文献信息：
文献标题：Capital Structure Theory: An Overview（资本结构理论综述）国外作者：DK Yapa Abeywardhana
文献出处：《Accounting and Finance Research》,2017,6(1):133-138 字数统计：英文2840单词，15223字符；中文5026汉字
外文文献：
Capital Structure Theory: An Overview Abstract Capital structure is still a puzzle among finance scholars. Purpose of this study is to review various capital structure theories that have been proposed in the finance literature to provide clarification for the firms’ capital structure decision. Starting from the capital structure irrelevance theory of Modigliani and Miller (1958) this review examine the several theories that have been put forward to explain the capital structure.
Three major theories emerged over the years following the assumption of the perfect capital market of capital structure irrelevance model. Trade off theory assumes that firms have one optimal debt ratio and firm trade off the benefit and cost of debt and equity financing. Pecking order theory (Myers, 1984, Myers and Majluf, 1984) assumes that firms follow a financing hierarchy whereby minimize the problem of information asymmetry. But neither of these two theories provide a complete description why some firms prefer debt and others prefer equity finance under different circumstances.
Another theory of capital structure has introduced recently by, Baker and Wurgler (2002), market timing theory, which explains the current capital structure as the cumulative outcome of past attempts to time the equity market. Market timing issuing behaviour has been well established empirically by others already, but Baker and Wurgler (2002) show that the influence of market timing on capital structure is regular and continuous. So the predictions of these theories sometimes acted in a
contradictory manner and Myers (1984) 32 ye ars old question “How do firms choose their capital structure?” still remains.
Keywords: Capital structure, Pecking order theory, Trade off theory, Market Timing Theory
1.Introduction
The second financing choice faced by the firm, Capital Structure is still a puzzle in finance. Capital structure or financial leverage decision should be examined concerning how debt and equity mix in the firm’s capital structure influence its market value. Debt to equity mix of the firm can have important implications for the value of the firm and cost of capital. In maximizing shareholders wealth firm use more debt capital in the capital structure as the interest paid is a tax deductible and lowers the debt’s effective cost. Further equity holders do not have to share their profit with debt holders as the debt holders get a fixed return. However, the higher the debt capital, riskier the firm, hence the higher its cost of capital. Therefore it is important to identify the important elements of capital structure, precise measure of these elements and the best capital structure for a particular firm at a particular time.
Researchers and practitioners explain conflicting theories on capital structure. Durand (1952) states using the Net Income (NI) approach that firm can decrease its cost capital and consequently increase the value of the firm through debt financing. In contrast, Modigliani and Miller (1958) claims in their seminal paper capital structure irrelevance that firm’s value is independent of its debt to equity ratio whic h is known as Net Operating Income (NOI) approach. They argue that perfect capital market without taxes and transaction cost the firm value remain constant to the changes in the capital structure. According to Pandey (2007) the traditional approach has emerged a compromise to the extreme position taken by the NI approach. Traditional approach does not assume constant cost of equity change in debt to equity ratio and continuously declining Weighted Average Cost of Capital (WACC). Further this approach assume the concept of optimal capital structure and thereby very clearly implies that WACC decreases only for a certain level of financial leverage and
reaching the minimum level. Further increase in financial leverage would increase the WACC.
During the past five decades various theories have been developed and to explain the capital structure and value of the firm and main factors determining capital structure. Simultaneously enormous number of empirical studies have also tried to explain these theories and their effectiveness.
2.Capital Structure Theories
2.1.Capital Structure Irrelevance Theory of Modigliani and Miller
Capital structure irrelevance theory of Modigliani and Miller (1958) is considered as the starting point of modern theory of capital structure. Based on assumptions related to the behavior of investors and capital market MM illustrates that firm value is unaffected by the capital structure of the firm. Securities are traded in perfect capital market, all relevant information are available for insiders and outsiders to take the decision (no asymmetry of information), that is transaction cost, bankruptcy cost and taxation do not exist. Borrowing and lending is possiblefor firms andindividual investors at the same interest rate which permits for homemade leverage, firms operatingin a similar risk classes and have similar operating leverage, interest payable on debt do not save any taxes and firms follow 100% dividend payout. Under these assumptions MM theory proved that there is no optimal debt to equity ratio and capital structure is irrelevant for the shareholders wealth. This preposition presented by MM (1958) in their seminal paper and argue that value of levered firm is same as the value of unlevered firm. Therefore they propose that managers should not concern the capital structure and they can freely select the composition of debt to equity. Important contributions to the MM approach include Hirshleifer (1966) and Stiglitz (1969). Further in their preposition II they claim that increase in leverage increase the risk of the firm and as a result the cost of equity increases. But WACC of the firm remain constant as cost of debt compensate with higher cost of equity.
Capital structure irrelevance theory was theoretically very sound but was based on unrealistic set of assumptions. Therefore this theory led to a plenty of research on
capital structure. Even though their theory was valid theoretically, world without taxes were not valid in reality. In order to make it more accurate Modigliani and Miller (1963) incorporated the effect of tax on cost of capital and firm value. In the presence of corporate taxes, the firm value increase with the leverage due to the tax shield. Interest on debt capital is an acceptable deduction from the firm’s income and thu s decreases the net tax payment of the firm. This would result in an added benefit of using debtcapital through lowering the capital cost of the firm. Drawbacks in MM theory stimulated series of research devoted on proving irrelevance as theoretical and empirical matter.
So may other theories that contribute to capital structure theorem have developed based on the MM theorem and it is much hard to validate any of them. Even though there are weaknesses in MM theorem it cannot be completely ignored or excluded.
