财务管理类本科外文翻译(原文+译文)

毕业设计（论文）外文文献翻译文献、资料中文题目：财务管理和财务分析文献、资料英文题目：文献、资料来源：文献、资料发表（出版）日期：院（部）：专业：财务管理班级：姓名：学号：指导教师：翻译日期： 2017.02.14外文翻译原文Financial Management and Analysis is an introduction to the concepts,tools, and applications of finance. The purpose of this textbook is to communicate the fundamentals of financial management and financial analysis.This textbook is written in a way that will enable students who are just beginning their study of finance to understand financial decision-making and its role in the decision-making process of the entire firm.Throughout the textbook, you’ll see how we view finance.We see financial decision-making as an integral part of the firm’s decision-making, not as a separate function. Financial decision-making involves coordination among personnel specializing in accounting, marketing, and production aspects of the firm.The principles and tools of finance are applicable to all forms and sizes of business enterprises, not only to large corporations. Just as there are special problems and opportunities for small family-owned businesses(such as where to obtain financing), there are special problems and opportunities for large corporations (such as agency problems that arise when management of the firm is separated from the firm’s owners). But the fundamentals of financial management are the same regardless of the size or form of the business. For example, a dollar today is worth more than a dollar one year from today, whether you are makingdecisions for a sole proprietorship or a large corporation.We view the principles and tools of finance as applicable to firms around the globe, not just to U.S. business enterprises. While customs and laws may differ among nations, the principles, theories, and tools of financial management do not. For example, in evaluating whether to buy a particular piece of equipment, you must evaluate what happens to the firm’s future cash flows (How much will they be? When will they occur? How uncertain are they?), whether the firm is located in the United States, Great Britain, or elsewhere.In addition, we believe that a strong foundation in finance principles and the related mathematical tools are necessary for you to understand how investing and financing decisions are made. But building that foundation need not be strenuous. One way that we try to help you build that foundation is to present the principles and theories of finance using intuition, instead of with proofs and theorems. For example, we walk you through the intuition of capital structure theory with numerical and real world examples, not equations and proofs. Another we try to assist you is to approach the tools of finance using careful, step-by-step examples and numerous graphs.ORGANIZATIONFinancial Management and Analysis is presented in seven parts. The first two parts (Parts One and Two) cover the basics, including the objective of financial management, valuation principles, and the relation between risk and return. Financial decision-making is covered in Parts Three, Four, and Five where we present long-term investment management (commonly referred to as capital budgeting), the management of long-term sources of funds, and working capital management. Part Six covers financial statement analysis which includes financial ratio analysis, earnings analysis, and cash flow analysis. The last part (Part Seven) covers several specialized topics: international financial management, borrowing via structured financial transactions (i.e., asset securitization), project financing, equipment leasing, and financial planning and strategy.DISTINGUISHING FEATURES OF THE TEXTBOOKLogical structure. The text begins with the basic principles and tools, followed by long-term investment and financing decisions. The first two parts lay out the basics; Part Three then focuses on the “left side” of the balance sheet (the assets) and the Part Four is the “right side” of the balance sheet (the liabilities and equity). Working capital decisions, whi ch are made to support the day-to-day operations of the firm, are discussed in Part Five. Part Six provides the tools for analyzing a firm’s financial statements. In the last chapter of the book, you are brought back full-circle to the objective of financial management: the maximization of owners’ wealth.Graphical illustrations. Graphs and illustrations have been carefully and deliberately developed to depict and provide visual reinforcement of mathematical concepts. For example, we show the growth of a bank balance through compound interest several ways: mathematically, in a time-line,and with a bar graph.Applications. As much as possible, we develop concepts and mathematics using examples of actual practice. For example, we first present financial analysis using a simplified set of financial statements for a fictitious company. After you’ve learned the basics using the fictitious company, we demonstrate financial analysis tools using data from Wal-Mart Stores, Inc. Actual examples help you better grasp and retain major concepts and tools. We integrate over 100 actual company examples throughout the text, so you’re not apt to miss them. Considering both the examples throughout the text and the research questions and problems, you are exposed to hundreds of actual companies.Extensive coverage of financial statement analysis. While most textbooks provide some coverage of financial statement analysis, we have provided you with much more detail in Part Six of the textbook. Chapter 6 and the three chapters in Part Six allow an instructor to focus on financial statement analysis.Extensive coverage of alternative debt instruments. Because of the innovations in the debt market, alternative forms debt instruments can be issued by a corporation. In Chapter 15,you are introduced to these instruments. We then devote one chapter to the most popular alternative to corporate bond issuance, the creation and issuance of asset-backed securities.Coverage of leasing and project financing. We provide in-depth coverage of leasing in Chapter 27, demystifying the claims about the advantages and disadvantages of leasing you too often read about in some textbooks and professional articles. Project financing has grown in importance for not only corporations but for countries seeking to develop infrastructure facilities. Chapter 28 provides the basic principles for understanding project financing.Early introduction to derivative instruments. Derivative instruments (futures, swaps, and options) play an important role in finance. You are introduced to these instruments in Chapter 4. While derivative instruments are viewed as complex instruments, you are provided with an introduction that makes clear their basic investment characteristics. By the early introduction of derivative instruments, you will be able to appreciate the difficulties of evaluating securities that have embedded options (Chapter 9), how there are real options embedded in capital budgeting decisions (Chapter14), and how derivative instruments can be used to reduce or to hedge the cost of borrowing (Chapter 15).Stand-alone nature of the chapters. Each chapter is written so that chapters may easily be rearranged to fit different course structures. Concepts, terminology, and notation are presented in each chapter so that no chapter is dependent upon another. This means that instructors can tailor the use of this book to fit their particular time frame for the course and their students’preparation (for example, if students enter the course with sufficient background in accounting and taxation, Chapters 5 and 6 can be skipped). We believe that our approach to the subject matter of financial management and analysis will help you understand the key issues and provide the foundation for developing a skill set necessary to deal with real world financial problems.1 Introduction to Financial Management and AnalysisFinance is the application of economic principles and concepts to businessdecision-making and problem solving. The field of finance can be considered to comprise three broad categories: financial management,investments, and financial institutions:■ Financial management. Sometimes called corporate finance or business finance, this area of finance is concerned primarily with financial decision-making within a business entity. Financial management decisions include maintaining cash balances, extending credit, acquiring other firms, borrowing from banks, and issuing stocks and bonds.