澳洲代写经济学论文资料

| 25-8月-2012 | 英国留学常识

澳洲代写经济学论文中文译本:

企业融资论文概观: 该公司的财务状况无法解释的单独其跑赢情况。其他几个宏观经济因素的影响,合格的管理人员和员工,预计增长速度和品牌价值起到重要的角色描述的出色表现,超过其竞争对手的公司(约翰Gerzema,埃德达巴耶利巴,和安妮河,扬雅品牌,2009年)。但它不是一件容易的事,以确定确切的无形资产。

企业融资交易的金融或货币组织的决定,并作为最重要的工具来分析和支持金融决策过程的主要目标是最大化股东的的财富(阿斯瓦斯达莫达兰)。此外,财务风险管理也与企业融资的角色和责任。

管理公司的现金流量现值或未来的价值,盈利能力,债务/股本融资,等被视为下企业财务管理的作用的核心功能。组织使用的短期和长期的财政决策过程的决策和技术。项目被视为投资或资本投资的长远规划,包括是否使用债务或股本资金项目的融资方式,是否要支付给股东分红或不以最大限度地提高股东的财富,另一方面被视为对当前资产和负债的短期决策过程中任何组织的决定。它侧重于保持现金,存货,短期资金或贷款等。

 

企业融资论文代写:角色和职责

企业融资与投资银行扮演的角色,以评估该组织的金融需求,然后相应地提供尽可能最好的方式筹集资金能够满足项目要求的任何。这样的主要角色进行以下的活动“(肖恩Beaney,2005年):

•提高启动或种子资本,资本扩张或发展资金

•兼并,收购,兼并,分立

•管理层收购或购买,分拆活动的几个理论和实证研究已经完成在金融经济学和接受,的规范性和理想的目标,对于任何企业的最大化股东财富,它已被经历,许多企业都认为最显著的因素决定制作过程(布雷利和Myers(2003),Brigham和EHRHARDT(2002年),莫耶,麦圭根和Kretlow(2003))。詹森(2001)强烈认为,该公司的市场价值最大化目标函数的有效和高效的管理是最有意义的和单值。

为股东创造最大的财富已经被认为是一个理想的目标,从社会的角度来看,从股东的角度来看,不仅因为它有助于反过来导致社会财富随着公司的财富(詹森,2001)。

 

财务范式

根据传统的金融范式,企业管理主要是面向最大化股东财富(V. Sivarama奎师那,2009年)。一些假设认为竞争激烈的市场上的经典。由于股东是剩余索取者,他们都是独一无二的。有没有这样的事先明确的或隐含的索赔。有一个公司的员工,供应商,客户,贷款人等股东承担所有的风险与任何项目或新投资交易,直到所有的参与者都满意,他们无权以增加他们的财富,因此它是公平的,他们得到相应的回报。此模型还支持一种假设,即没有外部或损害的是任何非参与者的交易。大力支持这个假设,股东财富最大化,不仅有利于股东,但也为社会,股东获得的实际价值后,推导出满足所有的人都参与的企业和资源使用的“(V. Sivarama奎师那,2009年)。

 

传统的财务范式认为有竞争力的市场,没有缺陷。企业融资的研究和工程提供了各种影响市场的不完善,股东的财富。代理关系和信息不对称的两个领域,一直专注于企业融资的发展,股东的财富缺陷股东的交易。 Titman和Wessels(1988)在他们的工作,说明企业资本结构与融资决策与公司及其股东之间的关系是相互关联的。班纳吉,达斯古普塔和Kim(2008)在其最近的工作中也支持这种解释。

根据弗里德曼(1971年),斯腾伯格(1991)和Jensen(2001)股东财富最大化的概念被看作是一个伦理和道德的做法,公司。此外,管理的重点是考虑企业社会责任(CSR)的股东的财富最大化。随着企业的增加值,财务状况优先股,债务或股本,及认股权证被称为显著因素能够增加股东的财富。社会也得到受益,最大限度地提高社会财富(詹森,2001)。增加股东的财富已被认可和接受的规范性目标,许多企业(斯腾伯格,1999年)。

利益相关者理论

弗里曼(1984)在他的作品中,这一理论的支持者认为,企业管理不仅要为股东的角度来看,也集中上超越,以提供更好的价值和管理公司。他补充说,一个利益相关者是可以影响一个人的决策过程与财务决策或由该公司任何财务活动会受到影响。民丰这个定义已经变成了愤怒的批评。简森(2001)说,根据Freeman的定义,甚至可以被认为是盗贼和恐怖分子利益相关者批评这种做法。

为了澄清股东的确切含义,菲利普斯(2003)提出了股东在两种可能有助于该公司的价值创造。规范利益相关者,从事与该公司的直接交易而衍生的利益相关者,可能会影响到公司或会受到影响的公司

