7外文原文及译文
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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。
目录1介绍 (1)在这一章对NS2的引入提供。
尤其是,关于NS2的安装信息是在第2章。
第3章介绍了NS2的目录和公约。
第4章介绍了在NS2仿真的主要步骤。
一个简单的仿真例子在第5章。
最后,在第.8章作总结。
2安装 (1)该组件的想法是明智的做法,以获取上述件和安装他们的个人。
此选项保存downloadingtime和大量内存空间。
但是,它可能是麻烦的初学者,因此只对有经验的用户推荐。
(2)安装一套ns2的all-in-one在unix-based系统 (2)安装一套ns2的all-in-one在Windows系统 (3)3目录和公约 (4)目录 (4)4运行ns2模拟 (6)ns2程序调用 (6)ns2模拟的主要步骤 (6)5一个仿真例子 (8)6总结 (12)1 Introduction (13)2 Installation (15)Installing an All-In-One NS2 Suite on Unix-Based Systems (15)Installing an All-In-One NS2 Suite on Windows-Based Systems (16)3 Directories and Convention (17)Directories and Convention (17)Convention (17)4 Running NS2 Simulation (20)NS2 Program Invocation (20)Main NS2 Simulation Steps (20)5 A Simulation Example (22)6 Summary (27)1介绍网络模拟器(一般叫作NS2)的版本,是证明了有用在学习通讯网络的动态本质的一个事件驱动的模仿工具。
模仿架线并且无线网络作用和协议(即寻址算法,TCP,UDP)使用NS2,可以完成。
一般来说,NS2提供用户以指定这样网络协议和模仿他们对应的行为方式。
车床用于车外圆、端面和镗孔等加工的机床称作车床。
车削很少在其他种类的机床上进行,因为其他机床都不能像车床那样方便地进行车削加工。
由于车床除了用于车外圆还能用于镗孔、车端面、钻孔和铰孔,车床的多功能性可以使工件在一次定位安装中完成多种加工。
这就是在生产中普遍使用各种车床比其他种类的机床都要多的原因。
两千多年前就已经有了车床。
现代车床可以追溯到大约1797年,那时亨利•莫德斯利发明了一种具有把主轴和丝杆的车床。
这种车床可以控制工具的机械进给。
这位聪明的英国人还发明了一种把主轴和丝杆相连接的变速装置,这样就可以切削螺纹。
车床的主要部件:床身、主轴箱组件、尾架组件、拖板组、变速齿轮箱、丝杆和光杆。
床身是车床的基础件。
它通常是由经过充分正火或时效处理的灰铸铁或者球墨铸铁制成,它是一个坚固的刚性框架,所有其他主要部件都安装在床身上。
通常在球墨铸铁制成,它是一个坚固的刚性框架,所有其他主要部件都安装在床身上。
通常在床身上面有内外两组平行的导轨。
一些制造厂生产的四个导轨都采用倒“V”,而另一些制造厂则将倒“V”形导轨和平面导轨结合。
由于其他的部件要安装在导轨上并(或)在导轨上移动,导轨要经过精密加工,以保证其装配精度。
同样地,在操作中应该小心,以避免损伤导轨。
导轨上的任何误差,常常会使整个机床的精度遭到破坏。
大多数现代车床的导轨要进行表面淬火处理。
以减少磨损和擦伤,具有更大的耐磨性。
主轴箱安装在床身一端内导轨的固定位置上。
它提供动力。
使工件在各种速度下旋转。
它基本上由一个安装在精密轴承中的空心轴和一系列变速齿轮---类似于卡车变速箱所组成,通过变速齿轮,主轴可以在许多中转速的旋转。
大多数车床有8~18中转速,一般按等比级数排列。
在现代车床上只需扳动2~4个手柄,就能得到全部挡位的转速。
目前发展的趋势是通过电气的或机械的装置进行无级变速。
由于车床的精度在很大程度上取决于主轴,因此主轴的结构尺寸较大,通常安装在紧密配合的重型圆锤滚子轴承或球轴承中。
毕业设计(论文)外文原文及译文一、外文原文MCUA microcontroller (or MCU) is a computer-on-a-chip. It is a type of microcontroller emphasizing self-sufficiency and cost-effectiveness, in contrast to a general-purpose microprocessor (the kind used in a PC).With the development of technology and control systems in a wide range of applications, as well as equipment to small and intelligent development, as one of the single-chip high-tech for its small size, powerful, low cost, and other advantages of the use of flexible, show a strong vitality. It is generally better compared to the integrated circuit of anti-interference ability, the environmental temperature and humidity have better adaptability, can be stable under the conditions in the industrial. And single-chip widely used in a variety of instruments and meters, so that intelligent instrumentation and improves their measurement speed and measurement accuracy, to strengthen control functions. In short,with the advent of the information age, traditional single- chip inherent structural weaknesses, so that it show a lot of drawbacks. The speed, scale, performance indicators, such as users increasingly difficult to meet the needs of the development of single-chip chipset, upgrades are faced with new challenges.The Description of AT89S52The AT89S52 is a low-power, high-performance CMOS 8-bit microcontroller with 8K bytes of In-System Programmable Flash memory. The device is manufactured using Atmel's high-density nonvolatile memory technology and is compatible with the industry-standard 80C51 instruction set and pinout. The on-chip Flash allows the program memory to be reprogrammed in-system or by a conventional nonvolatile memory programmer. By combining a versatile 8-bit CPU with In-System Programmable Flash on a monolithic chip, the Atmel AT89S52 is a powerful microcontroller which provides a highly-flexible and cost-effective solution to many embedded control applications.The AT89S52 provides the following standard features: 8K bytes ofFlash, 256 bytes of RAM, 32 I/O lines, Watchdog timer, two data pointers, three 16-bit timer/counters, a six-vector two-level interrupt architecture, a full duplex serial port, on-chip oscillator, and clock circuitry. In addition, the AT89S52 is designed with static logic for operation down to zero frequency and supports two software selectable power saving modes. The Idle Mode stops the CPU while allowing the RAM, timer/counters, serial port, and interrupt system to continue functioning. The Power-down mode saves the RAM contents but freezes the oscillator, disabling all other chip functions until the next interrupt or hardware reset.Features• Compatible with MCS-51® Products• 8K Bytes of In-System Programmable (ISP) Flash Memory– Endurance: 1000 Write/Erase Cycles• 4.0V to 5.5V Operating Range• Fully Static Operation: 0 Hz to 33 MHz• Three-level Program Memory Lock• 256 x 8-bit Internal RAM• 32 Programmable I/O Lines• Three 16-bit Timer/Counters• Eight Interrupt Sources• Full Duplex UART Serial Channel• Low-power Idle and Power-down Modes• Interrupt Recovery from Power-down Mode• Watchdog Timer• Dual Data Pointer• Power-off FlagPin DescriptionVCCSupply voltage.GNDGround.Port 0Port 0 is an 8-bit open drain bidirectional I/O port. As an output port, each pin can sink eight TTL inputs. When 1s are written to port 0 pins, the pins can be used as high-impedance inputs.Port 0 can also be configured to be the multiplexed low-order address/data bus during accesses to external program and data memory. In this mode, P0 has internal pullups.Port 0 also receives the code bytes during Flash programming and outputs the code bytes during program verification. External pullups are required during program verification.Port 1Port 1 is an 8-bit bidirectional I/O port with internal pullups. The Port 1 output buffers can sink/source four TTL inputs. When 1s are written to Port 1 pins, they are pulled high by the internal pullups and can be used as inputs. As inputs, Port 1 pins that are externally being pulled low will source current (IIL) because of the internal pullups.In addition, P1.0 and P1.1 can be configured to be the timer/counter 2 external count input (P1.0/T2) and the timer/counter 2 trigger input (P1.1/T2EX), respectively.Port 1 also receives the low-order address bytes during Flash programming and verification.Port 2Port 2 is an 8-bit bidirectional I/O port with internal pullups. The Port 2 output buffers can sink/source four TTL inputs. When 1s are written to Port 2 pins, they are pulled high by the internal pullups and can be used as inputs. As inputs, Port 2 pins that are externally being pulled low will source current (IIL) because of the internal pullups.Port 2 emits the high-order address byte during fetches from external program memory and during accesses to external data memory that use 16-bit addresses (MOVX @ DPTR). In this application, Port 2 uses strong internal pull-ups when emitting 1s. During accesses to external data memory that use 8-bit addresses (MOVX @ RI), Port 2 emits the contents of the P2 Special Function Register.Port 2 also receives the high-order address bits and some control signals during Flash programming and verification.Port 3Port 3 is an 8-bit bidirectional I/O port with internal pullups. The Port 3 output buffers can sink/source four TTL inputs. When 1s are written to Port 3 pins, they are pulled high by the internal pullups and can be used as inputs. As inputs, Port 3 pins that are externally being pulled low will source current (IIL) because of the pullups.Port 3 also serves the functions of various special features of the AT89S52, as shown in the following table.Port 3 also receives some control signals for Flash programming and verification.RSTReset input. A high on this pin for two machine cycles while the oscillator is running resets the device. This pin drives High for 96 oscillator periods after the Watchdog times out. The DISRTO bit in SFR AUXR (address 8EH) can be used to disable this feature. In the default state of bit DISRTO, the RESET