我的外文文献原文及译文附件
外文文献翻译模板

外文文献翻译模板广东工业大学华立学院本科毕业设计(论文)外文参考文献译文及原文系部管理学部专业人力资源管理年级 2008级班级名称 08人力资源管理1班学号 150********学生姓名王凯琪指导教师2012年 5 月目录1 外文文献译文 (1)2 外文文献原文 (9)德国企业中老化的劳动力和人力资源管理的挑战本文的主要目的就是提供一个强加于德国公司的人力资源管理政策上的人口变化主要挑战的概况。
尽管更多方面的业务受到人口改变的影响,例如消费的改变或储蓄和投资,还有资金的花费,我们把注意力集中劳动力老龄化促使人事政策的变化上。
涉及广泛的人力资源管理政策,以有关进行创新和技术变化的招募问题为开端。
1 老化的劳动力及人力资源管理由于人口的变化,公司劳动力的平均年龄在未来将会更年长。
因此,劳动力高于50的年龄结构占主导地位的集团不再是一个例外,并将成为一个制度。
在此背景下,年长的工人的实际份额,以及最优份额,部分是由企业特征的差异加上外在因素决定的。
2 一般的挑战尽管增加公众对未来人口转型带来的各种挑战的意识,公司对于由一个老化劳动力引起的问题的意识仍然是相当低的。
事实上,只有25%的公司预计人口统计的变化在长远发展看来将会导致严重的问题。
然而,现在越来越多关于老化劳动力呈现的挑战和潜在的解决方案的文献。
布施提出了一种分析老员工一般能力的研究文集,并给出有关于年长工人的人力资源政策的实例。
目前,华希特和萨里提出一篇关于研究公司对于提前退休的态度和延长工作生涯的态度的论文。
在这些研究中,老员工的能力通常被认为是不同的,并不逊色,同时指出一个最优的劳动力取决于不同的公司的特殊要求。
一般来说,然而由于越来越缺少合格的员工,人口统计的变化将使得在各种人事政策方面上的压力逐渐增加。
特别是,没有内部人力资源部门的中小型企业,因此缺乏足够的特殊的基础设施,则面临着严峻的挑战。
与他们正常的大约两到五年的计划水平相反,他们将越来越多地要处理长期的个人问题和计划。
外文参考文献译文及原文【范本模板】

广东工业大学华立学院本科毕业设计(论文)外文参考文献译文及原文系部城建学部专业土木工程年级 2011级班级名称 11土木工程9班学号 23031109000学生姓名刘林指导教师卢集富2015 年5 月目录一、项目成本管理与控制 0二、Project Budget Monitor and Control (1)三、施工阶段承包商在控制施工成本方面所扮演的作用 (2)四、The Contractor’s Role in Building Cost Reduction After Design (4)一、外文文献译文(1)项目成本管理与控制随着市场竞争的激烈性越来越大,在每一个项目中,进行成本控制越发重要。
本文论述了在施工阶段,项目经理如何成功地控制项目预算成本。
本文讨论了很多方法。
它表明,要取得成功,项目经理必须关注这些成功的方法.1。
简介调查显示,大多数项目会碰到超出预算的问……功控制预算成本.2.项目控制和监测的概念和目的Erel and Raz (2000)指出项目控制周期包括测量成……原因以及决定纠偏措施并采取行动。
监控的目的就是纠偏措施的。
.。
标范围内。
3.建立一个有效的控制体系为了实现预算成本的目标,项目管理者需要建立一……被监测和控制是非常有帮助的。
项目成功与良好的沟通密。
决( Diallo and Thuillier, 2005).4.成本费用的检测和控制4.1对检测的优先顺序进行排序在施工阶段,很多施工活动是基于原来的计……用完了。
第四,项目管理者应该检测高风险活动,高风险活动最有。
..重要(Cotterell and Hughes, 1995)。
4.2成本控制的方法一个项目的主要费用包括员工成本、材料成本以及工期延误的成本。
为了控制这些成本费用,项目管理者首先应该建立一个成本控制系统:a)为财务数据的管理和分析工作落实责任人员b)确保按照项目的结构来合理分配所有的……它的变化-—在成本控制线上准确地记录所有恰..。
外文参考文献译文及原文

目录1介绍 (1)在这一章对NS2的引入提供。
尤其是,关于NS2的安装信息是在第2章。
第3章介绍了NS2的目录和公约。
第4章介绍了在NS2仿真的主要步骤。
一个简单的仿真例子在第5章。
最后,在第.8章作总结。
2安装 (1)该组件的想法是明智的做法,以获取上述件和安装他们的个人。
此选项保存downloadingtime和大量内存空间。
但是,它可能是麻烦的初学者,因此只对有经验的用户推荐。
(2)安装一套ns2的all-in-one在unix-based系统 (2)安装一套ns2的all-in-one在Windows系统 (3)3目录和公约 (4)目录 (4)4运行ns2模拟 (6)ns2程序调用 (6)ns2模拟的主要步骤 (6)5一个仿真例子 (8)6总结 (12)1 Introduction (13)2 Installation (15)Installing an All-In-One NS2 Suite on Unix-Based Systems (15)Installing an All-In-One NS2 Suite on Windows-Based Systems (16)3 Directories and Convention (17)Directories and Convention (17)Convention (17)4 Running NS2 Simulation (20)NS2 Program Invocation (20)Main NS2 Simulation Steps (20)5 A Simulation Example (22)6 Summary (27)1介绍网络模拟器(一般叫作NS2)的版本,是证明了有用在学习通讯网络的动态本质的一个事件驱动的模仿工具。
模仿架线并且无线网络作用和协议(即寻址算法,TCP,UDP)使用NS2,可以完成。
一般来说,NS2提供用户以指定这样网络协议和模仿他们对应的行为方式。
外文文献原文及译文

附录1 外文文献原文及译文原文:An evaluation of NDT methods for the location and sizing of forging discontinuitiesIn selecting an NDT method for flaw detection in forgings a number of variables must be considered:a) the type of discontinuity to be assessed;b) the method to be used for detection and evaluation, andc) the variables associated with the forging itselfThe variables in item a) will govern the location within the forging and its orientation with respect to a particular surface Item