财务管理专业外文文献翻译-会计财务外文翻译-外文文献中英文对照翻译

A V AT Revenue Simulation Model for Tax ReformIn Developing CountriesGlenn P .Jenkins[Abstract]: In this paper, we develop a model to simulate policies and revenues for a value added tax (V AT) system in countries that have an indirect tax system containing sales, excise taxes, and tariffs. An application of the model is carried out for Nepal, which has recently introduced the V AT to replace its sales tax system and rationalize its excise and tariff systems. The study shows that, in a developing country, tax policies that might seem very realistic and politically noncontroversial are likely to yield a very narrow tax base. If a government of a developing country wants to rely more on the V AT over time, it must move aggressively to broaden the base and enhance compliance.[Key words]: V AT revenue, Tax reform, model, NepalⅠ. INTRODUCTIONImport tariffs and excise taxes often constitute the most important revenue sources in developing countries. Because of growing concerns in recent years about economic efficiency and tax simplicity in a competitive and integrated world economy, many countries are lowering trade taxes and replacing distorted excise taxes with consumption-type V AT. With respect to the latter, one of the most important questions is the revenue potential of alternative designs of this new tax as governments attempt to replace or enhance the level of revenues generated by their current tax system.The potential revenue which can be raised from the V AT depends on a number of factors, such as how broad the tax base will be and the extent to which businesses will comply with the tax. This issue has not been widely discussed in the public finance literature. The main purpose of this paper is to provide an analytical framework which can be used to estimate the potential tax base and associated revenues for a V AT in a typical developing country. The model developed for this purpose should be detailed enough to facilitate the estimation of the potentialrevenues for alternative tax options. Such a model can then be used to assist decision makers in setting their tax policies. To illustrate, the model is applied to the economy of Nepal. We chose Nepal because it is typical of many developing countries, having very limited statistical data and moving from a highly distorted indirect tax system to a V AT.Ⅱ. ALTERNATIVE APPROACHES TO THE ESTIMATION OF A V AT BASEThe potential tax revenue of a V AT is greatly dependent on the number and level of tax rates, the scope of the tax base, and the degree of tax compliance. The proposed V AT is assumed to be a multistage consumption tax based on the destination principle, similar to a European-style V AT. The tax is applied to the sales of goods and services at all stages of the production and distribution chain. At each stage, vendors are able to claim tax credits to recover the tax they paid on their business inputs. As a result, the tax system is in effect applying the tax only to the value added by each vendor. Since the only tax that does not get refunded is the tax imposed on final consumption, the tax is equivalent to the retail sales tax on final consumption. While imposing a tax at a destination principle, imports are taxed in the same way as domestically produced goods, and exports are not subject to tax. Therefore, the tax essentially applies to goods and services consumed domestically.A common feature of the tax base in most V AT countries is to not tax a number of important goods or services because of political and socioeconomic considerations, technical difficulties, or administrative complexity. These goods and services generally fall into two major categories, zero-rated and tax exempt. For zero-rated commodities, the V AT is not levied on the selling price of these items. The vendor, however, receives full credit for the V AT paid on inputs used in production. If zero-rated sales occur at an intermediate stage, purchasers would not have a credit to deduct against any subsequent tax due. This would, in fact, provide a cash flow cost and benefit to the vendor and purchaser, respectively. The net revenue implications for the government would nevertheless be nil. By comparison, if zero-rated sales occur at the retail stage, it would effectively remove all the tax burden from consumers and the government would lose all the tax revenue from the sales of these goods and services.For conceptual and technical difficulties, countries employing a V AT generally exempt the domestic sales of financial intermediation and insurance services. For administrative and compliance simplicity, most V AT countries also exempt small businesses from the tax. When these goods and services are exempted, the V AT is not applied to these sales. Unlike zero-rated goods and services, vendors of exempt products are not eligible to receive any credit for the taxes paid on the inputs used to produce that good or service. The denial of input tax credits increases the production cost for the vendor, although the value added of the vendor escapes tax.Like zero-rated sales, tax exemption can occur at either an intermediate or the retail stage. Consider the tax exemption at the retail stage where goods are sold directly to consumers. Only the value added at the retail stage will not be subject to tax. In contrast, if tax exempt sales operate at the intermediate stages of the production-distribution chain, sales by the subsequent businesses acquiring the goods are effectively overtaxed to the extent that the inputs prior the exempt stage are not creditable. As a result, the tax base is not reduced, but is augmented by the cascading effect.The government could ultimately collect a greater amount of tax revenue than it would otherwise.Multiple tax rates are a common feature of some V AT systems in the developing countries. It is not uncommon to observe that a lower rate is applied to goods or services which are regarded as the necessities of life. At the same time, there are luxury goods which may be subjected to a higher rate of V AT or alternatively, a non-increditable excise tax.Three alternative approaches can be used to estimate the tax base and associated revenues, for which input-output tables, national accounts and family expenditure survey data are often required. The first approach is simply to construct an aggregate tax base. It begins with the Gross Domestic Product (GDP) of the economy, which is the sum of the value added in the domestic production of all goods and services. Because we are considering a destination principle V AT, we need to subtract exports and add imports to the GDP. For a consumption type V AT, the base is also reduced by the gross capital formation of the private sector. The base is further reduced by zero-rated or exempted consumption expenditures. Since vendors of exempted goods and services are unable to claim any credits for taxes paid on the inputs acquired to produce that good or service, the tax base will have to be upward adjusted. The second approach computes the base by summing the value added of each industrial sector in the economy. The base has to beadjusted for the fact that the V AT is a destination type tax and, as such, would tax imports on entry into the country and zero-rate exports. Further adjustments would have to be made for changes in inventories and for commodities which are either zero-rated or exempted. Making these adjustments by sector is usually difficult since the values of exports and imports are not readily available on an industry basis. Although an aggregate adjustment for the whole economy may be possible, detailed information by sector would be lost. The third approach is to estimate the value of goods and services purchased by consumers which would automatically capture the destination principle of the V AT since it excludes exports while imports are included. The V AT base by commodity can then be calculated using the commodity sales values at the final consumer level. The approach would also facilitate an analysis of incidence or price impact of the V AT on consumers, issues which are usually important in the political debate over sales tax reform.Ⅲ. GENERAL METHODOLOGY FOR ESTIMATING THE V AT BASEThis section explores the detailed methodology of the third approach described above. This approach depends heavily upon input-output tables. Input-output models are static in nature and, as such, do not allow for behavioral responses to policy changes. Thus, the V AT base estimation discussed in this paper does not take into account behavioral responses due to the replacement of the current sales tax system with the V AT.As was mentioned earlier, the V AT base can be estimated using the final expenditures made by various economic entities. Construction of the base can, therefore, begin with the data for domestic expenditures contained in the final demand matrix of the I-O tables. The final demand matrix generally contains a transaction matrix of a number of commodities by a number of final demand categories. The final demand categories may include many categories under each of the headings such as personal consumption, government expenditures, investment, imports, and exports. Personal consumption refers to those individuals/households or entities who acquire goods and services for their own consumption and who do not produce supplies of a commercial nature. Government expenditures include the current and capital spending by all levels ofgovernment. This would be treated in a fashion similar to personal consumption under a V AT system except that the V AT paid by the same level of government sector will not necessarily increase net government collections. Investment, however, is excluded from the base calculation since the V AT allows for an input tax credit for any business purchases including capital investment. Exports are also excluded because of the destination type V AT. Imports are ignored because purchases made by other final demand categories are inclusive of imports.The starting point in calculating the V AT base is with the amount of personal and government expenditures. This amount is equivalent to the total expenditures shown in the I-O tables. Adjustments must however, be made for several factors in order to arrive at the V AT base. What follows is a description of the relevant deductions and adjustments.Calculation of the current sales taxesSuppose that a country has a manufacturer sales tax system and the government proposes to replace it with a V AT. The gross expenditures contained in the I-O tables, expressed at purchasers' price, include the current sales taxes to be replaced. These taxes are imposed on the manufacturer's sale price of goods produced in the country and on the duty paid value of imported goods. Wholesale and retail trade margins are excluded from the tax base. Usually, these sales taxes apply also to a range of intermediate inputs and capital goods used in the production and distribution of goods and services.In order to remove the current sales taxes paid directly by personal and government sectors from each category of expenditures, one has to first construct the current sales tax base. This is accomplished by removing the retail and wholesale trade margins from purchasers' expenditures on each good or service, inclusive of sales tax.The expected current sales tax revenue from each commodity, say, the ith commodity( Ri), can be calculated by multiplying the derived tax base by the applicable tax rate and by the taxable proportion:where is the sales tax-inclusive base of the ith commodity, is the taxable proportion of theith commodity, and is the sales tax rate of the ith commodity. The magnitude of the taxableproportions depends upon the proportion of the legally taxable sales to the total sales of the items contained in each commodity category.A further calculation must be made for the hidden (or indirect) sales taxes embedded in personal and government expenditures. This represents the sales taxes which are levied on business inputs. These inputs are used in turn to produce goods and services which are ultimately sold to final consumers and governments. If sales taxes are assumed to be fully shifted forward, the taxes will be transformed into a higher price of the final goods and services. The I-O tables can be used to measure the indirect sales tax content in the goods and services purchased by final consumers and governments.The total of the above expected direct and indirect sales tax revenues over all commodities and all entities usually is not the same as the actual tax collections. This is a result of a number of factors, such as bad debt allowances, tax free allowances for small importation, tax evasion, small suppliers exemption. After adjusting for the factors which are known, the expected tax revenues are made equal to the actual tax collections by applying a calculated compliance rate. This rate is simply the ratio of the actual revenue to the expected revenue. Of course, the compliance rate may vary by commodity, depending upon market conditions and other factors.Introduction of the value-added taxThe potential revenue of the V AT extended to the retail level can be calculated by summing domestic personal and government expenditures at retail prices. This does not include expenditures made by businesses since the taxes paid on business purchases are creditable. Thus, the starting point for calculating the V AT base is with the value of all goods and services (shown in the I-O tables) purchased by personal and government sectors, net of all current sales taxes.This is the total potential tax base, which is then multiplied by the taxable proportions for each corresponding commodity in order to arrive at the V AT base. At this point, the taxable proportions are determined by the tax policies and laws under consideration. For example, the proposed V AT may zero-rate or exempt certain goods or services. In such cases, the full value of zero-rated or exempted goods and services purchased by individuals or governments has to be removed from the potential base. For exempt items, however, taxes paid on business inputs used to produce the exempt goods or services are not creditable. Therefore, an additional adjustment to the tax base is needed to account for the extent to which the vendors cannot claim input tax credit for taxes paid on business expenditures. In summary, the total potential V AT base can beexpressed as follows:Where is the percentage wholesale margin for the ith commodity, is the percentage retail margin for the ith commodity, is the total business inputs used in the production of the jthexempt sector under the proposed V AT, is the ratio of taxable inputs to the total inputs usedin the production of the jth exempt sector under the proposed V AT, and Bi ,ai and pi are defined as eqn..Special attention should be paid to long-term residential rent paid by tenants to landlords and imputed rent arising from the consumption flow by owner-occupied housing, which is normally presented as part of personal expenditures in the I-O tables or national accounts. This rent is often tax exempt and should be excluded from the tax base in order to avoid double taxation, since as an alternative, the V AT is sometimes levied on the purchase price of newly constructed dwellings. A portion of gross cash rent and imputed rent, however, would still be subject to V AT as a result of taxable expenditures made for repairs, property insurance, and certain utilities. It should be noted that the value of land is excluded in both the I-O tables and national accounts because it does not represent value added. For our purpose, the value of land is usually included as part of the purchase price of a new home. Thus, when new houses are taxable under the V AT, the personal expenditures must be adjusted upward to account for the full price of new homes. Some adjustments must be also made to gross expenditures in the government sector. For the most part, the production from this sector is usually exempt under a V AT and the associated value added would not attract the tax. On the other hand, the intermediate inputs used to produce government goods and services are usually taxable and, as a consequence, remain in the tax base of the government sector.Finally, to arrive at a benchmark estimate of revenue yield, the tax base for each commodity item is then multiplied by the compliance ratio under the current sales tax system. This adjustment implies that the compliance rate for each commodity under the proposed V AT would not be different from that being subject to the current system. The compliance rate may be adjusted upward however if one believes that the V AT system would enhance taxpayercompliance, or if the government can increase the level of administrative enforcement. On the contrary, the compliance rate may be adjusted downward if tax evasion is expected to spread with the introduction of a V AT. The total expected V AT revenues for the economy will then be equal to the summation of all adjusted tax bases across goods and services purchased by both the personal and government sectors, times the proposed V AT rates.Accrual versus actual revenue collectionsThe model developed so far provides an annual estimate of the V AT paid by final consumers and governments. These estimates are presented on an accrual basis rather than the actual revenues received by the government due to the payment lags built into the V AT system. For example, the V AT may be designed to provide a great deal of flexibility in filing requirements, depending on the size of the business. For large firms, filing may be required on a monthly basis. For smaller firms, filing may be allowed on a quarterly or annual return. Certain types of businesses such as exporters are likely to choose to file their returns on a monthly basis in order to claim input tax credits earlier. Furthermore, all taxpayers are likely to have until the end of the month following the reporting period to file their returns.From a government’s perspective, it is necessary to transform the V AT estimates from an accrual to a collection basis. One can first segregate the above annual estimate of the V AT base into the individual ``value-added'' components for primary producers, manufacturers, wholesalers, retailers, and other service sectors. Each of these components is then converted to a monthly basis using sales and other relevant data. For example, the retail component is distributed to each month based on monthly retail sales data. This should reflect the seasonal patterns in production and distribution channels. The appropriate collection lags should also be incorporated for each type of tax filer. The resulting revenues can then be transformed to a collection basis. This consideration will be particularly important when the V AT is first introduced into a country.Ⅳ. AN APPLICATION TO A CASE FOR NEPALThe current sales tax collected in Nepal in fiscal year 1994-95 was about 6,032 million rupees which accounts for approximately one-third of the total tax revenues. It is the single mostimportant revenue source. Like many other countries, the sales tax is imposed on the manufacturer's sale price of goods produced for domestic consumption, and on the duty paid value of imported goods. As a result, the tax applies to a range of inter-mediate inputs and capital goods used in the production and distribution channels. This tax has become not only administratively complex, but also economically inefficient. The Minister of State for Finance in Nepal announced in the July 1993 budget that the government would focus on gradually transforming the sales tax into a value-added tax. Since then, subsequent governments have had to make a series of tax policies and set tax rates in order to ensure the new sales tax system is fair, simple, efficient and produces revenue in a stable fashion.In the July 1993 budget, it was announced that the number of sales tax rates would be reduced from five to two rates, 10% and 20%. The same tax rates are applied equally to domestically produced goods and to imports in order to streamline the sales tax operation. In addition, there has been a substantial amount of government revenues collected from a number of selective excises on cigarettes, liquor, beer, soft drinks, edible oils, cement and so on. The main objective of this section is to apply the above model to the estimation of potential revenues for a V AT to be implemented in Nepal.Preparation of the basic dataThe data are quite limited in Nepal. In order to present the most up-to-date economic structure for the country, we developed a complete set of data for the FY 1994-95 since this is the latest year that data are available on the expenditure side from national accounts in Nepal.The data are arranged into three major categories-personal, business, and government. First, the detailed personal expenditure data are only available from a Household Budget Survey for 1985. These data also are separated into urban and rural for each class of commodity expenditure. Due to their different expenditure patterns and the recent massive migration from rural to urban areas, the current detailed household expenditures by commodities for the country as a whole are constructed by increasing the proportion of the total national household expenditures made in urban areas from 7% in 1985 to 12% in 1994. Using the FY 1994-95 aggregate private consumption shown in national accounts as a control total, the detailed personal expenditures by commodities are estimated.Second, the information concerning business expenditures on capital investment and intermediate inputs is very limited. The national accounts only provide an aggregate figure on private capital formation which can be further separated into machinery and equipment and construction. Using import information, the totals for machinery and equipment are further allocated among tractors, motor vehicles and parts, aircraft, telecommunications, medical equipment, and other machinery equipment. This is done in anticipation that certain goods or sectors are likely to be either zero-rated or exempted under the proposed V AT. The split between residential and nonresidential construction is also important because of their differences in the composition of mixed construction materials. For nonresidential construction, about one-third is sponsored by international organizations and is classified as expenditures of the government sector. For each construction category, detailed requirements of construction materials, labor cost, as well as profits and contract tax are provided by the Nepal Engineers' Association. In addition, the detailed intermediate inputs demanded by each of the industrial sectors are developed using the 1987 I-O tables.Third, government expenditures are separated into Regular and Development Expenditures. The latter are mostly funded by international organizations such as the World Bank, the Asian Development Bank, and bilateral donors which do not pay tariffs or other commodity taxes on their purchases. Each of the Regular and Development Expenditures can be further broken down into current and capital expenditures by commodity items or economic functions.After the basic detailed expenditures data for FY 1994-95 are constructed, the wholesale and retail margins for each commodity are removed from purchasers' expenditures on each good or service derived above .This would form the manufacturers' or importers' sales totals, inclusive of taxes, by commodity and by entity. The expected sales tax revenue for each commodity can then be calculated based on eqn (1).Simulation of the V AT revenuesThe proposed V AT will be imposed on goods and services consumed in the Kingdom of Nepal except for those specified in Schedules 1 and 2 of the V AT Act. The V AT Act will replace the Sales Tax Act, Hotel Act, Contract Tax Act, and Entertainment Act. This implies that, for revenue-neutral, at least a total of 6,857 million rupees should have been generated in FY 1994-95 if the proposed V AT was implemented.The following basic tax policies are incorporated in the model simulations for illustrative purposes:(ⅰ) impose a single rate of V AT which is extended to the retail level under the destination principle. Most personal and government expenditures are taxed, including government expenditures financed through international organizations.(ⅱ) zero-rate exported goods and services.(ⅲ)exempt unprocessed food, drug and medical services, books and newspapers, water and transportation services.(ⅳ) exempt newly constructed dwellings, residential rents, and financial services.(ⅴ) adjust the excise levies on alcoholic beverages and tobacco products to maintain their current consumer prices.Before turning to the empirical results, it is useful to recall the equivalency of the V AT to that of retail sales tax levied on the final selling price of all goods and services.The data on the latter were derived earlier in the form of gross expenditures by commodities under the personal, business, and government category. These gross expenditures represent the sum of all the expenditures on the various commodities and primary inputs contained in each category. Adjustments must be made for factors such as removal of the current sales taxes, zero-rated and exempt goods and services, and realistic tax compliance by taxpayers in order to arrive at the V AT base and the associated revenues.First, the above gross expenditures by commodities and by entities contain the amounts of the current sales taxes, directly paid by individuals and by governments, which must be deducted in calculating the V AT base. Since sales taxes are assumed to be fully shifted forward to final consumers, a further deduction must be made for the indirect sales taxes embedded in the price of personal and government expenditures. One can observe from Columns (2) and (3) of Table 1 that more than half of the current sales taxes are imposed on intermediate inputs and capital goods in Nepal. These input taxes are now embodied in the form of higher prices of goods and services sold to final consumers and governments.Second, the excise tax on alcoholic beverages and tobacco products are adjusted upward in order to maintain the same level of retail prices for consumers. The excise adjustment (DE) must equal the diff erence between the manufacturers’ sales prices of the excisable good under the newversus the current sales tax systems. That is:where is the single V AT rate, is the V AT compliance rate, is the current sales tax rateof the ith excisable good, and is the compliance rate of the current sales tax systems. is defined as eqn. (1), namely, the current sales tax-inclusive base of the ith excisable good. Hence, the adjustments shown in Column (5) of Table 1 refer to the case if the V AT rate is set at 12% and the tax compliance remains the same as the current tax system.Third, the full value of zero-rated goods or services purchased by final consumers and governments must be removed from gross expenditures. The simulation will only apply to exports, not to the goods and services paid for with foreign exchange but consumeddomestically.Fourth, for exempt goods and services that operate at the retail stage, the V AT is not levied on their selling prices nor are vendors entitled to the input tax credit. As a result, the associated input taxes that are not creditable form part of the V AT base. It should be noted that while not only unprocessed basic groceries but also basic agricultural inputs such as fertilizer seeds and pesticides are exempt. Another interesting case in Nepal is the practical difficulty of imposing a V AT on newly constructed houses because no such market prevails. New houses are normally self-constructed with assistance from relatives or friends. Therefore, new houses are treated as tax exempt and the purchases of construction materials are made subject to tax the business inputs associated with the denied input tax credits are all shown by sector in the second panel of Table 1 to form part of the V AT in Nepal.Fifth, the government is treated in the same fashion as final consumers. In other words, expenditures incurred by the government are taxed.Each of these tax policy measures presented in the V AT Act might appear reasonable and politically prudent, in the context of the economy of Nepal. But the results in Column (7) of Table 1 show that the V AT base, with the current tax compliance, has been reduced to approximately 20% gross domestic expenditure. It is also unrealistic to expect a substantial increase in compliance of the tax in a near term. If significant additional revenues are to be collected, tougher tax policies to broaden the tax base will have to be implemented. Because the share of the formal economy is relatively small in such a developing country, the potential tax base for a V AT is rather narrow. Hence, substantial political will is needed in developing countries to impose taxes on goods and services that might be exempted due to political or social considerations in developed countries.A V AT generally requires a higher level of administrative expenditures than a single stage sales tax system because of the greater number of taxpayers and the initial start up costs. This will reduce the net collection of tax revenues. There is a question of whether the V AT would lead to either greater tax enforcement or greater revenue leakage. One can argue that invoices issued by vendor registrants are proof of tax paid and, thus, constitute the basis for input tax credit claims by purchaser registrants. The invoice system may be considered by some economists or tax practitioners as a mechanism that provides an audit trail and an incentive to record。

