外文文献：
Financing of SMEs
Abstract
The main sources of financing for small and medium sized enterprises (SMEs) are equity, trade credit paid on time, long and short term bank credits, delayed payment on trade credit and other debt. The marginal costs of each financing instrument are driven by asymmetric information and transactions costs associated with nonpayment. According to the Pecking Order Theory, firms will choose the cheapest source in terms of cost. In the case of the static trade-off theory, firms choose finance so that the marginal costs across financing sources are all equal, thus an additional Euro of financing is obtained from all the sources whereas under the Pecking Order Theory the source is determined by how far down the Pecking Order the firm is presently located. In this paper, we argue that both of these theories miss the point that the marginal costs are dependent of the use of the funds, and the asset side of the balance sheet primarily determines the financing source for an additional Euro. An empirical analysis on a unique dataset of Portuguese SME’s confirms that the composition of the asset side of the balance sheet has an impact of the type of financing used and the Pecking Order Theory and the traditional Static Trade-off theory are rejected.
For SME’s the main sources of financing are equity (internally generated cash), trade credit, bank credit and other debt. The choice of financing is driven by the costs of the sources which is primarily determined by costs of solving the asymmetric information problem and the expected costs associated with non-payment of debt. Asymmetric information costs arise from collecting and analysing information to support the decision of extending credit, and the non-payment costs are from collecting the collateral and selling it to recover the debt. Since SMEs’ management
and shareholders are often the same person, equity and internally generated funds have no asymmetric information costs and equity is therefore the cheapest source.
2. Asset side theory of SME financing
In the previous section we have suggested that SME’s in Portugal are financed using internal generated cash, cheap trade credits, long and short-term bank loans and expensive trade credits and other loans. In this section the motives behind the different types of financing are discussed.
2.1. Cheap Trade credits
The first external financing source we will discuss is trade-credits. Trade credits are interesting since they represent financial services provided by non-financial firms in competition with financial intermediaries. The early research within this area focused on the role of trade credits in relation to the credit channel or the so called “Meltzer” effect and in relation to the efficiency of monetary policy. The basic idea is that firms with direct access to financial markets, in general large well known firms, issue trade credits to small financially constrained firms . The more recent research breaks the role of trade credits into a strategic motive and financial motive for issuing and using these credits.
Strategic motives
The first theory centers on asymmetric information regarding the firm’s products. Trade credits are offered to the buyers so that the buyer can verify the quantity and quality before submitting payments. By offering trade finance the supplier signals to the buyers that they offer products of good quality. Since small firms, in general, have no reputation then these firms are forced to use trade credits to signal the quality of their products. The use of trade credits is therefore driven by asymmetric information of the products and is therefore more likely to be used by small firms, if the buyer has little information about the supplier, or the products are complicated and it is difficult to asses their quality.
The second strategic motive is pricing. Offering trade finance on favorable terms is the same as a price reduction for the goods. Thus firms can use trade credits to promote sales without officially reducing prices or use them as a tool for price
discrimination between different buyers. Trade credits are most advantageous to risky borrowers since their costs of alternative financing are higher than for borrowers with good credit ratings. Thus trade credits can be used as tool for direct price discrimination but also as an indirect tool (if all buyers are offered the same terms) in favor of borrowers with a low credit standing.
Trade credits are also used to develop long term relationships between the supplier and the buyers. This often manifests itself by the supplier extending the credit period in case the buyer has temporary financial difficulties. Compared to financial institutions suppliers have better knowledge of the industry and are therefore better able to judge whether the firm has temporary problems or the problems are of a more permanent nature.
The last motive in not strictly a strategic motive but is based on transactions costs. Trade credits are an efficient way of performing the transactions since it is possible to separate between delivery and payment. In basic terms the truck drive r delivering the goods does not have to run around to find the person responsible for paying the bills. The buyer also saves transactions costs by reducing the amount of cash required on“hand” .
Financing motives
The basis for this view is that firms compete with financial institutions in offering credit to other firms. The traditional view of financial institutions is that they extend credit to firms where asymmetric information is a major problem. Financial institutions have advantages in collecting and analyzing information from, in particular, smaller and medium sized firms that suffer from problems of asymmetric information. The key to this advantage over financial markets lies in the close relationship between the bank and the firm and in the payment function. The financial institution is able to monitor the cash inflow and outflows of the firm by monitoring the accounts of the firm.
But with trade credits non-financial firms are competing with financial institutions in solving these problems and extending credit. How can non-financial institutions compete in this market? Petersen and Rajan [1997] briefly discusses
several ways that suppliers may have advantages over financial institutions. The supplier has a close working association with the borrower and more frequently visit s the premises than a financial institution does. The size and timing of the lenders orders with the supplier provides information about the conditions of the borrowers business. Notice that this information is available to the supplier before it is available to the financial institution since the financial institution has to wait for the cash flow associated with the orders. The use of early payment discounts provides the supplier with an indication of problems with creditworthiness in the firm. Again the supplier obtains the information before the financial institution does. Thus the supplier may be able to obtain information about the creditworthiness faster and cheaper than the financial institution.
