经济结构决定金融结构外文文献翻译中英文2019-2020
英文
Does economic structure determine financial structure?
Franklin Allen，Laura Bartiloro
Abstract
In this paper, we examine the relationship between the structure of the real economy and a country's financial system. We consider whether the development of the real economic structure can predict the direction of evolution of a country's financial structure. Using data for 108 countries, we find a significant relationship between real economic structure and financial structure. Next, we exploit shocks to the economies in India, Finland and Sweden, and South Korea and show that changes in the economic structure of a country influence the evolution of its financial system. This suggests that financial institutions and capital markets change in response to the structure of industries.
Keywords：Financial system，Economic structure
Introduction
The structures of financial systems vary among industrial and developing countries. In some countries, financial systems are predominantly bank-based, while in others they are dominated by capital markets. Only fragmented theories exist in the literature that explain the prevailing differences in country financial structures, which are defined
as the mix of financial markets, institutions, instruments, and contracts that prescribe how financial activities are organized at a particular date.
The existing studies explain the prevailing differences in financial structures using legal origin and protection, politics, history, and culture as factors. This paper considers the link between the real economic structure and the financial system of a country. Such a relationship is influenced by the funding sources for corporate investment that differ depending on firm and project characteristics (Allen, 1993; Boot and Thakor, 1997; Allen and Gale, 1999). Consistent with this theory, banks are more appropriate for the financing of traditional asset-intensive industries, whereas capital markets favour innovative and risky projects. One implication of this theory is that the real economic structure of a country, whether it is asset intensive or service oriented, could determine its financial structure. For instance, financial systems in countries such as Germany and Japan would remain bank-based as long as their economies are dominated by manufacturing industries. Contrastingly, the financial system in the United States will continue to be market-oriented as long as service and highly innovative companies constitute a large share of the economy. Consequently, the financial systems of the United States, Germany, or Japan will remain at polar extremes because of their economic structures even though the countries are at a similar stage of development.
Robinson (1952) argues that financial intermediaries and markets emerge when required by industries. Consequently, intermediaries and markets appear in response to economic structure. The idea that the form of financing, and thus the country's financial structure, depends on the type of activity that firms engage in has not yet been directly addressed in the literature. To provide evidence of the hypothesis that structure and changes in the real economy determine the direction of evolution of a country's financial system, we first must distinguish the different financial structures across countries. However, although recent attention has shifted to a more systematic classification of financial systems, the literature provides only very broad measures and definitions for classification. Consistent with the literature this study classifies a country's financial system as either bank-based (the German or Japanese model) or market-based (the Anglo-Saxon model). In the bank-based financial system, financial intermediaries play an important role by mobilising savings, allocating credit, and facilitating the hedging, pooling, and pricing of risks. In the market-based financial system, capital markets are the main channels of finance in the economy (Allen and Gale, 2000).
Our theory builds on Rajan and Zingales (2003a) who note that bank-based systems tend to have a comparative advantage in financing fixed-asset-intensive firms rather than high technology research and development-based firms. Rajan and Zingales (2003a) argue that
fixed-asset-intensive firms are typically more traditional and well understood, and the borrower has the collateral to entice fresh lenders if the existing ones prove overly demanding. As per Rajan and Zingales (2003a), loans are well collateralised by physical assets, and therefore are liquid; hence, the concentration of information in the system will not be a barrier to the financing of these assets. Conversely, the authors argue that market-based systems will have a comparative advantage in financing knowledge industries with intangible assets.
Consequently, we suggest that countries with a majority of physical-asset-intensive firms, depending on external finance, will be more likely to possess a bank-oriented financial system. However, capital markets should develop more effectively in countries with firms that are based on knowledge and intangible assets. We test this hypothesis by identifying fixed-asset-intensive firms within the economic sector defined as industry by the standard classification system for economic activity. Conversely, in this study the service sector acts as a proxy for knowledge and intangible asset firms. The relative importance of the two types of firms in an economy will be represented by the relative volume of activity of the two different economic sectors. The standard system of classification for economic activity includes a third sector, agriculture. We classify agriculture as a physical-asset-intensive industry because land and agricultural machinery may be used as collateral and, therefore,
we assume that firms in the agricultural sector will prefer bank financing over capital markets.
