Essay代写：Financial regulation in the USA

下面为大家整理一篇优秀的essay代写范文- Financial regulation in the USA，供大家参考学习，这篇论文讨论了美国的金融监管。美国的金融监管是一种以美联储为中心的监管模式，介于分业监管和统一监管之间。在金融危机爆发之后，这种监管制度的弊端也体现出来，所以美国对它进行了改革。首先成立金融稳定监管委员会，负责监测和处理威胁国家金融稳定的系统性风险。另外设立新的消费者金融保护局，对提供信用卡、抵押贷款和其他贷款等消费者金融产品及服务的金融机构实施监管。

Before the financial crisis, financial regulation in the United States was an umbrella supervision model centered on the federal reserve. "Umbrella" refers to the federal reserve as the center, and various professional financial regulators as the collateral support; "Double layer" refers to the federal level and the state level; "Long" refers to the federal government of the United States set up a number of regulatory bodies to meet the needs of financial business separation.

In this financial crisis, the defects of the current financial supervision model of the United States were exposed in the following four aspects: first, there was neither a unified regulator nor a necessary coordination mechanism to prevent and respond to systemic risks or crises; Second, the overlapping functions of financial supervision lead to the dead corner of financial supervision. Thirdly, the effectiveness of financial supervision is poor, especially the lack of effective supervision of financial holding companies. Fourth, the us financial separation regulatory system and its mixed business market model seriously deviated.

Since May 1975 in the United States securities brokerage commission since liberalisation, after more than 20 years of industry mergers and acquisitions and business integration, in the 1990 s, the us investment banking basic forming, the competitive landscape in adhere to the management strategy of specialization, characterization, on the basis of the development path of American investment bank, presents the diversified characteristics, form the following three kinds of comparatively typical business model.

Since the implementation of the financial services modernization act, citibank and other Banks have adopted the universal banking model, and acquired or set up investment Banks as subsidiaries. Some original independent investment Banks have been converted into financial holding companies. America's universal Banks have the following main features:

Take citibank in the United States as an example, the group corporation does not engage in specialized financial services, only in the overall strategic planning and design of the company; The subsidiaries are independent from each other in management, planning, personnel and other aspects, thus reducing the conflict of interests between each other. To provide "one-stop" whole-process financial services as the main objective; The umbrella type of main supervision mode, among which, the securities and exchange commission and other securities regulators are responsible for the securities business of the financial holding company, the state insurance supervision office is responsible for the insurance business of the financial holding company, and the existing banking regulators are responsible for the banking business of the financial holding company.

Faced with criticism and reform of the us financial regulatory system, the Obama administration released a white paper on financial regulatory reform plan titled "financial regulatory reform: new foundation: rebuilding financial regulation" on June 17, 2009. Under congressional rules, the Obama administration's proposed legislation must be sent to the house and senate, where each version of the legislation is submitted for consideration by the house and senate, and then passed by the house of representatives, where it will be voted on twice. The passage of the house and senate means the bill can be passed to the President, who will sign it into law.

In the financial crisis, the aggressive, innovative business model represented by the big five investment Banks was hit hard. Fourth-ranked lehman brothers declared bankruptcy on September 15, 2008; Third-ranked merrill lynch was bought by bank of America on September 15th 2008 for $29 a share; On the night of September 21, 2008, the top two Banks, Goldman sachs and Morgan Stanley, were approved by the federal reserve board of their request to be converted into a bank holding company.

In reality, the omnipotence of investment Banks mainly takes the following two paths: one is to become part of existing financial holding companies, such as the acquisition of bear stearns by jpmorgan chase and the acquisition of merrill lynch by bank of America; The second is to apply to become a bank holding company, then upgraded to financial holding companies, such as Goldman sachs and Morgan Stanley. However, a financial holding company is only a legal framework under which investment Banks can have a variety of portfolio options, while universal Banks are only the portfolio of businesses that are allowed to do the most, not the only option. From the strategic deployment and operating conditions since Goldman sachs and Morgan Stanley were transformed into bank holding companies, it can be seen that although the "aggressive" style of the independent investment bank model before the crisis was greatly weakened, the business model and basic strategy of the two companies have not changed much since they were transformed into bank holding companies. Thus, it can be argued that in a crisis, an investment bank being converted into a financial holding company can compete for a position where it can advance, retreat and hold: it can put itself under the umbrella of the federal reserve, while gaining the option to pursue a flexible portfolio with ease. That is to say, for the big investment Banks hit by the crisis, the transformation of the universal banking model is undoubtedly the best choice for them to get out of the crisis as soon as possible.

The U.S. government launched its $700 billion troubled asset relief program in the fall of 2008 to help Banks and companies teetering on the brink of bankruptcy during the financial crisis. Goldman sachs, which transformed itself into a bank holding company in September, and Morgan Stanley each received a $10 billion infusion from the U.S. government.

In June 2009, Goldman sachs and Morgan Stanley paid at the same time in the troubled asset relief programme of government bail-out funds, the following year Goldman sachs in July to the us government to pay $1.1 billion to buy United States government under the troubled asset relief programme warrants, in August, Morgan Stanley redeemed for $950 million government warrants from the troubled asset relief program. Since then, the two companies have successfully withdrawn from the government bailout program.

In addition to showing the market the company's management and comprehensive strength recovery, the two companies chose the opportunity to withdraw from the government rescue plan. More importantly, the two companies want to maintain stronger independence and flexibility in operation management, especially in the compensation and payment of executives and employees who have been questioned by the market.

