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«Московская финансово-промышленная академия Турук И.Ф. ...»

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экономичное. Когда ток течет через проводник, он вызывает магнитное поле вокруг последнего.

2. As the tube is a rectifier, it will not exhibit constant resistance as the signal varies.

Так как лампа является выпрямителем, ее сопротивление будет изменяться с изменением сигнала (букв. по мере того, как будет меняться сигнал).

3. This formula is not so simple as you think.

Эта формула не такая простая, как вы думаете.

Наиболее употребительные составные союзы и предлоги и сочетания с as as well as так же как (и) so as так чтобы as...as так (же)... как as to что касается, (и) относительно as soon as как только as far as до, насколько as long as пока as if, as как если бы, as much... as столько...сколько though как будто BUT Союз - но, а, если бы Наречие - Предлог - кроме только 1. Kinetic energy is the energy of 1. Не was but a 1. For some minutes we could motion, but potential energy is that child see nothing but black smoke of position. Он был еще rising from the ground.

Кинетическая энергия - это ребенком. В течение нескольких энергия движения, а минут мы ничего не потенциальная - это энергия видели, кроме черного покоя. дыма, подымающегося от земли.

2. At one time aeroplanes were 2. Не left but an constructed almost exclusively of hour ago wood, but at the present time metal Он ушел только construction has entirely superseded час тому назад wood.

Одно время самолеты изготавливали почти исключительно из дерева, но в настоящее время металлическая конструкция заменила деревянную.

3. But for friction, part of the energy developed by a mechanical devices would not be lost in the form of useless heat.

Если бы не трение, часть энергии, развиваемой механическими устройствами не пропадала бы в форме бесполезного тепла.

FOR Союз - так как Предлог - для, в течение, из-за We shall go to the lecture on 1. Не was working at that design for 2 days.

economics, for it seems to be Он работал над этим чертежом 2 дня(в течение interesting. двух дней).

Мы пойдем на лекцию по 2. Pistons for small engines are generally made of экономике, так как она, cast iron.

кажется, будет интересной. Поршни для малогабаритных двигателей обычно делаются из чугуна.

3. I have brought some articles for you to translate (инфинитивный оборот с предлогом “for”).

Я принес несколько статей, чтобы вы перевили их.

BEFORE Союз - прежде чем Предлог - перед, до Наречие - прежде, раньше I shall do it before you The amount of energy I have done it before.

come. before and after the Я сделал это раньше.

Я сделаю это прежде, transformation is always the чем вы придете. same.

Количество энергии до и после превращения (ее вида) сохраняется постоянным.

AFTER Союз - после того как Предлог - после Наречие - впоследствии, затем, потом After the boiling point has After the experiment it The principles of this been reached, adding heat to has become clear for me. theory have been widely the liquid no longer raises После опыта для меня used after.

its temperature. это стало ясно. Принципы этой теории После того как широко использовались достигнута точка кипения впоследствии.

жидкости, добавление тепла больше не повышает ее температуры.

SINCE Союз - поскольку, так Предлог “с” Наречие “с тех пор” как, с тех пор как 1. Since you have bought I have not seen her since This theory first put this book you will read it. Monday. forward by Zhukovsky in Поскольку вы купили эту Я не видел ее с 1912 has been used книгу, вы будите читать понедельника. throughout the world ее. since.

2. There is no flow of Эта теория, впервые electrons since the electric выдвинутая Жуковским circuit was broken. в 1912 году, с тех пор С того момента как была применяется во всем прервана электрическая мире.

цепь, поток электронов прекратился.

Наиболее употребительные составные предлоги according to согласно on account of по причине, из-за by means of посредством, при помощи instead of вместо in spite of несмотря на because of из-за in case of в случае, если by virtue of посредством owning to благодаря thanks to благодаря due to из-за, в силу in addition to кроме, в дополнение к with respect to по отношению к in accordance with в соответствии с in order to для того, чтобы Наиболее употребительные составные союзы both... and как... так и either...or или...или neither... or ни...ни not only... but (also) не только... но (также) и the... the чем...тем Составные союзы с as даны выше.

Supplementary reading What is a bank?

The answer to the question "What is a bank?" might seem quite simple.

In reality, however, the answer is rather complicated. A bank offers transaction accounts (such as demand deposits) to its customers. It also offers various types of savings accounts and certificates of deposits and makes a variety of loans. It might be argued then that a bank is an organization that offers these services.