We first present some historical evidence showing the nexus between real economic structure and financial system. In order to test our outlined hypothesis, we use a panel data set for 108 countries and employ both the panel OLS and a two-step generalised-method-of-moments (GMM) system. Additionally, we investigate the robustness of the results by introducing different additional control variables and testing the heterogenous effects. The results suggest that there is a negative and significant relationship between a country's economic structure (industry versus service sector) and financial system structure (stock market versus banking sector). In economies where the service sector carries more weight economically than industry and agriculture, the country tends to have a market-based financial system. In contrast, a bank-based financial system is more likely to emerge in economies with many fixed-asset-intensive firms.
Next, we conduct event studies using the treatment effect estimation to isolate the endogeneity concerns. We analyse different types of exogenous shock to the structure of the real economy and its impact on financial structure. We employ three events that changed the economic structures of the countries and further investigate their impact on the financial structure using a difference-in-difference strategy. The first
event is India's structural reforms in 1991 as a positive shock to the country's economy; the second one is the demise of the Soviet Union as a negative shock to the economy of Finland and Sweden; the third one is the economic reforms in the 1980s and early 1990s in South Korea. In India and South Korea we find that after the structural reforms of the economies, the service sector grew in relative terms and the stock markets in both countries experienced significantly faster growth than their banking systems, compared to the control countries. In Finland and Sweden we document that following the negative shock the service sector gained in relative importance, which was followed by the faster growth of the equity market in comparison to the banking system. Overall, the results of the three different event studies confirm our hypothesis that the relative importance of financial intermediaries and markets is determined by the industry needs of a country.
The findings of this study are interesting from a regulatory perspective and lend insight into the development of financial structures worldwide. The main policy implications from this study are that financial structures should be evaluated in terms of whether they meet the requirements of the real economy and industries. Furthermore the financial structure cannot be changed as long as the economic structure does not change. The results provide insight into the reasons for limited capital markets growth in developing countries despite official
stimulation efforts from governments and multilateral organisations (Schmukler et al., 2007). According to our study of many developing countries, as long as economies remain relatively agriculture- and industry-oriented, any government effort to create or further develop a capital market is likely to not to be very successful. Additionally, any regulation that attempts to force a change in the financial system may result in a discrepancy in the economic and financial structure. Therefore, such efforts or regulations may introduce financial constraints that can further stall economic growth because financial structure influences output levels and economic growth (Levine and Zervos, 1998; Luintel et al., 2008).
The real economy and finance nexus
A number of explanations for financial structure exist in the literature; however, none are able to provide a comprehensive account of the observations. The first explanation is based on legal origin and investor protection. Levine (1997) builds on the work of La Porta et al. (1997, 1998); henceforth LLSV) stating that legal systems originate from a limited number of legal traditions: English common law or French, German, and Scandinavian civil law. In his study on financial development and economic growth, the author employs measures of creditors' rights and demonstrates that they may explain the emergence of bank-based financial systems. Modigliani and Perotti (2000) argue
that legal institutionsdetermine the degree of financial development and the financial structure of a country. They argue that market-based systems flourish in environments with strong institutions. Ergungor (2004) also attempts to explain differences in financial structure by examining legal origin across countries. His study presents evidence that countries with civil law financial systems are more likely to be bank-oriented than common law countries. In the author's opinion, this evolution is a result of effective rule of law in common law countries, which improves shareholder and creditor rights protection. A perspective has emerged in the literature that legal origin can be used to explain the structure of a financial system.