2.2.Trade off Theory
One of the basic theory that have dominated the capital structure theory which recommends that optimal level of the debt is where the marginal benefit of debt finance is equal to its marginal cost. Firm can achieve an optimal capital structure through adjusting the debt and equity level thereby balancing the tax shield and financial distress cost. There is no consensus among researchers on what consist the benefit and costs. Eliminating the constraints of the capital structure irrelevance proposition of MM Myers (1984) use the trade of theory as a theoretical foundation to explain the “Capital Structure Puzzle”. Myers (1977) suggest that the use of debt up to a certain level offset the cost of financial distress and interest tax shield. According to Fama and French (2002) the optimal capital structure can be identified through the benefits of debt tax deductibility of interest and cost of bankruptcy and agency cost.
Arnold (2008) explains how is the increase in debt capital in the capital structure effect the value of the firm in the Figure 1. As debt capital increase WACC of the firm declines until the firm reaches the optimal gearing level and cost of financial distress increases along with the debt level. This is confirmed by Miller (1988) that the optimal debt to equity ratio shows the highest possible tax shield that the company can enjoy. Further consistent with Modigliani and Miller (1963), Miller (1988)
confirmed the fact that firms increase the risk of bankruptcy due to the debt capital in their capital structure. In the trade off theory cost of debt are linked with direct as well as indirect cost of bankruptcy. Bradley et. al., (1984) explained that cost of bankruptcy include legal and administrative cost, other indirect cost resulting from loosing of customers and trust between staff and suppliers due to the uncertainties.
Figure 1
Apart from the bankruptcy cost, agency cost of Jenson and Meckling (1976) is also considered in the trade off model. Jenson and Meckling (1976) explains that separation of ownership and control is the reason to rise the agency cost. According to Arnold (2008) agency costs are direct and indirect costs result from principals and agents act in their best interest and, failure to make agents to act this way.
Jenson (1986) states that debt can reduce the agency cost and argue that higher the debt capital grater the commitment to pay out more cash. Though, Frank and Goyal (2008) contend that it is not been totally explained the impact of agency conflicts on capital structure. Harris and Raviv (1990) suggest that debt capital in the capital structure produce valuable information in monitoring the agency behavior and
for self-interest reasons managers are reluctant to liquidate the firm or provide such information which could lead to bankruptcy. Debt holders also concerned only on their benefit and would prefer firms to undertake safe investments nut do not bother about the profitability of those investments. This further explains Fama and French (2002) that due to the cost of debt agency conflicts arise between shareholders and bondholders.
Brounen et. al., (2005) states that the presence of optimal capital structure or target capital structure increase the shareholder wealth. Further this study explains that even the value maximizing firm use debt capital to full capacity they face low probability of going bankrupt. Hovakimian et. al. (2004) claims that high profitability of gearing proposes that the firms’ tax shield higher and lower the possibility of bankruptcy. This is consistent with the key prediction of the trade-off model that there is a positive correlation between profitability and gearing. But none ofthese theoretical and empirical studies fully substitute the traditional version and therefore researchers still test the trade-off theory based on the original assumptions. In the literature contradictory evidence can be found in favor and against the trade-off model and optimal capital structure. Titman and Wessels (1988) found that non-debt tax shield and use of debt capital in the capital structure is positively correlated. Contradictory to this results. Consistent with Modigliani and Miller (1963) Mackie-Mason (1990) found that firms which incur a tax loss are rarely issue debt capital. Gearing level of the firms are steady even the tax rates vary to great extent (Wright, 2004). Contrary to this Graham and Harvey (2001) revealed that capital structure choice depend on tax rates.
Optimal capital structure choice of the firm would be to issue debt capital and/or equity capital. Trade off theory postulate that all firms have an optimal debt ratio at which the tax shield equal the financial distress cost. This theory eliminate the impact of information asymmetry and incorporating the different information on conflicts between insiders and outsiders Pecking Order Theory proposed.
2.3.Pecking Order Theory
Assuming perfect capital market as proposed by MM (1958), Myers and Majluf
(1984) propose pecking order theory following the findings of Donaldson (1961) which found that management prefer internally generated funds rather using external funds. Pecking order theory suggest that firm prefer internal financing over debt capital and explains that firms utilize internal funds first then issue debt and finally as the last resort issue equity capital. Al-Tally (2014) confirmed the same that firms prefer to finance new investments with internally generated funds first and then with debt capital and as the last resort they would go for equity issue. Pecking order theory further explains that firms borrow more when internally generated funds are not sufficient to fulfill the investment needs ((Shyam-Sunder and Myers, 1999). This is confirmed by Myers (2001) and found that debt ratio of the firm reflect the cumulative figure for external financing and firms with higher profit and growth opportunities would use less debt capital. If the firm has no investment opportunities profits are retained to avoid the future external financing. Further firms’ debt ratio represent the accumulated external financing as the firm do not have optimal debt ratio.
Based on the pecking order theory Harris and Raviv (1991) claim that capital structure decisions are intended to eliminate the inefficiencies caused by information asymmetry. Information asymmetry between insiders and outsiders and separation of ownership explain why firms avoid capital markets (Myers, 2001). Frydenberg (2004) explains that debt issue of a firm give a signal of confidence to the market that firm is an outstanding firm that their management if not afraid of debt financing. Further Frank and Goyal (2007) show that due to the agency conflict between managers and owners and outside investors pecking order can occur.
Studies on pecking order theory have not been able to show the significance of this theory on determining firms’ capital structure. Fama and French (1998) compared the trade off theory and pecking order theory and shows that certain features of financial data are better described by the pecking order theory. This is confirmed by Shyam-Sunder and Myers (1999) Raj Aggarwal et al (2006) and Karadeniz et al (2009). Shortcomings in this theory pressed the further development of the theories of capital structure to solve the capital structure puzzle.
