宏观经济是否影响公司的盈利能力【外文翻译】

企业盈利质量分析中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：Measuring the quality of earnings1. IntroductionGenerally accepted accounting principles (GAAP) offer some flexibility in preparing the financial statements and give the financial managers some freedom to select among accounting policies and alternatives. Earning management uses the flexibility in financial reporting to alter the financial results of the firm (Ortega and Grant, 2003).In other words, earnings management is manipulating the earning to achieve apredetermined target set by the management. It is a purposeful intervention in the external reporting process with the intent of obtaining some private gain (Schipper, 1989).Levit (1998) defines earning management as a gray area where the accounting is being perverted; where managers are cutting corners; and, where earnings reports reflect the desires of management rather than the underlying financial performance of the company.The popular press lists several instances of companies engaging in earnings management. Sensormatic Electronics, which stamped shipping dates and times on sold merchandise, stopped its clocks on the last day of a quarter until customer shipments reached its sales goal. Certain business units of Cendant Corporation inflated revenues nearly $500 million just prior to a merger; subsequently, Cendant restated revenues and agreed with the SEC to change revenue recognition practices. AOL restated earnings for $385 million in improperly deferred marketing expenses. In 1994, the Wall Street Journal detailed the many ways in which General Electric smoothed earnings, including the careful timing of capital gains and the use of restructuring charges and reserves, in response to the article, General Electric reportedly received calls from other corporations questioning why such common practices were “front-page” news.Earning management occurs when managers use judgment in financial reporting and in structuring transactions to alter financial reports to either mislead some stakeholders about the underlying economic performance of the company or to influence contractual outcomes that depend on reported accounting numbers (Healy and Whalen, 1999).Magrath and Weld (2002) indicate that abusive earnings management and fraudulent practices begins by engaging in earnings management schemes designed primarily to “smooth” earnings to meet internally or externally imposed earnings forecasts and analysts’ expectations.Even if earnings management does not explicitly violate accounting rules, it is an ethically questionable practice. An organization that manages its earnings sends amessage to its employees that bending the truth is an acceptable practice. Executives who partake of this practice risk creating an ethical climate in which other questionable activities may occur. A manager who asks the sales staff to help sales one day forfeits the moral authority to criticize questionable sales tactics another day.Earnings management can also become a very slippery slope, which relatively minor accounting gimmicks becoming more and more aggressive until they create material misstatements in the financial statements (Clikeman, 2003)The Securities and Exchange Commission (SEC) issued three staff accounting bulletins (SAB) to provide guidance on some accounting issues in order to prevent the inappropriate earnings management activities by public companies: SAB No. 99 “Materiality”, SAB No. 100 “Restructuring and Impairment Charges” and SAB No. 101 “Revenue Recognition”.Earnings management behavior may affect the quality of accounting earnings, which is defined by Schipper and Vincent (2003) as the extent to which the reported earnings faithfully represent Hichsian economic income, which is the amount that can be consumed (i.e. paid out as dividends) during a period, while leaving the firm equally well off at the beginning and the end of the period.Assessment of earning quality requires sometimes the separations of earnings into cash from operation and accruals, the more the earnings is closed to cash from operation, the higher earnings quality. As Penman (2001) states that the purpose of accounting quality analysis is to distinguish between the “hard” numbers resulting from cash flows and the “soft” numbers resulting from accrual accounting.The quality of earnings can be assessed by focusing on the earning persistence; high quality earnings are more persistent and useful in the process of decision making.Beneish and Vargus (2002) investigate whether insider trading is informative about earnings quality using earning persistence as a measure for the quality of earnings, they find that income-increasing accruals are significantly more persistent for firms with abnormal insider buying and significantly less persistent for firms with abnormal insider selling, relative to firms which there is no abnormal insider trading.Balsam et al. (2003) uses the level of discretionary accruals as a direct measurefor earning quality. The discretionary accruals model is based on a regression relationship between the change in total accruals as dependent variable and change in sales and change in the level of property, plant and equipment, change in cash flow from operations and change in firm size (total assets) as independent variables. If the regression coefficients in this model are significant that means that there is earning management in that firm and the earnings quality is low.This research presents an empirical study on using three different approaches of measuring the quality of earnings on different industry. The notion is; if there is a complete consistency among the three measures, a general assessment for the quality of earnings (high or low) can be reached and, if not, the quality of earnings is questionable and needs different other approaches for measurement and more investigations and analysis.The rest of the paper is divided into following sections: Earnings management incentives, Earnings management techniques, Model development, Sample and statistical results, and Conclusion.2. Earnings management incentives2.1 Meeting analysts’ expectationsIn general, analysts’ expectations and company predictions tend to address two high-profile components of financial performance: revenue and earnings from operations.The pressure to meet revenue expectations is particularly intense and may be the primary catalyst in leading managers to engage in earning management practices that result in questionable or fraudulent revenue recognition practices. Magrath and Weld (2002) indicate that improper revenue recognition practices were the cause of one-third of all voluntary or forced restatements of income filed with the SEC from 1977 to 2000.Ironically, it is often the companies themselves that create this pressure to meet the market’s earnings expec tations. It is common practice for companies to provide earnings estimates to analysts and investors. Management is often faced with the task of ensuring their targeted estimates are met.Several companies, including Coca-Cola Co., Intel Corp., and Gillette Co., have taken a contrary stance and no longer provide quarterly and annual earnings estimates to analysts. In doing so, these companies claim they have shifted their focus from meeting short-term earnings estimates to achieving their long-term strategies (Mckay and Brown, 2002).2.2 To avoid debt-covenant violations and minimize political costsSome firms have the incentive to avoid violating earnings-based debt covenants. If violated, the lender may be able to raise the interest rate on the debt or demand immediate repayment. Consequently, some firms may use earnings-management techniques to increase earnings to avoid such covenant violations. On the other hand, some other firms have the incentive to lower earnings in order to minimize political costs associated with being seen as too profitable. For example, if gasoline prices have been increasing significantly and oil companies are achieving record profit level, then there may be incentive for the government to intervene and enact an excess-profit tax or attempt to introduce price controls.2.3 To smooth earnings toward a long-term sustainable trendFor many years it has been believed that a firm should attempt to reduce the volatility in its earnings stream in order to maximize share price. Because a highly violate earning pattern indicates risk, therefore the stock will lose value compared to others with more stable earnings patterns. Consequently, firms have incentives to manage earnings to help achieve a smooth and growing earnings stream (Ortega and Grant, 2003).2.4 Meeting the bonus plan requirementsHealy (1985) provides the evidence that earnings are managed in the direction that is consistent with maximizing executives’ earnings-based bonus. When earnings will be below the minimum level required to earn a bonus, then earning are managed upward so that the minimum is achieved and a bonus is earned. Conversely, when earning will be above the maximum level at which no additional bonus is paid, then earnings are managed downward. The extra earnings that will not generate extra bonus this current period are saved to be used to earn a bonus in a future period.When earnings are between the minimum and the maximum levels, then earnings are managed upward in order to increase the bonus earned in the current period.2.5 Changing managementEarnings management usually occurs around the time of changing management, the CEO of a company with poor performance indicators will try to increase the reported earnings in order to prevent or postpone being fired. On the other hand, the new CEO will try shift part of the income to future years around the time when his/her performance will be evaluated and measured, and blame the low earning at the beginning of his contract on the acts of the previous CEO.3. Earnings management techniquesOne of the most common earnings management tools is reporting revenue before the seller has performed under the terms of a sales contract (SEC,SAB No. 101,1999).Another area of concern is where a company fails to comply with GAAP and inappropriately records restructuring charges and general reserves for future losses, reversing or relieving reserves in inappropriate periods, and recognizing or not recognizing an asset impairment charge in the appropriate period (SEC, SAB No. 100, 1999).Managers can influence reported expenses through assumptions and estimates such as the assumed rate of return on pension plan asset and the estimated useful lives of fixed assets, also they can influence reported earnings by controlling the timing of purchasing, deliveries, discretionary expenditures, and sale of assets.3.1 Big bath“Big Bath” charges are one-time restructuring charge. Current earnings will be decreased by overstating these one-time charges. By reversing the excessive reserve, future earnings will increase.Big bath charges are not always related to restructuring. In April 2001, Cisco Systems Inc. announced charges against earnings of almost $4 billion. The bulk of the charge, $2.5 billion, consisted of an inventory write down. Writing off more than a billion dollars from inventory now means more than a billion dollars of less cost in the future period. This an example of what ultra-conservative accounting in oneperiod makes possible in future periods.3.2 Abuse of materialityAnother area that might be used by accountants to manipulate the earning is the application of materiality principle in preparing the financial statements, this principle is very wide, flexible and has no specific range to determine where the item is material or not. SEC uses the interpretation ruled by the supreme court in identifying what is material; the supreme court has held that a fact is material if there is a substantial likelihood that the fact would have been viewed by reasonable investor as having significan tly altered the “total mix” of information made available (SEC, SAB No. 99, 1999).The SEC has also introduced some considerations for a quantitatively small misstatement of a financial statement item to be material:. whether the misstatement arises from an item capable of precise measurement or whether it arises from an estimate and, if so, the degree of imprecision inherent in the estimate;. whether the misstatement masks a change in earnings or other trends;.whether the misstatement hides a failure to meet analysts’ consensus expectations for the enterprise;. whether the misstatement changes a loss into income or vice versa;. whether the misstatement concerns a segment or other portion of the registrant’s business that has been identified as playing a significant role in the registrant’s operations or profitability; and. whether the misstatement involves concealment of an unlawful transaction.3.3 Cookie jar“Cookie jar” reserve –sometimes labeled rainy day reserve or contingency reserves, in periods of strong financial performance, cookie jar reserve enable to reduce earnings by overstating reserves, overstating expenses, and using one-time write-offs. In periods of weak financial performance, cookie jar reserves can be used to increase earnings by reversing accruals and reserves to reduce current period expenses (Kokoszka, 2003).The most famous example of use of cookie jar reserves is WorldCom Inc. In August 2002, an internal review revealed that the company had $2.5 billion reserves related to litigation, uncollectible and taxes. The company used most of them in a series of so-called reserve reversals in order to have higher earnings.Source: Khaled ElMoatasem Abdelghany,2005. “Measuring the quality of earnings”, Managerial Auditing Journal, vol.20, no.9, pp.1001 – 1015.译文：衡量盈利质量1、引言一般公认会计原则（GAAP）提供准备一定的灵活性的财务报表，给财务经理一定的自由空间进行选择会计政策和方案。

