案例1． Logistics English
Minolta
The following case studies illustrates Huier's service diversity and the geographical range of our activities. Minolta is world famous optical instrument provider, its products include copying machine, camera, etc. The service we provide to Shanghai Minolta is the warehousing and transportation of whole machine, spare parts and accessaries. The cooperation between Huier Logistics and Minolta is since 2001. Minolta's customers scatter to all parts of the country, its huge repair network provide great convenience to its users, but simultaneously, it is challenge to its logistics providers. In view of the characteristics of Minolta's clients, short lead time, we designed total logistics solution according to lead time requirement, geographical position, etc, and provide Minolta with 3D logistics service——road，rail and air．Our distribution department consists of many logistics professionals who have many years of transportation and warehousing experiences in different industries．In prosperous metropolitan，in faraway mountainous area or in small town near Uzbekistan，no matter it is a copying machine，or just a piece of glass，a box of toner，our driver always deliver the order to the consignee intact．The commitment of our staff ensures the fame of Minolta.
美能达公司
惠尔物流从事多元化的服务和跨区域的经营活动。 美能达是世界著名的光学器材生产商，产品有复印机、照相机等。我们向上海美能达公司提供的业务包括整机、配件和耗材仓储和配送。
惠尔物流于2001年起与美能达公司合作，承担了复印机、配件及耗材的仓储、运输及配送的工作。美能达的客户分布全国，美能达公司遍布全国的维修网络为客户提供了极大的
方便，但同时这是对物流经营人的挑战。根据美能达的用户要货时间短，货量小的特点，我
们的物流专家组为美能达设计了完整的物流方案，根据用户的时间要求、地理位置等情况，
提供公路、铁路及航空立体的物流服务。我们的配送部由资深的物流专业人士组成，有多年 各行的运输及仓储经验，娴熟高效的操作使我们的管理游刃有余。在繁华的大都市，在偏远
的山区，在近乌兹别克斯坦的边陲小镇，不管是一台复印机，亦是或一块复印机玻璃，一盒碳粉，我们的工作人员都按时将货物完好无损的送到用户手中，保证美能达在客户心中的美
誉度。
案例2 Logistics English Shanghai Hi-tech Innovation Center West Area It is approved by Shanghai Science Committees and the Government of Putuo District, whose aim is to attract personnel with ability and Hi-tech item and to promote the Hi-tech industry development of Putuo district and Shanghai. It has 5 functions: innovation, investment, train, technology & trade and co-business. It is also the base of the science & technology innovation.
上海市科技创业中心西区分中心 由上海科学技术委员会和普陀区人民政府联合发文批准成立的上海未来岛科技创业中心，以吸引人才、吸引高科技项目、推进上海市及普陀区高科技产业的发展为目的，具备了创新、投资、培训、科贸、招商引资等五大功能，是科技企业创业的摇篮，技术创新的产业基地。
案例3 Logistics English NORTHWEST LOGISTICS Facility Superiority
Water: Dachang water plant and Daqiao water plant provide enough water.
Power: One power station of 220 kV and three stations of 35 kV can provide enough electric power.
Steam: There are steam pipelines around city industrial demonstration zone.
Gas: The gas pipelines by the main roads have been completed. Communication: 200 thousand of long-distance-control exchange system/Shanghai Tietong Broad band/ISDN line
Disposal of sewage: All kinds of disposal pipelines have been paved.
Most modern waste water treatment plant in Shanghai is also located here. Functionality Superiority
It is the landport logistics zone, one of the three biggest logistics zones of Shanghai. The most important function is concentrating and detracting cargo from one city to another. It includes transporting cargo, exchange, information service, warehousing, circulation, processing and exhibition.
Our Superiority
Policy Superiority
1) Enjoy all the preferential policies given by state or municipal government to logistics zone or enterprises.
2) Local financial fund to support the enterprises.
3) Local financial fund to perfect the transportation network.
