货币政策与房地产价格外文文献翻译最新译文
外文原文及译文
外文原文及译文一、外文原文Subject：Financial Analysis with the DuPont Ratio: A UsefulCompassDerivation：Steven C. Isberg, Ph.D.Financial Analysis and the Changing Role of Credit ProfessionalsIn today's dynamic business environment, it is important for credit professionals to be prepared to apply their skills both within and outside the specific credit management function. Credit executives may be called upon to provide insights regarding issues such as strategic financial planning, measuring the success of a business strategy or determining the viability of an acquisition candidate. Even so, the normal duties involved in credit assessment and management call for the credit manager to be equipped to conduct financial analysis in a rapid and meaningful way.Financial statement analysis is employed for a variety of reasons. Outside investors are seeking information as to the long run viability of a business and its prospects for providing an adequate return in consideration of the risks being taken. Creditors desire to know whether a potential borrower or customer can service loans being made. Internal analysts and management utilize financial statement analysis as a means to monitor the outcome of policy decisions, predict future performance targets, develop investment strategies, and assess capital needs. As the role of the credit manager is expanded cross-functionally, he or she may be required to answer the call to conduct financial statement analysis under any of these circumstances. The DuPont ratio is a useful tool in providing both an overview and a focus for such analysis.A comprehensive financial statement analysis will provide insights as to a firm's performance and/or standing in the areas of liquidity, leverage, operating efficiency and profitability. A complete analysis will involve both time series and cross-sectional perspectives. Time series analysis will examine trends using the firm's own performance as a benchmark. Cross sectional analysis will augment the process by using external performance benchmarks for comparison purposes. Every meaningful analysis will begin with a qualitative inquiry as to the strategy and policies of the subject company, creating a context for the investigation. Next, goals and objectives of the analysis will be established, providing a basis for interpreting the results. The DuPont ratio can be used as a compass in this process by directing the analyst toward significant areas of strength and weakness evident in the financial statements.The DuPont ratio is calculated as follows:ROE = (Net Income/Sales) X (Sales/Average Assets) X (Average Assets/Avenge Equity)The ratio provides measures in three of the four key areas of analysis, eachrepresenting a compass bearing, pointing the way to the next stage of the investigation.The DuPont Ratio DecompositionThe DuPont ratio is a good place to begin a financial statement analysis because it measures the return on equity (ROE). A for-profit business exists to create wealth for its owner(s). ROE is, therefore, arguably the most important of the key ratios, since it indicates the rate at which owner wealth is increasing. While the DuPont analysis is not an adequate replacement for detailed financial analysis, it provides an excellent snapshot and starting point, as will be seen below.The three components of the DuPont ratio, as represented in equation, cover the areas of profitability, operating efficiency and leverage. In the following paragraphs, we examine the meaning of each of these components by calculating and comparing the DuPont ratio using the financial statements and industry standards for Atlantic Aquatic Equipment, Inc. (Exhibits 1, 2, and 3), a retailer of water sporting goods.Profitability: Net Profit Margin (NPM: Net Income/Sales)Profitability ratios measure the rate at which either sales or capital is converted into profits at different levels of the operation. The most common are gross, operating and net profitability, which describe performance at different activity levels. Of the three, net profitability is the most comprehensive since it uses the bottom line net income in its measure.A proper analysis of this ratio would include at least three to five years of trend and cross-sectional comparison data. The cross sectional comparison can be drawn from a variety of sources. Most common are the Dun & Bradstreet Index of Key Financial Ratios and the Robert Morris Associates (RMA) Annual Statement Studies. Each of these volumes provide key ratios estimated for business establishments grouped according to industry (i.e., SIC codes). More will be discussed in regard to comparisons as our example is continued below. As is, over the two years, Whitbread has become less profitable.Leverage: The Leverage Multiplier (Average Assets/Average Equity)Leverage ratios measure the extent to which a company relies on debt financing in its capital structure. Debt is both beneficial and costly to a firm. The cost of debt is lower thanthe cost of equity, an effect which is enhanced by the tax deductibility of interest payments in contrast to taxable dividend payments and stock repurchases. If debt proceeds are invested in projects which return more than the cost of debt, owners keep the residual, and hence, the return on equity is "leveraged up." The debt sword, however, cuts both ways. Adding debt creates a fixed payment required of the firm whether or not it is earning an operating profit, and therefore, payments may cut into the equity base. Further, the risk of the equity position is increased by the presence of debt holders having a superior claim to the assets of the firm.二、译文题目：杜邦分析体系出处：史蒂文c Isberg运输研究所硕士论文杜邦分析体系财务分析与专业信用人员的角色转变在当今动态商业环境中，信贷的专业人士申请内部外部的特定信贷管理职能的技能非常重要。
考研英语阅读理解外刊原文经济学人
A global house-price slump is coming全球房价即将暴跌It won’t blow up the financial system, but it will be scary虽然不会摧毁金融体系，但仍然令人恐慌Over the past decade owning a house has meant easy money. Prices rose reliably for years and then went bizarrely ballistic in the pandemic. Yet today if your wealth is tied up in bricks and mortar it is time to get nervous.过去十年里，拥有一套房就意味着轻松赚钱。
房价多年来一直稳步上涨，甚至在疫情期间还异乎寻常地飙升了。
然而现如今，如果你的财富被套牢在房产上，那你应该感到紧张了。
House prices are now falling in nine rich economies. The drops in America are small so far, but in the wildest markets they are already dramatic. In condo-crazed Canada homes cost 9% less than they did in February.九个发达经济体的房价都在下跌。
到目前为止，美国房价的跌幅还不大，但最疯狂的市场的房价跌幅已经非常大了。
在热衷于共管公寓的加拿大，房价较今年2月下跌了9%。
As inflation and recession stalk the world a deepening correction is likely—even estate agents are gloomy. Although this will not detonate global banks as in 2007-09, it will intensify the downturn, leave a cohort of people with wrecked finances and start a political storm.随着通货膨胀和经济衰退的风险在全球范围内蔓延，房价或将迎来一场深度调整——甚至房地产经纪人也对此感到悲观。
英语中宏观经济常用词汇以及实际应用
英语中宏观经济常用词汇以及实际应用1. Gross Domestic Product (GDP) (国内生产总值)Sentence:The country's Gross Domestic Product grew by 3% this year, indicating economic expansion.中文翻译:该国今年的国内生产总值增长了3%，显示出经济的扩张。
2. Inflation (通货膨胀)Sentence:High inflation rates can erode consumers' purchasing power over time.中文翻译:高通货膨胀率会随着时间的推移侵蚀消费者的购买力。
3. Unemployment Rate (失业率)Sentence:The unemployment rate decreased to 5% last month, signaling a recovering labor market.中文翻译:上个月失业率下降至5%，表明劳动力市场正在恢复。
4. Fiscal Policy (财政政策)Sentence:The government implemented expansionary fiscal policy to stimulate economic growth.中文翻译:政府实施了扩张性的财政政策以刺激经济增长。
