外文文献翻译译文
一、外文原文
原文：
Economic Value Added
Economic Value Added (EV A), when applied properly in a company, impacts all departments and decisions. The equation for EV A as well as the adjustments that mustbe made to current accounting practices is the basis for an understanding of EV A. The success of EV A is displayed as companies that have implemented EV A to varying degrees are compared with companies that have not implemented EV A. Once the argument for the overall superiority of EV A is made, traditional performance measures and current accounting practices are evaluated. Then, the importance of creating value within corporations becomes apparent. Finally, a detailed example of the implementation process that took place several years ago at Harsco argued in favor of all companies adopting EV A.
Economic Value Added
Economic Value Added (EV A), for the last two to three decades, has been receiving an increasing amount of attention. Though it has become aviable business practice for many large corporations, it still has not successfully altered the approach of many corporate leaders. EV A approaches the financial aspect of corporations from a different perspective than that to which most executives are accustomed. To raise awareness of the benefits of EV A, it is imperative to gain a basic understanding of the ideas, concepts, and implications associated with the implementation of policies at corporations that have adopted EV A.
EV A Equation
At its core, the concept of Economic Value Added is relatively simple. The complexity is that the concept must be applied to every business decision at all levels of a particular company to realize the desired long-run effects (Stewart, 1991). The equation for EV A is as follows:
EV A = Net Operating Profit After Taxes (NOPAT) – (Capital*The Cost of Capital) .
This idea helps managers integrate two basic principles of finance into their daily decision-making. First, the primary financial objective of all companies should be to maximize shareholder wealth. Second, the valu e of a company is based on investors’ expectations of future earnings exceeding or falling short of the cost of capital. The cost of capital is a decisive measure pertaining to computing EV A (Stewart, 1991). The cost of capital is the rate of return a company would expect to receive had they invested in a different venue with a similar risk (Cost of Capital). This amount is the figure that determines whether a corporation is performing well or badly. Although it may appear to be a cash cost, it is actually an opportunity cost. Calculating the trade-off between risk and reward derives an opportunity cost. The cost of capital consists of a risk free rate of return and a risk premium. Long-term U.S. government bonds are considered risk free because of the value of the entire economy as well as the taxing authority of the government. To illustrate, assume the rate for risk free government bonds is 6% and add to it the risk premium. Although, risk premiums vary by company and industry, most investors expect from 2% to 10% in addition to the government bond rate. Assume that the risk premium is 4%, add the risk free rate of 6%, and the cost of capital in this example would be 10%.
The Success of EV A
To quantify the extent to which companies that implement EV A outperform their competitors, data were collected by Stern Stewart (2002b). Companies have seen high returns when they utilize Stern Stewart's EV A framework for performance management, value-based planning and incentive compensation. Throughout the 1990s these same companies, on average, outperformed their competitors by 8.3% annually during the first five years after they first adopted EV A. Improved operating margins, stronger cash flow generation, and quicker asset turnover were the catalysts responsible for greater stock market performance, which caused a $116 billion increase in shareholder wealth beyond that of their competitors.The margin of performance is greater still for companies that use EV A as a performance measure and a tool for determining management compensation. Companies that only used EV A as
a performance measure did not obtain such impressive results (Stewart, 2002b).
EV A vs. Other Financial Performance Measurements
Those in favor of using EV A as a performance measure argue that it is superior to other performance measures for the four following reasons: it is nearer to the real cash flows of the business entity; it is easy to calculate and understand; it has a higher correlation to the market value of the firm and it aligns the goals of management with the interests of the shareholders. EV A is superior to conventional measures such as Return on Investment (ROI), Return on Equity (ROE), and Return on Assets (ROA) because these calculations are based on accounting figures. Using Generally Accepted Accounting Principles (GAAP), the assets in the balance sheet are carried based on historical costs while, with the exception of depreciation, revenues and expenses are recognized as either a profit or a loss at their current value. Due to this inaccuracy in the calculation of the value of assets, the rates of return do not accurately determine the actual return on a given investment. As such, the rate of return is usually lower in the first few years and higher in the latter years. However, if the value of the mix of assets is close to the current value of the assets, the distortion will not be as significant as when the value of the assets is far below the current value. Most companies rarely have the needed asset mix to make these accounting measures accurate; therefore, they cannot be regarded as true indications of the performance of the company.
EV A as a Corporate Philosophy
EV A is a concept that is not easy to understand but can be implemented with care at every level of an organization. Corporations across the globe, even some state owned enterprises in the United States, have adopted EV A as a corporate philosophy. One important advantage of EV A is that it improves business literacy because of its simplistic concept. Business literacy is the attempt of management to make all employees aware that for any activity to create value, the return needs to exceed the cost of capital for that particular activity. It also takes into consideration the cost of capital, which many other conventional techniques fail to incorporate into their calculations.
What Determines Company Value?