Service Superiority
"Service is our No. 1 resource" We provide one-stop service
Project Approval Services
Enterprises Registration Services
Construction Project Services 西北物流： 配套优势 水：大场水厂和大桥水厂保证充盈的供水量
电：一座22万伏变电站和3座3.5万伏变电站提供充足电量
汽：城市工业示范区内四周都有现成的蒸汽管道
气：主要干道边的煤气管道已经全部铺设完成
通讯：20万门程控交换系统／上海铁通宽带网络／ISDN专线
排污：各类雨污水管道已铺设完成
有上海设施最先进的污水处理厂 功能定位优势
属陆路口岸型物流园区，上海三大物流园区之一，是以省际物流集散功能为主，集货运配载、交易、信息服务、仓储、流通、加工、配送、展示等物流服务于一体的集散型综合性物流园区。 我们的优势 政策优势
1)国家及市府给予物流园区、物流企业的一切优惠政策。
2)地方财政专项基金支持物流企业的发展。
3)地方财政专项基金支持筑路，完善道路交通网络。 服务优势
项目申报时制
前期工作全力制
外经审批一站式
工商登记一条龙
项目建设一门式
案例4
Marketing
The Lessons from Enron The mess just keeps spreading. Two months after Enron filed for Chapter II, the reverberations from the Texas-based energy-trading firm's bankruptcy might have been expected to fade. Instead, they are growing. On Capitol Hill, politicians are engaged in an investigative orgy not seen since Whitewater, with the blame pinned variously on the company's managers, its directors, its auditors and its bankers, as well as on the Bush administration; indeed on anybody except the hundreds of congressman who queued up to take campaign cash from Enron. The only missing ingredient in the scandal-so fat--is sex; the effects are also touching Watt Street. All this might create the impression that corporate financial reports, the quality of company profits and the standard of auditing in America have suddenly and simultaneously deteriorated，Yet that would be wide of the mark. The deterioration has actually been apparent for many years. A growing body of evidence does indeed suggest that Enron was a peculiarly egregious case of bad management, misleading accounts, shoddy auditing and, quite probably, outright fraud. But the bigger lessons that Enron offers for accounting and corporate governance have longer been familiar from previous scandals, in America and elsew2here. That makes it all the more urgent to respond no with the right reforms. The place to start is auditing．Accurate company accounts are a keystone for any proper capital market，not least America’s．Andersen，the firm that audited Enron's books from its inception in 1985 has been suggesting that it fails are representative of the whole profession’s. In fact, Andersen seems to have been unusually culpable over Enron: shredding off incriminating documents just ahead of the investigators is not yet a widespread habit. But it is also true that this is only the latest of a string of corporate scandals. At the heart of these audit failures lies' a set of business relationships that are bedeviled by Perverse incentives and conflicts of interest. In theory, a company’s auditors are appointed independently by its shareholders, to whom they report. In Practice, they are chosen by the company's bosses, to whom they all too often become beholden.
Accounting firm frequently sell consulting services to their audit clients; external auditors may be hired to senior management positions or as internal auditors; it is far too easy to play on an individual audit partner’s fear of losing a lucrative audit assignment. Against such a background, it is little wonder that the quality of the audit often suffers. What should be done? The most radical change would be to take responsibility for audits from Private accounting firms altogether and give it, lock, stock and barrel, to the government. Perhaps such a change may yet become necessary. But it would run risks in terms of the quality of auditors; and it is not always so obvious that a government agency would manage to escape the conflicts and mistakes to which private firms have so often fatten Prey. As an intermediate step, however, a simpler suggestion is to take the job of choosing the auditors away from a company’s bosses. Instead, a government agency-meaning, in America, the Securities and Exchange Commission-would, appoint the auditors, even if on the basis of a list recommended by the company, which would continue to pay the audit. 市场营销 安然公司的教训 混乱在不断扩展。在安然公司申请破产保护两个月之后，人们本应预料这家位于德克萨斯州的能源贸易公司破产的反响会渐渐消退，但相反，它还在加剧。在国会山政客们在忙于自白水事件以来从没有见过的大调查，矛头指向公司的经理、董事、审计和银行，还指向了布什政府，实际上是指向了除了排队从安然取得竞选现款的几百名议员之外的所有的人。在丑闻中迄今为止惟一短缺的成分是性。影响还波及了华尔街。
