1、本科毕业论文（设计）外文翻译原文一SETTINGFINANCIALSTRATEGYINACAPITALISTICSOCIETY,THEDECISIONSABOUTINVESTINGCAPITALINPRODUCTIVERESOURCESAREMADEPRIMARILYBYPRIVATEENTERPRISETHELONGTERMECONOMICSUCCESSESOFINDIVIDUALCORPORATIONSANDOFTHESOCIETYASAWHOLEARELARGELYDETERMINEDBYTHEQUALITYOFSUCHDECISIONTHEREFORE,DEALINGWITHQUEST
2、IONSABOUTRAISING,INVESTING,ANDMANAGINGCAPITALISAMONGTHEMOSTIMPORTANTRESPONSIBILITIESOFABOARDOFDIRECTORSACTUALLY,BOARDSROUTINELYPARTICIPATEINDECISIONSABOUTRAISINGORINVESTINGSIGNIFICANTAMOUNTSOFCAPITALTYPICALLY,MANAGEMENTISREQUIREDTOFORECASTTHERESULTOFINVESTMENTPROPOSALSBEFORETHEDIRECTORSAPPROVETHEMSI
3、MILARLY,THEBOARDISNORMALLYINTIMATELYINVOLVEDINDECISIONSABOUTRAISINGCAPITALANDABOUTHOWMUCHOFEARNINGSSHOULDBEREINVESTEDINTHEBUSINESSWHEREMANYBOARDSFALLSERIOUSLYSHORTOFDISCHARGINGTHEIRRESPONSIBILITYFORFINANCIALDECISIONMAKINGISINFAILINGTOESTABLISHACOHERENTLONGRANGEFINANCIALSTRATEGYINVESTMENTSAREOFTENBAS
4、EDONWHICHONEOFSEVERALCOMPETINGEXECUTIVESCANMAKETHEMOSTPERSUASIVECASEFORHISCURRENTPROJECTRATHERTHANONTHEBOARDSBROADJUDGMENTASTOWHATINVESTINGAREASARELIKELYTOPAYOFFBESTINTHELONGRUNLOOKATSOURCEANDCOSTOFCAPITALMOREOVER,CAPITALINVESTMENTSAREFREQUENTLYAPPROVEDWITHNOMOREATTENTIONTOCAPITALSOURCESANDCOSTSTHAN
5、BEINGREASONABLYCERTAINTHATFUNDSWILLBEAVAILABLEFORAPPROVEDPROJECTSCONSIDERTHESETYPICALEXAMPLESCOMPANYAWASINAMATUREINDUSTRYOVERAPERIODOFMANYYEARS,ITSRETURNSONINVESTEDCAPITAL,LIKETHATOFMOSTOFITSCOMPETITORS,WASFARLOWERTHANAVERAGEFORALLINDUSTRIESNEVERTHELESS,THEBOARDOFDIRECTORSCONTINUEDTOAPPROVECONTINUIN
6、GINVESTMENTSINTHEBUSINESSWITHOUTDEMANDINGANANSWERTOTHEBASICQUESTIONOFWHETHERCOMPANYAHADAREASONABLEEXPECTATIONOFANATTRACTIVERETURNCOMPANYB,ONTHEOTHERHAND,WASAHIGHTECHNOLOGYGROWTHCOMPANYWITHAPPARENTLYLIMITLESSOPPORTUNITIESTOINVESTATRETURNSOF25PERCENTORMOREONEQUITYMOREOVER,MAINTAININGITSLEADERSHIPPOSIT
