毕业论文外文翻译

1、 毕业设计(论文)外文资料翻译系 （院）： 经 济 管 理 系 专业班级： 姓 名： 学 号： 0602104316 (用外文写)外文出处： CATALYST MANAGEMENT ISSUES www.GranThornton.ca/mgt_papers/ 附 件： 1.外文资料翻译译文；2.外文原文。 指导教师评语： 签名: 年 月 日注：请将该封面与附件装订成册。引导企业安全: 注意早期的财务警告标志几年前，一个袜厂意识到其商业上存在的严重问题。这些问题是错综复杂的，由于行业内部的兼并和具有垄断地位的大型连锁店的欺行霸市，使得零售商销售数量正在逐渐减少。由于连锁店想要更大的折扣和存货的大

2、量积压导致厂商的利润空间在逐渐下降。另外，由于亚洲廉价的劳动力，工厂的低端产品正面临来自亚洲供应商的危险竞争。随着时间推移和资产的耗尽，利润将会因此消失。应收账款的未及时收回和存货的周转缓慢，加上对供应商的应付款项提前支付使得一切看起来很严峻。但是，经理人做出了一个明智的决定：向外界寻求帮助。及时发现危险的征兆对于挽救一家衰退的企业是非常关键的。尽管企业有许多方面可能遭遇问题，但主要可以归结为三大方面：财务方面、经营方面和企业战略规划方面。一个企业要保持持续赢利，就要注意早期的财务预警信号，如：资本和现金流量的减少；企业固定费用和可变费用的增加；毛利率的下滑；企业实际经营成果与计划的存在重大差

3、异；较低的投资回报率和对预算的负向差异束手无措。经营方面涉及管理、人事、业务领域，无论是生产制造还是利润分配方面。管理人员必须在所有领域的业务作出有效的决定，授权不清和一个人专权可能就是一个问题。对支出、预算缺乏控制，员工责任心不高，低水平的设备维护，筹资能力不高，与职工的雇佣关系弱化等等可以显示出企业的问题所在。存货周转不出去，淘汰的设备使固定成本居高不下，技术变革成为必需等，这些都可以看作是业务领域的警告信息。很多企业在财务危机来临前都出现过这些或多或少的问题，例如：90 年代曾出现了一批为所欲为的财务管理人员，他们在兼并和并购、谈判之类不可一世的活动中发挥着重要的作用。华尔街注视着他们的

4、一举一动。想想 IBM 公司的杰罗姆约克当年有多厉害吧。在他决定背叛 IBM、协助柯克克考里安并购克莱斯勒汽车公司的当天，号称蓝色巨人的 IBM 股票总共损失（克莱斯勒的股票则增值）了 13 亿美元，从而为他赢得了“13 亿美元强人”的称号。还有迪斯尼公司的斯蒂芬博伦巴克，他前所未有地拥有两千万美元的一揽子支付权，并且帮助这家娱乐巨头并吞下了美国广播公司（ABC）旗下的公司。各大公司开始寻觅不光能降低成本的财务管理人员；它们想找的是能为它们赚钱的人。于是，首席财务管理人员们甩开手里的账本，开始追求更有创意的事情。到了九十年代后期，首席财务管理人员们因为擅长筹集新资金和做帐而变得炙手可热。他们成

5、了公司的代言人，不动声色地把股票分析师们的注意力引向季度收益概算上去然后又设法使公司实现这些目标。这可不是件轻松的活儿。如果哪家公司令华尔街失望，它的首席财务管理人员就是现成的替罪羊。根据财务经理国际公司的说法，这些人担任这个职务的时间平均只有四年。不过，他们一旦能干下去，回报却是十分可观的；许多首席财务管理人员都被擢升为公司总管。 现在，好几位出名的财务管理人员当了被告，其中肯定有人会被判入狱。当年使企业得以精心编排其收益的财务手段一夜之间成了众矢之的和证券交易委员会的调查对象。新颁布的法规把一些成问题的做法视作非法行为，连合法的融资手段也因为受到安然和世通事件的牵连而蒙上恶名。如今，人们希