所有这些现象可能造成一种现象，那就是美国公司的财务报告、公司的利润质量、以及美国一夜之间全都变坏了。但那离靶子还很远：实际上恶化变得明显己有很多年了。越来越多的数据的确表明，安然是管理不善、虚假账目、劣质审计、以及也许是彻头彻尾的静乎寻常的案例。但是，安然事件对会计和公司控制所提出的更大的教训是人们从美国和其他地方先前的丑闻中早已熟悉了的东西。这就使得用正确的改革去做出反应显得 应该从审计开始，准确的账目是任何遵守规则的资本市场的基石，尤其是美国。从安然戈立开始就对其账目进行审计的安达信公司让人想到它的失误在全行业中有代二，安达信在安然的问题上是异乎寻常地难辞其咎的：就在调查之前粉碎可以作仁并不是个广为流传的习惯。但这仅仅是一系列公司丑闻中最新的一个，这也是真的。
这些审计失误的核心是被不合常情的刺激和利益冲突所困扰的一系列商务关系。在理论己的审计应当由股东独立指定，并对他们负责。在实践中，他们是由公司的老板往往欠老板的情。会计事务所常常向他们的审计客户出售咨询服务；外部审计且任高层管理岗位或者是内部审计师；利用一个单个审计合伙人害怕失去有大钱可赚的审计任务的心理实在是太容易了。在这种背景下，毫无疑问审计的质量常常受损。
那该怎么办呢？ 最根本的办法是把审计责任从私人会计公司拿掉，把它完全交给政府。乏迟早会变得有必要。但这要冒审计师质量的风险，而且政府部门就能够避免私艮受其害的那些冲突和错误，这一点也并不总是那么明显。然而，作为一个中间单位一些的建议是把选择审计师的职责从公司老板那里拿开。代之于由政府部门当证券交易委员会——指定审计师，哪怕是在公司所推荐的名单的基础上，因为目交付审计费。
案例5 Financial Management English
PepsiCo’s Capital Structure Choice PepsiCo,Inc. is the world leader in both the snack food business and the restaurant business, and it is a strong number two in soft drinks. It has more than two dozen well-established consumer brands. With 1995 net sales of $30.4billion, PepsiCo ranked 21st in the Fortune 500 list of international sales. To take advantage of overseas opportunities, PepsiCo has begun a major overhaul of its foreign beverage operations. This effort included redesigning the firm’s soft drink cans and bottles and changing PepsiCo’s distinctive red, white, and blue packaging to an all-blue design. While PepsiCo was formed in 1965 when Pepsi-Cola Company merged with Frito-lay Inc. Over the next 30 years, net sales grew at an average compound rate of 15% per year, with sales doubling about every five years. In 1995, PepsiCo recorded net sales of $30.4billion and earned net income of $1.6 billion. Table 1.1 furnishes income statements for the years 1993,1994 and 1995.
Table 1.1 income statements,1993-1995
(Dollar Amounts in Millions)
Souce: PepsiCo,Inc.,Annual Report to Shareholders, 1995,p.30. At year-end 1995, PepsiCo had book liabilities of $18.1 billion and book value of stockholders’ equity of $7.3 billion. The market value of PepsiCo’s stockholders’ equity was much greater. With 788 million common shares outstanding and a share price of $55 at year-end 1995, the market value of its stockholders’ equity was $44.0 billion, roughly six times its book value.
Capital Spending
PepsiCo’s capital investing during the period 1993-1995 reflected strategic investments in all three industry segments as well as acquistions and investments in unconsolidated 现代财务管理 百事公司的资本结构选择
百事公司在食品业与餐饮业都居世界领先地位，在世界软饮料市场名列第二。它拥有20多个享有盛誉的消费品牌。1995年百事公司的净销售额为304亿美元，名列《财富》杂志公司500强的21位。近年来，百事公司一直积极的拓展其国际销量。为了利用国外的商业机会，百事公司开始全面推进其在海外的饮料经营。这一努力包括重新设计公司软饮料的罐与瓶子，把百事可乐鲜明的红、白、兰色改换成全蓝设计。 1965年百事可乐公司与Frito-lay有限公司合并，百事公司由此诞生。在接下来的30年间，公司的销售净额以年均15%的复利增长。销售额每5年翻一翻。1995年，百事公司创下了销售净额304亿美元，净利润16亿美元的最高记录。表1-1提供了公司1993年、1994年、1995年的损益表。
表1-1 损益表（1993-1995年）
(单位：百万美元)
案例6 Financial Management English Neeley Beverage, Inc. Inventory Management Neeley Beverage, Inc. is a soft drink distributor serving the northeastern United States, having been in this business for the past 30 years. Started by Justin Neeley, the film has prospered during this time span. but a recessionary period that began 12 months ago has resulted in a substantial increase in sales. The company has encountered a substantial increase in sales volume during the most recent five years, with the only downturn occurring in the last year.
