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翻译外文资料翻译译文范文

翻译外文资料翻译译文范文
翻译外文资料翻译译文范文

翻译外文资料翻译译文范文

这个样本的分析表明,买方在跨境并购中的低收益和国内兼并是相对的。1870亿美元的收购的股东资产在宣告收购的三天内被摧毁。这个结果揭示了造成损失的原因,因为买家跨国采购的规模变大,而且更容易遭受代理问题(默勒等,xx)。

结果还显示,估值取决于收购前期的信息收集,这影响境内收购者的决定。买家在经营合资企业的购置资产中获得巨大的收益,可以得出,在管理资产时要从信息中获利收益。我们假设,这些收益与被解决的不确定程度成正相关,这样的话,收购经验丰富的国家和地区,存在高层次的投资风险,也存在较高的投资回报率。

没有证据表明,购买者在较高的不确定性投资中,从闲置资本投资和有微小优势的投资中获得收益。有微小优势的投资和分期付款的投资引致买家在国内更大的收益,但不是跨境并购。使用股票作为支付方式与收购者的超额回报成负相关。

这些结果表明,合资企业可以作为一个过渡性的机制来减少跨境并购中的不确定性。但是,只有一小部分资产由合资企业共同经营,这表明控制偏好(或合资企业所有权分享撤销),超过了合资企业收购前的收益。

下一节介绍了文献综述和假定。第3节讨论样品。第4节分析价值对收购者的影响。第5节介绍价值的不确定性和国家投资风险。

2 文献回顾和假设

2.1有关国际并购的文献

此前对于跨国并购的研究,主要集中于美国买家或任何美国目标,并且对这些交易的期限和国家依靠的经济后果进行了分析。丹尼斯等在1984年至1997年对美国企业中的44,288家比较强大的企业进行分析观察中发现全球性多元化是与企业价值的减少相关联的。莫乐和斯克林格曼在 1985年至1995年对美国企业4430份并购分析发现投标人的经验是低收益跨国收购。柴特吉和奥通过对英国公司的研究以及艾克波和索伯恩对 ___公司的研究也发表了类似的发现。

其他分析发现,收购回报比较小。杜卡斯和特雷乌勒(1988)发现,平均来看,从1975年到1983年由202个美国公司所进行的301起并购并没有收获收益。然而,这些跨国企业以异常的收益率进入国际市场,这还是第一次。凯茨等 (1996)对1983年到1992年期间195个美国公司的境外买家研究,并发现外资收购的经验丰富,然而样本中的美国公司在国外公司并购上没有丰富的经历。凯

玛(xx)发现从1989年到1999年期间391个美国投标人参与金融机构的国际并购且有微不足道的涨幅。

弗罗因德等(xx)对1985年到1998年的194个外国公司收购中分析,并发现了具有积极意义的CARs收购。类似的结果也由弗朗西斯等(xx)提出。阿格布和马丁对1984年到1996年165起美国公司收购外国公司研究,并发现买家的正收益。

2.2减少跨国并购风险的机制

虽然估值影响跨国并购仍未有定论,但是这些客户面临更高水平的不确定性。不同的会计与信息披露要求使得尽职调查过程变得复杂。由于文化的差异使得资产的同化变得困难,这也就决定了商业如何运行。此外,对小股东光和合同股东执行不同程度的法律制度,以增加难度值来实现未来现金流量。

如何才能减少跨界买家收购的不确定性?汝尔(xx)提出了队伍的业务关系支付和使用。将股票作为货币使用可以视为一种合同工具,来减少投资风险,因为它具有定价效应(海森,1987)。目标公司,接受股票,对收购的价值以及资产的转移发出积极的信息。反过来买家传达自身素质的信号,文献翻译范文当它被高估的时候他们更倾向于用他们自己的股票 (迈尔斯和马基洛夫,1984)。因此,

最终市场对股票使用的反应取决于关于买家的不对称信息的水平以及他们的相对议价地位。

为您准备的翻译外文资料翻译译文范文,希望可以帮到您!

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《翻译外文资料翻译译文范文》是篇好,主要描述收购、资产,买家、合资企业、并购、信息,投资、分析,希望大家能有所收获。

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计算机专业外文文献及翻译

微软Visual Studio 1微软Visual Studio Visual Studio 是微软公司推出的开发环境,Visual Studio可以用来创建Windows平台下的Windows应用程序和网络应用程序,也可以用来创建网络服务、智能设备应用程序和Office 插件。Visual Studio是一个来自微软的集成开发环境IDE,它可以用来开发由微软视窗,视窗手机,Windows CE、.NET框架、.NET精简框架和微软的Silverlight支持的控制台和图形用户界面的应用程序以及Windows窗体应用程序,网站,Web应用程序和网络服务中的本地代码连同托管代码。 Visual Studio包含一个由智能感知和代码重构支持的代码编辑器。集成的调试工作既作为一个源代码级调试器又可以作为一台机器级调试器。其他内置工具包括一个窗体设计的GUI应用程序,网页设计师,类设计师,数据库架构设计师。它有几乎各个层面的插件增强功能,包括增加对支持源代码控制系统(如Subversion和Visual SourceSafe)并添加新的工具集设计和可视化编辑器,如特定于域的语言或用于其他方面的软件开发生命周期的工具(例如Team Foundation Server的客户端:团队资源管理器)。 Visual Studio支持不同的编程语言的服务方式的语言,它允许代码编辑器和调试器(在不同程度上)支持几乎所有的编程语言,提供了一个语言特定服务的存在。内置的语言中包括C/C + +中(通过Visual C++),https://www.doczj.com/doc/c514330927.html,(通过Visual https://www.doczj.com/doc/c514330927.html,),C#中(通过Visual C#)和F#(作为Visual Studio 2010),为支持其他语言,如M,Python,和Ruby等,可通过安装单独的语言服务。它也支持的 XML/XSLT,HTML/XHTML ,JavaScript和CSS.为特定用户提供服务的Visual Studio也是存在的:微软Visual Basic,Visual J#、Visual C#和Visual C++。 微软提供了“直通车”的Visual Studio 2010组件的Visual Basic和Visual C#和Visual C + +,和Visual Web Developer版本,不需任何费用。Visual Studio 2010、2008年和2005专业版,以及Visual Studio 2005的特定语言版本(Visual Basic、C++、C#、J#),通过微软的下载DreamSpark计划,对学生免费。 2架构 Visual Studio不支持任何编程语言,解决方案或工具本质。相反,它允许插入各种功能。特定的功能是作为一个VS压缩包的代码。安装时,这个功能可以从服务器得到。IDE提供三项服务:SVsSolution,它提供了能够列举的项目和解决方案; SVsUIShell,它提供了窗口和用户界面功能(包括标签,工具栏和工具窗口)和SVsShell,它处理VS压缩包的注册。此外,IDE还可以负责协调和服务之间实现通信。所有的编辑器,设计器,项目类型和其他工具都是VS压缩包存在。Visual Studio 使用COM访问VSPackage。在Visual Studio SDK中还包括了管理软件包框架(MPF),这是一套管理的允许在写的CLI兼容的语言的任何围绕COM的接口。然而,MPF并不提供所有的Visual Studio COM 功能。

