外文翻译--中国企业跨国并购绩效的决定因素
译文：
中国企业跨国并购绩效的决定因素摘要：采用了独特的数据上设置的跨境合并和收购活动在中国的证券交易所上市的公众公司，我们收购前的性能和国有股比例对收购公司的表现产生积极的影响。
关键词：跨国兼并和收购，中国企业，国际化
1.介绍
在过去的30年里，中国经历了快速的经济增长。在此期间，大量的中国企业已经成长起来和具备竞争力，有一些甚至已经涉足海外投资，以寻找新的增长来源。国际化扩张的方式之一就是收购现有企业，在国外，所谓的跨国兼并和收购（M＆A）。虽然这个数字是低，规模小的，但最近比过去的趋势明显加快。这种现象值得密切关注，以便更好地了解在这个问题上。
跨国兼并和收购是指一个企业购买在国外的另一家公司的股份或资产的行动。显然，跨国兼并和收购是在两个或两个以上国家的公司的控制权之间的交易。虽然跨国并购的目标常常被说成是为股东创造价值的收购公司,结果相距较远的规定的目标。系统研究表明，有相当数量的跨国兼并和收购以失败而告终。除了在母国和东道国的市场环境之间的差异，收购公司的竞争力和比较优势被认为是更重要的。这些优势包括公司治理，高层管理人员的长期竞争力，学习能力，以及其他。因此，有必要看一看公司的特定因素影响的性能，跨境并购本研究的主要目的是确定的因素，影响结果的跨国兼并和收购中国公司，特别是在最近几年收购公司的经济表现。
近年来，中国企业的跨国兼并和收购的规模稳步上升。根据联合国贸易与发展会议，中国企业的跨国兼并和收购总额为8.139亿美元，这个时间是1988年至2003年，其中大部分是1997年后发生。虽然平均金额每年只有2.16亿美元，1988年和2003年间，在2003年，就达到了1.647亿美元的水平。有一些广为人知的案例：上海电气集团在2002年购买了日本印刷机制造商，TCL收购德国施耐德在2003年和2004年，联想收购IBM PC业务的。所有这些情况表明，中国企业的跨国兼并和收购已经进入了一个时代。
收购公司的经济表现的不同结果这样的公司的行动。一些差异可能涉及到的国际化扩张的动机。例如，有些公司这样做，因为在国内市场的竞争压力，而寻求资源，如原材料和技术，大概有几个甚至鼓励政府的政策措施。尽管他们的动机的不同，许多公司因此增加了困难，在跨国并购的整合风险，并没有一个明确的概念成功因素导致性能上的差别。因此，它必须有一个很好的理解中国和国际的关系，中国企业海外并购和决定因素之间的关系。
虽然这个问题是很重要的，许多严肃的学术研究中是很难找到的。通过系统搜索的网站，其中列出了所有在中国的学术期刊上发表给我们接近千条跨国并购的中国国家知识基础设施大多数仅仅是现有的理论，说明目前的情况下，或简单的个案研究的评论。
我们的研究试图分析系统的经济性能，近年来，中国企业的跨国并购世界儿童之友协会的决定因素。除了促进跨境并购的文献，我们也希望研究结果可以提供有益的指导对外直接投资的中国企业中所持的信念。
跨国并购是不是新的。本文拟作出贡献是解释企业层面的海外并购，中国企业的因素和表现。由于跨国并购表现受多种因素影响，我们采用了多种理论观点，特别是组织学习的观点与代理理论。
作为我们讨论的早期，我们还发现一个发达的数据库的跨境中号和一个，因此，我们开发我们自己的一个数据库覆盖165中号和一个情况下，通过搜索，通过各种数据源，包括公司网站，年度报告，报纸上，并在互联网。
本文的组织如下。在第2条中的跨境并购活动的中国企业的特点进行了讨论。经过短暂的文献回顾，一些假设的基础上的理论观点。第4节讨论的方法和结果报告的结论性意见之前在第5。
2.跨境并购中国公司的特点
跨国并购的中国企业开始在20世纪80年代，位于美国，加拿大和香港的大部分目标公司。该公司涉及的基本上是大型国有企业，如中信，中化集团，首都钢铁，中国的资源。例如，北京首都钢铁集团购买的美国工程公司MASTA的70％的股份，于1988年7月为US $340百万。在20世纪90年代，越来越多的中国公司开始从事海外并购。除了国有企业，私营和集体企业还联合游戏。进入21世纪后，中国企业在跨国兼并和收购，几个大的情况下发生，如购买由上海汽车工业总公司和韩国双龙汽车公司汽车公司收购IBM的PC业务变得更具侵略性联想。
传闻观测结果显示几个趋势：1）量和交易金额的增加随着时间的推移。图0.1显示了中国企业的跨国兼并和收购所涉及的金额。多年来虽然涉及的金额有所不同，但趋势是往上走。2）现金收购要约的采购方法扩展到各类款项，如杠杆收购和交换的股票的。例如，TCL法国的汤普森在其收购的资产注入股份交换的方法。3）虽然大跨境并购交易中占主导地位的国有企业，收集国有和民营企业也成为近年来活跃在。4）涉及的行业领域延伸至国内垄断行业，如能源，化学制品制造业普遍。
3.学术评论
有大量文献国内和跨国兼并和收购，主要是基于发达国家的经验。有一些中国学者研究了在国内市场的兼并和收购的情况下。例如，冯武（2001），使用会计数据及因素分析，制定一个整体的企业绩效评价函数。他们没有找到的M＆A公司的业绩在今年显着的变化，但在一年后性能提高，在第三年下降。朱和王（2002）的股本回报率（ROE）和资产收益率（ROA）为收购方和目标公司于1998年67兼并和收购的情况下，分析改进。张（2003年），采用事件研究法和会计分析方法，分析了中国上市公司的兼并，收购和重组。他发现，兼并，收购和重组，目标公司的价值，但对股东收购公司的收入及财务表现产生了负面的影响。佳（2003）报道，收购公司的表现，和他们以前的收购经验之间存在着倒U形关系。我们没有发现，中国企业的跨国兼并和收购的实证研究。在下面的章节中，我们将开发一些假设的基础上的跨境并购案例表现的可能的影响因素，当时的理论。