■ Investments. This area of finance focuses on the behavior of financial markets and the pricing of securities. An investment manager’s tasks, for example, may include valu ing common stocks, selecting securities for a pension fund, or measuring a portfolio’s performance.■ Financial institutions. This area of finance deals with banks and other firms that specialize in bringing the suppliers of funds together with the users of funds. For example, a manager of a bank may make decisions regarding granting loans, managing cash balances, setting interest rates on loans, and dealing with government regulations.No matter the particular category of finance, business situations that call for the application of the theories and tools of finance generally involve either investing (using funds) or financing (raising funds).Managers who work in any of these three areas rely on the same basic knowledge of finance. In this book, we introduce you to this common body of knowledge and show how it is used in financial decision- making. Though the emphasis of this book is financial management, the basic principles and tools also apply to the areas of investments and financial institutions. In th is introductory chapter, we’ll consider the types of decisions financial managers make, the role of financial analysis, the forms of business ownership, and the objective of managers’ decisions. Finally, we will describe the relationship between owners and managers.FINANCIAL MANAGEMENTFinancial management encompasses many different types of decisions. We can classify these decisions into three groups: investment decisions, financing decisions, and decisions thatinvolve both investing and financing. Investment decisions are concerned with the use of funds—the buying, holding, or selling of all types of assets: Should we buy a new die stamping machine? Should we introduce a new product line? Sell the old production facility? Buy an existing company? Build a warehouse? Keep our cash in the bank?Financing decisions are concerned with the acquisition of funds to be used for investing and financing day-to-day operations. Should managers use the money raised through the firms’ revenues? Should they seek money from outside of the business? A company’s operations and investment can be financed from outside the business by incurring debts, such as though bank loans and the sale of bonds, or by selling ownership interests. Because each method of financing obligates the business in different ways, financing decisions are very important.Many business decisions simultaneously involve both investing and financing. For example, a company may wish to acquire another firm— an investment decision. However, the success of the acquisition may depend on how it is financed: by borrowing cash to meet the purchase price, by selling additional shares of stock, or by exchanging existing shares of stock. If managers decide to borrow money, the borrowed funds must be repaid within a specified period of time. Creditors (those lending the money) generally do not share in the control of profits of the borrowing firm. If, on the other hand, managers decide to raise funds by selling ownership interests, these funds never have to be paid back. However, such a sale dilutes the control of (and profits accruing to) the current owners.Whether a financial decision involves investing, financing, or both, it also will be concerned with two specific factors: expected return and risk. And throughout your study of finance, you will be concerned with these factors. Expected return is the difference between potential benefits and potential costs. Risk is the degree of uncertainty associated with these expected returns.Financial AnalysisFinancial analysis is a tool of financial management. It consists of the evaluation of thefinancial condition and operating performance of a business firm, an industry, or even the economy, and the forecasting of its future condition and performance. It is, in other words, a means for examining risk and expected return. Data for financial analysis may come from other areas within the firm, such as marketing and production departments, from the firm’s own accounting data, or from financial information vendors such as Bloomberg Financial Markets, Moody’s Investors Service, Standard & Poor’s Corporation, Fitch Ratings, and Value Line, as well as from government publications, such as the Federal Reserve Bulletin. Financial publications such as Business Week, Forbes, Fortune, and the Wall Street Journal also publish financial data (concerning individual firms) and economic data (concerning industries, markets, and economies), much of which is now also available on the Internet.Within the firm, financial analysis may be used not only to evaluate the performance of the firm, but also its divisions or departments and its product lines. Analyses may be performed both periodically and as needed, not only to ensure informed investing and financing decisions, but also as an aid in implementing personnel policies and rewards systems.Outside the firm, financial analysis may be used to determine the creditworthiness of a new customer, to evaluate the ability of a supplier to hold to the conditions of a long-term contract, and to evaluate the market performance of competitors.Firms and investors that do not have the expertise, the time, or the resources to perform financial analysis on their own may purchase analyses from companies that specialize in providing this service. Such companies can provide reports ranging from detailed written analyses to simple creditworthiness ratings for businesses. As an example, Dun & Bradstreet, a financial services firm, evaluates the creditworthiness of many firms, from small local businesses to major corporations. As another example, three companies—Moody’s Investors Service, Standard & Poor’s, and Fitch—evaluate the credit quality of debt obligations issued by corporations and express these views in the form of a rating that is published in the reports available from these three organizations.FORMS OF BUSINESS ENTERPRISEFinancial management is not restricted to large corporations: It is necessary in all forms and sizes of businesses. The three major forms of business organization are the sole proprietorship, the partnership, and the corporation. These three forms differ in a number of factors, of which those most important to financial decision-making are:■ The way the firm is taxed.■ The degree of control owners may exert on decisions.■ The liability of the owners.■ The ease of transferring ownership interests.■ The ability to raise additional funds.■ The longevity of the business.Sole ProprietorshipsThe simplest and most common form of business enterprise is the sole proprietorship, a business owned and controlled by one person—the proprietor. Because there are very few legal requirements to establish and run a sole proprietorship, this form of business is chosen by many individuals who are starting up a particular business enterprise. The sole proprietor carries on a business for his or her own benefit, without participation of other persons except employees. The proprietor receives all income from the business and alone decides whether to reinvest the profits in the business or use them for personal expenses.A proprietor is liable for all the debts of the business; in fact, it is the proprietor who incurs the debts of the business. If there are insufficient business assets to pay a business debt, the proprietor must pay the debt out of his or her personal assets. If more funds are needed to operate or expand the business than are generated by business operations, the owner either contributes his or her personal assets to the business or borrows. For most sole proprietorships, banks are the primary source of borrowed funds. However, there are limits to how much banks will lend a sole proprietorship, most of which are relatively small.。