Neeley has been quite proud of the company's growth pattern. However, he has also
become aware of numerous difficulties resulting from the rapid growth and is particularly disenchanted with his ability to maintain adequate control of the firm's operations. The need for change has been so extensive that Neeley has been unable to continue a personal involvement in all decisions. One such specific area of concern has been in inventory management. With the growth in revenues, a concurrent increase in inventories has been observed, and Neeley questions the advisability of the large surge in inventory stocks. John Williams, the production manager, takes great pride in not being out of stock when orders are received. Yet Neeley feels strongly that the base inventory is excessive, although he has no way of supporting his intuitive judgment Neeley wants a quantitative method of analysis that could be used in determining the best inventory level for future planning periods. With such a technique, he states, he could relegate the decision making process to the quantitative analysis and therefore not have to be faced with a decision regarding inventory management. In an effort to investigate feasible methods for examining for company's inventory policies, Neeley has visited the president of management consultants inc. , by whom you are employed the president of management assigned the effort to you the express purpose being to develop an appropriate inventory model for Neeley Beverage,Inc. In visiting the corporate site, you have examined the corporation’s records and interviewed the appropriate personnel, with the following discoveries:
1. The firm's sales tend to be moderately cyclical between quarters with 70 percent of sales being distributed evenly throughout the second and third quarters, furthermore the remaining two quarters generally prove approximately equivalent in revenues, the marketing department projects the 1993 sales to be $1 860 000.
2. Neeley's products comprise three lines, but college delight accounts for 85 percent of the total sales and, in turn, a tike percentage of inventory, the remaining two product lines are relatively new and represent no real problem in terms of inventory management.
3. The drinks are sold only to retail outlets in a package containing six no- refund containers. The selling price is 75 cents. 4. In reviewing the cost of producing and packaging the six-drink assembly, you observe the following makeup.
Material $ 0. 30
Labor $ 0. 18
Container $ 0.06
Allocation of overhead $ 0. 03
5. In the production process, management has experimented with several production plans. For example, producing in accordance with sales level for the respective quarter. However, after such investigations, the corporate personnel consider the best production schedule too be one in which the production level remains constant throughout the year.
6. The production process involves three separate stages (1) production of drink content;(2) manufacturing the containers; and (3) filling sealing, and packaging the containers. Each procedure requires a machinery setup involving seven hours, five hours, and six hours, respectively. The labor rate for the individuals performing the setups is $ 4. 75, regardless of the process. In addition to the labor involved, several materials are essential in initializing the manufactuing Stage. After careful inquiry you determine the cost by process to be as follows:
Mixture setup $ 48
Container setup $17
Packaging setup $ 24 7. The 1992 inventory balance represents the current inventory position. As seen the majority of the infentory (60 percent) is in the "finished goods" category, which , in fact, is the area of concern on the part of Neeley. 8. Although the finished goods, of the college delight drink are considered excessive, no criterion has been developed for justifying a given base level, in talking with the responsible personnel you discover two preferences. First, as a result of pressure from the bank to improve the organization's profitability, Neeley is more aware of efficient asset utilization, although no plan has been instigated, the financial officer has investigated the financial position of similar businesses. For instance, the average inventory turnover of like firms as recorded in the I. R. S industrial financial ration is 4.63 times typically the inventory comprises 55 percent finished goods, and 45 percent work in process and raw materials. In a second approach to the base inventory question, Neeley, as opposed to Williams, who prefers never to have a stockout, indicates that a 10 percent probability of being out of finished goods inventory should be defined as acceptable. Regardless of which criterion is to be applied, an immediate adjustment would simply not be feasible; rather, the modification in inventory would be a target to be achieved by year-end.
9. Other costs relating to Inventory management include (a) monthly insurance premiums per $1000 equaling $1.83 with inventory being insured at 80 percent of cost of production; (b) storage facilities rented at a monthly cost of 10 cent per square yard, with each yard providing space for 90 containers;(c) depreciation of equipment relating to inventory maintenance at fixed sum of $1400; and (d) personnel costs of $45 467 in 1992 varying directly with the average amount of inventory.