In dealing with the topic of Economic Value Added, many questions surface for which the most astute professionals in business cannot agree. The most common of these is how one is to determine the value of a company. To begin, several myths that abound in the market are followed by some valuation concepts. If one was to ask several top executives how value was determined and share prices set, there may be answers using the combination of several financial performance factors such as earnings, growth rates, returns book values, cash flows, dividends, and trading volumes. With this wide variety of answers, it is easy to understand the confusion many top managers have in determining what investors want. Therefore, they cannot realistically make wise business decisions that will maximize shareholder wealth – the ultimate goal in business (Stewart, 1991).
Earnings or Earnings per Share
One area of controversy is determining whether earnings or cash flows determine stock prices. To calculate share prices, one may use earnings per share (EPS) and the price/earnings multiple (P/E). This method is particularly appealing because it is so simple. However, it is the very simplicity that makes it an unreliable measure of value. The accounting model asserts that Wall Street determines share prices by multiplying EPS by an appropriate P/E. If this were the case, a company with EPS of $0.50 and a P/E of 5, would sell at $2.50. The major fault with this method is that it assumes that the P/E remains static. In reality, P/E changes frequently with acquisitions, new investment opportunities, and with changes in financial structure and accounting policies. Therefore, EPS do not provide a reliable measure of value. In contrast, the economic model assumes share prices are the result of evaluations of future cash flows and the risk of the cash receipts of a business by sophisticated investors. In many firms, cash flow and earnings rise and fall simultaneously, so it is difficult to determine which factor is the primary cause for the resulting stock price. Studies have been conducted to find the events, which cause cash flow and earnings to depart in a particular company. These studies conclude that future cash flows are more important in the calculation of share prices than earnings. Investors care more about cash than a company’s reported earnings. Many companies inflate their sales to show higher
earnings for the benefit of the investor. If an investor is to invest wisely, he will ignore the earnings and look at the company’s future cash flows to be produced during the business’ existence.
Economic Model vs. Accounting Model
The most important difference between the two models is that the accounting model relies on the balance sheet and income statement while the economic model relies on uses of cash and its source. This becomes significant when a company chooses from a variety of accounting methods. Using the accounting model, it makes a big difference whether a cash outlay is expensed on the income statement or capitalized on the balance sheet because earnings are the driving force. Using the economic model, it only matters where the cash outlay is recorded when it affects taxes. Ultimately, earnings are affected by the accounting procedures a company uses, such as choosing an inventory costing method, amortizing goodwill, accounting for research and development, and determining book value.
Corporation Valuation
Decisions in any company should be made exclusively on the basis of which decisions increase the value of the company the most. Therefore, a method is needed to determine the outcome of different business strategies and financial structuring in relation to the company’s stock market value. That metho d is to project the most likely scenarios for a variety of business decisions in areas such as costs, benefits, risks, and rewards. Not only can a valuation framework provide management a way to select a strategy, but also, it can place a value on a consolidated company and its individual business units as well as on acquisition and divesture candidates.
Corporate valuations can determine whether a company is currently trading for fair value and whether it should raise or retire equity at the current prices. Privately held companies should conduct valuations periodically to determine the share value for employee stock ownership plans as well as for management incentives. It is helpful for privately held companies to have this valuation done as a way of determining their progress in creating value for the firm.
A valuation framework for individual business units shows which ones are
performing well by creating value and which are underperformers. Doing so will give management a clearer picture as to which business units need to be invested in most heavily and which ones should be divested or restructured to maximize their value. This is crucial for any business because poor performance of part of one company’s business has the capability to destroy market value. A study conducted by Stewart (1991) found that in one particular company, 30% of its business accounted for 200% of its total market value while the other 70% of the business was destroying 100% of its market value. Hence, the company was unknowingly devoting large amounts of resources to business that never earned its cost of capital. Lastly, a valuation framework will help management determine how much it should pay for a potential acquisition. Overpaying will quickly reduce the acquirer’s own market va lue while increasing its chances for getting acquired in the future. Valuation can also be used in reverse. As mentioned previously, stock prices convey the expectations of investors regarding a company’s prospects and risks. Therefore, a valuation framewo rk can be used to develop projections that equate to that company’s actual market value. Then an investor can use these projections to set break-even goals. This will ensure that investors earn their required rate of return on initial investment (Stewart, 1991). Conclusion
Economic Value Added is a topic that encompasses all levels of business operations. It is imperative that measures be taken to ensure all members of a company are committed to the principles of EV A. “EV A is more than a performance measure; it is the focal point of a management system and a mindset. EV A affords the Company the ability to establish clear, accountable links between strategic thinking, capital investment, day-to-day operating decisions, and shareholder value” (Stewart, 2003, 1).