财务管理专业英语翻译(优质文档，可直接使用，可编辑，欢迎下载）1、Financial management is an integrated decision—making process concerned with acquiring, financing，and managing assets to accomplish some overall goal within a business entity。

财务管理是为了实现一个公司总体目标而进行的涉及到获取、融资和资产管理的综合决策过程.2、Making financial decisions is an integral part of all forms and sizes of businessorganizations from small privately-hold forms to large publicly—traded corporations.做财务决策对于所有形式和规模的商业组织，无论是小型私人公司还是大型股份公开交易的公司来说，都是不可分割的一部分。

3、In today’s rapidly changing environment，the financial manager must have the flexibilityto adapt to external factors such as economic uncertainty，global competition, technological change，volatility of interest and exchange rates，changes in laws and regulations, and ethical concerns。

在当今瞬息万变的环境中，财务经理必须具备足够的灵活性以适应外部因素,如经济的不确定性、国际竞争、技术变革、利息波动、汇率变动、法律法规变化以及商业道德问题。

附录A财务管理和财务分析作为财务学科中应用工具。

本书的写作目的在于交流基本的财务管理和财务分析。

本书用于那些有能力的财务初学者了解财务决策和企业如何做出财务决策。

通过对本书的学习，你将了解我们是如何理解财务的。

我们所说的财务决策作为公司所做决策的一部分，不是一个被分离出来的功能。

财务决策的做出协调了企业会计部、市场部和生产部。

无论企业的形式和规模如何，财务原理和财务工具均适用。

就像对小规模的私营企业而言存在如何筹资的问题，大企业面临所有权和经营权分离时出现的代理问题。

不管公司的规模和形式是如何的，公司财务管理的基本原理是一样的。

例如，无论是独资企业做出的决策还是大企业做出的决策，今天一美元的价值都高于未来一美元的价值。

我们所说的财务原理和财务工具适用于全球的企业，不仅限于美国的企业。

虽然国家习惯和法律可能与国家的原则理论存在着不同，但财务管理用到的工具是一样的。

例如，在评估是否要买一个特殊设备的价值时，你需要评估企业未来现金流的发生（设备成本和支出的时间和设备的不确定性），这个企业位于美国、英国还是在其他的地方?此外，我们相信拥有强大的财务原理和数学相关工具的依据对于你了解如何做出投资和财务决策十分必要。

但是建立这种依据比不费力。

我们试图帮你建立这种依据的途径是通过直觉提出财务原理和财务理论。

而不是原理和证据。

例如，我们引导你通过数字和真实例子对资本结构原理产生直觉，而不是利用公式和证据。

再者我们试图帮助你通过仔细的逐步的例子和大量数据处理财务工具。

财务管理和财务分析分为7个部分。

前两个部分（第一部分和第二部分）涉及到基础部分，它包括财务管理、估价原则的目标以及风险和回报之间的关系。

财务决策涉及到第三、四、五部分的内容，我们提出了长期投资管理（通常被称为资本预算）的长期来源、管理和资金管理工作。

第六部分涉及到财务报表分析，它包括财务比率的分析，盈利分析和现金流量分析。

最后一个部分（第七部分）涉及到一些专业论题：国际财务管理，金融结构性金融交易（例如资产证券化），项目融资，设备租赁贷款和财务规划策略。

财务管理类本科毕业论文外文翻译〔原文+译文〕财务管理类本科毕业论文外文翻译译文：[美]卡伦·A·霍契.《什么是财务风险管理？》.《财务风险管理要点》. 约翰.威立国际出版公司,2022:P1-22.财务风险管理尽管近年来金融风险大大增加，但风险和风险管理不是当代的主要问题。