HIGH out feature is enabled.ALE/PROGAddress Latch Enable (ALE) is an output pulse for latching the low byte of the address during accesses to external memory. This pin is also the program pulse input (PROG) during Flash programming.In normal operation, ALE is emitted at a constant rate of 1/6 the oscillator frequency and may be used for external timing or clocking purposes. Note, however, that one ALE pulse is skipped during each access to external data memory.If desired, ALE operation can be disabled by setting bit 0 of SFR location 8EH. With the bit set, ALE is active only during a MOVX or MOVC instruction. Otherwise, the pin is weakly pulled high. Setting the ALE-disable bit has no effect if the microcontroller is in external execution mode.PSENProgram Store Enable (PSEN) is the read strobe to external program memory. When the AT89S52 is executing code from external program memory, PSENis activated twice each machine cycle, except that two PSEN activations are skipped during each access to external data memory.EA/VPPExternal Access Enable. EA must be strapped to GND in order to enable the device to fetch code from external program memory locations starting at 0000H up to FFFFH. Note, however, that if lock bit 1 is programmed, EA will be internally latched on reset. EA should be strapped to VCC for internal program executions.This pin also receives the 12-volt programming enable voltage (VPP) during Flash programming.XTAL1Input to the inverting oscillator amplifier and input to the internal clock operating circuit.XTAL2Output from the inverting oscillator amplifier.Special Function RegistersNote that not all of the addresses are occupied, and unoccupied addresses may not be implemented on the chip. Read accesses to these addresses will in general return random data, and write accesses will have an indeterminate effect.User software should not write 1s to these unlisted locations, since they may be used in future products to invoke new features. In that case, the reset or inactive values of the new bits will always be 0.Timer 2 Registers:Control and status bits are contained in registers T2CON and T2MOD for Timer 2. The register pair (RCAP2H, RCAP2L) are the Capture/Reload registers for Timer 2 in 16-bit capture mode or 16-bit auto-reload mode.Interrupt Registers:The individual interrupt enable bits are in the IE register. Two priorities can be set for each of the six interrupt sources in the IP register.Dual Data Pointer Registers: To facilitate accessing both internal and external data memory, two banks of 16-bit Data Pointer Registers areprovided: DP0 at SFR address locations 82H-83H and DP1 at 84H-85H. Bit DPS = 0 in SFR AUXR1 selects DP0 and DPS = 1 selects DP1. The user should always initialize the DPS bit to the appropriate value before accessing the respective Data Pointer Register.Power Off Flag:The Power Off Flag (POF) is located at bit 4 (PCON.4) in the PCON SFR. POF is set to “1” during power up. It can be set and rest under software control and is not affected by reset.Memory OrganizationMCS-51 devices have a separate address space for Program and Data Memory. Up to 64K bytes each of external Program and Data Memory can be addressed.Program MemoryIf the EA pin is connected to GND, all program fetches are directed to external memory. On the AT89S52, if EA is connected to VCC, program fetches to addresses 0000H through 1FFFH are directed to internal memory and fetches to addresses 2000H through FFFFH are to external memory.Data MemoryThe AT89S52 implements 256 bytes of on-chip RAM. The upper 128 bytes occupy a parallel address space to the Special Function Registers. This means that the upper 128 bytes have the same addresses as the SFR space but are physically separate from SFR space.When an instruction accesses an internal location above address 7FH, the address mode used in the instruction specifies whether the CPU accesses the upper 128 bytes of RAM or the SFR space. Instructions which use direct addressing access of the SFR space. For example, the following direct addressing instruction accesses the SFR at location 0A0H (which is P2).MOV 0A0H, #dataInstructions that use indirect addressing access the upper 128 bytes of RAM. For example, the following indirect addressing instruction, where R0 contains 0A0H, accesses the data byte at address 0A0H, rather than P2 (whose address is 0A0H).MOV @R0, #dataNote that stack operations are examples of indirect addressing, so the upper 128 bytes of data RAM are available as stack space.Timer 0 and 1Timer 0 and Timer 1 in the AT89S52 operate the same way as Timer 0 and Timer 1 in the AT89C51 and AT89C52.Timer 2Timer 2 is a 16-bit Timer/Counter that can operate as either a timer or an event counter. The type of operation is selected by bit C/T2 in the SFR T2CON (shown in Table 2). Timer 2 has three operating modes: capture, auto-reload (up or down counting), and baud rate generator. The modes are selected by bits in T2CON.Timer 2 consists of two 8-bit registers, TH2 and TL2. In the Timer function, the TL2 register is incremented every machine cycle. Since a machine cycle consists of 12 oscillator periods, the count rate is 1/12 of the oscillator frequency.In the Counter function, the register is incremented in response to a1-to-0 transition at its corresponding external input pin, T2. In this function, the external input is sampled during S5P2 of every machine cycle. When the samples show a high in one cycle and a low in the next cycle, the count is incremented. The new count value appears in the register during S3P1 of the cycle following the one in which the transition was detected. Since two machine cycles (24 oscillator periods) are required to recognize a 1-to-0 transition, the maximum count rate is 1/24 of the oscillator frequency. To ensure that a given level is sampled at least once before it changes, the level should be held for at least one full machine cycle.InterruptsThe AT89S52 has a total of six interrupt vectors: two external interrupts (INT0 and INT1), three timer interrupts (Timers 0, 1, and 2), and the serial port interrupt. These interrupts are all shown in Figure 10.Each of these interrupt sources can be individually enabled or disabledby setting or clearing a bit in Special Function Register IE. IE also contains a global disable bit, EA, which disables all interrupts at once.Note that Table 5 shows that bit position IE.6 is unimplemented. In the AT89S52, bit position IE.5 is also unimplemented. User software should not write 1s to these bit positions, since they may be used in future AT89 products. Timer 2 interrupt is generated by the logical OR of bits TF2 and EXF2 in register T2CON. Neither of these flags is cleared by hardware when the service routine is vectored to. In fact, the service routine may have to determine whether it was TF2 or EXF2 that generated the interrupt, and that bit will have to be cleared in software.The Timer 0 and Timer 1 flags, TF0 and TF1, are set at S5P2 of the cycle in which the timers overflow. The values are then polled by the circuitry in the next cycle. However, the Timer 2 flag, TF2, is set at S2P2 and is polled in the same cycle in which the timer overflows.二、译文单片机单片机即微型计算机,是把中央处理器、存储器、定时/计数器、输入输出接口都集成在一块集成电路芯片上的微型计算机。
外文文献及译文译文一作者:Wikipedia来源:/wiki/History_of_the_Indian_caste_system,2007年12 年15月访问。
历史上印度的种姓制度起源关于种姓制度的发源地,至今仍然模糊。
2001年,由犹他州大学的Michael率领的人员进行遗传研究,发现印度人和欧洲人具有相称的种姓职级,上层种姓与欧洲人最为相似,而低种姓是越来越像亚洲人。
研究人员认为,印欧发言者从西北大陆进入印度,参与或是取代了原dravidian发言者的发言。
后来他们可能已经建立了种姓制度,并把自己放在较高种姓。
研究报告的结论认为,印度的种姓“是最有可能成为原亚洲在遗传亲缘关系种姓的起源,其在西欧亚大陆外加剂的影响下形成亚洲人和欧洲人在职级方面的相关性差异。
””因为本研究采取了单一的地理区域即印度的样本,所以调查结果是否可以一概而论仍有待调查1995年乔安娜等人进行了早期的研究,斯坦福大学已得出的结论是“三个独特基因种姓群体没有明确的分离线”,尽管如此“还是能推断出一些根据种姓类聚的从属关系”。
2002-03年度汤匙,吉维席尔德等人得出结论认为“自从新世纪以来印度部落和种姓的人口基因获得主要来自南部和西部的亚洲人,并已获得从外部地区流入的有限基因”。
2006年印度国家生物制品研究所进行遗传研究,从32部落和45种姓群体的男子测试样本中得出结论认为:印度人已获得极少数印欧发言者的基因。