b) could include a considerable array of NDT methods, but for the purpose of this paper only the six most widely used are considered一visual testing (VT), penetrant inspection(PI), magnetic particle inspection(MI), eddy current testing (ET), radiographic inspection (RT) and ultrasonic inspection (UI). In the last item c) the component race include such things as condition, geometry access for inspection.a)Forging discontinuitiesThe location of the discontinuity will have a significant influence on the selection of the NDT method to be used and they are therefore grouped into three categories, to aid this selection:1. open to the surface: laps, seam, burst, slugs, cracks and inclusions2. slightly subsurface: seam, stringers, inclusions and grain structure variations3. internal: stringers, burst, lamination, grain structure, inclusions and pipingA brief review of these terms may be helpful:Lap: folded metal, flattened into the surface but not fusing with itSeam: linear flaws due to oxidized blow holes or ingot splashes, which are elongated by hot workingBurst:ruptures caused by failure of plastic deformation by processing at too low a temperature or excessive working of metalStringers: a bar stock defect, due to non metallic inclusions being squeezed out into long and thin stringsLamination: planar defect aligned parallel to surface, originating in the original ingot from rolled out pipingCracks: transgranular failure, due to localized stresses resulting from non-uniform heating or cooling and non-plastic deformationInclusions: impurities, such as slag, oxide and sulphides, often from the original molten stage in forming the billet used for forgingGrain structure: depending upon the extent of working, (deformation and recrystllisation) can be as small as 0.5mm or as large as 10mmPiping: a cavity at the centre of the ingot or billet, caused by shrinkage during solidification Slug: a piece of foreign matter that has been pressed or rolled into the surface of the material b)The NDT MethodVT—visual testing is the oldest of the NDT methods but still valid and widely used today The system is based upon observation, usually by a human observer, but now increasingly by digital/video cameras which use pattern recognition to locate dissimilar areas in a surface. The sensitivity will depend upon the method but typically a good observer with simplevisual aids can resolve 0.5mm differences aids will include magnifying glasses (up to x10), microscopes(up to x100) and fibred-optic bores copes and endoscopes for viewing internal details in hollow or complex sections. The system is used for surface inspection only with costs in the range $4 to $4000.PT一the surface is covered with brightly covered oil (typically red or fluorescent), which will penetrate any surface openings. After removal of excess, an absorbent, white powder is applied, which draws any trapped oil to the surface. This creates an indication of the presence of the surface opening. This process, like visual inspection, also requires visual acuity, but the indications are ‘enhanced’ by the process, since‘bleed-out’ spreads the visual image. Costs can range from as little as $4 for a couple of cans, to $8000 for a process ‘line’. Both VT and PT are surface inspection systems only arid will therefore detect only those discontinuities that have a definite surface opening Surface cleanliness is very important, particularly with PT.MT一ferromagnetic materials carrying a large flux density; retain the presence internally, with little external evidence other than at the poles. Any discontinuity in the material will disturb this uniform flux and create a small ‘leakage’ at the site of the discontinuity. This leakage can be detected by the fact that finely divided; ferromagnetic particles collect at the-site, creating an indication. As with PT, the particles can be colored, to increase contrast, which when viewed under suitable lighting, create a clear visual image of the discontinuity. However, unlike PT the leakage can pass through thin layers of paint or plating materials, so that the discontinuity does not have to be open to the surface. The system can therefore detect surface AND slight subsurface discontinuities. However this is only possible in ferromagnetic materials, such as iron, mild and tool steel, nickel, cobalt and martenstic stainless. It will not operate on Paramagnetic or Diamagnetic materials, such as copper, aluminum and austenitic stainless steel. A small electromagnet can cost as little as $200, but a large `bench type' machine can cost up to $10 000 and the cost of electricity can be substantial.ET一Direct current flowing in a coil, sets up a longitudinal magnetic, field through the coil, and exhibits a particular resistance to flow. If the current is alternating, then a further effect一inductive reactance, adds to this resistance, the total being impedance. This impedance also causes a lag between the current and the voltage, called a phase shift. This shift and impedance are characteristics of the coil.If the coil is now placed close to a conducting surface, the reversing magnetic field induces a reversing current in the conducting (eddy current) which opposes the inducing field. This opposition alters the impedance of the coil and a suitable instrument can detect these changes (both phase angle and/or impedance).For a given ,discontinuity-free surface , a specific alteration will be present which can be zeroed .If the coil now passes over a discontinuity, a change in induction will occur which will be registered by the instrument. However, a change in the conductivity of the material will also effect the induction, as will changes in permeability. Thus, non-uniform heat treatment, segregation and in homogeneities in material composition and structure will also effect the induction and create an ‘indication’. Another critical factor is the distance between the coil and the test surface. This ‘lift off’ can be used in a positive way to determine coating or paint thickness’, on conducting materials. But equally, differences in the coil/specimen gap can result in non-relevant signals. The system