7、IONINITSFIELDAPPEAREDTOREQUIRECONTINUINGINVESTMENTSINFACILITIESANDWORKINGCAPITALASWELLASRESEARCHANDDEVELOPMENTBASEDONTHECOMPANYSREMARKABLERECORDOFRAPIDINCREASESINEARNINGS,THEBOARDAPPROVEDTHEPRESIDENTSRECOMMENDATIONTOPAYCASHDIVIDENDSOFOVER30PERCENTOFEARNINGSEVENIFTHEYRECEIVEDTHEDIVIDENDSTAXFREE,FEWOF
8、THESHAREHOLDERSHADAVAILABLETOTHEMOTHERINVESTMENTOPPORTUNITIESCOMPARABLETOREINVESTINGINEXPANDINGOPERATIONSOFCOMPANYBINTEGRATEFINANCIALPLANWITHSTRATEGYTHEEXISTENCEOFALONGRANGEFINANCIALPLANISNOGUARANTEETHATMANAGEMENTORTHEBOARDHASAREASONABLEFINANCIALSTRATEGYSUCHPLANSAREOFTENLITTLEMORETHANCOMPILATIONSOFP
9、ROJECTIONSMADEBYOPERATINGMANAGERSWITHSOURCESOFFUNDSSUGGESTEDBYTHECHIEFFINANCIALOFFICER,BUTWITHOUTANYINDEPTHCONSIDERATIONBYTHEDIRECTORSTHEFOLLOWINGEXAMPLEISILLUSTRATIVECOMPANYC,ASUCCESSFULNEWYORKSTOCKEXCHANGECORPORATION,HADDEVELOPEDANEWOPERATIONBASEDONPROPRIETARYTECHNOLOGYITSEARLYSUCCESSWASSOOUTSTAND
10、INGTHATTOPMANAGEMENTANNOUNCEDPUBLICLYTHATTHENEWBUSINESSWOULDBEITSMAJORGROWTHAREAANDWOULDRECEIVEADISPROPORTIONATELYHIGHSHAREOFTHECOMPANYSCAPITALINVESTMENTOVERTHEFORESEEABLEFUTUREYETBECAUSEMANAGEMENTHADDIFFICULTYSEEINGWHATSPECIFICINVESTMENTSMIGHTBEAPPROPRIATEFORTHENEWBUSINESSAFTERTHEFIRSTTWOYEARS,THEF
11、IVEYEARPLANALLOCATEDALMOSTNOTINGTOITINYEARSTHREETOFIVEANDCONSEQUENTLYDEVELOPEDPLANSTOINVESTALLOFITSAVAILABLEFUNDSINOTHERDIRECTIONSINPREVIOUSISSUESOFTHEJOURNALOFBUSINESSSTRATEGY,IHAVEDEALTWITHTHENEEDFORABASICCONCEPTOFWHATTHEENTERPRISEISTRYINGTODOANDTHENEEDTOFOCUSONDEVELOPINGTHEKEYRESOURCESONWHICHTHEF
12、IRMSPERFORMANCEWILLDEPENDTHEFINANCIALSTRATEGYWILLBEEFFECTIVEONLYIFINTEGRATEDANDCONSISTENTWITHTHESEOTHERELEMENTSOFTHEOVERALLCORPORATESTRATEGYTODEALEFFECTIVELYWITHQUESTIONSOFFINANCIALSTRATEGY,ABOARDOFDIRECTORSMUSTAPPLYITSJUDGMENTTOTHEBASISISSUESOFTHERATEATWHICHTOINVESTWHICHSEGMENTSOFTHEBUSINESSMERITIN
13、CREASEDORDECREASEDCAPITALCOMMITMENTSHOWBESTTORAISENEEDEDFUNDSANDHOWTOCONTROLTHEFINANCIALOPERATIONSTOCONFORMTOTHESTRATEGYTHISISTHEKINDOFAREAINWHICHTHEBROADEXPERIENCEANDOBJECTIVITYOFASTRONGBOARDCANBEOFENORMOUSHELPTOOPERATINGMANAGEMENTHOWMUCHTOINVESTACCORDINGTOELEMENTARYECONOMICSCOURSESTAUGHTINTHEUNIVE