10. The firm’s Opportunity Cost for funds is 10 percent. 现代财务管理 尼利饮料公司：存货管理
尼利饮料公司(Neeley Beverage，Inc．)是美国东北部的一家软饮料经销商，这家公司
在过去30年里一直从事这个行业。贾斯廷·尼利(Justin Neeley)创办了这家公司并使其蓬勃发展。但12个月以前开始的经济衰退导致了公司销售额一定程度的下降。公司的销售额在过去的5年里都有显著的增长，而只在去年有所下降。 尼利对公司的增长模式感到非常骄傲。然而，他也对快速增长所带来的问题保持着警惕，尤其是对他本人对公司实施足够控制的能力感到担忧。需要加以变化的地方很多，这使得尼利无法参与所有的决策，存货管理就是其中的一个问题。存货随着收人的增长而呈同步增长，尼利对保持大量存货的合理性有所怀疑。生产经理约翰·威廉姆斯(John williams)对总是能及时满足订单需要感到很自豪。然而尼利总是觉得库存大大超出需要的水平，尽管他找不到什么方式证明这种直觉。尼利需要一种用来确定未来计划期最佳存货水平的定量分析方法，他声称可以用这样一种定量分析技术来进行决策，从而使他本人不至于面对存货管理方面的决策。
为了寻求审查公司存货政策的可行方法，尼利拜访了管理咨询公司的总经理，也就是
你的雇主。总经理把这个任务交给了你，让你为尼利饮料公司开发一个存货模型。
在参观公司经营场所的过程中，你检查了公司的记录并同有关人员进行面谈，最终得
到以下信息：
1.公司的销售在一定程度上受季节的影响，第二、三季度的销售额占总销售额的70％，而且，剩下两个季度的销售额大致相等。营销部预计1993年的销售额将达到1 860 000美元。
2．尼利公司有三条产品线，但College Delight占了总销售额的85％，其存货也占了大致的比例。剩下的两条产品线相对较新，还没有出现真正的存货管理方面的问题。
3．饮料只在零售终端销售，每个包装包括6件不需返还的容器，售价是75美分。 4．在审查了这种6件装生产线的生产和包装成本后你得出以下结果：
原材料 0．30美元
人工 0．18美元
容器 0．06美元
分摊的费用 0．03美元
5.在生产过程中,管理人员先后采用了几种生产方案,例如,按每个季度的销售额安排生产.然而,经过调查以后,公司员工认为使生产在整个年度内保持稳定的生产方案是最佳的. 6. 生产过程包括3个独立的步骤：(1)生产饮料；(2)制作容器；(3)灌装、密封并对容器加以包装。每个步骤所需要的机器启动时间分别是7小时、5小时和6小时。执行启动的人工资率是4．75美元，每个步骤都是一样的。除了人工外，启动阶段还需要几种关键的原材料，经过仔细询问，你把每个步骤的成本确定如下：
混合启动 48美元
容器启动 17美元
包装启动 24美元
7．1992年的存货金额代表了当前的存货状况，可以看出，存货的大部分(60％)是以产成品的类型存在的，而这正是尼利所关心的部分.
8．尽管产成品库存中的College Delight被认为过多了，但是还没有制定出一个衡量标准。在同有关人员交谈过程中，你发现了这样的两点。首先，由于银行不断施加压力要求提高公司赢利水平，尼利更加关心资产的利用效率。尽管还没有制定严密的计划，财务执行官已经开始调查同行业其他公司的财务状况。例如，按照IRS产业财务比率的数据，类似公司的平均存货周转率是4．63次。一般情况下，存货的55％是产成品，其余的45％是在制品和原材料。还有另外一种观点，尼利和威廉姆斯恰好相反，后者不希望有脱销的情况，而尼利则认为产成品脱销情况下10％的盈利水平应该是可以被接受的。不管使用哪个标准，马上加以调整是不太可能的，存货政策的修订要到年底才能完成。 9．存货管理的其他成本包括：(A)每个月的保险费，存货按生产成本的80％投保，每1 000美元保险费是1．83美元；(B)存储设施的租赁费。每平方码的月租金是10美分，可以用来存放90件容器；(C)存货维护设备的固定折旧费1 400美元；(D)人工成本。1992年的人工成本费45 467美元，这项成本与平均存货量有直接关系。
10．公司资金的机会成本是10％。
Minolta is world famous optical instrument provider, its products include copying machine, camera, etc. The service we provide to Shanghai Minolta is the warehousing and transportation of whole machine, spare parts and accessaries.