Two problems immediately come to mind with such a definition. First, organizations other than commercial banks also provide these services.

Savings and loan associations, savings banks, and credit unions provide deposit and loan services that are virtually identical to those of commercial banks, and money market funds and investment brokers such as Merrill Lynch also provide similar services. Second, banks do many things that are not included in the functions of offering deposit and loan services. They provide trust services, arrange mergers and acquisitions, and guarantee payment from one party to another through letters of credit and other devices.

Perhaps the best definition of a bank is the following: "A bank is an organization that has been given banking powers either by the state or the federal government." Although this definition might seem to be somewhat circular (a bank is as a bank does) and perhaps somewhat trivial, the definition provides useful insight into the nature of the institution by recognizing the dynamic and ever-changing nature of banking.

Imagine the entire range of financial services that exists in a modern economy. These services would certainly number in the hundreds, perhaps in the thousands. At a given time, government will allow banks to provide some of those services. At that time, commercial banks may be defined in terms of those services. As time passes, however, new financial services will be created and attitudes may change about the desirability of allowing banks to offer certain existing financial services. As a result, the range of financial services permissible for commercial banks may be altered—either expanded or reduced. In the last 20 years, the range of permissible services has been expanded considerably, both because of deregulation and the actions of bank managers who have created innovative financial services not expressly prohibited by legislation or regulation. Hence, a bank today is not like a bank 20 years ago (in terms of the services offered), which is again not the same as a bank 20 years earlier. Yet all are commercial banks. Table 1.1 provides some perspective on the types of services that banks now offer and compares them with the traditional range of services.

Definition of a commercial bank in terms of permissible activities also provides insight into the perpetual dispute over the limits of bank powers. Not surprisingly, managers of commercial banks attempt to have laws and regulations changed in order to obtain expanded powers to provide additional financial services. Managers of the firms that provide those financial services not now permitted to banks work just as hard to prevent bank competition in those areas. Much of the debate over bank regulation centers on the controversy between bankers and other financial service firms over the limits of bank powers.

Table 1.1.

Bank Services: Old and New NEW OLD Interest-bearing transactions Noninterest-bearing accounts Fixed rate certificates of deposit checking accounts Floating rate certificates of Savings accounts deposit Floating rate commercial loans Commercial and Real estate and consumer loans industrial loans Credit cards Debit cards Cash management services Mutual funds Electronic funds transfer systems Insurance Underwriting of securities What do banks do?

Because banks perform a large number of functions, we should discuss the general activities of banks rather than attempt to describe in minute detail the activities of banking organizations. Most of the functions performed by commercial banks may be subsumed under three broad areas:

1. Payments 2. Intermediation 3. Other financial services.

Payments Banks are at the very core of the payments system. Most of the money supply of the United States is held in the form of bank money (i.e., transactions accounts at commercial banks). Because an efficient payments system is vital to a stable and growing economy, the role of banks in the payments system takes on an important social dimension. At one time, commercial banks had a monopoly on transactions accounts. In recent years, however, savings and loans, savings banks, and credit unions (known collectively along with commercial banks as depository institutions) have obtained the authority to offer transactions accounts. Also, other types of financial service organizations, such as money market mutual funds (often referred to simply as "money funds"), have developed financial products against which checks may be written.

Commercial banks (along with the Federal Reserve System) are also at the heart of the electronic payment system, which is rapidly supplanting paper-based payment methods such as checks. For example, electronic payments between commercial banks are done through fad-wire (a wholesale wire transfer system operated by the Federal Reserve System), with more than 300,000 transfers per day amounting to about $ 1 trillion. In addition, CHIPS (The Clearing House Interbank Payments System) is a private electronic transfer system operated by large banks in New York that transfers another $ trillion per day, principally involving international movements of funds.

Further, SWIFT (the Society for Worldwide Interbank Financial Telecommunication) is operated by almost 2,000 banks throughout the world.

Intermediation Commercial banks act as intermediaries between those who have money (i.e., savers or depositors) and those who need money (i.e., borrowers).

The role of banks in the intermediation process is illustrated in Figure 1.1.