can therefore detect surface AND slight subsurface discontinuities. However this is only possible in conducting materials and the proximity of the test coil to the test surface is critical. This means that for any component (other than flat plate), special probes are usually designed to follow specific component contours. A small eddy current machine can cost as little as $2000, but a large automated machine can cost upto $20 000RT一Short wavelength, electromagnetic radiation will pass through many materials, depending upon density and thickness, and then create a range of exposures on either film or a fluoroscopic screen, to present a visual image of the internal composition of the item. Differences in absorption within the material due to such things as gas holes, cracks and bursts will create photographic density differences on the film or detector, which can be interpreted by trained personnel. The source of radiation can be an X-ray tube or a gamma source (such as Iridium or Cobalt) and the images can be generated on either film or as real-time images on fluoroscopic screens. Defect orientation is a vital factor in radiography since it is thickness differences, which the process detects. Hence, a lamination type defect, parallel to the film would be almost impossible to detect. On the other hand, a crack perpendicular to the film would almost certainly be detected. It is therefore often the case that a single component would have to be radio graphed from more than one direction, in order to detect most defects. Finally, the radiation used is highly hazardous and therefore any environment in which it is used, must suitably shielded, to prevent exposure of the operator. As well as shielding the use of X or gamma rays will also require, monitors, alarms, interlocks and personal dosimetry systems, which along with the film itself, adds to the cost.A basic X-ray set up would cost around $10000 and with ancillary equipment and film could cost $3000 per year to run.UT—At an interface between materials of differing acoustic impedance, a sound wave will have a proportion reflected and the remainder transmitted. Thus a gas hole or crack in a forging will reflect a sound beam because of their large difference in acoustic impedance with the metal structure containing them. Since ultrasound travels in a given material at a known (predictable) velocity, then the distance to a reflector will be a direct function of this time of flight of the pulse of sound. Its location can therefore be estimated .Since the amplitude of the returning signal is also related to the size of the reflector, then an approximation can be made of the extent of the reflector, in terms of length through-wall thickness and width. The data can be presented as an ‘A’scan, on a cathode ray tube (requiring skilled interpretation) or as a ‘B’ or ‘C’ scan, where the data are plotted on printers or strip charts as a permanent record. Depths of penetration can be adjusted (by calibration and probe selection) from 10mm to 3 meters in suitable, fine-grained material. However