創(chuàng)造財富企業(yè)財務(wù)戰(zhàn)略與決策【外文翻譯】

(最新)創(chuàng)造財富-企業(yè)財務(wù)戰(zhàn)略與決策【外文翻譯】本科畢業(yè)論文(設(shè)計)外文翻譯原文:CreatingWealthCorporateFinancialStrategyandDecisionMakingCorporateFinancialStrategicPlanningHerbertSimonhaswrittenthatthereisaGresham’slawofplanning:“Programmedactivitytendstodriveoutnonprogrammedactivity.”Thedecisiontobuyanewenergy-savingpieceofequipmentisaloteasiertodiscussandanalyzethanstrategicinvestmentdecisions.Inthecaseoftheenergy-savingequipment,cashflowscanbeestimatedandthedecisiontobuyornottobuycanbemadebasedonwell-knowncapitalbudgetingtechniques.Thebasiccapitalbudgetingtechniquesare“programmedactivities”inSimon’slaw.Strategyissuesarealotsofterandalotlesssatisfactorytowriteaboutandtoread.However,itmaywellbethatstrategyissuesaremuchmoreimportant,eveniftheyarenotfuntoconsider.Strategyleadsafirmtoentertheenergybusiness.Thatisthefirstandmostimportantdecision.Thefirmmightthenhavetovalueaprospectiveacquisitionasameansofacceleratingtheentryintotheindustry,butwithoutthestrategydecisionitwouldnotbenecessarytovaluetheacquisition.Allbusinessdecisionmakingisbasedonabstractionsfromreality.Wehavetosimplifyinordertomakedecisions.Wecandelaydecisionmakingbyinsisting-onmoreinformation,butwhenthemoreinformationisobtained,therewillstillbemoreinformationthatcouldbeobtainedifyouwerewillingtodeferaction.Soonerorlateronehastoresisttheopportunitytogetmoreinformation,andonehastomakethedecision.HerbertSimonhassaidthisbest:Administrativetheoryispeculiarlythetheoryofintendedandboundedrationality–ofthebehaviorofhumanbeingswhosatisficebecausetheyhavenotthewitstomaximize.Andasadditionalexplanation:Whereaseconomicmanmaximizes–selectsthebestalternativefromamongallthoseavailabletohim,hiscousin,administrativeman,satisfices–looksforacourseofactionthatissatisfactoryor“goodenough.”Examplesofsatisficingcriteria,familiarenoughtobusinessmenifunfamiliartomosteconomists,are“shareofmarket,”“adequateprofit,”“fairprice.”Thesubstitutionoftheword“satisfice”for“maximize”isnotnecessaryifwearewillingtoconsiderthecostsofinformation,search,anddelayinthedecisiontomaximize.InasensewecanconcludethatSimonissuggestingthatitisbettertomakedecisions,evenimperfectdecisions,thantoendurethelongwaituntiltheperfectinformationandperfectdecisionprocessesareavailable.