財會類外文翻譯

1、外文文獻原稿和譯文原 稿major changes of corporate treasury management policies have been in the past few decades. treasury management has gradually taken up more and more responsibilities. in the 1960s treasury-related tasks entailed purely routine work in what was no more than an ancillary function as a centr

2、alising cash management unit linked to administrative tasks. in the 1970s the first significant changes began to take place as the economic environment was hit by recession, which favoured the emergence of new shortterm monetary policy instruments and the first hints of deregulation of financial mar

3、kets, but treasury management was still restricted to the obtaining of funding, the management of payments and collections and the maintenance of bank balance positions. it was not until the 1980s that it became integrated into general corporate management and finally outgrew its purely administrati

4、ve function linked to the accounting department. treasury functions began to be based essentially on a financial cash management or liquidity management perspective. more recent advances have favoured the development of new treasury management functions, and increased the importance of treasury depa

5、rtments within companies. in this way, now the techniques and instruments required for optimum development are available.the functions now linked to treasury management extend beyond the mere control of monetary flows and positions. exchange-rate and interest-rate volatility in the wake of the inter

6、nationalisation and deregulation of currency markets, the need to increase control of credit risk in increasingly competitive markets and the appearance of new financial instruments have forced treasury management to become more forecast-based in its actions, with more emphasis on the management of

7、investments, treasury deficits and different financial risks. basic responsibilities of treasury departments will be those tasks that enable companies to use the techniques and information needed to minimise the financial costs of resources and maximise returns on cash surpluses, thus providing them

8、 with the necessary treasury funding in the desired currency at the appropriate time, as argued by lopez and others.in the terminology of cash management literature this term brings together various functions associated with short-term financial flow management: liquidity management, banking managem

9、ent,management of treasury surpluses and deficits and financial risk management; it is a broader concept than the mere management of payments and collections. in this context, our objective is to provide empirical evidence for the definition of cash management by drawing up an explanatory model. the

10、 following pages present a cash management model obtained using the technique of structural equations, which has never been used before in research analysing the factors linked to treasury management.a salient result of our model is that the management of payments and collections and treasury foreca

11、sts are the functions to which the companies surveyed attach most importance. these are the functions that have traditionally been most closely linked with treasury management, though others which have been incorporated more recently, such as management of bank balances at value date,management of r

12、elationships with banks, management of treasury deficit funding and management of treasury surpluses, are all also highly rated by companies.cash management can be seen from two different perspectives depending on how many responsibilities it includes: treasury management (or basic cash management)

13、and advanced cash management. specifically, treasury management handles actual cash management at companies, and one of its main functions is to establish the optimum cash level so that payments can be made and received as necessary for the proper operation of the company. the second concept include

14、s not only treasury management but also other tasks such as treasury forecasting, negotiation and establishment of relationships with financial institutions and financial risk management.pindado argues that basic cash management refers to that part of the working capital that makes up the optimal le

15、vel needed by a company treasury. however, if the profit opportunities available in the process of cash flow creation are to be maximised, this scope must be broadened to take in more operational decisions, since optimum cash levels are influenced by other factors outside the restrictive concept of

16、"treasury". linking these concepts with the concepts of monetary theory reveals that the initial reasons for cash management were transaction and precaution, and those reasons were then joined by speculation, taking it closer to the overall concept of treasury management in the broad sense

17、 of the term.methodologyfactor analysis was used to develop a model that can explain cash management. first of all,exploratory factor analysis was used to define constructs by the inductive approach, and thus to deduce theoretical models. secondly, confirmatory factor analysis was used to show the v

18、alidity of the constructs arising from those deductions. to validate the model and make it more robust, the sample was also subdivided randomly into two, with exploratory factor analysis then being applied to one of the subsamples and confirmatory analysis to the other. this method was applied to va

19、rious splits of the original sample, with the argument that if it fitted in all of them, the scales of the model obtained would be validated. confirming the model both inductively and deductively for different selections from the same population ensures that the measuring process is free from any sy

20、stematic error.structural equations have not previously been used in research to analyse factors linked to cash management. the structural equations method can be used to construct unobserved variables that define and statistically validate the theoretical concepts studied, reasoned and explained by