The outbreak of the financial crisis has forced regulators and investment Banks to re-examine the high risk involved in highly leveraged operations, as well as the impact of low-probability high-risk events on the market. In 2009, the world economy gradually improved and the resulting stock market gradually warming backdrop, coupled with the implementation of the "troubled asset relief program," the U.S. government, makes us financial institutions, including Goldman sachs, Morgan Stanley, further enhance the capital strength, management of "deleveraging" effect is very significant. Goldman's ratio of liabilities to equity, for example, was 11 times in 2009, compared with 25 times in 2007. Morgan Stanley's debt-to-equity ratio was 15 times in 2009, compared with 32 times in 2007.

According to an analysis of the data in table 1 and table 2, in 2009, as the economic recovery and good market, Goldman sachs, Morgan Stanley, income structure after the transformation of the two investment Banks again back to 2007, the principal of the risk is relatively high, trading and investment business still occupy a prominent position in the income structure, the fair value of its own financial products in the proportion of total assets is still around 40%. This reflects from an aspect that, although the five largest investment Banks in the United States got into trouble during the financial crisis and were forced to give up their highly leveraged business model successively in 2008, their "aggressive" business model was greatly reduced, but their business strategy with "diversified profit model and significant business characteristics" did not change substantially.

Through the U.S. financial regulatory reforms in the complicated organization change and regulatory authority adjustment, we can see that the nature of the U.S. financial regulatory reform as a result, can be summarized as four groups of important relationship adjustment: one is the adjustment of the relationship between financial sector and the interests of the whole society as a whole, to what extent the involving financial industry should be regulated, how to prevent the financial crisis on the impact of macroeconomic two big problems; Second, the adjustment of the relationship between financial enterprises and financial consumers; Thirdly, the relationship between financial management and shareholders is adjusted; Fourth, the adjustment of financial relations between the United States and other countries. The biggest revelation is that the study of financial regulation should have a broad perspective beyond the financial industry. The relationship between financial industry and consumers, shareholders and management should be well coordinated, and social harmony should be promoted. It should meet the need of improving the international competitiveness of China's financial industry in the era of financial globalization and seek opportunities in international financial competition.

With the enactment of the financial regulatory reform act, Wall Street financial institutions will face higher regulatory standards, stricter compensation rules and even the risk of being forced to liquidate. Big Banks like citigroup and jpmorgan will inevitably face higher capital adequacy and liquidity requirements. Under the "volcker rule", investment Banks such as Goldman sachs and Morgan Stanley will be heavily restricted in their bai ying business and over-the-counter derivatives trading. Hedge funds and private equity funds will be drawn from the unregulated "shadow banking system" into a heavily regulated framework. But a 12-year transition period in the new regulatory overhaul is enough for Wall Street's big players to find new business models and profit margins.

As an important financial intermediary, the value of an investment bank lies in the diversification and management of risks, and its essence lies in the management of risks. Therefore, it is the business model determined by the operational nature of an investment bank to use the operating leverage and bear the risks contained therein. In this sense, the major failures of Wall Street's five largest investment Banks in the financial crisis were not the innovation of profit model or financial innovation, but the failure of financial market risk to be effectively regulated and prevented. This is a reminder that the occurrence of low-probability high-risk events cannot be ignored.

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Assignment代写：Exchange rate risk in foreign trade

下面为大家整理一篇优秀的assignment代写范文- Exchange rate risk in foreign trade，供大家参考学习，这篇论文讨论了对外贸易的汇率风险。在企业的外贸业务中，从最初的合同订立到最终的货款交付，一般都有一段较长的时间间隔，在此期间若外币升值，进口企业支付既定的外币数额要付出更多的本国货币；而若外币贬值，则出口企业收进既定数额外币结汇时可得的本国货币更少了。虽然以外币表示的款项数目没有变化，但反映到企业的收益水平上，汇率波动带来的损失可能远远超过企业进出口业务所获得的利润。

Import and export trade is a typical foreign-related economic activity. Enterprises have to accept and pay a large amount of foreign exchange or have claims and debts expressed in foreign currency in their foreign trade business. Therefore, the impact of exchange rate fluctuations on enterprises involved in foreign trade activities is more significant and direct, and they also face greater exchange rate risks.

In foreign trade business, from the initial contract to the final payment for goods, there is usually a long time interval. During this period, if the foreign currency appreciates, the import enterprises will pay more domestic currency for the fixed amount of foreign currency. And if the foreign currency depreciates, then the export enterprise receives the fixed amount of foreign currency settlement when the domestic currency is less. Although the amount of money expressed in foreign currency has not changed, the losses from exchange rate fluctuations may be far greater than the profits earned by the import and export business, as reflected in the income level of enterprises.

When the RMB appreciates and the exchange rate is fully transmitted, if the export price of China's exporters rises by the same degree as that of the currency appreciation, the export quantity will be reduced sharply in the case of greater price elasticity of demand for this commodity in the international market, which will lead to the loss of market share of export enterprises and the decline of earnings. If the exporter bears part of the profit cost of the currency appreciation and only partly raises the price of the export goods, it will directly lead to the decline of its export profit. They have to bear most of the costs of currency appreciation on their own, rather than passing them on to foreign importers. Therefore, the current background of continuous appreciation of the RMB has increased the risk of profit risk of export manufacturers and declining international market share.

