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1、PART5CorporateValuationandGovernanceChapter12FinancialPlanningandForecastingFinancialStatementsChapter13CorporateValuation,Value-BasedManagement,andCorporateGovernance471ThispageintentionallyleftblankCHAPTER12FinancialPlanningandForecastingFinancialStatementsrecentsurveyo
2、fCFOsdisclosedaparadoxregardingfinancialAplanning.Ontheonehand,almostallCFOsstatedthatfinancialplanningisbothimportantandhighlyusefulforallocatingresources.Ontheotherhand,45%alsosaidthatbudgetingis“contentious,political,andtime-consuming,”and53%wentontosaythatthebudgeting
3、processcanencourageundesirablebehavioramongmanagersastheynegotiatebudgetstomeettheirownratherthanthecompany’sobjectives.Further,theyalsosaidthatinsteadofbasinggrowthandincentivecompensationtargetsonananalysisofwhatmarketsandcompetitorsarelikelytodointhefuture,firmsoftense
4、ttheirtargetsatlastyear’slevelsplusapercentageincrease,whichisdangerousinadynamiceconomy.Tohelpresolvetheseissues,companiesaredevelopingavarietyofnewstrategies.Forexample,demand-pullbudgetinglinksthebudgettoasalesforecast,andthesalesforecastisupdatedasneededtoreflectchang
5、ingeconomicconditions.Thisapproachisoftenaugmentedwitharollingforecast,inwhichcompaniesmake1-and5-yearforecastsbutthenmodifythe1-yearforecasteachmonthasnewoperatingresultsbecomeavailable.Also,somecompanieshaveswitchedtoactivity-basedbudgeting,whichallocatescostsandrevenue
6、sbyproductsandservicesratherthanbytraditionaldepartments.Arecentsurveyshowsthathigh-performancecompaniesalsofocusonthelinksbetweenforecasting,planning,andbusinessstrategyratherthanonjustcostmanagementandcostaccounting.AccordingtoJohnMcMahanoftheHackettGroup,suchchangesare
7、leadingtogreaterforecastingaccuracy,higheremployeemorale,andbettercorporateperformance.Theseissuesareoftenthoughtofas“management”ratherthan“finance,”butthisisafalsedistinction.Muchoffinanceisnumbers-oriented,butasanyCFOwilltellyou,hisorherprimaryjobistohelpthefirmasawhole
8、achievegoodresults.Theproceduresdiscussedinthischaptercanhelpfirmsimprovetheiroperationsandresul