Source: MD Houle ,2008."Economic Value Added".Senior Honors Papers,pp.1-29.
https://www.doczj.com/doc/6c388469.html,/cgi/viewcontent.cgi?article=1046&context
=honors
二、翻译文章
译文：
经济增加值
经济增加值（EVA），当适当应用于一个公司时会影响各部门和决定。经济增加值的公式以及调整,必须以当前会计实践的理解为基础。经济增加值的成功与否在于显示企业实施不同程度的经济增加值与公司尚未实施经济增加值的比较。一旦有人认为,这一整体优势是由于经济增加值造成的,传统的业绩指标和当前会计实践就需要被进行评估。然后,在公司内创造价值的重要性就会变得明显。最后,以一个几年前发生在哈斯科集团的详细实例的实施过程,来证明哈斯科集团赞成所有公司采用经济增加值。
经济增加值
经济增加值（EVA）,在最后的二、三十年中,已经吸引了越来越多的关注。虽然它已经成为许多大公司商业实践的可行方法之一,但是在改变公司的领导人方面它还有不成功的地方。与大部分高管们的生活相比，经济增加值从不同的角度探讨企业财务方面。为了提高经济增加值益处的意识，必须对采用了经济增加值的公司政策实施相关的思想、观念、含义的进行基本了解。
经济增加值的计算方程
经济增加值这个核心概念是相对简单的。其复杂的概念必须适用于各级的一个特定公司实现预期长期效应的各种商业决定（斯图尔特，1991）。经济增加值的公式如下：
经济增加值=税后净营业利润（NOPAT）-(资本*资本成本率) 经济增加值这个想法帮助了经理们整合两个财务的基本原则以融入日常决策。首先，基本的财务目标应该是所有公司的股东财富最大化。第二，一个公司的价值是基于投资者对股票未来盈利的预期超出或降低资本成本。资本成本的计算决定着有关经济增加值的措施（斯图尔特，1991）。资本成本率是公司希望得到的关于他们投资一个不同的地点有类似风险回报的比率（资本成本）。这个数字是决定公司执行好与坏的指标。尽管它可能会出现现金的支出，但其实是机会成本。机会成本是通过计算风险之间的平衡和奖励来汲取的。资本成本率由一个
无风险回报率和一个风险溢价组成。长期的美国政府债券被认为是无危险的,因为整个经济以及税务部门政府的价值。例如,承担无风险利率的政府债券是6%其中增加了风险溢价。虽然,风险溢价受公司和行业的改变,但大多数的投资者期望值为2%-10%，除了政府债券率。假设风险溢价是4%,加上无风险利率6%,则资本成本率在这个例子是10%。
成功的经济增加值
根据斯图尔特公司（2002b）的数据收集，实施经济增加值的公司的量化程度胜过他们的竞争对手。他们利用斯图尔特公司的经济增加值进行绩效管理、价值规划和激励补偿时，公司已经看见了高回报。在20世纪90年代这些相同的公司，在他们首次采用经济增加值后的前五年以平均每年8.3%的比率超越其对手。改进的生产利润、较强的现金流产生、更快的资产周转率是较大的股票市场表现的催化剂，这导致了超出其竞争对手116亿美元股东财富的增加。绩效的利润对于将实施经济增加值作为绩效评价的措施和决定管理报酬的工具是较大的。只用经济增加值评定绩效的公司并没有获得这样令人印象深刻的结果（斯图尔特，2002b）。
经济增加值与其他业绩评价措施的比较
那些赞成使用经济增加值作为绩效评价措施的人认为经济增加值明显优于其它业绩指标，有如下四个原因：一、它离真正的现金流量更近，企业很容易计算和理解。二、对市场价值的公司具有较高的相关性，它的目标与股东利益相一致。三、经济增加值优于传统业绩评价的措施，诸如投资报酬率（ROI），净资产报酬率（ROE）和资产收益率（ROA），因为这些指标的计算结果是基于统计数据算得的。四、使用一般公认会计原则（GAAP）编制，资产在资产负债表的上根据历史成本得出的同时，除了折旧、税收和费用在他们目前的价值被公认为任何一个利润或损失。由于这种资产价值计算的不精确性，回报率不准确地确定了实际的投资回报。同样地，回报率通常也要低于前几年或高于后几年。然而，如果资产组合的价值接近当前的资产价值，资产价值远低于当前价值这种扭曲不会那么典型。大多数公司很少有需要资产组合使这些会计核算准确的办法，因此，他们不能被视为是公司绩效评价的真实的迹象表明。
经济增加值作为公司的宗旨
经济增加值是一种观念，那不是很容易理解，但可以通过关心一个组织的每一水平实现。公司在世界各处，甚至一些国家的企业在美国，都采用了经济增加值作为公司的宗旨。经济增加值的优点之一是它可以提高业务素质，因为它简单的概念。业务素质是管理人尝试，让所有的员工觉得，什么活动都可以创造价值，返回需要超过该特定的活动的资本成本。它也考虑了许多传统的方法未能纳入的资本成本的计算。
是什么决定了公司的价值呢?