In China, qualified enterprises have both RMB assets and foreign currency assets in their book assets, but their assets and liabilities in their comprehensive financial statements should be converted into RMB. The value of certain items in the balance sheet changes as a result of the change in the renminbi exchange rate. At present, the daily fluctuation of RMB to usd exchange rate is much smaller than that of non-usd currency exchange rate. For Chinese enterprises whose final financial results are settled in RMB, if they use non-usd currency for settlement, they will face higher exchange rate risk than usd.

The realistic pressure of RMB appreciation will have a great impact on the expectations of export enterprises and further affect their business development. In the case that the enterprise expects the RMB exchange rate to continue to rise, it may raise the price to ensure the normal profit. However, when the purchasing power of the currency of the importing country remains stable or there is internal devaluation, the result of the price increase will cause the enterprise to lose the majority of customers, which will lead to operational difficulties.

The change of RMB exchange rate may lead to the change of enterprise value. For example, for China's foreign trade enterprises, based on the level of corporate value, under the trend of unilateral appreciation of RMB exchange rate, the enterprise value measured by the present value of future dollar cash flow will be significantly reduced, which may affect the financing capacity and investment value of the enterprise.

After the reform of RMB exchange rate formation mechanism on July 21, 2005, RMB started to gradually appreciate, and the appreciation rate showed an increasing trend, thus the foreign trade exchange rate risk of Chinese enterprises gradually accumulated and amplified.

The degree of RMB exchange rate risk can be comprehensively reflected by the volatility calculated by variance and the range of currency movements. As can be seen from figure 1, after the slight fluctuations in the initial period of foreign exchange reform, the volatility of RMB exchange rate gradually increased. At the end of 2005, the daily fluctuation rate of RMB against usd was only 0.0001, and RMB exchange rate appreciated by only 0.5%. In 2006, the volatility rose rapidly to 0.005, and the RMB exchange rate rose by 3.4%. The volatility widened to 0.017 in 2007, and the yuan appreciated 6.9 percent. This means that, in 2007, if companies did not take any precautions against exchange rate risks, the appreciation of the renminbi alone reduced their profit margin by more than 6.9 per cent. From the end of 2007 to the end of February 2008, the yuan appreciated by 2.1% in two months. For domestic firms used to surviving on thin margins in international markets, the risk of a currency move is already alarming.

Compared with the one-way appreciation of the RMB against the us dollar, the RMB against the euro shows a two-way fluctuation. During the period from the beginning of 2005 to the end of 2007, the volatility of RMB against usd exchange rate was 0.07, while that of euro exchange rate was 0.15, indicating that domestic enterprises had higher exchange rate risk to European trade. In addition, the direction of the exchange rate of the RMB against the euro is not fixed, and the exchange rate risk is harder to confirm. Before November 16, 2005, the RMB exchange rate against the euro rose from 10.98 to 9.43, but since then, the RMB has been devalued against the euro. By the end of 2007, it has been devalued to 10.65 RMB against the euro, with a depreciation rate of up to 13%. That means that for domestic importers, whose currencies are denominated in euros, currency movements have pushed up import costs by 13%. Table 1 shows the statistical nature of these exchange rates.

Table 1 shows that there is a large gap between RMB and China's major trading partners in currency exchange rate fluctuations. The analysis based on standard deviation and variance shows that the fluctuation range of RMB and Hong Kong exchange rate is the smallest, and that of sterling exchange rate is the largest, and that of euro exchange rate is also relatively large, and that of usd and yen exchange rate is basically the same. Since these currencies are all used by China's major trading partners, the increase of fluctuation range is obviously a transaction risk that China's traders must face.

The above calculations only reveal the extent of the risk that has already occurred, and that the exchange rate risk that is to be faced in the future has a further upward trend. Judging from the domestic and international economic situation, the fluctuation range of RMB exchange rate will continue to expand, and the rate of appreciation will continue to accelerate. On the one hand, China's balance of payments surplus will continue to increase under the combined action of various factors. In spite of the rapid growth of domestic economy, it is constrained by social security, education and institutional constraints. Domestic demand is still weak. Increasing export is the main way to absorb domestic capacity. On the other hand, the international community continues to put upward pressure on China. In order to protect their own interests or transfer domestic crisis, European and American countries require China to relax the fluctuation of exchange rate and accelerate the pace of RMB appreciation through various channels. Under the strong international pressure, it is difficult for RMB exchange rate to maintain a slight rise. In addition, domestic tightening of monetary control and the resulting appreciation expectations will also push the renminbi higher. Therefore, the degree of exchange rate risk will rise in the future and become the primary risk in the foreign trade activities of enterprises.

From the current situation, the fluctuation of RMB exchange rate has no fundamental impact on the overall pattern of China's foreign trade. From 2005 to 2007, China's total import and export trade increased by 52.9 percent and the import and export trade surplus increased by 157.4 percent, which indicates that Chinese enterprises still have strong competitiveness in the international market. The advantages of labor force, natural resources and other elements of endowment to some extent offset the impact of exchange rate fluctuations. Despite the continuous appreciation of RMB against the us dollar, the cost advantage of Chinese enterprises is still obvious. Moreover, many enterprises are mainly engaged in processing trade. The appreciation of RMB not only increases the export cost, but also reduces the import cost of raw materials. On the other hand, it shows that Chinese enterprises have enhanced their ability to cope with market changes and can take reasonable measures to avoid exchange rate risks.

