The CFO handbook:
Gespeichert in:
| Weitere beteiligte Personen: | |
|---|---|
| Format: | Buch |
| Sprache: | Nichtbestimmte Sprache |
| Veröffentlicht: |
Chicago <<[u.a.]>>
Irwin Professional Publishing
1997
|
| Ausgabe: | Rev. ed. |
| Links: | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=021759810&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| Umfang: | XXVI, 429 S. graph. Darst. |
| ISBN: | 1556238517 |
Internformat
MARC
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| 245 | 1 | 0 | |a The CFO handbook |c ed. by Mark E. Haskins ... |
| 250 | |a Rev. ed. | ||
| 264 | 1 | |a Chicago <<[u.a.]>> |b Irwin Professional Publishing |c 1997 | |
| 300 | |a XXVI, 429 S. |b graph. Darst. | ||
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| 700 | 1 | |a Haskins, Mark E. |4 edt | |
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| 943 | 1 | |a oai:aleph.bib-bvb.de:BVB01-021759810 | |
Datensatz im Suchindex
| _version_ | 1819337547037278208 |
|---|---|
| adam_text | BRIEF CONTENTS
Preface xx
Contributing Authors xxi
PARTI
CREATING MISSION, VALUES, AND STRATEGY
1 The High-Performance CFO Role or Zen and the Art of
Bean Counting 3
John L. Bakane
2 Making Ethical Values a Tangible Part of the Enterprise s
Financial Function 17
George B. fames and Katherine Ann Woodall
3 Understanding the Business and Economic Environment 35
Douglas }. Beck and Roger E. Brinner
4 Contemporary Best Practices in Making Information Technology
Work for Your Customer and Organization 69
Sidney Diamond
5 Challenges for CFOs in Privately Held Companies 117
Timothy W. Stonich
PART 2
DETERMINING FINANCIAL POLICIES: THE GOVERNANCE
OF MISSION, VALUES, AND STRATEGY
6 Budgeting Systems: Operationalizing Goals and Values 131
Marshall N. Morton
7 Defining the Enterprise s Financial Goals 143
Glenn J. Dozier
V
vi Brief Contents
8 The Role of Finance in Increasing Shareholder Value 155
Robert M. Agate
9 Measuring and Rewarding Performance 169
William Rotch
PART 3
FINANCIAL MANAGEMENT: THE IMPLEMENTATION OF
MISSION, VALUES, AND STRATEGY
10 Making Working Capital Work 191
Larry E. Pearson
11 Financing with Debt 207
Douglas A. Scovanner
12 Income Tax Planning for the CFO 213
Samuel P. Starr and Steven M. Woolf
13 Pension Management 225
William E. Dodge
14 Managing Health Care 257
Thomas G. Manoff
PART 4
FINANCIAL MANAGEMENT RELATIONSHIPS
15 Supply Chain Management: The Role and Responsibilities
of the CFO 275
Alfred J. Battaglia
16 Partnering for Performance ©SM 295
Martin G. Mand
17 Relations with Equity Investors 309
A. Nicholas Filippello
18 Relations with Professional Resources 325
Robert J. Chrenc
Brief Contents vii
PART 5
INTERNATIONAL FINANCIAL MANAGEMENT
CHALLENGES
19 International Risk Assessment 343
Judy C. Lewent and Caroline Dorsa
20 Overseas Alliances: Assessing the Potential Benefit from,
Searching for, and Structuring Them 367
John L. Becker and RobertJ. Sack
21 Controlling Global Operations 397
James M. Cornelius and Michael Grobstein
INDEX 419
CONTENTS PREFACE xx
CONTRIBUTING AUTHORS xxi
PARTI
CREATING MISSION, VALUES, AND STRATEGY
Chapter 1
The High-Performance CFO Role or Zen and the Art of
Bean Counting 3
John L. Bakane, Executive Vice President and CFO, Cone Mills
Corporation
The CFO Perspective 3
Helping Shape Corporate Mission and Goals 5
The CFO and the Management Team 8
The CFO and Organizational Empowerment 11
The High-Performance Financial Organization 13
Mission and Values of the Financial Organization 14
Chapter 2
Making Ethical Values a Tangible Part of the Enterprise s
Financial Function 17
George B. James, Senior Vice President and CFO,
Levi Strauss Co., and Katherine Ann Woodall, Director,
Corporate Communications, Levi Strauss Co.
