外文翻译1
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外文翻译一:Excerptwords to more and more complex phrases. Children learn to listen and to talk long before they learn to read and write. The same sequence should be followed in classroom teaching. Extra difficulty would be created if one would try to develop English reading and writing skills before children can speak the language. In order to be able to speak the language, students need to know some vocabulary first. In this paper I will focus on how to teach vocabulary that enables students to construct a rich vocabulary bank. Guiding methods are introduced and sample activities are provided.II. Main Part1. The Importance of Teaching Vocabulary1.1. Vocabulary Development in the Primary GradesThe findings of the “National Reading Panel” indicate that vocab ulary instruction does lead to gains in comprehension, but that methods must be appropriate to the age and ability of the reader. Using both indirect and direct teaching methods to build students’ oral and reading vocabularies should be a part of a balanced reading program. Indirect methods would include read-alouds, shared reading and writing experiences, and independent reading. Direct teaching of vocabulary should respond to the needs of the students and should actively engage them in the process(National Reading Panel, 2000).All word learning tasks are not equal in difficulty. A child may understand the concept behind a word, but not know the word itself. For example, the word cease represents a known concept to most children; however, a young child has probably not heard this word used for stop.Learning a new word that represents a known concept is not as difficult as learning a new word that represents a new concept. Teachers in the primary grades introduce many new concepts, and direct instruction is necessary to build up the understanding of these concepts and the vocabulary words that represent them.When teaching vocabulary words that represent known concepts, the emphasis should always be on the context in which the word appears. Discussing the meaning2of the word from the context of the reading selection together with supplying a definition of the word will help to build meaning for students. If students are to acquire this word as part of their vocabulary, then they must be given repeated exposure of the word in a variety of contexts. They must also have opportunities to practise using the word in conversation and/or writing.By the time children enter second grade, they are likely to know between 2,000 and 5,000 vocabulary words. This amazing growth continues throughout the elementary years, as most children gain 3,000 - 4,000 new vocabulary words each year that they can read and understand ( Teaching Reading in the 21st Century, 2001). By encouraging independent reading and providing both indirect and direct instruction in vocabulary, students can be helped to develop the vocabulary knowledge they will need for effective comprehension.1.2. Educators View on Teaching Vocabulary"Teaching one word at a time out of context is the worst way of teaching vocabulary, with rapid forgetting almost guaranteed," asserts Frank Smith, author of "The Book of Learning and Forgetting" (1998), recently published by Teachers College Press. According to Smith, people assimilate new vocabulary words from context the first time they read them, "provided that the gist of the material being read is both interesting and comprehensible. Within five more encounters, the word and its conventional meaning are usually firmly established in the mind of the reader."Other educators who share this view add that when reading material isn't instantly interesting or comprehensible, it's the teacher's job to build context by activating students' prior knowledge of the topic. With regard to vocabulary, that means having students identify difficult words themselves and pool their knowledge to get the meaning. Ann Marie Longo, director of the Boys Town Reading Center, argues that teens can't use context effectively when their vocabularies are limited. Limited vocabulary is the most common problem among weak readers she's worked with. Longo begins with indirect instruction in words and their meanings and then provides high-interest opportunities to use the words. Vocabularyexpert Isabel Beck of the University of Pittsburgh embraces both approaches. For her, there are3four ways to learn vocabulary: wide reading, hearing unfamiliar words in speech, direct instruction in words and "gimmicks" to boost students' interest.Beck suggests teachers incorporate difficult words into their classroom routines and encourage students to look for the words in reading outside class. Longo agrees that students need to put new words to use in writing and conversation as well as reading. "For vocabulary instruction to increase comprehension," says Longo, "you have to see those words over and over again" ( When Adolescents Can´t Read: Methods and Materials that Work, 1999).1.3. Memory and Storage SystemsUnderstanding how our memory works might help us create more effective ways to teach vocabulary. Research in the area, cited by Gairns and Redman (1986) offers us some insights into this process. It seems that learning new items involve storing them first in our short-term memory, and afterwards in long-term memory. We do not control this process consciously but there seem to be some important clues to consider. First, retention in short-term memory is not effective if the number of chunks of information exceeds seven. Therefore, this suggests that in a given class we should not aim at teaching more than this number. However, our long-term memory can hold any amount of information.Research also suggests that our “mental lexicon” is highly organised and efficient, and that semantic related items are stored together. Word frequency is another factor that affects storage, as the most frequently used items are easier to retrieve. We can use this information to attempt to facilitate the learning process, by grouping items of vocabulary in semantic fields, such as topics (e.g. types of fruit). Oxford (1990) suggests memory strategies to aid learning, and these can be divided into creating mental linkages (grouping, associating, placing new words into a context), applying images and sounds (using imagery, semantic mapping, using keywords and representing sounds in memory), reviewing in a structured way and employing action (physical response or sensation, using mechanical techniques). The techniques just mentioned can be used to greater advantage if we can diagnose learning style preferences (visual, aural, kinesthetic, tactile) and make students aware of different memory strategies.4Meaningful tasks, however, seem to offer the best answer to vocabulary learning, as they rely on students’ experiences and reality to facilitate learning. More meaningful tasks also require learners to analyse and process language more deeply, which should help them retain information in long-term memory. Forgetting seems to be an inevitable process, unless learners regularly use items they have learnt. Therefore, recycling is vital, and ideally it should happen one or two days after the initial