Banks obtain deposits from savers by offering interest and other features that meet those customers' needs better than alternative uses of funds. Commercial banks are able to provide deposit instruments with low denomination, low risk, and high liquidity, characteristics that meet the needs of most savers better than stocks and bonds, which often have high denominations, high risk, and lesser liquidity. Commercial banks are able to package large amounts of small deposits and lend those funds to borrowers. Although at one time commercial bank loans were concentrated in short-term commercial lending (hence the term commercial bank), most banks now make any type of loan legally permissible that meets internal credit-quality standards. In the intermediation process of gathering funds (stage 1 of Figure 1.1) and using funds (stage 2) banks incur noninterest expenses such as employee salary expenses and premises and fixed asset expenses.

Figure 1.1.

Banks in the intermediation process Source;

T. Siems, "Quantifying Managements Role in Bank Survival," Federal Reserve Bank of Dallas, Economic Review, First Quarter 1992, p. 31.

Some banks, however, do concentrate on drawing funds from and lending funds to businesses (those banks are known as wholesale banks], whereas other banks draw their funds from consumers and concentrate their lending to consumers (those banks are known as retail or consumer banks). In either case, however, the banks are performing an intermediation function.

Financial intermediation between savers and investors is crucial to the efficient operation of the economy. Economic growth fundamentally depends on a large volume of saving and the effective allocation of that saving to productive uses.

Efficient financial markets contribute to such an allocation. By offering depositors financial instruments that have desirable risk/return characteristics, commercial banks are able to encourage a greater volume of saving and, by effectively screening credit requests, they are able to channel funds into socially productive uses. Although the social role of commercial banks in financial intermediation is somewhat different than in the payments function, it is no less important.

Motivation for bank activities Commercial banks are private, profit-seeking business enterprises.

They provide payments services, financial intermediation, and other financial services in anticipation of earning profits from those activities. Along with other profit-seeking businesses, their principal goal is to maximize the market value of the equity of the common stockholders. Thus, decisions on lending, investing, borrowing, pricing, adding new services, dropping old services, and other such decisions ultimately depend on the impact on shareholder wealth.

Because shareholder wealth is determined by three factors—(l)the amount of cash flows that accrue to bank shareholders, (2)the timing of the cash flows, and (3)the risk involved in those cash flows—management decisions involve evaluating the impact of various strategies on the return (the amount and timing of the cash flows) and the risk of those cash flows (Figure 1.2).

Figure 1.2.

Bank Goals and Constraints Risk management As mentioned by Alan Greenspan in the quote at the beginning of this chapter, bank management is risk management. Banks accept risk in order to earn profits. They must balance the various alternative strategies in terms of their risk/return characteristics with the goal of maximizing shareholder wealth. In doing so, banks must recognize that there are different types of risk and that the impact of a particular investment strategy on shareholders depends on the impact on the total risk of the organization. That total risk is composed of six components:

1. Credit risk: The risk that the bank will not get its money back (or that payment will be delayed) from a loan or investment. This is what caused most bank failures in recent years.

2. Interest rate risk: The risk that the market value of a bank asset (i.e., loans and securities) will fall with increases in interest rates. For a commercial bank that promises to pay a fixed amount to depositors, any decline in the value of assets due to interest rate increases could have serious implications for the solvency of the organization.

3. Liquidity risk: The risk of being unable to meet the needs of depositors and borrowers by turning assets into cash (or being unable to borrow funds when needed) quickly with minimal loss. Given the large amount of bank deposits that must be paid on demand or within a very short period, liquidity risk is of crucial importance in banking.

4. Operational risk: The risk that operating expenses, especially noninterest expenses such as salaries and wages, might be higher than expected. Banks that lack the ability to control their expenses are more likely to have unpleasant earnings surprises. Over an extended time in a competitive market enviroment, banks with excessively high operating costs will have difficulty surviving.

5. Capital risk: The risk of having inadequate equity capital to continue to operate. This may be viewed either from an economic perspective so that inadequate equity capital occurs when customers refuse to leave their funds with the bank (causing a liquidity crisis) or from a regulatory perspective (where the bank regulatory authorities close the bank because of capital below regulatory minimums), 6. Fraud risk: The risk that officers, employees, or outsiders will steal from the bank by falsifying records, self-dealing, or other devices. Fraud risk is associated with unsound banking practices that could result in bank failure.

The principal risk that has caused problems for bank management is credit or default risk. Although banks fail for many reasons, the principal one is bad loans. Banks, of course, don't make "bad" loans. They make loans that go bad. At the time the loans were made the decisions seemed correct.

