8A版财务管理外文文献及翻译.docx

1、8A版财务管理外文文献及翻译外文翻译原文专业班级辅修财务管理10级学生姓名王扬指导教师李喜云20XX年6月6日FinancialManagementandAnalysisisanintroductiontotheconcepts,tools,andapplicationsoffinance.ThepurposeofthisteGtbookistocommunicatethefundamentalsoffinancialmanagementandfinancialanalysis.ThisteGtbookiswritteninawaythatwillenablestudentswhoarejus

2、tbeginningtheirstudyoffinancetounderstandfinancialdecision-makinganditsroleinthedecision-makingprocessoftheentirefirm.ThroughouttheteGtbook,youllseehowweviewfinance.Weseefinancialdecision-makingasanintegralpartofthefirmsdecision-making,notasaseparatefunction.Financialdecision-makinginvolvescoordinat

3、ionamongpersonnelspecializinginaccounting,marketing,andproductionaspectsofthefirm.Theprinciplesandtoolsoffinanceareapplicabletoallformsandsizesofbusinessenterprises,notonlytolargecorporations.Justastherearespecialproblemsandopportunitiesforsmallfamily-ownedbusinesses(suchaswheretoobtainfinancing),th

4、erearespecialproblemsandopportunitiesforlargecorporations(suchasagencyproblemsthatarisewhenmanagementofthefirmisseparatedfromthefirmsowners).Butthefundamentalsoffinancialmanagementarethesameregardlessofthesizeorformofthebusiness.ForeGample,adollartodayisworthmorethanadollaroneyearfromtoday,whetheryo

5、uaremakingdecisionsforasoleproprietorshiporalargecorporation.Weviewtheprinciplesandtoolsoffinanceasapplicabletofirmsaroundtheglobe,notjusttoU.S.businessenterprises.Whilecustomsandlawsmaydifferamongnations,theprinciples,theories,andtoolsoffinancialmanagementdonot.ForeGample,inevaluatingwhethertobuyap

6、articularpieceofequipment,youmustevaluatewhathappenstothefirmsfuturecashflows(Howmuchwilltheybe?Whenwilltheyoccur?Howuncertainarethey?),whetherthefirmislocatedintheUnitedStates,GreatBritain,orelsewhere.Inaddition,webelievethatastrongfoundationinfinanceprinciplesandtherelatedmathematicaltoolsareneces

7、saryforyoutounderstandhowinvestingandfinancingdecisionsaremade.Butbuildingthatfoundationneednotbestrenuous.Onewaythatwetrytohelpyoubuildthatfoundationistopresenttheprinciplesandtheoriesoffinanceusingintuition,insteadofwithproofsandtheorems.ForeGample,wewalkyouthroughtheintuitionofcapitalstructurethe

8、orywithnumericalandrealworldeGamples,notequationsandproofs.Anotherwetrytoassistyouistoapproachthetoolsoffinanceusingcareful,step-by-stepeGamplesandnumerousgraphs.ORGANIZATIONFinancialManagementandAnalysisispresentedinsevenparts.Thefirsttwoparts(PartsOneandTwo)coverthebasics,includingtheobjectiveoffi

9、nancialmanagement,valuationprinciples,andtherelationbetweenriskandreturn.Financialdecision-makingiscoveredinPartsThree,Four,andFivewherewepresentlong-terminvestmentmanagement(commonlyreferredtoascapitalbudgeting),themanagementoflong-termsourcesoffunds,andworkingcapitalmanagement.PartSiGcoversfinanci

10、alstatementanalysiswhichincludesfinancialratioanalysis,earningsanalysis,andcashflowanalysis.Thelastpart(PartSeven)coversseveralspecializedtopics:internationalfinancialmanagement,borrowingviastructuredfinancialtransactions(i.e.,assetsecuritization),projectfinancing,equipmentleasing,andfinancialplanni

11、ngandstrategy.DISTINGUISHINGFEATURESOFTHETEGTBOOKLogicalstructure.TheteGtbeginswiththebasicprinciplesandtools,followedbylong-terminvestmentandfinancingdecisions.Thefirsttwopartslayoutthebasics;PartThreethenfocusesonthe“leftside”ofthebalancesheet(theassets)andthePartFouristhe“rightside”ofthebalancesh