Discussion on the Modern Enterprise Financial ControlRyanDavidson ,JennyGoodwin-Stewart ,PamelaKentThis paper discusses the The modern enterprise is becoming China's economic development in the process of an important new force. However, with the modern enterprise investment on the scale of the expansion and extension of the growing investment levels, the modern enterprise financial control is becoming increasingly urgent. This is common in state-owned enterprise groups and private enterprise groups, a common predicament. At present, the modern enterprise is becoming China's enterprises to compete in the international market, the leading force. In a market economy under the conditions of modern business success or failure depends largely on the Group's financial management and financial control is a modern enterprise financial management of the link. Many of the modern enterprise by strengthening the financial control so that the Group significant increase efficiency, and even some loss-making by strengthening the financial control of the modern enterprise to enable companies to achieve profitability. In this paper, expounding China's modern enterprises the main problems of financial control, based on the choice of financial control method was summarized and analyzed the content of the modern enterprise financial controls, the final resolution of the financial control mode selected key factors for the modern enterprise the improvement of financial control to provide a degree of meaningful views.1 IntroductionWith China's accession to WTO, China's enterprise groups must be on the world stage to compete with TNCs from developed countries. At present the development of enterprise groups in China is not satisfactory, although there are national policies and institutional reasons, but more important is its financial management in particular, caused by inadequate financial controls. For a long time, China's enterprise group cohesion is not strong, their respective subsidiaries within the Group for the array, can not play the whole advantage; redundant construction and haphazard introduction of frequent, small investments, decentralized prominent problem: financial management is chaotic, resulting in frequent loss of control, a waste of money the phenomenon of serious; ineffective financial control, financial management loopholes. In recent years, enterprise group's financial control has been our country's financial circles. In short, the problem of exploration in our country has obvious practical significance. Clearly, China's modern enterprise financial controls are the main problem is to solve the problem of financial control method based on the choice of financial control method is the key financial control of the modern enterprise content is content, while the financial control method of choice is the ultimate ownership of the main factors that point, This train of thought here on the modern enterprise's financial control method were analyzed.2. An overview of the modern enterprise financial controlInternal control over financial control is an important part, is a subsidiary of parent company control of an important part of its financial management system is the core of. The concept of modern enterprise financial controls in accordance with the traditional definition, financial control refers to the "Financial Officers (sector) through the financial regulations, financial systems, financial scale, financial planning goals of capital movement (or the daily financial activities, and cash flow) for guidance, organization, supervision and discipline, to ensure that the financial plan (goals) to achieve the management activities. financial control is an important part of financial management or basic functions, and financial projections, financial decision-making, financial analysis and evaluation together with a financial management system or all the functions.The modern enterprise's financial control is in the investor's ownership and corporate property rights based on the generated surrounding the Group's overall objective, using a variety of financial means, the members of the enterprise's economic activities, regulation, guidance, control and supervision, so that it Management Group's development activities are consistent with the overall goal of maintaining the group as a whole. Financial control is a power to control one side of the side control, inevitably based on one or several powers. Financial control is essentially related to the interests of enterprises in the organization, the conduct of control, namely, by controlling the financial activities of the assets, personnel actions, to coordinate the objectives of the parties to ensure that business goals. The modern enterprise financial control includes two aspects: the owner funded financial control and corporate managers financial control. From the donors point of view, the essence of the modern enterprise is characterized by investor and corporate property rights of ownership and separation. Investors will invest its capital to the enterprise after their capital combined with debt capital, constitute the enterprise's capital, the formation of corporate business assets is funded by corporate property, then lost direct control over the funders in order to achieve itsCapital maintenance and appreciation of the goal, only through control of its capital manipulation of corporate assets in order to achieve the maximum capital value donors. The control of capital controls is an important property is the prerequisite and foundation for financial control. From the perspective of internal management of enterprises and its financial control target is the legal property of its operations.3 China's modern enterprises the main problems of financial controlAt present, the modern enterprise is becoming China's enterprises to compete in the international market, the leading force. In a market economy under the conditions of modern business success or failure depends largely on the Group's financial management and financial control is a modern enterprise financial management of the link. China's modern enterprise financial controls are still in the stage to be further improved, to varying degrees, there are some urgent need to address the problem: 3.1 Financial control set decentralized model of polarization, lowefficiencyIn the financial control of the set of decentralized model, China's modern enterprise polarization. The current group of financial control either over-centralization of power, the members of the business has no legal status as a subsidiary factory or workshop, the group is seen as a big business management, leadership financial rights absolute; or excessive decentralization, a large number of decentralized financial control to a subsidiary, any of its free development.In addition, the modern enterprise financial control system suited the needs of a market economy, financial control and flexibility of principle there is no organic unity. If the subordinate enterprises, with few financial decision-making power, then the temporary financial problems occur at every level always reported to the Group's headquarters, and then from the headquarters down the implementation of the decision-making at every level, so it is easy to miss market opportunities. On the contrary, when the subsidiary of financial decision-making power is too large, they easily lead to financial decision-making blind and mistakes, not only for the Group's staff to participate in market competition, failed to exercise any decision-making role, but will also become a competitor to the market to provide a tool for competitive information, hinder the the further development of enterprises.3.2 One of the lack of financial contro lFinancial control in accordance with the owner of intention, in accordance with relevant laws and regulations, systems and standards, through certain financial activities and financial relations, and financial activities to promote all aspects of the financial requirements in accordance with a code of conduct to conduct his activities. From China's current situation, the financial control of a modern enterprise mainly focused on ex post facto control, is often the lack of critical pre-budget and to control things. Many modern enterprises, after a decision is in advance, for further financial control tended to focus on the annual profit plan, to meet on the development of a full-year sales revenue, cost, target profit, and several other overarching objectives, without further specific decision-making technology to compile for control and management, according to the month, quarterly, annual financial budget. Therefore, the interim budget and thus difficult to compare operating performance is a matter to control the empty words. As for the ex post facto control, although based on the year-end assessment of the needs and to get some attention, they can still profit in the annual plan, based on the relevant accounting information barely supported by whom, but the effects are pretty effective. Since the ex ante control may not be effective, so subordinate enterprises throughout the implementation process of decision-making are largely outside the core business of financial control, divorced from the core business of financial control.Modern enterprises themselves do not establish a parent-subsidiary link up the financial control mechanisms, financial control their own ways, the parent company of the modern enterprise can not come to the unified arrangement of a strategic investment and financing activities, the group blindly expand the scale of investment,poor investment structure, external borrowing out of control, financial structure is extremely weak, once the economic downturn or product sales are sluggish, there barriers to capital flows, the Group into trouble when they become addicted. An internal financial assessment indicators are too single, not fully examine the performance of subsidiaries. A considerable number of modern enterprise's internal assessment targets only the amount of the contract amount and profit 2.3.3 regardless of the financial and accounting functions, institutional settings are not standardizedAt present, China's financial and accounting sector enterprises are usually joined together, such a body set up under the traditional planned economic system, still capable to meet the management needs, but the requirements of modern enterprise system, its shortcomings exposed. Manifested in: (1) financial services targeted at business owners, it is the specific operation and manipulation of objects is the enterprise's internal affairs, while the accounting of clients within the enterprise and external stakeholders, would provide open accounting information must reflect the "true and fair" principle. Will be different levels of clients and flexibility in a merger of two tasks, will inevitably lead to interference with the financial flexibility of the fairness of accounting. (2) The financial sector is committed to the financial planning, financial management, the arduous task, but flexible in its mandate, procedures and time requirements more flexible, but assume that the accounting information collection, processing, reporting and other accounting work, and flexibility in work assignments weak, procedures and time requirements more stringent and norms. If the enterprises, especially in modern enterprises to financial management and accounting work are mixed together, is likely to cause more "rigid" in accounting work runs more "flexible" financial management is difficult to get rid of long-standing emphasis on accounting, financial management light situation.3.4 irregularities in the operation of a modern enterprise fundsAt present, the modern enterprise fund operation of the following problems: First, a serious fragmentation of the modern enterprise funds. Some of the modern enterprise have not yet exceeded a certain link between the contractual relationship to conduct capital, operating, and its essence is still the executive order virtual enterprise jointly form of intra-group members are still strict division of spheres of influence, difficult to achieve centralized management of funds, unification deployment of large groups is difficult to play the role of big money. Second, the stock of capital make an inventory of modern enterprise poor results. Result of the planned economy under the "re-output, light efficiency, re-extension, light content, re-enter, light output" of inertia, making the enterprise carrying amount of funds available to make an inventory of large, but the actual make an inventory of room for small, thus affecting the to the effect of the stock of capital. Third, the modern enterprise funds accumulated a lot of precipitation.3.5 Internal audit exists in name onlyAt present, enterprises in the financial monitoring of internal audit work to become a mere formality process. The first formal audit management. Hyundai organized every year in different forms of audit, has become a fixed procedure, but because the internal audit staff and the audited entity at the same level, thus in the company's financial problems can not get to the bottom, just a form of and going through the motions. This audit not only failed to exercise any oversight role, to some extent encouraged the small number of staff violations of law. Second, nothing of audit responsibilities. Internal audit is a modern enterprise group commissioned by the audit staff members of Corporate Finance to conduct inspection and supervision process, and therefore the auditors have had an important mandate and responsibilities. But in reality, become a form of audit work, audit officers, whether seriously or not, are not required to bear the responsibility, thus making the audit is inadequate supervision. Third, the audit results and falsified. Audit results should be true and can be *, but in reality the different audit bodies of the same company during the same period of the audit, results are often different, and a far cry from, these are false true performance of the audit findings.4. Selected financial control model should be considered a major factor Generally speaking, the modern enterprise selects the financial control mode, the main consideration should be given these factors: equity concentration, a subsidiary of the degree of influence of the parent company financial strategy, organizational structure, development strategy, the group scale.From the group-level point of view, the parent company of the subsidiaries of the associated control to be strict control of the company, a wholly-owned subsidiary of the control to be strict control of the relatively holding subsidiaries, therefore, the parent company of the wholly owned subsidiary of and advantages of holding subsidiaries with centralized control, the quality holding subsidiaries and any shares of a subsidiary of the separation of powers system. To maintain and enhance the core competitiveness of modern enterprises of different degree of importance of a subsidiary should be taken to a different control mode. Have a significant impact on the subsidiary, the parent company must maintain a high degree of centralized control and management right, even partially, the separation of powers must be confined within the framework of centralized; right with the Group's development strategy, core competencies, core business and for the foreseeable the future development of relations in general, a subsidiary of little impact, from improving management efficiency, play to their enthusiasm and enhance the resilience of the market competition point of view, using decentralized type of management system, a better option.From the organizational structure point of view, U-type structure is a typical centralized structure, and accordingly, its financial control model should also be authoritarian style. H-is an organic organizational structure, a more loose linkages between various departments, departments have greater flexibility in the organization structure, with decentralized financial control model is more suitable, while the M-type structure belonging to phase Rong-type organizational structure, so the use of centralized financial control model can be used either decentralized model.From the operating characteristics of point of view, the different characteristics of the modern enterprise management, financial control mode selection will be different. And integration operations in a single case, all units within the group has a great business contacts, financial control naturally require higher degree of centralization. Enterprises to adopt diversification, because each subsidiary where the industry is different from the operational linkages between the various subsidiaries is relatively small, difficult to implement a modern enterprise integrated centralized control, and therefore the financial control of all subsidiaries should be given to the appropriate authority.From the development stage point of view, the modern enterprises in the different stages of development, in order to meet the needs of business development will take a different mode of financial control. Generally speaking, companies in the early stages of the development of small, relatively simple operations, using centralized financial control mode, you can better play the same decision-making and resource integration advantages in the industry has created a scale. With the continuous expansion of company size, business areas and constantly open up, Centralized financial control mode can not meet the company's financial controls and management methods on the need for diversification, and this time, we need more subsidiaries in all aspects of and more authority, so that the financial control model of a modern enterprise gradually to decentralized development.In addition, the financial control model should be subject to the enterprise's development strategy, fully reflects the company's strategic thinking. The company's development strategy can be divided into stable angina strategy, expansion-type strategy, tight-based strategies and hybrid strategies. Enterprises at different stages of the strategic choice of a particular need for financial control in accordance with * a different pattern. Stable implementation of the strategy is usually within the company can be a high degree of centralization of some; to implement expansionary strategy, companies tend to a more flexible decentralized type control mode to suit their developing needs of the market; the implementation of tight-based company's business strategy, all major financial activities must be strictly controlled, thus emphasizing centralization; hybrid strategy for the implementation of the company, it should be operated according to the characteristics of each subsidiary to take a different control mode.References:[1] Han Wei mold. Finance and Accounting Review of regulatory hot spots [M]. Beijing: Economic Science Press, 2004[2] Lin Zhong-gao. Financial governance. Beijing: Economic Management Publishing House [M], 2005[3] Yan Li Ye. Xu Xing-US; Enterprise Group Financial Control Theory and Its Implications, economics, dynamic [J], 2006[4] Lu Jie. On the internal financial control system improvements and management of popular science (research and practice) [J], 2007[5] Chen Chao-peng. Improve the corporate financial control measures, business accounting [J], 2007[6] Huang Xi. On the Enterprise Group Financial Control [J]. Chinese and foreign entrepreneurs, 2006, (06)[7] Jiang-feng tai. Enterprise Group Financial Control Studies [J]. Marketing Week. Theoretical study, 2006, (08)现代企业财务管理的探讨瑞安戴维森，珍妮古德温-斯图尔特，帕梅拉肯特本文探讨现代企业正在成为中国经济发展过程中的一个重要的新力量。