宏观经济环境如何影响公司盈利的例子随着世界经济的不断发展，各国经济环境也在不断变化。

对于企业而言，宏观经济环境的变化对其盈利能力有着深远的影响。

本文将以几个具体的例子来说明宏观经济环境如何影响公司盈利。

一、通货膨胀通货膨胀是指货币供应量增加，货币价值下降，导致物价上涨的现象。

通货膨胀的程度和速度会直接影响到企业的盈利。

当通货膨胀率高企业成本会上升，因为企业需要支付更高的工资、成本和费用。

此外，企业也会面临更高的借贷成本，因为利率也会随着通货膨胀而上涨。

这些因素都会对企业的盈利能力造成负面影响。

例如，近年来中国的通货膨胀率一度达到了5%以上，这对中国的企业造成了巨大影响。

一些企业不得不提高产品价格以应对成本上涨，但这可能会导致销售量下降，从而影响企业盈利。

二、国际贸易政策国际贸易政策也会直接影响到企业的盈利。

例如，当政府采取贸易保护主义政策，如加征关税或限制进口，这会导致进口商品价格上涨，从而使国内企业的竞争力提高。

但是，这也可能会导致出口市场的缩减，从而影响企业的盈利。

例如，美国政府在2018年开始对中国的一些商品加征关税，这导致中国的出口市场缩减，一些企业的盈利能力受到了影响。

另外，一些企业也面临着更高的进口成本，这也会对其盈利造成负面影响。

三、货币汇率货币汇率也是影响企业盈利的重要因素。

当本国货币升值时，可以购买更多的外国货币，这会使企业的进口成本降低，但是出口收入也会下降。

相反，当本国货币贬值时，企业的进口成本会上升，但出口收入会增加。

例如，当日本的货币升值时，日本的出口企业会面临更高的成本，因为他们需要支付更高的工资和成本。

此外，由于日本的产品价格上涨，日本的出口量也可能会下降，从而影响企业的盈利。

四、经济周期经济周期也是影响企业盈利的重要因素。

经济周期是指经济活动的波动，包括经济增长、经济衰退、经济复苏和经济繁荣。

在经济繁荣时期，企业通常会面临更高的需求和更高的销售额，从而提高其盈利能力。

文献出处:Enqvist, Julius, Michael Graham, and Jussi Nikkinen. "The impact of working capital management on firm profitability in different business cycles: evidence from Finland." Research in International Business and Finance 32 (2014): 36-49.原文The impact of working capital management on firm profitability in different business cycles: Evidence from Finland1. IntroductionThis paper investigates the effect of the business cycle on the link between working capital, the difference between current assets and current liabilities, and corporate performance. Efficient working capital management is recognized as an important aspect of financial management practices in all organizational forms. In acknowledgement of this importance, the CFO Magazine publishes an annual study of corporate working capital management performance in many countries. The extensive literature indicates that it impacts directly on corporate liquidity ( Kim et al., 1998 and Opler et al., 1999), profitability (e.g., Shin and Soenen, 1998, Deloof, 2003, Lazaridis and Tryfonidis, 2006 and Ukaegbu, 2014), and solvency (e.g.,Berryman, 1983 and Peel and Wilson, 1994).It is reasonable to assume that economy-wide fluctuations exogenous to the operations of the firm play an important role in the demand for firms’ products and any financing decision. Korajczyk and Levy (2003), for instance, suggest that firms time debt issuance based on economic conditions. Also, given that retained earnings are a significant component of working capital, business cycles can be said to affect all enterprises financing source through its effect on economic growth and sales. For example, when company sales weaken it engenders earning declines, thereby, affecting an important source of working capital. The recent global economic downturn with crimping consumer demand is an excellent example of this. The crisis,characterized by plummeting sales, put a squeeze on corporate revenues and profit margins, and subsequently, working capital requirements. This has brought renewed focus on working capital management at companies all over the world.The literature on working capital, however, only includes a handful of studies examining the impact of the business cycle on working capital. An early study by Merville and Tavis (1973) examined the relationship between firm working capital policies and business cycle. More recent studies have investigated the degree to which firms’ reliance on bank borrowing to finance working capital is cyclical (Einarsson and Marquis, 2001), the significance of firms’ external dependence for financing needs on the link between industry growth and business the cycle in the short term (Braun and Larrain, 2005), and the influence of business indicators on the determinants of working capital management (Chiou et al., 2006). These studies have independently linked working capital to corporate profitability and the business cycle. No study, to the best of our knowledge, has examined the simultaneous working capital–profitability and business cycle effects. There is therefore a substantial gap in the literature which this paper seeks to fill. Firms may have an optimal level of working capital that maximizes their value. However, optimal levels may change to reflect business conditions. Consequently, we contribute to the literature by re-examining the relationship between working capital management and corporate profitability by investigating the role business cycle plays in this relationship.We investigate this important relationship using a sample of firms listed on the Helsinki Stock Exchange and an extended study period of 18 years, between 1990 and 2008. Finnish firms tend to react strongly to changes in the business cycle, a characteristic that can be observed from the volatility of the Nasdaq OMX Helsinki stock index. The index usually declines quickly in poor economic states, but also makes fast recoveries. Finland, therefore, presents an excellent representative example of how the working capital–profitability relationship may change in different economic states. The choice of Finland is also significant as it also offers a representative Nordic perspective of this important working capital–profitability relationship. Hitherto no academic study has examined the workingcapital–profitability relationship in the Nordic region, to the best of our knowledge. Surveys on working capital management in the Nordic region carried out by Danske Bank and Ernst & Young in 2009 show, however, that many companies rated their working capital management performance as average, with a growing focus on optimizing working capital in the future. The surveys are, however, silent on how this average performance affected profitability. This gives further impetus for our study.Our results point to a number of interesting findings. First, we find that firms can enhance their profitability by increasing working capital efficiency. This is a significant result because many Nordic firms find it hard to turn good policy intentions on working capital management into reality (Ernst and Young, 2009). Economically, firms may gain by paying increasing attention to efficient working capital practices. Our empirical finding, therefore, should motivate firms to implement new work processes as a matter of necessity. We also found that working capital management is relatively more important in low economic states than in the economic boom state, implying working capital management should be included in firms’ financial planning. This finding corroborates evidence from the survey results in the Nordic region. Specifically, the survey results by Ernst and Young (2009) indicate that the largest potential for improvement in working capital could be found within the optimization of internal processes. This suggests that this area is not prioritized in times of business growth which is typical of the general economic expansion periods and is exposed in economic downturns.The remainder of this paper is organized as follows: Section 2 presents a brief review of the literature presents the hypotheses for empirical testing. Sections 3 and 4 discuss data and models to be estimated. The empirical results are presented in Section 5 and Section 6 concludes.2. Related literature and hypotheses2.1. Literature reviewMany firms have invested significant amounts in working capital and a number of studies have examined the determinants of this investment. For example Kim et al. (1998) and Opler et al. (1999), Chiou et al. (2006) and D’Mello et al. (2008) find thatthe availability of external financing is a determinant of liquidity. Thus restricted access to capital markets requires firms to hold larger cash reserves. Other studies show that firms with weaker corporate governance structures hold smaller cash reserves (Harford et al., 2008). Furthermore firms with excess cash holding as well as weak shareholder rights undertake more acquisitions. However there is a higher likelihood of value-decreasing acquisitions (Harford, 1999). Kieschnick and Laplante (2012) provide evidence linking working capital management to shareholder wealth. They find that the incremental dollar invested in net operating capital is less valuable than the incremental dollar held in cash for the average firm. The findings reported in the paper further suggest that the valuation of the incremental dollar invested in net operating working is significantly influenced by a firm's future sales expectations, its debt load, its financial constraints, and its bankruptcy risk. Further the value of the incremental dollar extended in credit to one's customers has a greater effect on shareholder wealth than the incremental dollar invested in inventories for the average firm. Taken together the results indicate the significance of working capital management to the firm's residual claimants, and how financing impacts these effects.A thin thread of the literature links business cycles to working capital. In a theoretical model, Merville and Tavis (1973) posit that investment and financing decisions relating to working capital should be made in chorus as components of each impact on the optimal policies of the others. The optimal working capital policy of the firm is, therefore, made within a systems context, components of which are related spatially over time in a chance-constrained format. Uncertainty in the wider business environment directly affects the system. For example, short run demand fluctuations disrupt anticipated incoming cash flows, and the collection of receivables faces increased uncertainty. The model provides a structure enabling corporate managers to solve complex inventory and credit policies for short term financial planning.In an empirical study, Einarsson and Marquis (2001) find that the degree to which companies rely on bank financing to cover their working capital requirements in the U.S. is countercyclical; it increases as the state of the economy weakens. Furthermore, Braun and Larrain (2005) find that high working capital requirementsar e a key determinant of a business’ dependence on external financing. They show that firms that are highly dependent on external financing are more affected by recessions, and should take more precautions in preparing for declines in the economic environment, including ensuring a secure level of working capital reserves during times of crisis. Additionally, Chiou et al. (2006) recognize the importance of the state of the economy and includes business indicators in their study of working capital determinants. They find a positive relationship between business indicator and working capital requirements.The relationship between profitability and working capital management in various markets has also attracted intense interest. In a comprehensive study, Shin and Soenen (1998) document a strong inverse relationship between working capital efficiency and profitability across U.S. industries. This inverse relationship is supported by Deloof (2003), Lazaridis and Tryfonidis (2006), and Garcia-Teruel and Martinez-Solano (2007)for Belgian non-financial firms, Greek listed firms, and Spanish small and medium size enterprises (SME), respectively. There are, however, significant divergences in the results relating to the effect of the various components of working capital on profitability. For example, whereas Deloof (2003) find a negative and statistically significant relationship between account payable and profitability, Garcia-Teruel and Martinez-Solano (2007) find no such measurable influences in a sample of Spanish SMEs.2.2. Hypotheses developmentThe cash conversion cycle (CCC), a useful and comprehensive measure of working capital management, has been widely used in the literature (see for example Deloof, 2003 and Gill et al., 2010). The CCC, measured in days, is the length of time between a company's expenditure for the procurement of raw materials and the collection of sales of finished goods. We adopt this as our measure of working capital management in this study. Previous studies have established a link between profitability and the CCC in different countries and market segments.Efficient working capital management practices aims to shorten the CCC to optimize to levels that best suites the requirements of the specific company (Hager,1976). A short CCC indicates quick collection of receivables and delays in payments to suppliers. This is associated with profitability given that it improves corporate efficiency in its use of working capital. Deloof (2003), however, posits that low inventory levels, tight trade credit policies and utilizing obtained trade credit as a means of financing can increase risks of inventory stock-outs, decrease sales stimulants and increase accounts payable costs by forgoing given cash discounts. Managers must, therefore, always consider the tradeoff between liquidity and profitability when managing working capital. A faster rise in the cost of higher investment in working capital relative to the benefits of holding more inventories and/or granting trade credit to customers may lead to decrease in corporate profitability. Deloof (2003), Wang (2002), Lazaridis and Tryfonidis (2006), and Gill et al. (2010) all propose a negative relationship between the cash conversion cycle and corporate profitability. Following this, we propose a general hypothesis stating the expected negative relationship between the cash conversion cycle and corporate profitability:6. ConclusionsWorking capital, the difference between current assets and current liabilities, is used to fund a business’ daily operations due to t he time lag between buying raw materials for production and receiving funds from the sale of the final product. With vast amounts invested in working capital, it can be expected that the management of these assets would significantly affect the profitability of a company. Consequently, companies strive to achieve optimize levels of working capital by paying bills as late as possible, turning over inventories quickly, and collecting on account receivables quickly. The optimal level, though, may vary to reflect business conditions. This study examines the role business cycle plays in the working capital-corporate profitability relationship using a sample of Finnish listed companies from years 1990 to 2008.We utilize the cash conversion cycle (CCC), defined as the length of time between a company's expenditure for the procurement of raw materials and the collection of sales of finished goods, as our measure of working capital. We further make use of 2 measures of profitability, return on assets and gross operating income.We document a negative relationship between cash conversion cycle and corporate profitability. Our results also show that companies can achieve higher profitability levels by managing inventories efficiently and lowering accounts receivable collection times. Furthermore shorter account payable cycles enhance corporate profitability. These results, which largely mirror findings from other countries, indicate effective management of firm's total working capital as well as its individual components has a significant effect on corporate profitability levels.Our results also show that economic conditions exhibit measurable influences on the working capital-profitability relationship. The low economic state is generally found to have negative effects on corporate profitability. In particular, we find that the impact of efficient working capital (CCC) on operational profitability increases in economic downturns. We also find that the impact of efficient inventory management and accounts receivables conversion periods, subsets of CCC, on profitability increase in economic downturns.Overall the results indicate that investing in working capital processes and incorporating working capital efficiency into everyday routines is essential for corporate profitability. As a result, firms should include working capital management in their financial planning processes. Additionally, firms generate income and employment. The reduced demand in economic downturns depletes working capital of firms and threatens their stability and, implicitly, their important function as generators of employment and income. National economic policy aimed at boosting cash flows of firms may increase business ability to finance working capital internally, especially during economic down turns.译文营运资本管理对不同商业周期公司盈利能力的影响：证据来自芬兰1.引言本文研究商业周期与营运资本两者之间的联系,流动资产和流动负债之间的区别,以及公司业绩问题。