2.4.Market Timing Theory
Market timing theory of capital structure explains that firms issue new equity when their share price is overrated and they buy back shares when the price of shares are underrated (Baker and Wurgler, 2002). This fluctuation in the price of shares affect the corporate financing decisions and finally the capital structure of the firm. Further Baker and Wurgler (2002) explains that consistent with the pecking order theory of capital structure market timing theory does not move to target leverage as equity transactions are completely time to stock market conditions. This implies that capital structure changes persuaded by market timing are long lasting (Bessler et al, 2008).
This preposition explains that gearing ratios are negatively related to the past stock returns (Bessler 2004) and Welch (2004) found that the most important determinant of capital structure is the stock returns. However Hovakimian (2006) stated that market timing does not have a significant effects on the firms’ capital structure in the long run. Confirming the same Alti (2006) shows that impact of market timing on gearing will entirely fades within two years.
2.5.Credit Rating – Capital Structure (CR-CS) Hypothesis
Kisgen (2006) proposed CR-CS hypothesis as an extension of the existing trade off theory of capital structure. Capital structure decision would change based on the cost and benefit associated with the different rating levels. Further Kisgen (2006) explains that credit rating changes directly affects capital structure decision of the firm and when the firms closer to a rating change issues less debt capital than firms not closer a rating change. CR-CS hypothesis complements traditional capital structure theories in deciding the capital structure.
3.Conclusion
Understanding the capital structure decision of firms is the focus of the all the theories discussed above. Modigliani and Miller (1958) theorem of capital structure irrelevance which was developed based on the fundamental nature of debt and equity of the firm and unrealistic assumptions pave the way to the other theories of capital
structure. The pecking order theory explains how company raises funds following a hierarchy whereas trade off theory advocates tax shield advantage and value maximizing through the optimal debt to equity mix. Ladder of preference use in the pecking order theory and the tax shield advantage of the trade off theory leads to the same conclusion. The tax shield advantage provides rational for the preference for external debt and which signify trade off theory as complementary to the pecking order theory. Differences in capital structure theories occurs in their explanations of significance of taxes and changes in information and agency costs. These theories that have been developed based onModigliani and Miller (1958) would work healthy under some assumptions only but they do not clarify actual gearing level adopted by firms. Further market timing theory do not explain an optimal capital structure and according to this theory capital structure is an outcome of various different decisions the firm has taken over time. This theory suggests that firms issue new shares when they notice they are overrated and that firms repurchase own shares when they consider these to be underrated. It is important to have more comprehensive view on capital structure of firms as these theories are not being able to explain everything. This proposes that there is no single theory on capital structure which incorporates all important factors and predictions of this theories suggest that capital structure puzzle still remains.
