創(chuàng)造財富企業(yè)財務(wù)戰(zhàn)略與決策【外文翻譯】

1、本科畢業(yè)論文（設(shè)計）外 文 翻 譯原文：creating wealthcorporate financial strategy and decision makingcorporate financial strategic planningherbert simon has written that there is a greshams law of planning: “programmed activity tends to drive out non programmed activity.” the decision to buy a new energy-saving piece

2、 of equipment is a lot easier to discuss and analyze than strategic investment decisions. in the case of the energy-saving equipment, cash flows can be estimated and the decision to buy or not to buy can be made based on well-known capital budgeting techniques. the basic capital budgeting techniques

3、 are “programmed activities” in simons law. strategy issues are a lot softer and a lot less satisfactory to write about and to read. however, it may well be that strategy issues are much more important, even if they are not fun to consider.strategy leads a firm to enter the energy business. that is

4、the first and most important decision. the firm might then have to value a prospective acquisition as a means of accelerating the entry into the industry, but without the strategy decision it would not be necessary to value the acquisition. all business decision making is based on abstractions from

5、reality. we have to simplify in order to make decisions. we can delay decision making by insisting- on more information, but when the more information is obtained, there will still be more information that could be obtained if you were willing to defer action. sooner or later one has to resist the o

6、pportunity to get more information, and one has to make the decision.herbert simon has said this best: administrative theory is peculiarly the theory of intended and bounded rationality of the behavior of human beings who satisfice because they have not the wits to maximize. and as additional explan

7、ation: whereas economic man maximizes selects the best alternative from among all those available to him, his cousin, administrative man, satisfices looks for a course of action that is satisfactory or “good enough.” examples of satisficing criteria, familiar enough to businessmen if unfamiliar to m

8、ost economists, are “share of market,” “adequate profit,” “fair price.”the substitution of the word “satisfice” for “maximize” is not necessary if we are willing to consider the costs of information, search, and delay in the decision to maximize. in a sense we can conclude that simon is suggesting t

9、hat it is better to make decisions, even imperfect decisions, than to endure the long wait until the perfect information and perfect decision processes are available. “in an important sense, all decision is a matter of compromise.”while simons “satisfice” description is an extremely useful device fo

10、r describing how managers operate, we shall find it convenient to collapse simons “satisfice” and profit maximization into one expression. infect, the profit maximization (where profit is defined in terms of risk-adjusted present value) is deemed to be the primary objective of the firm. more is bett

11、er. further, the profit maximization objective includes the information cost and cost of search so that it is consistent with simons satisfice (we are not rejecting the satisfice concept). the assumption is that decisions should be made from the point of view of improving the well-being of the stock

12、holders. this is a reasonable point of departure, but it cannot be the entire message. managers, employees, customers, and society in general have interests in the results of a firms operations. we must also consider the impact of decisions on the well-being of these groups. one might object to this

13、 conclusion, but realistically such considerations are being included by successful firms.no manager submits an investment or other decision proposal without carefully considering the impact of the decision being reviewed on his or her well-being. even the board of directors will consider the well-b

14、eing of managers if for no other reason than that managers are likely to be on the board. employees also must be considered, since an obvious and continuous disregard of their interests will cause them to insist on the right to protect their interests. customers also gain their right to be considere

15、d by the economic power they wield, not in the board room directly, but indirectly via the right of a consumer to avoid buying a corporations product.the rights of society can to some extent be ignored by a corporation for a short period of time, but continuous implementation of a “public be damned”

16、 philosophy is likely to bring forth a string of government legislation. the interests of society must be respected if only to avoid such legislation. a corporation should do “right” either because it is the proper thing to do or because it is in its own best interests to behave in such a fashion.ke

17、y elements of strategic planningthe five key elements of the strategic planning are listed below:the first element in developing a strategy is the identification of the problems and opportunities that exist. a successful firm will have a fertile idea-generating environment. what problems and opportu

18、nities are there? problem and opportunity identification is one of the more important outputs resulting from good strategic planning. no problem can be solved or an opportunity can be seized unless it exists.the second element is to set goals (objectives). goal setting is not independent of the iden

