外文翻译
外文出处：Mohammad M. Rahaman. Access To Financing And Firm Growth. Journal of Banking & Finance, 2011(35):709–723
译文标题：筹资渠道和企业发展
译文：
内容提要：为什么一些公司比其他公司发展得快？尽管各种发现和未发现的因素已经被认为是企业发展的潜在驱动力，但是经济学家仍然不承认金融结构在公司发展中的作用。在这篇文章中，我用一个上市和非上市的公司样本去说明金融结构对公司发展的作用在统计学上和数量学的重要性。对于财务发展，介于内部筹资约束的存在，企业更依赖于外部基金，但是内部筹资对公司成长的影响随着外部银行信用设备渠道的增加而降低。同时，由于外部筹资约束的缓和，企业更少依赖内部基金并且转为将外部筹资作为企业发展的主要筹资来源。
关键字：筹资渠道企业发展财务约束
1 引言
筹资是操作任何业务的一个重要的部分。没有足够的筹资，企业的实力和它的成长潜力都会受到伤害。尽管有这种传统的学识，但经济学家仍然非常不同意金融结构在企业发展中作为一种异类来源。金融结构对企业发展经验的影响长期被解释为真正影响的代理，因为在一个完美的资本是市场，一个企业的投资决定是独立于它的财务状况的，然而，事实上，企业有不均匀的资本市场渠道。由于诸如交易成本、息税优势、经销问题、财务困难成本和非对称信息的原因，内部和外部基金不是完美的替代品。特别是对小型和中型行业，筹资渠道和其它银行服务在负担得起的利率和公平期限的条件下从来都不是简单的事。
2 相关著作
在一个经典的研究中，Rajan和Zingales（1998）表明，通过降低外部筹资成本，金融发展将促进经济增长，在更发达的金融市场，依赖外部筹资的企业不成比例的增长更快。此后，有许多文献认为金融没有真正的影响经济增长的实际效果。Demirguc-Kunt和Maksimovic (1998)研究了在法律和财务系统中影响企业的外部融资而达到资金增长上有何差异。他们认为法律体系效率指数得分高的国家，是一个更大比例的公司使用长期的外部的融资和一个活跃,尽管不一定很大,股票市场和一个大型的银行业对外同样有关联的财政支持企业的成长，在一个单独说明里，黄和Kracaw（1984）也表明，总股市波动的Granger引起各种宏观经济的手段，如国民总产出和失业。这些研究明确界定金融和实体经济的总体水平之间的联系，
但我们对金融结构的实际效果在分解水平之间的联系的理解是有限的。chittenden等人分析了一个上市及非上市小企业的样品并且发现盈利能力、资产结构、规模（总资产）、年龄和进入资本市场与一家小公司的财务结构是有关的。它们表明，只有当企业正在经历一个快速增长并且外部资本市场的缺乏时，金融结构与该企业的发展是密切相关的。
3概念框架和数据
3.1概念框架
为了使企业发展与筹资相联系,让我们假设在任何给定的周期t，公司我收到一个生产力
冲击a
it 并且与时间呈正相关:a
it
=ρa
it-1
+ε
it
，其中ρ∈（0,1）和ε
it
→N（0，σ
ε）。规
定该公司的发展与投资增长成正比。在没有任何外部筹资来源,所有新的投资从每一个时期该公司的利润产生。所有进一步投资后剩余利润分配给企业股东以便对公司盈利保留，这样就不会在时间。
3.2 数据
我收集的样本公司来自FAME数据库中1991-2001年的数据。FAME包括在英国和爱尔兰公开注册的私营企业，并包括已达到180万人公司的财务信息,其中500000拥有详细的格式。这些数据库是编纂家在卡迪夫、伦敦、爱丁堡涉以及都柏林的公司记录和来自伦敦和爱丁堡公报补充的信息。
3.3 主要变量
3.3.1 企业发展
在我的研究中主要依靠的因变量就是企业发展。我专注于企业成长的两种不同定义：就业增长和销售额增长。一个明显的利用就业增长的优势就是企业就业水平密切跟随着FAME 数据库。
3.3.2 内源性筹资
我用两种不同的措施为企业的内部筹资来源来代理的。第一个措施，IFUNDit,直接估计企业的内部资金的增长和被定义为: IFUNDit = Log(Owner0s Equityit) - Log(Owner0s Equityit-1)。它用于计量增加或减少的留存收益，这些是公司为了筹资发展已累积的从周期t-1到t的留存收益。我使用的第二个措施是公司的经济效益。由于更大的能力意味着更好企业财务未来增长的性能，公司的代理经济表现也应该记录内部筹资的资金来源。
3.3.3 外源性筹资
为了衡量一个企业外部私人信用市场的来源，我用了一个类似Sufi的衡量银行信用设备（2009），它采用银行信用设备的程度是一个比传统的投资现金流敏感措施更好的衡量企
业外部筹资约束的的措施。
3.3.4 控制变量
大小：公司大小主要由在企业发展中作为一种异类来源的企业经济程度决定。我用来自企业资产负债表和企业销售收入的总资产对数去控制在我回归分析中的企业大小。
年龄：我用线性回归法控制企业年龄。为了衡量企业的年龄，我用一个企业从它合并后一直经营的产业的年数。
生产率：我假设基本的生产率不同放射式从没有发现的企业品质，这些品质可以被企业在回归分析中企业固定的影响记录下来。
杠杆作用：我用三种不同的指标衡量企业财务状况：流动比率、财务杠杆、财务松弛度。
控制：董事会中独立董事的数量用来广泛被用来代理一个企业的控制结构。在我的数据中，我看到一个企业的董事数量但没有他们是否是独立董事的信息。因此，我用董事对数作为一个企业控制结构的代表。
3.3.5 总结统计
表1、显示了样本期间1991-2001年总结统计。表格上显示小公司平均比其他公司有一个较高的增长速度。然而,这并不意味着不同范围内各种大小的企业没有非均质性。对于其它公司特征统计显示出小型企业公司平均比中型和大型企业的年龄小，小型企业也主张较高的流动性，采取较小的杠杆作用，并且有小于大型企业的财务松弛。而且，小型企业拥有比中型和大型企业较少的董事。
4实证策略和结果