全球市场越来越多的问题是，风险可能来自几千英里以外的与这些事件无关的国外市场。

意味着需要的信息可以在瞬间得到，而其后的市场反响，很快就发生了。

经济气候和市场可能会快速影响外汇汇率变化、利率及大宗商品价格，交易对手会迅速成为一个问题。

因此，重要的一点是要确保金融风险是可以被识别并且管理得当的。

准备是风险管理工作的一个关键组成局部。

什么是风险？风险给时机提供了根底。

风险和暴露的条款让它们在含义上有了细微的差异。

风险是指有损失的可能性，而暴露是可能的损失，尽管他们通常可以互换。

风险起因是由于暴露。

金融市场的暴露影响大多数机构，包括直接或间接的影响。

当一个组织的金融市场暴露，有损失的可能性，但也是一个获利或利润的时机。

金融市场的暴露可以提供战略性或竞争性的利益。

风险损失的可能性事件来自如市场价格的变化。

事件发生的可能性很小，但这可能导致损失率很高，特别麻烦，因为他们往往比预想的要严重得多。

换句话说，可能就是变异的风险回报。

由于它并不总是可能的，或者能满意地把风险消除，在决定如何管理它中了解它是很重要的一步。

识别暴露和风险形式的根底需要相应的财务风险管理策略。

财务风险是如何产生的呢？无数金融性质的交易包括销售和采购，投资和贷款，以及其他各种业务活动，产生了财务风险。

它可以出现在合法的交易中，新工程中，兼并和收购中，债务融资中，能源局部的本钱中，或通过管理的活动，利益相关者，竞争者，外国政府，或天气出现。

当金融的价格变化很大，它可以增加本钱，降低财政收入，或影响其他有不利影响的盈利能力的组织。

金融波动可能使人们难以规划和预算商品和效劳的价格，并分配资金。

FinancialManagementandAnalysisisanintroductiontotheconcepts,tools,andap plicationsoffinance.ThepurposeofthisteGtbookistocommunicatethefundamentals offinancialmanagementandfinancialanalysis.ThisteGtbookiswritteninawaythatwille nablestudentswhoarejustbeginningtheirstudyoffinancetounderstandfinancialdeci sion-makinganditsroleinthedecision-makingprocessoftheentirefirm.ThroughouttheteGtbook,you’ll seehowweviewfinance.Weseefinancialdecisio n-makingasanintegralpartofthe firm’s decision-making,notasaseparatefunction.Fi nancialdecision-makinginvolvescoordinationamongpersonnelspecializinginaccou nting,marketing,andproductionaspectsofthefirm.Theprinciplesandtoolsoffinanceareapplicabletoallformsandsizesofbusinessent erprises,notonlytolargecorporations.Justastherearespecialproblemsandopportuni tiesforsmallfamily-ownedbusinesses(suchaswheretoobtainfinancing),therearespec ialproblemsandopportunitiesforlargecorporations(suchasagencyproblemsthataris ewhenmanagementofthefirmisseparatedfromthe firm’s owners).Butthefundamen talsoffinancialmanagementarethesameregardlessofthesizeorformofthebusiness.F oreGample,adollartodayisworthmorethanadollaroneyearfromtoday,whetheryouar emakingdecisionsforasoleproprietorshiporalargecorporation.Weviewtheprinciplesandtoolsoffinanceasapplicabletofirmsaroundtheglobe,notjusttoU.S.businessenterprises.Whilecustomsandlawsmaydifferamongnations,th eprinciples,theories,andtoolsoffinancialmanagementdonot.ForeGample,inevaluati ngwhethertobuyaparticularpieceofequipment,youmustevaluatewhathappenstoth e firm’s futurecashflows(Howmuchwilltheybe?Whenwilltheyoccur?Howuncertaina rethey?),whetherthefirmislocatedintheUnitedStates,GreatBritain,orelsewhere.Inaddition,webelievethatastrongfoundationinfinanceprinciplesandtherelated mathematicaltoolsarenecessaryforyoutounderstandhowinvestingandfinancingdec isionsaremade.Butbuildingthatfoundationneednotbestrenuous.Onewaythatwetryt ohelpyoubuildthatfoundationistopresenttheprinciplesandtheoriesoffinanceusingi ntuition,insteadofwithproofsandtheorems.ForeGample,wewalkyouthroughtheintu itionofcapitalstructuretheorywithnumericalandrealworldeGamples,notequationsa ndproofs.Anotherwetrytoassistyouistoapproachthetoolsoffinanceusingcareful,ste p-by-stepeGamplesandnumerousgraphs.ORGANIZATIONFinancialManagementandAnalysisispresentedinsevenparts.Thefirsttwoparts(P artsOneandTwo)coverthebasics,includingtheobjectiveoffinancialmanagement,val uationprinciples,andtherelationbetweenriskandreturn.Financialdecision-makingis coveredinPartsThree,Four,andFivewherewepresentlong-terminvestmentmanagem ent(commonlyreferredtoascapitalbudgeting),themanagementoflong-termsources offunds,andworkingcapitalmanagement.PartSiGcoversfinancialstatementanalysis whichincludesfinancialratioanalysis,earningsanalysis,andcashflowanalysis.Thelastp art(PartSeven)coversseveralspecializedtopics:internationalfinancialmanagement,b orrowingviastructuredfinancialtransactions(i.e.,assetsecuritization),projectfinancing,equipmentleasing,andfinancialplanningandstrategy. DISTINGUISHINGFEATURESOFTHETEGTBOOKLogicalstructure.TheteGtbeginswiththebasicprinciplesandtools,followedbylon g-terminvestmentandfinancingdecisions.Thefirsttwopartslayoutthebasics;PartThr eethenfocusesonthe“leftside”ofthebalancesheet(theassets)andthePartFouristhe “rightside”ofthebalancesheet(theliabilitiesandequity).Workingcapitaldecisions, whicharemadetosupporttheday-to-dayoperationsofthefirm,arediscussedinPartFiv e.PartSiGprovidesthetoolsforanalyzinga firm’s financialstatements.Inthelastchapt erofthebook,youarebroughtbackfull-circletotheobjectiveoffinancialmanagement:t hemaGimizationof owners’wealth.Graphicalillustrations.Graphsandillustrationshavebeencarefullyanddeliberatel ydevelopedtodepictandprovidevisualreinforcementofmathematicalconcepts.Fore Gample,weshowthegrowthofabankbalancethroughcompoundinterestseveralways :mathematically,inatime-line,andwithabargraph.Applications.Asmuchaspossible,wedevelopconceptsandmathematicsusingeG amplesofactualpractice.ForeGample,wefirstpresentfinancialanalysisusingasimplifi edsetoffinancialstatementsforafictitiouscompany.After you’ve learnedthebasicsus ingthefictitiouscompany,wedemonstratefinancialanalysistoolsusingdatafromWal-MartStores,Inc.ActualeGampleshelpyoubettergraspandretainmajorconceptsandto ols.Weintegrateover100actualcompanyeGamplesthroughouttheteGt,so you’re no tapttomissthem.ConsideringboththeeGamplesthroughouttheteGtandtheresearch questionsandproblems,youareeGposedtohundredsofactualcompanies.EGtensivecoverageoffinancialstatementanalysis.WhilemostteGtbooksprovidesomecoverageoffinancialstatementanalysis,wehaveprovidedyouwithmuchmorede