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外文翻译模板
Rigid-flexible and economic - on the Beijing-controlled regulation block level awareness and considerAbstract: The article, through the traditional regulatory detailed planning analysis, pointing out that the planning results difficult to translate into public policy planning and management, in the face of a lack of adaptability to changes in the market can not be directly related to macroeconomic issues such as convergence planning. Then put forward in recent years through the Beijing neighborhood-level case-control regulatory interpretation, introduction and analysis, study the preparation of district level (2-3 square unit) of the control regulation in response to the traditional regulatory control problem often encountered when has the advantage and flexibility, in particular, to highlight it for the planning and management department can provide a new tool for management and coordination and more flexible to deal with complex changes in the market diversity, the protection of the Government of the characteristics of public service functions. Finally, the future also need to block-level control regulation of the legal status of the application of planning and management tools, the traditional elements of space control and guide and so on to conduct in-depth study and discussion.Key words: block-control regulations controlling the detailed planning of rigid and flexible planning1.Traditional control regulations in the preparation of the practical problems facingTraditional regulatory plan, since the emergence of the last century 90's has been in the interests of all of the game and balance problems are. The crux of the matter focused on how to coordinate the planning required to manage the rigid control and flexible response to market adaptability on:1.1Traditional regulatory control can not fully reflect the transformation of government functionsTraditional regulatory control can only be a direct reflection of the general land development and construction of the nature and intensity, as well as the embodiment of city space environment harmonization and unification of the core concerns are space andvision on the aesthetic effect, planners through a series of indicators to determine spatial form of land control. This form at all-fit-oriented government under the guidance of implementation, "a chess city" in the development and construction.With the deepening of reform, the government functions under the planned economic system by the all-around type to a service-oriented transformation of the functions of the Government focuses on government control and the provision of public services two aspects: First, we must deal with social activities in the various questions, function of maintaining social stability and order; two social development is to provide the necessary public goods, in particular, the market can not afford or are unwilling to provide public goods. At city-building, more and more real estate enterprises and industrial enterprises have become the mainstay of city development and construction, more and more with the right to speak, when the government must release the necessary permissions in order to play the role of market mechanisms, while at the same time be able to achieve maintaining the social function of stability, and ensure the supply of public goods, needed to reflect the Government represented by the maximization of public interest, this is not the original space-based content-control regulations can be reflected.1.2Traditional regulatory control results to the transformation of public policy have a considerable gapCity planning as a public policy, determined at the overall planning of urban and rural spatial distribution, the city's public resources to conduct an effective configuration of the living environment to make the corresponding request, the need for further construction of the city to conduct a comprehensive coordination, guidance and restraint, and made available to the management of the Town Planning Department of a management tool. Traditional control regulations although the preparation of a comprehensive set of control indicators and measures, but because of its factual findings to the block-type control chart is provided in the form of a lack of overall balance is always the aspect as well as the flexibility to respond to changes in the market.Common situation is: immediately after the recent construction sites will have to put in complicated and ever-changing market situation, often want to change the nature of the land, improve the rate of volume and height, adjust the layout of such request, then the planning and management department, the general Choose only the traditional outcome ofoutside regulatory control, through the block, the conditions for the demonstration, the addition of a planning conditions change and audited proof aspect, from the audited results, because of the lack of adequate planning at the restrictive conditions, improve lot of floor area ratio, a high degree of planning control to adjust the conditions of application can only "successfully" through. A lot of planning and management department have met with a similar dilemma: developer proposed to control the regulation of a plot to determine floor area ratio from 1.5 to 1.8 adjust, whether it is technically from the planning or management of policy, can not find the reasons for denying the application, and if these separate plots look all passed, up from the overall regulatory control is equivalent to waste a still, "there is no space under the management of poor-control regulation has been hard to manage."1.3 Changing market demand in the face of too rigidAccording to regulations covering the preparation of full-control regulation, in the face of long-term with no fixed pattern of development and development of the main city of the new area, can only rely on the experience and the limited regulatory requirements to set a blueprint for the ultimate, often required the assumption that the area will attract What is the nature of the industry, and what mode of transportation and living elements and so on. Often wait until the need to implement when the city-building mechanisms have taken place in very many changes in the main body of investment, development patterns, construction and operation of regional mechanisms and so on with the original planning assumptions are inconsistent, industry, transport, mode of living have been Ultra-out the original, this time charged with the regulation already completed will become very out of date.1.4 Upper face of the macro-planning difficult docking requirementsOverall planning in order to meet the needs of urban and rural economic and social comprehensive, coordinated and sustainable development requirements, tend to make some macro measures such as content development model. These property with public policy measures, in order to land for the purpose of the traditional regulatory control it is difficult to fully reflect and docking. Beijing Daxing Metro as an example:In accordance with the "Beijing Urban Master Plan (2004 -2020 years)", Daxing Beijing Metro are the future-oriented regional development important node, in Beijing, the development of an extremely important strategic position, will guide the development ofbiological medicine, modern manufacturing, as well as commercial logistics, culture, education and other functions, are carrying the future city of Beijing to ease the population centers and functions of one of 11 Metro. 2020 Metro style scale land use planning 65 square kilometers, population 600,000 people scale.Prior to this, as are Beijing's Daxing county, to carry out the construction of satellite towns, the status quo conditions and Metro Planning has a larger gap between the objectives, the lack of sufficiently attractive to the urban areas can not effectively alleviate the stress. For instance: the lack of public facilities, facilities standards have been too low, with the center city poor transport links and so on. How to achieve the status quo to the Metro from the blueprint for change? At "Daxing Metro Planning (2005 -2020 years)" from the Metro's construction to start the implementation process, identified through the construction of rail transit, urban road construction, public service facilities, the transfer of administrative functions, cultural and educational function of the introduction of the introduction of leading industries six elements of the main construction of the Metro guide: the role of these elements together, and based on their spatial characteristics influence the scope and timing on reasonable arrangements to promote the development of Metro's construction, so that Metro be able to at the planning blueprint for the status quo gradually on the foundation can be achieved.Epistasis plans face similar macro-planning requirements, is clearly not a specific plot plan can be fully reflected in, let alone to cope with up to 15 years in the planning of the implementation process of various elements of the Change.2. Block-level regulatory control of the preparation of the contents of the formIn recent years, Beijing made the preparation of block-level control rules to deal with from a certain extent on the traditional block-control regulations that prevail in question. Metro style neighborhoods to control regulation as an example:First of all, divided into blocks. At "Daxing Metro Planning (2005 -2020 years)" the division of seven patches, three groups on the basis of the General consider regional characteristics, the layout of public service facilities, municipal service capacity transport facilities and space environmental capacity and other influencing factors to the Neighborhood (between block and block units, with a river, natural obstacles, primary and secondary roads, street boundaries offices, special function areas such as border Kaifongboundary) for the division of units, divided into 38 blocks , each block 2 ~ 3 square kilometers.Then, in the Metro to determine the scope of the whole block of lead, construction and classification of the total construction scale, construction baseline height, strength of construction elements of the scope. Metro based planning, decomposition of the implementation of the dominant features of each block, that is blocks the function of positioning and the main direction of development to determine the largest block of land and has assumed a leading role in the nature of the land; from the overall economic strength and functions of the positioning of a comprehensive traffic capacity, public facilities Service capacity, municipal facilities, service capabilities, the capacity of the space environment in five aspects, such as integrated carrying capacity analysis, will be Metro's 600,000 population overall refinement scale decomposition to the block level, and to determine the total amount of block construction and classification of scale construction; in accordance with the Metro morphological characteristics of the overall space to determine the building height control framework and four baseline height, divided into low (18 m), Medium (18-45 meter), high (45-60 m) and 60 meters above 4, the implementation of each blocks range of benchmarks; to improve the living environment in accordance with the overall goals and other conditions, strength of construction will be divided into blocks of low-density, medium density, high-density third gear.And, through a comprehensive analysis of the status quo, implement the above decomposition of the conditions, separately for each block to determine the nature and scale, the configuration of the facilities and arrangements, a high degree of control elements, such as urban design, implementation timing, but also questions the need for further research, etc. specific content, which will eventually block the plans submitted in the form of results.3.1Effective extension of epistatic planning, for planning and management to facilitateTo block as a unit, decomposition and quantify the epistatic planning functions and development goals, and clearly the general character of each neighborhood and the development of intensity differences, in fact this job is to regulate, such as the total epistatic to quantify the macro-planning process. To block as a unit for total control andbalance, ease of basic facilities at all levels, public service facilities, urban safety facilities, transportation facilities, to conduct an overall balanced layout, more conducive to neighborhoods as a unit for analysis and monitoring. Beijing have been identified as a further refinement put blocks of land plots to control the minimum regulatory scope of the study and city planning and management of the basic unit.Dominant in determining the neighborhood function, construction and classification of the total construction scale, construction baseline height, strength of construction scope of the facilities after the configuration of such factors, whether developers are still at all levels of government to entrust the preparation of land-control regulations, planning and management departments have a strong public policy based on quantifiable and can be used to guide and monitor the preparation of regulatory control block content, can ensure the configuration of the various facilities such as the contents of rigidity to the implementation, but also be able to through the overall control and strength to the block classification must control regulations left behind