中文译文：
资本结构理论综述
摘要资本结构仍然是金融学界的一个难题。本研究的目的是回顾金融文献中提出的各种资本结构理论，为企业的资本结构决策提供理论依据。本文从莫迪利亚尼和米勒的资本结构无关论（1958）入手，回顾了资本结构理论中的若干理论。
随着历年来资本结构无关模型的完全资本市场的假设，出现了三大理论。权衡理论假设企业有一个最优债务比率，以及对债务和股权融资的收益和成本进行
严格的权衡。优序融资理论（迈尔斯，1984，迈尔斯和马吉洛夫，1984）假设企业遵循融资等级制度，从而最大限度地减少信息不对称的问题。但这两种理论都没有完全解释为什么有些公司偏好债务，而另一些则偏好不同条件下的股权融资。
贝克和瓦格勒（2002）最近提出了另一种资本结构理论，即市场时机理论，该理论将当前的资本结构解释为公司过去选择股票市场时机的累积结果。市场时机的发行行为已经得到了其他人的充分证实，但贝克和瓦格勒（2002）表明，市场时机对资本结构的影响是规则的、连续的。因此，这些理论的预测有时候是相互矛盾的，迈尔斯（1984）32年前的问题“企业如何选择资本结构”仍然存在。
关键词：资本结构，优序融资理论，权衡理论，市场时机理论
1.简介
在企业面临的第二轮融资选择中，资本结构仍然是财务中的一个难题。应该审查资本结构或财务杠杆决策，以了解公司资本结构中的债务和股权如何组合会影响其市场价值。公司的债务和股权组合对公司价值和资本成本都有重要的影响。在股东财富最大化的同时，公司在资本结构中使用更多的债务资本，因为支付的利息是免税的，并降低了债务的有效成本。此外，股权持有人不必与债务持有人分享他们的利润，因为债务持有人会获得固定回报。然而，债务资本越高，公司的风险就越高，所以其资本成本也就越高。因此，为特定时期的特定公司确定资本结构的重要因素，以及精确衡量这些要素和最优资本结构，就显得很重要。
研究人员和从业人员解释了资本结构的矛盾理论。杜兰特（1952）指出使用净收益（NI）理论，可以降低公司的成本资本，从而通过债务融资提高公司价值。相比之下，莫迪利亚尼和米勒（1958）在其开创性的论文资本结构中声称，公司的价值与债务股权比率无关，即净营业收益（NOI）理论。他们认为完全资本市场没有税收和交易成本，企业价值与资本结构的变化无关。根据潘迪（2007）的观点，传统理论对净收益理论的极端立场采取折衷方法。传统折衷理论并不是假定债务股权比率的权益成本持续变动，而加权平均资本成本（WACC）持续下降。此外，这种理论假设了最优资本结构的概念，因此非常明显地表明，WACC只有在一定程度的财务杠杆水平下，达到最低水平。财务杠杆的进一步增加将导致WACC上升。
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微软Visual Studio 1微软Visual Studio Visual Studio 是微软公司推出的开发环境，Visual Studio可以用来创建Windows平台下的Windows应用程序和网络应用程序，也可以用来创建网络服务、智能设备应用程序和Office 插件。Visual Studio是一个来自微软的集成开发环境IDE，它可以用来开发由微软视窗，视窗手机，Windows CE、.NET框架、.NET精简框架和微软的Silverlight支持的控制台和图形用户界面的应用程序以及Windows窗体应用程序，网站，Web应用程序和网络服务中的本地代码连同托管代码。 Visual Studio包含一个由智能感知和代码重构支持的代码编辑器。集成的调试工作既作为一个源代码级调试器又可以作为一台机器级调试器。其他内置工具包括一个窗体设计的GUI应用程序，网页设计师，类设计师，数据库架构设计师。它有几乎各个层面的插件增强功能，包括增加对支持源代码控制系统（如Subversion和Visual SourceSafe）并添加新的工具集设计和可视化编辑器，如特定于域的语言或用于其他方面的软件开发生命周期的工具（例如Team Foundation Server的客户端：团队资源管理器）。 Visual Studio支持不同的编程语言的服务方式的语言，它允许代码编辑器和调试器（在不同程度上）支持几乎所有的编程语言，提供了一个语言特定服务的存在。内置的语言中包括C/C + +中（通过Visual C++）,https://www.doczj.com/doc/2a628490.html,（通过Visual https://www.doczj.com/doc/2a628490.html,），C＃中（通过Visual C＃）和F＃（作为Visual Studio 2010），为支持其他语言，如M,Python,和Ruby等，可通过安装单独的语言服务。它也支持的 XML/XSLT,HTML/XHTML ,JavaScript和CSS.为特定用户提供服务的Visual Studio也是存在的：微软Visual Basic，Visual J＃、Visual C＃和Visual C++。 微软提供了“直通车”的Visual Studio 2010组件的Visual Basic和Visual C＃和Visual C + +，和Visual Web Developer版本，不需任何费用。Visual Studio 2010、2008年和2005专业版，以及Visual Studio 2005的特定语言版本（Visual Basic、C++、C＃、J＃），通过微软的下载DreamSpark计划，对学生免费。 2架构 Visual Studio不支持任何编程语言，解决方案或工具本质。相反，它允许插入各种功能。特定的功能是作为一个VS压缩包的代码。安装时，这个功能可以从服务器得到。IDE提供三项服务：SVsSolution，它提供了能够列举的项目和解决方案; SVsUIShell，它提供了窗口和用户界面功能（包括标签，工具栏和工具窗口）和SVsShell，它处理VS压缩包的注册。此外，IDE还可以负责协调和服务之间实现通信。所有的编辑器，设计器，项目类型和其他工具都是VS压缩包存在。Visual Studio 使用COM访问VSPackage。在Visual Studio SDK中还包括了管理软件包框架(MPF)，这是一套管理的允许在写的CLI兼容的语言的任何围绕COM的接口。然而，MPF并不提供所有的Visual Studio COM 功能。
会计诚信外文翻译文献 (文档含中英文对照即英文原文和中文翻译) 翻译： 摘要：会计诚信是经济社会发展的客观要求，是和谐社会建设的重要组成部分。然而，近年来发生的会计造假事件，已经严重的影响了社会经济秩序的正常于心和会计职业的信誉，使会计诚信缺失成为我国社会经济生活中的一个突出问题。诚信是会计的立身之本，本文针对会计诚信的问题，提出了会计诚信缺失的危害、原因，以及对会计诚信缺失的
解决对策进行了探讨，以维护和提高会计诚信的水平。会计诚信之本--不做假账 会计是诚信行业。会计的本质归根结底是一个字：?真?，会计的衰亡也是一个字：?假?！如果会计失之诚信，弄虚作假，欺诈舞弊，会计得以存在的基础就会随之崩塌，会计业的生命力也就随之完结。因此，?不做假账?，应成为会计诚信之本，应成为我们会计从业者的座右铭。本文就此谈点浅见 中国现代会计先父潘序伦先生指出：?立信，乃会计之本；没有信用，也就没有会计。?诚信是市场经济的基石，是会计工作的生命线，更是会计从业人员的安身之本、立业之基。不做假账，保证会计信息质量，是会计诚信之本。 朱镕基同志在世界会计师大会上曾经告诫：?所有会计审计人员必须做到‘诚信为本，操守为重，坚持准则，不做假账。’恪守独立、客观、公正原则，不屈从和迎合任何压力与不合理要求，不以职务之便谋取一已私利，不提供虚假信息。?这就要求会计人员在处理会计事务时，要客观、真实、公正地反映各项经济业务，不做假账，从源头上确保会计资料的真实性和可靠性。 一、严把原始凭证审核关，从源头上防止假账 原始凭证是经济业务发生时取得的书面证明，是证明会计事项发生的唯一合法凭证。由于在实际工作中?三无?发
