施工企业成本核算英文文献.doc

XXXXXXXX本科生毕业设计（论文） 本科毕业论文参考资料原文及译文题 目 施工企业成本核算控制研究 系 别 管理系 专 业 会计学 班 级 XXXX 学 号 00000000 学生姓名 XXX 指导老师 XXX 2011年6月7原 文 与 译 文专业：会计学 学号：00000000 姓名：XXX原文：Finance and the Finance Manager1.3 WHO IS THE FINANCE MANAGER?In this book we will use the term financial manager to refer to anyone responsible for a significant investment or financing decision. But cnly in the smallest firms is a single person responsible for all the decisions discussed in this book. In most cases, responsibility is dispersed. Top management is or course continuously involved in financial decisions. But the engineer who designs a new production facility is also involved: The design determines the kind of real assets the firm will hold. The marking manager who commits to a major advertising campaign is also making an important investment decision. The campaign is an investment in an intangible asset that is expected to pay off in future sales an earning.Nevertheless there are some managers who specialize in finance. Their roles are summarized in Figure 1.2. The treasure is responsible for looking after the firms cash, raising new capital, and maintaining relationships with banks, stockholder, and other investors who hold the firm securities.For small firms, the treasurer is likely to be the only financial executive. Larger corporations also have a controller, who prepares the financial statements, manages the firms internal accounting, and looks after its tax obligations. You can see that the treasurer and controller have different function: The treasurers main responsibility is to obtain and manage the firms capital, whereas the controller ensures that the money is used efficiently.Still larger firms usually appoint a chief financial officer (CFO) to oversee both the treasurers and the controllers work. The CFO is deeply involved in financial policy and corporate planning. Often he or she will have general managerial responsibilities beyond strictly financial issues and may also be a member of the board of directors.The controller or CFO is responsible for organizing and supervising the capital budgeting process. However, major capital investment projects are so closely tied to plans for product development, production, and marketing that managers from these areas are inevitably drawn into planning and analyzing the projects. If the firm has staff members specializing in corporate planning, they too are naturally involved in capital budgeting.Because of the importance of many financial issues, ultimate decisions often rest by law or by custom with the board of directors. For example, only the board has the legal power to declare a dividend or to sanction a public issue of securities. Boards usually delegate decisions for small or medium-sized investment outlays, but the authority to approve large investments is a almost never delegated.1.4 SEPARATION OF OWNERSHIP AND MANAGEMENTIn lager businesses separation of ownership and management is a practical necessity. Major corporations may have hundreds of thousands of shareholders. There is no way for all of them to be actively involved in management: It would be like running New York City through a series of town meetings for all its citizens. Authority has to be delegated to managers. The separation of ownership and management has clear advantages. It allows share ownership to change without interfering with the operation of the business. It allows the firm to hire professional managers. But it also brings problems if the managers and owners objectives differ. You can see the danger: Rather than attending to the wishes of shareholders, managers may seek a more leisurely or luxurious working lifestyle; they may shun unpopular decisions, or they may attempt to build an empire with their shareholders money. Such conflicts between shareholders and managers objectives create principal-agent problems. The shareholders are the principals; the managers are their agents. Shareholders want management to increase the value of the firm, but managers may have their own axes to grind or nests to feather. Agency costs are incurred when (1) managers do not attempt to maximize firm value and (2) shareholders incur costs to monitor the managers and influence their actions. Of course, there are no costs when the shareholders are also the managers. That is one of the advantages of a sole proprietorship. Owner-managers have no conflicts of interest. Conflicts between shareholders and managers are not the only principal-agent problems