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页数:8页
时间:2019-09-19
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1、原文:IntroductiontoFinancialManagementSourse:RyanAllis.Zerotoonemillion.February2008Businessfinancialmanagementinthesmallfirmischaracterized,inmanydifferentcases,bytheneedtoconfrontasomewhatdifferentsetofproblemsandopportunitiesthanthoseconfrontedbyalargecorporation.Oneimmediateandobviousdifferenceis
2、thatamajorityofsmallerfirmsdonotnormallyhavetheopportunitytopubliclysellissuesofstocksorbondsinordertoraisefunds.Theowner-managerofasmallerfirmmustrelyprimarilyontradecredit,bankfinancing,leasefinancing,andpersonalequitytofinancethebusiness.One,thereforefacesamuchmoreseverelyrestrictedsetoffinancin
3、galternativesthanthosefacedbythefinancialvicepresidentortreasurerofalargecorporation.Ontheotherhand,whensmallbusinessfinancialmanagementisconcern,manyfinancialproblemsfacingthesmallfirmareverysimilartothoseoflargercorporations.Forexample,theanalysisrequiredforalong-terminvestmentdecisionsuchasthepu
4、rchaseofheavymachineryortheevaluationoflease-buyalternatives,isessentiallythesameregardlessofthesizeofthefirm.Oncethedecisionismade,thefinancingalternativesavailabletothefirmmayberadicallydifferent,butthedecisionprocesswillbegenerallysimilar.Oneareaofparticularconcernforthesmallerbusinessownerliesi
5、ntheeffectivemanagementofworkingcapital.Networkingcapitalisdefinedasthedifferencebetweencurrentassetsandcurrentliabilitiesandisoftenthoughtofasthe"circulatingcapital"ofthebusiness.Lackofcontrolinthiscrucialareaisaprimarycauseofbusinessfailureinbothsmallandlargefirms.Thebusinessmanagermustcontinuall
6、ybealerttochangesinworkingcapitalaccounts,thecauseofthesechangesandtheimplicationsofthesechangesforthefinancialhealthofthecompany.Oneconvenientandeffectivemethodtohighlightthekeymanagerialrequirementsinthisareaistoviewworkingcapitalintermsofitsmajorcomponents:(1)CashandEquivalentsThismostliquidform
7、ofcurrentassets,cashandcashequivalents(usuallymarketablesecuritiesorshort-termcertificateofdeposit)requiresconstantsupervision.Awellplannedandmaintainedcashbudgetingsystemisessentialtoanswerkeyquestionssuch
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