21、 researchers: in this case the responsibilities of cash management.descriptive analysistreasurers or treasury managers undertake various tasks in all areas of cash management, such as management of payments made and received, monitoring of liquidity of banking operations, short-term treasury forecas

22、ts, management of account balances at value dates, negotiation with banks,management of treasury deficit funding, management of treasury peaks and management of interest and exchange rate risks.monitoring and optimisation of the circuit of payments received is the variable that scores highest among

23、the firms surveyed, possibly because it brings together management functions concerned with the main payments received by firms, on which their survival depends. the preparation of treasury forecasts obtains the second highest score on average, mainly because proper treasury management must be based

24、 on knowledge of future positions. the responsibilities which obtained the lowest score are coverage of interest rate risk and exchange-rate risk, but some firms are unaware of these functions and others find them of little relevance due to the low degree of influence of such risks on their financia

25、l activities.in general, the remaining responsibilities obtain high scores.none of them stands out from the rest. the responsibilities in question are day-to-day control of banking position, monitoring of banking positions at value date, establishment of an optimum cash level, optimisation of liquid

26、ity, and monitoring and optimisation of the purchase-payment circuit.other responsibilities include minimisation of costs of short-term borrowing required to cover treasury deficits and maximisation of returns on treasury surpluses.in short, all treasury management responsibilities obtain high score

27、s except coverage of financial risks. particularly high scores are obtained by management of payments for payments received, due to its importance for the survival of firms, and by management of treasury forecasts as a way of obtaining advanced information on movements of available liquid assets.exp

28、lanatory modelfactor analysis was used to develop a model capable of explaining cash management and showing the results arising from its use. to define the construct used in the explanatory model, which cannot be observed directly in actual businesses, exploratory factor analysis was used first on a

29、 subsample,followed by confirmatory analysis on another, different subsample, to make the model more robust.exploratory factorial analysisexploratory factorial analysis is applied to a randomly selected subsample. an examination of this table reveals that the correlations between the variables used

30、are still sufficiently high to justify the application of a factorial analysis of principal components.the results of the exploratory analysis show that the eleven variables concerned with treasury management responsibilities can be grouped into two components with only minimal information loss.basi

31、c cash management, which includes three levels: liquidity management (short-term treasury forecasts, at least monthly, establishment of an optimum cash level, optimisation of liquidity), operational management (monitoring and optimisation of the purchase-payment circuit, monitoring and optimisation

32、of the sales-cash circuit), and banking management (monitoring of banking positions at the value date, day-to-day control of banking positions).advanced cash management, which also includes three levels: investment management (maximisation of returns on treasury surpluses), financial management (min

33、imisation of costs of short-term borrowing), and risk management (coverage of interest-rate risk, coverage of exchange-rate risk).confirmatory factorial analysisconfirmatory factor analysis is then applied to different subsamples to produce a valid, reliable scale for measuring this factor.using sta

34、tistical techniques from a convergent perspective, the present study aims to provide evidence of the existence of a single underlying concept that can explain cash management sufficiently well to bring together the variables in the scale considered overall. to obtain a valid, reliable scale capable

35、of expressing the concept of treasury management, the internal consistency of the model is checked using reliability techniques (cronbachs alpha, composite reliability and extracted variance),convergent validity and discriminant validity of factors.the model reflects the idea that treasury managemen

36、t comprises basic cash management and advanced cash management. basic cash management includes the constructs for liquidity management, operational management and banking management. advanced cash management includes those for investment management, financial management and management of financial r

37、isk coverage. the theoretical concept underlying this model is supported by the opinions of the treasury managerssurveyed, who understand cash management as including not just liquidity management tasks but also others such as management of payments made and received, forecast management, banking ma

38、nagement, investment management, financial management and financial risk management.譯 文企業(yè)資金管理政策在過去的幾十年發(fā)生了主要變化。國庫管理已逐步占據(jù)越來越多的責任。在20世紀60年代，金庫有關(guān)牽涉純粹例程沒有什么比作為現(xiàn)金管理與集中管理任務(wù)的單位輔助功能更多的工作任務(wù)。在20世紀70年代的第一個重大的變化開始發(fā)生，隨著經(jīng)濟環(huán)境的衰退，這有利于新的短期貨幣政策工具和金融市場放松管制的第一個線索出現(xiàn)沖擊，但資金管理仍僅限于取得資金的支付和收款和銀行存款余額的立場維護管理。但直到20世紀80年代，它才納入一般企