input. After that, weekly or monthly tests can check on previously taught items. The way students store the items learned can also contribute to their success or failure in retrieving them when needed. Most learners simply list the items learnt in chronological order, indicating meaning with translation. This system is far from helpful, as items arede-contextualised, encouraging students to over generalise their usage. It does not allow for additions and refinements nor does it indicate pronunciation. Teachers can encourage learners to use other methods, using topics and categories to organise a notebook, binder or index cards. Meaning should be stored using English as much as possible. Diagrams and word trees can also be used within this topic/categories organisation. The class as a whole can keep a vocabulary box with cards, which can be used for revision/recycling regularly.1.4. Why Vocabulary is ImportantTeachers may wonder why it is important to teach vocabulary. Well, there is a very clear answer to that question, namely that vocabulary is critical to reading success for three reasons, which I will explain now briefly. First of all, comprehension improves when you know what the words mean. Since comprehension is the ultimate goal of reading, you cannot overestimate the importance of vocabulary development. Secondly, words are the currency of communication. A robust vocabulary improves all areas of communication which are listening, speaking, reading and writing. Last but no least, when children and adolescents improve their vocabulary, their academic and social confidence and competence improve, too.In turn, a deficit in vocabulary knowledge causes comprehension problems, and comprehension problems prevent people from improving their vocabulary knowledge on their own. Intensive vocabulary instruction can be effective in turning this situation around. What is required, though, is a clear and deliberate focus on facilitating students’ creation of meaning ful contexts for the word meanings they are learning,5and a frequent and consistent emphasis on helping them make connections to what they already know.1.5. Levels of Word Knowledge“Word knowledge” refers to how well you know the meaning of a word. Research shows that there are three kinds of word knowledge. Firstly, there is a lack of word knowledge where the meaning is completely unfamiliar. Secondly, there is acquired word knowledge where the basic meaning is recognized after some thought. And last, there is established word knowledge where the meaning is easily, rapidly and automatically recognized (Beck, McKeown, and Omanson, 1987). Words from the third category are already established in the personal vocabulary bank and are the words you would use in conversation and writing. Though it’s enough for students to have a surface understanding of some words in a selection, for most words students must have this same established level of knowledge if they are to understand what they are reading (Nagy, Herman, and Anderson, 1985).2. Teaching Vocabulary2.1. Which Words Should be TaughtWhen making instructional decisions as to which words to teach, it is helpful to have a framework for decision-making in this area. Knowing what words to teach is the first step in providing effective vocabulary practice. Graves and Prenn, for instance, classify the words that should be devided into three types, each requiring a higher investment of teacher and learner time for instruction. With words that are already in the student's oral vocabulary, the students need only to identify the written symbol for such a word. When the word is one for which the student has acquired no concept and it appears frequently in the context, the teacher must take time to develop the concept through instruction. When the word is in the student's listening vocabulary, it may be taught though writing experiences and activities. Focus should be on helping students become independent learners; they should be encouraged to become actively involved in selecting words.6I will shortly mention a practical guide that helps teachers to remember the types of words that they should teach explicitly. First of all, there are Type A Words.These words belong to academic language and thecontent areas.Academic language describes the language of schooling,words used across disciplines like genre and glossary. Content area words are specific to the discipline, words like organization in social studies and organism in science. Then there are Type B Words which arethe basics.There are hundreds of high-frequency words. The basics make up a large percentage of students´ reading and writing. Students must be able to read words like the, is, and, are, been and because.The so-called Type C Words are connectors and act as signal words. There may be some overlap with the basic words. Students need to understand the signals for cause and effect relationships, sequence and other important indicators of how text is organized. In Type D Words the D standsfor difficult- words with multiple meanings are a challenge for all students and may be especially so for learners of the English language.When considering words with multiple meanings teachers should also pay attention to the consonant-vowel-consonant words children encounter when first learning to read - for example words like jam and ham.These words have accessible meanings if you think of something you may eat with eggs in the morning (ham) or of the sweet, sticky stuff on toast (jam). But jam also describes a music playing session. So learning to decode should not be meaning-free, but should provide a good opportunity for teaching the meanings of words including multiple ones. This kind of experience with words improves comprehension.At last there are also Type X Words which are the extras. These are the words that will not be encountered frequently but in a certain story or context they are important for decoding meaning. A good example of this type of word is spindle in “Sleeping Beauty.” It is important to the fairy tale, but it is not a very high-utility word. I just tell kids what words like this mean without any special teaching.2.1.1. Basic Functional VocabularyIn order to understand, speak, read and write a language, the students must acquire the basic functional vocabulary. New words are carefully selected, gradually introduced, and graded to make language learning smooth and easy. The following77 of 27 pages - scroll topInformation on this eBookTitleThe Teaching of Vocabulary in the Primary School Foreign Language ClassroomAuthorDaniela PohlYear2003Pages27Archive No.V34883ISBN (eBook)978-3-638-34971-0ISBN (Book)978-3-640-44099-3DOI10.3239/9783638349710File size224 KBLanguageEnglishTagsTeachingVocabularyPrimarySchoolForeignLanguageClassroom翻译部分:国外小学词汇教学(The Teaching of Vocabulary in the Primary School Foreign Language Classroom)摘要:很多词语都变得越来越复杂,拥有很多的词组。
因为学校对毕业论文中的外文翻译并无规定,为统一起见,特做以下要求:1、每篇字数为1500字左右,共两篇;2、每篇由两部分组成:译文+原文.3 附件中是一篇范本,具体字号、字体已标注。
外文翻译(包含原文)(宋体四号加粗)外文翻译一(宋体四号加粗)作者:(宋体小四号加粗)Kim Mee Hyun Director, Policy Research & Development Team,Korean Film Council(小四号)出处:(宋体小四号加粗)Korean Cinema from Origins to Renaissance(P358~P340) 韩国电影的发展及前景(标题:宋体四号加粗)1996~现在数量上的增长(正文:宋体小四)在过去的十年间,韩国电影经历了难以置信的增长。
