资本结构外文文献翻译
外文资料翻译—英文原文
How Important is Financial Risk?
Introduction
The financial crisis of 2008 has brought significant attention to
the effects of financial leverage. There is no doubt that the high
levels of debt financing by financial institutions and households significantly contributed to the crisis. Indeed, evidence indicates that excessive leverage orchestrated by major global banks (e.g., through the mortgage lending and collateralized debt obligations) and the so-called “shadow
banking system” may be the underlying cause of the recent economic and financial
dislocation. Less obvious is the role of financial leverage among nonfinancial firms. To date, problems in the U.S. non-financial sector have been minor compared to the distress in the financial sector despite the seizing of capital markets during the crisis. For example, non-financial bankruptcies have been limited given that the economic decline is the largest since the great depression of the 1930s. In fact, bankruptcy filings of non-financial firms have occurred mostly in U.S. industries (e.g., automotive manufacturing, newspapers, and real estate) that faced fundamental economic pressures prior to the financial crisis.
This surprising fact begs the question, “How important is financial
risk for non-financial firms?” At the heart of this issue is the uncertainty about the determinants of total firm risk as well as components of firm risk.
Study
Recent academic research in both asset pricing and corporate finance has rekindled an interest in analyzing equity price risk. A current strand of the asset pricing literature examines the finding of Campbell et al. (2001) that firm-specific (idiosyncratic) risk has tended to increase over the last 40 years. Other work suggests that idiosyncratic risk may be a priced risk factor (see Goyal and Santa-Clara, 2003, among others). Also related to these studies is work by Pástor and Veronesi (2003) showing how investor uncertainty about firm profitability is an important determinant of idiosyncratic risk and firm value. Other research has examined the role of equity volatility in bond pricing (e.g., Dichev, 1998, Campbell, Hilscher, and Szilagyi, 2008).
However, much of the empirical work examining equity price risk
takes the risk of assets as given or tries to explain the trend in idiosyncratic risk. In contrast, this
外文资料翻译—英文原文
paper takes a different tack in the investigation of equity price risk. First, we seek to understand the determinants of equity price risk at the firm level by considering total risk as the product of risks inherent in the firms operations (i.e., economic or business risks) and
risks associated with financing the firms operations (i.e., financial risks). Second, we attempt to assess the relative importance of economic and financial risks and the implications for financial policy.
Early research by Modigliani and Miller (1958) suggests that
financial policy may be largely irrelevant for firm value because investors can replicate many financial decisions by the firm at a low cost (i.e., via homemade leverage) and well-functioning
capital markets should be able to distinguish between financial and economic distress. Nonetheless, financial policies, such as adding debt to the capital structure, can magnify the risk of equity. In contrast, recent research on corporate risk management suggests that firms may
also be able to reduce risks and increase value with financial policies such as hedging with financial derivatives. However, this research is often motivated by substantial deadweight costs associated with
financial distress or other market imperfections associated with
financial leverage. Empirical research provides conflicting accounts of how costly financial distress can be for a typical publicly traded firm.
We attempt to directly address the roles of economic and financial
risk by examining determinants of total firm risk. In our analysis we utilize a large sample of non-financial firms in the United States. Our goal of identifying the most important determinants of equity price risk (volatility) relies on viewing financial policy as transforming asset volatility into equity volatility via financial leverage. Thus, throughout the paper, we consider financial leverage as the wedge
between asset volatility and equity volatility. For example, in a static setting, debt provides financial leverage that magnifies operating cash flow volatility. Because financial policy is determined by owners (and managers), we are careful to examine the effects of firms? asset and operating characteristics on financial policy. Specifically, we examine a variety of characteristics suggested by previous research and, as clearly as possible, distinguish between those associated with the operations of the company (i.e. factors determining economic risk) and those associated with financing the firm (i.e. factors determining financial risk). We then allow economic risk to be a determinant of financial policy in the structural framework of Leland and Toft (1996), or alternatively,
外文资料翻译—英文原文
in a reduced form model of financial leverage. An advantage of the structural model approach is that we are able to account for both the possibility of financial and operating implications of some factors (e.g., dividends), as well as the endogenous nature of the bankruptcy decision and financial policy in general.
Our proxy for firm risk is the volatility of common stock returns derived from calculating the standard deviation of daily equity returns. Our proxies for economic risk are designed to capture the essential characteristics of the firms? operations and
assets that determine the cash flow generating process for the firm. For example, firm size and age provide measures of line of- business
maturity; tangible assets (plant, property, and equipment) serve as a
p roxy for the …hardness? of a firm?s assets;
capital expenditures measure capital intensity as well as growth potential. Operating profitability and operating profit volatility serve as measures of the timeliness and riskiness of cash flows. To understand how financial factors affect firm risk, we examine total debt, debt maturity, dividend payouts, and holdings of cash and short-term investments.
The primary result of our analysis is surprising: factors
determining economic risk for a typical company explain the vast
majority of the variation in equity volatility.