根据2006年伊斯梅尔等人的一项研究表明,印度孕产妇基因库中的绝大数(> 98 %)与印第安欧洲和dravidian的基因有或多或少的统一。
,而inavsions后,晚世纪解决可能已大部分是男性介导。
研究得出结论认为,“低种姓群体有可能起源于同层次进行记名表决时出现内部的部落群体与蔓延的新石器时代的农民,比雅利安人的到来大大提前”,“印支欧洲人建立了自己的上种姓的同时,这已经发展成种姓一样内部结构的部落”。
人工智能与专家系统外文文献译文和原文AI研究仍在继续,但与MIS和DDS等计算机应用相比,研究热情的减弱使人工智能的研究相对落后。
然而,在研究方面的不断努力一定会推动计算机向人工智能化方向发展。
2.AI领域AI现在已经以知识系统的形式应用于商业领域,既利用人类知识来解决问题。
专家系统是最流行的基于知识的系统,他是应用计算机程序以启发方式替代专家知识。
Heuritic术语来自希腊eureka,意思是“探索”。
因此,启发方式是一种良好猜想的规则。
启发式方法并不能保证其结果如同DSS系统中传统的算法那样绝对化。
但是启发式方法提供的结果非常具体,以至于能适应于大部分情况启发式方法允许专家系统能像专家那样工作,建议用户如何解决问题。
因为专家系统被当作顾问,所以,应用专家系统就可以被称为咨询。
除了专家系统外,AI还包括以下领域:神经网络系统、感知系统、学习系统、机器人、AI硬件、自然语言处理。
注意这些领域有交叉,交叉部分也就意味着这个领域可以从另一个领域中收益。
3.专家系统的吸引力专家系统的概念是建立在专家知识能够存储在计算机中并能被其他人应用这一假设的基础上的。
专家系统作为一种决策支持系统提供了独无二的能力。
首先,专家系统为管理者提供了超出其能力的决策机会。
比如,一家新的银行投资公司可以应用先进的专家系统帮助他们进行选择、决策。
其次,专家系统在得到一个解决方案的同时给出一步步的推理。
在很多情况下,推理本身比决策的结果重要的多。
4.专家系统模型专家系统模型主要由4个部分组成:用户界面使得用户能与专家系统对话;推理引擎提供了解释知识库的能力;专家和工程师利用开发引擎建立专家系统。
1.用户界面用户界面能够方便管理者向专家系统中输入命令、信息,并接受专家系统的输出。
命令中有具体化的参数设置,引导专家系统的推理过程。
信息以参数形式赋予某些变量。
(1)专家系统输入现在流行的界面格式是图形化用户界面格式,这种界面与Window有些相同的特征。
广东工业大学华立学院本科毕业设计(论文)外文参考文献译文及原文系部城建学部专业土木工程年级 2011级班级名称 11土木工程9班学号 23031109000学生姓名刘林指导教师卢集富2015 年5 月目录一、项目成本管理与控制 0二、Project Budget Monitor and Control (1)三、施工阶段承包商在控制施工成本方面所扮演的作用 (2)四、The Contractor's Role in Building Cost Reduction After Design (4)一、外文文献译文(1)项目成本管理与控制随着市场竞争的激烈性越来越大,在每一个项目中,进行成本控制越发重要。
本文论述了在施工阶段,项目经理如何成功地控制项目预算成本。
本文讨论了很多方法。
它表明,要取得成功,项目经理必须关注这些成功的方法。
1.简介调查显示,大多数项目会碰到超出预算的问……功控制预算成本。
2.项目控制和监测的概念和目的Erel and Raz (2000)指出项目控制周期包括测量成……原因以及决定纠偏措施并采取行动。
监控的目的就是纠偏措施的...标范围内。
3.建立一个有效的控制体系为了实现预算成本的目标,项目管理者需要建立一……被监测和控制是非常有帮助的。
项目成功与良好的沟通密...决( Diallo and Thuillier, 2005)。
4.成本费用的检测和控制4.1对检测的优先顺序进行排序在施工阶段,很多施工活动是基于原来的计……用完了。
第四,项目管理者应该检测高风险活动,高风险活动最有...重要(Cotterell and Hughes, 1995)。
4.2成本控制的方法一个项目的主要费用包括员工成本、材料成本以及工期延误的成本。
为了控制这些成本费用,项目管理者首先应该建立一个成本控制系统:a)为财务数据的管理和分析工作落实责任人员b)确保按照项目的结构来合理分配所有的……它的变化--在成本控制线上准确地记录所有恰...围、变更、进度、质量)相结合由于一个工程项目......虑时间价值影响后的结果。
外文文献翻译译文一、外文原文原文:China's Second BoardI. Significance of and events leading to the establishment of a Second BoardOn 31 March 2009 the China Securities Regulatory Commission (CSRC issued Interim Measures on the Administration of Initial Public Offerings and Listings of Shares on the ChiNext [i.e., the Second Board, also called the Growth Enterprise Market] ("Interim Measures"), which came into force on 1 May 2009. This marked the creation by the Shenzhen Stock Exchange of the long-awaited market for venture businesses. As the original plan to establish such a market in 2001 had come to nothing when the dotcom bubble burst, the market's final opening came after a delay of nearly 10 years.Ever since the 1980s, when the Chinese government began to foster the development of science and technology, venture capital has been seen in China as a means of supporting the development of high-tech companies financially. The aim, as can be seen from the name of the 1996 Law of the People's Republic of China on Promoting the Conversion of Scientific and Technological Findings into Productivity ,was to support the commercialization of scientific and technological developments. Venture capital funds developed gradually in the late 1990s, and between then and 2000 it looked increasingly likely that a Second Board would be established. When the CSRC published a draft plan for this in September 2000, the stage was set. However, when the dotcom bubble (and especially the NASDAQ bubble) burst, this plan was shelved. Also, Chinese investors and venture capitalists were probably not quite ready for such a move.As a result, Chinese venture businesses sought to list on overseas markets (a so-called "red chip listing") from the late 1990s. However, as these listings increased, so did the criticism that valuable Chinese assets were being siphoned overseas.On thepolicy front, in 2004 the State Council published Some Opinions on Reform, Opening and Steady Growth of Capital Markets ("the Nine Opinions"), in which the concept of a "multi-tier capital market" was presented for the first time. A first step in this direction was made in the same year, when an SME Board was established as part of the Main Board. Although there appear to have been plans to eventually relax the SME Board's listing requirements, which were the same as those for companies listed on the Main Board, and to make it a market especially for venture businesses, it was decided to establish a separate market (the Second Board) for this purpose and to learn from the experience of the SME Board.As well as being part of the process of creating a multi-tier capital market, the establishment of the Second Board was one of the measures included in the policy document Several Opinions of the General Office of the State Council on Providing Financing Support for Economic Development ("the 30 Financial Measures"), published in December 2008 in response to the global financial crisis and intended as a way of making it easier for SMEs to raise capital.It goes without saying that the creation of the Second Board was also an important development in that it gives private equity funds the opportunity to exit their investments. The absence of such an exit had been a disincentive to such investment, with most funds looking for a red chip listing as a way of exiting their investments. However, with surplus savings at home, the Chinese authorities began to encourage companies to raise capital on the domestic market rather than overseas. This led, in September 2006, to a rule making it more difficult for Chinese venture businesses to list their shares on overseas markets. The corollary of this was that it increased the need for a means whereby Chinese private equity funds could exit their investments at an early opportunity and on their own market. The creation of the Second Board was therefore a belated response to this need.II. Rules and regulations governing the establishment of the Second BoardWe now take a closer look at some of the rules and regulations governing the establishment of the Second Board.First , the Interim Measures on the Administration of Initial Public Offerings andListings of Shares on the ChiNext, issued by the CSRC on 31 March 2009 with effect from 1 May 2009. The Interim Measures consist of six chapters and 58 articles, stipulating issue terms and procedures, disclosure requirements, regulatory procedures, and legal responsibilities.First, the General Provisions chapter. The first thing this says (Article 1) is: "These Measures are formulated for the purposes of promoting the development of innovative enterprises and other growing start-ups" This shows that one of the main listing criteria is a company's technological innovativeness and growth potential. The Chinese authorities have actually made it clear that, although the Second Board and the SME Board are both intended for SMEs of similar sizes, the Second Board is specifically intended for SMEs at the initial (rather than the growth or mature) stage of their development with a high degree of technological innovativeness and an innovative business model while the SME Board is specifically intended for companies with relatively stable earnings at the mature stage of their development. They have also made it clear that the Second Board is not simply a "small SME Board." This suggests to us that the authorities want to see technologically innovative companies listing on the Second Board and SMEs in traditional sectors listing on the SME Board.Next, Article 7 says: "A market access system that is commensurate with the risk tolerance of investors shall be established for investors on the ChiNext and investment risk shall be fully disclosed to investors." One noteworthy feature is the adoption of the concept of the "qualified investor" in an attempt to improve risk control.Furthermore, Article 8 says: "China