本科毕业论文（设计）
外文翻译
原文：
The Determinants of Capital Structure Choice
I. Determinants of Capital Structure
In this section, we present a brief discussion of the attributes that different theories of capital structure suggest may affect the firm's debt-equity choice. These attributes are denoted asset structure, non-debt tax shields, growth, uniqueness, industry classification, size, earnings volatility, and profitability. The attributes, their relation to the optimal capital structure choice, and their observable indicators are discussed below.
A. Collateral Value of Assets
Most capital structure theories argue that the type of assets owned by a firm in some way affects its capital structure choice. Scott suggests that, by selling secured debt, firms increase the value of their equity by expropriating wealth from their existing unsecured creditors.Arguments put forth by Myers and Majluf also suggest that firms may find it advantageous to sell secured debt. Their model demonstrates that there may be costs associated with issuing securities about which the firm's managers have better information than outside shareholders. Issuing debt secured by property with known values avoids these costs. For this reason, firms with assets that can be used as collateral may be expected to issue more debt to take advantage of this opportunity.
Work by Galai and Masulis , Jensen and Meckling , and Myers suggests that stockholders of leveraged firms have an incentive to invest yet to expropriate wealth from the firm's bondholders. This incentive may also induce a positive relation between debt ratios and the capacity of firms to collateralize their debt. If the debt can be collateralized, the borrower is restricted to use the funds for a specified project. Since no such guarantee can be used for projects that cannot be collateralized, creditors may require more favorable terms, which in turn may lead such firms to use equity rather than debt financing.
The tendency of managers to consume more than the optimal level of perquisites may
produce the opposite relation between collateralized capital and debt levels. Grossman and Hart suggest that higher debt levels diminish this tendency because of the increased threat of bankruptcy. Managers of highly levered firms will also be less able to consume excessive perquisites since bondholders (or bankers) are inclined to closely monitor such firms. The costs associated with this agency relation may be higher for firms with assets that are less collateralized since monitoring the capital outlays of such firms is probably more difficult. For this reason, firms with less collateralized assets may choose higher debt levels to limit their managers' consumption of perquisites.
The estimated model incorporates two indicators for the collateral value attribute. They include the ratio of intangible assets to total assets (INT/TA) and the ratio of inventory plus gross plant and equipment to total assets (IGP/TA). The first indicator is negatively related to the collateral value attribute, while the second is positively related to collateral value.
B. Non-Debt Tax Shields
DeAngelo and Masulis present a model of optimal capital structure that incorporates the impact of corporate taxes, personal taxes, and non-debt-related corporate tax shields. They argue that tax deductions for depreciation and investment tax credits are substitutes for the tax benefits of debt financing. As a result, firms with large non-debt tax shields relative to their expected cash flow include less debt in their capital structures.
Indicators of non-debt tax shields include the ratios of investment tax credits over total assets (ITC/TA), depreciation over total assets (DITA), and a direct estimate of non-debt tax shields over total assets (NDT/TA). The latter measure is calculated from observed federal income tax payments (T), operating income (OI), interest payments (i), and the corporate tax rate during our sample period (48%), using the following equation:
NDT = OI-i-T/0.48
which follows from the equality
T= 0.48(0I- i-NDT)
These indicators measure the current tax deductions associated with capital equipment and, hence, only partially capture the non-debt tax shield variable suggested by DeAngelo and Masulis. First, this attribute excludes tax deductions that are not associated with capital equipment, such as research and development and selling expenses. (These variables, used as indicators of another
attribute, are discussed later.) More important, our non-debt tax shield attribute represents tax deductions rather than tax deductions net of true economic depreciation and expenses, which is the economic attribute suggested by theory. Unfortunately, this preferable attribute would be very difficult to measure.
C. Growth
As we mentioned previously, equity-controlled firms have a tendency to invest suboptimally to expropriate wealth from the firm's bondholders. The cost associated with this agency relationship is likely to be higher for firms in growing industries, which have more flexibility in their choice of future investments. Expected future growth should thus be negatively related to long-term debt levels. Myers, however, noted that this agency problem is mitigated if the firm issues short-term rather than long-term debt. This suggests that short-term debt ratios might actually be positively related to growth rates if growing firms substitute short-term financing for long-term financing. Jensen and Meckling, Smith and Warner, and Green argued that the agency costs will be reduced if firms issue convertible debt. This suggests that convertible debt ratios may be positively related to growth opportunities.
It should also be noted that growth opportunities are capital assets that add value to a firm but cannot be collateralized and do not generate current taxable income. For this reason, the arguments put forth in the previous subsections also suggest a negative relation between debt and growth opportunities.