The supplier may also have advantages in collecting payments. If the supplier has at least a local monopoly for the goods then the ability to withhold future deliveries is a powerful incentive for the firm to pay. This is a particular powerful threat if the borrower only accounts for a small fraction of the suppliers business. In case of defaults the supplier can seize the goods and in general has a better use for them than a financial intermediary sizing the same goods. Through its sales network the supplier can sell the reclaimed goods faster and at a higher price than what is available to a financial intermediary. These advantages, of course, depend on the durability of the goods and how much the borrower has transformed them.
If asymmetric information is one of the driving forces the explanation of trade credits then firms can use the fact that their suppliers have issued them credits in order to obtain additional credit from the banks. The banks are aware that the supplier has better information thus the bank can use trade credits as signal of the credit worthiness of the firm.
That trade credits are in general secured by the goods delivered also puts a limit on the amount of trade credits the firm can obtain, thus the firm cannot use trade credits to finance the entire operations of the firm.
In summary the prediction is that the level of asymmetric information is relatively low between the providers of trade credit and the borrowers due to the
issuer’s general knowledge of the firm and the ind ustry. In the empirical work below the variables explaining the use of trade credit are credit risk factors and Cost of Goods Sold. Since these trade credits are secured by the materials delivered to the firm, firms cannot “borrow” for more than the delive ry value of the goods and services.
2.2 Bank loans
Banks have less information than providers of trade credit and the costs of gathering information are also higher for banks than for providers of trade credit. Providers of trade credits also have an advantage over banks in selling the collateral they have themselves delivered, but due to their size and number of transactions banks have an advantage in selling general collateral such as buildings, machinery etc. Banks therefore prefer to issue loans using tangible assets as collateral, also due to asymmetric information, they are less likely to issue loans to more opaque firms such as small and high growth firms. Banks are therefore willing to lend long term provided that tangible assets are available for collateral. In the empirical work below tangible assets and credit risk variables are expected to explain the use of long-term bank loans and the amount of long-term bank loans are limited by the value of tangible assets.
The basis for issuing Short Term Bank Loans is the comparative advantages banks have in evaluating and collecting on accounts receivables, i.e. Debtors. It is also possible to use Cash and Cash equivalents as collateral but banks do not have any comparative advantages over other providers of credit in terms of evaluating and collecting these since they consist of cash and marketable securities. In terms of inventories, again banks do not have any comparative advantages in evaluating these. Thus, we expect the amounts of debtors to be the key variable in explaining the behaviour of Short Term Bank Loans.
2.3. Expensive trade credit and other loans
After other sources of finance have been exhausted firms can delay payment on their trade credits. However, this is expensive since it involves giving up the discount and maybe incurs penalty payments. Also the use of this type of credit can have
reputational costs and it may be difficult to obtain trade credit in the future. The nature of the costs, of course, depends on the number of suppliers, if there is only one supplier then these costs can be rather high whereas if the firm can obtain the same goods and services from other suppliers then these costs are not particularly high.
Other debt is composed of credit card debt, car loans etc. that are dearer than bank loans. Again, the variables determining this type of debt are financial health and performance. Below, however, we do not have any good information regarding these types of loans and what they consists of thus we pay little attention to them in the empirical work.
Conclusions
Currently there exist two theories of capital structure The Pecking Order Theory where firms first exhaust all funding of the cheapest source first, then the second cheapest source and so on. The differences in funding costs are due to adverse selection costs from asymmetric information. The second theory is the Tradeoff Theory where firms increase the amount of debt as long as the benefits are greater than the costs from doing so. The benefits of debt are tax-shields and “positive agency costs” and the costs of debt are the expected bankruptcy costs and the “negative agency costs”. In both of these theories, the composition of the asset side of the balance sheet is not important and in this paper, that proposition is strongly rejected. So the main conclusion is that the composition of the asset side of the balance sheet influences the composition of the liability side of the balance sheet in terms of the different types of debt used to finance the firm, or that the use of the funds is important in deciding the type of financing available.
We further argue that it is asymmetric information and collateral that determines the relationship between the asset side and liability side of the balance sheet. The theory works reasonable well for Cheap Trade Credits and Long Term Bank Loans but the tests for Short Term Bank Loans are disappointing.
