的关系。

财务决策涉及到第三、四、五部分的内容，我们提出了长期投资管理（通常被称为资本预算）的长期来源、管理和资金管理工作。

第六部分涉及到财务报表分析，它包括财务比率的分析，盈利分析和现金流量分析。

最后一个部分（第七部分）涉及到一些专业论题：国际财务管理，金融结构性金融交易（例如资产证券化），项目融资，设备租赁贷款和财务规划策略。

[参考实用]财务管理外文文献及翻译

FinancialManagementandAnalysisisanintroductiontotheconcepts,tools,andap plicationsoffinance.ThepurposeofthisteGtbookistocommunicatethefundamentals offinancialmanagementandfinancialanalysis.ThisteGtbookiswritteninawaythatwille nablestudentswhoarejustbeginningtheirstudyoffinancetounderstandfinancialdeci sion-makinganditsroleinthedecision-makingprocessoftheentirefirm.ThroughouttheteGtbook,you’ll seehowweviewfinance.Weseefinancialdecisio n-makingasanintegralpartofthe firm’s decision-making,notasaseparatefunction.Fi nancialdecision-makinginvolvescoordinationamongpersonnelspecializinginaccou nting,marketing,andproductionaspectsofthefirm.Theprinciplesandtoolsoffinanceareapplicabletoallformsandsizesofbusinessent erprises,notonlytolargecorporations.Justastherearespecialproblemsandopportuni tiesforsmallfamily-ownedbusinesses(suchaswheretoobtainfinancing),therearespec ialproblemsandopportunitiesforlargecorporations(suchasagencyproblemsthataris ewhenmanagementofthefirmisseparatedfromthe firm’s owners).Butthefundamen talsoffinancialmanagementarethesameregardlessofthesizeorformofthebusiness.F oreGample,adollartodayisworthmorethanadollaroneyearfromtoday,whetheryouar emakingdecisionsforasoleproprietorshiporalargecorporation.Weviewtheprinciplesandtoolsoffinanceasapplicabletofirmsaroundtheglobe,notjusttoU.S.businessenterprises.Whilecustomsandlawsmaydifferamongnations,th eprinciples,theories,andtoolsoffinancialmanagementdonot.ForeGample,inevaluati ngwhethertobuyaparticularpieceofequipment,youmustevaluatewhathappenstoth e firm’s futurecashflows(Howmuchwilltheybe?Whenwilltheyoccur?Howuncertaina rethey?),whetherthefirmislocatedintheUnitedStates,GreatBritain,orelsewhere.Inaddition,webelievethatastrongfoundationinfinanceprinciplesandtherelated mathematicaltoolsarenecessaryforyoutounderstandhowinvestingandfinancingdec isionsaremade.Butbuildingthatfoundationneednotbestrenuous.Onewaythatwetryt ohelpyoubuildthatfoundationistopresenttheprinciplesandtheoriesoffinanceusingi ntuition,insteadofwithproofsandtheorems.ForeGample,wewalkyouthroughtheintu itionofcapitalstructuretheorywithnumericalandrealworldeGamples,notequationsa ndproofs.Anotherwetrytoassistyouistoapproachthetoolsoffinanceusingcareful,ste p-by-stepeGamplesandnumerousgraphs.ORGANIZATIONFinancialManagementandAnalysisispresentedinsevenparts.Thefirsttwoparts(P artsOneandTwo)coverthebasics,includingtheobjectiveoffinancialmanagement,val uationprinciples,andtherelationbetweenriskandreturn.Financialdecision-makingis coveredinPartsThree,Four,andFivewherewepresentlong-terminvestmentmanagem ent(commonlyreferredtoascapitalbudgeting),themanagementoflong-termsources offunds,andworkingcapitalmanagement.PartSiGcoversfinancialstatementanalysis whichincludesfinancialratioanalysis,earningsanalysis,andcashflowanalysis.Thelastp art(PartSeven)coversseveralspecializedtopics:internationalfinancialmanagement,b orrowingviastructuredfinancialtransactions(i.e.,assetsecuritization),projectfinancing,equipmentleasing,andfinancialplanningandstrategy. DISTINGUISHINGFEATURESOFTHETEGTBOOKLogicalstructure.TheteGtbeginswiththebasicprinciplesandtools,followedbylon g-terminvestmentandfinancingdecisions.Thefirsttwopartslayoutthebasics;PartThr eethenfocusesonthe“leftside”ofthebalancesheet(theassets)andthePartFouristhe “rightside”ofthebalancesheet(theliabilitiesandequity).Workingcapitaldecisions, whicharemadetosupporttheday-to-dayoperationsofthefirm,arediscussedinPartFiv e.PartSiGprovidesthetoolsforanalyzinga firm’s financialstatements.Inthelastchapt erofthebook,youarebroughtbackfull-circletotheobjectiveoffinancialmanagement:t hemaGimizationof owners’wealth.Graphicalillustrations.Graphsandillustrationshavebeencarefullyanddeliberatel