Correspondingly, measures of implied financial leverage are much lower than observed debt ratios. Specifically, in our sample covering 1964-2008 average actual net financial (market) leverage is about 1.50 compared to our estimates of between 1.03 and 1.11 (depending on model specification and estimation technique). This suggests that firms may undertake other financial policies to manage financial risk and thus lower effective leverage to nearly negligible levels. These policies might include dynamically adjusting financial variables such as debt levels, debt maturity, or cash holdings (see, for example, Acharya, Almeida, and Campello, 2007). In addition, many firms also utilize explicit financial risk management techniques such as the use of financial derivatives, contractual arrangements with investors (e.g. lines of credit, call provisions in debt contracts, or contingencies in
supplier contracts), special purpose vehicles (SPVs), or other alternative risk transfer techniques.
The effects of our economic risk factors on equity volatility are generally highly statistically significant, with predicted signs. In addition, the magnitudes of the effects are substantial. We find that volatility of equity decreases with the size and age of the firm. This
is intuitive since large and mature firms typically have more stable lines of
英文原文外文资料翻译—
business, which should be reflected in the volatility of equity returns. Equity volatility tends to decrease with capital expenditures though the effect is weak. Consistent with the predictions of Pástor and Veronesi (2003), we find that firms with higher profitability and lower profit volatility have lower equity volatility. This suggests that companies with higher and more stable operating cash flows are less likely to go bankrupt, and therefore are potentially less risky. Among economic risk variables, the effects of firm size, profit volatility, and dividend policy on equity volatility stand out. Unlike some previous studies, our careful treatment of the endogeneity of financial policy confirms that leverage increases total firm risk. Otherwise, financial risk factors are not reliably related to total risk.
Given the large literature on financial policy, it is no surprise that financial variables are,at least in part, determined by the economic risks firms take. However, some of the specific findings are
unexpected. For example, in a simple model of capital structure, dividend payouts should increase financial leverage since they represent an outflow of cash from the firm (i.e., increase net debt). We find that dividends are associated with lower risk. This suggests that paying dividends is not as much a product of financial policy as a characteristic of a firm?s operations (e.g., a mature
company with limited growth opportunities). We also estimate how sensitivities to different risk factors have changed over time. Our results indicate that most relations are fairly stable. One exception is firm age which prior to 1983 tends to be positively related to risk and has since been consistently negatively related to risk. This is related to findings by Brown and Kapadia (2007) that recent trends in idiosyncratic risk are related to stock listings by younger and riskier firms.
Perhaps the most interesting result from our analysis is that our measures of implied financial leverage have declined over the last 30 years at the same time that measures of equity price risk (such as idiosyncratic risk) appear to have been increasing. In fact, measures of implied financial leverage from our structural model settle near 1.0 (i.e., no leverage) by the end of our sample. There are several possible reasons for this. First, total debt ratios for non-financial firms have declined steadily over the last 30 years, so our measure of implied leverage should also decline. Second, firms have significantly increased cash holdings, so measures of net debt (debt
minus cash and short-term investments) have also declined. Third, the composition of publicly traded firms has changed with more risky (especially technology-oriented)
英文原文外文资料翻译—
firms becoming publicly listed. These firms tend to have less debt
in their capital structure. Fourth, as mentioned above, firms can undertake a variety of financial risk management activities. To the extent that these activities have increased over the last few decades, firms will have become less exposed to financial risk factors.
We conduct some additional tests to provide a reality check of our results. First, we repeat our analysis with a reduced form model that imposes minimum structural rigidity on our estimation and find very similar results. This indicates that our results are unlikely to be driven by model misspecification. We also compare our results with trends in aggregate debt levels for all U.S. non-financial firms and
find evidence consistent with our conclusions. Finally, we look at characteristics of publicly traded non-financial firms that file for bankruptcy around the last three recessions and find evidence suggesting that these firms are increasingly being affected by economic distress as opposed to financial distress.
Conclusion
In short, our results suggest that, as a practical matter, residual financial risk is now relatively unimportant for the typical U.S. firm. This raises questions about the level of expected financial distress
costs since the probability of financial distress is likely to be lower than commonly thought for most companies. For example, our results suggest that estimates of the level of systematic risk in bond pricing may be biased if they do not take into account the trend in implied financial leverage (e.g., Dichev, 1998). Our results also bring into question the appropriateness of financial models used to estimate
default probabilities, since financial policies that may be difficult to observe appear to significantly reduce risk. Lastly, our results imply that the fundamental risks born by shareholders are primarily related to underlying economic risks which should lead to a relatively efficient allocation of capital.
Some readers may be tempted to interpret our results as indicating that financial risk does not matter. This is not the proper interpretation. Instead, our results suggest that firms are able to manage financial risk so that the resulting exposure to shareholders is low compared to economic risks. Of course, financial risk is important to firms that choose to take on such risks either through high debt levels or a lack of risk management. In contrast, our study suggests
that the typical non-financial firm chooses not to take these risks. In short, gross financial risk may be important, but firms can manage it. This contrasts with fundamental economic and business risks that 外文资料翻译—英文原文
are more difficult (or undesirable) to hedge because they represent the mechanism by which the firm earns economic profits.
References
[1]Shyam,Sunder.Theory Accounting and Control[J].An Innternational Theory on PublishingComPany.2005
[2]Ogryezak,W,Ruszeznski,A. Rom Stomchastic Dominance to Mean-Risk Models:Semide-Viations as Risk Measures[J].European Journal of Operational Research.