4.假设发展
跨国并购的成果至少2大因素。首先，它依赖于外部环境，如在本国的经济增长和竞争程度，东道国的政治和文化环境的变化等。其次，取决于收购公司的资源和能力。这是，我们要着眼于后者。因此，几个假设，以反映的跨国并购公司的特点和性能之间的关系
4.1预收购公司的收购表现
控制权的分配和可能的协同作用，经常被用来解释收购前的性能和收购行为。它们也可以用来解释收购与目标公司收购后的表现。韦斯顿等。（1990）提出，协同效应的主要来源，其中的收购增加值，这意味着经济效率提高后，企业的兼并与不同的管理能力。一个比较有效的投标人购买效率较低的目标公司，并通过改善目标公司的效率，增加合并后的公司的价值。
从目标公司的角度来看，市场对公司控制权理论认为，它是一个公司的市场价值之间的差异，其实际价值，决定公司是否将被收购。此外，收购公司和目标公司的管理效率之间的差异，确定目标公司的收购后的表现。从收购公司的观点，市场对公司控制权的理论预测，收购前表现的无罪坚定的正相关，其收购的性能。例如，郎咸平等。（1989）发现，在要约收购中，收购公司和股东的利益的托宾Q 值呈正相关。Servaes（1991）发现，与托宾Q值的收购方，收购方和被收购公司的股东收益是正相关。在这些研究中，托宾的Q定义为公司的市场价值除以它的重置成本，作为一个公司的收购前业绩和管理能力的一个指标。在此，我们制定以下假设：
假设1：收购前的中国公司（收购方）和跨国并购性能表现呈正相关。
4.2自由现金流
代理理论描述了股东与经理人之间的关系为委托代理关系。委托人和代理人的不同，经常发生冲突的利益。一位经理认为自己的利益为先，在做决策时，可能无法在股东的最佳利益。詹森和麦克林（1983）定义了一个公司作为一个承上启下的合同，，争夺代理成本是不可避免的公众公司。
一类代理成本与自由现金流量是指后留在该公司的所有净现值为正的投资项目，涵盖了需要的现金数额的大小。大量的自由现金流，可能会导致更高的代理成本收购公司的企业管治是不完善的。当一家公司有一个大型的免费现金流，但没有或只是一个小的债务，股东和管理人员可能会面临着严重的利益冲突股息政策。为了使自己的利益最大化，管理者不想分发的免费现金派息，并保留在公司内部的现金流。因此，他们可以用这些资金不仅为他们个人的私人利益或过度投资，同时也为在未来可能损失的补偿（詹森，1986）。如果没有良好的控制系统，以确保运营效率，自由的现金流可能导致代理成本高。在这情况下，收购不能是一个明智的决定。另一方面，自由的现金流是可再发行的金融资源，因此在收购公布，并把它变成更有效率的使用。
詹森还预测自由现金流行业的集中度的特点，表现出的自由现金流可以是一个严重的问题，公司大量的自由现金流和低增长的前景，特别是必不可少的公司注定要缩小。这些企业面临的最严重的情况，在不盈利的项目投资上的浪费现金。
我们认为在中国的上市公司，自由的现金流可能会导致相同的代理成本。派
息降低了资源管理器的控制下，因此，经理人更愿意使用免费的现金流投资，而不是派发股息，即使这种投资可能不会产生积极的股东回报。因此，我们假设有足够的现金流，收购公司在收购前收购后的表现不佳。
假设2：收购前的现金流中国公司（收购方）和其收购的性能是负相关的。
原文：
Determinants of Cross-Border Merger & Acquisition Performance of Chinese Enterprises
Abstract：Using a unique data set on the cross-border merger and acquisition activities of the public companies listed at China's stock exchanges, we show that pre-acquisition performance and proportion of the state shares have a positive impact on performance of acquiring companies
Keywords: Cross-border mergers and acquisitions; Chinese enterprises; International-alization
1. Introduction
In the past thirty years China has experienced a rapid economic growth. In that period, a large number of Chinese enterprises have grown up and gained compositeness, a few have even ventured abroad to search for new sources of growth. One way of international expansion is to acquire existing businesses abroad, so called cross-border mergers and acquisitions (M&A). Although the number was low and the scales were small in the recent past, the trend is clearly picking up. It warrants a close look at this phenomenon to gain a better understanding on this matter.