But the overall lull does not mask the local negative impact. Due to the large difference in trade patterns in specific industries, there are significant industry differences in the impact of exchange rate fluctuations. RMB appreciation is a long-term positive for industries with high import proportion and large foreign debt, but it has a great impact on industries with mainly export and high foreign currency assets. Among them, textile and apparel, agricultural processing and other low value-added, low profit export industries will be affected. Textile enterprises to the RMB appreciation of the capacity to continue to weaken. However, for those high technical threshold and capital industry, such as capital and technology intensive industries such as electronics, machinery, metallurgy, the relatively high profit margins in the industry, bargaining power is stronger, and can increase the right price in the contract clause risk aversion, the impact of the appreciation of the renminbi to its relative ease.

In addition, China's foreign direct investment has also increased rapidly in recent years, and its status in China's foreign economic cooperation has been improving day by day. China has introduced foreign direct investment on a large scale. On the face of it, foreign investment into China can get both investment returns and the gains of RMB appreciation. However, the risk brought by RMB appreciation has been reflected in the growth rate of foreign direct investment in China in the past two years. From 2004 to 2005, the actual use of foreign direct investment in China increased by 28%, while from 2005 to 2006, the value has decreased to 15%, and further decreased to 14% from 2006 to 2007. This suggests that a rising yuan does not make foreign direct investment more attractive. Because once investors swap their foreign currency assets for yuan assets, they may face losses from even greater appreciation of the currency when they do so years later. Therefore, the continuous and accelerating appreciation of RMB and the existing appreciation expectations will obviously affect the inflow of foreign direct investment in China. In addition, the foreign capital which has obtained considerable investment income will flow out of China under various excuses and channels. On the one hand, they have obtained the investment income and Shared the income brought by China's economic adjustment and growth; On the other hand, after two years of RMB appreciation, they also gained the benefits of appreciation. Thus, an accelerating appreciation of the renminbi is likely to prompt them to repatriate the proceeds as soon as possible.

In external payment, soft currency should be used more, and hard currency should be used more when receiving foreign exchange. In external financing, soft currencies should be sought to ease the debt burden. From the current international currency trend, the us dollar will continue to be weak, while the strong position of the euro will not change in the short term, and the RMB will continue to appreciate. Therefore, we should strive to use us dollar as the currency for payment and financing in foreign trade, and euro as the currency for income settlement, especially in RMB. Also, keep the foreign currency assets and liabilities in the same currency.

In developed countries, foreign trade enterprises use financial instruments of derivative financial market to store value is the most commonly used method to avoid exchange rate risk in international trade. Exchange rate hedging operations mainly include foreign exchange forwards, foreign exchange futures and foreign exchange options. These modern derivative financial instruments are widely used in the foreign trade risk control of western enterprises, while Chinese enterprises are quite unfamiliar with them. Foreign trade enterprises shall actively learn to master foreign exchange hedging instruments. In the case of gradual expansion of exchange rate fluctuations, cultivate foreign exchange professionals, constantly accumulate their own foreign exchange risk management ability, so as to take appropriate measures to protect their profits in case of exchange rate fluctuations.

When the settlement currency of China's export enterprises shows a trend of depreciation, the export price can be appropriately raised, or a certain proportion of exchange rate losses can be agreed with the importer; When the currency of settlement is likely to appreciate, China's import enterprises can ask foreign exporters to reduce the price of imported goods. Foreign trade enterprises can also advance or delay settlement time to avoid exchange rate risks. Enterprise can choose according to the currency exchange rate trend in advance or delay the settlement, if the predicted settlement currency relative to the currencies of China's imported enterprises can be delayed or deferred payment, and the export enterprises can export contract payment as early as possible, on the other hand, the import enterprises can import or payment in advance, export enterprises can postpone the delivery or allowing importers payment on deferred terms.

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英国Homework格式详细介绍

对于初到英国留学的同学们来说，对于英国大学的作业是非常陌生的，基本就只知道有Essay、Paper，其他的都不熟悉。针对这种情况，今天就来给大家介绍一下英国Homework的格式，让同学们以最高的效率完成作业，拿到高分。

Margins, Spacing, and Font Size

边距，间距和字体大小

First and foremost you should leave a marginal space of 1 inch from the top, bottom, left and right sides of the page. You can easily leave a margin space of one inches in Word by doing the

following tasks:

首先你应该在页面顶部，底部，左面和右面分别留下一个1英寸左右的边际空间。你可以在word中通过以下操作进行页面设置：

(1)Go to the page layout option and click the margins tab.

进入页面布局选项，单击页边距选项卡。

(2)Click on the normal option, which is default to 1 inch space from all the sides.

点击常规选项，该选项默认为1英寸的空间距离。

Each and every line of the paragraph should be double-spaced. Proper line spacing can be achieved in MS Word through the following steps:

每一行的段落设置成双倍行距。行间距设置可以通过以下步骤在word中进行：

(1)Select the paragraph.

选中段落

(2)Right click on the selected portion.

右键单击选中的部分。

(3)Go to Paragraph.

进入段落属性设置。

(4)In the Indents and Spacing tab: go-to ‘line spacing’ option and select ‘Double’.

选中缩进和间距选项卡：选中“行间距”选项，然后选择“双倍”

Make sure that you use the Times New Roman font with size 12 to write your essay. This is a universal font acceptable in all academic papers. Don’t try to use a larger font to write less!

确保您使用Times New Roman字体、大小12的文字来写你的文章。这是一个学术论文可以接受的通用字体。不要试图用更大的字体而减少写作的字数!

