经营分析与估值
克雷沙·G.帕利普保罗·M.希利
摘自书籍“Business Analysis and Valuation”第五版第一章节
1.简介
本章的目的是勾勒出一个全面的财务报表分析框架。因为财务报表提供给公共企业经济活动最广泛使用的数据，投资者和其他利益相关者依靠财务报告评估计划企业和管理绩效率。
各种各样的问题可以通过财务状况及经营分析解决，如下面的示例所示：
一位证券分析师可能会对问：“我的公司有多好？这家公司是否符合我的期望？如果没有，为什么不呢？鉴于我对公司当前和未来业绩的评估，该公司的股票价值是多少？”
一位信贷员可能需要问：“这家公司贷款给这家公司有什么贷款？公司管理其流动性如何？公司的经营风险是什么？公司的融资和股利政策所产生的附加风险是什么？“
一位管理顾问可能会问：“公司经营的行业结构是什么？该策略通过在工业各个企业追求的是什么？不同企业在行业中的相对表现是什么？”
公司经理可能会问：“我的公司是正确的估值的投资者吗？是我们在通信程序中有足够的投资者来促进这一过程？”
财务报表分析是一项有价值的活动，当管理者在一个公司的战略和各种体制因素完成后，他们不可能完全披露这些信息。在这一设置中，外部分析师试图通过分析财务报表数据来创建“中端信息”，从而获得有价值的关于该公司目前业绩和未来前景的展望。
了解财务报表分析所做的贡献，这是很重要的理解在资本市场的运作，财务报告的作用，形成财务报表制度的力量。因此，我们首先简要说明这些力量，然后我们讨论的步骤，分析师必须执行，以提取信息的财务报表，并提供有价值的预测。
2.从经营活动到财务报表
企业管理者负责从公司的环境中获取物理和财务资源，并利用它们为公司的投资者创造价值。当公司在资本成本的超额投资时，就创造了价值。管理者制定经营战略，实现这一目标，并通过业务活动实施。企业的经营活动受其经济环境和经营战略的影响。经济环境包括企业的产业、投入和产出的市场，以及公司经营的规章制度。公司的业务战略决定企业如何定位自己的环境中获得竞争优势。
2.1会计制度特点1：权责发生制会计
企业财务报告的基本特征之一是权责发生制，它们是以权责发生制而不是现金会计制备的。不像现金会计，权责发生制会计与经济交流活动和实际收付现金相关的成本和效益的记录之间的区别。净收益是应计制会计下的主要周期性业绩指标。计算净收入，生态影响的经济交易记录的基础上的预期，并不一定是
实际的现金支付。预期的现金收入交付的产品或服务被确认为收入，和预期的现金流出与这些收入被确认为费用。
会计的必要性来自于投资者对定期财务报告的需求。因为企业进行经济交易，在持续的基础上，在报告期导致了一个有趣的基本测量问题，结束时的会计帐簿任意闭合。因为现金会计报告的不完整性，在生态经济带来的后果所进行的交易。在一定时期内，权责发生制会计的目的是提供一个公司的周期性表现更完整的信息。
2.2会计制度特点2：会计准则和审计
采用权责发生制会计是在许多重要的复杂性企业财务报告的中心。由于权责发生制会计处理当前事件的预期未来现金的后果，它是主观的，依赖于各种假设条件。谁应该负责制定这些假设条件负主要责任？一个公司的管理者被赋予作出适当的估计和假设编制财务报表的任务，因为他们有亲密的了解他们公司的业务优势。
经理授予的会计自由裁量权可能是有价值的，因为它反映了财务报表中的内部信息。然而，由于投资者认为利润作为衡量管理者的绩效，管理者有动机利用他们的会计自由裁量权歪曲报道利润的假设、偏见。另外，在公司内部和外部之间的合同中使用的会计数字提供了另一种管理操作的会计数字的动机。在来管理扭曲了财务会计资料，使他们对前内部财务报表的使用者不值钱。因此，财务报告的决定，企业管理者的代表团有成本和收益。
许多会计惯例已经形成，以确保管理者使用他们的会计灵活性来概括他们对公司经营活动的知识，而不是为了自我服务的目的而伪装现实。例如，可测性和稳健性惯例和会计反应担心扭曲人学生可能偏向乐观。这两个公约都试图限制管理者对悲观偏见的乐观偏见。
会计准则（公认会计原则），由财务会计标准委员会（FASB）发布和类似的标准设定在其他国家机构，也限制了潜在的扭曲，管理者可以将报告数字。统一会计准则的尝试，以降低管理者的能力，以不同的方式记录类似的经济交易，无论是随着时间的推移或跨公司。
提高均匀性的会计准则，然而，是减少管理者反映他们公司的财务报表差异真正的业务灵活性。严格的会计准则对经济交易的最佳效果，其会计处理不依赖于管理者的专有信息。然而，当有重大的商业判断参与评估交易的经济后果，严格的标准，防止经理利用自己的业务知识上会不正常。此外，如果会计准则过于僵化，他们可能会促使管理者花费经济资源来调整业务交易，以达到预期的会计结果。
审计，广义地定义为一个对上报的财务报表的人比其他人的完整性验证，确保管理人员利用会计规则和惯例一致，随着时间的推移，和他们的会计估计是合理的。因此，审计提高会计数据的质量。
第三方审计也可能会降低财务报告的质量，因为它限制了会计规则和惯例的发展随着时间的推移。FASB认为审计意见在标准制定过程中，核数师很可能会反对会计准则的生产数据，这是很难进行审计的，即使拟议的规则为投资者提供相关信息。
其中会计纠纷经理、审计师的法律环境，投资者也可以在裁决报告数据质量有显著的影响。诉讼的威胁和惩罚的有益效果，证明了信息披露的准确性。然而，一个重要的法律责任的潜力还有可能阻碍管理人员和审计人员从支持会计建议重新进行风险预测，如前瞻性信息披露。
2.3会计制度特点3：管理者的报告策略
由于限制管理者对会计数据失真的能力增加的机制，并不是最优的利用会计规则来完全消除管理上的灵活性。因此，现实世界的会计系统给管理者留下相当大的空间来影响财务报表数据。一个公司的报告策略，即管理者使用他们的会计判断的方式，对公司的财务报表有重要影响。
企业管理者可以选择的会计和披露政策，使其更或不难的外部用户的财务报告，了解他们的业务的真实经济情况。会计规则往往提供了一套广泛的替代品，管理者可以选择。此外，管理者委托制定一系列的估计，在实施这些会计政策。会计法规通常规定最低披露要求，但他们不限制经理提供额外的披露。
一个卓越的披露策略将使管理者能够将潜在的商业现实与外部投资者沟通。企业披露战略的一个重要约束是产品市场的竞争态势。专有信息的披露有关业务策略信息和预期的经济后果可能会伤害公司的竞争地位。受此约束，管理者可以利用财务报表提供的评估公司的真正的生态经济业绩对投资者有用的信息。