However, changes in oil prices, real estate prices, crop prices, and other factors that were not foreseen resulted in credit problems. Recent problems with energy loans, agricultural loans, and loans to less-developed countries certainly illustrate this point. The crucial importance of credit risk in the loan portfolio has contributed to the extensive treatment of loans and the loan portfolio in this book.

Bank management must carefully balance risk and return in seeking to maximize shareholder wealth. However, such decisions are constrained by a number of factors. Of course, all businesses face constraints in their decision making, but the constraints under which banks operate are particularly important. These constraints may be classified into three separate though overlapping areas:

1. Market constraints: Banks face considerable market constraints as they attempt to manage risk in order to maximize shareholder values. These market constraints take the form of competition from other banks, from nonbank providers of financial services, and from the capital market. For example, if management believes that it must charge 8% on a loan in order to be fully compensated for credit risk, but if other lenders will provide credit to the borrower at 7%, this is a market constraint that has a potentially serious impact on the bank.

2. Social constraints: Social constraints stem from the historical position of the commercial bank at the core of the financial system. As such, banks often become the lender of next to last resort in times of financial crisis (the Federal Reserve is, of course, the lender of last resort) in providing credit to distressed institutions and in providing deposit and credit services to their customers. Because the financial performance of a bank is intimately linked with the economic health of the community it serves, banks often perform numerous social functions (and arе expected to do so) despite, in many cases, being unable to determine the contributions of such activities to shareholder wealth.

3. Legal/regulatory constraints;

Perhaps more significant is the enormous variety of legal and regulatory constraints on the portfolio management (i.e., its risk/return position) of a commercial bank.

Importance of capital budgeting А number of factors combine to make capital budgeting decisions perhaps. he most important ones financial managers must make. First, since the results of capital budgeting decisions continue for many years, the decision maker loses some of his or her flexibility. For example, the purchase of an asset with an economic life of 10 years "locks in" the firm for a 10-year period. Further, because asset expansion is fundamentally related to expected future sales, a decision to buy a fixed asset that is expected to last 10 years involves an implicit 10-year sales forecast.

An error in the forecast of asset requirements can have serious consequences. If the firm invests too much in assets, it will incur unnecessarily heavy expenses. If it does not spend enough on fixed assets, two problems may arise. First, its equipment may not be efficient enough to enable it to produce competitively. Second, if it has inadequate capacity, it may lose a portion of its market share to rival firms, and regaining lost customers requires heavy selling expenses and price reductions, both of which are costly.

Timing is also important in capital budgeting—capital assets must be ready to come "on line" when they are needed. Edward Ford, executive vice president of Western Design, a decorative tile company, gave the author an illustration of the importance of capital budgeting. His firm tries to operate near capacity most of the time. During a four-year period, Western experienced intermittent spurts in the demand for its products, which forced it to turn away orders. After these sharp increases in demand, Western would add capacity by renting an additional building, then purchasing and installing the appropriate equipment. It would take six to eight months to get the additional capacity ready, but frequently by that time demand had dried up other firms had already expanded their operations and had taken an increased share of the market. If Western had properly forecasted demand and planned its capacity requirements a year or so in advance, it would have been able maintain or perhaps even increase its market share.

Effective capital budgeting can improve both the timing of asset acquisition and the quality of assests purchased. A firm which forecasts its needs for capital assets in advance will have an opportunity to purchase and install the assets before they are needed. Unfortunately, many firms do not order capital goods until they approach full capacity or are forced to replace worn-out equipment. If sales increase because of an increase in general market demand, all firms in the industry will tend to order capital goods at about the same time. This results in backlogs, long waiting times for machinery, a deterioration in the quality of the capital goods, and an increase in their prices. The firm which foresees its needs and purchases capital assets early can avoid these problems. Note, though, that if a firm forecasts an increase in demand and then expands to meet the anticipated demand, but sales then do not expand, it will be saddled with excess capacity and high costs. This can lead to losses or even bankruptcy. Thus, an accurate sales forecast is critical.

Finally, capital budgeting is also important because asset expansion typically involves substantial expenditures, and before a firm can spend a large amount of money, it must have the funds available—large amounts of money are not available automatically. Therefore, a firm contemplating a major capital expenditure program should arrange its financing several years in advance to be sure the funds required are available.