在这部分,我们将通过测试结果的讨论，并通过以经验为根据的策略，来估算筹资来源对企业发展的影响。
4.1 实证策略
我们用如下的企业实证模型：Y it=α+ΒY it-1+X，it-1θ+Z it-1δ+μit，μit=v+∈it其中Y it是企业i
是i企业拥有的各种筹资来在t-1到t期间的企业增长，X it-1是企业特征的控制变量集，Z
it-1
源的变量，μit是回归的误差项。
4.2 估计结果：内部基金和增长
表2显示对于样本企业发展的不同特征和筹资来源的估价系数。在表2的经验说明书里，我没有控制银行信用设备的公司权力。结果显示内部基金对企业的发展有一个积极和统计学上的重要影响。就经济重要性而言，我发现当所有其它的解释变量以他们在说明书里的方式被评估时，一个内部基金10%的增长和企业发展7.39%的增长是有关联的。
4.3 估计结果：小型与大型企业
调查筹资来源是否对各不相同的企业经济增长有影响，我为小型、中型和大型企业估计了动态回归面板。
表1 总结统计
所有企业小型企业
平均值中值N 平均值中值N 雇佣增长0.0160 0.000 52,140 0.032 0.000 27,410 销售增长0.0520 0.050 52,139 0.061 0.055 27,410 公司特征
总资产8.1537 8.214 52,124 7.323 7.253 30,140 销售9.2811 9.268 52,139 8.337 8.357 30,151 年龄 3.2064 3.242 51,845 3.042 3.060 30,077
1.6704 1.266 52,066 1.719 1.256 30,103
流动资产/流
动负债
长期负债/总
0.0825 0.004 52,124 0.077 0.000 30,140
资产
财务松弛-0.278 -0.588 52,057 -0.289 - 0.698 30,097 董事数量 1.9473 1.946 52,140 1.807 1.792 30,151 筹资渠道
内部基金0.0828 0.070 47,686 0.104 0.079 24,567 边际利润0.0468 0.032 52,140 0.047 0.029 30,151 股基金0.2534 0.161 48,116 0.265 0.163 27,360 总资产0.0635 0.054 52,120 0.065 0.052 30,137
银行信誉设备0.2816 0.219 52,057 0.286 0.212 30,097 虚拟私企0.9628 1.000 52,140 0.962 1.000 30,151
中型企业大型企业
平均值中值N 平均值中值N
雇佣增长0.005 0.007 17,770 -0.018 -0.008 6960 销售增长0.046 0.049 17,769 0.032 0.039 6960 公司特征
总资产8.772 8.732 19,544 9.585 9.539 7653 销售9.790 9.720 19,546 11.453 11.381 7656 年龄 3.308 3.378 19,345 3.391 3.569 7577 流动资产/流
动负债
1.590 1.262 19,524 1.568 1.264 7650 长期负债/总
资产
0.087 0.011 19,544 0.095 0.009 7653
财务松弛-0.276 -0.492 19,523 -0.280 - 0.452 7642 董事数量 2.041 2.079 19,547 2.260 2.303 7656 筹资渠道
内部基金0.062 0.063 16,677 0.056 0.060 6442 边际利润0.042 0.032 19,547 0.047 0.039 7656 股基金0.225 0.150 18,384 0.259 0.171 7083 总资产0.225 0.054 19,542 0.057 0.058 7654 银行信誉设
备
0.273 0.222 19,523 0.289 0.238 7642 虚拟私企0.961 1.000 19,547 0.971 1.000 7656
表2 企业发展筹资来源
所有公司所有非上市公司所有上市公司（1）（2）（3）（4）（5）（6）
公司增长0.066（6.56）0.069（7.10）0.006
（6.48）
0.068
（6.93）
0.063
（1.22）
0.047
（0.93）
总资产-0.080
（-4.61）
-0.035
（-3.46）
-0.071
（-4.14）
-0.030
（-3.30）
-0.029
(-0.69)
-0.012
(-0.44)
年龄0.029
（0.99）
-0.070
（-3.88）
0.015
（0.52）
-0.076
（-4.22）
-0.076
（-0.80）
-0.102
（-1.68）
流动比率-0.013
（--3.08）
0.086
（2.47）
0.125
（3.62）
0.073
（2.04）
0.034
（0.43）
0.031
（0.42）
杠杆作用0.137
（3.64）
0.086
（2.47）
0.125
（3.26）
0.073
（2.04）
0.034
（0.43）
0.031
（0.42）
财务松弛-0.022
（-4.03）
-0.011
（-2.52）
-0.023
（-4.22）
-0.013
（-3.00）
0.009
（0.51）
0.007
（0.46）
董事数0.293
（8.38）
0.254
（11.09）
0.281
（7.97）
0.250
（10.72）
0.238
（2.58）
0.202
（2.37）
内部基金0.168
（4.55）
0.131
（3.28）
0.150
（4.03）
0.114
（2.81）
0.036
（0.63）
0.034
（0.73）
银行信贷0.060
（2.40）
0.049
（1.94）
0.031