cast, or large grained forged material, could be attenuate signals to the extent that they are untestable. A typical portable flaw detector and probes would cost around $5000, a fully automated ‘C’ scan immersion system could cost $2000.c)The variables associated with the forging1.Surface conditionFor VT and PT surfaces better than 6.3um Ra would yield the best results. For MT a similar situation exists, where a confusing background could result from rough surfaces. ET also requires a smooth a surface for preference, since ‘lift-off’ effects could be unacceptable. For RT a surface roughness exceeding 1% of material thickness could result in a significant loon of sensitivity. However for UT, a suitably viscous ‘couplant’could assist in sound transmittance, but entry surface ‘noise’on the timebase and attenuation would reduce sensitivity.2.GeometryFlat surfaces are the simplest to inspect, by any method. However, PT is least influenced by geometry, being a liquid process. MT requires that the flux be at 90 to the discontinuity and thus, curved surfaces and hollow sections offer particular problems. VT may require special access equipment and ET will need specially designed probes for curved or irregular surfaces. Since RT relies on absorption differences, variations in thickness due to curvaturewill result in large variations in photographic density and a consequent loss of film contrast. In UT the probe has best transmittance when it is whole face is in direct contact with the surface. Any curvature will result in “rocking”of the probe and a consequent loss of “coupling” and reduced signal amplitude.plexityForged bar, billet, rod and plate offer simple shapes for inspection, but aircraft landing gear is an entirely different manner. PT is the least influenced by complex shapes when using the water washable system VT will require longer inspection periods and aids such as mirrors and bores copes. For MT, the more complex the shape, the more difficult it is to arrive at an all over procedure and individual flux/current tor the various sections ET will again require specially shaped probes and RT a larger number of film exposure and angled shots UT will need careful planning to ensure complete coverage and may not be possible if access is limited.4.ThicknessVT, ET, PT and MT are all unaffected by thickness since they are surface methods. RT has an approximate thickness limit of 300mm in steel and at 2% sensitivity (a typical value), will only record discontinuities of 6mm maximum section, in the plane of the radiation. UT is capable of inspecting beyond 2 meters in fine-grained material but is less effective below 10mm or so.5.Discontinuity OrientationVT and PT are unaffected by orientation. In MT, for maximum sensitivity the flux should be at right angles to the discontinuity. ET requires that the discontinuity be at right angles to the coil windings and RT has its maximum sensitivity when the discontinuity lies parallel to the radiation beam. UT has the maximum response when the reflector is at right angles to the sound beam.译文:对铸件缺陷位置和尺寸的无损检测方法的评价对铸件裂纹探测时,选择无损检测方法必须注意以下几点:a)评定缺陷类型;b)确定评定和探测缺陷的方法;c)铸件自身相关的变化。