Indicators of growth include capital expenditures over total assets (CE/TA) and the growth of total assets measured by the percentage change in total assets (GTA). Since firms generally engage in research and development to generate future investments, research and development over sales (RD/S) also serves as an indicator of the growth attribute.
D. Uniqueness
Titman presents a model in which a firm's liquidation decision is causally linked to its bankruptcy status. As a result, the costs that firms can potentially impose on their customers, suppliers, and workers by liquidating are relevant to their capital structure decisions. Customers, workers, and suppliers of firms that produce unique or specialized products probably suffer relatively high costs in the event that they liquidate. Their workers and suppliers probably have job specific skills and capital, and their customers may find it
difficult to find alternative servicing for their relatively unique products. For these reasons, uniqueness is expected to be negatively related to debt ratios.
Indictors of uniqueness include expenditures on research and development over sales (RD/S), selling expenses over sales (SEIS), and quit rates (QR), the percentage of the industry's total work force that voluntarily left their jobs in the sample years. It is postulated that RD/S measures uniqueness because firms that sell products with close substitutes ar'e likely to do less research and development since their innovations can be more easily duplicated. In addition, successful research and development projects lead to new products that differ from those existing in the market. Firms with relatively unique products are expected to advertise more and, in general, spend more in promoting and selling their products. Hence, SE/S is expected to be positively related to uniqueness. However, it is expected that firms in industries with high quit rates are probably relatively less unique since firms that produce relatively unique products tend to employ workers with high levels of job-specific human capital who will thus find it costly to leave their jobs.
It is apparent from two of the indicators of uniqueness, RD/S and SEIS, that this attribute may also be related to non-debt tax shields and collateral value. Research and development and some selling expenses (such as advertising) can be considered capital goods that are immediately expensed and cannot be used as collateral. Given that our estimation technique can only imperfectly control for these other attributes, the uniqueness attribute may be negatively related to the observed debt ratio because of its positive correlation with non-debt tax shields and its negative correlation with collateral value.
E. Industry Classification
Titman suggests that firms that make products requiring the availability of specialized servicing and spare parts will find liquidation especially costly. This indicates that firms manufacturing machines and equipment should be financed with relatively less debt. To measure this, we include a dummy variable equal to one for firms with SIC codes between 3400 and 4000 (firms producing machines and equipment) and zero otherwise as a separate attribute affecting the debt ratios.
F. Size
A number of authors have suggested that leverage ratios may be related to firm size.
Warner and Ang, Chua, and McConnell provide evidence that suggests that direct bankruptcy costs appear to constitute a larger proportion of a firm's value as that value decreases. It is also the case that relatively large firms tend to be more diversified and less prone to bankruptcy. These arguments suggest that large firms should be more highly leveraged.
The cost of issuing debt and equity securities is also related to firm size. In particular, small firms pay much more than large firms to issue new equity (see Smith) and also somewhat more to issue long-term debt. This suggests that small firms may be more leveraged than large firms and may prefer to borrow short term (through bank loans) rather than issue long-term debt because of the lower fixed costs associated with this alternative.
We use the natural logarithm of sales (LnS) and quit rates (QR) as indicators of size. The logarithmic transformation of sales reflects our view that a size effect, if it exists, affects mainly the very small firms. The inclusion of quit rates, as an indicator of size, reflects the phenomenon that large firms, which often offer wider career opportunities to their employees, have lower quit rates.
G. V olatility
Many authors have also suggested that a firm's optimal debt level is a decreasing function of the volatility of earnings. We were only able to include one indicator of volatility that cannot be directly affected by the firm's debt level. It is the standard deviation of the percentage change in operating income (SIGOI). Since it is the only indicator of volatility, we must assume that it measures this attribute without error.
H. Profitability
Myers cites evidence from Donaldson and Brealey and Myers that suggests that firms prefer raising capital, first from retained earnings, second from debt, and third from issuing new equity. He suggests that this behavior may be due to the costs of issuing new equity. These can be the costs discussed in Myers and Majluf that arise because of asymmetric information, or they can be transaction costs. In either case, the past profitability of a firm, and hence the amount of earnings available to be retained, should be an important determinant of its current capital structure. We use the ratios of operating income over sales (OI/S) and operating income over total assets (OI/TA) as indicators of profitability.
II. Measures of Capital Structure
Six measures of financial leverage are used in this study. They are long-term, short-term, and convertible debt divided by market and by book values of equity.8 Although these variables could have been combined to extract a common "debt ratio" attribute, which could in turn be regressed against the independent attributes, there is good reason for not doing this. Some of the theories of capital structure have different implications for the different types of debt, and, for the reasons discussed below, the predicted coefficients in the structural model may differ according to whether debt ratios are measured in terms of book or market values. Moreover, measurement errors in the dependent variables are subsumed in the disturbance term and do not bias the regression coefficients.
