优化资本结构：思考经济和其他价值---资本结构外文文献
翻译
西安工业大学北方信息工程学院
毕业设计论文外文翻译资料
系别管理信息系
专业财务管理
班级 B080510 姓名郭静学号 B08051019
导师王化中Optimal Capital Structure: Reflections on
economic and other values
By Marc Schauten & Jaap Spronk1
1. Introduction
Despite a vast literature on the capital structure of the firm see Harris and Raviv, 1991, Graham and Harvey, 2001, Brav et al., 2005, for overviews there still is a big gap between theory and practice see e.g. Cools, 1993, Tempelaar, 1991, Boot & Cools, 1997. Starting with the seminal work by Modigliani & Miller 1958, 1963, much attention has been paid to the optimality of capital structure from the shareholders’ point of view Over the last few decades studies have been produced on the effect of other stakeholders’ inte rests on capital structure. Well-known
examples are the interests of customers who receive product or service guarantees from the company see e.g. Grinblatt & Titman, 2002. Another area that has received considerable attention is the relation
between managerial incentives and capital structure Ibid.. Furthermore, the issue
of corporate control2 see Jensen & Ruback, 1983 and, related, the issue of corporate governance3 see Shleifer & Vishney, 1997, receive a lion’s part of the more recent academic attentio n for capital structure decisions From all these studies, one thing is clear: The capital structure decision or rather, the management of the capital structure over time involves more issues than the imization of the firm’s market value alone. In this paper,
we give an overview of the different objectives and considerations that have been proposed in the literature. We make a distinction between two broadly defined situations. The first is the traditional case of the firm that strives for the imization of the value of the shares for the current shareholders. Whenever other considerations than value imization enter capital structure decisions, these considerations have to be instrumental to the goal of value imization. The second case concerns the firm that explicitly chooses for more objectives than value
imization alone. This may be because the shareholders adopt a multiple stakeholders approach or because of a different ownership structure than the usual corporate structure dominating finance literature. An example of the latter is the co-operation, a legal entity which can be found in a.o. many European countries. For a discussion on why firms are facing multiple goals, we refer to Hallerbach and Spronk 2002a, 2002b In Section 2 we will describe objectives and considerations that, directly
or indirectly, clearly help to create and maintain a capital structure which is 'optimal'
for the value imizing firm. The third section describes other objectives and considerations. Some of these may have a clear negative effect on economic value, others may be neutral and in some cases the effect on economic value is not always completely clear. Section 4 shows how, for both cases, capital structure decisions can be framed as multiple criteria decision problems which can then benefit from multiple criteria decision support tools that are now widely available2. imizing shareholder value
According to the neoclassical view on the role of the firm, the firm has one single objective: imization of shareholder value. Shareholders possess the property rights of the firm and are thus entitled to decide what the firm should aim for. Since shareholders only have one objective in mind - wealth imization - the goal of the firm is imization of the firm's contribution to the financial wealth of its shareholders. The
firm can accomplish this by investing in projects with positive net present value4. Part of shareholder value is determined by the corporate financing decision5. Two theories about the capital structure of the
firm - the trade-off theory and the pecking order theory - assume shareholder wealth imization as the one and only corporate objective. We will discuss both theories including several market value related extensions. Based on this discussion we formulate a list of criteria
that is relevant for the corporate financing decision in this
essentially neoclassical viewThe original proposition I of Miller and Modigliani 1958 states that in a