中英文对照外文翻译文 电子商务时代企业文化的再造 随着网络时代电子商务大规模发展，电子商务企业文化随之产生，它在一个企业在产生的一种新的价值观，使企业内部资源得到从新整合，在为企业带来降低交易成本，提高效率，缩短生产周期等诸多好处的同时，也对已有的企业文化发起了挑战。电子商务的兴起是一场由技术手段飞速发展而引发的商业运作模式的变革，传统经济活动的生存基础、运作方式和管理机制均发生了彻底改变，传统的企业文化也面临着巨大的冲击。 一、企业文化对企业价值的贡献 文化现象是一个国家和民族文明的主要见证。广义的文化，包括知识、信仰、艺术、道德、法律、习俗和任何人作为一名社会成员而获得的能力和习惯在内的复杂整体。作为“亚文化”的企业文化，对企业的生存与发展亦起着举足轻重的作用。企业文化是商品经济和市场经济的产物，符合市场经济的客观规律，体现企业的竞争实务、竞争精神和整体形象。所谓企业文化就是企业的经营管理哲学，企业面对所处的社会和商业环境，在长期的生产经营活动中，形成全体员工所接受和认同信守的、为争取事业成功的一套非正式规则。它表明企业奉行何种管理哲学，以及企业通过管理要达到一个什么样的目标。是经济管理的重要内容之一。企业文化意味着一个公司的价值观，而这些价值观成为公司员工活动和行为的规范。 企业文化的本源问题是如何增加企业利润，降低企业的成本和费用。它的要义就是怎么使企业能够有效的整合资源，以达到对外部的适应性，使公司在竞争中生存，进而实现持续发展。企业文化建设为企业开展文化管理指出一个明确的方向。企业文化建设的根本目的是建设能够对外竞争环境具有高度适应性，并能根据环境变换做出迅速反应的行为方式能力，这种能力其实就是企业所拥有的根据外部竞争的环境需要而对内部资源进行整合运用的能力。企业文化建设应促进这一能力系统的形成，并维持好这一能力系统。中国的许多企业例如海尔、联想等企业成功的秘诀之一就是发展了一整套公司理念、经营哲学，形成了自己独特的企业文化。 1、企业文化体现企业的形象和精神。树立良好的企业形象，需要企业文化的支撑。现
市场营销策略 1 市场细分和目标市场策略 具有需求，具有购买能力并愿意花销的个体或组织构成了市场。然而，在大多数市场中，购买者的需求不一致。因此，对整个市场采用单一的营销计划可能不会成功。一个合理的营销计划应以区分市场中存在的差异为起点，这一过程被称为市场细分，它还包括将何种细分市场作为目标市场。 市场细分使公司能更加有效地利用其营销资源。而且，也使得小公司可以通过集中在一两个细分上场上有效地参与竞争。市场细分的明显缺点是，其导致了比单一产品、单一大市场策略更高的生产和营销成本。但是，如果市场细分得当的话，更加符合消费者的需求，实际上将生产更高的效率。 确定目标市场有三种可供选择的策略，它们是统一市场、单一细分市场和多重细分市场。统一市场策略即采取一种营销组合用到一个整体的、无差异的市场中去。采取单一细分市场策略，公司仍然仅有一种营销组合，但它只用在整个市场的一个细分市场中。多重细分市场策略需要选择两个或更多的细分市场，并且每个细分市场分别采用一种单独的营销组合。 2 产品定位 管理者将注意力集中于一种品牌，并以恰当的方式将其与类似的品牌相区分，但这并不意味着该品牌就一定能够最后赢利。因此，管理者需要进行定位，即塑造与竞争品牌和竞争对手的其他品牌相关的自我品牌形象。 市场营销人员可以从各种定位策略中加以选择。有时，他们决定对某一特定产品采用一种以上的策略。以下是几种主要的定位策略： 2.1与竞争者相关的定位 对一些产品来说，最佳的定位是直接针对竞争对手。该策略特别适用于已经具有固定的差别优势或试图强化这种优势的厂商。为排挤微处理器的竞争对手，Intel公司开展了一项活动使用户确信它的产品优于竞争对手的产品。公司甚至为电脑制造商出钱，让它们在自己的广告中带上“Intel Inside”标志。作为市场领导者，可口可乐公司推出新产品并实施其市场营销策略。同时，它密切注视百事可乐公司，以确保对主要竞争对手的任何一次巧妙、有效的营销举措采取相应的对策。 2.2 与产品类别和属性相关的定位 有时候，公司的定位策略有必要将自己的产品与其类别和属性相联系（或相区别）。一些公司尽力将其产品定位在期望的类别中，如“美国制造”。用一句某顾问的话来说，“当你说‘美国制造’的时候，有一种强烈的感情因素在吸引着你”。因此，一家名为Boston Preparatory的规模不大的运动服制造商正在运用这种定位策略，以期胜过那些并非所有产品都在美国制造的势力强大的竞争对手如Calvin Kiein和Tommy Hilfiger。 2.3 通过价格和质量定位 某些生产者和零售商因其高质量和高价格而闻名。在零售行业，Saks Fifth Avenue和Neiman Marcus公司正是定位于该价格—质量策略的。折扣店Target Kmart则是定位于该策略的反面。我们不是说折扣商店忽视质量，而是说它们更加强调低廉的价格。Penny's公司努力—并且大多获得了成功—通过升级高级服装线和强调设计者的名字将其商店定位于价格—质量策略上。 “品牌”一词是个综合性的概念，它包含其他更狭义的理解。品牌即一个名称和（或）标志，用以识别一个销售者或销售集团的产品，并将之与竞争产品相区别。 品牌名称由能够发音的单词、字母和(或)数字组成。品牌标志是品牌的一部分，它以符号、图案或醒目的颜色、字体的形式出现。品牌标志通过视觉识别，但当人们仅仅读出品牌名称的时候，品牌标志并不能够被表达出来。Crest、Coors、Gillette都是品牌名称。AT&T由醒目的线条构成的地球以及Ralph Lauren's Polo的马和骑手是品牌标志，而Green Giant（罐装冷冻菜蔬产品）和Arm&Hammer（面包苏打）既是品牌名称又是品牌标志。 商标是销售者已经采用并且受到法律保护的品牌。商标不仅包括品牌标志，如许多人所认为的那样，也包括品牌名称。1946年的The Lanham Art法案允许厂商向联邦政府注册商标，以保护它们免受其他厂商的使用或误
数字电视外文翻译文献 (文档含中英文对照即英文原文和中文翻译) 原文： Ginga Middleware and Digital TV in Latin America Gabriel Baum, Universidad Nacional de La Plata Luiz Fernando G. Soares, Pontifical Catholic University of Rio de Janeiro In 2005, Brazil launched its digital TV (DTV) agenda. Its main premise was to reduce the digital divide present in the country, giving the lower social classes the right to access , produce, and distribute information . As a natural consequence, a second premise stressed the generation of local IT jobs and companies to support the entire effort. To bring the benefits of DTV to the masses, Brazil devised the Japanese-Brazilian terrestrial DTV(ISDB-T—the International Standard for Digital Broadcasting),taking the earlier ISDB Japanese standard as a base (with some video and audio coding updates) and introducing the innovative Brazilian middleware system, called Ginga. Argentina adopted ISDB-T in2009 with similar objectives to those of Brazil. Since then, Ginga has been adopted in 12 Latin-American countries. Several other countries in Central America and Africa are testing it as well.
