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1、CHAPTER1ConstructionFinancialManagementInthischapteryouwilllearnwhatfinancialmanagementisandwhythefinancialmanagementofconstructioncompaniesisdifferentfromfinancialmanagementofmostothercompanies.In1997,10,8671constructioncompaniesintheUnitedStatesfailed,bringingthet
2、otalfortheeight-yearperiodbeginningin1990tomorethan80,0002construc-tioncompanies.Thesefailuresincludeonlythosebusinessfailuresthatresultedinalosstotheircreditorsanddonotincludecontractorswhoclosedtheirdoorswithoutleavingtheircreditorswithaloss.The1997failureratetran
3、slatesto118failuresper10,0003constructioncompaniesor1.18%oftheconstructioncom-panies.Thesefailuresaredividedamongcompaniesofallages.Figure1-1showsthebreakdownofthesefailuresbyageofthebusiness.During1997thegreatestnumberofbusinessfailureswasforconstructioncompaniesth
4、athadbeenoper-atingforlongerthan10years.4FIGURE1-1BusinessFailurebyAge51Dun&Bradstreet,BusinessFailureRecord,1986–97,annuallyasquotedbyTheCentertoProtectWorker’sRights,TheConstructionChartBook,3rdEdition,September2002.Note:Dun&Bradstreetstoppedpublishingbusinessfail
5、uredataafter1997.2Dun&Bradstreet,BusinessFailureRecord,1986–97,annuallyasquotedbySuretyInformationOf-fice,WhyDoContractorsFail?,downloadedfromhttp://www.sio.org/html/whyfail.htmldown-loadedonApril3,2003.3Dun&Bradstreet,BusinessFailureRecord,1986–97,annuallyasquotedb
6、yTheCentertoProtectWorker’sRights,TheConstructionChartBook,3rdEdition,September2002.4Dun&Bradstreet,BusinessFailureRecord,1986–97,annuallyasquotedbyTheCentertoProtectWorker’sRights,TheConstructionChartBook,3rdEdition,September2002.5Dun&Bradstreet,BusinessFailureReco
7、rd,1986–97,annuallyasquotedbyTheCentertoProtectWorker’sRights,TheConstructionChartBook,3rdEdition,September2002.34CHAPTER1Since1988theconstructionindustryhasexperiencedahigher-than-averagebusinessfailureratewhencomparedtothefailurerateofallbusinesses.6Thenumberofcon
8、structioncompaniesdoingbusinessintheUnitedStatesdeclinedfrom709,590in2000to698,898in2001,7resultinginanetdeclineof10,692companiesor1.5%for