管理者也可以利用财务报告策略操纵投资者的感知。使用自由裁量权授予他们，管理者可以使投资者难以及时识别性能差。例如，管理者可以选择交流计数的政策和估计，以提供一个乐观的评估公司的真实表现。他们也可以让投资者了解真实的性能，通过控制信息自愿披露程度，性能高。
在这种程度上的财务报表信息对潜在的商业性现实随公司在某公司的时间。这种变化在交流计数的质量提供了一个重要的机会和挑战。
3.从财务报表的业务分析
由于管理者的内部知识是会计数据的价值和失真的来源，因此财务报表的外部使用者很难区分真实的信息和失真。无法撤消会计失真，投资者可能“折扣”一个公司的会计业绩。在这样做时，他们做了一个概率评估的程度，一个公司的报告数字反映经济现实。因此，投资者只能对单个企业的绩效进行不精确的评估。金融信息中介可以添加通过改善投资因素的理解公司的目前的业绩和未来前景价值。
有效的财务报表分析是有价值的，因为它试图在管理者的内部信息，从公共财务报表数据。因为中介机构没有直接或完全访问这些信息，他们依靠他们的知识，该公司的行业及其竞争策略，以解释财务报表。成功的中介机构至少有一个很好的理解，对行业经济的公司的经理，并合理地了解公司的竞争战略。尽管外界分析人士与公司的相关管理者的信息劣势，他们更能客观评价其经济后果公司的投资管理和经营决策。我们需要利用财务报表来完成四个关键步骤：（1）企业战略分析、（2）会计分析、（3）财务分析和（4）前景分析。
3.1分析步骤一：战略分析
企业战略分析的目的是确定关键利润驱动程序和业务风险，并在一个定性的水平评估公司的利润潜力。业务战略分析涉及到一个公司的行业分析和建立一个可持续的竞争优势的战略。这种定性分析是一个重要的第一步，因为它使分析师能够更好地对以后的会计和财务分析框架进行分析。考试简单，识别关键成功因素和关键业务风险的关键会计政策允许的识别。评价一个企业的竞争战略有利于评价评估是否当前的盈利能力是可持续的。最后，业务分析使分析师能够做出合理的假设，在预测公司的未来表现。
3.2分析步骤二：会计分析
会计分析的目的是评估一个公司的会计捕捉到的基本业务的真实程度。通过确定有帐户的灵活性，并通过评估公司的会计政策的恰当性和估计，分析师可以评估在一个公司的会计数字失真的程度。在财务分析中的另一个重要的步骤是“撤销”任何会计系统通过重铸公司会计数据创建公正的会计数据。健全的会计分析，提高了结论的可靠性从财务分析系统，为下一步的财务报表分析。
3.3分析步骤三：财务分析
财务分析的目的是利用财务数据来评估一个公司的当前和过去的财务状况和评估其可持续性。与财务分析相关的重要技能。首先，分析应是系统和有效的。其次，分析应允许分析师使用财务数据，探讨业务问题。比率分析和现金流分析是最常用的金融工具。比率分析的重点是企业的产品市场表现和财务政策的评价；现金流量分析公司的变现能力和财务弹性。
3.4分析步骤四：前景分析
前景分析，专注于预测公司的未来，是业务分析的最后一步。前瞻性分析中常用的技术是财务报表预测和估值。这些工具允许从业务分析，研究会计分析和财务分析的合成，从而在前期分析出关于公司的未来。
虽然公司的价值是其未来现金流性能的功能，它也有可能评估公司的价值基础上的公司目前的账面价值的股票，其未来的回报率（净资产收益率）和增长。战略分析、会计分析和财务分析，在这里讨论的框架的前三个步骤，提供一个公司的内在价值估算前良好的基础。战略分析，除了有利的会计和财务分析，也有助于评估潜在的变化，企业的竞争优势和他们对公司未来的净资产收益率和增长的影响。会计分析提供了一个公司的现行账面价值和净资产收益率的无偏估计。财务分析让你获得了一个深入了解什么推动了公司目前的资产收益率。
从一个健全的业务分析的预测是有用的各种当事人，可以应用在不同的环境中。分析的确切性质将取决于上下文。我们将探讨包括证券分析、信用评估的情况下，兼并和收购，债务和股利政策评估，评估公司率通信策略。上面描述的四个分析步骤是有用的，在每一个这些上下文中。然而，适当地使用这些工具，需要熟悉的经济理论和体制因素相关的背景。
4.总结
财务报表提供的公共企业生态经济活动的最广泛使用的数据；投资者和其他利益相关者依靠他们来评估计划与企业和企业管理者绩效。在财务报表中的权责发生制会计数据是嘈杂的，和没有经验的投资者可以评估企业绩效不仅是准确的。财务分析师谁理解管理者的披露策略有机会从公开数据中创建内部信息，他们发挥了宝贵的作用，使外部各方评估公司的当前和未来的表现。
本章概述了对财务状况及经营分析的框架，使用的四个关键步骤：企业战略分析、会计分析、财务分析和前景分析。本书中的其余章节详细描述了这些步骤，并讨论了它们如何在各种业务环境中使用。
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Business Analysis and Valuation
KG Palepu，PM Healy
From the literature of the first chapter of the Fifth Edition “Business Analysis and Valuation”
1. Introduction
The purpose of this chapter is to outline a comprehensive framework for financial statement analysis. Because financial statements provide the most widely available data on public corporations’ economic activities, investors and other stake- holders rely on financial reports to assess the plans and performance of firms and corpo- rate managers.
A variety of questions can be addressed by business analysis using financial state- ments, as shown in the following examples:
? A security analyst may be interested in asking: “How well is the firm I am follow- ing performing? Did the firm meet my performance expectations? If not, why not? What is the value of the firm’s stock given my asses sment of the firm’s current and future performance?”
? A loan officer may need to ask: “What is the credit risk involved in lending a certain amount of money to this firm? How well is the firm managing its liquidity and sol- vency? What is the firm’s busin ess risk? What is the additional risk created by the firm’s financing and dividend policies?”
? A management consultant might ask: “What is the structure of the industry in which the firm is operating? What are the strategies pursued by various players in the in- dustry? What is the relative performance of different firms in the industry?”
? A corporate manager may ask: “Is my firm properly valued by investors? Is our in- vestor communication program adequate to facilitate this process?”
Financial statement analysis is a valuable activity when managers have complete in- formation on a firm’s strategies and a variety of institutional factors make it unlikely that they fully disclose this information. In this setting, outside analysts attempt to create “in- si de information” from analyzing financial statement data, thereby gaining valuable in- sights about the firm’s current performance and future prospects.
To understand the contribution that financial statement analysis can make, it is im- portant to understand the role of financial reporting in the functioning of capital markets and the institutional forces that shape financial
statements. Therefore, we present first a brief description of these forces; then we discuss the steps that an analyst must perform to extract information from financial statements and provide valuable forecasts.
2.From business activities to financial statements
Corporate managers are responsible for acquiring physical and financial resources from the firm’s environment and using them to create value for the firm’s investors. Value is created when the firm earns a return on its investment in excess of the cost of capital. Managers formulate business strategies to achieve this goal, and they implement them through business activities. A firm’s business activities are influenced by its economic environment and its own business strategy. The economic environment includes the firm’s industry, its input and output markets, and the regulations under which the firm operates. The firm’s busines s strategy determines how the firm positions itself in its en- vironment to achieve a competitive advantage.
