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本科毕业论文外文翻译【范本模板】

本科毕业论文外文翻译外文译文题目:不确定条件下生产线平衡：鲁棒优化模型和最优解解法学院：机械自动化专业：工业工程学号: 201003166045学生姓名: 宋倩指导教师：潘莉日期: 二○一四年五月Assembly line balancing under uncertainty: Robust optimization modelsand exact solution methodÖncü Hazır , Alexandre DolguiComputers ＆Industrial Engineering，2013,65：261–267不确定条件下生产线平衡：鲁棒优化模型和最优解解法安库·汉泽，亚历山大·多桂计算机与工业工程，2013，65：261–267摘要这项研究涉及在不确定条件下的生产线平衡，并提出两个鲁棒优化模型。

假设了不确定性区间运行的时间。

该方法提出了生成线设计方法,使其免受混乱的破坏。

基于分解的算法开发出来并与增强策略结合起来解决大规模优化实例.该算法的效率已被测试,实验结果也已经发表。

本文的理论贡献在于文中提出的模型和基于分解的精确算法的开发.另外，基于我们的算法设计出的基于不确定性整合的生产线的产出率会更高，因此也更具有实际意义。

此外,这是一个在装配线平衡问题上的开创性工作,并应该作为一个决策支持系统的基础。

关键字：装配线平衡；不确定性; 鲁棒优化；组合优化；精确算法1.简介装配线就是包括一系列在车间中进行连续操作的生产系统。

零部件依次向下移动直到完工。

它们通常被使用在高效地生产大量地标准件的工业行业之中。

在这方面，建模和解决生产线平衡问题也鉴于工业对于效率的追求变得日益重要。

生产线平衡处理的是分配作业到工作站来优化一些预定义的目标函数。

那些定义操作顺序的优先关系都是要被考虑的,同时也要对能力或基于成本的目标函数进行优化。

就生产（绍尔，1999）产品型号的数量来说，装配线可分为三类：单一模型（SALBP）,混合模型(MALBP）和多模式（MMALBP）。

英语专业论文外文翻译

1. IntroductionAmerica is one of the countries that speak English. Because of the special North American culture, developing history and the social environment, American English has formed its certain unique forms and the meaning. Then it turned into American English that has the special features of the United States.American English which sometimes also called United English or U.S English is the form of the English language that used widely in the United States .As the rapid development of American economy, and its steady position and strong power in the world, American English has become more and more widely used. As in 2005, more than two-thirds of English native speakers use various forms of American English.The philologists of the United States had divided the English of the United States into four major types: “America n creating”; “Old words given the new meaning”; “Words that eliminated by English”;“The phonetic foreign phrases and the languages that are not from the English immigrates”[1].Compared to the other languages, American English is much simple on word spelling, usage and grammar, and it is one of the reasons that American English is so popular in the world.The thesis analyzes the differences between American English and British English. With the main part, it deals with the development of American English, its peculiarities compared to that of British English, its causes and tendency.2. Analyses the DifferencesAs we English learners, when we learning English in our junior or senior school, we already came across some words that have different spellings, different pronunciations or different expressions, which can be represented by following contrasted words: spellings in "color" vs. "colour"; pronunciations in "sec-re-ta-ry" vs. "sec-re-try";expressions in "first floor" equals to "the ground floor". With the above words, the former represents American English, and the latter represents British English. They are not errors but just the differences between the two languages.To be consistent in the use of English, and more importantly, to be understood easily, there is a need for the nonnative speaker to know that which words have distinct meanings and pronunciations depending on whether they are used by a Briton or an American. This is necessary not only for the sake of communication, but also for avoiding embarrassment.Many differences exist between American English and British English we have already knew. However, there are still many differences that we are not familiar with. In this part, the author will analyze the differences in several categories like spelling, pronunciation, grammar, usage and so on.2.1 SpellingThere are many differences between British English and American English in terms of spelling. After analysis by some linguists, it is said that the American English has a different tendency in pronounce, according to economical and phonetic standards. American spelling tends to reflect pronunciation, and British spelling tends to reflect grammatical or historical implications as well. Letters that not needed are being kicked out, and words are spelled as how they sound. The following examples can explain this.With "our" in words of British English like colour, humour, flavour, etc. are changed to "or" in the equivalent words of American English, like color, humor, flavor, etc. With the pronounce letter "u" being kicked out. Words ending with "-re" in British English are changed to "- er" in American English. According to its pronunciation, like "centre" and "metre" in British English, but "center" and "meter" in American English.More examples are as follows: (with the former is American English and the latter is British English)[2]center centre; check (money) cheque; color colour; curb kerb; gray grey; honor honour; inquire enquire; jail gaol; jewelry jewellery; labor labour; organization organization.2.2 Pronunciation differencesThere are of course great regional differences in pronunciation within both countries. For instance, basket，the word “a”in after、class and basket pronounce [æ] in American English，but [ɑ:] in British English.(The following examples mentioned all come from Oxford Advanced Learner’s English –Chinese Dictionary)(1) There is [hw] that correspond with [w] in American English. such as which，white，when，why. In British English :[wit∫]，[wait]，[wen]，[wai]，but in American English : [hwit∫]，[hwait]，[hwen]，[hwai].(2)There is [r] behind the vowel in American English ，such as: far，poor. In British English: [fa:]，[pu]，but in American English: [far]，[pur]，[hir].(3)In British English [l] pronounces surd before the vowel, (clearl)，and pronounces mix(混音) behind the vowel (darkl)；However,in American English, no word pronounces [l]. For instance，like, filling, till，well.(4) When the phonetic symbol [t] appears between the two vowels and behind the accentuation or between the voiced consonant and the vowel, it will pronounce [d]. Such as city: [`sidi].2.3Vocabulary differencesThe average use of the total English vocabulary, the number of words which are used only in one or the other country is very small, but the problem for learners of English is that these words are among the mostcommon in the language. There are many words that are used almost exclusively by Americans, which are understood by most Britons, and vice versa. But there are others that can cause difficulty. For example, most Britons know that Americans call biscuits cookies and flats apartments, but not so many know what an alumnus or a fender is. Similarly, Americans know that what they call their yard is called a garden in Britain and that trucks are Lorries, but common British English words like pistols or off-license may mean nothing to them.2.3.1Same meaning, different wordsThe majority of the significance in glossary between American English and British English is identical, but there still exists some difference. For example, the same thing can be expressed by different words in both languages. The following examples are typical. American English: British English:bathroom，toilet, W.C./or loo; closet, cupboard;corn ,maize; drugstore, chemist's;gas/ gasoline , petrol; line , queue; oven , cooker; round-trip ticket , return ticket; suspenders , braces; truck , lorry;underpass , subway; undershirt , vest;vacation, holiday; etc. [4]2.3.2. Same words, different meaningThe identical word expresses the different meaning between British English and American English.For example:Word American English British Englishrubber condom Tool used to erasepencil markingsdate appointment daycupboarddresser A wardrobeassistant2.4 GrammarBritish English and American English grammar are the same in most sense; there are however some interesting variations. For example,there are differences in certain verb forms. In American English, thepast tense of fit is fit; in British English, it is fitted. Americanssay I've gotten to know her well; while British: I've got to know her well.Other differences involved the use of the present perfect in British English and simple past in American English include already, just andyet.British English:I've just had lunchI've already seen that filmHave you finished your homework yet?American English:I just had lunch OR I've just had lunchI've already seen that film OR I already saw that film.Have your finished your homework yet? OR Did you finish your homework yet?As another example, Americans are much more likely to be technically correct in the agreement of collective noun and verb form than Britons.So in standard American English it would be: The team is playing wellthis season whereas in British English, it is common and acceptableto say the team are playing well. Similar differences can be seen inthe use of words like government, committee etc.: The government is... (American English). The government are… (British English).2.5 UsageThere are countless other small and interesting differences between American English and British English, which come under the heading of usage. Take the useful expression used in American English through, means up to and including. e.g. The exhibition is showing March through June. The equivalent expression in British English is from March to June, but this is ambiguous. Does the exhibition close at the end of May or the end of June? To avoid any misunderstanding, it is necessary to say something like: The exhibition is showing from March to the end of June.As another example: for Americans, the number billion has 9 zeros (a thousand million); for most Britons it has 12 zeros (a million million). Zero itself is a more common word in American English than in British English, where naught is more widespread. Americans say the number 453 as four hundred fifty three, whereas in Britain it would be said four hundred and fifty three. Time expressing also is different, and may cause confusion like 4/12/1981(month first) in the USA and 12/4/1981 (day first) in the UK.2.6 The causes of the differencesAt first there were no distinctions between British English and American English known to us in the development of contemporary English. But later in the 20th century, America emerged to be a great power and began to participate the practice of the world affairs. During the World War II, America demonstrated a great strength in the leadership of the world in world various forums. And after the world war, America emerged to be one of the only two superpowers in the world. Thus and thus, the distinctive ways Americans spoken, wrote was being analyzed, studied or learned by the people of other countries, including even British. What are the causes that led to American English distinctive from British English? Or we may say exactly were there any changes in thenew environment that led to the formation of American English in the near or around 400 years after British colonist’s settlement i n the American land (which took place at the beginning of the 17th century)?2.6.1 Old words, new meaningThose who came to the new American environment had to use their own words to name or express the new things that are similar to the original thing.For example, the word "corn”. In British English, it meant and still means the main cereal food "wheat". But in America then, the main cereal food was not wheat but maize, so they call this maize "corn". At that time, they add a word "Indian" before the "corn", so called "Indian corn" to point to maize. But later, for convenient, people in America just call it "corn" instead of using its full name "Indian corn”. So now we say "pop-corn" rather than "pop-Indian-corn". Americans speak "corn" to refer to wheat, while British still speak "corn" to refer to wheat. Of course, many other examples can also support this point.2.6.2 Native Language to Express Something New.These can be found in some names of places, of animals etc… Name of place: like Ohio (which originally means Ohio River), Mississippi (originally refers to Mississippi River which means Father of waters),Kentucky (means and of tomorrow)[5]Name of animals: like moose, raccoon, skunk etc.Name of plants: hickory, sequoia, squash etc.2.6.3 Brought in the Words of Other Languages.America is known as a country of different peoples, one word"melting-pot" can express this [6]. Even at the beginning of the 17th century when America became a colony of Britain, the people who settled in that land were not purely English or British. In fact, the total population of people from other countries of Europe or other part of world is far more than that of British. But all accept English that could understand as their language. But anyhow, inevitably, these populations other than British brought some words of their own languages in coexisted with the English.Later, as America developed, more and more people from other countries like China began to immigrate to America to find some new life. One sentence can express that urge " all people are eagle to see the Status of Liberty". In this, some words of their own languages were also brought into American English. Following more examples: From American Indian: moose(驼鹿)，chipmunk(金花鼠)，raccoon(獾熊)，sachem(酋长).From German: beer soup(啤酒汤)，semester(学期)，hex（符咒）.From French: cent(分)，voyager(航海家)，chute(瀑布).From Spanish: marijuana(大麻)， buckaroo（牛仔）， conch（海螺），poncho（披风）.This is also one of the main reasons that caused the formation of American English. Another example,Chop-suey,[7](a kind of American－Chinese food made by several sources like pork, rice, onion and so on) , word originally from the Guang Dong Hua language in China is taken by the Webster Dictionary. Expressions like "long time no see"(好久不见) imitate the way of Chinese saying and is taken by NIC's Dictionary of American English Phrases Essential American Idioms.