the flexibility of space.3.2 Responding flexibly to market changesBlock-level control regulations after wide coverage, its construction and classification of the total construction scale of indicators as the preparation of the detailed planning of the next level of control conditions, the guidance of land development and construction of concrete blocks at the scope of activities carried out within the overall balance. Block unit through the benchmark land prices, ownership, facilities, supply capacity factors such as a comprehensive assessment can be reflected to some extent on location, infrastructure conditions, such as market-sensitive elements on the differences in regulatory control in the preparation of land, they can further study the market demand effectively adjust to allow the market to be able to in the government's macro-control of the allocation of resources to play its basic role.At the same time, district-level planning at the preparation of regulatory control after the completion of the management of the implementation process can also be quantified using a variety of control means to effectively deal with changes in the market. To floor area ratio as an example, at district level because of regulatory control, the set up of the neighborhood's population and the total construction volume of construction and classification of the concept of a land plot development and construction are necessary toadjust the strength of blocks related to the total changes and changes in the demand for associated facilities, so that at least from the district coordination framework to achieve the purpose of breaking the individual review of the original plot to control the lack of indicators adjust based on the embarrassment, from the process reflects on the changes in construction activity the surrounding urban environment brought about by the impact. On this basis, the study implemented a similar "transfer of development rights" of the administrative system before operational.3.3Highlight the protection of the Government's public service functionsBlock-level control regulations, all land classified as Class A land (for the city to provide basic support and services) and Class B land (Government under the guidance of the market development of land), as well as X-type sites (sites to be studied) three categories. One of, A-type sites are the main green space, infrastructure, public service facilities, etc. must have a public property, mainly by the Government as an investment and management entities of the public space, its emphasis on the priority the implementation of space, thereby protecting the public interest priority . Comparatively speaking, the original concern of the traditional regulatory control elements at street level space of the controlled regulation of "take a back seat," the.4.Also necessary to further explore the question:In general, block-level regulatory control to add a meso-level studies, preparation of regulatory control block provides a fresh discussion of the work platform, as well as planning and management provided some actionable public policy basis for improved traditional regulatory control of some problems. However, block-level control regulation as a new thing also have a number of issues need to be further explored and research:First of all, the necessary clarity of its legal status and recognition. Because ofblock-level control is a regulation relating to a variety of factors (population, the facilities and so on) the overall balance of technological achievements, in particular, are some of the priority the protection of the facilities involved in city construction and operation of other government departments, administrative actions, a reasonable decide the legal status of its coordination and control of the key. Moreover, as the capital of Beijing and municipalities, and other city planning and construction management system must have differences in this municipality in Beijing can well-established system should not be able to copy to the cityin general go. How to promote neighborhood-level control regulatory experience gained enhance the legitimacy of its reasonable, but also required further study.Secondly, the required supporting management measures on the corresponding.Block-level control regulation is not only a many-level planning so easy that it give planning and management in the overall planning and control regulation of traditional land between the development of a new management platform, therefore, should give full play to its role, from the can not be supporting the planning and management measures on innovation. Such as in the control plots on the regulation of convergence can be the implementation process for some of the demand, derived from "transfer of development rights" and other related management measures and control means.Finally, the traditional elements of how the matching Spaces guide. Block-level control regulations to strengthen the government's public service functions, improve the public benefits of priority, relatively speaking, the traditional elements of the shape is relatively weakened. Visual imagery, body mass, Feel places the elements of these traditional control regulations usually take into account urban design elements, not at street level regulatory control to be reflected, then the block-level control regulations should be space elements which control what should be done about the city on the block level design elements to guide them accordingly? Looking forward to the future as soon as possible answers to those questions.References1, Beijing City Master Plan (2004 -2020 years)2, Tai Hing Metro Planning (2005 -2020 years)3, Tai Hing New regulatory plan (block level) .2007 years4, WEN Zong-yong. Control the underlying causes of regulatory changes and countermeasures. Beijing plans to build 2007 (5) :11-135, Yang Chun. Beijing City Center, the preparation and implementation of regulatory control of the background. Beijing plans to build 2007 (5) :14-156, Yang Jun, Yang Ziming. Beijing-controlled regulation of 1999-2006. Beijing plans to build 2007 (5) :37-407,Guohui Cheng,Li Shi, HUANG Jie. Rigid-flexible and relief: for controlling theoperation of the detailed planning. Town Planning .2007 (7) :77-808, Lin audience. Public Management from the Perspective of the adaptive control consider the detailed planning. Planners .2007 (4) :71-749, Wang Yin, Jun Chen. "Sharpen come true" - Interpretation of the Beijing Municipal Area "Control Regulation", prepared yesterday and today .. Beijing plans to build .2007 (5) :23-2610, Lan Zhou, Ye Bin, Xu Yao. Explore the detailed planning of the management control system architecture. .2007 City planning (3) :14-1911, Li Tian. Our country controlled detailed planning and a way out of confusion. .2007 City planning (1) :16-2012, city planning approach to make People's Republic of China Ministry of Construction No. 146 2005-12-31刚柔并济——对北京街区层面控规的认识与思考摘要文章通过对传统的控制性详细规划进行分析，指出规划成果难以转化为规划管理的公共政策、面对市场变化缺乏应变能力、无法直接与宏观规划衔接等问题。
建筑外文文献及翻译(参考模板)
外文原文Study on Human Resource Allocation in Multi-Project Based on the Priority and the Cost of ProjectsLin Jingjing , Zhou GuohuaSchoolofEconomics and management, Southwest Jiao tong University ,610031 ,China Abstract----This paper put forward the a ffecting factors of project’s priority. which is introduced into a multi-objective optimization model for human resource allocation in multi-project environment . The objectives of the model were the minimum cost loss due to the delay of the time limit of the projects and the minimum delay of the project with the highest priority .Then a Genetic Algorithm to solve the model was introduced. Finally, a numerical example was used to testify the feasibility of the model and the algorithm.Index Terms—Genetic Algorithm, Human Resource Allocation, Multi-project’s project’s priority .1.INTRODUCTIONMore and more enterprises are facing the challenge of multi-project management, which has been the focus among researches on project management. In multi-project environment ,the share are competition of resources such as capital , time and human resources often occur .Therefore , it’s critical to schedule projects in order to satisfy the different resource demands and to shorten the projects’ duration time with resources constrained ,as in [1].For many enterprises ,the human resources are the most precious asset .So enterprises should reasonably and effectively allocate each resource , especially the human resource ,in order to shorten the time and cost of projects and to increase the benefits .Some literatures have discussed the resource allocation problem in multi-project environment with resources constrained. Reference [1] designed an iterative algorithm and proposeda mathematical model of the resource-constrained multi-project scheduling .Basedon work breakdown structure (WBS) and Dantzig-Wolfe decomposition method ,a feasible multi-project planning method was illustrated , as in [2] . References [3,4]discussed the resource-constrained project scheduling based on Branch Delimitation method .Reference [5] put forward the framework of human resource allocation in multi-project in Long-term ,medium-term and short-term as well as research and development(R&D) environment .Basedon GPSS language, simulation model of resources allocation was built to get the project’s duration time and resources distribution, as in [6]. Reference [7] solved the engineering project’s resources optimization problem using Genetic Algorithms. These literatures reasonably optimized resources allocation in multi-project, but all had the same prerequisite that the project’s importance is the same to each other .This paper will analyze the effects of project’s priority on human resource allocation ,which is to be introduced into a mathematical model ;finally ,a Genetic Algorithm is used to solve the model.2.EFFECTS OF PROJECTS PRIORITY ON HUMAN RESOUCE ALLOCATIONAND THE AFFECTING FACTORS OF PROJECT’S PRIORITYResource sharing is one of the main characteristics of multi-project management .The allocation of shared resources relates to the efficiency and rationality of the use of resources .When resource conflict occurs ,the resource demand of the project with highest priority should be satisfied first. Only after that, can the projects with lower priority be considered.Based on the idea of project classification management ,this paper classifies the affecting factors of project’s priority into three categories ,as the project’s benefits ,the complexity of project management and technology , and the strategic influence on the enterprise’s future development . The priority weight of the project is the function of the above three categories, as shown in (1).W=f(I,c,s…) (1)Where w refers to project’s priority weight; I refers to the benefits of th e project; c refers to the complexity of the project, including the technology and management; s refers to the influence of the project on enterprise .The bigger the values of the three categories, the higher the priority is.3.HUMAN RESOURCE ALLOCATION MODEL IN MULTI-PROJECTENVIRONMENT3.1Problem DescriptionAccording to the constraint theory, the enterprise should strictly differentiate the bottleneck resources and the non-bottleneck resources to solve the constraint problem of bottleneck resources .This paper will stress on the limited critical human resources being allocated to multi-project with definite duration times and priority.To simplify the problem, we suppose that that three exist several parallel projects and a shared resources storehouse, and the enterprise’s operation only involves one kind of critical human resources. The supply of the critical human resource is limited, which cannot be obtained by hiring or any other ways during a certain period .when resource conflict among parallel projects occurs, we may allocate the human resource to multi-project according to project’s priorities .The allocation of non-critical independent human resources is not considered in this paper, which supposes that the independent resources that each project needs can be satisfied.Engineering projects usually need massive critical skilled human resources in some critical chain ,which cannot be substituted by the other kind of human resources .When the critical chains of projects at the same time during some period, there occur resource conflict and competition .The paper also supposes that the corresponding network planning of various projects have already been established ,and the peaks of each project’s resources demand have been optimized .The delay of the critical chain will affect the whole project’s duration time .3.2 Model HypothesesThe following hypotheses help us to establish a mathematical model:(1)The number of mutually independent projects involved in resourceallocation problem in multi-project is N. Each project is indicated withQ i,while i=1,2, … N.(2)The priority weights of multi-project have been determined ,which arerespectively w1,w 2…w n .(3) The total number of the critical human resources is R ,with r k standingfor each person ,while k=1,2, …,R(4) Δk i = ⎩⎨⎧others toprojectQ rcer humanresou i k 01(5) Resources capturing by several projects begins on time. t E i is theexpected duration time of project I that needs the critical resources tofinish some task after time t ,on the premise that the human resourcesdemand can be satisfied .tAi is the real duration time of project I thatneeds the critical resource to finish some task after time t .