that the financial manager in likely to encounter. For example, just as shareholders need to encourage managers to work for the shareholders interests, so senior management needs to think about how to motivate everyone else in the company. In this case senior management are the principals and junior management and other employees are their agents. Agency costs can also arise in financing. In normal times, the banks and bondholders who lend the company to prosper, but when the firm gets into trouble, this unity of purpose can break down. At such times decisive changes may be necessary to rescue the firm, but lenders are concerned to get their money back and are reluctant to see the firm taking risks that could imperil the safety of their loans. Squabbles may even break out between different lenders as they see the company heading for possible bankruptcy and jostle for a better place in the queue of creditors. Think of the companys overall value as a pie that is divided among a number of claimants. These include the management and the shareholders, as well as the companys workforce and the banks and investors who have bought the companys debt. The government is a claimant too, since it gets to tax corporate profits. All these claimants are bound together in a complex web of contracts and understandings. For example, when banks lend money to the firm, they insist on a formal contract stating the rate of interest and repayment dates, perhaps placing restriction on dividends or additional borrowing. But you cant devise written rules to be cover every possible future event. So written contracts are incomplete and need to be supplemented by understandings and by arrangements that help to align the interests of the various parties. Principal-agent problems would be easier to resolve if everyone had same information. That is rarely the case in finance. Managers, shareholders, and lenders may all have different information about the value of a real or financial asset, and it may be many years before all the information is revealed. Financial managers need to recognize these information asymmetries and find ways to reassure investors that there are no nasty surprises on the way. Here is one example. Suppose you are the financial manager of a company that has been newly formed to develop and bring to market a drug for the cure of toetitis. At a meeting with potential investors you present the results of clinical trials, show upbeat reports by an independent market research company, and forecast profits amply sufficient to justify further investment. But the potential investors are still worried that you may know more than they do. What can you do to convince them that you are telling the truth? Just saying “ Trust me” wont do the trick. Perhaps you need to signal your integrity by putting your money where your mouth is. For example, investors are likely to have more confidence in your plans if they see that you and the other managers have large personal stakes in the new enterprise. Therefore your decision to invest your own money can provide information to investors about the true prospects of the firm.原文与译文译文：财务和财务管理者第三节 谁来掌管财务本书中将使用财务经理这一术语指代重要融资和投资决策的负责人。只有在小型企业中，个人才对本书中提到的所以决策负责。大多数情况下，责任是分散的。高级管理人员自然持续参与公司的财务决策，除此以外，基于对企业拥有的不动产种类的设计的决定作用，设计师往往也参与其中。广告运作作为公司期待在未来的销售和收益中获得回报的一项无形资产投资，负责广告运作的销售部经理也会做出一些重要的投资决策。此外，还有一些专门从事财务工作的经理，他们主要负责数据的整理。财务主管负责管理公司的现金，融资以及处理公司与银行，股东，其他证券投资者之间的关系。对于规模较小的公司，财务主管很可能是公司财务的唯一负责人。而规模较大的公司还设有财会一职，负责公司内部财务核算，制定财务报表，管理公司税务支出。但是财务主管和财务会计的职能是不同的：财务主管主要负责维持和管理公司资本，而财务会计的职责是确保公司资金的有效利用。大型企业通常还会指定一名财务总监（CFO），监管财务主管及财务会计的工作。CFO的工作是深度参与公司财务政策的指定和企业规划。通常，CFO可能同时兼任公司的董事，除财务监管权以外还承担一般管理责任。公司财务预算的组织和监管由财务会计或CFO负责。由于主要的投资项目与产品研发，生产，及市场行销密切相关，这些部门的管理也不可避免地会参与到项目的分析和筹划过程中。如果企业中有负责运营筹划的专门人员，他们自然也会参与预算过程。由于财务决策在公司运营中占有重要地位，最终决策通常由董事会根据相关法律活习惯做出。如：只有董事会有实行分红和公开发行证券的法定权利。各个董事通常会被授权为小的或者中等投资决策，但是一般没有大型投资项目的决定权。第四节 公司所有权和经营权的分离大型商业组织在实际的生产运作过程中，将公司的所有权和经营权分离开是很有必要的。大型股份公司可能会有成千上万的股东。但是，让所有股东都主动地参与公司的经营管理工作是不现实的：这好比召集一系列全体城镇市民所参加的会议来共同管理纽约市。因此，公司的经营权必须授权给经理人来执行。分离公司的所有权和经营权所带来的优势是显而易见的。包括了在公司所有权发生变化的时候，能够不影响公司正常的生产运转、业务开展，还能够使公司雇佣职业的经理人来管理公司运作。然而，如果经理人和所有人目标不一致的时候，所有权和经营权的分离也会给公司带来问题。你能够看到由此引发的危险：经理人可能会选择更加悠闲、更加舒适的工作方式，而不是努力地去实现股东的愿望；他们可能会尽力避免不受欢迎的决定，或者他们可能会利用股东的资金来打造自己的帝国。这些股东和经理人在目标上的冲突会产生委托代理问题。股东是委托人；经理人是他们的代理人。股东希望公司的管理工作能够提升公司的价值，但是经理人则希望使用自己的方式来经营管理公司。当（1）经理人没有努力最大化公司的价值以及（2）股东为了监控经理人的行为甚至影响他们的行为而造成更多的成本开支时，会产生代理成本。当然，在公司股东也是经理人的情况下是没有任何代理成本的。这也是独资经营企业的优势之一。所有者和管理者没有利益的冲突。股东和经理人之间的矛盾不仅仅只是财务经理所面对的委托代理问题。例如，正像股东需要鼓励经理人为了股东的利益而工作，因此高层管理者需