中文译文：
中小企业融资
摘要
中小企业融资的主要来源有：股权融资、按时兑现的贸易信贷融资、中长期银行信贷融资、延迟兑现的贸易信贷融资以及其他债务融资，每种融资方式的边际成本取决于与其滞纳金相关的信息不对称成本和交易成本。根据啄食理论，企业在融资时，会优先选择成本最低的融资方式；而根据静态权衡理论，企业在进行融资时，各种资金来源的边际成本都是相同的；再者，根据优序融资理论，企业进行融资时要结合企业自身具体情况，是考虑多重因素下的优序融资。在本文中，我们认为，以上这些理论都忽略了一点，那就是边际成本的确定主要依赖于融资资金的使用，以及资产负债表中资产方作为融资来源的重要影响作用。一个来自葡萄牙中小企业的数据分析证实，企业资产负债表资产方对于融资方式的选择有着重要的影响，而这是静态权衡理论和优序融资理论所不能接受的。
中小企业的融资主要来源于股权（内部融资），商业信用，银行信贷和其他债务。融资方式的选择取决于资金成本，而资金成本又是由信息不对称成本和基于无债务负担情况下的预期成本决定的。信息不对称成本主要是为了支持管理决策而收集和分析信息所产生的费用，无债预期成本主要产生于企业为收回债务而收集和出售抵押品时的费用。由于中小企业的管理层和股东往往是同一个人，股权和内部产生的资金没有信息不对称成本，因此股权融资是成本最低的融资渠道。
2 中小企业资产融资理论
在前面的论述中，我们曾建议，葡萄牙的中小企业多采用内部资金、廉价贸易信贷、中长期银行信贷、高价贸易信贷和其他贷款进行融资。接下来，我们将对以上各种类型的融资动机进行讨论。
2.1 廉价贸易信贷
首先，我们将讨论的是贸易信贷。贸易信贷很有意思，因为它们代表的非金融企业与金融中介机构在提供金融服务方面的竞争。这一领域内的早期研究关注于贸易信贷同的信贷渠道的作用（或所谓的“梅尔策”影响）之间的关系，以及同货币政策的效率之间的关系。其基本思想是，企业尤其是大型知名企业，同的
面临财务困境小企业，直接在金融市场达成贸易信贷的交易。在最近的研究中，将对贸易信贷的利用分为战略动机和财务动机。
战略动机
第一种理论是关于公司产品的信息不对称。贸易信贷是由卖方提供，使买方可以在付款前确认产品的数量和质量。通过提供贸易融资，供应商想证明的是，他们可以为买家提供优质的产品。由于中小企业在一般情况下信誉不高，因此这些企业迫于无奈，往往使用贸易信贷的方式以证明其产品质量。由于产品的信息不对称，买方对供应商的资料很少，或者供应商产品的情况复杂，质量难以鉴定，因此贸易信贷被中小企业广泛使用。
第二个战略动机是定价。以优惠条件提供贸易融资，其作用同商品降价类似。因此，企业可以利用贸易信贷，间接的降低产品价格或作为不同买家之间的价格歧视工具，以促进销售。相比于风险借款而言，贸易信贷是有利的，因为这种替代性融资的有着一个更为优惠的融资利率。因此，贸易信贷可以被用来作为直接的价格歧视的工具，或者作为低信誉借款人的间接工具（如果所有的买家提供相同的条件）。
贸易信贷也可以帮助供应商发展与买家的长期合作关系。这往往体现在买方出现暂时财务困难的情况下，供应商要允许其延长付款期。同金融机构相比，供应商具有更好的的行业知识，因此能够更好地判断买方是面临暂时的困难还是存在一个长期性的问题。
没有严格意义上的战略动机，最终动机都是基于交易成本。贸易信贷作为进行交易有效方式，可以明确地区分货物交割和帐款支付。从最基本的方面讲，卡车司机运送货物，不必再四处找相关负责人支付帐单，买方还可以节约交易成本所需的现金。
融资动机
这种观点的基本内容是，企业与金融机构在为其他公司提供信贷业务上进行竞争。金融机构的传统观点是，他们在向企业提供信用时的主要问题是信息不对称。金融机构在收集和分析来自企业，特别是受制与信息不对称影响的中小型企业的信息时，具有一定优势。这种优势的确立，关键在于银行与目标企业之间存
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
本科毕业论文（设计） 外文翻译 原文： Financing of SMEs Abstract The main sources of financing for small and medium sized enterprises (SMEs) are equity, trade credit paid on time, long and short term bank credits, delayed payment on trade credit and other debt. The marginal costs of each financing instrument are driven by asymmetric information and transactions costs associated with nonpayment. According to the Pecking Order Theory, firms will choose the cheapest source in terms of cost. In the case of the static trade-off theory, firms choose finance so that the marginal costs across financing sources are all equal, thus an additional Euro of financing is obtained from all the sources whereas under the Pecking Order Theory the source is determined by how far down the Pecking Order the firm is presently located. In this paper, we argue that both of these theories miss the point that the marginal costs are dependent of the use of the funds, and the asset side of the balance sheet primarily determines the financing source for an additional Euro. An empirical analysis on a unique dataset of Portuguese SME’s confirms that the composition of the asset side of the balance sheet has an impact of the type of financing used and the Pecking Order Theory and the traditional Static Trade-off theory are https://www.doczj.com/doc/f63767104.html, For SME’s the main sources of financing are equity (internally generated cash), trade credit, bank credit and other debt. The choice of financing is driven by the costs of the sources which is primarily determined by costs of solving the asymmetric information problem and the expected costs associated with non-payment of debt. Asymmetric information costs arise from collecting and analysing information to support the decision of extending credit, and the non-payment costs are from