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。

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。

(文档含英文原文和中文翻译)中英文对照外文翻译附件：外文翻译译文战略财务会计在中小企业摘要：随着社会经济的发展和科学技术的进步,中国的企业在一个充满机会和危险的阶段。

介绍了安全会计的含义和意义战略财务会计中存在的问题,阐述了财务策略进行小中型企业一起,最后提出了一些对策和原因。

关键词：中小企业的战略财务会计、问题、对策一个企业的不确定性的金融环境其财务活动充满风险。

除了机会,有许多的危险从时间,以时间,其财务会计。

因此,它已经成为了成功的关键一个企业的财务会计是否能跟踪的趋势变化什么是有用的吸收。

应当拒绝接受什么是有害的。

战略会计思想是非常重要的在企业的财务会计,因为我们必须努力去分析和把握一般环境和发展一个企业的发展趋势,从而提高适应能力、可变性和适用性的金融中心会计不确定环境。

目前,中小企业在100年通过了工商登记、以企业总数的90%。

因此,其战略财务会计是特别重要的,这也是本论文的主题。

1 简介战略性的财务会计是财务会计理论,根据该融资应该的在最适当的方式进行,采集到的资本必须利用和会计的最有效的方式虽然企业和决策和利润分配应该最合理。

根据其内涵,总结三个主要内容的战略财务会计,包括融资策略,投资战略和利润分配决策策略。

详情如下:融资策略高度发达的现代企业具有的销售急剧增长。

当面对这样一种局势,企业倾向于有很大的要求从股票和应收账款是资本的提升。

更大的为销售增长的张力,但更大的资本要求。

因此,在融资策略都具有十分重要的意义战略会计财务。

融资策略的功能在于明确的指导方针融资、铺设融资目标下,建立整体规模、融资渠道和方法,安排战略资本结构优化方案,从各方面对此作了相应的对策,以达到融资目标,最后预测和收集的大量资金的企业的需要。

投资策略为核心的战略财务会计,这种策略决定一个企业只能分配它的首都资源合理而有效的方法。

投资策略包括确认投资固定资产的方向、公司规模和资本规模、投资选择相关的外部扩张或内部扩张,改革旧的产品或开发新的、独立或联合操作,自有资金投资决定或贷款之间的百分比固定资产、流动资产、投资策略和风险和那些在通货膨胀。