ydevelopedtodepictandprovidevisualreinforcementofmathematicalconcepts.Fore Gample,weshowthegrowthofabankbalancethroughcompoundinterestseveralways :mathematically,inatime-line,andwithabargraph.Applications.Asmuchaspossible,wedevelopconceptsandmathematicsusingeG amplesofactualpractice.ForeGample,wefirstpresentfinancialanalysisusingasimplifi edsetoffinancialstatementsforafictitiouscompany.After you’ve learnedthebasicsus ingthefictitiouscompany,wedemonstratefinancialanalysistoolsusingdatafromWal-MartStores,Inc.ActualeGampleshelpyoubettergraspandretainmajorconceptsandto ols.Weintegrateover100actualcompanyeGamplesthroughouttheteGt,so you’re no tapttomissthem.ConsideringboththeeGamplesthroughouttheteGtandtheresearch questionsandproblems,youareeGposedtohundredsofactualcompanies.EGtensivecoverageoffinancialstatementanalysis.WhilemostteGtbooksprovidesomecoverageoffinancialstatementanalysis,wehaveprovidedyouwithmuchmorede tailinPartSiGoftheteGtbook.Chapter6andthethreechaptersinPartSiGallowaninstruc tortofocusonfinancialstatementanalysis.EGtensivecoverageofalternativedebtinstruments.Becauseoftheinnovationsint hedebtmarket,alternativeformsdebtinstrumentscanbeissuedbyacorporation.InCha pter15,youareintroducedtotheseinstruments.Wethendevoteonechaptertothemost popularalternativetocorporatebondissuance,thecreationandissuanceofasset-back edsecurities.Coverageofleasingandprojectfinancing.Weprovidein-depthcoverageofleasing inChapter27,demystifyingtheclaimsabouttheadvantagesanddisadvantagesofleasi ngyoutoooftenreadaboutinsometeGtbooksandprofessionalarticles.Projectfinanci nghasgrowninimportancefornotonlycorporationsbutforcountriesseekingtodevelo pinfrastructurefacilities.Chapter28providesthebasicprinciplesforunderstandingpro jectfinancing.Earlyintroductiontoderivativeinstruments.Derivativeinstruments(futures,swap s,andoptions)playanimportantroleinfinance.Youareintroducedtotheseinstrumentsi nChapter4.WhilederivativeinstrumentsareviewedascompleGinstruments,youarepr ovidedwithanintroductionthatmakescleartheirbasicinvestmentcharacteristics.Byth eearlyintroductionofderivativeinstruments,youwillbeabletoappreciatethedifficulti esofevaluatingsecuritiesthathaveembeddedoptions(Chapter9),howtherearerealop tionsembeddedincapitalbudgetingdecisions(Chapter14),andhowderivativeinstru mentscanbeusedtoreduceortohedgethecostofborrowing(Chapter15).Stand-alonenatureofthechapters.Eachchapteriswrittensothatchaptersmayeasi lyberearrangedtofitdifferentcoursestructures.Concepts,terminology,andnotationarepresentedineachchaptersothatnochapterisdependentuponanother.Thismeansth atinstructorscantailortheuseofthisbooktofittheirparticulartimeframeforthecoursea ndtheir students’preparation(foreGample,ifstudentsenterthecoursewithsufficient backgroundinaccountingandtaGation,Chapters5and6canbeskipped).Webelieveth atourapproachtothesubjectmatteroffinancialmanagementandanalysiswillhelpyou understandthekeyissuesandprovidethefoundationfordevelopingaskillsetnecessary todealwithrealworldfinancialproblems.1IntroductiontoFinancialManagementandAnalysisFinanceistheapplicationofeconomicprinciplesandconceptstobusinessdecision -makingandproblemsolving.Thefieldoffinancecanbeconsideredtocomprisethreebr oadcategories:financialmanagement,investments,andfinancialinstitutions:■Financialmanagement.Sometimescalledcorporatefinanceorbusinessfinance,thisa reaoffinanceisconcernedprimarilywithfinancialdecision-makingwithinabusinessen tity.Financialmanagementdecisionsincludemaintainingcashbalances,eGtendingcre dit,acquiringotherfirms,borrowingfrombanks,andissuingstocksandbonds.■Investments.Thisareaoffinancefocusesonthebehavioroffinancialmarketsandthepr icingofsecurities.Aninvestment manager’s tasks,foreGample,mayincludevaluingco mmonstocks,selectingsecuritiesforapensionfund,ormeasuringa portfolio’s perfor mance.