[8]3. The Peculiarities of American English.The above section has described the causes of differences between British English and American English. Now this section will tell about the peculiarities of American English.As compared to the British English, there are several obviousfeatures of American English. First, part of the American English is of still of old or have past. Second, American English develops rapidly. Third, American English are consistent, a singly, not various kinds of American English. The formation of American English is deeply connected to its social prevailing custom and the nation disposition.3.1 Part of the American English is still of Old or having Past.Both in pronunciation and in word-spelling, For example, in American English the words like "fast, path and half" are not the same as the British pronounce [a:] , which actually the same as that of the British in the 17th century or 18th century. But now , British has already changed its pronunciation in these words to [fa:st]，[pa:I]，[ha:f]Another example like the words "sick" and "ill". [9] Originally these two words have the same meaning, no special different, but later in British English, "ill" means some soft discomfort, while "sick" means some tough disease, same with the feeling of sickness and disgusting. But in American English, now "ill " is rarely in use, and "sick " can be used to mean all kinds of discomforts or diseases both the little discomforts and the tough disease, which is the same as its original meaning.Another example: I guess as I think, I suppose, I believe e.g.: I guess you are wrong.(我想你错了) It was used wildly in Britain in 17th, and now they seldom use this. But Americans had kept it down.In this sense, American English is more close to the old English in some ways.3.2 Quick DevelopmentAt the same time, American English developed very quickly, became so distinctive that can be divided from what we called "the standard English" (which refers to the British English).[10] So now we come to the second feature of the American English that is its quick development.Now, in words amount, words of American English is bigger than that of British English. In structure, it's more complicated than that of British English. And thus, American English is more prepared to absorb more words, to change its spellings and pronunciations and it did do so. So now American English is different from the British English in many ways: like spelling, reading, meaning, tone grammar etc. For example, in spoken tone, American spoken English has much less ups and downs, unlike that of the British English. So American spoken- English is much simpler in tone, and easier to be understood, while the British English tone has many ups and downs, nice in hearing but harder in understanding.3.3 Consistence and creatingThe third feature of American English is its consistence and creating. For one thing, it has much more local accents or dialects than any other languages. And its local dialect does not have much effect on its national consistence. In the whole American country, people speak the same American English with the same standard. Among all the bigger countries in the world, no one has the similar language consistence as in America. For another, Americans have created new words and gave the new concepts by changing its form. For example: Pizzazz(时髦派头的人)，bellhop(俱乐部男侍)，debunk(揭露真相),cahoots(共谋)，taikonaut (太空人).4. The History and Recent Development of American EnglishHundreds years ago, Americans spoke the same kind of language that the British spoke. When they put words on paper, they use the same vocabulary and spelling. It is true that American English and British English grew from the same roots, but gradually the language came to be somewhat different.4.1 Origin of the divisionHistorical Linguists say that spoken English was almost the same in the American colonies and Britain two-hundred years ago. Americans began to change the sound of their speech after the Revolutionary War in 1776[11]. They wanted to make it different to separate themselves from the British in language, and then American English was no longer a colonial variety of the English of London but had entered its national period. Political independence was soon followed by cultural independence, of which a notable Founding Father was Noah Webster [12]. As a schoolmaster, Webster recognized that the new nation needed a sense of linguistic identity. Accordingly he set out to provide dictionaries and textbooks for recording and teaching American English with American models. The need Webster sought to fill was twofold: to help Americans realize they should no longer look to England for a standard of usage and to foster a reasonable degree of uniformity in American English. To those ends, Webster's dictionary, reader, grammar, and blue-backed speller were major forces for institutionalizing what he called Federal English.4.2 Noah Webster.Webster recognized that the new nation needed a sense of linguistic identity. Accordingly, he set out to provide dictionaries and textbooks for recording and teaching American English with American models. The need Webster sought to fill was twofold: to help Americans realize they should no longer look to England for a standard of usage and to foster a reasonable degree of uniformity in American English. To those ends, Webster's dictionary published in 1828.Webster's dictionary established rules for speaking and spelling the words used in American English. [13]Webster wrote that all words should be said in the order of the letters that spell them. For example, “c-e-n-t-e-r,” instead of theBritish “c-e-n-t-r-e.”Noah Webster said every part of a word should be spoken. That is why Americans say “sec-re-ta-ry” instead of “sec-re’try,” and many other examples.4.3 The ImmigrationThe different languages of many people who came to the United States also helped make American and British English different. Many of their foreign words and expressions became part of English as Americans speak it. The first wave of English-speaking immigrants was settled in the North America in the 17th century, and then more and more settlers realized that they had to talk in new ways to communicate with their new neighbors. Moreover, the settlers had come from various districts and social groups of England, so there was a homogenizing effect: those in a given colony came to talk more like one another and less like any particular community in England. All these influences combined to make American English a distinct variety of the language.4.4 DevelopmentAmerican English has developed in the change of the history and produced a great influence to the British English.4.4.1 Up-to-Now Development and Its TendencyIn 20th Century, especially after the two world wars, because of American surprisingly rapid development, and while at the same time, an Imperialist Britain has its great influence in the 20th century become a history, American English as a different part of English then formed. Based on America's powerful politics, economy, culture, etc, American style of culture and living began to overwhelm the rest of the world, (Britain, with no exception) through its films, media and other things. An influential linguist Sir Ernest Gowers has confessthat in his famous English dictionary A Dictionary of Modern English Usage, using the words "symptoms of surrender by the older competitor to the younger and more vigorous".[14]In the past fifty years, the United States has overtaken England as the primary disseminator of the English language.American Culture has influenced so many countries over the world. Food Corporations like McDonalds, KFC and Red Rooster are now found everywhere also American television programs like OC, Desperate housewives and Lost. American English is playing a big part in the world, and is affecting other languages in the world. This is also the same with American Music and films, which are constantly being promoted everywhere.The influence of America has taken the American English to the whole world. As Otto Friedrich et al said: “It was the British Empire, on which the sun never set, that originally spread English around the globe, along with tea breaks, cuffed trousers and the stiff upper lip. But when the imperial sun finally set after World War II, the American language followed American power into the vacuum.”[15]4.4.2 The Interfusion of both American and British EnglishSome linguists worried that the division between American English and British English would widen as time goes. But that's not true, as the increasingly developing of international media and communication; the gap between the two divisions of English has already tended to be minimized. Like the "fall", "OK" (All Right) in American English now used commonly in Britain. And the "lift" "sweets" in British English now also used by Americans often [16].So as time goes to a more modern future, the division between the two although still exists, but would be understood almost wholly by two different language users. And the two languages are affecting each other.5. ConclusionsThere are many differences between American English and British English, which explain why there exist American English and British English. And indeed, American English has its own distinctive features, which have already been described in detail in this thesis. All this differences and distinctive features of American English make it a special different branch of English.In author’s opinion,American English is full of human, plentiful ness ideas and unique. Since 20 century, with the affection of the movies, broadcasting and comic strips of the America, the speed of the broadcasting of the new words and phrases in England is as fast as in America. The British youth generation can speak American English very fluency. One magazine [17]in England even announced a series of articles exclusively, introducing the explanation of the meaning of the American slang, and the meaning of new phrase to educate the youth.So there is no doubt that American English had made the great contribution to the English development. In other words, they are affecting and developing each other.As English learners, when learning American English, and came across some words that have different spellings, different pronunciations or different expressions, we should be aware of using them. It is author’s sincere hope that this paper will serve for people to get more information about America English.Bibliography[1] Peter Trudgill & Jean Hannah. International English [M].北京：外语教学与研究出版社，2000:13-27[2] 陆国强. 现代英语词汇[M]. 上海：上海外语教育出版社，2000:44-70[3] 李嘉玉陈永培. 英语语调[M]. 商务印书馆，1989:86-96[4] 候维瑞. 英国英语与美国英语[M]. 上海：上海外语教育出版社，1992:120-135[5] 桂灿昆. 美国英语应用语音学[M]. 上海：上海外语教育出版社，1985:88-95[6] Lakoff.R. Language and Context [M]. Language: 75-82[7] A.C.Gimson. “An Introduction to the pronunciation of English”. [M]. London: Edward Amold (publishers)Ltd: 64-78[8]Fielnand*moser. 英语简史[M]. 北京：外语教学与研究出版社，2000:90-106[9] 钟道隆. 听遍全世界[M]. 北京：清华大学出版社，1995:75-95[10] Oxford Advanced Lean’s Dictionary of Current English[S]. Oxford University Press, 1974:82[11] 邓炎昌刘润清. 语言与文化[M]. 外语教学与研究出版社，1995:46-51[12] 朱文俊. 现代英语语言与文化研究[M]. 北京：北京语言学院出版社:15-55[13] Wrbster’s New word Dictionary of the American Language.( Second college edition )[S]. William Collins publishers Inc,1980: 11 [14] Cohen. nguage Learning.[M]. Boston: Henle & Heinle publisher:78-87[15] Alexander.L.G. Longman English Gramma[M]. New York: Longman.Inc,1998:80-92[16] Ganshina.M & Vasilevsikaya.N. English Grammar.[M]. Moscow: Foreign Language publishing House,1954:100-113[17] Poutsma.H. A Grammar of late modern English[M]. London: P. Noordhoff, Groningen:66-87。