Self-Test Questions Why are capital budgeting decisions so important to the success of a firm? Why is the sales forecast a key element in a capital budgeting decision?

Generating ideas for capital projects The same general concepts that we developed for security analysis are involved in capital budgeting. However, whereas a set of stocks and bonds exists in the securities market, and investors select from this set, capital budgeting projects are created by the firm. For example, a sales representative may report that customers are asking for a particular product that the company does not now produce. The sales manager then discusses the idea with the marketing research group to determine the size of the market for the proposed product. If it appears likely that a significant market does exist, cost accountants and engineers will be asked to estimate production costs. If it appears that the product can be produced and sold at a sufficient profit, the project will be undertaken.

A firm's growth, and even its ability to remain competitive and to survive, depends upon a constant flow of ideas for new products, ways to make existing products better, and ways to produce output at a lower cost.

Accordingly, a well-managed firm will go to great lengths to develop good capital budgeting proposals. For example, the executive vice president of one very successful corporation indicated that his company takes the following steps to generate projects:

Our R&D department is constantly searching for new products and also for ways to improve existing products. In addition, our executive committee, which consists of senior executives in marketing, production, and finance, identifies the products and markets in which our company will compete, and the committee sets long-run targets for each division. These targets, which are spelled out in the corporation's strategic business plan, provide a general guide to the operating executives who must meet them. These executives then seek new products, set expansion plans for existing products, and look for ways to reduce production and distribution costs. Since bonuses and promotions are based in large part on each unit's ability to meet or exceed its targets, these economic incentives encourage our operating executives to seek out profitable investment opportunities.

While our senior executives are judged and rewarded on the basis of how well their units perform, people further down the line are given bonuses for specific suggestions, including ideas that lead to profitable investments.

Additionally, a percentage of our corporate profit is set aside for distribution to nonexecutive employees, and we have an Employees' Stock Ownership Plan (ESOP) to provide further incentives. Our objective is to encourage employees at all levels to keep on the lookout for good ideas, including those that lead to capital investments.

If a firm has capable and imaginative executives and employees, and if its incentive system is working properly, many ideas for capital investment will be advanced. Since some ideas will be good ones while others will not, procedures must be established for screening projects, our topic in the remainder of the chapter.

Self-Test Question How does a firm get ideas for capital projects?

Oject classifications Analyzing capital expenditure proposals is not a costless operation— benefits can be gained, but analysis does have a cost. For certain types of projects, a relatively detailed analysis may be warranted;

for others, simpler procedures should be used. Accordingly, firms generally classify projects into the following categories, and they analyze projects in each category somewhat differently:

1. Replacement: maintenance of business. One category consists of expenditures necessary to replace worn-out or damaged equipment used in the production of profitable products. These replacement projects are necessary if the firm is to continue in business. The only issues here are (a) should we continue to produce these products or services, and (b) should we continue to use our existing production processes? The answers are usually "yes," so maintenance decisions are normally made without going through an elaborate decision process.

2. Replacement: cost reduction. This category includes expenditures to replace serviceable but obsolete equipment. The purpose here is to lower the costs of labor, materials, or other inputs such as electricity. These decisions are discretionary, and a more detailed analysis is generally required to support them.

3. Expansion of existing products or markets. Expenditures to increase output of existing products, or to expand outlets or distribution facilities in markets now being served, are included here. These decisions are more complex, because they require an explicit forecast of growth in demand.

Mistakes are more likely, so a still more detailed analysis is required, and the final decision is made at a higher level within the firm.

4. Expansion into new products or markets. These are expenditures necessary to produce a new product or to expand into a geographic area not currently being served. These projects involve strategic decisions that could change the fundamental nature of the business, and they normally require the expenditure of large sums of money over long periods. Invariably, a very detailed analysis is required, and the final decision is generally made at the very top—by the board of directors as a part of the firm's strategic plan.

5. Safety and/or environmental projects. Expenditures necessary to comply with government orders, labor agreements, or insurance policy terms fall into this category. These expenditures are often called mandatory investments, or nonrevenue -producing projects. How they are handled depends on their size, with small ones being treated much like the Category projects described above.

6. Other. This catch-all includes office buildings, parking lots, executive aircraft, and so on. How they are handled varies among companies.