会计欺诈外文翻译文献 (文档含中英文对照即英文原文和中文翻译) 译文： 会计欺诈和机构投资者 查得·R·拉森介绍美国资本市场依赖财务报告系统来帮助有效分配资本。最近的财务报告过程中故障在许多高调公司新的人员的监管机构,会计欺诈和市场参与者的兴趣。两个重要的经验规律的文献记录极端操纵收益的决定因素和后果。首先,股票市场反应的启示会计处理显著负面。估计下降公告后的市场价值会计操作范围从20 - 40%( Palm rose、理查德森和 2003李,和马丁2007)。第二,会计操作是可预测的。文献会计操作的文档可以预测的措施准确的质量、会计性能、非金融变量声明和股市变量(如,Beneish 1999;Dechow,通用电气,拉尔森和斯隆2007)。虽然会计操作导致重大投资损失和与公司相关的特点和性能,几乎没有证据表明存在成熟的投资者是否能够避免损失与会计欺诈。 机构投资者已成为市场的重要力量在过去的几十年。上世纪八十年代初到九十年代末,机构投资者所有权翻倍,股市50%以上(龚帕斯和Metric时,2001)。机构投资者在美国市场存在的上
升有意义的促使文献调查他们是否执行是有利可图的交易。文献的结果是喜忧参半。几项研究文档积极变化之间的相互关系,这些机构投资者的资产和未来的收益和回报,这表明机构通知交易员(如，柯和2005;阿里列弗,确认我也承认泰德?克里斯坦森的指导,没有它我就不会了博士学位的挑战。最后,我感谢我的家人的支持。没有这篇论文的完成并不意味着几乎一样多。 介绍美国资本市场依赖财务报告系统来帮助有效分配资本。最近的财务报告过程中故障在许多高调公司新的人员监管机构,会计欺诈和市场参与者的兴趣。两个重要的经验规律的文献记录极端操纵收益的决定因素和后果。首先,股票市场反应的启示,会计处理显著负面。估计下降公告后的市场价值会计操作范围从20 - 40%(Palm rose、理查德森和朔尔茨2003;Karpo_,李,和马丁2007)。第二,会计操作是可预测的。文献会计操作的文档可以预测的措施,合格的质量、会计性能、非金融变量声明和股市变量(如,Beneish 1999;Dechow,通用电气,拉尔森和斯隆2007)。虽然会计操作导致重大投资损失和与公司相关的特点和性能,几乎没有证据表明存在成熟的投资者是否能够避免损失与会计欺诈。 机构投资者已成为市场的重要力量在过去的几十年。从八十年代初到九十年代末,机构投资者所有权翻倍,股市50%以上(。机构投资者在美国市场存在的上升促使文献调查他们是否执行有利可图的交易。文献的结果是喜忧参半。几项研究文档积极变化之间的相互关系,这些机构投资者的资产和未来的收益和回报,这表明机构通知交易员(如。、柯和Ramalingegowda 2005;柯和Petron 2004;阿里Dutch列弗,Trembles 2004)。另一方面,一些文献表明,知情交易可能更有限,发现性能优越的共同基金很少持续(Carat 1997;布朗一个曼1995年)和交易考虑通知可能只是动量交易的结果(Bushee和古德曼,2007)。会计欺诈和大市场的可预测性与会计欺诈相关的损失表明,它是一个理想的设定检查成熟的机构投资者。如果机构投资者拥有优越的信息和复杂的会计信息的使用者对会计欺诈,他们应该在欺诈上市公司公开披露前欺诈。我的主要研究问题是机构投资者预期会计欺诈的启示和剥离的股票欺诈公司公开披露之前骗子。作为一个次要的研究问题,我检查是否机构作为有效的公司监控预防欺诈。我使用的会计、审计和执行版本(AAER)涉及欺诈和会计操作作为一个代理第一新闻文章Factiva提及会计违规的公众披露欺诈。我检查机构交易模式在322年企业,美国证券交易委员会(SEC)中标识执行行动从1982年到2005年有操纵会计收益。我的分析是在两个阶段进行。第一阶段是本文分析聚合机构公司级和欺诈检查他们的交易行为。第二阶段是一个阶段分析,利用机构投资者之间的异构性,欺诈行为检查他们的交易行为。公司的分析,我遵循Bushee(2001)组织机构分为三类根据自己的投资风格:瞬态和专用。多元化的投资组合和较低的投资组合营业额机构的特点。多样化的投资组合,投资组合交易描述瞬态高机构,和高度集中的投资组合和较低的投资组合营业额专门机构的特点。符合文学之前,我希望发现瞬态机构最有可能发起有利交易欺诈启示的预期和机构不大可能发起有利益可得交易欺诈的预期启示我没有强烈的专门机构研究预测通常找到贸易基于即将到来的未来事件。然而,欺诈是一个独特的设置可能导致专门机构剥离他们的位置。如果专门机构投资公司基于他们的信心的和意愿完整性管理、检测欺诈行为会引起专门机构剥离他们的股份。此外,由于专门机构的特点是高度的投资组合,他们可能会有更大比例的投资组合风险欺诈是否
单片机外文翻译外文文献英文文献单片机简介中英对原文来源图书馆电子资源 Single chip brief introduction The monolithic integrated circuit said that the monolithic micro controller, it is not completes some logical function the chip, but integrates a computer system to a chip on. Summary speaking: A chip has become a computer. Its volume is small, the quality is light, and the price cheap, for the study, the application and the development has provided the convenient condition. At the same time, the study use monolithic integrated circuit is understands the computer principle and the structure best choice. The monolithic integrated circuit interior also uses with the computer function similar module, for instance CPU, memory, parallel main line, but also has with the hard disk behave identically the memory component7 what is different is its these part performance is opposite our home-use computer weak many, but the price is also low, generally does not surpass 10 Yuan then Made some control electric appliance one kind with it is not the 'very complex work foot, We use now the completely automatic drum washer, the platoon petti-coat pipe: VCD and so on Inside the electrical appliances may see its form! It is mainly takes the control section the core part. It is one kind of online -like real-time control computer, online -like is the scene control, needs to have the strong antijamming ability,
2012届本科毕业设计（论文） 开题报告 题目企业会计诚信问题的思考 学院商学院 专业会计 班级10行管专升本 学号103010098 姓名华牡娟 指导教师宋夏云 开题日期2011年11月5日