5. Monetary Policy (货币政策)Sentence:The central bank adjusted its monetary policy by lowering interest rates to encourage borrowing.中文翻译:中央银行通过降低利率调整了货币政策，以鼓励借贷。
6. Balance of Trade (贸易平衡)Sentence:A positive balance of trade occurs when a country's exports exceed its imports.中文翻译:当一个国家的出口超过进口时，就会出现贸易平衡顺差。
房产估价报告-英文翻译
Real Estate Appraisal ReportName of Appraisal Object:Appraisal Client:Real Estate Appraisal Institution:Certified Real Estate Appraiser:Issuing Date of Appraisal Report:Appraisal Report No.:Table of ContentsLetter to Appraisal Client (2)Statement by Appraisers (3)Appraisal Assumptions and Restrictions (4)I. Appraisal Assumptions (4)II. Restrictions on Use of Appraisal Report (4)Real Estate Appraisal Results Report (7)I. Appraisal Client (7)II. Real Estate Appraisal Institution (7)III. Appraisal Object (7)IV. Appraisal Purpose (9)V. Value Point (9)VI. Value Type (9)VII. Appraisal Basis (9)VIII. Appraisal Principles (10)IX. Appraisal Methods (11)X. Appraisal Results (Monetary Unit: RMB) (12)XI. Certified Real Estate Appraisers (12)XII. Appraisal Work Period (12)XIII. Validity Term of Appraisal Report (12)XIV. Legal Representative of Real Estate Appraisal Entity (Signature and Seal)..12 XV. Real Estate Appraisal Entity (Official Seal) (12)AppendixesLetter to Appraisal ClientTo XXXXXX,Upon your entrustment, we have conducted objective and fair appraisal work to evaluate the market value of the real estate located at XXXXXX (built-up area: 125.94m2). Appraisal purpose: to evaluate the market value of the appraisal real estate for reference of the appraisal client’s financial support for going abroad.In accordance with the Code for Real Estate Appraisal and other applicable policies, laws and regulations, based on the field investigation completed on XXXXXX and information of the real estate market and abundant experience we have long acquired and accumulated in the real estate appraisal industry, the appraisers have taken the comparison method to comprehensively analyze all influencing factors of the real estate according to documents provided by the client and the appraisal purpose. All appraisal procedures were carried out in an equal, fair and open manner, and through careful analysis and calculation, provided that all assumptions and restrictions of the appraisal object are satisfied, the market value of the appraisal object at the value point, XXXXXX, is estimated as the following:Unit price of the appraisal object: RMB 15,119/m2Total price of the appraisal object: RMB 1,904,100.00 (in words: RMB one million nine hundred and four thousand one hundred only)For information of detailed appraisal results, process and relevant explanations, please refer to the Real Estate Appraisal Results Report.Hereby notified.XXXXXXLand Appraisal Consulting Co., Ltd.Legal Representative of Real Estate Appraisal EntityXXXXXXStatement by AppraisersWe hereby make this Statement solemnly that:1.We have stated all facts truthfully and accurately in the Appraisal Report.2.All analysis, opinions and conclusions we provided herein are made in an objective, fair and professional manner but still in the limitation of appraisal assumptions and restrictions already stated herein.3.We are disinterested in and impartial to the object and interested parties to this appraisal.4.We have given our opinions and conclusions and prepared the Appraisal Report in accordance with the Code for Real Estate Appraisal of the People’s Republic of China and the Standard for Basic Terminology of Real Estate Appraisal.5.Our appraisers have conducted the field investigation of the appraisal object on XXXXXX.6.No one provides important professional help to this Appraisal Report.Signature and Seal of Appraisers:XXXXXX (Certified Real Estate Appraiser, Certificate No.: XXXXXX)Signature and Seal:XXXXXX (Certified Real Estate Appraiser, Certificate No.: XXXXXX)Signature and Seal:Appraisal Assumptions and RestrictionsI. Appraisal Assumptions1.It is assumed in this appraisal that both parties of the real estate transaction are on an equal footing and have the time and access to obtain sufficient market information that required for rational judgment toward the function, use and transaction price of the real estate.2.The documents and information provided by the client are true and reliable, and all relevant legal instruments grounded for this Appraisal Report are lawful, authentic and complete. This appraisal institution shall not be held liable for any concealment or false information provided herein.3.The appraisers have conducted the field investigation of the appraisal object on appearance and service conditions, which does not cover the duties to examine and detect inner quality of building structure, equipment or other covered, unexposed or inaccessible parts of this appraisal object.4.It is assumed that the appraisal object continues to serve for the designed purpose.5.It is assumed that conditions of the appraisal object at the value point are consistent with those on the field investigation date, which shall be indicated hereunder for information of users of this Appraisal Report.II. Restrictions on Use of Appraisal Report1.The real estate price evaluated herein is a market value estimated based on the specific purpose and restrictions at the value point. It does not concern the mortgage status change, force majeure, enforcement actions, quick liquidation, disposal cost, transaction taxes and other factors after the value point, which should be given full consideration and attention of the report users.2.Conditions of this appraisal object and the real estate market may influence the real estate market value over time. Please adjust the appraisal results accordingly or makereappraisal in case of major changes taken place.3.This Appraisal Report shall only be used by the client for the appraisal purpose, invalid for any other purpose. In case of any consequence incurred from misuse of this Appraisal Report by the client, the appraisal institution and registered appraisers shall not be held liable. If this report needs to be used for other purpose, please make reappraisal accordingly.4.This report is issued on XXXXXX and valid for one year since the date of issue. We will not undertake liabilities for the use of this report exceeding the valid term.5.Any content of this report is not allowed to be published in any public media. All interpretation rights are reserved by XXXXXX.6.The appraisal work is conducted under the condition that the appraisal object has not been leased or sold by the end of value point.7.The appraisal results include the value of inner irremovable or necessary facilities and equipment of the real estate designed to meet the needs of function, excluding the value of other movable furniture or appliances.8.It is assumed that the appraisal object is a lawful and transferable real estate available for mortgage.9.The appraised price is an open market value of the appraisal object on XXXXXX, which is most likely to be realized under the following conditions:(1)B oth parties conduct the transaction voluntarily;(2)B oth parties conduct the transaction for their own good;(3)B oth parties possess necessary professional knowledge and know the transaction object;(4)B oth parties have obtained necessary market information;(5)B oth parties have plenty of time for transaction;(6)T here is no additional price offered by the purchaser for his/her special interest. 