8A版财务管理外文文献及翻译.docx
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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.ThisteGtbookiswritteninawaythatwillenablestudentswhoarejustbeginningtheirstudyoffinancetounderstandfinancialdecision-makinganditsroleinthedecision-makingprocessoftheentirefirm.
ThroughouttheteGtbook,you’llseehowweviewfinance.Weseefinancialdecision-makingasanintegralpartofthefirm’sdecision-making,notasaseparatefunction.Financialdecision-makinginvolvescoordinationamongpersonnelspecializinginaccounting,marketing,andproductionaspectsofthefirm.
Theprinciplesandtoolsoffinanceareapplicabletoallformsandsizesofbusinessenterprises,notonlytolargecorporations.Justastherearespecialproblemsandopportunitiesforsmallfamily-ownedbusinesses(suchaswheretoobtainfinancing),therearespecialproblemsandopportunitiesforlargecorporations(suchasagencyproblemsthatarisewhenmanagementofthefirmisseparatedfromthefirm’sowners).Butthefundamentalsoffinancialmanagementarethesameregardlessofthesizeorformofthebusiness.ForeGample,adollartodayisworthmorethanadollaroneyearfromtoday,whetheryouaremakingdecisionsforasoleproprietorshiporalargecorporation.
Weviewtheprinciplesandtoolsoffinanceasapplicabletofirmsaroundtheglobe,notjusttoU.S.businessenterprises.Whilecustomsandlawsmaydifferamongnations,theprinciples,theories,andtoolsoffinancialmanagementdonot.ForeGample,inevaluatingwhethertobuyaparticularpieceofequipment,youmustevaluatewhathappenstothefirm’sfuturecashflows(Howmuchwilltheybe?
Whenwilltheyoccur?
Howuncertainarethey?
),whetherthefirmislocatedintheUnitedStates,GreatBritain,orelsewhere.
Inaddition,webelievethatastrongfoundationinfinanceprinciplesandtherelatedmathematicaltoolsarenecessaryforyoutounderstandhowinvestingandfinancingdecisionsaremade.Butbuildingthatfoundationneednotbestrenuous.Onewaythatwetrytohelpyoubuildthatfoundationistopresenttheprinciplesandtheoriesoffinanceusingintuition,insteadofwithproofsandtheorems.ForeGample,wewalkyouthroughtheintuitionofcapitalstructuretheorywithnumericalandrealworldeGamples,notequationsandproofs.Anotherwetrytoassistyouistoapproachthetoolsoffinanceusingcareful,step-by-stepeGamplesandnumerousgraphs.
ORGANIZATION
FinancialManagementandAnalysisispresentedinsevenparts.Thefirsttwoparts(PartsOneandTwo)coverthebasics,includingtheobjectiveoffinancialmanagement,valuationprinciples,andtherelationbetweenriskandreturn.Financialdecision-makingiscoveredinPartsThree,Four,andFivewherewepresentlong-terminvestmentmanagement(commonlyreferredtoascapitalbudgeting),themanagementoflong-termsourcesoffunds,andworkingcapitalmanagement.PartSiGcoversfinancialstatementanalysiswhichincludesfinancialratioanalysis,earningsanalysis,andcashflowanalysis.Thelastpart(PartSeven)coversseveralspecializedtopics:
internationalfinancialmanagement,borrowingviastructuredfinancialtransactions(i.e.,assetsecuritization),projectfinancing,equipmentleasing,andfinancialplanningandstrategy.
DISTINGUISHINGFEATURESOFTHETEGTBOOK
Logicalstructure.TheteGtbeginswiththebasicprinciplesandtools,followedbylong-terminvestmentandfinancingdecisions.Thefirsttwopartslayoutthebasics;PartThreethenfocusesonthe“leftside”ofthebalancesheet(theassets)andthePartFouristhe“rightside”ofthebalancesheet(theliabilitiesandequity).Workingcapitaldecisions,whicharemadetosupporttheday-to-dayoperationsofthefirm,arediscussedinPartFive.PartSiGprovidesthetoolsforanalyzingafirm’sfinancialstatements.Inthelastchapterofthebook,youarebroughtbackfull-circletotheobjectiveoffinancialmanagement:
themaGimizationofowners’wealth.