Securities Regulatory Commission (hereinafter, CSRC) shall, in accordance with law, examine and approve the issuer’s IPO application and supervise the issuer’s IPO activities. The stock exchange shall formulate rules in accordance with law, provide an open, fair and equitable market environment and ensure the normal operation of the ChiNext." Until the Second Board was established, it was thought by some that the stock exchange had the right to approve new issues. Under the Interim Measures, however, it is the CSRC that examines and approves applications.First, offering conditions. Article 10 stipulates four numerical conditions for companies applying for IPOs.Second, offering procedures. The Interim Measures seek to make sponsoring securities companies more responsible by requiring them to conduct due diligence investigations and make prudential judgment on the issuer’s growth and render special opinions thereon.Third, information disclosure. Article 39 of the Interim Measures stipulates that the issuer shall make a statement in its prospectus pointing out the risks of investing in Second Board companies: namely, inconsistent performance, high operational risk, and the risk of delisting. Similarly,Fourth, supervision. Articles 51 and 52 stipulate that the stock exchange (namely, the Shenzhen Stock Exchange) shall establish systems for listing, trading and delisting Second Board stocks, urge sponsors to fulfill their ongoing supervisory obligations, and establish a market risk warning system and an investor education system.1. Amendments to the Interim Measures on Securities Issuance and Listing Sponsor System and the Provisional Measures of the Public Offering Review Committee of the China Securities Regulatory Commission2. Rules Governing the Listing of Shares on the ChiNext of Shenzhen Stock Exchange Next, the Shenzhen Stock Exchange published Rules Governing the Listing of Shares on the ChiNext of Shenzhen Stock Exchange on 6 June (with effect from 1 July).3. Checking investor eligibility As the companies listed on the Second Board are more risky than those listed on the Main Board and are subject to more rigorous delisting rules (see above), investor protection requires that checks be made on whether Second Board shares are suitable for all those wishing to invest in them.4. Rules governing (1) application documents for listings on the ChiNext and (2) prospectuses of ChiNext companies On 20 July the CSRC published rules governing Application Documents for Initial Public Offerings and Listings of Shares on the ChiNext and Prospectuses of ChiNext Companies, and announced that it would begin processing listing applications on 26 July.III. Future developmentsAs Its purpose is to "promote the development of innovative enterprises and other growing start-ups",the Second Board enables such companies to raise capital by issuing shares. That is why its listing requirements are less demanding than those of the Main Board but also why it has various provisions to mitigate risk. For one thing, the Second Board has its own public offering review committee to check how technologically specialized applicant companies are, reflecting the importance attached to this. For another, issuers and their controlling shareholders, de facto controllers, and sponsoring securities companies are subject to more demanding accountability requirements. The key factor here is, not surprisingly, disclosure. Also, the qualified investor system is designed to mitigate the risks to retail investors.Once the rules and regulations governing the Second Board were published, the CSRC began to process listing applications from 26 July 2009. It has been reported that 108 companies initially applied. As of mid-October, 28 of these had been approved and on 30 October they were listed on the Second Board.As of 15 December, there are 46 companies whose listing application has been approved by CSRC (including the above-mentioned 28 companies). They come from a wide range of sectors, especially information technology, services, and biopharmacy. Thus far, few companies in which foreign private equity funds have a stake have applied. This is because these funds have tended to go for red-chip listings.Another point is movement between the various tiers of China's multi-tier capital market. As of early September, four companies that are traded on the new Third Board had successfully applied to list on the Second Board. As 22 new Third Board companies meet the listing requirements of the Second Board on the basis of their interim reports for the first half of fiscal 2009, a growing number of companies may transfer their listing from the new Third Board to the Second Board. We think this is likely to make the new Third Board a more attractive market for private equity investors.The applicants include companies that were in the process of applying for a listing on the SME Board. The CSRC has also made it clear that it does not see theSecond Board simply as a "small SME Board" and attaches great importance to the companies' innovativeness and growth potential. Ultimately, whether or not such risks can be mitigated will depend on whether the quality of the companies that list on the Second Board improves and disclosure requirements are strictly complied with. For example, according to the rules governing Prospectuses of ChiNext Companies, companies are required to disclose the above-mentioned supplementary agreements as a control right risk. The point is whether such requirements will be complied with.Since there is a potentially large number of high-tech companies in China in the long term, whether or not the Second Board becomes one of the world's few successful venture capital markets will depend on whether all these rules and regulations succeed in shaping its development and the way in which it is run.The authorities clearly want to avoid a situation where the Second Board attracts a large number of second-rate companies and becomes a vehicle for market abuse as it would then run the risk of becoming an illiquid market shunned by investors who have lost trust in it. Indeed, such has been the number of companies applying to list on the Second Board that some observers have expressed concern about their quality.There has also been some concern about investor protection. For example, supplementary agreements between private equity funds and issuers pose a risk to retail investors in that they may suddenly be faced with a change in the controlling shareholder. This is because such agreements can result in a transfer of shares from the founder or controlling shareholder to a private equity fund if the company fails to meet certain agreed targets or in a shareholding structure that is different from the apparent one, for example. The problem of low liquidity, which has long faced the new Third Board market, where small-cap high-tech stocks are also traded, also needs to be addressed.Meanwhile, the Second Board's Public Offering Review Committee was officially established on 14 August. It has 35 members. A breakdown reveals that the number of representatives of the CSRC and the Shenzhen Stock Exchange has been limited to three and two, respectively, to ensure that the committee has the necessary number of technology specialists. Of the remainder, 14 are accountants, six lawyers,three from the Ministry of Science and Technology, three from the China Academy of Sciences, two from investment trust companies, one from an asset evaluation agency, and one from the National Development and Reform Commission (NDRC). It has been reported that the members include specialists in the six industry fields the CSRC considers particularly important for Second Board companies (namely, new energy, new materials, biotechnology and pharmaceuticals, energy conservation and environmental protection, services and IT).Source: Takeshi Jingu.2009.“China's Second Board”. Nomura Journal of Capital Markets Winter 2009 V ol.1 No.4.pp.1-15.二、翻译文章译文:中国创业板市场一、建立创业板市场及其意义2009年3月31日中国证券监督管理委员会(以下简称“中国证监会”)发行《中国证监会管理暂行办法》,首次在创业板市场上[即,第二个板,也叫创业板市场](“暂行办法”) 公开募股,从 2009年的5月1日开始生效,这标志着深圳证券交易所市场这个人们期待已久的合资企业即将诞生。
