创造财富-企业财务战略与决策【外文翻译】VIP专享VIP免费

本科毕业论文（设计）外文翻译原文：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.Eventheboardofdirectorswillcons...