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Assignment代写:公司财务的五个基本职能

时间:2017-09-06 14:59来源:www.ukassignment.org 作者:cinq 点击:
本文是留学生assignment代写范文,主要内容是以瑞银集团的公司财务情况来分析公司财务的五个基本职能及其作用。
瑞银集团是一家多元化的全球金融服务公司,总部设在巴塞尔和苏黎世瑞士。1998年6月,瑞士联合银行和瑞士银行公司(SBC)完成了六个月前宣布的合并。仅仅两年后,瑞银集团收购了美国经纪公司潘恩韦伯,大大增加其业务的规模和范围。然后,这家新公司通过宣布一个品牌来确定这些成就。因此,瑞银既是一个新的机构,又是一个新的品牌。
今天瑞银的核心部分可以追溯到十九世纪的下半月。与此同时,它的历史延续了许多代人的历史,尤其是在瑞士、美国和英国。瑞银集团是全球第二大私人财富资产管理公司,也是欧洲第二大银行,无论是市值还是盈利能力。它在美国瑞银主要存在的总部位于纽约;Weehawken,新泽西的私人财富管理;和斯坦福,康涅狄格的资本市场,瑞银已零售办事处遍布美国,并超过50个国家。
瑞银在2007遭受巨大损失后被迫向新加坡政府寻求新的资金。在融资后,新加坡政府投资公司在2007成为瑞银集团的最大股东。瑞银经理承诺在2008年11月大幅亏损后返还奖金。新的金融援助将从瑞士政府后,瑞银股东投票恢复了信任。
 
Introduction 简介
UBS AG is a diversified global financial services company, having its main headquarters at Basel and Zurich, Switzerland. In June 1998, Union Bank of Switzerland and Swiss Bank Corporation (SBC) completed the merger announced six months previously. Just two years later, UBS acquired the US brokerage firm Paine Webber, greatly increasing the size and scope of its business. Then the new firm set the seal on these achievements by proclaiming a single brand. In this light, UBS is both a new institution and new brand.
 
In the picturesque Swiss region of Valposchiavo, for example, one UBS branch traces its origins as far back as 1747. The core components of today's UBS date back to the second half of the nineteenth century. At the same time, its history extends many generations into the past, particularly in Switzerland, the US and the UK. UBS is ranked second world's largest asset manager of private wealth, and is the second-largest bank in Europe, in both market capitalisation and profitability. With its major presence in United States UBS has its headquarters located in New York City; Weehawken, Private Wealth Management in New Jersey; and Stamford, Connecticut for Capital markets, UBS's has its retail offices throughout the U.S., and has its presence in more than 50 countries .
 
UBS was force to turn to the Government of Singapore for fresh funding after incurring a huge loss in 2007. After funding, Government of Singapore Investment Corporation became the largest shareholder of UBS in 2007. UBS managers pledged to return bonuses after a dramatic loss in November 2008. New financial aid was expected from Swiss government after the UBS shareholders voted to restore the shaken trust in UBS .
 
Credit Suisse found a new cross-town rival in the form of UBS which has evolved on a similar path. Both of them originated from Switzerland indulging in commercial and retail banking who purchased major investment banks in United States and both are being investigated by U.S. authorities currently for helping 17,000 American citizens to avoid taxes. Based on the order by the Swiss Financial Markets Supervisory Authority (FINMA), UBS on 18th February 2009, immediately has agreed to provide the identities of and account information of about 250 American clients to United States and also agreed to pay US$ 780 million in the form of compensation and fines .
 
Corporate Finance
Modern companies need to raise finance from the capital market in order to invest in the real and intangible assets they need to earn profits. Their first priority is to ensure that they can source finance for both their short run and their long run needs in the most economical way possible. Corporate investment is by its nature risky and often capital intensive (Ryan, 2007).
 
In order to justify the use of other people's money a firm needs to ensure that the investment decisions it makes, taking into account its cost of capital, lead to an overall increase in the value of the firm and hence its investors' wealth. Alongside the problem of sourcing finance at the cheapest cost, the firm has to make sure that all the investment decisions it undertakes are 'value adding'. If they are not the firm will not be able to justify its existence for very long and will find itself out of business (Ryan, 2007).
 
The ability to trade the financial claims of business ventures has been known about and practised for centuries. In the modern era the standardization of financial claims into homogenous trading units has transformed the way markets operate. Until the 1930s companies, for example, borrowed money from banks - but following the Wall Street Crash in the United States there was a sudden loss of confidence in the banking sector. As a result, companies started to practise what governments had been doing for some time and sidestepped the banks going directly to lenders and offering them securitized debt in the form of bonds (Ryan, 2007).
 
Although modern financial intermediaries are marvel of efficiency, the role of traditional intermediaries such as banks as providers of debt capital to corporations has declined for decades. Instead, nonfinancial corporations have increasingly turned to capital markets for external financing, principally because the rapidly declining cost of information processing makes it much easier for large number of investors to obtain and evaluate financial data for thousands of potential corporate borrowers and issuers of common and preferred stock equity (Megginson and Smart, 2006).
 
The Five Basic Corporate Finance functions:
Although corporate finance is defined generally as the activities involved in managing cash flows (money) in a business environment, a more complete definition would emphasize that the practice of corporate finance involves five basic functions:
 
Raising capital to support companies operations and investment programs (the external financing function);
 
Selecting the best projects in which to invest firms resources, based on each projects perceived risk and expected return (the capital budgeting function);
 
Managing firms internal cash flows, its working capital, and its mix of debt and equity financing, both to maximize the value of firms debt and equity claims and to ensure that companies can pay off its obligations when due (the financial management function);
 
Developing company-wide ownership and corporate governance structures that force managers to behave ethically and make decisions that benefit shareholders (the corporate governance function); and
 
Managing firms exposures to all types of risk, both insurable and uninsurable, to maintain and optimal risk-return trade-off and therefore maximize shareholder value (the risk-management function).
 
(Source: Megginson and Smart, 2006)
 
External financing
When corporations are young and small, they usually must raise equity capital privately, either from friends and family, or from professional investors such as venture capitalists. These professionals specialize in making high-risk/high-return investments in rapidly growing entrepreneurial businesses. Once firms reach a certain size, they may decide to go public by conducting an initial public offering (IPO) of stock-selling shares to outside investors and listing the shares for trading on a stock exchange. After IPOs, companies have the option of raising cash by selling additional stock in the future (Megginson and Smart, 2006).
 
Capital Budgeting
The capital budgeting function represents firm's financial manager's single most important activity, for two reasons. First, managers evaluate very large investments in the capital budgeting process. Second, companies can prosper in a competitive economy only be seeking out the most promising new products, processes, and services to deliver to customers. Companies such as Intel, General Electric, Shell, Samsung, and Toyota regularly make huge capital outlays. The capital budgeting process breaks down into three steps:
 
Identifying potential investments;
Analysing the set of investment opportunities and identifying those that create shareholder value; and
Implementing and monitoring the investments
(Source: Megginson and Smart, 2006)
 
Historically, risk management has identified the unpredictable "act of nature" risks (fire, flood, collision, and other property damage) to which firms was exposed and has used insurance products or self-insurance to manage those exposures. Today's risk-management function identifies, measures, and manages many more types of risk exposures, including predictable business risks. These exposures include losses that could result from adverse interest rate movements, commodity price changes, and currency value fluctuations. The techniques for managing such risks are among the most sophisticated of all corporate finance practices. The risk-management task attempts to quantify the sources and magnitudes of firms risk exposure and to decide whether to simply accept these risks or to manage them (Megginson and Smart, 2006).


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