tailinPartSiGoftheteGtbook.Chapter6andthethreechaptersinPartSiGallowaninstruc tortofocusonfinancialstatementanalysis.EGtensivecoverageofalternativedebtinstruments.Becauseoftheinnovationsint hedebtmarket,alternativeformsdebtinstrumentscanbeissuedbyacorporation.InCha pter15,youareintroducedtotheseinstruments.Wethendevoteonechaptertothemost popularalternativetocorporatebondissuance,thecreationandissuanceofasset-back edsecurities.Coverageofleasingandprojectfinancing.Weprovidein-depthcoverageofleasing inChapter27,demystifyingtheclaimsabouttheadvantagesanddisadvantagesofleasi ngyoutoooftenreadaboutinsometeGtbooksandprofessionalarticles.Projectfinanci nghasgrowninimportancefornotonlycorporationsbutforcountriesseekingtodevelo pinfrastructurefacilities.Chapter28providesthebasicprinciplesforunderstandingpro jectfinancing.Earlyintroductiontoderivativeinstruments.Derivativeinstruments(futures,swap s,andoptions)playanimportantroleinfinance.Youareintroducedtotheseinstrumentsi nChapter4.WhilederivativeinstrumentsareviewedascompleGinstruments,youarepr ovidedwithanintroductionthatmakescleartheirbasicinvestmentcharacteristics.Byth eearlyintroductionofderivativeinstruments,youwillbeabletoappreciatethedifficulti esofevaluatingsecuritiesthathaveembeddedoptions(Chapter9),howtherearerealop tionsembeddedincapitalbudgetingdecisions(Chapter14),andhowderivativeinstru mentscanbeusedtoreduceortohedgethecostofborrowing(Chapter15).Stand-alonenatureofthechapters.Eachchapteriswrittensothatchaptersmayeasi lyberearrangedtofitdifferentcoursestructures.Concepts,terminology,andnotationarepresentedineachchaptersothatnochapterisdependentuponanother.Thismeansth atinstructorscantailortheuseofthisbooktofittheirparticulartimeframeforthecoursea ndtheir students’preparation(foreGample,ifstudentsenterthecoursewithsufficient backgroundinaccountingandtaGation,Chapters5and6canbeskipped).Webelieveth atourapproachtothesubjectmatteroffinancialmanagementandanalysiswillhelpyou understandthekeyissuesandprovidethefoundationfordevelopingaskillsetnecessary todealwithrealworldfinancialproblems.1IntroductiontoFinancialManagementandAnalysisFinanceistheapplicationofeconomicprinciplesandconceptstobusinessdecision -makingandproblemsolving.Thefieldoffinancecanbeconsideredtocomprisethreebr oadcategories:financialmanagement,investments,andfinancialinstitutions:■Financialmanagement.Sometimescalledcorporatefinanceorbusinessfinance,thisa reaoffinanceisconcernedprimarilywithfinancialdecision-makingwithinabusinessen tity.Financialmanagementdecisionsincludemaintainingcashbalances,eGtendingcre dit,acquiringotherfirms,borrowingfrombanks,andissuingstocksandbonds.■Investments.Thisareaoffinancefocusesonthebehavioroffinancialmarketsandthepr icingofsecurities.Aninvestment manager’s tasks,foreGample,mayincludevaluingco mmonstocks,selectingsecuritiesforapensionfund,ormeasuringa portfolio’s perfor mance.■Financialinstitutions.Thisareaoffinancedealswithbanksandotherfirmsthatspecializ einbringingthesuppliersoffundstogetherwiththeusersoffunds.ForeGample,amana gerofabankmaymakedecisionsregardinggrantingloans,managingcashbalances,set tinginterestratesonloans,anddealingwithgovernmentregulations.Nomattertheparticularcategoryoffinance,businesssituationsthatcallfortheappl icationofthetheoriesandtoolsoffinancegenerallyinvolveeitherinvesting(usingfunds )orfinancing(raisingfunds).Managerswhoworkinanyofthesethreeareasrelyonthesamebasicknowledgeoffi nance.Inthisbook,weintroduceyoutothiscommonbodyofknowledgeandshowhowit isusedinfinancialdecision-making.Thoughtheemphasisofthisbookisfinancialmana gement,thebasicprinciplesandtoolsalsoapplytotheareasofinvestmentsandfinancial institutions.Inthisintroductorychapter,we’ll considerthetypesofdecisionsfinancial managersmake,theroleoffinancialanalysis,theformsofbusinessownership,andtheo bjectiveof managers’decisions.Finally,wewilldescribetherelationshipbetweenown ersandmanagers.FINANCIALMANAGEMENTFinancialmanagementencompassesmanydifferenttypesofdecisions.Wecanclas sifythesedecisionsintothreegroups:investmentdecisions,financingdecisions,andde cisionsthatinvolvebothinvestingandfinancing.Investmentdecisionsareconcernedwi ththeuseoffunds—thebuying,holding,orsellingofalltypesofassets:Shouldwebuyan ewdiestampingmachine?Shouldweintroduceanewproductline?Selltheoldproducti onfacility?BuyaneGistingcompany?Buildawarehouse?Keepourcashinthebank?Financingdecisionsareconcernedwiththeacquisitionoffundstobeusedforinvesti ngandfinancingday-to-dayoperations.Shouldmanagersusethemoneyraisedthroug hthe firms’revenues?Shouldtheyseekmoneyfromoutsideofthebusiness?Acompan y’s operationsandinvestmentcanbefinancedfromoutsidethebusinessbyincurringd ebts,suchasthoughbankloansandthesaleofbonds,orbysellingownershipinterests.Becauseeachmethodoffinancingobligatesthebusinessindifferentways,financingdeci sionsareveryimportant.Manybusinessdecisionssimultaneouslyinvolvebothinvestingandfinancing.Fore Gample,acompanymaywishtoacquireanotherfirm—aninvestmentdecision.Howeve r,thesuccessoftheacquisitionmaydependonhowitisfinanced:byborrowingcashtom eetthepurchaseprice,bysellingadditionalsharesofstock,orbyeGchangingeGistingsh aresofstock.Ifmanagersdecidetoborrowmoney,theborrowedfundsmustberepaidwi thinaspecifiedperiodoftime.Creditors(thoselendingthemoney)generallydonotshar einthecontrolofprofitsoftheborrowingfirm.If,ontheotherhand,managersdecidetora