正确地点和时间下新媒体伴随的社会营销Jay M. Bernhardt 佛罗里达大学健康教育与行为系，佛罗里达州Gainesville Darren Mays乔治敦大学医学中心肿瘤科，哥伦比亚特区华盛顿Amanda K. Hall佛罗里达大学健康教育与行为系，佛罗里达州Gainesville 摘要： 目的：本文的目的是寻求讨论新媒体革命以何种方式将“渠道”更贴近消费者从而提高社会营销。 研究思路：这篇论文描述当前有关的社交媒体和移动通信技术的新媒体发展趋势，并通过运用商业营销，社会变革和公众健康实例分析讨论其对社会营销产生的影响。 成果：快速增长的在线社交网络和世界大部分地区无处不在的手机为社会营销人员提供了巨大的潜力，以全新方式吸引消费者。这些新的通信平台的性质不同于传统媒体是可以使他们更有效地为市场营销服务，最明显的是更深层次消费者参与、多方位信息交流、和基于位置跟踪和消息传递的重要方式。 现实作用：本文所描述的趋势正在快速，从根本上改变商业营销人员、品牌经理和客户关系经理如何与当前的和潜在的消费者相处。社会营销活动应该从中学习，并利用这些新媒体更深入地联系大量的消费者，上述从业人员比以往任何时候都更接近“正确的地点和正确的时间”。 独创性/价值：本文探讨已经介绍了在爱尔兰都柏林的全球非营利和社会营销大会于2011年4月的一个话题。讨论应鼓励社会营销重新考虑“渠道”的作用，并探讨新媒体如何令地方更贴近消费者。 关键词：社会营销，新媒体，社交媒体，移动电话，4P理论，移动通信系统 市场营销组合（或4P理论）是旨在鼓励行为改变的社会营销计划规划和实施的中心结构(Grier and Bryant,2005)。尽管价格、产品和促销策略通常是社会营销活动的主要元素,达到期望的目标受众的地方卫生决策往往是一个挑战(GrierandKumanyika,2010)。地方经常困惑在营销组合那些寻求社会营销作为一个框架申请健康行为改变。常见的想法是,位置被定义为地理位置,然而,在社会营销不一定是一个人的业务所在处或其中一个产品的销售点,而是消费者的利益做出决定并采取行动(Storey et al., 2008)。 新的通信媒体能给社会营销个性化的机会,接触目标消费者在关键行为决策点。这些新媒体为社会营销人员提供多个移动渠道到达消费者在非常情况下做出决定,通过创建直接,双向沟通渠道。这些双向交流现在可以发生在实时决策是在何时何地。第一次社会营销人员可以利用这些新渠道接触数以千计甚至数以百万计的人们在相对较低的成本促进健康的生活方式和影响社会变革(Thackeray et al., 2008)。 传统上,社会营销努力促进健康行为改变很大程度上依赖于地方定义为物理位置来分发产品(KreuterandBernhardt,2009)。他们在公共厕所上放置安全套自动售货机推广安全性行为或将营养标志放置在杂货店以期说服客户选择更健康的食品(Storey et al., 2008)。这些例子需要大量投资时间和物质资源从而成功地到达消费者。此外,确定一个是否会购买和使用避孕套或者被营养信息标志广告影响的合适的目标客户是一个具有挑战性的判断过程。相比之下,新媒体可
零售企业营销策略中英文对照外文翻译文献(文档含英文原文和中文翻译)
译文： 零售企业的营销策略 Philip Kotlor 今天的零售商为了招徕和挽留顾客，急欲寻找新的营销策略。过去，他们挽留顾客的方法是销售特别的或独特的花色品种，提供比竞争对手更多更好的服务提供商店信用卡是顾客能赊购商品。可是，现在这一切都已变得面目全非了。现在，诸如卡尔文·克连，依佐和李维等全国性品牌，不仅在大多数百货公司及其专营店可以看到，并且也可以在大型综合商场和折扣商店可以买到。全国性品牌的生产商为全力扩大销售量，它们将贴有品牌的商品到处销售。结果是零售商店的面貌越来越相似。 在服务项目上的分工差异在逐渐缩小。许多百货公司削减了服务项目，而许多折扣商店却增加了服务项目。顾客变成了精明的采购员，对价格更加敏感。他们看不出有什么道理要为相同的品牌付出更多的钱，特别是当服务的差别不大或微不足道时。由于银行信用卡越来越被所有的商家接受，他们觉得不必从每个商店赊购商品。 百货商店面对着日益增加的价格的折扣店和专业商店的竞争，准备东山再起。历史上居于市中心的许多商店在郊区购物中心开设分店，那里有宽敞的停车场，购买者来自人口增长较快并且有较高收入的地区。其他一些则对其商店形式进行改变，有些则试用邮购盒电话订货的方法。超级市场面对的是超级商店的竞争，它们开始扩大店面，经营大量的品种繁多的商品和提高设备等级，超级市场还增加了它们的促销预算，大量转向私人品牌，从而增加盈利。 现在，我们讨论零售商在目标市场、产品品种和采办、服务以及商店气氛、定价、促销和销售地点等方面的营销策略。 一、目标市场 零售商最重要的决策时确定目标市场。当确定目标市场并且勾勒出轮廓时，零售商才能对产品分配、商店装饰、广告词和广告媒体、价格水平等作出一致的决定。如沃尔玛的目标市场相当明确：
XX企业融资开题报告范文 中小企业迅猛发展为世界各国经济发展起到了强有力的推动作用，但在中小企业创建、经营发展过程中，融资困难一直是困扰世界各国中小企业的大问题，为此，探索可行有效的措施解决中小企业融资难题, 己成为世界各国政府中小企业经济政策的重要内容和工作重点。 一、论文选题的背景、意义： （一）背景 改革开放以来，中国经济经历了根本性变化，从完全依靠国有和集体企业发展到民营中小企业发挥重要作用的混合性经济，由于大批国有企业进行资产重组、人员分流和产品结构调整，国有经济拉动经济增长的作用明显减弱，而此时我国中小企业得到了蓬勃发展，成为保持国民经济持续增长的生力军。在我国，中小企业在活跃市场，吸纳就业，促进技术创新与出口创汇等方面发挥着越来越大的作用。并己成为我国国民经济中最具活力的新的经济增长点。 （二）意义 在我国，占企业总数99%的中小企业创造了74%的工业增加值，63% 的gdp,但是其占有的金融资源却不足20%o中小企业的融资难问题己经严重制约了经济社会的发展。杭州的企业体制一般是以中小企业为主，这也导致了杭州的中小企业也存在严重的融资难问题，虽然各个金融机构采取了一系列的措施，但是并没有从根木上解决杭州中小企业的融资难问题。因为中小企业地位的重要性，所以解决中小企业的融资难问题是刻