6、望首席财务管理人员们成为提高透明度和问责性的典范，他们个人必须为公司的财务业绩进行担保。但有一点还没有改变：他们还得拿出数字来不然就得走人。难怪他们如今个个都像惊弓之鸟呢。 “我的工作的每一项内容都比一年前难做，”得克萨斯州沃思堡的年营业收入达 11 亿美元的放款公司（其贷款利率低于基础利率）美国信贷首席财务管理人员丹伯斯如是说。去年，伯斯荣获“资本结构管理优秀首席财务管理人员奖”，以表彰他在 1998 年高收益债券市场崩溃后成功地稳住了美国信贷集团岌岌可危的财务状况。曾获此奖的人当中有法斯托、施瓦茨和沙利文。这一点令该评奖活动的主办方之一、行业性刊物首席财务管理人员杂志十分难堪，它已决定中止

7、颁发该奖。（也许此举已无济于事，因为该奖项同时也失去了另外一个主办方安达信公司。） 不用说，伯斯还没来得及把奖牌捂热呢。相反，他一直在急切地向投资人、分析师和共同基金经理们做宣传，使他们了解美国信贷公司的业务和财务报告。他说：“眼下，我的时间有 25% 到 50% 用在了这件事情上，而在五年前，这无须花什么时间。” 在过去的一年里，伯斯必须说明白但又很难解释清楚的事情之一是，美国信贷为何决定放弃“销售收益”会计方法，它过去就是用这种颇有争议的手段来记入销售贷款组合所获利润的。根据公认会计原则的规定，美国信贷预先把这些组合的全部销售价格作为经营收入记入账面，尽管在客户拖欠或提前偿还贷款的情况下，

8、这些组合以后可能会贬值。由于利率不断下降，人们纷纷提前还贷，迫使美国信贷的几家竞争对手减记大笔收入；由于美国信贷没有这样做，投资人沉不住气了。更糟的是，销售收益会计方法同安然公司用来加大能源和宽带协议销售收入的做法有一定的相似之处。 如果你不知道在什么市场以恰当的价格以及什么样的售后服务来推出你的产品，这可能是你没有有效的战略规划。你的战略部署甚至可以涵盖所有国内的事，但你也可以选择边盲目经营边等意外的技术变革、国外廉价的原料和生产加工来摧毁你的竞争优势吧。要知道，战略规划并不是针对现时的市场竞争而作出的反映。这些都是需要注意的警告信号。还有，你可以采取措施在其变得太晚之前扭转局势。 首先，找

9、到合适的内部财务资料；第二，要确保你有有能力的人来处理事务；第三、对成本支出、预算和现金流量等进行企业内部控制；第四，不断调整你的战略计划与对应的风险和机遇，当苗头刚出现的时候，作出合理的调整；第五、聘请一个外部的、会客观评价的顾问，以确保目前正在采取一切必要措施能被顺利的执行。扭转一个陷入困境企业往往包括四个阶段：通过减少现金损失和增加现金流量以稳定局势；分析企业的战略计划，以确定企业经营目标如何可以实现；通过财务上的重组调整公司财务活动，通过组织结构调整加强企业经营决策。上述袜业针织公司及时寻求专家帮助实施这些阶段。Grant Thorntons的顾问立即就几点认识提出建议，并受到公司的青

10、睐：该公司拥有的自己的产权，通过减少库存来促使赢利。为了改善目前的困境，扭转专家建议停止生产低档的产品，因为它已不再具有与亚洲的货物竞争的优势。他们还建议增加设备投资以降低劳动力成本及其变动成本。通过捆绑供应商来长期提供廉价原材料和开发更先进的、竞争不太强产品来进入差异化的美国市场(通过利用美国资深的营销专家来执行)。制造商的小规模使它能比竞争者提供更快、更好的客户服务。当然，这种改善不是一朝一夕的事.。这种转机的过程大约需一年来实施，但目前为止，厂商在业务领域，赢利能力和市场上，仍然有着严峻的挑战。如果你的企业不再像以前一样赚钱，你也似乎不能找出其中的原因和解决办法，Grant Thornt

