会计学毕业论文外文文献及翻译

外文文献及翻译题目:The Important Of Financial Risk 题目: 财务风险重要性分析The Important Of Financial RiskAbstract：This paper examines the determinants of equity price risk for a large sample of non-financial corporations in the United States from 1964 to 2008. We estimate both structural and reduced form models to examine the endogenous nature of corporate financial characteristics such as total debt, debt maturity, cash holdings, and dividend policy. We find that the observed levels of equity price risk are explained primarily by operating and asset characteristics such as firm age, size, asset tangibility, as well as operating cash flow levels and volatility. In contrast, implied measures of financial risk are generally low and more stable than debt-to-equity ratios. Our measures of financial risk have declined over the last 30 years even as measures of equity volatility (e.g. idiosyncratic risk) have tended to increase. Consequently, documented trends in equity price risk are more than fully accounted for by trends in the riskiness of firms’ assets. Taken together, the results suggest that the typical U.S. firm substantially reduces financial risk by carefully managing financial policies. As a result, residual financial risk now appears negligible relative to underlying economic risk for a typical non-financial firm.Keywords：Capital structure financial risk risk management corporate financeIntroductionThe financial crisis of 2008 has brought significant attention to the effects of financial leverage. There is no doubt that the high levels of debt financing by financial institutions and households significantly contributed to the crisis. Indeed, evidence indicates that excessive leverage orchestrated by major global banks (e.g., through the mortgage lending and collateralized debt obligations) and the so-called “shadow banking system” may be the underlying cause of the recent economic and financial dislocation. Less obvious is the role of financial leverage among nonfinancial firms. To date, problems in the U.S. non-financial sector have been minor compared to the distress in the financial sector despite the seizing of capital markets during the crisis. For example, non-financial bankruptcies have been limited given that the economic decline is the largest since the great depression of the 1930s. In fact, bankruptcy filings of non-financial firms have occurred mostly in U.S. industries (e.g., automotive manufacturing, newspapers, and real estate) that faced fundamental economic pressures prior to the financial crisis. This surprising fact begs the question,。

广东工业大学华立学院本科毕业设计（论文）外文参考文献译文及原文系部会计学系专业会计学年级 08级班级名称 2008级会计（7）班学号 14010807030学生姓名吴智聪2012年 2 月 9 日目录1. 外文译文 (1)2. 外文原文 (5)中小型企业财务管理中存在的问题及其对策中小型企业在中国经济发展中发挥着重要的作用。

统计数据表明，在工商行政管理局登记在册的企业中，中小型企业占了99%，产值和利润分别占总额的60%和40%。

此外，中小型企业所提供了75％的城镇就业机会。

可见其为中国的稳定和经济繁荣作出了重要贡献。

虽然中小型企业在国民经济中占有重要地位，对中国经济发展与社会稳定具有很重大的意义。

但是，中小型企业发展的主要障碍是缺乏有效的财务管理。

本文分析了当前中小型企业财务管理中存在的问题，并就改善中小型企业财务管理提出了相应对策。

1.1 中小型企业的财务管理现状自从21世纪以来，中国的中小型企业的蓬勃发展，在经济增长和社会发展中发挥着非常重要的作用。

据财政部统计数据，直到2005年底，中小型企业总数已超过1000万，占中国企业总数的99%。

中小型企业提供了75％的城镇就业机会，工业企业的总产值、销售收入、实现的利得税和出口额分别占总数的60%、57%、40%和60%，上缴的税收已经接近了国家税收总额的一半。