[3] Borowski, D.M., and P.J. Elmer. An Expert System Approach to Financial Analysis: the Case of S&L Bankruptcy [J].Financial Management, Autumn.2004;
[4] Casey, C.and N. Bartczak. Using Operating Cash Flow Data to Predict Financial Distress: Some Extensions[J]. Journal of Accounting Research,Spring.2005;
[5] John M.Mulvey,HafizeGErkan.Applying CVaR for decentralized risk management of financial
companies[J].Journal of Banking&Finanee.2006;
[6] Altman. Credit Rating:Methodologies,Rationale and Default
Risk[M](Risk
Books,London.
译文:
财务风险的重要性
引言
2008年的金融危机对金融杠杆的作用产生重大影响。毫无疑问，向金融机构的巨额举债和内部融资均有风险。事实上，有证据表明，全球主要银行精心策划的
杠杆(如通过抵押贷款和担保债务)和所谓的“影子银行系统”可能是最近的经济
和金融混乱的根本原因。财务杠杆在非金融企业的作用不太明显。迄今为止，尽
管资本市场已困在危机中，美国非金融部门的问题相比金融业的困境来说显得微
不足道。例如，非金融企业破产机遇仅限于自20世纪30年代大萧条以来的最大
经济衰退。事实上，非金融公司申请破产的事件大都发生在美国各行业(如汽
车
制造业，报纸，房地产)所面临的基本经济压力即金融危机之前。这令人惊讶
的
事实引出了一个问题“非金融公司的财务风险是如何重要,”。这个问题的核心
是关于公司的总风险以及公司风险组成部分的各决定因素的不确定性。研究最近在资产定价和企业融资再度引发的两个学术研究中分析了股票价格风险利率。一系列的资产定价文献探讨了关于卡贝尔等的发现。(2001)在过去的40 年，公司特定(特有)的风险有增加的趋势。相关的工作表明，个别风险可能是一个价格风险因素(见戈亚尔和克莱拉，2003年)。也关系到牧师和维罗妮卡的工作研究结果(2003年)，显示投资者对公司盈利能力是其特殊风险还是公司价值不确定的重要决定因素。其他研究(如迪切夫，1998年，坎贝尔，希尔舍，和西拉吉，2008)已经研究了股票，债券价格波动的作用。
然而，股票价格风险实证研究的大部分工作需要提供资产风险或试图解释特有风险的趋势。与此相反，
莫迪利亚尼和米勒提早研究(1958)认为，财政政策可以在很大程度上与公司价值无关，因为投资者可以通过咨询许多金融公司最终以较低的成本入资(即，通过自制的杠杆)同时运作良好的资本市场应该可以区分金融危机和经济危机。
尽管如此，金融政策，如增加债务资本结构，可以放大财务风险。相反，对企业风险管理最近的研究表明，企业通过发行金融衍生品也可以减少企业风险和增加企业价值。然而，本研究的动机往往是与金融危机有关的巨额成本或其他相关费用和与财务杠杆有关的市场缺陷。实证研究表明金融危机如何侵蚀一家典型上市公司的巨额帐户。
我们试图通过直接处理公司风险因素分析整体经济和金融风险的作用。在我们的分析过程中，我们利用了美国非金融公司的大样本。我们确定的股票价格风险的最重要决定因素(波动性)视为通过财务杠杆将资产转化为股权的财政政策。因此，在整个论文中，我们考虑了连接资产波动和股权波动的财务杠杆。由此可知，财务杠杆可以衡量资产和股权的波动性。由于财政政策是由经营者(或经营者)决定，因此我们应该注意与企业资产和运营有关的金融政策的影响。具体来说，我们研究了以前的研究表明的各种特点，并尽可能明确区分与公司运营有关的风险(即决定经济的风险因素)和与企业融资有关的风险(即财务风险的决定因素)。然后，我们使经济风险成为利兰和托夫特(1996)模型或者是降低财务杠杆的模型中财政政策的决定性因素。采用结构模型的优点是，我们能够考虑，无论是有关财务及经营问题的一些可能性因素(如分红)，还是一般破产决定，且为财政政策内生性的可能性。
我们代理的公司风险是从股票每天回报率的标准差而得的普通股的收益波动性计算而来。我们代理的经济风险是用来维护的公司的业务和资产，确定产生的现金流量的过程为公司的本质特征。例如，企业规模和年龄可以衡量企业的成熟度;有形资产(厂房，财产和设备)代表一个公司的“硬件”;资本开支衡量资本密集度以及企业发展潜力。营业利润及其波动性可以衡量现金流量的及时性和存在的风险。
要了解公司财务风险的影响因素，我们需考察总债务，债务期限，股息支出，以及现金和短期投资。
我们分析的核心结果是惊人的:一个典型公司经济风险的决定性因素可以解释绝大多数股票的波动性变化。相应地，隐含的财务杠杆远远比看到的负债比率低。具体来说，我们在涵盖1964年至2008年的样本中平均实际净财务(市场)杠杆约为1.50，而我们的估计值(根据型号不同规格，估计技术)在1.03和1.11之间。这表明，企业可能采取其他金融政策管理金融风险，从而将有效杠杆降低到几乎可以忽略不计的水平。这些政策可能包括动态调整财务变量，如债务水平，债务期限，或现金控股(见如阿查里雅，阿尔梅达，和坎佩洛，2007)。此外，许多公司也利用诸如金融衍生工具，与投资者的合同安排(如信贷额度，债务合
同要求规定，或在供应商合同应急费用)，车辆特殊用途(特殊目的公司)使用明确的金融风险管理技术，或其他替代风险转移技术。
