Evaluation of Financing Possibilities of Small and Medium Industrial Enterprises

财务管理英语作文Financial management is a critical aspect of business operations, encompassing the planning, directing, and controlling of financial resources. It involves a variety of activities such as budgeting, forecasting, investing, and financing. Effective financial management is essential forthe success and sustainability of any business.Budgeting: A budget is a financial plan that outlines a company's projected income and expenses for a specific period. It helps in allocating resources efficiently and monitoringthe company's financial performance against set targets.Forecasting: Financial forecasting involves predicting future financial performance based on historical data and trends.This is crucial for making informed decisions about investments, expansion, and other strategic moves.Investing: This refers to the allocation of funds intovarious assets such as stocks, bonds, or real estate with the expectation of generating income or capital gains. Acompany's investment strategy should align with its long-term goals and risk tolerance.Financing: Financing is the process of raising funds for business operations. It can be achieved through various means such as equity financing, debt financing, or a combination of both. Understanding the cost of capital and the implicationsof different financing options is vital.Risk Management: Financial managers must also be adept at managing risks associated with market volatility, credit, and operational factors. This involves strategies such as diversification, hedging, and insurance.Regulatory Compliance: Adhering to financial regulations and reporting requirements is another important aspect of financial management. This ensures transparency and helps in maintaining the company's reputation.Performance Evaluation: Regularly assessing financial performance against set benchmarks helps in identifying areas of improvement and making necessary adjustments.In conclusion, financial management is a multifaceted discipline that requires a deep understanding of financial principles and the ability to apply them strategically. It plays a pivotal role in the growth and stability of businesses, making it a fundamental component of modern commerce.。

中小企业的融资问题外文翻译外文翻译the Financing problems of Small and medium sized enterprisesMaterial Source: ////0>. Author: ModiglianiA thriving SME sector is crucial to spurring growth and reducing poverty in developing and transition economies. But financial institutions often avoid small and medium sized enterprises, sensing?understandably?that the transaction costs of financing them will be excessively high. What Small and medium sized enterprises need is not to be left without access to capital, but approached on a new model that combines early-stage equity investment and performance-enhancing technical assistance, writes Bert van deer Avert, CEO of Small Enterprise Assistance Funds SEAF. This US- and Dutch-based NGO manages a network of 14 commercially driven investment funds worldwide with total assets of $140 million, and has developed a unique “equity plus assistance” approach to Small and medium sized enterprises investing.Small and medium sized enterprises Sara widely credited with generating the highest rates of revenue and employment growth in virtually all economies. In transition and developing countries open to foreign direct investment, they also tend to pay disproportionately more in taxesand social security contributions than either their larger and smaller counterparts. Larger enterprises, especially multinationals, often find a way to reduce their tax obligations through transfer pricing, royalty payments, and negotiated tax holidays. Microenterprises, on the other hand, often fall in the informal sector, neither paying taxes nor making social security contributions.Yet if Small and medium sized enterprises constitute a critical dimension of growth and development and are often well positioned to achieve high revenue and profit growth, why have private and public financing institutions alike tended to avoid investing in them?The reasons are multiple and, for the most part, understandable. For private investors, the amount of work required to invest relatively small sums into several SMEs seems unattractive compared to the work needed to support fewer investments in larger companies. Moreover, investing in local Small and medium sized enterprises also often involves working with entrepreneurs who are less familiar with conventional financing relationships, business practices, and the English language than principals of larger firms. Accordingly, most private capital would much prefer to invest in a few large-asset There are broader issues to be considered as well, including the lack of transparency in local legal systems and governments that make investing in these countries difficult at best. enterprises in fields such as pharmaceuticals,telecommunications or privatized industry rather than in smaller companies with relatively few assets, low capitalization and a perceived greater vulnerability to market conditions. Public development institutions can also encounter high administrative costs in making small and medium sized enterprises investments. These can be coupled with perceptions that local Small and medium sized enterprises entrepreneurs may not be trustworthy, and that working with them might bring fewer visibly “developmental” benefits than targeting more poverty-focused fields such as microfinance Local commercial banks too are often biased in favor of large corporate borrowers with considerable assets. This has meant that even the lines of credit local banks receive from development institutions for on-lending to Small and medium sized enterprises are often under-utilized. Small and medium sized enterprises entrepreneurs’ lack of experience in accounting and other areas of financial documentation make it difficult for banks or other potential sources to assess their creditworthiness and cash flows, again hindering the provision of financing. Combined, these factors have largely left what should be the most dynamic sector of the economy in developing countries lacking the capital it needs to realize its potential.SEAF believes that the investment levels it takes, coupled with its focused efforts on increase value after investments, and allows it to invest at relatively attractive multiples. This offers an array ofpotential exit possibilities. By contrast, many conventional Emerging market private equity investors have had disappointing records in achieving exits over the last four years. SEAF’s approach to early-stage investing in SMEs thus may one day be seen as one of the more appropriate means of investing in developing countries. In the meantime, SEAF is achieving its developmental objectives by rapidly increasing the revenues, productivity, and employment growth of its investee Small and medium sized enterprises.The financial sector infrastructure will need to change to accommodate the substantial financing requirements of new activities and industries. Going forward, while financial institutions would need to transform to remain innovative and responsive to demands of their customers, efforts need to be directed to facilitate financing by non-banks for high-risk ventures. These include financing for knowledge-intensive and technology-intensive start-up enterprises where only ideas intangible collateral are principal assets. As such, these knowledge-intensive and technology-intensive enterprises will need alternative forms of financing to complement traditional financing sources. These alternative modes of financing include among others, venture capital and credit enhancements such as financial guarantee insurance and agriculture insurance.The financial infrastructure that supports Small and medium sizedenterprises in Serbia is undeveloped. Up to now, small and medium sized enterprises and entrepreneurs have financed their operations out of their own resources because financial markets in Serbia were isolated and lacked the support of international financial institutions. The local financial sector in the former Yugoslavia was designed to support large scale, socially owned enterprises ? otherwise known as the “Pillars of Development.” B anks, especially large-scale socially owned banks, had a redistributive function imposed on them by the state, and they dealt solely with large-scale, socially owned enterprises. In addition, the Fund for Development of the Republic of Serbia disbursed its funds to the same target group. Capacity to repay the banks or the Fund was not a criterion for credit approval.Economists have not always fully appreciated the importance of a healthy financial system for economic growth or the role of financial conditions in short-term economic dynamicsAs a matter of intellectual history, the reason is not difficult to understandDuring the first few decades after World War II, economic theorists emphasized the development of general equilibrium models of the economy with complete markets; that is, in their analyses, economists generally abstracted from market "frictions" such as imperfect information or transaction costsBut without such frictions, financial markets have little reason to existFor example, with complete markets and if we ignore taxes, we know that whether acorporation finances itself by debt or equity is irrelevant the Modigliani-Miller theorem.The former economic and political system did not support the development of financial instruments for Small and medium sized enterprises. Cooperation with SMEs focused on a few selected companies, while sole traders were almost completely excluded from credit transactions with the banking sector. SME owners and citizens completely lost their trust in the banks and channeled their savings into the grey economy, to banks abroad, or kept their savings at home. Only payments effected through the National Payment Bureau functioned properly for Small and medium sized enterprises.译文中小企业的融资问题资源来源:////. 作者:詹姆斯?沃尔芬森中小企业的蓬勃发展对促进经济增长,减少发展中国家的贫穷和经济转型具有重要意义。