2.1 Accounting System Feature 1: Accrual Accounting
One of the fundamental features of corporate financial reports is that they are prepared using accrual rather than cash accounting. Unlike cash accounting, accrual accounting distinguishes between the recording of costs and benefits associated with economic ac- tivities and the actual payment and receipt of cash. Net income is the primary periodic performance index under accrual accounting. To compute net income, the effects of eco- nomic transactions are recorded on the basis of expected, not necessarily actual, cash re- ceipts and payments. Expected cash receipts from the delivery of products or services are recognized as revenues, and expected cash outflows associated with these revenues are recognized as expenses.
The need for accrual accounting arises from investors’ demand for financial reports on a periodic basis. Because firms undertake economic transactions on a continual basis, the arbitrary closing of accounting books at the end of a reporting period leads to a fun- damental measurement problem. Since cash accounting does not report the full eco- nomic consequence of the transactions undertaken in a given period, accrual accounting is designed to provide more complete information on a firm’s periodic performance.
2.2 Accounting System Feature 2: Accounting Standards and Auditing
The use of accrual accounting lies at the center of many important complexities in cor- porate financial reporting. Because accrual accounting deals with expectations of future cash consequences of current events, it is subjective and relies on a variety of assump- tions. Who should be charged with the primary responsibility of making these assump- tions? A firm’s managers are entrusted with the task of making the appropriate estimates and assumptions to prepare the financial statements because they have intimate knowl- edge of their firm’s business.
The accounting discretion granted to managers is potentially valuable because it al- lows them to reflect inside information in reported financial statements. However, since investors view profits as a measure of managers’ performance, managers have incentives to use th eir accounting discretion to distort reported profits by making biased assump- tions. Further, the use of accounting numbers in contracts between the firm and outsiders provides another motivation for management manipulation of accounting numbers. In- come management distorts financial accounting data, making them less valuable to ex- ternal users of financial statements. Therefore, the delegation of financial reporting decisions to corporate managers has both costs and benefits.
A number of accounting conventions have evolved to ensure that managers use their accounting flexibility to summarize their knowledge of the firm’s business activities, and not to disguise reality for self-serving purposes. For example, the measurability and con- servatism conventions are accounting responses to concerns about distortions from man- agers’ potentially optimistic bias. Both these conventions attempt to limit managers’ optimistic bias by imposing their own pessimistic bias.
Accounting standards (Generally Accepted Accounting Principles), promulgated by the Financial Accounting Standards Board (FASB) and similar standard-setting bodies in other countries, also limit potential distortions that managers can introduce into reported numbers. Uniform accounting standards attem pt to reduce managers’ ability to record similar economic transactions in dissimilar ways, either over time or across firms.
Increased uniformity from accounting standards, however, comes at the expense of reduced flexibility for managers to reflect genuin e business differences in their firm’s fi- nancial statements. Rigid accounting standards work best for economic transactions whose accounting treatment is not predicated on managers’ proprietary information. However, when there is significant business judgment involved in assessing a transac- tion’s economic consequences, rigid standards which prevent managers from using their superior business knowledge
would be dysfunctional. Further, if accounting standards are too rigid, they may induce managers to expend economic resources to restructure business transactions to achieve a desired accounting result.
Auditing, broadly defined as a verification of the integrity of the reported financial statements by someone other than the preparer, ensures that managers use accounting rules and conventions consistently over time, and that their accounting estimates are rea- sonable. Therefore, auditing improves the quality of accounting data.
Third-party auditing may also reduce the quality of financial reporting because it constrains the kind of accounting rules and conventions that evolve over time. For ex- ample, the FASB considers the views of auditors in the standard-setting process. Auditors are likely to argue against accounting standards producing numbers that are difficult to audit, even if the proposed rules produce relevant information for investors.
The legal environment in which accounting disputes between managers, auditors, and investors are adjudicated can also have a significant effect on the quality of reported numbers. The threat of lawsuits and resulting penalties have the beneficial effect of im- proving the accuracy of disclosure. However, the potential for a significant legal liability might also discourage managers and auditors from supporting accounting proposals re- quiring risky forecasts, such as forward-looking disclosures.
2.3 Accounting System Feature 3: Managers’ Reporting Strategy
Because the mechanisms that limit managers’ ability to distort accounting data add noise, it is not optimal to use accounting regulation to eliminate managerial flexibility completely. Therefore, real-world accounting systems leave considerable room for managers to influence financial statement data. A firm’s reporting strategy, that is, the manner in which managers use their accounting discretion, has an important influence on the firm’s financial statements.
Corporate managers can choose accounting and disclosure policies that make it more or less difficult for external users of financial reports to understand the true economic picture of their businesses. Accounting rules often provide a broad set of alternatives from which managers can choose. Further, managers are entrusted with making a range of estimates in implementing these accounting policies. Accounting regulations usually prescribe minimum disclosure requirements, but they do not restrict managers from vol- untarily providing additional disclosures.