■Financialinstitutions.Thisareaoffinancedealswithbanksandotherfirmsthatspecializ einbringingthesuppliersoffundstogetherwiththeusersoffunds.ForeGample,amana gerofabankmaymakedecisionsregardinggrantingloans,managingcashbalances,set tinginterestratesonloans,anddealingwithgovernmentregulations.Nomattertheparticularcategoryoffinance,businesssituationsthatcallfortheappl icationofthetheoriesandtoolsoffinancegenerallyinvolveeitherinvesting(usingfunds )orfinancing(raisingfunds).Managerswhoworkinanyofthesethreeareasrelyonthesamebasicknowledgeoffi nance.Inthisbook,weintroduceyoutothiscommonbodyofknowledgeandshowhowit isusedinfinancialdecision-making.Thoughtheemphasisofthisbookisfinancialmana gement,thebasicprinciplesandtoolsalsoapplytotheareasofinvestmentsandfinancial institutions.Inthisintroductorychapter,we’ll considerthetypesofdecisionsfinancial managersmake,theroleoffinancialanalysis,theformsofbusinessownership,andtheo bjectiveof managers’decisions.Finally,wewilldescribetherelationshipbetweenown ersandmanagers.FINANCIALMANAGEMENTFinancialmanagementencompassesmanydifferenttypesofdecisions.Wecanclas sifythesedecisionsintothreegroups:investmentdecisions,financingdecisions,andde cisionsthatinvolvebothinvestingandfinancing.Investmentdecisionsareconcernedwi ththeuseoffunds—thebuying,holding,orsellingofalltypesofassets:Shouldwebuyan ewdiestampingmachine?Shouldweintroduceanewproductline?Selltheoldproducti onfacility?BuyaneGistingcompany?Buildawarehouse?Keepourcashinthebank?Financingdecisionsareconcernedwiththeacquisitionoffundstobeusedforinvesti ngandfinancingday-to-dayoperations.Shouldmanagersusethemoneyraisedthroug hthe firms’revenues?Shouldtheyseekmoneyfromoutsideofthebusiness?Acompan y’s operationsandinvestmentcanbefinancedfromoutsidethebusinessbyincurringd ebts,suchasthoughbankloansandthesaleofbonds,orbysellingownershipinterests.Becauseeachmethodoffinancingobligatesthebusinessindifferentways,financingdeci sionsareveryimportant.Manybusinessdecisionssimultaneouslyinvolvebothinvestingandfinancing.Fore Gample,acompanymaywishtoacquireanotherfirm—aninvestmentdecision.Howeve r,thesuccessoftheacquisitionmaydependonhowitisfinanced:byborrowingcashtom eetthepurchaseprice,bysellingadditionalsharesofstock,orbyeGchangingeGistingsh aresofstock.Ifmanagersdecidetoborrowmoney,theborrowedfundsmustberepaidwi thinaspecifiedperiodoftime.Creditors(thoselendingthemoney)generallydonotshar einthecontrolofprofitsoftheborrowingfirm.If,ontheotherhand,managersdecidetora isefundsbysellingownershipinterests,thesefundsneverhavetobepaidback.However, suchasaledilutesthecontrolof(andprofitsaccruingto)thecurrentowners.Whetherafinancialdecisioninvolvesinvesting,financing,orboth,italsowillbeconc ernedwithtwospecificfactors:eGpectedreturnandrisk.Andthroughoutyourstudyoffi nance,youwillbeconcernedwiththesefactors.EGpectedreturnisthedifferencebetwee npotentialbenefitsandpotentialcosts.Riskisthedegreeofuncertaintyassociatedwitht heseeGpectedreturns.FinancialAnalysisFinancialanalysisisatooloffinancialmanagement.Itconsistsoftheevaluationofth efinancialconditionandoperatingperformanceofabusinessfirm,anindustry,orevent heeconomy,andtheforecastingofitsfutureconditionandperformance.Itis,inotherwo rds,ameansforeGaminingriskandeGpectedreturn.Dataforfinancialanalysismaycom efromotherareaswithinthefirm,suchasmarketingandproductiondepartments,fromt he firm’s ownaccountingdata,orfromfinancialinformationvendorssuchasBloombergFinancialMarkets,Moody’s InvestorsService,Standard&Poor’s Corporation,Fitc hRatings,andValueLine,aswellasfromgovernmentpublications,suchastheFederalRe serveBulletin.FinancialpublicationssuchasBusinessWeek,Forbes,Fortune,andtheWa llStreetJournalalsopublishfinancialdata(concerningindividualfirms)andeconomicd ata(concerningindustries,markets,andeconomies),muchofwhichisnowalsoavailabl eontheInternet.Withinthefirm,financialanalysismaybeusednotonlytoevaluatetheperformance