外文翻译

Load and Ultimate Moment of Prestressed Concrete Action Under Overload-Cracking Load It has been shown that a variation in the external load acting on a prestressed beam results in a change in the location of the pressure line for beams in the elastic range.This is a fundamental principle of prestressed construction.In a normal prestressed beam,this shift in the location of the pressure line continues at a relatively uniform rate,as the external load is increased,to the point where cracks develop in the tension fiber.After the cracking load has been exceeded,the rate of movement in the pressure line decreases as additional load is applied,and a significant increase in the stress in the prestressing tendon and the resultant concrete force begins to take place.This change in the action of the internal moment continues until all movement of the pressure line ceases.The moment caused by loads that are applied thereafter is offset entirely by a corresponding and proportional change in the internal forces,just as in reinforced-concrete construction.This fact,that the load in the elastic range and the plastic range is carried by actions that are fundamentally different,is very significant and renders strength computations essential for all designs in order to ensure that adequate safety factors exist.This is true even though the stresses in the elastic range may conform to a recognized elastic design criterion. It should be noted that the load deflection curve is close to a straight line up to the cracking load and that the curve becomes progressively more curved as the load is increased above the cracking load.The curvature of the load-deflection curve for loads over the cracking load is due to the change in the basic internal resisting moment action that counteracts the applied loads,as described above,as well as to plastic strains that begin to take place in the steel and the concrete when stressed to high levels. In some structures it may be essential that the flexural members remain crack free even under significant overloads.This may be due to the structures’being exposed to exceptionally corrosive atmospheres during their useful life.In designing prestressed members to be used in special structures of this type,it may be necessary to compute the load that causes cracking of the tensile flange,in order to ensure that adequate safety against cracking is provided by the design.The computation of the moment that will cause cracking is also necessary to ensure compliance with some design criteria. Many tests have demonstrated that the load-deflection curves of prestressed beams are approximately linear up to and slightly in excess of the load that causes the first cracks in the tensile flange.(The linearity is a function of the rate at which the load is applied.)For this reason,normal elastic-design relationships can be used in computing the cracking load by simply determining the load that results in a net tensile stress in the tensile flange(prestress minus the effects of the applied loads)that is equal to the tensile strength of the concrete.It is customary to assume that the flexural tensile strength of the concrete is equal to the modulus of rupture of the

外文文献翻译——参考格式

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。

外文资料及其翻译

A Wavelet Based Approach for Fast Detection of Internal Fault in Power Transformers The power transformer is one of the most expensive elements of power system and its protection is an essential part of the overall system protection strategy. The differential protection provides the best protection for power transformer. Its operation principle is based on this point that the differential current during an internal fault is higher than normal condition. But, a large transient current (inrush current) can cause mal-operation of differential relays. Then, studies for the improvement of the transformer protection have focused on discrimination between internal short circuit faults and inrush currents in transformers. The magnetizing inrush current has a large second order harmonic component in comparison to internal faults. Therefore , some transformer protection systems are designed to halt operating during the inrush current by sensing this large second order harmonic. The second harmonic component in the magnetizing inrush currents tend to be relatively small in modern large power transformers because of improvements in the power transformer core materials. Also , it has been seen that the fault current can contain higher second order harmonics than the inrush current due to nonlinear fault resistance, CT saturation .the distributed capacitance in the transmission line, which transformer is connected to, or due to the use of extra high voltage underground cables. Various methods have been suggested for overcoming this protection system mal-operation. This paper presents a wavelet based method for discrimination among inrush current, internal short circuit ,external short circuit and energizing and it is not affected by CT saturation and it is able to detect internal faults while transformer energization. Unlike Artificial Neural Network and Fuzzy logic based algorithms. This approach is not system dependent. The operating time of the scheme is less than 10ms. The Daubechies mother wavelet is used with a sample rate of 5 kHz. Then , the differential currents of the three phases are decomposed into two details and only the second level will be considered by using db5 mother wavelet. Discrete Wavelet Transform The wavelet transform is a powerful tool to extract information from the non-stationary signals simultaneously in both time and frequency domains. The ability of the wavelet transform to focus on short time intervals for high-frequency components and long intervals for low-frequency components improves the analysis

1外文文献翻译原文及译文汇总

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

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