perfect capital market the equilibrium market value of a firm is independent of its capital structure, i.e. the debt-equity ratio6. If proposition I does not hold then arbitrage will take place. Investors will buy shares of the undervalued firm and sell shares of the overvalued shares in such a way that identical income streams are obtained. As investors exploit these arbitrage opportunities, the price of the overvalued shares will fall and that of the undervalued shares will rise, until both prices are equalWhen corporate taxes are introduced, proposition I changes dramatically. Miller and Modigliani 1958, 1963 show that in a world with corporate tax the value of firms is a.o. a function of leverage. When interest payments become tax deductible and payments to shareholders are not, the capital structure that imizes firm value involves a hundred percent debt financing. By increasing leverage, the payments to the government are reduced with a higher cash flow for the providers of capital as a result. The
difference between the present value of the taxes paid by an unlevered firm Gu and an identical levered firm Gl is the present value of tax shields PVTS. Figure 1 depicts the total value of an unlevered and a levered firm7. The higher leverage, the lower Gl, the higher Gu - Gl PVTSIn the traditional trade-off models of optimal capital structure it is assumed that firms balance the marginal present value of interest tax
shields8 against marginal direct costs of financial distress or direct bankruptcy costs.9 Additional factors can be included in this trade-off framework. Other costs than direct costs of financial distress are agency costs of debt Jensen & Meckling, 1976. Often cited examples of agency costs of debt are the underinvestment problem Myers, 197710, the asset substitution problem Jensen & Meckling, 1976 and Galai & Masulis, 1976, the 'play for time' game by managers, the 'unexpected increase of leverage combined with an equivalent pay out to stockholders to make to increase the impact', the 'refusal to contribute equity capital' and the 'cash in and run' game Brealey, Myers & Allan, 2006. These problems are caused by the difference of interest between equity and debt holders and could be seen as part of the indirect costs of financial distress. Another benefit of debt is the reduction of agency costs between managers and external equity Jensen and Meckling, 1976, Jensen, 1986, 1989. Jensen en Meckling 1976 argue that debt, by allowing larger managerial residual claims because the need for external equity is reduced by the use of debt, increases managerial effort to work. In addition, Jensen 1986 argues that high leverage reduces free cash with less resources to waste on unprofitable investments as a result.11 The agency costs between management and external equity are often left out the trade-off theory since it assumes managers not acting on behalf of the shareholders only which is an assumption of the traditional trade-
off theoryIn Myers' 1984 and Myers and Majluf's 1984 pecking order
model12 there is no optimal capital structure. Instead, because of asymmetric information and
signalling problems associated with external financing13, firm's financing policies follow a hierarchy, with a preference for internal over external finance, and for debt over equity. A strict interpretation of this model suggests that firms do not aim at a target debt ratio. Instead, the debt ratio is just the cumulative result of hierarchical financing over time. See Shyum-Sunder & Myers, 1999. Original examples of signalling models are the models of Ross 1977 and Leland and Pyle 1977. Ross 1977 suggests that higher financial leverage can be used by managers to signal an optimistic future for the firm and that these signals cannot be mimicked by unsuccessful firms14. Leland and Pyle 1977 focus on owners instead of managers. They assume that entrepreneurs have better information on the expected cash flows than outsiders have. The inside information held by an entrepreneur can be transferred to suppliers of capital because it is in the owner's interest to invest a greater fraction of his wealth in successful projects. Thus the owner's willingness to invest in his own projects can serve as a signal of project quality. The value of the firm increases with the percentage of equity held by the entrepreneur relative to the percentage he would have held in case of a lower quality project. Copeland, Weston & Shastri, 2005.
The stakeholder theory formulated by Grinblatt & Titman 200215 suggests that the way in which a firm and its non-financial stakeholders interact is an important determinant of the firm's optimal capital structure. Non-financial stakeholders are those parties other than the debt and equity holders. Non-financial stakeholders include firm's customers, employees, suppliers and the overall community in which the firm operates. These stakeholders can be hurt by a firm's financial difficulties. For example customers may receive inferior products that are difficult to service, suppliers may lose business, employees may lose jobs and the economy can be disrupted. Because of the costs they potentially bear in the event of a firm's financial distress, non-financial stakeholders will be less interested ceteris paribus in doing business with a firm having a higher potential for financial