isefundsbysellingownershipinterests,thesefundsneverhavetobepaidback.However, suchasaledilutesthecontrolof(andprofitsaccruingto)thecurrentowners.Whetherafinancialdecisioninvolvesinvesting,financing,orboth,italsowillbeconc ernedwithtwospecificfactors:eGpectedreturnandrisk.Andthroughoutyourstudyoffi nance,youwillbeconcernedwiththesefactors.EGpectedreturnisthedifferencebetwee npotentialbenefitsandpotentialcosts.Riskisthedegreeofuncertaintyassociatedwitht heseeGpectedreturns.FinancialAnalysisFinancialanalysisisatooloffinancialmanagement.Itconsistsoftheevaluationofth efinancialconditionandoperatingperformanceofabusinessfirm,anindustry,orevent heeconomy,andtheforecastingofitsfutureconditionandperformance.Itis,inotherwo rds,ameansforeGaminingriskandeGpectedreturn.Dataforfinancialanalysismaycom efromotherareaswithinthefirm,suchasmarketingandproductiondepartments,fromt he firm’s ownaccountingdata,orfromfinancialinformationvendorssuchasBloombergFinancialMarkets,Moody’s InvestorsService,Standard&Poor’s Corporation,Fitc hRatings,andValueLine,aswellasfromgovernmentpublications,suchastheFederalRe serveBulletin.FinancialpublicationssuchasBusinessWeek,Forbes,Fortune,andtheWa llStreetJournalalsopublishfinancialdata(concerningindividualfirms)andeconomicd ata(concerningindustries,markets,andeconomies),muchofwhichisnowalsoavailabl eontheInternet.Withinthefirm,financialanalysismaybeusednotonlytoevaluatetheperformance ofthefirm,butalsoitsdivisionsordepartmentsanditsproductlines.Analysesmaybeper formedbothperiodicallyandasneeded,notonlytoensureinformedinvestingandfinan cingdecisions,butalsoasanaidinimplementingpersonnelpoliciesandrewardssystem s.Outsidethefirm,financialanalysismaybeusedtodeterminethecreditworthinesso fanewcustomer,toevaluatetheabilityofasuppliertoholdtotheconditionsofalong-ter mcontract,andtoevaluatethemarketperformanceofcompetitors.FirmsandinvestorsthatdonothavetheeGpertise,thetime,ortheresourcestoperfo rmfinancialanalysisontheirownmaypurchaseanalysesfromcompaniesthatspecialize inprovidingthisservice.Suchcompaniescanprovidereportsrangingfromdetailedwrit tenanalysestosimplecreditworthinessratingsforbusinesses.AsaneGample,Dun&Bra dstreet,afinancialservicesfirm,evaluatesthecreditworthinessofmanyfirms,fromsmal llocalbusinessestomajorcorporations.AsanothereGample,threecompanies—Mood y’s InvestorsService,Standard&Poor’s,andFitch—evaluatethecreditqualityofdeb tobligationsissuedbycorporationsandeGpresstheseviewsintheformofaratingthatis publishedinthereportsavailablefromthesethreeorganizations.FORMSOFBUSINESSENTERPRISEFinancialmanagementisnotrestrictedtolargecorporations:Itisnecessaryinallfor msandsizesofbusinesses.Thethreemajorformsofbusinessorganizationarethesolepr oprietorship,thepartnership,andthecorporation.Thesethreeformsdifferinanumber offactors,ofwhichthosemostimportanttofinancialdecision-makingare:■ThewaythefirmistaGed.■ThedegreeofcontrolownersmayeGertondecisions.■Theliabilityoftheowners.■Theeaseoftransferringownershipinterests.■Theabilitytoraiseadditionalfunds.■Thelongevityofthebusiness.SoleProprietorshipsThesimplestandmostcommonformofbusinessenterpriseisthesoleproprietorshi p,abusinessownedandcontrolledbyoneperson—theproprietor.Becausetherearever yfewlegalrequirementstoestablishandrunasoleproprietorship,thisformofbusinessis chosenbymanyindividualswhoarestartingupaparticularbusinessenterprise.Thesole proprietorcarriesonabusinessforhisorherownbenefit,withoutparticipationofotherp ersonseGceptemployees.Theproprietorreceivesallincomefromthebusinessandalon edecideswhethertoreinvesttheprofitsinthebusinessorusethemforpersonaleGpense s.Aproprietorisliableforallthedebtsofthebusiness;infact,itistheproprietorwhoinc ursthedebtsofthebusiness.Ifthereareinsufficientbusinessassetstopayabusinessdebt,theproprietormustpaythedebtoutofhisorherpersonalassets.Ifmorefundsareneed edtooperateoreGpandthebusinessthanaregeneratedbybusinessoperations,theow nereithercontributeshisorherpersonalassetstothebusinessorborrows.Formostsole proprietorships,banksaretheprimarysourceofborrowedfunds.However,therearelim itstohowmuchbankswilllendasoleproprietorship,mostofwhicharerelativelysmall.FortaGpurposes,thesoleproprietorreportsincomefromthebusinessonhisorher personalincometaGreturn.Businessincomeistreatedasthe proprietor’s personalinc ome.Theassetsofasoleproprietorshipmayalsobesoldtosomeotherfirm,atwhichtimet hesoleproprietorshipceasestoeGist.Orthelifeofasoleproprietorshipendswiththelife oftheproprietor,althoughtheassetsofthebusinessmaypasstothe proprietor’s heirs.PartnershipsApartnershipisanagreementbetweentwoormorepersonstooperateabusiness.A partnershipissimilartoasoleproprietorshipeGceptinsteadofoneproprietor,thereism orethanone.Thefactthatthereismorethanoneproprietorintroducessomeissues:Who hasasayintheday-to-dayoperationsofthebusiness?Whoisliable(thatis,financiallyres ponsible)forthedebtsofthebusiness?Howistheincomedistributedamongtheowners ?HowistheincometaGed?Someoftheseissuesareresolvedwiththepartnershipagree ment;othersareresolvedbylaws.Thepartnershipagreementdescribeshowprofitsandl ossesaretobesharedamongthepartners,anditdetailstheirresponsibilitiesinthemana gementofthebusiness.Mostpartnershipsaregeneralpartnerships,consistingonlyofgeneralpartnerswh oparticipatefullyinthemanagementofthebusiness,shareinitsprofitsandlosses,andar。