1 liabilities evaluation 负债评估restore replacement cost 复原重置成本renewal replacement cost 更新重置成本non-patent technique and know-how 非专利技术和秘诀rate of risk return on investment 风险报酬率personal estate 动产equal expedient method 对等权宜法adjustment coefficient of road condition 车辆行驶路况调整系数purchase cost of vehicle 车辆购置费long term investment evaluation 长期投资评估newness rate 成新率real estate 不动产product and store goods evaluation 产成品和库存商品的评估transfer of property right 产权转让change of property right 产权变动principle of property right interests subject alteration 产权利益主体变动原则reference object 参照物material evaluation 材料评估earning ratio of capital 本金化率quote 报价variable factor adjustment method 变动因素调整法key-point evaluation method 重点评估法engineering process method with recomposed budge 重编预算工程进度法replacement cost calculation method 重置核算法replacement cost method 重置成本法tangible assets 有形资产physical wear 有形损耗Sino-foreign cooperative business operation 中外合作经营Sino-foreign joint venture 中外合资经营intellectual property right 知识产权2 expected service life 预计使用年限（有效使用寿命）evaluation of construction engineering in process 在建工程评估construction engineering in process 在建工程evaluation of products in process 在产品评估conversion rate 折现率discount to present value 折现enterprise total assets evaluation 整体企业资产评估total assets of enterprise 整体企业资产duties of increase in value 增值税travelled distance 已行驶里程inquiry 询价intangible asset evaluation 无形资产评估earnings of intangible assets 无形资产收益额intangible assets 无形资产moral wear 无形损耗special privilege evaluation 特许权评估special privilege 特许权益inflation rate 通货膨胀率consumption tax 消费税current market price method 现行市价法current market price 现行市价shop survey 现场勘查price index method 物价指数法（指数调整法）price index 物价指数evaluation of right of use land 土地使用权评估right of use land 土地使用权land ownership 土地所有权practical serviced life 实际已使用年限claim 索赔present earning value method 收益现值法present value of earning 收益现值3 evaluation of trade mark right 商标权评估trade mark 商标trade credit evaluation 商誉评估trade credit 商誉market of equipment transfer 设备调剂市场equipment sublet out 设备租出equipment sublet in 设备租入adjustment coefficient of equipment work condition 设备工作状态调整系数sale of equipment 设备出售equipment purchasing 设备采购installation and test cost of equipment 设备安装调试费transportation cost of equipment 设备运杂费equipment leasing with circulating funds 设备融资租赁life of equipment 设备寿命disposal cost of facilities 设备清理费adjustment coefficient of equipment utilization 设备利用调系数liquidation price method 清算价格法liquidation price 清算价格circulating assets 流动资产nominal serviced life 名义已使用年限book value method 历史成本法（FOB）free on board 离岸价verification and affirmation of assets evaluation 资产评估的验证确认inassignable assets 不可确指的资产devaluation by real degradation 实体性陈旧贬值engineering process method 工程进度法function and cost method 功能成本法devaluation by functional degradation 功能性陈旧贬值fair price 公允价格scale economical profit index analysis method 规模经济效益指数分析法contract 合同4 rights and interests of contract 合同权益insurance of ocean transportation 海运保险费ocean transportation cost 海运费exchange rate 汇率time value of money 货币时间价值machine equipment evaluation 机器设备评估simple age limit method 简单年限法price adjustment factor 价格调整系数acceptance 接受building 建筑物replacement cost of building 建筑物重置价functional devaluation of building 建筑物功能性贬值economical devaluation of building 建筑物经济性贬值building evaluation 建筑物评估import duties 进口关税economic devaluation 经济性贬值assignable assets 可确指的资产item request of assets evaluation 评估立项申请effective period of assets evaluation 评估有效期base date of assets evaluation 评估基准日links of evaluation 评估环节joint operation of enterprises 企业联营liquidation of enterprise 企业清算sale of enterprise 企业出售joint-stock system operation of enterprise 企业股份制经营annexation of enterprise 企业兼并resources assets 资源性资产resources assets evaluation 资源性资产评估original book value of assets 资产原值net book value assets 资产净值purpose of assets evaluation 资产评估目的5 salient features of assets evaluation 资产评估特点basis of assets evaluation 资产评估依据subject of assets evaluation 资产评估主体operating procedure of assets evaluation 资产评估[操作]程序（法定程序）work principle of assets evaluation 资产评估[工作]原则written report of assets evaluation 资产评估报告书statutes system of assets evaluation 资产评估法规体系method of assets evaluation 资产评估方法assets evaluation management 资产评估管理assets evaluation organization 资产评估机构hypothesis of assets evaluation 资产评估假设operation principle of assets evaluation 资产评估经济性（操作性）原则object of assets evaluation 资产评估客体（对象）check and arbitration of assets evaluation 资产评估的复核仲裁function of assets evaluation 资产评估的功能assets evaluation files 资产评估档案integrated age limit method 综合年限法integrated remainder life 综合剩余寿命integrated service life 综合服役年限certified public assets estimator 注册资产评估师patent 专利evaluation of patent right 专利权评估assignment of the patent right 专利权转让know-how evaluation 专用技术（诀窍）评估statistical analysis method 点面推算法single assets 单项资产(CIF) cost insurance and freight 到岸价system of land price 地产友情链接现金Cash in hand银行存款Cash in bank其他货币资金-外埠存款Other monetary assets - cash in other cities其他货币资金-银行本票Other monetary assets - cashier‘s check其他货币资金-银行汇票Other monetary assets - bank draft其他货币资金-信用卡Other monetary assets - credit cards其他货币资金-信用证保证金Other monetary assets - L/C deposit其他货币资金-存出投资款Other monetary assets - cash for investment短期投资-股票投资Investments - Short term - stocks短期投资-债券投资Investments - Short term - bonds短期投资-基金投资Investments - Short term - funds短期投资-其他投资Investments - Short term - others短期投资跌价准备Provision for short-term investment长期股权投资-股票投资Long term equity investment - stocks长期股权投资-其他股权投资Long term equity investment - others长期债券投资-债券投资Long term securities investemnt - bonds长期债券投资-其他债权投资Long term securities investment - others长期投资减值准备Provision for long-term investment应收票据Notes receivable应收股利Dividends receivable应收利息Interest receivable应收帐款Trade debtors坏帐准备- 应收帐款Provision for doubtful debts - trade debtors预付帐款Prepayment应收补贴款Allowance receivable其他应收款Other debtors坏帐准备- 其他应收款Provision for doubtful debts - other debtors其他流动资产Other current assets物资采购Purchase原材料Raw materials包装物Packing materials低值易耗品Low value consumbles材料成本差异Material cost difference自制半成品Self-manufactured goods库存商品Finished goods商品进销差价Difference between purchase & sales of commodities委托加工物资Consigned processiong material委托代销商品Consignment-out受托代销商品Consignment-in分期收款发出商品Goods on instalment sales存货跌价准备Provision for obsolete stocks待摊费用Prepaid expenses待处理流动资产损益Unsettled G/L on current assets待处理固定资产损益Unsettled G/L on fixed assets委托贷款-本金Consignment loan - principle委托贷款-利息Consignment loan - interest委托贷款-减值准备Consignment loan - provision固定资产-房屋建筑物Fixed assets - Buildings固定资产-机器设备Fixed assets - Plant and machinery固定资产-电子设备、器具及家具Fixed assets - Electronic Equipment，furniture and fixtures 固定资产-运输设备Fixed assets - Automobiles累计折旧Accumulated depreciation固定资产减值准备Impairment of fixed assets工程物资-专用材料Project material - specific materials工程物资-专用设备Project material - specific equipment工程物资-预付大型设备款Project material - prepaid for equipment工程物资-为生产准备的工具及器具Project material - tools and facilities for production在建工程Construction in progress在建工程减值准备Impairment of construction in progress固定资产清理Disposal of fixed assets无形资产-专利权Intangible assets - patent无形资产-非专利技术Intangible assets - industrial property and know-how 无形资产-商标权Intangible assets - trademark rights无形资产-土地使用权Intangible assets - land use rights无形资产-商誉Intangible assets – goodwill无形资产减值准备Impairment of intangible assets长期待摊费用Deferred assets未确认融资费用Unrecognized finance fees其他长期资产Other long term assets递延税款借项Deferred assets debits应付票据Notes payable应付帐款Trade creditors预收帐款Adanvances from customers代销商品款Consignment-in payables其他应交款Other payable to government其他应付款Other creditors应付股利Proposed dividends待转资产价值Donated assets预计负债Accrued liabilities应付短期债券Short-term debentures payable其他流动负债Other current liabilities预提费用Accrued expenses应付工资Payroll payable应付福利费Welfare payable短期借款-抵押借款Bank loans - Short term - pledged短期借款-信用借款Bank loans - Short term - credit短期借款-担保借款Bank loans - Short term - guaranteed一年内到期长期借款Long term loans due within one year一年内到期长期应付款Long term payable due within one year长期借款Bank loans - Long term应付债券-债券面值Bond payable - Par value应付债券-债券溢价Bond payable - Excess应付债券-债券折价Bond payable - Discount应付债券-应计利息Bond payable - Accrued interest长期应付款Long term payable专项应付款Specific payable其他长期负债Other long term liabilities应交税金-所得税Tax payable - income tax应交税金-增值税Tax payable – VAT应交税金-营业税Tax payable - business tax应交税金-消费税Tax payable - consumable tax应交税金-其他Tax payable - others递延税款贷项Deferred taxation credit股本Share capital已归还投资Investment returned利润分配-其他转入Profit appropriation - other transfer in利润分配-提取法定盈余公积Profit appropriation - statutory surplus reserve利润分配-提取法定公益金Profit appropriation - statutory welfare reserve利润分配-提取储备基金Profit appropriation - reserve fund利润分配-提取企业发展基金Profit appropriation - enterprise development fund利润分配-提取职工奖励及福利基金Profit appropriation - staff bonus and welfare fund利润分配-利润归还投资Profit appropriation - return investment by profit利润分配-应付优先股股利Profit appropriation - preference shares dividends利润分配-提取任意盈余公积Profit appropriation - other surplus reserve利润分配-应付普通股股利Profit appropriation - ordinary shares dividends利润分配-转作股本的普通股股利Profit appropriation - ordinary shares dividends converted to shares 期初未分配利润Retained earnings，beginning of the year资本公积-股本溢价Capital surplus - share premium资本公积-接受捐赠非现金资产准备Capital surplus - donation reserve资本公积-接受现金捐赠Capital surplus - cash donation资本公积-股权投资准备Capital surplus - investment reserve资本公积-拨款转入Capital surplus - subsidiary资本公积-外币资本折算差额Capital surplus - foreign currency translation资本公积-其他Capital surplus - others盈余公积-法定盈余公积金Surplus reserve - statutory surplus reserve盈余公积-任意盈余公积金Surplus reserve - other surplus reserve盈余公积-法定公益金Surplus reserve - statutory welfare reserve盈余公积-储备基金Surplus reserve - reserve fund盈余公积-企业发展基金Surplus reserve - enterprise development fund盈余公积-利润归还投资Surplus reserve - reture investment by investment主营业务收入Sales主营业务成本Cost of sales主营业务税金及附加Sales tax营业费用Operating expenses管理费用General and administrative expenses财务费用Financial expenses投资收益Investment income其他业务收入Other operating income营业外收入Non-operating income补贴收入Subsidy income其他业务支出Other operating expenses营业外支出Non-operating expenses所得税Income tax直接人工成本差异（direct labor variance）直接材料成本差异（direct material variance）在产品计价（work-in-process costing）联产品成本计算（joint products costing）生产成本汇总程序（accumulation process of procluction cost）制造费用差异（manufacturing expenses variance）实际成本与估计成本（actual cost and estimated cost）工资费用分配（salary costs allocation）成本曲线（cost curve）农业生产成本（agriculture production cost）原始成本和重置成本（original cost and replacement cost）工程施工成本直接成本与间接成本（direct cost and indirect cost）可控成本（controllable cost）制造费用分配（manufacturing expenses allocation）理论成本与应用成本（theory cost and practice cost）辅助生产成本分配（auxiliary production cost allocation）期间，费用成本控制程序（procedure of cost control）成本记录（cost entry，cost recorder cost agenda）成本计算分批法（job costing method）直接人工成本差异（direct labor variance）成本控制方法（cost control method）内河运输成本生产费用要素（elements of production expenses）历史成本与未来成本（historical cost and future cost）可避免成本与不可避免成本（avoidable cost and unavoidable cost）成本计算期（cost period）平均成本与个别成本（avorage cost and individual cost）跨期摊提费用分配（inter-period expenses allocation）计划成本（planned cost）数量差异（quantity variance）燃料费用分配（fuel expenses allocation）定额成本控制制度（norm cost control system）定额管理（management norm）可递延成本与不可递延成本（deferrable cost and undeferrable cost）成本控制标准（standard of cost control）副产品成本计算（by-product costing）责任成本（responsibility