ACCA笔记-F9-FM-文字题总结

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1FinancialManagementPARTA[1]Asagentsofthecompany’sshareholders,thedirectorsmaynotalwaysactinwayswhichincreasethewealthofshareholders,aphenomenoncalledtheagencyproblem.[2]Theycanbeencouragedtoincreaseormaximizeshareholderswealthbymanagerialrewardschemessuchasperformance-relatedpayandshareoptionschemes.Throughthesemethods,thegoalsofshareholdersanddirectorsmayincreaseincongruence.解决代理问题的⽅法有managerialrewardschemes。Managerialrewardschemes⼜包括shareoptionschemes和performance-relatedpay这两种⽅法。[3]Performance-relatedpaylinkspartofremunerationofdirectorstosomeaspectofcooperateperformance.Oneproblemhereisthatisdifficulttochooseanaspectofcooperateperformancewhichisnotinfluencedbytheactionsofdirectors,leadingtothepossibilityofmanagersinfluencingcooperateaffairsfortheirownbenefitratherthanthebenefitofshareholders.[4]Shareoptionschemesbringthegoalsofshareholdersanddirectorsclosertogethertotheextentthatdirectorsbecomeshareholdersthemselves.Unfortunately,ageneralincreaseinsharepricescanleadtodirectorsbeingrewardforpoorperformance,whileadecreaseinsharepricescanleadtodirectorsnotbeingrewardforgoodperformance.[5]However,shareoptionschemescanleadtoacultureofperformanceimprovementandsocanbringcontinuingbenefittoshareholders.股票期权计划可以带来绩效改善的⽂化,因此可以为股东带来持续的利益。!Conflictbetweentheobjectivesofshareholdersanddirectorsinalistedcompanyisassociatedwiththeagencyproblem,whicharethreemainreason.!First,thereisaseparationbetweenownershipandcontrol,astheshareholdersanddirectorsaredifferentpeople.Second,theobjectivesofshareholdersanddirectorsmaybedifferent.Third,thereisasymmetryinformation,sothatshareholdershaveaccesstolessinformationaboutcompanythandirectors,makingithardforshareholderstomonitortheactionsanddecisionsofdirectors.!Onereasonwhysmallandmediumentities(SMEs)mightexperiencelessconflictbetweenshareholdersanddirectorsisthatinmanycasesshareholdersarenotdifferentfromdirectors.Wherethatiscases,thereisnoseparationbetweenownershipandcontrol,thereisnodifferencebetweenobjectivesofshareholdersanddirectors,andthereisnoasymmetryof2FinancialManagementinformation.!AnotherreasonisthatthesharesofSMEsareoftenownedbyasmallnumberofshareholders,whomaybeinregularcontractwiththecompanyanditsdirectors.Sothepossibilityofconflictisverymuchreduced.Accountingprofitcanbemanipulatedtosomeextentbychoicesofaccountingpolicies.Profitdosenottakeaccountofrisk.Profitdosenottakeaccountofthevolumeofinvestment.PARTBPARTC[1]Theobjectivesofworkingcapitalmanagementareusuallytakentobeprofitabilityandliquidity.(盈利能⼒和流动性)Profitabilitymeansmaximizingshareholderswealth,whileliquidityisneededinordertosettleliabilitiesastheyfalldue.[2]However,thesetwoobjectivesareinconflict,sinceliquidresourceshavenoreturnorlowlevelsofreturnandhencedecreasetheprofitability.[3]Aconservationapproachofworkingcapitalmanagementwilldecreasetheriskofrunningoutofcash,favoringliquidityoverprofitabilityanddecreasingrisk.(保守的办法是倾向于流动性,减少资⾦耗尽的可能性,从⽽降低流动性⻛险)Conversely,anaggressiveapproachwillemphasizeprofitabilityoverliquidity,increasingtheriskofrunningoutofcashwhileincreasingprofitability.#Lengthofoperatingcycledependsonitselements,whichareinventorydays,tradereceivabledaysandtradepayables.#Theseelementsusuallydependonthenatureofthebusinessundertakenbyacompanyandthewaythatbusinessisconductedbyitscompetitors.#Thelengthofworkingcapitalcycleisusuallythereforesimilarbetweencompaniesinthesamebusinesssector,butcandifferbetweenbusinesssector.ThebenefitsofaJITprocurementpoliceinclude:$Alowerlevelofinvestmentinworkingcapital.$Areductioninmaterialshandlingcosts.$Animprovementrelationshipwithsuppliers.$Improvingofoperatingefficiency.$Alowerreworkingcosts.3FinancialManagement%(creditanalysissystem)Offeringcredittocustomersexposesacompanytotheriskofbaddebtsandthisshouldbeminimizedthroughcreditanalysis.Thiscanbedonethroughcollectingandanalyzinginformationaboutpotentialcustomers.Acompanymightsetupitsowecreditscoringsysteminordertoassessthecreditworthinessofpotentialcustomers.%(creditcontrolsystem)Theaccountsofcustomerswhohavebeengrantedcreditmustbemonitoredregularlytoensurethatagreedtradetermsarebeenfollowedandthataccountsarenotgettingintoarrears.Acreditutilizationreportcanassistmanagementinunderstandingtheextanttowhichcreditisbeingused,identifyingcustomerswhomaybenefitfromincreasedcredit,andassessingtheextentandnatureofcompany’sexposuretotradereceivables.%(debtcollectionsystem)Acompanyshouldensurethatitstradereceivablesarekeptinformedabouttheiraccounts,amountsoutstandingandamountsbecomingdue,andthetermsoftradetheyhaveaccepted.Aninvoiceshouldberaisedwhensalesaremade.Regularstatementsshouldbesent.Customersshouldbeencouragedtosettletheiraccountsontimeandnotbecomeoverdue.Offeringadiscountforearlypaymentcouldhelptoachievethis.[1]Invoicediscountingreferstothepurchaseofselectedinvoicesbyafinancialcompanyatadiscounttotheirfacevalue.发票贴现是指⾦融公司以⾯值折扣购买选定的发票。[2]Invoicediscountingcanprovideanimmediatecashtoacompanyratherthanwaitingfortheinvoicebesettled.Ittendstobeanoccasionalsourceofshort-termfinanceratherthanaregularsourceoffinance.[3]Invoic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