difficulties. This understandable reluctance to do business with a distressed firm creates a cost that can deter a firm from undertaking excessive debt financing even when lenders are willing to provide it on favorable terms Ibid., p. 598. These considerations by non-financial stakeholders are the cause of their importance as determinant for the capital structure. This stakeholder theory could be seen as part of the trade-off theory see Brealey, Myers and Allen, 2006, p.481, although the term 'stakeholder theory' is not mentioned since these stakeholders influence the indirect costs of financial distress.16 As the trade-off theory excluding agency costs between managers and shareholders and the pecking order theory, the stakeholder theory of Grinblatt and Titman
2002 assumes shareholder wealth imization as the single corporate objective.17
Based on these theories, a huge number of empirical studies have been produced. See e.g. Harris & Raviv 1991 for a systematic overview of this literature18. More recent studies are e.g. Shyum-Sunder & Myers 1999, testing the trade-off theory against the pecking order theory, Kemsley & Nissim 2002 estimating the present value of tax shield, Andrade & Kaplan 1998 estimating the costs of financial distress and Rajan & Zingales 1995 investigating the determinants of capital
structure in the G-7 countries. Rajan & Zingales 199519 explain differences in leverage of individual firms with firm characteristics. In their study leverage is a function of tangibility of assets, market to book ratio, firm size and profitability. Barclay & Smith 1995 provide an empirical examination of the determinants of corporate debt maturity. Graham & Harvey 2001 survey 392 CFOs about a.o. capital structure. We come back to this Graham & Harvey study in Section 3.20
Cross sectional studies as by Titman and Wessels 1988, Rajan & Zingales 1995 and Barclay & Smith 1995 and Wald 1999 model capital structure mainly in terms of leverage and then leverage as a function of different firm and market characteristics as suggested by capital structure theory21. We do the opposite. We do not analyze the effect of several firm characteristics on capital structure c.q. leverage, but we analyze the effect of capital structure on variables that co-determine shareholder value. In several decisions, including capital structure
decisions, these variables may get the role of decision criteria. Criteria which are related to the trade-off and pecking order theory are listed in Table 1. We will discuss these criteria in more detail in section 4. Figure 2 illustrates the basic idea of our approach 3. Other objectives and considerations
A lot of evidence suggests that managers act not only in the
interest of the shareholders see Myers, 2001. Neither the static trade-
off theory nor the pecking order theory can fully explain differences in capital structure. Myers 2001, p.82 states that 'Yet even 40 years after the Modigliani and Miller research, our understanding of these firms22 financing choices is limited.' Results of several surveys see Cools 1993, Graham & Harvey, 2001, Brounen et al., 2004 reveal that CFOs do not pay a lot of attention to variables relevant in these shareholder wealth imizing theories. Given the results of empirical research, this does not come as a surpriseThe survey by Graham and Harvey finds only moderate evidence for the trade-off theory. Around 70% have a flexible target or a somewhat tight target or range. Only 10% have a strict target ratio.
Around 20% of the firms declare not to have an optimal or target
debt-equity ratio at allIn general, the corporate tax advantage seems only moderately important in capital structure decisions. The tax advantage of debt is most important for large regulated and dividend paying firms. Further, favorable foreign tax treatment relative to the US is fairly
