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时间:2020-03-15
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1、原文:IntroductiontoFinancialManagementSourse:RyanAllis.Zerotoonemillion.February2008Businessfinancialmanagementinthesmallfirmischaracterized,inmanydifferentcases,bytheneedtoconfrontasomewhatdifferentsetofproblemsandopportunitiesthanthoseconfrontedbyalargecorporation.Oneimmediateandobvio
2、usdifferenceisthatamajorityofsmallerfirmsdonotnormallyhavetheopportunitytopubliclysellissuesofstocksorbondsinordertoraisefunds.Theowner-managerofasmallerfirmmustrelyprimarilyontradecredit,bankfinancing,leasefinancing,andpersonalequitytofinancethebusiness.One,thereforefacesamuchmoresev
3、erelyrestrictedsetoffinancingalternativesthanthosefacedbythefinancialvicepresidentortreasurerofalargecorporation.Ontheotherhand,whensmallbusinessfinancialmanagementisconcern,manyfinancialproblemsfacingthesmallfirmareverysimilartothoseoflargercorporations.Forexample,theanalysisrequired
4、foralong-terminvestmentdecisionsuchasthepurchaseofheavymachineryortheevaluationoflease-buyalternatives,isessentiallythesameregardlessofthesizeofthefirm.Oncethedecisionismade,thefinancingalternativesavailabletothefirmmayberadicallydifferent,butthedecisionprocesswillbegenerallysimilar.O
5、neareaofparticularconcernforthesmallerbusinessownerliesintheeffectivemanagementofworkingcapital.Networkingcapitalisdefinedasthedifferencebetweencurrentassetsandcurrentliabilitiesandisoftenthoughtofasthe"circulatingcapital"ofthebusiness.Lackofcontrolinthiscrucialareaisaprimarycauseofbu
6、sinessfailureinbothsmallandlargefirms.Thebusinessmanagermustcontinuallybealerttochangesinworkingcapitalaccounts,thecauseofthesechangesandtheimplicationsofthesechangesforthefinancialhealthofthecompany.Oneconvenientandeffectivemethodtohighlightthekeymanagerialrequirementsinthisareaistov
7、iewworkingcapitalintermsofitsmajorcomponents:(1)CashandEquivalentsThismostliquidformofcurrentassets,cashandcashequivalents(usuallymarketablesecuritiesorshort-termcertificateofdeposit)requiresconstantsupervision.Awellplannedandmaintainedcashbudgetingsystemisessentialtoanswerkeyquestion
8、ssuch
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