Cross-border M&A refers to a corporate action of purchasing the shares or assets of another company in a foreign country. Obviously, cross border M&A is a transaction of control rights between companies in two or more countries. Although the goals of cross-border M&A are often said to be creating value for the shareholders of acquiring companies, the results are far apart from the stated objective. Systematic studies show a considerable number of cross-border mergers and acquisitions end up in failure. In addition to differences in market environments between home and host countries, the competitive and comparative advantages of the acquiring companies are considered more important. Those advantages include corporate governance, top management term competence, learning ability, among others. Therefore, it s necessary to take a look at the firm specific factors that influence the performance of cross-boarder M&A. The main purpose of this study is to identify the factors that influence the outcomes of cross-border M&A made by Chinese firms in recent years, particularly, economic performance of the acquiring firms.
The scale of cross-border mergers and acquisitions by Chinese firms has increased steadily in recent years. According to the United Nation Conference on Trade and Development, cross-border mergers and acquisitions by Chinese firms totaled US$ 8.139 billion in the period of 1988 to 2003, most of which occurred after 1997. While the average amount each year was only $ 216 million between 1988 and 2003, it reached the level of $ 1.647 billion in2003. There are a few well publicized cases: Shanghai Electric Group purchased a Japanese printing machine manufacturer in 2002, TCL acquired Schneider in Germany in 2003 and Lenovo purchased PC business of IBM in2004. All these cases show Chinese enterprises have entered an era of cross-border mergers and acquisitions.
The economic performance of acquiring firms differs as a result of such corporate action. Some of the differences may relate to the motives of the international expansion. For example, some companies do it because of competitive pressure at home market, while others seek resources such as raw materials and technologies, and probably a few are even encouraged by government policy measures. Despite the
variety in their motives, many companies underestimate difficulties and integration risks in cross-border M&A and don’t have a clear idea about success factors that contribute to the difference in performance. Therefore it is imperative to have a good understanding of the relationship between performance of Chinese overseas mergers and acquisitions and determinant factors.
Although the issue is clearly important, many serious academic studies are hard to find. A systematic search through the website of the China National Knowledge Infrastructure that lists all academic journals published in China give us nearly one thousand articles on cross-boarder M&A. Most are merely reviews of existing theories, descriptions of current situations or simple case studies.
Our study attempts to analyze systematically economic performance and its determinants of cross border M&A made by Chinese companies in recent years. In addition to contribute to cross-border M&A literature, we also hope that the findings can provide useful guidance to outward foreign direct investment by Chinese enterprises in the future.
Cross-border M&A is not new. What this paper intends to contribute is to explain the firm level factors and performance of overseas M&A by Chinese enterprises. Because the M&A performance are influenced by multiple factors, we adopt a multiple theoretical perspectives, specifically, organization learning perspective and agency theory.
As we discussed early, we have not yet found a well developed database on the cross-border M&A, therefore we develop on our own a database covering 165 M&A cases by searching through various data sources including company websites, annual reports, newspapers, and the internet.
The paper is organized as follows. The features of cross-border M&A activities of Chinese firms are discussed inspection 2. After a short literature review, a number of hypotheses are developed based on a number of theoretical perspectives. Section 4 discusses the methodology and results are reported in section 5 before the concluding remarks.