做作业可能会感到无聊和疲惫，因为这需要大量的时间和精力。有时，它甚至可能在你看来，这样做的功课似乎偷走了你的生活，这个活动可能会非常耗时。为了节省您宝贵的时间和精力，我们已经制定了一个步骤，而这个步骤对于每个学生可以利用，因为这可以帮助您更好的完成homework写作服务。

以上就是关于英国Homework格式的介绍，同学们在写作的时候，一定要留意这些格式要求，尽量做到不出错。

想要了解更多英国论文写作技巧或者需要英国代写，请关注51Due英国论文代写平台，51Due是一家专业的论文代写机构，专业辅导海外留学生的英文论文写作，主要业务有英国代写、essay代写、assignment代写、paper代写。亲们可以进入主页了解和获取更多关于英国代写以及英国留学资讯，我们将为广大留学生提升写作水平，帮助他们达成学业目标。如果您有英国代写需求，可以咨询我们的客服QQ：800020041。

Paper代写：Financial control of the company

本篇paper代写- Financial control of the company讨论了公司的财务控制。财务控制的作用就是协助管理者在任何时候都能做正确的事，它的目标首先在于通过财务控制可以得到可靠的信息，使管理更有效；其次财务控制的目的还在于可以了解实际情况与计划的偏差，然后采取正确的行动来纠正偏差，必要的时候需要修改计划来达到目标。企业要协调好不同产权主体财务目标取向的差异性，整合好企业产权多元化基础上内部多重财务控制主体等问题，需要尽快构建一种适合产权多元化的财务控制机制。本篇paper代写由51due代写平台整理，供大家参考阅读。

Since the outbreak of the financial crisis, the economies of all countries have improved, but many problems have not been fundamentally solved, such as the control of corporate financing and investment, and the control of asset value preservation and appreciation. Gome event has also led to the in-depth discussion of corporate governance mechanism in the academic world and society, and it is of great significance to help the company to achieve the construction goal of financial control system.

P.T.M. enzies put forward the concept of financial control in 1986. He believed that the function of financial control is to assist managers to do the right thing at any time. Secondly, the purpose of financial control is to understand the deviation between the actual situation and the plan, and then take correct actions to correct the deviation, and modify the plan to achieve the goal if necessary. And he also proposed two means of financial control: budget control and cost control.

For Chinese enterprises to coordinate the difference of financial target orientation of different property owners and integrate the multiple internal financial control subjects based on the diversification of property rights, it is necessary to build a financial control mechanism suitable for the diversification of property rights as soon as possible.

COSO model mainly includes control environment, risk assessment, control activities, information and communication and supervision. Released in the COSO "- the overall internal control framework" namely "the COSO framework", scholars began to tend to use the COSO framework to study of financial control, Steven j. root "beyond the COSO" puts forward strict framework that company executives and leader of the financial control function can be converted to valuable strategic tool, the in the balance of forces in order to improve performance is particularly prominent.

As an important part of internal control, financial control is inseparable from the planning and operation of the company's overall internal control system in the process of research and operation. The final implementation effect is also affected by internal and external factors. In order to achieve the best control effect, the control environment, risk assessment, control activities, information and communication, supervision and other aspects as well as the coordination and cooperation between each other must be in a good state. The absence of any link will lead to the decline or even inefficiency of the control effect.

Corporate governance structure is the most important control environment for financial control and provides the institutional basis for the establishment and implementation of financial control. Improve the financial control system of the company should be to improve the shareholders meeting, general manager, management department, business department and from top to bottom, from outside to inside of the whole supervision chain type coherent body, the comprehensive supervision on the bad behavior, realize the corporate governance and internal control effectively guiding ideology as the center, for the corresponding improvement in the financial department.

The group company can dispatch finance director to subordinate unit, build finance personnel control system. The finance department works under the leadership of enterprise leaders, and it is difficult to assume the control functions for the leadership and each department. The financial controller at all levels can be appointed according to the subordinate relationship, management authority and level by level between the enterprise and each branch and subsidiary. In addition, the company shall also establish various supporting systems, such as qualification confirmation, performance assessment, reward and punishment, report, reporting, training and rotation system for the assigned chief financial officer, so as to ensure the smooth implementation.

The system of accounting appointment has a long history in China. Practice has proved that it has played a positive role in strengthening the financial supervision of enterprises, preventing the distortion of accounting information and improving economic benefits. Clarify the responsibility and authority of financial personnel and strengthen the management of delegation. Train the assigned personnel, clarify their responsibilities, authority and relationship with the assigned unit, and perform their duties correctly. Carry out quantitative appraisal system, strict performance appraisal. Assessment shall be carried out jointly by the appointing unit and the receiving unit, with the appointing organization as the main body.

Financial management object is the enterprise capital movement, is the role of financial and capital raising, use and distribution of associated, and a series of activities, as an enterprise service subsystem as support subsystem of financial accounting and have their respective functional areas, if its artificially put to executed concurrently in a body, is clearly contrary to scientific management theory. The dual system should be promoted in the financial institutions of the subordinate enterprises to clarify their functions.

Risk assessment refers to the process of identifying and analyzing relevant risks, and it is the process of discovering and analyzing those risks affecting the realization of goals. The risks produced by the company in the operation process are divided into internal and external risks, and the improvement of its evaluation system is mainly to improve its internal and external risk assessment.

