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1、外文翻譯CostManagementofCorporateMaterialSource:http:《CostManagement》Author:DonR.Hansen,MaryanneM.Mowen一、財(cái)務(wù)控制的概念需要重新定義1一、財(cái)務(wù)控制的概念需要重新定義1theconceptoffinancialcontrolneedstoredefine之所以需要對(duì)財(cái)務(wù)控制進(jìn)行重新定義,是因?yàn)樨?cái)務(wù)管理的理論、環(huán)境以及人們對(duì)財(cái)務(wù)管理的預(yù)期都發(fā)生了變化。Theneedtoredefinethefinancialc
2、ontrols,becausethetheoryoffinancialmanagement,financialmanagementenvironmentandpeople'sexpectationshavechanged.首先與傳統(tǒng)體制相比,財(cái)務(wù)管理已經(jīng)游離于財(cái)政管理而獨(dú)立存在,就象在政企分開后企業(yè)以法人身份獨(dú)立于政府一樣,換言之,財(cái)務(wù)管理的微觀性是其基本屬性。Firstofall,comparedwiththetraditionalsystem,financialmanagement,financi
3、almanagementhasbeenseparatedfromandindependentexistence,asintheseparategovernmentadministrationfromenterprisetolegalstatusaftertheindependentgovernments,inotherwords,themicrostructureoffinancialmanagementisitsbasicproperty.討論財(cái)務(wù)控制必須在委托代理理論的指導(dǎo)下,立足于“產(chǎn)權(quán)清晰、權(quán)
4、責(zé)明確、政企分開、管理科學(xué)”的現(xiàn)代企業(yè)制度和法人治理結(jié)構(gòu)的要求。Discussionoffinancialcontroltobeundertheguidanceofagenttheory,basedon"clearpropertyrights,powerandresponsibility,separationofenterprisemanagementscience"ofmodernenterprisesystemandcorporategovernancerequirements.具體包括以下幾個(gè)方
5、面:Specificallyincludethefollowing:1、企業(yè)財(cái)務(wù)控制的主體首先是公司1.themainbodyofcorporatefinancialcontrolboardfirst.根據(jù)代理理論,“代理關(guān)系存在于一切組織、一切合作性活動(dòng)中,存在于企業(yè)內(nèi)部的每一個(gè)管理層次上”。Accordingtoagencytheory,"agencyrelationshipexistsinallorganizations,allcooperativeactivitiesexistineverye
6、nterprisemanagementlevel."實(shí)證分析表明,代理關(guān)系產(chǎn)生的經(jīng)濟(jì)基礎(chǔ)是公司股東向經(jīng)營(yíng)者授予經(jīng)營(yíng)管理權(quán)可降低公司的經(jīng)營(yíng)成本,因?yàn)橛杀姸嗟墓蓶|們直接參與公司決策、經(jīng)營(yíng)管理、生產(chǎn)控制的成本是驚人的。Empiricalanalysisshowsthattheeconomicagentisbasedontheoperatorstograntshareholderstherightmanagementcanreduceoperatingcosts,becausealargenumberofsh
7、areholdersbyacompanydirectlyinvolvedindecision-making,management,productioncontrolcostisstaggering.但是代理關(guān)系的確立又必然招致代理成本。Buttheagentmustleadtotheestablishmentofanotheragencycosts.這種成本不僅最終由股東承擔(dān),而且它的存在會(huì)影響公司經(jīng)營(yíng)效率,甚至可能威脅公司的生存。Thiscostultimatelybornebytheshareho
8、ldersonly,anditspresencewillaffectthecompany'soperatingefficiency,andmayeventhreatenthesurvivalofthecompany.在現(xiàn)代企業(yè)制度下,法人治理結(jié)構(gòu)架構(gòu)中一個(gè)重要的特點(diǎn)是董事會(huì)對(duì)經(jīng)營(yíng)者(CEO)財(cái)務(wù)約束和控制的強(qiáng)化。Inthemodernenterprisesystem,corporategovernancestructureisanimportantfea