14、RSITIES,THEFIRMSHOULDINVESTINALLOFTHOSEPROJECTSWHICHPROMISETORETURNMORETHANTHECOSTOFCAPITALUNFORTUNATELY,FORTHEBOARDOFDIRECTORSWITHDECISIONSINFRONTOFTHEM,FOLLOWINGTHISPRINCIPLEISNOTSIMPLETOBEGINWITH,DEVELOPINGAMEANINGFULFIGUREFORTHECOSTOFCAPITALISDIFFICULTINAWORLDOFFLUCTUATINGINTERESTRATES,DIFFERING
15、OPINIONSABOUTWHATISANACCEPTABLEDEBT/EQUITYRATIO,ANDRAPIDLYVARYINGCONDITIONSINTHEEQUITYMARKETSMOREOVER,NOTONLYISITDIFFICULTTOCALCULATEWITHCONFIDENCETHERETURNONINVESTMENTWHICHMAYBEEXPECTEDFROMAPROJECT,BUTTHERETURNONTHESPECIFICPROJECTMAYBEQUITEDIFFERENTFROMTHERETURNWHICHCANBEEXPECTEDFROMTHATBUSINESSSEG
16、MENTASAWHOLEASIMPLERALTERNATIVETOCOMPUTINGCOSTOFCAPITALISTOOBSERVEWHATLEVELOFRETURNONEQUITYANDONTOTALCAPITALISBEINGEARNEDBYOTHERCOMPANIESWITHACOMPARABLEDEGREEOFRISKEXTENSIVEDATAONRETURNONINVESTMENTISREADILYAVAILABLEFROMTHEDEPARTMENTOFCOMMERCEASWELLASINBUSINESSPERIODICALSSUCHASFORTUNEANDFORBESTOTHEEX
17、TENTTHATOPPORTUNITIESAREAVAILABLEWHICHPROMISETOPROVIDEGREATERRETURNTHANISTYPICALLYBEINGEARNEDELSEWHERE,ABOARDOFDIRECTORSCANBEFAIRLYCONFIDENTTHATSUCHINVESTMENTISJUSTIFIEDONTHEOTHERHAND,BUSINESSWHICHEARNLESSTHANISTYPICALFORINDUSTRYPROBABLYSHOULDRECEIVELITTLE,IFANY,NEWMONEYGAUGINGTHERETURNINANYCASE,THE
18、BOARDCANNOTPROPERLYDISCHARGEITSRESPONSIBILITIESWITHOUTFORMINGSOMEGENERALOPINIONSABOUTTHEKINDOFRETURNWHICHCANBEEXPECTEDFROMEACHSEGMENTOFITSBUSINESSINORDERTOMAKEANINFORMEDJUDGMENT,THEBOARDOFDIRECTORSNEEDSTOKNOWABOUTTHEMARKETSINWHICHTHEFIRMIS,ORINTENDSTOBE,ACTIVEANDTHEIRCOMPETITIVEPOSITIONINGINEACHTHEE
19、SSENCEOFTHEISSUEISWHETHERTHEFIRMIS,ORCANREASONABLYEXPECTTOBECOME,BETTERQUALIFIEDTOSERVECERTAINGROUPSOFCUSTOMERSTHANOTHERFIRMSIFITCAN,ITSHOULDEXPECTASUPERIORRETURNONCAPITALINVESTEDINTHATBUSINESSIFITCANNOT,ITHASNOREASONTOEXPECTANATTRACTIVERETURNONMONEYINVESTEDTHEREWHEREACOMPANYHASANOPPORTUNITYTOBUILDA