important in issuing foreign debt decisions23. Little evidence is found that personal taxes influence the capital structure24. In general potential costs of financial distress seem not very important although credit ratings are. According to Graham and Harvey this last finding could be viewed as an indirect indication of concern with distress. Earnings volatility also seems to be a determinant of leverage, which is consistent with the prediction that firms reduce leverage when the probability of bankruptcy is high. Firms do not declare directly that the present value of the expected costs of financial distress are an important determinant of capital structure, although indirect evidence seems to exist. Graham and Harvey find little evidence that firms discipline managers by increasing leverage. Graham and Harvey explicitly note that ‘1 managers might be unwilling to admit to using debt in this manner, or 2 perhaps a low rating on this question reflects an unwillingness of firms to adopt Jensen’s solution more than a weakness in Jensen’s argument'The most i mportant issue affecting corporate debt decisions is management’s desire for financial flexibility excess cash or preservation of debt capacity. Furthermore, managers are reluctant to issue common stock when they perceive the market is undervalued most CFOs think their shares are undervalued. Because asymmetric information variables have no power to predict the issue of new debt or equity, Harvey and Graham conclude that the pecking order model is not the true model of the security choice25The
fact that neoclassical models do not fully explain financial
behavior could be explained in several ways. First, it could be that managers do strive for creating shareholder value but at the same time also pay attention to variables other than the variables listed in Table 1. Variables of which managers think that they are justifiably or not relevant for creating shareholder value. Second, it could be that managers
do not only serve the interest of the shareholders but of other stakeholders as well26. As a result, managers integrate variables that are relevant for them and or other stakeholders in the process of managing the firm's capital structure. The impact of these variables on the financing decision is not per definition negative for shareholder value. For exampl e if ‘value of financial rewards for managers’ is one the goals that is imized by managers ? which may not be excluded ? and
if the rewards of managers consists of a large fraction of call options, managers could decide to increase leverage and pay out an excess amount of cash, if any to lever the volatility of the shares with an increase
in the value of the options as a result. The increase of leverage could have a positive effect on shareholder wealth e.g. the agency costs between equity and management could be lower but the criterion 'value of financial rewards' could but does not have to be leading. Third, shareholders themselves do possibly have other goals than shareholder wealth creation alone. Fourth, managers rely on certain different rules of thumb or heuristics that do
not harm shareholder value but can not be explained by neoclassical models either27. Fifth, the neoclassical models are not complete or not tested correctly see e.g. Shyum-Sunder & Myers, 1999 Either way, we do expect variables other than those founded in the neoclassical property rights view are or should be included explicitly in the financing decision framework. To determine which variables should be included we probably need other views or theories of the firm than the neoclassical alone. Zingales 2000 argues that ‘…corporate finance theory, empirical research, practical implications, and policy recommendations are deeply rooted in an underlying theory of the firm.’ Ibid., p. 1623. Examples of attempts of new theories are 'the stakeholder theory of the firm' see e.g. Donaldson and Preston, 1995, 'the enlightened stakeholder theory' as a response see Jensen, 2001, 'the organizational theory' see Myers, 1993, 2000, 2001 and the stakeholder equity model see Soppe, 2006We
introduce an organizational balance sheet which is based on the organizational theory of Myers 1993. The intention is to offer a framework to enhance a discussion about criteria that could be relevant for the different stakeholders of the firm. In Myers' organizational theory
employees
中英文对照外文翻译 (文档含英文原文和中文翻译) Create and comprehensive technology in the structure global design of the building The 21st century will be the era that many kinds of disciplines technology coexists , it will form the enormous motive force of promoting the development of building , the building is more and more important too in global design, the architect must seize the opportunity , give full play to the architect's leading role, preside over every building engineering design well. Building there is the global design concept not new of architectural design,characteristic of it for in an all-round way each element not correlated with building- there aren't external environment condition, building , technical equipment,etc. work in coordination with, and create the premium building with the comprehensive new technology to combine together. The premium building is created, must consider sustainable development , namely future requirement , in other words, how save natural resources as much as possible, how about protect the environment that the mankind depends on for existence, how construct through high-quality between architectural design and building, in order to reduce building equipment use quantity and