(6) According to the contract ,if the delay of the project happens the dailycost loss due to the delay is △c i for pro ject I .According to the project’simportance ,the delay of a project will not only cause the cost loss ,butwill also damage the prestige and status of the enterprise .(while thelatent cost is difficult to quantify ,it isn’t considered in this articletemporarily.)(7) From the hypothesis (5) ,we can know that after time t ,the time-gapbetween the real and expected duration time of project I that needs thecritical resources to finish some task is △t i ,( △t i =t A i -t E i ). For thereexists resources competition, the time –gap is necessarily a positivenumber.(8) According to hypotheses (6) and (7), the total cost loss of project I is C i(C i = △t i * △C i ).(9) The duration time of activities can be expressed by the workload ofactivities divided by the quantity of resources ,which can be indicatedwith following expression of t A i =ηi / R i * ,.In the expression , ηi refersto the workload of projects I during some period ,which is supposed tobe fixed and pre-determined by the project managers on project planningphase ; R i * refers to the number of the critical human resources beingallocated to projects I actually, with the equation Ri * =∑=Rk ki 1δ existing. Due to the resource competition the resourcedemands of projects with higherPriorities may be guarantee, while those projects with lower prioritiesmay not be fully guaranteed. In this situation, the decrease of theresource supply will lead to the increase of the duration time of activitiesand the project, while the workload is fixed.3.3 Optimization ModelBased on the above hypotheses, the resource allocation model inmulti-project environment can be established .Here, the optimizationmodel is :F i =min Z i = min∑∑==Ni i N i Ci 11ω =min i i Ni i N i c t ∆∆∑∑==11ω (2) =min ∑∑==N i i N i 11ω )E i R i ki i t - ⎝⎛∑=1δη i c ∆ 2F =min Z 2=min ()i t ∆=min )E i R i ki i t -⎝⎛∑=1δη (3) Where wj=max(wi) ,(N j i 3,2,1,=∀) (4)Subject to : 0∑∑==≤R k ki N i 11δ=R (5)The model is a multi-objective one .The two objective functions arerespectively to minimize the total cost loss ,which is to conform to theeconomic target ,and to shorten the time delay of the project with highestpriority .The first objective function can only optimize the apparenteconomic cost ;therefore the second objective function will help to makeup this limitation .For the project with highest priority ,time delay will damage not only the economic benefits ,but also the strategy and the prestige of the enterprise .Therefore we should guarantee that the most important project be finished on time or ahead of schedule .4.SOLUTION TO THE MULTI-OBJECTIVE MODEL USING GENETICALGORITHM4.1The multi-objective optimization problem is quite common .Generally ,eachobjective should be optimized in order to get the comprehensive objective optimized .Therefore the weight of each sub-objective should be considered .Reference [8] proposed an improved ant colony algorithm to solve this problem .Supposed that the weights of the two optimizing objectives are αand β ,where α+β=1 .Then the comprehensive goal is F* ,where F*=αF1+βF2.4.2The Principle of Genetic AlgorithmGenetic Algorithm roots from the concepts of natural selection and genetics .It’s a random search technique for global optimization in a complex search space .Because of the parallel nature and less restrictions ,it has the key features of great currency ,fast convergence and easy calculation .Meanwhile ,its search scope is not limited ,so it’s an effective method to solve the resource balancing problem ,as in [9].The main steps of GA in this paper are as follow:(1)EncodingAn integer string is short, direct and efficient .According to thecharacteristics of the model, the human resource can be assigned to be acode object .The string length equals to the total number of humanresources allocated.(2)Choosing the fitness functionThis paper choose the objective function as the foundation of fitnessfunction .To rate the values of the objective function ,the fitness of then-th individual is 1/n。
外文翻译样本
The pricing and employment of resources: wage determination（外文原文标题：三号、Times New Romanp字体、居中，与正文空一行）The most important price you will encounter in your lifetime will most likely be your wage rate.It will be critical in determining your economic well-being.The following facts and questions may be of more than casual interest.Fact:Real wages and therefore living standards have increased historically in the United States. Question: what force account for these increases?Fact:Union workers generally receive higher wages than nonunion workers in the same occupation. Question: how are unions able to accomplish this wage advantage?Fact:The average salary for major league baseball players in 1991 was $890,844compareed to about $33000 for teachers. Questions: what causes differences in wages and incomes?Fact: Most people are paid a certain hourly wage rate. But some workers are paid by the number of units produced or receive commission and royalties. Question: what is the rationale for various compensation schemes?Having explored the strategic factors underlying resource demand, we now introduce supply as it characterizes the markets for labor, land, capital, and entrepreneurial ability, to understand how wages, rents, interest, and profits are determined.We discuss wages before other resource prices because to the vast majority of households the wage rate is the most important price in the economy; it is the sole or basic source of income. About there-fourths of the nation income is in the form of wages and salaries.（小四、Times New Romanp字体）资源的定价与使用：工资的确定（另起一页，三号、黑体、居中、与正文空一行）□□在人的一生中，你所碰到的最重要的价格，可能就是你的工资，它决定了你的经济状况和生活水平。
外文文献及译文模板
原文与译文原文：A More Complete Conceptual Framework for SME FinanceAllen N. Berger Board of Governors of the Federal Reserve SystemGregory F. Udell Kelley School of Business, Indiana University,1. Financial institution structure and lending to SMEsThe research literature provides a considerable amount of evidence on the effects of financial institution structure on SME lending, although as noted above, the findings rarely go beyond the distinction between transactions lending technologies versus relationship lending to parse among the very different transactions technologies. Here, we briefly review the findings with regard to the comparative advantages of large versus small institutions (subsection A), foreign-owned versus domestically-owned institutions (subsection B), state-owned versus privately-owned institutions (subsection C) and market concentration (subsection D).A. Large versus small institutionsThere are a number of reasons why large institutions may have comparative advantages in employing transactions lending technologies which are based on hard information and small institutions may have comparative advantages in using the relationship lending technology which is based on soft information. Large institutions may be able to take advantage of economies of scale in the processing of hard information, but be relatively poor at processing soft information because it is difficult to quantify and transmit through the communication channels of large organizations (e.g., Stein 2002). Under relationship lending, there may be agency problems created within the financial institution because the loan officer that has direct contact over time with the SME is the repository of soft information that cannot be easily communicated to the management or owners of the financial institution. This may give comparative advantages in relationship lending to small institutionswith lower agency costs within the institution because they typically have less separation (if any) between ownership and management and fewer overall layers of management (e.g., Berger and Udell 2002). Finally, it is often argued that large institutions are relatively disadvantaged at relationship lending to SMEs because of organizational diseconomies with also providing transactions loans and other wholesale services to large corporate customers (e.g., Williamson 1967, 1988).The empirical literature on this topic usually does not observe the lending technologies used by large and small institutions, but rather draws conclusions about these technologies from the characteristics of the SME borrowers and contract terms on credits issued to these SMEs by institutions of different sizes. In most cases, the research is based on data from U.S. banks and SMEs. Large institutions are found to lend to larger, older, more financially secure SMEs (e.g., Haynes, Ou, and Berney 1999). It is often argued that these findings are consistent with large institutions lending to relatively transparent and relatively safe borrowers that are more likely to receive t ransactions credits. Large institutions are also found to charge lower interest rates and earn lower yields on SME loan contracts (e.g., Berger, Rosen, and Udell 2003, Berger 2004, Carter, McNulty, and Verbrugge 2004). It is contended that these results may reflect that large institutions lend to safer borrowers and/or employ lending technologies with lower operating costs, which are more likely to be transactions loans. In addition, large institutions are found to have temporally shorter, less exclusive, more impersonal, and longer distance relationships with their SME loan customers (e.g., Berger, Miller, Petersen, Rajan, and Stein forthcoming). These findings are argued to suggest weaker relationships with borrowers for large institutions, which are indicative of transactions loans. Finally, large institutions appear to base their SME credit decisions more on strong financial ratios than on prior relationships (e.g., Cole, Goldberg, and White 2004, Berger, Miller, Petersen, Rajan, and Stein forthcoming). It is argued that both the dependence on strong financial ratios and the non-dependence on prior relationships for large institutions are indicative of the use of transactions lending technologies.We argue that these findings are not as clear-cut in their support of thecomparative advantages by institution size as they might at first seem. For the most part, prior authors appear to treat transactions lending technologies as a collective whole that may be adequately represented by just one of these technologies, financial statement lending. This is not necessarily the case. We agree that the findings that SME credits by large institutions tend to be associated with weaker lending relationships and less often based on prior relationships and are indeed consistent with the predicted comparative disadvantage of large institutions in relationship lending. However, we do not agree with the contentions in the prior literature that greater SME transparency, safer SME borrowers, lower rates and yields, and possible lower operating costs and greater reliance on financial ratios for large institutions provide strong support for the hypothesis that these institutions have comparative advantages in transactions lending technologies. Although greater transparency, safer borrowers, lower rates, lower operating costs, and greater reliance on financial ratios are indicative of the use of the financial statement lending technology, they are not necessarily indicative of the types of loans or borrowers associated with the other transactions lending technologies. That is, these other transactions technologies may not necessarily be used to lend to SMEs that are less opaque or safer than relationship borrowers, may not have lower rates or smaller processing costs than relationship loans, and may not be based on stronger financial ratios than the relationship lending technology.To illustrate, note that two of the transactions lending technologies that are often used by large U.S. banks are not consistent with these characteristics. As indicated above, small business credit scoring appears to be employed by large U.S. banks to lend to SMEs that are relatively opaque and risky, and these loans have relatively high interest rates. As discussed further below, this technology is based largely on the personal credit of the SME owner, rather than on strong financial ratios of the firm. Similarly, as discussed below, the asset-based lending technology employed by many large banks is generally used to lend to relatively opaque and risky borrowers at relatively high interest rates. These loans typically involve relatively high processing costs of monitoring the accounts receivable and inventory pledged as collateral and the primary information is based on the value of the collateral, rather than strongfinancial ratios of the borrower.Moreover, even to the extent that large institutions may be disadvantaged in relationship lending and tend to lend to more transparent SME borrowers on average than small institutions, this does not necessarily imply that a sizeable presence of small institutions is necessary for significant credit availability for opaque SMEs. A limited amount of additional research finds that the local market shares of large and small U.S. banks have relatively little association with SME credit availability in their markets (Jayaratne and Wolken1999, Berger, Rosen, and Udell 2003).One potential hypothesis that may help explain this finding is that large U.S. banks are able to accommodate many opaque SME loan customers with transactions technologies other than financial statement lending, such as small business credit scoring and asset-based lending. That is, large institutions may have more transparent SME borrowers on