10.The appraisers have not measured the built-up area and corresponding area of land use right of the appraisal object. The appraisal results are concluded based on the data indicated in the Real Estate Ownership Certificate, which should be adjusted accordingly in case of change of relevant data.11.The report is not responsible for detection of inner quality hard to be discovered of the building and onsite facilities.Real Estate Appraisal Results ReportI. Appraisal Client:Name: XXXXXXID Card No.: XXXXXXAddress: Room 303, No. 17, Wenduan Street, Nangang District, Harbin CityII. Real Estate Appraisal Institution:Name: XXXXXXLegal Representative: XXXXXXAddress: No. 152, Harbin Avenue, Nangang District, Harbin CityQualification Level: Level IICertificate No.: 2301001III. Appraisal Object:1. Rights, Interests and Physical Conditions of Appraisal ObjectThe appraisal object is located at XXXXXX, Harbin City. Real Estate Ownership Certificate No.: H. (2017) Harbin City Real Estate Ownership No. XXXXXX; owner: XXXXXX; purpose: Residence; built-up area: 125.94m2; total floors: 32; floor located: 26; building structure: Reinforced concrete; completion year: 2008. Physical conditions: The real estate entrusted for appraisal is equipped with tap water, drainage, heating, lighting and other supporting facilities that are in good service conditions. The whole structure is intact without damage or uneven settlement. Decoration status of the appraisal object: Security entrance door and plastic steel windows; tiled floor, painted wall and ceiling and one wallpapered wall in the living room; tiled floor, painted wall and ceiling in bedrooms; titled floor and wall, suspended ceiling and equipped with toilet bowl, water heater and washbasin in the bathroom; titled floor and wall as well as suspended ceiling in the kitchen.2. Location Conditions of Appraisal ObjectThe appraisal object is located at XXXXXX, Harbin City, with Nanji Market, Agricultural Bank of China, Harbin Sports Bureau, Changqing Park and other service facilities nearby.Harbin City (125°42′E~130°10′E, 44°04′N~46°40′N) is located in the northeast of Northeast China Plain, the south of Heilongjiang Province and the center of Northeast Asia, which is an important hub of Siberian Landbridge and Air Corridor. It borders on Mudanjiang City and Qitaihe City in the east, Yichun City and Jiamusi City in the north, Suihua City in the west, Changchun City and Jilin City of Jilin Province and Yanbian Korean Autonomous Prefecture in the south. Harbin City covers an area of 53100 square kilometers (therein: Urban area: 7086 square kilometers).Located at the central area of Northeast Asia, Harbin City is an important hub of Siberian Landbridge and Air Corridor and is known as the Pearl of Eurasian Land Bridge, a famous historical and cultural city, a popular tourist city and also an internationally renowned city for its culture of ice and snow. In addition, it is China’s strategic central city in Northeast Asia for border development and opening-up and Sino-Russian cooperation.Harbin is a big city in China with the highest latitude and the lowest temperature. It has four distinctive seasons, with a long and cold winter, a short and cool summer and the other two short transitional seasons with rapid temperature changes.Daowai District (126°15′E~127°30′E, 45°20′N~46°20′N) is a municipal district of Harbin City, Heilongjiang Province located in the middle east of Harbin City. It borders on Acheng District and Binxian in the east, Nangang District and Xiangfang District in the south, Songbei District and Hulan District in the north and is bounded by Harbin-Manzhouli Railway with Daoli District in the west. The whole district covers an area of 618.6 square kilometers.Analysis of real estate market in Harbin City: As of 2018, the real estate markets in over 100 cities in China have been regulated and controlled for more than 600 times in the recent two years. The overstock last year helps to cool down the real estatemarkets in most cities, but in some cities with insufficient stock, the property price will still be increasing. Seeing from changes of the real estate market since the beginning of this year, especially those in recent two months, we can clearly figure out features of the real estate market. Firstly, the property price is still rising, but in the recent two months, it is increasing more slowly, especially in the first-tier and some second-tier cities after introduction of some restriction policies, which indicates the upward trend before has been under preliminary control. Secondly, in the recent months, the property price in the first-tier and the second-tier cities still stays firm. Harbin is a second-tier city, and the increase of its property price has slowed down. IV. Appraisal Purpose:To evaluate the market value of the appraisal real estate for reference of the appraisal client’s financial support for going abroad.V. Value Point:On XXXXXX when the appraisers conducted the field investigation of the appraisal object.VI. Value Type:According to detailed conditions and the appraisal purpose of the appraisal object, the value type adopted for this appraisal is market value which refers to the transaction amount of this appraisal object realized by the transaction parties, both being informed, prudent and out of free will, in a fair transaction.VII. Appraisal Basis:1. Basis of Laws, Regulations and Technical Standards:(1)T he Law of the People’s Republic of China on Urban Real Estate Administration;(2)T he Law of the People’s Republic of China on Land Administration;(3)T he Law of the People’s Republic of China on Asset Appraisal;(4)C ode for Real Estate Appraisal (GB/T50291-2015)of the People’s Republic of China;(5)S tandard for Basic Terminology of Real Estate Appraisal (GB/T50899-2013) of the People’s Republic of China.2. Basis for Act of Appraisal:Real Estate Appraisal Agreement3. Basis of Real Estate Ownership for Appraisal:Real Estate Ownership Certificate4. Basis for Price Determination:(1)S tandard for Determination of Housing Conditions;(2)S urvey data of real estate market;(3)O ther relevant market data we acquired and information acquired by the certified appraisers through field investigation.VIII. Appraisal Principles:This appraisal is conducted in the following principles:1. Principle of Independence, Objectivity and ImpartialityIt is required that the appraisal institution should provide a appraisal result that is reasonable and fair for all interested parties in a realistic, fair and upright manner on the position of neutrality without any interference.2. Principle of LegalityThe value or price of the appraisal object shall be evaluated under legal and lawful conditions.3. Principle of Value PointThe appraisal result shall be the value or price appraised at a specific time according to the appraisal purpose determined.4. Principle of SubstitutionDifference of the price or value of the appraisal object with that of the similar real estate under the same conditions should be reasonable.5. Principle of the Highest and Best UseIt is required that the appraisal object should be appraised in the premise of the highest and best use.IX. Appraisal Methods:1. Selection of Appraisal