“Inanimportantsense,alldecisionisamatterofcompromise.”WhileSimon’s“satisfice”descriptionisanextremelyusefuldevicefordescribinghowmanagersoperate,weshallfinditconvenienttocollapseSimon’s“satisfice”andprofitmaximizationintooneexpression.Infect,theprofitmaximization(whereprofitisdefinedintermsofrisk-adjustedpresentvalue)isdeemedtobetheprimaryobjectiveofthefirm.Moreisbetter.Further,theprofitmaximizationobjectiveincludestheinformationcostandcostofsearchsothatitisconsistentwithSimon’ssatisfice(wearenotrejectingthesatisficeconcept).Theassumptionisthatdecisionsshouldbemadefromthepointofviewofimprovingthewell-beingofthestockholders.Thisisareasonablepointofdeparture,butitcannotbetheentiremessage.Managers,employees,customers,andsocietyingeneralhaveinterestsintheresultsofafirm’soperations.Wemustalsoconsidertheimpactofdecisionsonthewell-beingofthesegroups.Onemightobjecttothisconclusion,butrealisticallysuchconsiderationsarebeingincludedbysuccessfulfirms.Nomanagersubmitsaninvestmentorotherdecisionproposalwithoutcarefullyconsideringtheimpactofthedecisionbeingreviewedonhisorherwell-being.Eventheboardofdirectorswillconsiderthewell-beingofmanagersiffornootherreasonthanthatmanagersarelikelytobeontheboard.Employeesalsomustbeconsidered,sinceanobviousandcontinuousdisregardoftheirinterestswillcausethemtoinsistontherighttoprotecttheirinterests.Customersalsogaintheirrighttobeconsideredbytheeconomicpowertheywield,notintheboardroomdirectly,butindirectlyviatherightofaconsumertoavoidbuyingacorporation’sproduct.Therightsofsocietycantosomeextentbeignoredbyacorporationforashortperiodoftime,butcontinuousimplementationofa“publicbedamned”philosophyislikelytobringforthastringofgovernmentlegislation.Theinterestsofsocietymustberespectedifonlytoavoidsuchlegislation.Acorporationshoulddo“right”eitherbecauseitistheproperthingtodoorbecauseitisinitsownbestintereststobehaveinsuchafashion.KeyElementsofStrategicPlanningThefivekeyelementsofthestrategicplanningarelistedbelow:Thefirstelementindevelopingastrategyistheidentificationoftheproblemsandopportunitiesthatexist.Asuccessfulfirmwillhaveafertileidea-generatingenvironment.Whatproblemsandopportunitiesarethere?Problemandopportunityidentificationisoneofthemoreimportantoutputsresultingfromgoodstrategicplanning.Noproblemcanbesolvedoranopportunitycanbeseizedunlessitexists.Thesecondelementistosetgoals(objectives).Goalsettingisnotindependentoftheidentificationofopportunities.Ifthegoalistoachievegrowthinsalesof15%peryear,itwillbenecessarytospendmoreresourcesgeneratingideasthanifthegoalistoavoidgrowth.Itmaybearguedthattopmanagementshouldstopwiththesettingofthegoalsandleaveeverythingelsetotheoperatingmanagers.Forexample,topmanagementmightsetthegoalstoearnatleast25%returnoninvestment(ROI),tomaintaina15%growthrateperyear,andtocorner20%ofthetotalmarketasthefirm’sprofitgoals.Operatingmanagementwouldthenestablishthedetailsastohowthegoalswouldbeachieved.Apopularformofmanagerialstyleisto“managebyobjectives.”Ifonemanagesbyobjectives,thegoalissetbythetop,butthespecificmethodofgettingtothegoalisnotcontrolled.Theresultsareimportant,notthemethodofgettingtotheresults.Performancemeasurementissubstitutedfordetailedsupervision.Thusgoalsettingbecomesacruciallyimportantelementinthestrategicplanning.Wenowhaveproblemsandgoalsdefined.Thethirdelementistohaveaprocedureforproviding,possiblesolutions,or“paths”thefirmcanfollowtofindasolution.Forexample,thecurrentenergysituationcanbedefinedasaproblemoranopportunity.Thegoalmightbetoachieveenergyindependenceortomakeagivenreturnoninvestment.Assumeafirmhasdecidedtoentertheenergyindustryandhastodecidewhatkindofenergyitwilldevelopandhowitwillgoaboutit.Forexample,itmightconsidersolar,wind,tide,andfossilandthendecidetogowithsolar.Havingdecidedtoenterthesolarenergyindustry,thecorporationmightdecidetospendlargesumsonresearchoralternativelymightdecidetoacquireafirmthatalreadyhasvaluableknow-howandthusaccelerateitsentryintotheindustry.Thesettingoftacticsfollowsthesettingofthebasicstrategyforenteringtheindustry.Thebasicdecisionisto“enterthesolarenergyindustry.”Thegoalsthataresetcanbetoearn25%ROI,increaseearnings15%peryear,andgain20%ofthetotalmarket.Topmanagementofthecorporationmightthenleavethedetailsofhowthisistobeachievedtothemanagersoperatingthesolarenergydivision.Thisisanextremeformofdecentralizationand“bottomlinemanagement.”Themorenormalprocedureisfortopmanagementtooverseethemoreimportantdecisionsthataremade,especiallythoseinvolvinglargeinvestmentoutlaysorotherlargecommitments.Thefourthelementofstrategicplanningistochoosethebestsolution,givenpossiblesolutionsandthefirm’sobjectives.Onwhatbasiswillthebestsolutionbechosen?Thegoalmighthavebeenestablishedtomaximizethewellbeingofthestockholders.Thisiseasytostate,butgivenalargenumberofwaystoentertheenergyindustry,whichmethodshouldbechosen?Itmightbedecidedtochoosethepathwiththelargestnetpresentvalue.Butthenriskconsiderationsshouldenteranalysis.Choosingthebestsolution,evenwithwell-definedgoalsestablished,isadifficultjob.Thefifthandfinalelementofstrategicplanningistohavesometypeofreviewprocedurestocheckhowthebestsolutionhasactuallyperformed.Howthisreviewfunctionisexecutedwilldependonthepreferencesandstyleofmanagement.Theabovefiveelementsofstrategicplanningdonotrevealanythingaboutthestyleinwhichthey(andtheresultingplans)willbeimplemented.Theyarebroadenoughtoencompassawiderangeoffinancialdecisions.Forexample,ifthegoalistohavereasonablegrowthbutlittlerisk,theamountofriskthatisacceptabletotheownersofthecorporation(orintheirabsence,totheboardofdirectors)willgreatlyaffecttheamountofdebtthatisusedtofinancethecorporation.Amajorplanningquestionnotyetansweredistowhatextenttheinterestsoftheorganizationcomeaheadoftheinterestsofthedifferentgroupsofemployees.Whatsortofperformancemeasureswillbeused,andwhathappenswhengoalsarenotmet?Willexcuses(explanations)belistenedto,orwilltherebeaninsistenceonperformance?Managerialstylewillcirclebackandaffectthingslikeideageneration.ApproachtoStrategyWewillconsiderfourapproachestostrategy.Thefirstusesbrillianceandisunstructured,whilethesecondusesdramaticsimplificationsandbroadgeneralizations.Thethirdreliesheavilyonstatisticaldata,andthefourthisatheoreticalapproachthatiscorrect,butmaynotalwaysbepractical.Approach1:BrillianceUnderthisapproacheachsituationisuniqueandtheproblemsolverappliesbrillianceinarrivingatastrategy.Thereisanunstructuredanalysis.Asystematicapproachtothinkingaboutstrategycanbelearned(onecanpracticestrategydecisionsviacasesandgames),buttherearefewifanygeneralizations.Alistingofthefiveelementsofstrategicplanningdescribedaboveisanillustrationofanattempttosystematizethinkingaboutstrategy.Onecanreadastrategyrecommendationforafirmandadmireitswisdom,butstillnotbeabletotellacomputerhowtodothenextanalysis.Approach2:BroadGeneralizationsTheBostonConsultingGroup(BCG)hasdevelopedanamazinglysimpletounderstandandattractiveapproachtostrategy.Inaccordancewiththemodel,thebestofallworldsisforaproducttohaveahighmarketshareinahigh-growthmarket(beastar).Thustheimplication(recommendation?)isthatafirmshouldmaintaindominantmarketpositioninagrowingmarket(themarketsegmentmaybeverylimited)orthefirmshouldabandontheactivity.Tosomeextentthisrecommendationisbasedontheory.Tobeinamonopolisticpositionisadesirablestatefromthepointofviewofprofitmaximization.Secondly,ifafirmisproducingmorethanthecompetitors,itisapttobefurtheralongitslearningcurve,andthusitscostislikelytobelessthanthoseofcompetitor.Here,itisassumedthattheincrementalcostsreducewiththenumberofunitsproduced,andthereisevidencetosubstantiatethisassumption.Ifthefirmhasahighmarketsharebutslowgrowthinthemarket,ithasacashcow.Donotinvestinthismarket,butdrainoffthecash.Andifboththemarketshareandmarketgrowtharelow,ithasadog,andtheadviceistofindsomefoolwhowilltakeifoff.Finally,ifthemarketgrowthishighbutthemarketshareislow,thenthereisaquestionmark.Strategywilldependontheexpectationofbeingabletomovefromalowmarketsharetoahighmarketshare.Thefirmshouldeitherspendtoachievestardomorgetoutofthemarket.Source:VKBhalla,2004“CreatingWealth—CorporateFinancialStrategyandDecisionMaking”.JournalofManagementResearch,vol.4,no.1,april,pp.13-17.譯文:創(chuàng)造財富:企業(yè)財務(wù)戰(zhàn)略與決策企業(yè)財務(wù)戰(zhàn)略規(guī)劃赫伯特西蒙曾撰文指出有一個格雷欣法則規(guī)劃:”列入方案的活動往往趕不上未列入方案的活動”。