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:非常文献、资料英文题目:Extreme ASP.NE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毕业设计(论文)外文资料翻译学院专业学生姓名班级学号外文出处附件:1.外文资料翻译译文;2.外文原文指导教师评价:1.翻译内容与课题的结合度:□优□良□中□差2.翻译内容的准确、流畅:□优□良□中□差3.专业词汇翻译的准确性:□优□良□中□差4.翻译字符数是否符合规定要求:□符合□不符合指导教师签名:年月日附件1:外文资料翻译译文非常1.1Web 部署项目当ASP 第一次发布时,Web 编程还比较困难,因为需要 IIS 来处理 ASP 页。
后来, 2.0 和 Visual Studio® 2005 通过引入网站开发模型使一切工作都变得容易了。
借助该网站模型,您不必在 Visual Studio 中创建新项目,而是可以指向一个目录并开始编写网页和代码。
此外,您还可以使用内置的 Development Server 快速测试站点, Development Server 将 寄宿在一个本地进程中,并消除了必须安装 IIS 才能进行开发这一先决条件。
该网站模型的魅力在于您在开发 Web 应用程序时无需考虑打包和部署。
需要其他类时怎么办?向 App_Code 目录添加一个 .cs 文件即可开始编写。
希望将可本地化的字符串存储在资源文件中时怎么办?向App_GlobalResources 目录添加一个 .resx 文件并键入字符串。
一切都顺顺当当;您根本就不必考虑编译和部署方面的事情。
在准备进行部署时,您有多种可选方案。
最简单的方案是将文件复制到主运行服务器并按要求编译每一个文件(和在测试环境中一样)。
第二种方案是使用aspnet_compiler.exe 实用工具将应用程序预编译为二进制版本,之后将只剩下要放到服务器上的一组程序集、静态内容和配置文件。
外文文献翻译原文及译文

华北电力大学毕业设计(论文)附件外文文献翻译学号: 200701000324 姓名:杨曦所在院系:电力工程系专业班级:电气化0707指导教师:安勃原文标题: Research on Smart Grid in China2011年06月20日对中国智能电网的研究1摘要——智能电网是电力系统的未来发展的新方向。
在本文中,首先是智能电网的背景,意义,以及概念和结构。
典型的智能电网图如下所示.然后,在美国和欧洲智能电网的发展现状进行了描述,并对这些国家未来发展思路的趋势进行了总结和比较及分析。
此外,分析了中国智能电网发展的必要性,详细介绍了在目前与中国与有关项目,并对特高压电网和智能电网之间的的关系进行了讨论。
最后,对智能电网在未来在中国电网的潜在作用进行了展望和并为中国的智能电网发展指明新方向.索引词,智能电网,特高压电网,规划,经营,管理一导言随着世界经济全球化的推广,石油价格一直维持在一个上升的趋势。
还值得注意的是世界范围内的的能源供应短缺,对资源和环境的压力越来越大,同时,由于目前电网的低效率,在能源输送过程中损失了巨大的电力。
此外,由于不断增长的电力需求和用户对电力可靠性和质量日益增长的要求,电力工业正面临着前所未有的挑战和机遇。
因此,一个有环境友好,经济,高性能,低投资,安全性,可靠性和灵活性特点的的电力系统一直是电力工程师的目标。
尽管如此,基础设施和先进的仪表出现互联网更广泛地的使用加速了这个过程[1]。
自1990年以来随着分布式发电越来越多地使用,已经对对电网的强度提出更多的需求和要求[2][3]。
对于这些问题,为了找出最佳的解决方案,电力公司应接受新的思路,采用新技术,对现有的能源系统进行潜力挖掘,对技术和应用加以改进。
来自不同国家的学者和专家已经达成共识:未来电网的必须能够满足不同的需求及能源发电,高度市场化的电力交易的需求,由此可以满足客户的自我选择。
所有这些都将成为未来智能电网的发展方向。
外文文献原稿和译文

(空一行)原□□稿(空一行) IntroductionThe "jumping off" point for this paper is Reengineering the Corporation, by Michael Hammer and James Champy . The paper goes on to review the literature on BPR. It explores the principles and assumptions behind reengineering, looks for commonfactors behind its successes or failures, examines case studies, and presents alternatives to "classical" reengineering theory . The paper pays particular attention to the role of information technology in BPR. In conclusion, the paper offers somespecific recommendations regarding reengineering. Old Wine in New BottlesThe concept of reengineering traces its origins back to management theories developedas early as the nineteenth century . The purpose of reengineering is to "make all your processes the best-in-class." Frederick Taylor suggested in the 1880's that managers use process reengineering methods to discover the best processes for performing work, and that these processes be reengineered to optimize productivity. BPR echoes the classical belief that there is one best way to conduct tasks. In Taylor's time, technology did not allow large companies to design processes in across-functional or cross-departmental manner. Specialization was the state-of-theart method to improve efficiency given the technology of the time.(下略)正文内容:新罗马“TimesNewRoman ”字体,小四号字。