上个世纪60年代,韩国电影迅速崛起,然而很快便陷入停滞状态,直到90年代以后,韩国电影又重新进入繁盛时期。
在这个时期,韩国电影在数量上并没有大幅的增长,但多部电影的观影人数达到了上千万人次。
1996年,韩国本土电影的市场占有量只有23.1%。
但是到了1998年,市场占有量增长到35。
8%,到2001年更是达到了50%。
虽然从1996年开始,韩国电影一直处在不断上升的过程中,但是直到1999年姜帝圭导演的《生死谍变》的成功才诞生了韩国电影的又一个高峰。
虽然《生死谍变》创造了韩国电影史上的最高电影票房纪录,但是1999年以后最高票房纪录几乎每年都会被刷新。
当人们都在津津乐道所谓的“韩国大片”时,2000年朴赞郁导演的《共同警备区JSA》和2001年郭暻泽导演的《朋友》均成功刷新了韩国电影最高票房纪录.2003年康佑硕导演的《实尾岛》和2004年姜帝圭导演的又一部力作《太极旗飘扬》开创了观影人数上千万人次的时代。
姜帝圭和康佑硕导演在韩国电影票房史上扮演了十分重要的角色。
从1993年的《特警冤家》到2003年的《实尾岛》,康佑硕导演了多部成功的电影。
2.3.2 公制,标准尺寸图梯形齿廓标准同步皮带由聚氨酯与钢或芳纶抗拉元件制成。
符号T代表梯形齿廓标准带。
WHM公司与国内GmbH公司和德国的Hanover公司合作,在1995年前后联合开发了这种同步带。
MULCO团体在德国以Synchroflex为品牌名发行这种同步带,之后又在欧洲发行。
在1997年这种带被标准化了,其标准为DIN772。
这些带遍布世界各地,并可作为成型的环形带,无尽的连接带和开口带使用。
具有梯形齿廓和公制标准尺寸,AT同步带是T型同步带的一个发展。
它们由由聚氨酯与钢或芳纶抗拉元件制成。
与T型同步带先比,AT型同步带有更宽的齿形截面和更强的抗拉构件。
AT型同步带一个特殊的特点是带齿齿隙紧靠带轮槽底座。
德国的MULCO和Hanover公司开发了这种类型的同步带,并在1980年左右以Synchroflex为品牌发行了这种带。
这些带遍布世界各地,并可作为成型的环形带,无尽的连接带和开口带使用。
这些带ISO 13050 标准用符号H表示,也被称为HTD同步带。
HTD代表大扭矩驱动。
这种同步带是由氯丁橡胶与玻璃纤维抗拉元件和聚酰胺纤维织物制成,并由在1973年引领美国市场的Gates公司开发。
曲齿的几何形状是圆形,较大的齿高显然增加了齿承载能力和抗牙跳能力。
这种带在世界各地都可以看到,许多制造商都参与它的生产。
它们也用聚氨酯,任选与钢丝帘线或芳纶抗拉元件制造。
用户可以从无尽的成型带,开口带和连续挤压环形带中选择使用。
这些带ISO 13050 标准用符号R表示,也被称为RPP同步带。
RPP代表橡胶抛物线。
1985年意大利的公司开发了这种双抛物线齿廓的同步带,他们是由氯丁橡胶与玻璃纤维抗拉元件和聚酰胺纤维织物制成。
这种类型的同步带主要发行在欧洲南部,许多制造商都参与它们的生产。
它们也用聚氨酯,任选钢丝帘线或芳纶抗拉元件制造。
用户可以从无尽的成型带,开口带和连续挤压环形带中选择使用。
这些带ISO 13050 标准用符号S表示,也被称为STD同步带。
外文翻译原文“Translation”Translation is the process of converting written text or speech from one language to another. It is a complex task that requires not only fluent proficiency in both languages, but also a deep understanding of the cultural nuances and linguistic intricacies of each language.Translation has been practiced for centuries and has played a crucial role in facilitating communication and fostering cultural exchange between different societies. It allows people who speak different languages to communicate and interact with each other, breaking down barriers and expanding possibilities.There are various types of translation, including literary translation, technical translation, legal translation, and medical translation, among others. Each type requires specific knowledge and skills to accurately convey the meaning and intent of the original text.In addition to linguistic accuracy, a good translator should also strive to capture the style, tone, and nuances of the original text. This involves understanding the cultural and historical context of the text, as well as the intended audience. Often, a translator needs to make decisions about how to adapt the text to the target language while still preserving its essence.Translation can be a challenging and time-consuming process, especially when dealing with complex or specialized subjects. Translators often need to conduct thorough research to ensure accuracy and maintain the integrity of the original text.With the advancement of technology, machine translation has become increasingly popular in recent years. However, while machine translation can provide quick and convenient translations, it often lacks the accuracy and nuance that human translators can offer. Human translators are able to understand the subtleties of language and idiomatic expressions that are often lost in machine translations. Therefore, it is important to rely on human translators, especially for important or sensitive documents.In conclusion, translation is a vital tool in facilitating communication and promoting cultural understanding. It requires not only language proficiency but also a deep understanding of cultural nuances. While machine translation can offer convenience, human translators are essential for accurate and nuanced translations.。
标题:An Introduction To Green MarketingWHY IS GREEN MARKETING IMPORTANTThe question of why green marketing has increased in importance is quite simple and relies on the basic definition of Economics: Economics is the study of how people use their limited resources to try to satisfy unlimited wants. [McTaggart, Findlay and Parkin 1992, 24]Thus mankind has limited resources on the earth, with which she/he must attempt to provide for the worlds' unlimited wants. (There is extensive debate as to whether the earth is a resource at man's disposal, for example, see Gore 1993.) While the question of whether these wants are reasonable or achievable is important, this issue will not be addressed in this paper. In market societies where there is "freedom of choice", it has generally been accepted that individuals and organizations have the right to attempt to have their wants satisfied. As firms face limited natural resources, they must develop new or alternative ways of satisfying these unlimited wants. Ultimately green marketing looks at how marketing activities utilize these limited resources, while satisfying consumers wants, both of individuals and industry, as well as achieving the selling organization's objectives.WHY ARE FIRMS USING GREEN MARKETING?When looking through the literature there are several suggested reasons for firms increased use of Green Marketing. Five possible reasons cited are:1. Organizations perceive environmental marketing to be an opportunity that can be used to achieve its objectives [Keller 1987, Shearer 1990];2. Organizations believe they have a moral obligation to be more socially responsible [Davis 1992,Freeman and Liedtka 1991, Keller 1987, McIntosh 1990, Shearer 1990];3. Governmental bodies are forcing firms to become more responsible [NAAG 1990];4. Competitors' environmental activities pressure firms to change their environmental marketingactivities [NAAG 1990]; and5. Cost factors associated with waste disposal, or reductions in material usage forces firms to modify their behavior [Azzone and Manzini 1994]. OPPORTUNITIESIt appears that all types of consumers, both individual and industrial are becoming more concerned and aware about the natural environment. In a 1992 study of 16 countries, more than 50% of consumers in each country, other than Singapore, indicated they were concerned about the environment [Ottman 1993]. A 1994 study in Australia found that 84.6% of the sample believed all individuals had a responsibility to care for the environment. A further 80% of this sample indicated that they had modified their behavior, including their purchasing behavior, due to environmental reasons [EPA-NSW 1994]. As demands change, many firms see these changes as an opportunity to be exploited.Given these figures, it can be assumed that firms marketing goods with environmental characteristics will have a competitive advantage over firms marketing non-environmentally responsible alternatives. There are numerous example of firms who have strived to become more environmentally responsible, in an attempt to better satisfy their consumer needs.McDonald's replaced its clam shell packaging with waxed paper because of increased consumerconcern relating to polystyrene production and Ozone depletion [Gifford 1991, Hume 1991].Tuna manufacturers modified their fishing techniques because of the increased concern over driftnet fishing, and the resulting death of dolphins [Advertising Age 1991].Xerox introduced a "high quality" recycled photocopier paper in an attempt to satisfy the demands of firms for less