39、業(yè)管理，終于成為超出單純的行政職能增長鏈接到會計部門。財務(wù)職能開始在主要依據(jù)財務(wù)現(xiàn)金管理或流動性管理的角度。最近的進步有利于新的財務(wù)管理功能的開發(fā)，并增加了財政部門在公司的重要性。通過這種方式，現(xiàn)在最佳發(fā)展所需要的技術(shù)和手段成為可能?，F(xiàn)在的職能與財政國庫管理延伸超出了單純控制貨幣現(xiàn)在的職能與財政國庫管理延伸超出了單純的貨幣流通和位置控制。匯率和利率在貨幣市場國際化和放松管制之后的波動，需要增加的信貸風險在日益競爭的市場和新的金融工具的出現(xiàn)，迫使資金管理控制變得更加的預測為基礎(chǔ)的其行動，與更多的投資，財政赤字和國債不同的金融風險管理的重點。國庫部門的基本職責將這些任務(wù)，使企業(yè)能夠利用技術(shù)和信息資

40、源的需要，盡量減少財務(wù)費用及現(xiàn)金盈余收益最大化，從而為在國債所需的貨幣必要在適當?shù)臅r候他們的資金，作為辯稱洛佩斯等。在現(xiàn)金管理文學這個名詞術(shù)語匯集了短期資金流動的管理相關(guān)的各種功能：流動性管理，銀行管理，盈余和赤字國債和金融風險管理的管理，它是一種比單純的支付管理更廣泛的概念和集合。在此背景下，我們的目標是提供的現(xiàn)金管理的定義，擬訂了一項解釋性模型的實證證據(jù)。以下頁面目前的現(xiàn)金管理模式得到利用結(jié)構(gòu)方程，這在以前從來沒有研究分析與資金管理使用的技術(shù)因素。我們的模型的一個顯著的結(jié)果是，支付和收款和財政部預測，管理的職能，這是受訪企業(yè)最重視的重要性。這些是歷來最密切的聯(lián)系與資金管理，但其他功能已被納

41、入最近，如銀行結(jié)余管理的交割日，與銀行的關(guān)系，管理國庫赤字和國債資金管理盈余管理，都是由公司還高度評價。現(xiàn)金管理可以從兩個不同的角度取決于有多少責任，它包括：庫存管理（或基本現(xiàn)金管理）和先進的現(xiàn)金管理。具體來說，在處理公司財務(wù)管理的實際現(xiàn)金管理，其主要職能之一是建立最佳水平，使現(xiàn)金支付，可并在必要時獲得了該公司的正常運作。第二個概念不僅包括財務(wù)管理，而且，如財政部預測，談判以及與金融機構(gòu)和金融風險管理關(guān)系的建立等任務(wù)。pindado認為，基本現(xiàn)金管理是指對工作的資本，彌補了最佳水平由公司庫房需要的一部分。但是，如果獲利機會的創(chuàng)造過程中可用現(xiàn)金流將被最大化，這個范圍必須擴大，以采取更具有操作性的

42、決策，因為最佳現(xiàn)金水平是由外部的“金庫“限制性觀念等因素的影響。連結(jié)與貨幣理論的概念這些概念表明，現(xiàn)金管理的初始原因是交易和防范措施，以及這些原因，然后加入了投機活動，把它更接近國庫管理在廣義上的總體概念。方法論因子分析是用來建立一個模型，可以解釋現(xiàn)金管理。首先，探索性因素分析法歸納法定義的結(jié)構(gòu)，從而推斷的理論模型。其次，驗證性因素分析的方法證明了該構(gòu)造從這些扣除所產(chǎn)生的有效性。為了驗證該模型，使之更加強勁，還細分樣本隨機分成兩組，然后與正在探索性因素分析應用到子樣本和驗證分析，以另一種。該方法適用于各種分裂原樣品，參數(shù)，如果在所有這些裝，所得到的模型的尺度將是驗證。確認可以從同一人群不同的選擇模型電感和演繹