A superior disclosure strategy will enable managers to communicate the underlying business reality to outside investors. One important constraint on a firm’s disclosure strategy is the competitive dynamics in product markets. Disclosure of proprietary infor- mation about business strategies and their expected economic consequences may hurt the firm’s competitive position. Subject to this constraint, managers can use financial statements to provide information useful to investors in assessing their firm’s true eco- nomic performance.
Managers can also use financial reporting strategies to manipulate investors’ perc ep- tions. Using the discretion granted to them, managers can make it difficult for investors to identify poor performance on a timely basis. For example, managers can choose ac- counting policies and estimates to provide an optimistic assessment of the fi rm’s true performance. They can also make it costly for investors to understand the true perfor- mance by controlling the extent of information that is disclosed voluntarily.
The extent to which financial statements are informative about the underlying busi- ness reality varies across firms—and across time for a given firm. This variation in ac- counting quality provides both an important opportunity and a challenge in doing business analysis. The process through which analysts can separate noise from informa- tion in financial statements, and gain valuable business insights from financial statement analysis, is discussed next.
3. From financial statements to bussiness analysis
Because managers’ insider knowledge is a source both of value and distortion in a ccount- ing data, it is difficult for outside users of financial statements to separate true information from distortion and noise. Not being able to undo accounting distortions completely, in- vestors “discount” a firm’s reported accounting performance.
I n doing so, they make a probabilistic assessment of the extent to which a firm’s reported numbers reflect economic reality. As a result, investors can have only an imprecise assessment of an individual firm’s performance. Financial and information intermediaries can add value by improving inves- tors’ understanding of a firm’s current performance and its future prospects.
Effective financial statement analysis is valuable because it attempts to get at managers’ inside information from public financial statement data. Because intermediaries do not have direct or complete access to this information, they rely on their knowledge of the firm’s industry and its competitive strategies to interpret financial statements. Successful intermediaries have at least as good an understanding of the industry economics as do the firm’s managers, and a reasonably good understanding of the firm’s competitive strategy. Although outside
analysts have an information disadvantage relative to the firm’s manag- ers, they are more objective in evaluating the economic consequences of the firm’s invest- ment and operating decisions. Figure 1-3 provides a schematic overview of how business intermediaries use financial statements to accomplish four key steps: (1) business strategy analysis, (2) accounting analysis, (3) financial analysis, and (4) prospective analysis.
3.1 Analysis Step 1: Business Strategy Analysis
The purpose of business strategy analysis is to identify key profit drivers and business risks, and to assess the company’s profit potential at a qualitative level. Business strategy analysis involves analyzing a firm’s industr y and its strategy to create a sustainable com- petitive advantage. This qualitative analysis is an essential first step because it enables the analyst to frame the subsequent accounting and financial analysis better. For exam- ple, identifying the key success factors and key business risks allows the identification of key accounting policies. Assessment of a firm’s competitive strategy facilitates eval- uating whether current profitability is sustainable. Finally, business analysis enables the analyst to m ake sound assumptions in forecasting a firm’s future performance.
3.2 Analysis Step 2: Accounting Analysis
The purpose of accounting analysis is to evaluate the degree to which a firm’s accounting captures the underlying business reality. By identifying places where there is account- ing flexibility, and by evaluating the appropriateness of the firm’s accounting policies and estimates, analysts can assess the degree of distortion in a firm’s accounting numbers. Another important step in accounting analysis is to “undo” any accounting dis- tortions by recasting a firm’s accounting numbers to create unbiased accounting data. Sound accounting analysis improves the reliability of conclusions from financial analy- sis, the next step in financial statement analysis.
3.3 Analysis Step 3: Financial Analysis
The goal of financial analysis is to use financial data to evaluate the current and past per- formance of a firm and to assess its sustainability. There are two important skills related to financial analysis. First, the analysis should be systematic and efficient. Second, the analysis should allow the analyst to use financial data to explore business issues. Ratio analysis and cash flow analysis are the two most commonly used financial tools. Ratio
analysis focus es on evaluating a firm’s product market performance and financial poli- cies; cash flow analysis focuses on a firm’s liquidity and financial flexibility.
3.4 Analysis Step 4: Prospective Analysis
Prospective analysis, which focuses on forecasting a firm’s future, is the final step in business analysis. Two commonly used techniques in prospective analysis are financial statement forecasting and valuation. Both these tools allow the synthesis of the insights from business analysis, accounting analysis, and financial analysis in order to make pre- dictions about a firm’s future.