中英文对照外文翻译文献(文档含英文原文和中文翻译)The path-to-profitability of Internet IPO firmsAbstractExtant empirical evidence indicates that the proportion of firms going public prior to achieving profitability has been increasing over time. This phenomenon is largely driven by an increase in the proportion of technology firms going public. Since there is considerable uncertainty regarding the long-term economic viability of these firms at the time of going public, identifying factors that influence their ability to attain key post-IPO milestones such as achieving profitability represents an important area of research. We employ a theoretical framework built around agency and signaling considerations to identify factors that influence the probability and timing of post-IPO profitability of Internet IPO firms. We estimate Cox Proportional Hazards models to test whether factors identified by our theoretical framework significantly impact the probability of post-IPO profitability as a function of time. We find that the probability of post- IPO profitability increases with pre-IPO investor demand and change in ownership at the IPO of the top officers and directors. On the other hand, the probability ofpost-IPO profitability decreases with the venture capital participation, proportion of outsiders on the board, and pre-market valuation uncertainty.Keywords: Initial public offerings, Internet firms, Path-to-profitability, Hazard models, Survival1. Executive summaryThere has been an increasing tendency for firms to go public on the basis of a promise of profitability rather than actual profitability. Further, this phenomenon is largely driven by the increase in the proportion of technology firms going public. The risk of post-IPO failure is particularly high for unprofitable firms as shifts in investor sentiment leading to negative market perceptions regarding their prospects or unfavorable financing environments could lead to a shutdown of external financing sources thereby imperiling firm survival. Therefore, the actual accomplishment of post-IPO profitability represents an important milestone in the company's evolution since it signals the long-term economic viability of the firm. While the extant research in entrepreneurship has focused on factors influencing the ability of entrepreneurial firms to attain important milestones prior to or at the time of going public, relatively little is known regarding the timing or ability of firms to achieve critical post-IPO milestones. In this study, we construct a theoretical framework anchored on agency and signaling theories to understand the impact of pre-IPO factors such as governance and ownership structure, management quality, institutional investor demand, and third party certification on firms' post-IPO path-to-profitability. We attempt to validate the testable implications arising from our theoretical framework using the Internet industry as our setting. Achieving post-issue profitability in a timely manner is of particular interest for Internet IPO firms since they are predominantly unprofitable at the time of going public and are typically characterized by high cash burn rates thereby raising questions regarding their long-term economic viability. Since there is a repeated tendency for high technology firms in various emerging sectors of the economy to go public in waves amid investor optimism followed by disappointing performance, insights gained from a study of factors that influence the path-to-profitability of Internet IPO firms will help increase our understanding of the development path and long-term economic viability of entrepreneurial firms in emerging, high technology industries.2. IntroductionThe past few decades have witnessed the formation and development of several vitallyimportant technologically oriented emerging industries such as disk drive, biotechnology, and most recently the Internet industry. Entrepreneurial firms in such knowledge intensive industries are increasingly going public earlier in their life cycle while there is still a great deal of uncertainty and information asymmetry regarding their future prospects (Janey and Folta, 2006). A natural consequence of the rapid transition from founding stage firms to public corporations is an increasing tendency for firms to go public on the basis of a promise of profitability rather than actual profitability.3 Although sustained profitability is no longer a requirement for firms in order to go public, actual accomplishment of post-IPO profitability represents an important milestone in the firm's evolution since it reduces uncertainty regarding the long-term economic viability of the firm. In this paper, we focus on identifying observable factors at the time of going public that have the ability to influence the likelihood and timing of attaining post-IPO profitability by Internet firms. We restrict our study to the Internet industry since it represents a natural setting to study the long-term economic viability of an emerging industry where firms tend to go public when they are predominantly unprofitable and where there is considerably uncertainty and information asymmetry regarding their future prospects.4The attainment of post-IPO profitability assumes significance since the IPO event does not provide the same level of legitimizing differentiation that it did in the past as sustained profitability is no longer a prerequisite to go public particularly in periods where the market is favorably inclined towards investments rather than demonstration of profitability (Stuartet al., 1999; Janey and Folta, 2006). During the Internet boom, investors readily accepted the mantra of “growth at all costs” and enthusiastically bid up the post-IPO offering prices to irrational levels (Lange et al., 2001). In fact, investor focus on the promise of growth rather than profitability resulted in Internet start-ups being viewed differently from typical new ventures in that they were able to marshal substantial resources virtually independent of performance benchmarks (Mudambi and Treichel, 2005).Since the Internet bubble burst in April 2000, venture capital funds dried up and many firms that had successful IPOs went bankrupt or faced severe liquidity problems (Chang, 2004). Consequently, investors' attention shifted from their previously singular focus on growth prospects to the question of profitability with their new mantrabeing “path-to- profitability.” As such, market participants focused on not just whe ther the IPO firm wouldbe able to achieve profitability but also “when” or “how soon.” IPO firms unable to credibly demonstrate a clear path-to-profitability were swiftly punished with steeply lower valuations and consequently faced significantly higher financing constraints. Since cash flow negative firms are not yet self sufficient and, therefore, dependent on external financing to continue to operate, the inability to raise additional capital results in a vicious cycle of events that can quickly lead to delisting and even bankruptcy.5 Therefore, the actual attainment of post-IPO profitability represents an important milestone in the evolution of an IPO firm providing it with legitimacy and signaling its ability to remain economically viable through the ups and downs associated with changing capital market conditions. The theoretical framework supporting our analysis draws from signaling and agency theories as they relate to IPO firms. In our study, signaling theory provides the theoretical basis to evaluate the signaling impact of factors such as management quality, third party certification, institutional investor demand, and pre-IPO valuation uncertainty on the path-to-profitability. Similarly, agency theory provides the theoretical foundations to allow us to examine the impact of governance structure and change in top management ownership at the time of going public on the probability of achieving the post-IPO profitability milestone. Our empirical analysis is based on the hazard analysis methodology to identify the determinants of the probability of becoming profitable as a function of time for a sample of 160 Internet IPOs issued during the period 1996–2000.Our study makes several contributions. First, we construct a theoretical framework based on agency and signaling theories to identify factors that may influence the path-to- profitability of IPO firms. Second, we provide empirical evidence on the economic viability of newly public firms (path-to-profitability and firm survival) in the Internet industry. Third, we add to the theoretical and empirical entrepreneurship literature that has focused on factors influencing the ability of entrepreneurial firms to achieve critical milestones during the transition from private to public ownership. While previous studies have focused on milestones during the private phase of firm development such as receipt of VC funding and successful completion of a public offering (Chang, 2004; Dimov and Shepherd, 2005; Beckman et al., 2007), our study extends this literature by focusing on post-IPOmilestones. Finally, extant empirical evidence indicates that the phenomenon of young, early stage firms belonging to relatively new industries being taken public amid a wave of investor optimism fueled by the promise of growth rather than profitability tends to repeat itself over time.6 However, profitability tends to remain elusive and takes much longer than anticipated which results in investor disillusionment and consequently high failure rate among firms in such sectors. 7 Therefore, our study is likely to provide useful lessons to investors when applying valuations to IPO firms when this phenomenon starts to repeat itself.This articles proceeds as follows. First, using agency and signaling theories, we develop our hypotheses. Second, we describe our sample selection procedures and present descriptive statistics. Third, we describe our research methods and present our results. Finally, we discuss our results and end the article with our concluding remarks.3. Theory and hypothesesSignaling models and agency theory have been extensively applied in the financial economics, management, and strategy literatures to analyze a wide range of economic phenomena that revolve around problems associated with information asymmetry, moral hazard, and adverse selection. Signaling theory in particular has been widely applied in the IPO market as a framework to analyze mechanisms that are potentially effective in resolving the adverse selection problem that arises as a result of information asymmetry between various market participants (Baron, 1982; Rock, 1986; Welch, 1989). In this study, signaling theory provides the framework to evaluate the impact of pre-IPO factors such as management quality, third party certification, and institutional investor demand on the path-to-profitability of Internet IPO firms.The IPO market provides a particularly fertile setting to explore the consequences of separation of ownership and control and potential remedies for the resulting agency problems since the interests of pre-IPO and post-IPO shareholders can diverge. In the context of the IPO market, agency and signaling effects are also related to the extent that insider actions such as increasing the percentage of the firm sold at the IPO, percentage of management stock holdings liquidated at the IPO, or percentage of VC holdings liquidated at the IPO can accentuate agency problems with outside investors and, as a consequence, signal poorperformance (Mudambi and Treichel, 2005). We, therefore, apply agency theory to evaluate the impact of board structure and the change in pre-to-post IPO ownership of top management on the path-to-profitability of Internet IPO firms.3.1. Governance structureIn the context of IPO firms, there are at least two different agency problems (Mudambi and Treichel, 2005). The first problem arises as a result of opportunistic behavior of agents to increase their share of the wealth at the expense of principals. The introduction of effective monitoring and control systems can help mitigate or eliminate this type of behavior and its negative impact on post-issue performance. The extant corporate governance literature has argued that the effectiveness of monitoring and control functions depends to a large extent on the composition of the board of directors. We, therefore, examine the relationship between board composition and the likelihood and timing of post-IPO profitability.The second type of agency problem that arises in the IPO market is due to uncertainty regarding whether insiders seek to use the IPO as an exit mechanism to cash out or whether they use the IPO to raise capital to invest in positive NPV projects. The extent of insider selling their shares at the time of the IPO can provide an effective signal regarding which of the above two motivations is the likely reason for the IPO. We, therefore, examine the impact of the change in ownership of officers and directors around the IPO on the likelihood and timing of attaining post-issue profitability.3.2. Management qualityAn extensive body of research has examined the impact of to management team (TMT) characteristics on firm outcomes for established firms as well as for new ventures by drawing from human capital and demography theories. For instance, researchers drawing from human capital theories study the impact of characteristics such as type and amount of experience of TMTs on performance (Cooper et al., 1994; Gimeno et al., 1997; Burton et al., 2002; Baum and Silverman, 2004). Additionally, Beckman et al. (2007) argue that demographic arguments are distinct from human capital arguments in that they examine team composition and diversity in addition to experience. The authors consequently examine the impact of characteristics such as background affiliation, composition, and turnover of TMT members on thelikelihood of firms completing an IPO. Overall, researchers have generally found evidence to support arguments that human capital and demographic characteristics of TMT members influence firm outcomes.Drawing from signaling theory, we argue that the quality of the TMT of IPO firms can serve as a signal of the ability of a firm to attain post-IPO profitability. Since management quality is costly to acquire, signaling theory implies that by hiring higher quality management, high value firms can signal their superior prospects and separate themselves from low value firms with less capable managers. The beneficial impact of management quality in the IPO market includes the ability to attract more prestigious investment bankers, generate stronger institutional investor demand, raise capital more effectively, lower underwriting expenses, attract stronger analyst following, make better investment and financing decisions, and consequently influence the short and long-run post-IPO operating and stock performance(Chemmanur and Paeglis, 2005). Thus, agency theory, in turn, would argue that higher quality management is more likely to earn their marginal productivity of labor and thus have a lower incentive to shirk, thereby also leading to more favorable post-IPO outcomes.8We focus our analyses on the signaling impact of CEO and CFO quality on post-IPO performance. We focus on these two members of the TMT of IPO firms since they are particularly influential in establishing beneficial networks, providing legitimacy to the organization, and are instrumental in designing, communicating, and implementing the various strategic choices and standard operating procedures that are likely to influence post- IPO performance.3.3. Third party certificationThe extant literature has widely recognized the potential for third party certification as a solution to the information asymmetry problem in the IPO market (Beatty, 1989; Carter and Manaster, 1990; Megginson and Weiss, 1991; Jain and Kini, 1995, 1999b; Zimmerman and Zeitz, 2002). The theoretical basis for third party certification is drawn from the signaling models which argue that intermediaries such as investment bankers, venture capitalists, and auditors have the ability to mitigate the problem of information asymmetry by virtue of their reputation capital (Booth and Smith, 1986; Megginson and Weiss, 1991; Jain and Kini,1995, Carter et al., 1998). In addition to certification at the IPO, intermediaries, through their continued involvement,monitoring, and advising role have the ability to enhance performance after the IPO. In the discussion below, we focus on the signaling impact of venture capitalists involvement and investment bank prestige on post-IPO outcomes3.4. Institutional investor demandPrior to marketing the issue to investors, the issuing firm and their investment bankers are required to file an estimated price range in the registration statement. The final pricing of the IPO firm is typically done on the day before the IPO based upon the perceived demand from potential investors. Further, the final offer price is determined after investment bankers ave conducted road shows and obtained indications of interest from institutional investors. Therefore, the initial price range relative to the final IPO offer price is a measure of institutional investor uncertainty regarding the value of the firm. Since institutional investors typically conduct sophisticated valuation analyses prior to providing their indications of demand, divergence of opinion on valuation amongst them is a reflection of the risk and uncertainty associated with the prospects of the IPO firm during the post-IPO phase. Consistent with this view, Houge et al. (2001) find empirical evidence to indicate that greater divergence of opinion and investor uncertainty about an IPO can generate short- run overvaluation and long-run underperformance. Therefore, higher divergence of opinion among institutional investors is likely to be negatively related to the probability of post-IPO profitability and positively related to time-to-profitability.A related issue is the extent of pre-market demand by institutional investors for allocation of shares in the IPO firm. Higher pre-issue demand represents a favorable consensus of sophisticated institutional investors regarding the prospects of the issuing firm. Institutional investor consensus as well as their higher holdings in the post-IPO firm is likely to be an informative signal regarding the post-IPO prospects of the firm.4. Sample description and variable measurementOur initial sample of 325 Internet IPOs over the period January 1996 to February 2000 was obtained from the Morgan Stanley Dean Witter Internet Research Report dated February 17，2000. The unavailability of IPO offering prospectuses and exclusion of foreign firms reduces the sample size to 205 firms. Further, to be included in our sample, we require that financial and accountinginformation for sample firms is available on the Center for Research in Security Prices (CRSP) and Compustat files and IPO offering related information is accessible from the Securities Data Corporation's (SDC) Global New Issues database. As a result of these additional data requirements, our final sample consists of 160 Internet IPO firms. Information on corporate governance variables (ownership, board composition, past experience of the CEO and CFO), and number of risk factors is collected from the offering prospectuses.Our final sample of Internet IPO firms has the following attributes. The mean offer price for our sample of IPO firms is $16.12. The average firm in our sample raised $99.48 million. The gross underwriting fee spread is around seven percent. About 79% of the firms in our sample had venture capital backing. Both the mean and median returns on assets for firms in our sample at the time of going public are significantly negative. For example, the average operating return on assets for our sample of firms is − 56.3%. The average number of employees for the firms in our sample is 287. The average board size is 6.57 for our sample. In about 7.5% of our sample, the CEO and CFO came from the same firm. In addition, we find that 59 firms representing 37% of the sample attained profitability during the post-IPO period with the median time-to-profitability being three quarters from the IPO date.5. Discussion of results and concluding remarksThe development path of various emerging industries tend to be similar in that they are characterized by high firm founding rates, rapid growth rates, substantial investments in R&D and capital expenditures, potential for product/process breakthroughs, investor exuberance, huge demand for capital, large number of firms going public while relatively young, and a struggle for survival during the post-IPO phase as profitability and growth targets remain elusive and shifts in investor sentiment substantially raise financing constraints. Recently, the Internet has rapidly emerged as a vitally important industry that has fundamentally impacted the global economy with start-up firms in the industry attracting $108 billion of investment capital during the period 1995–2000。