決定購買新的節(jié)能設(shè)備比討論和分析戰(zhàn)略性投資決策容易得多。在節(jié)能設(shè)備的方案中，現(xiàn)金流量是可以預(yù)算的，購買或者不購買是可以根據(jù)著名的資本預(yù)算技術(shù)來決定的。資本預(yù)算的基本技術(shù)在西蒙法則中就是“程序活動”。戰(zhàn)略問題是一個柔和，擔(dān)不是一個令人滿意的寫和讀。但是，它很可能比這一戰(zhàn)略問題更重要，即使他們考慮起來并不好玩。戰(zhàn)略領(lǐng)導(dǎo)一個公司進入能源業(yè)務(wù)。這是第一個也是最重要的決定。該公司接下來可能有必要去做一個潛在的收購評估來加快進入該行業(yè)，但如果沒有戰(zhàn)略決策，將沒有必要去做收購評估。所有的商業(yè)決策都是基于現(xiàn)實的抽象。我們必須簡化，以便于做出決定。我們可以通過堅持要求更多的信息來延遲決策，但是當(dāng)獲得更多的信息，還會有更多的信息可以得到，如果你愿意推遲行動。人們遲早有必要去抵制得到更多的信息的機會，因為他們必須做出決定。西蒙說這個最好:行政管理理論是特有的預(yù)期的和有限理性理論——對于滿足人類，因為他們沒有智慧去最大限度地發(fā)揮人類的行為。而作為補充說明:鑒于經(jīng)濟人最大化——從所有這些選擇提供給他，他的表弟，行政人員，以滿足最佳替代查找的行動當(dāng)然這是令人滿意的，或者說“足夠好”。標(biāo)準(zhǔn)的令人滿意的例子，對于商人足夠熟悉，但是對于大多數(shù)經(jīng)濟學(xué)家卻很不熟悉是“市場占有率”，“足夠的利潤”，“公平的價格。”如果我們愿意最大限度的去考慮在信息，搜索成本和延誤方面的決定的話，用“滿意”這個詞去替代“最大化”是沒有必要。在某種意義上，我們可以得出結(jié)論，西蒙表明做出決定，即使這不是完美的決定，也要比忍受等待直到完善的信息和完善的決策過程實現(xiàn)可以利用要來得好?！霸谝粋€重要的意義上，所有的決定是一個妥協(xié)的問題?！彪m然西蒙的“滿意”描述是描述如何管理運作非常有用的工具，我們會發(fā)現(xiàn)它是一種很方便去瓦解西蒙的“滿意”和利潤最大化的表述。事實上，利潤最大化(其中利潤是指在風(fēng)險調(diào)整后的現(xiàn)值計算)被視為是該公司的首要目標(biāo)。越多越好。此外，利潤最大化的目標(biāo)，包括信息成本和搜尋成本，使之符合西蒙的滿意(我們不應(yīng)拒絕令人滿意的概念)。假設(shè)決策應(yīng)該從股東所認(rèn)為的改善福利的觀點來決定。這是一個合理的出發(fā)點，但它不能成為整個訊息。一般來說，經(jīng)理，員工，客戶和整個社會在一個公司的經(jīng)營業(yè)績上都是有利益的。我們還必須把影響這些群體的福利的決策考慮在內(nèi)。有人可能會反對這一結(jié)論，但實際上很多成功的公司都把這個考慮在內(nèi)。在沒有仔細(xì)考慮該投資或者這個決策建議對他或她的福利的審查的影響之前，沒有經(jīng)理會去提交。即使是董事會將考慮如果沒有其他原因只是管理者很可能是資深董事的良好管理人員的福利。員工也必須被考慮，因為一個明顯的，持續(xù)的無視他們的利益將促使他們堅持他們的權(quán)利去保護自己的利益。客戶也獲得他們的權(quán)利去考慮行使他們的經(jīng)濟實力，而不是直接通過董事會會議室，但間接地通過了消費者的權(quán)利，以避免購買公司的產(chǎn)品。社會的權(quán)利，可以在一定程度上被公司在很短的時間內(nèi)忽略，但是一個持續(xù)實施“公眾見鬼去吧”的經(jīng)營理念可能帶來一系列的政府立法。社會的利益必須得到尊重，如果只是為了避免這種立法。一個公司應(yīng)該做的“權(quán)利”可能是因為它是正確的事情，或者是因為它在自己的最佳利益，來表現(xiàn)這樣一種時尚。戰(zhàn)略規(guī)劃的關(guān)鍵要素五個戰(zhàn)略規(guī)劃的關(guān)鍵要素如下:在制訂戰(zhàn)略的第一要素是鑒定存在的問題與機會。一個成功的公司將擁有一個豐富的理念創(chuàng)新環(huán)境。存在的問題和機會有哪些,問題與機會識別是其中一個重要的從良好的戰(zhàn)略規(guī)劃產(chǎn)生的。除非問題或機會被確立存在，否則任何問題都不能得到解決，也不可能抓住機會。第二個要素是要建立目標(biāo)(目標(biāo))。設(shè)定目標(biāo)是不是獨立身份的機會。如果目標(biāo)是實現(xiàn)每年15,的銷售增長，如果目標(biāo)就是要避免出現(xiàn)增長，將需要花費更多的資源的見解。有人可能會認(rèn)為，高層管理人員應(yīng)停止去設(shè)定目標(biāo)，并且把一切別的東西留給操作經(jīng)理。例如，高層管理人員制定的目標(biāo)可能獲得至少25,的投資回報(ROI)，保持每年15,的增長速度，作為壟斷企業(yè)的利潤目標(biāo)總額的20,的市場份額。經(jīng)營管理，然后建立將目標(biāo)如何實現(xiàn)的細(xì)節(jié)。常見的管理風(fēng)格是“靠他們的目標(biāo)”。如果有經(jīng)營目標(biāo),目標(biāo)是由領(lǐng)導(dǎo)設(shè)置,但得到目標(biāo)的具體方法不是控制。結(jié)果很重要,而不是得到結(jié)果的方法?？冃гu估代替了詳細(xì)的監(jiān)督。因此目標(biāo)設(shè)定成為了重要元素的戰(zhàn)略計劃。我們現(xiàn)在有問題和目標(biāo)定義。第三個要素是有程序以提供可能的解決方法或者“路線”，以便于公司能跟著找到解決的辦法。例如,當(dāng)前能源形勢可以被定義為一個問題或一個機會。目標(biāo)似乎可以實現(xiàn)能源獨立或特定的投資回