20、PROFITABLELEADERSHIPPOSITIONINASUBSTANTIALMARKET,COMPETITIVESTRATEGYOFTENDICTATESTHATTHEFIRMSHOULDINVESTASRAPIDLYINTHATBUSINESSASITISABLETHEGATINGFACTORDETERMININGHOWRAPIDLYITCANINVESTCANBEEITHEROPERATIONALORFINANCIALLIMITSTOGROWTHTHEREISALIMITTOHOWFASTACOMPANYCANHIREANDORGANIZENEWPEOPLE,BUILDPLANTS
21、,EXPANDDISTRIBUTION,ANDENLARGEOPERATIONSWITHOUTCHAOSMOREOVER,WHENMONEYISPLENTIFUL,ANORGANIZATIONMAYADOPTWASTEFULSPENDINGHABITSWHICHAREDIFFICULTTOCHANGELATERONANDWHICHARENOTCOMPATIBLEWITHATTRACTIVEEARNINGSEVENIFFINANCINGISREADILYAVAILABLE,THEBOARDMUSTASSUREITSELFTHATTHEPROPOSEDRATEOFINVESTMENTISMANAG
22、EABLETHATFINANCIALCAPACITYCANLIMITGROWTHISOBVIOUSTHEBOARDMUSTASSUREITSELFTHATWHATISUNDERTAKENBYTHECOMPANYISWITHINITSFINANCIALMEANS,ORSERIOUSPROBLEMSMAYRESULTCOMPANYD,AFTERANARDUOUSTECHNICALDEVELOPMENTPROGRAM,PERFECTEDAUNIQUEMEDICALDEVICEFORWHICHTHEREAPPEAREDTOBEALARGEMARKETASORDERSSTARTEDTOFLOWIN,MA
23、NAGEMENTQUICKLYHIREDASIZABLESALESFORCE,EXPANDEDTHEPLANT,ANDGREATLYINCREASEDITSINVENTORYOFRAWMATERIALSTHECOMPANYSCASHWASQUICKLYEXHAUSTED,ANDITHADSUDDENLYTOLAYOFFMANYOFITSNEWEMPLOYEESITSFINANCIALRATIOSWENTOUTOFCONTROLANDOPERATIONALCHAOSENSUEDTHEBANKBECAMEALARMEDANDWITHDREWITSSUPPORTASTHECOMPANYTEETERE
24、DONTHEBRINKOFBANKRUPTCY,NEWOWNERSHIPANDNEWMANAGEMENTHADTOBEBROUGHTINTOSALVAGEWHATCOULDHAVEBEENAGREATSUCCESSSTORYPROFITABILITYANDFLEXIBILITYSUCCESSFULRAPIDINVESTMENTSEEMSUSUALLYTOBEASSOCIATEDWITHTWOCONDITIONSTHEFIRSTISTHATTHEFIRMNEEDSTODEMONSTRATETHEABILITYTOEARNATTRACTIVEPROFITSWHILEITISGROWINGTHEFI
25、NANCIALCOMMUNITYSOMETIMESWILLPROVIDEMONEYFORACOMPANYBEFOREITHASDEMONSTRATEDPROFITABILITY,BUTPATIENCEINTHISFIELDTENDSTOBERATHERSHORTANDCOMPANIESWHICHCONTINUETOEXPANDWITHOUTPROFITSSOONFINDNEWMONEYQUITEHARDTOGETTHESECONDCONDITIONISFINANCIALFLEXIBILITYTHEFUTUREISHARDTOPREDICTANDPRUDENCEREQUIRESTHATTHEFI