Data limitations force us to measure debt in terms of book values rather than market values. It would, perhaps, have been better if market value data were available for debt. However, Bowman demonstrated that the cross-sectional correlation between the book value and market value of debt is very large, so the misspecification due to using book value measures is probably fairly small. Furthermore, we have no reason to suspect that the cross-sectional differences between market values and book values of debt should be correlated with any of the determinants of capital structure suggested by theory, so no obvious bias will result because of this misspecification.
Source: Sheridan Titman; Roberto Wessels,1988.“The Determinants of Capital Structure Choice”. The Journal of Finance. Vol.43, No.1, march.pp.1-19.
译文：
资本结构的影响因素
I、资本结构的决定因素
在本节中，我们提出了一个简短讨论资本结构的不同理论认为可能会影响公司的债务权益选择的属性。这些属性表示的资产结构，非债务税盾，成长性，独特性，行业分类，规模，盈利波动性和盈利能力。它们之间的关系以最优的资本结构的选择，他们的观察指标在下面讨论。
A、资产抵押品的价值
大部分资本结构理论认为，由一个以某种方式公司国有资产的类型会影响其资本结构的选择。斯科特认为，通过出售抵押债务，公司增加了其现有的无抵押债权人的财富，他们的股票价值。迈尔斯和麦吉罗夫提出的理论也表明，企业可能会发现它有利的出售抵押债务。他们的模型表明，有可能与证券发行的有关该公司的内部人员比外部股东的享有更多的信息。发行债务与已知价值财产担保避免这些费用。出于这个原因，那些能用作抵押的资产的公司将利用这个机会可能会发行更多的债务预计。
伽来和马苏利斯，詹森和麦克林，迈尔斯工作表明，杠杆企业的股东有动力投资还从该公司的债券持有人劫富济贫。这个激励可能也会引起一个积极的关系,有能力公司的债务比例主要负责评估其债券。如果债务抵押证券,借款人仅限于使用特定项目的资金。因为没有这样的保证抵押证券，债权人可能需要更多的有利条件,从而可能导致这些公司使用股权而不能债务融资。
管理人员消耗比额外津贴最佳水平之间可能会产生抵押债券资本和债务水平相对关系更多。格罗斯曼和哈特表明，因为破产的威胁增加了较高的债务水平降低这一趋势。因为债券持有人（或银行）倾向于过度的特殊待遇，可能使用较少高杠杆密切监察这类公司。与此相关的代理关系可能对资产较少，因为这类公司的监管资本支出债券资本更高的成本是企业可能更加困难。出于这个原因，债券资本资产的公司可以选择较高的债务水平，以限制其经理人的额外补贴消费。
模型采用了两个估计为抵押物的价值属性指标。它们包括以（INT/TA）的总资产的比率无形资产和存货加上机器及设备总值的比例（IGP/TA）的总资产。第一个指标是负相关抵押品的价值属性，而第二个是正相关的抵押品价值。
B、非债务税盾
迪安杰洛和马修利斯提出了优化资本结构模型，结合了公司税，个人所得税，非债务税盾对相关企业的影响。他们认为，折旧和投资税收抵免税收减免是债务融资的税收优惠替代品。因此，非债务税盾公司在其资本结构债务较少相对其预期的现金流。
非债务税盾的指标包括总资产超过（ITC/TA），折旧超过（DITA）总资产投资税收抵免比例，以及非债务税盾以上（NDT/TA）的总资产的直接估计。后者的措施是从观察到的联邦收入计算纳税（T）的营业收入（OI），利息支付（i），而且整个样本期内（48％）使用下列公式，企业所得税率：
NDT=OI-i-T/0.48
它遵循的平等转换：
T=0.48(0I-i-NDT)
这些指标衡量现行的税收减免与资本设备相关，因此，迪安杰洛和马修利斯的建议只有部分捕获的非债务税盾变量。首先，这个属性不包括资本设备等的研发和销售费用扣除的税。（这些变量，作为其他属性的指标，在后面讨论。）更重要的是，我们的非债务税盾的属性表示减税再减税，而不是真正的经济折旧和建议变动费用。不幸的是，这最好的属性很难衡量。
C、增长
正如我们前面提到的，股权控制的企业有一种倾向，不是最优的投资从该公司的债券持有人获取资金弥补。与此相关的代理关系的成本很可能是在增长的行业，这对他们更对企业未来投资选择的灵活性更高。因此，预计未来的增长长期的债务水平应该是负相关。但是，迈尔斯指出代理问题，如果公司发行短期而不是长期债务。这表明，短期债务比率可能实际上是对经济增长率正相关，如果越来越多的企业以短期长期融资。詹森和麦克林，史密斯和华纳，和格林认为，该机构将降低成本，如果公司发行可转换债券。这表明，可转换债券的比例可能是正相关的发展机遇。
还应该指出，发展机会是资本增值的资产，一个确定的，但不能抵押，不产生应纳税所得额。由于这个原因，在以前的论据小节也提出债务和发展机会的负相关关系。
成长指标包括资本支出超过的总资产和由在总资产变动率测得的总资产增长。由于企业普遍从事研究和开发，以创造未来的投资，研究和超过销售的发展，也可作为属性指标的增长。
D、唯一性
蒂特漫指出了一种在一个公司的清算决策有因果联系的破产状态模式。因此，企业有可能给其客户，供应商，工人和清算有关的资本结构决策。顾客，工人和生产公司，具有独特性或专业化的产品供应商在事件可能遭受成本相对较高。他们的工人和供应商可能会有职业技能训练和资本,以及他们客户会发现很难找到替代服务对于他们相当特别的产品。由于这些原因,唯一性和负债比率负相关。
其独特见解包括研究和销售的支出，销售费用超过销售费用，以及退出率，该行业的总劳动人口的百分比自愿留在样本几年的工作。我们假定RD/S措施,因为公司出售产品独特性以接近的替代品少可能去做研究和开发创新,因为他们可以更容易的复制。此外，成功的研究和发展项目导致从市场上现有的这些不同的新产品。相对独特的产品的企业，预计更多的宣传，并在一般情况下，花费在推广和销售自己的产品信息。因此，SE/S是预计正相关的独特性。不过，预计在较高退出率的行业的公司可能是唯一的，因为公司相对较少，产生相对独特的产品往往采用与特定工作的高层次，因此有了它昂贵，给他们的工作人员人力资本。
很明显的独特性，从两个指标，RD/S的和SE/S，这个属性也可能与非负债税盾和抵押品价值。研究和开发以及一些销售费用（如广告）可以认为是资本支出，不能立即被用作抵押的货物。由于我们估计技术只能不完全控制这些其他属性，属性的唯一性，可负相关，因为它的正相关与非负债税盾和抵押品价值与负债比率呈负相关观察。
E、产业分类