外文资料原文及译文南通大学法政与管理学院2009年06月HOW DO THE CHINESE PERCEIVE HARMONIOUSCORPORATE CULTURE:An Empirical Study on Dimensions of Harmonious Corporate CultureLianke SONG,Hao YANG,Lan YANGABSTRACT The Sixth Plenary Session of the 16th Central Committee of the Communist Party of China points out creating harmonious culture is an important task for building socialist harmonious society. Building harmonious culture needs all companies to create harmonious culture, because a company is a basic social unit. Henceforth, many Chinese companies advocate building harmonious corporate culture. Scholars must study basic theories for harmonious corporate culture. This study tried to answer two questions: What is harmonious corporate culture in Chinese mind and how do different Chinese perceive harmonious corporate culture? Firstly, this paper analyzed background of harmonious corporate culture from Chinese traditional culture and era needs. Secondly, authors designed an open-ended questionnaire and sent them to employees in Jiangsu and Shanghai. 329 questionnaires were collected and 291 questionnaires were valid, representing a response rate of 88.45%. Thirdly, this study explored dimensions of harmonious corporate culture and identified different viewpoints from different group. Finally, this paper discussed the results and pointed out limitations of this study and future research. The results of this paper were on basis of defining, measuring, analyzing, and creating harmonious corporate culture.1. THEORETICAL BACKGROUND AND QUESTIONSThe Fourth Plenary Session of the 16th Central Committee of the Communist Party of China puts forward building socialist harmonious societies and the sixth plenary session of the 16th central committee of the communist party of China points out creating harmonious culture is an important task for building socialist harmonious society. Building harmonious culture needs all companies to create harmonious culture, because a company is a basic social unit[1].Why do Chinese corporations advocate harmonious corporate culture? Maybe Chinese traditional culture and era needs are responsible.Chinese philosophy has a history of several thousand years. Its origins are often traced back to the Book of Changs (yi jing), which introduced some of the most fundamental terms of Chinese philosophy. Its first flowering is generally considered to have been in about the 6th century BC, but it draws on an oral tradition that goes back to Neolithic times.The Tao Te Ching (dao de jing) of Lao Tzu (lao zi) and the Analects (lun yu)of Confucius (kong zi) both appeared around the 6th century BC, around the time of early Buddhist philosophy.Confucianism focuses on the fields of ethics and politics, emphasizing personal and governmental morality, correctness of social relationships, justice, traditionalism, and sincerity. Confucianism and legalism are responsible for creating the world’s first meritocracy. Confucianism was and continues to be a major influence on Chinese culture. Harmonious culture is meant to respect the tradition of established virtue under Confucius upon "harmony with differences" while exploring extensively our cultural resources and cultural ideas or beliefs.The Chinese schools of philosophy, except during the Qin Dynasty, can be both critical and tolerant of one another. Despite the debates and competition, they generally have cooperated and shared ideas, which they would usually incorporate with their own.Harmony was a central concept in Chinese ancient philosophy. Confucian, Taoist, Buddhist and Legalist that are the major Chinese traditions all prize “harmony” as an ultimate value, but they disagree on how to achieve it. Confucians in particular emphasize the single-character term for “harmony” (he), which appears in all of Confucianism’s “Four Books and Five Classics” (si shu wu jing). The most forceful articulation of identification of personal and communal harmony comes from the Doctrine of the Mean (zhong yong), which defines harmony as a state of equilibriumw here pleasure, anger, sorrow and joy are moderated and restrained, claiming “all things in the universe to attain the way”.During the Industrial and Modern Ages, Chinese philosophy began to integrate the concepts of Western philosophy. Chinese philosophy attempted to incorporate democracy, republicanism and industrialism. Mao Zedong added Marxism, Stalinism and other communist thoughts. The government of the People’s Republic of China initiates Socialism with Chinese Characteristics.The theoretical bases of harmonious socialist society are Marxism-Leninism, Mao Zedong Thoughts, Deng Xiaoping Theory, and the important thought of "Three Represents" (That is, the CPC must always represent the development trend of China's advanced productive forces, the orientation of China's advanced culture, and the fundamental interests of the overwhelming majority of the people in China.).Six main characteristics of a harmonious society are democracy and the rule of law, fairness and justice, integrity and fraternity, vitality, stability and order, and harmony between man and nature. The principles observed in building a harmonious socialist society are as the following: people oriented; development in a scientific way; in-depth reform and opening up; democracy and the rule of law; properly handling the relationships between reform, development and stability; and the participation of the whole society under the leadership of the Party.The authors tried to define harmonious corporate culture: harmonious corporate culture is the corporate culture that adheres to people-oriented principle and considers harmony as a core concept, by managing in good faith and scientific administration to achieve harmony among enterprises, society and nature, and eventually make enterprises develop harmoniously and healthily.Chinese traditional culture is the basis of harmonious corporate culture. Era need is the direction of harmonious corporate culture. “Harmonious Corporate Culture” is a new identification and is different from any existent conceptions. What is harmonious corporate culture? This study wants to answer this question by analyzing Chinese viewpoints from open-ended questionnaires.Question 1: What is harmonious corporate culture in Chinese mind?Harmonious corporate culture is a new and special conception for Chinese. General views of Chinese can be found by searching dimensions of harmonious corporate culture. In fact, different people have different ideas. Maybe there are differences among different groups, which can be classified by sex, age, education and position. This study will find and explain those differences.Question 2: How do different Chinese perceive harmonious corporate culture?Today, many Chinese companies advocate building harmonious corporate culture. Understanding conception and characters of harmonious corporate culture are very important. This paper will answer two questions which are the basis of this field.2. METHODS2.1 Sample and ProcedureThe empirical analysis was carried out in Jiangsu and Shanghai. J iangsu’s economic and social development has always been taking the lead in China. Shanghai is China’s chief industrial and commercial centre and one of its leading centres of higher education and scientific research. They both lie in center of China’s eas t coast. We can know what modern Chinese are thinking and hoping by studying employees in Jiangsu and Shanghai.Questionnaires couldn’t be counted because we used both paper version and computer version. From January 2007 to January 2008, authors sent questionnaires to employees who worked in Jiangsu and Shanghai. 