利用现金流量为股东创造价值外文翻译.docVIP

外文翻译 原文 Creating Value For Shareholders By The Use Of Cash-Flows MaterialSource:http://steconomice.uoradea.ro/anale/volume/2009/v3-finances-banks-and-accountancy/08.pdf Author: Berceanu Dorel ; Siminica Marian ; Bandoi Anca 1. Introduction The investment of capital in assets determines the size of the undertaking, the profits of its operational risk and the liquidity of its business. Getting the best combination of financing determines future cash flows, the financial risk, and has an impact on the value of the enterprise. Also, an optimal allocation of the net profit creates the prerequisites for further development and the structuring a stable shareholding. The basic idea is to acquire assets, to invest when cash flows are expected to exceed the investment, and finance with those instruments that are best, and therefore achieve an optimal distribution of net profit for self and for dividends. For a long time, the company’s management major objective was to maximize profits. It has been proved that such a goal presents a number of limitations, including: the orientation to the horizon near the expense of strategic objectives on medium and long-term; the possible deterioration of relations with customers, suppliers, employees, associates; the low connection with incomes and payments, etc. Gradually, because of these limits, such an objective has been replaced by another, more inclusive and that better meets the current requirements. Therefore, the major objective of he firm must be to create value for its shareholders, or, in other words, to maximize its value. In order to create value, the businesses must have sufficient results to cover its operating costs and pay the invested capital properly. Performance and value represent an ideal duo for a modern and efficient company’s management. To measure performance one must assess the value and to know the value is to translateperformance 39. Indicators reflecting the creation of value