对股票波动性产生影响的经济风险因素预测的迹象通常非常显著。此外，影响的幅度也是巨大的。我们发现，股权会随着企业规模和年龄的大小而波动。这是直观的，因为大型和成熟的企业通常有反映资本报酬波动的较稳定业务范围。资本支出的减少对股票的波动影响较弱。与牧师和韦罗内西(2003年)的预测相一致，我们发现，具有较高的盈利能力和较低的利润波动性的公司股票的波动性较低。这表明，有更高，更稳定的经营性现金流量的公司破产的可能性较小，因此存在潜在风险的可能性较小。在所有的经济风险因素中，公司规模，利润波动及股利政策对股票波动性的的影响突出。不像以前的一些研究中，我们对增加总公司杠杆风险的财政政策的内生性精心研究证实。否则，金融风险与总风险存在不确定的关系。
鉴于大量关于财政政策文献的研究，毫不奇怪，至少部分金融变量由企业存在的经济风险决定。不过，具体的调查结果有些出人意料。例如，在一个简单的模型
中，资本结构，股利支出会增加财务杠杆，因为它们代表了一个企业(即增加的净债务)的现金流出。我们发现，股息与低风险有关。这表明，分红没有金融政策和作为一个公司运营特点的产品那么多(例如，有限的增长机会成熟的公司)。我们也估计不同的风险因素随时间变化的敏感性不同。我们的研究结果表明，大多数关系都相当稳定。一个例外是1983年之前企业年龄往往与风险是恒定的正相关关系，而之后一直与风险持续负相关关系。这与布朗和卡帕迪亚(2007年)的调查结果相吻合，最新趋势是独特性风险与在股票上市的年轻、高风险公司密切相关。
也许最有趣的是我们的分析结果，过去30年，在隐含的金融杠杆下降的同时，股票的价格风险(如独特性风险)似乎一直在增加。事实上，从我们的结构模型来看隐含的财务杠杆，在我们的样本中调停在近1.0(即无杠杆)。这有几个可能的原因。首先，在过去30年，非金融企业的总负债率稳步下降，，所以我们的隐含杠杆也应减少。第二，企业显著增加现金持有量，这样，净债务(债务减去现金和短期投资)也有所下降。第三，上市公司的构成发生了变化产生更多的风险(尤其是技术导向)。这些公司往往在其资本结构中债务较少。第四，如上所述，企业可以进行金融风险管理的各种活动。只要这些活动在过去几十年中有上升幅度，企业将成为受到金融风险因素影响较少的对象。
我们进行一些额外的测试，我们的结果提供了实证研究。首先，我们重复同一个简化式模型，估计强加的最低结构刚性，找到我们非常相似的分析结果。这表明我们的结果是不太可能受模型假设错误的驱动。我们也比较所有美国非金融公司的总债务水平与业绩的趋势，并找到与我们的结论相一致的证据。最后，我们看看过去三年经济衰退的各地上市非金融公司破产的文件，并找到证据表明，这些企业正越来越多地受到经济危机而不是金融危机影响的观点。
结论
总之，我们的结果表明，从实际来看，剩余的财务风险对现在典型的美国公司来说相对不重要。这就是对财务成本水平预期问题，因为发生财务危机的可能性有可能低于大多数公司的一般可能性。例如，我们的结果表明，如果不考虑隐含的财务杠杆(如迪切夫，1998年)的趋势，将会对风险债券的系统性定价水平估计可能有偏差。我们的研究结果也质疑用以估计违约概率的金融模式是否恰当，因为，可能难以通过观察实施大幅降低风险的财政政策。最后，我们的研究结果意味着，由资本产生的基本风险主要与资本的有效配置产生的潜在经济风险
有关。
在开始之前我们先评论一下我们分析的潜在观点。一些读者可能想将其解释为我们的结果表明财务风险并不重要。这不是正确的解释。相反，我们的结果表明，
企业可以管理财务风险，使股东承担较低的经济风险。当然，财务风险对企业来
讲非常重要，只是选择承担高负债水平或缺乏管理风险的不同罢了。相比之下，
我们的研究表明，典型的非金融类公司选择不采取这些风险。总之，财务总风险
可能是重要的，但公司可以管理它。与此相反，基本的经济和商业风险更难以(或
不受欢迎)预防，因为他们可以代表机制，使企业赢得经济效益。参考文献
[1]Shyam,Sunder.Theory Accounting and Control[J].An Innternational Theory on PublishingComPany.2005
[2]Ogryezak,W,Ruszeznski,A. Rom Stomchastic Dominance to Mean-Risk
Models:Semide-Viations as Risk Measures[J].European Journal of Operational Research.
[3] Borowski, D.M., and P.J. Elmer. An Expert System Approach to Financial
Analysis: the Case of S&L Bankruptcy [J].Financial Management, Autumn.2004;
[4] Casey, C.and N. Bartczak. Using Operating Cash Flow Data to Predict
Financial Distress: Some Extensions[J]. Journal of Accounting Research,Spring.2005;
[5] John M.Mulvey,HafizeGErkan.Applying CVaR for decentralized risk
management of financial
companies[J].Journal of Banking&Finanee.2006;
[6] Altman. Credit Rating:Methodologies,Rationale and Default
Risk[M](Risk
Books,London.
