Главная » The Role of Financial Management


Поиск по сайту

УПРАВЛЕНИЕ

Развитие науки управления
Сущность управленческой деятельности
Элементы теории организации
Функция целеполагания
Функция прогнозирования
Функция планирования
Функция организации
Функция принятия решения
Функция мотивирования
Коммуникативная функция
Функция контроля и коррекции
Кадровые функции руководителя
Производственно-технологические функции
Производственные (комплексные) функции управления
Перцептивные процессы в управлении
Мнемические процессы
Мыслительные процессы в управлении
Интеллект руководителя
Регулятивные процессы в управлении
Процессы принятия управленческих решений
Коммуникативные процессы в управленческой деятельности
Эмоционально-волевая регуляция состояний
Мотивация деятельности руководителя
Руководство и лидерство
Способности к управленческой деятельности


 
The Role of Financial Management
Introduction

The financial manager plays a dynamic role in a modern company's development. This has not always been the case. Until around the first haif of the 1900s financial managers primarily raised funds and managed their firms' cash positions - and that was pretty much it. In the 1950s, the increasing acceptance of present value concepts encouraged financial managers to expand their responsibilities and to become concerned with the selection of capital investment projects.

Today, external factors have an increasing impact on the financial manager. Heightened corporate competition, technological change, volatility in inflation and interest rates, worldwide economic uncertainty, fluctuating exchange rates, tax law changes, environmental issues, and ethical concerns over certain financial dealings must be dealt with almost daily. As a result, finance is required to play an ever more vital strategic role within the corporation.

Подробнее...
 
What Is Financial Management?

Financial management is concerned with the acquisition, financing, and management of assets with some overall goal in mind. Thus the decision function of financial management can be broken down into three major areas: the investment, financing, and asset management decisions.

lnvestment Decision

The investment decision is the most important of the firm's three major decisions when it comes to value creation. It begins with a determination of the total amount of assets needed to be held by the firm. Picture the firm's balance sheet in your mind for a moment. Imagine liabilities and owners' equity being listed on the right side of the balance sheet and its assets on the left. The financial manager needs to determine the dollar amount that appears above the double lines on the ieft-hand side of the balance sheet - that is, the size of the firm. Even when this number is known, the composition of the assets must still be decided. For example, how much of the firm's total assets should be devoted to cash or to inventory? Also, the flip side of investment - disinvestment - must not be ignored. Assets that can no longer be economically justified may need to be reduced, eliminated, or replaced.

Подробнее...
 
The Goal of the Firm

Efficient {inancial management requires the existence of some objective or goal, because judgment as to whether or not a financial decision is effrcient must be made in light of some standard. Although various objectives are possible, we assume in this book that the goal of the firm is to maximize the wealth of the firm's present owners.

Shares of common stock give evidence of ownership in a corporation. Shareholder wealth is represented by the market price per share of the firm's common stock, which, in turn, is a reflection of the firm's investment, financing, and asset management decisions. The idea is that the success of a business decision should be judged by the effect that it ultimately has on share price.

Подробнее...
 
Virtue Rewarded

Companies are suddenly discovering the profit potential of social responsibility.

What's going on. As it turns out, Gore was invited to visit the retailer in July to introduce a screening ofhis documentary about global warming, An Inconyenient Truth. An odd-couple pairing - Gore and a company known for its giant parking lots? Certainly. But also one of the many recent signs that "corporate social responsibility", once seen as the purview of the hippie fringe, has gone mainstream.

In the 1970s and 19g0s, companies like Ben & Jerry's and The Body Shop pushed fair_labor practices and environmental awareness as avidly and effectively as Cherry Garcia ice cream and cocoa-butter hand cream.

They were widely admired but rarely imitated. Today, more than 1,000 companies in 60 countries have published sustainability reports proclaiming their concern for the environment, their employees, and their iocal communities. Giant corporations from Bp to General Electric have launched marketing campaigns emphasizing their focus on alternative energy. Wal-Mart, too, has announced new environmental goals - hence the Gore visit. The retailer has pledged to increase the efficiency of its vehicle fleet by 25% over the next three years, cut the amount of energy used in its stores by at least 25%, and reduce solid waste from US stores by the same amount.

Подробнее...
 
Sustainability: Why CFOs Need to Pay Attention

No longer just the right thing to do, sustainability can affect an organization's reputation, brand and longterm profitability.

The surging interest in sustainable developments is I d.irr..r by the recognition that corporations, more than any other organizations (including national governments), have the power, the influence over financial, human and natural resources, the means and arguably the responsibility to promote a corporate agenda that considers not only the economics of growth but also the health of the environment and society at large.

Most early sustainability efforts fell under the umbrella of corporate social responsibility, which corporations practiced with a sense that it was the right thing to do. The concept has changed since then, and its evolution has serious implications for the way financial professionals do their work. Sustainability has emerged as a business strategy for maintaining long-term growth and performance and to satis$r corporate obligations to a range ofstakeholders including shareholders.

Подробнее...
 
« ПерваяПредыдущая12СледующаяПоследняя »

Страница 1 из 2

Яндекс.Метрика

рецепти страв