19、tification of opportunities. if the goal is to achieve growth in sales of 15% per year, it will be necessary to spend more resources generating ideas than if the goal is to avoid growth. it may be argued that top management should stop with the setting of the goals and leave everything else to the o

20、perating managers. for example, top management might set the goals to earn at least 25% return on investment (roi), to maintain a 15% growth rate per year, and to corner 20% of the total market as the firms profit goals. operating management would then establish the details as to how the goals would

21、 be achieved. a popular form of managerial style is to “manage by objectives.” if one manages by objectives, the goal is set by the top, but the specific method of getting to the goal is not controlled. the results are important, not the method of getting to the results. performance measurement is s

22、ubstituted for detailed supervision. thus goal setting becomes a crucially important element in the strategic planning.we now have problems and goals defined. the third element is to have a procedure for providing, possible solutions, or “paths” the firm can follow to find a solution. for example, t

23、he current energy situation can be defined as a problem or an opportunity. the goal might be to achieve energy independence or to make a given return on investment. assume a firm has decided to enter the energy industry and has to decide what kind of energy it will develop and how it will go about i

24、t. for example, it might consider solar, wind, tide, and fossil and then decide to go with solar.having decided to enter the solar energy industry, the corporation might decide to spend large sums on research or alternatively might decide to acquire a firm that already has valuable know-how and thus

25、 accelerate its entry into the industry. the setting of tactics follows the setting of the basic strategy for entering the industry.the basic decision is to “enter the solar energy industry.” the goals that are set can be to earn 25% roi, increase earnings 15% per year, and gain 20% of the total mar

26、ket. top management of the corporation might then leave the details of how this is to be achieved to the managers operating the solar energy division. this is an extreme form of decentralization and “bottom line management.” the more normal procedure is for top management to oversee the more importa

27、nt decisions that are made, especially those involving large investment outlays or other large commitments.the fourth element of strategic planning is to choose the best solution, given possible solutions and the firms objectives. on what basis will the best solution be chosen? the goal might have b

28、een established to maximize the well being of the stockholders. this is easy to state, but given a large number of ways to enter the energy industry, which method should be chosen? it might be decided to choose the path with the largest net present value. but then risk considerations should enter an

29、alysis. choosing the best solution, even with well-defined goals established, is a difficult job.the fifth and final element of strategic planning is to have some type of review procedures to check how the best solution has actually performed. how this review function is executed will depend on the

30、preferences and style of management.the above five elements of strategic planning do not reveal anything about the style in which they (and the resulting plans) will be implemented. they are broad enough to encompass a wide range of financial decisions. for example, if the goal is to have reasonable

31、 growth but little risk, the amount of risk that is acceptable to the owners of the corporation (or in their absence, to the board of directors) will greatly affect the amount of debt that is used to finance the corporation.a major planning question not yet answered is to what extent the interests o

32、f the organization come ahead of the interests of the different groups of employees. what sort of performance measures will be used, and what happens when goals are not met? will excuses (explanations) be listened to, or will there be an insistence on performance? managerial style will circle back a

33、nd affect things like idea generation.approach to strategywe will consider four approaches to strategy. the first uses brilliance and is unstructured, while the second uses dramatic simplifications and broad generalizations. the third relies heavily on statistical data, and the fourth is a theoretic

34、al approach that is correct, but may not always be practical.approach 1: brillianceunder this approach each situation is unique and the problem solver applies brilliance in arriving at a strategy. there is an unstructured analysis. a systematic approach to thinking about strategy can be learned (one

35、 can practice strategy decisions via cases and games), but there are few if any generalizations. a listing of the five elements of strategic planning described above is an illustration of an attempt to systematize thinking about strategy.one can read a strategy recommendation for a firm and admire i

36、ts wisdom, but still not be able to tell a computer how to do the next analysis.approach 2: broad generalizationsthe boston consulting group (bcg) has developed an amazingly simple to understand and attractive approach to strategy. in accordance with the model, the best of all worlds is for a produc