cost）生产损失核算（production loss accounting）生产成本（production cost）预计成本（predicted cost）成本结构（cost structure）房地产开发成本主要成本与加工成本（prime costs and processing costs）决策成本（cost of decision making）成本计算品种法（category costing method）在产品成本（work-in-process cost）工厂成本（factory cost）成本考核（cost assess ）制造费用（manufactruing expenses）动力费用分配（power expenses allocation）趋势分析法（trend analysis approach）成本计算简单法（simple costing method）责任成本层次（levels of responsibility cost）对比分析法（comparative analysis approach）约当产量比例法（equivalent units method）原始记录（original record）可比产品成本分析（general product cost analysis）成本计算方法（costing method）成本计算对象（costing objective）成本计算单位（costing unit）成本计划完成情况分析成本计划管理体系（planned management system of cost）成本计划（cost plan）成本会计（cost accounting）成本核算原则（principle of costing）成本核算程序（cost accounting qrocedures）成本核算成本（costing account）成本核算（costing）成本归集（cost accumulation）成本管理（cost management）成本分析（cost analysis）成本分配（ocst allocation）成本分类账（cost ledger）成本分类（cost classifiction）成本费用界限成本调整（cost adjustment）成本差异（cost variance）成本报告（costing report）成本（cost）车间成本（workshop cost）厂内经济核算制（internal business accounting system）厂内结算价格（internal settlement prices）产品寿命周期成本（product life cycle cost）产品成本项目（cost items of product）产品成本技术经济分析产品成本计划（the plan of product costs）产品成本（product cost）汇总原始凭证（cumulative source document）汇总记账凭证核算形式（bookkeeping procedure using summary ovchers）工作底稿（working paper）复式记账凭证（mvltiple account titles voucher）复式记账法（Double entry bookkeeping）复合分录（compound entry）划线更正法（correction by drawing a straight ling）汇总原始凭证（cumulative source document）会计凭证（accounting documents）会计科目表（chart of accounts）会计科目（account title）红字更正法（correction by using red ink）会计核算形式（bookkeeping procedures）过账（posting）会计致迹╝ccounting entry）会计循环（accounting cycle）会计账簿（Book of accounts）活页式账簿（loose-leaf book）集合分配账户（clearing accounts）计价对比账户（matching accounts）记账方法（bookkeeping methods）记账规则（recording rules）记账凭证（voucher）记账凭证核算形式（Bookkeeping proced ureusing vouchers）记账凭证汇总表核算形式（bookkeeping procedure using categorized account summary）简单分录（simple entry）结算账户（settlement accounts）结账（closing account）结账分录（closing entry）借贷记账法（debit-credit bookkeeping）通用日记账核算形式（bookkeeping procedure using general journal）外来原始凭证（source document from outside）现金日记账（cash journal）虚账户（nominal accounts）序时账簿（book of chronological entry）一次凭证（single-record document）银行存款日记账（deposit journal）永续盘存制（perpetual inventory system）原始凭证（source document）暂记账户（suspense accounts）增减记账法（increase-decrease bookkeeping）债权结算账户（accounts for settlement of claim）债权债务结算账户（accounts for settlement of claim and debt）债务结算账户（accounts for settlement of debt）账户（account）账户编号（Account number）账户对应关系（debit-credit relationship）账项调整（adjustment of account）专用记账凭证（special-purpose voucher）转回分录（reversing entry）资金来源账户（accounts of sources of funds）资产负债账户（balance sheet accounts）转账凭证（transfer voucher）资金运用账户（accounts of applications of funds）自制原始凭证（internal source document）总分类账簿（general ledger）总分类账户（general account）附加账户（adjunct accounts）付款凭证（payment voucher）分类账簿（ledger）中级会计固定资产（fixed assets）利润总额利益分配（profit distribution）应计费用（accrued expense）商标权（trademarks and tradenames）净利润（net income）应付利润（profit payable）收益债券（income bonds）利息资本化（capitalization of interests）预付账款（advance to supplier）其他应收款（other receivables）现金（cash）公司债券发行（corporate bond floatation）应付工资（wages payable）实收资本（paid-in capital）盈余公积（surplus reserves）股利（dividend）应交税金（taxes payable）负商誉（negative goodwill）费用的确认（recognition of expense）短期投资（temporary investment）专有技术（know-how）专营权（franchises）资本公积（capital reserves）自然资源（natural resources）存货（inventory）偿债基金（sinking fund）长期应付款（long-term payables）长期投资（long-term investments）长期借款（long-term loans）长期负债（long-term liability of long-term debt）财务费用（financing expenses）拨定留存收益（appropriated retained earnings）标准成本法（standard costing）变动成本法（variable costing）版权（copyrights）高级会计期货交易市场（market of futures transaction）期货交易（futures transaction）举债经营融资租赁（leveraged lease）金融工具（financial instruments）企业集团（business qroup）年度报告（annual report）内部往来（transactions between home office and branches）合伙企业（partnership enterprise）合并资产负债表（consolidated balance sheet）合并主体的所得税会计（accounting for income taxes of consolidated entities）（美）合并现金流量表（consolidated statement of cash flow）合并价差（cost-book value differentials）合并会计报表（consolidated financial statements）购买法（purchase methed）企业整体价值（the value of an enterprise as a whole）权益结合法（pooling of interest method）期内所得税分摊（intraperiod tax allocation）（美）期末存货的未实现损益（unrealized profit in ending inventory）公司间的长期资产业务（intercompany transactions in long-term assets）名义货币保全（maintaining capital in units of money）基金论（the fund theory）功能性货币（functional currency）（汇兑损益（exchange gains or losses）合并财务状况变动表（consolidated statement of changes in financial poition）换算损益（translation gains or losses）举债经营收购（Leveraged buyouts，简称LBC）（美）母公司持股比例变动（change in ownership percentage held by parent）交互分配法（reciprocal allocation approach）（美）货币项（monetary items）合伙清算（partnership liquidation全面分摊法（comprehensive allocation）固定资产投资方向调节税合并费用（expenses related to combinations）间接标价法（indirect quotation）买入汇率（buying rate）期货合约（futrues contract）混合合并（conglomeration）控投公司（holding company）股票指数期货（stock index futrues）横向销售（crosswise sale）固定汇率（fixed rate）纳税影响法（tax effect method）记账汇率（recording rate）横向合并（horizontal integration）合并前股利（preacquisition dividends）可变现净值（net realizable）企业合并会计（accounting for business combination）平仓盈亏（offset gain and loss）卖出汇率（selling rate）金融期货交易（financial futures transaction）会计利润（accounting income）合并损益表（consolidated income statement）公允价值（fair value）期权（options）间接控股（indirect holding）两笔交易观（two-transaction opinion）破产清算（bankrupcy liquidation）企业合并（business combination）企业论（the enterprise theory）商品寄销（consignment）个人所得税（personal income tax）个人财务报表（personal financial state-ments）（美）改组计划（reorganization plan）（美）改组（reorganization）复杂权益法（complex equity method）附属公司（associated company）负权人偿金（dividend）浮动汇率（floating rate）分支机构会计（accounting for branch）推定赎回损益（constructive gains and losses on bonds）推定赎回（constructive retirement）投机（spculation）贴水（discount）特定物价指数（specific price index）分支机构（branch）分期收款销货（installment sales）分次清算（installment liquidation）分部报告（segmental reporting）房地产收入（real estate revenue）房地产成本（cost of real setate）房地产（real estate）多种汇率法（multiply exchange rate）对境外实体的净投资（net investment in foreign entities）订量单位：（units of measurement）递延法（deffered method）当代理论（contemporary theory）单一汇率法（singal method）退休金（pension plan）退休金会计（accounting for pension plan）（美）退休金给付义务（pension benefit obligations）（美）外币（foreign currency）外币业务（foreign currency transaction）吸收合并（merger）物价变动会计（accounting for price changes）无偿债能力（insolvency）完全合并（full consolidation）物价指数（price index）物价变动（price changes）完全应计法（full accrual method）物价总指数（general price index）外汇期货交易（foreign exchange frtrues transaction）下推会计（push-down accounting）（美）先折算后调整法（translation-remeasurement method）现行成本/稳值货币会计（current cost/general purchasing power accountin）现行成本（crurent cost）现行成本会计（current cost accounting）先调整后折算法（remeasurement-translation method）销售代理处（sales agency）相互持股（mutual holdings）相对账户调节（reconciliation of home office and branch accounts）新合伙人入伙（admission of a new parther）向上销售（upstream sale）衍生金融工具（derivative financial instru-ments）销售式融资租赁（sales-type financing lease）向下销售（downstream sale）消费税（consumer tax）一笔交易观（one-transaction opinion）业主权论（the proprietorship theory）一般物价水准会计（general price level accounting）一般购买力单位（units of general purchasing power）招股说明书（prospectus）中间汇率（middle rate）中期报告（interim reporting）重置成本（replacement cost）转租赁（subleases）准改组（quasi-reorbganization）（美）资本保全（capital maintenance）资本化价值（capitalized value）资本因素（capital factor）资产负债法（asset/libility method）存货转让价格（inventory transfer price）创立合并（consolidation）出租人会计（accounting for leases-lessor）持有（产）损益（holding gains losses）持仓盈亏（opsition gain and loss）承租人会计（accounting for leases-leasee）成本回收法（cost recovery method）纵向合并（Vertical integration）综合变动（general change）子公司权益变动（change in ownership of a subsidiary）子公司（subsidiary company）资源税（resources tax）成本法（cost method）财产信托会计（fiduciary accounting）（美）财产税（property tax）部分分摊法（partial allocation）不合并子公司（unconsolidated subsidiaries）最低退休金负债（minimum liability）（美）租赁（leases）租金（rents）企业会计企业财务（business finance）期权市场（option market）期货市场（future market）可转让定期存单市场（negotiable CDmarket）货币市场（money market）黄金市场（gold market）国有独资公司股份有限公司（company limited by shares）股份两合公司（limited pactnership）公司（company）二级市场（security secondary market）独资企业（sole proprietorship）店头市场（over-the -counter-market）承兑市场（acceptance market）拆借市场（lending market）财务制度（financial regulations）财务政策（financial policy）财务预测（financial forecast）财务控制（financial control）金融市场（financial market）财务决策（financial decision）财务监督（financial cupervision）财务计划（financial planning）财务活动（financial activities）财务管理组织（organization of financial management）一级市场（security primary market）无限责任公司（company of unlimited liability）外汇市场（foreign exchange market）贴现市场（dixcount market）企业组织形式（forms of enterprise organization）政府会计企业财务（business finance）期权市场（option market）期货市场（future market）可转让定期存单市场（negotiable CDmarket）货币市场（money market）黄金市场（gold market）国有独资公司股份有限公司（company limited by shares）股份两合公司（limited pactnership）公司（company）二级市场（security secondary market）独资企业（sole proprietorship）店头市场（over-the -counter-market）承兑市场（acceptance market）拆借市场（lending market）财务制度（financial regulations）财务政策（financial policy）财务预测（financial forecast）财务控制（financial control）金融市场（financial market）财务决策（financial decision）财务监督（financial cupervision）财务计划（financial planning）财务活动（financial activities）财务管理组织（organization of financial management）一级市场（security primary market）无限责任公司（company of unlimited liability）外汇市场（foreign exchange market）贴现市场（dixcount market）企业组织形式（forms of enterprise organization）事业单位会计（accounting for non-profit organizations）事业单位固定资产（fixed assets for non-profit organizations）事业单位固定基金（fixed funds non-profit organizations）事业单位负债（liabilities for non-profit organizations）事业单位对外投资（outside investments for non-profit organizations）事业单位财务清算（liquidation of non-profit organization）上缴上级支出（payment to the higher authority）上级补助收入（grant from the higher authority）其他收入（miscellaneous gains）科学事业单位资产（scientific research instifutes‘assets）科学事业单位支出（scientific research institutes‘expenditures）科学事业单位预算（scientific research institutes‘budgeting）科学事业单位收入（scientific research institutes‘revenues）科学事业单位结余（scientific research institutes‘surplus）科学事业单位会计制度（accointing regulations for scientific research instifutes）科学事业单位会计报表分析（scientific research institutes-analysis of accounting statements）科学事业单位会计（sicentific research institute accounting）科学事业单位成本费用管理（scientific research institutes-cost maragement）科学事业单位财务制度（financial regulations for scientific research institutes）经营支出（orerating expense ）经营收入（operating revenue）基金预算支出（fund budget expenditure）基金预算收入（fund budget revenue）基金预算结余（surplus of fund budget）国家预算（state budget）国家决算（final accounts of state revenue and expenditure）高等学校资产（colleges and universities assets）高等学校支出（colleges and universities expenditures）高等学校预算管理方式（budget management method of colleges and universities）高等学校收入（colleges and universities revenues）专用基金支出（expenditure on special purpose fund）专用基金收入（proceeds from special purpose fund）中华人民共和国预算法（the budget law of the people‘s Republic of China）资金调拨支出（expenditure on allocated and transeferred fund）财政收入（public finance-revemue）财政净资产（public finance-net assets）财政负债（public finance-liabilities）财政补助收入（grant from the state）拨入专款（restricted appropriation）白酒新熟山中归，黄鸡啄黍秋正肥。