在处理经济增加值的话题中，许多问题连最精明的专业人员意见也不一致。最常见的问题是你怎样确定一个公司的价值。开始的时候，市场上充满了几个神话评价的概念。如果一个人正在问几个高层管理人员如何确定价值和股票价格，他们可能会利用相结合的几个财务指标比如收入、增长率、账面价值回报率、现金流量、股息和交易量回答你。不难理解会有各种各样的答案，因为许多高层管理者已经决定什么是投资者希望听到的。因此，他们不能实际地作出明智的商业决策，股东财富最大化的终极目标在商业领域（斯图尔特，1991）。
收入或每股收入
这场争论的一个方面是为了确定是收入还是现金流量决定股票价格。计算股票价格的方法，一种是用每股收益（EPS）和价格与收入的比（P/E）。这个方法特别吸引人，因为它就是这么简单。然而，它是很简单，以至于使它成为一个不可靠的衡量价值的尺度。会计模式断言华尔街股票价格是由每股收益乘以一个合适的市盈率决定的。假设这里这个例子，一个公司每股收益为0.5美元，市盈率为5，会以2.5美元出售。该方法的主要毛病是它假设市盈率保持不变。事实上，市盈率与采购、新的投资机会、变化的财务结构和会计政策有着紧密的关系。因此，每股收益提供不了一个可靠的衡量价值的尺度。相比之下，经济模型假定的股票价格是未来现金流量评估和商业投资者现金收入的风险共同的结果。在许多公司，现金流和盈利的上升与下降是同时的，所以很难确定哪些因素是股票价格产生的主要原因。研究一个现金流和收入分离的特定公司。这些研究得出的结论是，未来现金流量在计算股价上比收入更重要。与一个公司报告出来的收益相比，投资者更关心现金。许多公司虚报他们的销售量以显示较高的投资者的利益。如果投资者明智地投资，他会忽视收入而去看公司存在的业务产生的未来现金流
经济模型与会计模型
这两个模型之间最重要的差别是会计模型依靠资产负债表和损益表而经济模型依赖于使用的现金和它的源头。这已经成为一个公司在多种会计处理方法中选择模型的象征。使用会计模式，这对于现金支出是否列入利润表还是资产负债表有重大影响，因为收入是驱动力。使用经济模式，它只关心当影响税的情况下现金支出走向的记录。最后，收入是通过公司使用的会计程序而受影响的，例如，选择合适的库存成本法，摊销商誉，会计研究和发展，并确定账面价值。
公司评估
任何公司的决定应在增加公司价值最大化的基础上决定。因此，需要一种方法来决定不同的商业策略和金融构建与公司股票市场价值之间的关系。这种方法是用来估计地区多种商业决策中最可能的情况，例如成本、利益、风险和回报。评估框架不仅可以给管理者提供一个选择战略的方法，还可以在合并公司和它的业务单元中放置一个价值以获取和剥夺候选人。
公司的评估可以决定一个公司目前交易是否为公允价值和是否应该提高或退休目前的普通股价格。私营企业应定期进行评价以确定职工持股计划和管理激励。它有利于私营公司把这个评估作为公司创造价值进展的方法。
评估个体业务单元的框架显示了哪些是通过创造价值来表现良好的，哪些是不振人力的。这样做会让管理者更清楚地理解哪个业务单位最需要投资，哪个应被剥夺或结构重组以至能够最大限度地提高他们的价值。这对任何交易都是非常重要的，因为表现欠佳的公司其交易有能力摧毁其市场价值。斯图尔特（1991）所做的一项研究发现，在一个特定的公司，有30%的交易占200%的总市值，而其他70%的商业粉碎了其100%的市场价值。从中可见，公司不知不觉的奉献了大量的资源而从未赚取过商业资本成本。最后，评估框架将会帮助管理者确定应向潜在收购支付多少。多付将迅速减少购买方的市场价值，同时增加了未来的获得机会。评估也可以应用在相反的方面。如前所述，股票价格对投资者表达了对于一个公司的前景和风险。因此，评估框架可以用来改善等同于公司的实际市场价值的规划。然后投资者可以使用这些规划设置盈亏平衡的目标。这将确保投资者获得其在初次投资所需的回报率（斯图尔特，1991）。
经济增加值，涵盖了所有级别的经营活动。所以有必要采取有效措施保证一个公司的所有成员承诺经济增加值的原则。“经济增加值不仅仅是一种绩效衡量指标，也是管理制度和心态的重点。经济增加值为公司提供了一个清晰的，与战略思路之间联系的责任、资本投资、日常的经营决策以及股东价值的能力”(斯图尔特，2003，1)。
来源：何马蒂.2008.经济增加值.高级荣誉论文，P1-29．https://www.doczj.com/doc/6c388469.html,/cgi/viewcontent.cgi
?article=1046&context=honors
文献出处: Waitz M. The small and medium-sized enterprise financing under P2P finance [J]. Journal of Business Research, 2016, 8(6): 81-91. 原文 The small and medium-sized enterprise financing under P2P finance Waitz M Abstract Small and medium-sized enterprise financing difficult is worldwide difficult problem. Article introduces the concept of the Internet financial, mainly summarized the P2P financial in the development of financial innovation and integration of science and technology, a combination of academic research on P2P financial now of the five directions of various views and opinions. Points out the current P2P financial problems in the development of risk control, and analyses the trend of the Internet financial. Keywords: P2P financial; Financial innovation; Risk control 1 Introduction Look from the history of enterprise development, a large enterprise originate from small and medium-sized enterprises. Small and medium-sized enterprises (smes) is the most dynamic part of the national economy, often walk in the forefront of technology development, in the high-tech industry, clean energy, green economy, etc, have good performance, play an important role in the economic transformation. Small and medium-sized enterprise financing difficult is worldwide difficult problem. These small and medium-sized enterprise financing environment and narrow channels, more than 60% are unable to get a bank loan. At present, science and technology enterprises and the characteristics of light assets, financing difficulties, become a huge bottleneck of sustainable development. 2 The concept of the Internet financial In the past two years, the Internet financial show explosive growth, since 2014, the Internet financial sector performance strength. Current economic field exists the phenomenon of two special contradiction, one is the small and medium-sized