In general, relatively simple calculations, and only a few supporting documents, are required for replacement decisions, especially maintenance type investments in profitable plants. More detailed analysis is required for cost-reduction replacements, for expansion of existing product lines, and especially for investments in new products or areas. Also, within each category projects are broken down by their dollar costs: Larger investments require both more detailed analysis and approval at a higher level within the firm. Thus, although a plant manager may be authorized to approve maintenance expenditures up to $10,000 on the basis of a relatively unsophisticated analysis, the full board of directors may have to approve decisions which involve either amounts over $ 1 million or expansions into new products or markets. Statistical data are generally lacking for new product decisions, so here judgments, as opposed to detailed cost data, are especially important time basis will also mean that quantitative analyses will be used routinely to "test out" alternative courses of action. As a result, the next generation of financial managers will need stronger computer and quantitative skills than were required in the past.

Self-Test Question How has financial management changed from the early 1900s to the 1990s?

Increasing importance of financial management The historical trends discussed in the previous section have greatly increased the importance of financial management. In earlier times the marketing manager would project sales, the engineering and production staffs would determine the assets necessary to meet those demands, and the financial manager simply had to raise the money needed to purchase the required plant, equipment, and inventories. That situation no longer exists— decisions are now made in a much more coordinated manner, and the financial manager generally has direct responsibility for the control process.

Eastern Airlines and Delta can be used to illustrate both the importance of financial management and the effects of financial decisions. In the 1960s, Eastern's stock sold for more than $60 per share, while Delta's sold for S10.

By 1991, Delta had become one of the world's strongest airlines, and its stock was selling for more than $90 per share. Eastern, on the other hand, had gone bankrupt and was no longer in existence. Although many factors combined to produce these divergent results, financial decisions exerted a major influence.

Because Eastern had traditionally used a great deal of debt, while Delta had not, Eastern's costs were increased significantly, and its profits were lowered, when interest rates rose during the 1980s. Rising rates had only a minor effect on Delta. Further, when fuel price increases made it imperative for the airlines to buy new, fuel-efficient planes, Delta was able to do so, but Eastern was not.

Finally, when the airlines were deregulated, Delta was strong enough to expand into developing markets and to cut prices as necessary to attract business, but Eastern was not.

The Delta-Eastern story, and others like it, are now well known, so all companies today are greatly concerned with financial planning, and this has increased the importance of corporate financial staffs. Indeed, the value of financial management is reflected in the fact that more chief executive officers (CEOs) in the top 1,000 U.S. companies started their careers in finance than in any other functional area.

It is also becoming increasingly important for people in marketing, accounting, production, personnel, and other areas to understand finance in order to do a good job in their own fields. Marketing people, for instance, must understand how marketing decisions affect and are affected by funds availability, by inventory' levels, by excess plant capacity, and so on.

Similarly, accountants must understand how accounting data are used in corporate planning and are viewed by investors.

Thus, there are financial implications in virtually all business decisions, and nonfinancial executives simply must know enough finance to work these implications into their own specialized analyses.' Because of this, every student of business, regardless of major, should be concerned with finance.

Self-Test Questions Explain why financial planning is important to today's chief executives.

Why do marketing people need to know something about financial management?

The financial manager's responsibilities The financial manager's task is to acquire and use funds so as to maximize the value of the firm. Here are some specific activities which are involved:

1. Forecasting and planning. The financial manager must interact with other executives as they look ahead and lay the plans which will shape the firm's future position.

2. Major investment and financing decisions. A successful firm usually has rapid growth in sales, which requires investments in plant, equipment, and inventory. The financial manager must help determine the optimal rate of sales growth, and he or she must help decide on the specific assets to acquire and the best way to finance these investments. For example, should the firm finance with debt or equity, and if debt is used, should it be long-term or short-term?

3. Coordination and control. The financial manager must interact with other executives to insure that the firm is operated as efficiently as possible.

All business decisions have financial implications, and all managers — financial and otherwise—need to take this into account. For example, marketing decisions affect sales growth, which in turn influences investment requirements. Thus, marketing decision makers must take account of how their actions affect (and are affected by) such factors as the availability of funds, inventory policies, and plant capacity utilization.

4. Dealing with the capital markets. The financial manager must deal with the money and capital markets. As we shall see in Chapter 5, each firm affects and is affected by the general financial markets where funds are raised, where the firm's securities are traded, and where its investors are either rewarded or penalized.