However, Rajan and Zingales (2003a) argue that countries with a common law system did not rely on markets to a greater extent than civil law systems at the beginning of the last century. They report that in 1913, the ratio of France's stock market capitalisation to GDP was twice as high as that of the United States, which is a country that has an environment that favours capital market development according to the legal origin perspective. It is therefore problematic to argue that legal origin is the main determinant of financial structure. The view presented below is that both the structure of the financial system and the laws will adapt to the needs and demands of the economy. One example of this is branching regulation in the United States banking sector. Rajan and Zingales
(2004) note that as technology improved the ability of banks to lend and borrow from customers at a distance, competition increased in the United States even when banks had no in-state branches. Politicians who could not prevent this competition because they lacked jurisdiction, withdrew the regulations that limited branching. Another example is the removal of the Glass-Steagall Act, which had restricted banking activities in the United States since 1933. In this case, the introduction of the Financial Modernisation Act in 1999 followed the creation of the first financial holding company in the United States and removed past restrictions. Therefore, we argue that economic demand may enhance the evolution of the financial structures and of the legal system.
The existing empirical results show also that legal investor protection may support financial development. For example, LLSV (1997) show that countries with poorer investor protection have less developed capital markets. Demirgü?-Kunt and Levine (2004) find that countries with stronger protection for shareholder rights tend to have a more market-based financial system. Djankov et al. (2007) investigate cross-country determinants of private credit and find that legal creditor rights are statistically significant and quantitatively important in determining private credit development, while there is no evidence showing that creditor rights are converging among legal origins. Moreover, Djankov et al. (2007) confirm that shareholder protection is
positively related to stock market development.
The second explanation for financial structure is based on political factors. Biais and Perotti (2002) provide a theoretical model of government incentives to structure privatisation policy so that financial shareholders are diffused, which may be designed to ensure re-election. Additionally, Perotti and V olpin (2004)argue that established firms have an incentive to limit entry by retarding financial development, which may well impact the financial structure. Perotti and von Thadden (2006) use a theoretical model to demonstrate the effect of the distribution of income and wealth in democratic societies and their influence on the financial structure of an economy.
Moreover, according to Rajan and Zingales (2003a, 2004) structures of the financial system are unstable and evolve over time. They argue that a financial system will develop toward the optimal structure but will be hindered by politics, which are often influenced by powerful, incumbent groups. Similarly, Cull and Xu (2013) argue that financial development is driven by political economy. In their opinion financial development may reflect the interests of the elite, rather than providing broad-based access to financial services. Song and Thakor (2012a, b) develop a theory of how a financial system is influenced by political intervention that is designed to expand credit availability. They show that the relationship between political intervention and financial system development is
nonmonotonic. In the early stage of financial development, the size of markets is relatively small and politicians intervene by controlling some banks and providing capital subsidies, while in the advanced stage when the financial sector is most developed, political intervention returns in the form of direct-lending regulation.
Industrial-level evidence
To check the robustness of our main results we conduct a wide array of additional analyses; however, for brevity we do not report them in full. First, we check the consistency of the results after removing outliers. These outliers are eliminated after considering the scatter plot of the main financial and economic structure indicators. We eliminate those countries that fall particularly far from the regression line and then repeat the estimation on the new sample. After eliminating the extreme observations, we still find a significant and negative relationship between economic and financial structure. Second, we increase the set of explanatory variables and add variables for country GDP, inflation, area, latitude, dummies for landlocked economies, transition economies, or developing countries. Including these variables does not affect either the significance level or the sign of the estimated coefficients. Third, we divide the countries in the sample into two groups based on their membership in the OECD. We assume that countries belonging to the OECD are on average more developed than non-OECD member countries. Using the two separate
samples we compute again the baseline regressions. The results indicate that the relationship between financial structure and economic structure is much stronger in industrial countries than in developing countries. One possible explanation for this result is the different development stage of the financial system itself. In developing countries, the financial structure is emerging and adjusting to the needs of the real economy at the same time. Moreover, rapid changes in the financial structure are often caused by additional factors such as liberalization or political transformation. Conversely, in most of the industrial countries, we may assume that the financial system may already have an optimal structure, whereas changes are only caused in case of significant changes in the economic structure, which takes substantial time.
