施工企业成本核算英文文献

本科毕业论文参考资料原文及译文 题目施工企业成本核算控制研究 系别管理系 专业会计学 班级 班级管理量化考核细则初中班级管理量化细则班级心理健康教育计划班级建设班级德育计划 XXXX 学号 00000000 学生姓名 XXX 指导老师 XXX 2011年6月 原文与译文 原文与译文 专业:会计学学号:00000000 姓名:XXX 原文: Finance and the Finance Manager 1.3 WHO IS THE FINANCE MANAGER? In this book we will use the term financial manager to refer to anyone responsible for a significant investment or financing decision. But cnly in the smallest firms is a single person responsible for all the decisions discussed in this book. In most cases, responsibility is dispersed. Top management is or course continuously involved in financial decisions. But the engineer who designs a new production facility is also involved: The design determines the kind of real assets the firm will hold. The marking manager who commits to a major advertising campaign is also making an important investment decision. The campaign is an investment in an intangible asset that is expected to pay off in future sales an earning. Nevertheless there are some managers who specialize in finance. Their roles are summarized in Figure 1.2. The treasure is responsible for looking after the firm’s cash, raising new capital, and maintaining relationships with banks, stockholder, and other investors who hold the firm’ securities. For small firms, the treasurer is likely to be the only financial executive. Larger corporations also have a controller, who prepares the financial statements, manages the firm’s internal accounting, and looks after its tax obligations. You can see that the treasurer and controller have different function: The treasurer’s main responsibility is to obtain and manage the firm’s capital, whereas the controller ensures that the money is used efficiently. Still larger firms usually appoint a chief financial officer (CFO) to oversee both the treasurer’s and the controller’s work. The CFO is deeply involved in financial 1 policy and corporate planning. Often he or she will have general managerial responsibilities beyond strictly financial issues and may also be a member of the board of directors. The controller or CFO is responsible for organizing and supervising the capital budgeting process. However, major capital investment projects are so closely tied to plans for product development, production, and marketing that managers from these areas are inevitably drawn into planning and analyzing the projects. If the firm has staff members specializing in corporate planning, they too are naturally involved in capital budgeting. Because of the importance of many financial issues, ultimate decisions often rest by law or by custom with the board of directors. For example, only the board has the legal power to declare a dividend or to sanction a public issue of securities. Boards usually delegate decisions for small or medium-sized investment outlays, but the authority to approve large investments is a almost never delegated. 