International Journal of Minerals, Metallurgy and Materials Volume 17, Number 4, August 2010, Page 500 DOI: 10.1007/s12613-010-0348-y Corresponding author: Zhuan Li E-mail: li_zhuan@https://www.doczj.com/doc/0010731889.html, ? University of Science and Technology Beijing and Springer-Verlag Berlin Heidelberg 2010 Preparation and properties of C/C-SiC brake composites fabricated by warm compacted-in situ reaction Zhuan Li, Peng Xiao, and Xiang Xiong State Key Laboratory of Powder Metallurgy, Central South University, Changsha 410083, China (Received: 12 August 2009; revised: 28 August 2009; accepted: 2 September 2009) Abstract: Carbon fibre reinforced carbon and silicon carbide dual matrix composites (C/C-SiC) were fabricated by the warm compacted-in situ reaction. The microstructure, mechanical properties, tribological properties, and wear mechanism of C/C-SiC composites at different brake speeds were investigated. The results indicate that the composites are composed of 58wt% C, 37wt% SiC, and 5wt% Si. The density and open porosity are 2.0 g·cm–3 and 10%, respectively. The C/C-SiC brake composites exhibit good mechanical properties. The flexural strength can reach up to 160 MPa, and the impact strength can reach 2.5 kJ·m–2. The C/C-SiC brake composites show excellent tribological performances. The friction coefficient is between 0.57 and 0.67 at the brake speeds from 8 to 24 m·s?1. The brake is stable, and the wear rate is less than 2.02×10?6 cm3·J?1. These results show that the C/C-SiC brake composites are the promising candidates for advanced brake and clutch systems. Keywords: C/C-SiC; ceramic matrix composites; tribological properties; microstructure [This work was financially supported by the National High-Tech Research and Development Program of China (No.2006AA03Z560) and the Graduate Degree Thesis Innovation Foundation of Central South University (No.2008yb019).] 温压-原位反应法制备C / C-SiC刹车复合材料的工艺和性能 李专，肖鹏，熊翔 粉末冶金国家重点实验室，中南大学，湖南长沙410083，中国（收稿日期：2009年8月12日修订：2009年8月28日;接受日期：2009年9月2日） 摘要：采用温压?原位反应法制备炭纤维增强炭和碳化硅双基体(C/C-SiC)复合材
外文翻译 原文 World Trade and International Trade Material Source:https://www.doczj.com/doc/0010731889.html, Author: Ted Alax In today’s complex economic world, neither individuals nor nations are self-sufficient. Nations have utilized different economic resources; people have developed different skills. This is the foundation of world trade and economic activity. As a result of this trade and activity, international finance and banking have evolved. For example, the United States is a major consumer of coffee, yet it does not have the climate to grow any or its own. Consequently, the United States must import coffee from countries (such as Brazil, Colombia and Guatemala) that grow coffee efficiently. On the other hand, the United States has large industrial plants capable of producing a variety of goods, such as chemicals and airplanes, which can be sold to nations that need them. If nations traded item for item, such as one automobile for 10,000 bags of coffee, foreign trade would be extremely cumbersome and restrictive. So instead of batter, which is trade of goods without an exchange of money, the United State receives money in payment for what it sells. It pays for Brazilian coffee with dollars, which Brazil can then use to buy wool from Australia, which in turn can buy textiles Great Britain, which can then buy tobacco from the United State. Foreign trade, the exchange of goods between nations, takes place for many reasons. The first, as mentioned above is that no nation has all of the commodities that it needs. Raw materials are scattered around the world. Large deposits of copper are mined in Peru and Zaire, diamonds are mined in South Africa and petroleum is recovered in the Middle East. Countries that do not have these resources within their own boundaries must buy from countries that export them. Foreign trade also occurs because a country often does not have enough of a particular item to meet its needs. Although the United States is a major producer of sugar, it consumes more than it can produce internally and thus must import sugar.