泰特曼指出，企业要求使产品的专业化服务和零配件供应将发现特别昂贵的清算。这表明，公司生产的机器和设备应以相对较少的债务融资。来衡量，我们包含了一个虚拟变量等于SIC代码为3400和4000之间的企业（公司生产的机器和设备），否则看成是一个独立的属性影响的债务比例。
F、标准
一些作者建议，杠杆比率可能与企业规模有关。华纳和卬，蔡和康纳提供证据表明，直接破产成本似乎构成了一个公司的价值作为该值跌幅较大的比例。这也是比较大的情况是，企业往往更多样化，更不容易破产。这些参数表明，大企业应该更加高度杠杆。
对发行债券和股票证券的成本也与企业规模有关。特别是，小企业比大企业支付更多的费用发行新股票，也较为发行长期债务。这表明，小企业可能比大公司可能更愿意使用杠杆和短期借款（通过银行贷款），而不是发行长期贷款，因为与此相关的债务降低固定成本。
我们使用的销售自然对数和大小的指标率。销售数变换反映一个规模效应，我们认为，如果存在，主要影响非常小企业。将退出利率,例如大小的一个指标,反映出现象,并经常大公司提供了更广泛的职业发展机会,对他们的员工有较低的退出率。
G、波动
许多作者还建议，公司的债务水平是一个最佳的盈利波动的减函数。我们只能包含一个波动性的指标，不能直接由该公司的债务水平的影响。它是对营业收入的百分比变化的标准差。因为它是唯一指标的波动，我们必须假设它没有错误这个属性措施。
H、盈利能力
引用唐纳森、布来雷和梅尔斯的见解指出，表明公司募集资金方式,首先从留存收益,第二从债务中,第三发放新的股权。他认为这种行为可能是由于发行新股的费用。梅尔斯和梅吉拉夫讨论这些可变成本是由于信息不对称的出现或者交易成本。在这两种情况下,公司的总利润可保留,是重要的决定了其当前的资本结构。我们使用比例是营业收入销售和运营收入超过总资产的指标的盈利能力。II、资本结构的措施
六组财务杠杆应用研究中。他们长期、短期与可转换债券除以市场股权的账面价值虽然这些变量可以被结合提取一个通用的“负债比率”属性,反过来是独立的属性与回归,有很好的原因,没有这样做。一些资本结构的有关理论会产生不同的影响对不同类型的债券,探讨了这些问题产生的原因下,预测系数在结构模
型根据是否可能与测量的债务比例从书或的市场价值。此外,测量误差是非独立变量的干扰归入期限和偏置回归系数。
测量数据的限制迫使我们债务而不是账面价值方面的市场价值。也许,如果市场得到更好的值是可行的债务。然而,鲍曼表明横断式相关性的市场价值的账面价值和债务很大,由于使用账面价值误差的措施可能是相当少。此外,我们没有理由怀疑横向差异账面价值和市场价值的债务应与相关建议某些行业企业的资本结构理论,因此没有明显的偏见,因为这将导致误差。
然而,一些其他的重要来源的虚假的相关性。非独立变量的可能应用于该研究解释变量与即使债务水平是随机的。先考虑这样的情形,管理者树立他们的债务水平根据一些随机选定目标测量比账面价值。这不会非理性事实上如果资本结构无关紧要。如果管理者树立债务水平从账面价值,而不是市场价值的比例,然后差异在公司的市场价值差异以外的原因出现在他们的书中数值(如不同生长的机会)不一定会影响总数量的债务问题。由于这些分歧,当然,影响它们的股票的市场价值,这将产生的影响,造成公司更高的市场/账面价值比有较低的债务/市场价值比。因为公司发展机会和相对少量的抵押证券资产往往都有比较高的市值比率,账面价值之间存在关系有可能虚假债务/市场价值和这些变量,创造统计学显著性系数估计即使账面价值的债务比例是随机选择。
出处:谢里德，罗伯特.《资本结构的影响因素》.财经杂志.第43卷（1）.1988：P23-25.
前言 在目前激烈的市场竞争中，产品投入市场的迟早往往是成败的关键。模具是高质量、高效率的产品生产工具，模具开发周期占整个产品开发周期的主要部分。因此客户对模具开发周期要求越来越短，不少客户把模具的交货期放在第一位置，然后才是质量和价格。因此，如何在保证质量、控制成本的前提下加工模具是值得认真考虑的问题。模具加工工艺是一项先进的制造工艺，已成为重要发展方向，在航空航天、汽车、机械等各行业得到越来越广泛的应用。模具加工技术，可以提高制造业的综合效益和竞争力。研究和建立模具工艺数据库，为生产企业提供迫切需要的高速切削加工数据，对推广高速切削加工技术具有非常重要的意义。本文的主要目标就是构建一个冲压模具工艺过程，将模具制造企业在实际生产中结合刀具、工件、机床与企业自身的实际情况积累得高速切削加工实例、工艺参数和经验等数据有选择地存储到高速切削数据库中，不但可以节省大量的人力、物力、财力，而且可以指导高速加工生产实践，达到提高加工效率，降低刀具费用，获得更高的经济效益。 1.冲压的概念、特点及应用 冲压是利用安装在冲压设备（主要是压力机）上的模具对材料施加压力，使其产生分离或塑性变形，从而获得所需零件（俗称冲压或冲压件）的一种压力加工方法。冲压通常是在常温下对材料进行冷变形加工，且主要采用板料来加工成所需零件，所以也叫冷冲压或板料冲压。冲压是材料压力加工或塑性加工的主要方法之一，隶属于材料成型工程术。 冲压所使用的模具称为冲压模具，简称冲模。冲模是将材料（金属或非金属）批量加工成所需冲件的专用工具。冲模在冲压中至关重要，没有符合要求的冲模，批量冲压生产就难以进行；没有先进的冲模，先进的冲压工艺就无法实现。冲压工艺与模具、冲压设备和冲压材料构成冲压加工的三要素，只有它们相互结合才能得出冲压件。 与机械加工及塑性加工的其它方法相比，冲压加工无论在技术方面还是经济方面都具有许多独特的优点，主要表现如下； (1) 冲压加工的生产效率高，且操作方便，易于实现机械化与自动化。这是
Talking about security loopholes Richard S. Kraus reference to the core network security business objective is to protect the sustainability of the system and data security, This two of the main threats come from the worm outbreaks, hacking attacks, denial of service attacks, Trojan horse. Worms, hacker attacks problems and loopholes closely linked to, if there is major security loopholes have emerged, the entire Internet will be faced with a major challenge. While traditional Trojan and little security loopholes, but recently many Trojan are clever use of the IE loophole let you browse the website at unknowingly were on the move. Security loopholes in the definition of a lot, I have here is a popular saying: can be used to stem the "thought" can not do, and are safety-related deficiencies. This shortcoming can be a matter of design, code realization of the problem. Different perspective of security loo phole s In the classification of a specific procedure is safe from the many loopholes in classification. 1. Classification from the user groups: ● Public loopholes in the software category. If the loopholes in Windows, IE loophole, and so on. ● specialized software loophole. If Oracle loopholes, Apach e,