According to the daily financial risk of the company, the specific measures are as follows: establish the risk assessment management objectives. The prerequisite of risk assessment management is to set goals. Only when the objectives are established first, can the management determine the risks for the goals and take necessary actions to manage the risks. Establish an independent risk management committee. The risk management committee shall be composed of salesmen with solid theoretical foundation and rich practical experience, and experts in risk assessment and risk management shall be employed when necessary to analyze and evaluate the risks of the company and put forward risk analysis reports. Implement comprehensive risk assessment for key business processes. Risk identification should be done in a systematic manner to ensure that all major activities of the organization and their risks are included and effectively classified. Risk database is the basis of risk assessment and the starting point of the assessment control activities. The identified risks are analyzed qualitatively or quantitatively, with the aim of prioritizing the importance of internal control assessment.

The company's external risk mainly includes external audit risk and tax risk, so it is necessary to strengthen management and prevention. Should standardize its subordinate unit to involve duty work. With clear responsibility, standard operation, etc. Report and pay tax on time according to the local tax department of each unit, actively communicate with the local tax department, regularly train the tax return personnel, timely grasp the changes of the local tax policy and give feedback to the company, and cooperate with the financial department of the company to do a good job in tax management. In the process of receiving external audit, on the one hand, the quality of financial information should be improved through financial foundation control activities; on the other hand, the internal control center should strengthen the construction of the internal control system of the company, coordinate and manage various activities of internal control, and evaluate the effect of internal control.

Control activities, is to ensure that the management of instruction to execute the policies and procedures, in the financial control, we mainly on financial budget, decision-making and control system of enterprise assets analysis, grasp the status of the enterprise daily financial activities control, the resulting data and forecast data contrast analysis of the deviation, and will result feedback, finally to put forward the Suggestions for improvement of control activities to the company.

How to break through the existing management system, eliminate the resistance and the implementation of new budget management mode, its difficulty is evident, the general idea is: to improve the budget system for the long-term goal is to create a set of conform to the enterprise actual situation, and combined with company's overall financial management and the management goal of the budget system, should be covered and connect the dimensions of the budget process.

Strengthen capital controls. Through the analysis of the problems existing in the capital management of most companies, the author thinks that the control of capital should be strengthened, and the frequency of its capital collection and security should be reduced. Its main content includes: setting fund clearing account, strengthening fund management. Identify a bank as a fund clearing bank, and each grassroots unit can only open an expenditure account in the local bank for all business expenses; No longer open an income account, the original income account will be cancelled, the account opened into the company's online banking system. Standardize post restriction and strengthen fund security guarantee. For the artificial risk in the operation of fund collection and payment, it should be controlled through strict settlement procedure and strengthening post restriction. We will strengthen controls on fixed assets. Due to the large scale of fixed assets, especially the dispersed distribution of the fixed assets of large group companies, the accounting of fixed assets is prone to deviation. In order to strengthen the control of fixed assets, the responsibility system of fixed assets management should be implemented. Set up the fixed assets management and centralized procurement review committee, select relevant responsible persons in each business department to form the management and centralized procurement review committee, responsible for the approval of various management decisions and centralized procurement programs, and guide the asset management of each relevant department.

Information control mainly lies in its control of financial report and financial network. Multiple levels of the company scale, and to understand the group's situation and make impact group which the fate of the decision accounting software alone is not enough, and effective application of ERP system, make the enterprise group management convenient for members of financial information and non-financial information, can make the company a good grasp of the application of the communication control, operation control and management control.

Based on the existing accounting computerization system, modern network technology is used to establish the information timely transmission system in the whole company. In order to accelerate the application process of ERP system, we should make full use of ERP system to establish real time dynamic monitoring system for finished products, and provide relevant data for sales branch and production branch in time. Further promote the centralized management of accounting information of all accounting units within the company.

Establish a reliable information control system at the enterprise group level, covering all important activities of the company. Includes data systems stored and used in electronic form and must be subject to security protection and independent oversight review. This internal control system requires adequate and comprehensive internal financial, operational and compliance data, as well as information on decision-making events and conditions in the external market. To achieve the integration of finance, assets, human resources, procurement and statistical information systems to the operational level.

The financial control system implements supervision of the company, mainly in the form of internal audit. Its functions should focus on the improvement of risk management and process control, and act as a company consultant in a far-sighted way, instead of being limited to traditional methods, aiming at historical data. Although many companies have audit offices, their methods are still traditional internal audit methods. To improve the financial control and supervision system: to strengthen the supervision mechanism in financial operation. According to the principles of separation of post and internal restriction and supervision, there are many clear provisions on the restriction and supervision between different links. Strengthen information communication and comparison between related work of the financial department, and timely discover possible risks. For example, the management of unaccounted items and abnormal cost expenditure in the capital control cannot be found in time in the financial accounting link. However, after the discovery in the financial control link, it is necessary to check with the accounting situation in a timely manner, adjust the unreal accounting treatment and correct accounting information. The financial department should make a perfect internal inspection system according to the specific situation and eliminate the possible risks and defects. Evaluate the financial control results periodically. Before the evaluation, make clear the purpose of the work, draw up the content of the evaluation and the specific work plan, pay attention to the timeliness and the independence of the evaluator and other factors in the evaluation process, reflect the financial control of the company through the evaluation, and discover the control defects.

To sum up, the construction and improvement of enterprise financial control system is a systematic project, which should be oriented by clear and unmistakable control objectives, based on a good financial control environment and a sound financial control system as a platform, and the improvement of financial control system should be realized through reasonable and effective control procedures and methods.