本科毕业论文外文翻译

本科毕业论文外文翻译Undergraduate Thesis External Translation (700 Words)Title: The Impact of Social Media on Consumer Behavior Abstract:With the rapid development of social media, its influence on consumer behavior has drawn increasing attention from scholars and marketers. This paper aims to explore the impact of social media on consumer behavior from the perspective of information acquisition, interpersonal communication, and brand evaluation. Through a literature review and analysis, it is found that social media has a significant impact on consumer behavior by providing easy access to information, facilitating communication between consumers, and influencing brand perception. This research provides valuable insights for marketers in understanding and utilizing social media platforms to effectively engage with consumers and influence their purchasing decisions.1. IntroductionSocial media has become an integral part of people's daily lives, and its impact on consumer behavior cannot be ignored. This paper aims to investigate the impact of social media on consumer behavior and provide practical implications for marketers. The research question is: How does social media influence consumer behavior in terms of information acquisition, interpersonal communication, and brand evaluation?2. Information Acquisition2.1 Social media provides a platform for consumers to easilyaccess information about products and services. Through social media platforms such as Facebook, Instagram, and Twitter, consumers can obtain product reviews, comparisons, and recommendations from peers. This information influences consumers' purchasing decisions and enhances their knowledge about products.2.2 Social media also serves as a source of entertainment and inspiration, enabling users to discover new trends and products. Influencers and celebrities, who gain popularity through social media, often endorse products and create consumer desire for these items. This form of indirect advertising through social media has a significant impact on consumer behavior.3. Interpersonal CommunicationSocial media platforms enable users to interact with friends, family, and even strangers. This communication aspect of social media hasa direct influence on consumer behavior.3.1 Word-of-mouth (WOM) communication through social media is prevalent. Consumers often share their positive or negative experiences with products on social media platforms, which influence others' opinions and purchasing decisions. These online conversations have a wide reach and can greatly impact brand perception.3.2 Social media facilitates communication between consumers and brands. Consumers can directly communicate with brands through social media channels, providing feedback, asking questions, and seeking assistance. This two-way communicationimproves customer satisfaction and loyalty.4. Brand Evaluation4.1 Social media plays a crucial role in brand evaluation. Consumers often seek information about brands, their values, and their reputation on social media platforms. Positive or negative brand mentions and reviews on social media greatly influence consumers' perceptions of brands, leading to either increased or decreased brand trust and loyalty.4.2 Social media influencers and celebrities endorsing particular brands also impact brand evaluation. These individuals' recommendations and opinions can greatly influence consumers' perceptions and preferences for specific brands.5. ConclusionIn conclusion, social media has a significant impact on consumer behavior by influencing information acquisition, interpersonal communication, and brand evaluation. Marketers should utilize and engage with social media platforms to effectively reach and influence their target customers. This research provides insights for marketers to enhance their social media strategies and create effective brand-consumer interactions.。

毕业设计论文外文文献翻译

毕业设计(论文）外文文献翻译院系：财务与会计学院年级专业：201＊级财务管理姓名:学号：132148*＊*附件: 财务风险管理【Abstract】Although financial risk has increased significantly in recent years risk and risk management are not contemporary issues。

The result of increasingly global markets is that risk may originate with events thousands of miles away that have nothing to do with the domestic market。

Information is available instantaneously which means that change and subsequent market reactions occur very quickly。

The economic climate and markets can be affected very quickly by changes in exchange rates interest rates and commodity prices。

