ACCA笔记-F9-FM-文字题总结

1、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]Performan。

2、ce-relatedpaylinkspartofremunerationofdirectorstosomeaspectofcooperateperformance.Oneproblemhereisthatisdifficulttochooseanaspectofcooperateperformancewhichisnotinfluencedbytheactionsofdirectors,leadingtothepossibilityofmanagersinfluencingcooperateaffairsfortheirownbenefitratherthanthebenefitofshareholders.[4]Shareoptionschemesbringthegoalsofshareholdersanddirectorsclosertogethertotheextentthatdirectorsbecomeshareholdersthemselves.Unfortunately,ageneralincreaseinsharepricescanleadtodirectorsbein。

3、grewardforpoorperformance,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,theobjectives。

4、ofshareholdersanddirectorsmaybedifferent.Third,thereisasymmetryinformation,sothatshareholdershaveaccesstolessinformationaboutcompanythandirectors,makingithardforshareholderstomonitortheactionsanddecisionsofdirectors.!Onereasonwhysmallandmediumentities(SMEs)mightexperiencelessconflictbetweenshareholdersanddirectorsisthatinmanycasesshareholdersarenotdifferentfromdirectors.Wherethatiscases,thereisnoseparationbetweenownershipandcontrol,thereisnodifferencebetweenobjectivesofshareholdersanddirectors,a。

5、ndthereisnoasymmetryof2FinancialManagementinformation.!AnotherreasonisthatthesharesofSMEsareoftenownedbyasmallnumberofshareholders,whomaybeinregularcontractwiththecompanyanditsdirectors.Sothepossibilityofconflictisverymuchreduced.Accountingprofitcanbemanipulatedtosomeextentbychoicesofaccountingpolicies.Profitdosenottakeaccountofrisk.Profitdosenottakeaccountofthevolumeofinvestment.PARTBPARTC[1]Theobjectivesofworkingcapitalmanagementareusuallytakentobeprofitabilityandliquidity.(盈利能⼒和流动性)Profitabil。

6、itymeansmaximizingshareholderswealth,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,increasingtheriskofrunningou。

7、tofcashwhileincreasingprofitability.#Lengthofoperatingcycledependsonitselements,whichareinventorydays,tradereceivabledaysandtradepayables.#Theseelementsusuallydependonthenatureofthebusinessundertakenbyacompanyandthewaythatbusinessisconductedbyitscompetitors.#Thelengthofworkingcapitalcycleisusuallythereforesimilarbetweencompaniesinthesamebusinesssector,butcandifferbetweenbusinesssector.ThebenefitsofaJITprocurementpoliceinclude:$Alowerlevelofinvestmentinworkingcapital.$Areductioninmaterialshandlin。

8、gcosts.$Animprovementrelationshipwithsuppliers.$Improvingofoperatingefficiency.$Alowerreworkingcosts.3FinancialManagement%(creditanalysissystem)Offeringcredittocustomersexposesacompanytotheriskofbaddebtsandthisshouldbeminimizedthroughcreditanalysis.Thiscanbedonethroughcollectingandanalyzinginformationaboutpotentialcustomers.Acompanymightsetupitsowecreditscoringsysteminordertoassessthecreditworthinessofpotentialcustomers.%(creditcontrolsystem)Theaccountsofcustomerswhohavebeengrantedcreditmustbemo。

9、nitoredregularlytoensurethatagreedtradetermsarebeenfollowedandthataccountsarenotgettingintoarrears.Acreditutilizationreportcanassistmanagementinunderstandingtheextanttowhichcreditisbeingused,identifyingcustomerswhomaybenefitfromincreasedcredit,andassessingtheextentandnatureofcompany’sexposuretotradereceivables.%(debtcollectionsystem)Acompanyshouldensurethatitstradereceivablesarekeptinformedabouttheiraccounts,amountsoutstandingandamountsbecomingdue,andthetermsoftradetheyhaveaccepted.Aninvoiceshou。

10、ldberaisedwhensalesaremade.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。