原文：Introduction to Financial ManagementSourse:Ryan Allis.Zero to one million.February 2008Business financial management in the small firm is characterized, in many different cases, by the need to confront a somewhat different set of problems and opportunities than those confronted by a large corporation. One immediate and obvious difference is that a majority of smaller firms do not normally have the opportunity to publicly sell issues of stocks or bonds in order to raise funds. The owner-manager of a smaller firm must rely primarily on trade credit, bank financing, lease financing, and personal equity to finance the business. One, therefore faces a much more severely restricted set of financing alternatives than those faced by the financial vice president or treasurer of a large corporation.On the other hand, when small business financial management is concern, many financial problems facing the small firm are very similar to those of larger corporations. For example, the analysis required for a long-term investment decision such as the purchase of heavy machinery or the evaluation of lease-buy alternatives, is essentially the same regardless of the size of the firm. Once the decision is made, the financing alternatives available to the firm may be radically different, but the decision process will be generally similar.One area of particular concern for the smaller business owner lies in the effective management of working capital. Net working capital is defined as the difference between current assets and current liabilities and is often thought of as the "circulating capital" of the business. Lack of control in this crucial area is a primary cause of business failure in both small and large firms.The business manager must continually be alert to changes in working capital accounts, the cause of these changes and the implications of these changes for the financial health of the company. One convenient and effective method to highlight the key managerial requirements in this area is to view working capital in terms of its major components:(1) Cash and EquivalentsThis most liquid form of current assets, cash and cash equivalents (usually marketable securities or short-term certificate of deposit) requires constant supervision. A well planned and maintained cash budgeting system is essential to answer key questions such as: Is the cash level adequate to meet current expenses as they come due? What are the timing relationships between cash inflows and outflows? When will peak cash needs occur? What will be the magnitude of bank borrowing required to meet any cash shortfalls? When will this borrowing be necessary and when may repayment be expected?(2) Accounts ReceivableAlmost all businesses are required to extend credit to their customers. Key issues in this area include: Is the amount of accounts receivable reasonable in relation to sales? On the average, how rapidly are accounts receivable being collected? Which customers are "slow payers?" What action should be taken to speed collections where needed?(3) InventoriesInventories often make up 50 percent or more of a firm's current assets and therefore, are deserving of close scrutiny. Key questions which must be considered in this area include: Is the level of inventory reasonable in relation to sales and the operating characteristics of the business?How rapidly is inventory turned over in relation to other companies in the same industry? Is any capital invested in dead or slow moving stock? Are sales being lost due to inadequate inventory levels? If appropriate, what action should be taken to increase or decrease inventory?(4) Accounts Payable and Trade Notes PayableIn a business, trade credit often provides a major source of financing for the firm. Key issues to investigate in this category include: Is the amount of money owed to suppliers reasonable in relation to purchases? Is the firm's payment policy such that it will enhance or detract from the firm's credit rating? If available, are discounts being taken? What are the timing relationships between payments on accounts payable and collection on accounts receivable?(5) Notes PayableNotes payable to banks or other lenders are a second major source of financing for the business. Important questions in this class include: What is the amount of bank borrowing employed? Is this debt amount reasonable in relation to the equity financing of the firm? When will principal and interest payments fall due? Will funds be available to meet these payments on time?(6) Accrued Expenses and Taxes PayableAccrued expenses and taxes payable represent obligations of the firm as of the date of balance sheet preparation. Accrued expenses represent such items as salaries payable, interest payable on bank notes, insurance premiums payable, and similar items. Of primary concern in this area, particularly with regard to taxes payable, is the magnitude, timing, and availability of funds for payment. Careful planning is required to insure that these obligations are met on time.When small business financial management is concern, many financial problems facing the small firm are very similar to those of larger corporations. For example, the analysis required for a long-term investment decision such as the purchase of heavy machinery or the evaluation of lease-buy alternatives, is essentially the same regardless of the size of the firm. Once the decision is made, the financing alternatives available to the firm may be radically different. Manager must continually be alert to changes in working capital accounts, the cause of these changes and the implications of these changes for the financial health of the company.As a final note, it is important to recognize that although the working capital accounts above are listed separately, they must also be viewed in total and from the point of view of their relationship to one another: What is the overall trend in net working capital? Is this a healthy trend? Which individual accounts are responsible for the trend? How does the firm's working capital position relate to similar sized firms in the industry? What can be done to correct the trend, if necessary?Of course, the questions posed are much easier to ask than to answer and there are few "general" answers to the issues raised. The guides which follow provide suggestions, techniques, and guidelines for successful management which, when tempered with the experience of the individual owner-manager and the unique requirements of the particular industry, may be expected to enhance one's ability to manage effectively the financial resources of a business enterprise.企业财务管理在中小企业的特点是，在许多不同的情况下，需要面对有所不同的一系列问题和机会比那些面临一个大公司。

LNTU---Acc附录A国际会计准则第 37 号或有负债和或有资产目的本准则的目的是确保将适当的确认标准和计量基础运用于准备、或有负债和或有资产，并确保在财务报表的附注中披露充分的信息，以使使用者能够理解它们的性质、时间和金额。

范围1．本准则适用于所有企业对以下各项之外的准备、或有负债和或有资产的会计核算：（1）以公允价值计量的金融工具形成的准备、或有负债和或有资产：（2）执行中的合同（除了亏损的执行中的合同）形成的准备、或有负债和或有资产；（3）保险公司与保单持有人之间签订的合同形成的准备、或有负债和或有资产；（4）由其他国际会计准则规范的准备、或有负债和或有资产。

2．本准则适用于不是以公允价值计量的金融工具（包括担保）。

3．执行中的合同是指双方均未履行任何义务或双方均同等程度地履行了部分义务的合同。

本准则不适用于执行中的合同，除非它是亏损的。

4．本准则适用于保险公司的准备、或有负债和或有资产，但不适用于其与保单持有人之间签订的合同形成的准备、或有负债和或有资产。

5．如果其他国际会计准则规范了特定的准备、或有负债和或有资产，企业应运用该准则而不是本准则，例如，关于以下项目的准则也规范了特定的准备：（1）建造合同（参见《国际会计准则第11号建造合同》）；（2）所得税（参见《国队会计准则第12号所得税》）；（3）租赁（参见《国际会计准则第17 号租赁》），但是，《国际会计准则第17 号》未对已变为亏损的经营租质的核算提出具体要求，因而本准则应适用于这些情况；（4）雇员福利（参见《国际会计准则第19号一雇员福利》）。

6．一些作为准备处理的金额可能与收入的确认有关，例如企业提供担保以收取费用，本准则不涉及收入确认，《国际会计准则第18 号收入》明确了收入确认标准，并就确认标准的应用提供了实务指南，本准则不改变《国际会计准则第18 号》的规定。

7．本准则将准备定义为时间或金额不确定的负债，在某些国家，“准备”也与一些项目相联系使用，例如折旧，资产减值和坏账：这些是对资产账面金额的调整，本准则不涉及。

中英文资料翻译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 riskwithin 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 towhich it is added. Organizations may have an opportunity to reduce risk as a result of risk 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 bepossible to change where and how business is done, thereby reducing the organization’s exposure and risk. Alternatively, existing exposures may be managed with derivatives. Another strategy for managing risk is to accept all risks and the possibility of losses.There are three broad alternatives for managing risk:1. Do nothing and actively, or passively by default, accept all risks.2. Hedge a portion of exposures by determining which exposures can and should be hedged.3. Hedge all exposures possible.Measurement and reporting of risks provides decision makers with information to execute decisions and monitor outcomes, both before and after strategies are taken to mitigate them. Since the risk management process is ongoing, reporting and feedback can be used to refine the system by modifying or improving strategies.An active decision-making process is an important component of risk management. Decisions about potential loss and risk reduction provide a forum for discussion of important issues and the varying perspectives of stakeholders.Factors that Impact Financial Rates and PricesFinancial rates and prices are affected by a number of factors. It is essential to understand the factors that impact markets because those factors, in turn, impact the potential risk of an organization.Factors that Affect Interest RatesInterest rates are a key component in many market prices and an important economic barometer. They are comprised of the real rate plus a component for expected inflation, since inflation reduces the purchasing power of a lender’s assets .The greater the term to maturity, the greater the uncertainty. Interest rates are also reflective of supply and demand for funds and credit risk.Interest rates are particularly important to companies and governments because they are the key ingredient in the cost of capital. Most companies and governments require debt financing for expansion and capital projects. When interest rates increase, the impact can be significant on borrowers. Interest rates also affect prices in otherfinancial markets, so their impact is far-reaching.Other components to the interest rate may include a risk premium to reflect the creditworthiness of a borrower. For example, the threat of political or sovereign risk can cause interest rates to rise, sometimes substantially, as investors demand additional compensation for the increased risk of default.Factors that influence the level of market interest rates include:1、Expected levels of inflation2、General economic conditions3、Monetary policy and the stance of the central bank4、Foreign exchange market activity5、Foreign investor demand for debt securities6、Levels of sovereign debt outstanding7、Financial and political stabilityYield CurveThe yield curve is a graphical representation of yields for a range of terms to maturity. For example, a yield curve might illustrate yields for maturity from one day (overnight) to 30-year terms. Typically, the rates are zero coupon government rates.Since current interest rates reflect expectations, the yield curve provides useful information about the market’s expectations of future interest rates. Implied interest rates for forward-starting terms can be calculated using the information in the yield curve. For example, using rates for one- and two-year maturities, the expected one-year interest rate beginning in one year’s time can be determined.The shape of the yield curve is widely analyzed and monitored by market participants. As a gauge of expectations, it is often considered to be a predictor of future economic activity and may provide signals of a pending change in economic fundamentals.The yield curve normally slopes upward with a positive slope, as lenders/investors demand higher rates from borrowers for longer lending terms. Since the chance of a borrower default increases with term to maturity, lenders demand to be compensated accordingly.Interest rates that make up the yield curve are also affected by the expected rate of inflation. Investors demand at least the expected rate of inflation from borrowers, in addition to lending and risk components. If investors expect future inflation to be higher, they will demand greater premiums for longer terms to compensate for this uncertainty. As a result, the longer the term, the higher the interest rate (all else being equal), resulting in an upward-sloping yield curve.Occasionally, the demand for short-term funds increases substantially, and short-term interest rates may rise above the level of longer term interest rates. This results in an inversion of the yield curve and a downward slope to its appearance. The high cost of short-term funds detracts from gains that would otherwise be obtained through investment and expansion and make the economy vulnerable to slowdown or recession. Eventually, rising interest rates slow the demand for both short-term and long-term funds. A decline in all rates and a return to a normal curve may occur as a result of the slowdown.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。