Counterparties can rapidly become problematic。

As a result it is important to ensure financial risks are identified and managed appropriately. Preparation is a key component of risk management。

【Key Words】Financial risk，Risk management，YieldsI. Financial risks arising1.1What Is Risk1.1.1The concept of riskRisk provides the basis for opportunity. The terms risk and exposure have subtle differences in their meaning. Risk refers to the probability of loss while exposure is the possibility of loss although they are often used interchangeably。

毕业论文外文翻译两篇

毕业论文外文翻译两篇篇一：毕业论文外文翻译外文资料翻译译文：概述是一个统一的Web开发模型，它包括您使用尽可能少的代码生成企业级Web应用程序所必需的各种服务。

作为.NETFramework的一部分提供。

当您编写应用程序的代码时，可以访问.NETFramework中的类。

您可以使用与公共语言运行库(CLR)兼容的任何语言来编写应用程序的代码，这些语言包括MicrosoftVisualBasic、C#、和J#。

使用这些语言，可以开发利用公共语言运行库、类型安全、继承等方面的优点的应用程序。

包括：∙页和控件框架∙编译器∙安全基础结构∙状态管理功能∙应用程序配置∙运行状况监视和性能功能∙调试支持∙XMLWebservices框架∙可扩展的宿主环境和应用程序生命周期管理∙可扩展的设计器环境页和控件框架是一种编程框架，它在Web服务器上运行，可以动态地生成和呈现网页。

可以从任何浏览器或客户端设备请求网页，会向请求浏览器呈现标记（例如HTML）。

通常，您可以对多个浏览器使用相同的页，因为会为发出请求的浏览器呈现适当的标记。

但是，您可以针对诸如MicrosoftInternetExplorer6的特定浏览器设计网页，并利用该浏览器的功能。

支持基于Web的设备（如移动电话、手持型计算机和个人数字助理(PDA)）的移动控件。

网页是完全面向对象的。

在网页中，可以使用属性、方法和事件来处理HTML元素。

页框架为响应在服务器上运行的代码中的客户端事件提供统一的模型，从而使您不必考虑基于Web的应用程序中固有的客户端和服务器隔离的实现细节。

该框架还会在页处理生命周期中自动维护页及该页上控件的状态。

使用页和控件框架还可以将常用的UI功能封装成易于使用且可重用的控件。

控件只需编写一次，即可用于许多页并集成到网页中。

这些控件在呈现期间放入网页中。

页和控件框架还提供各种功能，以便可以通过主题和外观来控制网站的整体外观和感觉。

可以先定义主题和外观，然后在页面级或控件级应用这些主题和外观。

论文外文翻译

论文外文翻译Title: The Impact of Technology on EducationAbstract:The rapid development of technology has drastically transformed various sectors, including education. This paper aims to explore the impact of technology on education and how it has revolutionized teaching and learning methodologies. It discusses the advantages and disadvantages of incorporating technology in classrooms, as well as the role of educators in effectively integrating technology into their teaching practices. The paper also highlights the need for a balance between traditional teaching methods and technology-based learning.Introduction:Technology has become an indispensable tool in modern classrooms, offering numerous opportunities for educators and students. It has enhanced the learning experience by providing interactive and engaging resources. This paper focuses on analyzing the impact of technology in education and how it has influenced teaching methods.Advantages and Disadvantages of Technology in Education:One of the significant advantages of technology in education is the availability of multimedia resources that facilitate active learning. Students can access a wide range of videos, interactive simulations, and virtual laboratories, enabling them to learn complex concepts more effectively. Furthermore, technology allows for personalized learning, where students can progress at their own pace and receive immediate feedback. This method improves students' motivation,engagement, and understanding of the subject matter.However, there are also disadvantages to consider when incorporating technology in education. Firstly, there is a digital divide where not all students have access to technology due to socioeconomic factors. This can create inequality among students and affect their learning outcomes. Additionally, excessive reliance on technology can lead to reduced face-to-face interaction between students and teachers, hindering social development and interpersonal skills.The Role of Educators:To effectively integrate technology into education, educators play a crucial role. They need to be proficient in using technology tools and platforms to create an interactive learning environment. Educators should also focus on guiding students in using technology responsibly and critically evaluating online resources. Furthermore, teachers should adapt their instructional approaches to cater to diverse learning styles and provide individualized support.Balancing Traditional Teaching Methods and Technology:While technology brings numerous benefits, it is essential to strike a balance between traditional teaching methods and technology-based learning. Traditional teaching methods, such as face-to-face interaction and discussions, should not be disregarded, as they promote critical thinking, collaboration, and communication skills. Educators should leverage technology as a complementary tool to enhance the learning experience rather than replacing traditional methods entirely.Conclusion:Technology has revolutionized education by providing numerous advantages, such as interactive resources, personalized learning, and increased engagement. However, challenges such as the digital divide and reduced face-to-face interaction need to be addressed. Educators should play a significant role in effectively integrating technology into teaching practices and maintaining a balance between traditional and technology-based learning. Through strategic implementation, technology can enhance the learning experience and prepare students for the digital age.。

论文外文文献翻译

论文外文文献翻译以下是一篇700字左右的论文外文文献翻译：原文题目：The Role of Artificial Intelligence in Medical Diagnostics: A Review原文摘要：In recent years, there has been a growing interest in the use of artificial intelligence (AI) in the field of medical diagnostics. AI has the potential to improve the accuracy and efficiency of medical diagnoses, and can assist clinicians in making treatment decisions. This review aims to examine the current state of AI in medical diagnostics, and discuss its advantages and limitations. Several AI techniques, including machine learning, deep learning, and natural language processing, are discussed. The review also examines the ethical and legal considerations associated with the use of AI in medical diagnostics. Overall, AI has shown great promise in improving medical diagnostics, but further research is needed to fully understand its potential benefits and limitations.AI在医学诊断中发挥的作用：一项综述近年来，人工智能（AI）在医学诊断领域的应用引起了越来越多的关注。