average than small institutions because they have more financial statement loans to transparent SMEs than small institutions, but these large institutions may also be able to make credit available to significant numbers of opaque SMEs using the other transactions technologies. This hypothesis is difficult to test because the lending technology is usually unobserved.A second hypothesis may also help explain the finding of little association between the market shares of large and small institutions and SME credit availability. Large institutions may be disadvantaged at serving a significant subset of opaque SMEs, but market forces may be efficient in sorting these opaque SMEs to small institutions in the market that serve these borrowers using the relationship lending technology. The empirical evidence on the effects of U.S. bank mergers and acquisitions (M&As) on SME lending provides some support for this second hypothesis, although the lending technologies and the opacity of the borrowers is typically not observed in these studies. The studies find that large institutions reduce their SME lending after M&As, but that other banks in the same local markets appear to respond by increasing their own supplies of SME credit substantially (e.g., Berger, Saunders, Scalise, and Udell 1998, Berger, Goldberg, and White 2001, Averyand Samolyk 2004). As well, new small banks are often created in these markets that provide additional boosts to the local supply of SME credit (Berger, Bonime, Goldberg, and White 2004).The finding that the availability of credit to SMEs does not appear to depend in an important way on the market presence of large versus small institutions in the U.S. does not necessarily apply to other nations because of other differences in the financial institution structures of these nations or lending infrastructures in these nations that limit competition for SME credits. In an international comparison, greater market shares for small banks are found to be associated with higher SME employment, as well as more overall bank lending (Berger, Hasan, and Klapper 2004). These findings hold for both developed and developing nations, hold with controls included for some other aspects of the financial institution structure (e.g., shares of foreign-owned and state-owned banks, bank concentration), and hold with controls for some aspects of the lending infrastructure (e.g., regulation, legal system).B. Foreign-owned versus domestically-owned institutionsFor a number of reasons, foreign-owned institutions may have comparative advantages in transactions lending and domestically-owned institutions may have comparative advantages in relationship lending. Foreign-owned institutions are typically part of large organizations, and so all of the logic discussed above regarding large institutions generally applies to foreign-owned institutions as well. Foreign-owned institutions may also face additional hurdles in relationship lending because they may have particular difficulties in processing and transmitting soft information over greater distances, through more managerial layers, and having to cope with multiple economic, cultural, language, and regulatory environments (e.g., Buch 2003). Moreover, in developing nations, foreign-owned institutions headquartered in developed nations may have additional advantages in transactions lending to some SMEs because of access to better information technologies for collecting and assessing hard information. For example, some foreign-owned institutions use a form of small business credit scoring to lend to SMEs in developing nations based on the SME’s industry.Other institutions provide home-nation training for loan officers stationed in developing nations (Berger,Hasan, and Klapper 2004).There is very little empirical evidence on SME lending by foreign-owned institutions in developed nations, although some research finds that these institutions tend to have a wholesale orientation (e.g., DeYoung and Nolle 1996), and in some cases tend to specialize in serving multinational corporations headquartered in their home nation, presumably using transactions technologies applied to hard information (e.g., Goldberg and Saunders 1981). Some evidence also is consistent with the hypothesis that foreign-owned institutions may have difficulty processing local soft information needed to provide cash management services, although this finding is based on data from multinational corporations (e.g., Berger, Dai, Ongena, and Smith 2003). In most cases, the research on bank efficiency in developed nations suggests that the disadvantages of foreign ownership outweigh the disadvantages on average, although it is not known how much of this is attributable to the lending function (e.g., DeYoung and Nolle 1996, Berger, DeYoung, Genay, and Udell 2000).The empirical findings regarding foreign-owned institutions in developing nations are quite different. Foreign-owned banks usually appear to be more profitable and efficient than domestically-owned banks on average in these nations (e.g., Claessens, Demirguc-Kunt, and Huizinga 2001, Martinez Peria and Mody 2004), although one study finds roughly equal performance after controlling for a number of different types of governance and governance change (Berger, Clarke, Cull, Klapper, and Udell forthcoming). The better performance of foreign-owned banks in developing nations relative to developed nations may be due to the better technology access noted above, or some combination of better access to capital markets, superior ability to diversify risks, or greater managerial experience. There is also evidence on the effects of foreign-owned institutions on SME credit availability in developing nations. In most of the studies, foreign-owned banks individually or larger shares for these banks are associated with greater credit availability for SMEs (e.g., Dages, Goldberg, and Kinney 2000, Clarke, Cull, and Martinez Peria 2002, Beck, Demirguc-Kunt, and Maksimovic 2004, Berger, Hasan, and Klapper 2004, Clarke, Cull, Martinez Peria, and Sanchezforthcoming), although one study finds that foreign-owned banks may have difficulty in supplying SME credit (e.g., Berger, Klapper, and Udell 2001). As above for the U.S. data, the lending technologies are generally unobserved, and there is even less information available about the characteristics of the SME borrowers or contract terms from which to infer these technologies. Although the foreign-owned institutions almost surely use transactions technologies, it is usually not known which among the technologies is employed or the opacity of the borrowers served.C. State-owned versus privately-owned institutionsState-owned institutions may be expected to have comparative advantages in transactions lending and privately-owned institutions may be expected to have comparative advantages in relationship lending simply because state-owned institutions are typically larger. There are also a number of additional arguments with regard to the general ability of state-owned institutions to affect the supply of funds available to creditworthy SMEs through any lending technology. State-owned institutions generally operate with government subsidies and often have mandates to supply additional credit to SMEs or entrepreneurs in general, or to those in specific industries, sectors, or regions. Although in principle, this might be expected to improve funding of creditworthy SMEs, it could have the opposite effect in practice because these institutions may be inefficient due to a lack of market discipline. Much of their funding to SMEs may be to firms that are not creditworthy because of this inefficiency. The credit recipients may also not be creditworthy because the lending mandates do not necessarily require the funding be applied to positive net present value projects, or that the loans be expected to be repaid at market rates. As well some of the funds may be channeled for political purposes, rather than for economically creditworthy ends (e.g., Sapienza forthcoming). State-owned institutions may also provide relatively weak monitoring of borrowers and/or refrain from aggressive collection procedures as part of their mandates to subsidize chosen borrowers or because of the lack of market discipline. In nations with substantial state-owned banking sectors, there may also be significant spillover effects that discourage privately-owned institutions from SME lending due to “crowding out” effects of subsidized loans from state-owned institutions or poor credit cultures that are perpetuatedby the state-owned presence.The empirical findings –which are generally either cross-section studies of many nations or focused on one or a few developing nations –are generally consistent with the negative performance effects of state ownership. Studies of general performance typically find that individual state-owned banks are relatively inefficient and that large shares of state bank ownership are typically associated with unfavorable macroeconomic consequences (e.g., Clarke and Cull 2002, La Porta, Lopez-de-Silanes, and Shleifer 2002, Barth, Caprio, and Levine 2004, Berger, Hasan, and Klapper 2004, Berger, Clarke, Cull, Klapper, and Udell forthcoming). The evidence also generally suggests that less SME credit is available in nations with large market shares for state-owned banks (e.g., Beck, Demirguc-Kunt, and Maksimovic 2004, Berger, Hasan, and Klapper 2004). As well, nonperforming loan rates at state-owned banks tend to be very high, consistent with lending to SMEs with negative net present value loans, weak monitoring of loan customers, and/or lack of aggressive collection procedures (e.g., Hanson 2004, Berger, Clarke, Cull, Klapper, and Udell forthcoming). Consistent with these findings of generally negative consequences of state ownership, studies of the effects of bank privatization in both developed nations (e.g., Verbrugge, Megginson, and Owens 2000, Otchere and Chan 2003) and developing nations (e.g., Clarke, Cull, and Megginson forthcoming) typically find improvements in performance following the elimination of state ownership. Similar to the case for foreign-owned institutions, state-owned institutions likely generally use transactions technologies, but there is little information available on the technologies employed or data from which to infer these technologies.D. Market concentrationGreater market concentration of financial institutions may either reduce or increase the supply of credit available to creditworthy SMEs. Under the traditional structure-conduct-performance (SCP) hypothesis, greater concentration results in reduced credit access through any lending technology. This may occur in several ways as institutions in more concentrated markets may exercise greater market power. These institutions may choose to raise profits through higher interest rates or fees on loans to SMEs; they maychoose to reduce risk or supervisory burden by tightening credit standards for SMEs; and/or they may choose to be less aggressive in finding or serving creditworthy SMEs, taking advantage of a “quiet life” afforded to managers by the market power. Alternatively, institutions in more concentrated markets may increase SME access to credit using one of the lending technologies, relationship lending. Greater concentration may encourage institutions to invest in lending relationships because the SMEs are less likely to find alternative sources of credit in the future. Market power helps the institution enforce a long-term implicit contract in which the borrower receives a subsidized interest rate in the short term, and then compensates the institution by paying a higher-than-competitive rate in a later period (Sharpe 1990, Petersen and Rajan 1995).Although both theories may apply simultaneously, empirical studies have not come to consensus as to which of these may dominate empirically and whether the net supply of SME credit is lower or higher in concentrated markets. Some studies of the SCP hypothesis using U.S. data found that higher concentration is associated with higher SME loan interest rates (e.g., Hannan 1991, Berger, Rosen, and Udell 2003). Although this finding may appear to support the SCP hypothesis, it may also be consistent with the alternative hypothesis of an expansion of relationship lending if relationship loans tend to have higher interest rates on average than transactions loans. Relationship loans do not necessarily have higher average rates, as argued above, but we cannot rule out this possibility. As above for the empirical literatures on large versus small, foreign-owned versus domestically-owned, and state-owned versus privately-owned institutions, much of the difficulty in interpreting the effects of market concentration arises because the lending technologies are generally unobserved.A number of recent studies have looked instead to testing these hypotheses by examining the effects of banking market concentration and other indicators of market power such as regulatory restrictions on competition (part of the lending infrastructure discussed further below) on SMEs and general economic performance. The empirical results are mixed. Some of the studies find unfavorable effects from high banking market concentration andrestrictions on competition (e.g., Jayaratne and Strahan 1998, Black and Strahan 2002, Berger, Hasan, and Klapper 2004), others find favorable effects of bank concentration (e.g., Petersen and Rajan 1995, Cetorelli and Gambera 2001, Zarutskie 2003, Cetorelli 2004, Bonaccorsi di Patti and Dell’Ariccia forthcoming), and still others find the effects may differ with the lending infrastructure or economic environment (e.g., DeYoung, Goldberg, and White 1999, Beck, Demirgüç-Kunt, and Maksimovic 2004).FROM: Prepared for presentation at the World Bank Conference on Small and Medium Enterprises: Overcoming Growth ConstraintsWorld Bank, MC 13-121October 14-15, 2004译文：一个更加完整概念框架的中小企业融资Allen N. Berger 美国联邦储备局Gregory F. Udell 印地安那大学商学院1．金融机构对中小企业贷款和结构这个研究提供了大量的影响金融机构对中小企业贷款质量的证据,如上文提到的,结果几乎超越两者之间的区别与关系型贷款借给技术交易中非常不同的解析交易技术。