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and funding costs and financial risks XXX een a company's capital structure and profitability is not us。

but increasing a company's long-term debt-to-equity。

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a company's actual capital cost is lower than the rate of return demanded by creditors。

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debt repayment ability。

operating cash flow。

operating ability。

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market interest rates。

and current market economic XXX nary effects。

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中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：Profit PatternsThe most important objective of companies is to create, develop and maintain one or more competitive advantages in order to generate dividends for the shareholders. For a long time, it was simply a question of dominating the market, either by costs or by a policy of differentiation. As Michael Porter advised, it was essential to avoid being “stuck in the middle”. This way of thinking set up competitive rivalry in a closed world, and tended towards stability. This model is less and less relevant today for whole sectors of the economy. We see a multitude of strategic movements which defy the logic of the old system. “Profit Patterns” lists numerous strategies which have joined the small number that we knew before. These patterns often combine to give rise to strategic models which are better adapted to the new and changing needs of the consumer.Increasing the value of a company depends on its capacity to predict Valuemigration from one economic sector to another or from one company to another has unimaginable proportions, in particular because of the new phenomena that mass investment and venture capital represent. The public is looking for companies that will succeed in the future and bet on the winner.Major of managers have a talent for recognizing development market trends There are some changing and development trends in all business sectors. They can be erected into models, thereby making it possible to acquire a technique for predicting them. This consists of recognizing them in the actual economic context. This book proposes thirty strategic prediction models divided into seven families. Predicting is not enough: one still has to act in time! Managers analyze development trends in the environment in order to identify opportunities. They then have to determine a strategic plan for their company, and set up a system aligning the internal and external organizational structure as a function of their objectives.For most of the 20th century, mastering strategic evolution models was not a determining factor, and formulas for success were fixed and relatively simple. In industry, the basic model stated that profit was a function of relative market share. Today, this rule is confronted with more and more contradictions: among car manufacturers for example, where small companies like Toyota are more profitable than General Motors and Ford. The highest rises in value have become the exclusive right of the companies with the most efficient business designs. These upstart companies have placed themselves in the profit zone of their sectors thanks, in part, to their size, but also to their new way of doing business – exploiting new rules which are sources of value creation. Among the new rules which define a good strategic plan are:1. Strong orientation towards the customer2. Internal decisions which are coherent with the overall activity, concerning the products and services as well as the involvement in the different activities of the value chain3. An efficient mechanism for value–capture.4. A powerful source of differentiation and of strategic control, inspiring investorconfidence in future cash-flow.5. An internal organization carefully designed to support and reinforce the company’s strategic plan.Why does value migrate? The explanation lies largely in the explosion of risk-capital activities in the USA. Since the 40’s, of the many companies that have been created, about a thousand have allowed talented employees, the “brains”, to work without the heavy structures of very big companies. The risk–capital factor is now entering a new phase in the USA, in that the recipes for innovation and value creation are spreading from just the risk-capital companies to all big companies. A growing number of the 500 richest companies have an internal structure for getting into the game of investing in companies with high levels of value-creation. Where does this leave Eur ope? According to recent research, innovation in strategic thinking is under way in Europe, albeit with a slight time-lag. Globalization is making the acceptation of these value-creation rules a condition of global competitively .There is a second phenomenon that has an even more radical influence on value-creation –polarization: The combination of a convincing and innovative strategic plan, strategic control and a dominant market share creates a terrific increase in investor confidence. The investors believe that the company has established its position of strength not only for the current, but also for the next strategic cycle. The result is an exponential growth in value, and especially a spectacular out-distancing of the direct rivals. The polarization process typically has two stages. In phase 1, the competitors seem to be level. In fact, one of them has unde rstood, has “got it”, before the others and is investing in a new strategic action plan to take into account the pattern which is starting to redefine the sector. Phase 2 begins when the conditions are right for the pattern to take over: at this moment, th e competitor who “got it”, attracts the attention of customers, investors and potential recruits (the brains). The intense public attention snowballs, the market value explodes to leave the nearest competitor way behind. Examples are numerous in various sectors: Microsoft against Apple and Lotus, Coca-Cola against Pepsi, Nike against Reebok and so on. Polarization of value raises the stakes and adds a sense of urgency: The first company to anticipate market changeand to take appropriate investment decisions can gain a considerable lead thanks to recognition by the market.In a growing number of sectors today, competition is concentrated on the race towards mindshare. The company which leads this race attracts customers who attract others in an upwards spiral. At the transition from phase 1 to phase 2, the managing team’s top priority is to win the mindshare battle. There are three stages in this strategy: mind sharing with customers gives an immediate competitive advantage in terms of sales; mind sharing with investors provides the resources to maintain this advantage, and mind sharing with potential recruits increases the chances of maintaining the lead in the short and the long term. This triple capture sets off a chain reaction releasing an enormous amount of economic energy. Markets today are characterized by a staggering degree of transparency. Successes and failures are instantaneously visible to the whole world. The extraordinary success of some investors encourages professional and amateurs to look for the next hen to lay a golden egg. This investment mentality has spread to the employment market, where compensations (such as stock-options) are increasingly linked to results. From these three components - customers, investors and new talent – is created the accelerating phenomenon, polarization: thousands of investors look towards the leader at the beginning of the race. The share value goes up at the same time as the rise in customer numbers and the public perception that the current leader will be the winner. The rise in share-price gets more attention from the media, and so on. How to get the knowledge before the others, in order to launch the company into leadership? There are several attitudes, forms of behavior and knowledge that can be used: being paranoiac, thinking from day to day that the current market conditions are going to change; talking to people with different points of view; being in the field, looking for signs of change. And above all, building a research network to find the patterns of strategic change, not only in one’s particular sector, but in the whole economy, so as always to understand the patterns a bit better and a bit sooner than the competitors.Experienced managers can detect similarities between movements of value in different circumstances. 30 of these patterns can be divided into 7 categories.Some managers understand migrations of value before other managers, allowing them to continually improvise their business plan in order to find and exploit value. Experience is an obvious advantage: situations can repeat themselves or be similar to others, so that experienced managers recognize and assimilate them quickly. There about 30 patterns .which can be put into 7 groups according to their key factors. It is important to understand that the patterns have three general characteristics: multiplicity,variants and cycles. The principle of multiplicity indicates that while a sector or a company may be affected by just one simple strategic pattern, most situations are more complicated and involve several simultaneously evolving patterns. The variants to the known models are developed in different circumstances and according to the creativity of the users of the models. Studying the variants gives more finesse in model-analysis. Finally, each model depends on economic cycles which are more or less long. The time a pattern takes to develop depends on its nature and also on the nature of the customers and sector in question.1) The first family of strategic evolution patterns consists of the six “Mega patterns”: these models do not address any particular dimension of the activity (customer, channels of distribution and value chain), but have an overall and transversal influence. They owe their name “Mega” to their range and their impact (as much from the point of view of the different economic sectors as from the duration). The six Mega models are: No profit, Back to profit, Convergence, Collapse in the middle, De facto standard and Technology shifts the board. • The No profit pattern is characterized by a zero or negative result over several years in a company or economic sector. The first factor which favors this pattern is the existence of a single strategic a plan in several competitors: they all apply differentiation by price to capture market-share. The second factor is the loss of the “crutch” of the sector, that is the end of a system of the help, such as artificially maintained interest levels, or state subsidies. Among the best examples of this in the USA are in agriculture and the railway industry in the 50’s and 60’s,and in the aeronautical industry in the 80’s and 90’s.• The Back to profit pattern is characterized by the emergence of innovative strategic plans or the projects which permit the return of profits. In the 80’s, the watch industry was stagnating in a noprofits zone. The vision of Nicolas Hayek allowed Swatch and other brands to get back into a profit-making situation thanks to a products pyramid built around the new brand.The authors rightly attribute this phenomenon to investors’ recognition of the superiority of these new business designs. However this interpretation merits refinement: the superiority resides less in the companies’ current capacity to identify the first an indications of strategic discontinuity than in their future capacity to develop a portfolio of strategic options and to choose the right one at the right time. The value of a such companies as Amazon and AOL, which benefit from financial polarization, can only be explained in this way. To be competitive in the long-term, a company must not only excel in its “real” market, but also in its financial market. Competition in both is very fierce, and one can not neglect either of these fields of battle without suffering the consequences. This share-market will assume its own importance alongside the commercial market, and in the future, its successful exploitation will be a key to the strategic superiority of publicly-quoted companies.Increasing the value of a company depends on its capacity to predictValue migration from one economic sector to another or from one company to another has unimaginable proportions, in particular because of the new phenomena that mass investment and venture capital represent. The public is looking for companies that will succeed in the future and bet on the winner.Major managers have a talent for recognizing development market trendsThere are some changing and development trends in all business sectors. They can be erected into models, thereby making it possible to acquire a technique for predicting them. This consists of recognizing them in the actual economic context.Predicting is not enough: one still has to act in timeManagers analyze development trends in the environment in order to identify opportunities. They then have to determine a strategic plan for their company, and set up a system aligning the internal and external organizational structure as a function of their objectivesSource: David .J. Morrison, 2001. “Profit Patterns”. Times Business.pp.17-27.译文：利润模式一个公司价值的增长依赖于公司自身的能力的预期，价值的迁移也只是从一个经济部门转移到另外一个经济部门或者是一个公司到另外一个意想不到的公司。

