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Assignment代写:Financial discipline

2018-04-26 来源: 51due教员组 类别: 更多范文

下面为大家整理一篇优秀的assignment代写范文- Financial discipline,供大家参考学习,这篇论文讨论了财务自律。财务自律是企业自律的重要内容和突出表现。企业从财务行为出发,到财务结果落脚,与内外部发生着十分密切而持续的财资关系。财务自律是企业对于利益相关者的尊重,是企业对财务法则的自觉遵循。法治社会的他律亦会对企业“趋利避害”形成正向激励,促进自律的形成和持续性增强。

Financial discipline,财务自律,assignment代写,美国作业代写,作业代写

In the operating environment of any enterprise, its own system is faced with two kinds of constraints and two choices of "self-discipline" and "heteronomy". Heteronomy is external, from commercial rules of the game, the market economic order, business ethics, administrative supervision, consumption checks and balances, supervision by public opinion, and so on constraints and ruled that the obvious features of rigid; Inner consciousness self-discipline from entrepreneurs, industrial and commercial civilization accumulation, the pursuit of your image, social responsibility consciousness, professional conduct concept, from the inside out consciously, self-excited, self-respect, and self-improvement, the elastic characteristics is very outstanding.

Financial discipline is the important content and outstanding performance of enterprise self-discipline. From the financial behavior to the financial results, the company has a very close and continuous financial relationship with the outside. Financial discipline is the respect of the enterprise to the stakeholders; It is the enterprise's conscious compliance with the financial law; It is the civilization and cultural gene that the enterprise has precipitated for many years; It is a rational choice for enterprises to face market opportunities. The other law of the rule of law will also form positive incentives for enterprises to "avoid harm" and promote the formation and continuous enhancement of self-discipline. Financial self-discipline is the core software of enterprises, billions of enterprises and billions of enterprises. In the impetuous world, Chinese enterprises want to stand on their own in the world enterprise, the value of financial self-discipline must arouse enough attention from Chinese entrepreneurs.

The typical symptom is a passionate investment and a beleaguered financial "fever". From the calendar year in the annual report of listed companies is not hard to find, from the passive to the evolution of financial difficulties and financial enterprises of financial crisis, usually made of deadly wrong must be a serious lack of investment constraints formed financial "soft preserved egg". In strategic aggressive Chinese companies, investment impulse and financial constraints, lack of disease, the companies think they can do anything with the monkey crazy enclosure, engaged in the scale expansion of high cost, while external agglomeration with the industry overcapacity, the internal accumulated huge financial risk. Chinese enterprises of the blind confidence in global first-class, often to the prosperity of local fantasy into a comprehensive, will be a temporary trend as a trend in the future, "seize the opportunity, flourished" has become a kind of "development of banner group irrationality. Fan manufacturing, wind power, biomass power generation industry, construction machinery, solar photovoltaic industry, the real estate industry, thermal power industry, such as coal, iron and steel industry in recent years are presented is difficult to hold back investment boom, but the tide turned back and leave just heap heap of frozen silt, it is because of the financial risk accumulated and formed a large number of inefficient assets, invalid capacity waste is difficult to count.

The performance of deliberately window dressing and the report that force makes happy appearance make enterprise appear "sub-health" state. Whether it is the main board, medium or small board or gem board, a number of companies listed before the listing of assets, virtual group profit, processing costs, for the performance of water, in order to obtain higher share price, more financing. Artificially high performance is not sustainable, however, listed companies face after earnings and dividend pressure, this is from PE, cornerstone investors, institutional investors and market shareholder's rigid demand, is also to maintain market pressure to achieve target. The enterprise management layer can not complete the appeal target through normal operation, the stock price will fall, the equity incentive will become negative, the compensation will be reduced, and the refinancing will encounter more difficulties. The fictitious income, the delay cost, the post-shift expenses, the sale of assets can make up for the profit of the current period and make the paper appear false profit. The beautiful lies before going public and the digital games after the operation of the market, so that the surface shiny enterprises are in a very weak sub-health state, the risk is very large.

In the earnings of the company, if the careful organization on discerniblile ability is not strong or reach a certain tacit understanding with the audit company, so "high heels" profit, being painted statements synagogue, huang place to business performance into the public eye, give investors infuse a placebo. The dilemma that ensued was the embarrassment of dividends. Because the profit is not real, undertake profit allocation will increase tension and management of cash flow difficulties, so this kind of listed companies have made all kinds of stories do not do dividends distributed, some under pressure, symbolically delivery "bonus". It is not difficult to understand why listed companies generally have the stinginess of the rooster and the penny-pinching. Under such bonus mechanism, shareholders cannot gather at the stock market long-term investment enthusiasm, so short to emerge, and speculation, impaired growing, China a-share reduced global stock market performance is poor in the camp perhaps it is not surprising.