While the value of a firm is a function of its future cash flow performance, it is also possible to assess a firm’s value based on the firm’s current book value of equity, and its fut ure return on equity (ROE) and growth. Strategy analysis, accounting analysis, and financial analysis, the first three steps in the framework discussed here, provide an ex- cellent foundation for estimating a firm’s intrinsic value. Strategy analysis, in a ddition to enabling sound accounting and financial analysis, also helps in assessing potential changes in a firm’s competitive advantage and their implications for the firm’s future ROE and growth. Accounting analysis provides an unbiased estimate of a fir m’s current book value and ROE. Financial analysis allows you to gain an in-depth understanding of what drives the firm’s current ROE.
The predictions from a sound business analysis are useful to a variety of parties and can be applied in various contexts. The exact nature of the analysis will depend on the context. The contexts that we will examine include securities analysis, credit evaluation, mergers and acquisitions, evaluation of debt and dividend policies, and assessing corpo- rate communication strategies. The four analytical steps described above are useful in each of these contexts. Appropriate use of these tools, however, requires a familiarity with the economic theories and institutional factors relevant to the context.
4.Summary
Financial state ments provide the most widely available data on public corporations’ eco- nomic activities; investors and other stakeholders rely on them to assess the plans and performance of firms and corporate managers. Accrual accounting data in financial statements are noisy, and unsophisticated investors can assess firms’ performance only imprecisely. Financial analysts who understand managers’ disclosure strategies have an
opportunity to create inside information from public data, and they play a valuable role in enabling outside parties to evaluate a firm’s current and prospective performance.
This chapter has outlined the framework for business analysis with financial state- ments, using the four key steps: business strategy analysis, accounting analysis, financial analysis, and prospective analysis. The remaining chapters in this book describe these steps in greater detail and discuss how they can be used in a variety of business contexts.
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/5912180458.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