不容缓的。 二、相关研究的最新成果及动态（参考文献综述的主体与总结部分）（一）国外关于中小企业融资问题的研究 中小企业迅猛发展为世界各国经济发展起到了强有力的推动作用，但在中小企业创建、经营发展过程中，融资困难一直是困扰世界各国中小企业的大问题，为此，探索可行有效的措施解决中小企业融资难题, 己成为世界各国政府中小企业经济政策的重要内容和工作重点。西方国家如美国、日本、意大利、英国等都制定了相关的促进中小企业发展的政策，值得我们借鉴。 国外有关企业融资的理论研究主要是资本结构理论。早期的资木结构理论是美国经济学家大卫杜兰特提出的，包括净收益理论，净经营收益理论和传统理论。现代资本结构理论形成于20世纪五十年代，至七十年代后期，它以mm定理为中心，一部分探讨税收差异对资本结构的影响，被称为税差学派，另一部分研究破产成本与资本结构的关系, 发展成为财务困境成本学派，形成破产成本主义和财务困境主义，最后合并为权衡理论。七十年代后期，由于信息不对称和博弈论的引入, 使资本结构理论研究发生了一次质的飞跃，新资本结构理论以信息不对称为中心，大量引入经济学各方面的最新分析方法，从新的学术视野来分析资木结构问题，提出了不少新的观点 此外,adolphusj.toby（xx）运用xx至xx年间尼日利亚中小型企业的相关数据测试了4个运行现状不佳的企业。认为对中小企业来说，持续的增长，充足的资金流动性和必要的盈利能力是与他们的投资和融资决策密切相
中小企业融资的英文文献 Automatically translated text: The definition of lease financing Finance leases (Financial Leasing) also known as the Equipment Leasing (Equipment Leasing), or modern leasing (Modern Leasing), and is essentially transfer ownership of the assets of all or most of the risks and rewards of the lease. The ultimate ownership of assets to be transferred, or may not transfer. It refers to the specific content of the lessee to the lessor under the lease object and the specific requirements of the supplier selection, vendor financing to purchase rental property, and the use of leased to a lessee, the lessee to the lessor to pay instalments rent, the lease term lease ownership of objects belonging to the lessor of all, the tenant has the right to use the leased items. Term expired, and finished the lessee to pay rent under the lease contract financing to fulfil obligations in full, leasing objects that vesting ownership of all the lessee. Despite the finance lease transactions, the lessors have the identity of the purchase of equipment, but the substantive content of the purchase of equipment suppliers such as the choice of the specific requirements of the equipment, the conditions of the purchase contract negotiations by the lessee enjoy and exercise, lessee leasing object is essentially the purchaser. , Is a finance lease extension of loans and trade and technology updates in the new integrated financial industry. Because of its extension of loans and combination of features, there is a problem in leasing companies can recycling, treatment of leasing, and
市场营销价格策略外文翻译文献(文档含英文原文和中文翻译)
DESIGNING PRICING STRATEGIES All for-profit organizations and many nonprofit organizations set prices on their goods or services. Whether the price is called rent (for an apartment), tuition (for education), fare (for travel), or interest (for borrowed money), the concept is the same. Throughout most of history, prices were set by negotiation between buyers and sellers. Setting one price for all buyers arose with the development of large-scale retailing at the en d of the nineteenth century, when Woolworth’s and other stores followed a “strictly one-price policy” because they carried so many items and had so many employees. Now, 100 years later, technology is taking us back to an era of negotiated pricing. The Internet, corporate networks, and wireless setups are linking people, machines, and companies around the globe, connecting sellers and buyers as never before. Web sites like https://www.doczj.com/doc/f63767104.html, and https://www.doczj.com/doc/f63767104.html, allow buyers to compare products and prices quickly and easily. On-line auction sites like https://www.doczj.com/doc/f63767104.html, and https://www.doczj.com/doc/f63767104.html, make it easy for buyers and sellers to negotiate prices on thousands of items. At the same time, new tech- nologies are allowing sellers to collect detailed data about customers’ buying habits, preferences—even spending limits—so they can tailor their products and prices. 