ofthefirm,butalsoitsdivisionsordepartmentsanditsproductlines.Analysesmaybeper formedbothperiodicallyandasneeded,notonlytoensureinformedinvestingandfinan cingdecisions,butalsoasanaidinimplementingpersonnelpoliciesandrewardssystem s.Outsidethefirm,financialanalysismaybeusedtodeterminethecreditworthinesso fanewcustomer,toevaluatetheabilityofasuppliertoholdtotheconditionsofalong-ter mcontract,andtoevaluatethemarketperformanceofcompetitors.FirmsandinvestorsthatdonothavetheeGpertise,thetime,ortheresourcestoperfo rmfinancialanalysisontheirownmaypurchaseanalysesfromcompaniesthatspecialize inprovidingthisservice.Suchcompaniescanprovidereportsrangingfromdetailedwrit tenanalysestosimplecreditworthinessratingsforbusinesses.AsaneGample,Dun&Bra dstreet,afinancialservicesfirm,evaluatesthecreditworthinessofmanyfirms,fromsmal llocalbusinessestomajorcorporations.AsanothereGample,threecompanies—Mood y’s InvestorsService,Standard&Poor’s,andFitch—evaluatethecreditqualityofdeb tobligationsissuedbycorporationsandeGpresstheseviewsintheformofaratingthatis publishedinthereportsavailablefromthesethreeorganizations.FORMSOFBUSINESSENTERPRISEFinancialmanagementisnotrestrictedtolargecorporations:Itisnecessaryinallfor msandsizesofbusinesses.Thethreemajorformsofbusinessorganizationarethesolepr oprietorship,thepartnership,andthecorporation.Thesethreeformsdifferinanumber offactors,ofwhichthosemostimportanttofinancialdecision-makingare:■ThewaythefirmistaGed.■ThedegreeofcontrolownersmayeGertondecisions.■Theliabilityoftheowners.■Theeaseoftransferringownershipinterests.■Theabilitytoraiseadditionalfunds.■Thelongevityofthebusiness.SoleProprietorshipsThesimplestandmostcommonformofbusinessenterpriseisthesoleproprietorshi p,abusinessownedandcontrolledbyoneperson—theproprietor.Becausetherearever yfewlegalrequirementstoestablishandrunasoleproprietorship,thisformofbusinessis chosenbymanyindividualswhoarestartingupaparticularbusinessenterprise.Thesole proprietorcarriesonabusinessforhisorherownbenefit,withoutparticipationofotherp ersonseGceptemployees.Theproprietorreceivesallincomefromthebusinessandalon edecideswhethertoreinvesttheprofitsinthebusinessorusethemforpersonaleGpense s.Aproprietorisliableforallthedebtsofthebusiness;infact,itistheproprietorwhoinc ursthedebtsofthebusiness.Ifthereareinsufficientbusinessassetstopayabusinessdebt,theproprietormustpaythedebtoutofhisorherpersonalassets.Ifmorefundsareneed edtooperateoreGpandthebusinessthanaregeneratedbybusinessoperations,theow nereithercontributeshisorherpersonalassetstothebusinessorborrows.Formostsole proprietorships,banksaretheprimarysourceofborrowedfunds.However,therearelim itstohowmuchbankswilllendasoleproprietorship,mostofwhicharerelativelysmall.FortaGpurposes,thesoleproprietorreportsincomefromthebusinessonhisorher personalincometaGreturn.Businessincomeistreatedasthe proprietor’s personalinc ome.Theassetsofasoleproprietorshipmayalsobesoldtosomeotherfirm,atwhichtimet hesoleproprietorshipceasestoeGist.Orthelifeofasoleproprietorshipendswiththelife oftheproprietor,althoughtheassetsofthebusinessmaypasstothe proprietor’s heirs.PartnershipsApartnershipisanagreementbetweentwoormorepersonstooperateabusiness.A partnershipissimilartoasoleproprietorshipeGceptinsteadofoneproprietor,thereism orethanone.Thefactthatthereismorethanoneproprietorintroducessomeissues:Who hasasayintheday-to-dayoperationsofthebusiness?Whoisliable(thatis,financiallyres ponsible)forthedebtsofthebusiness?Howistheincomedistributedamongtheowners ?HowistheincometaGed?Someoftheseissuesareresolvedwiththepartnershipagree ment;othersareresolvedbylaws.Thepartnershipagreementdescribeshowprofitsandl ossesaretobesharedamongthepartners,anditdetailstheirresponsibilitiesinthemana gementofthebusiness.Mostpartnershipsaregeneralpartnerships,consistingonlyofgeneralpartnerswh oparticipatefullyinthemanagementofthebusiness,shareinitsprofitsandlosses,andar。