Financial control is also a growing problem. Facing the ever-changing and fiercely competitive market environment, the strategic objective of the enterprise is also bound to change. The financial control system constructed from the strategic goal should also be adjusted accordingly, and advanced financial control means should be applied, especially the application of information technology to strengthen financial control, promote control informatization, improve management level and enhance the overall core competitiveness of the enterprise.

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Essay代写：Behavioral finance

下面为大家整理一篇优秀的essay代写范文- Behavioral finance，供大家参考学习，这篇论文讨论了行为金融学。行为金融学是行为理论与金融分析相结合的研究方法与理论体系。它分析人的心理、行为以及情绪对人的金融决策、金融产品的价格以及金融市场发展趋势的影响。行为金融学并不能代替传统金融学，而是作为对传统金融工具的补充，行为金融学帮助人们了解投资者心理偏差是如何影响自己和他人的投资行为的，有助于投资者制定正确的投资策略，有效地规避投资风险，保证金融市场的健康运行。

Behavioral finance is a research method and theoretical system combining behavioral theory and financial analysis. It analyzes the influence of people's psychology, behavior and emotion on people's financial decision-making, the price of financial products and the development trend of financial market. Behavioral finance explains financial phenomena that cannot be explained by traditional financial theories by drawing on the research methods of psychology and the research results of psychology. The combination of this discipline not only improves the financial theory system, but also verifies the psychological theory from another perspective, opening a new channel for its application. Behavioral finance is not a substitute for the traditional finance, also did not diminish the value of traditional financial analysis tools, on the contrary, in addition to the traditional financial tools, behavioral finance to help people understand that "investors" psychological deviation affects the investment behavior of themselves and others, help investors make the right investment strategy, avoid investment risks effectively, ensure the health of the financial market operation.

Rational man hypothesis different with traditional financial theory and behavioral finance theory based on the investor's own information incomplete and limited computing power, put forward the "bounded rationality" hypothesis, and under this assumption, through the study found that: every real investors is not complete in the sense of rational man, its decision-making behavior is not the only obstacle to the external environment, more will be affected by the actions of their own inherent bias, the influence of the deviation exists in investors decision-making behavior in the process of cognition, emotion and will.

The behavior bias existing in the cognitive process mainly refers to heuristic bias. The so-called "heuristic bias" refers to that because it is impossible to collect and integrate all factors and phenomena, investors usually use simple or limited heuristics to make decisions. In other words, investors often make investment decisions according to the "rule of thumb". The investment decisions made on the basis of "heuristics" may be the correct conclusion, but if the missing factors and phenomena are important, the loss of information will lead to serious errors in judgment and estimation. Heuristic bias includes availability bias, representativeness bias, anchoring bias and adjustment bias.

Availability bias refers to that people tend to evaluate the probability of an object or event based on its availability in perception or memory, and those easy to be perceived or recalled are considered more likely to appear, and their subjective probability will be exaggerated. The frequency, neomorphism and vividness of the event stimulus also affect the degree of its availability, and thus the subjective probability in the individual's mind.

Representativeness bias refers to that people tend to classify uncertain events according to their similarity with a typical thing, and the more representative it is, the higher the probability of being judged as occurrence. For example, a securities analyst who successfully chooses four good stocks is considered talented because four successes are not representative of a mediocre analyst.

"Anchoring" refers to the tendency of people to associate the estimation of the future with the estimation of the past, that is, when people form the estimation, they often start from a certain value and then make "adjustments" to the value. For example, when predicting the stock price, investors tend to make a rough estimate of the stock price, i.e. anchor value, and then adjust it according to the further information to form a more ideal judgment. Psychological experimental evidence suggests that people's adjustment to "anchoring" is often insufficient, that is, people are too anchored to the initial value.

The behavioral bias in the emotional process is mainly overconfidence. "Overconfidence" refers to the tendency of people to overestimate their own judgment and decision-making ability in decision-making, and thus tend to ignore the possibility of decision-making errors caused by changes in objective circumstances. Psychological research shows that if people claim to be 90% sure of something, they are about 70% likely to succeed. This tendency to overconfidence can be partly attributed to two other cognitive biases: self-attribution and hindsight. The former refers to people's tendency to attribute their success in decision-making to their own talent, while the failure is attributed to bad luck rather than their own negligence. In this way, investors will be likely to become overconfident after making continuous gains on their investments. The latter is the tendency of people to believe they anticipated an event well before it happened. Psychological experiments have shown that most people can't remember exactly what they made before something happened after it happened. When comparing results with judgments, people tend to exaggerate their own accuracy and claim that they made correct judgments before it happened. The bias of hindsight can make people overconfident in their ability to predict the future.

The behavioral deviation in the process of will is mainly herd behavior. Herd behavior, also known as herd behavior, refers to the behavior that investors abandon their opinions, change their original attitude and adopt the same behavior as the majority of people under the pressure of the group.

Due to the existence of various biases, such as cognitive bias and emotional bias, investors eventually lead to pricing bias of different assets, which in turn affects investors' understanding and judgment of such assets. This process is the feedback mechanism. This mechanism is based on adaptive expectations, that feedback occurs because past price rises generate expectations of further price rises, or because price rises increase investor confidence. Shiller, a famous behavioral finance scholar, believes that this kind of feedback is mainly a response to the pattern of sustained price rises, rather than to sudden price rises. This interaction of stock prices with investor reactions is known as the feedback loop. When various external factors interact with investors' cognition and emotion to form expectations of the same direction, they will lead to systematic bias of all assets. This systematic pricing bias, he argues, is self-defeating by feedback mechanisms. In the securities market, once investors form a common sentiment, then, the initial price rise leads to a higher price rise, because of the increase of investor demand, the result of the initial price increase is fed back to the higher price. The second increase in prices was fed back to the third, and then back to the fourth -- a process also known as the bozo vicious cycle, self-fulfilling prophecies, a swarm effect or speculative bubble. This feedback loop is what forms the famous bull and bear markets throughout the stock market. The author USES figure 1 to describe the investor's decision-making behavior deviation and its feedback mechanism.