2. Features of Cross-border M&A by Chinese Companies
Cross-border M&A by Chinese companies began in the 1980s, with most of the target companies located in the US, Canada and Hong Kong. The firms involved were basically large state-owned enterprises, such as CITIC, SINOCHEM, Capital Steel and China Resources. For example, Beijing Capital Steel Group purchased 70% shares of an American engineering company MASTA for US $3.4 millions in July 1988. In the 1990s, more and more Chinese companies start engaging acquisitions overseas. In addition to the state-owned enterprises, privately and collectively owned enterprises also joint the game. After entering into the 21 century, Chinese firms become more aggressive in cross-border mergers and acquisitions, several large cases occurred, such as the purchase of Korean company Sang Yong Motor Company by Shanghai Automotive Industry Corporation and the purchase of PC business of IBM by Lenovo.
Anecdotal observations show a few tendencies: 1) volume and sum of transactions increase over time. Figure.1shows amounts of money involved in that cross-border mergers and acquisitions of Chinese enterprises. Although the amounts of money involved vary over the years, but the trend is going up. 2) The purchasing method extended from cash offer into various kinds of payments, such as leveraged acquisitions and swap of equity shares. For example, TCL used the methods of asset injection and shares swap in its acquisition of Thompson of France. 3) Although the state-owned corporations dominate in big cross-border M&A deals, collectedly owned and private enterprises also become active in recent years. 4) The industries covered extended from domestically monopolized industries such as energy, chemicals to manufacturing industry in general.
3. Literature Review
There is a vast literature on both domestic and cross-border mergers and acquisitions, mostly based on the experiences from developed countries. There are a few Chinese scholars have studied mergers and acquisitions casein domestic markets. For example, Feng and Wu (2001), using accounting data and factor analysis, formulate an overall evaluation function of corporate performance. They do not find significant change in firm performance in the year of M&A, but the performance improves in the year after and falls back in the third year. Zhu and Wang (2002) analyze improvement of return on equity (ROE) and returns on assets (ROA) for both acquirer and target companies in 67 mergers and acquisitions cases in 1998. Zhang (2003), using event study method and accounting an alytical method, analyzes the mergers, acquisitions and reorganizations of Chinese publicly listed companies. He found that mergers, acquisitions and reorganizations add value to the target company, but had a negative influence upon shareholders’ income and financial performance in the acquiring company. Jia (2003) reports a reverse U shape relationship exists between performance of acquiring companies and their previous acquisition experience. We do not find empirical study on cross-border mergers and acquisitions of Chinese companies. In the following section,we are going to develop a few hypotheses based on the prevailing theories on possible factors that influence the performance of cross-border M&A cases.
4.Hypotheses Development
The outcomes of cross-border M&A depends at least on 2 broad factors. First of all, it depends on external environment, such as economic growth and degree of competition at home country, changes of political and cultural environment of host country and so on. Secondly, it depends on resources and capability of the acquiring company.It is the latter that we are going to focus on. A few hypotheses therefore are developed to reflect the relations between acquiring firm characteristics and performance of cross-border M&A.
4.1 Pre-Acquisitions Performance of Acquiring Firms
Allocation of control rights and possible synergy are often used to explain pre-acquisition performance and acquisition behavior. They are also used to explain post-acquisition performance for both acquiring and target firms.Weston et al. (1990) proposes that synergy effect is one of the main sources in which acquisition adds value, which means economic efficiency can improve after mergers of firms with different management capabilities. A relatively efficient bidder purchases a less efficient target firm and increases the value of the merged firm through improving target firm’s effectiveness.
From target firm perspective, market for corporate control theory argues that it is the difference between a company’s market value and its actual value that determines whether a firm will be acquired. Moreover, the difference of management efficiency between the acquiring firm and the target firm determines the target company's post-acquisition performance. From the acquiring firm s viewpoint, market for corporate control theory predicts that pre-acquisition performance of the acquitting firm is positively related to its acquisition performance.For example, Lang et al. (1989) found that in tender offers, Tobin Q value of acquiring firms and shareholders’interests are positively related. Servaes (1991) found both acquirer’s and acquired company’s shareholders gainsare positively associated with the Tobin Q value of the acquirer. In these studies, Tobin s Q, defined as the market value of a company divided by its replacement cost, is used as an indicator of a company s pre-acquisition performance and management capacity. Hereby we develop the following hypothesis:
Hypothesis 1: Pre-acquisition performance of Chinese company (the acquirer) and its cross-border acquisition performance are positively related.
4.2 Free Cash Flow
Agency theory describes that the relationship between shareholders and managers as a principal-agent relationship. The principal and agent have different and often conflict interests. A manager considers his own interest first when making decisions that may not at the best of interest of shareholders. Jensen & Meckling (1983)define a firm as a nexus of contracts, contending that agency cost is unavoidable in public companies.