Method:The appraisal object is one of those house properties in the floor 26 of a high building. Therefore, it cannot be assumed to be an independent development and construction project, for which the cost method is not applicable. The appraisal object has no potential of development or redevelopment, so the hypothetical development method is not suitable. The real estate is occupied by the owner and there is very few data available for reference of leasing of similar real estate in the community, so the income method is also abandoned. Finally, the appraisers adopted the comparison method for appraisal because the appraisal object is designed for residence, and there are transactions of similar real estate completed in the region where the real estate is located. No other method is selected due to lack of information.This appraisal project is conducted in the comparison method.2. Brief Introduction of Appraisal Method:Comparison method: Select some comparable cases and compare them with the appraisal object, and then conclude a value or price for the appraisal object after treatment of their difference and transaction prices of these comparable cases.X. Appraisal Results (Monetary Unit: RMB)Through comprehensive and careful analysis of all factors that may affect the appraisal value under all appraisal assumptions and restrictions hereof, the market value of the appraisal object at the value point is assessed to be:Unit price of the appraisal object (rounded): RMB 15,119/m2Total price of the appraisal object (rounded): RMB 1,904,100.00 (in words: RMB one million nine hundred and four thousand one hundred only)XI. Certified Real Estate Appraisers:XII. Appraisal Work Period:From XXXXXX to Jan. 9, 2019XIII. Validity Term of Appraisal ReportThis Appraisal Report shall be valid for one year (from XXXXXX to XXXXXX) starting from the date of issue.XIV. Legal Representative of Real Estate Appraisal Entity (Signature and Seal): XV. Real Estate Appraisal Entity (Official Seal):XXXXXXLand Appraisal Consulting Co., Ltd.XXXXXX。
XXX财务分析体系外文文献翻译最新译文
XXX财务分析体系外文文献翻译最新译文XXX the use of DuPont financial analysis system in XXX DuPont system breaks down the return on equity (ROE) into three components: net profit margin。
asset turnover。
and financial leverage。
Using data from a sample of listed companies。
the study finds that the DuPont system is effective in XXX。
the XXX that it should be used in n with other financial analysis tools.In recent years。
there has been a growing interest in using financial analysis tools to XXX financial analysis system is one such tool that has XXX in the 1920s to analyze the performance of its own ns。
Since then。
it has been widely used in the financial XXX.The DuPont system breaks down the ROE into three components: net profit margin。
asset XXX。
and financial leverage。
The net profit margin measures the XXX efficiency of the company's use of its assets to generate sales。
fomc货币政策会议声明全文(中英文对照)
FOMC货币政策会议声明全文（中英文对照）1. 引言FOMC（美联储的Federal Open Market Committee）货币政策会议声明是国际金融市场上一份备受关注的文件。
它反映了美联储对当前经济形势的分析和对未来货币政策的展望。
在本文中，我们将对最新一期FOMC货币政策会议声明进行深入解读，探讨其中的重要内容和对金融市场的影响。
2. 背景介绍FOMC每季度举行一次货币政策会议，会议结束后发布货币政策会议声明。
这份声明通常包括对当前经济形势的评估、对通货膨胀和就业市场的展望、以及未来货币政策的预期。
投资者、学者和分析师通常密切关注这一声明，因为它对未来美国货币政策的走向有很大的指导作用。
3. FOMC货币政策会议声明全文（中英文）以下是最新一期FOMC货币政策会议声明的全文，我们将进行中英文对照，以便更好地理解其中的内容和细节。
Original EnglishThe Federal Open Market Committee decided today to keep its target for the federal funds rate at 0 to 1/4 percent andcurrently anticipates that economic conditions — including low rates of resource utilization and a subdued outlook for inflation over the medium run — are likely to warrant exceptionally low levels for the federal funds rate at least through mid-2013.中文翻译美联储联邦公开市场委员会今日决定将联邦基金利率的目标保持在0%至1/4%的水平，并目前预计，包括低利用率水平和在中期内通胀前景温和在内的经济状况，很可能需要把联邦基金利率维持在极低水平，至少维持至2013年中期。
房地产营销策略中英文对照外文翻译文献
房地产营销策略中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：Innovation Model of the Real Estate Marketing StrategyAbstract:With the rapid development of the real estate industry, real estate market is constant maturity, real estate marketing continues to move to a higher level, and real estate marketing innovation has become a key factor of the survival and sustainable development of enterprises. Through analyzing the development and the limitations of the traditional marketing theory, this paper proposes marketing strategy innovationfrom the customer satisfaction, differentiation, experience marketing, integrated marketing, relationship marketing, network marketing, and several other aspects. At last the paper builds innovation model of the real estate marketing strategy.Key words: the real estate, marketing strategy, traditional marketing, innovation model.1. INTRODUCTIONAt present the salient features of the real estate market can be summarized as two words: high and fast. On the one hand, the real estate market vacancy rate is high. As of the end of March 2006, area of vacant commodity housing reached 1.23 billion square meter, up 23.8%,if the average 4,000 yuan per square meter to calculate, its total assets is approximately 5000 billion yuan. The current vacancy rate of China's real estate market is far more than the international police line10%,reaches 20% even 30%.On the other hand, we have seen rapid increases in house prices. By the end of March 2006, the survey jointly issued by National Development and Reform Commission and the National Bureau of Statistics showed that, in February 2006,70 medium-sized cities nationwide housing sales price of a new year-on-year rise 6.2%, national housing prices maintained a steady growth, 70 medium-sized cities housing sales price rose over the same period last year 5.5%. The major reasons are: helped purchase investment, structural imbalance, and a serious lack of marketing concepts.2.TRADITIONAL REAL ESTATE MARKETING STRATEGY AND ITS DRAWBACKSThe peak of traditional marketing theory is founded in the United States in 1960 of the Michigan State University 4P theory, marketing is the effective combinations of four basic elements, that is, Product, Price, Place, Promotion. The theory assumes that as long as an enterprise have high-quality products, the development of a reasonable price, using the appropriate distribution channels and suitable promotional measures, corporate expected marketing objectives can be successfully achieved. The theory of "enterprise-centric" implemented the marketing from the inside out.Product as the core marketing strategy is the product as a source of competitive advantage, product development, product market share as the driving force of corporate profits, products asset-oriented, configure a variety of marketing resources, to achieve the most excellent product portfolio in limited resources, to enable enterprises to achieve maximum profit in order to obtain the sustainable developmentof enterprises. Its main drawbacks are: it is no guarantee that the product itself will certainly be able to meet the market demand, concerned about the process of product marketing, the indicators products of less than expected for the future, and Product portfolio management to make business performance evaluation results of one-sidedness (Bai 2006).In the face of harsh market conditions, real estate companies began to rethink their marketing, and gradually accepted theory 4C. 4C is the desire and needs of consumers (Consumer), the cost of consumer access satisfaction (Cost), the convenience of consumers to buy (Convenience), business and consumers effective communication (Communication). The real importance of 4C theory lies in the behavioral responses of consumers, through the two-way communication of businesses and consumers, the establishment of stable long-term relationship, to establish the competitive advantage of enterprises and brand in the market. 