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1、 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月原文与译文1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 fo
2、r 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 des
3、igns 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
4、 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
5、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
6、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 wo
7、rk. The CFO is deeply involved in financial XXXXXXXX 本科生毕业设计（论文）2policy 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 su
8、pervising 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
9、 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 publi
10、c 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 necess
11、ity. 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 ow
12、nership 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 att
13、ending 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
14、. The shareholders are the principals; the managers are their agents. Shareholders want management to increase the value of the firm, but managers may XXXXXXXX 本科生毕业设计（论文）3have their own axes to grind or nests to feather. Agency costs are incurred when (1) managers do not attempt to maximize firm va
15、lue 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
16、 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