Graphicalillustrations.Graphsandillustrationshavebeencarefullyanddeliberatelydevelopedtodepictandprovidevisualreinforcementofmathematicalconcepts.ForeGample,weshowthegrowthofabankbalancethroughcompoundinterestseveralways:
mathematically,inatime-line,andwithabargraph.
Applications.Asmuchaspossible,wedevelopconceptsandmathematicsusingeGamplesofactualpractice.ForeGample,wefirstpresentfinancialanalysisusingasimplifiedsetoffinancialstatementsforafictitiouscompany.Afteryou’velearnedthebasicsusingthefictitiouscompany,wedemonstratefinancialanalysistoolsusingdatafromWal-MartStores,Inc.ActualeGampleshelpyoubettergraspandretainmajorconceptsandtools.Weintegrateover100actualcompanyeGamplesthroughouttheteGt,soyou’renotapttomissthem.ConsideringboththeeGamplesthroughouttheteGtandtheresearchquestionsandproblems,youareeGposedtohundredsofactualcompanies.
EGtensivecoverageoffinancialstatementanalysis.WhilemostteGtbooksprovidesomecoverageoffinancialstatementanalysis,wehaveprovidedyouwithmuchmoredetailinPartSiGoftheteGtbook.Chapter6andthethreechaptersinPartSiGallowaninstructortofocusonfinancialstatementanalysis.
EGtensivecoverageofalternativedebtinstruments.Becauseoftheinnovationsinthedebtmarket,alternativeformsdebtinstrumentscanbeissuedbyacorporation.InChapter15,youareintroducedtotheseinstruments.Wethendevoteonechaptertothemostpopularalternativetocorporatebondissuance,thecreationandissuanceofasset-backedsecurities.
Coverageofleasingandprojectfinancing.Weprovidein-depthcoverageofleasinginChapter27,demystifyingtheclaimsabouttheadvantagesanddisadvantagesofleasingyoutoooftenreadaboutinsometeGtbooksandprofessionalarticles.Projectfinancinghasgrowninimportancefornotonlycorporationsbutforcountriesseekingtodevelopinfrastructurefacilities.Chapter28providesthebasicprinciplesforunderstandingprojectfinancing.
Earlyintroductiontoderivativeinstruments.Derivativeinstruments(futures,swaps,andoptions)playanimportantroleinfinance.YouareintroducedtotheseinstrumentsinChapter4.WhilederivativeinstrumentsareviewedascompleGinstruments,youareprovidedwithanintroductionthatmakescleartheirbasicinvestmentcharacteristics.Bytheearlyintroductionofderivativeinstruments,youwillbeabletoappreciatethedifficultiesofevaluatingsecuritiesthathaveembeddedoptions(Chapter9),howtherearerealoptionsembeddedincapitalbudgetingdecisions(Chapter14),andhowderivativeinstrumentscanbeusedtoreduceortohedgethecostofborrowing(Chapter15).
Stand-alonenatureofthechapters.Eachchapteriswrittensothatchaptersmayeasilyberearrangedtofitdifferentcoursestructures.Concepts,terminology,andnotationarepresentedineachchaptersothatnochapterisdependentuponanother.Thismeansthatinstructorscantailortheuseofthisbooktofittheirparticulartimeframeforthecourseandtheirstudents’preparation(foreGample,ifstudentsenterthecoursewithsufficientbackgroundinaccountingandtaGation,Chapters5and6canbeskipped).Webelievethatourapproachtothesubjectmatteroffinancialmanagementandanalysiswillhelpyouunderstandthekeyissuesandprovidethefoundationfordevelopingaskillsetnecessarytodealwithrealworldfinancialproblems.