企业会计诚信问题的思考 一、选题的背景与意义 “会计”一词，远在大约公元前1100 年到公元前770 年之间的西周时代就已经出现了。据史书记载，我国古代有为王朝服务的会计，有专职官吏专司其事。春秋时代的孔子就曾经当过管会计的委吏。据考证，会计在当时的基本涵义是：既有日常的零星核算，又有年终伊总核算，月计岁会。后来有人总结为“零星算之为计，总合算之为会”。把“会”与“计”两个字联起来，就成为总核算与零星核算的一个综合体了。 现代会计是商品经济的产物。14、15世纪，由于欧洲资本主义商品货币经济的迅速发展，促进了会计的发展。其主要标志：一是利用货币计量进行价值核算；二是广泛采用复式记帐法，从而形成现代会计的基本特征和发展基石。 20世纪以来，特别是第二次世界大战结束后，资本主义的生产社会化程度得到了空前的发展，现代科学技术与经济管理科学的发展突飞猛进。受社会政治、经济和技术环境的影响，使传统的财务会计不断充实和完善，使财务会计核算工作更加标准化、通用化和规范化。与此同时，会计学科在20世纪30年代成本会计的基础上，紧密配合现代管理理论和实践的需要，逐步形成了为企业内部经营管理提供信息的管理会计体系，从而使会计工作从传统的事后记账、算账、报账，转为事前的预测与决策、事中的监督与控制、事后的核算与分析。管理会计的产生与发展，是会计发展史上的一次伟大变革，从此，现代会计形成了财务会计和管理会计两大分支。 随着现代化生产的迅速发展，经济管理水平的提高，电子计算机技术广泛应用于会计核算，使会计信息的搜集、分类、处理、反馈等操作程序摆脱了传统的手工操作，大大地提高了工作效率，实现了会计科学的根本变革。 现在在市场经济条件下，要求市场交易双方必须遵守诚实信用原则，使竞争作用正常发挥，维持一切公平交易的秩序，使市场行为字平等的基础上进行。由于会计工作是向国家、社会和企业的各个方面提供信息的工作，因此其“诚信”水平显得尤为重要。所谓会计诚信，包含两个方面的含义，一是行为人在进行会计处理时的态度诚实，二是行为人在提供会计信息时的信守承诺，遵守会计法，会计准则和制度。会计诚信是企业法人、会计师事物所、中介机构、证券分析师和会计人员等的行为准则之一，如同社会个人的道德规范，它的作用不
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
Marketing Strategy Market Segmentation and Target Strategy A market consists of people or organizations with wants,money to spend,and the willingness to spend it.However,within most markets the buyer' needs are not identical.Therefore,a single marketing program starts with identifying the differences that exist within a market,a process called market segmentation, and deciding which segments will be pursued ads target markets. Marketing segmentation enables a company to make more efficient use of its marketing resources.Also,it allows a small company to compete effectively by concentrating on one or two segments.The apparent drawback of market segmentation is that it will result in higher production and marketing costs than a one-product,mass-market strategy.However, if the market is correctly segmented,the better fit with customers' needs will actually result in greater efficiency. The three alternative strategies for selecting a target market are market aggregation,single segment,and multiple segment.Market-aggregation strategy involves using one marketing mix to reach a mass,undifferentiated market.With a single-segment strategy, a company still uses only one marketing mix,but it is directed at only one segment of the total market.A multiple-segment strategy entails selecting two or more segments and developing a separate marketing mix to reach segment. Positioning the Product Management's ability to bring attention to a product and to differentiate it in a favorable way from similar products goes a long way toward determining that product's revenues.Thus management needs to engage in positioning,which means developing the image that a product projects in relation to competitive products and to the firm's other products. Marketing executives can choose from a variety of positioning strategies.Sometimes they decide to use more than one for a particular product.Here are several major positioning strategies:
毕业设计（论文）外文文献翻译 文献、资料中文题目：远程视频监控系统 文献、资料英文题目： 文献、资料来源： 文献、资料发表（出版）日期： 院（部）： 专业：电子信息工程 班级： 姓名： 学号： 指导教师： 翻译日期： 2017.02.14
外文文献翻译 A System for Remote Video Surveillance and Monitoring The thrust of CMU research under the DARPA Video Surveillance and Monitoring (VSAM) project is cooperative multi-sensor surveillance to support battlefield awareness. Under our VSAM Integrated Feasibility Demonstration (IFD) contract, we have developed automated video understanding technology that enables a single human operator to monitor activities over a complex area using a distributed network of active video sensors. The goal is to automatically collect and disseminate real-time information from the battlefield to improve the situational awareness of commanders and staff. Other military and federal law enforcement applications include providing perimeter security