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道德决策(DDE决策选股好吗_)

2023-10-12 17:51分类:财务分析 阅读:

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A-level 经济:稀缺性、选择和潜在冲突

1.1 Scarcity, choice and potential conflicts 稀缺性、选择和潜在冲突

1.1.1 The Economic Problem 经济问题

The problem of scarcity is when there are finite resources but unlimited demand.

This means that choices have to be made and resources have to be distributed and used optimally.

稀缺性问题是指资源有限但需求无限。

这意味着必须做出选择,必须对资源进行最佳分配和使用。

Scarcity 稀缺性 – The shortage of resources in relation to the quantity of human wants. 相对于人类需求的数量而言,资源的短缺。

– Insufficient resources to supply everyone’s needs and wants.

- 没有足够的资源来供应每个人的需求和愿望。

Scarcity causes opportunity cost. Opportunity cost is the value of the next best alternative. It relates specifically to the loss of the next best alternative, not just any other alternative. Making an economic choice creates a sacrifice as the next alternative must be foregone. This results in the loss of benefit (often the pleasure rather than the actual cost) that the choice would have provided.

稀缺性导致机会成本。机会成本是下一个最佳选择的价值。它具体涉及到下一个最佳选择的损失,而不仅仅是任何其他选择。做出经济选择会造成牺牲,因为必须放弃下一个选择。这导致了选择所能提供的利益的损失(通常是快乐而不是实际成本)。

Opportunity Cost 机会成本 – cost (value) of an opportunity (highest value alternative) that has m been foregone when a choice is made 做出选择时放弃的机会(最高价值选择)的成本(价值)

· If a car was bought for £15,000 and after 5 years the value depreciates by £5,000, the opportunity cost of keeping the car is £5,000 (which could have been gained by selling the car), regardless of the starting price.

- 如果一辆汽车是以15,000英镑买的,5年后价值贬值了5,000英镑,那么保留这辆车的机会成本是5,000英镑(可以通过出售汽车获得),与起始价格无关。

· Opportunity cost is also important to different economic agents such as consumers, producers and governments

机会成本对不同的经济主体如消费者、生产者和政府也很重要

Economic Agent 经济主体– A person, company etc that has an effect on the economy of a country, m for example by buying, selling, or investing. 对一个国家的经济有影响的个人、公司等,例如通过购买、销售或投资。

Examples of how opportunity cost is important to different economic agents is as such: producers have to pick between buying new/more machinery or hiring more staff whilst governments have to choose which sectors they will spend their money in.

机会成本对不同经济主体的重要性举例如下:生产者必须在购买新的/更多的机器或雇佣更多的员工之间做出选择,而政府则必须选择他们将把钱花在哪些部门。

1.1.2 Business Objectives 业务目标

Business Objectives 商业目标 – a goal or target that a business does its best to achieve 企业尽最大努力实现的目标或指标

· Business objectives give businesses a purpose and/or a direction

· It also allows businesses to measure their progress.

· There are many different objectives and different businesses will choose differently as their aims and motivations will differ from each other.

- 商业目标给企业一个目的和/或一个方向

- 也使企业能够衡量其进展。

- 有许多不同的目标,不同的企业会有不同的选择,因为它们的目的和动机会有所不同。

RETURN ON INVESTMENT (ROI) 投资回报率(ROI)

o This is the profit that entrepreneurs make by taking risks through making investments.

o The higher the ROI the more attractive the investment and can give an idea of how profitable it is.

o 这是企业家通过投资承担风险而获得的利润。

o 投资回报率越高,投资就越有吸引力,可以让人了解到投资的利润有多大。

PROFIT MAXIMISATION 利润最大化

o Profit is often important to companies, and in traditional forms of business, the first aim is often to maximise profits.

o Profit is maximised when costs are at their lowest and revenue is at its highest.

o Firms choose to maximise profits because it provides greater wages for employees and dividends for shareholders which makes both groups happy.