多层混凝土框架结构设计 1.前言 随着社会的发展,钢筋混凝土框架结构的建筑物越来越普遍.由于钢筋混凝土结构与砌体结构相比较具有承载力大、结构自重轻、抗震性能好、建造的工业化程度高等优点；与钢结构相比又具有造价低、材料来源广泛、耐火性好、结构刚度大、使用维修费用低等优点。因此，在我国钢筋混凝土结构是多层框架最常用的结构型式。近年来，世界各地的钢筋混凝土多层框架结构的发展很快，应用很多。 一般框架结构是由楼板、梁、柱及基础4种承重构件组成的，由主梁、柱与基础构成平面框架，各平面框架再由连续梁连接起来而形成的空间结构体系。文献[1]认为，在合理的高度和层数的情况下，框架结构能够提供较大的建筑空间，其平面布置比较的灵活，可适合多种工艺与使用功能的要求。 多层钢筋混凝土框架结构设计可以分为四个阶段：一是方案设计，二是结构分析，三是构件设计，四是绘施工图。结构分析和构件设计是结构设计中的计算阶段，在现代，已由电子计算机承担这一工作，常采用PKPM建模计算。但是，结构的计算并不能代替结构的设计。文献[2]中认为：良好的结构设计的重要前提，应该是合理组织与综合解决结构的传力系统、传力方式，良好的结构方案是良好结构设计的重要前提。2.关于框架结构设计文献回顾 2.1框架结构的优缺点 框架结构体系是由横梁与柱子连接而成.梁柱连接处(称为节点)一般为刚性连接,有时为便于施工和其他构造要求,也可以将部分节点做成铰接或者半铰接.柱支座一般为固定支座,必要时也可以设计成铰支座.框架结构可以分为现浇整体式,装配式,现浇装配式. 文献[3]中提到:框架结构的布置灵活,容易满足建筑功能和生工艺的多种要求.同时,经过合理设计,框架结构可以具有较好的延性和抗震性能.但是,框架结构承受水平力(如风荷载和水平地震作用)的能力较小.当层树较多或水平力较大时,水平位移较大,在强烈地震作用下往往由于变形过大而引起非结构构件(如填充墙)的破坏.因此,为了满足承载力和侧向刚度的要求,柱子的截面往往较大,既耗费建筑材料,又减少使用面积.这就使框架结构的建筑高度受到一定的限制.目前,框架结构一般用于多层建筑和不考虑抗震设防,层数较少的的高层建筑(比如,层数为10层或高度为30米以下) 2.3框架结构的布置 多层框架结构的平面布置形式非常的灵活，文献[4]中将框架结构按照承重方式的不同分为以下三类：(1)横向框架承重方案,以框架横梁作为楼盖的主梁,楼面荷载主要由横向框架承担.由于横向框架数往往较少,主梁沿横向布置有利于增强房屋的横向刚度.同时,主梁沿横向布置还有利于建筑物的通风和采光.但由于主梁截面尺寸较大,当房屋需要大空间时,净空较小,且不利于布置纵向管道. (2)纵向框架承重方案以框架纵梁作为楼盖的主梁,楼面荷载由框架纵梁承担.由于横梁截面尺寸较小,有
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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浅谈我国多层混凝土框架结构设计1.前言 随着社会的发展,钢筋混凝土框架结构的建筑物越来越普遍.由于钢筋混凝土结构与砌体结构相比较具有承 载力大、结构自重轻、抗震性能好、建造的工业化程度高等优点；与钢结构相比又具有造价低、材料来源广泛、耐火性好、结构刚度大、使用维修费用低等优点。因此，在我国钢筋混凝土结构是多层框架最常用的结构型式。近年来，世界各地的钢筋混凝土多层框架结构的发展很快，应用很多。 一般框架结构是由楼板、梁、柱及基础4种承重构件组成的，由主梁、柱与基础构成平面框架，各平面框架再由连续梁连接起来而形成的空间结构体系。文献[1]认为，在合理的高度和层数的情况下，框架结构能够提供较大的建筑空间，其平面布置比较的灵活，可适合多种工艺与使用功能的要求。 多层钢筋混凝土框架结构设计可以分为四个阶段：一是方案设计，二是结构分析，三是构件设计，四是绘施工图。结构分析和构件设计是结构设计中的计算阶段，在现代，已由电子计算机承担这一工作，常采用PKPM建模计算。但是，结构的计算并不能代替结构的设计。文献[2]中认为：良好的结构设计的重要前提，应该是合理组织与综合解决结构的传力系统、传力方式，良好的结构方案是良好结构设计的重要前提。 2.关于框架结构设计文献回顾 2.1框架结构的优缺点 框架结构体系是由横梁与柱子连接而成.梁柱连接处(称为节点)一般为刚性连接,有时为便于施工和其他构 造要求,也可以将部分节点做成铰接或者半铰接.柱支座一般为固定支座,必要时也可以设计成铰支座.框架结构可以分为现浇整体式,装配式,现浇装配式. 文献[3]中提到:框架结构的布置灵活,容易满足建筑功能和生工艺的多种要求.同时,经过合理设计,框架结构 可以具有较好的延性和抗震性能.但是,框架结构承受水平力(如风荷载和水平地震作用)的能力较小.当层树 较多或水平力较大时,水平位移较大,在强烈地震作用下往往由于变形过大而引起非结构构件(如填充墙)的 破坏.因此,为了满足承载力和侧向刚度的要求,柱子的截面往往较大,既耗费建筑材料,又减少使用面积.这就 使框架结构的建筑高度受到一定的限制.目前,框架结构一般用于多层建筑和不考虑抗震设防,层数较少的的高层建筑(比如,层数为10层或高度为30米以下) 2.3框架结构的布置 多层框架结构的平面布置形式非常的灵活，文献[4]中将框架结构按照承重方式的不同分为以下三类：(1)横向框架承重方案,以框架横梁作为楼盖的主梁,楼面荷载主要由横向框架承担.由于横向框架数往往较少,主梁沿横向布置有利于增强房屋的横向刚度.同时,主梁沿横向布置还有利于建筑物的通风和采光.但由于主梁截面尺寸较大,当房屋需要大空间时,净空较小,且不利于布置纵向管道.
(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
文献综述 钢筋混凝土框架结构 1.前言 随着经济的发展、科技进步、建筑要求的提升，钢筋混凝土结构在建筑行业得到了迅速发展。随着建筑造型和建筑功能要求日趋多样化，无论是工业建筑还是民用建筑，在结构设计中遇到的各种难题日益增多，钢筋混凝土结构以其界面高度小自重轻，刚度大，承载能力强、延性好好等优点，被广泛应用于各国工程中，特别是桥梁结构、高层建筑及大跨度结构等领域，已取得了良好的经济效益和社会效益。而框架结构具有建筑平面布置灵活、自重轻等优点，可以形成较大的使用空间，易于满足多功能的使用要求，因此，框架结构在结构设计中应用甚广。为了增强结构的抗震能力，框架结构在设计时应遵循以下原则：“强柱弱梁、强剪弱弯、强节点强锚固”。 2.现行主要研究 2.1预应力装配框架结构 后浇整体节点与现浇节点具有相同的抗震能力;钢纤维混凝土对减少节点区箍筋用量有益,但对节点强度、延性和耗能的提高作用不明显。与现浇混凝土节点相比,预应力装配节点在大变形后强度和刚度的衰减及残余变形都小;节点恢复能力强;预制混凝土无粘结预应力拼接节点耗能较小,损伤、强度损失和残余变形也较小。装配节点力学性能受具体构造影响很大,过去进行的研究也较少,一般说,焊接节点整体性好,强度、耗能、延性等方面均可达到现浇节点水平;螺栓连接节点刚度弱,变形能力大,整体性较差。因此,这一类节点连接如应用于抗震区,需做专门抗震设计。 2.2地震破坏 钢筋混凝土在地震破坏过程中瞬态震动周期逐步延长，地震动的低频成分是加剧结构破坏的主要因素，峰值和持时也是非常重要的原因。瞬态振型的变化与结构的破坏部位直接相关。结构破坏过程中，瞬态振型参与系数变化不大。结构瞬态振动周期