五、外文资料翻译 Stress and Strain 1.Introduction to Mechanics of Materials Mechanics of materials is a branch of applied mechanics that deals with the behavior of solid bodies subjected to various types of loading. It is a field of study that i s known by a variety of names, including “strength of materials” and “mechanics of deformable bodies”. The solid bodies considered in this book include axially-loaded bars, shafts, beams, and columns, as well as structures that are assemblies of these components. Usually the objective of our analysis will be the determination of the stresses, strains, and deformations produced by the loads; if these quantities can be found for all values of load up to the failure load, then we will have obtained a complete picture of the mechanics behavior of the body. Theoretical analyses and experimental results have equally important roles in the study of mechanics of materials . On many occasion we will make logical derivations to obtain formulas and equations for predicting mechanics behavior, but at the same time we must recognize that these formulas cannot be used in a realistic way unless certain properties of the been made in the laboratory. Also , many problems of importance in engineering cannot be handled efficiently by theoretical means, and experimental measurements become a practical necessity. The historical development of mechanics of materials is a fascinating blend of both theory and experiment, with experiments pointing the way to useful results in some instances and with theory doing so in others①. Such famous men as Leonardo da Vinci(1452-1519) and Galileo Galilei (1564-1642) made experiments to adequate to determine the strength of wires , bars , and beams , although they did not develop any adequate theo ries (by today’s standards ) to explain their test results . By contrast , the famous mathematician Leonhard Euler(1707-1783) developed the mathematical theory any of columns and calculated the critical load of a column in 1744 , long before any experimental evidence existed to show the significance of his results ②. Thus , Euler’s theoretical results remained unused for many years, although today they form the basis of column theory. The importance of combining theoretical derivations with experimentally determined properties of materials will be evident theoretical derivations with experimentally determined properties of materials will be evident as we proceed with
毕业设计说明书 英文文献及中文翻译 学院：专 2011年6月 电子与计算机科学技术软件工程
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Positioning in Practice Strategic Role of Marketing For large firms that have two or more strategic business units (SBUs), there are generally three levels of strategy: corporate-level strategy, strategic-business-unit-level (or business-level) strategy, and marketing strategy. A corporate strategy provides direction on the company's mission, the kinds of businesses it should be in, and its growth policies. A business-level strategy addresses the way a strategic business unit will compete within its industry. Finally, a marketing strategy provides a plan for pursuing the company's objectives within a specific market segment. Note that the higher level of strategy provides both the objectives and guidelines for the lower level of strategy. At corporate level, management must coordinate the activities of multiple strategic business units. Thus the decisions about the organization's scope and appropriate resource deployments/allocation across its various divisions or businesses are the primary focus of corporate strategy.Attempts to develop and maintain distinctive competencies tend to focus on generating superior financial, capital, and human resources; designing effective organizational structures and processes; and seeking synergy among the firm's various businesses. At business-level strategy, managers focus on how the SBU will compete within its industry. A major issue addressed in business strategy is how to achieve and sustain a competitive advantage. Synergy for the unit is sought across product-markets and across functional department within the unit. The primary purpose of a marketing strategy is to effectively allocate and coordinate marketing resources and activities to accomplish the firm's objectives within a specific product-market. The decisions about the scope of a marketing strategy involve specifying the target market segment(s) to pursue and the breadth of the product line to offered. At this level of strategy, firms seek competitive advantage and synergy through a well-integrated program of marketing mix elements tailored to the needs and wants of customers in the target segment(s). Strategic Role of Positioning Based on the above discussion, it is clear that marketing strategy consists of two parts: target market strategy and marketing mix strategy. Target market strategy consists of three processes: market segmentation, targeting (or target market selection), and positioning. Marketing mix strategy refers to the process of creating a unique