4C theory suggests that, in the marketing mix, product, pricing, marketing channels and other variables are likely to be imitated by competitors to or surpass, but only the value of corporate brand is hard to replace, and that is closely related to the degree of consumer recognition , so enterprises must fully arrange marketing mix strategy for the consumer's point. This theory emphased on consumer demand-oriented, full account of the cost of consumers willing to pay, care for the convenience of consumers, and communicate to consumers, so as to promote the combination between long-term interests of the community and the economic interests of businesses.In 20th century 90’s, the United States, Schulz put forward 4R theory, that is Related, Reflect, Relation, Reward, set forth the new marketing elements, including the establishment of linkages with customers, improving market reaction speed, attention to relationship marketing and marketing returns. This theory is oriented to competition, to focus on relationship marketing, to maintain the long-term cooperative relations between business and clients.Under the new situation, real estate sales face new challenges, and marketing strategy innovation is imperative. When consumers’ choose to living no longer stays in the emotional consumer, when the market demand shifts from emphasis on experience living life to the pursuit of high-quality conversion, real estate is on the access to “quality of the winning” time. This requires the implementation of total quality marketing in the whole process of real estate development and operation.From planning to design, from material selection to construction, from recruitment to the service system building, brick by brick, plant by plant, real estate businesses will invest time and energy to build to enable target customers find valuable “quality.”Commodities as a result of real estate properties and real estate companies in China based on different levels, the situation is different, marketing and business marketing are still in development, so at least one time, 4Ps, 4Cs, 4Rs will be used in different companies. 4Ps of marketing theory is a basic framework for marketing though thinking in standing enterprises terms. 4Cs marketing theory thinks standing in terms of customers, but they do not focus on the overall operation from the business perspective, but there is no focus from the core purpose of marketing to analyze the problem, 4Ps and 4Cs marketing are static description to key elements of the marketing process, not a dynamic process from the marketing core purpose. 4Rs is the result of two integrated refining, to meet the core of marketing, and is a dynamic process. But 4Rs is not as a substitute for 4Ps, 4Cs, but is innovation and development based on the 4Ps, 4Cs, so we can not be separated into three or even against. Only in this way enterprises can be in fierce competition in the real estate market.3. INNOV ATIVE MARKETING STRATEGY3.1 Differences in the Quality of PositioningThrough the survey analysis of the state of objective customers demand and expectations of the quality, the quality positioning of product is determined. On the quality of positioning, enterprises should not only focus on of the functional quality of products, but also the applicability of the quality of the product. In the increasingly prominent consumer personality today, enterprises must start from these two aspects of products innovation and personalized products in order to gain advantages in products. On the one hand, with the economic and technological developments, customer demand changes, customer puts forward new requirements for products, and enterprises must provide continuously innovative products for the customers to adapt to such changes. On the other hand, higher-level customers are no longer satisfied with mass produced products, they can reflect the personality of the more popular products. As a result of technology development, product personalization and production economies of scale are no longer mutually antagonistic contradictions. Enterprises can maintain a certain economy of scale, at the same time, to provide customers with individual products to meet their different needs, so that everycustomer can be satisfied with the feelings.3.2 Customer SatisfactionAs an enhancing tool to enterprise competitiveness, customer relationship management (CRM) has given rise to great concern to the real estate industry, and in some well-known real estate company has been applied.“Satisfactory” is a psychological term and refers to a person's positive state of mind. This state is due to that some outside stimulus make some sort of demand or expectations be met and the “desired” (that is, in line with the intention), in order to feel some kind of “Fiat” (that is, psychological pleasure). The premise of satisfied is this kind of outside stimulus, including the stimulation of physical, mental and a combination of both. Therefore, the master of marketing Philip Kotler defined customer satisfaction as: customer satisfaction refers to a person forms the formation of feeling state after comparing a product of the effect of perceived (or results) to his expectations, is the differences function between effect perceived and expectations. The features as followed: subjectivity, instability, the multilevel nature.Customer satisfaction can benefit to the enterprise through ongoing repeat purchase, recommendation of new clients. This is one of the reasons for many businesses to pursuit customer satisfaction. For real estate development enterprises, the significance of customer satisfaction is also reflected in these two areas. As shown in Figure 1, customer satisfaction from the purchase to satisfaction, from satisfaction to loyalty, and finally spread to their own friends and family, this process will result in high profit to real estate development companies. In order to increase customer satisfaction, enterprises should first collect information on customer needs, expectations and habits. These sources of information include: market analysis; through surveys to customers, meetings with customers as well as the concerns of specific customer groups and understand the customer's needs and the customer satisfaction information; not satisfied information from customers services failure report or customers complaining. Secondly, this information should be based on the development of real estate products; it can make use of QFD (Quality Function Deployment) to achieve. Third, we should come up with a solution according to complain and customers services failed report to improve the products and services (Yang 2006).3.3 Network MarketingThe 21st century is the century of network marketing. Real estate networkmarketing refers to a kind of marketing that enterprises make use of computer systems, networks online and interaction digital media to market research, product marketing and