宏观经济政策对企业经营的影响分析一、经济增长政策对企业经营的影响宏观经济政策是指政府为实现全国经济平衡和发展而制定的一系列政策和措施。

其中主要包括财政政策、货币政策和经济结构调整政策。

经济增长政策是宏观经济政策的一种，其目的是通过优化经济环境和加强对重要行业和企业的支持，促进经济的增长和发展。

经济增长政策一般通过放宽政府对企业的管制和增加对企业的扶持，来带动经济的增长。

对于企业来说，经济增长政策的影响可以表现为两个方面：一是低成本的融资机会更加丰富，二是市场需求增加，企业的销售和利润也会随之增长。

在低成本的融资机会更加丰富的情况下，企业可以更加便捷地获得融资资源，加速业务的扩张和拓展。

对于成长期和创业期的企业来说，经济增长政策的实施是一种良好的机会。

但对于稳定期和下行期的企业来说，经济增长政策对其影响将变得不易评估。

二、财政政策对企业经营的影响财政政策是宏观经济政策的一种，其目的是通过调节国家的财政收支，促进经济的平衡和发展。

财政政策主要包括稳健的财政政策和积极的财政政策两种。

稳健的财政政策是指政府紧缩财政支出、提高税收、减少债务等手段来实施的政策。

这种政策的目的是控制通货膨胀、降低经济过热、减轻政府债务等问题。

但是由于减少对企业的扶持，对企业的发展会产生一定程度的影响。

积极的财政政策是指政府增加财政支出、降低税收、加大基础设施投资等手段来实施的政策。

这种政策的目的是刺激经济增长、增加就业机会、改善社会福利等。

但是由于过度的政府干预，也可能会导致市场发挥不充分，甚至造成资源浪费，对企业经营产生不良影响。

三、货币政策对企业经营的影响货币政策是宏观经济政策的一种，其目的是调节货币供应量和利率水平，影响货币市场和金融市场的运作，从而影响经济活动。

有两种经典的货币政策：紧缩货币政策和宽松货币政策。

紧缩货币政策是指政府通过限制银行贷款和提高货币市场利率等手段来收紧货币供应量。

这样做的目的是控制通货膨胀、稳定物价水平、保持货币的稳定等。

宏观经济形势对企业经营的影响企业经营是一个系统性的过程，需要不断地调整和适应外部环境的变化。

宏观经济形势是企业的外部环境之一，它直接影响着企业的经营和发展。

本文将从宏观经济形势对企业经营的影响、企业应对宏观经济形势的策略、未来宏观经济形势的猜测三个方面进行论述。

宏观经济形势包括国内生产总值、通货膨胀率、货币政策、政府政策、国际形势等综合因素，这些因素都会直接或间接地影响着企业的经营情况。

首先，宏观经济形势的变化会直接影响企业的市场需求。

例如，经济景气度较高时，人们的收入和消费水平都会提高，消费需求也会随之增加，这使得一些传统型行业和新兴行业都会迎来更大的市场需求；反之，若经济不景气，消费需求下滑，企业的生产和销售都会受到影响。

其次，宏观经济形势对企业的资金流、人才招聘等方面也有影响。

例如，货币政策放松，资金供应增加，企业资金成本相应降低，并且企业的融资也会更容易获得；若反之，货币政策紧缩，资金成本上升，企业融资就会更难。

同时，经济发展的变化会引起人才的流向，影响企业的人才招聘和培养。

最后，政府政策和国际形势也会影响企业的经营和发展。

政府政策对企业的支持和资助，税收政策，市场监管等都能对企业的经济产生直接影响；国际形势如贸易争端、外汇市场波动等同样会对企业出口、进口和利润产生直接影响。

企业应对宏观经济形势的策略鉴于宏观经济形势对企业经营的直接影响，企业应该采取不同的战略来应对。

首先，企业应该时刻关注宏观经济形势的变化，分析市场趋势，以适应市场需求。

企业可以通过市场调研、销售数据分析等方式来保持对市场潜在需求的敏感度。

其次，企业应对经营成本进行有效控制。

在经济不景气的情况下，企业要通过降低成本来维持现有生产和销售体系，并逐步适应新的市场变化。

同时，企业也需要考虑增加资源储备，以适应患病时需要的支持。

最后，企业也需要加强合作、发展新的产品和服务，以应对市场需求的变化。

例如，企业可以通过与其他企业合作、推出新的服务或产品来增强竞争力，并逐渐占据市场份额。

宏观经济环境对企业的影响宏观经济环境是一个国家经济运行的总体，它对企业经济发展和经营质量都有着至关重要的影响。

当一个国家经济形势繁荣稳定时，企业经营相对容易，而当国家经济出现下滑和波动时，很多企业的经营情况会面临着巨大的挑战。

下面，我们从宏观经济环境对企业的影响方面，探讨一下对企业的影响。

1. 宏观经济形势与企业发展经济发展的质量和速度都无法脱离宏观经济形势的影响。

当国家经济形势比较景气时，市场销售总体上呈上升趋势。

同时，企业预算也会得到相应的增加，营收和利润同步增加。

而在经济形势低迷或不稳定时，企业的经营情况则会比较困难。

整个市场环境变得不稳定，订单减少，公司收入下降。

2. 经济政策与企业发展当前的宏观经济环境存在多种国家政策影响。

例如，不同国家出台的利率政策、贷款政策、贸易政策及税收政策，都会对企业运行产生影响。

这个政策亦会紧密相连，同样的一个政策调整可能会影响一个产业或是一群企业的利润，因而加大企业发展的不确定性和风险。

3. 外部财经环境与企业影响世界经济有其周期性，而当前的国际环境性质和复杂性也会对企业运营带来不可忽略的影响。

随着全球经济体的日益全球化，企业销售和经营范围正在远离国家范畴，而变为跨国运作。

国际市场环境的微妙变化，可能会导致全球范围内产业竞争格局的变化，从而影响整体市场格局。

4. 多元化经营与企业发展在随着经济不断发展下，企业在多元化发展方面也得到了广泛发展。

通过注入更多的资源，进入新的领域和行业，企业可以通过减少单一业务对上市公司的依赖程度来降低风险。

通过不断拓展业务领域，企业还可以更好地适应市场需求的变化，降低市场风险。

5. 企业创新与发展创新是企业持续发展的关键。

在宏观经济环境中，创新成为塑造企业形象和业务优势的重要手段。

当企业在转型升级过程中，需要投入更多的人力、物力、财力，并在新模式、新技术的研发创新方面下功夫。

在宏观经济放缓的时候，企业需要持续发展，就要加强创新，实行改革，增强产品和服务的竞争能力。

1外文资料翻译译文欧盟国内外银行盈利能力影响因素分析摘要：本文使用银行级数据，通过1995 - 2001年期间国内和外国银行在15个欧盟国家的商业运营情况来了解银行的具体特点和整体银行业环境对影响盈利能力。

结果表明, 国内和外国银行的盈利能力不仅受银行具体特点的影响，也受金融市场结构和宏观经济条件的影响。

除了在集中情况下国内银行利润, 所有的变量都是有重大意义的，尽管它们的影响和关系对国内和国外银行并不总是相同。

1 介绍在过去的几年许多的因素造成了欧盟银行业竞争日益激烈。

最重要的因素之一是针对服务、建立、运行和监督信贷机构的第二个欧洲指令出台，在银行和金融领域放松管制。

这个指令为所有欧洲银行机构在单一欧洲金融市场和提供了平等的竞争条件，因此银行正在先前无法预料的国内外竞争之中。

另外, 最近一些的技术进步对规模经济和范围提供了更多的机会，而采用欧元也加速了行业的变化。

此外,宏观经济政策后大多数国家通货膨胀率和利率逐步降低。

最后,在越来越多的欧洲国家非金融公司被允许提供传统的银行服务,并且在竞争中进一步提高，银行被迫产生新的产品和寻找新客户。

许多银行为了参加欧洲市场和银行业扩大被迫增加规模，通过合并和收购的方式进行了前所未有的整合。

在环境快速变化的情况下，这些变化给在欧盟的银行带来很大的挑战，因此影响了他们的效能。

格林指出，充足的收益是必要的条件让银行保持偿付能力,在一个合适的环境生存、发展和繁荣。

考虑到银行业的健康发展和经济知识增长，影响银行的盈利能力的潜在因素不仅和管理者有关，而且和众多利益相关者如中央银行,银行家协会、政府以及其他金融当局有关。

2 文献综述参考文献与本文可分为三大类。

第一部分是研究集中于银行的盈利能力的决定因素。

第二部分包括研究欧洲银行的利润和成本效率。

第三由研究比较国内外银行。

在下面几个部分中,我们讨论这些类别中的每一个。

3 决定因素和变量选择3．1 因变量本研究使用平均资产回报率(ROAA)来评估银行的性能。

宏观经济波动对企业经营的影响在经济市场上，宏观经济波动是不可避免的。

这种波动主要由国家政策、经济周期和国际经济环境等因素引起。

而宏观经济波动对企业经营会产生深远影响，其中包括对企业的销售、成本、投资决策以及市场参与等方面。

其一，宏观经济波动对企业销售是直接影响最为明显的因素之一。

在经济繁荣期，个人的收入增加，消费能力提高，市场需求相对较高，因此企业的销售也相对较好。

然而，在经济衰退期，个人收入下降，消费能力减弱，市场需求下降，企业的销售也随之受到影响，可能会面临销售不足的问题。

其二，宏观经济波动对企业成本也会产生重要影响。

在高通胀时期，企业原材料、劳动力成本等普遍上涨，导致企业的生产成本增加。

而在通缩时期，由于市场需求下降，供应过剩，企业往往不得不降低产品价格来促销，这对企业的利润以及未来的经营前景都带来了不利影响。

其三，宏观经济波动对企业的投资决策也具有显著的影响。

在经济繁荣期，企业通常会借着市场的好形势增加投资，扩大生产规模或者开展新业务。

而在经济衰退期，由于市场不景气，企业可能会暂停或者延缓投资计划，以降低风险和成本。

其四，宏观经济波动对企业的市场参与也具有一定的影响。

在经济繁荣期，市场竞争加剧，企业可能面临来自各个方面的竞争对手，要想在市场中保持竞争力，就需要持续改进自身的产品和服务。

而在经济衰退期，部分企业可能会不幸倒闭，同时也会有新的机会出现，企业可以利用这个时机进一步扩大市场份额。

总的来说，宏观经济波动对企业经营有着深远的影响。

企业在面对这种波动时，需要密切关注经济形势的变化，采取相应的经营策略，以应对市场的挑战。

合理的利用市场机会，优化资源配置，加强内部管控，是企业在经济波动中能够保持稳定和增长的关键因素。

宏观经济波动所带来的影响，并非固定不变，关键在于企业对这种波动的应对能力和策略选择。

只有在经济波动中灵活应对，不断适应市场变化，才能够在激烈的市场竞争中立于不败之地。

因此，企业要不断提升自身的核心竞争力，加强市场调研和产品研发，以及时应对宏观经济波动所带来的挑战。

文献出处：Gnanasooriyar M S. Profitability analysis of listed manufacturing companies in Sri Lanka: An empirical investigation[J]. European Journal of Business and Management, 2014, 6(34): 358-364第一部分为译文，第二部分为原文。

默认格式：中文五号宋体，英文五号Times New Roma，行间距1.5倍。

制造业上市公司在斯里兰卡的盈利能力分析：一个实证调查摘要：本文是对2008年至2012年期间的选择10家在斯里兰卡的制造业上市公司的盈利能力，以及对四种常用的财务业绩指标分析：总利润（GR），净利润（NP），资产收益率（ROA）和净资产收益率（ROE）。

结果表明，在此期间斯里兰卡制造企业是相当多的盈利在GP和ROA，但利润较低的条件在NP和净资产收益率方面。

结果表明，制造企业的盈利能力是不太令人满意的。

皇家陶瓷有限公司的毛利率和净利率排第一，ABANS电气公司资产收益率第一，皇家陶瓷公司净资产收益率第一。

这项研究的结果对学者，政策制定者，从业人员等有借鉴意义的。

关键词：盈利能力分析，上市制造企业，斯里兰卡引言利润是收入超过相关费用过量在一段时间的活动。

凯恩斯勋爵指出，“利润是驱动企业的发动机”。

每个企业都应该获得足够的利润来生存和发展在一段较长的时间。

这是该指数在经济发展，提高国民收入和生活水平的不断提高。

利润是判断不只是经济准绳，但管理效率和社会目标也。

盈利手段，使利润从组织，公司，公司或企业的所有业务活动的能力。

它显示了如何有效地管理，可以通过使用所有市面上的资源赚取利润。

据Harward和厄普顿，“盈利是“赚其使用返回给定投资的能力。

”然而，长期的盈利能力“不是同义术语‘效率’。

利润率是效率的索引; 和被认为是效率和管理指南，更高的效率的量度。

毕业设计（论文）外文文献翻译文献、资料中文题目：财务风险管理文献、资料英文题目：Financial Risk Management 文献、资料来源：文献、资料发表（出版）日期：院（部）：专业：班级：姓名：学号：指导教师：翻译日期： 2017.02.14财务管理类本科毕业论文外文翻译译文：[美]卡伦·A·霍契.《什么是财务风险管理？》.《财务风险管理要点》.约翰.威立国际出版公司,2005:P1-22.财务风险管理尽管近年来金融风险大大增加，但风险和风险管理不是当代的主要问题。