329 questionnaires were returned and 291 questionnaires were valid, representing a response rate of 88.45%.Table 1 summarizes the key statistics for the sample used in the study.Table 1 Characteristics of the sample2.2 MeasuresThe authors designed an open-ended questionnaire based on the purpose of the study. This scale only used one question to collect information for answering question 1 of this study. This question is “Please use ten words or ten sentences to describe harmonious corporate culture”.3. RESULTSThis research found out that there were some similar viewpoints about harmonious corporate culture from collected questionnaires. The authors classify these viewpoints into 15 dimensions after holding 10 study group meetings. Some dimensions were identified based on China’s traditional culture and present policies. Table 2 lists 15 dimensions in English and Chinese because of some dimensions with Chinese characteristics.Table 2 Dimension and frequency of harmonious corporate cultureThis s tudy calculated dimensions’ frequencies from different groups to know different people’s ideal harmonious corporate culture. Table 3 shows statistics for male’s and female’s viewpoints on harmonious corporate culture.Table3 Frequency and order of harmonious corporate culture from female and male4. DISCUSSION AND CONCLUSION4.1 ResultsSome companies advocate building harmonious corporate culture and some companies boast that they possess harmonious corporate culture after the central government calls on all society to create harmonious culture. But what is harmonious corporate culture? Some scholars wanted toexplain it, but nobody has answered this question by empirical study. The authors answered question 1 of this study by analyzing collected data. A lot of standpoints were found, but some standpoints could be integrated as one because they possess same meaning but are described with different words. The study group held 10 meetings to discuss harmonious corporate culture dimensions based on questionnaires. Finally, 15 dimensions were identified. They are People oriented, steady development, scientific administration, vitality, stability and order, fraternity and concord, unity and cooperation, fairness and impartiality, democratic participation, managing in good faith, pursuing excellence, social responsibility, energy conservation and environmental protection, incorporating things of diverse nature, and common development and win-win situation. The result answered question 1: What is harmonious corporate culture in Chinese mind?Dimensions were arranged on frequency. People oriented ranked first. People oriented in China has three sources: Max’s study of humanity; “People first” descending from Chinese history and new anthropocentric[2]. The Chinese like speaking “people oriented” relating to Chinese traditional culture. The genesis of people oriented is traceable to the Western Zhou Dynasty and people oriented became the core thought of Confucianism which influenced the Chinese deeply. Many archaism were concerned with people oriented, such as “The pe ople are the most important element in a state; next are the gods of land and grain; least is the ruler himself[3].”(min wei gui, she ji ci zhi, jun wei qing) Many scholars also considered people oriented is the core and basis of harmonious corporate culture[4][5].This paper compared different groups’ viewpoints to answer question 2 -- how do different Chinese perceive harmonious corporate culture?People oriented, unity and cooperation, vitality, and fraternity and concord were ranked from 1 to 4 by female and male. The same results made the authors surprised. But they are different in fifth dimension. The fifth of female is democratic participation and the fifth of male is stability and order. Female status was lower than male in ancient China. Female had to comply with the three obedience and the four virtues (san cong si de) in past. The three obediences (obey her father before marriage, her husband when married, and her sons in widowhood) and the four virtues (morality, proper speech, modest manner and diligent work) of women in ancient China, which were spiritual fetters of wifely submission and virtue imposed on women in feudal society. Female status is improving after female deputy attended the first National Congress of the Communist Party ofChina. Today, Chinese female think much of the rights of women, so democratic participation is the fifth dimension. The ancient belief “Men’s work centers around outside, women’s work centers around the home[6]”(nü zheng wei hu nei, nan zheng wei hu wai) which c ame from The Book of Changes (yi jing). Man had to work hard in society to earn money and get honour for his family. Today, both man and woman work in government, company, school, hospital and so on, but man always plays a major role and assumes primary responsibility in society and at home for traditional culture. The change is fast and the competition is fierce in modern society, so man is facing great pressure. This is the reason why man hopes to live and work in a more stable environment, so stability and order is the fifth dimension.People oriented, unity and cooperation, and vitality were ranked from 1 to 3 by Managerial employee and Nonmanagerial employee. Scientific administration and democratic participation were ordered as the fourth dimension by managerial employee. Managerial employee looks deeper and thinks further than nonmanagerial employee because managerial employee is at higher level and holds more responsibility in organization. Managerial employee cares about management questions. Fraternity and concord was ordered as the fourth dimension by nonmanagerial employee. Nonmanagerial employee concerns less about enterprises’ overall operation and management state than managerial employee does. They understand harmonious corporate culture from their own specific the work and life. Nonmanagerial employee does specific task and needs direct corporation. They believe that the staffs’ civilized language and behaviours, mutual understanding, the warm atmosphere of interpersonal relationships in the enterprise are very important aspects of harmonious corporate culture. Nonmanagerial employee cares about good relationship. Generally speaking, the differences of the harmonious corporate culture dimensions understanding between managerial employee and nonmanagerial employee are closely related to their location in the organizational structure and their working content in the enterprise.People oriented was ordered as first dimension and unity and cooperation was ordered as the second dimension by all persons whatever their education background is Vitality was ordered as the third dimension by all responders except persons who got a master or doctor degree. The responders whose highest education qualification over master degree ordered scientific administration as the second dimension too. The person holding advanced academic degree has more opportunity to be promoted to managerial position, so they think scientific administration is very important in aharmonious environment. Compared with other groups,the relatively higher education group who get undergraduate degree, are more interested in stability and order, fairness and impartiality dimensions. People in this group are the middle and high-level managers in the enterprise, that is, not only they are familiar with the overall state of the enterprise, but also they understand deeply internal staffs’ living conditions characteristics. Therefore, they put more attention on stability and order, fairness and impartiality dimensions.All groups ordered people oriented, unity and cooperation, and vitality as