财务管理英汉对照.doc

1.1、 the financial manager plays a dynamic role in a modern companys development. this has not always been the case. until around the first half of the 1900s financial managers primarily raised funds and managed their firms cash positions-and that was pretty much it. in the 1950s, the increasing acceptance of present value concepts encouraged financial managers to expand their responsibilities and to become concerned with the selection of capital investment projects.财务经理的能动作用，在现代公司的发展。这并非总是如此。直到1900财务经理上半年各地主要募集资金和管理他们公司的现金头寸，这是差不多了。在20世纪50年代，目前的价值观念越来越多地接受,鼓励财务经理去扩大自己的责任,并涉及资本投资项目的选择。1.2、Today, external factors have an increasing impact on the financial manager. Heightened corporate competition, technological change, volatility in inflation and interest rates, worldwide economic uncertainty, fluctuating exchange rates, tax law changes, and ethical concerns over certain financial dealings must be dealt with almost daily. As a result, finance is required to play an ever more vital strategic role within the corporation. The financial manager has emerged as a team player in the overall effort of a company to create value. The “old ways of doing things” simply are not good enough in the world where old ways quickly become obsolete. Thus, todays financial manager must have the flexibility to adapt to the changing external environment if his or her firm is to survive.如今，外部因素对财务经理的影响越来越大。提高企业竞争，技术变化，通货膨胀率和利率的波动，全球经济的不确定性，汇率波动，税法变化，对某些金融交易的伦理问题必须处理，几乎每天都有。因此，财务在公司内需要发挥一个更加重要的战略作用。在一个公司创造价值的整体努力中，财务经理已经成为一个团队的队员。在世界旧的方式迅速变得过时（的时候），“做事的老办法”根本不足够好。因此，今天的财务经理必须具有灵活性，以适应不断变化的外部环境，如果他或她的公司是为了生存。1.3、If you become a financial manager, your ability to adapt to change, raise funds, invest in assets, and manage wisely will affect the success of your firm and, ultimately, the overall economy as well. To the extent that funds are misallocated, the growth of the economy will be slowed. When economic wants are unfulfilled, this misallocation of funds may work to the detriment of society. In an economy, efficient allocation of resources is vital to optimal growth in that economy; it is also vital to ensuring that individuals obtain satisfaction of their highest levels of personal wants. Thus, through efficiently acquiring, financing, and managing assets, the financial manager contributes to the firm and to the vitality and growth of the economy as a whole.如果你成为一名财务经理，你的能力，以适应变化，筹集资金，投资于资产，和明智的管理，会影响贵公司的成功，最终，以及整体经济。资金分配不当的程度，经济增长将放缓。当经济的希望是落空的，这种资金分配不当，可能会损害社会的工作。在经济，资源的有效配置对经济的最优增长是至关重要的; 确保个人获得个人希望他们的最高水平的满意度也很重要。因此，通过有效的收购，融资和管理的资产，财务经理对公司、一个整体经济的活力和增长作出贡献。2.1 Financial management is concerned with the acquisition, financing, and management of assets with some overall goal in mind. Thus, the decision function of financial management can be broken down into three major areas: the investment,financing, and asset management decisions.财务管理是有关收购，融资，和资产管理决策思想。因此，决定财务功能可以分成三个主要领域：投资，融资和资产管理决策。2.2 Investment DecisionThe investment decision is the most important of the firms three major decisions when it comes to value creation. It begins with a determination of the total amount of assets needed to be held by the firm. Picture the firms balance sheet in your mind for a moment. Imagine liabilities and owners equity being listed on the right side of the balance sheet and its assets on the left. The financial manager needs to determine the dollar amount that appears above the double lines on the left-hand side of the balance sheetthat is, the size of the firm. Even when this number is known, the composition of the assets must still be decided. For example, how much of the firms total assets should be devoted to cash or to inventory? Also, the flip side of investmentdisinvestmentmust not be ignored. Assets that can no longer be economically justified may need to be reduced, eliminated, or replaced.当谈到创造价值时，投资决策是公司三大决策中最重要的。它从公司持有资产总额的确定开始。在你的心中想象企业的资产负债表一会儿。想象负债和所有者权益被列在资产负债表的右侧，资产在左侧。财务经理需要确定出现在资产负债表的左侧双线上的美元数额，也就是，这个公司的规模。即使这个数字是已知的，资产的组成仍需要去判定。例如，企业的总资产有多少应该投入到现金或存货？此外，投资的另一方面撤资不容忽视。不再是经济合理的资产可能需要减少，消除，或更换。2.3 Financing DecisionThe second major decision of the firm is the financing decision. Here the financial manager is concerned with the makeup of the right-hand side of the balance sheet. If you look at the mix of financing for firms across industries, you will see marked differences. Some firms have relatively large amounts of debt, whereas others are almost debt free. Does the type of financing employed make a difference? If so, why? And, in some sense, can a certain mix of financing be thought of as best?公司的第二个主要决策是融资决策。这里财务经理关注的是资产负债表的右边的组成（/结构）。如果你观察各行业企业的融资结构，你会看到明显的差异。一些公司的债务数额较大，而另一些（公司）几乎无债务。融资类型的运用很重要？如果是这样，为什么呢？ ，在某种意义上，怎能认定一个确定的融资结构是最好的呢？