外文翻译 原文 The development of e-commerce Material Source:The Economist, 2003 Author:Laudon, K.C When the technology bubble burst in 2000, the crazy valuations for online companies vanished with it, and many businesses folded. The survivors plugged on as best they could, encouraged by the growing number of internet users. Now valuations are rising again and some of the dot-cons are making real profits, but the business world has become much more cautious about the internet’s potential. The funny thing is that the wild predictions made at the height of the boom—namely, that vast chunks of the world economy would move into cyberspace—are, in one way or another, coming true. The raw numbers tell only part of the story. According to America’s Departme nt of Commerce, online retail sales in the world’s biggest market last year rose by 26%, to $55 billion. That sounds a lot of money, but it amounts to only 1.6% of total retail sales. The vast majority of people still buy most things in the good old “brick s-and-mortar” world. But the commerce department’s figures deal with only part of the retail industry. For instance, they exclude online travel services, one of the most successful and fastest-growing sectors of e-commerce. InterActiveCorp (IAC), the owner of https://www.doczj.com/doc/6c388469.html, and https://www.doczj.com/doc/6c388469.html,, alone sold $10 billion-worth of travel last year—and it has plenty of competition, not least from airlines, hotels and car-rental companies, all of which increasingly sell online. Nor do the figures take in things like financial services, ticket-sales agencies, pornography (a $2 billion business in America last year, according to Adult Video News, a trade magazine), online dating and a host of other activities, from tracing ancestors to gambling (worth perhaps $6 billion worldwide). They also leave out purchases in grey markets, such as the online pharmacies that are thought to be responsible for a good proportion of the $700m that Americans spent last year on buying cut-price prescription drugs from across the border in Canada. And there is more. The commerce department’s figures include the fees earned
华北电力大学科技学院 毕业设计（论文）附件 外文文献翻译 学号：121912020115姓名：彭钰钊 所在系别：动力工程系专业班级：测控技术与仪器12K1指导教师：李冰 原文标题：Infrared Remote Control System Abstract 2016 年 4 月 19 日
红外遥控系统 摘要 红外数据通信技术是目前在世界范围内被广泛使用的一种无线连接技术，被众多的硬件和软件平台所支持。红外收发器产品具有成本低，小型化，传输速率快，点对点安全传输，不受电磁干扰等特点，可以实现信息在不同产品之间快速、方便、安全地交换与传送，在短距离无线传输方面拥有十分明显的优势。红外遥控收发系统的设计在具有很高的实用价值，目前红外收发器产品在可携式产品中的应用潜力很大。全世界约有1亿5千万台设备采用红外技术，在电子产品和工业设备、医疗设备等领域广泛使用。绝大多数笔记本电脑和手机都配置红外收发器接口。随着红外数据传输技术更加成熟、成本下降，红外收发器在短距离通讯领域必将得到更广泛的应用。 本系统的设计目的是用红外线作为传输媒质来传输用户的操作信息并由接收电路解调出原始信号，主要用到编码芯片和解码芯片对信号进行调制与解调，其中编码芯片用的是台湾生产的PT2262，解码芯片是PT2272。主要工作原理是：利用编码键盘可以为PT2262提供的输入信息，PT2262对输入的信息进行编码并加载到38KHZ的载波上并调制红外发射二极管并辐射到空间，然后再由接收系统接收到发射的信号并解调出原始信息，由PT2272对原信号进行解码以驱动相应的电路完成用户的操作要求。 关键字：红外线；编码；解码；LM386；红外收发器。 1 绪论
ERP implementation issues in advanced and developing countries Abstract There is an increasing need to implement a total business solution which supports major functionalities of a business. Enterprise resource planning (ERP) software is designed to meet this need, and has been widely adopted by organizations in developed countries. Meanwhile, ERP is beginning to appear in many organizations of developing countries. Little research has been conducted to compare the implementation practices of ERP in developed vs developing countries. Our research shows that ERP technology faces additional challenges in developing countries related to economic, cultural, and basic infrastructure issues. This article identifies a range of issues concerning ERP implementation by making a comparison of advanced and developing countries. Key words: Enterprise Resource management; Implementation; Developing countries. Enterprise resource planning (ERP) is an industry term for the broad set of activities supported by multi-module application software that helps a manufacturer or a service business manage