會計Essay代寫模板：Roles of Management and Agency Theory and Exchange Rate Policies for Macroeconomic Targets
本文是會計專業的Essay范例，題目是“Roles of Management and Agency Theory and Exchange Rate Policies for Macroeconomic Targets（管理與代理理論與匯率政策對宏觀經濟目標的作用）”，財務管理是指為實現企業的目標而對企業的資金資源進行收購和籌集，然后用于投資的方式(Atrill&McLaney, 2015)。研究發現，考慮主要利益相關者的目標至關重要，因為他們對企業所有者的財富創造做出了貢獻(Baker, 2015)。
Financial management refers to the ways in which monetary resources for a business are acquired and raised and then used to make investments in order to achieve the objectives for the enterprise (Atrill&McLaney, 2015). It has been found that it is essential to consider the main stakeholders’ objectives because of their contribution towards the wealth creation of the business owners (Baker, 2015).
Agency theory is a business model which helps to outline the relationship and the issues between the participants, especially the conflicts when various parties are not sharing the same interest (Kivist? & Zalyevska, 2015).
It has been found that the most important conflict of interests occurs while managers are running a company and they sometimes make corporate decisions in their own interest. On the other hand, because the directors (agent) are employed to perform activities on shareholders’ (principal’s) behalf it is essential to motivate managers such that by their decision to align their interests with the shareholders benefits (Armstrong, 2012).
研究發現，最重要的利益沖突發生在管理者經營公司的過程中，他們有時從自己的利益出發做出公司決策。另一方面，由于董事(代理人)是被雇傭來代表股東(委托人)進行活動的，因此必須激勵經理人，使他們的決定使他們的利益與股東的利益保持一致(Armstrong, 2012)。
The managers usually coordinate all organisational activities in a systematic way in order to maximize firm value and they are responsible to achieve the business objectives. In view of this, three essential financial decisions of managers are concerned with the long term strategy by referring to key areas such as investment, finance and dividends (Drury, 2015)
To operate, a business should be well financed; therefore one of manager’s roles is to make sure that their decisions lead to use finance efficiently. Thus, for investment decisions, managers take into account appropriate projects which will consider the purchase of non-current assets at the beginning of the process. In addition, it is essential for managers to ensure for example that inventory levels are well connected with production or debts are collected on a timely basis (Kaplan Publishing UK, 2015).
要經營，企業必須有充足的資金;因此，管理者的角色之一就是確保他們的決策能夠有效地利用資金。因此，對于投資決策，經理考慮適當的項目，將考慮購買非流動資產的過程的開始。此外，對于管理者來說，確保庫存水平與生產密切相關或及時收集債務是至關重要的(Kaplan Publishing UK, 2015)。
The main financial objectives are related to wealth maximisation, profit maximisation, and value maximisation. Accordingly, shareholders as usual are interested in wealth maximisation, but they also consider the risk and potential return. The issue arises when directors are looking for their own individual interests, such as remuneration package rather to promote shareholders’ interests. Because of this, managers should pursue financial objectives in the best interest of shareholders by implementing appropriate strategies with long-term, thus creating value for all stakeholders including owners’ wealth (Queen, 2015).
主要的財務目標與財富最大化、利潤最大化和價值最大化有關。因此，股東一如既往地對財富最大化感興趣，但他們也會考慮風險和潛在回報。當董事們追求的是薪酬等個人利益，而不是促進股東利益時，就會出現這個問題。因此，管理者應該通過實施適當的長期戰略，從股東的最大利益出發追求財務目標，從而為包括所有者財富在內的所有利益相關者創造價值(Queen, 2015)。
When a business adopts profit maximisation as a financial objective, there can be some potential problems that managers should consider. For instance, if some spending on advertising, R&D or training is reduced, the impact will be good on reported profit but the long-term prospects may be adversely affected and share price will decrease (Queen, 2015).
Another shareholders financial aim is related to company’s equity shares and their value indicates the wealth of the owners. Therefore, the shareholders, as the owners of the business may receive dividends. There is no standard for dividend decisions because they are made based on financial performance and certain activities that company will have in the future. However, a good policy aligns the interest of directors and shareholders by increasing the control of the company in the capital market (Clayman et al., 2012).
另一個股東的財務目的是與公司的股權有關，其價值表明了所有者的財富。因此，股東作為企業的所有者可以獲得股息。股利決策沒有標準，因為它們是基于公司未來的財務表現和某些活動做出的。然而，一個好的政策通過增加公司在資本市場上的控制來協調董事和股東的利益(Clayman et al.， 2012)。
The role of managers in dividend decision usually implies raising the funds from capital markets to be able financing new projects. This suggests that managers’ incentive may be reduced, therefore Agency theory assumes that retention of earnings motivates directors’ behaviour that does not maximise shareholder wealth (Panda&Leepsa, 2017).