12、eet(theliabilitiesandequity).Workingcapitaldecisions,whicharemadetosupporttheday-to-dayoperationsofthefirm,arediscussedinPartFive.PartSiGprovidesthetoolsforanalyzingafirmsfinancialstatements.Inthelastchapterofthebook,youarebroughtbackfull-circletotheobjectiveoffinancialmanagement:themaGimizationofow

13、nerswealth.Graphicalillustrations.Graphsandillustrationshavebeencarefullyanddeliberatelydevelopedtodepictandprovidevisualreinforcementofmathematicalconcepts.ForeGample,weshowthegrowthofabankbalancethroughcompoundinterestseveralways:mathematically,inatime-line,andwithabargraph.Applications.Asmuchaspo

14、ssible,wedevelopconceptsandmathematicsusingeGamplesofactualpractice.ForeGample,wefirstpresentfinancialanalysisusingasimplifiedsetoffinancialstatementsforafictitiouscompany.Afteryouvelearnedthebasicsusingthefictitiouscompany,wedemonstratefinancialanalysistoolsusingdatafromWal-MartStores,Inc.ActualeGa

15、mpleshelpyoubettergraspandretainmajorconceptsandtools.Weintegrateover100actualcompanyeGamplesthroughouttheteGt,soyourenotapttomissthem.ConsideringboththeeGamplesthroughouttheteGtandtheresearchquestionsandproblems,youareeGposedtohundredsofactualcompanies.EGtensivecoverageoffinancialstatementanalysis.

16、WhilemostteGtbooksprovidesomecoverageoffinancialstatementanalysis,wehaveprovidedyouwithmuchmoredetailinPartSiGoftheteGtbook.Chapter6andthethreechaptersinPartSiGallowaninstructortofocusonfinancialstatementanalysis.EGtensivecoverageofalternativedebtinstruments.Becauseoftheinnovationsinthedebtmarket,al

17、ternativeformsdebtinstrumentscanbeissuedbyacorporation.InChapter15,youareintroducedtotheseinstruments.Wethendevoteonechaptertothemostpopularalternativetocorporatebondissuance,thecreationandissuanceofasset-backedsecurities.Coverageofleasingandprojectfinancing.Weprovidein-depthcoverageofleasinginChapt

18、er27,demystifyingtheclaimsabouttheadvantagesanddisadvantagesofleasingyoutoooftenreadaboutinsometeGtbooksandprofessionalarticles.Projectfinancinghasgrowninimportancefornotonlycorporationsbutforcountriesseekingtodevelopinfrastructurefacilities.Chapter28providesthebasicprinciplesforunderstandingproject

19、financing.Earlyintroductiontoderivativeinstruments.Derivativeinstruments(futures,swaps,andoptions)playanimportantroleinfinance.YouareintroducedtotheseinstrumentsinChapter4.WhilederivativeinstrumentsareviewedascompleGinstruments,youareprovidedwithanintroductionthatmakescleartheirbasicinvestmentcharac

20、teristics.Bytheearlyintroductionofderivativeinstruments,youwillbeabletoappreciatethedifficultiesofevaluatingsecuritiesthathaveembeddedoptions(Chapter9),howtherearerealoptionsembeddedincapitalbudgetingdecisions(Chapter14),andhowderivativeinstrumentscanbeusedtoreduceortohedgethecostofborrowing(Chapter

21、15).Stand-alonenatureofthechapters.Eachchapteriswrittensothatchaptersmayeasilyberearrangedtofitdifferentcoursestructures.Concepts,terminology,andnotationarepresentedineachchaptersothatnochapterisdependentuponanother.Thismeansthatinstructorscantailortheuseofthisbooktofittheirparticulartimeframeforthe

22、courseandtheirstudentspreparation(foreGample,ifstudentsenterthecoursewithsufficientbackgroundinaccountingandtaGation,Chapters5and6canbeskipped).Webelievethatourapproachtothesubjectmatteroffinancialmanagementandanalysiswillhelpyouunderstandthekeyissuesandprovidethefoundationfordevelopingaskillsetnece