中文3696字 本科毕业论文外文翻译 出处：Infosys Strategic Vision 原文： Insights from Banking Simple By Ashok Vemuri Introduction “A simpler way of banking.We treat with you respect. No extraneous features. No hidden fees.” For the unini tiated, this is the mantra of BankSimple, a Brooklyn-based startup which has positioned itself as a consumer-friendly alternative to traditional banks. BankSimple pushes a message of user experience—sophisticated personal finance analytics, a single “do-it-all” card, superior customer service, and no overdraft fees.Though branchless and primarily online-based, BankSimple is also planning to provide some traditional customer service touches, including phone support and mail-in deposits. Interestingly, BankSimple will also likely not be a bank—at least not in the technical, FDIC sense of the word. Rather, BankSimple’s strategy is to be a front-end focused on the customer experience. The back-end core “bank” component will be FDIC-insured partner banks. Unfettered by years of IT investments and entrenched applications, BankSimple’s team has the freedom to build an innovative, user-friendly online interface, customer service program, and the associated mobile and social bells and whistles that more and more consumers are demanding. One way to look at it is as a wrapper insulating the consumer from the accounting, compliance, and technology challenges that many banks face. Like personal finance sites https://www.doczj.com/doc/e42502720.html, and Wesabe before it, BankSimple is looking to tap into a perceived gap between what major banks provide and what consumers want. A recent survey by ForeSee Results and Forbes found that consumers view online banking as more satisfying than banking done offline. Though good news for the industry as a whole, the survey also found that the five largest banks in the country scored the lowest in the study. Cheaper and more customer friendly, digital banking is the future—but many consumers are finding it is better done with credit unions, community banks, and (down-the-road) startups like BankSimple. As you read, significant investments are being made by banks to improve their online, mobile, and IVR customer-friendliness. Major banks are embracing these channels, and customer satisfaction will likely improve over time. Even so, startups like Bank- Simple should be viewed as a learning opportunity. Their ideas are disruptive and often highlight pain points that need to be addressed. BankSimple’s first two stated philosophies are a good place to start: “A simpler way of banking” and “We treat you with respect.”