1.4 SEPARATION OF OWNERSHIP AND MANAGEMENT In lager businesses separation of ownership and management is a practical necessity. Major corporations may have hundreds of thousands of shareholders. There is no way for all of them to be actively involved in management: It would be like running New York City through a series of town meetings for all its citizens. Authority has to be delegated to managers. The separation of ownership and management has clear advantages. It allows share ownership to change without interfering with the operation of the business. It allows the firm to hire professional managers. But it also brings problems if the manager s’and owners’objectives differ. You can see the danger: Rather than attending to the wishes of shareholders, managers may seek a more leisurely or luxurious working lifestyle; they may shun unpopular decisions, or they may attempt to build an empire with their shareholders’ money. Such conflicts between shareholders’and managers’objectives create principal-agent problems. The shareholders are the principals; the managers are their agents. Shareholders want management to increase the value of the firm, but 2 managers may have their own axes to grind or nests to feather. Agency costs are incurred when (1) managers do not attempt to maximize firm value and (2) shareholders incur costs to monitor the managers and influence their actions. Of course, there are no costs when the shareholders are also the managers. That is one of the advantages of a sole proprietorship. Owner-managers have no conflicts of interest. Conflicts between shareholders and managers are not the only principal-agent problems that the financial manager in likely to encounter. For example, just as shareholders need to encourage managers to work for the shareholders’ interests, so senior management needs to think about how to motivate everyone else in the company. In this case senior management are the principals and junior management and other employees are their agents. Agency costs can also arise in financing. In normal times, the banks and bondholders who lend the company to prosper, but when the firm gets into trouble, this unity of purpose can break down. At such times decisive changes may be necessary to rescue the firm, but lenders are concerned to get their money back and are reluctant to see the firm taking risks that could imperil the safety of their loans. Squabbles may even break out between different lenders as they see the company heading for possible bankruptcy and jostle for a better place in the queue of creditors. Think of the company’s overall value as a pie that is divided among a number of claimants. These include the management and the shareholders, as well as the company’s workforce and the banks and investors who have bought the company’s debt. The government is a claimant too, since it gets to tax corporate profits. All these claimants are bound together in a complex web of contracts and understandings. For example, when banks lend money to the firm, they insist on a formal contract stating the rate of interest and repayment dates, perhaps placing restriction on dividends or additional borrowing. But you can’t devise written rules to be cover every possible future event. So written contracts are incomplete and need to be supplemented by understandings and by arrangements that help to align the interests of the various parties. Principal-agent problems would be easier to resolve if everyone had same information. That is rarely the case in finance. Managers, shareholders, and lenders may all have different information about the value of a real or financial asset, and it 3 may be many years before all the information is revealed. Financial managers need to recognize these information asymmetries and find ways to reassure investors that there are no nasty surprises on the way. Here is one