One kind of agency costs is associated with the magnitude of free cash flow that refers to the amount of cash leftin the company after covering the need of all investment projects with positive net present value. Large amounts of free cash flow can cause higher agency cost when corporate governance of acquiring company is imperfect. When a company has a large free cash flow but no or just a little debt, shareholders and managers may face a serious conflict in interests regarding dividend policy. In order to maximize their interests, managers prefer not distributing the free cash as dividend payout and to keep free cash flow within the company. Therefore they can use that cash not only for their personal private benefits or over-investment, but also for compensation of possible losses in the future(Jensen, 1986). If there is no good control system in place to ensure efficiency in operations, free cash flow may lead to high agency cost. Under that circumstance, acquisition cannot be a sound decision. On the other hand, free cash flow is redistributable financial resource thus released in acquisitions, and put it into more productive use.
Jensen also predicts the characteristics of the free cash flow concentrated industries, showing that the free cashflow can be a serious problem for companies with large amounts of free cash flow and low growth prospect, and especially essential for companies doomed to shrink. These companies face the most serious situation for wasting cash on investments in non profitable projects.
We argue free cash flow can cause the same agency cost in China’s publicly listed companies. Dividend payout lowers the resources under manager’s control; therefore managers prefer using free cash
flow to invest instead of dividend payment, even though such investment may not generate positive returns to shareholders. Therefore, we hypothesize that acquiring company with sufficient cash flow before acquisition has poor post acquisition performance.
Hypothesis 2: Pre-acquisition free cash flow Chinese company (the acquirer) and its acquisition performance are negatively related.
References
[1] Eisenhardt, K.M., 1989. Agency Theory: An Assessment and Review. The Academy of Management Review, 14(1): 57-74.
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[3] .Fowler, K. L. & Schmidt, D. R., 1989. Determinants of tender offer post-acquisition financial performance. Strategic Management Journal, 10(4): 339.
[4] Franks, J., R. Harris & S. Titman, 1991. The post-merger share-price performance of acquiring firms. Journal of Financial Economics, 29. pp.81-96.
[5] Haleblian, J. & S. Finkelstein, 1999. The influence of organizational acquisition experience on acquisition performance: A behavioralperspective. Administrative Science Quarterly, 44 (1): 29.
[6] Harrison J. S., M. A. Hitt, R. E. Hoskisson & R. D. Ireland, 1991. Synergies and Post Acquisition Performance: Differences Versus Similaritiesin Resource Allocations. Journal of Management, 17: 173-190.
[7] Hayward, M. L. A., 2002. When do firms learn from their acquisition experience? Evidence from 1990—1995. Strategic Management Journal,23 (1): 21.
[8] Hitt, M., Harrison, J., Ireland, R. D., & Best, A., 1998. Attributes of Successful and Unsuccessful Acquisitions of US Firms. British Journal ofManagement, 9 (2): 91.