26、RMMAINTAINENOUGHLIQUIDITYTOWITHSTANDANYADVERSEDEVELOPMENTSWHICHAREATALLLIKELYTOHAPPENTHUS,AGROWINGCOMPANYSHOULDINVESTONLYTOTHEEXTENTTHATITCANCONTINUETOMAINTAINENOUGHFLEXIBILITYANDLIQUIDITYTOREMAINFINANCIALLYVIABLEEVENINFACEOFUNEXPECTEDPROBLEMSTHEREAREMANYFACTORSWHICHPROPERLYINFLUENCETHERATEATWHICHAC
27、OMPANYINVESTSWHATISCRITICALLYIMPORTANTISTHATTHEBOARDCONSIDERTHOSEFACTORSWHICHARERELEVANTANDDEVELOPAPOLICYWITHRESPECTTORATEOFINVESTMENTWHICHWILLREPRESENTAKEYELEMENTINTHEFIRMSOVERALLFINANCIALSTRATEGYAMONGTHEFACTORSWHICHMUSTUSUALLYBECONSIDEREDARETHEQUALITYANDQUANTITYOFINVESTMENTOPPORTUNITIESAVAILABLETO
28、THECOMPANYANDTHEFINANCIALANDMANAGEMENTCAPACITYTOEXPANDWHERETOINVESTANDDISINVESTTOOOFTEN,TOPMANAGEMENT,INAMISGUIDEDEFFORTTOBEEVENMINDED,EXPECTSGROWTHFROMALLOFTHECORPORATIONSBUSINESSANDEXPRESSESAWILLINGNESSTOINVESTINEACHDEPENDINGONTHEQUALITYOFTHECASEWHICHCANBEMADEBYTHERESPONSIBLEEXECUTIVEWHENTHEONLYPA
29、THTORECOGNITIONANDADVANCEMENTISEXPANSION,EXECUTIVESHAVEAPOWERFULINCENTIVETOGOTOGREATLENGTHSTOPUTTOGETHERAPLAUSIBLEREASONFORMAJORINVESTMENTINTHEIROPERATIONINSUCHACLIMATE,WHICHISCOMMON,TOPMANAGEMENTISOFTENRELUCTANTTOPLAYFAVORITESORTOSTARVESOMEDIVISIONTHERESULTISFREQUENTLYGROSSLYINADEQUATEDISCRIMINATIO
30、NASTOWHERETOINVESTANDWHERENOTTOINVESTSUCHACONDITIONREPRESENTSANABSENCEOFINVESTMENTSTRATEGYANDSHOULDNOTBEPERMITTEDBYABOARDOFDIRECTORSTHEBASISFORDECIDINGWHERETOCHANNELCAPITALINVESTMENTISTHERELATIVEATTRACTIVENESSOFVARIOUSALTERNATIVEOPPORTUNITIESTWOTYPESOFINFORMATIONWHICHAREOFSPECIFICIMPORTANCEFORABOARD
31、TOHAVEAVAILABLEINCONSIDERINGEXPANSIONOFANEXISTINGOPERATION,BUTWHICHISOFTENNOTADEQUATELYPROVIDED,AREWHATISTHESIZEANDNATUREOFTHEMARKETANDWHATCOMPETITIVEADVANTAGESANDDISADVANTAGESDOESTHECOMPANYHAVEWHATDOESTHERECORDSAYABOUTTHEKINDOFRETURNTHECOMPANYCANEXPECTINTHISAREAUNLESSAFIRMHASSOMESORTOFMEANINGFULAND