企业财务管理研究外文文献翻译

财务管理外文文献与翻译

企业研究：利用文献进行企业研究，了解行业动态和发展趋势，为企业发展提供方向
提供实践经验：借鉴国内外成功案例和经验，为政策制定提供参考
提供理论依据：为政策制定提供理论支持和依据
提供数据支持：提供相关数据和统计信息，为政策制定提供
数据支持
提供政策建议：根据文献研究结果，为政策制定提供建议和
方案
跨学科研究：结合不同学科的理论和方法进行研究实证研究：通过实证数据验证理论假设案例研究：通过具体案例分析财务管理问题定量研究：运用统计和计量方法进行数据分析定性研究：通过访谈、观察等方法获取数据并进行分析国际比较研究：比较不同国家或地区的财务管理实践和理论
实证研究：通过实证研究验证财务管理理论的有效性
提高财务管理质量：通过文献评价与展望，可以更好地了解财务管理的质量标准和评价方法，从而提高财务管理质量。
促进财务管理创新：通过文献评价与展望，可以更好地了解财务管理的创新方向和趋势，从而促进财务管理创新。
汇报人：
,a click to unlimited possibilities
汇报人：
CONTENTS
添加目录标题
文献选择
文献翻译
文献应用
文献评价与展望
PART ONE
PART TWO
权威性：选择权威的学术期刊或出版物
相关性：选择与财务管理相关的文献
内容质量：选择内容质量高、观点新颖的文献
文化差异：注意文化差异，避免因文化差异导致的误解和误
译
理解原文：准确理解原文的意思和结构词汇选择：选择合适的词汇进行翻译语法转换：根据目标语言的语法进行转换语境考虑：考虑原文的语境和目标语言的语境风格保持：保持原文的风格和语气校对检查：翻译完成后进行校对和检查，确保翻译的准确性和

财务管理外文文献翻译

财务管理外文文献翻译财务管理外文文献翻译附件1：外文资料翻译译文财务报表分析A.财务比率我们需要使用财务比率来分析财务报表，比较财务报表的分析方法不能真正有效的得出想要的结果，除非采取的是研究在报表中项目与项目之间关系的形式。