lease.A contract arrangement in which reghte of use and possession are conveyed from a property 's title owner in return for a promise by another to pay rents as prescribed by the lease.In partice the rights and the duties of the parties can be complex and are dependent on the specified terms oftheir contract.租赁。

在这reghte合同安排的使用和拥有从一个属性是传达的头衔拥有者以换取承诺了另一个规定的支付的租金租赁。

在partice权利和责任的当事人可以复杂和依赖于指定他们的合同条款。

lessor interest.The interest held by the lessor in either of the circumstances set out inpara.3.1.5,3.1.6,or 3.1.7 below.出租人的兴趣。

利息由出租人在要么举行的情况下着手在对位3 1 5、3 1 6,或3 1 7下面。

Lease interest, also known as Lessee interest, or Leasehold Estate.The ownership interest created by the terms of a lease rather than the underlying rights of real eastate ownership.The lease interest is subject to the terms of a specific lease arrangement ,expires within a specified time,and may be capable of subdivision, or subleasing to other parties.租赁的兴趣,也被称为承租人利益,或租赁的房地产。

【英语】英语阅读理解(时文广告)提高训练含解析(1)一、高中英语阅读理解时文广告类1．阅读理解A.A whole holiday.B.At least six weeks.C.A whole term.D.At least one day.（2）What do we know about tuition fees?A.They must be fully paid.B.They stay the same every year.C.They vary with the number of days attended.D.They can't be paid with the refundable deposit.（3）In which section of a school's brochure might the text appear?A.Study Tips.B.Application Procedures.C.Terms and Conditions.D.Frequently Asked Questions.【答案】（1）B（2）A（3）C【解析】【分析】本文是一篇应用文，介绍了一所学校的入学及学校政策、退学、押金和学费等细则条款。

（1）考查细节理解。

根据2. Withdrawal by Parent/Guardian部分中的“If a parent/guardian desires to withdraw a child for any reason from the school, that parent/ guardian shall give a minimum of six weeks written withdrawal notice to the School. ”如家长/监护人因任何原因欲将子女退学，须最少提前六星期向学校发出书面退学通知，可知退学通知书应至少提前六周发出。