中小型企业承载着超过75%的技术革新和超过65％的专利发明，他们以其灵活的经营机制和积极创新活动，为经济发展提供了增长的最根本动力。

近年来，中国中小企业的消亡率将近70%，大约有30%的中小型企业存在赤字。

中小型企业应该如何建立现代企业制度，加强财务管理，并科学地进行资本运作以谋求自身的健康发展，是我们密切关注的一个问题。

1.2 中小型企业财务管理中存在的问题⑴财务管理理念滞后，而且方法保守中小型企业由于管理者自身知识水平的限制，使得企业的管理能力和管理质量较低。

他们的管理思想已经不适合现代企业，并且大多数企业领导人缺乏财务管理的理论和方法，忽视了企业资本运作的作用。

本科毕业论文（设计）外文翻译题目外币报表折算方法分析及中国的选择初探专业会计学外文题目Effect of Changes in Exchage Rates of Foreign Currencies 外文出处International Accounting Standard No 21 (IAS 21)外文作者International Accounting Standards Board原文：International Accounting Standard No 2 (IAS 2)Effect of changes in exchange rates of foreign currenciesObjectiveAn institution may conduct business abroad in two different ways. You can make transactions in foreign currency or may have business abroad. In addition, the entity may file its financial statements in a foreign currency. The purpose of this rule is to prescribe how they are incorporated in the financial statements of an entity, foreign currency transactions and business abroad, and how to convert the financial statements to the presentation currency of choice.The main problems that arise are the type or types of change to use and how to report on the effects of changes in exchange rates within the financial statements.DefinitionsOne group is the group formed by the parent and all its subsidiaries.Net investment in a foreign operation is the amount that corresponds to the participation of the entity that submitted their financial statements in the net assets of that business.Foreign currency (or currency) is any currency other than the functional currency of the entity.Functional currency is the currency of the primary economic environment in which the entity operates.Presentation currency is the currency in which the financial statements are presented.Business abroad is an entity dependent partner, joint venture or branch of the reporting entity, whose activities are based or carried out in a country or a currency different from those of the reporting entity.Currency monetary items are kept in cash and assets and liabilities to be received or paid by a fixed or determinable amount of monetary units.Exchange rate is the ratio of exchange between two currencies.End exchange rate is the rate of existing cash on the balance sheet date.Exchange rate spot is the exchange rate used in transactions with immediate delivery.Fair value is the amount for which an asset could be exchanged, canceled or a liability,among stakeholders and duly informed in a transaction conducted at arm's length.Initial Recognition1. A foreign currency transaction is any transaction whose value is called or requires winding up in a foreign currency, including those in which the entity:(a) buys or sells goods or services whose price is denominated in a foreign currency;(b) lends or borrows funds, if the amounts are set to charge or pay in a foreign currency(c) acquires or disposes provides another avenue for assets or liabilities incurred or liquidation, provided that these operations are denominated in foreign currencies.2. Any foreign currency transaction is recorded at the time of its initial recognition,using the functional currency, by applying to the amount in foreign currency exchange spot at the date of the transaction between the functional currency and foreign currency.The date of the transaction is the date on which the transaction meets the conditions for recognition in accordance with International Financial Reporting Standards. For practical reasons, often using an exchange rate closer to existing at the time of the transaction, for example, may be used for weekly or monthly average rate for all transactions that take place at that time In each of the classes of foreign currency used by the entity.However, it is not appropriate to use average rates if during the interval, the changes have fluctuated significantly.Financial information on the dates of the balance sheets post3. At each balance sheet date:(a) monetary items in foreign currencies are converted using the exchange rate of closure;(b) the non-monetary foreign currency being valued in terms of historical cost, will be converted using the exchange rate on the date of the transaction; and(c) the non-monetary foreign currency being valued at fair value, will be converted using the exchange rates of the date it was determined that fair value.4. To determine the amount of an item is taken into account, in addition, other rules that apply. For example, tangible assets can be valued in terms of historical cost or revalued amount, in accordance with IAS 16 Property, plant and equipment. Regardless of whether it has determined the amount by using the historical cost or revalued amount,provided that this amount has been established in foreign currency is converted to the functional currency using the rules set out in this Standard.Recognition of exchange differences5.Exchange differences that arise in the settlement of monetary items, or to convert monetary items at rates different from those used for its initial recognition, have already occurred during the year or in previous financial statements, are recognized in the outcome of year in which they appear.See a difference when you have change monetary items as a result of a transaction in foreign currency, and there is a change in the exchange rate between the date of the transaction and the settlement date. When the transaction is settled in the same year in which they occurred, the entire exchange difference will be recognized in that period.However, when the transaction is settled in a later period, the exchange difference recognized in each period, until the settlement date, will be determined from the change that has occurred in the exchange rate for each year. When recognized directly in equity gain or loss on a non-monetary, any exchange difference, including in such losses or gains were also recognized directly in equity. By contrast, when the gain or loss on a non-monetary recognition in profit or loss, any exchange difference, including in such losses or gains, was also recognized in profit or loss.6. Exchange differences arising on a monetary item that forms part of the netinvestment in a business of the foreign entity, are recognized in profit or loss of the separate financial statements of the reporting entity or in the separate financial statements of business abroad, as appropriate. Financial statements containing the business abroad and the reporting entity (for example,the consolidated financial statements if the business abroad is a dependent), such exchange differences are recognized initially as a separate component of equity,and subsequently recognized in the outcome when it becomes available or disposed of by other means business abroad.When a monetary item is part of the net investment, carried out by the reporting entity in a foreign operation, and is denominated in the functional currency of the reporting entity,an exchange difference arises in the separate financial statements of the business abroad.When the entity bears its records and ledgers in a currency other than their functional currency and proceed to prepare their financial statements, will convert all