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。

中英文资料翻译A Financial Control System that Focuses on Improvement and SuccessOf course, we are not saying that businesses should ignore prudent controls over their cash drawer. The point is that focusing on small components while not knowing how much cash is tied up in receivables does not represent a control system that recognizes priorities and risk. Focusing solely on the rote and mundane does little to improve your overall financial performance. Financial control systems shouldn’t just be about compliance, they should be about continually improving key aspects of the financial operation such as:∙Regularly reviewing and improving the overall capital structure.∙Using a capital plan to minimize the cost of capital while strengthening the Debt/Equity position.∙Managing working capital so excessive inventories and receivables do not sap financial resources.∙Ensuring proper calculations and scenarios are explored while making debt/investment or leasing decisions.∙Maximizing returns while minimizing costs for cash and merchant accounts.A control system of well-defined processes is not only about control or compliance, it is also about consistently striving to do a little better. Control systems that are designed only to achieve compliance are doing the bare minimum, and they represent a missed opportunity to gain improvement and a competitive edge. And that should be enough reason for any size and type of company to think about using a continual improving process approach to creating a financial internal control system. Sox is nice; but continual improvement is better for everyone.Financial control of projectsPurpose:Established and effective cost control systems and procedures, understood and adopted by all members of the project team, entail less effort than ‘crisis management’ and will release management effort to other areas of the project.Fitness for purpose checklist:∙The prime objective of the government’s procurement policy is to achieve best VFM.∙To exercise financial/cost control, project sponsors need to review and act on the best and most appropriate cost information. This means that they should receive regular, consistent and accurate cost reports that are both comprehensive in detail and presented in a manner that permits easyunderstanding of both status and trends. Reports need to be tailored to suit the individual needs of each project and should always be presented to givea comparison of the present position with the control estimate.∙Reports to project sponsors normally give only the status of the project overall. But sponsors will on occasion need to monitor costs against a specific cost centre in more detail. The typical contents of a cost report are given in Annex A.∙Tables of figures are essential, but for rapid understanding and analysis of trends some graphs are helpful.Suggested content:The following aspects should be addressed in a financial report (rather than repeating detailed information available in earlier reports, later reports can summarise the key points and cross refer to the relevant earlier reports):∙development of budget∙original authorised budget∙new budget authorisations (giving justification for changes)∙current authorised budget∙expenditure to date(Each section on budgets and expenditure should address the original base estimates and risk allowances for each element)∙commitments∙agreed variations (giving justification for variations)∙potential/expected claims or disputes awaiting resolution (if the project is going well, this area should be small)∙commitments required to complete∙orders yet to be placed∙variations pending∙future changes anticipated.Each of the following cost elements should be covered:∙in-house costs and expenses (including all central support services, administration, overheads etc)∙consultancy fees and expenses (design, feasibility, client advice, legal, construction management, site supervision etc)∙land costs∙way leaves and compensation∙demolition and diversion of existing facilities∙new construction or refurbishment costs∙operating costs∙maintenance costs∙disposal costs∙insurance costs∙all other costs relating to the project not listed above.∙All prices need to be discounted to a common base.∙Example of a cost summary reportFinancial ControlFinancial Control is a major contributory factor to business survival. For many managers, exercising effective financial control is, at best, seen as a mystery and, at worst, not even considered. Yet monitoring a small number of important figures can ensure that you retain complete and effective financial control.ObjectivesThis section is intended to help you put in place that financial control: to ensure that you are estimating costs accurately and then keeping them under control; to ensure that you are charging and/or paying the right price; and to ensure that you can collect money owed to you and can pay your bills as they fall due. Its objectives are:∙to demonstrate how effective financial control assists in the management of the organisation in which you work;∙to show that control can be achieved through simple documentation; and,∙to suggest financial indicators for inclusion in your strategic objectives.1 Achieving ControlGood financial results will not arise by happy accident! They will arise by realistic planning and tight control over expenses. Remember that profit is the comparatively small difference between two large numbers: sales and costs. A relatively small change in either costs or sales, therefore, has a disproportionate effect on profit.You must watch your costs/prices and margins very carefully at all times since small changes in any of these areas can lead to substantial changes in net profit. Control can then be exercised by comparing actual performance with budget. To do this, you will need to produce:∙ a financial plan, agreed as being achievable by all concerned; and,∙some means of monitoring performance against the plan.Since there will always be differences between the actual and the plan, you need some form of control. Beyond a certain organisational size, control can only be exercised by delegation; the human aspect of control is, therefore, important.Why keep records?Accurate record keeping is required if you are to be effective in monitoring performance against budget. Other reasons why you will need to keep accurate records are:∙there is a legal obligation to do so;∙any shareholders may want accounts;∙the VAT inspectors will need them;∙HM Revenue and Customs will require them;∙potential suppliers may require them;∙you will need to report accurate figures to your stakeholders;∙you will need to identify areas of possible concern; and,∙you will need to investigate and explain variances (under or overspends against your budget).Accounting records will need to be detailed enough for you to be able to say at any one time what the financial position is; ie, how much cash is in the business or the budget? How much do you owe? How much is owed to you? How big is the overdraft (or overspend)? How long could bills be paid for if cash stopped flowing in? What is the profit margin?Financial control will be poor if there are no clear objectives and a lack of knowledge of the basic information necessary to run a business or departmentsuccessfully. A lack of appreciation of the cash needs for a given rate of activity and a tendency to assume that poor results stem from economic conditions or even bad luck will only exacerbate the situation.Accounting centresOne way of delegating financial responsibility is to set up a system of accounting centres. Where businesses make a range of products, putting each into a different accounting centre makes it easier to determine which of the products are profitable. Some costs (eg factory rent) are more difficult to allocate, so may be recorded in a holding account and then split between products. Indirect costs could be allocated by the proportion of sales represented by each product (by volume or cost), by proportion of machine time used, or by some other appropriate method.This split will give an indication of the profitability of each product, but you should beware of ceasing sales of a particular product because of low profit or loss - the costs currently charged to that accounting centre would have to be redistributed among those remaining, so necessitating increased sales of those products.There are four possible levels of financial responsibility with appropriate targets and control requirements:∙revenue centre - staff only have responsibility for income (eg a sales department in a store). Staff have sales targets against which income is measured and compared;∙cost centre - staff have responsibility for keeping costs within set targets, but do not have to worry about where the money comes from (eg an NHS Trust department);∙profit centre - staff have more responsibility and control and will agree targets of profitability and absolute levels of profit (eg a division within a larger company). Control is achieved throughmonitoring performance as measured by the profit and loss account (P&L); they are unable, however, to invest in new equipment; and,∙investment centre - the staff have authority over investments and the use of assets (eg a subsidiary company) although the holding company would typically need to approve major investment. Targetswould focus on return on capital and control would be through monitoring performance measured bythe complete accounts.2 Management Information SystemsIf your financial control is to be effective you need to regularly analyse your actual performance figures and compare them against the financial plan and, perhaps, performance of the business historically.An easy way of comparing actuals and budgets is variance analysis. Usually, only a few figures need to be watched regularly to achieve effective control. Using a computer-based spreadsheet will assist you with all your analysis requirements.Having a suitable management information system (MIS) is a prerequisite for effective monitoring. Although it might sound daunting, an MIS can be extremely simple. An MIS is simply a set of procedures set up by you and your staff to ensure that data about the business is collected, recorded, reported and evaluated quickly and efficiently. That information is then used to check the progress of the business and to control it effectively. For most small businesses, there are likely only to be a few key elements.∙Marketing monitoring - Are you achieving your sales targets, in terms of level of sales and market share? How full is your order book? Are customers paying the right price?∙Production- How does the level of output compare with the level of sales?What is the percentage of rejects? How does the actual cost compare with the standard cost?∙Staff monitoring - Are they being effective? Are they satisfied and motivated?∙Financial control - Are you meeting your financial targets?You will need proper systems in place to ensure that:∙You keep careful track of everything bought by the business, especially if the person ordering is not the person who pays the bills;∙You record everything sold by the business and that everything is properly invoiced, especially if the person doing the selling is not the person who raises the invoices or chases customers for payment;∙There is an effective stock control system which records incoming raw materials and compares them against purchase orders, monitors progress through the production stages (if appropriate) and records the dispatch of finished goods; and,∙All payments and receipts are recorded to ensure that bank balances and overdraft limits are kept within agreed levels.Computerised accounting packages and spreadsheets make it relatively straightforward to record data and present it in an easily understood format. It still requires discipline to ensure that the data is collected, but making an effort will be rewarded through improved understanding of your business.The key to an effective MIS is to ensure that you only monitor a small number of figures and that those figures relate back to the strategic objectives and the operational objectives that you have set for your business. If other people needto see the figures, ensure that they get them speedily. If your system of financial control is to be successful, figures must be quickly available after month end.一个财务管理系统，该系统的改进与成功重点当然，我们并不是说，企业应该忽视对他们的现金抽屉审慎控制。

Exploration of Accounting Education ReformEducation is the future of accounting Education in accounting to have access to accounting expertise. Receiving education is the starting point of the accounting profession. As in all areas of high use of discipline in the 21st century as well as China's market integration process speeds up, the accounting professional Development goal must be to thick foundation, wide caliber, high-quality general-purpose, intelligent people. accounting degree education reform must strike out.Pay full attention to practical knowledge of accounting education. Fundamentally rationalize the accounting theory and practice of education, the relationship between education and straightened accounting practice of accounting education in the academic education of the whole position, and effectively recognize the accounting practice of education in the future, the role of practical work, a clear accounting practice education is to create Economic applications effective way of talent.Construction of a new accounting practice of science education system, should consistently adhere to the "practice teaching highlights capacity-building" principles, it has the following characteristics: first, the systematicness. Designed by means of accounting practice teaching must be systematic, complete, consistent with the teaching requirements, and to comply with the laws of learning and memory, from the easier to the advanced, from simple to complexity. Second, the practicality. Refers to the new system in a variety of applications, should occur in a typical accounting practice business process through the theory and design. Third, in advance. The new design is the practice of the teaching system, the creation of a new accounting work on behalf of the future direction of elements. In addition, with contemporary science and Technology and information revolution, corresponding to the development, we should further explore the establishment of computerized accounting practices as represented by the teaching system in order to train students to become proficient in the use of machine analysis and the use of the capacity of the major accounting information . Practice of the use of advanced teaching methods. It should be noted, to computerized information-Technology revolution represented, will make more and more traditional manual accounting experiment does not meet the needs of accounting practices. Should establish a high starting point, simulation and strong accounting simulation system so that accounting practices the teaching environment more realistic. Should pay attention to the diversity of accounting experiment, in addition to opening of Financial Management and management accounting experiment, we must also additional business, tax, accounting system design, project feasibility, asset evaluation and other test programs and pilot projects, adequate attention to these aspects of software development and hardware investment.Ideological education and professional ethics. In a market economy environment, the special nature of accounting require accounting personnel should not only have excellent technical expertise, but also have a high Political level and good work ethic. Academic education in the accounting period, to encourage students to serious Political theory courses, a firm belief in Marxism-Leninism, and foster the idea ofserving the people, conscientiously study Deng Xiaoping Theory and "Three Represents" important thought, so that students in the contemporary Political vicissitudes remain sober-minded , there is a firm and correct political position; education students are often concerned about the situation, policy, ethics, law, etc., to improve self-discipline capability and the ability to distinguish right from wrong, and actively participate in various charity activities, to develop team spirit. Students before graduation to open the accounting professional Ethics courses, fully explain the accounting regulations and ethical theory, allow students a clear accounting in economic management in an important position, consciously establish the spirit of dedication, sense of responsibility, to develop students awareness of good professional Ethics .Re-learning ability and sense of Innovation education. It should be noted that in the accounting academic education, the students are equipped with only the most basic knowledge and skills, some of them leave school without the knowledge became obsolete. This is a prominent feature of today's. Diploma and certificate only proof of student's past, but can not prove that its present and future. Must train students in practical work in the future re-learning ability and Innovation awareness and capacity. Such as human resources, accounting, information and knowledge as an intangible asset valuation, derivatives of the measurement of such knowledge, students receive academic education system during the period had a chance to learn and master. Accounting graduates should be able be to study and master the knowledge and competency.Physical and psychological quality education. In addition to these abilities, we should also pay attention to the students physical and psychological quality of training and training to enable students to develop good exercise habits, trained to a healthy body, while students have a tough, tenacious, are not afraid of setbacks, the will to adapt to environmental change and quality has a positive progressive attitude toward life self-improvement and good sense of team identity. Can allow students to practice, through social means of social contact, with full preparation to meet the challenge, fully display his talent.In short, in the accounting degree stage of education to students of accounting theory with a thicker and wider professional caliber, high professional quality, strong operational capabilities to enable students to have a wider space for development to meet the 21st century needs of economic development.会计教育的改革探索教育被认为是得以进入会计专业技能的会计教育之未来，接受教育则是会计行业的起点。