environmentally harmful products.This is not to imply that all firms who have undertaken environmental marketing activities actually improve their behavior. In some cases firms have misled consumers in an attempt to gain market share. In other cases firms have jumped on the greenbandwagon without considering the accuracy of their behavior, their claims, or the effectiveness of their products. This lack of consideration of the true "greenness" of activities may result in firms making false or misleading green marketing claims. SOCIAL RESPONSIBILITYMany firms are beginning to realize that they are members of the wider community and therefore must behave in an environmentally responsible fashion. This translates into firms that believe they must achieve environmental objectives as well as profit related objectives. This results in environmental issues being integrated into the firm's corporate culture. Firms in this situation can take two perspectives; 1) they can use the fact that they are environmentally responsible as a marketing tool; or 2) they can become responsible without promoting this fact.There are examples of firms adopting both strategies. Organizations like the Body Shop heavily promote the fact that they are environmentally responsible. While this behavior is a competitive advantage, the firm was established specifically to offer consumers environmentally responsible alternatives to conventional cosmetic products. This philosophy is directly tied to the overall corporate culture, rather than simply being a competitive tool.An example of a firm that does not promote its environmental initiatives is Coca-Cola. They have invested large sums of money in various recycling activities, as well as having modified their packaging to minimize its environmental impact. While being concerned about the environment, Coke has not used this concern as a marketing tool. Thus many consumers may not realize that Coke is a very environmentally committed organization. Another firm who is very environmentally responsible but does not promote this fact, at least outside the organization, is Walt Disney World (WDW). WDW has an extensive waste management program and infrastructure in place, yet these facilities are not highlighted in their general tourist promotional activities (Murphy 1985).GOVERNMENTAL PRESSUREAs with all marketing related activities, governments want to "protect" consumers and society; this protection has significant green marketing implications.Governmental regulations relating to environmental marketing are designed to protect consumers in several ways, 1) reduce production of harmful goods or byproducts; 2) modify consumer and industry's use and/or consumption of harmful goods; or 3) ensure that all types of consumers have the ability to evaluate the environmental composition of goods.Governments establish regulations designed to control the amount of hazardous wastes produced by firms. Many by-products of production are controlled through the issuing of various environmental licenses, thus modifying organizational behavior. In some cases governments try to "induce" final consumers to become more responsible. For example, some governments have introduced voluntary curb-side recycling programs, making it easier for consumers to act responsibly. In other cases governments tax individuals who act in an irresponsible fashion. For example in Australia there is a higher gas tax associated with leaded petrol.One of the more recent publicized environmental regulations undertaken by governments has been the establishment of guidelines designed to "control" green marketing claims [Polonsky 1994a]. These regulations include the Australian Trade Practices Commission's (TPC) "Environmental Claims in Marketing - A Guideline [TPC 1992], the US Federal Trade Commission's (FTC) "Guides for the Use of Environmental Marketing Claims" [FTC 1991 and 1992] and the regulations suggested by the National Association ofAttorneys-General [NAAG 1990]. These regulations are all designed to ensure consumers have the appropriate information which would enable them to evaluate firm's environmental claims. In addition to these guidelines many States in the US have introduced legislation to control various environmental marketing activities [Kangun and Polonsky 1994]. In most cases these State laws are more stringent than the FTC's guidelines. To date the majority of prosecutions of firms using misleading green marketing has occurred in State rather than Federal courts.Thus governmental attempts to protect consumers from false or misleading claims should theoretically provide consumers with the ability to make more informed decisions. In Australia where regulations have affected many companies, oneunintended casualty was an advertisement for the Federal Government's environmental labeling program "Environmental Choice." This ad was deemed to breach the TPC's guidelines, as it implied that only products with the logo were environmentally responsible.COMPETITIVE PRESSUREAnother major force in the environmental marketing area has been firms' desire to maintain their competitive position. In many cases firms observe competitors promoting their environmental behaviors and attempt to emulate this behavior. In some instances this competitive pressure has caused an entire industry to modify and thus reduce its detrimental environmental behavior. For example, it could be argued that Xerox's "Revive 100% Recycled paper" was introduced a few years ago in an attempt to address the introduction of recycled photocopier paper by other manufacturers. In another example when one tuna manufacture stopped using driftnets the others followed suit [Advertising Age 1991].COST OR PROFIT ISSUESFirms may also use green marketing in an attempt to address cost or profit related issues. Disposing of environmentally harmful by-products, such as polychlorinated biphenyl (PCB) contaminated oil are becoming increasingly costly and in some cases difficult. Therefore firms that can reduce harmful wastes may incur substantial cost savings. When attempting to minimize waste, firms are often forced to re-examine their production processes. In these cases they often develop more effective production processes that not only reduce waste, but reduce the need for some raw materials. This serves as a double cost savings, since both waste and raw material are reduced.In other cases firms attempt to find end-of-pipe solutions, instead of minimizing waste. In these situations firms try to find markets or uses for their waste materials, where one firm's waste becomes another firm's input of production. One Australian example of this is a firm who produces acidic waste water as a byproduct of production and sells it to a firm involved in neutralizing base materials.The last way in which cost or profit issues may affect firms' environmentalmarketing activities is that new industries may be developed. This can occur in two ways: 1) a firm develops a technology for reducing waste and sells it to other firms; or 2) a waste recycling or removal industry develops [Yurman 1994]. For example, firms that clean the oil in large industrial condensers increase the life of those condensers, removing the