The cooperation between Huier Logistics and Minolta is since 2001. Minolta's customers scatter to all parts of the country, its huge repair network provide great convenience to its users, but simultaneously, it is challenge to its logistics providers. In view of the characteristics of Minolta's clients, short lead time, we designed total logistics solution according to lead time requirement, geographical position, etc, and provide Minolta with 3D logistics service——road，rail and air．Our distribution department consists of many logistics professionals who have many years of transportation and warehousing experiences in different industries．In prosperous metropolitan，in faraway mountainous area or in small town near Uzbekistan，no matter it is a copying machine，or just a piece of glass，a box of toner，our driver always deliver the order to the consignee intact．The commitment of our staff ensures the fame of Minolta.
美能达是世界著名的光学器材生产商，产品有复印机、照相机等。我们向上海美能达公司提供的业务包括整机、配件和耗材仓储和配送。
各行的运输及仓储经验，娴熟高效的操作使我们的管理游刃有余。在繁华的大都市，在偏远
It is approved by Shanghai Science Committees and the Government of Putuo District, whose aim is to attract personnel with ability and Hi-tech item and to promote the Hi-tech industry development of Putuo district and Shanghai. It has 5 functions: innovation, investment, train, technology & trade and co-business. It is also the base of the science & technology innovation.
由上海科学技术委员会和普陀区人民政府联合发文批准成立的上海未来岛科技创业中心，以吸引人才、吸引高科技项目、推进上海市及普陀区高科技产业的发展为目的，具备了创新、投资、培训、科贸、招商引资等五大功能，是科技企业创业的摇篮，技术创新的产业基地。
Facility Superiority
Communication: 200 thousand of long-distance-control exchange system/Shanghai Tietong Broad band/ISDN line
We provide one-stop service
水：大场水厂和大桥水厂保证充盈的供水量
政策优势 
服务优势 
The mess just keeps spreading. Two months after Enron filed for Chapter II, the reverberations from the Texas-based energy-trading firm's bankruptcy might have been expected to fade. Instead, they are growing. On Capitol Hill, politicians are engaged in an investigative orgy not seen since Whitewater, with the blame pinned variously on the company's managers, its directors, its auditors and its bankers, as well as on the Bush administration; indeed on anybody except the hundreds of congressman who queued up to take campaign cash from Enron. The only missing ingredient in the scandal-so fat--is sex; the effects are also touching Watt Street.
All this might create the impression that corporate financial reports, the quality of company profits and the standard of auditing in America have suddenly and simultaneously deteriorated，Yet that would be wide of the mark. The deterioration has actually been apparent for many years. A growing body of evidence does indeed suggest that Enron was a peculiarly egregious case of bad management, misleading accounts, shoddy auditing and, quite probably, outright fraud. But the bigger lessons that Enron offers for accounting and corporate governance have longer been familiar from previous scandals, in America and elsew2here. That makes it all the more urgent to respond no with the right reforms.
The place to start is auditing．Accurate company accounts are a keystone for any proper capital market，not least America’s．Andersen，the firm that audited Enron's books from its inception in 1985 has been suggesting that it fails are representative of the whole profession’s. In fact, Andersen seems to have been unusually culpable over Enron: shredding off incriminating documents just ahead of the investigators is not yet a widespread habit. But it is also true that this is only the latest of a string of corporate scandals.
At the heart of these audit failures lies' a set of business relationships that are bedeviled by Perverse incentives and conflicts of interest. In theory, a company’s auditors are appointed independently by its shareholders, to whom they report. In Practice, they are chosen by the company's bosses, to whom they all too often become beholden.