现代企业财务管理中英文对照外文翻译文献(文档含英文原文和中文翻译)Discussion on the Modern Enterprise Financial ControlRyanDavidson ,JennyGoodwin-Stewart ,PamelaKentThis paper discusses the The modern enterprise is becoming China's economic development in the process of an important new force. However, with the modern enterprise investment on the scale of the expansion and extension of the growing investment levels, the modern enterprise financial control is becoming increasingly urgent. This is common in state-owned enterprise groups and private enterprise groups, a common predicament. At present, the modern enterprise is becoming China's enterprises to compete in the international market, the leading force. In a market economy under the conditions of modern business success or failure depends largely on the Group's financial management and financial control is a modern enterprise financial management of the link. Many of the modern enterprise bystrengthening the financial control so that the Group significant increase efficiency, and even some loss-making by strengthening the financial control of the modern enterprise to enable companies to achieve profitability. In this paper, expounding China's modern enterprises the main problems of financial control, based on the choice of financial control method was summarized and analyzed the content of the modern enterprise financial controls, the final resolution of the financial control mode selected key factors for the modern enterprise the improvement of financial control to provide a degree of meaningful views.1 IntroductionWith China's accession to WTO, China's enterprise groups must be on the world stage to compete with TNCs from developed countries. At present the development of enterprise groups in China is not satisfactory, although there are national policies and institutional reasons, but more important is its financial management in particular, caused by inadequate financial controls. For a long time, China's enterprise group cohesion is not strong, their respective subsidiaries within the Group for the array, can not play the whole advantage; redundant construction and haphazard introduction of frequent, small investments, decentralized prominent problem: financial management is chaotic, resulting in frequent loss of control, a waste of money the phenomenon of serious; ineffective financial control, financial management loopholes. In recent years, enterprise group's financial control has been our country's financial circles. In short, the problem of exploration in our country has obvious practical significance. Clearly, China's modern enterprise financial controls are the main problem is to solve the problem of financial control method based on the choice of financial control method is the key financial control of the modern enterprise content is content, while the financial control method of choice is the ultimate ownership of the main factors that point, This train of thought here on the modern enterprise's financial control method were analyzed.2. An overview of the modern enterprise financial controlInternal control over financial control is an important part, is a subsidiary of parent company control of an important part of its financial management system is the core of. The concept of modern enterprise financial controls in accordance with the traditional definition, financial control refers to the "Financial Officers (sector) through the financial regulations, financial systems, financial scale, financial planning goals of capital movement (or the daily financial activities, and cash flow) for guidance, organization, supervision and discipline, to ensure that the financial plan (goals) to achieve the management activities. financial control is an important part of financial management or basic functions, and financial projections, financial decision-making, financial analysis and evaluation together with a financial management system or all the functions.The modern enterprise's financial control is in the investor's ownership and corporate property rights based on the generated surrounding the Group's overallobjective, using a variety of financial means, the members of the enterprise's economic activities, regulation, guidance, control and supervision, so that it Management Group's development activities are consistent with the overall goal of maintaining the group as a whole. Financial control is a power to control one side of the side control, inevitably based on one or several powers. Financial control is essentially related to the interests of enterprises in the organization, the conduct of control, namely, by controlling the financial activities of the assets, personnel actions, to coordinate the objectives of the parties to ensure that business goals. The modern enterprise financial control includes two aspects: the owner funded financial control and corporate managers financial control. From the donors point of view, the essence of the modern enterprise is characterized by investor and corporate property rights of ownership and separation. Investors will invest its capital to the enterprise after their capital combined with debt capital, constitute the enterprise's capital, the formation of corporate business assets is funded by corporate property, then lost direct control over the funders in order to achieve itsCapital maintenance and appreciation of the goal, only through control of its capital manipulation of corporate assets in order to achieve the maximum capital value donors. The control of capital controls is an important property is the prerequisite and foundation for financial control. From the perspective of internal management of enterprises and its financial control target is the legal property of its operations.3 China's modern enterprises the main problems of financial controlAt present, the modern enterprise is becoming China's enterprises to compete in the international market, the leading force. In a market economy under the conditions of modern business success or failure depends largely on the Group's financial management and financial control is a modern enterprise financial management of the link. China's modern enterprise financial controls are still in the stage to be further improved, to varying degrees, there are some urgent need to address the problem:3.1 Financial control set decentralized model of polarization, low efficiencyIn the financial control of the set of decentralized model, China's modern enterprise polarization. The current group of financial control either over-centralization of power, the members of the business has no legal status as a subsidiary factory or workshop, the group is seen as a big business management, leadership financial rights absolute; or excessive decentralization, a large number of decentralized financial control to a subsidiary, any of its free development.In addition, the modern enterprise financial control system suited the needs of a market economy, financial control and flexibility of principle there is no organic unity. If the subordinate enterprises, with few financial decision-making power, then the temporary financial problems occur at every level always reported to the Group'sheadquarters, and then from the headquarters down the implementation of the decision-making at every level, so it is easy to miss market opportunities. On the contrary, when the subsidiary of financial decision-making power is too large, they easily lead to financial decision-making blind and mistakes, not only for the Group's staff to participate in market competition, failed to exercise any decision-making role, but will also become a competitor to the market to provide a tool for competitive information, hinder the the further development of enterprises.3.2 One of the lack of financial contro lFinancial control in accordance with the owner of intention, in accordance with relevant laws and regulations, systems and standards, through certain financial activities and financial relations, and financial activities to promote all aspects of the financial requirements in accordance with a code of conduct to conduct his activities. From China's current situation, the financial control of a modern enterprise mainly focused on ex post facto control, is often the lack of critical pre-budget and to control things. Many modern enterprises, after a decision is in advance, for further financial control tended to focus on the annual profit plan, to meet on the development of a full-year sales revenue, cost, target profit, and several other overarching objectives, without further specific decision-making technology to compile for control and management, according to the month, quarterly, annual financial budget. Therefore, the interim budget and thus difficult to compare operating performance is a matter to control the empty words. As for the ex post facto control, although based on the year-end assessment of the needs and to get some attention, they can still profit in the annual plan, based on the relevant accounting information barely supported by whom, but the effects are pretty effective. Since the ex ante control may not be effective, so subordinate enterprises throughout the implementation process of decision-making are largely outside the core business of financial control, divorced from the core business of financial control.Modern enterprises themselves do not establish a parent-subsidiary link up the financial control mechanisms, financial control their own ways, the parent company of the modern enterprise can not come to the unified arrangement of a strategic investment and financing activities, the group blindly expand the scale of investment, poor investment structure, external borrowing out of control, financial structure is extremely weak, once the economic downturn or product sales are sluggish, there barriers to capital flows, the Group into trouble when they become addicted. An internal financial assessment indicators are too single, not fully examine the performance of subsidiaries. A considerable number of modern enterprise's internal assessment targets only the amount of the contract amount and profit 2.3.3 regardless of the financial and accounting functions, institutional settings are not standardizedAt present, China's financial and accounting sector enterprises are usually joined together, such a body set up under the traditional planned economic system, stillcapable to meet the management needs, but the requirements of modern enterprise system, its shortcomings exposed. Manifested in: (1) financial services targeted at business owners, it is the specific operation and manipulation of objects is the enterprise's internal affairs, while the accounting of clients within the enterprise and external stakeholders, would provide open accounting information must reflect the "true and fair" principle. Will be different levels of clients and flexibility in a merger of two tasks, will inevitably lead to interference with the financial flexibility of the fairness of accounting. (2) The financial sector is committed to the financial planning, financial management, the arduous task, but flexible in its mandate, procedures and time requirements more flexible, but assume that the accounting information collection, processing, reporting and other accounting work, and flexibility in work assignments weak, procedures and time requirements more stringent and norms. If the enterprises, especially in modern enterprises to financial management and accounting work are mixed together, is likely to cause more "rigid" in accounting work runs more "flexible" financial management is difficult to get rid of long-standing emphasis on accounting, financial management light situation.3.4 irregularities in the operation of a modern enterprise fundsAt present, the modern enterprise fund operation of the following problems: First, a serious fragmentation of the modern enterprise funds. Some of the modern enterprise have not yet exceeded a certain link between the contractual relationship to conduct capital, operating, and its essence is still the executive order virtual enterprise jointly form of intra-group members are still strict division of spheres of influence, difficult to achieve centralized management of funds, unification deployment of large groups is difficult to play the role of big money. Second, the stock of capital make an inventory of modern enterprise poor results. Result of the planned economy under the "re-output, light efficiency, re-extension, light content, re-enter, light output" of inertia, making the enterprise carrying amount of funds available to make an inventory of large, but the actual make an inventory of room for small, thus affecting the to the effect of the stock of capital. Third, the modern enterprise funds accumulated a lot of precipitation.3.5 Internal audit exists in name onlyAt present, enterprises in the financial monitoring of internal audit work to become a mere formality process. The first formal audit management. Hyundai organized every year in different forms of audit, has become a fixed procedure, but because the internal audit staff and the audited entity at the same level, thus in the company's financial problems can not get to the bottom, just a form of and going through the motions. This audit not only failed to exercise any oversight role, to some extent encouraged the small number of staff violations of law. Second, nothing of audit responsibilities. Internal audit is a modern enterprise group commissioned by the audit staff members of Corporate Finance to conduct inspection and supervision process, and therefore the auditors have had an important mandate and responsibilities. But in reality, become a form of audit work, audit officers, whether seriously or not, are notrequired to bear the responsibility, thus making the audit is inadequate supervision. Third, the audit results and falsified. Audit results should be true and can be *, but in reality the different audit bodies of the same company during the same period of the audit, results are often different, and a far cry from, these are false true performance of the audit findings.4. Selected financial control model should be considered a major factor Generally speaking, the modern enterprise selects the financial control mode, the main consideration should be given these factors: equity concentration, a subsidiary of the degree of influence of the parent company financial strategy, organizational structure, development strategy, the group scale.From the group-level point of view, the parent company of the subsidiaries of the associated control to be strict control of the company, a wholly-owned subsidiary of the control to be strict control of the relatively holding subsidiaries, therefore, the parent company of the wholly owned subsidiary of and advantages of holding subsidiaries with centralized control, the quality holding subsidiaries and any shares of a subsidiary of the separation of powers system. To maintain and enhance the core competitiveness of modern enterprises of different degree of importance of a subsidiary should be taken to a different control mode. Have a significant impact on the subsidiary, the parent company must maintain a high degree of centralized control and management right, even partially, the separation of powers must be confined within the framework of centralized; right with the Group's development strategy, core competencies, core business and for the foreseeable the future development of relations in general, a subsidiary of little impact, from improving management efficiency, play to their enthusiasm and enhance the resilience of the market competition point of view, using decentralized type of management system, a better option.From the organizational structure point of view, U-type structure is a typical centralized structure, and accordingly, its financial control model should also be authoritarian style. H-is an organic organizational structure, a more loose linkages between various departments, departments have greater flexibility in the organization structure, with decentralized financial control model is more suitable, while the M-type structure belonging to phase Rong-type organizational structure, so the use of centralized financial control model can be used either decentralized model.From the operating characteristics of point of view, the different characteristics of the modern enterprise management, financial control mode selection will be different. And integration operations in a single case, all units within the group has a great business contacts, financial control naturally require higher degree of centralization.Enterprises to adopt diversification, because each subsidiary where the industry is different from the operational linkages between the various subsidiaries is relatively small, difficult to implement a modern enterprise integrated centralized control, and therefore the financial control of all subsidiaries should be given to the appropriate authority.From the development stage point of view, the modern enterprises in the different stages of development, in order to meet the needs of business development will take a different mode of financial control. Generally speaking, companies in the early stages of the development of small, relatively simple operations, using centralized financial control mode, you can better play the same decision-making and resource integration advantages in the industry has created a scale. With the continuous expansion of company size, business areas and constantly open up, Centralized financial control mode can not meet the company's financial controls and management methods on the need for diversification, and this time, we need more subsidiaries in all aspects of and more authority, so that the financial control model of a modern enterprise gradually to decentralized development.In addition, the financial control model should be subject to the enterprise's development strategy, fully reflects the company's strategic thinking. The company's development strategy can be divided into stable angina strategy, expansion-type strategy, tight-based strategies and hybrid strategies. Enterprises at different stages of the strategic choice of a particular need for financial control in accordance with * a different pattern. Stable implementation of the strategy is usually within the company can be a high degree of centralization of some; to implement expansionary strategy, companies tend to a more flexible decentralized type control mode to suit their developing needs of the market; the implementation of tight-based company's business strategy, all major financial activities must be strictly controlled, thus emphasizing centralization; hybrid strategy for the implementation of the company, it should be operated according to the characteristics of each subsidiary to take a different control mode.References:[1] Han Wei mold. Finance and Accounting Review of regulatory hot spots [M]. Beijing: Economic Science Press, 2004[2] Lin Zhong-gao. Financial governance. Beijing: Economic Management Publishing House [M], 2005[3] Yan Li Ye. Xu Xing-US; Enterprise Group Financial Control Theory and Its Implications, economics, dynamic [J], 2006[4] Lu Jie. On the internal financial control system improvements and management of popular science (research and practice) [J], 2007[5] Chen Chao-peng. Improve the corporate financial control measures, businessaccounting [J], 2007[6] Huang Xi. On the Enterprise Group Financial Control [J]. Chinese and foreign entrepreneurs, 2006, (06)[7] Jiang-feng tai. Enterprise Group Financial Control Studies [J]. Marketing Week. Theoretical study, 2006, (08)现代企业财务管理的探讨瑞安戴维森，珍妮古德温-斯图尔特，帕梅拉肯特本文探讨现代企业正在成为中国经济发展过程中的一个重要的新力量。