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湖北知行学院金融专业英语外文文献译文本2014届原文出处:____ Companies Law Commons, SecuritiesLaw Commons_____________________ 译文题目：______调和税法和证券监管____院（系）经济与管理学院专业名称金融专业学生姓名王倩学生学号1211340073任课教师张真RECONCILING TAX LAW AND SECURITIES REGULATIONOmri Marian*Issuers in registered securities offerings must disclose the expected tax consequencesto investors investing in the offered securities (“nonfinancial tax disclosure”). ThisArticle advances three arguments regarding nonfinancial tax disclosures. First,nonfinancial tax disclosure practice, as the Securities and Exchange Commission(the SEC) has sanctioned it, does not fulfill its intended regulatory purposes. Cur-rently, nonfinancial tax disclosures provide irrelevant information, sometimes failto provide material information, create unnecessary transaction costs, and divertvaluable administrative resources to the enforcement of largely-meaningless require-ments. Second, the practical reason for this failure is the SECand tax practitioners’unsuccessful attempt to address investors’heterogeneous tax preferences. Specifi-cally, nonfinancial tax disclosure practice assumes the existence of a “reasonableinvestor”who is also an “average taxpayer,”and tax disclosures are drafted for thebenefit of this average taxpayer. The concept of an “average taxpayer,”however, isnot defensible. Third, the theoretical reason for the regulatory regime’s dysfunction-ality is the misapplication of mandatory disclosure theory to nonfinancial taxdisclosure requirements. Mandatory disclosure theory, even if accepted at facevalue, does not support the current regulatory framework, due to the special natureof tax laws. To remedy this failure, this Article describes the types of tax-relateddisclosures that mandatory disclosure theory would support. Under the proposedregulatory reform, nonfinancial tax disclosures will only includeissuer-level taxitems (namely, tax items imposed on the issuing entity) that affect how “reasonableinvestors”calculate their own individual tax liabilities. Under such a regime, thereis no need to rely on the “average taxpayer”construct. INTRODUCTION: APPLE’S BOND OFFERING AS AN ALLEGORYOn May 1, 2013, Apple, Inc. (Apple) made financial history wi its $17 billion bond offering,1 the largest-ever debt issuance by* Assistant Professor of Law, University of Florida Levin College of Law. For helpguidance, comments and critique, I am grateful to Jennifer Bird-Pollan, Stu Cohen, DaGamage, Joan Heminway, Michael Knoll, Leandra Lederman, Tom Lin, Randle PollaDexter Samida, Doug Shackelford, Danny Sokol, Emily Satterthwaite, and participantsconferences and workshops at the Northwestern University School of Law, the UniversityTennessee College of Law, the 2013 SEALS Annual Conference,the 2013 Law and SocAnnual Meeting, and the 8th Annual Junior Tax Scholars Workshop. For invaluable reseaassistance, I am indebted to Gus Gari. Any errors or omissions are my own.1. See generally Apple, Inc., Prospectus Supplement (Form 424B2), at S-15 (May 1, 20[hereinafter Apple’s Prospectus], available at /secfiling.cfm?filid=1193125-13-184506&cik=320193.12 University of Michigan Journal of Law Reform [VOL. 48:1 non-financial institution at the time.2 On page S-15 of the offeringdocument is a section titled “Certain U.S. Federal Income Tax Con-siderations.”3 This section provides information concerning the “U.S. federal income tax considerations of the ownership and dis-position”of the bonds.4Issuers in registered securities offerings are required to disclose all information that a reasonable investor would deem materialwhen making an informed investment decision.5 Since investorscare about their after-tax returns on investments,6 informationabout the tax costs associated with an investment could be consid-ered material.7 Indeed, registrants are required to disclose toinvestors all material tax consequences and to qualify the tax disclo-sure with an opinion.8 The tax opinion must address each materialtax issue discussed in the disclosure, express a legal conclusion about how the tax law applies to the facts of the particular offeringand its effect on investors’tax consequences, and explain the basis2. John Balassi & Josie Cox, Apple Wows Market With Record $17 Billion Bond Deal,REUTERS (Apr. 30, 2013), /article/2013/04/30/us-apple-debt-idUS BRE93T10B20130430. In September of the same year, VerizonCommunications smashedthis record with a $49 billion bond offering. John Atkins, Verizon Smashes Record with $49B, 8-Part Bond Offering, (Sept. 11, 2013), /sites/spleverage/2013/09/11/verizon-smashes-records-with-49b-8-part-bond-offe ring/ (last visited Aug. 21,2014).3. Apple Prospectus, supra note 1, at S-15.4. Id.5. See Zohar Goshen & Gideon Parchomovsky, The Essential Role of Securities Regulation,55 DUKE L. J. 711, 741 (2006). The disclosure documents the SEC regulates “disclose infor-mation about the companies’financial condition and business practices to help investorsmake informed investment decisions.”SEC, The Investor’s Advocate: How the SEC Protects Inves-tors, Maintains Market Integrity, and Facilitates Capital Information, /about/whatwedo.shtml (last visited Aug. 1, 2014); see also Goshen & Gideon, supra, at 740 (providingSEC disclosure regulations allow for greater “public disclosure”and “leads to fewer instancesof asymmetric information between traders”and more informed traders).6. See MYRON S. SCHOLES ET AL., TAXES AND BUSINESS STRATEGY 2 (3d ed. 2004) (discuss-ing why taxes influence investment decisions).7. See, e.g., SEC Staff Legal Bulletin No. 19, 2011 WL 4957889 11–13 (Oct. 14, 2011),available at /interps/legal/cfslb19.htm (discussing when tax conse-quences are “material”to investors) [hereinafter SEC Legal Bulletin]; see also William B.Barker, SEC Registration of Public Offerings Under the Securities Act of 1933, 52 BUS. LAW. 65,105–06 (1996) (discussing the proper disclosure of federal income tax consequences in regis-tered offering as part of a general discussion on the system of mandatory disclosure, which isintended to deliver investors with “accurate and current information”to support “fair andhonest securities market”). At the time of publication, Barkerwas a Senior Counsel to theSEC’s Division of Corporate Finance. William B. Barker, SEC Registration of Public OfferingsUnder the Securities Act of 1933, 52 BUS. LAW 65, 65 (1996).8. SEC Regulation S-K, 17 C.F.R. §229.601(b)(8) (requiring issuers to disclose to inves-tors the “material”tax consequences associated with purchasing, holding and disposing ofthe offered securitieFALL 2014] Reconciling Tax Law and Securities Regulation 3for such a conclusion.9 Apple’s tax disclosure section responds tothis regulatory framework.This Article suggests, however, that Apple’s tax disclosure in theoffering document does not provide any information that a “rea-sonable investor”would deem material. In fact, the disclosure provides little information at all, notwithstanding that the disclo- sure comprises four densely written pages. Specifically, the third sentence in Apple’s tax disclosure makes it clear that any tax conse-quences discussed therein are only applicable to investors purchasing the bonds in the initial offering.10 Investors in the sec-ondary market received no guidance concerning the tax consequences of investing in the bonds.In addition, Apple’s tax disclosure explicitly excludes certain classes of investors, including—among others—dealers in securi-ties, financial institutions, insurance companies, and other types ofinstitutional investors.11 It is well documented, however, that securi-ties in initial offerings are mostly allocated to the classes of institutional investors excepted from Apple’s tax disclosure. 12The result is rather remarkable: Apple’s tax disclosure does not describe the tax consequences to the investors that—as a practicalmatter—are expected to purchase the bonds in the initial offering.The tax disclosure also does not describe the tax consequences toany investor that purchases the bonds in the secondary market. Thelogical inference is that Apple’s tax disclosure section describes taxconsequences that are applicable to no one (or at least to only veryfew). It is hard to imagine, therefore, that Apple’s tax disclosure responds meaningfully to the rationales underlying mandatory tax9. SEC Legal Bulletin, supra note 7, at 12.10. See Apple Prospectus, supra note 1, at S-15 (“Except where noted, this summary dealsonly with a note held as a capital asset by a beneficial owner who purchases the note onoriginal issuance at the first price . . . .”).11. Id. (“This summary does not address all aspects of U.S. federal income taxes anddoes not deal with all tax consequences that may be relevant to holders in light of theirpersonal circumstances or particular situations, such as . . . tax consequences to dealers insecurities or currencies, financial institutions, regulatedinvestment companies, real estateinvestment trusts, tax-exempt entities, insurance companies and traders in securities thatelect to use a mark-to-market method of tax accounting for their securities.”).12. See SEC, Initial Public Offerings: Why Individual Investors Have Difficulty Getting Shares?,/answers/ipodiff.htm (last visited Aug. 1, 2014). There is ample evidencethat institutional investors are allocated most of the shares in IPOs (specifically on so called“hot”IPOs). See, e.g., Jay R. Ritter & Ivo Welch, A Review of IPO Activity, Pricing, and Allocations,57 J. FIN. 1795, 1808–15 (2002); see also Reena Aggarwal, Nagpurnanand R. Prabhala &Manju Puri, Institutional Allocations in Initial Public Offerings: Empirical Evidence, 57 J. FIN. 1421,1422 (2002) (finding that “institutions dominate IPO allocations”); Leland E. Crabbe &Christopher M. Turner, Does Liquidity of a Debt Issue Increase With Its Size? Evidence from theCorporate Bond and Medium-Term Note Markets, 50 J. FIN.1719, 1722 (1995) (finding both cor-porate bonds and medium-term notes “sold primarily to institutional investors”).s, and to support such disclosure with a legal opinion).调和税法和证券监管欧米- 玛丽安*证券发行的发行人在登记时必须披露预期的税收后果，提供给投资者投资于证券（“非金融税披露”）。
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Influence of underground water seepage flow on surrounding rockdeformation of multi-arch tunnelAbstract: Based on a typical multi-arch tunnel in a freeway, the fast Lagrangian analysis of continua in3 dimensions(FLAC ) was used to calculate the surrounding rock deformation of the tunnel under which the effect of underground water seepage flow was taken into account or not. The distribution of displacement field around the multi-arch tunnel, which is influenced by the seepage field, was gained. The result indicates that the settlement values of the vault derived from coupling analysis are bigger when considering the seepage flow effect than that not considering. Through the contrast of arch subsidence quantities calculated by two kinds of computation situations, and the comparison between the calculated and measured value of tunnel vault settlement, it is found that the calculated value(5.7−6.0 mm) derived from considering the seepage effect is more close to the measured value(5.8−6.8 mm). Therefore, it is quite necessary to consider the seepage flow effect of the underground water in aquiferous stratum for multi-arch tunnel design. key words: multi-arch tunnel; underground water seepage flow; coupling flow and stress; surrounding rock deformation; vault settlement1 IntroductionWith high speed development of our national economy, the highway is constructed on large-scale all around the country. Along the freeway from Changsha to Chongqing(one section of which is from Changde to Jishou), many tunnels have to be constructed. As these tunnels’s topography and geomorphic conditions are very complex and the rain is very rich, the invasion of underground water and surface water is a difficult problem in the tunnel construction and its future function. In the past railway and highway tunnel construction, some effective waterproof construction technologies were proposed . But the researches on the mechanism of coupling function of fluid and stress and its influence on tunnels are not enough. For example, LIU and CHENcalculated and analyzed the double-arch tunnel structure in water-eroded groove but did not consider the underground water seepage force. YANG et al studied the earthquake response of large span and double-arch shallow tunnel, combining with dynamic stress but without underground water seepage stress. In fact, tunnel excavation forms two secondary stresses fields that can change the distribution of initial rock stress field and theunderground water seepage field. And the seepage flow of underground water also has importantinfluence on the stability of tunnel.Generally speaking, when the surface water seeps in underground, it will constitute the initial seepage flow field together with the underground water. But after tunnel excavation the initial seepage flow field will