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Semper Fi(永远忠诚)——美国海军陆战队

 
 
 

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[書摘]詮釋成功:普華(PW)在美國的一百年(第一章-12)  

2011-12-06 21:16:08|  分类: 诠释成功:普华( |  标签: |举报 |字号 订阅

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The PW offer took Jones and Caesar "so Completely by surprise" that they were initially "at a loss what to do in the natter." After negotiating some points in the proposal, the new relationship, to remain in force for three years, was established on January 1, 1895. Agency fees of London origin had precipitously declined, contributing only a little over $550 in profit at the end of 1894, but they rebounded during the next six months. By the end of the fiscal year, fees approached those of the agency's first year in business, approximately S2O,000. Agency fees continued at about the same pace during 1895-1896. They increased thereafter, reaching approximately S31,000 the next year and $45,000 during 1897-1898. Although Jones and Caesar took out a larger proportion than they had under the previous arrangement, the London office's profits soon justifled the firm's decision to concinue its Ametican connection.

老東家開出的條件讓兩個代理人大爲驚訝,以至于“壹時不知如何是好”。不過他們很快就與普華敲定了剩下的細節,爲期三年的新代理關系亦于1895年1月1日正式生效。代表處從倫敦總所轉介業務中取得的公費收入急劇下降,這些業務在1894年末的利潤中僅占了約合550美元的份額,但很快在第二年上半年反彈。截至1894-1895財年末,代表處在簽訂新代理協議後取得公費收入約2萬美元。接下來的1895-1896財年收入與之相近。而在1896-1897財年則增至約3.1萬美元,至1897-1898財年爲4.5萬美元。雖然Jones和Caesar在利潤中所獲的份額比舊的代理協議要多,但[代表處向]倫敦總所貢獻的利潤很快證明了他們保留代表處的決定的正確性。

The changing fortunes of both the PW American agency, and especially of Jones and Caesar, reflected the revival of the economy, coupled with a growing appreciation among American businesses of "the value of independent audits." Although momentarily retarding the development of the accounting profession, the depression oi the early l890s ultimately led to the creation of many new opportunities for accountants. Many of the large American railroads that had gone bankrupt, for example, required investgations and audits for reorganization. In 1895, during their first year in business, Jones. Caesar & Co. took up 13 matters on their own and serviced 6 others for PW. The next year was much the same, with 12 firm clients, and 8 matters for the London office.

代表處和兩個代理人(尤其是後者)處境的改善反映了美國經濟的複蘇,同時還有美國企業對“獨立審計有其自身價值”的日漸認可。雖然19世紀90年代初的經濟蕭條暫時妨礙了會計行業的發展,但它最終仍舊爲會計師創造了許多新的機遇。例如,美國許多在經濟蕭條中破産的大型鐵路公司[在清算時]需要會計師介入,對其內部財務狀況進行調查和審計,以便後續重組工作[的開展]。1895年,Jones. Caesar & Co.在自行執業的首年裏自行承攬了13個客戶,並爲普華的6個客戶提供服務。第二年的情況大體相當,服務12個自有客戶和8個普華的客戶。

In 1897, the firm began a series of large-scale investigations and audits that signaled the beginnings of the merger movement in large American businesses - a phenomenon hat lasted into the early years of the next century and in which Jones, Caesar & Co. played significant role. During the 1890s, a new market for securities for industrial corporations had gained widespread acceptance among investors. The brisk market for these industrial stocks, listed on the New York Stock Exchange and traded all over the country, made it easier for businessmen to create large consolidations and combinations within industries. As a result, a great explosion of mergers took place. As one historian of the period has observed, "nothing like it was seen before or since in the history of the nation's economy." By 1901, many of the country's most influential corporations had been created.

1897年,公司(此處指Jones. Caesar & Co. ——譯者)開始一系列大規模的審計項目和財務調查項目,象征著美國各行業企業之間大規模并購重組的開始。並購潮持續至20世紀初,而Jones. Caesar & Co.在其中發揮了非常重要的作用。19世紀90年代,工業企業發行的證券在投資者那裏開拓了一個新的市場,被投資者廣爲接受和認可。這個新而廣闊的市場涵蓋了它們在紐約證交所發行上市、並在全國範圍內交易的股票,並且降低了企業主在行業內進行大規模整合與兼並的難度。于是,美國掀起了企業兼并聯合的浪潮。當時有位曆史學家經過觀察曾得出結論,認爲“這樣的事情在國家經濟的發展史上前所未見”。到1901年,美國大部分有影響力的企業都已[通過並購重組的方式]建立。

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