外文翻译 原文 World Trade and International Trade Material Source:https://www.doczj.com/doc/cc5151280.html, Author: Ted Alax In today’s complex economic world, neither individuals nor nations are self-sufficient. Nations have utilized different economic resources; people have developed different skills. This is the foundation of world trade and economic activity. As a result of this trade and activity, international finance and banking have evolved. For example, the United States is a major consumer of coffee, yet it does not have the climate to grow any or its own. Consequently, the United States must import coffee from countries (such as Brazil, Colombia and Guatemala) that grow coffee efficiently. On the other hand, the United States has large industrial plants capable of producing a variety of goods, such as chemicals and airplanes, which can be sold to nations that need them. If nations traded item for item, such as one automobile for 10,000 bags of coffee, foreign trade would be extremely cumbersome and restrictive. So instead of batter, which is trade of goods without an exchange of money, the United State receives money in payment for what it sells. It pays for Brazilian coffee with dollars, which Brazil can then use to buy wool from Australia, which in turn can buy textiles Great Britain, which can then buy tobacco from the United State. Foreign trade, the exchange of goods between nations, takes place for many reasons. The first, as mentioned above is that no nation has all of the commodities that it needs. Raw materials are scattered around the world. Large deposits of copper are mined in Peru and Zaire, diamonds are mined in South Africa and petroleum is recovered in the Middle East. Countries that do not have these resources within their own boundaries must buy from countries that export them. Foreign trade also occurs because a country often does not have enough of a particular item to meet its needs. Although the United States is a major producer of sugar, it consumes more than it can produce internally and thus must import sugar.
数据库管理系统的介绍 Raghu Ramakrishnan1 数据库（database,有时拼作data base）又称为电子数据库，是专门组织起来的一组数据或信息，其目的是为了便于计算机快速查询及检索。数据库的结构是专门设计的，在各种数据处理操作命令的支持下，可以简化数据的存储，检索，修改和删除。数据库可以存储在磁盘，磁带，光盘或其他辅助存储设备上。 数据库由一个或一套文件组成，其中的信息可以分解为记录，每一记录又包含一个或多个字段（或称为域）。字段是数据存取的基本单位。数据库用于描述实体，其中的一个字段通常表示与实体的某一属性相关的信息。通过关键字以及各种分类（排序）命令，用户可以对多条记录的字段进行查询，重新整理，分组或选择，以实体对某一类数据的检索，也可以生成报表。 所有数据库（最简单的除外）中都有复杂的数据关系及其链接。处理与创建，访问以及维护数据库记录有关的复杂任务的系统软件包叫做数据库管理系统（DBMS）。DBMS软件包中的程序在数据库与其用户间建立接口。（这些用户可以是应用程序员，管理员及其他需要信息的人员和各种操作系统程序）。 DBMS可组织，处理和表示从数据库中选出的数据元。该功能使决策者能搜索，探查和查询数据库的内容，从而对在正规报告中没有的，不再出现的且无法预料的问题做出回答。这些问题最初可能是模糊的并且（或者）是定义不恰当的，但是人们可以浏览数据库直到获得所需的信息。简言之，DBMS将“管理”存储的数据项，并从公共数据库中汇集所需的数据项以回答非程序员的询问。 DBMS由3个主要部分组成：（1）存储子系统，用来存储和检索文件中的数据；（2）建模和操作子系统，提供组织数据以及添加，删除，维护，更新数据的方法；（3）用户和DBMS之间的接口。在提高数据库管理系统的价值和有效性方面正在展现以下一些重要发展趋势； 1.管理人员需要最新的信息以做出有效的决策。 2.客户需要越来越复杂的信息服务以及更多的有关其订单，发票和账号的当前信息。 3.用户发现他们可以使用传统的程序设计语言，在很短的一段时间内用数据1Database Management Systems( 3th Edition ),Wiley ,2004, 5-12
The future of the tall building and structure of buildings Zoning effects on the density of tall buildings and solar design may raise ethical challenge. A combined project of old and new buildings may bring back human scale to our cities. Owners and conceptual designers will be challenged in the 1980s to produce economically sound, people-oriented buildings. In 1980 the Level House, designed by Skidmore, Owings and Merril1 (SOM) received the 25-year award from the American Institute of Architects “in recogn ition of architectural design of enduring significance”. This award is given once a year for a building between 25and 35 years old .Lewis Mumford described the Lever House as “the first office building in which modern materials, modern construction, modern functions have been combined with a modern plan”. At the time, this daring concept could only be achieved by visionary men like Gordon Bunshaft, the designer , and Charles Luckman , the owner and then-president of Lever Brothers . The project also include d a few “first” : (1) it was the first sealed glass tower ever built ; (2) it was the first office building designed by SOM ;and (3) it was the first office building on Park Avenue to omit retail space on the first floor. Today, after hundreds of look-alike and variations on the grid design, we have reached what may be the epitome of tall building design: the nondescript building. Except for a few recently completed buildings that seem to be people-oriented in their lower floors, most tall buildings seem to be arepletion of the dull, graph-paper-like monoliths in many of our cities. Can this be the end of the design-line for tall buildings? Probably cannot. There are definite signs that are most encouraging. Architects and owners have recently begun to discuss the design problem publicly. Perhaps we are at the threshold of a new era. The 1980s may bring forth some new visionaries like Bunshaft and Luckman. If so, what kinds of restrictions or challenges do they face? Zoning Indications are strong that cities may restrict the density of tall buildings, that is, reduce the number of tall buildings per square mile. In 1980 the term
Positioning in Practice Strategic Role of Marketing For large firms that have two or more strategic business units (SBUs), there are generally three levels of strategy: corporate-level strategy, strategic-business-unit-level (or business-level) strategy, and marketing strategy. A corporate strategy provides direction on the company's mission, the kinds of businesses it should be in, and its growth policies. A business-level strategy addresses the way a strategic business unit will compete within its industry. Finally, a marketing strategy provides a plan for pursuing the company's objectives within a specific market segment. Note that the higher level of strategy provides both the objectives and guidelines for the lower level of strategy. At corporate level, management must coordinate the activities of multiple strategic business units. Thus the decisions about the organization's scope and appropriate resource deployments/allocation across its various divisions or businesses are the primary focus of corporate strategy.Attempts to develop and maintain distinctive competencies tend to focus on generating superior financial, capital, and human resources; designing effective organizational structures and processes; and seeking synergy among the firm's various businesses. At business-level strategy, managers focus on how the SBU will compete within its industry. A major issue addressed in business strategy is how to achieve and sustain a competitive advantage. Synergy for the unit is sought across product-markets and across functional department within the unit. The primary purpose of a marketing strategy is to effectively allocate and coordinate marketing resources and activities to accomplish the firm's objectives within a specific product-market. The decisions about the scope of a marketing strategy involve specifying the target market segment(s) to pursue and the breadth of the product line to offered. At this level of strategy, firms seek competitive advantage and synergy through a well-integrated program of marketing mix elements tailored to the needs and wants of customers in the target segment(s). Strategic Role of Positioning Based on the above discussion, it is clear that marketing strategy consists of two parts: target market strategy and marketing mix strategy. Target market strategy consists of three processes: market segmentation, targeting (or target market selection), and positioning. Marketing mix strategy refers to the process of creating a unique
本科毕业论文（设计） 外文翻译 外文题目Earnings Management under German GAAP versus IFRS 外文出处 European Accounting Review 外文作者 Tendeloo, B.V., and Vanstraelen, A 原文： Earnings Management under German GAAP versus IFRS Abstract This paper addresses the question whether voluntary adoption of International Financial Reporting Standards (IFRS) is associated with lower earnings management. Ball et al. (Journal of Accounting and Economics, 36(1–3), pp. 235–270, 2003) argue that adopting high quality standards might be a necessary condition for high quality information, but not necessarily a sufficient one. In Germany, a code-law country with low investor protection rights, a relatively large number of companies have chosen to voluntarily adopt IFRS prior to 2005. We investigate whether German companies that have adopted IFRS engage significantly less in earnings management compared to German companies reporting under German generally accepted accounting principles (GAAP), while controlling for other differences in earnings management incentives. Our sample, consisting of German listed companies, contains 636 firm-year observations relating to the period 1999–2001. Our results suggest that IFRS-adopters do not present different earnings management behavior compared to companies reporting under German GAAP. These findings contribute to the current debate on whether high quality standards are sufficient and effective in countries with weak investor protection rights. They indicate that voluntary adopters of IFRS in Germany cannot be associated with lower earnings management. 1. Introduction The International Accounting Standards (IAS), now renamed as International Financial Reporting Standards (IFRS), have been developed to harmonize corporate accounting practice and to answer the need for high quality standards to be adopted in