（0.44）
内部基金*银行信贷
-0.235
（3.17）
-0.203
（-2.70）
-0.058
（-0.51）
公司固定
影响
是是是是是是N 37，421 37，421 35，999 35，999 1422 1422
公司数量5043 5043 4852 4852 191 191 χ2243.509 375.184 243.065 360.619 21.28 21.688
4.4 估计的结果：公司业绩和成长
在未来的筹资来源对企业的成长影响的实证检验，我专注于企业的经济表现，而不是作为内源融资来源的内部资金水平。这部分的研究结果说明了筹资约束对企业成长的作用在统计学和数量学上的重要作用。一个拥有有限外部资本市场的企业可以通过优秀的表现克服它的外部筹资约束。
4.5 稳健性：因果关系检验
在本节中，我利用面板数据结构测试企业成长筹资来源的的因果关系。我采用一个格兰杰因果关系的不同形式去测试筹资来源的因果关系。Engle和Granger认为，如果时间序列变量包括在分析展览共整合性能中，那么传统的格兰杰因果关系是不恰当的。要获得正确的
统计推论，因果关系应在误差修正模型的基础上测试。因此我使用了Im et al.（2003）的测试程序并且拒绝在我的面板数据上面板协调的零假设。我继续简单的线性恩格尔格兰杰因果检验。
5 总结
筹资的基本问题是：一个企业的筹资结构是否跟它的投资决策有关？内部资金和外部资金是不完善的替代品，并且内部资金成本和外部资金产生的外部筹资可能会限制一个企业的投资。经验证明，在现存的文献中筹资约束影响企业的投资，并且减轻筹资约束可以促进经济增长。文章中我用上市和非上市企业样本并利用变量研究外部筹资对企业发展的影响。我发现内部筹资显著影响企业成长。但是，内部筹资对企业成长的影响随着企业使用银行信贷的增加而减少。
指导教师评语：
签字：
年月日
工业设计专业英语英文翻译
工业设计原著选读 优秀的产品设计 第一个拨号电话1897年由卡罗耳Gantz 第一个拨号电话在1897年被自动电器公司引入，成立于1891年布朗强，一名勘萨斯州承担者。在1889年，相信铃声“中央交换”将转移来电给竞争对手，强发明了被拨号系统控制的自动交换机系统。这个系统在1892年第一次在拉波特完成史端乔系统中被安装。1897年，强的模型电话，然而模型扶轮拨条的位置没有类似于轮齿约170度,以及边缘拨阀瓣。电话，当然是被亚历山大格雷厄姆贝尔（1847—1922）在1876年发明的。第一个商业交换始建于1878（12个使用者），在1879年，多交换机系统由工程师勒罗伊B 菲尔曼发明,使电话取得商业成功,用户在1890年达到250000。 直到1894年，贝尔原批专利过期，贝尔电话公司在市场上有一个虚拟的垄断。他们已经成功侵权投诉反对至少600竞争者。该公司曾在1896年，刚刚在中央交易所推出了电源的“普通电池”制度。在那之前，一个人有手摇电话以提供足够的电力呼叫。一个连接可能仍然只能在给予该人的名义下提出要求达到一个电话接线员。这是强改变的原因。 强很快成为贝尔的强大竞争者。他在1901年引进了一个桌面拨号模型，这个模型在设计方面比贝尔的模型更加清晰。在1902年，他引进了一个带有磁盘拨号的墙面电话，这次与实际指孔，仍然只有170度左右在磁盘周围。到1905年，一个“长距离”手指孔已经被增加了。最后一个强的知名模型是在1907年。强的专利大概过期于1914年，之后他或他的公司再也没有听到过。直到1919年贝尔引进了拨号系统。当他们这样做，在拨号盘的周围手指孔被充分扩展了。 强发明的拨号系统直到1922年进入像纽约一样的大城市才成为主流。但是一旦作为规规范被确立，直到70年代它仍然是主要的电话技术。后按键式拨号在1963年被推出之后，强发明的最初的手指拨号系统作为“旋转的拨号系统”而知名。这是强怎样“让你的手指拨号”的。 埃姆斯椅LCW和DCW 1947 这些带有复合曲线座位，靠背和橡胶防震装置的成型胶合板椅是由查尔斯埃姆斯设计，在赫曼米勒家具公司生产的。 这个原始的概念是被查尔斯埃姆斯（1907—1978）和埃罗沙里宁（1910—1961）在1940年合作构想出来的。在1937年，埃姆斯成为克兰布鲁克学院实验设计部门的领头人，和沙里宁一起工作调查材料和家具。在这些努力下，埃姆斯发明了分成薄片和成型胶合板夹板，被称作埃姆斯夹板，在1941年收到了来自美国海军5000人的订单。查尔斯和他的妻子雷在他们威尼斯，钙的工作室及工厂和埃文斯产品公司的生产厂家一起生产了这批订单。 在1941年现代艺术博物馆，艾略特诺伊斯组织了一场比赛用以发现对现代生活富有想象力的设计师。奖项颁发给了埃姆斯和沙里宁他们的椅子和存储碎片，由包括埃德加考夫曼，大都会艺术博物馆的阿尔弗雷德，艾略特诺伊斯，马尔塞布鲁尔，弗兰克帕里什和建筑师爱德华达雷尔斯通的陪审团裁决。 这些椅子在1946年的现代艺术展览博物馆被展出，查尔斯埃姆斯设计的新的家具。当时，椅子只有三条腿，稳定性问题气馁了大规模生产。 早期的LCW（低木椅）和DWC（就餐木椅）设计有四条木腿在1946年第一次被埃文斯产品公司（埃姆斯的战时雇主）生产出来，被赫曼米勒家具公司分配。这些工具1946年被乔治纳尔逊为赫曼米勒购买，在1949年接手制造权。后来金属脚的愿景在1951年制作，包括LCW（低金属椅）和DWC（就餐金属椅）模型。配套的餐饮和咖啡桌也产生。这条线一直
外文翻译