11、ons的转机管理专家小组和专家能与大家找出其中的问题并理解你的短期和长期的需求。一次审查企业现有的组织结构和整个工作将找出可以或必须加以改变的地方。该小组可以提出可选的办法和作出不同的预测模型，以评估可能的结果，并确定最佳的做法，帮助你找出一条新路走向成功。Grant Thornton语我们尽力确保本文信息的准确性。不过，你不要认为对你或你的组织的技术指导没有考虑到行业的专业性，我们会为每一个客户提供一流的专家小组。 更多关于这个问题，请您联络Grant Thornton的顾问。如果你还没有一个顾问，访问我们的网页www.GrantThornton.ca，联系我们贵地区办事处，我们会很乐意帮助

12、你。访问我们的网址www.GrantThornton.ca搜索其他感兴趣的管理问题。www.granthornton.ca/mgt_papers/外文原文（复印件）MANAGEMENT ISSUEST H E S T R E N G T H o f A D V I C ESteer your business to safety:Heed early financial warning signsA few years ago, a hosiery manufacturer recognized signs of serious trouble with its business. The p

13、roblems were many and varied. The number of retailers selling hosiery was declining due to consolidation and the influence of large chain stores who were dominating the market. Profit margins were falling for the manufacturer because the chains wanted bigger discounts and inventory held in stock for

14、 them for later shipping. As well, the manufacturers low-end product was facing alarming competition from Asian suppliers with much cheaper labour costs. Profits were therefore disappearing while assets were being tied up for longer periods of time. Commitments and payments to suppliers had to be ma

15、de well in advance, while turnover of receivables and inventory slowed considerably. Things looked very grim, but the managers made one wise decision: they called for outside help.Spotting the danger signs in time is critical to saving a faltering business. Although there are many ways in which a co

16、mpany can experience trouble, there seem to be three broad areas to watch: finances,operations and strategic planning. A business obviously has to be profitable, but early financial warning signs include: reductions in working capital and cash flow, increases in fixed and variable expenses, dropping

17、 gross margins, significant differences between actual and projected results, poor return on investment and lack of action on negative variances from budgets.The operations area covers management and personnel as well as processing, whether manufacturing or distribution. Are competent managers makin

18、g effective decisions in all necessary areas of the business? Lack of delegation and one-man rule could be a problem. Lack of controls on spending, budgeting, and accountability along with inefficiency, a low-level of equipment maintenance, poor collections and weak employee relationships can signal

19、 trouble. Is obsolete inventory taking up space without moving out? Isoutdated equipment keeping costs high? Is technological change needed? These can be warnings from the processing side.More or less problems like these had appeared before trouble in Many corporations. For example, the '90s had

20、 given birth to wheeler-dealer finance officers, instrumental in such master-of-the-universe activities as negotiating mergers and acquisitions. Wall Street watched their every move. Think of IBM's Jerome York, who became "the $1.3 billion man," named for the amount Big Blue's stoc

21、k fell (and Chrysler's gained) the day York defected to aid Kirk Kerkorian in raiding the carmaker. Or Disney's CFO, Stephen Bollenbach, who commanded an unprecedented $20 million pay package and helped the entertainment giant capture Capital Cities/ABC. Corporations started looking for fina

22、ncial officers who could do more than cut costs; they wanted someone who could make them money. So CFOs tossed aside their green eyeshades and turned to more creative pursuits. By the late '90s, CFOs were prized for their ability to find new finance and accounting tricks. They became spokesmen,

23、quietly guiding stock analysts to quarterly earnings estimates-and then making sure their companies beat those targets. Still, it's a tough job. The CFO is a convenient scapegoat when a company disappoints Wall Street, and the average one lasts just four years on the job, according to Financial

24、Executives International. But if they succeed, the rewards can be great. Many CFOs have moved up to run their companies. Now several prominent finance execs have been indicted; some will almost certainly go to jail. The same creative financing techniques that allowed companies to carefully manage th