外文文献翻译译稿和原文【范本模板】

外文文献翻译译稿1卡尔曼滤波的一个典型实例是从一组有限的,包含噪声的,通过对物体位置的观察序列(可能有偏差)预测出物体的位置的坐标及速度。
在很多工程应用(如雷达、计算机视觉)中都可以找到它的身影。
同时,卡尔曼滤波也是控制理论以及控制系统工程中的一个重要课题。
例如,对于雷达来说,人们感兴趣的是其能够跟踪目标.但目标的位置、速度、加速度的测量值往往在任何时候都有噪声。
卡尔曼滤波利用目标的动态信息,设法去掉噪声的影响,得到一个关于目标位置的好的估计.这个估计可以是对当前目标位置的估计(滤波),也可以是对于将来位置的估计(预测),也可以是对过去位置的估计(插值或平滑).命名[编辑]这种滤波方法以它的发明者鲁道夫。
E。
卡尔曼(Rudolph E. Kalman)命名,但是根据文献可知实际上Peter Swerling在更早之前就提出了一种类似的算法。
斯坦利。
施密特(Stanley Schmidt)首次实现了卡尔曼滤波器。
卡尔曼在NASA埃姆斯研究中心访问时,发现他的方法对于解决阿波罗计划的轨道预测很有用,后来阿波罗飞船的导航电脑便使用了这种滤波器。
关于这种滤波器的论文由Swerling(1958)、Kalman (1960)与Kalman and Bucy(1961)发表。
目前,卡尔曼滤波已经有很多不同的实现.卡尔曼最初提出的形式现在一般称为简单卡尔曼滤波器。
除此以外,还有施密特扩展滤波器、信息滤波器以及很多Bierman, Thornton开发的平方根滤波器的变种.也许最常见的卡尔曼滤波器是锁相环,它在收音机、计算机和几乎任何视频或通讯设备中广泛存在。
以下的讨论需要线性代数以及概率论的一般知识。
卡尔曼滤波建立在线性代数和隐马尔可夫模型(hidden Markov model)上.其基本动态系统可以用一个马尔可夫链表示,该马尔可夫链建立在一个被高斯噪声(即正态分布的噪声)干扰的线性算子上的。
系统的状态可以用一个元素为实数的向量表示.随着离散时间的每一个增加,这个线性算子就会作用在当前状态上,产生一个新的状态,并也会带入一些噪声,同时系统的一些已知的控制器的控制信息也会被加入。
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证券承销业务的商业银行:激励冲突,范围经济和工程质量
乔治.卡纳塔斯我们研究这个问题的证券承销业务,分析检验这些激励冲突,出借所面临的中介机构和证券承销,从而将成本加强给他们的客户寻求融资。
尽管这个成本,如果有足够大的范围和承销经济体联合贷款,公司可以使用此类中间层。
我们证实监管分离这样的组合中介可能是最好的,如果公司认识到中介的后续激励,冲突在选择资助的项目和如果有一个社会银行融资成本低质量的项目。
我们还检查条件作中间的信誉建立以减轻冲突的动机不需要监管。
争论涉及监管分离借贷和承销加剧了最近的商业银行寻求新的机遇来取代他们的传统业务,正面临日益激烈的竞争。
一个参数分离与银行的动机,否则就必须为其质量差,证券承销的借款人,然后将所得承还这些贷款。
这种利益冲突的出现被认为从有关的金融中介机构的作用进行了详细描写,例如在钻石(1984)和室里罗摩克里希啦和塔克尔(1984)。
银行在租借期间挖掘信息表明质量差的借款人有动机后来作为承销商歪曲这个质量资本市场,从而帮助发行证券的有效的,在某种程度上承还银行贷款。
而商业银行被视为特殊借款人发掘信息的过程中,他们的监测的借款人在租借期间,投资银行被认为评估公司为他们打算承销证券,并为他们提供一个质量认证。
承销商没有股权在进行客户公司不想隐瞒信息获得的准备过程中,证券市场。
并不是所有的同意这种激励的重要性冲突是提供一个理由监管分离借贷和承销。
一些,例如贝斯顿(1990)都认为,这样一个不存在利益冲突的历史。
别人的位置,即使他确实存在,银行的关心其声誉将减轻这种潜在的问题,它的重要性已经大大夸大了。
尽管观点都在支持和反对格拉斯斯蒂格尔已经频繁的表达,还没有足够的证据对其需要,比如说,克罗兹纳,雷简(1994),普里(1994)。
我们的目的不是评价的重要意义,中介的潜在利益冲突结合贷款和承销。
相反,我们将假定存在这样激励冲突并检查它如何与潜在的利益相结合的两种形式的中介以及激励它提供企业家在选择项目需要融资的质量。
因此我们将鉴别特定的因素进行分析,为我们特定的因素进行分析,为我们利益冲突的相关政策的考虑以及元素必须是微不足道的,在这方面我们还将检查往往根据参数,银行的声誉将减轻这种担忧的激励问题。
我们分析的核心信息范围的经济体。
在某种程度上相同的中介公司和承销商给一个其证券有储蓄在信息生产。
另一方面,公司使用银行,也持有他们的承销商债务可能承
担成本,因为承销商的“认证”的企业证券是不可信的,考虑到中介的激励来帮助他们的质量差的借款人发行证券用于承欢债务。
因此,高质量的安全问题是那些低质量的,细密的,高质量的公司融资成本增加,导致次优投资公司可以避免被集中在他们发行证券要么通过切换到一个不同的保险人,或者通过将借早些时候银行。
在这种背景情况下,企业选择相同的中介为借贷和承销只有范围的好处的重量,他的经济成本利益冲突。
基本观点,激励禁止银行承销叙述了活动来增加的社会成本。
虽然这些成本通常不很好的确定他们被认为是较危险的银行体系,这个系统认为结果是允许在承销提供有意义的角色的规定,我们将这个观点,银行承销的链接以水平中风险的银行系统。
特别是,我们有公司寻求资助识别随后的激励冲突联合银行和保险商,这种识别影响公司事先选择的工程质量。
据我们所知,这种影响中介的激励冲突没有被认可的文学,假定一个公司的工程质量也在不断增加其早期的努力,我们证明了银行愿意随后承销的证券公司,后来发现是劣质的降低公司的事前激励对昂贵的努力。
如果有一个社会成本也在不断增加,银行贷款的风险,例如,可能涉及系统性影像质量低下的银行资金的项目,一个合法的分离借贷和承销可以改善社会福利由刺激公司选择更好的项目。
我们的论文整合范围从联合贷款和承销经济体,这些成本,通过较少公司投资水平和质量的中介的刺激冲突和检查的分离的条件的贷款和承销达到最优。
此外我们使用我们的模型来评估正是经常引用的论据,银行的信誉有问题可以减轻他们的激励冲突。
我们的分析涉及到雷简(1994)他检查一个类似的利益冲突问题。
在他的模型中,地理障碍限制公司的最初选择的金融中介机构,因此,禁止商业银行承销公司证券可能是有益的。
普(1995)调查了定价的影响商业银行承销的安全问题以及投资机构。
她表示在定价差异很大程度上,取决于差价成本信息生产的规模和结构声称通过中间人举行。
在拉(1994),普也不允许企业选择他们的承销商,,既不集中跟范围经济之间的关系,利益的冲突和公司的最初选择的工程质量。
我们组织文章如下:在第一部分中,我们研究范围经济的利益冲突和企业选择他们的债权人和承销商之间的平衡关系。
第二部分中,我们允许公司的工程质量受到他们事前的努力和检查的必要条件的贷款和承销的分离为最佳。
第三部分中,我们研究了信誉建立中介机构来减轻利益冲突的问题。