文献信息：文献标题：Impact of Financial Management Practices on SMEs Profitability with Moderating Role of Agency Cost（财务管理实践对中小企业盈利能力的影响及代理成本的调节作用）国外作者：Saqib Muneer，Rao Abrar Ahmad，Azhar Ali文献出处：《Information Management and Business Review 》, 2017, 9(1):23-30字数统计：英文2939单词，16394字符；中文5144汉字外文文献：Impact of Financial Management Practices on SMEsProfitability with Moderating Role of Agency Cost Abstract The importance of Small and medium enterprises (SMEs) towards economic development and growth is considerable. Some SMEs are facing difficulties to their development due to the lack of financial resources and management experience. The objective of this study is to check the relationships of financial management practices on profitability of small and medium enterprises and also to check the impact of agency cost on this relationship. This study consists of data analysis of two hundred SMEs from Faisalabad Pakistan. The study used primary data predominantly. SPSS 23 is used for descriptive analysis and Structural Equation Model (SEM) through Partial Least Square (PLS) 3 for hypothesis testing. The findings of this study indicate the presence of positive relationship between financial management practices and SMEs profitability but agency cost as a moderator has no effect on this relationship. The study strongly recommends higher adherence to financial management practices. Policy makers, developments partners, owners, and managers of SMEs may use these findings for sustainability of their business in Pakistan.Keywords: Financial management practices, Agency cost, SMEs, Working Capital1.IntroductionSmall and medium enterprises (SMEs) have significant contribution toward creating employment and also toward the economic development and growth (International Labor Organization, 2013, p. 1; Ratten, 2014; ulHaq, Usman, Hussain, and Anjum, 2014; Karadag, 2015). In Japan, small and medium industries have marked dominance, constituting about 99% of corporations (The Information Dissemination and Policy Promotio n Division of Japan’s Patent Office, 2009). In South Africa, SMEs contribute about 91% of formal business and provide 61% employment opportunities and enhance the GDP of South Africa between 52 to 57% (Abor & Quartey, 2010). In low income countries like Pakistan, the scale of the businesses size is limited to micro to medium. The main question is that how small and medium businesses measure their performance (Ahmad & Harif, Hoe, 2013, p. 87; Benedict & Matsotso, 2014, p. 247) said that failure of SMEs is inappropriate scale of measurement of the performance. The measurement of business is better through financial performance (Gallani, Krishnan & Kajiwara, 2015, p. 6). Effective use of finance much emphasized by modern research (Gitman, 2011). This scholarly effort will help to identify the financial management practices effect on the profitability of SMEs and also identify the agency cost effect. Good corporate governance is necessary for improving the performance and profitability of businesses (Braga-Alves & Shastri, 2011; Price, Rountree & Roman, 2011). In developing countries attention has been given to governance of the firm but still firms are suffering the governance problem (Ekanaakey, Perera & Perera, 2010). Actually corporate governance are rules under which the relationship of manager and owner is over looked and it is make sure that the manager is working for best interest of the owner.The contribution of this study is that financial management practices of SMEs are to improve its financial performance and review the cost that has to bear to the owner of the firm for maintaining the fair behavior of the financial manager in thebest interest of the firm. SMEs are a key source of economic growth (Sadi & Henderson, 2010), whether in developed or developing countries. In Saudi Arabia SMEs represent more than 90% of enterprises providing 51% of jobs in private sector and 22% of GDP (Mohammed, 2015 b). Importance of SMEs is now widely recognized as playing a vital role in creating new jobs (OECD, 2006; Karadag, 2015). Pakistan is also a developing country and the importance of SMEs can’t be ignored. Although Importance of these entities considerable but a high failure rate has found there, which led researchers to question the management practices of these entities (Fatoki, 2014, p. 922). In Pakistan SMEs are not providing required results although when compared with other developing countries because in Pakistan SMEs are facing many problems. From the major problem lack of financial management practices also include. This study is conducted in Faisalabad city so that financial management practices adopted by SMEs and the impact of these practices on firm performance can be viewed. For this study Faisalabad is selectedbecause this city is hub of the industries in Pakistan and due to this characteristic is also known as Manchester of Pakistan.2.Literature ReviewPakistan located in South Asia, with population of 188 million and DGP rate 4.7% (The World Bank, 2015). Trade and commerce played an important role in development of the economy so that the government of Pakistan has established a body for support and promote this sector. This government body is called Small and Medium Enterprises Development Authority (SMEDA) and it has responsibility of policies making related to promotion of SMEs, facilitation of financing is also the responsibility of SMEDA. It also helps in training and educating to the entrepreneurs. Pakistan’s position is lowest if it compared wit h other South Asian countries. The ratio of new firm in Pakistan is very low and close competitors of the firms are India and Bangladesh. Other member countries of Organization for Economic Co-operation and Development (OECD) performing much better. Specifically, United Kingdom (UK) is performing excellent and got the position at top of the ranking table. Thereare many factors which are badly affected performance of Pakistan businesses, and in this regard small businesses can play vital role to improve the Pakistan economy. Now Pakistan has also got memberships of OECD. In Pakistan the entrepreneurs are different from the entrepreneurs in other countries. Ali et al. (2010) has reported the impact of culture of Pakistan on entrepreneurial intentions. By usin g Hofstede’s dimensions about cultural, the results indicate that elements of culture for instance; collectivism and uncertainty avoidance are badly affecting the thinking of entrepreneurial intentions in Pakistan.SMEs stand for small and medium enterprises but State Bank of Pakistan (SBP) define SMEs in this way that SMEs can be classified into these three levels of business form micro enterprises, small enterprises and medium enterprises (SBP 2010). By the definition of State Bank of Pakistan SME means that any entity which is not a public limited co and has not full time employees more than 250 (manufacturing business), not more than 50 (in a trading or service business). Like other management science, financial management also establish its goals first and then its objective to achieve its financial goals. The main goal of financial management it to get maximum profit for the firm because many researchers have argued that SMEs play a significant role in the social and economic development of a country (for example, Benzing, Chu and Kara, 2009; Al-Disi, 2010; Han, Benson, Chen and Zhang, 2012; Shinozaki, 2012). Sometime financial decisions taken by owner of the firm proved wrong or wrong decision taken by the hired manager badly affect the profitability of the firm. Profitability of the firm could be damage due to the inefficient financial management. Mostly small and medium size businesses failed due to the absence of sufficient knowledge about efficient financial management. A sound financial management system has the effective governs system to the incomes, expenses, assets and liabilities to organizational performance (Abanis et al., 2013). The purpose of this study is not to cover all the aspect but only these practices will be included in this study accounting information systems, Financial Information System and working capital management.Accounting information systems consists of bookkeeping, recoding financialactivity transactions, cost accounting and the use of computers to manage these all activity. Small and medium enterprise publications and research have highlighted the importance of management of accounting system for SMEs. For example, in the literature of Lavia Lopez and Hiebl (2015) it was concluded that management of accounting system has a positive effect on performance of SMEs. Many SMEs are lower in their formal planning processes (Pemberton and Stone house, 2002). This makes relevant to examine the planning practices of small and medium businesses. Purpose of this study is to review the relationship of accounting information system toward firm profitably. Financial Information System: the frequency and the purpose of financial reporting, analysis of financial reporting, interpretation and auditing of financial reporting. Financial management expertise: the formal and informal education, relevant qualifications, training in financial management and overall financial management expertise. Working capital includes these content management of cash activity, management of account receivables and inventory management. Larger firm invested larger cash in the working capital and also have larger amounts of short term payables due to the source of financing (Deloof, 2003; Muneer et al., 2013). Both internal and external factors can influence the decision about current assets and current liabilities level. Recent studies, Silva (2011) and Gomes (2013) found positive relationship between working capital (WCM) and profitability, which indicates that firms have optimal working capital level which maximizes their profitability; see also Baños-Caballero et al. (2012) for evidence concerning with SpanishSME. Agency cost problem was raised by (Means and Berle, 1932) and in their research they argued that agency cost might be increased when ownership and control of the business separated. They told the cause of this increasing cost in-consistent interest of stockholders and management. Baker and Powell (2005) in their study define the agency problem as that agency problem create difficulties that are faced by the financiers to ensure the owners or stockholders of firm that their finance or fund is not wasted on any un attractive project. To check the impact of financial management practices on firm growth and role of agency cost as moderator, the following hypothesis are developed:Hypothesis 1:H1: Accounting information system (AIS) is positively related with profitability of SMEs.H1a: Accounting information system (AIS) is not positively related with profitability of SMEs.Hypothesis 2:H2: Financial information system (FIS) is positively related with profitability of SMEs.H2a: Financial information system (FIS) is no positively related with profitability of SMEs.Hypothesis 3:H3: Working capital management (WCM) is positively related with profitability of SMEs.H3a: Working capital management is not positively related with profitability of SMEs.Hypothesis 4:H4: Agency Cost as a moderator is affecting the profitability of SMEs.H4a: Agency Cost as a moderator is not affecting the profitability of SMEsFigure 1: Theoretical Frame Work3.MethodologyThis study occupied primary data to analyze the results fromfinancialmanagement practices adopted by SMEs in Faisalabad. This study is conducted to test hypothesis and to develop a relationship between the dependent variable “Firm Growth” and the independent variables “Accounting information system, Financial information system, Working capital management” with moderating effect of agency cost. Survey questionnaires are used to collect the response from the target population.The sample for this study is comprised of 300 SMEs operating in Faisalabad city.Total three hundred questionnaires were delivered to the SMEs out of which two hundred responses were received back. During data entry, 20 questionnaires were incomplete and considered as redundant. Remaining 180 questionnaires were considered for the analysis. To test the hypothesis, Structural Equation Modeling (SEM) is applied by using partial least square (PLS. 3).4.ResultsFor the assessment of validity and reliability Cronbach’s alpha, composite reliability and average variance extracted (A VE) are used in the present study.According to George and Mallery (2003) “The value ofCronbach’s alpha less than0.50 is not acceptable, 0.50-0.60 is considered as poor but acceptable, while any valueabove 0.70 is considered as good”. Results show that data is valid.Table 1: Convergent validity (Measurement Model Quality Criteria)Cronbach’s Alpha CompositeA VEReliabilityAccounting information system 0.875133 0.906144 0.618016 Financial information system 0.768943 0.831819 0.589577 Working capital management 0.772320 0.828675 0.631078 Agency cost 0.674158 0.7794710.618230 Firm performance 0.552810 0.653952 0.565824 Financial Management Practices and Firm Performance Structural Model: Firm performance (FP) was assessed by using a three items scale. Three parameters (Accounting information system (Q1=.515), Financial information system (Q2=.238) and Working capital management (Q3=.112) were used to determine the firm performance and these parameters defined (Q5=.654) of firm performance overall. Itsmean there were also some other variables effecting firm performance.Figure 2: Predictive Relevance of Structural ModelsNote: Q1: Accounting information system (AIS), Q2: Financial information system (FIS), Q3: Working capital management (WCM), Q4: Agency cost, Q5: Firm performanceTable 2: Model Summery of All Independent VariablesHypothetical relationship Path coefficientAbsolute t-statistical valuesValues of R2 Values of Q2Q1 – Q5 0.515*** 6.402Q2-Q5 0.238*** 2.882Q3-Q5 0.112** 1.979Q5 0.654 0.231 Agency Cost (Moderator) and Firm Performance Structural Model: Agency cost is the moderator in this study. In below model agency cost (Q4) is taken as an independent variable (IV) to check its impact on firm performance and its shows (R2=-.076, 0.191, 0.216) of firm performance which is very low of total firm performance. The value of R2 is not significant because it should be more than 0.5Cronbach’s (1951).Figure 3: Predictive Relevance of StructureTable 3: Model SummeryRelationship Path Coefficient Absolute t-statistic valueValue of R2 ModeratorQ1-Q4 -0.076 0.730Q6 0.643 Not moderator Q2-Q4 0.1910.942Q6 0.623 Not moderator Q3-Q4 0.216 0.937Q6 0.525 Not moderator In the current study 4 hypothesis were tested. At the end results identified that 3 hypothesis (H1, H2, H3) were supported. It means results shown that AIS (accounting information system) FIS (financial information system) and WCM (working capital management) have significant impact on the profitability of SMEs. When one hypothesis was supported (H4a). It means result shown that agency cost is not affecting the relationship of (IV) and (DV) as a moderator in this study held in Faisalabad Pakistan.5.ConclusionThe major objective of this study was to examine the effect of financial management practices on the profitability of small and medium business and to checkthe financial practices adopted by SMEs in Faisalabad city of Pakistan. The data analysis shows that financial management practices have significant impact of SMEsprofitability. Most of the firms in Faisalabad city prepared their financial statement, balance sheet and income statement prepared regularly and frequently. Most of the firms have employed accountant for managing accounts department. Tendency to use computer for accounting information system was low in small size business but in medium size businesses accounting system was strong. 80% of the total firms followed cash management practices which include cash budget, review of cash budget on monthly or weekly basis. Most of the small enterprises prepare cash budget on weekly basis. This research shows that mostly firms are familiar to cash budgeting, cash control and cash flows. 36% firm face cash shortage problem for its expenditurewhile 64% firms face cash surplus. Finding tells that cash surplus is major problem than cash shortage for SMEs. Major issues created form cash surplus is that where surplus should invest for earn profit. Most of the firms have not better option to invest surplus cash in a profitable project. Agency problem may play a significance role in performance of business, for this purpose present study was also examined the agency cost behaviors as a moderate between the relationship of financial management and SME profitability in Faisalabad Pakistan. But it was viewed that agency cost worked as a moderator in any other economy but not worked in Faisalabad Pakistan. This study also explains that agency cost as an independent variable have some effect on profitability of SMEs.Limitations of the Research Study: Major limitation related to this study was financial and non-financial resources; time limitation and due to these limitation and scope of the study research have to limit the number of objectives. There are multiple areas of financial management related to research problem and research question directly or indirectly but due to the limitation of time and fund all the areas of financial management could not be investigated. Because resources were scarce so that all the SMEs in Pakistan could not be studied and selected SMEs in Faisalabad city were taken as a target population. Mostly selected firm were manufacturing concern. In Faisalabad city there are large no of small and medium business units and have different management practices and knowledge if compared with the SMEs situated in other cities of Pakistan. All primary data was collected from personalinterview but failed to collect any documentary prove related provided information by the respondent. This study viewed the internal factor which influence the profitability but not viewed any external factor which may affect the financial management practices.Implications for the Further Research: This study leads to the suggestion that in further research work should supplemented so that other areas could be examined which could not covered by this study. Following are the further suggestion for future research.•Findings or current study can be used in other financial management practices such as management of current assets, management of fixed assets and capital structure management in other cities of Pakistan.•Model of this study can be used in the other cities of Pakistan to check the financial management practices.•Most of the small enterprises in Faisalabad Pakistan are not adopting better financial management practices the reasons can be reviewed.•The financial performance of small enterprises and the medium enterprises can be viewed because there is difference in financial management practices of small enterprises and medium enterprises.•In small enterprises owner himself manage financial activities and in medium enterprises accounts manger manage financial activities so that effect of owner and manager financial management practices can be viewed.Finding can be used for the improvement of financial management practices especially in small enterprises for development of this sector of Pakistan.中文译文：财务管理实践对中小企业盈利能力的影响及代理成本的调节作用摘要中小企业对经济发展和增长的重要性是相当大的。