全球市场越来越多的问题是，风险可能来自几千英里以外的与这些事件无关的国外市场。

意味着需要的信息可以在瞬间得到，而其后的市场反应，很快就发生了。

经济气候和市场可能会快速影响外汇汇率变化、利率及大宗商品价格，交易对手会迅速成为一个问题。

因此，重要的一点是要确保金融风险是可以被识别并且管理得当的。

准备是风险管理工作的一个关键组成部分。

什么是风险？风险给机会提供了基础。

风险和暴露的条款让它们在含义上有了细微的差别。

风险是指有损失的可能性，而暴露是可能的损失，尽管他们通常可以互换。

风险起因是由于暴露。

金融市场的暴露影响大多数机构，包括直接或间接的影响。

当一个组织的金融市场暴露，有损失的可能性，但也是一个获利或利润的机会。

金融市场的暴露可以提供战略性或竞争性的利益。

风险损失的可能性事件来自如市场价格的变化。

事件发生的可能性很小，但这可能导致损失率很高，特别麻烦，因为他们往往比预想的要严重得多。

换句话说，可能就是变异的风险回报。

由于它并不总是可能的，或者能满意地把风险消除，在决定如何管理它中了解它是很重要的一步。

识别暴露和风险形式的基础需要相应的财务风险管理策略。

财务风险是如何产生的呢？无数金融性质的交易包括销售和采购，投资和贷款，以及其他各种业务活动，产生了财务风险。

它可以出现在合法的交易中，新项目中，兼并和收购中，债务融资中，能源部分的成本中，或通过管理的活动，利益相关者，竞争者，外国政府，或天气出现。

盈利能力分析外文文献盈利能力分析相关的外文翻译和英文原文导读:就爱阅读网友为您分享以下“盈利能力分析相关的外文翻译和英文原文”的资讯，希望对您有所帮助，感谢您对的支持!客户盈利能力分析的实施:案例研究埃里克?M、凡?RAAIJ、桑德凡?彻斯特特文特大学技术与管理学院摘要:通过使用客户盈利能力分析(CPA)，企业可以决定客户群和/或个人客户的利润贡献。