外文文献原文Improve the concept of financial supervision in rural areas 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 hig h risk decision to weak agricultural industry characteristics, resulting in the cost of rural finan cial 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 refor, financial development while the Chinese city made impressive achieveme-nts, but the rural finance is the entire financial system is still the weakest link.Insufficient sup ply of rural finance,competition is not sufficient,farmers and agricultural enterprises in getting loans and other issues is alsovery prominent, backward rural financial system can no longer e ffectively 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 Commissio n 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,supervis ion of internal consumption of high costs,limited financial industry business development and innovation space.Second,the regulatory agencies,regulatory bodies and the information asym metry between central banks,banking, securities,and insurance mechanisms of coordination b etween regulatory bodies are not rmation between central banks and regulatory ag encies is difficult to share,is difficult to create effective monitoring forc. Basically between th e various regulators in their respective state regulators,regulatory policies and measures to ove rlapping or conflicting phenomena have occurred,unable to cope with China's current rural fin ancial market complexity and diversity and so on.Third,financial institutions have liquidity ris k or out of the market and so on,may be excessive because the central bank assistance,financial institutions and financial institutions led to the person in charge "capacity risk" and "moral hazard",or for financial institutions regulatory arbitrage possibilities;addition,since the lack of recourse,may adversely affect the financial stability.(B) rural financial ecological environment is not in-depthThe current financial environment in rural county building still remains in the letter the use rvillage,township,community development credit level, "government-led,human-propelled,departmental interaction" and create a mechanism for financial ecological environm ent in rural areas lack.Local governments and authorities the importance of financial knowled ge of the ecological environment is not deep,implementation and functions of individual local protectionism and heavy,there is interference with the financial sector credit and other daily b usiness situation.Rural credit system lag,lack of bad credit punishment mechanism, rural busi nesses and residents in the overall credit awareness is not high,rural finance development and expansion of social services and social protection of the environment has not yet formed. (C) China's existing legal system of financial supervision and a number of shortcomings, can not guarantee that financial regulation is reasonable, effective, standardized implem entation.First,regulatory lag,supporting regulations are incomplete,the content is too rough,too simpl e,the banking,securities and insurance supervision laws and regulations more old,a general lac k of quantitative science.Supervisory regulations and standards, regulatory methods and techn ical means not meet regulatory requirements in the market. Staff in the actual implementation, not easy to grasp the scale, may of operation. Second, the Chinese regulators and the regulate d objects exist some interest, and the existing regulations, lack of supervision and regulatory enforcement are to ensure that financial regulation can not be just and reasonable. Finally, Chi na's financial supervision is still difficult to shake off the inertia of the executive-style regulatory impact.(D) of the Rural Financing drifting outside the existing financial regulatoryAccording to IFAD study, Chinese farmers from the informal financial institutions, loans fr om official credit institutions about 4 times. For farmers, the importance of informal financial markets over the formal financial market. China's mainly rural folk form of finance rural credi t cooperatives, Cooperation, private lending, private banks, private funds, microfinance, etc., of which only rural credit cooperatives and microfinance in China's financial supervision under the rest of the financial forms the lack of appropriate supervision. The general lack of rural financial organizations of civil norms, there is a big risk, China's existing laws and regulations on private financial institutions in rural areas is one of "isolation" policy, making a lot of mon ey from the dark into the rural financial market and greater regulation of financial difficulty, o n rural financial security is a potential threat.learn from the developed countries(A) improve coordination of rural finance mechanisms for external supervision1. The United States "multiple composite" of the coordination mechanism. U.S. financial c ooperation system in rural areas by the federal mid-term credit banks, cooperative banks, federal land banks and federal land bank system compo sed of three Cooperatives, the Farm Credit Administration (NCUA) leadership, and with the Council under the leadership of the private banks in rural commercial credit, National Rural C redit Bank policy of the United States shared the task of rural financial intermediation. The or ganizational model is a typical multi-mode hybrid system, three systems have an independent management system, with clear term s of reference. To ensure the healthy development of rural financial institutions, commercial b anks in the United States adopted a different regulatory models, specifically setting up a relati vely sound financial regulatory system in rural areas, including regulators, industry self-regulation associations, financial intermediation and mutual insurance group clearing center, t he four kind of independent agencies and their subsidiary bodies, the functions of different, b ut share the same objectives as a common rural cooperative financial institutions to serve the r egulatory system.2. Germany's "comprehensive regulatory model" of coordination mechanisms. Low concen tration of the German banking system, in the very important parts of the bank, the representati ve of the financial mixed operation. Commonwealth Bank and the Federal Financial Supervis ory Authority the power to regulate the two main regulators of the banking sector there is a cl ear division of labor, but also close cooperation. Commonwealth Bank in Germany, nine state s have branch offices, using their own network advantages to the Federal Financial Supervisor y Authority is responsible for daily transmission of data banks focus for the Federal Financial Authority to provide a better basis for the exercise of regulatory functions, but it is not directl y involved in the regulation work, nor has the administrative punishment. The Federal Financial Supervisory Authority did not have branches in the states, it is difficult to carry out regular supervision, need to cooperate with the Commonwealth Bank to perform its regulatory functi ons. Germany's main central banks and industry rely on the federal audit of the regulatory syst em and risk prevention and protection system to ensure rural finance in the specification on the basis of continuous development.3. Japan's "complement each other-type" coordination mechanism. In Japan, the dual supervision of the implementation of rural f inance: first, the Office of Government financial regulation, supervision on the implementatio n of various financial institutions, to achieve the overall risk control; Second, national and loc al Forestry and Fisheries Department with the Office of Financial Regulation on the impleme ntation of rural financial institutions supervision, including the Ministry of Agriculture consist s of the branch on Norinchukin supervision, Forestry and Fisheries set up in six major areas of agricultural area in County Council on joint supervision of the letter, and all, Road House, Co unty Farmer of the Ministry of Agriculture within its jurisdiction Association for Cooperative Finance Supervision Department(B) the establishment of deposit insurance and emergency rescue system to form a three-tier safety netDeveloped financial system generally established strict internal management system, depos it insurance system and the system of three emergency safety net. As a second-class safety net of deposit insurance system has been very satisfactory. The federal governme nt on rural finance unified compulsory deposit insurance, the specific business operation by th e Federal Deposit Insurance Corporation's SavingsAssociation Insurance Fund, and to assume supervision of the insured financial institutions; the German government on the implementati on of the voluntary deposit of credit co-insurance, not mandatory insurance, its insurance sector is the industry organization; Japan's c redit co-national compulsory deposit insurance, the insurance agency is a joint venture between Gover nment and the people, by the Government, Norinchukin Bank, Japan Bank, Credit Union and a coalition of agricultural water fishery credit cooperatives Industry Insurance Agency. As a t hird-class safety net for emergency rescue system, specific measures for implementation in different countries, bank deposits for the brink of bankruptcy, in some countries directly by the centr al bank to offer special low-interest loans (such as the U.S. and Italy), in some countries by the bank regulatory authorities and other Commercial Bank for the establishment of special institutions to finance the rescue (such as France and Belgium), a number of countries came forward by the deposit insurance a gency to provide funds (such as Japan), more by one or a few large banks in support of officia l support.(C) rural finance within the industry associations to play a regulatory role1. U.S. Rural Cooperative Finance Association of self-management. In the United States, various credit associations or co-finance up to several dozen, including a long history, nationally renowned for the National As sociation of Credit (CUNA), a specialized credit services for the Federal Register Association (NAFCU), there are also special school credit for community service credit unions and associ ations (CCUC), etc.. While the states also have their own Credit Union Association. The trade association is one of the major work to develop a code of conduct, self-regulation management.2. German credit cooperation and other cooperative system of industry self-regulation of mutual integration. German cooperation in the National Credit Union (BVR) is a cooperative bank industry self-regulatory organizations, grass-roots local cooperative banks, cooperative banks and district central cooperative banks, as wel l as professional co-finance companies, cooperative credit union is a member. Germany 11 contributions from the various types of cooperatives set up jointly organized a regional cooperative audit association, responsible for annual audit of the specialized agencies of the various types of cooperatives, which are also common types of cooperatives at the district level, the industry watchdog, play s an important industry supervisory role.3. Set supervision and service in one of the Japanese Agricultural Association. Japanese go vernment in 1947 promulgated the "Agricultural Cooperative Law," agricultural association p rovides services for members of cooperative organizations, its not for profit, adhere to the rur al communities and members for the service centers, institutional system based on grass-roots level according to facilitate farmers , established the principle manageable. The main source of funding is to absorb the rural deposits, in principle, limited to serving as a member of t he farmers and agricultural groups. To ensure financial security cooperation, and healthy run, set up a rural credit insurance, temporary transfers of funds mutual aid system and credit coop erative organizations, and government co-funded deposit insurance system, agricultural disaster compensation system and the agricultur al credit guarantee system for the insurance system measures.improve the financial supervision of the concept of rural China(A) improve and perfect the legal system of rural financial regulation, supervision accor ding to lawFinance as the core of the economy, the continued growth of rural finance is more in need o f legal regulation and a sound legal environment, accelerate the development of rural finance l aws, no legal basis to change the situation, has become the strong demand of rural financial d evelopment. Since the reform and opening up, no one for rural finance, rural financial regulati on can serve as a basis for law. To achieve effective supervision, the need for additional profe ssional laws, regulations, and specific regulatory measures, regulations and implementation d etails, so as to achieve from the general administrative supervision to improve the legal syste m, efforts to establish changed the credit system, and ultimately control law.While in strength ening the legal system, adopt effective measures to strengthen the integrity of the whole com munity education and step up publicity to raise awareness of the general financial and legal re sidents, to actively support the work of the national collective finance; education of the popul ation according to lending, and actively with the illegal lending practices fight, really create a sound legal basis, that the law according to the credit environment and legal environment. (B) give full play to grassroots government, professional regulatory function Actively co operate with local governments at all levels and support the financialTo actively coordinate local government and non-basic level target consistency, to avoid the expense of national interests and local interests of t he occurrence. The Chinese government should establish a tax system is different from com mercial banks, a low tax or tax-free policy, by policy banks to provide low-interest or interest-free loans of rural finance, rural finance to increase subsidies and assistance. Those relatively large amount of private credit, shall be approved by local authorities just to strengthen the aud it checks to the legitimate rights and interests protected. China's rural economy, small and dispersed operations, has not been large-scale establishment of agricultural insurance, in case of force majeure, the rural financial syste m will face great risk. Chinese financial institutions in the internal governance structure and ri sk management system has been initially established, the basic external financial regulation in place of the case, should refer to the experience of developed countries, commercial banks in the country to establish a mandatory deposit insurance system and the emergency rescue syste m, the formation of three protection network.(C) strictly rural financial institutions, "access and" to improve the professional standar ds of financial supervisionFinancial regulators should be a good loan companies, postal savings banks, rural credit uni on funds, village banks and other new-type rural financial institutions, market access, ensure that the new-type rural financial institutions in corporate governance, capital adequacy ratio to meet the req uirements. Kind in the country selected the new rural financial institutions, better internal cont rol system, modified to add a representative of management to form the template to help set u p rural financial institutions, covering credit, billing, savings, cash, security and other risk poi nt of internal control system . Establish small rural banks and other financial institutions, guid ance system, the financial regulators to conduct the transition of its guidance, to promote rural financial institutions to a sound system of internal control as soon as possible, improve mana gement, risk control and management mechanisms work well.(D) to play the role of industry self-regulatory associations, to promote the vitality and force the formation of the banking se ctorWorking Committee, the current to China Banking Regulatory Commission and the provin cial government regulatory framework based on an industry self-regulatory organization more. Promoting the Development, promoting and developing self-regulatory functions of trade associations, for building a healthy banking system in China is si gnificant. Association to play a functional role to guide the establishment of liaison mechanis ms and management of daily work, and improving the industry conventions and regulations, r egulators should not control those, which were needed in the work of regulatory bodies, as far as possible by the association responsible for promoting the formation of the energy and banking efforts to achieve self-management and trade association national regulatory authorities to monitor the combination system of regulation.ConclusionIn short, improving financial supervision in terms of its breadth, should be an include gover nment regulation, industry self-regulation, financial institutions, internal control, four levels of social supervision system; its depth, it should be involved in risk prevention, effective access, legal norms, the operation si mple and efficient aspects of a systems engineering. Only by striving to improve the new con cept of financial supervision, the introduction of new methods of financial supervision in orde r to receive financial regulation expected results. Only in this way can be established consiste nt with China's national conditions, but also to adapt to modern requirements of international financial regulatory system in rural China.外文文献译文发展中国农村金融监管的思考农民在中国人口众多,有一些大型生产的农民,但也自给自足的农民,巨大的金融需求之间的差异使农村金融需求很是复杂,连同农业本身是利润低、自然和市场风险高的风险决策农业产业特性,软弱的农村金融交易的成本远高于城市,也决定组织农村金融体系的运行或市场有其自身的特点。

