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1、外文翻译原文CreatingValueForShareholdersByTheUseOfCash-FlowsMaterialSource:http://steconomice.uoradea.ro/anale/volume/2009/v3-finances-banks-and-accountancy/08.pdfAuthor:BerceanuDorel;SiminicaMarian;BandoiAnca1.IntroductionTheinvestmentofcapitalinassetsdeterminesthesizeofth
2、eundertaking,theprofitsofitsoperationalriskandtheliquidityofitsbusiness.Gettingthebestcombinationoffinancingdeterminesfuturecashflows,thefinancialrisk,andhasanimpactonthevalueoftheenterprise.Also,anoptimalallocationofthenetprofitcreatestheprerequisitesforfurtherdevelo
3、pmentandthestructuringastableshareholding.Thebasicideaistoacquireassets,toinvestwhencashflowsareexpectedtoexceedtheinvestment,andfinancewiththoseinstrumentsthatarebest,andthereforeachieveanoptimaldistributionofnetprofitforselfandfordividends.Foralongtime,thecompany’sm
4、anagementmajorobjectivewastomaximizeprofits.Ithasbeenprovedthatsuchagoalpresentsanumberoflimitations,including:theorientationtothehorizonneartheexpenseofstrategicobjectivesonmediumandlong-term;thepossibledeteriorationofrelationswithcustomers,suppliers,employees,associ
5、ates;thelowconnectionwithincomesandpayments,etc.Gradually,becauseoftheselimits,suchanobjectivehasbeenreplacedbyanother,moreinclusiveandthatbettermeetsthecurrentrequirements.Therefore,themajorobjectiveofhefirmmustbetocreatevalueforitsshareholders,or,inotherwords,tomaxi
6、mizeitsvalue.Inordertocreatevalue,thebusinessesmusthavesufficientresultstocoveritsoperatingcostsandpaytheinvestedcapitalproperly.Performanceandvaluerepresentanidealduoforamodernandefficientcompany’smanagement."Tomeasureperformanceonemustassessthevalueandtoknowthevalue
7、isto"translate"performance39.Indicatorsreflectingthecreationofvaluewerecreatedinthe'80-'90andtheyareofinterestforbothcompanyshareholdersandmanagement.Theywerecreatedtoremovethedeficienciespresentedbyindicatorsbasedonfinancialaccounting9data,suchastheomissionofthecapit
8、alcostandtheexcessiveuseofratesintheeconomicandfinancialanalysis.Withthese,therearemadelinksbetweeneconomicandfinancialperfo