In summary, financial managers make decisions regarding which assets their firms should acquire, how those assets should be financed, and how the firm should manage its existing resources. If these responsibilities are performed optimally, financial managers will help to maximize the values of their firms, and this will also maximize the long-run welfare of those who buy from or work for the company.

Vocabulary А acceptance (n) - согласие на оплату денежных и товарных документов access (n) - доступ account system - система расчетов accrue (v) - возрастать, накапливаться advise (n) - совет, извещение, уведомление affect (v) - влиять amalgamation (n) - слияние amount (n) - количество argument (n) - доказательство assort (v) - подбирать assess (v) - определять, оценивать (размер налога), облагать налогом assets (n) - активы audit (n) - аудит В balance sheet - счет баланса bank account - банковский счет bank deposit - банковский депозит bank money - средства банковского оборота bank organization - банковская организация и структура банка & bank structure bank rate - учетная ставка банка barter (n) - бартер benefit (n) - прибыль beneficiary (n) - лицо, получающее прибыль bill (n) - вексель, счет blur (v) - затуманить, сделать неясным bond (n) - облигация borrow (v) - занимать branch филиал budget (n) - бюджет bulk (n) - объем, вместимость С cancel (v) аннулировать, погасить capital market - рынок капитала cash (n) - наличные деньги cash in bank - наличность в банке in cash - наличность, бумажные деньги cash on hand - денежная наличность cash reserve - кассовый резерв (резерв наличности) cash reserve - норма кассовых расходов ratio certificate (n) - удостоверение, свидетельство, сертификат charge (v) - начислять издержки, взимать check (n) - проверка, контроль cheque (n) - банковский чек chequing - чековый счет account chequing - чековые средства facilities circulation (n) - циркуляция, обращение, кругооборот claim (n) - требование, претензии, иск coin (n) - монета coincide (v) - совпадать consumplion (n) - потребление commercial коммерческая оценка judgement commercial - краткосрочный коммерческий вексель paper commission (n) - комиссионная продажа compound (v) - рассчитать, соединять commitment (n) - вручение, передача commodity (n) - товар contractual (а) - контрактный convergence (n) - конвергенция, сближение cost of - издержки производства production costs (n) - расходы, издержки, затраты credit (n) - кредит, аккредитив, сумма, записанная на кредит currency (n) - валюта carrent (a) - клиент customer (n) D dealer (n) debentire (n) - долговое обязательство debit (n) - дебет (расход) debit and credit - дебет, кредит (расход, приход) debt (n) долг decide (v) - решать decline (n) - падение, снижение deductability (n) - отчисление, вычитание deficit (n) - дефицит differed payment - отсроченный платеж defraud (v) - обманывать demand (n) - спрос denomination (n) - достоинство, стоимость купюры deposit (n) - вклад deposit lending кредитования за счет депозитных вкладов depositor funds - средство на денежных счетах depreciation (n) - снижение цен devaluation (n) - девальвация discharge (n) - погашать долг discount (n) - скидка discount rate - учетная ставка, учетный процент dividend (n) дивиденд double entry - двойная запись drawee (n) - трассат drawer (n) - выдвижной ящик, чертежник, составитель E economic (a) - экономический embezzlement (n) - хищение enforce (v) - принуждать, взыскивать enhance (n) - увеличивать, повышать enter (v) - регистрировать, записывать entry (n) - бухгалтерская запись equity (n) - часть имущества, акционерный капитал без фиксированного дивиденда erode (v) - разрушать excess (n) - избыток, излишек excess cash - излишек наличных денег exchange (n) - обмен, биржа expenditure (n) - трата, расход expense (n) расходы F face value - номинальная стоимость монеты facilities (n) - благоприятные условия, льготы fee (n) - вознаграждение, взнос, гонорар fiduciary (n) - попечитель file (n) - дело, картотека fixed assets - основной капитал, основные фонды flow (n) - поток forcelose (v) - лишить права пользования fraction (n) - доля, часть funds (n) - фонды, средства G goods (n) - товары grant (v) - предоставлять субсидию grant (n) - грант granting of credit - предоставление кредита H handle (v) - переносить, производить контроль, держать в руках I impose (v) - налагать, вводить, облагать income (n) - доход income of a bank - доход банка indorse (v) - подтверждать induce (v) - побуждать inflation (n) - инфляция interest (n) - процент, выгода, доля, участие в прибылях interest of loan - ссудный процент capital interest paid - оплачиваемый процент interest rate - процентная ставка insurance (n) - страховка invert (v) - вкладывать investment (n) - вложение, инвестиция investor (n) - вкладчик, инвестор IOY (I owe you) - я должен Вам долговые деньги issue (n) - выпуск, эмиссия item (n) - статья, бухгалтерская запись L law (n) - закон labor - рабочий труд leasing (n) - лизинг, долгосрочная аренда legislation законодательство lend (v) - давать взаймы lendivy (n) - кредитование, ссуды levy (n) - сбор, взимание (налогов) liability (n) - обязательство, долг, подлежащий возврату lieu (n) - вместо limited (a) - ограниченный liquid (a) - ликвидный, быстрореализуемый living standard - жизненный уровень loan (n) - заем, ссуда loss (n) - убыток, потеря lucrative lending - выгодное кредитование M maintain (v) - 1. сохранять, поддержать - 2. утверждать mature (v) наступать (о сроке платежа) margin (n) - маржа means of payments - средства платежа measure (n) - 1. критерий, мерило;