Load and Ultimate Moment of Prestressed Concrete Action Under Overload-Cracking Load It has been shown that a variation in the external load acting on a prestressed beam results in a change in the location of the pressure line for beams in the elastic range.This is a fundamental principle of prestressed construction.In a normal prestressed beam,this shift in the location of the pressure line continues at a relatively uniform rate,as the external load is increased,to the point where cracks develop in the tension fiber.After the cracking load has been exceeded,the rate of movement in the pressure line decreases as additional load is applied,and a significant increase in the stress in the prestressing tendon and the resultant concrete force begins to take place.This change in the action of the internal moment continues until all movement of the pressure line ceases.The moment caused by loads that are applied thereafter is offset entirely by a corresponding and proportional change in the internal forces,just as in reinforced-concrete construction.This fact,that the load in the elastic range and the plastic range is carried by actions that are fundamentally different,is very significant and renders strength computations essential for all designs in order to ensure that adequate safety factors exist.This is true even though the stresses in the elastic range may conform to a recognized elastic design criterion. It should be noted that the load deflection curve is close to a straight line up to the cracking load and that the curve becomes progressively more curved as the load is increased above the cracking load.The curvature of the load-deflection curve for loads over the cracking load is due to the change in the basic internal resisting moment action that counteracts the applied loads,as described above,as well as to plastic strains that begin to take place in the steel and the concrete when stressed to high levels. In some structures it may be essential that the flexural members remain crack free even under significant overloads.This may be due to the structures’being exposed to exceptionally corrosive atmospheres during their useful life.In designing prestressed members to be used in special structures of this type,it may be necessary to compute the load that causes cracking of the tensile flange,in order to ensure that adequate safety against cracking is provided by the design.The computation of the moment that will cause cracking is also necessary to ensure compliance with some design criteria. Many tests have demonstrated that the load-deflection curves of prestressed beams are approximately linear up to and slightly in excess of the load that causes the first cracks in the tensile flange.