1.1、the financial manager plays a dynamic role in a modern company's 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、T oday, 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, today’s financial mana ger 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。

财务管理毕业论文外文文献及翻译核准通过，归档资料。

未经允许，请勿外传～LNTU Acc公司治理与高管薪酬:一个应急框架总体概述通过整合组织和体制的理论，本文开发了一个高管薪酬的应急办法和它在不同的组织和体制环境下的影响。

高管薪酬的研究大都集中在委托代理框架上，并承担一种行政奖励和业绩成果之间的关系。

我们提出了一个框架，审查了其组织的背景和潜在的互补性方面的行政补偿和不同的公司治理在不同的企业和国家水平上体现的替代效应。

我们还讨论了执行不同补偿政策方法的影响，像“软法律”和“硬法律”。

在过去的20年里，世界上越来越多的公司从一个固定的薪酬结构转变为与业绩相联系的薪酬结构，包括很大一部分的股权激励。

因此，高管补偿的经济影响的研究已经成为公司治理内部激烈争论的一个话题。

正如Bruce，Buck，和Main指出，“近年来，关于高管报酬的文献的增长速度可以与高管报酬增长本身相匹敌。

”关于高管补偿的大多数实证文献主要集中在对美国和英国的公司部门，当分析高管薪酬的不同组成部分产生的组织结果的时候。

根据理论基础，早期的研究曾试图了解在代理理论方面的高管补偿和在不同形式的激励和公司业绩方面的探索链接。

这个文献假设，股东和经理人之间的委托代理关系被激发，公司将更有效率的运作，表现得更好。

公司治理的研究大多是基于通用模型——委托代理理论的概述，以及这一框架的核心前提是，股东和管理人员有不同的方法来了解公司的具体信息和广泛的利益分歧以及风险偏好。

因此，经理作为股东的代理人可以从事对自己有利的行为而损害股东财富的最大化。

大量的文献是基于这种直接的前提和建议来约束经理的机会主义行为，股东可以使用不同的公司治理机制，包括各种以股票为基础的奖励可以统一委托人和代理人的利益。

正如Jensen 和Murphy观察，“代理理论预测补偿政策将会以满足代理人的期望效用为主要目标。

股东的目标是使财富最大化;因此代理成本理论指出，总裁的薪酬政策将取决于股东财富的变化。

财务管理外文文献翻译财务管理外文文献翻译附件1：外文资料翻译译文财务报表分析A.财务比率我们需要使用财务比率来分析财务报表，比较财务报表的分析方法不能真正有效的得出想要的结果，除非采取的是研究在报表中项目与项目之间关系的形式。

例如，只是知道史密斯公司在一个特定的日期中拥有10000美元的现金余额，对我们是没有多大价值的。

但是，假如我们知道，这种余额在这种平衡中有4%的流动负债，而一年前的现金余额有25%的流动负债。

由于银行家对公司通常要求现金余额保持在银行信用度的20%，不管使用或不使用，如果公司的财务状况出现问题，我们可以立即发现。

我们可以对比比较财务报表中的项目，作出如下结论：1. 项目之间的资产负债表比较：a）在资产负债表中的一个日期之间的比较，例如项目，现金与流动负债相比； b）同一项目在资产负债表中一个日期与另一个日期之间的比较，例如，现在的现金与一年前比较；c）比较两个项目之间在资产负债表中一个日期和一个相似比率在资产负债表中的另一个日期的比率，例如，现在现金流动负债的比率与另一个项目一年前的相似比率和已经标记的现金状况趋势的比较。

2．项目报表中收入和支出的比较：a）一定时期中的报表项目的比较；b）同一项目在报表中现阶段与上个阶段的比较；c）报表中项目之间的比率与去年相似比率的比较；3．资产负债表中的项目与报表中收入和支出项目的比较：a）在这些报表项目之间的一个给定的时间内，例如，今年净利润可能以百分比计算今年净值；b）两个报表中项目之间的比率在这几年时间的比较，例如，净利润的比率占今年净值的百分比与去年或者前年的相似比率的比较如果我们采用上述比较或比率，然后依次比较它们，我们的比较分析结果将获得重要意义：1. 这样的数据比较是报表缺少的，但这种数据对于金融史和条件判断是十分重要的，例如，商业周期的阶段性；2. 使用财务财务比率分析财务报表，从竞争角度，人民比较关注类似业务的比较。

财务报表的比较可能被表示成项目之间的比较，例如，现金状况除以流动负债项目总产品的现金使所得出的商来表示总现金的项目测试。

第一单元Financial management is an integrated decision-making process concerned with acquiring, financing, and managing assets to accomplish some overall goal within a business entity.财务管理师为了实现一个公司总体目标而进行涉及到获取、融资和资产管理的综合决策过程Other names for financial management include managerial finance , corporate finance, and business finance.财务管理的其他名称，包括理财，企业融资，商业融资。

Making financial decisions is an integral part of all forms and sizes of business organizations from small privately-held firms to large publicly-traded corporations做财务管理决策对于所有形式和规模的商业组织，无论是小型私人公司还是大型股份公开交易的公司来说，都是不可分割的一部分。

The person associated with the financial management function is usually a top officer of the firm such as a vice president of finance or chief financial officer (CFO).与财务管理职能相关的人通常是在诸如财务副总裁或财务总监的公司高层官员This individual typically reports directly to the president or the chief executive officer (CEO).这样的人通常直接报告总裁或首席执行官In today’s rapidly changing environment, the financial manager must have the flexibility to adapt to external factors such as economic uncertainty, global competition, technological change, volatility of interest and exchange rates, changes in laws and regulations, and ethical concerns.在当今瞬息万变的环境、财务经理必须有灵活的时间来适应外部因素如经济不确定性、国际竞争、技术变革、利息和汇率波动变化的法律、法规,伦理问题。