例如，只是知道史密斯公司在一个特定的日期中拥有10000美元的现金余额，对我们是没有多大价值的。

但是，假如我们知道，这种余额在这种平衡中有4%的流动负债，而一年前的现金余额有25%的流动负债。

由于银行家对公司通常要求现金余额保持在银行信用度的20%，不管使用或不使用，如果公司的财务状况出现问题，我们可以立即发现。

我们可以对比比较财务报表中的项目，作出如下结论：1. 项目之间的资产负债表比较：a）在资产负债表中的一个日期之间的比较，例如项目，现金与流动负债相比； b）同一项目在资产负债表中一个日期与另一个日期之间的比较，例如，现在的现金与一年前比较；c）比较两个项目之间在资产负债表中一个日期和一个相似比率在资产负债表中的另一个日期的比率，例如，现在现金流动负债的比率与另一个项目一年前的相似比率和已经标记的现金状况趋势的比较。

2．项目报表中收入和支出的比较：a）一定时期中的报表项目的比较；b）同一项目在报表中现阶段与上个阶段的比较；c）报表中项目之间的比率与去年相似比率的比较；3．资产负债表中的项目与报表中收入和支出项目的比较：a）在这些报表项目之间的一个给定的时间内，例如，今年净利润可能以百分比计算今年净值；b）两个报表中项目之间的比率在这几年时间的比较，例如，净利润的比率占今年净值的百分比与去年或者前年的相似比率的比较如果我们采用上述比较或比率，然后依次比较它们，我们的比较分析结果将获得重要意义：1. 这样的数据比较是报表缺少的，但这种数据对于金融史和条件判断是十分重要的，例如，商业周期的阶段性；2. 使用财务财务比率分析财务报表，从竞争角度，人民比较关注类似业务的比较。

财务报表的比较可能被表示成项目之间的比较，例如，现金状况除以流动负债项目总产品的现金使所得出的商来表示总现金的项目测试。

最新财务管理毕业论文的外文文献及翻译

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.”影响积极组织结果的主要指标是付费业绩敏感性，但是这种“封闭系统"法主要是在英美的代理基础文献中找到，假定经理人激励与绩效之间存在普遍的联系，很少的关注在公司被嵌入的不同背景。

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出处Fundamentals of Management.作者：[M].Prentice Hall ,2001(3)财务管理问题研究在市场经济中，管理是决定企业生存和发展的重要性。

近年来，由于意识形态偏见在认识和历史原因，许多的部财务管理制度不健全给财务管理带来混乱的客观理由，导致一些缺乏部监督机制、发生假帐或者账户外设的直接导致的混乱及财务管理效率低下的企业。

这是来自经验的证明。

因此，加强财务管理，建立健全部财务管理制度已经成为企业不可或缺的条件。

首先，企业应当建立健全部财务管理制度。

(一)建立部财务管理系统是为适应社会主义市场经济体制的客观要求，企业在市场竞争中生存、发展，就必须遵循市场经济的要求规金融行为；必须按照市场经济的要求融资、经费使用和利益分配，提高生产和操作，提高企业的经济效益，从而增强自己的竞争力以实现经济增长，改变公司经营方式以适应市场经济的客观要求。

(二)建立健全部财务管理系统是企业管理的在要求1、财务管理是企业管理的基础，是一切企业管理活动的中心环节。

部财务管理公司的资金管理活动与形式的价值，主要基于成本管理和资金管理为中心，通过一种价值管理为物理形式的管理。

因此，财务管理是企业管理活动的基础，是企业管理的中心环节。

(四)公司财务管理迅速体现公司的生产工作。

在特定的财务结果反映的数目和情况的权威。

在商业管理，无论是否适当的决策水平的技术，生产和销售是平稳的，并且能从财务指标迅速反映。

第二，部财务管理体制很难建立的主要原因(一)市场经济对部财务管理体制的商业冲击随着市场经济发展，一些单位片面强调企业所有权和管理权限，放宽对部财务管理，造成不同程度的会计工作的基础上的弱化、山体滑坡和甚至混乱。