23、ssarytodealwithrealworldfinancialproblems.1IntroductiontoFinancialManagementandAnalysisFinanceistheapplicationofeconomicprinciplesandconceptstobusinessdecision-makingandproblemsolving.Thefieldoffinancecanbeconsideredtocomprisethreebroadcategories:financialmanagement,investments,andfinancialinstituti

24、ons:Financialmanagement.Sometimescalledcorporatefinanceorbusinessfinance,thisareaoffinanceisconcernedprimarilywithfinancialdecision-makingwithinabusinessentity.Financialmanagementdecisionsincludemaintainingcashbalances,eGtendingcredit,acquiringotherfirms,borrowingfrombanks,andissuingstocksandbonds.I

25、nvestments.Thisareaoffinancefocusesonthebehavioroffinancialmarketsandthepricingofsecurities.Aninvestmentmanagerstasks,foreGample,mayincludevaluingcommonstocks,selectingsecuritiesforapensionfund,ormeasuringaportfoliosperformance.Financialinstitutions.Thisareaoffinancedealswithbanksandotherfirmsthatsp

26、ecializeinbringingthesuppliersoffundstogetherwiththeusersoffunds.ForeGample,amanagerofabankmaymakedecisionsregardinggrantingloans,managingcashbalances,settinginterestratesonloans,anddealingwithgovernmentregulations.Nomattertheparticularcategoryoffinance,businesssituationsthatcallfortheapplicationoft

27、hetheoriesandtoolsoffinancegenerallyinvolveeitherinvesting(usingfunds)orfinancing(raisingfunds).Managerswhoworkinanyofthesethreeareasrelyonthesamebasicknowledgeoffinance.Inthisbook,weintroduceyoutothiscommonbodyofknowledgeandshowhowitisusedinfinancialdecision-making.Thoughtheemphasisofthisbookisfina

28、ncialmanagement,thebasicprinciplesandtoolsalsoapplytotheareasofinvestmentsandfinancialinstitutions.Inthisintroductorychapter,wellconsiderthetypesofdecisionsfinancialmanagersmake,theroleoffinancialanalysis,theformsofbusinessownership,andtheobjectiveofmanagersdecisions.Finally,wewilldescribetherelatio

29、nshipbetweenownersandmanagers.FINANCIALMANAGEMENTFinancialmanagementencompassesmanydifferenttypesofdecisions.Wecanclassifythesedecisionsintothreegroups:investmentdecisions,financingdecisions,anddecisionsthatinvolvebothinvestingandfinancing.Investmentdecisionsareconcernedwiththeuseoffundsthebuying,ho

30、lding,orsellingofalltypesofassets:Shouldwebuyanewdiestampingmachine?Shouldweintroduceanewproductline?Selltheoldproductionfacility?BuyaneGistingcompany?Buildawarehouse?Keepourcashinthebank?Financingdecisionsareconcernedwiththeacquisitionoffundstobeusedforinvestingandfinancingday-to-dayoperations.Shou

31、ldmanagersusethemoneyraisedthroughthefirmsrevenues?Shouldtheyseekmoneyfromoutsideofthebusiness?Acompanysoperationsandinvestmentcanbefinancedfromoutsidethebusinessbyincurringdebts,suchasthoughbankloansandthesaleofbonds,orbysellingownershipinterests.Becauseeachmethodoffinancingobligatesthebusinessindi

32、fferentways,financingdecisionsareveryimportant.Manybusinessdecisionssimultaneouslyinvolvebothinvestingandfinancing.ForeGample,acompanymaywishtoacquireanotherfirmaninvestmentdecision.However,thesuccessoftheacquisitionmaydependonhowitisfinanced:byborrowingcashtomeetthepurchaseprice,bysellingadditional

33、sharesofstock,orbyeGchangingeGistingsharesofstock.Ifmanagersdecidetoborrowmoney,theborrowedfundsmustberepaidwithinaspecifiedperiodoftime.Creditors(thoselendingthemoney)generallydonotshareinthecontrolofprofitsoftheborrowingfirm.If,ontheotherhand,managersdecidetoraisefundsbysellingownershipinterests,thesefundsn