Any theory serves applications, and behavioral finance is no exception. The study of behavioral finance on the deviation of investors' decision-making behavior is of great significance for them to make correct investment strategies and to beat the market. Based on this theory, the investment strategy is based on the systematic psychological error caused by behavioral deviation. Psychological errors committed by investors lead to changes in the market's future profitability and the expectations of the company's earnings bias, and lead to mispricing of the stock prices of these companies. The discovery of systematic bias in investors' psychology is the basis for investors to gain profits, including the following five investment strategies:

Positive feedback trading strategy refers to the trading strategy formulated by investors according to the rule of feedback mechanism in behavioral finance theory. Speculators take advantage of feedback mechanisms to profit and deflect prices further. Some investment Banks, investment funds are using positive feedback trading strategies to profit. Soros, for example, described his investment strategy in 1987, and over the past 20 years he has traded not on the basis of an analysis of fundamentals but on expectations of how the public will behave in the future. Although this practice of taking bets and the introduction of "smart money" by professional securities firms that profit from insider information eventually brought their prices back down to base value, the initial institutional buying raised uninformed traders' expectations of future earnings, thus doubling the deviation of prices from value. Soros's investment strategy for real estate trusts in the late 1970s was similar.

A contrarian is an investment strategy that buys stocks that have done poorly in the past and sells those that have done well in the past for arbitrage. Since stock markets are often overreacted and underreacted, an overreaction correction can lead to future outperformance of past losers above the market average, resulting in long-term outsized returns. Bunter and thaler's research suggests that such an investment strategy could yield an exceptional return of about 8 per cent a year. In this regard, behavioral finance theory believes that this is because investors tend to pay too much attention to the recent performance of listed companies in actual investment decisions, and use a simple strategy -- that is, simple extrapolation -- to predict the future of companies based on their recent performance. This results in a sustained overreaction to the company's recent performance, resulting in an overestimation of the share price of the company with poor performance and an overestimation of the share price of the company with excellent performance, providing investors with the opportunity to arbitrage the reverse investment strategy.

Inertial trading strategy refers to the investment strategy of buying or selling stocks based on the analysis of the performance of stocks in a relatively short period of time. Rouvenhorst's study of 12 other countries confirmed the existence of the momentum effect, thus proving that the effect was not due to a misunderstanding caused by data sampling bias. There is obvious inertia effect in the Chinese market, and using the volatility of stocks in a certain period to adopt this strategy can be bought and sold to obtain the spread earnings.

When investors invest cash in stocks, they usually carry out the cash in batches according to the predetermined plan according to different prices in case of emergency, so as to achieve the strategy of avoiding the risk that one-time investment may cause, namely the cost averaging strategy. It is related to the limited rationality of investors, loss aversion and segmentation of thinking. Time diversification strategy refers to the strategy that the ability to bear the investment risk of stocks will decrease with the extension of investment term. Investors should invest a large proportion of their asset portfolio in stocks when they are young, and gradually reduce the proportion of stocks and increase the proportion of bonds as they get older. There are many similarities between the cost averaging strategy and the time dispersal strategy, both of which are widely adopted and popular among individual investors and institutional investors, while at the same time, they are criticized as the investment strategy with poor returns, which is obviously contrary to the expected utility maximization principle of modern financial theory.

Under the guidance of behavioral finance theory, investors pursue to go beyond the market and adopt investment strategies different from traditional investors to obtain excess returns. To that end, investors can do so in three ways: by trying to obtain information that is ahead of the market, especially unpublished information. Investors can form their unique information advantages by analyzing, weighing and judging various factors such as industries, industries, policies, regulations and related events and integrating various information. Choose to use more efficient models than other investors to process information. The more complex these models are, the better. The key is to be practical and effective. The cost concentration strategy is implemented by using psychological characteristics such as cognitive bias or anchoring effect of other investors. Under the influence of traditional investment concept of mean variance, ordinary investors pay attention to diversification of investment choices and time interval to disperse risks, so that they will not focus on investment when opportunities come, leading to the diversification of returns along with risks. Behavioral financial investors, after capturing the stocks whose market price was mispriced, take the lead to collect funds for concentrated investment to win greater returns.

From the 1980s until Daniel kahneman's behavioral economics was awarded the Nobel Prize in 2002, behavioral finance theory rose rapidly and presented a strong challenge to modern financial theory. It can be said that behavioral finance theory has become one of the most remarkable research topics in the field of financial theory. Of course, behavioral finance is far from a fully developed theory, and its ability to guide investment practices varies from time to time. Generally speaking, there is still a big gap between the theory and practice of behavioral finance, and it has not become the extensive and universal guidance theory of investment experts. There are two reasons. One is that behavioral finance theory itself is not fully mature; Second, using these theories to measure various psychological variables affecting prices, will encounter many operational difficulties. Of course, any theory is flawed, and no one and no investment strategy in financial markets can consistently earn excess returns. The behavioral finance investment strategy gives investors the possibility to beat the market, but never the guarantee to beat the market.

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