(The linearity is a function of the rate at which the load is applied.)For this reason,normal elastic-design relationships can be used in computing the cracking load by simply determining the load that results in a net tensile stress in the tensile flange(prestress minus the effects of the applied loads)that is equal to the tensile strength of the concrete.It is customary to assume that the flexural tensile strength of the concrete is equal to the modulus of rupture of the
世界贸易和国际贸易【外文翻译】
外文翻译 原文 World Trade and International Trade Material Source:https://www.360docs.net/doc/166731256.html, Author: Ted Alax In today’s complex economic world, neither individuals nor nations are self-sufficient. Nations have utilized different economic resources; people have developed different skills. This is the foundation of world trade and economic activity. As a result of this trade and activity, international finance and banking have evolved. For example, the United States is a major consumer of coffee, yet it does not have the climate to grow any or its own. Consequently, the United States must import coffee from countries (such as Brazil, Colombia and Guatemala) that grow coffee efficiently. On the other hand, the United States has large industrial plants capable of producing a variety of goods, such as chemicals and airplanes, which can be sold to nations that need them. If nations traded item for item, such as one automobile for 10,000 bags of coffee, foreign trade would be extremely cumbersome and restrictive. So instead of batter, which is trade of goods without an exchange of money, the United State receives money in payment for what it sells. It pays for Brazilian coffee with dollars, which Brazil can then use to buy wool from Australia, which in turn can buy textiles Great Britain, which can then buy tobacco from the United State. Foreign trade, the exchange of goods between nations, takes place for many reasons. The first, as mentioned above is that no nation has all of the commodities that it needs. Raw materials are scattered around the world. Large deposits of copper are mined in Peru and Zaire, diamonds are mined in South Africa and petroleum is recovered in the Middle East. Countries that do not have these resources within their own boundaries must buy from countries that export them. Foreign trade also occurs because a country often does not have enough of a particular item to meet its needs. Although the United States is a major producer of sugar, it consumes more than it can produce internally and thus must import sugar.