o It is a cheap source of finance.

o This provides a stable price and output.

o PLCs are often keen to profit maximise because their shareholders expect high dividends and as a result PLCs may have short run profit maximisation as an objective.

o 利润对公司来说往往很重要,在传统的商业形式中,首要目标往往是使利润最大化。

o 当成本处于最低水平,收入处于最高水平时,利润就会最大化。

o 公司选择利润最大化是因为它为员工提供了更多的工资,为股东提供了红利,这让两个群体都很高兴。

o 它是一种廉价的资金来源。

o 这提供了一个稳定的价格和产出。

o PLC通常热衷于利润最大化,因为他们的股东期望获得高额红利,因此,PLC可能将短期利润最大化作为一个目标。

SALES MAXIMISATION 销售最大化

o This is when the business aims to sell as much of its goods and services without making a loss.

o It helps keep out competitors as well as deterring them as well as helping them earn more profits in the long term.

o This may be one of the objectives for not-for-profit organisations

o 这是指企业旨在销售尽可能多的商品和服务而不出现亏损。

o 这有助于将竞争对手拒之门外,同时也能阻止他们,并帮助他们在长期内获得更多的利润。

o 这可能是非营利性组织的目标之一。

SATISFICING 满意

Satisficing 满意 – to be satisfied with a limited amount of income that is enough for survival and costs.满足于有限的收入,足以满足生存和成本的需要。

o This is when a business earns enough profits to keep their shareholders happy.

o This is often the objective for smaller firms.

o It also allows them to keep shareholders happy whilst letting them meet their other objectives.

o 这是指企业赚取足够的利润以使其股东满意。

o 这通常是小公司的目标。

o 这也使他们能够在满足其他目标的同时让股东满意。

SURVIVAL 生存

o This is a short-term objective for businesses trying to enter a competitive market.

o It is also used in times of economic downturn until there is economic growth again.

o Businesses aim to sell as much as possible in a short time to keep to their market position despite the fact it may mean a loss in the short term.

这是为试图进入竞争市场的企业制定的短期目标。

它也被用于经济低迷时期,直到经济再次增长。

企业的目标是在短时间内尽可能多地销售,以保持其市场地位,尽管这可能意味着短期内的损失。

MARKET SHARE 市场份额

o A market share is the portion of the market controlled by a company or product.

o By having a good market share, this allows a business to survive better in the market and can be achieved by maximising sales.

o 市场份额是指一个公司或产品所控制的市场部分。

o 通过拥有良好的市场份额,可以使企业在市场上更好地生存,可以通过最大化销售来实现。

COST EFFICIENCY 成本效率

o The more cost efficient a company is, the lower the average cost as they find cheaper resources and manufacturing processes.

o This allows them to offer customers lower prices, meaning in competitive markets they will gain customers from less efficient producers.

o 一个公司的成本效率越高,平均成本就越低,因为他们能找到更便宜的资源和制造工艺。

o 这使他们能够向客户提供更低的价格,这意味着在竞争性市场中,他们将从效率较低的生产商那里获得客户。

EMPLOYEE WELFARE 员工福利

o This is when the business tries to take care of their employees, so they are more productive and do a better job.

o This also makes the employee more loyal to the company and less likely to leave their job, lowering employee turnover.

o 这是指企业试图照顾他们的员工,所以他们的生产力更高,工作做得更好。

o 这也使员工对公司更加忠诚,不太可能离开他们的工作,降低员工流失率。

CUSTOMER SATISFACTION 客户满意度

o To improve their competitiveness by improving their quality and therefore improving customer satisfaction.

o They can improve either their quality or customer service

o If they have a good reputation, they may be able to charge higher prices for their goods.

o 通过提高他们的质量来提高他们的竞争力,从而提高客户满意度。

o 他们可以改善他们的质量或顾客服务

o 如果他们有良好的声誉,他们可能会对其商品收取更高的价格。

SOCIAL OBJECTIVES 社会目标

o They try to focus on their Corporate Social Responsibility and try to help the local area.

