8A版财务管理外文文献及翻译.docx

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