1 In the entire marketing mix, price is the one element that produces revenue; the others produce costs. Price is also one of the most ?exible elements: It can be changed quickly, unlike product features and channel commitments. Although price competi- tion is a major problem facing companies, many do not handle pricing well. The most common mistakes are these: Pricing is too cost-oriented; price is not revised often
淮阴工学院 毕业设计(论文)外文资料翻译 学院： 专业： 姓名： 学号： 外文出处：Facts for You (用外文写) 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 中小型企业融资决策 企业的产生、生存及发展均离不开投资与融资活动。随着我国加入WTO 组织，市场经济体制的逐步完善，金融市场的快速发展，投资与融资效率也越来越成为企业发展的关键。对于中小型企业而言，应要根据自身发展需求，认真考虑如何选择自己需要和适合自己发展阶段的融资方式以及各种融资方式的利用时机、条件、成本和风险，确定合适的融资规模以及制定最佳融资期限等问题。要解决这些问题，需要中小型企业制定适当的融资策略，以作出最优化的融资决策。 一、企业融资决策概述 (一)企业融资决策概述 企业融资决策，是企业根据其价值创造目标需要，利用一定时机与渠道，采取经济有效的融资工具，为公司筹集所需资金的一种市场行为。它不仅改变了公司的资产负债结构，而且影响了企业内部管理、经营业绩、可持续发展及价值增长。典型的融资决策包括出售何种债务和股权（融资方式）、如何确定所要出售债务和股权的价值（融资成本）、何时出售些债务和股权（融资时机）等等。而其中最主要的包括融资规模的决策和融资方式的决策。融资规模应为企业完成资金使用目的的最低需要量。而企业的融资方式则多种多样，常见的以下几种： 1.财政融资。财政融资方式从融出的角度来讲，可分为：预算内拨款、财政贷款、通过授权机构的国有资产投资、政策性银行贷款、预算外专项建设基金、财政补贴。 2.银行融资。从资金融出角度即银行的资金运用来说，主要是各种代款，例如：信用贷款、抵押贷款、担保贷款、贴现贷款、融资租凭、证券投资。 3.商业融资。其方式也是多种多样，主要包括商品交易过程中各企业间发生的赊购商品、预收货款等形式。
微信营销策划方案
为了大家能更好的了解微信营销，今天就跟大家分享，一篇微信订阅号的运营方案，教企业如何利用订阅号快速抓住客户，和客户建立联系平台。这个方案适用于大部分企业，把它划分为五个步骤。 一、竞争对手分析 微信公众号竞争对手研究往往是大家忽略掉重要一步，可以查看你的目标关键词以及对手品牌名称，在微信公众帐号中基本情况，如纱布作为关键词，在“添加朋友”点击“查找公众号”，输入纱布关键词，看排名前十名微信号它们是怎么运营微信的，了解行业整体情况非常有价值。微信运营人员需要从下面几个方面了解竞争对手情况。 1、可以用一个表格把微信名称、微信号、功能介绍、认证情况、内容更新频率等记录下来，从中找出他们运营、缺点优点在哪。 2、查看自动回复是否人性化 直接发送一些关键词，查看自动回复是否准确，是否具有内容性。 3、分析对手推广微信渠道 一般是看他们在网站上怎么引导用户关注微信二维码，还有在线咨询工具、微博等是不是也在同步宣传微信。 二、微信订阅号定位 微信不是营销工具，我们可以理解为，又多了一个渠道可以和用户互动，纺织是一个非常细化的专业市场，大家准备做微信营销时，先要做好功课，例如一般是哪些人群需要布，他们如果用微信，会更多关注什么内容？ 据了解需要翻译一般是以企业为主，个人需要布的业务量很少，大单都集中一些有全球业务的企业，具体市场调查工作，你可以跟销售总监详细沟通，因为揭密太细，就有违职业道德。 1、注册微信订阅号细节 微信名称含关键词或品牌名称，最理想命名是（品牌名称+关键词），例如鑫海纺织公司；在“微信功能介绍”中描述公司优势，并包含咨询电话，例如10年来为世界500强企业和全球10000家企业，提供什么服务服务，24小时翻译服务热线：*****；微信头像一般用企业LOGO。 2、内容性定位
Sme financing problems related to the analysis First small and medium-sized enterprises financing status Reform and opening up china for 30 years of small and medium-sized enterprises obtained arapid development of enterprises 99 of the small and medium-sized enterprises of our countrymore than 60 GDP contribution tax over 50 provides 70 of import and export trade and80 of urban jobs. Small and medium-sized enterprises in our country is also an important powerof independent innovation 66 of invention patent 82 of new product development of smalland medium-sized enterprises from small and medium-sized enterprises has become the economicprosperity expanding employment adjusting structure promote innovation and new industriesof important strength. From 80 years since the outbreak of the international financial crisis the implementation ofthe positive fiscal policy and loser monetary policy but no small and medium-sized enterprisesfrom the proactive fiscal policy and moderate looser monetary policy benefit directly for instanceof the new 2008 225 million small loan only more than previous year but rose 1.4 only theloans increased 14.9 09 year three months of national
