Экология. НОВ.2019_Сборник_контрольных_работ_для_заочников_ФЗО_1. Технологический университет
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Вариант 1 для направления подготовки 38.03.01 Экономика (Финансы и кредит)Прочитайте и устно переведите текст на русский язык. FINANCE’S FAILURE TO SELF-REGULATE A growing economy requires a well-functioning financial system. The financial sector is essential not just for tasks like running the payment systems, ensuring a flow of funds from savers to investors, including small and medium-sized enterprises, and creating information and opportunities for investment. The financial sector is also necessary for diversifying investments, managing risk, and providing liquidity and other resources necessary for growth. However, finance needs rules, and the 2008 financial crisis revealed once again that financial markets cannot regulate themselves. Certain features of financial markets make them more subject to failure than most other kinds of markets. First, activities people undertake in the financial industry create large externalities, both positive and negative. Financial instability, in particular contagious runs and self-fulfilling panics, can impose massive costs on the economy. Economists at the Dallas Federal Reserve estimate that the costs of the 2008 financial crisis amounted to 40–90 percent of one year’s GDP. Since the beginning of financial deregulation in the United States and around the world, financial crises have been increasing in frequency and severity. Second, financial markets are plagued with asymmetries of information—situations where one party knows more than the other. The existence of such asymmetries is inevitable, of course, but their magnitude is not, nor is the right to exploit others by taking advantage of these asymmetries. Third, financial markets are lacking in industry competition. In particular, since the 1970s, the concentration, scale, and scope of the largest banks have grown significantly and rapidly, with the share of industry assets held by the top five banks growing from 17 percent to 52 percent. Starting in the late 1970s, the financial industry lobbied for and policymakers largely delivered a rollback of regulation with the promise that the financial sector would self-regulate. Changes to the rules of finance, many of which were in place since financial collapse sparked the Great Depression, removed the separation of commercial and investment banking, ceilings on deposit rates, and prohibitions on usury— the charging of loan-shark level interest rates. The changes didn’t update the rules for new instruments like derivatives, but they let the financial markets write their own rules as they expanded into securities that packaged mortgages. Enforcement became an issue, with federal regulators appointed who didn’t believe in regulation. They overruled state-level regulations and enforced less than vigorously the limited regulations that remained. (Шпетный К.И., Калмыкова Е.И., Захарова М.А., Казанчян К.П. Английский язык для экономистов) II. Письменно переведите 3 и 4 абзац. III. Найдите абзац, где выражается основная идея текста. Вариант 2 для направления подготовки 38.03.01 Экономика (Финансы и кредит)Прочитайте и устно переведите текст на русский язык. TOOLS AND TECHNIQUES OF FINANCIAL ANALYSIS The tools of financial analysis are intended to show and changes. Among the more widely used of these techniques are horizontal analysis, trend analysis, vertical analysis and ratio analysis. Horizontal analysis. Generally accepted accounting principles call for presenting comparative financial statements that give the current year's and past year's financial information. A common starting point for studying such statements is horizontal analysis, which involves the computation of rouble amount changes and percentage changes from the previous to the current year. The percentage change must be figured to show how the size of the change relates to the size of the amounts involved. Trend analysis. A variation of horizontal analysis is a trend analysis, in which percentage changes are calculated for several successive years instead of between two years. Trend analysis is Important because, with its long-run view, it may point to basic changes in the nature of business. Besides comparative financial statements, most companies give out a summary of operations and data on other key indicators for five or more years. Vertical analysis. Vertical analysis uses percentages to the relationship of the different parts to the total in a single statement. Vertical analysis sets a total figure in the statement equal to 100 and computes the percentage of each component of that figure. For example, in the case of the balance sheet this figure would be total assets or total liabilities and stockholders' equity. The resulting statement of percentages is called a common-size statement. Generally, current assets and current liabilities are given only in total, because ratios are used to analyse their components very carefully. Vertical analysis is useful for comparing the importance of certain components in the operation of the business. It is also useful for pointing out important changes in the components from one year to the next when comparative common-size statements are presented. Common-size statements are used to make comparisons between companies. They also allow an analyst to compare the operating and financial characteristics of two companies of different sizes in the same industry Ratio analysis. Ratio analysis is an important means of stating the relationship between two numbers. To be useful, a ratio must represent a meaningful relationship but use of ratios cannot take the place of studying the underlying data. Ratios are guides or short cuts that are useful in evaluating the financial position and operations of a company and in comparing them to previous years or to other companies. The primary purpose of ratios is to point out areas for further investigation. They should be used in connection with a general understanding of the company and its environment. (Шпетный К.И., Калмыкова Е.И., Захарова М.А., Казанчян К.П. Английский язык для экономистов) II. Письменно переведите 4 и 5 абзац. III. Найдите абзац, где выражается основная идея текста. |