网络营销外文翻译
E---MARKETING (From:E--Marketing by Judy Strauss,Adel El--Ansary,Raymond Frost---3rd ed.1999 by Pearson Education pp .G4-G25.) As the growth of https://www.360docs.net/doc/166731256.html, shows, some marketing principles never change.Markets always welcome an innovative new product, even in a crowded field of competitors ,as long as it provides customer value.Also,Google`s success shows that customers trust good brands and that well-crafted marketing mix strategies can be effective in helping newcomers enter crowded markets. Nevertheless, organizations are scrambling to determine how they can use information technology profitably and to understand what technology means for their business strategies. Marketers want to know which of their time-ested concepts will be enhanced by the Internet, databases,wireless mobile devices, and other technologies. The rapid growth of the Internet and subsequent bursting of the dot-com bubble has marketers wondering,"What next?" This article attempts to answer these questions through careful and systematic examination of successful e-mar-keting strategies in light of proven traditional marketing practices. （Sales Promotion;E--Marketing；Internet；Strategic Planning ） 1.What is E--Marketing E--Marketing is the application of a broad range of information technologies for: Transforming marketing strategies to create more customer value through more effective segmentation ,and positioning strategies；More efficiently planning and executing the conception, distribution promotion,and pricing of goods,services,and ideas;andCreating exchanges that satisfy individual consumer and organizational customers` objectives. This definition sounds a lot like the definition of traditional marketing. Another way to view it is that e-marketing is the result of information technology applied to traditional marketing. E-marketing affects traditional marketing in two ways. First,it increases efficiency in traditional marketing strategies.The transformation results in new business models that add customer value and/or increase company profitability.
工业设计外文翻译
Interaction design Moggridge Bill Interaction design，Page 1-15 USA Art Press, 2008 Interaction design (IxD) is the study of devices with which a user can interact, in particular computer users. The practice typically centers on "embedding information technology into the ambient social complexities of the physical world."[1] It can also apply to other types of non-electronic products and services, and even organizations. Interaction design defines the behavior (the "interaction") of an artifact or system in response to its users. Malcolm McCullough has written, "As a consequence of pervasive computing, interaction design is poised to become one of the main liberal arts of the twenty-first century." Certain basic principles of cognitive psychology provide grounding for interaction design. These include mental models, mapping, interface metaphors, and affordances. Many of these are laid out in Donald Norman's influential book The Psychology of Everyday Things. As technologies are often overly complex for their intended target audience, interaction design aims to minimize the learning curve and to increase accuracy and efficiency of a task without diminishing usefulness. The objective is to reduce frustration and increase user productivity and satisfaction. Interaction design attempts to improve the usability and experience of the product, by first researching and understanding certain users' needs and then designing to meet and exceed them. (Figuring out who needs to use it, and how those people would like to use it.) Only by involving users who will use a product or system on a regular basis will designers be able to properly tailor and maximize usability. Involving real users, designers gain the ability to better understand user goals and experiences. (see also: User-centered design) There are also positive side effects which include enhanced system capability awareness and user ownership. It is important that the user be aware of system capabilities from an early stage so that expectations regarding functionality are both realistic and properly understood. Also, users who have been active participants in a product's development are more likely to feel a sense of ownership, thus increasing overall satisfa. Instructional design is a goal-oriented, user-centric approach to creating training and education software or written materials. Interaction design and instructional design both rely on cognitive psychology theories to focus on how users will interact with software. They both take an in-depth approach to analyzing the user's needs and goals. A needs analysis is often performed in both disciplines. Both, approach the design from the user's perspective. Both, involve gathering feedback from users, and making revisions until the product or service has been found to be effective. (Summative / formative evaluations) In many ways, instructional
外文翻译