Fourth, in the case of the OECD countries the data availability on the composition of value added for most of the industries allows us to calculate an alternative measure of economic structures, where we control for the firm asset characteristics in the given industry. In this analysis, the primary data source is the OECD STAN database for industrial analysis, which enables retrieval of gross value added for 47 industries representing nine main sectors of the economy in 25 countries. We divide the industries using firm specific characteristics from either an asset-intensive or knowledge sector, where we measured asset intensity as the ratio of tangible assets (property, plant and equipment) to total book
assets of the firm in the industry, whereas the company specific data was computed using data from the Bureau van Dijk's ORBIS database.
According to our theory, asset-intensive firms with tangible assets may use the assets to collateralise their bank debt. Hence, in countries dominated by asset-intensive industries bank-based financial systems are more likely to emerge. In contrast, knowledge-based companies with a low level of tangible assets are often forced to use either equity or bonds to finance their needs. Therefore, countries dominated by industries with intangible assets are more likely to have a market-based financial system.
Classifying industries as either asset or tangible asset intensive, where we distinguish industries using ratios calculated on firm level data, we again construct two alternative measures for economic structure and employ them in the basic regression. The results of those regressions are similar to those we have presented previously and the coefficients of the economic structure were again negative and statistically significant. Overall the robustness tests at the industry-level also confirm our findings on the link between economic structure and financial structure.
Conclusion
Our results provide new evidence concerning the causes and causality of the direction of evolution of the financial system structure. Using both OLS, dynamic panel techniques and event studies we
document that the economic structure is closely linked to the shape of the financial system. We find that countries with asset-intensive sectors are more likely to have a bank-based system. Conversely, countries with sectors that are based on knowledge and intangible assets are likely to exhibit a market-based financial system. The results suggest that the structure of the real economy may influence the structure of the financial system. Additionally, even during systemic crises, such a relationship still holds. Moreover, we conduct event studies using a difference-in-difference strategy in order to address the problems of potential endogeneity. We use different shocks that alter the economic structures in India, Finland and Sweden, and South Korea. In all the countries the shocks resulted in significant development of the service sector relative to the industry sector. The changes in economic structure were followed by changes in the structure of financial system, where the stock market gained on importance relative to the banking sector. Consequently, the results of the event studies suggest a causal relation between economic structure and financial structure.
In our opinion, these results present a missing link in the explanation as to why country financial structures still differ. The results, however, confirm that other factors may influence the structure of the financial system. Consequently, a financial system may not always have an optimal structure, which may be a result of political arrangements or the interests
of incumbent groups (Rajan and Zingales, 2003a,b). Therefore, we assume that financial systems may not always be able to reach their optimal structure. However, as existing barriers are removed the structure of a financial system may develop and gain ground, but it would be independent of further changes in the real economic structure. Finally, when the financial system has reached its optimal structure with respect to the characteristics of the real economy, our theory implies that any increase in the significance of fixed-asset-intensive sectors would lead to an increase in the role of banks with respect to the stock market.
The main policy implications of the model are that despite efforts from governments and multilateral organisations, particular those from the emerging economies, country capital markets will not grow in size or activity as long as the economy remains asset-intensive. Therefore, governments should focus on improving the transparency or efficiency of the existing financial structure and less on the development of the stock market because the market will develop as soon as the economic structure changes. These results are consistent with Robinson (1952).
Finally, this study contributes to the ongoing debate on the relative merits of bank-based versus market-based financial systems with respect to the promotion of economic growth. Our paper presents plausible explanations to Luintel et al. (2008), that financial structure matters with respect to economic growth.