计算机外文翻译（完整）

计算机外⽂翻译（完整）毕业设计(论⽂)外⽂资料翻译专业：计算机科学与技术姓名：王成明学号：06120186外⽂出处：The History of the Internet附件： 1.外⽂原⽂ 2.外⽂资料翻译译⽂；附件1：外⽂原⽂The History of the InternetThe Beginning - ARPAnetThe Internet started as a project by the US government. The object of the project was to create a means of communications between long distance points, in the event of a nation wide emergency or, more specifically, nuclear war. The project was called ARPAnet, and it is what the Internet started as. Funded specifically for military communication, the engineers responsible for ARPANet had no idea of the possibilities of an "Internet."By definition, an 'Internet' is four or more computers connected by a network.ARPAnet achieved its network by using a protocol called TCP/IP. The basics around this protocol was that if information sent over a network failed to get through on one route, it would find another route to work with, as well as establishing a means for one computer to "talk" to another computer, regardless of whether it was a PC or a Macintosh.By the 80's ARPAnet, just years away from becoming the more well known Internet, had 200 computers. The Defense Department, satisfied with ARPAnets results, decided to fully adopt it into service, and connected many military computers and resources into the network. ARPAnet then had 562 computers on its network. By the year 1984, it had over 1000 computers on its network.In 1986 ARPAnet (supposedly) shut down, but only the organization shut down, and the existing networks still existed between the more than 1000 computers. It shut down due to a failied link up with NSF, who wanted to connect its 5 countywide super computers into ARPAnet.With the funding of NSF, new high speed lines were successfully installed at line speeds of 56k (a normal modem nowadays) through telephone lines in 1988. By that time, there were 28,174 computers on the (by then decided) Internet. In 1989 there were 80,000 computers on it. By 1989, there were290,000.Another network was built to support the incredible number of people joining. It was constructed in 1992.Today - The InternetToday, the Internet has become one of the most important technological advancements in the history of humanity. Everyone wants to get 'on line' to experience the wealth of information of the Internet. Millions of people now use the Internet, and it's predicted that by the year 2003 every single person on the planet will have Internet access. The Internet has truly become a way of life in our time and era, and is evolving so quickly its hard to determine where it will go next, as computer and network technology improve every day.HOW IT WORKS:It's a standard thing. People using the Internet. Shopping, playing games,conversing in virtual Internet environments.The Internet is not a 'thing' itself. The Internet cannot just "crash." It functions the same way as the telephone system, only there is no Internet company that runs the Internet.The Internet is a collection of millioins of computers that are all connected to each other, or have the means to connect to each other. The Internet is just like an office network, only it has millions of computers connected to it.The main thing about how the Internet works is communication. How does a computer in Houston know how to access data on a computer in Tokyo to view a webpage?Internet communication, communication among computers connected to the Internet, is based on a language. This language is called TCP/IP. TCP/IP establishes a language for a computer to access and transmit data over the Internet system.But TCP/IP assumes that there is a physical connecetion between onecomputer and another. This is not usually the case. There would have to be a network wire that went to every computer connected to the Internet, but that would make the Internet impossible to access.The physical connection that is requireed is established by way of modems,phonelines, and other modem cable connections (like cable modems or DSL). Modems on computers read and transmit data over established lines,which could be phonelines or data lines. The actual hard core connections are established among computers called routers.A router is a computer that serves as a traffic controller for information.To explain this better, let's look at how a standard computer might viewa webpage.1. The user's computer dials into an Internet Service Provider (ISP). The ISP might in turn be connected to another ISP, or a straight connection into the Internet backbone.2. The user launches a web browser like Netscape or Internet Explorer and types in an internet location to go to.3. Here's where the tricky part comes in. First, the computer sends data about it's data request to a router. A router is a very high speed powerful computer running special software. The collection of routers in the world make what is called a "backbone," on which all the data on the Internet is transferred. The backbone presently operates at a speed of several gigabytes per-second. Such a speed compared to a normal modem is like comparing the heat of the sun to the heat of an ice-cube.Routers handle data that is going back and forth. A router puts small chunks of data into packages called packets, which function similarly to envelopes. So, when the request for the webpage goes through, it uses TCP/IP protocols to tell the router what to do with the data, where it's going, and overall where the user wants to go.4. The router sends these packets to other routers, eventually leadingto the target computer. It's like whisper down the lane (only the information remains intact).5. When the information reaches the target web server, the webserver then begins to send the web page back. A webserver is the computer where the webpage is stored that is running a program that handles requests for the webpage and sends the webpage to whoever wants to see it.6. The webpage is put in packets, sent through routers, and arrive at the users computer where the user can view the webpage once it is assembled.The packets which contain the data also contain special information that lets routers and other computers know how to reassemble the data in the right order.With millions of web pages, and millions of users, using the Internet is not always easy for a beginning user, especially for someone who is not entirely comfortale with using computers. Below you can find tips tricks and help on how to use main services of the Internet.Before you access webpages, you must have a web browser to actually be able to view the webpages. Most Internet Access Providers provide you with a web browser in the software they usually give to customers; you. The fact that you are viewing this page means that you have a web browser. The top two use browsers are Netscape Communicator and Microsoft Internet Explorer. Netscape can be found at /doc/bedc387343323968011c9268.html and MSIE can be found at /doc/bedc387343323968011c9268.html /ie.The fact that you're reading this right now means that you have a web browser.Next you must be familiar with actually using webpages. A webpage is a collection of hyperlinks, images, text, forms, menus, and multimedia. To "navigate" a webpage, simply click the links it provides or follow it's own instructions (like if it has a form you need to use, it will probably instruct you how to use it). Basically, everything about a webpage is made to be self-explanetory. That is the nature of a webpage, to be easily navigatable."Oh no! a 404 error! 'Cannot find web page?'" is a common remark made by new web-users.Sometimes websites have errors. But an error on a website is not the user's fault, of course.A 404 error means that the page you tried to go to does not exist. This could be because the site is still being constructed and the page hasn't been created yet, or because the site author made a typo in the page. There's nothing much to do about a 404 error except for e-mailing the site administrator (of the page you wanted to go to) an telling him/her about the error.A Javascript error is the result of a programming error in the Javascript code of a website. Not all websites utilize Javascript, but many do. Javascript is different from Java, and most browsers now support Javascript. If you are using an old version of a web browser (Netscape 3.0 for example), you might get Javascript errors because sites utilize Javascript versions that your browser does not support. So, you can try getting a newer version of your web browser.E-mail stands for Electronic Mail, and that's what it is. E-mail enables people to send letters, and even files and pictures to each other.To use e-mail, you must have an e-mail client, which is just like a personal post office, since it retrieves and stores e-mail. Secondly, you must have an e-mail account. Most Internet Service Providers provide free e-mail account(s) for free. Some services offer free e-mail, like Hotmail, and Geocities.After configuring your e-mail client with your POP3 and SMTP server address (your e-mail provider will give you that information), you are ready to receive mail.An attachment is a file sent in a letter. If someone sends you an attachment and you don't know who it is, don't run the file, ever. It could be a virus or some other kind of nasty programs. You can't get a virus justby reading e-mail, you'll have to physically execute some form of program for a virus to strike.A signature is a feature of many e-mail programs. A signature is added to the end of every e-mail you send out. You can put a text graphic, your business information, anything you want.Imagine that a computer on the Internet is an island in the sea. The sea is filled with millions of islands. This is the Internet. Imagine an island communicates with other island by sending ships to other islands and receiving ships. The island has ports to accept and send out ships.A computer on the Internet has access nodes called ports. A port is just a symbolic object that allows the computer to operate on a network (or the Internet). This method is similar to the island/ocean symbolism above.Telnet refers to accessing ports on a server directly with a text connection. Almost every kind of Internet function, like accessing web pages,"chatting," and e-mailing is done over a Telnet connection.Telnetting requires a Telnet client. A telnet program comes with the Windows system, so Windows users can access telnet by typing in "telnet" (without the "'s) in the run dialog. Linux has it built into the command line; telnet. A popular telnet program for Macintosh is NCSA telnet.Any server software (web page daemon, chat daemon) can be accessed via telnet, although they are not usually meant to be accessed in such a manner. For instance, it is possible to connect directly to a mail server and check your mail by interfacing with the e-mail server software, but it's easier to use an e-mail client (of course).There are millions of WebPages that come from all over the world, yet how will you know what the address of a page you want is?Search engines save the day. A search engine is a very large website that allows you to search it's own database of websites. For instance, if you wanted to find a website on dogs, you'd search for "dog" or "dogs" or "dog information." Here are a few search-engines.1. Altavista (/doc/bedc387343323968011c9268.html ) - Web spider & Indexed2. Yahoo (/doc/bedc387343323968011c9268.html ) - Web spider & Indexed Collection3. Excite (/doc/bedc387343323968011c9268.html ) - Web spider & Indexed4. Lycos (/doc/bedc387343323968011c9268.html ) - Web spider & Indexed5. Metasearch (/doc/bedc387343323968011c9268.html ) - Multiple searchA web spider is a program used by search engines that goes from page to page, following any link it can possibly find. This means that a search engine can literally map out as much of the Internet as it's own time and speed allows for.An indexed collection uses hand-added links. For instance, on Yahoo's site. You can click on Computers & the Internet. Then you can click on Hardware. Then you can click on Modems, etc., and along the way through sections, there are sites available which relate to what section you're in.Metasearch searches many search engines at the same time, finding the top choices from about 10 search engines, making searching a lot more effective.Once you are able to use search engines, you can effectively find the pages you want.With the arrival of networking and multi user systems, security has always been on the mind of system developers and system operators. Since the dawn of AT&T and its phone network, hackers have been known by many, hackers who find ways all the time of breaking into systems. It used to not be that big of a problem, since networking was limited to big corporate companies or government computers who could afford the necessary computer security.The biggest problem now-a-days is personal information. Why should you be careful while making purchases via a website? Let's look at how the internet works, quickly.The user is transferring credit card information to a webpage. Looks safe, right? Not necessarily. As the user submits the information, it is being streamed through a series of computers that make up the Internet backbone.The information is in little chunks, in packages called packets. Here's the problem: While the information is being transferred through this big backbone, what is preventing a "hacker" from intercepting this data stream at one of the backbone points?Big-brother is not watching you if you access a web site, but users should be aware of potential threats while transmitting private information. There are methods of enforcing security, like password protection, an most importantly, encryption.Encryption means scrambling data into a code that can only be unscrambled on the "other end." Browser's like Netscape Communicator and Internet Explorer feature encryption support for making on-line transfers. Some encryptions work better than others. The most advanced encryption system is called DES (Data Encryption Standard), and it was adopted by the US Defense Department because it was deemed so difficult to 'crack' that they considered it a security risk if it would fall into another countries hands.A DES uses a single key of information to unlock an entire document. The problem is, there are 75 trillion possible keys to use, so it is a highly difficult system to break. One document was cracked and decoded, but it was a combined effort of14,000 computers networked over the Internet that took a while to do it, so most hackers don't have that many resources available.附件2：外⽂资料翻译译⽂Internet的历史起源——ARPAnetInternet是被美国政府作为⼀项⼯程进⾏开发的。