市场营销策略外文文献及翻译 Marketing Strategy Market Segmentation and Target Strategy A market consists of people or organizations with wants,money to spend,and the willingness to spend it.However,within most markets the buyer' needs are not identical.Therefore,a single marketing program starts with identifying the differences that exist within a market,a process called market segmentation, and deciding which segments will be pursued ads target markets. Marketing segmentation enables a company to make more efficient use of its marketing resources.Also,it allows a small company to compete effectively by concentrating on one or two segments.The apparent drawback of market segmentation is that it will result in higher production and marketing costs than a one-product,mass-market strategy.However, if the market is correctly segmented,the better fit with customers' needs will actually result in greater efficiency. The three alternative strategies for selecting a target market are market aggregation,single segment,and multiple segment.Market-aggregation strategy involves using one marketing mix to reach a mass,undifferentiated market.With a single-segment strategy, a company still uses only one marketing mix,but it is directed at only one segment of the total market.A multiple-segment strategy entails
微信营销方案范文 微信商城针对不同行业，需要与企业形成行之有效的策略组合形成企业营销战略。包括与微信粉丝的线下互动、粉丝购买的转化、与企业战略配合度、与其他传播的相成作用。 从需求上来说，不同的行业，对微信商城有不同的出发点：金融行业注重的是服务，快消品行业的消费者更在意体验效果，服务型行业更注重便利性、多选择性…… 而通过对这种需求的发掘，找到其核心点，形成“视觉化的卖点设计”、“功能化的服务设置”、“体验化的品牌形象”这三个层面完成微信商城的策略基础。微信商城的主阵地在微信上，而营销策略不一定是全部发生在网络。 究其本质来说，微信仅仅一个社会化营销“利器”，而不是一个占据它就能够占据未来的“战场”。 微信商城不是“美容院”，所以我们不能期望王宝强进去就变成王力宏，然后遇上范冰冰，开始了没羞没臊的童话生活……这是传统营销思维中的推广模式。 而在移动互联网时代的社会化营销思维模式下，“王力宏”可能是的，但喜欢王宝强的“女神”未必要少。在社会化营销时代，所有的营销原点不再是产品丶品牌，而是专注于 我们的产品和品牌的那群人——即我们的“粉丝群体”。而在与客户的合作过程中，我们都会从两个问题出发，来解决客户需求和疑问。首先是我们（客户）能做什么？粉丝营销，本质是人的营销。而我们所做的，就是协助客户努力摆正位置，去找准并满足粉丝的爱好和需求。 从实际过程来说，就是要根据自己的企业特色和战略规划，要首先做好微信的“定位”和“形象”构建。要专注并满足于我们的“粉
丝”群体的喜好和品味，把我们的产品或这服务做到极致化。以金融行业的客户为例，消费者关心的是这家公司的收益怎么样，服务态度好不好，风险高不高等等。 消费者的需求很多，如果我们去一一满足他们，把王宝强打造成王力宏，那么，我们势必要泯然于众。 实际上，我们通过对现有消费者的研究，与消费者达成这样的共识——我们的客户在交易的便捷性和自主性方面，确实要胜过其他竞争企业很多。 于是，我们形成了这样的思路： 第一步，通过极致快的服务形成话题，吸引更多的注重和体验。 第二步，对现有体验者实行深度影响，迅速转化为实际购买，创造出更好的服务和口碑。 两个过程周而复始，从而形成一个良好的营销生态圈。 其次，微信能做什么？解决这个问题，不但要求我们对微信定位丶微信策略的了解，更需要我们要对微信营销有一个企业战略层面上的认知。 如同很多不成功的微信商城的营销案例，企业在进入之时，总是赋予了微信商城的营销过多期望，而忽视了微信策略与企业战略的互动。而一旦企业在微信商城的营销上出现瓶颈，就简单的归结为“王宝强不适合形象代言”这样的粗暴论调，实在是有失偏颇。 如上我们所说，微信商城的营销是一个社会化营销的“利器”，更应该是企业互动营销战略的一部分。