中文
经济结构决定金融结构吗？
富兰克林·艾伦，劳拉·巴蒂洛罗
摘要
在本文中，我们研究了实体经济结构与一国金融体系之间的关系。我们考虑实体经济结构的发展是否可以预测一个国家金融结构的发展方向。使用108个国家/地区的数据，我们发现实际经济结构与金融结构之间存在显着的关系。接下来，我们利用对印度，芬兰，瑞典和韩国经济的冲击，并表明一国经济结构的变化会影响其金融体系的发展。这表明金融机构和资本市场是根据产业结构而变化的。
关键词：金融体系，经济结构
引言
工业国家和发展中国家的金融体系结构各不相同。在某些国家，金融体系主要以银行为基础，而在另一些国家，则以资本市场为主导。文献中仅存在零散的理论，这些理论解释了国家金融结构中的普遍差异，这些差异定义为规定了特定日期的金融活动组织方式的金融市场，机构，工具和合同的组合。
现有研究使用法律渊源和保护，政治，历史和文化作为因素来解释金融结构中的普遍差异。本文考虑了一个国家的实际经济结构与金融体系之间的联系。这种关系受到公司投资资金来源的影响，资金来源根据公司和项目的特点而有所不同（Allen，1993；Boot和Thakor，1997；Allen和Gale，1999）。与该理论一致，银行更适合于传统的
资产密集型产业的融资，而资本市场则偏向创新和高风险的项目。该理论的一个含义是，一个国家的实际经济结构，无论是资产密集型还是服务型，都可以决定其金融结构。例如，只要德国和日本等国家的经济以制造业为主导，它们的金融体系将仍然以银行为基础。相反，只要服务和高度创新的公司在经济中占很大比重，美国的金融体系将继续以市场为导向。因此，即使美国，德国或日本的经济结构处于相似的发展阶段，它们的经济结构仍将处于极端的极端状态。
罗宾逊（Robinson，1952）认为，金融中介和市场是在行业需要时出现的。因此，中介机构和市场是对经济结构的回应。关于融资形式以及国家金融结构取决于企业从事的活动类型的想法尚未在文献中得到直接解决。为了提供有关实体经济的结构和变化决定一个国家金融体系发展方向的假说的证据，我们首先必须区分国家之间的不同金融结构。但是，尽管最近的注意力已转移到对金融系统进行更系统的分类，但文献仅提供了非常广泛的分类方法和定义。与文献相一致，本研究将一个国家的金融系统分为基于银行的模型（德国或日本模型）或基于市场的模型（盎格鲁-撒克逊模型）。在基于银行的金融系统中，金融中介机构通过调动储蓄，分配信贷以及促进对冲，分担和定价风险发挥了重要作用。在基于市场的金融体系中，资本市场是经济中金融的主要渠道（Allen and Gale，2000）。
我们的理论是建立在Rajan和Zingales（2003a）的基础上的，他们指出，基于银行的系统在为固定资产密集型企业提供融资方面比在高科技研发为基础的公司上具有比较优势。Rajan和Zingales（2003a）
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
https://www.doczj.com/doc/8211657917.html,/finance/company/consumer.html Consumer finance company The consumer finance division of the SG group of France has become highly active within India. They plan to offer finance for vehicles and two-wheelers to consumers, aiming to provide close to Rs. 400 billion in India in the next few years of its operations. The SG group is also dealing in stock broking, asset management, investment banking, private banking, information technology and business processing. SG group has ventured into the rapidly growing consumer credit market in India, and have plans to construct a headquarters at Kolkata. The AIG Group has been approved by the RBI to set up a non-banking finance company (NBFC). AIG seeks to introduce its consumer finance and asset management businesses in India. AIG Capital India plans to emphasize credit cards, mortgage financing, consumer durable financing and personal loans. Leading Indian and international concerns like the HSBC, Deutsche Bank, Goldman Sachs, Barclays and HDFC Bank are also waiting to be approved by the Reserve Bank of India to initiate similar operations. AIG is presently involved in insurance and financial services in more than one hundred countries. The affiliates of the AIG Group also provide retirement and asset management services all over the world. Many international companies have been looking at NBFC business because of the growing consumer finance market. Unlike foreign banks, there are no strictures on branch openings for the NBFCs. GE Consumer Finance is a section of General Electric. It is responsible for looking after the retail finance operations. GE Consumer Finance also governs the GE Capital Asia. Outside the United States, GE Consumer Finance performs its operations under the GE Money brand. GE Consumer Finance currently offers financial services in more than fifty countries. The company deals in credit cards, personal finance, mortgages and automobile solutions. It has a client base of more than 118 million customers throughout the world