Even though, agency theory is very popular, it is still affected by some limitations. First, the theory considers an agreement between interested parts for unlimited or limited future period where this period of time is uncertain. Second, the theory assumes that the function of shareholders is to monitor managers’ performance but their role is not very well outlined. The third limitation refers to the fact that the theory judges the managers as they just take advantages offered by circumstances and fail to observe their competence (Panda&Leepsa, 2017).
盡管代理理論非常流行，但它仍然受到一些局限性的影響。首先，該理論認為有興趣的部分之間的協議，無限或有限的未來期間，這段時間是不確定的。其次，該理論假設股東的職能是監督經理人的表現，但他們的角色沒有很好地概述。第三個局限性是指，該理論判斷管理者只是利用環境提供的優勢，而沒有觀察他們的能力(Panda&Leepsa, 2017)。
As it was mentioned above, the main agency relationship in finance is managers and shareholders. A conflict of interest between them is when managers for instance, do not perform activities for shareholders benefit. Therefore, some mechanisms such managerial compensation can be a way to motivate them for acting in shareholders best interest. This can be done by paying performance bonuses, by getting commission based on residual value making more profit (Panda&Leepsa, 2017).
Macroeconomic policy is managed by government in order to achieve objectives such as: economic growth for improving living standards, price and exchange rates stability for reducing inflation, stable employment, proper distribution of income and wealth and balance of payments equilibrium which relates to ratio between imports and exports (Vernimmen et al., 2017).
宏觀經濟政策由政府管理，目的是實現以下目標:經濟增長有利于提高生活水平，物價和匯率穩定有利于降低通貨膨脹，就業穩定，收入和財富合理分配，國際收支平衡與進出口比有關(Vernimmen et al.， 2017)。
The evidence suggests that attainment of all macroeconomic objectives in the same time is not possible because of potential conflicts between them. Thus, the government has to consider identification of policy targets which are regarded as compatible. It has been found that macroeconomic policy has an influence not only on the demand of goods and services but also help a business in planning of investment or employment and likewise the revenue and costs may be affected (Sandbu, 2017).
One important area to be noted is taxation because fiscal policy considers its structure or changes in tax rates and it is evident that for instance a business is affected and should be able to manage well these changes as in labour cost or passing on their customers (Kaplan Publishing UK, 2015).
注意的一個重要領域是稅收,因為財政政策考慮其結構或稅率的變化很明顯,例如業務影響和應該能夠管理好這些變化在勞動力成本或傳遞他們的顧客(卡普蘭出版英國,2015)。
The role of fiscal policy is to balance the government budget or influence economy’s level of activity and covers spending, taxation and borrowing. Therefore, the government uses taxes like income tax, corporation tax or VAT to be able to finance the public expenditure (Kaplan Publishing UK, 2015).
Monetary policies are instruments which are established by the central bank to ensure the steady running of the economy. The role of them involves management of overall monetary conditions especially the money supply and the value of money with influence on some essential variable such as the rate of inflation, interest rate, and money supply in order to attain macroeconomic targets (Kremer, 2016).
貨幣政策是中央銀行為保證經濟平穩運行而制定的工具。它們的作用包括對整體貨幣狀況的管理，特別是對貨幣供應量和貨幣價值的管理，影響一些基本變量，如通貨膨脹率、利率和貨幣供應量，以實現宏觀經濟目標(Kremer, 2016)。
In particular, when targeting the money supply, it appears that the influence is on the volume of spending money in the economy. This result may involve the prices’ level or the level of growth in the economy. Another choice of variable to operate on can be the rate of interest. This means that governments are able to have an influence on the demand of credit or the volume of money kept in the economy by attempting to determine the level of interest rates (Cloyne & Hürtgen, 2016).
The interest rate is the key variable in making financial decisions about borrowing or saving and it is used to achieve price stability or low inflation. In view of this, lower interest rate will determine an increase of consumption which can lead to higher price and wages. On the other hand, a high interest rate will discourage expenditure, therefore, the level of investments will be affected and the potential of economic growth (Cloyne & Hürtgen, 2016).
利率是金融決策中關于借貸或儲蓄的關鍵變量，它被用來實現價格穩定或低通脹。因此，較低的利率將決定消費的增加，從而導致物價和工資的上漲。另一方面，高利率會抑制支出，因此，投資水平和經濟增長潛力將受到影響(Cloyne & Hürtgen, 2016)。
Exchange rate policies have implications on the total demand for services and goods ( AD – aggregate demand) in the economy by affecting the exports and imports. For example, devaluation or decreasing the exchange rate will have essential impact on AD by raising it, which in turn will determine increasing GDP ( Gross Domestic Product) and it also can create jobs (Kremer, 2016).
The role of main macroeconomic policies presented above indicates that is policies are fundamental factors because they can make a significant contribution in achieving macroeconomic targets.
上述主要宏觀經濟政策的作用表明，政策是基本因素，因為它們可以對實現宏觀經濟目標作出重大貢獻。
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