The Need of Accounting Standards for Islamic Financial Institutions [Abstract] The accounting and auditing organization for Islamic financial institutions (AAOIFI) hastaken the proper initiative to develop accounting, auditing, governance, ethics, and Shari’ah standards forIslamic Financial Institutions (IFIs). The AAOIFI standards serve as a guideline that may reflect theunique characteristics of IFIs and become a useful tool to meet the various needs of IFIs. Currently, one the major challenges facing Islamic Financial Institutions (IFSs) lies in the preparation of financial statements under different accounting standards and which may result to problem of comparability,reliability and compliance level’s measurement.Implemention of the Islamic Accounting StandardsVinnicombe (2010) argued the extent to which Islamic financial institutions comply with the accounting and governance standards issued by the AAOIFI in their financial reporting. Because Islamic banks operate under vastly different regulatory regimes and political and economic conditions across the globe, the sampled banks were selected from the kingdom of Bahrain. The compliance for the purpose of this study can be defined as the degree to which Islamic financial institutions comply with the multitude of issues in the financial accounting standards (FASs) issued by the AAOIFI. However, the findings of the study indicate high level of compliance with respect to the governance standards relating to the in-house supervisory boards of Islamic banks and reporting the Islamic Murabahah contract. In contrast,compliance with the AAOIFI's requirements regarding the zakah, otherwise called the religious tax, and the Mudarabah contract is relatively low. In addition, a higher number of compliance items are associated with retail as opposed to wholesale banks. However, it should be noted that the samples of the retail bankare more homogeneous and consistent over time compared to those of the wholesale banks.Abdul Rahim (2003) investigated the classification, recognition, measurement, presentation, and disclosure of Sukuk (Islamic bonds) based on the standards required by the AAOIFI. Considering the function of the accounting system to provide the information, the introduction of AAOIFI standards aims to enhance the transparency and comparability of the Islamic banks’ financial statements and provides a descriptive analysis as stipulated in the AAOIFI FAS 17 regarding investment. The conclusion of the study is that, Islamic financial institutions differ from its conventional institutions counterpart, and,therefore, needs an accounting standard that reflects its operation.IntroductionAt present, Islamic banks represent the majority of Islamic Financial Institutions (IFIs), which are spread locally and internationally across both Islamic and non-Islamic countries.The emergence of Islamic banking is due to the increasing demand from Muslims communities worldwide for shariah’s complied Islamic financial products, services, and the variety of modes of Islamic finance. Furthermore, given the rate of growth of the IFIs, the continuous sustainability of the development currently witnessed by Islamic financial institutions needs the Islamic accounting standards, due to the unique characteristics coupled with the growing demand of IFSs’Products statements and reports.Thus, the current standards, which are based on conventional frameworks, seem insufficient to guide the Islamic financial institutions. Currently, the various IFSs institutions apply different accounting standards in their preparation of their accounts due to the absence of Islamic accounting standards (Zaini,2007). The trend towards the accounting and auditing organization for Islamic financial institutions(AAOIFI) standards has become a pressing issue that has generated heated debate in the Organization for Islamic Conference (OIC) countries.Islamic Accounting StandardsIslamic bank transactions as reflected in the financial reporting are prepared under many accounting standards, which pose a threat to the accounting system. Thus, the need for Islamicaccounting standards possesses the potential to ensure a compatible accounting system. This, therefore, has led to the growing aspiration for a financial statement that has the potential to enhance the credibility of financial statements that are in accordance with the Shari’ah ruling and, thus, the need to make the Islamic accounting standards operationalized. Before the implementation of the Islamic accounting standards, such as AAOIFI by Islamic financial institutions, it is necessary to ascertain whether the AAOIFI accounting standards are appropriate and suitable for Islamic banks and whether or not the compliance with the AAOIFI accounting standards may disclose more information to create confidence among investors and the public to invest their money.Therefore, researchers in the area of financial reporting for Islamic financial institutions have conducted a considerable number of studies to investigate the Islamic banks’ compliance to accounting standards. Until recently, one of the main problems facing Islamic banking includes a lack of standardized accounting and auditing standards (Pomeranz, 1997). However, conventional accounting is inappropriate for Muslim users and Islamic organizations (Hameed, 2001), and it is inappropriate to impose unmodified Western accounting practices on developing countries (Karim, 1987). In addition, International Accounting Standards based on such techniques would create difficulties for Muslims around the world.Therefore, it is imperative for the Muslim accountants to develop accounting standards that are specially adapted to Islamic needs and for Muslim countries .Due to the current different regulatory requirements and legislation, the relevance and comparability of financial statements are the foundations upon which accounting standards are predicated. Lovett (2002) documented that with financial statements prepared under different accounting standards, a problem may exist in 1) comparability of financial statements prepared globally, and 2) reliability and creditability.The Need Of Islamic Accounting StandardsThe Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) prepares and issues accounting, auditing, and corporate governance standards, as well as ethics and Shari’ah standards,for Islamic financial institutions. Currently, AAOIFI has published 81 standards, 25 accounting standards,5 auditing standards, 7 governance standards, 2 ethics standardsThe Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), a private standard setting body, was established by the Islamic banks and other interested parties to prepare and promulgate accounting, auditing, and governance standards based on the Shari’ah precepts for Islamic financial institutions (Karim, 2001). The AAOIFI organizations has been recognized and mandated to develop accounting, auditing, governance, and ethics standards that are in line with Shari’ah standards in order to promote comparable, transportable, and reliable accounting information. The formulation and adoption of AAOIFI standards in any country is intended to increase foreign investment, as well as investor’s confidence. These standards are set up to produce financial statements that are transparent in their preparation，the objectives offinancial accounting for Islamic banks and Islamic financial institutions are as follows:To determine the rights and obligations of all interested parties, including those rights and obligations resulting from incomplete transactions and other events in accordance with the principles of Islamic Shari’ah and its concepts of fairness, charity, and compliance with Islamic business values.To contribute to the safeguarding of the Islamic bank’s assets, its rights and the rights of others in an adequate manner.To contribute to the enhancement of the managerial and productive capabilities of the Islamic bank and encourage compliance with its established goals and policies and, above all, compliance with Islamic Shari’ah in all transactions and events.To provide through financial reports useful information to the users of these reports to enable them to make legitimate decisions in their dealings with Islamic banks.In reference to the abjectives, this research has made an attempt to contribute to the current framework and serve as a guide for Islamic financial institutions regarding interest-free transactions through determining the levels of compliance with the AAOIFI accounting standards by Islamic banks.ConclusionThe Adopting or complying with Islamic accounting standards has increasingly become the focus of among Islamic financial institutions. This paper has discussed previous studies about the adoption of accounting standards in developed and developing countries, as well as prior studies on adoption the Islamic accounting, auditing, governance, and Shari’ah standards by Islamic financial institutions and determinants of the extent of levels of compliance with the Islamic accounting standards by Islamic banks.The Islamic accounting standards for Islamic Financial Institutions in accordance with the Shari’ah requirements and the AAOIFI accounting standards may be the best choice for reducing costs and increasing foreign investments and investor's confidence. The objectives of the AAOIFI accounting standards are to prepare and develop accounting, auditing, governance, ethical, and Shari’ah standards relating to the activities of Islamic financial institutions.。

财务管理外文文献及翻译2附录A:外文文献(译文)跨国公司财务有重大国外经营业务的公司经常被称作跨国公司或多国企业。

跨国公司必须考虑许多并不会对纯粹的国内企业产生直接影响的财务因素，其中包括外币汇率、各国不同的利率、国外经营所用的复杂会计方法、外国税率和外国政府的干涉等。

公司财务的基本原理仍然适用于跨国企业。

与国内企业一样，它们进行的投资项目也必须为股东提供比成本更多的收益，也必须进行财务安排，用尽可能低的成本进行融资。

净现值法则同时适用于国内经营和国外经营，但是，国外经营应用净现值法则时通常更加复杂。

也许跨国财务中最复杂的是外汇问题。

当跨国公司进行资本预算决策或融资决策时，外汇市场能为其提供信息和机会。

外汇、利率和通货膨胀三者的相互关系构成了汇率基本理论。

即:购买力平价理论、利率平价理论和预测理论。

跨国公司融资决策通常要在以下三种基本方法中加以选择，我们将讨论每种方法的优缺点。

(1) 把现金由国内输出用于国外经营业务;(2) 向投资所在国借贷;(3) 向第三国借贷。

1专业术语学习财务的学生通常会听到一个单词总在耳边嗡嗡作响:全球化( g l o b a l i z a t i on )。

学习资金市场的全球化必须首先掌握一些新的术语，以下便是在跨国财务中，还有本章中最常用到的一些术语:(1) 美国存托证(American Depository Receipt,ADR)。

它是在美国发行的一种代表外国股权的证券，它使得外国股票可在美国上市交易。

外国公司运用以美元发行的ADR，来扩大潜在美国投资者群体。

ADR以两种形式代表大约690家外国公司:一是在某个交易所挂牌交易的 ADR，称为公司保荐形式;另一种是非保荐形式，这些ADR通常由投资银行持有并为其做市。

这两种形式的ADR均可由个人投资和买卖，但报纸每天只报告保荐形式的存托证的交易情况。

(2) 交叉汇率(cross rate)。

它是指两种外国货币(通常都不是美元)之间的汇率。

第一部分外文翻译中文对照部分企业购买和支付的内部会计控制系统设计Lars Ny bergSpeech by Mr Lars Ny berg, Deputy Governor of the Severs Risks bank, at HQ Bank, 15October 2008.From Wikipedia, the free encyclopedia摘要本文讨论了采购和付款的基本系统的内部会计控制，并根据其业务流程，详细说明了实施相关的控制点控制措施。

关键词：采购和付款；会计控制采购和付款业务是一个企业支付的钱，获取货物或服务的过程是生产和运营管理是一个主要组件是企业生存和发展。

因此，企业应该树立采购和支付业务的内部会计控制制度，健全的业务记录控制系统，加强其控制业务流程的关键，实现采购决策领域的相互约束和监督。

第一、购买和支付内部会计控制的定义。

采购和付款的内部会计控制是指企业购买和支付行为规范，采购和付款过程来防止错误和欺诈，确保采购，以满足生产和销售的前提下降低采购成本，并采取一系列的控制措施。

第二、采购和支付交易的基本系统的内部会计控制为了充分发挥采购和付款业务角色的内。

部会计控制的内容的采购和支付服务应设计遵循采购和支付交易的基本系统的内部会计控制。

一、购买和支付内部会计控制的定义1、采购和付款的内部会计控制是指规范企业采购和支付行为。

(1)是否符合官方职位分工体系1.请购买和批准。

企业采购项目所需的用户部门根据他们的应用程序和批准的负责人负责采购批准； 2.查询和确定供应商。

公司采购部门和有关主管部门应当参与调查过程和确定供应商； 3.采购合同和审计。

公司采购部门应该准备下订单或合同和授权的部门或官审查、批准或适当的审计； 4.采购、验收。

采购人员不能工作的同时承运货物；5.采购、检验和相关的会计记录。

企业采购、检验和会计记录功能应该被分离，以确保真实性的数量的采购和采购价格、质量、合规、采购记录和会计精度； 6.执行支付处理和支付。

中英文对照外文翻译文献(文档含英文原文和中文翻译)译文：跨行业的营运资金管理问题研究摘要企业可以通过降低融资成本或者减少资金在流动资产上的占用等方式来扩大自身现有的资金。

我们在调查过程中，通过运用《首席财务官》杂志的年度营运资金调查报告提供了此报告中的关键组成部分。

我们发现，行业间的跨时资金措施存在着明显的差异。

此外，这些措施在企业营运资金管理中实施后有了显著改变。

引言高效率的营运资金管理的重要性是不容置疑的。

营运资金是现金或者是随时可以兑换为现金（流动资产）的资产和即将成为现金需要的负债（流动负债）之间的差额。

营运资金管理的目标是维持流动资产与流动负债周转的最佳平衡。

商业可行性依赖于应收账款、存货、应付账款的有效管理。

企业可以通过降低融资成本，减少资金占用，以此来增加自有对外资金。

在日常工作中，管理人员将太多的管理精力都放在把当前的资产和负债的周转由非最佳水平成长为最佳水平上。

即实现效率和风险之间的平衡。

最近的一个实例是企业运用六西格玛方法试图最大限度地加强营运资金管理。

六西格玛方法涉及企业所有经营范围，能帮助企业衡量和确保自身在各个领域中的质量。

当前这个方法的运用是用来识别和纠正错误的交易效率差异及低效的财务供应链。

六西格玛方法的运用原理是通过降低销售回款周期、加速支付周期来降低成本、减少流动资金需求、提高顾客满意度。

似乎有许多成功的案例，包括珍妮弗（2002）的关于销售天数减少了百分之十五的优秀的销售报告。

从而使蒂博多万区域医疗中心产生的现金流量增加了大约200万美元。

同时，坏帐从340万美元下降到60万美元。

但六西格玛方法并不是十分完美的，外克瑟(2003)调查多个公司运用六西格玛方法的有效性，研究显示：六西格玛方法确实是一个“缓慢致富”的技术，其回报率一直徘徊在1.2%-4.5%的范围内。

即使在使用六西格玛方法的业务中，也需要对营运资金管理的“最佳”水平进行识别和确认。

行业因素可能会影响企业的信贷政策、库存管理和账单支付活动。