example. Suppose you are the financial manager of a company that has been newly formed to develop and bring to market a drug for the cure of toetitis. At a meeting with potential investors you present the results of clinical trials, show upbeat reports by an independent market research company, and forecast profits amply sufficient to justify further investment. But the potential investors are still worried that you may know more than they do. What can you do to convince them that you are telling the truth? Just saying “ Trust me” won’t do the trick. Perhaps you need to signal your integrity by putting your money where your mouth is. For example, investors are likely to have more confidence in your plans if they see that you and the other managers have large personal stakes in the new enterprise. Therefore your decision to invest your own money can provide information to investors about the true prospects of the firm. 译文: 财务和财务管理者 第三节谁来掌管财务 本书中将使用财务经理这一术语指代重要融资和投资决策的负责人。只有在小型企业中,个人才对本书中提到的所以决策负责。大多数情况下,责任是分散的。高级管理人员自然持续参与公司的财务决策,除此以外,基于对企业拥有的不动产种类的设计的决定作用,设计师往往也参与其中。广告运作作为公司期待在未来的销售和收益中获得回报的一项无形资产投资,负责广告运作的销售部经理也会做出一些重要的投资决策。 此外,还有一些专门从事财务工作的经理,他们主要负责数据的整理。财务主管负责管理公司的现金,融资以及处理公司与银行,股东,其他证券投资者之间的关系。 对于规模较小的公司,财务主管很可能是公司财务的唯一负责人。而规模较大的公司还设有财会一职,负责公司内部财务核算,制定财务报表,管理公司税务支出。但是财务主管和财务会计的职能是不同的:财务主管主要负责维持和管理公司资本,而财务会计的 职责 岗位职责下载项目部各岗位职责下载项目部各岗位职责下载建筑公司岗位职责下载社工督导职责.docx 是确保公司资金的有效利用。 大型企业通常还会指定一名财务总监(CFO),监管财务主管及财务会计的工作。CFO的工作是深度参与公司财务政策的指定和企业 规划 污水管网监理规划下载职业规划大学生职业规划个人职业规划职业规划论文 。通常,CFO可能同时兼任公司的董事,除财务监管权以外还承担一般管理责任。公司财务预算的组织和监管由财务会计或CFO负责。 由于主要的投资项目与产品研发,生产,及市场行销密切相关,这些部门的管理也不可避免地会参与到项目的分析和筹划过程中。如果企业中有负责运营筹划的专门人员,他们自然也会参与预算过程。由于财务决策在公司运营中占有重要地位,最终决策通常由董事会根据相关法律活习惯做出。如:只有董事会有实行分红和公开发行证券的法定权利。各个董事通常会被授权为小的或者中等投资决策,但是一般没有大型投资项目的决定权。 第四节公司所有权和经营权的分离 大型商业组织在实际的生产运作过程中,将公司的所有权和经营权分离开是很有必要的。大型股份公司可能会有成千上万的股东。但是,让所有股东都主动 地参与公司的经营管理工作是不现实的:这好比召集一系列全体城镇市民所参加的会议来共同管理纽约市。因此,公司的经营权必须授权给经理人来执行。 分离公司的所有权和经营权所带来的优势是显而易见的。包括了在公司所有权发生变化的时候,能够不影响公司正常的生产运转、业务开展,还能够使公司雇佣职业的经理人来管理公司运作。然而,如果经理人和所有人目标不一致的时候,所有权和经营权的分离也会给公司带来问题。你能够看到由此引发的危险:经理人可能会选择更加悠闲、更加舒适的工作方式,而不是努力地去实现股东的愿望;他们可能会尽力避免不受欢迎的决定,或者他们可能会利用股东的资金来打造自己的帝国。 这些股东和经理人在目标上的冲突会产生委托代理问题。股东是委托人;经理人是他们的代理人。股东希望公司的管理工作能够提升公司的价值,但是经理人则希望使用自己的方式来经营管理公司。当(1)经理人没有努力最大化公司的价值以及(2)股东为了监控经理人的行为甚至影响他们的行为而造成更多的成本开支时,会产生代理成本。当然,在公司股东也是经理人的情况下是没有任何代理成本的。这也是独资经营企业的优势之一。所有者和管理者没有利益的冲突。 股东和经理人之间的矛盾不仅仅只是财务经理所面对的委托代理问题。例如,正像股东需要鼓励经理人为了股东的利益而工作,因此高层管理者需要思考如何激励公司中的每位员工。在这种情况下,高层管理者成为了委托人,而低层管理者和其他雇员则是他们的代理人。 在融资过程中也会产生代理成本。在正常的经济时期,给公司贷款的银行和债券持有者与股东一样希望公司经营成功,但是当公司陷入麻烦的时候,他们和股东的意愿就不再保持一致了。在公司陷入困境的时候,往往需要采取决定性的行动方案来拯救公司,但是借款者更加关注回收他们贷出去的资金,而不愿意看到公司采取高风险的决策去拯救公司,因为这些高风险决策会可能会导致借款者的贷款无法回收。如果借款者认为公司很有可能会倒闭的话,众多的借款人之间也会发生争吵,甚至在公司债权人的排序中争取更靠前的位置。 让我们将公司的整体价值看成一个为很多索偿人所分割的大馅饼。这些索偿人包括了经理人和股东,以及购买了公司债务的公司雇员、银行和投资者。政府也是索偿人,因为它从公司的利润中收取应缴纳给政府的税收。 上述这些索偿人由一张复杂的关系网中绑定在一起。例如,当银行借钱给公司,他们会要求公司提供一份声明贷款利率和还款期限的正式合同,可能还会在分红或者额外贷款中附加限制条件。但是你无法设计出涵盖未来可能发生的全部事情的书面规约。因此书面合同是不完整的,还需要相互之间的理解和安排部署作为补充条件以保证多方的利益不受损害。 如果每个人都拥有相同的信息,委托代理问题应该会更加容易地得到解决。但在财务领域很难让坐到这一点。经理人、股东以及借款人对于实物资产或者金融资产的价值所了解的信息都是不同的,而披露全部信息则可能需要很多年的时间。财务经理需要认识到这些信息的不对称性,并且找到使得投资者了解相关消息的信息传播方式。 下面举个例子。假设你是一个公司的财务经理,这家公司刚刚成立并正在开发治疗toetitis药物的市场。在与潜在投资者会谈中,你向他们展示诊所临床试验的结果,以及一家独立市场调研公司所撰写的乐观的报告,并且预测会带来充足的利润以证明公司是值得投资的。但是潜在投资者依然担心你知道的信息比他们多。为了向潜在投资者证明你所说的都是事实,你能够怎么做呢?如果你只是说“相信我”是不会起作用的。可能你需要通过将你的资金投入到你所热衷的事业上,才能展示你的诚实。例如,如果投资者看到你和其他经理人与这家新的公司有很大的私人利益关系,他们对你的公司计划会更加有信心。因此你决定用自己的资金投入公司来向投资者展示公司的未来是能够取得真正的成功。