the important parts of its business. Evolving from MRP systems, ERP has played a significant role in IT for several decades. Since the first symbiotic ERP product SAP created in 1972, ERP market revenues are expected to be as high as $52 billion by the year 2002. While there is wide acceptance of ERP in developed countries such as the USA, Canada, the UK, and Australia, developing countries lag far behind. At present, North America occupies 66 percent of the ERP market, Europe takes 22 percent, while the whole of Asia is only at 9 percent. However, due to economic growth, developing countries in Asia and Latin America are becoming major targets of big ERP vendors. ERP in developed countries ERP systems have been widely used by companies in developed countries. Organizations in manufacturing, service, and energy industries adopt ERP to:
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
附件1：外文资料翻译译文 财务报表分析 A.财务比率 我们需要使用财务比率来分析财务报表，比较财务报表的分析方法不能真正有效的得出想要的结果，除非采取的是研究在报表中项目与项目之间关系的形式。例如，只是知道史密斯公司在一个特定的日期中拥有10000美元的现金余额，对我们是没有多大价值的。但是，假如我们知道，这种余额在这种平衡中有4%的流动负债，而一年前的现金余额有25%的流动负债。由于银行家对公司通常要求现金余额保持在银行信用度的20%，不管使用或不使用，如果公司的财务状况出现问题，我们可以立即发现。 我们可以对比比较财务报表中的项目，作出如下结论： 1. 项目之间的资产负债表比较： a）在资产负债表中的一个日期之间的比较，例如项目，现金与流动负债相比； b）同一项目在资产负债表中一个日期与另一个日期之间的比较，例如，现在的现金与一年前比较； c）比较两个项目之间在资产负债表中一个日期和一个相似比率在资产负债表中的另一个日期的比率，例如，现在现金流动负债的比率与另一个项目一年前的相似比率和已经标记的现金状况趋势的比较。 2．项目报表中收入和支出的比较： a）一定时期中的报表项目的比较； b）同一项目在报表中现阶段与上个阶段的比较； c）报表中项目之间的比率与去年相似比率的比较； 3．资产负债表中的项目与报表中收入和支出项目的比较： a）在这些报表项目之间的一个给定的时间内，例如，今年净利润可能以百分比计算今年净值； b）两个报表中项目之间的比率在这几年时间的比较，例如，净利润的比率占今年净值的百分比与去年或者前年的相似比率的比较 如果我们采用上述比较或比率，然后依次比较它们，我们的比较分析结果将获得重要意义：
Inventory management Inventory Control On the so-called "inventory control", many people will interpret it as a "storage management", which is actually a big distortion. The traditional narrow view, mainly for warehouse inventory control of materials for inventory, data processing, storage, distribution, etc., through the implementation of anti-corrosion, temperature and humidity control means, to make the custody of the physical inventory to maintain optimum purposes. This is just a form of inventory control, or can be defined as the physical inventory control. How, then, from a broad perspective to understand inventory control? Inventory control should be related to the company's financial and operational objectives, in particular operating cash flow by optimizing the entire demand and supply chain management processes (DSCM), a reasonable set of ERP control strategy, and supported by appropriate information processing tools, tools to achieved in ensuring the timely delivery of the premise, as far as possible to reduce inventory levels, reducing inventory and obsolescence, the risk of devaluation. In this sense, the physical inventory control to achieve financial goals is just a means to control the entire inventory or just a necessary part; from the perspective of organizational functions, physical inventory control, warehouse management is mainly the responsibility of The broad inventory control is the demand and supply chain management, and the whole company's responsibility. Why until now many people's understanding of inventory control, limited physical inventory control? The following two reasons can not be ignored: First, our enterprises do not attach importance to inventory control. Especially those who benefit relatively good business, as long as there is money on the few people to consider the problem of inventory turnover. Inventory control is simply interpreted as warehouse management, unless the time to spend money, it may have been to see the inventory problem, and see the results are often very simple procurement to buy more, or did not do warehouse departments . Second, ERP misleading. Invoicing software is simple audacity to call it ERP, companies on their so-called ERP can reduce the number of inventory, inventory control, seems to rely on their small software can get. Even as SAP, BAAN ERP world, the field of