be destructed. In order to achieve a newbalance, it can produce a new seepage flow field around the tunnel with the underground water flowing into the tunnel. The pore-water pressure can change the stress field of adjacent rock mass. This problem is the coupling flow and stress question on which some scholars study now . LI et al analyzed the subsea tunnel withcoupling process and LEE and NAM discussed the seepage flow force around the tunnel with coupling analysis. In order to know the effect of underground water seepage flow on the surrounding rock deformation of tunnel, a multi-arch tunnel(named Bi-Ma-Xi tunnel) engineering was analyzed with FLAC in this work.2 Engineering and geology conditions2.1 TopographyThe tunnel locates at a hill on long-term weathering and denudation action. In the tunnel area, there are some gullies that primarily s trike towards north and some strike from east to north. Tunnel axis direction and topographic contour line are intersected with orthogonal or a great angle at section K218+087−K218+380 and with a small angle or even parallel at section K218+380− K218+565. The topography is rather steep and forms a “V” type gully. The general hill strike is about 340˚, which is close from north to south. The topography slope is about 15˚−35˚. The green vegetation is mainly the small bamboo and herbaceous plants. The rock bed is visible in some places.2.2 Lithologyccording to engineering geology survey and drilling exposure data, the stratum of3D [1−3] 4][5]surveying area from young to old is as follows.The Quaternary Holocene(Qh): the soil-like loam layer, snuff color, plastic-stiffly,0−4.60 m thick. This layer is ignored in numerical model.The Upper Cretaceous (K2j): Sandstone layer, red brown or palm fibre or dust colour,fine-grained structure. The calcareous cemented rock layer is mixed with mud cemented rock layer and the former is the main part and it is thin and medium thickness structural layer. The horizontal bedding layer develops and the dip angle is small. According to weathered degree the stratum can be divided into three layers from the top down: intensely, weakly and tinily weathered layer. The sketch map of geology section is shown in Fig.1.Fig.1 Sketch of geological profile for tunnel2.3 Geology constitutionIn tunnel area there is no large fracture structure and nor any new tectogenesis. The geology constitution is a monoclinal structure. The rock dip direction of general occurrence is 95˚−115˚. The dip angle distribution ranges from 8˚ to15˚. Three sets of joint crack develop: 1) dip direction 148˚, dip angle 89˚;2) dip direction 350˚, dip angle 56˚; 3) dip direction 225˚, dip angle 77˚. The joint cracks mostly twist with pressure and crack faces are almost close. Minorities of the crack faces are patulous and the distance between two cracks often varies from 5 to 20 cm. The connectivity is fairly good.3 Construction of 3D numerical model3.1 model of numerical calculationThis tunnel is a freeway multi-arch tunnel, of which the left one and right one are general parallel. The two tunnels are about symmetrical by the middle arch wall. The average thickness of middle wall is 2.1 m. The key dimensions of tunnel section are shown in Fig.2.Fig.2 Sketch of multi-tunnel cross section (unit: cm)When modeling the tunnel, the direction along the tunnel is y-axis and in horizontal plane the perpendicularity of tunnel direction is x-axis and plumb upward is z-axis. The influence of tunnel excavation is considered. The radius of influence range is above 3 times of one tunnel span. So in width direction, 50 m extends respectively outside the left and right tunnel, plus the span itself, width direction calculation range is 125 m. Downwards from the original point is 3 times of the height of the tunnel, which equals 45 m and upward is till the earth’s surface (does not consider the clay layer, calculating depth range includes intensely, weakly, tinily weathered red sandstone from above to below respectively). The buried depth of the tunnel is about 25 m. Plus the 10 m of its height, in z-axis the depth is 80 m. Along the tunnel direction an unit length is considered because tunnel excavation can be considered asa plane-strain problem. The size of the 3D numerical model is 125 m×80 m×1 m. The 3D numerical model and its coordinate axis location are shown in Fig.3.Fig.3 3D numerical model of tunnel in FLACThe displacement boundary conditions are adopted in numerical model. Bottom border is constrained with vertical displacement and upper border is free border. Both left and right border are restrained with horizontal displacement. The same boundary conditions are applied in both the front and back borders in y-axis.3.2 Calculation parametersThe mechanics parameters in numerical analysis are provided by geotechnical engineering investigation data and combined with the national criterion need and parameters discount request in numerical simulation. The mechanics parameters of the surrounding rock and the C25 concrete middle arch wall are listed in Table 1. The surrounding rock and the concrete intensity criteria adopted is the elastic-plastic criterion of Mohr-Coulomb. Table 2 shows the surrounding rock relevant seepage flow parameters when coupling problem is considered in numerical simulation. Table 3 lists the parameters of shot concrete(primary lining) and anchor support structure of the multi-arch tunnel. In this calculation process, the parameters of Grade IV surrounding rock supporting system are adopted. And only the affection of the anchor and shotconcrete is considered. The effect of secondary lining is not considered in numerical simulation.4 Discussion on calculation results4.1 Surrounding rock deformation characteristics without underground water seepage flowBased on the established numerical model, the process in which the underground water seepage flow function was not considered was carried on by FLAC . Fig.4 shows the vertical displacement contour-line map in this instance after multi-arch tunnel excavation. From Fig.4 it can be obviously seen that nearby the tunnel excavation region the rock deformation is relatively serious. The vault rock displacement is negative, indicating that the displacement direction is vertical downwards and subsidence occurs. But around the tunnel bottom the surrounding rock displacement is positive, indicating that the direction is vertical upwards and bulging phenomenon occurs.In the process of numerical calculation, the left and right tunnels were simulated simultaneously, namely they were excavated in the identical section plane simultaneously, that is to say, the influence of the construction order is not considered. In the computation process ofFLAC , some interesting grid points were selected to monitor their vertical displacement. The monitored grid points’ number and corresponding coordinate position are listed in Table 4.Fig.5 shows the time process curves of z-displacement (absolute value) of the monitored grid points around left tunnel vault. From Fig.5 it can be seen that the vertical displacement value(or called settlement value) of tunnel vault surrounding rock has relationship with its own position. The clos er the grid point’s position away from the tunnel excavation region, the larger the settlement value. For example, on the middle upper grid point (41 ) of left tunnel, its final calculation settlement value is 3.7 mm, and another grid poi nts’ values are getting smaller with the distance becoming longer.Fig.5 Time process curves of z-displacement of monitored grid points around le ft tunnel vault4.2 Surrounding rock deformation characteristics with underground water seepage flowThe influencing factors of surrounding rock deformation after tunnel excavation in Refs.[10−13], mainly concentrating on the grade of surrounding rock, excavating and supporting method, the neighbor construction load and the construction working procedure. Generally it almost does not consider the influence of underground water seepage flow. But in fact, the underground water existence has important influence on the surrounding rock deformation. For instance, in the excavation and tunnel engineering, the underground water seepage flow can cause quite big displacement of the soil or rock mass and even threaten the safety of engineering . In this study, some quantitative researches on the influence of surrounding rock deformation were carried out by underground water seepage flow.The stratum is fully saturated with water before tunnel is excavated. The seepage flow boundary condition includes that thepore-water pressure of the top surface is limited to zero and the two sides as well as the base boundary are water-proof boundaries . Before tunnel excavation the pore pressure of the stratum is hydro-static pressure. After tunnel excavation, around the tunnel excavation boundary is simulated by a free water seepage flow boundary where the adjacent underground water infiltrates into the excavated area. And the seepage flow field of surrounding rock has been changed with the excavation being carried on. Then the coupling analysis was executed by FLAC .Fig.6 shows the vertical displacement contour-line map after multi-arch tunnel excavation when considering the underground water seepage flow function. Obviously it can be seen that in coupling analysis the arch subsidence quantity is larger than that of not considering seepage function andthe affected region is also wider than that of the former as shown in Fig.4.Fig.6 z-displacement contour-line map of surrounding rock when considering underground water seepage flow function (unit: mm)coupling analysis, as the change of pore pressure in surrounding rock, the effective stress will be changed and it will cause the rock porosity ratio to reduce, leading to a larger arch subsidence quantity compared with that of not considering the seepage flow effect. But the vertical displacements at the bottom of the tunnel are not changed a lot. Fig.7 shows the calculated vertical displacement value for both vault’s middle position (grid point 41 and gridpoint 52 ). It can be seen that the subsidence quantity gradually increases with computation development, after finally tends to its new balance, both vault’s vertical displacement quantities finally stabilize at about 5.7 mm and the two time process curves are basically consistent.Fig.7 Curves of both vault’s node displacement vs calculation stepsFig.8 shows the time process curves of z -displacement(absolute value) of the monitored grid points around the left tunnel vault when taking the underground water seepage flow intoconsideration. Contrasting with Fig.5 it is obviously seen that the settlement value of 41 grid point is increased and reaches 5.7 mm. And to the other monitored grid points, their subsidence quantities also basically tend to 5.0 mm. The calculation subsidence quantities do not change when their relative positions changes.Fig.8 Time process curves of vault settlement when taking underground water seepage f low into consideration4.3 Comparison of deformation measurement results of surrounding rock In the process of excavating, the Bi Ma-Xi tunnel, the inspecting and consulting company of the fourth investigation and design institute of Chinese Railways Ministry monitored the surrounding rock deformation. Fig.9 shows the monitored vault settlement curves at sections K218+280 and K218+310.#Fig.9 Curves of measured value of vault settlement in process of left tunnel excavationComparing Fig.9 with Fig.5 and Fig.8, the maximal vault settlement calculation value is 3.7 mm when without considering underground water seepage flow, and when taking it into consideration the maximal calculation value is equal to 5.7 mm. And the practical monitored results reach 6.5 mm and tend to be stable after 2 months when the tunnel is excavated. The case fits very well with the coupling analysis result. The vault settlement measurement values in this multi-arch tunnel are all basically leveled off between 5.8 mm and 6.8 mm.The calculation results of coupling fluid-mechanical analysis are slightly smaller than the measured results. The reason is that the numerical calculation is thought as converged when the maximal unbalanced force in surrounding rock tends to a less value after tunnel excavation. And it does not consider the effect of actual time. The parameters in calculating unavoidably exist difference with the parameter of rock mass in reality. These reasons lead to the difference between the coupling analysis and the engineering measurement. But the results obtained in section 4.1 are less than the measuring results considering it indicates that the numerical analysis without underground water seepage flow cannot meet the need of engineering.5 Conclusions1) When underground water seepage flow function is considered in coupling fluid-mechanical analysis, the calculation vault settlements have finally achieved5.7−6.0 mm with the interaction of undergroundwater seepage flow and stress release in surrounding rock around the tunnel. The coupling calculation results are very close to the vault measurement settlement. It indicates that constructing tunnels in aquiferous stratum the underground water seepage flow effect must be considered in the design phase.2) The settlement of the surrounding rock above the tunnel has close relationship with its own position. The region near the tunnel excavation zone has the biggest rock deformation, so it should promptly complete supporting measures. When not considering the seepage flow function, the farther the region, the smaller the rock deformation; but when considering the seepage flow function, the settlement of the surrounding rock is above the tunnel and then basically tends to stable in shallower tunnel and it has obviously influence on the ground surface subsidence.地下水渗流对双连拱隧道围岩变形的影响摘要：一般来说，对于高速公路双连拱隧道，用FLAC3D计算隧道围岩变形时是没有考虑到地下水渗流影响的。