特别是在：1、根据国家规定，建账金融体系的建设，不要求建账导致帐目有些混乱；2、或客户的周边假帐隐匿真实财务状况和商业经济的结果；3、违反财务纪律，未经授权的保有、转移的国民收入，建“小金库”；4、违反财务会计制度，乱挤毫无根据的成本、免费注销或增加费用、降低利润损失，导致会计信息的严重失真。

(二)企业财务人员整体素质不高带来强烈的财务管理意识作为一个公司的财务人员是起草的部的财务系统，也是一个主管和执行者。

因此，公司全体员工的工作能力水平的服务质量，在建立部财务系统和这一制度的实施中发挥着重要作用。

但是相当一部分作为公司的财务人员主观和客观因素的影响，很难完全承担发展的部财务管理系统的功能，主要从事：1、有相当部分理财人员因不熟悉新的企业金融体系、业务不精、主动性不够强，而无法启用；2、有恐惧的企业财务人员，怕会得罪领导，害怕失去一件容易的工作；3、地位本身甚至不是片面的建立和健全部财务管理体制是一种不涉及到他们自己的领导责任。

第三，建立健全系统的部财务管理措施因为上述原因分析，建立健全部财务系统，可从以下几方面：(一)加强领导，统一思想，提高知名度加强宣传和教育，通过教育和提倡给企业主和财务人员，能够充分理解财务管理的重要性、必要性和企业部的相关性，建立了完善的部财务管理系统相结合，与现代企业制度的深化企业改革，转换企业经营机制的总和。

为了调动更加稳健的系统，对商业领导承认错误、正确思维、继续发扬传统的优秀作风、艰苦工作并促进工作的健康发展的限制越大。

(二)加强企业财务人员培训，强化财务人员道德素质1、通过一系列的培训课程、讲座、课程和研讨会和其他的手段来加强公司财务人员培训，使财务人员增进对市场经济理论的学习，以提高财务人员的会计理论水平和事业机会。