other business activities, so as to more effectively individuals and organizations contributed to the realization of transactions in order to achieve the objectives of corporate marketing (Xu 2007). With the advent of the age of electronic commerce, network marketing as a brand-new modern marketing idea will become real estate an irresistible trend.Network marketing has changed the traditional marketing of information “push” mode, and provides a “Pull” approach, consumers on the network can have a lot of initiative, you can decide when browsing, to which pages to visit, browse the contents of the information. In addition, if consumers are interested in real estate ads on the internet, you can click the relevant content, detail more information, real estate enterprises take advantage of this new type of marketing can get the following benefits: (1) Save the cost of marketing activities, (2) Consumers can participate in interactive marketing activities, (3)Use of multimedia functions to introduce a comprehensive real estate projects, (4) Network Marketing breakthroughs of the geographical boundaries of real estate marketing, (5) Provide 24-hour non-stop marketing services (Liu 2008).3.4 Integrated Marketing20th century 90’s, the United States, Professor D•E Schulz, who put forward Integrated Marketing, the basic idea can be summed up in two aspects: on the one hand, advertising, promotion, design, packaging and all communication activities are attributable to advertising campaigns within the framework; On the other hand so that the spread of a unified corporate advisory conveyed to consumers (Liu 2007). Its purpose is to use various means of communication to maximum effectiveness on different stages of marketing, and to establish long-term and maintain the relationship between businesses and consumers ultimately. For the implementation of the integrated marketing project, what consumers see and hear and what feel are exactly the same, the benefits of the project will be numerous different ways to communicate to consumers, consumer can be given a strong shock, so much repeated the same stimulation that the project has strengthened the impression the consumer, that will help increase consumer awareness of the project.Integrated marketing of real estate is formed based on the highly specialized division in the marketing aspect. It is under the guidance of the reunificationmarketing goal, a broad range of integrated marketing dynamic combination of systematic factors, the coordination of the various factors to adapt to the external marketing environment, for the different marketing tools at every stage of project development to play the best , unified, focused on the role, and ultimately establish a corporate image or brand groups, the overall strength and consistency, and to establisha long-term, two-way, to maintain the relationship.4. INNOV ATIVE MODEL OF REAL ESTATE MARKETING STRATEGY4.1 The Connotation of Innovative Model of Real Estate Marketing StrategyWith the development of the real estate industry, the customer has become a leader in the real estate market, real estate companies should shift customer perspective, customer satisfaction is the goal of marketing strategy. As a result of diversification of customer demand, the implementation of the difference between products and service is embodied the essence to achieve this goal. And integrated marketing and network marketing are means to achieve specific goals.Real estate marketing is full of innovation (Sui 2006). The so-called the whole real estate marketing refers to developers in the basis of full understanding and analysis of market demand, make the use of its available range of external and internal resources to optimize the combination, the conceptual design of the project and product positioning, planning and design, marketing plan promoting, property management and many other parts to this plan and co-ordinate the implementation and cost-effective process to make good.4.2 The Application of Innovative Model of Real Estate Marketing StrategyThe new situation setting new challenges to real estate sales, marketing strategy innovation is imperative. When consumers choose to live no longer staying in the emotional consumer, when the market demand shift from emphasis on living life experience to the pursuit of high-quality conversion, real estate access to "quality of the winning" Time. This requires the implementation of total quality marketing in the whole process of development and operation of real estate. From planning to design, from material selection to construction, from recruitment to the service system building, brick by brick, plant by plant, and real estate businesses are willing to invest time and energy to build to enable target customers find valuable “quality”.Total quality marketing is based on customer needs as the guide, focus on improving the quality of products and services, through the whole process of marketing efforts to improve product quality, by driving quality performance toachieve the objectives of customer satisfaction, which is a new marketing idea.The implementation of the comprehensive quality marketing require marketers to pay attention to not only the quality of the whole process of marketing, to implement the quality management of the whole process of marketing (that is, marketing a comprehensive quality management); but also pay attention to the quality of their products, to participate in developing and controlling product quality standards, so that the quality of products can meet consumer demands. On the one hand, through the external marketing of quality control, we can improve customer perceptions of product quality, thereby enhancing customer satisfaction with the product; On the other hand, through internal marketing, we can promote the improvement of product quality.5. CONCLUSIONSAll in all, the starting point of the real estate marketing should be people-oriented and the integrity of the operation, which is an objective requirement of demand-oriented economy. Fundamentally speaking, no one marketing strategy is superior to another channel, therefore real estate developers in the marketing process should not rigidly adhere to a sales channel, but should be in accordance with their respective actual conditions, according to different market situation, consumers and policy, using a variety of marketing mix, giving full play to all kinds of marketing tactics advantages.Real estate marketing is a system, the key lies in its marketing resources in every link of the restructuring process, which requires marketing innovation in the project to do every step of the operation of quantitative, technical and standardization. Real estate marketing includes not only location, environment, room, price, brand, which also covers the design, packaging, and promoting the entire process. Only the professional marketing system by combining the local market characteristics and characteristics of the project itself and is the most effective marketing innovation. Therefore, we should do: (1) Profound insight into the market, (2) Market research innovation, (3) Qualitative and quantitative decision-making combination, (4) Specialized and systematic planning and the promotion of sales planning, (5) Effective implementation and control of sales.译文:房地产营销策略的创新模式摘要：随着房地产行业的快速发展，房地产市场的不断成熟，房地产市场继续移动到一个更高的水平，房地产营销创新已成为企业生存和可持续发展的关键因素。