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Abstract We study the relationship between the amount of managed earnings and ﬁrms’earnings performance and expected growth in a reporting model,where managers manipulate earnings to inﬂuence the val-uation of ﬁrms’equity while bearing a cost that is increasing and convex in the amount of managed earnings.In the unique revealing equilibrium to the model,ﬁrms with higher performance and growth over-report earnings by a larger amount because price responsiveness increases with earnings perfor-mance and growth.And earnings quality,deﬁned as the proportion of true economic earnings in total reported earnings,increases with earnings per-formance but decreases with earnings growth.We conduct empirical tests on a large sample and a restatement sample using different proxies for earnings management.Results from the large sample tests support our predictions while results from the restatement sample tests are mixed.Our study pro-vides an alternative explanation to the positive relationship between dis-cretionary accruals estimated from the Jones model and ﬁrms’performance and growth.Keywords Earnings management ÆRational expectation ÆEarnings performance ÆGrowthJEL Classiﬁcation G3C.-W.J.Lee ÆL.Y.Li (&)A.B.Freeman School of Business,Tulane University,New Orleans,LA 70118,USA e-mail:yli2@H.YueGuanghua School of Management,Peking University,Beijing,ChinaRev Acc Stud (2006)11:305–334DOI 10.1007/s11142-006-9009-9Performance,growth and earnings managementChi-Wen Jevons Lee ÆLaura Yue Li ÆHeng YuePublished online:20May 2006ÓSpringer Science+Business Media,LLC 2006306 C.-W.J.Lee et al. Earnings management has attracted extensive research in the accounting ﬁeld.1Most research in this area requires a proxy for the amount of managed earnings.2Typically researchers use empirical models to decompose total accruals into non-discretionary accruals and discretionary accruals.Discre-tionary accruals are then used as a proxy for earnings management and are linked to different potential incentives3or used as a measure of earnings quality.The most widely used discretionary-accruals models are variations of the Jones model.4Prior empirical studiesﬁnd that discretionary accruals esti-mated from these Jones models are correlated with performance and ex-pected future earnings growth.Dechow,Sloan,and Sweeney(1995)and Kasznik(1999)document that discretionary accruals estimated from the Jones model are positively related to return of assets.McNichols(2000) further shows that discretionary accruals from both the Jones model and the modiﬁed Jones model are positively related to analysts’forecasts of long-term earnings growth.The conventional explanation for the evident relationship between discretionary accruals andﬁrms’performance and growth is that Jones models are mis-speciﬁed in identifying discretionary accruals.However,to draw the conclusion of mis-speciﬁcation from the existence of the relationship,an implicit assumption is required,that is,the amount of managed earnings should have no relationship withﬁrms’per-formance or growth.So far,no theoretical or empirical research has studied the validity of this assumption.As noted in Abarbanell and Lehavy(2003b, p.30),this assumption‘‘can be challenged on logical grounds and,some-what circularly,on the grounds that no evidence in the empirical literature supports this assumption.’’5The research objectives of our paper are twofold.First,we suggest a rational setting in which the optimal amount of managed earnings is positively related toﬁrm’s performance and growth.In our model,managers manage earnings to inﬂuence stock price.The endogenously determined market response to reported earnings is more sensitive forﬁrms with higher 1For detailed discussions of earnings management literature,see Healy and Wahlen(1999), Kothari(2001),Schipper(1989),and other review papers.2An exception is Burgstahler and Dichev(1997b),who examined the distribution of reported earnings and used the discontinuity around speciﬁc thresholds as evidence of earnings manage-ment.However,this research method cannot identify the amount of managed earnings(see Healy &Wahlen,1999).3Popular incentives include market based incentive,debt covenant,bonus and political costs.See, for example,Defond and Jiambalvo(1994),Rees,Gill,and Gore(1996),Teoh,Welch,and Wong (1998a,b)etc.4These include the time-series Jones model(Jones,1991),cross-sectional Jones model(DeFond &Jiambalvo,1994)and modiﬁed Jones model(Dechow,Sloan,&Sweeney,1995).5Abarbanell and Lehavy(2003b)suggested that the amount of managed earnings could be positively relates toﬁrm’s performance and growth and used it to explain the asymmetry in the distribution of analysts forecast errors.Dechow et al.(1995)and Kothari,Leone,and Wasley (2005)also recognized the possibility.However the above studies do not provide analytical explanations or direct empirical evidence for the existence of the relationship.Performance,growth and earnings management307 performance or growth potential,which gives managers of theseﬁrms greater motivation to overstate earnings.Second,by conducting empirical tests on two data sets using different proxies for the amount of managed earnings,we provide evidence supporting our theory.We study a one-period model in which there is a risk-neutral manager and a competitive and risk-neutral equity market.After privately observing the economic(true)earnings,the manager chooses the level of reported earnings to maximize his utility,which is an increasing function of the equity’s market value.The amount of managed earnings is deﬁned as the difference between reported earnings and true earnings.6The manager has to bear a cost for earnings management and the cost is increasing and convex in the amount of managed earnings.Without the ability to observe the true earnings,the market evaluates theﬁrm’s equity according to its expectation of the true earnings conditional on the observed reported earnings.In the unique revealing equilibrium in our model,the manager truthfully reveals the economic earnings when it is less than0and manipulates earnings upwards when the economic earnings is positive.Theﬁrm’s equity price is0 when reported earnings is negative and when the reported earnings is positive, the equity price is a strictly increasing function of reported earnings.Since the economic earnings is the only private information that the manager has,in equilibrium the market fullyﬁlters out the earnings management and correctly prices theﬁrm’s equity.Because of the convexity of the cost function,it would be much more costly for managers with higher reported earnings to maintain the same proportion of managed earnings.The market rationally expects this and the sensitivity of price response to reported earnings(price responsiveness hereafter)increases with reported earnings,which induces managers with higher economic earn-ings to overstate earnings by a larger amount.However,the speed of increase in managed earnings in equilibrium is less than the speed of increase in reported earnings.As a result,there are less managed earnings in each extra dollar of reported earnings,which in turn justiﬁes the increasing price responsiveness.In our equilibrium,the amount of managed earnings also increases with theﬁrm’s expected earnings growth.Because the market uses a dividend discount model to value theﬁrm’s equity,ﬁrms with higher growth rate have higher price responsiveness which triggers larger amount of man-aged earnings.Our predictions are consistent with evidence from Abarbanell and Lehavy(2003a),where the authorsﬁnd thatﬁrms with higher stock price sensitivity to earnings news(proxy using higher level of stock recommenda-tions)have higher unexpected(discretionary)accruals.We propose a new deﬁnition of earnings quality:the proportion of true economic earnings in total reported earnings.In prior studies,the amount of managed earnings is widely used as the measure of earnings quality.Under 6The deﬁnition of amount of managed earnings is the same as‘‘reporting bias’’in Fischer and Verrecchia(2000).Our deﬁnition of is also consistent with that in Schipper(1989),who deﬁnes earnings management as disclosure management that intervenes in the externalﬁnancial reporting process with the intention of obtaining some private gain.308 C.