need for replacing the oil, as well as the need to dispose of the waste oil. This reduces operating costs for those owning the condensers and generates revenue for those firms cleaning the oil.SOME PROBLEMS WITH GOING GREENNo matter why a firm uses green marketing there are a number of potential problems that they must overcome. One of the main problems is that firms using green marketing must ensure that their activities are not misleading to consumers or industry, and do not breach any of the regulations or laws dealing with environmental marketing. For example marketers in the US must ensure their green marketing claims can meet the following set of criteria, in order to comply with the FTC's guidelines. Green marketing claims must;Clearly state environmental benefits;Explain environmental characteristics;Explain how benefits are achieved;Ensure comparative differences are justified;Ensure negative factors are taken into consideration; andOnly use meaningful terms and pictures.Another problem firms face is that those who modify their products due to increased consumer concern must contend with the fact that consumers' perceptions are sometimes not correct. Take for example the McDonald's case where it has replaced its clam shells with plastic coated paper. There is ongoing scientific debate which is more environmentally friendly. Some scientific evidence suggests that when taking a cradleto-grave approach, polystyrene is less environmentally harmful. If this is the case McDonald's bowed to consumer pressure, yet has chosen the more environmentally harmful option.When firms attempt to become socially responsible, they may face the risk thatthe environmentally responsible action of today will be found to be harmful in the future. Take for example the aerosol industry which has switched from CFCs (chlorofluorocarbons) to HFCs (hydrofluorocarbons) only to be told HFCs are also a greenhouse gas. Some firms now use DME (dimethyl ether) as an aerosol propellant, which may also harm the ozone layer [Debets 1989]. Given the limited scientific knowledge at any point in time, it may be impossible for a firm to be certain they have made the correct environmental decision. This may explain why some firms, like Coca-Cola and Walt Disney World, are becoming socially responsible without publicizing the point. They may be protecting themselves from potential future negative backlash, if it is determined they made the wrong decision in the past.While governmental regulation is designed to give consumers the opportunity to make better decisions or to motivate them to be more environmentally responsible, there is difficulty in establishing policies that will address all environmental issues. For example, guidelines developed to control environmental marketing address only a very narrow set of issues, i.e., the truthfulness of environmental marketing claims [Schlossberg 1993]. If governments want to modify consumer behavior they need to establish a different set of regulations. Thus governmental attempts to protect the environment may result in a proliferation of regulations and guidelines, with no one central controlling body.Reacting to competitive pressures can cause all "followers" to make the same mistake as the "leader." A costly example of this was the Mobil Corporation who followed the competition and introduced "biodegradable" plastic garbage bags. While technically these bags were biodegradable, the conditions under which they were disposed did not allow biodegradation to occur. Mobil was sued by several US states for using misleading advertising claims [Lawrence 1991]. Thus blindly following the competition can have costly ramifications.The push to reduce costs or increase profits may not force firms to address the important issue of environmental degradation. End-of-pipe solutions may not actually reduce the waste but rather shift it around. While this may be beneficial, it does not necessarily address the larger environmental problem, though it may minimize itsshort term affects. Ultimately most waste produced will enter the waste stream, therefore to be environmentally responsible organizations should attempt to minimize their waste, rather than find "appropriate" uses for it.出处:Polonsky, Michael Jay. Electronic Green Journal[J].Electronic Green Journal, 1994.1(2):P1-10标题:绿色营销的简介译文:绿色营销为什么重要绿色营销越来越重要,对经济学简单的基本定义:经济学是对人们如何利用有限的资源,尽量满足无穷欲望的研究。
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可编程控制器技术讨论与未来发展摘自《可编程控制器技术讨论与未来发展》数字媒体系 08165110 多衡随着时代的发展,当今的技术也日趋完善、竞争愈演愈烈;单靠人工的操作已不能满足于目前的制造业前景,也无法保证更高质量的要求和高新技术企业的形象。
人们在生产实践中看到,自动化给人们带来了极大的便利和产品质量上的保证,同时也减轻了人员的劳动强度,减少了人员上的编制.在许多复杂的生产过程中难以实现的目标控制、整体优化、最佳决策等,熟练的操作工、技术人员或专家、管理者却能够容易判断和操作,可以获得满意的效果。
人工智能的研究目标正是利用计算机来实现、模拟这些智能行为,通过人脑与计算机协调工作,以人机结合的模式,为解决十分复杂的问题寻找最佳的途径我们在各种场合看到了继电器连接的控制,那已经是时代的过去,如今的继电器只能作为低端的基层控制模块或者简单的设备中使用到;而PLC的出现也成为了划时代的主题,通过极其稳定的硬件穿插灵活的软件控制,使得自动化走向了新的高潮。
南京邮电大学毕业设计(论文)外文资料翻译学院(系):经济与管理学院专业:学生姓名:班级学号:外文出处:Journal of Occupational Psychology,1977, Vol.50附件:1.外文资料翻译译文;2.外文原文附件:1.外文资料翻译译文重新评估工作满意度和工作生活质量——詹姆斯.C.泰勒有用的工作满意度的措施在评估工作的特点以及改善工作生活质量中是有问题的。
根据民意调查和组织调查显示,多年以来,虽然在高和稳定的工作满意度水平下,雇员的挫折感和异化迹象却一直在增加。
经过更密切的检查,这似是而非的调查导致的结论是:无论再严谨的工作满意度调查及测量,得到的只是修改工作和减少员工的挫折感方面的没必要的信息。
根据以往的经验以及对工作生活质量的研究表明,为了克服这个缺陷,在测量工作满意度的时候,雇员本身需要更多地参与测量。
工作满意度已经成为一个模糊不清的尴尬概念。
许多代表着工业人文主义利益的社会科学调查员都对工作满意度十分有兴趣,他们建议要去关注和改善人与职位的关系,提高工作满意度。
从20世纪30年代开始,这种关注已经从制造业扩展到服务和文职部门。
然而,我们可以断言,大部分对工作满意度的研究都无法仅通过对工作及工作本身的研究。
历史上曾经有过对工作满意度的研究,这或许可以支持或者攻击现状,这种趋势还将继续下去。
尴尬的是,在对美国雇员的工作满意度的继续调查研究中,用极高的百分比来衡量他们工作的满意程度,而在同一时间内降低对工人的承诺,雇员所表达的通过增加缺勤率(特别是部分周缺勤),罢工(因其他原因除了工资)而拒绝谈判达成的合同以及破坏产品的比率显然变得更大。
雇员异化的这些问题已经提起公众的注意,但是如果公众关注继续增长,为什么雇员安静的绝望与工作越来越被看作是与压力之间的和解,这些事实和精心准备将使对工作满意度的严格调查成为必然。
前言本文的目的是在不减少抽样误差和防范反应的情况下,使用更精密的统计测试,在不同的模式下对满意度数据进行界定和衡量。
注:红色字体表示语句不明白的地方,请求学姐帮忙。
聚亚烷基二醇的化学结构和它们在含水环境中的好氧生物降解性之间的关系简要:使用一组聚合流体,其中包括聚乙二醇、聚丙二烯(PPG)、不同EO/PO 比率的环氧乙烷(EO)的无规共聚物和环氧丙烷(PO),对聚亚烷基醇(PAG)的化学结构和它们的生物降解性之间的关系进行研究以及用PAG的醚和酰基部分封端。
被测试的PAG中有一个均分子量范围在350-3600Da,它们的差异是由其聚合物主链的直链(二醇型)或支链(三元醇型)分子。
PAG的最终生物降解能力是根据ISO14593(CO2顶空试验)用非预曝光(如在OECD310试验)和预曝光(改编)接种物来确定。
带有PPG结构和二元醇或三元醇的EO/PO共聚物,均分子量不超过1000沓的PAG,被认为是易于生物降解的。
他们的最终生物降解可超过60%的限制(根据OECD310测试标准)。
具有共聚结构并且MW值在1000-3600之间的PAG不易生物降解,但它们可以被看做是那些固有的最终降解物。
在PAG结构中EO含量的增长和末端羟基的酰化与羧酸基团有利地影响了他们的生物降解性。
含末端醚基团封端的PAG似乎是耐生物降解的。
关键词生物降解、聚亚烷基二醇、PAG、PPG、封顶PAG、ISO14593。
引言:术语中的聚亚烷基二醇-PAG,以及在相关文献中的PAG,例如,聚乙二醇,聚醚和聚(烯化氧)中使用的PAG术语都是带有环氧化物结构烯化氧聚合得到的化合物。
PAG主要是通过使用乙烯和丙烯的氧化物合成的,不常使用丁二醇和更高的烯烃氧化物。
PAG类化合物(不同的分子量,性能和应用)最常用的包括氧化乙烯或丙烯均聚物氧化物以及乙烯和丙烯氧化物的无规或嵌段共聚物。
PAG的分子结构不仅取决于种类和亚烷基氧化物的比例,而且还取决于用于聚合反应的引发剂分子的类型(单-,二-或多官能分子具有2个以上活泼氢原子)。
引发剂影响PAG分子的末端羟基基团和聚合物链的类型,其可以是线性的(单醇及二醇型)或支链的(多元醇的数类型)。