(文档含英文原文和中文翻译) 中英文翻译 平面设计 任何时期平面设计可以参照一些艺术和专业学科侧重于视觉传达和介绍。采用多种方式相结合，创造和符号，图像和语句创建一个代表性的想法和信息。平面设计师可以使用印刷，视觉艺术和排版技术产生的最终结果。平面设计常常提到的进程，其中沟通是创造和产品设计。 共同使用的平面设计包括杂志，广告，产品包装和网页设计。例如，可能包括产品包装的标志或其他艺术作品，举办文字和纯粹的设计元素，如形状和颜色统一件。组成的一个最重要的特点，尤其是平面设计在使用前现有材料或不同的元素。 平面设计涵盖了人类历史上诸多领域，在此漫长的历史和在相对最近爆炸视觉传达中的第20和21世纪，人们有时是模糊的区别和重叠的广告艺术，平面设计和美术。毕竟，他们有着许多相同的内容，理论，原则，做法和语言，有时同样的客人或客户。广告艺术的最终目标是出售的商品和服务。在平面
设计，“其实质是使以信息，形成以思想，言论和感觉的经验”。 在唐朝（ 618-906 ）之间的第4和第7世纪的木块被切断打印纺织品和后重现佛典。阿藏印在868是已知最早的印刷书籍。 在19世纪后期欧洲，尤其是在英国，平面设计开始以独立的运动从美术中分离出来。蒙德里安称为父亲的图形设计。他是一个很好的艺术家，但是他在现代广告中利用现代电网系统在广告、印刷和网络布局网格。 于1849年，在大不列颠亨利科尔成为的主要力量之一在设计教育界，该国政府通告设计在杂志设计和制造的重要性。他组织了大型的展览作为庆祝现代工业技术和维多利亚式的设计。 从1892年至1896年威廉?莫里斯凯尔姆斯科特出版社出版的书籍的一些最重要的平面设计产品和工艺美术运动，并提出了一个非常赚钱的商机就是出版伟大文本论的图书并以高价出售给富人。莫里斯证明了市场的存在使平面设计在他们自己拥有的权利，并帮助开拓者从生产和美术分离设计。这历史相对论是，然而，重要的，因为它为第一次重大的反应对于十九世纪的陈旧的平面设计。莫里斯的工作，以及与其他私营新闻运动，直接影响新艺术风格和间接负责20世纪初非专业性平面设计的事态发展。 谁创造了最初的“平面设计”似乎存在争议。这被归因于英国的设计师和大学教授Richard Guyatt，但另一消息来源于20世纪初美国图书设计师William Addison Dwiggins。 伦敦地铁的标志设计是爱德华约翰斯顿于1916年设计的一个经典的现代而且使用了系统字体设计。 在20世纪20年代，苏联的建构主义应用于“智能生产”在不同领域的生产。个性化的运动艺术在俄罗斯大革命是没有价值的，从而走向以创造物体的功利为目的。他们设计的建筑、剧院集、海报、面料、服装、家具、徽标、菜单等。 Jan Tschichold 在他的1928年书中编纂了新的现代印刷原则，他后来否认他在这本书的法西斯主义哲学主张，但它仍然是非常有影响力。 Tschichold ，包豪斯印刷专家如赫伯特拜耳和拉斯洛莫霍伊一纳吉，和El Lissitzky 是平面设计之父都被我们今天所知。 他们首创的生产技术和文体设备，主要用于整个二十世纪。随后的几年看到平面设计在现代风格获得广泛的接受和应用。第二次世界大战结束后，美国经济的建立更需要平面设计，主要是广告和包装等。移居国外的德国包豪斯设计学院于1937年到芝加哥带来了“大规模生产”极简到美国;引发野火的“现代”建筑和设计。值得注意的名称世纪中叶现代设计包括阿德里安Frutiger ，设计师和Frutiger字体大学;保兰德，从20世纪30年代后期，直到他去世于1996年，采取的原则和适用包豪斯他们受欢迎的广告和标志设计，帮助创造一个独特的办法，美国的欧洲简约而成为一个主要的先驱。平面设计称为企业形象;约瑟夫米勒，罗克曼，设计的海报严重尚未获取1950年代和1960年代时代典型。 从道路标志到技术图表，从备忘录到参考手册，增强了平面设计的知识转让。可读性增强了文字的视觉效果。 设计还可以通过理念或有效的视觉传播帮助销售产品。将它应用到产品和公司识别系统的要素像标志、颜色和文字。连同这些被定义为品牌。品牌已日益成为重要的提供的服务范围，许多平面设计师，企业形象和条件往往是同时交替使用。
在广州甚至广东的住宅小区电气设计中,一般都会涉及到小区的高低压供配电系统的设计.如10kV高压配电系统图,低压配电系统图等等图纸一大堆.然而在真正实施过程中,供电部门(尤其是供电公司指定的所谓电力设计小公司)根本将这些图纸作为一回事,按其电脑里原有的电子档图纸将数据稍作改动以及断路器按其所好换个厂家名称便美其名曰设计(可笑不?),拿出来的图纸根本无法满足电气设计的设计意图,致使严重存在以下问题:(也不知道是职业道德问题还是根本一窍不通) 1.跟原设计的电气系统货不对板,存在与低压开关柜后出线回路严重冲突,对实际施工造成严重阻碍,经常要求设计单位改动原有电气系统图才能满足它的要求(垄断的没话说). 2.对消防负荷和非消防负荷的供电(主要在高层建筑里)应严格分回路(从母线段)都不清楚,将消防负荷和非消防负荷按一个回路出线(尤其是将电梯和消防电梯,地下室的动力合在一起等等,有的甚至将楼顶消防风机和梯间照明合在一个回路,以一个表计量). 3.系统接地保护接地型式由原设计的TN-S系统竟曲解成"TN-S-C-S"系统(室内的还需要做TN-C,好玩吧?),严格的按照所谓的"三相四线制"再做重复接地来实施,导致后续施工中存在重复浪费资源以及安全隐患等等问题.. ............................(违反建筑电气设计规范等等问题实在不好意思一一例举,给那帮人留点混饭吃的面子算了) 总之吧,在通过图纸审查后的电气设计图纸在这帮人的眼里根本不知何物,经常是完工后的高低压供配电系统已是面目全非了,能有百分之五十的保留已经是谢天谢地了. 所以.我觉得:住宅建筑电气设计,让供电部门走!大不了留点位置,让他供几个必需回路的电,爱怎么折腾让他自个怎么折腾去.. Guangzhou, Guangdong, even in the electrical design of residential quarters, generally involving high-low cell power supply system design. 10kV power distribution systems, such as maps, drawings, etc. low-voltage distribution system map a lot. But in the real implementation of the process, the power sector (especially the so-called power supply design company appointed a small company) did these drawings for one thing, according to computer drawings of the original electronic file data to make a little change, and circuit breakers by their the name of another manufacturer will be sounding good design (ridiculously?), drawing out the design simply can not meet the electrical design intent, resulting in a serious following problems: (do not know or not know nothing about ethical issues) 1. With the original design of the electrical system not meeting board, the existence and low voltage switchgear circuit after qualifying serious conflicts seriously hinder the actual construction, often require changes to the original design unit plans to meet its electrical system requirements (monopoly impress ). 2. On the fire load and fire load of non-supply (mainly in high-rise building in) should be strictly sub-loop (from the bus segment) are not clear, the fire load and fire load of non-qualifying press of a circuit (especially the elevator and fire elevator, basement, etc.