管理信息系统外文翻译-标准化文件发布号：（9456-EUATWK-MWUB-WUNN-INNUL-DDQTY-KII
英文文献翻译 二〇年月日
科技文章摘译 Definition of a Management Information System There is no consensus of the definition of the term "management information system". Some writers prefer alternative terminology such as "information processing system", "information and decision system", "organizational information system", or simply "information system" to refer to the computer-based information processing system which supports the operations, management, and decision-making functions of an organization. This text uses “MIS” because it is descriptive and generally understood; it also frequently uses “information system” instead of “MIS” to refer to an organizational information system. A definition of a management information system, as the term is generally understood, is an integrated, user-machine system for providing information to support operations, management, and decision-making functions in an organization. The system utilizes computer hardware and software; manual procedures; models for analysis planning, control and decision making; and a database. The fact that it is an integrated system does not mean that it is a single, monolithic structure; rather, it means that the parts fit into an overall design. The elements of the definition are highlighted below. 1 Computer-based user-machine system Conceptually, management information can exist without computer, but it is the power of the computer which makes MIS feasible. The question is not whether computers should be used in management information system, but the extent to which information use should be computerized. The concept of a user-machine system implies that some tasks are best performed by humans, while others are best done by machine. The user of an MIS is any person responsible for entering input data, instructing the system, or utilizing the information output of the system. For many problems, the user and the computer form a combined system with results obtained through a set of interactions between the computer and the user. User-machine interaction is facilitated by operation in which the user’s input-output device (usually a visual display terminal) is connected to the computer. The computer can be a personal computer serving only one user or a large computer that
专业资料 学院： 专业：土木工程 姓名： 学号： 外文出处：Structural Systems to resist (用外文写) Lateral loads 附件：1.外文资料翻译译文；2.外文原文。
附件1：外文资料翻译译文 抗侧向荷载的结构体系 常用的结构体系 若已测出荷载量达数千万磅重，那么在高层建筑设计中就没有多少可以进行极其复杂的构思余地了。确实，较好的高层建筑普遍具有构思简单、表现明晰的特点。 这并不是说没有进行宏观构思的余地。实际上，正是因为有了这种宏观的构思，新奇的高层建筑体系才得以发展，可能更重要的是：几年以前才出现的一些新概念在今天的技术中已经变得平常了。 如果忽略一些与建筑材料密切相关的概念不谈，高层建筑里最为常用的结构体系便可分为如下几类： 1.抗弯矩框架。 2.支撑框架，包括偏心支撑框架。 3.剪力墙，包括钢板剪力墙。 4.筒中框架。 5.筒中筒结构。 6.核心交互结构。 7. 框格体系或束筒体系。 特别是由于最近趋向于更复杂的建筑形式，同时也需要增加刚度以抵抗几力和地震力，大多数高层建筑都具有由框架、支撑构架、剪力墙和相关体系相结合而构成的体系。而且，就较高的建筑物而言，大多数都是由交互式构件组成三维陈列。 将这些构件结合起来的方法正是高层建筑设计方法的本质。其结合方式需要在考虑环境、功能和费用后再发展，以便提供促使建筑发展达到新高度的有效结构。这并
不是说富于想象力的结构设计就能够创造出伟大建筑。正相反，有许多例优美的建筑仅得到结构工程师适当的支持就被创造出来了，然而，如果没有天赋甚厚的建筑师的创造力的指导，那么，得以发展的就只能是好的结构，并非是伟大的建筑。无论如何，要想创造出高层建筑真正非凡的设计，两者都需要最好的。 虽然在文献中通常可以见到有关这七种体系的全面性讨论，但是在这里还值得进一步讨论。设计方法的本质贯穿于整个讨论。设计方法的本质贯穿于整个讨论中。 抗弯矩框架 抗弯矩框架也许是低，中高度的建筑中常用的体系，它具有线性水平构件和垂直构件在接头处基本刚接之特点。这种框架用作独立的体系，或者和其他体系结合起来使用，以便提供所需要水平荷载抵抗力。对于较高的高层建筑，可能会发现该本系不宜作为独立体系，这是因为在侧向力的作用下难以调动足够的刚度。 我们可以利用STRESS，STRUDL 或者其他大量合适的计算机程序进行结构分析。所谓的门架法分析或悬臂法分析在当今的技术中无一席之地，由于柱梁节点固有柔性，并且由于初步设计应该力求突出体系的弱点，所以在初析中使用框架的中心距尺寸设计是司空惯的。当然，在设计的后期阶段，实际地评价结点的变形很有必要。 支撑框架 支撑框架实际上刚度比抗弯矩框架强，在高层建筑中也得到更广泛的应用。这种体系以其结点处铰接或则接的线性水平构件、垂直构件和斜撑构件而具特色，它通常与其他体系共同用于较高的建筑，并且作为一种独立的体系用在低、中高度的建筑中。
跨境电商外文文献综述 (文档含英文原文和中文翻译) 译文: 本地化跨境电子商务的模型 摘要 通过对国际供应链的B2B电子商务交易量的快速增长和伊朗快速增加的跨境交易业务，跨境电商过程的有效管理对B2B电子商务系统十分重要。本文对局部模型的结构是基于B2B电子商务的基础设施三大层，消息层、业务流程层和内容层。由于伊朗的电子商务的要求，每一层的需要适当的标准和合适的方案的选择。当电子文件需要移动顺利向伊朗，建议文件的标准为文件内容支持纸质和电子文件阅读。验证提出的模型是通过案例研究方法呈现一到四阶段的情景。本文试图通过交换商业文件在贸易过程中这一局部模型，实现在全球电子贸易供应链更接近区域单一窗口建设的关键目标。 关键词：电子商务;跨境贸易;电子文档管理;国际供应链