Ethical Corporate Values in Historical Context 18
viii
Contents ix
Recognizing Stakeholder Interests in Financial Decision Making 18
Incorporating Ethics Is More than Just Drafting a
Statement of Philosophy 20
Ethics in Action: Mini-Case Studies 26
Global Sourcing 26
Taxes 29
Supply Chain Costing and Cost Management 30
Conclusion 33
Chapter 3
Understanding the Business and Economic Environment 35
Douglas J. Beck, Senior Vice President, ICF Kaiser International,
and Roger E. Brinner, Executive Director and Chief Economist,
DRI/McGraw-Hill
Fundamentals: Key Factors Affecting the Business Environment 37
Globalization of Markets 38
Constrained Growth in Traditional Markets 40
Remarkable Growth Opportunities in Select Developing Nations 41
The Continuation of Business Cycles in Industrial Nations 43
Financial and Trade Volatility 46
Global Market Trends: The Size and Growth of Regional Markets 49
Asia 51
Latin America 52
Western Europe 52
North America 53
Eastern Europe 53
Middle East and Africa 54
Understanding the Business Environment: Global Information
Requirements for Assessing Financial Performance 54
Revenue Information Requirements 55
Cost Information Requirements 57
Risks—Incorporating Risks and Returns from the Global Business
Environment into the Expected Financial Performance of the Firm 59
Types of Risk 59
x Contents
Incorporating Risk Factors into Financial and Operating Decisions 63
Conclusion 67
Chapter 4
Contemporary Best Practices in Making Information Technology
Work for Your Customer and Organization 69
Sidney Diamond, President, Diamond Associates
Today s Business Environment 69
Brief Overview of the History of Information Technology 71
Best Practices in Applying Information Technology to
Impact Your Customers and Your Business 73
Aligning Information Technology Efforts
with the Business Operations 73
Using IT on a Global Basis 81
Using IT s Cost-Cutting Strategies 87
Beware of the Phantom User in Project Management 92
Business Process Re-engineering Guidelines 94
Outsourcing, Insourcing, and the Entrepreneur 99
Suggestions for Software Contracts 101
The Future of Information Technology 104
Mobile and Remote Computing 104
Super Data Store 104
Linkages Everywhere 105
Electronic Commerce and the Internet 105
The Millennium Issue 105
Workflow Software 106
Event-Oriented Applications 106
The Future: Client/Server 107
Conclusion 116
Chapter 5
Challenges for CFOs in Privately Held Companies 117
Timothy W. Stonich, Executive Vice President and
CFO, U.S. Can Company
Contents xi
Corporate Culture 119
Company Strategy 123
Going Public 124
Conclusion 128
PART 2
DETERMINING FINANCIAL POLICIES: THE GOVERNANCE
OF MISSION, VALUES, AND STRATEGY
Chapter 6
Budgeting Systems: Operationalizing Goals and Values 131
Marshall N. Morton, Senior Vice President and CFO,
Media General, Inc.
Defining the Budget 132
Budget Goals and Objectives 133
Establishing the Budget 134
Reviewing and Approving the Budget 137
Integration with the Long-Range Planning System 138
Dealing with Performance Shortfalls and Surpluses 139
Integration with the Compensation System 140
Periodic Reviews 141
Conclusion 141
Chapter 7
Defining the Enterprise s Financial Goals 143
Glenn J. Dozier, Senior Vice President and CFO,
Owens Minor, Inc.