外文翻译模板
西安欧亚学院本科毕业论文（设计）外文翻译译文学生姓名：蔡阳分院（系）：信息工程学院专业班级：通信工程0701指导教师：赵雨完成日期：2011 年1 月5 日不能触碰这个—无线电力传输Can't Touch This—Wireless power transmission作者：Bill Weaver, Ph.D.起止页码：出版日期（期刊号）：2006年10月25日出版单位：（以上文字用小4号宋体，数字、字母用Times New Roman体）外文翻译译文：几年前，一个同事和我参加在校大学生团体的一个老式的实地考察，考察地位于新泽西州的爱迪生国家历史遗址的西橙。
我们随公众参观，并参观了设置于建筑物内的实验室，了解了白炽灯灯泡和电影技术的发展。
然而，令我最感动的是其中的两个复杂的附加功能。
首先，是配备了当时美国专利局的所有出版物的研究图书馆。
科学家和工程师的代表关注到适销对路的产品可能会在创造新技术中有所用途。
大学是随之而来的发现科学技术的伟大场所，但爱迪生的实验室却是作为一个企业而存在的。
在 19 世纪后期是没有互联网连接的，因此，图书馆便担任起了实验室的信息存储库。
就像今天，当研究人员所需要的信息是有关于化学反应、一个数学公式或他们最先进的工程解决方案而咨询目前的文献一样，只不过当时是通过纸张。
第二个令人印象深刻的事情是生产和加工设施的复杂性。
创建工具，使新的工具催化技术的发展，是爱迪生实验室的一个创新过程的早期代表性的例子。
通过快速采用标准，进一步简化此过程。
由于工具和设备大部分可以在本地发展，便可以在数英亩大小的校园中部署自己的标准并创造该设施。
这种标准之一是权力分配的方法。
最终已知的电网发展供电是著名的爱迪生灯泡，早期的爱迪生实验室使用的工具是由一个通用线路轴组成的机器。
组成一个类似于后轮驱动汽车传动轴的长旋转轴或像是一个海洋船只的螺旋桨轴，使整个工厂的旋转的势能形式分散了锅炉产生的机械能。
5000字外文翻译
附录外文文献原文1。
IntroductionMarketing continues to be a mystery to those who create it and to those who sponsor it. Often，the ad that generates record-breaking volume for a retail store one month is repeated the following month and bombs。
A campaign designed by the best Madison Avenue ad agency may elicit mediocre response. The same item sells like hotcakes after a 30—word classified ad，with abominable grammar, appears on page 35 of an all—advertising shopper tossed on the front stoops of homes during a rainstorm! The mystery eludes solution but demands attention。
The success of an enterprise and development of enterprises depends to a large extent on whether or not they have advanced，meet the needs of the enterprise marketing strategy. For Marketing is the definition, The well-known American scholar Philips marketing of the core marketing concept of the following description ："Marketing is individuals or groups to create，provide and exchange with other valuable products，to satisfy their own needs and desires of a social activities and management process. " In the core concept contains a number of elements: needs，desires and needs; Products or provide; Value and satisfaction；exchange and transactions；and networking; market; Marketing and sales were a series of concept.This article is devoted to the idea that your marketing results can be improved through a better Understanding of your customers。
3000字翻译
Monetary policyAn unfinished revolutionAug 9th 2013, 12:53 by R.A. | LONDONPROGRESS in the practice of monetary policy occurs one disaster at a time. From the depression of the 1930s economists learned that money matters, and that a contraction in the money supply can produce a painful downturn. From the inflation of the 1970s economists learned that inflation is a monetary phenomenon which can be controlled through the proper application of monetary policy. One has the sense that altough the world's present disaster is coming—slowly, fitfully—to an end, central bankers are still quite a long way away from understanding how they failed and how they might do better in the future. The most recent moves from the Bank of England and the Federal Reserve suggest that this particular revolution remains unfinished.Monetary lessons are never learned quickly—unfortunately, since an earlier understanding of the nature of the disasters might allow policymakers to change course more quickly and prevent a lot of human suffering. Governments began experimenting with reinflation in 1932-33, touching off a proper recovery after four long years of depression, but America blundered back into recession in 1937 after tightening monetary policy once again. Only when monetary policy was entirely subordinated to the war effort was the depression well and truly beaten. And only in the decades after the war would economists begin articulating the connection between monetary contraction, deflat ion, and depression; Milton Friedman and Anna Schwartz's "Monetary History of the United States" was not published until 1963.Inflation began its long march upwards in the mid-1960s and raged in double digits, across the rich world, for much of the 1970s. Not until the early 1980s did governments begin wringing inflation out of the system through monetary tightening. In that case, the intellectual heavy lifting preceded the policy experimentation. Monetarists and rational expectations theorists had ready explanations for galloping inflation, but central bankers took convincing that hammering economies with tighter policy would make a difference.The world's most recent economic disaster began in the late 1990s, when the Japanese economy fell into a liquidity trap and embarked on its lost decade. Economists quickly set to work diagnosing the Japanese economy and building policy recommendations. But arguments over just what Japan's crisis meant were unresolved when a Japan-like disaster descended on much of the rest of the rich world. And central banks have only gingerly and belatedly begun trying out ideas meant to bring the crisis to a quick and definitive end.The rich world's disaster hinges on the problem of zero, in two ways. First, as the interest rates under the control of the central bank approach zero, policymakers are at a loss as to how to continue loosening policy. And second, when inflation approaches zero therelationship between economic weakness and disinflation breaks down. When inflation is high a surge in unemployment will quickly slow price increases, but when inflation is low wage and price rigidities blunt the effect of unemployment, leaving inflation targeting central banks uncertain how to proceed.These puzzles provoked an ongoing debate. In one corner stands a group with a long and proud history: those ready to give up on monetary policy. Some have been in the corner since rates first touched zero in 2008 while others have joined over time as unconventional policies failed to bring back full employment. But like those who said monetary policy couldn't fix the depression or rein in inflation, this bunch reckons that zero means it's time for other strategies, or to simply accept present suffering.In another corner there are the mechanics, who reckon central banks have their framework right and only need to find new tools. If inflation falls dangerously below target while the main policy rate is near zero, then one should simply target longer rates and bring them down to zero. If even more oomph is needed, then the central bank can turn to rates on private (rather than government) loans and securities, and drive them down to zero. This group won the day in Japan, where the central bank debuted "quantitative easing" in the early 2000s. It held the early edge elsewhere in the rich world in the aftermath of the Great Recession; both the Fed and the Bank of England reached for 量化宽松政策after their benchmark rates dropped to near zero.Then there are those who emphasise expectations. It is not a controversial statement in central banking to note that the stance of monetary policy is determined by expectations of how a central bank will react to changing economic circumstances. But that of course implies that by telling markets about what sorts of things will trigger rate increases in the future, a central bank can tighten or loosen monetary policy in the present, all without adjusting any inerest rates. So if markets are behaving—that is, saving, borrowing, and investing—as if the central bank is likely to start tightening when x, y, and z thresholds are crossed, and the central bank then says to markets that it is actually prepared to allow expansion beyond those thresholds before raising rates, then markets should change their behaviour immediately.This bunch has been ascendent over the past two years. Beginning in 2011 Federal Reserve policy statements included an approximate calendar date on which interest rates would begin to rise; in August of 2011 rates were said to be likely to stay low until at least mid-2013. For the next year the Fed adjusted its calendar guidance in response to economic conditions. Then in December of last year it switched things up, changing its guidance to revolve around economic variables, namely, the level of unemployment and inflation. Rates would stay low, the Fed said, until the unemployment rate had fallen to at least 6.5%, provided that inflation expectations were no more than half a percentage point above the Fed's 2% target. Fed officials have since indicated that ongoing 量化宽松政策will also be pegged to particular changes in the economy, timed to end as the unemployment rate falls to 7%. This week the Bank of England embraced a similar approach. The Bank's main policy rate will not rise and 量化宽松政策will continue untilthe unemployment rate has fallen to at least 7%, provided that inflation two years ahead is not expected to be more than half a percentage point above 2% and the financial system is not judged to be tilting toward instability.The expectations crowd seems to have gained an edge among policymakers for a few different reasons. First, central bank assessments of the risk-return profile of 量化宽松政策seem to have been worsening. Central bankers never seemed particularly comfortable splashing out on government bonds, but appear to have been less than impressed with the results of their purchases and sick of hearing complaints about unpleasant 量化宽松政策side effects (real and imagined), from financial-system distortions to looming hyperinflation. Some may also have worried that in the absence of clear communication about future policy 量化宽松政策's effects were being blunted. Markets might react to expansionary 量化宽松政策by simply moving forward the date on which they expected policy tightening, thereby cancelling out the good done by the asset purchases. Better expectations management could help secure some of the 量化宽松政策gains. And lastly, the thresholds approached has given hawkish central bankers an exit strategy to cling to: a sense that all the largesse will end, and perhaps in the not-too-distant future.But the Fed has been tinkering with expectations management for a while now without generating the rapid recovery one would hope for from appropriate monetary policy. While the Bank of England approved of the Fed's innovations enough to adopt them for its own, Governor Mark Carney seemed to go out of his way to warn not to expect too much from the new guidance.And yet the sun has yet to shine on those lingering in the last corner, who suggest that maybe there is something slightly more fundamental amiss with the current monetary policy approach: namely, that it still has a 2% inflation target at its heart.That a 2% inflation goal might be a major culprit in the rich world's current economic mess is a hard thing to stomach for economists and policymakers who came of age in the 1970s. Yet there are good reasons for fingering the 2% rate as a real problem. Troubles b egan before the crisis, as the near-total absence of inflation pressure helped usher interest rates steadily downward, leaving much less breathing space between the Fed's policy rate and the dread zero. The Fed's main policy rate was just 4.25% when the recession began, giving the central bank little room to cut rates to battle the downturn. Economists have had to raise their estimates of just how often an economy will end up stuck with interest rates near zero when central banks target low rates of inflation.A second difficulty emerged soon after: low and stable inflation translates into very rigid wages and prices, even in the face of big declines in demand and soaring unemployment. When the variability of inflation drops (as it did, dramatically, from the early 1980s on) workers and firms get in the habit of adjusting prices less frequently, they drop automatic wage indexing, and they generally increase the rigidity of the economy-wide price level. This rigidity is especially problematic at near-zero inflation rates given resistance to accepting absolute cuts in wages and prices. As a result even the epic economic collapse of late 2008 and early 2009 translated into relatively moderate and delayed disinflation.And that meant big trouble for economies in which central banks used deflation as their depression canary-in-a-coal-mine. Prior to the crisis many central bankers would have insisted that there could be no demand collapse if inflation were kept above 1% and that keeping inflation above 1% would be sufficient to prevent a demand collapse. But they were wrong.And though the link between sufficient demand and stable inflation would seem to have been called into question, central bankers have yet to update their mental models accordingly. They have evolved a bit. As the shift toward dual thresholds, including unemployment as well as inflation, indicates, central bankers are recognising that there is information out there about demand than is contained in the inflation rate. And yet their evolution is incomplete, because they insist on targeting a higher level of demand subject to continued fidelity to the inflation target. They have given themselves a bit of wiggle room by saying they will tolerate expected inflation a shade above 2%. But what they have manifestly not done is declare that they want more demand, whether or not that happens to involve inflation sustained above 2%.Within the pre-crisis policy