文献出处 : Humble M . The study of ex press log i stics netw ork opt imizat ion [ J ] . Operations R esearch Perspect ives, 2016, 6 (3):106 -115 .原文The st udy of ex press log ist ics netw ork optim izationHumble MA bst ractEx press indust ry as an important part of m odern log ist ics indust ry to become one of the fast est g row ing indust ries in recent y ears. The rapid development of ex press indust ry lead to a lot of capit al inflow ex press delivery m arket, thus express companies, t here are many sizes for g rab market resources,the com petit ion bet w een ent erprises is becoming more and fiercer.Ex cessive com petit ion caused a lot of w ast e of resources, reduce the ut ilizat ion of resources, and increase the cost of log i stics.In order to solve t hese problems need to int eg ra te the expres s industry resources, increase the concent rat ion of indust ry level.A nd C ourier companies merg ers and reorg anization is the int eg ration betw een the express industry resources,ex press delivery indust ry compet it iveness effect ive w a y. Express log i stics net w ork in t he ex press indust ry i s reg arded as ex press the l ifeblood of ent erprises, of w hich the end of the service net w ork (hereinaft er referred to as end nodes), the dist ribution cent er,the urban reg ional hub ( hereinaft er referred to as the reg ional hub) and the num ber of spatial lay out direct ly det ermines the operation m ode of delivery a nd quality of operat ions. Therefore, under the merg er rest ruct uring ent erprises express log i stics net w ork optim ization int eg ration to ex press the development of the ent erprise aft er the m erg er and reorg anizat ion play s a decisive role.Key w ords:M erg ers and reorg a nization;Netw ork opt imizat ion int eg ra t ion; End node;Dist ribution center1 Int roductionLog is t ics net w ork t heory is the inevit able out come of the development of log ist ics manag ement research Gum constantly, is a st andardized, sy st emat ic and scientific research important w a y of m odern log ist ics, i t ex panded the log i stics netw ork operations research new tra in of t houg ht, provides a t heoretical basis for the log i st ics netw ork opt im izat ion. DJ B ow ers ( 2007 ) put forw ard the theory of supply chain log istics int eg ra tion,and based on log istics, w a rehouse locat ion,t ransport ation cost, invent ory cost, e t c , int eg ra t ing advanced the t heory of int eg rationa rchitect ure. M S R am m . ( 2009 ) int eg ra ted log i stics net w ork i s a c losed loop int eg rated forw ard/re verse log i stics net w ork,including production/re covery,m ix ed distribution,custom e rs, collect ing and processing cent er, etc., first used to det ermine the m ix ed integ er linear prog ram m ing model for log i stics netw ork int eg ration, and t hen in uncertain scenarios using the mix ed integ er l inear prog ram ming model, the model can avoid suboptimal result s caused by separat ion and continuous. M a ria B oiler mud ( 2013 ) in a nonlinear integ er model to solve the dy namic integ ra ted forw ard and reverse dist ribution netw ork desig n model double H st andards to minim ize t ransport cost s a nd tim e; Int eg ra t ed log i st ics netw ork facilit y locat ion problem to improve the efficiency of forw ard and reverse log istics,mainly i s the det erm ination of three ty pes of facilit ies, w arehouse ( log i stics), collection cent ers ( reverse log i stics) and mix ed facilities ( forw ard and reverse log ist ics).2Ex press log ist ics net w ork1 S ummary of log i st ics netw orkDonald j . B ow er and David i ts loss in the book of the process of log i st ics m anag ement, supply chain int eg rat ion point s out t hat the w hole log i stics netw ork desig n has a direct impact on the log i st ics efficiency, to provide cust omer service capabilit ies and cost mainly by num ber of log i stics facilities,the influence of the pract ical fact ors such as scale;Essential part of netw ork la y out desig n i s to det erm ine the num ber of every k ind of facilit ies,locat ion and job,et c.; In the constantly chang ing compet it ive environment,the ty pes of product s,cust omer dema nd chang es a t the mom ent,so perfecting the infrast ructure net w ork to adapt to the chang e of supply and demand i s very import ant.R onald h. B a l loon ( 2010 ) arg ues that the essence of the net w ork st ruct ure problem i s to det ermine from to the cust omer's net w ork st ructure,including the facilit y ty pe, num ber, locat ion and each facilit y betw een the determ inat ion of amount of product s and cust om ers; In his book "log istics manag ement", l ist s the data needed for log i stics netw ork int eg rat ion, and put forw ard the evaluation and the evaluat ion of ent erprise log istics net w ork in the g eneral audit criteria. L og i st ics net w ork has the follow ing charact eristics: log i stics net w ork has the charact eristics of hig h efficiency. The g oal of log i stics netw ork is the low est cost for a shorter t ime w ould be delivered g oods in g ood condition of t he demand s ide, the max imum com bination of log i stics and inform a tion flow,cash flow to achieve "zero invent ory, a short period of t ime,no interm i tt ent t ransmission" i s the ideal state.The openness of the log i s t ics i s net w ork. Openness i sthe foundat ion of log i stics nodes can be t hroug h the public netw ork, a ll nodes connect ed directly or indirectly. L og i stics netw ork openness enables each node and ot her nodes ex chang e information quickly,processing business. Pilot log i s t ics netw ork inform a t ion.W idespread use of mechanizat ion and aut omat ion equipment can g reatly improve the level of inform a tion of log i stics netw ork, but the collection,manag ement,analy sis and m ining equipm e nt in the process of log i stics informat ion i s more import ant.The informat ion in the log istics net w ork t hroug hout the log istics activit y a lw a y s , to the operat ion of log ist ics netw ork as a w hole have the funct ion of the g uidance and int eg ra tion.Log ist ics net w ork has the s ize advant ag e . S cale i s the important a ims of log i st ics net w ork. Dispersion formed in the fie ld of log i stics, log i stics netw ork nodes and the charact eristic of manag ement, w i l l hig hlig ht i ts scale advant ag e . Throug h la rg e-scale joint operation of log istics nodes can fully improve the effic iency of the w hole operat ion of the log i st ics net w ork, reduce the cost of the overall operation,reliance on a sing le node of log i stics netw ork is a l so s ig nificant ly reduced; C an't w ork normally even if t here i s a node, ot her nodes can quickly m ak e up for i t, resist risk abilit y.2 The charact erist ics of the ex press log ist ics netw orkEx press log i st ics netw ork m a inly includes t hree part s, main t ransport netw orks,and distribution net w orks, from end off. Every part of the netw ork composit ion and the exercise of the funct ions of each are not identical. B ackbone t ransport net w ork i s ma inly betw een reg ional hub and reg ional hub and dist ribut ion center of the net w ork, i t i s ma inly long dist ance transportation, mainly by car and a i r t ransport w a y. Distribut ion net w ork is mainly bet w een dist ribut ion center and end node netw ork, g oods dist ribut ion t hroug h the distribution cent ers, arrived a t the end of the subordinat e branches. From end off net w ork composed of cust omers and end node, i t i s the first l ink i s the final l ink of express delivery business, is a lso an im port ant part of the cust omer experience.The different met hods of delivery of g oods produced tw o ty pes of net w orks: shaft ty pe and the ent ire company g eneral form ula ex press log i stics netw ork. A m ong t hem, the major st ructure of the radiation i s the