Financial-Risk-Management财务风险管理大学毕业论文外文文献翻译及原文
毕业设计（论文）外文文献翻译文献、资料中文题目：财务风险管理文献、资料英文题目：Financial Risk Management 文献、资料来源：文献、资料发表（出版）日期：院（部）：专业：班级：姓名：学号：指导教师：翻译日期： 2017.02.14财务管理类本科毕业论文外文翻译译文：[美]卡伦·A·霍契.《什么是财务风险管理？》.《财务风险管理要点》.约翰.威立国际出版公司,2005:P1-22.财务风险管理尽管近年来金融风险大大增加，但风险和风险管理不是当代的主要问题。
全球市场越来越多的问题是，风险可能来自几千英里以外的与这些事件无关的国外市场。
意味着需要的信息可以在瞬间得到，而其后的市场反应，很快就发生了。
经济气候和市场可能会快速影响外汇汇率变化、利率及大宗商品价格，交易对手会迅速成为一个问题。
因此，重要的一点是要确保金融风险是可以被识别并且管理得当的。
准备是风险管理工作的一个关键组成部分。
什么是风险？风险给机会提供了基础。
风险和暴露的条款让它们在含义上有了细微的差别。
风险是指有损失的可能性，而暴露是可能的损失，尽管他们通常可以互换。
风险起因是由于暴露。
金融市场的暴露影响大多数机构，包括直接或间接的影响。
当一个组织的金融市场暴露，有损失的可能性，但也是一个获利或利润的机会。
金融市场的暴露可以提供战略性或竞争性的利益。
风险损失的可能性事件来自如市场价格的变化。
事件发生的可能性很小，但这可能导致损失率很高，特别麻烦，因为他们往往比预想的要严重得多。
换句话说，可能就是变异的风险回报。
由于它并不总是可能的，或者能满意地把风险消除，在决定如何管理它中了解它是很重要的一步。
识别暴露和风险形式的基础需要相应的财务风险管理策略。
财务风险是如何产生的呢？无数金融性质的交易包括销售和采购，投资和贷款，以及其他各种业务活动，产生了财务风险。
它可以出现在合法的交易中，新项目中，兼并和收购中，债务融资中，能源部分的成本中，或通过管理的活动，利益相关者，竞争者，外国政府，或天气出现。
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文献出处：Geltner D. The study on the relationship between the monetary policy and real estate prices [J]. The Journal of Real Estate Finance and Economics, 2015, 5(3): 522-532.原文The study on the relationship between the monetary policy and real estate pricesGeltner DAbstractMonetary policy has an important influence on the real economy, monetary policy from the set to play a role affect real economy exists a conduction process, and the effect of monetary policy is good or not directly depends on whether the conduction process smoothly. As assets related trade, with pure inflation index to measure the rationality of the monetary policy effect was questioned, the control effect is more and more attention to asset price reasonable or not. Especially in recent years the real estate industry has developed rapidly in our country, the real estate investment in fixed assets investment in the country to the rapid growth of the share of the real estate industry plays a decisive role to the development of the economy. Keywords: real estate prices; monetary policy1 IntroductionThe transmission mechanism of monetary policy as the most important part of monetary policy research field, research is how monetary policy effects on the real economy, to achieve the ultimate goal of policy, exert its function of macroeconomic adjustment. This transmission mechanism will with the passage of time and the development of the economy changing, in different countries and regions have different transmission path, therefore, according to different economy we must want to undertake an independent monetary policy transmission mechanism research. Since Keynes established macroeconomic analysis framework, different economic schools according to the different economic conditions put forward their own theory of monetary policy transmission. In general, monetary policy transmission way interest rates, exchange rates, credit and asset price way, etc. With the development of the economy, despite of the related assets other than monetary assets and wealth can alsobe to give the effect of monetary policy to the real economy. This article selects the important in modern life of an asset prices, real estate prices as the research object, the real estate as a special asset in today's society, with dual attributes, it is not only consumer goods, and investment. At the same time, in the modern real estate development model, the real estate industry and the social investment, consumer spending and bank credit is closely related to many aspects, can become the important carrier of the monetary policy transmission. The transmission mechanism of monetary policy and its impact on the macro economy is the core content of theory of monetary policy. The development of the real estate market and deepen bring brand-new conduction path for the monetary policy transmission at the same time, also make the implementation of the policy face greater risks, increasing the difficulty of policy making. To investigate whether monetary policy through regulating the real estate price to control the real economy, the purpose of testing the transmission path of existence and effectiveness, can not only improve the monetary policy transmission theories, but also for the steady growth of the real economy and the healthy development of the real estate market has important theoretical and practical significance.2 Research reviewAs a kind of asset prices, real estate prices in the first place and didn't get everybody's attention. After the economic crisis in the 1930 s and 80 s respectively in the theory of asset prices and monetary policy this problem of two orgasms, during this period, scholars from different perspectives on this issue a lot of theoretical and empirical studies, a series of related conclusions, system analyzes the asset prices and monetary policy and the relationship between the real economy in all aspects.Franco Modigliani’s theory of life cycle theory and Tobin’s Q is the asset price transmission channels of monetary policy can play a role of theoretical basis. But the original study of asset prices more focused on the discussion of the price of the stock, and ignored the role of the real estate price changes. However, with the continuous development of the real estate market, asset price theory is more and more focus on real estate prices. Many scholars have studied the real estate prices in the monetarypolicy transmission plays an important role. Meltzer, for example, (1995), as a representative of monetarism, he thought that monetary policy can effectively regulate the real estate price, and the changes in asset prices can have an important impact on output and employment, asset prices play an important role in the transmission mechanism. Mishkin (2001) studies have shown that real estate prices can affect the conduction effect of aggregate demand, but the excessive attention to real estate prices can also affect the effectiveness of monetary policy. American economist Good hart (2000) based on the idea of asset prices would act as a monetary policy, research and analyze data on the United States, to verify whether asset price changes on inflation have expected effect, explore the monetary policy on asset prices can better achieve the ultimate goal of the central bank. The conclusion is: asset prices (including the real estate price) of the change of related reaction increases the effectiveness of monetary policy transmission. Ireland (2005) study shows that monetary policy can affect real economy through real estate price conduction of some real variables, such as output and employment. Calza, Monacelli (2007). Research results indicate that the mortgage market and the more developed countries, the relationship of real estate prices and consumption more obvious, so the real estate price conduction effect is stronger.Many scholars study the effect of monetary policy on the real estate market alone, the portfolio from interest rate, money supply, three ways to analyze monetary policy on real estate price regulation ability. In interest rates way of analysis, Andrew (2008) study shows that interest rate changes are the main cause of the real estate price changes. Abraham (2006) by using the model of a considering lag period of house price changes, the conclusion is: the increase in price and interest rate changes are negative