机械设计理论 机械设计是一门通过设计新产品或者改进老产品来满足人类需求的应用技术科学。它涉及工程技术的各个领域，主要研究产品的尺寸、形状和详细结构的基本构思，还要研究产品在制造、销售和使用等方面的问题。 进行各种机械设计工作的人员通常被称为设计人员或者机械设计工程师。机械设计是一项创造性的工作。设计工程师不仅在工作上要有创造性，还必须在机械制图、运动学、工程材料、材料力学和机械制造工艺学等方面具有深厚的基础知识。如前所诉，机械设计的目的是生产能够满足人类需求的产品。发明、发现和科技知识本身并不一定能给人类带来好处，只有当它们被应用在产品上才能产生效益。因而，应该认识到在一个特定的产品进行设计之前，必须先确定人们是否需要这种产品。 应当把机械设计看成是机械设计人员运用创造性的才能进行产品设计、系统分析和制定产品的制造工艺学的一个良机。掌握工程基础知识要比熟记一些数据和公式更为重要。仅仅使用数据和公式是不足以在一个好的设计中做出所需的全部决定的。另一方面，应该认真精确的进行所有运算。例如，即使将一个小数点的位置放错，也会使正确的设计变成错误的。 一个好的设计人员应该勇于提出新的想法，而且愿意承担一定的风险，当新的方法不适用时，就使用原来的方法。因此，设计人员必须要有耐心，因为所花费的时间和努力并不能保证带来成功。一个全新的设计，要求屏弃许多陈旧的，为人们所熟知的方法。由于许多人墨守成规，这样做并不是一件容易的事。一位机械设计师应该不断地探索改进现有的产品的方法，在此过程中应该认真选择原有的、经过验证的设计原理，将其与未经过验证的新观念结合起来。 新设计本身会有许多缺陷和未能预料的问题发生，只有当这些缺陷和问题被解决之后，才能体现出新产品的优越性。因此，一个性能优越的产品诞生的同时，也伴随着较高的风险。应该强调的是，如果设计本身不要求采用全新的方法，就没有必要仅仅为了变革的目的而采用新方法。 在设计的初始阶段，应该允许设计人员充分发挥创造性，不受各种约束。即使产生了许多不切实际的想法，也会在设计的早期，即绘制图纸之前被改正掉。只有这样，才不致于堵塞创新的思路。通常，要提出几套设计方案，然后加以比较。很有可能在最后选定的方案中，采用了某些未被接受的方案中的一些想法。
外文文献翻译（译成中文2000字左右）： As research laboratories become more automated,new problems are arising for laboratory managers.Rarely does a laboratory purchase all of its automation from a single equipment vendor. As a result,managers are forced to spend money training their users on numerous different software packages while purchasing support contracts for each. This suggests a problem of scalability. In the ideal world,managers could use the same software package to control systems of any size; from single instruments such as pipettors or readers to large robotic systems with up to hundreds of instruments. If such a software package existed, managers would only have to train users on one platform and would be able to source software support from a single vendor. If automation software is written to be scalable, it must also be flexible. Having a platform that can control systems of any size is far less valuable if the end user cannot control every device type they need to use. Similarly, if the software cannot connect to the customer’s Laboratory Information Management System (LIMS) database,it is of limited usefulness. The ideal automation software platform must therefore have an open architecture to provide such connectivity. Two strong reasons to automate a laboratory are increased throughput and improved robustness. It does not make sense to purchase high-speed automation if the controlling software does not maximize throughput of the system. The ideal automation software, therefore, would make use of redundant devices in the system to increase throughput. For example, let us assume that a plate-reading step is the slowest task in a given method. It would make that if the system operator connected another identical reader into the system, the controller software should be able to use both readers, cutting the total throughput time of the reading step in half. While resource pooling provides a clear throughput advantage, it can also be used to make the system more robust. For example, if one of the two readers were to experience some sort of error, the controlling software should be smart enough to route all samples to the working reader without taking the entire system offline. Now that one embodiment of an ideal automation control platform has been described let us see how the use of C++ helps achieving this ideal possible. DISCUSSION C++: An Object-Oriented Language Developed in 1983 by BjarneStroustrup of Bell Labs,C++ helped propel the concept of object-oriented programming into the mainstream.The term ‘‘object-oriented programming language’’ is a familiar phrase that has been in use for decades. But what does it mean? And why is it relevant for automation software? Essentially, a language that is object-oriented provides three important programming mechanisms:
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
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
机械类外文翻译 塑料注塑模具浇口优化 摘要:用单注塑模具浇口位置的优化方法，本文论述。该闸门优化设计的目的是最大限度地减少注塑件翘曲变形，翘曲，是因为对大多数注塑成型质量问题的关键，而这是受了很大的部分浇口位置。特征翘曲定义为最大位移的功能表面到表面的特征描述零件翘曲预测长度比。结合的优化与数值模拟技术，以找出最佳浇口位置，其中模拟armealing算法用于搜索最优。最后，通过实例讨论的文件，它可以得出结论，该方法是有效的。 注塑模具、浇口位臵、优化、特征翘曲变形关键词: 简介 塑料注射成型是一种广泛使用的，但非常复杂的生产的塑料产品，尤其是具有高生产的要求，严密性，以及大量的各种复杂形状的有效方法。质量ofinjection 成型零件是塑料材料，零件几何形状，模具结构和工艺条件的函数。注塑模具的一个最重要的部分主要是以下三个组件集:蛀牙，盖茨和亚军，和冷却系统。拉米夫定、Seow(2000)、金和拉米夫定(2002) 通过改变部分的尼斯达到平衡的腔壁厚度。在平衡型腔充填过程提供了一种均匀分布压力和透射电镜,可以极大地减少高温的翘曲变形的部分～但仅仅是腔平衡的一个重要影响因素的一部分。cially Espe,部分有其功能上的要求,其厚度通常不应该变化。 pointview注塑模具设计的重点是一门的大小和位臵,以及流道系统的大小和布局。大门的大小和转轮布局通常被认定为常量。相对而言,浇口位臵与水口大小布局也更加灵活,可以根据不同的零件的质量。 李和吉姆(姚开屏,1996a)称利用优化流道和尺寸来平衡多流道系统为multiple 注射系统。转轮平衡被形容为入口压力的差异为一多型腔模具用相同的蛀牙,也存
专业外文翻译 题目JSP Technology Conspectus and Specialties 系（院）计算机系 专业计算机科学与技术 班级 学生姓名 学号 指导教师 职称讲师 二〇一三年五月十六日
JSP Technology Conspectus and Specialties The JSP (Java Server Pages) technology is used by the Sun micro-system issued by the company to develop dynamic Web application technology. With its easy, cross-platform, in many dynamic Web application programming languages, in a short span of a few years, has formed a complete set of standards, and widely used in electronic commerce, etc. In China, the JSP now also got more extensive attention; get a good development, more and more dynamic website to JSP technology. The related technologies of JSP are briefly introduced. The JSP a simple technology can quickly and with the method of generating Web pages. Use the JSP technology Web page can be easily display dynamic content. The JSP technology are designed to make the construction based on Web applications easier and efficient, and these applications and various Web server, application server, the browser and development tools work together. The JSP technology isn't the only dynamic web technology, also not the first one, in the JSP technology existed before the emergence of several excellent dynamic web technologies, such as CGI, ASP, etc. With the introduction of these technologies under dynamic web technology, the development and the JSP. Technical JSP the development background and development history In web brief history, from a world wide web that most of the network information static on stock transactions evolution to acquisition of an operation and infrastructure. In a variety of applications, may be used for based on Web client, look no restrictions. Based on the browser client applications than traditional based on client/server applications has several advantages. These benefits include almost no limit client access and extremely simplified application deployment and management (to update an application, management personnel only need to change the program on a server, not thousands of installation in client applications). So, the software industry is rapidly to build on the client browser multilayer application. The rapid growth of exquisite based Web application requirements development of