互联网金融对传统金融业的影响外文文献翻译(文档含中英文对照即英文原文和中文翻译) 译文： 互联网金融对传统金融业的影响 摘要 网络的发展，深刻地改变甚至颠覆了许多传统行业，金融业也不例外。近年来，金融业成为继商业分销、传媒之后受互联网影响最为深远的领域，许多基于互联网的金融服务模式应运而生，并对传统金融业产生了深刻的影响和巨大的冲击。“互联网金融”成为社会各界关注的焦点。 互联网金融低成本、高效率、关注用户体验，这些特点使其能够充分满足传统金融“长尾市场”的特殊需求，灵活提供更为便捷、高
效的金融服务和多样化的金融产品，大大拓展了金融服务的广度和深度，缩短了人们在时空上的距离，建立了一种全新的金融生态环境；可以有效整合、利用零散的时间、信息、资金等碎片资源，积少成多，形成规模效益，成为各类金融服务机构新的利润增长点。此外，随着互联网金融的不断渗透和融合，将给传统金融行业带来新的挑战和机遇。互联网金融可以促进传统银行业的转型，弥补传统银行在资金处理效率、信息整合等方面的不足；为证券、保险、基金、理财产品的销售与推广提供新渠道。对于很多中小企业来说，互联网金融拓展了它们的融资渠道，大大降低了融资门槛，提高了资金的使用效率。但是，互联网金融的跨行业性决定了它的风险因素更为复杂、敏感、多变，因此要处理好创新发展与市场监管、行业自律的关系。 关键词：互联网金融；商业银行；影响；监管 1 引言 互联网技术的不断发展，云计算、大数据、社交网络等越来越多的互联网应用为传统行业的业务发展提供了有力支持，互联网对传统行业的渗透程度不断加深。20世纪末，微软总裁比尔盖茨就曾断言，“传统商业银行会成为新世纪的恐龙”。如今，随着互联网电子信息技术的发展，我们真切地感受到了这种趋势，移动支付、电子银行早已在我们的日常生活中占据了重要地位。 由于互联网金融的概念几乎完全来自于商业实践，因此目前的研究多集中在探讨互联网金融的具体模式上，而对传统金融行业的影响力分析和应对措施则缺乏系统性研究。互联网与金融行业一向是风险
广东工业大学华立学院 本科毕业设计（论文） 外文参考文献译文及原文 系部经济学部 专业经济学 年级 2007级 班级名称 07经济学6班 学号 16020706001 学生姓名张瑜琴 指导教师陈锶 2011 年05月
目录 1挑战：小额贷款中的进入和商业银行的长期承诺 (1) 2什么商业银行带给小额贷款和什么把他们留在外 (2) 3 商业银行的四个模型进入小额贷款之内 (4) 3.1内在的单位 (4) 3.2财务子公司 (5) 3.3策略的同盟 (5) 3.4服务公司模型 (6) 4 合法的形式和操作的结构比较 (8) 5 服务的个案研究公司模型：厄瓜多尔和Haiti5 (9)
1 挑战：小额贷款中的进入和商业银行的长期承诺 商业银行已经是逐渐重要的运动员在拉丁美洲中的小额贷款服务的发展2到小额贷款市场是小额贷款的好消息客户因为银行能提供他们一完整类型的财务的服务，包括信用，储蓄和以费用为基础的服务。整体而言，它也对小额贷款重要，因为与他们广泛的身体、财务的和人类。如果商业银行变成重的运动员在小额贷款，他们能提供非常强烈的竞争到传统的小额贷款机构。资源，银行能廉宜地发射而且扩张小额贷款服务rela tively。如果商业广告银行在小额贷款中成为严重的运动员，他们能提出非常强烈的竞争给传统的小额贷款机构。然而，小额贷款社区里面有知觉哪一商业银行进入进入小额贷款将会是短命或浅的。举例来说，有知觉哪一商业银行首先可能不搬进小额贷款因为时候建立小额贷款操作到一个有利润的水平超过银行的标准投资时间地平线。或，在进入小额贷款，银行之后可能移动在－上面藉由增加贷款数量销售取利润最大值－或者更坏的事，退出如果他们是不满意与小额贷款的收益性的水平。这些知觉已经被特性加燃料商业银行的情形进入小额贷款和后来的出口之内。在最极端的，一些开业者已经甚至宣布，”降低尺度死！”而且抛弃了与主意合作的商业银行。 在最 signific 看得到的地方，蚂蚁利益商业银行可能带给小额贷款，国际的ACCION 发展发射而且扩张的和一些商业银行的关系小额贷款操作。在这些情形的大部分方面， ACCION 和它的合伙人正在使用方法，已知的当做服务公司模型，表演早答应当做一个能工作的方法克服真正的。 商业银行的障碍进入和穿越建立长命的小额贷款操作一个商业银行 这论文描述如何服务公司模型、住址商业银行中的主要议题进入进小额贷款，监定成功建立的因素动作井小额贷款服务公司，和礼物结果和小额贷款的课servic e 公司用最长的经验，在海地和审判官席 del 的 SOGEBANK│ SOGESOL 初期结果指出那这服务公司模型表现一重要的突破在促成商业银行进入和留在小额贷款。在厄瓜多尔的 Pichincha│ CREDIFE。初期结果指出服务公司模型在促成商业广告中表现一次重要的突破银行进入而且留在小额贷款。
论文题目：关于巴塞尔II：新巴塞尔资本协议的影响 学院名称：财经学院专业班级：金融0814班学生姓名：王庆贺 外文题目：Dealing with Basel II: the impact of the New Basel Capital Accord 出处：Balance Sheet,2003,Vol.11(No.4) 作者：Thomas Garside and Jens Bech 译文： 关于巴塞尔II：新巴塞尔资本协议的影响 托马斯·加赛德和杰尼斯·伯克 摘要：国际监管机构在2003年完成新资本协议，银行决定在2006年底执行这个协议。巴塞尔协议是对全球银行业改革的监管。在本文中，我们回顾新巴塞尔资本协议内容以及一些我们所期望对欧洲银行业发生的重要影响。正如在第一届巴塞尔协议修正案（Basel I）中，我们得出结论，新巴塞尔协议不仅对持有资本额的数量做了规定，还对银行业的战略格局进行展望。 关键词：银行，流动性，监管，风险管理 新巴塞尔资本协议的新规则 巴塞尔委员会虽然只是公布了三分之一，但这很可能是协商的最后新资本协议（Basel II）文件。这项建议如获通过，将会深刻地改变银行的偿付能力的方式，监管机构监管银行风险管理实施过程和银行必须对市场参与者公布的风险信息量，经过讨论会，巴塞尔委员会预计将在2003年底发布的新资本协议的最后草案。 目前的巴塞尔资本协议（Basel I）对达到加强国际金融体系的稳定的既定目标已经有了显著成效，通过在不同国家持续应用本协议的同时，增加了资本水平，创造了一个更公平的竞争领域。总的来说，目前的全球一级资本的平均水平从1993年的约6%升至8%，此外，巴塞尔资本协议已经应用于100多个国家，远远超过最初的预期。 尽管实现其最初目标的成效很明显，很显然，对于巴塞尔我有一些意想不到的不
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
文献信息： 文献标题：INTERNET FINANCE: DIGITAL CURRENCIES AND ALTERNATIVE FINANCE LIBERATING THE CAPITAL MARKETS（互联网金融：数字货币和替代金融解放资本市场） 国外作者：Kim Wales 文献出处：《Journal of Governance and Regulation》, 2015,4(1):190-201 字数统计：英文2505单词，13427字符；中文4405汉字 外文文献： INTERNET FINANCE: DIGITAL CURRENCIES AND ALTERNATIVE FINANCE LIBERATING THE CAPITAL MARKETS Abstract This article discusses how the sudden shift in policy reform and innovation has the potential to liberate the financial markets. The economic potential of internet finance is beginning to take hold across the capital markets as industries like Peer–to–Peer Lending, Equity and Debt based Crowdfunding and virtual currencies and cryptocurrencies which are types of digital currency are quickly transforming the way businesses are being financed. From borrowing and lending, buying and selling securities, to conducting wire transfers internationally, these