Many private enterprises, which have not been listed, are in trouble or become bankrupt due to their chronic lack of financial self-discipline. In recent years, the restructuring rate of private enterprises is relatively rare. The lack of independent financial personality, with distorted psychological resources possession of debt, and possession of economic resources in the form of business interaction, expanding and unable to sustain the follow-up after operation is some private enterprises of the frequently-occurring disease.

The lack of financial discipline in Chinese enterprises is determined by the imbalance of social ecology and corporate politics. This imbalance is complementary to human governance, which has created a lot of corporate financial disorder and financial chaos. Top state-owned enterprises and private enterprise owners have businesses in the supremacy of the governance and voice, from personal experience, personal will, personal preferences and personal arbitrary authority alone, any risk index and financial capacity could be ignored, beneficial action, effective restriction was left out in the decision-making process in advance, will not only get the things on the decision point, may occur under the boss's strong will also collective aphasia. No property right diversification, corporate governance structure is a dominant, governance no checks and balances, the finance is in absolute obedience, unconditionally for money, fight savagely modesty passive position, the light of the value of the financial discipline certainly cannot be released effectively.

Social progress, enterprise evolution and financial upgrading are the trend of China's social development. Financial self-regulation is the important condition and obvious symbol of the commercial development and the maturity of the enterprise.

First, the financial personality of Chinese enterprises should be remade. As a natural person, if not pay attention to personality, he would not have dignity, if there is no dignity, heart, there is no fear and constraint, and its social behavior anomie will be out of control, infringes upon the lawful rights and interests of others. As an enterprise as a legal person, there is also a strong force of corporate personality to exert favorable balance and balance on its operation and management. A noble pursuit of financial personality, pay attention to financial company image and dignity, and must be fully and rationally society to establish harmonious trading systems, kindly treat stakeholders, to keep the financial center of gravity and the enterprise economic security. In financial practice, we find that enterprises that are in danger of crisis have major financial personality defects. Borrowing is not willing to pay, earn money, profit-sharing, unwilling to pay taxes, hire people don't want to spending, rather I negative language, will not his me, strong speculative psychology, utilitarianism prevails, perfect for the thought of greed, devoid of the heart of fear. Force of character is self-discipline, persistent, strong power, to fundamentally enhance Chinese enterprises' financial discipline, must renew the financial personality, wake up the entrepreneur's business conscience.

Second, we should integrate the two extremes of "financial synergy" and "financial balance" into the same dimension. China's state-owned enterprises and private enterprises, have no CEO and CFO system arrangement of the double governance, therefore strategic fause, business and finance to obey the very characteristics, even some shareholders implemented financial director accreditation, but is also ranked in the top team in, voice and business ability is limited, the function of financial balance is very difficult to reach the designated position. Also some because of lack of effective cooperation, blindly emphasize norms and sacrifice efficiency, may be replaced by the board of directors. From the perspective of the actual situation of Chinese enterprises, the financial support for strategic implementation and the synergistic effect on business development are huge, the task is arduous, and there are still many things to be perfected. In the financial risk, financial crisis, the financial illegal yellow, orange, red three lines, financial synergy shall be based on financial professional ability to integrate the company inside and outside the Treasury, initiative, go all out to ensure that the development needs and strategy implementation. Financial checks and balances should be centered on the prevention and control of risks, resolve the crisis, and prevent illegal financial governance. Only to financial synergy support and financial balance control force on the same target of the same dimensions, both efficiency and standards, enterprises will be healthy and orderly operation, financial value to maximize.

The third is the financial transformation of financial stakeholders to stakeholders. Many listed companies and unlisted companies financial idea, financial position and financial behavior, financial investors is still the starting point and develops well, in a large enterprise, finance is essentially revolve around big shareholder interests, on profits GuanQieDu, focus entirely on the "belong to the parent company net profit" on, and then ignore even infringe on small and medium shareholders. First of all, it is necessary to solve the "financial treatment" equity problem of large and small shareholders. All investors are fair and transparent in the confirmation of costs, expenses and profits, and equal rights. The second is to solve the creditor's financial protection. The two pillars of market economy are ownership and creditor's rights. In the case of continuous accumulation of corporate debt, creditors are the biggest stakeholders of the enterprise. The financial interest of the creditor is the repayment of interest and repayment of principal, which is essentially still in the financial control and asset quality of the enterprise. Only when the role of finance is transferred from the major shareholder's finance to the whole investor, and then to the financial transformation of the stakeholders, the financial self-discipline of the enterprise will form the endogenous power.

Finally, it is the externality of self - discipline income and cost. The us after enron, improve the internal control cost, but the financial benefits of self-discipline function value is raised, listed companies in the United States, once found that financial fraud will be delisted, as a result, virtually inevitable increase self-discipline corporate interests of the market. Without scientific, effective and rigid heteronomy, self-discipline will not become a conscious and universal choice of behavior. Therefore, to strengthen the industry regulation, strengthen the intermediary restriction, and intensify the punishment is to strengthen the external thrust of the financial self-regulation.

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