-W.J.Lee et al. this deﬁnition,ﬁrms with lower earnings quality(i.e.with larger amount of managed earnings)may actually have higher price responsiveness because a seemingly large amount of managed earnings may only represent a small percentage of total reported earnings.Our deﬁnition provides a new per-spective of earnings quality,which is more consistent with price responsive-ness.Our model predicts that earnings quality increases withﬁrms’reported earnings and decreases withﬁrms’expected growth.We conduct empirical tests based on two samples using different proxies for the amount of managed earnings.Theﬁrst sample contain allﬁrm years during1988–2001with necessary information and the proxy for the amount of managed earnings is discretionary accruals from Kang and Sivaramakrish-nan’s(1995,hereafter KS)model.KS(1995)model uses additional controls over non-discretionary accruals compared with Jones models without directly controlling reported earnings or expected growth.KS(1995)also enables us to use a large sample to test our predictions about earnings quality,which has never been tested before.The second proxy for the amount of managed earnings is the restated amount of earnings(reported earnings announced initially—reported earnings restated)hand-collected from restatement announcements identiﬁed as results of accounting irregularities.Because the restated amount usually comes from investigations conducted by outside auditors,the SEC,orﬁrms’internal auditors,it is unlikely to have the same type of measurement errors caused by model mis-speciﬁcation.Tests on both samples provide consistent results that the earnings performance positively relates to the amount of managed earnings and earnings quality.However,for the effects of expected growth,weﬁnd mixed results.Results from the large sample are consistent with our prediction that the expected growth is posi-tively related to the amount of managed earnings and negatively related to earnings quality.However,results from the smaller restatement sample concerning growth are not signiﬁcant,possibly due to the lack of test power.Our paper has implications for empirical studies in earnings management. Our model suggests thatﬁrms’performance and growth are important factors affecting the amount of managed earnings.Fullyﬁltering out the discretionary accrual associated with performance or growth will not only reduce the test power and but also bias downwards the amount of managed earnings forﬁrms with better performance or higher growth.Our model suggests whether the performance or growth should be controlled depends on research objectives. If the research objective is to measure the level of earnings management and link it to market efﬁciency or compare earnings management level among individualﬁrms within a sample(e.g.all IPOﬁrms),eliminating the effect of performance or growth may result in a biased measure.If the research objective is to test whether some events(e.g.IPO or SEO)trigger higher level of earnings management,controllingﬁrms’performance and growth would be necessary.As illustrated in Dechow et al.(1995),not controlling performance and growth would cause omitted variables problem even if performance and growth affect earnings management.Performance,growth and earnings management309 We organize the rest of the paper as follows.Section1discusses related theoretical literature.Section2describes the setup of the model and proves the existence of the equilibrium.Section3derives the properties of earnings management and earnings quality through static analysis.Section4empiri-cally tests the predictions of the model.In Section5,we conclude the paper.1.Related theoretical literatureIn this section,we brieﬂy discuss prior theoretical models related to our study. Related empirical studies will be discussed when we present the comparative static results.We follow the line of research where earnings management is studied in a valuation setting,7in which reported earnings is used for valuation purposes and managers’compensation is linked toﬁrms’equity value.In these studies, the form of managers’compensation contract is taken as exogenously given and rational expectations of both managers and the market are considered. Stein(1989),using a stable state‘‘signal jamming’’model,8demonstrates that even a fully efﬁcient market could lead managers who care about stock price to behave myopically.We inherit the‘‘signal jamming’’framework,in which the market is not fooled but the manager is‘‘trapped’’in earnings manage-ment.We drop the assumption of constant earnings management and dem-onstrate that in equilibrium with rational expectation,the amount of managed earnings could be correlated toﬁrm’s earnings and perceived future growth.Our paper also relates to Abarbanell and Lehavy(2003),Fischer and Stocken(2004),and Fischer and Verrecchia(2000).Fischer and Verrecchia study the relation between earnings management and value relevance of re-ported earnings.Fischer and Stocken focus on the inﬂuence of the speculator’s information on earnings management behavior and stock price efﬁciency.Our model is different from theirs in three ways.First,they introduce a noise to the motivation of earnings management,so the equity market could not fully back out the amount of managed earnings.In contrast,there is no uncertainty concerning managers’objective function in our model.Second,we drop their assumption of a linear pricing function and instead assume that managers have limited liability.This enables us to examine the relation between the amount of managed earnings andﬁrm’s performance.Third,we have different inter-pretations for price responsiveness.Price responsiveness in our model captures the quality of reported earnings and reﬂects the market’s rational ‘‘backing out’’process,while in Fischer and Verrecchia(2000)the price responsiveness reﬂects value relevance of reported earnings.Abarbanell and Lehavy(2003a)study the effect of stock price sensitivity on the incentives of 7Another line of literature studies earnings management in an agent-principle problem setting. Representative work includes Arya,Glover,and Sunder(1998),Demski(1998),Demski,Frimor, and Sappington(2004),Dye(1988),Evans and Sridhar(1996),and Liang(2004).8Signal jamming model has also been employed in Fudenberg and Tirole(1986)and Holmstrom (1982).310 C.-W.J.Lee et al. earnings management.They present an intuitive model,which considers the existence of earnings targets.Our model couldn’t address the issue of earnings targets,however we incorporate the rational expectation from both the market and the manager in a more rigorous setting.Our model adds to a group of one-period earnings models.9Like other models using the one-period framework,our model cannot address earnings management with inter-temporal nature such as earnings smoothing,the reversal of accruals,and reputation maintenance incentives.10However,not all earnings management is inter-temporal in nature.For instance,both the-oretical and empirical studies indicate that managers use classiﬁcation shifting to boost the core earnings.11Unlike accrual management or the manipulation of real activities,classiﬁcation shifting only affects the earnings of a single period.In addition,even though the reversal of accounting manipulations is often assumed,we do not really know how long it takes.Empirical studies (Leone&Horn,1999;Murphy&Zimmerman,1993;Pourciau,1993)docu-ment that negative discretionary accruals often occur after management turnovers,which implies that managers may be able to manipulate earnings upwards without a full reversal throughout their tenure with the company.12 Another limitation of our model is that it doesn’t provide explanations for the downward earnings management.In our one-period model,because manager would be better off from higher stock price,they have no incentives to manage earnings downwards.Models considering inter-temporal earnings management provide rationales for downward earnings manipulation.Our model applies to cases whenﬁrms face a clear motivation to inﬂate reported earnings,for example,in periods beforeﬁrms’SEO,IPO,and stock acquisi-tions or before the execution of managers’options.Managers may need to manipulate down the reported earnings to rebalance the accrual,but it is not likely to happen in those periods.Dechow et al.(1995)ﬁnd thatﬁrms with negative reported earnings have negative discretionary accruals.We would like to point out that all variations of the Jones model use the error term of an OLS regression as the proxy for discretionary accruals,which assumes implicitly that within every industry-year(quarter),the average discretionary accruals is0.Therefore,discretionary accruals could only be a relative 9Such models include Baiman,Evans,and Noel(1987),Demski and Dye(1999),Evans and Sridhar(1996),Fischer and Verrecchia(2000),Guttman,Kadan,and Kandel(2004),Newman and Sansing(1993),and Verrecchia(1986).10A group of studies focus on the managers’inter-temporal earnings management.These study include Chaney and Lewis(1995),Fudenberg and Tirole(1995),Kirschenheiter and Melumad (2002),Ronen and Sadan(1985),Sankar and Subramanyam(2001),and Trueman and Titman (1988).11McVay(2005)shows that managers shift expenses from core expenses(cost of goods sold and selling,general,and administrative expenses)to special items.Bradshaw and Sloan(2002)ﬁnd evidence that managers exclude some corporate expenses when releasing street earnings.Dye (2002)studies a model of‘‘classiﬁcations manipulation’’in which accounting reports consist of one of two binary classiﬁcations.12The negative discretionary accrual may also come from the‘‘reserve creating’’behavior of the new managers.measure of earnings management within a particular industry-year(quarter). When we have an observation with a negative discretionary accrual,we only know that the level of earnings management is below industry average.But we cannot tell whether the manager is manipulating upwards or downwards the ﬁrm’s economic earnings.2.The model2.1.Model setupOur model is a one-period game with two players:a risk-neutral manager of an all-equity13ﬁrm and a competitive,risk-neutral equity market.Theﬁrm yields economic earnings of~x for the period.