韶关学院 期末考核报告 科目：专业英语 学生姓名： 学号： 同组人： 院系： 专业班级： 考核时间：2012年10月9日—2012年11月1 日评阅教师： 评分：
第1章英文阅读材料翻译 (1) 第2章中文摘要翻译英文 (3) 第3章中文简历和英文简历 (4) 第4章课程学习体会和建议 (6) 参考文献 (7)
第1章英文阅读材料翻译 Mechanization and Automation Processes of mechanization have been developing and becoming more complex ever since the beginning of the Industrial Revolution at the end of the 18th century. The current developments of automatic processes are, however, different from the old ones. The “automation” of the 20th century is distinct from the mechanization of the 18th and 19th centuries inasmuch as mechanization was applied to individual operations, wherea s “automation” is concerned with the operation and control of a complete producing unit. And in many, though not all, instances the element of control is so great that whereas mechanization displaces muscle, “automation”displaces brain as well. The distinction between the mechanization of the past and what is happening now is, however, not a sharp one. At one extreme we have the electronic computer with its quite remarkable capacity for discrimination and control, while at the other end of the scale are “ transfer machines” , as they are now called, which may be as simple as a conveyor belt to another. An automatic mechanism is one which has a capacity for self-regulation; that is, it can regulate or control the system or process without the need for constant human attention or adjustment. Now people often talk about “feedback” as begin an essential factor of the new industrial techniques, upon which is base an automatic self-regulating system and by virtue of which any deviation in the system from desired condition can be detected, measured, reported and corrected. when “feedback” is applied to the process by which a large digital computer runs at the immense speed through a long series of sums, constantly rejecting the answers until it finds one to fit a complex set of facts which have been put to it, it is perhaps different in degree from what we have previously been accustomed to machines. But “feedback”, as such, is a familiar mechanical conception. The old-fashioned steam engine was fitted with a centrifugal governor, two balls on levers spinning round and round an upright shaft. If the steam pressure rose and the engine started to go too fast, the increased speed of the spinning governor caused it to rise up the vertical rod and shut down a valve. This cut off some of the steam and thus the engine brought itself back to its proper speed. The mechanization, which was introduced with the Industrial Revolution, because it was limited to individual processes, required the employment of human labor to control each machine as well as to load and unload materials and transfer them from one place to another. Only in a few instances were processes automatically linked together and was production organized as a continuous flow. In general, however, although modern industry has been highly mechanized ever since the 1920s, the mechanized parts have not as a rule been linked together. Electric-light bulbs, bottles and the components of innumerable mass-produced
跨境电商外文文献综述 (文档含英文原文和中文翻译) 译文: 本地化跨境电子商务的模型 摘要 通过对国际供应链的B2B电子商务交易量的快速增长和伊朗快速增加的跨境交易业务，跨境电商过程的有效管理对B2B电子商务系统十分重要。本文对局部模型的结构是基于B2B电子商务的基础设施三大层，消息层、业务流程层和内容层。由于伊朗的电子商务的要求，每一层的需要适当的标准和合适的方案的选择。当电子文件需要移动顺利向伊朗，建议文件的标准为文件内容支持纸质和电子文件阅读。验证提出的模型是通过案例研究方法呈现一到四阶段的情景。本文试图通过交换商业文件在贸易过程中这一局部模型，实现在全球电子贸易供应链更接近区域单一窗口建设的关键目标。 关键词：电子商务;跨境贸易;电子文档管理;国际供应链
1.简介 电子商务是关于在互联网或其他网络电子系统购买和销售产品或服务。术语B2B（企业对企业），描述了企业间的电子商务交易，如制造商和批发商，或批发商和零售商之间。本文的研究目标是上两个不同国家贸易商之间的通信。今天的世界贸易组织的主要目标之一是建立区域单一窗口，可以提高世界各地的贸易便利化。建立区域单一窗口需要跨境海关，可以有效地交换贸易文件。因此，首先，简化跨境贸易文件的关键在于朝着国家单一窗口移动。然后，区域单一窗口可以授权国家之间的通信。电子商务模型是基于三个主要逻辑层的研究。这三个层消息传输层，业务处理层和内容层。本文的局部模型是一种能够自动交换读取文件的过程。通过与东亚和中东国家的建立区域单一窗口可以在将来得到改善的更多的互操作性，从而建立伊朗国家单一窗口 在本文的第二部分讨论引进国际供应链中的跨境B2B模式所需的基本概念和标准。第三部分介绍在大的模型中引入的组件功能和范围。第四部分讨论了B2B交易层模型的定位，最后结束本文。 2.背景 在本节中，除了了解B2B电子商务在伊朗的情况，还有参考模型的背景等概念以及讨论B2B电子商务跨境模式的本土化。 2.1 B2B电子商务在伊朗 如今伊朗在贸易进程的变现是一个关键的贸易成功点。伊朗和许多其他国家接壤，它的进口和出口过程可以通过公路，铁路，海上和空中的方式来完成。因此，这个国家的中部和战略作用，使得它在亚洲和中东地区货物运输的主要贸易点。今天，在伊朗海关几乎所有的贸易过程通过纸质表格完成，由商务部提供的电子服务仅限于谁该国境内交易的商人。今天，伊朗海关几乎所有的贸易流程都是通过纸质表格来完成的，商务部给出的电子服务只限于该国的商人。介绍了模型试图简化在伊朗交易的跨境电子商务供应链交换电子文件的过程。这里提到的一些系统，由商务部在伊朗的电子服务被提及：进口订单管理系统。贸易统计制度。伊朗法典伊朗。这些电子系统的主要使用，以促进在伊朗贸易过程。这里提到的系统作为独立的贸易者可与建议本文模型在未来的作用。在亚洲的区域性单