1.简介 电子商务是关于在互联网或其他网络电子系统购买和销售产品或服务。术语B2B（企业对企业），描述了企业间的电子商务交易，如制造商和批发商，或批发商和零售商之间。本文的研究目标是上两个不同国家贸易商之间的通信。今天的世界贸易组织的主要目标之一是建立区域单一窗口，可以提高世界各地的贸易便利化。建立区域单一窗口需要跨境海关，可以有效地交换贸易文件。因此，首先，简化跨境贸易文件的关键在于朝着国家单一窗口移动。然后，区域单一窗口可以授权国家之间的通信。电子商务模型是基于三个主要逻辑层的研究。这三个层消息传输层，业务处理层和内容层。本文的局部模型是一种能够自动交换读取文件的过程。通过与东亚和中东国家的建立区域单一窗口可以在将来得到改善的更多的互操作性，从而建立伊朗国家单一窗口 在本文的第二部分讨论引进国际供应链中的跨境B2B模式所需的基本概念和标准。第三部分介绍在大的模型中引入的组件功能和范围。第四部分讨论了B2B交易层模型的定位，最后结束本文。 2.背景 在本节中，除了了解B2B电子商务在伊朗的情况，还有参考模型的背景等概念以及讨论B2B电子商务跨境模式的本土化。 2.1 B2B电子商务在伊朗 如今伊朗在贸易进程的变现是一个关键的贸易成功点。伊朗和许多其他国家接壤，它的进口和出口过程可以通过公路，铁路，海上和空中的方式来完成。因此，这个国家的中部和战略作用，使得它在亚洲和中东地区货物运输的主要贸易点。今天，在伊朗海关几乎所有的贸易过程通过纸质表格完成，由商务部提供的电子服务仅限于谁该国境内交易的商人。今天，伊朗海关几乎所有的贸易流程都是通过纸质表格来完成的，商务部给出的电子服务只限于该国的商人。介绍了模型试图简化在伊朗交易的跨境电子商务供应链交换电子文件的过程。这里提到的一些系统，由商务部在伊朗的电子服务被提及：进口订单管理系统。贸易统计制度。伊朗法典伊朗。这些电子系统的主要使用，以促进在伊朗贸易过程。这里提到的系统作为独立的贸易者可与建议本文模型在未来的作用。在亚洲的区域性单
企业会计准则外文翻译文献 (文档含英文原文和中文翻译) 外文： On February 15, 2006, the Ministry of Finance issued 1 item of basic accounting standards and 38 specific guidelines, the new set of accounting standards system. Standards issued, the community gave wide attention, the securities industry, business circles, academic circles gave height the opinion, think this is the second in 1993 accounting reform after another is of great significance to the accounting reform, marking China's convergence with international financial reporting standards of enterprise accounting standards system formally established, to improve the China's socialist market economic system, improve the level of opening up and accelerate China's integration into the global economy has important significance. Also expressed their concerns and worries, mainly reflected in the following aspects: a fair value is difficult to "fair", and is very likely to become the profit manipulation tools; two is the enterprise may to adjust earnings manipulation debt restructuring, debt restructuring will once again become the darling of the securities market; three is the new standard published may induce "fair" phenomenon, which
外文文献及其翻译电子政务信息 1.政府信息化的含义？ 政府信息化是指：政府有效利用现代信息和通信技术，通过不同的信息服务设施，对政府的业务流程、组织结构、人员素质等诸方面进行优化、改造的过程。 2.广义和狭义的电子政务的定义？ 广义的电子政务是指：运用信息技术和通信技术实现党委、人大、政协、政府、司法机关、军队系统和企事业单位的行政管理活动。（电子党务、电子人大、电子政协） 狭义的电子政务是指：政府在其管理和服务职能中运用现代信息和通信技术，实现政府组织结构和工作流程的重组优化，超越时间、空间和部门分隔的制约，全方位的向社会提供优质规范、透明的服务，是政府管理手段的变革。 3.电子政务的组成部分？ ①：政府部门内部办公职能的电子化和网络化； ②：政府职能部门之间通过计算机网络实现有权限的实时互通的信息共享； ③：政府部门通过网络与公众和企业间开展双向的信息交流与策； 4．理解电子政务的发展动力？ ①：信息技术的快速发展； ②：政府自身改革与发展的需要； ③：信息化、民主化的社会需求的推动； 5.电子政务的应用模式？
模式有：1.政府对公务员的电子政务（G2E）； 2.政府间的电子政务（G2G）； 3.政府对企业的电子政务（G2B）； 4.政府对公众的电子政务（G2C）； 6.电子政务的功能？ ①：提高工作效率，降低办公成本； ②：加快部门整合，堵塞监管漏洞； ③：提高服务水平，便于公众的监督； ④：带动社会信息化发展； 7.我国电子政务发展存在的主要问题？ ①：政府公务员与社会公众对电子政务的认识不足； ②：电子政务发展缺乏整体规划和统一性标准； ③：电子政务管理体制改革远未到位； ④：电子政务整体应用水平还较低； ⑤：政府公务员的素质有待提高； ⑥：电子政务立法滞后； ⑦：对电子政务安全问题缺乏正确认识； 8.政府创新的含义和内容？ 含义：是指各级政府为适应公共管理与行政环境的需要，与时俱进的转变观念与职能，探索新的行政方法与途径，形成新的组织结
Construction of rock or soil in the construction. It is a modern city of high-speed product development, the city will again ease the contradictions of the role to improve the living environment, but also opened up new human life. Rational development and utilization of human natural and artificial excavation of the underground space, not only help to ease the development of modern urban contradictions, to improve the living environment, but also to open up a new human life. Because of the large-scale development of underground construction, underground architecture is taking shape, its research includes the history of development of underground construction and development of underground space development and utilization of underground space in urban planning, various types of underground construction planning and design, as well as underground construction and related environmental, physiological, psychological and technical issues. Underground construction has a good protective performance, better thermal stability and confined, as well as an integrated economic, social and environmental benefits. Underground construction in a certain thickness of rock or soil, you can avoid or reduce nuclear weapons, conventional weapons, chemical and biological weapons of destruction, while at the same time more effectively to resist earthquakes, hurricanes and other natural disasters. Underground construction in and around the confined environment of relatively stable existence of the temperature field, temperature, or for creating ultra-clean manufacturing environment and at low temperatures or under high-temperature storage of materials, pollution prevention, especially for energy conservation as well. In the city planned the construction of underground construction, urban land use for savings, lower building density, to improve urban transportation, the