32、DEFENSIBLEELEMENTOFSUPERIORITYOVERCOMPETITION,ITHASNOBASISFOREXPECTINGANATTRACTIVERETURNOVERTHELONGHAULOFTENOPERATINGMANAGERSBASEREQUESTSFORCAPITALFUNDSONWHAT,INESSENCE,ISNOMORETHANOPTIMISMANDDETERMINATIONTOSUCCEEDWHILETHESEMAYBEADMIRABLEQUALITIES,THEYARECLEARLYNOTANADEQUATEBASISONWHICHTOCOMMITMAJOR
33、LONGTERMINVESTMENTARESPONSIBLEBOARDWILLINSISTONENOUGHINFORMATIONONTHEMARKETPLACEANDCOMPETITIONSOTHATITCANINDEPENDENTLYFORMAPOSITIVECONCLUSIONABOUTTHEPROSPECTSFORTHECOMPANYINTHEGIVENBUSINESSSEGMENTONCEHAVINGFORMEDSUCHACONCLUSIONANDADJUSTEDCORPORATESTRATEGYACCORDINGLY,THEBOARDSHOULDNOTCHANGEITSCOURSEL
34、IGHTLYBECAUSEOFPROBLEMSOFSHAREDCOSTS,MANYCOMPANIESMAKENOATTEMPTTOCALCULATERETURNONCAPITALFORVARIOUSSEGMENTSANDSUBSEGMENTSOFITSBUSINESSWITHOUTSUCHDATA,MANAGEMENTISFORCEDTOMAKEDECISIONSWITHOUTWHATMAYBEMOSTMEANINGFULINFORMATIONRELATIVETOINVESTMENTDECISIONSCALCULATINGRETURNONCAPITALFORSPECIFICPRODUCTLIN
35、ESAND/ORMARKETSEGMENTSFREQUENTLYREQUIRESMAKINGESTIMATESINALLOCATINGMANUFACTURING,MARKETING,MANAGEMENT,OROTHERCOSTELEMENTSTHEDIFFICULTYOFATTAININGGREATACCURACYINSUCHCALCULATIONSSHOULDNOTDETERABOARDFROMINSISTINGONATLEASTAFIRSTAPPROXIMATIONOFTENDIFFERENCESINPROFITABILITYARESOGREATTHATWHEREFIRSTTOINVEST
36、ISOBVIOUSONCEEVENROUGHESTIMATESAREMADEEVENWHENMEANINGFULCALCULATIONSARENOTAVAILABLE,THEBOARDOFDIRECTORSISNOTTOTALLYWITHOUTRESOURCESWITHWHICHTOGAININFORMATIONABOUTRELATIVEPROFITABILITYOFDIFFERENTBUSINESSSEGMENTS,ASISILLUSTRATEDINTHISCASECOMPANYEMANUFACTUREDPRODUCTSOFTWOBASICTYPESONEWASQUITEOLDANDSHOW
37、EDLITTLEGROWTHTHEOTHERWASNEWERANDWASSHOWINGHEALTHYINCREASESINVOLUMETHEDIRECTORS,HOWEVER,DIDNOTHAVEADEQUATEINFORMATIONONTHEBASISOFWHICHTOJUDGETHERELATIVEPROFITABILITYOFTHETWOLINESINTHISCASE,THEBOARDTOOKANUNUSUALANDEXTREMESTEPITSPLITTHECOMPANYINTWOTOENSURECOMPLETESEPARATION,ITTOOKSTEPSTOHAVETHEOWNERSH