Public versus Privately Owned Enterprises 144
Goal Setting 144
Peer Group 144
Cost of Capital 146
Sustainable Earnings Growth Formula (SEGF) 148
xjj Contents
Financial Goals for Three Constituencies 150
Investors 150
Lenders 150
Management and Workers 151
Communication, Training, and Incentives 152
Chapter 8
The Role of Finance in Increasing Shareholder Value 155
Robert M. Agate, CFO, Colgate-Palmolive Company
Initial Turnaround 156
Building on Success 161
The Challenge of the Future 166
Chapter 9
Measuring and Rewarding Performance 169
William Rotch, Professor of Business Administration, Harden
Graduate School of Business Administration, University of
Virginia
Why Measure Performance? 169
Financial Measures 170
Nonfinancial Measures 173
Performance Measures, Motivation, and Rewards 176
Challenges in the Design of a Bonus System 177
Monitoring the Performance of Strategy, Structure, and Processes 182
Strategy 182
Organizational Structure 183
Organizational Processes 184
The CFO s Role 186
Conclusion 187
Contents xiii
PART 3
FINANCIAL MANAGEMENT: THE IMPLEMENTATION OF
MISSION, VALUES, AND STRATEGY
Chapter 10
Making Working Capital Work 191
Larry E. Pearson, Senior Vice President-Finance, GE Fanuc
Automation North America, Inc.
Benchmarking 193
Inventory Initiatives—The Process 194
Inventory Initiatives—Procurement 196
Five Steps to Effective Procurement™ 198
Inventory Initiatives—Demand Forecasting 200
Inventory Initiatives—The Measurement 201
Supplier Payments 201
Receivables Initiatives—The Report Card 202
Receivables—The Return on Investment 203
Receivables—Other Initiatives 205
Conclusion 206
Chapter 11
Financing with Debt 207
Douglas A. Scovanner, Senior Vice President and CFO, Dayton
Hudson Corporation
Liquidity 208
Maturity 209
Interest Rate Risk 210
Conclusion 211
M
xjv Contents
Chapter 12 Income Tax Planning for the CFO 213
Samuel P. Starr, Tax Partner, Coopers Lybrand L.L.P., and
Steven M. Woolf, Tax Director, Coopers Lybrand L.L.P.
Measuring the Corporate Tax Function 214
Effective Tax Rates 214
Audit Results 216
Source of Information and Planning 218
Organizing the Corporate Tax Function 219
Structure and Staffing 220
Tax Planning Strategies 220
Facing the Next Century 222
Conclusion 223
Chapter 13
Pension Management 225
William E. Dodge, Managing Director, Marvin Palmer Associates
A Pension Management Paradigm 226
Strategic Planning for Pension Management 228
Seven Steps for Strategic Pension Management Planning 228
The Liability Portfolio 232
The Limited Liability and Expanded Use of DC Plans 232
Know the Complexities of the DB Liability 235
Pension Liabilities and Overfunding as
Corporate Assets—Use Them 237
No Target, No Feedback Means No Control 239
The Asset Portfolio 239
Develop the Target for DB Plan Asset Management 240
The ABO-To Hedge or Not to Hedge 242
Construct the Normal Target for DB Asset Management 244
A Counterintuitive Free Lunch — Uncorrelated Assets 245
Forms of Investment—Derivatives and the Underlying 247
Selecting Investment Managers—Including Yourself 248
Contents xv
Rebalance to the Normal Target—Function and Frequency 250
Delegation to the Rebalance Function —
The Asset Overlay Manager 251
Odds and Ends of Pension Management 253
Social Responsibility 253
Proxy Voting—You Need a Policy 254
Shareholder Activism—Corporate Governance 254
Conclusion 254
Chapter 14
Managing Health Care 257
Thomas G. Manoff, CIO, Saturn Corp.