2、加强财务人员的职业道德，大力发扬改革开放以来金融战线的公司出现的先进人物和行为，大部分财务人员感觉到职业道德培训和专业伦理道德对做好自己的工作的重要性。

(三)金融机构应该加强引导和推动建立企业部财务制度金融部门应该建立和完善企业部财务管理制度和实施企业自治，推进企业转换经营机制，建立现代企业制度。

书面指导是必要的组织样本，帮助公司促进咨询和指导，加快推广应用价值。

总之，财务管理的目标企业的财务活动，处理财务关系组织以满足基本的目的，决定了财务管理的基本方向。

财务管理是企业的出发点。

反映企业财务管理之间的平衡，利益集团是一种综合反映各因素之间的相互作用。

企业是企业财务管理系统对企业财务管理、财务工作发展的企业制度。

根据有关法律、法规，企业开发了在特殊情况下的金融系统。

在实践中，对规和引导企业的良性发展，发挥着重要作用。

Financial management problems research In a market economy, the management is to determine the importance of enterprise survival and development. In recent years, due to ideological bias in understanding and some historical reasons, the objective reasons why the number of internal financial management system is not sound financial management to cause confusion, resulting in some lack of internal oversight mechanisms, occurring false accounts or accounts peripherals account. A direct result of confusion in financial management and poor efficiency of enterprises. This is the proof from experience. Therefore, the strengthening of financial management, establish a sound internal financial management system has become a business imperative.First, enterprises should establish a sound system of internal financial management.(A) The establishment of internal financial management system is to adapt to the socialist market economic system, the objective requirements of enterprises to survive in market competition, and development, we must follow the requirements of market economy norms financial behavior. That must be in accordance with the requirements of market economy financing, use of funds and distribution of benefits, improve production and operations, improve the economic efficiency of enterprises, thereby enhancing their competitiveness in order to achieve economic growth, to change the way companies adapt to market economy objective requirements.(B) Establish a sound internal financial management system is an inherentrequirement of enterprise management1、Financial management is the basis for all management activities, is the central link in enterprise management. Internal financial management of the company's funds management activities and the form of value, mainly based on cost management and capital management as the center, through a form of value management, to physical form of management. Therefore financial management is the basis for all management activities, the central link in enterprise management.2、Financial management throughout all aspects of production and operation and the entire process. According to its meaning, we can summarize the four main elements of financial management, including fund-raising management, investment management, working capital management and profit distribution management.(C) financial management and business management all have extensive contactIn business activities, financial management of the tentacles stretched to every corner of business, each department will be serviced through the use of funds into contact with the financial sector, each sector should in the rational use of funds, to save money and so accept what Department guidance, subject to the constraints of financial systems in order to ensure the improvement of economic efficiency of enterprises.(D) Fast Company's financial management reflects the company's production operations.All production and business activities of enterprises, are ultimately reflected in the financial results up through the accounting, analysis, comparison, you can check the implementation of enterprise production and business activities, and finding problems, find solutions to the problem. In particular financial results reflect the number and circumstances of the authoritative. In business management, regardless of whether the appropriate decision-making level of technology, production and marketing is smooth and other areas can be quickly reflected from the financial indicators.Second, internal financial management system is difficult to establish the main reason(A) Of the market economy on the business impact of internal financial management systemAs the market economy further, some units of one-sided emphasis on corporate ownership and management rights, to relax the internal financial management, resulting in varying degrees of accounting based on the work of the weakening, landslides and even chaos. In particular in:1、According to state regulations, prepare accounts of the financial system does not require the construction, prepare accounts but the accounts Though some confusion;2、Account or accounts peripheral false accounts, concealing the true financial condition and business economic results;3、Violation of financial discipline, unauthorized retention, transfer ofnational income, "little treasuries";4、Violation of the financial accounting system, mob unjustified costs, free to write off the cost, reduce profits or increase any loss, severe distortion of accounting information.(B) The overall quality of corporate financial officers is not high enough lead to strong financial management awarenessAs a corporate financial officer is the drafting of internal financial systems, and also a supervisor and executor. Therefore, the company staff the ability to work, the level of service quality on the establishment of internal financial systems and the implementation of the system plays an important role. But a considerable part of the company's financial staff as subjective and objective factors, difficult to fully undertake the development of internal financial management system functions, mainly:1、A considerable part of the financial personnel not familiar with the new enterprise financial systems, business is not fine, initiative is not strong, was unable to start with;2、There is fear of corporate financial officers, afraid of offending the leadership, fear of losing easy work;3、Position itself is not even one-sided view to establish and improve internal financial management system is a matter of leadership has nothing to do with their own.Third, establish a sound system of internal financial management measuresAnalysis for the above reasons, establish a sound internal financial systems, available from the following aspects:(A) To strengthen leadership, unity of thinking, to raise awarenessStrengthen publicity and education, through advocacy and education to business owners and financial officers, are able to fully understand the importance of financial management within the enterprise, necessity and relevance, to establish a sound system of internal financial management combined with the modern enterprise system, With the deepening of enterprise reform, change their operating mechanism combined. To remove the system more robust, the greater the constraints on business leaders recognize the error, correct thinking, continue to carry forward the fine tradition of hard work and style, and promote the healthy development of this work.(B) To strengthen the corporate financial staff training and enhancing ethics finance staff1、Through a series of training courses, seminars, courses and conferences and other means to enhance the business training corporate financial officers, financial officers to enhance the learning of the market economic theory in order to improve the level of financial personnel and accounting theory of the business.2、Strengthen the financial staff of professional ethics, and vigorously promote the reform and opening up the financial front since the company emerged out of the advanced character and deeds, the majority of financial officers perceived importance of professional ethics training to high professional ethics dotheir jobs.(C) The financial sector should strengthen guidance and promote the establishment of internal financial systemThe financial departments should establish and improve internal financial management system and implementation of enterprise autonomy, and promote enterprises to change their operational mechanism, establish a modern enterprise system. Written guidance is necessary tissue samples to help companies promote counseling and guidance to accelerate the popularization.In summary, the objective of financial management of financial activities of the enterprise organization, handling financial relationships to achieve the fundamental purpose, which determines the basic direction of financial management, financial management is the starting point.Enterprise Financial Management reflects the balance between the interests of interest groups, is a comprehensive reflection of the interaction of various factors. Enterprise is the enterprise financial management system for financial management, financial work to develop the enterprise system. According to relevant laws, regulations and financial system, and developed with the specific circumstances of enterprises. In practice, norms and guiding role to play, the sound development of enterprises played an important role.。