文献出处: Comell B., Financial risk control of Mergers and Acquisitions [J]. International Review of Business Research Papers, 2014, 7(2): 57-69.原文Financial risk control of Mergers and AcquisitionsComellAbstractM&A plays a significant part in capital operation activities. M&A is not only important way for capital expansion, but also effective method for resource allocation optimization. In the world around, many firms gained high growth and great achievement through M&A transactions. The cases include: the merger between German company Daimler-Benz and U.S. company Chrysler, Wal-Mart’s acquisition for British company ADSA, Exxon’s merger with Mobil and so on.Keywords: Enterprise mergers and acquisitions; Risk identification; Risk control1 Risk in enterprise mergers and acquisitionsMay encounter in the process of merger and acquisition risk: financial risk, asset risk, labor risk, market risk, cultural risk, macro policy risk and risk of laws and regulations, etc.1. 1 Financial riskRefers to the authenticity of corporate financial statements by M&A and M&A enterprises in financing and operating performance after the possible risks. Financial statements is to evaluate and determine the trading price in acquisition of important basis, its authenticity is very important to the whole deal. False statements beautify the financial and operating conditions of the target enterprise, and even the failing companies packing perfectly. Whether the financial statements of the listed companies or unlisted companies generally exists a certain degree of moisture, financial reporting risk reality In addition, the enterprise because of mergers and acquisitions may face risks, such as shortage of funds, a decline in margins has adverse effects on the development of enterprises.1. 2 Asset riskRefers to the assets of the enterprise M&A below its actual value or the assets after the merger failed to play a role of original and the formation of the risk. Enterprise merger and a variety of strategies, some of them are in order to obtain resources. In fact, enterprise asset accounts consistent with actual situation whether how much has the can be converted into cash, inventory, assets assessment is accurate and reliable, the ownership of the intangible assets is controversial, the assets disposal before delivery will be significantly less than the assets of the buyer to get the value of the contract. Because of the uncertainty of the merger and acquisition of asset quality at the same time, also may affect its role in buying businesses.1. 3 Labor riskRefers to the human resources of the enterprise merger and acquisition conditions affect purchase enterprise. Surplus staff and workers of the target enterprise burden is overweight, on-the-job worker technical proficiency, ability to accept new technology and the key positions of the worker will leave after the merger, etc., are the important factors influencing the expected cost of production.1. 4 Market riskRefers to the enterprise merger is completed, the change of the market risk to the enterprise. One of the purposes of mergers and acquisitions may be to take advantage of the original supply and marketing channels of the target enterprise save new investment enterprise develop the market. Under the condition of market economy, the enterprise reliance on market is more and more big, the original target enterprise the possibility of the scope of supply and marketing channels and to retain, will affect the expected profit of the target enterprise. From another point of view, the lack of a harmonious customer relationship, at least to a certain extent, increase the target enterprise mergers and acquisitions after the start-up capital.1. 5 Culture riskRefers to whether the two enterprise culture fusion to the risks of mergers and acquisitions, two broad and deep resources, structure integration between enterprises, inevitably touches the concept of corporate culture collision, due to incompleteinformation or different regions, and may not be able to organizational culture of the target enterprise become the consensus of the right. If the culture between two enterprises cannot unite, members will make the enterprise loss of cultural uncertainty, which generates the fuzziness and reduce dependence on enterprise, ultimately affect the realization of the expected values of M&A enterprises.2 Financial risk of M&AHowever, there are even more unsuccessful M&A transactions behind these exciting and successful ones. A study shows that 1200 Standard & Poor companies have been conducting frequent M&A transactions in recent years, but almost 70%cases ended up as failures.There are various factors that lead to the failures of M&A transactions, such as strategy, culture and finance, among which the financial factor is the key one. The success or failure of the M&A transactions largely depends upon the effectiveness of financial control activities during the process. Among the books talking about M&A, however, most focus on successful experience but few on lessons drawn from unsuccessful ones; most concentrate on financial evaluation methods but few on financial risk control. Therefore, the innovations of this thesis lie in: the author does not just talk about financial control in general terms, but rather specify the unique financial risks during each step of M&A transaction; the author digs into the factors inducing each type of risks, and then proposes feasible measures for risk prevention and control, based on the financial accounting practices, and the combination of international experience and national conditions.The thesis develops into 3 chapters. Chapter 1 defines “M&A” and several related words, and then looks back on the five M&A waves in western history. Chapter 2 talks about 3 types of financial risks during M&A process and digs into factors inducing each type of risks. Chapter 3 proposes feasible measures for risk prevention and control. At the beginning of chapter 1, the author defines M&A as follows: an advanced form of property right transaction, such as one company (firm) acquires one or more companies (firms), or two or more companies (firms) merge as one company (firm). The aim of M&A transaction is to control the property andbusiness of the other company, by purchasing all or part of its property (asset). In the following paragraph, the thesis compares and contrasts several related words with “M&A”, which are merger, acquisition, consolidation and takeover.In the chapter 1, the author also introduces the five M&A waves in western history. Such waves dramatically changed the outlook of world economy, by making many small and middle-sized companies to become multinational corporations. Therefore, a close look at this period of time would have constructive influence on our view with the emergence and development of M&A transactions. After a comprehensive survey of M&A history, we find that, with the capitalism development, M&A transactions presented diverse features and applied quite different means of financing and payment, ranging from cash, stock to leveraged buyout. Chapter 2 primarily discusses the different types of financial risks during M&A, as well as factors inducing such risks.According to the definition given by the thesis, financial risks during M&A are the possibilities of financial distress or financial loss as a result of decision-making activities, including pricing, financing and payment.Based on the M&A transaction process, financial risks can be grouped into 3 categories: decision-making risks before M&A (Strategic risk), implementation risks during M&A (Evaluation risk, financing risk and payment risk) and integration risks after M&A. Main tasks and characteristics in each step of M&A transaction are different, as well as the risk-driven factors, which interrelate and act upon each other. Considering limited space, the author mainly discusses target evaluation risk, financing and payment risk, and integration risk. In chapter 2, the thesis quotes several unsuccessful M&A cases to illustrate 3 different types of financial risks and risk-driven factors. Target evaluation risk is defined as possible financial loss incurred by acquirer as a result of target evaluation deviation. Target evaluation risk may be caused by: the acquirer’s expectation deviation for the future value and time of target’s revenue, pitfalls of financial statements, distortion of target’s stock price, the deviation of evaluation methods, as well as backward intermediaries. Financing and payment risks mainly reflect in: liquidity risk, credit risk caused by deterioratedcapital structure, financial gearing-induced solvency risk, dilution of EPS and control rights, etc.Integration risks most often present as: financial institution risk, capital management risk and financial entity risk. Chapter 3 concludes characters of financial risks that mentioned above, and then proposes detailed measures for preventing and controlling financial risks. Financial risks during M&A are comprehensive, interrelated, preventable, and dynamic. Therefore, the company should have a whole picture of these risks, and take proactive measures to control them.As for target evaluation risk control, the thesis suggests that (1) Improve information quality, more specifically, conduct financial due diligence so as to have comprehensive knowledge about the target; properly use financial statements; pay close attention to off-balance sheet resource. (2) Choose appropriate evaluation methods according to different situations, by combining other methods to improve the evaluation accuracy. Meanwhile, the author points out that, in practice the evaluation method is only a reference for price negotiation. The target price is determined by the bargaining power of both sides, and influenced by a wealth of factors such as expectation, strategic plan, and exchange rate.In view of financing and payment risk control, the author conducts thorough analysis for pros and cons of different means of financing and payment. Then the author proposes feasible measures such as issuing convertible bonds and commercial paper, considering specific conditions. To control integration risk, the author suggests start with the integration of financial strategy, the integration of financial institution, the integration of accounting system, the integration of asset and liability, and the integration of performance evaluation system. Specific measures include: the acquirer appoints person to be responsible for target’s finance; the acquirer conducts stringent property control over target’s operation; the acquirer conducts comprehensive budgeting, dynamic prevision and internal auditing.3 ConclusionsAt the end of the thesis, the author points out that many aspects still worth further investigation. For instance, this thesis mainly concentrates on qualitativeanalysis, so it would be better if quantitative analysis were introduced. Besides, the thesis can be more complete by introducing financial risk forecast model.译文企业并购中的财务风险控制作者：康奈尔摘要企业并购是资本营运活动的重要组成部分，是企业资本扩张的重要手段，也是实现资源优化配置的有效方式。