规范股东被视为企业管理与财务决策的义务。然而,为了增加市场价值,企业必须专注于衍生利益相关者(PFW,2003年)。据卡勒(2004年)只贡献的利益相关者更应该关注的。目前已经确定由琼斯和的威克斯(1999)表示,公司有稳固的合作关系许多利益相关者,关注的是过程和结果的必要前提。此外,所有合法的利益相关者提供价值的管理决策过程。

Donaldson和Pretson(1995)也加入了利益相关者的理论中提出三大类:工具性,规范性和描述性。仪器的理论前景意味着,总是有一定成果管理行动的结果。这些进一步的状态,企业管理必须出席利益相关者以这样的方式,所以该公司的其他目标和目标可以被实现,主要是最大化股东财富(PFW,2003。上的其他手的规范类建议,管理者必须表现一定的方式考虑企业一直专注于描述实际的管理人员的行为道德。在过去的描述类。琼斯和威克斯进一步划分这些版本作为道德基础(规范)和社会科学基础(器乐和描述),他们发现仪器的利益相关者理论更有前途。

PFW(2003)指出,接受股东财富最大化是公司的主要目标。根据利益相关者的理论规范的办法,强调道德和伦理的前景股东。这可以被视为批评的组织,重点是实现股东财富最大化作为自己的首要目标。

股东财富最大化

根据各项研究和研究报告解释,这是事实说,管理必须集中主要的股东。股东与公司价值的关注,并为现有的以及新的业务或项目的资金发挥了至关重要的作用。高层管理人员,如首席执行官,医学博士,总经理等高管被充实自己以牺牲股东的管理行动。

这是相当困难的,以评估值任何股东直接管理的,因为它在很大程度上取决于财务状况,性能,现值,未来值,露丝·本德尔和基思·沃德(2008年)已经确定了几个司机,以帮助分析和评估的股东价值:

  • 营业额或收入
  • 工作性能:营业利润率
  • 税收政策或税率
  • 增量资本开支
  • 周转基金
  • 成本的资本/金融结构的
  • 长度有竞争力的优势

 

澳洲代写论文资料中心英文译本:

Financial Essay Overview

Financial position of the company cannot explain alone for its outperforming situation. Several other macroeconomic factors, qualified management and employees, expected growth rate and brand value play significant role describing the outstanding performance of the company over its competitors (John Gerzema, Ed Lebar, and Anne Rivers, Young & Rubicam Brand, 2009). However it is not an easy task to determine exact intangibles.

Corporate finance deals with the financial or monetary decision of an organization and is used as the most significant tool to analyze and support financial decision making process with a primary objective to maximize shareholder’s wealth (Aswath Damodaran).  In addition managing financial risks are also associated with the corporate finance roles and responsibilities.

Managing firm’s cash flows, present value or future value, profitability, debt/equity financing, etc. are considered as the core function of the management role under corporate finance.  Organizations use short-term and long-term decisions and techniques for their financial decision making process. Project investment or capital investment are considered as the long term planning that consist of financing methods whether to use debt or equity to fund the project; whether to pay dividend to stockholders or not in order to maximize the shareholder’s wealth, etc. on the other hand decisions on current asset and liabilities are considered as the short term decision making process for any organization. It is focused on maintaining cash, inventories, short term funding or loans, etc.

Corporate Finance: roles and responsibilities

Corporate finance is often associated with Investment Banking that plays a role of to evaluate the organization’s financial requirements and then accordingly provide the best possible ways to raise the capital that could meet the requirements of any project.  Such principle roles are performed by the following activities (Shaun Beaney, 2005):

•             Raising start up or seed capital; expansion capital or development funding

•             Mergers, acquisitions, takeovers, and demergers

•             Management buy-out or buy-in, spin off activities

Several theoretical and empirical studies already done in financial economics have described and accepted that the normative and ideal goal for any enterprise is maximizing shareholder’s wealth and it has been experienced that many of the enterprises have considered as the most significant factor for decision making process (Brealey and Myers (2003), Brigham and Ehrhardt (2002), Moyer, McGuigan and Kretlow (2003)). Jensen (2001) has strongly argued that maximizing the market value of the firm is the most purposeful and single-valued objective function for effective and efficient management.

Maximizing shareholder’s wealth has been considered a desirable goal from the society perspective as well, not only from the shareholder’s perspective as it helps to lead the society’s wealth in turn along with the firm’s wealth (Jensen, 2001).