例1.Winners do not dedicate their lives to a concept of what they imagine they should be, rather, they are themselves and as such do not use their energy putting on a performance, maintaining pretence and manipulating（操纵） others . They are aware that there is a difference between being loved and acting loving, between being stupid and acting stupid, between being knowledgeable and acting knowledgeable. Winners do not need to hide behind a mask. 1.dedicate to 把时间，精力用于 2.pretence 虚伪，虚假 6 ．1 斤斤于字比句次，措辞生硬 例2.Solitude is an excellent laboratory in which to observe the extent to which manners and habits are conditioned by others. My table manners are atrocious( 丑恶)—in this respect I've slipped back hundreds of years in fact, I have no manners whatsoever（完全，全然）. If I feel like it, I eat with my fingers, or out of a can, or standing up —in other words, whichever is easiest. 孤独是很好的实验室，正好适合观察一个人的举止和习惯在多大程度上受人制约。如今我吃东西的举止十分粗野；这方面一放松就倒退了几百年，实在是一点礼貌也没有。我高兴就用手抓来吃，（eat out of a can）开个罐头端着吃，站着吃；反正怎么省事就怎么吃。 3.Whatsoever 完全，全然 1.Be conditioned by 受……制约 2.Atrocious 丑恶 6 ．2 结构松散，表达过于口语化 例3．有一次，在拥挤的车厢门口，我听见一位男乘客客客气气地问他前面的一位女乘客：“您下车吗？”女乘客没理他。“您下车吗？”他又问了一遍。女乘客还是没理他。他耐不住了，放大声问：“下车吗？”，那女乘客依然没反应。“你是聋子，还是哑巴？”他急了，捅了一下那女乘客，也引起了车厢里的人都往这里看。女乘客这时也急了，瞪起一双眼睛，回手给了男乘客一拳。（庄绎传，英汉翻译教程，1999 ：练习 3 ） 译文1：Once at the crowded door of the bus, I heard a man passenger asked politely a woman passenger before him: “Are you getting off?” The woman made no
【内容摘要】：框架结构是由梁和柱组成承重体系的结构。主梁、柱和基础构成平面框架，各平 面框架再由联系梁连接起来而形成框架体系。随着建筑业的发展，目前多层和高层建筑逐渐增多。 人们可以根据自己的喜好充分利用其使用空间，满足了使用者在使用上的不同要求。因此，框架结构房屋越来越多的受到人们的青睐。 【关键词】：框架结构、混凝土、应力、抗震、框架梁 一、引言 框架结构是指由梁和柱刚接而成承重体系的结构，即由梁和柱组成框架结构共同承受使用过程中 出现的水平荷载和竖向荷载。钢筋混凝土框架结构是由楼板、梁、柱及基础四种承重构件组成的。 由主梁、柱与基础构成平面框架，各平面框架再由 连续梁连接起来形成空间结构体系。 该结构形式，可形成较大的内部空间，能灵活的布置建筑平面，并具有传力明确、延性、抗震 性和整体性好的优点，因此，无论是在工业建筑还是民用建筑中，框架结构都是一种常用的结构 形式。 二、主题部分 1.框架结构的概念 框架结构是指由梁和柱以钢筋相连接而成，构成承重体系的结构，即由梁和柱组成框架共同抵抗使用 过程中出现的水平荷载和竖向荷载。框架结构的房屋墙体不承重，仅起到围护和分隔作用， 一般用预制的加气混凝土、膨胀珍珠岩、空心砖或多孔砖、浮石、蛭石、陶粒等轻质板材砌筑或 装配而成。 框架结构又称构架式结构。房屋的框架按跨数分有单跨、多跨；按层数分有单层、多层；按立面 构成分为对称、不对称；按所用材料分为钢框架、混凝土框架、胶合木结构框架或钢与钢筋混凝土混合 框架等。其中最常用的是混凝土框架（现浇整体式、装配式、装配整体式，也可根据需要 施加预应力，主要是对梁或板）、钢框架。装配式、装配整体式混凝土框架和钢框架适合大规模 工业化施工，效率较高，工程质量较好。 2.框架结构的优缺点 (1)框架结构的主要优点： 空间分隔灵活，自重轻，有利于抗震，节省材料；具有可以较灵活地配合建筑平面布置的优点， 利于安排需要较大空间的建筑结构；框架结构的梁、柱构件易于标准化、定型化，便于采用装配 整体式结构，以缩短施工工期；采用现浇混凝土框架时，结构的整体性、刚度较好，设计处理好 也能达到较好的抗震效果，而且可以把梁或柱浇注成各种需要的截面形状。 (2)框架结构的缺点为：