2. мера medium of - средство обмена, средство платежа exchange medium of - средство платежа payment minimum lending - минимальная ставка ссудного процента rate minimum safe - минимальный гарантированный процент ratio money stock - денежная масса, запас денег money in vaults - деньги в банковских хранилищах money supply - денежная масса mortgage (n) - заклад multiple (n) - кратное число, кратная сумма municipal bond - муниципальная облигация N narrow (a) - точный, ограниченный note (n) - банкнот O obligation (n) - обязательство option (n) - выбор, право замены, опцион overdraw (v) - остаток счета в банке order (n) - 1. порядок;

2. заказ ownership - собственность P par (n) - Паритет at par - по номинальной цене party (n) - сторона, участвующая сторона payee (n) - ремитент, получатель payment (n) - платеж, оплата penalty rate - штрафная ставка personal (n) - персонал, личный состав portfolio (n) - портфель promises (n) - недвижимость proceeds (n) - поступление, выручка, доходы, сумма, выплачиваемая при учете векселя profit and loss - счет прибылей и убытка account productim (n) производство promote (n) - содействовать распространению price (n) - цена private sector - частный сектор, неправительственная экономика property собственность purchasing - покупательная способность power Q quote (v) - назначать цену quotation (n) - котировка, курс, расценка R rate (n) - ставка, курс, процент ratio (n) - коэффициент reconcile (v) - улаживать, сравнивать receipt (n) - получение, расписка, квитанция redemption (n) - выкуп representative - представительские деньги money representation - презентация (n) remit (v) - платить, посылать по почте reserve (n) - запас, резерв revenue (n) - доход, выручка retail banking - операции банков с широкой клиентурой retailer (n) - розничный торговец restores of - прибыль на инвестированный капитал investment risk (n) - риск S salary (n) - Зарплата save (v) - сохранять, обезопасить, сберечь savings - Сбережения saturatory (n) - Предписанный законом, законодательный securities (n) - ценные бумаги service (n) - сервис, обслуживание settlement share (n) - акция Shareholder (n) - держатель акций, акционер short-term - краткосрочный период sight-draft - вексель до востребования standard (n) - стандарт, норма statement (n) - отчет, ведомость, выписка statutory (a) - установленный (законом) stock (n) - хранилище stock holder - держатель акций, акционер stock market фондовый рынок store (n) - запас subsidiary (n) - 1. дочерняя компания;

2. резервный;

3.

разменный (о деньгах) supervision (n) - надзор, наблюдение supplier (n) снабженец T tax (n) - налог teller (n) - кассир в банке tender (n) тендер, заявка tenure (n) - владение, собственность, имущество, пребывание (на должности) time deposit - срочный депозит title - право собственности token money - бумажные деньги transaction (n) - сделка, запись transfer (n) передача, трансферт treasury - казначейские сделки transactions trust (n) - траст, доверительный фонд U unit (n) - единица usury (n) - банковское хранилище V value (n) - стоимость, ценность, цена vault (n) - банковское хранилище W wealth (n) - богатство, материальные ценности withdrawal (n) - изъятие, снятие со счета

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