創(chuàng)造財(cái)富-企業(yè)財(cái)務(wù)戰(zhàn)略與決策【外文翻譯】_第1頁
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1、本科畢業(yè)論文（設(shè)計(jì)）外文翻譯原文：原文：CreatingWealthCpateFinancialStrategyDecisionMakingCpateFinancialStrategicPlanningHerbertSimonhaswrittenthatthereisaGresham’slawofplanning:“Programmedactivitytendstodriveoutnonprogrammedactivity.”Thede

2、cisiontobuyanewenergysavingpieceofequipmentisaloteasiertodiscussanalyzethanstrategicinvestmentdecisions.Inthecaseoftheenergysavingequipmentcashflowscanbeestimatedthedecisiontobuynottobuycanbemadebasedonwellknowncapitalbu

3、dgetingtechniques.Thebasiccapitalbudgetingtechniquesare“programmedactivities”inSimon’slaw.Strategyissuesarealotsofteralotlesssatisfactytowriteabouttoread.Howeveritmaywellbethatstrategyissuesaremuchmeimptanteveniftheyaren

4、otfuntoconsider.Strategyleadsafirmtoentertheenergybusiness.Thatisthefirstmostimptantdecision.Thefirmmightthenhavetovalueaprospectiveacquisitionasameansofacceleratingtheentryintotheindustrybutwithoutthestrategydecisionitw

5、ouldnotbenecessarytovaluetheacquisition.Allbusinessdecisionmakingisbasedonabstractionsfromreality.Wehavetosimplifyindertomakedecisions.Wecandelaydecisionmakingbyinsistingonmeinfmationbutwhenthemeinfmationisobtainedtherew

6、illstillbemeinfmationthatcouldbeobtainedifyouwerewillingtodeferaction.Soonerlateronehastoresisttheopptunitytogetmeinfmationonehastomakethedecision.HerbertSimonhassaidthisbest:Administrativetheyispeculiarlythetheyofintend

7、edboundedthanthatmanagersarelikelytobeontheboard.Employeesalsomustbeconsideredsinceanobviouscontinuousdisregardoftheirinterestswillcausethemtoinsistontherighttoprotecttheirinterests.Customersalsogaintheirrighttobeconside

8、redbytheeconomicpowertheywieldnotintheboardroomdirectlybutindirectlyviatherightofaconsumertoavoidbuyingacpation’sproduct.Therightsofsocietycantosomeextentbeignedbyacpationfashtperiodoftimebutcontinuousimplementationofa“p

9、ublicbedamned”philosophyislikelytobringfthastringofgovernmentlegislation.Theinterestsofsocietymustberespectedifonlytoavoidsuchlegislation.Acpationshoulddo“right”eitherbecauseitistheproperthingtodobecauseitisinitsownbesti

10、ntereststobehaveinsuchafashion.KeyElementsofStrategicPlanningThefivekeyelementsofthestrategicplanningarelistedbelow:Thefirstelementindevelopingastrategyistheidentificationoftheproblemsopptunitiesthatexist.Asuccessfulfirm

11、willhaveafertileideageneratingenvironment.WhatproblemsopptunitiesarethereProblemopptunityidentificationisoneofthemeimptantoutputsresultingfromgoodstrategicplanning.Noproblemcanbesolvedanopptunitycanbeseizedunlessitexists

12、.Thesecondelementistosetgoals(objectives).Goalsettingisnotindependentoftheidentificationofopptunities.Ifthegoalistoachievegrowthinsalesof15%peryearitwillbenecessarytospendmeresourcesgeneratingideasthanifthegoalistoavoidg

13、rowth.Itmaybearguedthattopmanagementshouldstopwiththesettingofthegoalsleaveeverythingelsetotheoperatingmanagers.Fexampletopmanagementmightsetthegoalstoearnatleast25%returnoninvestment(ROI)tomaintaina15%growthrateperyeart

14、ocner20%ofthetotalmarketasthefirm’sprofitgoals.Operatingmanagementwouldthenestablishthedetailsastohowthegoalswouldbeachieved.Apopularfmofmanagerialstyleisto“managebyobjectives.”Ifonemanagesbyobjectivesthegoalissetbytheto

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