for troops, monitoring peace treaties or refugee movements from unmanned air vehicles, providing security for embassies or airports, and staking out suspected drug or terrorist hide-outs by collecting time-stamped pictures of everyone entering and exiting the building. Automated video surveillance is an important research area in the commercial sector as well. Technology has reached a stage where mounting cameras to capture video imagery is cheap, but finding available human resources to sit and watch that imagery is expensive. Surveillance cameras are already prevalent in commercial establishments, with camera output being recorded to tapes that are either rewritten
会计信息质量在投资中的决策作用对私人信息和监测的影响 安妮比蒂，美国俄亥俄州立大学 瓦特史考特廖，多伦多大学 约瑟夫韦伯，美国麻省理工学院 1简介 管理者与外部资本的供应商信息是不对称的在这种情况下企业是如何影响金融资本 的投资的呢？越来越多的证据表明，会计质量越好，越可以减少信息的不对称和对融资成本的约束。与此相一致的可能性是，减少了具有更高敏感性的会计质量的公司的投资对内部产生的现金流量。威尔第和希拉里发现，对企业投资和与投资相关的会计质量容易不足，是容易引发过度投资的原因。 当投资效率低下时，会计的质量重要性可以减轻外部资本的影响，供应商有可能获得私人信息或可直接监测管理人员。通过访问个人信息与控制管理行为，外部资本的供应商可以直接影响企业的投资，降低了会计质量的重要性。符合这个想法的还有比德尔和希拉里的比较会计对不同国家的投资质量效益的影响。他们发现，会计品质的影响在于美国投资效益，而不是在日本。他们认为，一个可能的解释是不同的是债务和股权的美国版本的资本结构混合了SUS的日本企业。 我们研究如何通过会计质量灵敏度的重要性来延长不同资金来源对企业的投资现金 流量的不同影响。直接测试如何影响不同的融资来源会计，通过最近获得了债务融资的公司来投资敏感性现金流的质量的效果，债务融资的比较说明了对那些不能够通过他们的能力获得融资的没有影响。为了缓解这一问题，我们限制我们的样本公司有所有最近获得的债务融资和利用访问的差异信息和监测通过公共私人债务获得连续贷款的建议。我们承认，投资内部现金流敏感性可能较低获得债务融资的可能性。然而，这种可能性偏见拒绝了我们的假设。 具体来说，我们确定的数据样本证券公司有1163个采样公司（议会），通过发行资本公共债务或银团债务。我们限制我们的样本公司最近获得的债务融资持有该公司不断融资与借款。然而，在样本最近获得的债务融资的公司，也有可能是信号，在资本提供进入私人信息差异和约束他们放在管理中的行为。相关理论意味着减少公共债务持有人获取私人信息，因而减少借款有效的监测。在这些参数的基础上，我们预测，会计质量应该有一
跨境电商外文翻译参考文献(文档含中英文对照即英文原文和中文翻译)
译文： 跨境电子商务在欧盟的发展动力和壁垒 摘要 互联网的兴起，往往是与“距离的消亡”或至少减少相关的地理距离在供应信息相关。我们研究距离 事宜仍在实物商品的网上交易是否。我们使用的数据从一个网络消费者调查小组对网上跨境货物贸易中的 一个语言支离破碎的欧盟市场。分析结果表明，相比线下交易在同一商品的距离相关的交易成本大大降低。然而，语言相关的交易成本的增加。此外，网上交易介绍新能源贸易成本如包裹递送和在线支付系统。在 平衡，没有迹象显示在线贸易不偏向于国内市场的产品比线下交易支持。我们提供给政策制定者推动欧盟数 字单一市场的跨境电子商务的选项。在高效灵活的跨境支付系统的使用增加1%可以增加多达7%的跨境电子 商务。我们还表明，在线交易给英语语言输出国家的比较优势。 关键词电子商务/引力方程/欧盟 1.介绍 本文实证研究的在线电子商务跨境贸易模式的影响。互联网的兴起，更一般地，数字通信技术，具有LED许多观察家宣布，距离“死”（Cairncross，1997）。在这方面，它不在乎信息所在的位臵因为它只是一个鼠标点击和信息成本不再是物理距 离有关。在传统的线下实物商品贸易，证据却指向距离成本增加（disdier和头，2008）。贸易相结合的基础上的信息和物理的货物运输。问题是是否将贸易从线 下到线上平台是一个足够大的凹痕在信息成本改变贸易总成本因此货物贸易模式。Blum 和Goldfarb（2006）表明，即使是纯粹的信息产品，距离仍然起着重要的 作用。他们认为这是文化上的差异，随着物理距离的增加。除了信息成本的影响， 可能会有副作用，对贸易模式的影响。网上贸易开辟了一个潜在的更大的地理汇水 面积，为供应商和消费者，在产品品种和价格竞争的增加。这两
市场营销策略外文文献及翻译 Marketing Strategy Market Segmentation and Target Strategy A market consists of people or organizations with wants,money to spend,and the willingness to spend it.However,within most markets the buyer' needs are not identical.Therefore,a single marketing program starts with identifying the differences that exist within a market,a process called market segmentation, and deciding which segments will be pursued ads target markets. Marketing segmentation enables a company to make more efficient use of its marketing resources.Also,it allows a small company to compete effectively by concentrating on one or two segments.The apparent drawback of market segmentation is that it will result in higher production and marketing costs than a one-product,mass-market strategy.However, if the market is correctly segmented,the better fit with customers' needs will actually result in greater efficiency. The three alternative strategies for selecting a target market are market aggregation,single segment,and multiple segment.Market-aggregation strategy involves using one marketing mix to reach a mass,undifferentiated market.With a single-segment strategy, a company still uses only one marketing mix,but it is directed at only one segment of the total market.A multiple-segment strategy entails