Journal of Industrial Textiles https://www.360docs.net/doc/166731256.html,/ Optimization of Parameters for the Production of Needlepunched Nonwoven Geotextiles Amit Rawal, Subhash Anand and Tahir Shah 2008 37: 341Journal of Industrial Textiles DOI: 10.1177/1528083707081594 The online version of this article can be found at: https://www.360docs.net/doc/166731256.html,/content/37/4/341 Published by: https://www.360docs.net/doc/166731256.html, can be found at:Journal of Industrial TextilesAdditional services and information for https://www.360docs.net/doc/166731256.html,/cgi/alertsEmail Alerts: https://www.360docs.net/doc/166731256.html,/subscriptionsSubscriptions: https://www.360docs.net/doc/166731256.html,/journalsReprints.navReprints: https://www.360docs.net/doc/166731256.html,/journalsPermissions.navPermissions: https://www.360docs.net/doc/166731256.html,/content/37/4/341.refs.htmlCitations: - Mar 28, 2008Version of Record >>
国际贸易英文文献
Strategic transformations in Danish and Swedish big business in an era of globalisation, 1973-2008 The Danish and Swedish context In the difficult inter-war period, a state-supported, protected home market orientation had helped stabilise both Denmark’s and Sweden’s economies, but after WorldWar II priorities changed. Gradually and in accordance with the international economic development, restrictions on foreign trade were removed, and Danish and Swedish industry was exposed to international competition. As a consequence, several home market oriented industries –such as the textile and the shoe industry –were more or less outperformed, while in Sweden the engineering industry soon became the dominant leader of Swedish industry, with companies such as V olvo, Ericsson, Electrolux, ASEA and SKF. In the Danish case, the SMEs continued to be dominant but in combination with expanding export oriented industrial manufacturers such as Lego, Danfoss, Carlsberg and the shipping conglomerates ok and A.P. moller-Marsk. In Sweden and Denmark stable economic growth continued into the 1970s, but due to the problems during the oil crises, the economies came into fundamental structural troubles for the first time since World War II. In the beginning this was counteracted by traditional Keynesian policy measures. However, because of large budget deficits, inflation and increasing wages, both the Danish economy from 1974 and the Swedish economy from 1976 encountered severe problems. Towards the late 1970s Denmark’s and Sweden’s economic policies were thus increasingly questioned. It was clear that Keynesian policy could not solve all economic problems. Expansive fiscal policies in terms of continued deficits on the state budget could not compensate for the loss of both national and international markets and step by step the Keynesian economic policy was abandoned. The increased budget deficit also made it difficult for the state to support employment and regional development. These kinds of heavy governmental activities were also hardly acceptable under the more market oriented policy that developed first in Great Britain and the USA, but in the 1980s also in Denmark and Sweden (Iversen & Andersen, 2008, pp. 313–315; Sjo¨ gren, 2008, pp. 46–54). These changes in political priorities were especially noticeable in the financial market. After being the most state regulated and coordinated sector of the economy since the 1950s, then between 1980 and 1985 the Danish and Swedish financial markets underwent an extensive deregulation resulting in increased competition. Lending from banks and other credit institutes was no longer regulated, and neither were interest rates. The bond market was also opened as the issuance of new bond loans was deregulated in Sweden in 1983. When the control of foreign capital flows was liberalised in the late 1980s the last extraordinary restriction was now gone. Together with the establishment of the new money market with options and derivates, this opened up to a much larger credit market and the possibility for companies to finance investments and increase business domestically as well as abroad (Larsson, 1998, pp. 205–207). Another important part of the regulatory changes in the early 1980s were new rules for the Copenhagen and Stockholm stock exchanges. Introduction on the stock exchange was made much
工业设计产品设计中英文对照外文翻译文献
(文档含英文原文和中文翻译) 中英文翻译原文：
DESIGN and ENVIRONMENT Product design is the principal part and kernel of industrial design. Product design gives uses pleasure. A good design can bring hope and create new lifestyle to human. In spscificity,products are only outcomes of factory such as mechanical and electrical products,costume and so on.In generality,anything,whatever it is tangibile or intangible,that can be provided for a market,can be weighed with value by customers, and can satisfy a need or desire,can be entiled as products. Innovative design has come into human life. It makes product looking brand-new and brings new aesthetic feeling and attraction that are different from traditional products. Enterprose tend to renovate idea of product design because of change of consumer's lifestyle , emphasis on individuation and self-expression,market competition and requirement of individuation of product. Product design includes factors of society ,economy, techology and leterae humaniores. Tasks of product design includes styling, color, face processing and selection of material and optimization of human-machine interface. Design is a kind of thinking of lifestyle.Product and design conception can guide human lifestyle . In reverse , lifestyle also manipulates orientation and development of product from thinking layer.