【2016年9月】原文：Financial Risk ManagementAlthough financial risk has increased significantly in recent years, risk and risk management are not contemporary issues. The result of increasingly global markets is that risk may originate with events thousands of miles away that have nothing to do with the domestic market. Information is available instantaneously, which means that change, and subsequent market reactions, occur very quickly. The economic climate and markets can be affected very quickly by changes in exchange rates, interest rates, and commodity prices. Counterparties can rapidly become problematic. As a result, it is important to ensure financial risks are identified and managed appropriately. Preparation is a key component of risk management.What Is Risk?Risk provides the basis for opportunity. The terms risk and exposure have subtle differences in their meaning. Risk refers to the probability of loss, while exposure is the possibility of loss, although they are often used interchangeably. Risk arises as a result of exposure.Exposure to financial markets affects most organizations, either directly or indirectly. When an organization has financial market exposure, there is a possibility of loss but also an opportunity for gain or profit. Financial market exposure may provide strategic or competitive benefits.Risk is the likelihood of losses resulting from events such as changes in market prices. Events with a low probability of occurring, but that may result in a high loss, are particularly troublesome because they are often not anticipated. Put another way, risk is the probable variability of returns.Since it is not always possible or desirable to eliminate risk, understanding it is an important step in determining how to manage it. Identifying exposures and risks forms the basis for an appropriate financial risk management strategy.How Does Financial Risk?Financial risk arises through countless transactions of a financial nature, including sales and purchases, investments and loans, and various other business activities. It can arise as a result of legal transactions, new projects, mergers and acquisitions, debt financing, the energy component of costs, or through the activities of management, stakeholders, competitors, foreign governments, or weather. When financial prices change dramatically, it can increase costs, reduce revenues, or otherwise adversely impact the profitability of an organization. Financial fluctuations may make it more difficult to plan and budget, price goods and services, and allocate capital.There are three main sources of financial risk:1. Financial risks arising from an organization’s exposure to changes in market prices, such as interest rates, exchange rates, and commodity prices.2. Financial risks arising from the actions of, and transactions with, other organizations such as vendors, customers, and counterparties in derivatives transactions3. Financial risks resulting from internal actions or failures of the organization, particularly people, processes, and systemsWhat Is Financial Risk Management?Financial risk management is a process to deal with the uncertainties resulting from financial markets. It involves assessing the financial risks facing an organization and developing management strategies consistent with internal priorities and policies. Addressing financial risks proactively may provide an organization with a competitive advantage. It also ensures that management, operational staff, stakeholders, and the board of directors are in agreement on key issues of risk.Managing financial risk necessitates making organizational decisions about risks that are acceptable versus those that are not. The passive strategy of taking no action is the acceptance of all risks by default.Organizations manage financial risk using a variety of strategies and products. It is important to understand how these products and strategies work to reduce risk within the context of the organization’s risk tolerance and objectives.Strategies for risk management often involve derivatives. Derivatives are traded widely among financial institutions and on organized exchanges. The value of derivatives contracts, such as futures, forwards, options, and swaps, is derived from the price of the underlying asset. Derivatives trade on interest rates, exchange rates, commodities, equity and fixed income securities, credit, and even weather.The products and strategies used by market participants to manage financial risk are the same ones used by speculators to increase leverage and risk. Although it can be argued that widespread use of derivatives increases risk, the existence of derivatives enables those who wish to reduce risk to pass it along to those who seek risk and its associated opportunities.The ability to estimate the likelihood of a financial loss is highly desirable. However, standard theories of probability often fail in the analysis of financial markets. Risks usually do not exist in isolation, and the interactions of several exposures may have to be considered in developing an understanding of how financial risk arises. Sometimes, these interactions are difficult to forecast, since they ultimately depend on human behavior.The process of financial risk management is an ongoing one. Strategies need to be implemented and refined as the market and requirements change. Refinements may reflect changing expectations about market rates, changes to the business environment, or changing international political conditions, for example. In general, the process can be summarized as follows:1、Identify and prioritize key financial risks.2、Determine an appropriate level of risk tolerance.3、Implement risk management strategy in accordance with policy.4、Measure, report, monitor, and refine as needed.DiversificationFor many years, the riskiness of an asset was assessed based only on the variability of its returns. In contrast, modern portfolio theory considers not only an asset’s riskiness, but also its contribution to the overall riskiness of the portfolio to which it is added. Organizations may have an opportunity to reduce risk as a result ofrisk diversification.In portfolio management terms, the addition of individual components to a portfolio provides opportunities for diversification, within limits. A diversified portfolio contains assets whose returns are dissimilar, in other words, weakly or negatively correlated with one another. It is useful to think of the exposures of an organization as a portfolio and consider the impact of changes or additions on the potential risk of the total.Diversification is an important tool in managing financial risks. Diversification among counterparties may reduce the risk that unexpected events adversely impact the organization through defaults. Diversification among investment assets reduces the magnitude of loss if one issuer fails. Diversification of customers, suppliers, and financing sources reduces the possibility that an organization will have its business adversely affected by changes outside management’s control. Although the risk of loss still exists, diversification may reduce the opportunity for large adverse outcomes.Risk Management ProcessThe process of financial risk management comprises strategies that enable an organization to manage the risks associated with financial markets. Risk management is a dynamic process that should evolve with an organization and its business. It involves and impacts many parts of an organization including treasury, sales, marketing, legal, tax, commodity, and corporate finance.The risk management process involves both internal and external analysis. The first part of the process involves identifying and prioritizing the financial risks facing an organization and understanding their relevance. It may be necessary to examine the organization and its products, management, customers, suppliers, competitors, pricing, industry trends, balance sheet structure, and position in the industry. It is also necessary to consider stakeholders and their objectives and tolerance for risk.Once a clear understanding of the risks emerges, appropriate strategies can be implemented in conjunction with risk management policy. For example, it might be possible to change where and how business is done, thereby reducing the。