o They would try to produce goods more ethically or hire groups that are discriminated against.

o 他们试图关注他们的企业社会责任,努力帮助当地。

o 他们会尝试以更符合道德的方式生产商品,或者雇用那些被歧视的群体。

1.1.3 Stakeholders and their objectives 利益相关者及其目标

Stakeholders 利益相关者 – Someone who has an interest or concern or is affected by the operations m and objectives of a business 与企业的经营活动有关或受其影响的人。

Possible stakeholders include 可能的利益相关者包括:

– Employees - want high wages and good working condition

– Shareholders - want high profits so they get high dividends

– Consumers - want high quality goods with low prices

– Managers - want high salaries and bonuses and other personal benefits

– The Government - want to earn corporation tax from the business’s profits

– Suppliers - want businesses to stay successful so they still have customers

- 雇员--希望获得高工资和良好的工作条件

- 股东--希望获得高利润,从而获得高分红

- 消费者--希望得到高质量、低价格的商品

- 经理人--希望获得高工资和奖金以及其他个人福利

- 政府--希望从企业的利润中获得公司税

- 供应商--希望企业保持成功,以便他们仍有客户

· Different stakeholders have different objectives depending on how the business will affect them, this leads to conflicting objectives.

· For example, managers may want a big bonus, but this would decrease the money that goes into shareholder dividends.

· This can become a problem as when a firm sells shares they relinquish some of their control in order to gain this investment.

· This can lead to shareholder activism - when shareholders exercise their power as part owners to manipulate the company into fulfilling their motives.

- 不同的利益相关者有不同的目标,这取决于企业将如何影响他们,这导致了目标的冲突。

- 例如,经理们可能想要一个大的奖金,但这将减少进入股东红利的资金。

- 这可能成为一个问题,因为当一个公司出售股票时,他们放弃了一些控制权,以获得这项投资。

- 这可能导致股东行动主义--当股东行使他们作为部分所有者的权力,操纵公司实现他们的动机。

CORPORATE SOCIAL RESPONSIBILITY (CSR) 企业社会责任(CSR)

CSR 企业社会责任 – refers to the companies taking responsibility for their impact on the local m area and beyond society, even including the environment 是指公司对其对当地m地区和社会以外的影响负责,甚至包括环境

o CSR can be shown by making decisions that benefits all stakeholders or takes them all into account (rather than just shareholders).

o Treating customers, employees, local community and suppliers well.

o Examples of this would be avoiding polluting activities and contributing positively to lives in the local community.

o Companies may only do the bare minimum that the law entails and still claim CSR as it is not regulated in any way.

o 企业社会责任可以通过做出有利于所有利益相关者的决策来体现,或将他们全部考虑在内(而不仅仅是股东)。

o 善待客户、员工、当地社区和供应商。

o 这方面的例子是避免污染活动,为当地社区的生活做出积极贡献。

o 公司可能只做了法律规定的最低限度的事情,但仍然声称自己是企业社会责任,因为它没有受到任何监管。

BUSINESS ETHICS 商业道德

o Goes beyond CSR

o A moral code of ethics that a business follows e.eg. not investing in countries which have human rights issues.

o Being moral despite the finance (cost) e.g. The Body Shop does not use ingredients tested on animals.

o 超越企业社会责任

o 企业遵循的道德规范,例如,不在有人权问题的国家投资。

o 尽管有资金(成本),但仍要讲究道德,例如,美体小铺不使用经动物测试的成分。

ETHICAL DECISION MAKING 道德决策

o Following a code of practice which reflects moral values.

o Considers all the groups affected by the business’ practices.

o This is the most ethical way to practice business and again goes beyond CSR

o 遵循反映道德价值观的实践准则。

o 考虑到受企业行为影响的所有群体。

o 这是最符合道德的商业实践方式,并且再次超越了企业社会责任。

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