~x is a random variable that is distributed over(À1;þ1).If theﬁrm is not liquidated at the end of the period,we assume that its future economic earnings exhibit a constant growth rate,i.e.x tþ1¼ð1þgÞx t.14During the period,the manager privately observes the realization of theﬁrm’s true economic earnings x,and then releases re-ported earnings r.The manager is not restricted to truthfully reveal the true economic earnings.We deﬁne the amount of managed earnings as the dif-ference between reported earnings andﬁrm’s economic earnings:m¼rÀx. The equity market cannot observe the realized economic earnings therefore prices theﬁrm’s equity based on the reported earnings.We assume that the ﬁrm’s liquidation value is0.Because of the limited liability of equity holders, the equity market prices theﬁrm as:p½r ¼Max½E½v r ;0jwhere E½v r j is the expectedﬁrm value when theﬁrm is not liquidated.If at the end of the period E½v r j\0,theﬁrm will be liquidated and equity holders will get nothing.When the equity market is perfectly competitive and risk-neutral,E½v r j is the rational expectation of the discounted value of all future cash inﬂows, conditional upon the reported earnings r:E½v r j¼E½~x r jÂð1þdÞdÀgwhere E½~x r j is the expected economic earnings conditional on reported earnings of r,d is theﬁrm’s cost of capital and g is the perceived sustainable growth rate of earnings and d[g.13Assuming theﬁrm is an all-equityﬁrm is just for simplicity.Our model and analysis can easily extend toﬁrms with debt.14In our model,economic earnings x refers toﬁrms’core earnings,which would reoccur with a constant growth rate.x does not include extraordinary items.Performance,growth and earnings management311312 C.-W.J.Lee et al.We assume that the manager beneﬁts from a higher stock price and bears a cost when r¼x.For every value of x,the manager chooses a level of r to maximize the following objective function:a^pðrÞÀcðrÀxÞ2Maxrwhere a^pðrÞrepresents the manager’s beneﬁt by reporting r and we refer a as the‘‘compensation coefﬁcient.’’In this paper,we set a[0,because on average managers beneﬁt more from a higher stock price.For instance,managers would try to boost the stock price before IPO,SEO or before stock acquisi-tions if their interest lies with the existing shareholders’.15Also if managers’compensation package includes stock options or stock holdings,a higher stock price grants him higher compensation for that period.16^pðrÞis the pricing function that the manager expects the market would use.cðrÀxÞ2represents the cost that the manager has to bear when reported earnings r differs from x.The cost of earnings management could be resources and time spent on managing earnings.Managers also have to face the potential reputation loss,ﬁnancial penalty,and legal liability,in case authorities discovered the earnings management.We adopt a quadratic cost function to capture the feature that both the cost and the marginal cost of earnings management are increasing in the amount of managed earnings. The convexity of the cost function is essential to the results of our model. And we feel that this assumption is reasonable.First,given the materiality principle,only those‘‘signiﬁcant’’earnings management would attract auditors’or regulator’s attention,which indicates the probability of being detected is convex in the amount of managed earnings.Beneish(1997)ﬁnds thatﬁrms within the top deciles of total accruals identiﬁed59of the64 GAAP violators of their sample.Second,even the probability of being detected is simply increasing but not convex in the amount of managed earnings,the cost function could still be convex as long as the penalty of earnings management is positively related to the amount of managed earnings.This is consistent with the evidence in Palmrose,Richardson,and Scholz(2004),who document that the market return around restatements is positively related to the restated amount.Third,with the increase of earn-ings management,the available accounting tools become less;therefore more resources and time are needed to manage the same amount of15For instance,Teoh et al.(1998a,b)found that managers manage earnings up prior to IPO and SEO,and Erichson and Wang(1999)documented earnings management before stock mergers. Managers sometimes will beneﬁt from lower stock price,as in management buyout or stock repurchase.Our model does not apply to those situations.16For studies on the association between earnings management and management stock option or stockholdings,see Bergstresser and Philippon(2004),Berns and Kedia(2003),and Cheng and Warﬁeld(2005).According to Bergstresser and Philippon,the median exposure of CEO wealth to ﬁrm stock price tripled between1980and1994,and doubled again between1994and2000.Core, Guay,and Verrecchia(2003)also document the same trend.earnings.Forth,the quadratic cost function is widely used in the literature(e.g.Fischer&Stocken,2004;Fischer&Verrecchia,2000).2.2.The equilibriumThe equilibrium of our model consists of a continuous reporting function rÃðxÞfor the manager and a continuous pricing function pÃðrÞfor the market such that three conditions are satisﬁed:First the manager’s choice of reporting function must maximize the objective function given his or her expectation of how the market responds to the report:rÃðxÞ2arg maxða^pðrÞÀcðrÀxÞ2ÞTheﬁrst order condition of the manager’s objective function is:FOC:a^pðrÞÀ2cðrÀxÞ¼0ð1ÞSecond,for a certain level of reported earnings,the market forms a con-jecture about the amount of managed earnings^mðrÞand prices theﬁrm accordingly:pÃðrÞ¼Max 1þddÀgÂðrÀ^mðrÞÞ;0!ð2ÞFinally both the manager’s and the market’s conjecture are rational:^pðrÞ¼pÃðrÞð3Þand^mðrÞ¼mÃðrÞ¼rÀxÃðrÞð4Þwhere xÃðrÞis the inverse function of rÃðxÞ.17We refer mÃðrÞas manager’s earnings management function.18Proposition1There is a unique revealing equilibrium to the game.The pricing function has the following form:17For now we assume the relation between r and x is one to ter we are going to show that this assumption is satisﬁed in the revealing equilibrium.18The manager observes x,chooses an amount of managed earnings m and reports earnings as r. We express m as a function of r because mathematically it is easier to get the expression of m in r and empirically r is observable.Performance,growth and earnings management313p Ãðr Þ¼a 2cb 2e À2cb a r À1 þr b ;when r !0;0;when r \0;(ð5ÞAnd the earnings management function has the form of:m Ãðr Þ¼Àa 2cb e À2cb a r þa 2cb ;when r !0;0;when r \0;&ð6Þwhere b ¼dÀg 1þd .In equilibrium,the manager truthfully reveals the economic earnings when the economic earnings is less than 0and manipulates earnings upwards when the economic earnings is positive.The ﬁrm’s equity price is always 0when reported earnings is negative,and when the reported earnings is posi-tive,the equity price is a strictly increasing function of reported earnings.Because the true earnings is managers’only private information,in our revealing equilibrium the market fully ﬁlters out the amount of managed earnings and correctly prices the ﬁrm’s equity.First,it is easy to see that in a revealing equilibrium if the manager observes x 0,he will truthfully reveal the true earnings as the reported earnings.This is because if he chose reported earnings r ¼x ,in a separating equilibrium the equity market would fully expect this behavior and ﬁnd out that x 0and price the equity as 0.The manager would be better off by reducing the amount of managed earnings to 0,because the cost of earnings management would be the lowest and the equity price couldn’t be lower than 0.If the manager observes x !0,he or she chooses certain reported earnings r .From Eqs.1to 4we have the following differential equation:ap Ã0r þ2cbp ÃÀ2cr ¼0ð7ÞWe assume that reported earnings is continuous on ðÀ1;þ1Þ.Because we have proven that r ¼x when x 0,we have the initial condition:p ðr ¼0Þ¼0:ð8ÞIn Appendix A,we prove that when r !0,the pricing function in a revealing equilibrium has the unique solution as described in Eq.5.Plug Eq.5back to Eq.1,we get an expression for the amount of managed earnings in terms of reported earnings as described in Eq.6.parative static analysisIn this section,we conduct static analysis of the equilibrium.Speciﬁcally,we investigate how the ﬁrm’s observable characteristics (reported earnings performance and perceived future earnings growth)relate to the amount of 314 C.-W.J.Lee et al.。