Financial Innovation and Economic Growth-A Theoretical ApproachP. K. Mishra*Key Words: Financial innovation, Economic Growth.Abstract: This paper studies the economic growth implications of financial innovations that emerge in more sophisticated and complete financial markets. Financial innovations in the form of new financial instruments, services, institutions, technologies, and markets mobilise financial surpluses from ultimate savers and channelizes them into most productive investment avenues thereby raising the rate of capital accumulation, and hence, the rate of economic growth.“Financial innovation raises the efficiency of financial intermediation by increasing the variety of financial products and services, resulting in improved matching of the needs of individual savers with those of firms raising funds for expanding future products. The resulting capital accumulation leads to economic growth” (Chou, Yuan K. 2007).As early as 1912, Joseph Alois Schumpeter, in his novel work “Theory of Economic Development”, highlighted the crucial role of financial intermediaries in innovation and economic development. The interaction of innovations in both the financial and real sectors provides a driving force for dynamic economic growth. Extensive empirical work by Goldsmith (1969) well illustrates the close tie between financial structure and economic development. Shaw (1973) and Mckinnon (1973) argued that the financial liberalization and deepening in countries that suffer from ‘shallow finance’ or ‘financial repression’ are critically important to the economic growth of these countries. These early works, though insightful, lacks rigor analytical structures. Starting from the beginning of 1990s, a growing body of work build a series of analytical frameworks which shows how the financial intermediaries andmarkets appear endogenously to contribute to long-run economic growth. Ross Levine (1996), Laurent L. Jacque(2000), Peter Tufano (2002), Yuan K. Chou (2007), R.N.Agarwal (2000), Harmid Mohtadi and Sumit Agarwal(2002), Prabirjit Sarkar (2006), Sawatore Capasso(2006), M.S. Kamat, M.M.Kamat and I.B.Murthy(2007), have contributed a lot in this direction.We now discuss in a little detail the characteristics, types, and benefits of financial innovations. Financial innovation is an ongoing process in which companies experiment in an effort to produce their products and services more efficiently and to differentiate their products from their competitors, responding to both sudden and gradual changes in the economy.In the process of financial innovation, financial firms invent a brand new class of products, modify existing products, or combine the characteristics of several different products, thereby making financial intermediate more efficient.Financial innovation may be defined as the emergence of new financial instruments and services, and of new forms of organisation in more sophisticated and complete financial markets. Thus, regarding the nature of financial innovations, the following points are noteworthy:1.The creation of new financial instruments, techniques, and markets.2.The unbundling of the separate characteristics and risks of individual instruments and their reassembly in different possible combinations.BIS (1986) developed a three-fold classification system for financial innovations:1.Risk-transferring innovations:Such innovations either reduce the price risk/credit risk inherent in a particular financial instrument, or alternatively enable the holder to protect against a particular risk.2.Liquidity-enhancing Innovations:These innovations (e.g., securitised assets) enable loans to be sold in a secondary market which offers the lending institution the capacity to change the structure of its portfolio.3.Equity-generating Innovations:These innovations have the effect of giving an equity characteristic (where the rate of return on the asset is determined by the performance of the issuer) to assets where the nature of the debt-servicing commitment is pre-determined, e.g., a debt-equity swap.Financial Innovations can also be classified on the basis of their nature:1.Financial system Innovations:Such innovations can affect the financial sector as a whole, relate to changes in business structures, to the establishment of new types of financial intermediaries, or to changes in the legal and supervisory framework, e.g., the use of the group mechanism to retail financial services.2.Process Innovations:Such innovations cover the introduction of new business processes leading to increased efficiency and market expansion for example, client data management.3.Product Innovations: Such innovations include the introduction of new credit, deposit, insurance leasing, hire-purchase, and other financial products to improve the efficiency of the financial system.Financial Innovations can be classified by a functional basis- Aggressive, or Defensive(Kogar, 1995). Aggressive innovation is the introduction of a new product or process in response to perceived demand. Defensive Innovation, on the other hand, is the introduction of a new product or process, in response to changed environment or transaction cost.Financial Innovations have many well known positive effects:1.Improve resource allocation.2.Reduce growth volatility.3.Reduce the cost of financial intermediation.4.Widen the range o hedging possibilities and enable risk to be protected against.5.Allow risks to be priced and to be shifted to those willing and able to absorb them.Having discussed the nature, type and positive effects of financial innovations, we now turn up to point out the economic growth implications of financial innovations. We can go back to the date of introduction of the credit card (1950s) which reflect technological advances, an important form of financial innovation. Now it is hard to imagine life without credit cards. They are a convenient and relatively safe method for making payment s. They are also an efficient way of providing short-term and unsecured loans that enable households to smooth their consumption over time. Credit cards have lowered transactions and thus, contributed to economic growth.We can also consider the introduction of money market mutual funds (1970s) which reflect new intermediation process. Money market mutual funds have been widely successful because they offer small avers the opportunities to earn a market rate of interest on transactions balances greater than the interest rates on bank and thrift deposits. Mutual funds mobilise savings of small savers and channelize them into most appropriate and productive areas and help in realising higher economic growth.One important financial innovation is the introduction of “Retail Banking” a new form of financial organisation. Retail banking by accepting deposits and advancing loans contributes to the capital formation, and hence to economic growth.The present financial market is very open and receptive to new innovative products and many such products are continuously being introduced and accepted by market participants. In the Indian securities market, two popular innovative products are Index Bond, and ICCDO fund. The objective behind these innovations is to create better values monetary or non-monetary for both issuers and investors alike. These innovative products help mobilising savings of ultimate savers and contribute o economic growth through capital formation.Regarding the role of financial innovation in economic growth of a country, the following points are noteworthy, and may be considered conclusive:1.The new financial instruments, services, and markets that emerge due to financial innovation, mobilise household savings to experience a higher rate of economic growth.2.The process of financial innovation results in the advent of new financial technologies which enhance the productivity of capital, reduce the transaction costs and hence stimulate higher level of economic growth.3.The new financial intermediaries that emerge due to financial innovation exploit their large portfolios which help channelize savings into most appropriate areas and help realise higher productivity of capital and higher growth.4.The new financial institutions that emerge due to financial innovation collect and analyses ample information so as to channel investible funds to investment avenues that yield the highest returns. This raises the volume of capital formation and hence the rate of economic growth.To sum up, financial innovations can be instrumental to lead a higher level of savings, capital accumulation and hence a higher level of economic growth. Therefore, financial innovations in Emerging Market Economies are welfare enhancing.________________________________________________________________ *P. K. Mishra, Senior Lecturer in Economics, ITER, Siksha O AnusandhanUniversity, Bhubaneswar. E-mail:pkm_iter@References:1.Asuncion Jennifer [2007]: India’s capital Markets: Unlocking the door to futuregrowth. Deutsche Bank Research. Germany.2.Agarwal, R. N. (2000) “Capital Market Development, Corporate Financing Pattern andEconomic Growth in India”.3.Bekaert, Geert, Campbell R. Harvey and Christian T. Lundblad (2003). Equity MarketLiberalization in Emerging Markets. Federal Researve Bank of St. Louis, USA.4.Chou, Yuan K. (2007) “Modelling Financial Innovation and Economic Growth”5.Duffie, D. and R. Rahi (1995), “Financial market innovation and security design: Anintroduction”, Journal of Economic Theory 65:1-42.6.International Monetary Fund. Global Financial Stability Report (various issues).Washington, DC. USA.7.Jacque Laurent L.(2007), “Financial Innovations and the Dynamics of Emeging CapitalMarkets”8.Kene R. (2007), “overview of the credit risk transfer market”. ACTSA9.Llewellyn, D. (1992). “Financial innovation: A basic analysis, “in H. Cavanna,Financial Innovation, Routledge, London, U.K.10.Levich, Richard M., “The Importance of Emerging Capital Markets 2001, (Stem Schoolof Business New York University)”.11.Levine, Ross (1996) “Stock Markets: A Spur to Economic Growth”12.Merton, R.C. (1992) “Financial Innovation and Economic Performance,” Journal ofApplied Corporate Finance, 4:12-23.13.Tufano, Peter (2002) “financial innovation”14.Silber, W. (1983), “The process of financial innovation”, American Economic Review73:89-95.15.Sarkar, prabirjit (2006) “Stock Market Deveplopment, Capital Accumulation andGrowth in India Since 1950”.。