hub of part ition netw ork charact erist ics, in each partit ion can have one or more of the hub, the hub node can not only send and receive the g oods w i t hin the reg ion but a l so can connect ot her areas of the hub node, t ransit and sorting is a l so i ts funct ion. In the ax i s of t he ty pe express log i stics netw ork, transport of g oods need to transport to the hub node, t hroug h sortingt ransit hub node before handing out again. Fully connect ed netw ork i s any node is ex chang ed bet w een, should have the shipping l ine directly connect ed. The connect ed net w ork can realize g oods direct ty pe dist ribution bet w een any nodes on the net w ork,but t his w a y of dist ribut ion w i l l be an additional shipping cost. B ecause of the dispersed dist ribution and sm a l l feat ures express C ourier companies i s the main dist ribution object,so ax ia l radial express m ore t han log ist ics net w ork a l l over a long w i th the netw ork helps to improve log ist ics resources int eg ra t ion, log istics resource ut ilizat ion,to reduce log i st ics cost,shaft f ty pe ex press log i stics netw ork more in l ine w i th the act ual sit uation of delivery operat ion.3The com p osition of ex press log i s t ics netw ork3 .1 Delivery terminal net w orkDelivery a t the end of the node is the beg inning of the express log i stics netw ork point and end point,its main function i s to Posting and expresses m a i l delivery.End point s a re m a inly distributed in express business covered a rea, i t i s a hub betw een cust omers and express log istics net w ork, i t i s the m ost closely relat ionship w ith the cust omer.2 Ex press t ransit cent erFedEx t ransit node is mainly to ex press log istics net w ork of ex press dist ribution and transport. In the ex press indust ry g enerally call forw a r ding nodes distribution center.Dist ribution cent er is t hat i t i s import ant to ex press the import ance of sorting and dist ributing node,a l t houg h it i s not eng ag ed in com m o dit y concret e product ion,but i t carried from ot her outlet s to express according to the act ual sit uation of t heir concent rat ion,distribution and t ransport,so as to realize ex press process from scatt ered to cent ralized and decent ralized. La r g e ex p ress t ransit cent er a l s o know n as the reg ional hub, i s mainly responsible for an area of ex press distribution processing w ork. R eg ional hub locat ion and capacit y of the ent ire net w ork t ransit t ime and produce a g reat impact on the t ransport capacit y. Ex press delivery reg ional hub of the dist ribution cent er,unified handling aft er i t s focus to send to other reg i onal hub or sent to the affilia t e dist ribut ion cent ers.FedExt ransit cent er location,quantit y,and the det erminat ion of posit ion,usually to com prehensively consider the g oods cat eg ory, quant it y,flow,traffic condit ions,g eog r aphical location,t imeliness, urban planning and policy, a nd other t ransit cent er connect ing relat ions, operat ion efficiency and ot her fact ors.3 Ex press log i stics operation netw orkEx press operation of the net w ork i s m a inly composed of backbone t ransport netw ork, distribution netw ork and term inal to send t hree part s. A mong t hem , the backbone t ransport net w ork i s m a inly composed of reg ional hub and distribut ion cent er,dist ribut ion netw ork mainly distribution cent er and end node; from end off the net w ork by t he end of branches and cust omer focus point.U sually express log i st ics net w ork, the net w ork backbone netw ork st ruct ure for shaft ty pe netw ork, most ly adopt m ore hub shaft radial net w ork; From dist ribution net w ork and end off net w ork mainly based on the principle of reg ional scope of radiation distance and w i th the m ethod of part ition manag em ent. The ex press log istics net w ork is t he core part of the backbone transport net w ork; it is t he a ssurance of delivery tim eliness.B ackbone net w ork process i s conducted w i thin the ent erprise, the opt imizat ion of the backbone net w ork mainly from the perspect ive of the cost or e xpense. From end off netw ork because of c lose cont act w i th cust omers, i s express ent erprise and cust omer direct int eraction betw een the nodes, not only consider the cost on i ts optim izat ion int eg ra tion problems, should t hink more cust om ers w i th bet ter service ex perience for the m a in purpose, pay a ttention to the m ining of cust omer dem and information, optim ized and int eg rat ed send l ink.Delivery of the ent ire process is as follow s : w hen the c l ient needs to send a , can t hroug h the phone, the w ebsit e of C ourier company or to t he end node, send a request, a fter receiving member w i l l charg e customers express according to the s i t uat ion; R eceipt a t the end of the class member t ake the ex press m a i l delivery to the end node, w i l l ex press, document s and other inform a tion w i th the st aff of the t erm inal branch t ransfer processing , t hus completes a w a rehousing operat ions; Outlet s w arehouse controller according to the local dist ribut ion cent er a t the end of the t ransit fl ig hts w i l l express mail sent to the local dist ribut ion centers, i t i s called the sender homew ork; Express mail a rrived a t the dist ribut ion cent er, sorting , a l l ex press direct ion as conditions aft er sorting to a rrang e transportation a fter a brief st orag e ( depending on the sit uation on the mode of t ransport at ion to choose tra ins, cars, planes, et c.).A ft er the ex press arrival a t the reg ional hub of the c i ty, according to express the dest inat ion address ag a in point s to the dist ribut ion cent er, and t hen, t hroug h the dist ribution net w ork to send the g oods to the t erminal outlet s;译文快递物流网络优化研究Humble M摘要快递业作为现代物流业的重要组成部分成为最近几年发展最快的行业之一。
译文(一)THE ACCOUNTING REVIEWV ol. 83, No. 3 2008pp. 823–853市场参与者的杜邦分析的使用马克•t•Soliman华盛顿大学文摘:杜邦分析,一种常见的财务报表分析,依靠于净营业资产收益率的两个乘法组件:利润率和资产周转率。
这两个会计比率衡量不同的构造。
因此,有不同的属性。
之前的研究已经发现,资产周转率的变化是未来收益的变化正相关。
本文全面探讨了杜邦组件和沿着三个维度有助于文学。
首先,本文有助于财务报表分析文献,发现在这个会计信息信号实际上是增量学习会计信号在先前的研究在预测未来收益。
其次,它有助于文学在股票市场上使用的会计信息通过检查眼前和未来的股本回报投资者应对这些组件。
最后,它增加了分析师的文献处理会计信息的再次测试直接和延迟反应的分析师通过同期预测修正以及未来预测错误。
一致的跨市场加入者的两组,结果表明是有用的信息就是明证杜邦组件和股票收益之间的联系以及维度分析师预测。
然而,我发现预测未来预测错误和异常返回信息处理表明似乎没有完成。
平均水平,分析表明杜邦组件代表增量和可行的操作特征信息的公司。
关键词:财务报表分析、杜邦分析、市场回报、分析师预估。
数据可用性:在这项研究中使用的数据是公开的来源显示的文本。
在本文中,我分析杜邦分析中包含的信息是否与股市回报相关和分析师预测。
之前的研究文档组件从杜邦分析,分解的净营业资产收益率为利润率和资产周转率,有解释力对未来盈利能力的变化。
本文增加了文献综合研究投资者和分析师反应杜邦组件三个维度。
首先,它复制先前记录的预测能力和检查是否健壮和增量其他预测已经考虑在文学的存在。
其次,它探讨了使用这些组件的股市投资者通过观察同生和未来收益。
在同时代的长窗协会和短时期限信息测试,结果显示积极联系杜邦组件和股本回报率。
但小未来异常返回交易策略显示的信息可能不完整的处理。
最后,检查当前预测修正由卖方分析师和未来的预测错误。
尽管他们似乎修改他们的预测未来收益与这些杜邦组件中的信息一致,修订似乎不完整就是明证可预测的未来预测错误。
一致的市场参与者,在两组同期结果表明,信息是有用的,但是未来的测试表明,信息处理似乎没有完成。
由金矿和笔者(2001)提供了一个使用剩余收益的股票估值方法框架,给出了一个简单的财务比率分析的直接映射到股票估值。
特别是他们用杜邦分析,分解公司的净营业资产收益率(RNOA)利润率(PM)和资产周转率(ATO)点的地方1。
PM和ATO会计信号,测量不同结构对一个公司的业务2。
PM 往往是来自定价权,如产品创新,产品定位,品牌知名度,先发优势和市场定位。
ATO措施资产利用率和效率,通常来自于有效的利用财产,工厂和设备,有效的库存流程;和其他形式的资本管理工作3。
我们有理由期待竞争力量的影响这两个来源盈利能力不同。
大的利润率通常吸引新进入者进入市场或快速模仿新思想从现有的竞争对手。
由此产生的竞争导致高利润率回归正常水平,暗示更多暂时的利益。
与利润不同,然而,竞争可能少威胁要部署一个有效的资产。
更难以模仿另一个公司的高效生产流程因为这样模仿通常包括大型和昂贵的改革目前的工厂和操作。