外文翻译中文版(完整版)
毕业论文外文文献翻译 毕业设计（论文）题目关于企业内部环境绩效审计的研究翻译题目最高审计机关的环境审计活动 学院会计学院 专业会计学 姓名张军芳 班级09020615 学号09027927 指导教师何瑞雄
最高审计机关的环境审计活动 1最高审计机关越来越多的活跃在环境审计领域。特别是1993-1996年期间，工作组已检测到环境审计活动坚定的数量增长。首先，越来越多的最高审计机关已经活跃在这个领域。其次是积极的最高审计机关，甚至变得更加活跃：他们分配较大部分的审计资源给这类工作，同时出版更多环保审计报告。表1显示了平均数字。然而，这里是机构间差异较大。例如，环境报告的数量变化，每个审计机关从1到36份报告不等。 1996-1999年期间，结果是不那么容易诠释。第一，活跃在环境审计领域的最高审计机关数量并没有太大变化。“活性基团”的组成没有保持相同的：一些最高审计机关进入，而其他最高审计机关离开了团队。环境审计花费的时间量略有增加。二，但是，审计报告数量略有下降，1996年和1999年之间。这些数字可能反映了从量到质的转变。这个信号解释了在过去三年从规律性审计到绩效审计的转变（1994-1996年，20％的规律性审计和44％绩效审计;1997-1999：16％规律性审计和绩效审计54％）。在一般情况下，绩效审计需要更多的资源。我们必须认识到审计的范围可能急剧变化。在将来，再将来开发一些其他方式去测算人们工作量而不是计算通过花费的时间和发表的报告会是很有趣的。 在2000年，有62个响应了最高审计机关并向工作组提供了更详细的关于他们自1997年以来公布的工作信息。在1997-1999年，这62个最高审计机关公布的560个环境审计报告。当然，这些报告反映了一个庞大的身躯，可用于其他机构的经验。环境审计报告的参考书目可在网站上的最高审计机关国际组织的工作组看到。这里这个信息是用来给最高审计机关的审计工作的内容更多一些洞察。 自1997年以来，少数环境审计是规律性审计（560篇报告中有87篇，占16％）。大多数审计绩效审计（560篇报告中有304篇，占54％），或组合的规律性和绩效审计（560篇报告中有169篇，占30％）。如前文所述，绩效审计是一个广泛的概念。在实践中，绩效审计往往集中于环保计划的实施（560篇报告中有264篇，占47％），符合国家环保法律，法规的，由政府部门，部委和/或其他机构的任务给访问（560篇报告中有212篇，占38％）。此外，审计经常被列入政府的环境管理系统（560篇报告中有156篇，占28％）。下面的元素得到了关注审计报告：影响或影响现有的国家环境计划非环保项目对环境的影响;环境政策;由政府遵守国际义务和承诺的10％至20％。许多绩效审计包括以上提到的要素之一。 1本文译自：S. Van Leeuwen.(2004).’’Developments in Environmental Auditing by Supreme Audit Institutions’’ Environmental Management Vol. 33, No. 2, pp. 163–1721