paradigm that view makes perfect sense. Rising inflation, in that worldview, is a sign that the economy is approaching its structural limits: is growing as fast as it potentially can. Goosing demand over and above that level is worse than useless; any growth that results is unsustainable and will fuel accelerating inflation.But the crisis ought to have led central bankers to reconsider this view. For one thing, as noted above, the relationship between inflation and unemployment is not as clear as one would think at very low inflation rates. Study after study, including many produced by Fed economists, indicates that most of the gap between the current unemployment rate and the "normal" level is temporary—there really is quite a lot of labour-market slack—and yet inflation is not much below target. If inflation is less informative about slack than it used t o be, then a central bank interested in getting rid of slack should probably discount the inflation signal to some extent.Or to put things somewhat differently, an inflation rate of 3% or 4% is not in and of itself dangerous. It could be worrisome if it seemed to signal an economy being pushed beyond its capacity. But if there is good reason to believe that the economy is not close to capacity, then there is no particular reason to fear 3% inflation or 4% inflation. Inflation accelerating from 3% through 4% and beyond yes, but of all the problems rich economies have had over the past half decade turning a rising inflation rate to a falling one has not been among them.It is worth acknowledging that there can be costs to a high but stable rate of inflation relative to a low but stable rate. If some prices adjust less quickly or easily than others, then a higher rate of inflation may entail greater distortions in relative prices that entail some efficiency costs. Such things need to be kept in perspective, however. The American economy, for instance, has been operating with an output gap close to $1 trillion for half a decade now. Even if that estimate is wildly overstated, and the actual gap is closer to $200 billion or 1.3% of GDP, that cost probably swamps any damage from relative-pricedistortions.Neither is the relationship between slack and inflation the only thing to consider. With interest rates near zero it may be very difficult to raise demand without lifting inflation expectations above the 2% rate. Normal monetary policy operates on the principle that there is a "market clearing" real interest rate (or set of real market rates), that balances desired saving and desired borrowing and prevents resources—or willing workers—from sitting around idle. The central bank's normal goal, then, is to adjust its policy rate to nudge market rates toward that market-clearing level. But what if the market-clearing real policy rate is -3% and the actual policy rate is stuck at 0.5% while inflation is just 1.5%? In that case the central bank's policy rate is way too high, and will remain way too high until either the market-clearing rate moves back toward positive territory or the central bank makes up its mind to lift inflation expectations. With an expected inflation rate of 3.5% the real policy rate drops to the appropriate level and the economy should leap in response.But that may seem an unlikely story. Or one could simply wonder about the underlying health of an economy in which investors can't find any attractive positive-return investments and must be cajoled into splashing out by the threat of inflation-driven loss of principal. The simpler way to conceptualise the current situation may simply be to conclude that inflation isn't as meaningful a concept as we thought. If we're interested in demand, and the reason we're interested in demand is that too much of it causes accelerating price increases and too little of it causes unnecessary joblessness, and we're pretty certain that there is too little demand despite the fact that the our traditional metric for assessing demand is signalling that all is well...well, perhaps that traditional metric isn't useful anymore, at least not for assessing demand.One would then need an alternative metric, which of course takes us to the nominal output brigade. Nominal GDP, or total spending or income in the economy in dollar terms, has long been one of the gauges on the central banker's dashboard. It is hard to think of a better measure of economy-wide demand than the total amount of money spent each year in dollar terms. Supporters of an NGDP target (either a rate of growth or a trend level) point to several advantages. One, which should be clear already, is that there is little risk of monetary policy fumbling situations like the present in which demand swings are not entirely reflected in changes in inflation. Another is that by anchoring market expectations around a demand path rather than an inflation path the business cycle should be substantially attenuated. And another is that a focus on NGDP makes for better management of supply shocks, since it implies looser policy, relative to an inflation target, when the economy is already being hit by a negative supply shock (rather than a tighter policy which would amplify the blow of the supply shock), and tighter policy when the economy is enjoying a positive productivity shock, which could conceivably prevent economic exuberance from taking a turn toward the irrational. The upshot of a switch to NGDP targeting at the present moment would be much more expansionary policy; the central bank would focus on targeting the obvious shortfall in demand and ignore the misfiring inflation signal.The advantages of the NGDP approach have not been lost on today's central bankers. Some will admit that flexible inflation targeting, particularly a strategy built around thresholds, is either similar to or could be adapted to mimic an NGDP target. Obviously, the inclusion in Fed and Bank of England policy of an unemployment threshold is an admission that inflation targeting, flexible or otherwise, isn't getting the job done. Yet both central banks have declined to embrace the most important and powerful aspect of the NGDP target: the freedom to tolerate or even court higher inflation without giving up the nominal anchor—the NGDP target—that you need to keep market expectations from flying off into the atmosphere, bringing back the 1970s.It would be presumptuous to say that the inevitable, glorious conclusion of the ongoing revolution is an NGDP target, though that may turn out to be true. A general rise in inflation targets, to 3% or 4%, and a shift toward more flexibility around the target could be an option. More radical ideas, like a shift to "e-money"—fully electronic currency that would allow the government to use negative interest rates—could eventually win support. Or fiscal policy could evolve to become more responsive to business cycles; control over tax rates on wages, for instance, could be handed to central bankers to better allow them to deploy a "helicopter drop" of cash, or wage-tax rates could be linked to the unemployment rate or other economic variables.But despite the considerable distance monetary policy-making has come over the past half decade, it seems no closer to recognising the brutal truth: that in the absence of higher inflation or negative nominal interest rates rich economies are going to continue to suffer unnecessary and enormously costly shortfalls in demand, output, and employment.It isn't surprising, really, that this realisation has yet to dawn on the world of central banking. Even if central bankers themselves weren't chilled by the very thought of rising inflation public antipathy to higher inflation or negative rates (especially among older workers and net creditors, among the most influential of groups in today's rich, democratic societies) is intense. It is an uncomfortable truth that the rich world is to some extent getting the recovery it wants.But the role of the central banker is absolutely not to give the public what it wants. They're charged with the duty of serving up unemployment when inflation is too high. By rights they should be as ready and enthusiastic about serving up inflation when, as now, it stands a good chance of eliminating cyclical unemployment. Instead our current crop of central bankers has readily limited itself to providing only the lift in hiring that can be managed without delivering an inflation that starts with a 3. I know of no cost-benefit analysis that justifies the choice, but there it is all the same. If history is any guide, it may fall to the next generation of monetary policymakers to see the error and fix it. Unfortunately for us.货币政策一个未完成的革命R.A. 写于2013年8月9日，12:53| 伦敦正在试用中的货币政策在某一时刻产生了灾难性的毁灭。
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中国地质大学长城学院 本科毕业论文外文资料翻译
系 别： 信息工程系 专 业： 地理信息系统 * 名： ** 学 号： ********
2011 年 3 月 25 日 1
外文资料翻译译文 密度连通集及其检测在空间数据库的应用发展趋势
摘 要 本文提出了地球观测空间数据库的几个聚类算法，而且已经经过了鉴定。著名并有效的算法例如DBSCAN算法，在一定程度上仍有些限制，因为它们在一个空间数据库中，没有能够充分发挥所载不同类型资料的丰富性。在本文中，我们介绍了密度连通集和广义版本的DBSCAN的概念。这些算法的主要性能如下：（1）任何对称相元可以用来定义一个对象，允许附近自然定义的对象的空间扩展成为多边形（2）邻近的一个集合的函数对象可能会考虑用非空间属性作为一个应用程序的具体手段来分配对象权重。密度连接集可以被用来作为发现一个空间数据库趋势的依据。我们定义在空间发展趋势数据库和展示如何运用中的广义的DBSCAN算法可以的发现这些任务。为了证明了这个算法的实际影响，我们进行以地理信息系统为基础的实验，研究巴伐利亚州是一个广阔的空间数据库类。 关键词：聚类算法；空间与非空间数据；趋势检测；应用地理信息系统
1简介
我们从卫星获得的数据量越来越大，X射线晶体学或其他自动设备存储在数据库中。因此，自动化知识出现在越来越重要的数据库中。数据库知识拓展（KDD）可以被定义为查明有效的，新颖的，潜在的不平凡的过程以及有用的数据并最终加以理解的模式。数据挖掘是数据库知识拓展中的一个组成步骤——数据应用分析和算法发现，要求控制在可接受的计算效率内，以一个特定的模式完成数据统计。 空间数据库系统（SDBS）（Gueting 1994年）是对数据库系统的空间数据管理。有关空间数据，例如作为地球一部分的二维表面数据。虽然很多研究在过去几年里已在关系数据库中进行知识发现和数据挖掘，但是也只是在文献中提出知识的几种方法在空间数据库中的发现而已。 最近，一些对空间数据库应用的聚类方法已被开发，所有这些方法的设计均为点对象，即无扩展对象。在一个空间数据库，对象通常是空间扩展为一个或多个非空间属性。对象在地理信息系统（GIS）中，可用多边形的代表，例如，社区或湖泊的非空间属性可以是姓名，居民平均收入以及在该地区的房子数量等，我们可以使用所有的聚类方法在上文提到的集群中建立一个一般空间对象改变他们的一些特征点的空间。 然而，这之后它们之间的空间关系将会丢失。如果在原始数据上进行空间聚类转化，如果他们的非空间属性应被视为空间物体，它是很难找到一般距离的自然定义的。 任何检测算法的集群可以作为输入KDD中的其他任务。克诺尔和吴（1996）在研究接近点之间的关系和多边形集群物体在空间数据库中的作用。对于一个特定的点群，我们给定一个算法，可以有效地找到它的“Top - k”多边形作为“最亲密”的群集。对于n给予集群点，同样给定一个算法，它可以找到共同的多边形或最接近大多数的多边形，如果 2
不是所有，那就是集群。 在本文中，我们使用集群作为一项基本的运作KDD中的空间数据库。例如，一个人可能对邻近相元的非空间属性感兴趣。我们提出的算法GDBSCAN是一个广义版本的DBSCAN（1996年），他能根据空间对象一般聚集得到空间和非空间属性两个数据。为了演示作为数据挖掘的基本操作的适用性，我们使用GDBSCN找到有趣的地区趋势检测一个地理数据库。 该论文的其余部分组织如下：我们提出密度连接集的概念和算法来检测他们。在第2、 3节讨论了任务——趋势检测一个地理数据库，并显示了如何使用GDBSCAN作为一项基本操作。第4节的最后总结和未来研究的方向。对所有在邻近地区涉及到的一些空间非空间属性的趋势对象进行分析。
2位于空间数据库的联通集
下面，我们介绍相关的概念：“密度连接集”。这是对“集群”提出的一个重大的概括（1996年）。我们假设一个空间数据库D是一个明确的拥有空间和非空间属性的数据集合。空间属性可以代表，例如，一些物体的延长点或空间，如d维空间的多边形在D的一个对象的非空间属性可能代表额外的属性空间对象，例如，失业率的多边形中的一个代表社区地理信息系统。 一个基于密度的集群的核心思想是：每个点群集的ε邻域对于给定的ε> 0要包含至少一个点的最低数目，即“密度”的ε邻域点已经超过一些门槛。这种“密度”的构想可以概括为两个重要方面。首先，我们可以使用任何一个邻近相元定义一个对象，如果所有的临界相元的定义都基于二元谓词，则是对称自反。其次，它不是简单地计算一个相元附近的相元，我们可以使用其他措施并确定该街道“基数”。 因为我们已经证明,用他们在密度联通集的最普通形式作为密度数据基础，有相同的属性集群的程序,直到找到他们,我们可以使用相同的计算模式来检测。两者兼而有之。
3在地理信息系统的检测中找到重要的变化趋势
一个地理信息系统是一种用信息系统数据处理方面的内容来表示地球表面有关设施如道路、房屋的。在本节中,我们介绍了地理数据库(拜仁数据库)提供空间和非空间信息在巴伐利亚州的行政单位,如用它作为社区,其自然设施如山脉和它的基础设施,如公路都是很有效果的。数据库包含了ATKIS数据(ATKIS 500年)和巴伐利亚的部分统计数据的德国人口普查。我们用沙(空间和非空间数据库)的建筑:空间扩展的所有物体(例如多边形和线)存储和操作使用-tree、非空间属性这个社区(54不同属性的速度等失业和收入平均)是由一个关系型数据库管理系统。 巴伐利亚的数据库可以被使用,例如,通过经济地理学家发现不同类型的知识。在接下来,我们讨论的空间划分和任务空间潮流的检测。 空间分类应该发现规则预测一些对象类成员的基于空间和非空间属性的对象和它的邻居。这个对象也可能是一种密度联通的物体,例如一个城市的集聚,那么一系列的空间分 3
类规则可能会得以发现的：如果存在一些城市的集聚,那么这个相元的邻近相元可以连接成线性的(可靠性75%)。 一个趋势已被定义为一个时序模式的一些时间序列数据,例如网络告警或复发的现象Berndt疾病(1996),和克利夫。“利率的上调利率”。我们定义一个空间潮流为模式的系统改变的一个或几个经属性在二维或三维空间。 发现空间的趋势,经济实力、一种经济地理学家可以进行如下。一些非空间属性,如失业率的作为一个指示器的经济实力。在一开始的第一步,区域一个局部最小的失业率的决心所谓的中心,举例说明。这个城市的慕尼黑。这个理论,对中部地区(Christaller 1968)声称,该属性这样的中心的属性的影响,他们的邻居到一个程度随距离增加。例如,通常很容易从一些社区一个靠近中心从而意味着低失业率在这个社区。在第二阶段,这个理论失业率的下降的趋势,在附近这个中心,例如计算。当离开拜仁,失业率的增长(86%)的可靠性, 在第三步,偏离了理论的趋势。如发现的。当离开拜仁在西南地区方向,然后失业率是稳定的(可靠性97%)。 第四步的目的是为了解释这些现象。例如如果某些社区相对远离中心。但是很连接到它坐火车,失业率在这个社区不是高达理论上预期。我们推测,这个过程的检测相关趋势不仅为经济地理学的而且对更大的地理信息系统的应用。
4结论
在本文中,我们提出的算法GDBSCAN是一种广义的版本。聚类对象,考虑空间和平台属性。GDBSCAN可以使用任何的观念,一个街区对象的定义的社区基于二进制相元是对称的。相反,理论上的行集数附近的一个对象可以使用“基数”基于该地区的nonspatial综合考虑属性。 再者,我们用GDBSCN找到有趣的地区在不同地区的趋势中检测在巴伐利亚。一个被定义为一种空间潮流的变化模式的系统中一个或几个非空间属性的二维或三维空间。我们讨论了赤水地区须家河族都是用经济地理学的相关知识。 在未来的日子里,我们将探讨密度连接集的使用并设置为其他KDD的任务,例如第3节中提及的分类。用很有意思的探索方法来探索密度连接集组并发现其在同一个数据库中使用不同的非空间属性的相关性。 4
外文原文 Density-Connected Sets and their Application for Trend
Detection in Spatial Databases
Abstract Several clustering algorithms have been proposed for classidentification in spatial databases such as earth observation databases. The effectivity of the well-known algorithms such as DBSCAN, however, is somewhat limited because they do not fully exploit the richness of the different types of data containedin a spatial database. In this paper, we introduce the concept of density-connected sets and present a significantly generalized version of DBSCAN. The major properties of thisalgorithm are as follows: (1) any symmetric predicate can be used to define the neighborhood of an object allowing a naturaldefinition in the case of spatially extended objects suchas polygons, (2) the cardinality function for a set of neighboringobjects may take into account the non-spatial attributesof the objects as a means of assigning application specific weights. Density-connected sets can be used as a basis to discovertrends in a spatial database. We define trends in spatialdatabases and show how to apply the generalized DBSCANalgorithm for the task of discovering such knowledge. Todemonstrate the practical impact of our approach, we performed experiments on a geographical information system onBavaria which is representative for a broad class of spatial databases. Keywords: Clustering Algorithms, Spatial and non-spatialdata, Trend Detection, Application to Geographic InformationSystems.