1IntroductiontoFinancialManagementandAnalysis
Financeistheapplicationofeconomicprinciplesandconceptstobusinessdecision-makingandproblemsolving.Thefieldoffinancecanbeconsideredtocomprisethreebroadcategories:
financialmanagement,investments,andfinancialinstitutions:
■Financialmanagement.Sometimescalledcorporatefinanceorbusinessfinance,thisareaoffinanceisconcernedprimarilywithfinancialdecision-makingwithinabusinessentity.Financialmanagementdecisionsincludemaintainingcashbalances,eGtendingcredit,acquiringotherfirms,borrowingfrombanks,andissuingstocksandbonds.
■Investments.Thisareaoffinancefocusesonthebehavioroffinancialmarketsandthepricingofsecurities.Aninvestmentmanager’stasks,foreGample,mayincludevaluingcommonstocks,selectingsecuritiesforapensionfund,ormeasuringaportfolio’sperformance.
■Financialinstitutions.Thisareaoffinancedealswithbanksandotherfirmsthatspecializeinbringingthesuppliersoffundstogetherwiththeusersoffunds.ForeGample,amanagerofabankmaymakedecisionsregardinggrantingloans,managingcashbalances,settinginterestratesonloans,anddealingwithgovernmentregulations.
Nomattertheparticularcategoryoffinance,businesssituationsthatcallfortheapplicationofthetheoriesandtoolsoffinancegenerallyinvolveeitherinvesting(usingfunds)orfinancing(raisingfunds).
Managerswhoworkinanyofthesethreeareasrelyonthesamebasicknowledgeoffinance.Inthisbook,weintroduceyoutothiscommonbodyofknowledgeandshowhowitisusedinfinancialdecision-making.Thoughtheemphasisofthisbookisfinancialmanagement,thebasicprinciplesandtoolsalsoapplytotheareasofinvestmentsandfinancialinstitutions.Inthisintroductorychapter,we’llconsiderthetypesofdecisionsfinancialmanagersmake,theroleoffinancialanalysis,theformsofbusinessownership,andtheobjectiveofmanagers’decisions.Finally,wewilldescribetherelationshipbetweenownersandmanagers.
FINANCIALMANAGEMENT
Financialmanagementencompassesmanydifferenttypesofdecisions.Wecanclassifythesedecisionsintothreegroups:
investmentdecisions,financingdecisions,anddecisionsthatinvolvebothinvestingandfinancing.Investmentdecisionsareconcernedwiththeuseoffunds—thebuying,holding,orsellingofalltypesofassets:
Shouldwebuyanewdiestampingmachine?
Shouldweintroduceanewproductline?
Selltheoldproductionfacility?
BuyaneGistingcompany?
Buildawarehouse?
Keepourcashinthebank?
Financingdecisionsareconcernedwiththeacquisitionoffundstobeusedforinvestingandfinancingday-to-dayoperations.Shouldmanagersusethemoneyraisedthroughthefirms’revenues?
Shouldtheyseekmoneyfromoutsideofthebusiness?
Acompany’soperationsandinvestmentcanbefinancedfromoutsidethebusinessbyincurringdebts,suchasthoughbankloansandthesaleofbonds,orbysellingownershipinterests.Becauseeachmethodoffinancingobligatesthebusinessindifferentways,financingdecisionsareveryimportant.
Manybusinessdecisionssimultaneouslyinvolvebothinvestingandfinancing.ForeGample,acompanymaywishtoacquireanotherfirm—aninvestmentdecision.However,thesuccessoftheacquisitionmaydependonhowitisfinanced:
byborrowingcashtomeetthepurchaseprice,bysellingadditionalsharesofstock,orbyeGchangingeGistingsharesofstock.Ifmanagersdecidetoborrowmoney,theborrowedfundsmustberepaidwithinaspecifiedperiodoftime.Creditors(thoselendingthemoney)generallydonotshareinthecontrolofprofitsoftheborrowingfirm.If,ontheotherhand,managersdecidetoraisefundsbysellingownershipinterests,thesefundsn