The Finance Paradigm

According to traditional finance paradigm, corporate management is largely oriented towards maximizing shareholder’s wealth (V. Sivarama Krishna, 2009). Several assumptions have considered on the classic competitive markets. As shareholders are residual claimants, they are unique. There are no such prior explicit or implicit claims. They are not entitled to add in their wealth until all the participants are satisfied who have transactions with a firm-employees, suppliers, customers, lenders, etc.  Shareholders bear all the risk associated with any project or new investment, thus it is fair for them to get rewards accordingly. This model also supports an assumption that no externalities or damage is done to any non-participant in the transactions. This assumption strongly support that shareholder’s wealth maximizing is not only good for shareholder’s but also for society as the actual value that shareholders receive is derived after satisfying all the people involved in the firm and resources used(V. Sivarama Krishna, 2009).

Traditional finance paradigm considers competitive markets with no imperfections. Corporate finance research and works have provided various effects of market imperfections on shareholder’s wealth. Agency relationship and information asymmetry are the two areas that have been focused on the development of shareholder’s wealth in corporate finance with respect to imperfections in the shareholder’s transactions.  Titman and Wessels (1988) has explained in their work that corporate capital structure and financing decisions are interrelated with respect to the relationship between the firm and its shareholders. This explanation was also supported by Banerjee, Dasgupta and Kim (2008) in their recent work.

According to Friedman (1971), Sternberg (1991) and Jensen (2001) shareholder wealth maximization concept is seen as an ethical and moral approach by the firms.  Moreover, management is focused on maximizing the shareholder’s wealth considering Corporate Social Responsibilities (CSR).  Along with firm’s increasing value, financial positions with respect to preferred stocks, debt or equity, and warrants are known as significant factors enable to increase shareholder’s wealth. Society also gets benefited in maximizing society’s wealth (Jensen, 2001). Increasing shareholder’s wealth has been recognized and accepted as the normative goal for many enterprises (Stemberg, 1999).

The Stakeholder Theory

Freeman (1984) as the original proponent of this theory has argued in his work that corporate management should not only look for shareholder’s perspective, but also focus on beyond that in order to provide the better value and management in the firm. He has added that a stakeholder is a person who can influence the decision making process with respect to financial decisions or get affected by any financial activity by the firm. This definition by Freeman has turned into hackles among the critics. Jenson (2001) has criticized this approach saying that according to Freeman’s definition even thieves and terrorists can be considered as stakeholders.

In order to clarify the exact meaning of shareholders, Phillips (2003) has proposed shareholders in two types who could contribute to the value creation of the firm. Normative stakeholders who engage in direct transactions with the firm while Derivative stakeholders who might influence the firm or get affected by the firm

Normative shareholders are considered as an obligation for corporate management with respect to financial decision making. However, in order to increase the market value, firms must be focused on derivative stakeholders as well (PFW, 2003). According to Kaler (2004) only contributive stakeholders should be concerned of.  There have been essential premises identified by Jones and Wicks (1999) that signifies that corporations have strong relationship with many stakeholders and is concerned with processes and outcomes. In addition, all legitimate stakeholders have been provided value in managerial decision making process.

Donaldson and Pretson (1995) have also added in stakeholder’s theory by proposing three classes: instrumental, normative and descriptive.  Instrumental prospects of the theory imply that there are always certain outcomes as a result of management actions. These further states that corporate management must attend to stakeholders in such a way so that firm’s other objectives and goals can be achieved, mainly maximizing shareholder’s wealth (PFW, 2003.  On the other hand normative class suggests that managers must behave in certain ways considering corporate ethics. At the last descriptive class has focused on describing the actual behavior of the managers. Jones and Wicks further classified these versions as ethics based (normative) and social science based (instrumental and descriptive). They found instrumental stakeholders theory more promising.

PFW (2003) has pointed that shareholder wealth maximization is accepted to be the firm’s primary goal. Moral and ethical prospects for the shareholders are emphasized under normative approach of stakeholder’s theory.  This can be considered as critics for organizations that focus on maximizing shareholder’s wealth as their primary goal.

Maximizing Shareholder’s Wealth

Based on the various studies and research explained in the report here, it is true to say that management must focus primarily on shareholders. Shareholders are concerned with the value of the firm and play a vital role in funding for existing as well as new operations or projects. Top management executives such as CEOs, MDs, GMs etc., gets enrich themselves following by the management actions at the expense of shareholders.

It is quite difficult to evaluate of value any shareholder by the management directly as it heavily depends on the financial position, performance, present value, future value, etc. Ruth Bender and Keith Ward (2008) have identified few drivers that help to analyze and evaluate the shareholder’s value:

  • Turnover or revenue
  • Operating performance: operating margin
  • Tax policy or tax rate
  • Incremental capital expenditure
  • Working capital fund
  • Cost of capital/financial structure
  • Length to have Competitive advantage

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