最新创造财富企业财务战略与决策外文翻译Word格式文档下载.docx

最新创造财富企业财务战略与决策外文翻译Word格式文档下载.docx

《最新创造财富企业财务战略与决策外文翻译Word格式文档下载.docx》由会员分享，可在线阅读，更多相关《最新创造财富企业财务战略与决策外文翻译Word格式文档下载.docx（7页珍藏版）》请在冰豆网上搜索。

原文:

CreatingWealth

CorporateFinancialStrategyandDecisionMaking

CorporateFinancialStrategicPlanning

HerbertSimonhaswrittenthatthereisaGresham’slawofplanning:

“Programmedactivitytendstodriveoutnonprogrammedactivity.”Thedecisiontobuyanewenergy-savingpieceofequipmentisaloteasiertodiscussandanalyzethanstrategicinvestmentdecisions.Inthecaseoftheenergy-savingequipment,cashflowscanbeestimatedandthedecisiontobuyornottobuycanbemadebasedonwell-knowncapitalbudgetingtechniques.Thebasiccapitalbudgetingtechniquesare“programmedactivities”inSimon’slaw.Strategyissuesarealotsofterandalotless

satisfactorytowriteaboutandtoread.However,itmaywellbethatstrategyissuesaremuchmoreimportant,eveniftheyarenotfuntoconsider.

Strategyleadsafirmtoentertheenergybusiness.Thatisthefirstandmostimportantdecision.Thefirmmightthenhavetovalueaprospectiveacquisitionasameansofacceleratingtheentryintotheindustry,butwithoutthestrategydecisionitwouldnotbenecessarytovaluetheacquisition.

Allbusinessdecisionmakingisbasedonabstractionsfromreality.Wehavetosimplifyinordertomakedecisions.Wecandelaydecisionmakingbyinsisting-onmoreinformation,butwhenthemoreinformationisobtained,therewillstillbemoreinformationthatcouldbeobtainedifyouwerewillingtodeferaction.Soonerorlateronehastoresisttheopportunitytogetmoreinformation,andonehastomakethedecision.

HerbertSimonhassaidthisbest:

Administrativetheoryispeculiarlythetheoryofintendedandboundedrationality–ofthebehaviorofhumanbeingswhosatisficebecausetheyhavenotthewitstomaximize.

Andasadditionalexplanation:

Whereaseconomicmanmaximizes–selectsthebestalternativefromamongall

thoseavailabletohim,hiscousin,administrativeman,satisfices–looksforacourse

ofactionthatissatisfactoryor“goodenough.”Examplesofsatisficingcriteria,familiarenoughtobusinessmenifunfamiliartomosteconomists,are“shareofmarket,”“adequateprofit,”“fairprice.”

Thesubstitutionoftheword“satisfice”for“maximize”isnotnecessaryifwearewillingtoconsiderthecostsofinformation,search,anddelayinthedecisiontomaximize.InasensewecanconcludethatSimonissuggestingthatitisbettertomakedecisions,evenimperfectdecisions,thantoendurethelongwaituntiltheperfectinformationandperfectdecisionprocessesareavailable.“Inanimportantsense,alldecisionisamatterofcompromise.”

WhileSimon’s“satisfice”descriptionisanextremelyusefuldevicefor

describinghowmanagersoperate,weshallfinditconvenienttocollapseSimon’s“satisfice”andprofitmaximizationintooneexpression.Infect,theprofitmaximization（whereprofitisdefinedintermsofrisk-adjustedpresentvalue）isdeemedtobetheprimaryobjectiveofthefirm.Moreisbetter.Further,theprofitmaximizationobjectiveincludestheinformationcostandcostofsearchsothatitisconsistentwithSimon’ssatisfice（wearenotrejectingthesatisficeconcept）.Theassumptionisthatdecisionsshouldbemadefromthepointofviewofimprovingthewell-beingofthestockholders.Thisisareasonablepointofdeparture,butitcannotbetheentiremessage.Managers,employees,customers,andsocietyingeneralhaveinterestsintheresultsofafirm’soperations.Wemustalsoconsidertheimpactofdecisionsonthewell-beingofthesegroups.Onemightobjecttothisconclusion,butrealisticallysuchconsiderationsarebeingincludedbysuccessfulfirms.

Nomanagersubmitsaninvestmentorotherdecisionproposalwithoutcarefullyconsideringtheimpactofthedecisionbeingreviewedonhisorherwell-being.Even

theboardofdirectorswillconsiderthewell-beingofmanagersiffornootherreasonthanthatmanagersarelikelytobeontheboard.Employeesalsomustbeconsidered,sinceanobviousandcontinuousdisregardoftheirinterestswillcausethemtoinsistontherighttoprotecttheirinterests.Customersalsogaintheirrighttobeconsideredbytheeconomicpowertheywield,notintheboardroomdirectly,butindirectlyviatherightofaconsumertoavoidbuyingacorporation’sproduct.

Therightsofsocietycantosomeextentbeignoredbyacorporationforashortperiodoftime,butcontinuousimplementationofa“publicbedamned”philosophyis

likelytobringforthastringofgovernmentlegislation.Theinterestsofsocietymustberespectedifonlytoavoidsuchlegislation.Acorporationshoulddo“right”eitherbecauseitistheproperthingtodoorbecauseitisinitsownbestintereststobehaveinsuchafashion.