文献信息： 文献标题：Challenges and opportunities affecting the future of human resource management（影响人力资源管理未来的挑战和机遇） 国外作者：Dianna L. Stone，Diana L. Deadrick 文献出处：《Human Resource Management Review》, 2015, 25(2):139-145 字数统计：英文3725单词，21193字符；中文6933汉字 外文文献： Challenges and opportunities affecting the future of human resource management Abstract Today, the field of Human Resource Management (HR) is experiencing numerous pressures for change. Shifts in the economy, globalization, domestic diversity, and technology have created new demands for organizations, and propelled the field in some completely new directions. However, we believe that these challenges also create numerous opportunities for HR and organizations as a whole. Thus, the primary purposes of this article are to examine some of the challenges and opportunities that should influence the future of HR. We also consider implications for future research and practice in the field. Keywords: Future of human resource management, Globalization, Knowledge economy Diversity, Technology 1.Change from a manufacturing to a service or knowledge economy One of the major challenges influencing the future of HR processes is the change from a manufacturing to a service or knowledgebased economy. This new economy is characterized by a decline in manufacturing and a growth in service or knowledge as the core of the economic base. A service economy can be defined as a system based on buying and selling of services or providing something for others (Oxford
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:
毕业设计（论文）外文参考文献及译文 英文题目Component-based Safety Computer of Railway Signal Interlocking System 中文题目模块化安全铁路信号计算机联锁系统 学院自动化与电气工程学院 专业自动控制 姓名葛彦宁 学号 200808746 指导教师贺清 2012年5月30日
Component-based Safety Computer of Railway Signal Interlocking System 1 Introduction Signal Interlocking System is the critical equipment which can guarantee traffic safety and enhance operational efficiency in railway transportation. For a long time, the core control computer adopts in interlocking system is the special customized high-grade safety computer, for example, the SIMIS of Siemens, the EI32 of Nippon Signal, and so on. Along with the rapid development of electronic technology, the customized safety computer is facing severe challenges, for instance, the high development costs, poor usability, weak expansibility and slow technology update. To overcome the flaws of the high-grade special customized computer, the U.S. Department of Defense has put forward the concept：we should adopt commercial standards to replace military norms and standards for meeting consumers’demand [1]. In the meantime, there are several explorations and practices about adopting open system architecture in avionics. The United Stated and Europe have do much research about utilizing cost-effective fault-tolerant computer to replace the dedicated computer in aerospace and other safety-critical fields. In recent years, it is gradually becoming a new trend that the utilization of standardized components in aerospace, industry, transportation and other safety-critical fields. 2 Railways signal interlocking system 2.1 Functions of signal interlocking system The basic function of signal interlocking system is to protect train safety by controlling signal equipments, such as switch points, signals and track units in a station, and it handles routes via a certain interlocking regulation. Since the birth of the railway transportation, signal interlocking system has gone through manual signal, mechanical signal, relay-based interlocking, and the modern computer-based Interlocking System. 2.2 Architecture of signal interlocking system Generally, the Interlocking System has a hierarchical structure. According to the function of equipments, the system can be divided to the function of equipments; the system