2.4 Asset Management DecisionThe third important decision of the firm is the asset management decision. Once assets have been acquired and appropriate financing provided, these assets must still be managed efficiently. The financial manager is charged with varying degrees of operating responsibility over existing assets. These responsibilities require that the financial manager be more concerned with the management of current assets than with that of fixed assets. A large share of the responsibility for the management of fixed assets would reside with the operating managers who employ these assets.该公司的第三个重要的决策是资产管理的决策。资产一旦被收购，并提供适当的融资，这些资产仍必须有效管理。财务经理在现有资产上承担不同程度的经营责任。这些职责需要财务经理关心流动资产的管理多于固定资产的管理。固定资产管理的一大部分责任的将属于使用这些资产的经营管理者。3.1 Efficient financial management requires the existence of some objective or goal because judgment as to whether or not a financial decision is efficient must be made in light of some standard. Although various objectives are possible, we assume in this book that the goal of the firm is to maximize the wealth of the firms present owner.因为判断财务决策是不是有效必须依据一定的标准，有效的财务管理需要存在某种目的或目标。虽然各种各样的目标都是可以的，在本书中，我们采用股东（公司的目前拥有者）财富最大化（作为）公司的目标。 Shares of common stock give evidence of ownership in a corporation. Shareholder wealth is represented by the market price per share of the firms common stock, which, in turn, is a reflection of the firms investment, financing, and asset management decisions. The idea is that the success of a business decision should be judged by the effect that it ultimately has on share price.普通股股票表示对公司拥有权的证明。股东财富通过公司的普通股的每股市场价格（来）代表，其中，反过来，（股东财富）是公司的投资、融资和资产管理决策的反映。一个想法是成功的商业决策应该通过最终对股价的影响（来）判断。3.2 Value CreationFrequently, profit maximization is offered as the proper objective of the firm. However, under this goal a manager could continue to show profit increases by merely issuing stock and using the proceeds to invest in Treasury【trr】bills. For most firms, this would result in a decrease in each owners share of profitsthat is, earnings per share would fall. Maximizing earnings per share, therefore, is often advocated as an improved version of profit maximization. However, maximization of earnings per share is not a fully appropriate goal because it does not specify the timing or duration of expected returns. Is the investment project that will produce a $100,000 return five years from now more valuable than the project that will produce annual returns of $15,000 in each of the next five years? An answer to this question depends on the time value of money to the firm and to investors at the margin. Few existing stockholders would think favorably of a project that promised its first return 100 years, no matter how large this return. Therefore, our analysis must take into account the time pattern of returns.常见的，利润最大化被提议为公司正确的目标。然而，在这个目标下，经理人通过仅仅发行股票和利用持续投资国库券就能继续显示利润增长。对于大多数企业来说，这将导致每个所有者的利润份额减少，也就是，每股收益将会下降。因此，每股收益最大化经常作为利润最大化的改进版本被主张。不过，每股收益最大化不是一个完全合适的目标，因为它没有详细说明预期收益的时间或期间。从现在开始五年后产生100,000美金回报的投资项目比接下来的五年每年产生15,000美元的回报更有价值吗？对这个问题的答案取决于公司和投资者的保证金的货币时间价值。很少现有的股东会认为第一次回报来自100年后的项目是有利的，无论这个回报多么大。因此，我们的分析必须考虑回报的时间模式。Another shortcoming of the objective of maximizing earnings per sharea shortcoming shared by other traditional return measures, such as return on investmentis that risk is not considered. Some investment projects are far more risky than others. As a result, the prospective stream of earnings per share would be more risky if these projects were undertaken. In addition, a company will be more or less risky depending on the amount of debt in relation to equity in its capital structure. This financial risk also contributes to the overall risk to the investor. Two companies may have the same expected earnings per share, but if the earnings stream of one is subject to considerably more risk than the earnings stream of the other, the market price per share of its stock may well be less.每股收益最大化目标的另一个缺点被传统回报措施以外的（措施）分享，如投资收益风险没有被考虑。一些投资项目风险是远远超过其他（项目）的。因此，如果这些项目进行了，未来的每股收益会更危险。此外，一个公司或多或少的风险取决于在股权关系中在（公司的）资本结构中债务的数额。这种财务风险有助于投资者的整体风险。两家公司可以有相同的预期每股收益，但是如果一个收益流是以风险大大超过其他的收益流为条件（的话），（这家公司的）股票的每股市场价格可能很少。Finally, this objective does not allow for the effect of dividend policy on the market price of the stock. If the only objective were to maximize earnings per share, the firm would never pay a dividend. It could always improve earnings per share by retaining earnings and investing them at any positive rate of return, however small. To the extent that the payment of dividends can affect the value of the stock, the maximization of earnings per share will not be a satisfactory objective by itself.最后，这个目标（每股收益最大化）没考虑股利政策在股票市场价格上的影响。如果仅仅每股收益最大化的目标，公司将不会支付股利。它总是能通过留存收益和投资一些正的回报率（来）提高每股收益，但是（提高的）少。在一定程度上，支付股息能影响股票的价值，每股收益最大化对企业自身（来说）不是一个令人满意的目标。For the reasons just given, an objective of maximizing earnings per share may not be the same as maximizing market price per share. The market price of a firms stock represents the focal judgment of all market participants as to the value of the particular firm. It takes into account present and expected future earnings per share; the timing, duration, and risk of these earnings; the dividend policy of the firm; and other factors that bear on the market price of the stock. The market price serves as a barometer for