中小企业如何进行绩效管理
中小企业如何进行绩效管理--规章制度 所谓绩效管理，是指各级管理者和员工为了达到组织目标共同参与的绩效计划制定、绩效辅导沟通、绩效考核评价、绩效结果应用、绩效目标提升的持续循环过程，绩效管理的目的是持续提升个人、部门和组织的绩效。 影响绩效的主要因素有员工技能、外部环境、内部条件以及激励效应。员工技能是指员工具备的核心能力，是内在的因素，经过培训和开发是可以提高的;外部环境是指组织和个人面临的不为组织所左右的因素，是客观因素，我们是完全不能控制的;内部条件是指组织和个人开展工作所需的各种资源，也是客观因素，在一定程度上我们能改变内部条件的制约;激励效应是指组织和个人为达成目标而工作的主动性、积极性，激励效应是主观因素。 绩效管理对于中国企业已经不是一个陌生的话题，从以年终分配为目的的绩效考核到以全面提升企业管理水平为目的的绩效管理，很多经营者都希望通过绩效考核能够提高企业整体绩效水平。而如何真正将绩效管理运用到企业的经营中，并起到战略牵引的作用，也是让很多管理者头痛的问题。在绩效管理的实施中，最常见的问题就是流于形式，实际工作没有深入下去，执行不到位，造成推行绩效考核的管理成本大于绩效水平提高的效果;或者绩效考核实施目标不明确，为了分配奖金而考核，大家挖空心思寻找考核的漏洞和可能的机会，而不是将关注点集中在绩效水平的提升上。这里就涉及到绩效考核的战略导向、实施目标和切入点等一系列需要前期明确和处理的问题，在此就中国中小型企业中可能存在的一些现象做研究分析与大家共享。 在绩效考核实际实施和操作过程中，不同企业之间或相同企业在不同阶段，企业具体的战略目标是大相径庭的，这就决定了推进和实施绩效考核的切入点和侧重点也不相同。如果仅仅根据绩效考核理论生搬硬套，多数情况会象一盘好看却不好吃的菜，让人大倒胃口，有时还会造成不同程度的负面影响。 对于中国多数的中小型企业，绩效考核并不是一步到位、在短时间内建立得非常完善、表面十分光鲜就可以解决问题的;而是要从实际出发，从梳理流程、规范管理入手，开始绩效管理的第一步，等到运行时机成熟、数据积累充分之后，再将绩效考核全面推进，做到每个阶段都有明确具体的目标，每个阶段的实施都能对绩效水平的提高产生较大作用。 一、中小企业的现状与现代管理理论的矛盾 以目前中国中小型企业为例，绩效考核的操作和实施并不是一蹙而就、一步到位，建立得非常完善就可以解决问题的。在很多关于绩效考核的介绍中，为大家提供了完备的建立和实施绩效考核的方法及步骤，而从绩效考核的实施操作来看，这相当于为大家提供了一个非常规范的范本，不过这个范本通常隐含了很多假设作为前提条件，比如一般都要求企业的各项规章制度比较完备、管理流程比较清晰，从而设置各种绩效指标将目标层层分解，把企业的战略目标宣灌到各个层级的各个岗位上，从而保持多数员工的工作目标与整体战略目标的一致性，最大限度调动员工的积极性和创造性达到绩效水平的整体提升。显然，是一个完美的设想，但是对于我们多数的中小企业是否真的可以在这个美丽的设想下，实现绩效水平的大幅提升呢? 目前对于很多企业，尤其是中国的中小型企业，多数是由原来几十人、甚至十几个人的小单位或小作坊发展壮大起来的，在改革开发的市场大潮中有勇气、有魄力，做出了一番事业，在多年的经营中积累了大量的经验和竞争优势;同时这些企业最容易出现的弊病就是管理体系的不规范与落后，尤其是相对与现代化企业制度和管理理论而言。 当然，这是一定时期，中国企业发展的历史造成的，从小作坊或小单位发展到几百人、几千人、几万人甚至更大的企业，他们都有过十分辉煌的历史，但原有的经营模式和管
外文文献-绩效考核管理系统
英文文献及翻译 文献题目An Overview of Servlet and JSP Technology 文献作者Nagle ,Wiegley 题目翻译Servlet和JSP技术简述 参考人 院 (系) 专业班级 学号
1 A Servlet's Job Servlets are Java programs that run on Web or application servers, acting as a middle layer between requests coming from Web browsers or other HTTP clients and databases or applications on the HTTP server. Their job is to perform the following tasks, as illustrated in Figure 1-1. Figure 1-1Web middleware role 1.1 Read the explicit data sent by the client. The end user normally enters this data in an HTML form on a Web page. However, the data could also come from an applet or a custom HTTP client program. 1.2 Read the implicit HTTP request data sent by the browser. Figure 1-1 shows a single arrow going from the client to the Web server (the layer where servlets and JSP execute), but there are really two varieties of data: the explicit data that the end user enters in a form and the behind-the-scenes HTTP information. Both varieties are critical. The HTTP information includes cookies, information about media types and compression schemes the browser understands, and so on. 1.3 Generate the results. This process may require talking to a database, executing an RMI or EJB call, invoking a Web service, or computing the response directly. Your real data may be in a relational database. Fine. But your database probably doesn't speak HTTP or return results in HTML, so the Web browser can't talk directly to the database. Even if it could, for security reasons, you probably would not want it to. The same argument applies to most other applications.You need the Web middle layer to extract the results inside a document.