本文介绍了CPA的实施1办法。

执行过程中使用的是公司产的案例研究和销售的专业清洁产品说明。

这个案例研究突出了工业环境与CPA的具体问题，并把结果提供了实施定期CPA过程中可能带来的好处的例子。

关键词:客户盈利;客户关系管理(CRM);实施;案例分析。

1. 介绍:在任何给定的客户群，将有客户产生的公司，并在公司有承担，以确保这些收入成本收入差异。

虽然大多数公司将了解客户的收入，很多企业并不知道与客户关系有关的所有费用。

在一般情况下，产品成本将被称为为每一个客户，但销售和市场营销，服务和支持成本大多视为开销。

客户盈利能力分析(CPA)是指收入和成本分配到细分客户或个人客户，这样，这些段和/或单个客户的盈利能力可以计算出来。

CPA日益关注的动力是双重的。

首先，不同产品作业成本法在上世纪90年代兴起(ABC)导致了不同程度的提高认识到制造业使用公司的资源。

当使用ABC，公司首先确定成本库:组织内进行的活动类别。

其次，信息技术使得有可能记录和分析更多的客户的数据在类型和量中。

随着数据如订单2数量，销售访问次数，服务电话号码等存储在各个客户的水平，有可能去实际计算客户盈利。

它被认为是良好的行业营销实践建立和培养与客户的利益关系。

为了能够做到这一点，企业应该懂得目前的客户关系不同的盈利能力，以及什么客户群提供更高的潜力，未来盈利的客户关系。

2. CPA的潜在效益CPA的直接好处在于它提供了在成本和收入超过客户分布不均的情况。

在成本中的客户传播的信息将是特别有价值的，因为收入分配一般是已知的公司。

上市公司股利政策外文文献翻译XXX。

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文献出处：标题 : A ssessm ent of Financial R isk in Firm 's Profitability A naly sis作者 : S olomon, Daniela C ristina; M untean, M i rcea出版物名称 : Economy Transdisciplinarity C og nition卷 : 15期 : 2页 : 58 -67页数 : 10出版年份 : 2012A ssessm en t of F in a n c ia l R isk in F ir m ' s P r ofita b i l i t y A n a ly sisA bstract: In the contex t of g lobalization w e are w i tnessing an unprecedented diversification of risk situations and uncertainty in the business w orld, the w hole ex i stence of an org anization being related to risk . The notion of risk i s inextricably l inked to the return. R eturn includes ensuring remuneration of production factors and invested capital but a lso resources manag em ent in terms of efficiency and effectiveness. A full financial and econom ic diag nosis can not be done w i thout reg a rd to the return-risk ra tio.S tock profitability analy s i s should not be dissociated from risk analy s i s to w hich the com pany i s subdued. R isk analy sis i s useful in decision making concerning the use of economic-financial potential or investm ent decisions, in developing business plans, and a lso to inform partners about the enterprise's performa nce level.R i sk takes many form:, operational risk, financial risk and tota l risk , risk of bankruptcy ( other risk categ ories) each influencing the business activity on a g reater or lesser extent. Financial risk analy s i s, realized w i th the use of specific indicators such as: financial leverag e , financial breakeven and leverag e ra tio ( C LF) accompany ing call to debt, presents a major interest to optim ize the financial s tructure and viability of any com pany operating under a g enuine m arket econom y .Key w ords: risk analy sis fina ncial risk , financial leverag e , breakeven point.IntroductionR i sk and return a re tw o interdependent aspects in the activity of a com pany , so the question i s assuming a certain level of risk to achieve the profitability that it a l low s. R eturn can only be assessed but on the basis of supported risk . This risk a ffects econom ic asset returns first, and secondly of capital invested. Therefore it can be addressed both in terms of business, as the org anizer of the production process driven by intention to increase property ow ners and adequate remuneration of production factors and the position of outside financial investors, interested in carry ing the best investm ent, in financial market conditions w i th several areas of return and different risk levels.R isk assessm ent should consider manag ing chang e : people chang e , methods chang e , the risks chang e [ 1 , 36 ] .C onsequently , profitability i s subject to the g eneral condition of risk w here the org anization operates. R i sk takes m any forms, each a ffecting the ag ents' econom ic activity on a lesser or g reater ex tent. For econom ic and financial analy sis a t the micro level presents a particular interest those form s of risk that ca n be influenced, in the sense of reduction, throug h the actions and measures the economic ag ents can underg o.1.. Financial R i sk in Economic Theory and PracticeFinancial activity , in i ts m any seg m ents is influenced by unex pectedly restrictive e lem ents as evolution, often unexpected, not depending directly on economic ag ents. Impact of various factors ( m a rket, competition, tim e factor,inflation, ex chang e rates, interest, com missions, human factors and not least the company culture) often mak es financial decision become a decision under risk.Financial risk characterizes variability in net profit, under the company 's financial structure. There a re no financial templa te features, each business activity prints i ts ow n sig nificant varia tions from case to case. In the case of reta i l ers, "intang ible assets a re less important, but stocks a re significant, and the appeal to credit provider is frequently used, being very useful for treasury business" [ 2 , 40 ] .A n optim a l capital structure w i l l max imize enterprise value by balancing the deg ree of risk and ex pected return rate.M anag em ent of financial risk is an integ ra l part of planning and financial control, subm itted to strateg ic and tactical decisions for a continuous adaptation to inside and outside company conditions, constantly chang ing and it requires:-identification of a reas that are prone to risk;-l ikelihood estima tion of financial risk production;-determining the independence relations betw een financial risk and other significant risks ( operational risk , market risk - interest rate fluctuations);-delim i ta tion of risk and keeping i t under observation to stop or diminish ( minim ize) the effect;-identify causal factors for financial risk, in order to define potential adverse effects induced on the overall activity of the company ;-determining the risk as quantifiable s i ze, as w ell as the effects associated to risk occurrence;-determining the routes to follow and strateg ies to fit the company 's financial activity in an area of financial certainty .Financial risk i ssues can be found a t the heart of R om anian accountant's norma l izors. A ccording to the OM PF 3055 /2 009 , the B oard m ust prepare for each financial y ear a report, called a M anag ers ' report, w hich must include, besides an accurate presentation of development and performance of the entity 's activity and i ts financial position, a lso a description of main risks and uncertainties that i t fa ces.Thus, M anag ers report must provide information on: the objectives and policies of the entity concerning financial risk m anag ement, including i ts policy for risk covering for each major ty pe of forecasted transaction for w hich risk coverag e accounting i s used, and entity 's exposure to market risk, credit risk , l i quidity risk and cash flow .R equired disclosures provide information to help users of financial statem ents in evaluating the risk financial instrum ents, recog nized or not in balance sheet.The m a in categ ories of financial risks a ffecting the company 's performance a re [ 3 ] :1 . M arket risk that com prises three ty pes of risk :0 currency risk - the risk that the value of a financial instrument { Financial instrum ent i s defined according OM FP 3055 /2 009 , A rt. 126 , as: ''... any contract that s im ultaneously g enerates a financial active for an entity and a financial debt or equity instrument for another entity ") w i l l fluctuate because of chang es in currency exchang e rates; the low ering of ex chang e rate can lead to a loss of value of assets denominated in foreig n currency thus influencing business perform ance;0 fa i r value interest rate risk - the risk that the value of a financial instrument w i l l fluctuate due to chang es in market interest ra tes;0 price risk - the risk that the value of a financial instrum ent w i l l fluctuate as a result of chang ing market prices, eveni f these chang es are caused by factors specific to individual instruments or their i ssuer, or factors a ffecting a l l instrum ents traded in the ma rket. The term "market risk " incorporates not only the potential loss but as w e l l the g a in.2.. C redit risk - the risk that a party of financial instrument w i l l not to com ply w i th the undertaking , causing the other party a financial loss.3.. Liquidity risk - ( a lso called funding risk) is risk that an entity meets in difficulties in procuring the necessary funds to m eet com mitm ents related to financial instrum ents. L iquidity risk ma y result from the inability to quickly se l l a financial asset a t a value close to i ts fa i r va lue.4.. Interest ra te risk from cash flow - i s the risk that future cash flow s w i l l fluctuate because of chang es in ma rket interest rates. For ex am ple, i f a variable rate debt instruments, such fluctuations a re to chang e the effective interest rate financial instrument, w i thout a corresponding chang e in its fa i r va lue.Financial environment i s characterized by a hig h interest rate volatility , w hich translates in term s of risk and indiscriminate harm s the va lue and profitability of any enterprise [ 4 , 89 ] . Interest ra te risk on the balance sheet i s reflected by chang es in m arket value of an asset, as the present value of an asset i s determ ined by discounting cash flow s using interest rate or w eig hted averag e cost of capital [ 5 , 89 ] .2 . Financial R isk A ssessmentFinancial risk assessm ent is performed by using specific indicators such as: financial leverag e, financial breakeven and leverag e factor ( C L F) w hose values ex press fluctuations in net profit, under the company 's financial structure chang e .Financial leverag e effectFinancial ri sk or capital concerns the com pany 's financial structure and depends on the manner of funding the activity : i f it is w holly financed by equity , i t w i l l not involve financial risk . This risk appears only if loan financing sources involving charg e to pay interest and show s a direct influence on financial profitability ( of equity ) [ 6 , 170 ] .Debt, the size and cost drives the variability of results and autom a tica l l y chang es the financial risk. The size of influence of financial structure on firm performance has produced financial leverag e effect, w hich can be defined as the m echanism throug h w hich debt a ffects return on equity , return on the ratio of benefits ( net income) and equity .B etw een economic profitability and financial return there i s a tig ht correlation. Financial return is rooted in economic returns. The difference betw een the tw o rates is g enerated by com pany policy options for funding . U sually , on equal economic rate return, financial profitability ra tes vary depending on finance source - from ow n equity or borrow ed capital.In econom ic theory the link betw een financial profitability ra te ( R f) and econom ic ra te of return ( R e) is hig hlig hted by the follow ing equation:...w here: d = averag e interest rate; D= total debts; C pr = ow n equity ;...If for calculation of return ra tes profit tax i s taken into account, the relationship becomes [ 6 , 170 ] :w here: i=the tax rate....W e can see the influence that financial structure, respective "all financial resources or capital composition that financial manag er use to increase the needed funding " [ 7 , 36 ] , has on the overall profitability of the company . B y reporting total debt ( D) to ow n equity ( C PR ) i s determined financial leverag e ( L F) ( or leverag e ratio) reflecting the proportion of g rants to loans and g rants to i ts ow n resources. The report should not ex ceed the value 2 , otherw i se the debt capacity of the enterprise i s considered saturated, and borrow ing above this l im i t lead to the risk of insolvency , both to the borrow er and the lender.The financial leverag e effect ( E L F) results from the difference betw een financial and economic return and "ex pressesthe impact of debt on the entity 's equity , the ratio betw een ex ternal and domestic financing ( dom estic resources) " [ 2 , 40 ] thus reflecting the influence offinancial structure on the perform ance of an entity :...Depending or not on the consideration of income tax , net or g ross ra tes of return can be measured, i.e . net or raw financial leverag e effect, as follow s:Debt i s favorable w hile the interest rate i s inferior to the ra te of economic profitability , w hich has a positive influence on financial ra te of the company .Financial leverag e i s even g reater as the difference betw een economic profitability and interest rate i s hig her, in this respect can be seen several cases presented in Table 1 .Leverag e effect a l low s evolution stimulation for financial profitability according to the chang e in funding policy of the enterprise being an im portant param eter for stra teg ic business decisions [ 8 , 164 -165 ] .B ased on the balance sheet and profit and loss account of tw o studied companies' rates of return and financial leverag e a re determ ined, as presented in table no. 2 .From the analy sis of the data presented in Table 2 w e may see the follow ing conclusions:1.. Economic and financial rates of return, in the case of S .C . A L FA S .A . follow s an upw a rd trend recently analy zed aspect reflecting the increased efficiency in the use of equity capital invested, w hile for S .C . B ETA S .A . evolution is a descendant one.2.. R eturn on equity ( equity efficiency ) w as hig her than the ra te of economic profitability ( econom ic efficiency of assets, invested capital respectively ) throug hout the period under review follow ing a positive financial leverag e ( EL F> 0 ) and hig her econom ic efficiency cost of borrow ing ( R e> d).3.. R educing financial leverag e for S .C . A L FA S .A . reduced the favorable effect of the debt presence on financial efficiency ra te , w hich w as due to low er w e ig ht ra tio of tota l debt and equity g row th.4.. Total debt increased during N-l and N y ears for S .C . B ETA S .A . resulted in increased financial leverag e that potentiates financial return ahead as the economic ra te of return.The evolution of the relationship betw een g ross economic return ( R ebr) and g ross financial profitability ( R fbr) for S .C . A L FA S .A . is g raphically presented in Fig ure 1 , and for S .C . B ETA S .A . in Fig ure 2 .A naly zing the evolution offinancial leverag e ( Fig ure 3 ) one can see that risk capital i s not placed a t a level too hig h, w hich m ig ht jeopardize the financial autonom y of enterprises.S ome financiers, as M odig l i ani and Fisher a rg ue that i t i s more advantag eous for the company to finance from loans than from equity [ 6 , 170 ] as the cost of borrow ed capital ( debt interest) i s a lw a y s deductible company 's tax , w hile the cost of equity ( preserved benefits and dividends) i s not tax deductible for the com pany . S hareholders tend to fa ll into debt to g et more tax sa ving , in this w a y , "indebted enterprise va lue appears to be hig her than the company that i s not under debt"[ 7 , 36 ] .Financial breakeven returnEstablishing the company 's position in relation to financial return breakeven for financial risk analy s i s i s determined taking into account fix ed costs and fix ed financial costs, meaning interest ex penses. In this s ituation turnover is calculated corresponding to a financial breakeven return or "financial standstill".B reakeven thus determ ined depends on four fundam ental variables [ 10 ] :-three parameters that influence the stability results of operations:*stability of turnover;*costs structure;*firm position in relation to i ts dead point;-financial ex penses level, respective the debt policy practiced by the company .B ased on these values safety indicators or position indicators are estimated, presented in Table 3 .w here: C A ^tic= financial breakeven;C f = fix ed ex penses;C hfin = financial ex pensesC V = variable ex penses; CA = turnover;R mcv = variable ex penses rate marg in.Financial risk deepens econom ic risk ( in addition to repa y ment of loans, interest costs need to be paid), and finally g enerates a pay ment default of the company that can lead to bankruptcy risk [ 11 , 36 ] .Financial leverag e ratio ( C L F)Financial risk assessment and evaluation can be m ade based on financial leverag e factor ( C L F). It ex presses the sensitivity of net income ( R net) to operating results variations ( R exp) and m easures the percentag e increase of net incom e in response to increase w i th one percentag e of results from operations. C a lculation relationship is as follow s:...respective: ...The C L F calculation takes into account only the current result and financial ex penses, only that correlate w i th the operation, w hich reduces net income relationship: R net = ( R ex p - C hfin) * ( ! - /)In these c ircum stances, financial leverag e coefficient g a ins ex pression: d c . \ /. .v i R exp...C L F= R qx PIt notes that the financial leverag e ratio i s directly proportional to financial ex penses w hich increase hig her the value of C L F and therefore increase in financial risk .Financial risk as measured by financial leverag e ra tio meets vary ing deg rees depending on know ing the coefficient values from zero to infinity [ 6 , 170 ] :B ased on profit and loss account of the tw o studied companies w e determine financial risk indicators presented in Table no. 4 .It can be noticed that, based on the data in Table 4 , the com panies have a com fortable s i tuation in term s of financial risk , because financial expenses have insig nificant values, and in N-2 y ear their absence a l low ed to obtain a financial leverag e ra tio equal to 1 , companies' ex posure to financial risk being m inor.A ctual turnover for the tw o com panies w ere above breakeven financial ( o ver critical turnover) in the analy zed period, aspect w hich a l low ed the recording of safety m arg ins, safety spaces and positive efficiency g a ins.Graphical representation of comparative evolution of financial leverag e ratio i s sug g estively show n in Fig ure no. 4 .In the case of S . C . A L FA S .A . the entire period financial risk is minor due to low level of financial costs, the company preferring to use only i ts ow n resources to finance the activity . Poor values of financial leverag e ra tio ( very c lose to 1 ) support the previous sta tements.Greatest financial risk to w hich S .C . B ETA S .A . i s ex posed to i s manifested in financial y ear N, w hen the value ofcoefficient C L F is max imum , respectively 1 ,11047 w hich show s increasing dependence of net result on the operating result, and consequently , increased financial risk due to the g ap betw een the index and results of operations index of financial ex penses ( l R ex p <Ichfin)- How ever, financial risk i s minor, the society proves superior financial perform ance as turnover i s w e l l above the critical turnover ( financial breakeven), rang e safety hovering w ell above the 20 % in the analy zed period.C onclusionsDebt had a positive effect on financial profitability m anifested as a "financial leverag e" ( positive leverag e effect). Ex tremely low level of debt and low er value of financial l iabilities inferior to ow n equity makes companies not ri sk y in term s of financial solvency . In this situation, for both com panies, i s m ore advantag eous to use the medium and long term loans to finance business, thus ensuring them an additional profit. U s ing debt should be made w i th caution in order not to l imit the financial independence of firm s and reduce additional debt opportunities in times of crisis.A naly sis of financial risk and leverag e effect that accom pany the call to debt, presents a major interest to optim ize the financial structure and viability of any com pany operating under a real market econom y .The use of loans can be risky for the entity and i ts shareholders, but this m ethod of financing becom es advantag eous for entity shareholders s imply because they are able to hold an asset more im porta nt than equity value, increasing their economic pow er. The financing of company ex pansion activity can be achieved by a s ig nificant increase in borrow ed capital provided economic returns exceed the averag e interest rate.C ompany 's risk assessment on the basis of leverag e coefficients i s required for the predicted behavior analy s i s for estimating future results, w hich must be taken into account in decision m aking process.R efer en ces[ 1 ] M orariu, A ., C recanä,C ., D., ( 2009 ) , ''Internal audit. S tra teg y in manag em ent advising ", Theoretical and A pplied Economics - supplem ent, B ucharest, p. 36 .[ 2 ] M orariu, A ., C recanä, C ., D., ( 2009 ) , ''The im pact of economic performance on financial position", Financial A udit, no. 5 , The C hamber of Financial A uditors from R omania Publish house ( C A FR ) , B ucharest, p. 40 .[ 3 ] OM FP, 3055 /2 009 , A rt. 306 , a l .( 3) .[ 4 ] J offre, P., S im on, Z., ( 2007 ) , Ency c lopédie de g estion, Economie Publish house, Paris, 1989 , quoted by J ianu, L , p. 89 .[ 5 ] J ianu, I., ( 2007 ) , Evaluation, presentation and analy sis of enterprise's performance - A n approach from International Financial R eporting S tandards, C EC C A R Publish house, B ucharest, p. 89 .[ 6 ] Petrescu, S ., ( 2010 ) , A naly sis and financial - accounting diag nostic -Theoreticapplicative g uide, 3 rd edition, revised and enlarg ed, C EC C A R Publish house, B ucharest, p. 170 .[ 7 ] M i roniuc, M ., ( 2007 ) , A ccounting and financial manag ement of the company . C oncepts. Policies. Practices, S edcom L ibris Publish house, Iaçi, p. 36 .[ 8 ] Zait, D., ( 2008 ) , Evaluation and manag em ent of direct investments, S edcom Libris Publish house, Ia §i, p. 164 -165 .[ 9 ] National B ank of R om ania, R eference Interest - history , available on[ 10 ] Quiry , P., Le Fur, Y ., Pierre V emim men ( 2008 ) , Finance d'entreprise 2009 , 7 th edition , Dalloz Publisher, Paris.[ 11 ] B erheci, M ., ( 2009 ) , "The risks in l i fe business and accounting outcom e variability " - Part II, A ccounting , auditing and business expertise, p. 36 .。

宏观经济政策对企业经营的影响分析随着全球经济不断发展，各国政府的宏观经济政策也不断调整和优化。

这些政策对企业经营产生了深远的影响。

本文将从货币政策、财政政策和产业政策三个方面分析宏观经济政策对企业经营的影响。

一、货币政策对企业经营的影响货币政策是指政府通过调整货币供应量、利率等手段，影响经济发展和市场运行的一种宏观经济调控手段。

货币政策的影响主要体现在以下两个方面：1. 影响企业利润水平货币政策通过调整利率、汇率等手段影响货币市场的供求关系和流动性，进而影响企业的融资成本和融资难度。

利率下降可以降低企业的融资成本，增加企业的利润水平。

而利率上升则会使企业的融资成本上升，减少企业的盈利空间。

此外，汇率的波动也会对企业的利润产生影响。

当汇率升值时，企业的成本会上升，利润会受到一定影响。

2. 影响企业投资决策货币政策的趋势会对企业投资决策产生较大的影响。

如果货币政策趋于紧缩，利率较高，那么企业投资的回报率会下降，投资意愿会相应减少。

反之，货币政策趋于宽松，利率较低，会使企业的投资回报率上升，投资意愿也会增强。

二、财政政策对企业经营的影响财政政策是指政府通过财政收支平衡、公共投资和税收政策等手段实现宏观经济稳定和调控的一种手段，会对企业经营产生以下影响：1. 影响企业资金流财政政策中的税收政策对企业资金流动产生重要影响。