What should be done? The most radical change would be to take responsibility for audits from Private accounting firms altogether and give it, lock, stock and barrel, to the government. Perhaps such a change may yet become necessary. But it would run risks in terms of the quality of auditors; and it is not always so obvious that a government agency would manage to escape the conflicts and mistakes to which private firms have so often fatten Prey. As an intermediate step, however, a simpler suggestion is to take the job of choosing the auditors away from a company’s bosses. Instead, a government agency-meaning, in America, the Securities and Exchange Commission-would, appoint the auditors, even if on the basis of a list recommended by the company, which would continue to pay the audit.
混乱在不断扩展。在安然公司申请破产保护两个月之后，人们本应预料这家位于德克萨斯州的能源贸易公司破产的反响会渐渐消退，但相反，它还在加剧。在国会山政客们在忙于自白水事件以来从没有见过的大调查，矛头指向公司的经理、董事、审计和银行，还指向了布什政府，实际上是指向了除了排队从安然取得竞选现款的几百名议员之外的所有的人。在丑闻中迄今为止惟一短缺的成分是性。影响还波及了华尔街。 
应该从审计开始，准确的账目是任何遵守规则的资本市场的基石，尤其是美国。从安然戈立开始就对其账目进行审计的安达信公司让人想到它的失误在全行业中有代二，安达信在安然的问题上是异乎寻常地难辞其咎的：就在调查之前粉碎可以作仁并不是个广为流传的习惯。但这仅仅是一系列公司丑闻中最新的一个，这也是真的。 
PepsiCo,Inc. is the world leader in both the snack food business and the restaurant business, and it is a strong number two in soft drinks. It has more than two dozen well-established consumer brands. With 1995 net sales of $30.4billion, PepsiCo ranked 21st in the Fortune 500 list of international sales. To take advantage of overseas opportunities, PepsiCo has begun a major overhaul of its foreign beverage operations. This effort included redesigning the firm’s soft drink cans and bottles and changing PepsiCo’s distinctive red, white, and blue packaging to an all-blue design.
While PepsiCo was formed in 1965 when Pepsi-Cola Company merged with Frito-lay Inc. Over the next 30 years, net sales grew at an average compound rate of 15% per year, with sales doubling about every five years. In 1995, PepsiCo recorded net sales of $30.4billion and earned net income of $1.6 billion. Table 1.1 furnishes income statements for the years 1993,1994 and 1995.
Souce: PepsiCo,Inc.,Annual Report to Shareholders, 1995,p.30.
At year-end 1995, PepsiCo had book liabilities of $18.1 billion and book value of stockholders’ equity of $7.3 billion. The market value of PepsiCo’s stockholders’ equity was much greater. With 788 million common shares outstanding and a share price of $55 at year-end 1995, the market value of its stockholders’ equity was $44.0 billion, roughly six times its book value.
1965年百事可乐公司与Frito-lay有限公司合并，百事公司由此诞生。在接下来的30年间，公司的销售净额以年均15%的复利增长。销售额每5年翻一翻。1995年，百事公司创下了销售净额304亿美元，净利润16亿美元的最高记录。表1-1提供了公司1993年、1994年、1995年的损益表。 
前三年百事公司通过资本支出，兼并及投资未合并报表的关联企业，在三个产业部门进行战略性投资。百事公司期望投资产生的现金回报超过其长期资本成本。1995年底汇报率估计为10%。1995年大约85%的兼并的投资行为涉及国际贸易，这个比例在1994年为75%。百事公司通过战略性兼并，继续寻求机会以加强它在三个产业部门，尤其是在饮料业与快餐业的地位。 
为符合公司在餐馆业方面的经营战略，1995年公司的资本支出下降了1.49亿美元，反映了公司在餐馆业支出的大量减少。由于市场容量增加和新产品的产生，美国食品业投资得以增加，但支出增加的一部分被饮料业投资的下降抵消掉了。1994年饮料业资本支出曾提高到2.71亿美元，反映出为美国和新兴的国际市场，主要是东欧，提供新包装和新产品的饮料业设备投资的支出情况。1995年、1994年和1993年，国际资本支出分别占各部门支出的29%、35%和31%。饮料、快餐和餐馆支出分别占1996年25亿美元计划资本开支的30%、40%和30%。这一结构反映出公司业务继续从餐馆业向食品业转变。1996年快餐食品和饮料的资本开支说明了生产扩张和设备的更新情况。尽管1996年的餐馆业支出预计与1995年水平相等，但百事公司希望在1996年有更多的支出用于现存餐馆的装修，而少用于新店的开发。1996年计划资本支出中约25%与国际业务有关。 
Neeley Beverage, Inc. is a soft drink distributor serving the northeastern United States, having been in this business for the past 30 years. Started by Justin Neeley, the film has prospered during this time span. but a recessionary period that began 12 months ago has resulted in a substantial increase in sales. The company has encountered a substantial increase in sales volume during the most recent five years, with the only downturn occurring in the last year.