37、t to have a high market share in a high-growth market (be a star). thus the implication (recommendation?) is that a firm should maintain dominant market position in a growing market (the market segment may be very limited) or the firm should abandon the activity.to some extent this recommendation is

38、 based on theory. to be in a monopolistic position is a desirable state from the point of view of profit maximization. secondly, if a firm is producing more than the competitors, it is apt to be further along its learning curve, and thus its cost is likely to be less than those of competitor. here,

39、it is assumed that the incremental costs reduce with the number of units produced, and there is evidence to substantiate this assumption. if the firm has a high market share but slow growth in the market, it has a cash cow. do not invest in this market, but drain off the cash. and if both the market

40、 share and market growth are low, it has a dog, and the advice is to find some fool who will take if off. finally, if the market growth is high but the market share is low, then there is a question mark. strategy will depend on the expectation of being able to move from a low market share to a high

41、market share. the firm should either spend to achieve stardom or get out of the market.source: v k bhalla,2004 “creating wealthcorporate financial strategy and decision making” .journal of management research,vol.4,no.1,april,pp.13-17.譯文：創(chuàng)造財富:企業(yè)財務(wù)戰(zhàn)略與決策企業(yè)財務(wù)戰(zhàn)略規(guī)劃赫伯特西蒙曾撰文指出有一個格雷欣法則規(guī)劃：”列入方案的活動往往趕不上未列入方案的

42、活動”。 決定購買新的節(jié)能設(shè)備比討論和分析戰(zhàn)略性投資決策容易得多。在節(jié)能設(shè)備的方案中，現(xiàn)金流量是可以預(yù)算的，購買或者不購買是可以根據(jù)著名的資本預(yù)算技術(shù)來決定的。資本預(yù)算的基本技術(shù)在西蒙法則中就是“程序活動”。 戰(zhàn)略問題是一個柔和，擔(dān)不是一個令人滿意的寫和讀。但是，它很可能比這一戰(zhàn)略問題更重要，即使他們考慮起來并不好玩。戰(zhàn)略領(lǐng)導(dǎo)一個公司進入能源業(yè)務(wù)。這是第一個也是最重要的決定。該公司接下來可能有必要去做一個潛在的收購評估來加快進入該行業(yè)，但如果沒有戰(zhàn)略決策，將沒有必要去做收購評估。所有的商業(yè)決策都是基于現(xiàn)實的抽象。我們必須簡化，以便于做出決定。我們可以通過堅持要求更多的信息來延遲決策，但是當(dāng)獲得

43、更多的信息，還會有更多的信息可以得到，如果你愿意推遲行動。人們遲早有必要去抵制得到更多的信息的機會，因為他們必須做出決定。西蒙說這個最好：行政管理理論是特有的預(yù)期的和有限理性理論 對于滿足人類，因為他們沒有智慧去最大限度地發(fā)揮人類的行為。而作為補充說明：鑒于經(jīng)濟人最大化 從所有這些選擇提供給他，他的表弟，行政人員，以滿足最佳替代查找的行動當(dāng)然這是令人滿意的，或者說“足夠好”。標(biāo)準(zhǔn)的令人滿意的例子，對于商人足夠熟悉，但是對于大多數(shù)經(jīng)濟學(xué)家卻很不熟悉是“市場占有率”，“足夠的利潤”，“公平的價格?！比绻覀冊敢庾畲笙薅鹊娜タ紤]在信息，搜索成本和延誤方面的決定的話，用“滿意”這個詞去替代“最大化”是

