创造财富-企业财务战略与决策[外文翻译]

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1、本科毕业论文（设计）外文翻译原文：CreatingWealthCorporateFinancialStrategyandDecisionMakingCorporateFinancialStrategicPlanningHerbertSimonhaswrittenthatthereisaGresham’slawofplanning:“Programmedactivitytendstodriveoutnonprogrammedactivity.”Thedecisiontobuyanewenergy-savingp

2、ieceofequipmentisaloteasiertodiscussandanalyzethanstrategicinvestmentdecisions.Inthecaseoftheenergy-savingequipment,cashflowscanbeestimatedandthedecisiontobuyornottobuycanbemadebasedonwell-knowncapitalbudgetingtechniques.Thebasiccapitalbudgetingtechniquesar

3、e“programmedactivities”inSimon’slaw.Strategyissuesarealotsofterandalotlesssatisfactorytowriteaboutandtoread.However,itmaywellbethatstrategyissuesaremuchmoreimportant,eveniftheyarenotfuntoconsider.Strategyleadsafirmtoentertheenergybusiness.Thatisthefirstandm

4、ostimportantdecision.Thefirmmightthenhavetovalueaprospectiveacquisitionasameansofacceleratingtheentryintotheindustry,butwithoutthestrategydecisionitwouldnotbenecessarytovaluetheacquisition.Allbusinessdecisionmakingisbasedonabstractionsfromreality.Wehavetosi

5、mplifyinordertomakedecisions.Wecandelaydecisionmakingbyinsisting-onmoreinformation,butwhenthemoreinformationisobtained,therewillstillbemoreinformationthatcouldbeobtainedifyouwerewillingtodeferaction.Soonerorlateronehastoresisttheopportunitytogetmoreinformat

6、ion,andonehastomakethedecision.HerbertSimonhassaidthisbest:Administrativetheoryispeculiarlythetheoryofintendedandboundedrationality–ofthebehaviorofhumanbeingswhosatisficebecausetheyhavenotthewitstomaximize.Andasadditionalexplanation:Whereaseconomicmanmaximi

7、zes–selectsthebestalternativefromamongallthoseavailabletohim,hiscousin,administrativeman,satisfices–looksforacourseofactionthatissatisfactoryor“goodenough.”Examplesofsatisficingcriteria,familiarenoughtobusinessmenifunfamiliartomosteconomists,are“shareofmark

8、et,”“adequateprofit,”“fairprice.”Thesubstitutionoftheword“satisfice”for“maximize”isnotnecessaryifwearewillingtoconsiderthecostsofinformation,search,anddelayinthedecisiontomaximize.Inasensewecanconclude