disenchanted with his ability to maintain adequate control of the firm's operations. The need for change has been so extensive that Neeley has been unable to continue a personal involvement in all decisions. One such specific area of concern has been in inventory management. With the growth in revenues, a concurrent increase in inventories has been observed, and Neeley questions the advisability of the large surge in inventory stocks. John Williams, the production manager, takes great pride in not being out of stock when orders are received. Yet Neeley feels strongly that the base inventory is excessive, although he has no way of supporting his intuitive judgment Neeley wants a quantitative method of analysis that could be used in determining the best inventory level for future planning periods. With such a technique, he states, he could relegate the decision making process to the quantitative analysis and therefore not have to be faced with a decision regarding inventory management.
In an effort to investigate feasible methods for examining for company's inventory policies, Neeley has visited the president of management consultants inc. , by whom you are employed the president of management assigned the effort to you the express purpose being to develop an appropriate inventory model for Neeley Beverage,Inc.
In visiting the corporate site, you have examined the corporation’s records and interviewed the appropriate personnel, with the following discoveries: 
4. In reviewing the cost of producing and packaging the six-drink assembly, you observe the following makeup.
7. The 1992 inventory balance represents the current inventory position. As seen the majority of the infentory (60 percent) is in the "finished goods" category, which , in fact, is the area of concern on the part of Neeley.
8. Although the finished goods, of the college delight drink are considered excessive, no criterion has been developed for justifying a given base level, in talking with the responsible personnel you discover two preferences. First, as a result of pressure from the bank to improve the organization's profitability, Neeley is more aware of efficient asset utilization, although no plan has been instigated, the financial officer has investigated the financial position of similar businesses. For instance, the average inventory turnover of like firms as recorded in the I. R. S industrial financial ration is 4.63 times typically the inventory comprises 55 percent finished goods, and 45 percent work in process and raw materials. In a second approach to the base inventory question, Neeley, as opposed to Williams, who prefers never to have a stockout, indicates that a 10 percent probability of being out of finished goods inventory should be defined as acceptable. Regardless of which criterion is to be applied, an immediate adjustment would simply not be feasible; rather, the modification in inventory would be a target to be achieved by year-end.
尼利对公司的增长模式感到非常骄傲。然而，他也对快速增长所带来的问题保持着警惕，尤其是对他本人对公司实施足够控制的能力感到担忧。需要加以变化的地方很多，这使得尼利无法参与所有的决策，存货管理就是其中的一个问题。存货随着收人的增长而呈同步增长，尼利对保持大量存货的合理性有所怀疑。生产经理约翰·威廉姆斯(John williams)对总是能及时满足订单需要感到很自豪。然而尼利总是觉得库存大大超出需要的水平，尽管他找不到什么方式证明这种直觉。尼利需要一种用来确定未来计划期最佳存货水平的定量分析方法，他声称可以用这样一种定量分析技术来进行决策，从而使他本人不至于面对存货管理方面的决策。
4．在审查了这种6件装生产线的生产和包装成本后你得出以下结果：
6. 生产过程包括3个独立的步骤：(1)生产饮料；(2)制作容器；(3)灌装、密封并对容器加以包装。每个步骤所需要的机器启动时间分别是7小时、5小时和6小时。执行启动的人工资率是4．75美元，每个步骤都是一样的。除了人工外，启动阶段还需要几种关键的原材料，经过仔细询问，你把每个步骤的成本确定如下：
9．存货管理的其他成本包括：(A)每个月的保险费，存货按生产成本的80％投保，每1 000美元保险费是1．83美元；(B)存储设施的租赁费。每平方码的月租金是10美分，可以用来存放90件容器；(C)存货维护设备的固定折旧费1 400美元；(D)人工成本。1992年的人工成本费45 467美元，这项成本与平均存货量有直接关系。