绩效评估,经济增值和管理行为【外文翻译】
本科毕业论文（设计） 外文翻译 原文： Performance Evaluation, Economic Value Added and Managerial Behaviour 1. Introduction For the past two decades many countries started transforming their economies from traditional protected ones to those of more liberalized, globalised and market driven. This period has also seen the economies becoming more knowledge oriented and Human Resources started assuming more prominence in the growth of the economies and businesses. But this has also posed a greater challenge for companies to acquire and retain talented workforce (especially at the strategic & managerial levels). The knowledge economy also started witnessing the rapid rise of the agency problem- conflict of interest between managers and owners. The managers – in their role as the agents–are expected to act in the best interests of the shareholders (principals). Managers will act in shareholders’ interests only if they have right incentives. So it is very essential to align the interests of the managers and shareholders or at least reduce the difference between them. So we need a measure that on one hand rightly measures the managerial performance so that he managers – with talent and greater mobility- can be suitably compensated (and hence retained) and on the other aligns the interests of the managers and shareholders. For some time now Stock Price was thought to be an ideal measure achieving the above objectives. However stock price has many limitations. We shall discuss the pitfalls of stock price as a performance measure before evaluating some of the traditional performance measures and then introduce Economic Value Added as the right measure of managerial performance 2. Traditional Measures of Managerial Performance
电子技术专业英语翻译
基本电路 包括电路模型的元素被称为理想的电路元件。一个理想的电路元件是一个实际的电气元件的数学模型，就像一个电池或一个灯泡。重要的是为理想电路元件在电路模型用来表示实际的电气元件的行为可接受程度的准确性。电路分析，本单位的重点，这些工具，然后应用电路。电路分析基础上的数学方法，是用来预测行为的电路模型和其理想的电路元件。一个所期望的行为之间的比较，从设计规范，和预测的行为，形成电路分析，可能会导致电路模型的改进和理想的电路元件。一旦期望和预测的行为是一致的，可以构建物理原型。 物理原型是一个实际的电气系统，修建从实际电器元件。测量技术是用来确定实际的物理系统，定量的行为。实际的行为相比，从设计规范的行为，从电路分析预测的行为。比较可能会导致在物理样机，电路模型，或两者的改进。最终，这个反复的过程，模型，组件和系统的不断完善，可能会产生较准确地符合设计规范的设计，从而满足需要。 从这样的描述，它是明确的，在设计过程中，电路分析中起着一个非常重要的作用。由于电路分析应用电路模型，执业的工程师尝试使用成熟的电路模型，使设计满足在第一次迭代的设计规范。在这个单元，我们使用20至100年已测试通过机型，你可以认为他们是成熟的。能力模型与实际电力系统理想的电路元件，使电路理论的工程师非常有用的。 说理想电路元件的互连可用于定量预测系统的行为，意味着我们可以用数学方程描述的互连。对于数学方程是有用的，我们必须写他们在衡量的数量方面。在电路的情况下，这些数量是电压和电流。电路分析的研究，包括了解其电压和电流和理解上的电压施加的限制，目前互连的理想元素的每一个理想的电路元件的行为电路分析基础上的电压和电流的变量。电压是每单位电荷，电荷分离所造成的断电和SI单位伏V = DW / DQ。电流是电荷的流动速度和具有的安培SI单位（I= DQ/ DT）。理想的基本电路元件是两个终端组成部分，不能细分，也可以在其终端电压和电流的数学描述。被动签署公约涉及元素，当电流通过元素的参考方向是整个元素的参考电压降的方向端子的电压和电流的表达式使用一个积极的迹象。 功率是单位时间内的能量和平等的端电压和电流的乘积;瓦SI单位。权力的代数符号解释如下： 如果P> 0，电源被传递到电路或电路元件。 如果p<0，权力正在从电路或电路元件中提取。 在这一章中介绍的电路元素是电压源，电流源和电阻器。理想电压源保持一个规定的电压，不论当前的设备。理想电流源保持规定的电流不管了整个设备的电压。电压和电流源是独立的，也就是说，不是任何其他电路的电流或电压的影响;或依赖，就是由一些电路中的电流或电压。一个电阻制约了它的电压和电流成正比彼此。有关的比例常数电压和一个电阻值称为其电阻和欧姆测量。 欧姆定律建立相称的电压和电流的电阻。具体来说，V = IR电阻的电流流动，如果在它两端的电压下降，或V=_IR方向，如果在该电阻的电流流是在它两端的电压上升方向。 通过结合对权力的方程，P = VI，欧姆定律，我们可以判断一个电阻吸收的功率：P = I2R= U2/ R 电路节点和封闭路径。节点是一个点，两个或两个以上的电路元件加入。当只有两个元素连接，形成一个节点，他们表示将在系列。一个闭合的路径是通过连接元件追溯到一个循环，起点和终点在同一节点，只有一次每遇到中间节点。 电路是说，要解决时，两端的电压，并在每个元素的电流已经确定。欧姆定律是一个重要的方程，得出这样的解决方案。 在简单的电路结构，欧姆定律是足以解决两端的电压，目前在每一个元素。然而，对于更复杂的互连，我们需要使用两个更为重要的代数关系，被称为基尔霍夫定律，来解决所有的电压和电流。 基尔霍夫电流定律是： 在电路中的任何一个节点电流的代数和等于零。 基尔霍夫电压定律是： 电路中的任何封闭路径上的电压的代数和等于零。 1.2电路分析技术 到目前为止，我们已经分析应用结合欧姆定律基尔霍夫定律电阻电路相对简单。所有的电路，我们可以使用这种方法，但因为他们而变得结构更为复杂，涉及到越来越多的元素，这种直接的方法很快成为累赘。在这一课中，我们介绍两个电路分析的强大的技术援助：在复杂的电路结构的分析节点电压的方法，并网电流的方
绩效管理 外文翻译 外文文献 中英翻译