38、IPOFTHETWOENTITIESSLIGHTLYDIFFERENTONCETHEOPERATIONSWERESEPARATED,ADRAMATICDIFFERENCEINPROFITABILITYWASAPPARENTTHEOLDERBUSINESSWASINCURRINGLARGELOSSESANDNEEDEDMAJORSURGERYTHENEWERSEGMENTWASMOREPROFITABLETHANHADBEENIMAGINEDTHEASSETSOFTHEOLDERUNITWERESOLDANDSHELLWASREUNITEDWITHTHENEWERONESOTHATTHEPROC
39、EEDSOFTHESALECOULDBEINVESTEDINTHEMOREATTRACTIVEOPERATIONOUTFROMUNDERTHEOLDEROPERATION,THENEWCOMPANYHASPROSPEREDBEYONDWHATANYONEHADBELIEVEDPOSSIBLE,TOTHEENORMOUSBENEFITOFTHESHAREHOLDERSINCONSIDERINGINVESTINGINANEWFIELD,THEBOARDHASLESSTOGOONBUTINCONSIDERINGANYMAJORINVESTMENT,THEBOARDSHOULDDETERMINEWHE
40、THERITISCONSISTENTWITHAFINANCIALSTRATEGYBASEDONSOUNDREASONSFOREXPECTINGCOMPETITIVESUCCESSINAMARKETOFADEQUATESIZEHOWTOFINANCEEXPANSIONTHEMOSTREADILYAVAILABLEANDUSUALLYTHELEASTEXPENSIVESOURCEOFCAPITALISCASHFLOWFROMOPERATIONSNORMALLY,THEREISANECONOMICADVANTAGETOSHAREHOLDERSFORTHECOMPANYTOREINVESTASMUCH
41、OFTHISCASHINTHEBUSINESSASWILLGENERATEANABOVEAVERAGERETURNFORMATUREFIRMSWITHLIMITEDINVESTMENTOPPORTUNITIES,ITISAPPROPRIATETORETURNCASHTOTHESHAREHOLDERSMOSTOFTEN,THISISDONEINTHEFORMOFCASHDIVIDENDS,ALTHOUGHMOREFREQUENTLYTHESEINTHEOPENMARKET,THUSGIVINGSHAREHOLDERSTHEOPTIONOFCASHINGINORHOLDINGTHESHARESSO
42、URCEMILTONLAUENSTEIN,1981“SETTINGFINANCIALSTRATEGY”JOURNALOFBUSINESSSTRATEGY,VOL1,NO4,PP6671译文制定财务战略在资本主义社会中，关于生产资源的投资资本的决定主要由私人企业做出。个别企业和整个社会长远经济的成功在很大程度上取决于这些决策的质量。因此，处理关于筹资、投资以及资本管理的问题是决策者最重要的责任。事实上，董事会经常参加有关筹集和投入大量资本决定的会议。一般情况下，管理层需要在决策者批准他们之前预测投资建议的结果。同样地，董事会通常密切参与关于筹集资金和需要大约多少收入进行在商业投资的会议。许多董事
43、应认真履行他们在财务决策时未能建立一个连贯的长期财务战略的责任。投资往往是基于几个相互竞争的管理人员中能够做出当前项目最有说服力的那个案例，而不是董事会上的董事对于哪个投资领域有可能得到最好的、长远的回报的所做的决策。资本的来源和资本成本方面此外，资本投资往往不再关注资本来源和资本成本，而是关注被合理确定资金将用于批准的项目。考虑这些典型的例子A公司是出于成熟产业的阶段，经过了数年的时间，像大多数的竞争对手一样，投入资本的回报远远得高于行业的平均水平。然而，董事会的决策者仍然批准持续不断得商业投资，而不要求回答关于A公司是否有一个合理的、有吸引力的回报期望的最基本问题。B公司，在另一方面，是一
44、个高科技成长型公司，拥有无限的机会来投资在百分之二十五的股权甚至更多的回报。此外，维持其在该领域的领导地位需要继续在设施和营运资金以及研究和发展上进行投资。在公司快速增长的骄人战绩的基础上，董事会批准了会长的建议，支付百分之三十的现金股利。即使他们的股息免税，与B公司扩大再投资相比，股东也很少向他们提供其他投资机会。财务计划与财务战略整合一个长期财务计划的存在没有保证管理部门或董事会有一个合理的财务战略。这样的计划往往比经营管理人员所做的汇编多一点，但没有经过任何由决策者进行的深入审议。下面的例子很能说明问题C公司，一个成功的纽约证券交易所，制定了一项基于专利技术的新的业务。其早期的成功是如此