44、沒有必要。在某種意義上，我們可以得出結(jié)論，西蒙表明做出決定，即使這不是完美的決定，也要比忍受等待直到完善的信息和完善的決策過程實現(xiàn)可以利用要來得好。 “在一個重要的意義上，所有的決定是一個妥協(xié)的問題。”雖然西蒙的“滿意”描述是描述如何管理運作非常有用的工具，我們會發(fā)現(xiàn)它是一種很方便去瓦解西蒙的“滿意”和利潤最大化的表述。事實上，利潤最大化（其中利潤是指在風(fēng)險調(diào)整后的現(xiàn)值計算）被視為是該公司的首要目標(biāo)。越多越好。此外，利潤最大化的目標(biāo)，包括信息成本和搜尋成本，使之符合西蒙的滿意（我們不應(yīng)拒絕令人滿意的概念）。假設(shè)決策應(yīng)該從股東所認(rèn)為的改善福利的觀點來決定。這是一個合理的出發(fā)點，但它不能成為整個訊

45、息。一般來說，經(jīng)理，員工，客戶和整個社會在一個公司的經(jīng)營業(yè)績上都是有利益的。我們還必須把影響這些群體的福利的決策考慮在內(nèi)。有人可能會反對這一結(jié)論，但實際上很多成功的公司都把這個考慮在內(nèi)。在沒有仔細(xì)考慮該投資或者這個決策建議對他或她的福利的審查的影響之前，沒有經(jīng)理會去提交。即使是董事會將考慮如果沒有其他原因只是管理者很可能是資深董事的良好管理人員的福利。員工也必須被考慮，因為一個明顯的，持續(xù)的無視他們的利益將促使他們堅持他們的權(quán)利去保護自己的利益。客戶也獲得他們的權(quán)利去考慮行使他們的經(jīng)濟實力，而不是直接通過董事會會議室，但間接地通過了消費者的權(quán)利，以避免購買公司的產(chǎn)品。社會的權(quán)利，可以在一定程度

46、上被公司在很短的時間內(nèi)忽略，但是一個持續(xù)實施“公眾見鬼去吧”的經(jīng)營理念可能帶來一系列的政府立法。社會的利益必須得到尊重，如果只是為了避免這種立法。一個公司應(yīng)該做的“權(quán)利”可能是因為它是正確的事情，或者是因為它在自己的最佳利益，來表現(xiàn)這樣一種時尚。戰(zhàn)略規(guī)劃的關(guān)鍵要素五個戰(zhàn)略規(guī)劃的關(guān)鍵要素如下： 在制訂戰(zhàn)略的第一要素是鑒定存在的問題與機會。一個成功的公司將擁有一個豐富的理念創(chuàng)新環(huán)境。存在的問題和機會有哪些？問題與機會識別是其中一個重要的從良好的戰(zhàn)略規(guī)劃產(chǎn)生的。除非問題或機會被確立存在，否則任何問題都不能得到解決，也不可能抓住機會。第二個要素是要建立目標(biāo)（目標(biāo)）。設(shè)定目標(biāo)是不是獨立身份的機會。如果目

47、標(biāo)是實現(xiàn)每年15的銷售增長，如果目標(biāo)就是要避免出現(xiàn)增長，將需要花費更多的資源的見解。有人可能會認(rèn)為，高層管理人員應(yīng)停止去設(shè)定目標(biāo)，并且把一切別的東西留給操作經(jīng)理。例如，高層管理人員制定的目標(biāo)可能獲得至少25的投資回報（roi），保持每年15的增長速度，作為壟斷企業(yè)的利潤目標(biāo)總額的20的市場份額。經(jīng)營管理，然后建立將目標(biāo)如何實現(xiàn)的細(xì)節(jié)。常見的管理風(fēng)格是“靠他們的目標(biāo)”。如果有經(jīng)營目標(biāo),目標(biāo)是由領(lǐng)導(dǎo)設(shè)置,但得到目標(biāo)的具體方法不是控制。結(jié)果很重要,而不是得到結(jié)果的方法。績效評估代替了詳細(xì)的監(jiān)督。因此目標(biāo)設(shè)定成為了重要元素的戰(zhàn)略計劃。我們現(xiàn)在有問題和目標(biāo)定義。第三個要素是有程序以提供可能的解決方法或者“路線”，以便于公司能跟著找到解決的辦法。例如,當(dāng)前能源形勢可以被定義為一個問題或一個機會。目標(biāo)似乎可以實現(xiàn)能源