托福考试 复习托福阅读TPO17(试题+答案+译文)第1篇:Europe's Early Sea Trade with Asia托福阅读原文【1】In the fourteenth century, a number of political developments cut Europe's overland trade routes to southern and eastern Asia, with which Europe had had important and highly profitable commercial ties since the twelfth century. This development, coming as it did when the bottom had fallen out of the European economy, provided an impetus to a long-held desire to secure direct relations with the East by establishing a sea trade. Widely reported, if somewhat distrusted, accounts by figures like the famous traveler from Venice, Marco Polo, of the willingness of people in China to trade with Europeans and of the immensity of the wealth to be gained by such contact made the idea irresistible. Possibilities for trade seemed promising, but no hope existed for maintaining the traditional routes over land A new way had to be found.【2】The chief problem was technological: How were the Europeans to reach the East? Europe's maritime tradition had developed in the context of easily navigable seas-the Mediterranean, the Baltic, and, to a lesser extent, the North Sea between England and the Continent—not of vast oceans. New types of ships were needed, new methods of finding one's way, new techniques for financing so vast a scheme. The sheer scale of the investment it took to begin commercial expansion at sea reflects theimmensity of the profits that such East-West trade could create Spices were the most sought-after commodities. Spices not only dramatically improved the taste of the European diet but also were used to manufacture perfumes and certain medicines. But even high-priced commodities like spices had to be transported in large bulk in order to justify the expense and trouble of sailing around the African continent all the way to India and China.【3】The principal seagoing ship used throughout the Middle Ages was the galley, a long, low ship fitted with sails but driven primarily by oars. The largest galleys had as many as 50 oarsmen Since they had relatively shallow hulls, they were unstable when driven by sail or when on rough water: hence they were unsuitable for the voyage to the East. Even if they hugged the African coastline, they had little chance of surviving a crossing of the Indian Ocean. Shortly after 1400, shipbuilders began developing a new type of vessel properly designed to operate in rough, open water: the caravel. It had a wider and deeper hull than the galley and hence could carry more cargo: increased stability made it possible to add multiple masts and sails. In the largest caravels, two main masts held large square sails that provided the bulk of the thrust driving the ship forward, while a smaller forward mast held a triangular-shaped sail, called a lateen sail, which could be moved into a variety of positions to maneuver the ship.【4】The astrolabe had long been the primary instrument for navigation, having been introduced in the eleventh century. It operated by measuring the height of the Sun and the fixed stars: by calculating the angles created by these points, it determined the degree of latitude at which one stood (The problem of determining longitude, though, was not solved until the eighteenth century.) By the early thirteenth century. Western Europeans had also developed and put into use the magnetic compass, which helped when clouds obliterated both the Sun and the stars. Also beginning in the thirteenth century, there were new maps refined by precise calculations and the reports of sailors that made it possible to trace one's path with reasonable accuracy. Certain institutional and practical norms had become established as well.【5】A maritime code known as the Consulate of the Sea, which originated in the western Mediterranean region in the fourteenth century, won acceptance by a majority of sea goers as the normative code for maritime conduct; it defined such matters as the authority of a ship's officers, protocols of command, pay structures, the rights of sailors, and the rules of engagement when ships met one another on the sealanes. Thus by about 1400 the key elements were in place to enable Europe to begin its seaward adventure.托福阅读试题1.The word impetus in the passage (paragraph 1) is closest in meaning toA.Return.B.Opportunity.C.Stimulus.D.Obstacle.2.According to paragraph 1, why was it necessary to find a new way for European merchants to reach the East?A.People in China were finally ready to trade with Europeans.B.The European economy was failing because there was no trade with the East.C.Traditional ways of trading with the East had become very costly.mercial routes over land had become blocked because of political events.3.According to paragraph 2, what was the main difficulty Europeans had to overcome in order to develop a new way of trading with the East?A.Europeans were unwilling to invest in large-scale commercial ventures.B.Europeans lacked the means for navigating long distances across oceans.C.Europeans were unwilling to experiment with new business techniques.D.Europeans lacked knowledge about the commercial methods of otherpeoples.4.Which of the sentences below best expresses the essential information in the highlighted sentence in the passage (paragraph 2)? Incorrect choices change the meaning in important ways or leave out essential information.A.The high cost to investors of developing trade by sea between East and West indicates the great size of the profits that such trade could produce.B.The profits that could be created by sea trade between East and West were immense compared with the investment required to develop such trade.C.The increase in commercial activity by using sea routes reflects the importance trade between East and West had for investors seeking great profits.D.Because people made large investments in sea commerce between East and West. They expected to make immense profits.5.The word dramatically in the passage (paragraph 2) is closest in meaning toA.Artificially.B.Greatly.C.Immediately.D.Regularly.6.It can be inferred from paragraph 2 that spices from Asia were desirablein Europe in the Middle Ages because theyA.were easily transported in large quantities.B.could not be produced in European countries.C.could be traded for products such as perfumes and medicines.D.were expected to increase in value over time.7.According to paragraph 3, all of the following statements comparing the caravel with the galley are true EXCEPT:A.The caravel had fewer masts than the galley.B.The caravel had a wider hull than the galley.C.The caravel could carry more cargo than the galley.D.The caravel was more stable in rough water than the galley.8.According to paragraph 3, what did the lateen sail contribute to the caravel as a sailing ship?A.It provided stability for the front part of the ship.B.It made it possible for the hull to be wider and deeper.C.It added considerably to the speed of the wind-driven ship.D.It improved the capacity of the ship to be guided.9.In paragraph 4 Why does the author include the information that Western Europeans had developed and put into use the magnetic compassA.To provide an example of an instrument that was developed after caravels had begun traveling across oceans.B.To provide an example of an improvement that resulted directly from the invention of the astrolabe.C.To identify one of the technological advances that made sea trade with the East possible.D.To explain how the problem of determining longitude was solved.10.The word refined in the passage (paragraph 4) is closest in meaning topleted.B.Improved.C.Drawn.D.Checked.11.The word norms in the passage (paragraph 4) is closest in meaning toA.purposes.B.skills.C.activities.D.rules.12.According to paragraph 4, which of the following is true of the maritime code developed in Europe in the fourteenth century?A.It mapped out lanes in the seas for trading ships to follow.B.It defined the ways in which people should behave at sea.C.It replaced an earlier code that could not be adapted to the sea trade with the East.D.It gave instructions on how to navigate a ship.13. Look at the four squares [■] that indicate where the following sentence could be added to the passage. Where would the sentence best fit? They were highly valued for a couple of reasons.The chief problem was technological: How were the Europeans to reach the East? Europe's maritime tradition had developed in the context of easily navigable seas—the Mediterranean, the Baltic, and, to a lesser extent, the North Sea between England and the Continent—not of vast oceans. New types of ships were needed, new methods of finding one's way, new techniques for financing so vast a scheme. The sheer scale of the investment it took to begin commercial expansion at sea reflects the immensity of the profits that such East-West trade could create. ■【A】Spices were the most sought-after commodities. ■【B】Spices not only dramatically improved the taste of the European diet but also were used to manufacture perfumes and certain medicines. ■【C】But even high-priced commodities like spices had to be transported in large bulk in order to justify the expense and trouble of sailing around the African continent all the way to India and China. ■【D】14. Directions: An introductory sentence for a brief summary of the passage is provided below. Complete the summary by selecting the THREE answer choices that express the most important ideas in the passage. Some sentences do not belong in the summary because theyexpress ideas that are not presented in the passage or are minor ideas in the passage. This question is worth 2 points.Because land routes to Asia had been cut off in the fourteenth century. Europeans had to find a new way to trade with Asia.A.Reports by travelers indicated that people in Asia were interested in renewing trade with Europeans.B.For trade in Asian goods such as spices to be profitable,these items needed to be transported in large quantities by sea.C.European galleys were able to bring Asian goods across with these items needed to be transported in large quantities by Indian Ocean and around the African coastline.D.Wind-driven caravels were developed to carry cargo across the oceans.E.The development of maps, navigational instruments, and a maritime code of conduct provided crucial elements for long-distance navigation.F.Europeans wanted to import spices from Asia in order to improve the taste of food and to make perfumes and medicines.托福阅读答案1.impetus推动，促进，推动力，所以C的stimulus正确。