most important three dimensions. The same results showed what core contents for harmonious corporate culture are.4.2 Limitations and Future ResearchThis study was just an exploratory study. The authors searc hed harmonious corporate culture’s dimensions by open-ended questionnaire. But the validity of these results need to be proved by more studies. The authors will design close-ended questionnaire based on this study and collect new data. Dimensions of harmonious corporate culture will be confirmed by exploratory factor analysis and confirmatory factor analysis.This paper only discussed what harmonious corporate culture is. In the future, how to create harmonious corporate culture should be studied.The authors compared viewpoints from different sex, position and education. Age, birthplace, nationality and work experience influence individual thought too. Different opinions from different groups should be identified in future study.China should act as not only the defender of Chinese culture but an explorer and promoter of the new harmonious culture. Harmony is the social theme for present China. Studying basic theory of harmonious corporate culture will contribute to our society.REFERENCES[1] Lianke SONG, Dongtao, YANG, Hao YANG. Why do companies create harmonious cultures? Comparing the influence of different corporate cultures on employees. Enterprise Management and Change in a Transitional Economy. 2008. p595-603.[2] LU Wanglin. On theoretic s ource of “human oriented” -- analyzing the scientific factor of “scientific development view” from one point of view. Hebei Academic Journal, 26 (5), 2006,p228-230.[3] Mencius. The Mencius. Warring States time.[4] Liangbo CHENG, Lincheng JING. An search on creating harmonious corporate culture. Group Economy, (17), 2007, p294-295.[5] Xiangkui GENG. Extracting kernel of Confucianism to create harmonious corporate culture. Theoretical Research, (3), 2007, p47-48.[6] The Book of Changes.中国人如何认识和谐企业文化?——关于和谐企业文化维度的实证研究宋联可杨浩杨兰摘要党的十六届六中全会指明建设和谐文化是构建社会主义和谐社会的重要任务。
外文文献翻译译稿1基于电阻应变式称重传感器的高精度和低容量电子秤开发Baoxiang He,Guirong Lu ,Kaibin Chu ,Guoqiang Ma摘要:基于称重传感器的应变计优化设计中除了一些先进的稳定技术比如温度的影响之外,静态超载和计算机模式识别(CRT)技术也被用来进行动态模拟与分析。
这种多谐振荡的压力释放方法是在生产中创造性的使用了压力传感器,由于这种技术,量程30G的压力传感器才能做到高精度,高稳定性。
由于使用了这种压力传感器,使得基于传感器的电子秤拥有300,00种分类和小于0.2mg的精度。
这种压力传感器的量程和精度远远高于市场上的同类产品,而其价格却远低于电磁压力传感器。
因此,这种压力传感器的商业前景是十分广阔的。
关键词:设计;电阻应变式称重传感器;精度;电子秤1.介绍众所周知,压力传感器的精度是决定一个的电子秤精度的关键。
目前,用于高精度称重的传感器主要是电磁平衡式称重传感器。
低成本电阻应变式称重传感器仅能用于使低精度的称量。
主要影响精度应变式称重传感器的误差是蠕变和温度漂移,特别是对于低负荷的传感器来说。
一般来说,高精度传感器的负载能力最低是300克。
称重传感器的最大分配平衡只有50K,最小分辨率是不小于0.01克。
总而言之,对于超低容量称重传感器来说设计和制造技术是很难被应用到敏感的称重传感器的加工和生产中的。
因此很难做出足够好的高精度平衡的称重传感器。
使得低量程和高精度的传感器始终是全世界的热门话题。
本文将分析应力释放及补偿技术,探索低量程高精度应变式称重传感器的制造技术。
2.原理与方法A. 残余应力的释放制作压力传感器主要部件的材料是铝棒。
为了获得更好的综合性能,铝条会在挤压后进行淬火。
由于淬火的残余应力不能被自然老化而得到充分释放,此外,机械加工和固化过程中也会造成很大的残余应力,特别是对于超低容量称重传感器来说,如果这个压力不及时释放,可能就会在压力传感器被测试或者是最终使用的时候释放出来。
北京联合大学毕业论文外文原文及译文题目:浦发银行核心竞争力研究专业:金融学指导教师:刘迎春学院:商务学院学号: 2012030403041 班级:金融1202S 姓名:方杨阳一、外文原文What Drives the Persistent Competitiveness of Small BankBill Bassett, Tom Brady..Finance and Economics Discussion Series (V ol.5 2002), 24-30 The decline in the real value of deposit insurance, however, is only one of several tren ds in the financial industry that could have weakened the competitiveness of small banks in recent years. Among these other developments have been the return to health of large bank numerousmergers that have increased the size and scope of large banks, and the continued increase in competition from mutual funds and other nonbank financial companies.Mergers and acquisitions have reduced the number of banks in the United States from more than 14,000 in 1985 to about 8,300 at the end of 2000, and during this time the share of domestic banking assets held by the largest 100 banks rose from about half to almost thr ee-fourths (Chart2). Studies of consolidation in the banking industry and of its impact on s mall bank competitiveness have reached differing conclusions. However, consolidation int eracts with the decline in the real value of deposit insurance to create another potentially ad verse impact on the competitiveness of small banks. The creation of “mega-banks” increas es the possibility that depositors would consider these larger banks to be “too big to fail” ( TBTF), which would implicitly confer a greater level of deposit insurance upon large bank customers than those of small banks. Smaller banks contend that an increase in the nominal value of deposit insurance is needed to help offset this perception of a TBTF policy (Indep endent Community Bankers Association [2000]).The evolution of large, complex banking organizations has led federal bank regulators to warn that these institutions create the potential for unusually large systemic risks to the national and international economies should they fail (Greenspan [1999]). However, the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) circumscribed re gulators’ ability to invoke TBTF. It required that the FDIC pursue the resolution method th at poses the least cost to its insurance fund when dealing with a failed bank, and stipulated that exceptions to the “leastcost” method must garner the approval of super majorities of b oth the Federal Reserve and FDIC boards plus that of the Secretary of the Treasury in cons ultation with the President of the United States. Angbazo and Saunders [1997] found the co st of funds to large banks increased after FDICIA was implemented, suggesting that bank c reditors believed that FDICIA reduced the likelihood of a large bank benefiting from a TB TF policy. Moreover, bank regulatory agencies maintain that no bank is too large for share holders and nondeposit liability holders to face complete loss, and for uninsured depositors to be subject to less than 100 percent reimbursement, should the decline in bank asset valu es be large enough (Greenspan [2001]).In addition to the consolidation of the banking system, the continued growth of nonba nk financial institutions may have weakened the competitive situation of small relative to l arge banks in recent years (D'Arista and Schlesinger [1993]). Although savings and loan as sociations, creditunions, mutual funds and finance companies compete with banks of all siz es, they likely pose a greater competitive challenge to smaller banks. In addition to being more dependent on deposit funding than the larger banks, small banks also tend to be more concentrated than large banks in the types of loans extended by finance companies (Dynan, Johnson, and Slowinski [2002]). Over the period studied, however, an outright decline in t hrift industry assets offset the added competition from other types of nonbank financial co mpanies, particularly money market mutual funds.In the late 1980s and early 1990s, the competitive position of small banks likely was b oosted as a result of the more severe deterioration in asset quality at large banks, and the wi der gap at large banks between actual capital levels and those being demanded by markets and the new Basle accord (Chart 3). However, the subsequent economic recovery and brisk expansion of the second half of the 1990s caused delinquency rates to drop dramatically, p articularly at large banks. At the same time, the gap between the leverage ratios small bank s and large banks also narrowed noticeably, as large banks boosted their capital following t he implementation of the Basle Accords in 1991.Despite the aforementioned headwinds affecting small banks’ competitiveness, Basset t and Brady [2001] found that small banks have grown more rapidly than larger banks over the period from 1985 to 2000. Moreover, they showed that small banks have largely maint ained or even increased their levels of profitability throughout much of the period studied,despite paying increasingly large premiums on their deposits