innovations are creating a new class and generation of investors will source investments opportunities. Helping institutions and governments assess risks and manage performance in order to determine where to deploy capital; and showing signs of lessening the inequality gap. Following the neolithic agricultural revolution and the industrial revolution, this new revolution will enable more people to access financial services in less traditional ways, especially the unbanked world with its huge potential. These new financial opportunities, such as peer –to - peer (P2P) lending, will be discussed and examined, and we will stress how they can allow people to bypass
本科毕业论文（设计） 外文翻译 原文： Network Economics with Application to Finance Networks and network externalities play a central role in the New Industrial Organization. Many network industries, such as telecommunications, railroads etc., are central to modern economic life. Further, the essential relationships among the components of the network, i.e., complimentarily and compatibility, are present in many non-network industries, including financial intermediation and the exchange of financial instruments and assets. In this paper, we analyze and review the essential features of networks and show their application to finance. A crucial feature of networks is that they exhibit network externalities, i.e., production or consumption positive size externalities. In a typical network, the addition of a new customer (or network node) increases the willingness to pay for network services by all participants. When a new node is added to a network, new goods are created. Consumers demand these goods that were unavailable before. Thus, consumers are better off after the new node was added. The benefits of the addition of an extra node (or an extra customer) exceed the private benefits accruing to the particular node (or customer). As an example of this, consider a simple star network consisting of a central node S and peripheral nodes A, B, C, etc., as in Figure 1. This can be a telecommunications network if S is a central switch and A, B, C, etc. are the locations of the various customers. Customers demand phone calls ASB, BSA, ASC, etc. These are composite goods, each comprised of two complementary components; for example ASB is comprised of AS and SB. Networks are by their nature self-reinforcing. This is just another way of saying that they exhibit positive size externalities. As a direct consequence of their self-reinforcing nature, networks frequently exhibit positive critical mass. This means
外文文献及译文 文献、资料题目：Electronic Commerce 外文文献： Electronic Commerce Electronic commerce, or Electronic trade, or electronic business as a newly rising mode of commerce will have far-reaching influence on social economy and play an important role in social development worldwide. It represents the trend of world trade in the 21st century and beyond. 1. What is Electronic Commerce? Electronic commerce refers to commercial data exchange in digital form through electronic transmission means and commercial activities conducted on-line. Usually, electronic commerce can be divided into two levels: One is low-level electronic commerce that is, electronic commercial intelligence, electronic trade, and electronic contracts. Another is high-level electronic commerce which includes all commercial activities done via Internet, ranging from searching for clients, commercial negotia-tion, making orders, on-line payment, releasing electronic invoice, to electronic dec-laration to Customs, electronic tax-payment, all conducted on Internet. Electronic commerce means electrification of all trade transactions. It is featured by these characters: ①fairness and freedom, ②high efficiency, ③globalization, ④virtualization, ⑤interactivity, ⑥autonomy, ⑦personalized service. With electronic commerce, clients and