1.具体来说,RNOA营业收入/平均净营业资产,PM营业收入/销售和ATO销售 /平均净营业资产。
此后,点和ATO被称为“杜邦公司组成”。
另一个常见的形式是分解罗伊(利润杠杆资产周转率)或(NI /产品销售/资产资产/股本)。
讨论的“估值理论和RNOA”部分,我在分析使用RNOA为了专注于操作,因此抽象从公司的融资决策。
2.例如,阿伯克龙比和惠誉赚取高额利润通过出售used-looking服装被认为是时髦和青少年所要求的。
强大的品牌很难模仿和允许他们收取溢价。
3.高异常的一个很好的例子是戴尔说话。
他们的商业模式是基于保持极低的库存和高营业额。
从历史上看,他们的说话已经超过行业平均约1.2。
原文(一)THE ACCOUNTING REVIEWV ol. 83, No. 3 2008pp. 823–853The Use of DuPont Analysisby Market ParticipantsMark T. SolimanUniversity of WashingtonABSTRACT: DuPont analysis, a common form of financial statement analysis, decom-poses return on net operating assets into two multiplicative components: profit margin and asset turnover. These two accounting ratios measure different constructs and, accordingly, have different properties. Prior research has found that a change in asset turnover is positively related to future changes in earnings. This paper comprehensively explores the DuPont components and contributes to the literature along three dimen-sions. First, the paper contributes to the financial statement analysis literature and finds that the information in this accounting signal is in fact incremental to accounting signals studied in prior research in predicting future earnin gs. Second, it contributes to the literature on the stock market’s use of accounting information by examining immediate and future equity return responses to these components by investors. Finally, it adds to the literature on analysts’ processing of accou nting information by again testing immediate and delayed response of analysts through contemporaneous forecast revi-sions as well as future forecast errors. Consistent across both groups of market par-ticipants, the results show that the information is useful as evidenced by associations between the DuPont components and stock returns as well as analyst forecast revi-sions. However, I find predictable future forecast errors and future abnormal returns indicating that the information processing does not appear to be complete. Taken to-gether, the analysis indicates that the DuPont components represent an incremental and viable form of information about the operating characteristics of a firm.Keywords: financial statement analysis; DuPont analysis; market returns; analyst forecasts.JEL Classification: M4.Data Availability: The data used in this study are publicly available from the sources indicated in the text.I. INTRODUCTIONIn this paper I examine whether the information contained in DuPont analysis is asso-ciated with stock market returns and analyst forecasts. Prior studies document that the components from DuPont analysis, which decomposes return on net operating assets into profit margin and asset turnover, have explanatory power with respect to changes in future profitability. This paper adds to the literature by comprehensively examining investor and analyst reactions to the DuPont components along threedimensions. First, it replicates the previously documented forecasting ability and examines whether it is robust and incre-mental to the existence of other predictors already considered in the literature. Second, it explores the use of these components by stock market investors by looking at both contem-poraneous and future returns. In contemporaneous long-window association and short-window information tests, the results indicate a positive association between the DuPont components and equity returns. But small future abnormal returns to a trading strategy indicate a possibly incomplete processing of information. Finally, it examines both current forecast revisions and future forecast errors by sell-side analysts. Although they appear to revise their forecasts of future earnings consistent with the information in these DuPont components, the revision seems to be incomplete as evidenced by predictable future forecast errors. Consistent across both groups of market participants, the contemporaneous results show that the information is useful but the future tests indicate that the information proc-essing does not appear to be complete.Work by Nissim and Penman (2001) provides an approach to equity valuation using the residual income framework that gives a simple direct mapping of financial ratios to equity valuation. In particular they use DuPont an alysis, which decomposes a firm’s return on net operating assets (RNOA) into profit margin (PM) and asset turnover (ATO) where RNOA PM ATO.1 PM and ATO are accounting signals that measure different constructs about a firm’s operations. PM is often derived from pricing power, such as product inno-vation, product positioning, brand name recognition, first mover advantage, and market niches.2 ATO measures asset utilization and efficiency, which generally comes from the efficient use of property, plant, and equipment; efficient inventory processes; and other forms of working capital management.3There are reasons to expect competitive forces to affect these two sources of profita-bility differently. Large profit margins often draw new entrants into the marketplace or quick imitation of new ideas from existing rivals. The resulting competition causes high profit margins to revert to normal levels, suggesting more transitory benefits. Unlike profit margin, however, competition may be less threatening to an efficie nt deployment of assets. It is more difficult to imitate another firm’s efficient production processes because such imitation often involves large and costly overhauls of current factories and operations.1 Specifically, RNOA Operating Income / Average Net Operating Assets, PM Operating Income / Sales, and ATO Sales / Average Net Operating Assets. Hereafter, PM and ATO are referred to as the ‘‘DuPont Compo-nents.’’ Another common form is to decompose ROE (Profit Margin Asset Turnover Leverage) or [NI / Sal es Sales / Assets Assets / Equity]. As discussed in the ‘‘Valuation Theory and RNOA’’ section, I use RNOA in my analyses in order to focus on operations and thus abstract from the firm’s financing decision.2 For example, Abercrombie and Fitch earns high margins by selling used-looking clothing that is considered trendy and is demanded by teenagers. Their strong brand is difficult to imitate and allows them to charge a premium.3 A good example of high abnormal ATO is Dell. Their business model is based on maintaining extremely low inventory and high turnover. Historically, their ATO has exceeded the industry median by about 1.2 turns.REFERENCESAlford, A. W., J. Jones, and M. Zmijewski. 1994. Extensions and violations of the statutory SECForm 10-K filing requirements. Journal of Accounting and Economics 17: 229–256.Amir, E., and B. Lev. 1996. Value-relevance of non-financial information: The wireless communication industry. Journal of Accounting and Economics 22: 3–30.Ball, R., and P. Brown. 1968. An empirical evaluation of accounting numbers. Journal of Accounting Research (Autumn): 159–177.Barth, M., W. Beaver, J. Hand, and W. Landsman. 1999. Accruals, cash flows and equity values. Review of Accounting Studies (December): 205–229Bradshaw, M., S. Richardson, and R. Sloan. 2001. Do analysts and auditors use information in accruals Journal of Accounting Research (Summer): 45–74.Brown, S., K. Lo, and T. Lys. 1999. 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