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
Improve the concept of financial supervision in rural areas1 Xun Qian Farmers in China's vast population, has some large-scale production of the farmers, but also survival-oriented farmers, huge differences between the financial needs of rural finance intermediation makes complex, together with agriculture itself is the profit low, natural and market risks high risk decision to weak agricultural industry characteristics, resulting in the cost of rural financial transactions is far higher than the city, also decided to organize the rural financial system in terms of operation or in the market has its own special characteristics. 20 years of financial reform, financial development while the Chinese city made impressive achievements, but the rural finance is the entire financial system is still the weakest link. Insufficient supply of rural finance, competition is not sufficient, farmers and agricultural enterprises in getting loans and other issues is also very prominent, backward rural financial system can no longer effectively support the development of modern agriculture or the transformation of traditional agriculture and the building of new socialist countryside, which to improve the rural financial supervision new topic. China's rural financial regulatory problems (A) the formation of China's financial regulatory system had "a line three commission " (People's Bank, the Securities Regulatory Commission, Insurance Regulatory Commission and the Banking Regulatory Commission) financial regulatory structure. Bank These stringent requirements, different management and diversification of monitoring has its positive role, but it also had some negative effects. First, inefficient supervision, supervision of internal consumption of high costs, limited financial industry business development and innovation space. Second, the regulatory agencies, regulatory bodies and the information asymmetry between central banks, banking, securities, and insurance mechanisms of coordination between regulatory bodies are not perfect. Information between central banks and regulatory agencies is difficult to share, is difficult to create effective monitoring force. Basically between the various 1American Journal of Agricultural Economics，2009.
近几年，我厂和英国、西班牙的几个公司有业务往来，外商传真发来的图纸都是英文标注，平时阅看有一定的困难。下面把我们积累的几点看英文图纸的经验与同行们交流。 1标题栏 英文工程图纸的右下边是标题栏（相当于我们的标题栏和部分技术要求），其中有图纸名称（TILE）、设计者（DRAWN）、审查者（CHECKED）、材料（MATERIAL）、日期（DATE）、比例（SCALE）、热处理（HEAT TREATMENT）和其它一些要求，如： 1)TOLERANCES UNLESS OTHERWISE SPECIFIAL 未注公差。 2)DIMS IN mm UNLESS STATED 如不做特殊要求以毫米为单位。 3)ANGULAR TOLERANCE±1°角度公差±1°。 4)DIMS TOLERANCE±0.1未注尺寸公差±0.1。 5)SURFACE FINISH 3.2 UNLESS STATED未注粗糙度3.2。 2常见尺寸的标注及要求 2.1孔（HOLE）如： （1）毛坯孔：3"DIAO+1CORE 芯子3"0+1; （2）加工孔：1"DIA1"; （3）锪孔：锪孔(注C＇BORE=COUNTER BORE锪底面孔); （4）铰孔：1"/4 DIA REAM铰孔1"/4; （5）螺纹孔的标注一般要表示出螺纹的直径，每英寸牙数（螺矩）、螺纹种类、精度等级、钻深、攻深，方向等。如： 例1.6 HOLES EQUI-SPACED ON 5"DIA (6孔均布在5圆周上（EQUI-SPACED=EQUALLY SPACED均布） DRILL 1"DIATHRO＇ 钻1"通孔（THRO＇=THROUGH通） C/SINK22×6DEEP 沉孔22×6 例2.TAP7"/8-14UNF-3BTHRO＇ 攻统一标准细牙螺纹，每英寸14牙，精度等级3B级 （注UNF=UNIFIED FINE THREAD美国标准细牙螺纹） 1"DRILL 1"/4-20 UNC-3 THD7"/8 DEEP 4HOLES NOT BREAK THRO钻 1"孔，攻1"/4美国粗牙螺纹，每英寸20牙，攻深7"/8,4孔不准钻通（UNC=UCIFIED COARSE THREAD 美国标准粗牙螺纹）