25、eir earnings suddenly get a cocked eyebrow and an SEC investigation. New regulations have outlawed some questionable practices, and even legitimate financing tools have been tainted by association with the likes of Enron and WorldCom. Today CFOs are expected to be paragons of transparency and accoun

26、tability and must personally certify their companies' financial results. But one thing hasn't changed: They still have to make the numbers-or else. Is it any wonder they are freaking out? "Every single aspect of my job is more difficult today than it was a year ago," says Dan Berce

27、, the CFO of AmeriCredit Corp., a subprime lender in Fort Worth with $1.1 billion in annual revenues. Last year Berce was presented with a "CFO Excellence Award for Capital Structure Management" in honor of his successful efforts to shore up AmeriCredit's vulnerable finances after the

28、1998 collapse of the high-yield-bond market. Past recipients of the award included Fastow, Swartz, and Sullivan, a fact that so embarrassed CFO magazine, the trade publication that had co-sponsored the Excellence Awards, that it has discontinued the prize. (It probably didn't help matters any th

29、at the awards lost their co-sponsor, Arthur Andersen.) Needless to say, Berce hasn't spent much time polishing his trophy. Rather, he's been urgently speaking to investors, analysts, and mutual fund managers to make sure they understand AmeriCredit's business and its financial statements

30、. "I spend 25% to 50% of my time on this now, whereas five years ago it was minimal," he says. Among the difficult things Berce has had to explain this past year is AmeriCredit's decision to abandon "gain on sale" accounting, a controversial technique it used to book profits

31、from selling off loan portfolios. Under Generally Accepted Accounting Principles (GAAP), AmeriCredit was required to record upfront the entire sales price of those portfolios as revenue, even though the portfolios could later decline in value if customers defaulted or prepaid their balances. Several

32、 of AmeriCredit's competitors were forced to take large write-downs when falling interest rates prompted a rash of prepayments, and while that hadn't happened to AmeriCredit, investors were nervous. Making matters worse, gain-on-sale accounting has some similarities to techniques that Enron

33、used to inflate revenue from selling energy and broadband contracts. If youre not sure youre focusing on the right products for the right market at the right price with the right kind of service, you may lack effective strategic planning. Your strategic plan may be covering all the right things inte

34、rnally, yet your business can be blind-sided by such unforeseen external competitive forces as advances in technology and cheap foreign sources for raw materials or processing, that destroy your competitive advantage. Strategic plans that are not kept current in response to all market challengesare

35、ineffective.These are all warning signs to beware of. There are, however, steps you can take to turn things around before its too late. First, get the right kind of internal financial information on a timely basis. Second,make sure you have the proper people in the proper places. Third, gain control

36、 of costing, spending,budgeting and cash flow. Fourth, keep revising your strategic plans relative to the risks and opportunities presented by external forces, making reasonable changes when indicated. Fifth, hire an outside, objective consultant to ensure that all the necessary steps are being take

37、n.Steering a troubled business to safety often involves four stages: stabilizing the situation by reducing cash losses and increasing cash flow, analyzing the business and/or strategic plan to determine how business objectives can be met, repositioning the company through financial restructuring, an

38、d strengthening the firm through organizational restructuring.The hosiery manufacturer sought expert help in time to work through these stages. Grant Thorntons advisers immediately recognized a couple of points that were in the companys favour: it owned its building, and had kept its initial profits

39、 within the company in the form of inventory. To improve the current difficulties, the turnaround experts recommended stopping the manufacture of the low-end product, since it no longer made sense to attempt to compete with the Asian goods. They also suggested investing in equipment that decreased l

40、abour and its variable costs. Suppliers were approached to provide longer terms for the payment of raw materials, and a more sophisticated product was developed that had less competition and could find niche markets in the U.S. (through the use of an experienced U.S.-based marketing executive). The manufacturers small size allowed it to offer faster delivery and better customer service than its competition.The improvement did not happen overnight. The beneficial changes took about a year to implem