correlation. Aoki (2009) study of Britain's monetary policy impact on real estate market, through the establishment of the V AR model to empirical conclusion: interest rate changes and the relationship between real estate and consumer durables, when interest rates rise, real estate prices will be reduced. Ho Wong (2010) based on the research of the long-term data, draw the conclusion: real estate prices will affect interest rates, but the interest rate adjustment can't change the real estate prices, is aone-way transmission relationship between interest rate and real estate prices.In the analysis of the credit way Margraves (2013) study, points out that as the easing of economic liberalization and market regulation, more and more credit resources flow to the high yield of the real estate market, make real estate investment overheating, led to the real estate prices. Collins (2010) on the data of some Asian countries in recent years the study found that real estate in the current price is affected by the credit growth significantly. Davis (2010) study conclusion shows that the credit expansion is the root cause of commercial real estate prices, the opposite is not established.In portfolio analysis of the effect way, Sheridan (2009) to major cities in Europe and the United States 17 countries annual data for the cross section data regression analysis, the empirical results show that in the long run, stock returns, rent, and significantly positive correlation between real estate prices, and real estate prices and stock price synchronicity with GDP growth significantly. Wilson (2007) argue that the real estate market and stock market in the United States nonlinear relationship exists between the weak and they with Zurbrueg (2010) confirmed that Australia's real estate prices and stock prices there is a two-way linear Granger causality between. In the study of how monetary policy affects real estate prices at the same time, to study how the change of the real estate prices affect consumption and investment in the real economy.(1) The consumption effectConsumption effect mainly through the implementation of the wealth effect and family balance sheet effect two ways. The analysis of the wealth effect is based on the life-cycle theory and permanent income theory. Skinner (2008), the study found that the real estate wealth effect is significant effect on consumption. Shiller: an empirical study of (2010) and others found that real estate wealth effect was stronger than the stock, and the level of consumption changes by real estate wealth increase significantly, the influence of the real estate wealth reduce almost no reaction. At the same time, there are some contrary to the above conclusion of the study. Such as Elliott (2009) studied the relationship between consumer spending and wealth, theresults showed as non-financial wealth of real estate has no effect on consumption, property prices there is no effect of consumption. Levin (2009) of the empirical analysis results show that the real estate price change has no effect on consumption, consumption effect does not exist. Mishkin think family balance sheets have significant influence on consumers' willingness to spend, and then put forward the real estate price effect of household balance sheets, but few scholars devoted to the study, the related literature is less.(2) The investment effectFrom the Tobin q value effect and balance sheet effect two aspects inspects the investment of the real estate price effect. According to Tobin’s Q theory, real estate prices will improve the Q value of estate, Q value rise will bring the investment will increase, increasing investment spending. For balance sheet effect, foreign literature is mainly focused on the theoretical analysis, Breanne (2010) argues that if real estate prices rise, to buy property mortgage the borrower's balance sheet condition will get better, increase the possibility of loan, prompting financial institutions loans increased, the corresponding increase of loan able funds will make investment spending also increase accordingly. About the real estate price transmission mechanism of monetary policy research literature mostly just with the introduction of the relevant theories, and based on the theory of empirical research. Gatzlaff (2006) has carried on the theoretical and empirical analysis, argued that monetary policy should focus on real estate price changes, but the current monetary policy conduction through the real estate price is not very significant. Olmes (2007) the empirical test shows that by using the model of real estate prices on monetary policy transmission effect is significant; the overall transmission efficiency is higher. Crowe (2008) through empirical analysis it is concluded that: asset prices on macro economy has a certain impact, in particular, the role of house prices is more obvious. Therefore, the central bank in monetary policy should be on asset markets especially appropriate attention and control real estate prices. Alicia (2010) through the empirical analysis shows that the conduction in real estate prices on the real economy, consumer spending is influenced by the real estate price changes smaller; In respect of investment, theinvestment spending there were significantly positive correlation with real estate prices, real estate prices can affect the real economy through investment effect, the real estate price to conduction to the real economy. Igan (2010) on the basis of the V AR model is established by using co integration test, Granger causality test method, such as the bank credit, the relationship between real estate prices and macroeconomic are studied, to prove that there is a certain relationship between them. Some scholars begin to pay close attention to the relationship between monetary policy and real estate prices. Many literatures focused on the theoretical analysis of the real estate market in the central bank of the monetary policy will produce what kind of change. Rabanal (2011) point out that the central bank mainly through the personal housing mortgage loans and mortgage interest rate adjustment to regulate the real estate demand, thus influence the real estate price.3 Evaluate and analyzeFrom the results of the research literature concluded that, for the existence of the real estate price transmission mechanism of monetary policy, and the transmission mechanism in two areas of smoothness or not there exist certain differences. Differences that may be affected by different regional economic development status and the influence of such factors as variable selection standard, but overall, the study of this subject has made certain achievements, the research system, from two aspects of qualitative and quantitative analysis, systematic analysis of the monetary policy, the relationship between the real estate market and the real economy, affirmed the existence of the real estate price transmission channels of monetary policy. On the one hand, real estate prices as a monetary policy transmission are analyzed theoretically the rationality of the mediation, on the other hand, using the empirical model from the perspective of empirical analysis of real estate prices as a path to the effectiveness of monetary policy transmission.译文货币政策与房地产价格关系研究Geltner D摘要货币政策对实体经济有着重要的影响，货币政策从制定到发挥作用影响实体经济存在一个传导的过程，而货币政策效果的好坏直接取决于这一传导过程是否顺畅。