绩效管理外文翻译外文文献中英翻译____________________________________________________________________ ________________________ Performance management-how to appraise employee performance Abstract Performance appraisal is an important content of human resource management in modern enterprises. According to the problems existing at the present stage Chinese enterprise performance evaluation, put forward the improvement measures to improve the performance appraisal. Performance management is the responsibility between managers and employees and improve the communication performance of the ongoing. The partners should understand why they become partners, thereby supporting the work. Performance evaluation is a part of performance management, do not confuse the two Introduction Challenges of performance management Reasons to avoid performance management: Manager: reports and program has no meaning; no time; afraid of conflict; feedback and observation. (performance management, prevent problems in investment in time, ensure the managers have the time to do the thing you should do staff: bad experience; what was about to happen no bottom; do not understand the significance of performance management; don't like received criticism. Criterion two, performance management, organizational success: 1 Factors: coordination among units means,
毕业论文绩效管理外文翻译
外文文献原稿和译文 原稿 Performance management - how to appraise employee performance Abstract Performance appraisal is an important content of human resource management in modern enterprises. According to the problems existing at the present stage Chinese enterprise performance evaluation, put forward the improvement measures to improve the performance appraisal. Performance management is the responsibility between managers and employees and improve the communication performance of the ongoing. The partners should understand why they become partners, thereby supporting the work. Performance evaluation is a part of performance management, do not confuse the two Introduction Challenges of performance management Reasons to avoid performance management: Manager: reports and program has no meaning; no time; afraid of conflict; feedback and observation. (performance management, prevent problems in investment in time, ensure the managers have the time to do the thing you should do staff: bad experience; what was about to happen no bottom; do not understand the significance of performance management; don't like received criticism. Criterion two, performance management, organizational success: 1 Factors: coordination among units means, towards a common goal; problem, find the problems, find problems or prevent problems; obey the law, be protected
绩效考核标准(中英文)
绩效考核标准Performance assessment standard 序号S/N 项目 ITEM 内容 CONTENT 权重 weight 1 工作态度 Working attitude 1，品德端正，遵纪守法，每月无违反公司的各项管理规定和制度（3）； Possess virtue, following regulations, no violation of company regulations within one month（3）. 2，工作认真负责，积极主动，能吃苦耐劳，服从安排（3）；Reliable and active to work, capable of doing hard job, obedience to work arrangement(3) 3，为公司利益不计个人得失，扎根本职工作，锐意进取，为公司员工树立 良好形象并起到带头作用（3）Take company interest as first priority, make more progress based on your win duty to set an good example to other staff in company(3). 4，热爱公司，维护公司形象，认同公司企业文化，爱岗敬业，乐于助人， 与同事相处融洽，有团队精神和集体荣誉感（3）；Trust company from inside your heart, protect company culture and image, be loyal to company, possess sense of team spirit and collective honor(3). 5，良好的个人形象和素养（3）suitable personnel appearance and cadibre(3)，个人（工序）岗位7S工作做得好（10）do well at implementation of 7S working standard(10)； 6，每月内无任何被投诉记录（经查实的）；受到领导、员工或雇主普遍好 评的（3）No compliance received within one month, get high praise from boss, master and other working staff(3). 28% 2 工作能力 Working capability 8，生产的重点就是平衡产量和质量，不能要求产量忽视了质量，也不能 因质量忽视了产量，达到并超过专业技能或业务水平优秀，完全胜任本职 工作，把质量放到首位；The most important point of production is to keep balance between product quality and quantity. （考核办法：按返工、修复频次和数量核算，找不到责任人，班组长承担 所有罚款，每个罚款?10，再每个扣1分，扣完为止，如果已外发客户因质 量问题退回返工，每个罚款?20 Assessment rules: for each unqualified product, the person who is responsible will be fined 10 NAIRAS and lose 1 point, until all available points are gone. For each unqualified product which is detected by customer, the fine would be 20 NAIRAS. Squad leader will be responsible for the fine if the direct responsible cannot be found ） 20% DISCOVERY INTERNATIONAL FZE 拓展国际自贸区公司
电力电子技术外文翻译
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