XXX学院 毕业设计(论文)外文资料翻译 学院：计算机与软件工程学院 专业：计算机科学技术(软件工程方向) 姓名： 学号： 外文出处：GoyKakus.THE RESEARCH OFCUSTOMER RELATIONSHIP MANAGEMENT STRATEGY [J]. International Journal of Management Research & Review, 2017, 1(9): 624-635. 附件： 1.外文资料翻译译文；2.外文原文。 注：请将该封面与附件装订成册。
附件1：外文资料翻译译文 客户关系管理战略研究 Goy Kakus 摘要 客户关系管理解决方案，通过为你提供客户业务数据来帮助你提供客户想要的服务或产品,提供更好的客户服务、交叉销售和更有效的销售,达成交易,保留现有客户并更好地理解你的客户是谁。本文探讨了客户关系管理模型在获得、保持与发展策略方面的优势。然而,我们对其定义和意义还存在一些困惑。本文通过考察关系营销和其他学科方面的相关文献，解释了客户关系管理的概念基础,从而对客户关系管理的知识作出了贡献。 关键词:客户关系管理模型, 客户关系管理的博弈改变者与关键策略 引言 CRM 是客户关系管理的简称。它的特征在于公司与客户的沟通,无论是销售还是服务相关的。客户关系管理这一术语经常用来解释企业客户关系,客户关系管理系统也以同样的方式被用来处理商业联系, 赢得客户,达成合同和赢得销售。 客户关系管理通常被考虑作为一个业务策略，从而使企业能够: *了解客户 *通过更好的客户体验留住客户 *吸引新客户 *赢得新客户和达成合同 *提高盈利 *减少客户管理成本 *通过服务台等工具软件,电子邮件组织者和不同类型的企业应用程序，企业业务经常寻求个性化的在线体验。 设计精良的客户关系管理包括以下特征: 1．客户关系管理是一种以顾客为中心并以客户投入为基础的服务响应，一对一的解决客户的必需品, 买家和卖家服务中心直接在线互动,帮助客户解决他
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：
Dashboard From Wikipedia, the free encyclopedia This article is about a control panel placed in the front of the car. For other uses, see Dashboard (disambiguation). The dashboard of a Bentley Continental GTC car A dashboard (also called dash, instrument panel (IP), or fascia) is a control panel located directly ahead of a vehicle's driver, displaying instrumentation and controls for the vehicle's operation. Contents 1.Etymology 2.Dashboard features 3.Padding and safety 4.Fashion in instrumentation 5.See also 6.References Etymology Horse-drawn carriage dashboard Originally, the word dashboard applied to a barrier of wood or leather fixed at the front of a horse-drawn carriage or sleigh to protect the driver from mud or other debris "dashed up" (thrown up) by the horses' hooves.[1] Commonly these boards did not perform any additional function other than providing a convenient handhold for ascending into the driver's seat, or a small clip with which to secure the reins when not in use. When the first "horseless carriages" were constructed in the late 19th century, with engines mounted beneath the driver such as the Daimler Stahlradwagen, the simple dashboard was retained to protect occupants from debris thrown up by the cars' front wheels. However, as car design evolved to position the motor in front of the driver, the dashboard became a panel that protected vehicle occupants from the heat and oil of the engine. With gradually increasing mechanical complexity, this panel formed a convenient location for the placement of gauges and minor controls, and from this evolved the modern instrument panel,