互联网网络营销外文文献翻译 (含：英文原文及中文译文) 文献出处：Peter Kenzelmann. Technical Consultancy in Internationalization[J]. International Marketing Review, 2006, 4(3):20-29. 英文原文 The technical basis of network marketing Peter Kenzelmann Network marketing is based on the technology infrastructure of computer network technology, as represented by information technology. Computer networks of modern communications technology and computer technology to the product of combining it in different geographic regions and specialized computer equipment for external interconnection lines of communication into a large, powerful networks, thus enabling a large number of computers can easily transmit information to each other, share hardware, software, data and other resources. And network marketing is closely related to the computer network there are three types: the Internet, Extranet and Intranet. The theoretical basis for the network marketing Theoretical foundation of network marketing is direct marketing network theory, network theory of relationship marketing, marketing theory and network software to integrate marketing theory. (A) Direct Response Network Marketing Theory
中英文对照外文翻译文献 (文档含英文原文和中文翻译) 原文： Survey on the Applications of Big Data in Chinese Real Estate Enterprise Abstract: This paper focuses on the present applications of big data in Chinese real estate development and marketing from the perspective of real estate enterprises. The problems in this practice for big data’s application are analyzed by now. What’s more, the possible solutions to solve the above problems are proposed in this paper. It benefits the real estate enterprises to strength their competition with big data technology. Keywords: Big data,Chinese real estate enterprises,application status 1 Introduction The explosion of data volume fueled by stunning and exciting advances in the computer technology and Internet techniques made the big data the focus of widespread attention. As early
文献出处：Guzzo T, D’Andrea A, Ferri F, et al. Evolution of Marketing Strategies: From Internet Marketing to M-Marketing[C]//On the Move to Meaningful Internet Systems: OTM 2012 Workshops. Springer Berlin Heidelberg, 2012: 627-636. 原文 Evolution of Marketing Strategies:From Internet Marketing to M-Marketing Tiziana Guzzo, Alessia D’Andrea, Fernando Ferri, and Patrizia Grifoni 1 Introduction Marketing is “the process which creates, communicates, delivers the value to the consumers, and maintains the relationship with consumers. It generates the strategy that underlies sales techniques, business communication, and business developments. It is “an integrated process through which companies build strong consumers relationships and create value for their consumers and for themselves” Marketing strategies have a long history and mainly interested economists and sociologists. The wide use of Internet, pervasiveness of social networks and the evolution of mobile devise are implying a wider involvement of interdisciplinary competences enlarging the interest toward ICT competences. This paper is to describe the evolution of marketing strategies from the advent of the Web (Internet Marketing) - through the advent of Social Networks (Marketing 2.0) - to the evolution of Mobile Social Networks (M-marketing). In particular, the paper analyses the use that Italian people make of mobile devices and the user perception and acceptance of M-marketing.