例如，政府对企业征收高额的企业所得税和其他税收，会使企业的资金流减少，利润下降，缩小企业经营空间。

此外，政府加大对公共投资的支持，释放出的资金也会对企业资金流动产生积极的影响。

2. 影响企业的市场竞争力财政支出的倾向和政策的执行对市场竞争力有一定的影响。

例如，政府通过加大对某个行业的扶持力度，对该行业企业的发展有利，但会减弱其他行业的竞争力。

此外，政府实行投资性支出政策，引导企业向有益社会的方向投资和发展，进一步促进了企业的市场竞争力。

三、产业政策对企业经营的影响产业政策是指政府通过产业规划、技术创新、市场调控等手段对产业进行引导和调控，促进产业发展。

中文3155字外文文献翻译译文一、外文原文原文：Do Leverage, Dividend Policy and Profitability influence the Future Value of Firm? Evidence from IndiaINTRODUCTIONWith the ushering of economic liberalization in 1992, Indian stock market has undergone several changes over the last decade. These include introduction of new exchanges, massive computerization and electronic limit order book integrating the stock exchanges across the nation, establishing of clearing corporation and subsequent introduction of new derivative products in the market. Perhaps the most important among these changes was the establishment of Securities and Exchange Board of India (SEBI) in 1992 as the market watchdog. SEBI, since it’s inception has strived in the direction of narrowing the information gap between Indian corporations and investors, enforce better corporate governance practices through guidelines, rules and regulations and through active market for corporate control that has marked a new era in the Indian financial arena. The investors reveled their confidence through their participation in the primary and secondary market. Large number of new companies came to the primary market over 1993-96 and the market capitalization of S&PCNX 500 has increased considerably over 1990s. India has emerged as an emerging economy with largest number of companies listed in its stock markets.Over the last decade corporate governance has received considerable importance in Indian financial market. With the initiation of market for corporate control and activities in the merger and acquisition market, CEOs have assigned tremendous importance for creating value for their firms. Accordingly companies from different sectors (and/or ownership groups) have adopted different strategies to signal theirearning and growth potential over the years and thereby influence their stock prices. With this in the background this paper attempts to analyze the factors that influenced the future value of the companies listed in Indian stock markets and also how the effect of these factor changes over different categories of firms.Background LiteratureThe well-developed and vibrant literature in modern corporate finance has its root in the seminal paper by Franco Modigliani and Merton Miller (1958, 1963),(M-M henceforth). This branch of finance started with the assumption of perfect information and complete markets. It postulates that in a typical neoclassical market with perfect competition, absence of agency costs, transaction and banking costs, the average cost of raising fund for any firm is completely independent of its capital structure. With the same set of assumptions M-M (1963) argued that the value of the firm is unaffected by the dividend policy. However, over time many of these simplified assumptions were relaxed and subsequent research showed capital structure does matter and there could exist optimal dividend policy in the modified M-M framework.Academic literature over the last decade has documented the effect of different strategic factors influencing the firm values for the developed countries. Rappaport (1981, 1987) has used value creation literature for corporate mergers and acquisition and underlined the importance of growth rate, operating profit, income tax rate and fixed capital investment as the major factor influencing the firms’ value. Recently some of the studies concentrated on emerging market to analyze the factors that influenced the firms’value in this market. Ben Naceur and Goaied (2002) investigated value creation process for Tunisian stock exchange using a random probit model with unbalanced panel data. It considered that the managers’ succeeded creating value to its share holders if the market value of the share exceeds the book value of the corporation and vice versa. The authors considered three main determinants of value creation: financial policy, profitability and dividend policy.In the modified M-M framework, literature has shown that firm’s performance depends on the capital structure (or financial policy). Ross (1977) argued thatmore leverage would signal the investors about the improved firm prospect and influence the firm’s value in future. Increase in dividend payout increases the investors’ income at present and signal the expected future cash flow for the corporation. Profitability is undoubtedly one of the major factors determining the firm value. Ben Naceur and Goaied(2002) argued that while profitability and debt have positive effect on the probability of crating future value, the pay-out have reverse effect on the same.India has one of the most developed stock markets in the world with large number of domestic and international players investing in Indian stock market. With maximum number of companies listed in the Indian stock exchanges from different industries and different ownership groups (e.g. business affiliated firms, Indian standalone, foreign standalone) and with the emphasis on corporate governance practices, India has become an important and interesting destination for such studies. Among the available studies in this area, Sahu (2002) used a sample of companies listed in BSE to explain the abnormal stock returns by dividend stability and found no statically significant result. Another study by Tuli and Mittal (2001) used 101 Indian firms and found price earning ratio is significantly influenced by variability of market price and dividend pay out ratio.However, the authors did not find any significant effect of industry and ownership pattern on price to earning ratio.This papers aims at determining the factors influencing the probability of future firm value for Indian corporations after controlling for the industry and time specific effects. In particular this study attempts to answer the following questions:（1）How the probability of future value creation is affected by firm’s profitability, financing pattern and the dividend pay-out policy?（2）Whether the firms belonging to business groups have different effect on probability of value creation?DataThe primary source of the data for this paper is PROWESS database, compiled by Center for Monitoring the Indian Economy (CMIE). This dataset is similar to the COMPUSTAT database in USA. We have selected the firms that are presently included in S&PCNX 500 index. The accounting and stock price data for thesecompanies are extracted for the year 1989-90 to 2001-02 from Prowess dataset for this study.So far we have done the univariate and bivariate analysis in the previous section.To examine the factors effecting the future value creation of the firms listed in the Indian stock exchange we examine the effect of previous year’s leverage, dividend and profitability on the MBVR of the company in a multivariate framework.Variable DescriptionMarket to book value ratio (MBVR) is defined as the ratio of closing price of the equity to book value of equity at the end of the financial year. MBVR is the dependent variable for the OLS regression. For the logit model the dependent variable is a binary series, which takes the value 1 if price to book value ratio is greater than one (i.e., market perceived that future value of the firm is going to increase) and zero otherwise.The other variables of interest include those representing Leverage Policy,Dividend Policy and Profitabilit y that have key bearing on the firms’ future value creation. While the ratio of total amount of long-term debt to total amount of equity capital (LEVERAGE) is included to proxy the leverage policy of the corporation, the ratio of total dividend to total earning of the firm (PAY_OUT) i s included to capture the dividend policy of the same. The profitability of a company, on the other hand, is captured by the ratio of net profit to net worth of the firm, which is also known as return on equity (ROE).To control for the size of the firm we consider total assets (ASSET) of the firm as a proxy variable. To control for the differenced arising due to the firms belonging to different business groups this paper considers different dummy variables. If the firm is Among the large number of listed companies, those included in S&PCNX 500 are often considered for empirical studies for their liquid nature and representative characteristics.Private Indian standalone then the dummy, D_PVT_IND, take the value one and zero otherwise. If, on the other hand, a firm is private foreign standalone then the dummy, D_PVT_FOR, take the value one and otherwise zero. Indian companies differ considerably access the industries. So industry dummies were used to controlfor industry specific heterogeneity. Since 1990, Indian economy has undergone several changes, which have their influence on the corporate valuation. So time dummies were also included to control for the time trend. All the nominal variables are deflated by GDP deflator and expressed at constant price of 1987-88.(Insert Table-1 here)Table 1: Descriptive statistics(MBVR) is ratio of closing price of the equity to book value of equity at the end of thefinancial year. LEVERAGE is the ratio of total amount of long-term debt to total amount ofequity capital.PAY_OUT is the ratio of total dividend to total earning of the firm. Returnon equity (ROE) is the ratio of net profit to net worth of the firm.ASSET total assets of thefirm.Variable All Firms Large Firms Small Firms Group FirmsIndianStandaloneFirmsForeign StandaloneFirmsMBVRLE VERAGE DIVIDEND P AY OFF3.137(5.993)1.726(4.140)0.023(0.029)2.133(3.537)3.057(7.151)0.025(0.028)3.349(6.372)1.441(3.063)0.023(0.029)2.833(5.659)1.973(4.470)0.024(0.030)2.850(5.119)1.247(3.094)0.024(0.026)5.776(8.255)0.319(0.484)0.020(0.023)PROFITABILITY (ROE) 0.138(0.367)0.095(0.449)0.148(0.346)0.133(0.372)0.168(0.283)0.148(0.Table 1 shows the mean values and the standard deviations (in parenthesis) of the variables under consideration under six different cases (namely, all firms, large firms, small firms, group-affiliated firms, Indian standalone firms and foreign standalone firms). The descriptive statistics reported in Table 1 shows that the value of a firm, in terms of MBVR, is higher for the small firms and the foreign standalone firms. Large firms get more leverage than any other category of firms. Profitability of the firm, in terms of ROE, is higher for the Indian standalone companies. Table 2 shows the Pearson correlation coefficient matrix between the variables of interest. It shows that MBVR has significant negative correlation with leverage and size of the firm and positive correlation with dividend policy and profitability of the firm. In the Appendix Figure 1 and 4 show that with the ushering of economic liberalization there is a sharp rise in MBVR and ROE in the year 1992, which have gradually decreased over the years. Figure 2 shows since post liberalization period, the leverage has shown an increasing trend. However, dividend payout policy does not depict any significanttrend over this period.The coefficient of lagged value of leverage (-O.44) and its square term (0.007)imply that as the leverage of the firm increases, the probability of raise in future firm’s values declines at a decreasing rate. The negative influence of leverage on the probability of future value creation was observed across the ownership groups and size. The profitability of the firm (as apparent from the coefficient of ROE) increases the probability of increase in future value creation. Point to note is, this increase is higher for foreign standalone firms as compare to Indian standalone or group-affiliated firms.Unlike the OLS model, the dividend payout did not significantly explain the chance of future value creation. Neither in the pooled model nor in the size and ownership group specific regression the coefficient of payout was significantly different from zero at 10per cent level.ResultThis paper analyzed the accounting factor that influence the probability of increase in future m arket valuation of the firms’ listed in Indian stock exchange after controlling for the time and industry specific effects. The empirical results indicate that the increase in leverage has a negative impact on the chance of future value increase of the firm. It could be because more reliance on credit increases the conflict of interest between shareholders and creditors, giving more control to the managers/promoter, which in turn have a negative influence on the future valuation. Alike Naceur and Goaied (2002), we found previous year’s profitability positive influences future firm’s value, a s increase in profitability might have signaled better quality of size. This finding could be because of the fact that the dividend payment the future per management. However, the pay-off did not significantly influence the probability of future MBVR increase in the pooled model as well as the models across ownership group an formance varied considerably across firms listed in Indian stock exchange.ConclusionThis paper investigates the value creation process of the firms listed in the Indian stock market and their dependence on the accounting variables. It used an unbalancedlogit model and found that the increase in profitability has a positive influence on the probability of creating future value and the relation is stronger for foreign standalone firms as compared to private Indian standalone or business group owned firms. Leverage, one the other hand, has negative impact on the chances of increase in future value of the corporation and this relation was uniform across size and ownership group. It could be because of the potential conflict of interest between the equity holders and the creditors that got reflected in the stock prices. The dividend pay-off policy of the firm, however, could not significantly influence the probability of future value creation of the firms listed in Indian stock market.Source:Saurabh Ghosh,2008“Do Leverage, Dividend Policy and Profitability Influence Future Value of Firm? Evidence from India”.Reserve Bank of India.July.pp.1-3.二、翻译文章译文：是否杠杆、股利政策及盈利能力会影响公司未来的价值？介绍随着1992年以来的经济自由化，印度股市在过去十年经历了很多变化。

宏观经济环境如何影响公司盈利的例子随着全球化的发展和经济的不断增长，宏观经济环境对公司盈利的影响越来越显著。

这篇文章将通过一些例子来探讨宏观经济环境如何影响公司盈利。

第一个例子是中国的房地产市场。

在过去几十年里，中国的房地产市场一直是经济增长的重要驱动力之一。

然而，随着政府对房产市场的调控加强，房地产市场开始出现调整。

这种调整不仅影响了房地产开发商的盈利，也影响了整个经济的增长。

当房地产市场不景气时，开发商的销售额和利润会下降，从而影响到供应商和其他相关行业的盈利。

此外，房地产市场的调整还会对就业和消费产生影响，进而影响整个经济的增长。

第二个例子是全球的贸易摩擦。

随着全球化的发展，国际贸易成为了许多企业的重要利润来源。

然而，随着国际贸易关系的紧张和贸易摩擦的加剧，企业的盈利受到了影响。

例如，美国和中国之间的贸易战导致了许多企业的成本上升，销售额下降，利润减少。

此外，贸易摩擦还会导致货币贬值、政策不确定性和市场波动，进而影响整个经济的稳定和增长。

第三个例子是全球经济衰退。

经济衰退是经济周期中不可避免的一部分，但它对企业盈利的影响是显著的。

在经济衰退期间，消费者的购买力下降，企业的销售额和利润也会下降。

此外，经济衰退还会导致企业的成本上升，例如劳动力成本、原材料成本等，进一步影响企业的盈利。

经济衰退还会导致企业的债务负担加重，从而影响企业的资本结构和投资计划。

以上三个例子展示了宏观经济环境如何影响公司盈利。

然而，企业可以通过一些策略来应对这些影响。

例如，企业可以通过多元化产品线和市场来降低对单一市场的依赖性，从而减少受到单一市场波动的影响。

此外，企业可以通过资本结构的优化和风险管理来降低财务风险。

例如，企业可以通过债务重组、资产剥离等方式来优化资本结构，从而降低债务风险。

企业还可以通过商品价格调整、成本削减等方式来应对宏观经济环境的变化，从而保持盈利。

总之，宏观经济环境对公司盈利的影响是不可避免的。