45、得突出，其高层管理人员公开宣布，新业务将是其主要增长的领域，将在可预见的将来获得该公司的资本投资不成比例的高的份额。然而，由于管理层很难看到在投资头两年之后的适合新业务的具体投资，五年计划几乎没有可以分配给在三到五年制定的计划，而去投资其他方向所有的可用资金。在经营战略杂志上所反映的以前的问题里，我已经掌握了一个什么样的企业正在试图做的基本概念，以及需要重点发展的主要资源即本公司的表现将取决于需求。财务战略将有效地综合这些其他因素，使其与整体企业战略相一致。为了有效得处理财务战略问题，董事会必须对一些基本问题做出判断该投资哪个项目的比率。哪个部门进行商业价值增加或减少的资本承担。如何以最佳方式
46、筹集所需资金。如何控制财务业务，以符合战略要求。这种领域的董事会的丰富经验和客观性，能够对经营管理提供巨大的帮助。投资多少根据大学里的初级经济学课程，企业应该投资在所有能够得到的回报超过资本成本项目中。不幸的是，董事会的决策者对于摆在他们面前的决策，根据这一原则其实并不简单。首先，制定一项有意义的资本成本数字在利率波动，不同的关于可接受的债务/权益比率的观点以及迅速变化的市场条件的股票的环境下市非常困难的。此外，不仅难以计算一个项目预期的投资报酬率的信心，但对其具体项目的回报率，从该业务分部作为一个整体的预期收益的差异可能会很大。一个简单的用来替代资本成本的计算是观察什么样的净资产和总资本回报
47、水平正在被其他拥有相当程度的风险的公司所赚取。对投资回报广泛的数据很容易从商务部以及在诸如财富和福布斯商业期刊得到。在某种程度上，这机会可提供比其他地方通常赚取的回报更大的承诺，董事会可以相当得有信心，这种投资是有道理的。另一方面，赚取比典型的行业更少的业务，如果有的话，可能应该得到更少新的资金。衡量回归在任何情况下，董事会不能正常履行对没有形成可以从每个业务部门得到的预期的回报的一些一般性意见的责任。为了做出明智的判断，董事会需要了解市场中该公司正在或打算是活跃在每一个有竞争力的定位。这个问题的实质是这个公司是否比其他的公司更合理的预期和更好的质量去服务一部分客户群体。如果它可以，那么它就应
48、该在该业务上有更优越的投资资本回报。如果它不能，那它就没有理由期望得到具有吸引力的投资资本回报。凡公司有机会在庞大的市场建立一个有利可图的领导地位，竞争策略往往决定了企业尽可能快的投资于那些可能的业务。这个因素决定了投资于经营或财务的速度。对发展的限制在不混乱的情况下，公司聘请和组织新人，建厂，扩大销售，扩大业务的速度是有一个限制的。此外，当资金充足时，组织很可能养成浪费的消费习惯，这种习惯在以后是很难改变的，而且不能得到可观的收益。即使资金是随手可得的，董事会必须确保自身的投资收益率是可以控制的。财政能力可以限制发展是显而易见的。董事会必须明确什么是由公司在其财政能力范围内承担可能导致的严重
49、问题D公司，在经历艰苦的技术发展规划之后，完善了一个独特的、具有一个巨大市场的医疗设备。随着订单开始流入，管理层迅速聘请了相当大的销售队伍，扩大了工厂，并且大大增加了原材料的库存。该公司的现金被迅速耗尽，致使不得不裁掉了许多新员工。公司的财务比率开始失控，混乱的业务也接踵而至。银行也开始惊慌，并撤回其投资。随着公司面临着破产的边缘，新的所有权和新的管理必须引进来，来挽救公司，使其成为一个成功的故事。盈利能力和灵活性成功的快速投资似乎通常与两个条件相关联。首先，企业需要证明其在发展过程中有能力来赚取具有吸引力的利润。金融界人士有时会在一个企业在证明有盈利能力之前为其提供资金，但是在这一领域的耐心往往是短期的，继续扩大资金而没有利润，这样会很快发现新的资金将很难得到。第二个条件是财务灵活性。未来是很难预测，这就要求公司审慎的保持足够的流动资金，用来抵御任何可能发生的所有不利的发展。因此，一家发展的公司应该只投资在一定的范围内，使其能继续保持足够的灵活性和流动性，以保持财政上的可行性，即使面临意想不到的问题。还有很多因素影响一家公司的投资的比率。最重要的是，董事会考虑的那些相关因素和发展方面的投资比率，将代表公司整体财务战略中的一个关键因素。其中必须考虑的因素通常是公司可以取得的投资机会的质量和数量，还有就是财务和管理能力的增强。在何处投资（和撤资）很多时候，在一个错误导