relative to large banks in orde r to fund their more rapid asset expansion. The purpose of this study is to extend this resear ch by more formally examining the differential impact of the influences mentioned above o n the competitive performance of small banks over the period from the mid-1980s to 2001.First, we employ an arbitrage model to examine the relationship between relative aver age interest rates on deposits at small and large banks, the level of deposit insurance, bank failure rates, and perceptions about TBTF. The model demonstrates that the sensitivity of r elative deposit rates to the level of deposit insurance or views about the importance of TBT F is quite low when bank failure rates are low, as they have been in recent years. We then p resent econometric evidence suggesting that the rising relative cost of deposits at small ban ks vis-à-vis large banks over the past decade largely reflects small banks’ need to attract fu nding to sustain their aggressive and profitable asset expansion. The share of uninsured dep osits, which has risen as the real value of deposit insurance has declined, and a marked imp rovement in the balance sheet health of large banks during the 1990s played somewhat sma ller roles in boosting deposit rates at small banks.The next section describes the data used in the article and identifies some key balance sheet differences between large and small banks. Section III illustrates that small banks hav e been able to grow faster than large banks by offering better deposit rates and that the pre mium they pay has been rising over time. Section IV presents an arbitrage model of deposit pricing at large and small banks that incorporates deposit insurance and “Too Big To Fail”effects. Section V presents regression estimates from a reduced form model of deposit rate determination at large and small banks. Conclusions are presented in section VI. II. Dat a and Summary StatisticsExcept where otherwise indicated, data in this paper are from the quarterly Reports of Condition and Income (Call Reports) for the domestic offices of insured domestically chart ered commercial banks and nondeposit trust companies (hereafter, banks). In this article, la rge banks are those ranked 1 through 100 based on assets at the start of each quarter. Small banks are those ranked outside of the largest 1,000. At the start of the fourth quarter of 200 0, large banks had assets of at least $6.94 billion, while all small banks had assets of less th an $331 million. A. Key balance sheet differences between small and large banks.Small banks rely considerably more on deposits than do large banks. In particular, sm all time deposits (those issued in amounts of less than $100,000) funded almost 30 percent of loans and other assets at small banks in 2000, while at large banks the share was 10 perc ent (Table 1). The share of small banks' assets funded with large time deposits, 13 percent,also exceeds that at large banks, 8 percent. Other interest-bearing deposits, which consist o f savings and transactions accounts, also were somewhat more important funding vehicles at small banks, while noninterest-bearing deposits funded comparable shares of small and l arge banks' assets in 2000.Large banks funded about one-third of their assets with "other" nondeposit liabilities i n 2000,whereas at small banks the share was just 3 percent. Small banks availed themselve s somewhat more of FHLB advances, although these represent a fairly small share of liabili ties at both groups of banks. Equity also funded a larger share of assets at small than at larg e banks, 10.3 percent and 8 percent respectively.Reliance on deposits changed little between 1987 and 1992, but both bank groups shif ted toward nondeposit liabilities and capital as sources of funding during the 1990s. Betwe en 1992 and 2000, deposits as a share of assets fell about 4 percentage points at small bank s and 10 percentage points at large banks. For both bank groups, "other interest-bearing de posits" was the deposit category that fell most in the 1990s, although at large banks “non-in terest-bearing deposits” declined almost as much. Small time deposits (which are fully insu red) declined by similar amounts at both bank groups, a drop probably reflecting the increa sed popularity of alternative household investment vehicles such as mutual funds. However , the share of assets funded by large time deposits actually increased at both bank groups, with a larger increase posted at small banks.At small banks, the type and average size of large deposit accounts (all those of at leas t $100,000) are notably different from those at large banks (table 1, memo). At large banks, only about 30 percent of such balances were held as large time deposits in 2000; the remai ning 70 percent were in transaction and savings accounts. At small banks, large balances ar e split about evenly between large time and other deposits. The average size of large deposi ts at large banks in 2000 was $425,000, and at small banks it was $229,000; however, over the 1990s the average size declined at large banks and rose at about the rate of inflation at s mall banks.B. Growth patterns for large and small banks.As noted, the mergers that have been the vehicle of consolidation typically have invol ved the acquisition of smaller banks by much larger banks. This, of course, boosts measure d growth of large banks and diminishes that of small banks. To account for this in examinin g the balance sheet growth and profitability of small vis-à-vis large banks, we merger-adjus t data from the quarterly Reports of Condition and Income, filed by all federally insured co mmercial banks.Balance sheet data adjusted for mergers show that small banks generally have grown f aster than either medium-sized or large banks over the past fifteen years (chart 4, top panel ). Indeed, in every year, the growth of assets has been significantly faster at small banks tha n at large banks. Of course, banks securitize and sell a significant portion of the consumer and real estate loans that they originate and thereby move them off their balance sheets. Bu t data available since 1997 indicate that restoring securitized credit card loans to large bank s' balance sheets would notnarrow the difference in growth rates significantly. Of course, a dding securitized assets to the balance sheet for purposes of comparison presumes that the securitizing bank still would have chosen to originate the loans even if the opportunity to s ecuritize was not available.In addition, an average of about 350 new, or "de novo," banks were formed each year during the 1997-2000 period, compared with about 150 per year during the preceding four years. Although de novo banks tend to grow rapidly, the growth rate of all small banks is n ot significantly affected if de novo banks are excluded from the calculation. Moreover, the accelerated pace of entry into a fast growing sector provides substantial evidence of the att ractiveness of small banks to investors.As suggested by the relative rates of merger-adjusted asset growth, the expansion of t otal deposits at small banks has also exceeded the growth rate at large banks in every year s ince 1985, after adjusting for mergers (chart 4, middle panel). Uninsured deposits also grew significantly faster at small banks than at large banks (chart 4, bottom panel). Furthermo re, the growth rate of uninsured deposits at small banks has been high and steadily increasi ng during the second half of the past decade, whereas at larger banks the growth of these li abilities shows no trend. However, the growth of assets tended to exceed that of deposits, a s the use of nondeposit liabilities grew for all bank size groups.二、译文是什么推动中小银行的持久性竞争力Bill Bassett, Tom Brady.《财经讨论系列》 (2002年第5期), 24-30在金融行业,存款保险的实际价值下降,削弱了一些小银行竞争力,成为近年来的趋势之一。