KeyElementsofStrategicPlanning

Thefivekeyelementsofthestrategicplanningarelistedbelow:

Thefirstelementindevelopingastrategyistheidentificationoftheproblemsandopportunitiesthatexist.Asuccessfulfirmwillhaveafertileidea-generatingenvironment.Whatproblemsandopportunitiesarethere?

Problemandopportunityidentificationisoneofthemoreimportantoutputsresultingfromgoodstrategicplanning.Noproblemcanbesolvedoranopportunitycanbeseizedunlessitexists.

Thesecondelementistosetgoals（objectives）.Goalsettingisnotindependentoftheidentificationofopportunities.Ifthegoalistoachievegrowthinsalesof15%peryear,itwillbenecessarytospendmoreresourcesgeneratingideasthanifthegoalistoavoidgrowth.Itmaybearguedthattopmanagementshouldstopwiththesettingofthegoalsandleaveeverythingelsetotheoperatingmanagers.Forexample,topmanagementmightsetthegoalstoearnatleast25%returnoninvestment（ROI）,tomaintaina15%growthrateperyear,andtocorner20%ofthetotalmarketasthefirm’sprofitgoals.Operatingmanagementwouldthenestablishthedetailsastohowthegoalswouldbeachieved.Apopularformofmanagerialstyleisto“managebyobjectives.”Ifonemanagesbyobjectives,thegoalissetbythetop,butthespecificmethodofgettingtothegoalisnotcontrolled.Theresultsareimportant,notthe

methodofgettingtotheresults.Performancemeasurementissubstitutedfordetailedsupervision.Thusgoalsettingbecomesacruciallyimportantelementinthestrategicplanning.

Wenowhaveproblemsandgoalsdefined.Thethirdelementistohaveaprocedureforproviding,possiblesolutions,or“paths”thefirmcanfollowtofindasolution.Forexample,thecurrentenergysituationcanbedefinedasaproblemoranopportunity.Thegoalmightbetoachieveenergyindependenceortomakeagivenreturnoninvestment.Assumeafirmhasdecidedtoentertheenergyindustryandhastodecidewhatkindofenergyitwilldevelopandhowitwillgoaboutit.Forexample,itmightconsidersolar,wind,tide,andfossilandthendecidetogowithsolar.

Havingdecidedtoenterthesolarenergyindustry,thecorporationmightdecidetospendlargesumsonresearchoralternativelymightdecidetoacquireafirmthatalreadyhasvaluableknow-howandthusaccelerateitsentryintotheindustry.Thesettingoftacticsfollowsthesettingofthebasicstrategyforenteringtheindustry.

Thebasicdecisionisto“enterthesolarenergyindustry.”Thegoalsthataresetcanbetoearn25%ROI,increaseearnings15%peryear,andgain20%ofthetotalmarket.Topmanagementofthecorporationmightthenleavethedetailsofhowthisistobeachievedtothemanagersoperatingthesolarenergydivision.Thisisanextremeformofdecentralizationand“bottomlinemanagement.”Themorenormalprocedureisfortopmanagementtooverseethemoreimportantdecisionsthataremade,especiallythoseinvolvinglargeinvestmentoutlaysorotherlargecommitments.

Thefourthelementofstrategicplanningistochoosethebestsolution,givenpossiblesolutionsandthefirm’sobjectives.Onwhatbasiswillthebestsolutionbe

chosen?

Thegoalmighthavebeenestablishedtomaximizethewellbeingofthestockholders.Thisiseasytostate,butgivenalargenumberofwaystoentertheenergyindustry,whichmethodshouldbechosen?

Itmightbedecidedtochoosethepathwiththelargestnetpresentvalue.Butthenriskconsiderationsshouldenteranalysis.Choosingthebestsolution,evenwithwell-definedgoalsestablished,isadifficultjob.

Thefifthandfinalelementofstrategicplanningistohavesometypeofreview

procedurestocheckhowthebestsolutionhasactuallyperformed.Howthisreviewfunctionisexecutedwilldependonthepreferencesandstyleofmanagement.

Theabovefiveelementsofstrategicplanningdonotrevealanythingaboutthestyleinwhichthey（andtheresultingplans）willbeimplemented.Theyarebroadenoughtoencompassawiderangeoffinancialdecisions.Forexample,ifthegoalistohavereasonablegrowthbutlittlerisk,theamountofriskthatisacceptabletotheownersofthecorporation（orintheirabsence,totheboardofdirectors）willgreatlyaffecttheamountofdebtthatisusedtofinancethecorporation.

Amajorplanningquestionnotyetansweredistowhatextenttheinterestsoftheorganizationcomeaheadoftheinterestsofthedifferentgroupsofemployees.Whatsortofperformancemeasureswillbeused,andwhathappenswhengoalsarenotmet?

Willexcuses（explanations）belistenedto,orwilltherebeaninsistenceonperformance?

Managerialstylewillcirclebackandaffectthingslikeideageneration.ApproachtoStrategy

Wewillconsiderfourapproachestostrategy.Thefirstusesbrillianceandisunstructured,whilethesecondusesdramaticsimplificationsandbroadgeneralizations.Thethirdrel