Project Budget Monitor and Control Author：Yin Guo-li Nationality：American Derivation：Management Science and Engineering.Montreal: Mar 20, 2010 . With the marketing competitiveness growing, it is more and more critical in budget control of each project. This paper discusses that in the construction phase, how can a project manager be successful in budget control. There are many methods discussed in this paper, it reveals that to be successful, the project manager must concern all this methods. 1. INTRODUCTION The survey shows that most projects encounter cost over-runs (Williams Ackermann, Eden, 2002,pl92). According to Wright (1997)'s research, a good rule of thumb is to add a minimum of 50% to the first estimate of the budget (Gardiner and Stewart, 1998, p251). It indicates that project is very complex and full of challenge. Many unexpected issues will lead the project cost over-runs. Therefore, many technologies and methods are developed for successful monitoring and control to lead the project to success. In this article, we will discuss in the construction phase, how can a project manager to be successful budget control. 2. THE CONCEPT AND THE PURPOSE OF PROJECT CONTROL AND MONITOR Erel and Raz (2000) state that the project control cycle consists of measuring the status of the project, comparing to the plan, analysis of the deviations, and implementing any appropriate corrective actions. When a project reach the construction phase, monitor and control is critical to deliver the project success. Project monitoring exists to establish the need to take corrective action, whilst there is still time to take action. Through monitoring the activities, the project team can analyze the deviations and decide what to do and actually do it. The purpose of monitor and control is to support the implementation of corrective actions, ensure projects stay on target or get project back on target once it has gone off target。
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
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
中南大学CentralSouthUniversity 本科毕业设计英文文献翻译题目 学生姓名 学号 指导教师 学院 专业班级 二○一六年一月八日
Spring 的web MVC 构架模式 Juergen Hoeller 1、介绍：Spring 的应用构架 当你第一次看到并接触Spring框架的时候，你一定会在心里想到；“哦哦，不不，这又是另一种Web构架”。这篇文章将会指出Spring框架不是什么特殊的web框架，而是一个通用的轻量级的应用程序框架，在专用网络支持下的应用程序框架。并且它会告诉你Spring框架明显区别于其他轻量级application framework，它将专注于web的支持，与struts和webwork有着明显的区别。 在和struts和webwork的对比上之中，Spring框架是一个服务于所有层面上的application framework：提供了bean的配置基础，AOP的支持，JDBC的提取框架，抽象事务支持，等等诸如此类。它有一个非常显著的特点：在某个层面上如果你不需要Spring的支持，它有一个非常显著的特点：在某个层面上如果你不需要Spring的支持，你就可以不使用Spring框架的class（类），只使用它的某一部分的功能。从它的设计理念，你可以看到Spring框架帮助你实现了真正的逻辑层和web层的成功分离：例如：一个校验应用将不用依靠controllers，就可以实现。这样的目标是更好的重用和易测：过分依靠不必要的容器和框架将不能实现这一点。 当然，Spring的自己本身的web支持和通常框架模式的细致完整。然而，Spring替换struts，webwork或者其他的web方案非常的容易。这个对于Spring 的web支持或者不同的地方，Spring允许你在web容器里面建立一个中间层，在测试环境或者标准独立的应用里面来设置重用你的商务逻辑。 还有就是在J2EE环境里面，可以让你你的商务逻辑不必依靠容器提供的服务，就比如像JTA，EJB的支持。良好的框架的一个web应用是可以运行在任何
XXX 学院 毕业设计(论文)外文资料翻译 学院：计算机与软件工程学院 专业：计算机科学技术(软件工程方向) 姓名： 学号： 外文出处：Goy Kakus.THE RESEARCH OFCUSTOMER RELATIONSHIP MANAGEMENT STRATEGY [J]. International Journal of Management Research & Review, 2017, 1(9): 624-635. 附件： 1.外文资料翻译译文；2.外文原文。 注：请将该封面与附件装订成册。
附件1：外文资料翻译译文 客户关系管理战略研究 Goy Kakus 摘要 客户关系管理解决方案，通过为你提供客户业务数据来帮助你提供客户想要的服务或产品,提供更好的客户服务、交叉销售和更有效的销售,达成交易,保留现有客户并更好地理解你的客户是谁。本文探讨了客户关系管理模型在获得、保持与发展策略方面的优势。然而,我们对其定义和意义还存在一些困惑。本文通过考察关系营销和其他学科方面的相关文献，解释了客户关系管理的概念基础,从而对客户关系管理的知识作出了贡献。 关键词:客户关系管理模型, 客户关系管理的博弈改变者与关键策略 引言 CRM 是客户关系管理的简称。它的特征在于公司与客户的沟通,无论是销售还是服务相关的。客户关系管理这一术语经常用来解释企业客户关系,客户关系管理系统也以同样的方式被用来处理商业联系, 赢得客户,达成合同和赢得销售。 客户关系管理通常被考虑作为一个业务策略，从而使企业能够: *了解客户 *通过更好的客户体验留住客户 *吸引新客户 *赢得新客户和达成合同 *提高盈利 *减少客户管理成本 *通过服务台等工具软件,电子邮件组织者和不同类型的企业应用程序，企业业务经常寻求个性化的在线体验。 设计精良的客户关系管理包括以下特征: 1．客户关系管理是一种以顾客为中心并以客户投入为基础的服务响应，一对一的解决客户的必需品, 买家和卖家服务中心直接在线互动,帮助客户解决他