Health Care Network Approaches 259
Making a Choice 261
How the Company Influences Cost 264
Structure of the Plan 264
Educating the Work Force 265
Involving the Work Force 268
Results 269
Areas of Concern 270
PART 4
FINANCIAL MANAGEMENT RELATIONSHIPS
Chapter 15
Supply Chain Management: The Role and
Responsibilities of the CFO 275
Albert J. Battaglia, Group President, Becton Dickinson
SCM and the Manufacturing Company 279
Supply Chain Management Framework—The SCM Pyramid 279
Basic Elements of SCM 280
SCM Strategies 282
jjyj Contents
Customer and Supplier Alliances 282
Superior Relative Quality 283
Productivity and Cost-Effectiveness 283
Innovative Products and Services 284
Best Customer Service in the Industry 284
Policies and Objectives of SCM 285
Measurements 286
Structure 287
Systems 288
Business Planning Systems 288
Customer Service Systems 289
Manufacturing Resources Planning (MRP) Systems 290
Distribution Resources Planning (DRP) Systems 290
Staff and Skills 291
Style 292
An Eighth S—Synergy 292
Conclusion 293
Chapter 16
Partnering for Performance ©SM 295
Martin G. Mand, Chairman and President, Mand Associates,
Limited, and Executive Vice President and Chief Financial Officer,
Northern Telecom, Limited (Retired)
Beliefs 297
Contributions of Finance 304
Chapter 17
Relations with Equity Investors 309
A. Nicholas Filippello, Vice President, Financial
Communications, and Chief Economist, Monsanto Company
Growing Importance of Institutions 309
Informing the Investor 310
What Drives the Stock Price? 311
Financial Audience 313
Contents xvii
Types of Investors 315
What Information Must Be Communicated? 317
Product Portfolio and Markets Served 317
Current Business Conditions and Outlook 318
Corporate Strategy 319
Sources of Potential Surprise 320
Optimal Disclosure and Changing Technology 322
Delivering Value to the Investor 323
Chapter 18
Relations with Professional Resources 325
Robert J. Chrenc, Executive Vice President and CFO, AC Nielsen
When Outside Consultants Are Needed 326
The Professional Resource Network 329
Building Your Own Network 331
What to Look for in a Consultant 332
Audit Firms 332
Investment Bankers 333
Commercial Bankers 334
Professors and Other Experts 334
Managing Professional Relations 334
How to Be a Good Client 336
Engagement Letter 337
Conclusion 339
PART 5
INTERNATIONAL FINANCIAL MANAGEMENT
CHALLENGES
Chapter 19
International Risk Assessment 343
Judy C. Lewent, Senior Vice President and CFO, Merck Co., Inc.,
and Caroline Dorsa, Treasurer, Merck Co., Inc.
xviii Contents
Defining Risk 345
Political Risk 345
Economic Risk 346
Financing Risk and Exchange Controls 346
Market Risk 347
Monitoring Risk 347
Analyzing Risk 348
Measuring Risk 348
Accounting Considerations 353
Managing Risk 353
Export Business 355
Establishing Foreign Legal Entities 356
Debt Financing, Guarantees, and Subsidiary Capitalization 357
Creating a Joint Venture 359
Hedging Currency Risk 359
Sovereign Risk Insurance 362
Other Techniques 362
Case Study 363
Conclusion 365
Chapter 20
Overseas Alliances: Assessing the Potential Benefit from,
Searching for, and Structuring Them 367
John L. Becker, Director of Business Development, Cummins
Engine Company, and Robert J. Sack, Professor of Business
Administration, Darden Graduate School of Business
Administration, University of Virginia
Opportunities for an Overseas Alliance 368
Why Choose a Joint Venture as the Form of the Overseas Alliance? 371
Establishing the Joint Venture 374
Step 1: Charter a Feasibility Study 375
Step 2: Develop a Contract for Deliverables with Corporate
Management 376
Contents xix
Step 3: Have Interim Reviews during Negotiations 382
Step 4: Obtain Final Approvals 383
Step 5: Begin Operations, Manage the Results, and Build the
Relationships 386
Accounting for the Joint Venture by a U.S. Partner 389
The Consolidation Method 389
The Equity Method 390
Implementation of the Consolidation and the Equity Methods 392
Tax Issues 394
Chapter 21
Controlling Global Operations 397
James M. Cornelius, Chairman, Guidant Corp., and Michael
Grobstein, Vice Chairman, Ernst Young International
Control Implications for the Global Enterprise 398
International Financial Management 399
Environmental Risk Analysis 400
Defining Risk Factors 400
Effect of Size and Scope of Operations 401
Control Strategies 403
Growth 403
Environmental Risk 405
Business Processes 405
The Case for Centralized Treasury Management 406
Ideas for Managing Exchange Risk 410
The Focus of Global Controllership 410
Analyzing Global Results 410
Analyzing Financial Reporting Systems 411
Audit Role in International Control 412
Good Communications Are Critical 416
Conclusion 417
INDEX 419
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