amounts to the functional currency, as set out in paragraphs 1 to 26.As a result, will produce the same amounts, in terms of functional currency, which would have been earned if the items were originally recorded in the functional currency. For example, monetary items are translated into the functional currency using the exchange rates of closure, and nonmonetary items which are valued at historical cost, will be converted using the exchange rate at the date of the transaction that created its appreciation.7. The results and financial position of an entity whose functional currency is not in accordance with the currency of a hyperinflationary economy, translated into the presentation currency, should it be different, using the following procedures:(a) the assets and liabilities of each balance sheet presented (i.e., including comparative figures), will be converted at the rate of closure on the date of the corresponding stock;(b) revenue and expenses for each profit and loss accounts (i.e., including comparative figures), will become the exchange rates at the date of each transaction; and(c) all exchange differences arising out of this, it is recognized as a separate component of equity.8. Often, for the conversion of items of income and expenditure, is used for practical purposes an approximate rate, representative of changes in the dates of transactions,such as the average exchange rate of the period. However, when exchange rates have changed significantly, it is inappropriate to use the average rate for the period.9. Exchange differences referred to in paragraph (c) of paragraph 39 are listed by:(a) The conversion of expenditure and revenue to the exchange rates of the dates oftransactions, and of the assets and liabilities at the rate of closure. These differencesappear to change both the expenditure items and revenue recognized in the results, as recognized by the directly in equity.(b) Conversion of assets and liabilities to an early Net-end exchange rate that is different from the type used in the previous closing. Such exchange differences are not recognized in profit or loss because of the variations in exchange rates have little or no direct effect on cash flows arising from current and future activities. When the above exchange differences relating to a business abroad that while consolidating, is not involved in its entirety, the cumulative exchange differences arising from the conversion that is attributable to the minority stake, will be allocated to it and be recognized as part of the minority interest in the consolidated balance sheet.10. When the entity's functional currency is that of a hyperinflationary economy, it will restate its financial statements before implementing the conversion method set out in paragraph 42, according to IAS 29 Financial reporting in hyperinflationary economies, except the comparative figures, in the case of conversion to the currency of a hyperinflationary economy.When the economy in question ceases to be hyperinflationary and the entity ceases to restate its financial statements in accordance with IAS 29, used as the historic costs to be converted to the presentation currency, the amounts restated according to the level of prices on the date that the entity ceased to do this restatement.11. When converting to a presentation currency, the results and financial position of a foreign operation, as a preliminary step to their inclusion in the financial statements of the reporting entity, whether through consolidation, or using the proportional consolidation method of Participation will apply paragraphs 45 to 47, in addition to the provisions of paragraphs 38 to 10.The incorporation of the results and financial position of a foreign operation to the reporting entity will follow the normal procedures of consolidation, such as the elimination of intra-group transactions and balances of a dependent (see IAS 27 States Consolidated and separate financial and IAS 31 Interests in joint ventures). However, an asset (or liability) intragroup money, either short or long term, it may not be eliminated against the corresponding liability (or asset) Intra, without showing the results of changes in exchange rates within the states Consolidated Financial. This is because the monetary item represents a commitment to convert one currency into another, which exposes the reporting entity at a loss or gain on exchange fluctuations between the currencies. In line with this, in the consolidated financial statements of the reporting entity, the exchange difference should continue to be recognized in profit or loss, or, if they arise from the circumstances described in paragraph 32, is classified as a component of equity until the disposition or disposal by other means business abroad.12. When the financial statements of business abroad and the reporting entity are referred to different dates, he often produces additional financial statements with the same date as this one. When it is not, IAS 27 allows the use of different dates of submission, provided that the difference is not greater than three months, and have performed the appropriate adjustments to reflect the effects of significant transactions and other events that occurred between the dates reference. In this case, the assets and liabilities of the business abroad will be converted at the rate of the balance sheet date business abroad.It was also carried out the appropriate adjustments for significant variations in exchange rates until the balance sheet date of the reporting entity, in accordance with IAS 27.Disposition or disposal by other means of a foreign13. To alienate or otherwise dispose of a foreign operation, exchange differences deferred as a component of shareholders' equity, related to that business abroad, be recognized in the results at the same time they recognize the outcome of the alienation or disposition.It may have all or part of their participation in a business abroad through the sale,liquidation, recovery of capital contributed or neglect. The receipt of a dividend will be part of this provision only if it constitutes a recovery in investment, for example when it is paid from income in prior years to the acquisition. In the case of disposal or partial disposal, only included in the result of the exercise, the proportionate share of the difference in accumulated corresponding conversion. The correction of the value of a business abroad will not constitute a sale or partial disposal. Accordingly, at the time of accounting for this correction, shall not be recognized in profit or loss accrued no difference conversion.Source:（Excerpt from）International Accounting Standard No 21 (IAS 21)，International Accounting Standards Board 1993译文：国际会计准则第21号外汇汇率变动的影响（1993年12月修订）目的企业可以用两种方式从事对外的活动。

会计财务管理类外文文献翻译、外文翻译、中英文翻译外文翻译译文1并购的收益来源资本市场领域研究的另一个课题是收入的一般来源当收入只是别人非盈利成果时资本市场领域的研究人员还不能确认资产已被重新分配使之创造财富的盈利回升虽然金融经济学家不能合理解释为什么并购是别人的非盈利目标的成果但是研究人员推断这些合乎逻辑的假设值的目标收益不仅是重新通过并购得到的也是分配产生的结果一些研究者认为股东的利益是从债券持有人处得来的丹尼斯和麦康奈尔1986不支持这个意见另外一个观点是利润是从目标公司的资源税操作衍生而来的从学术上讲这个证据是存在的但不明确奥尔巴赫和雷苏斯1987推测在可能情况下税款这个因素占好处的20说明是足够重要的它将影响并购的决策吉尔森1988等人却发现众多有关税收优惠的定义问题交易成本和信息费复杂化的说法以及税前利润方面肯定是并购活动产生的原因或者说并购是公司实现税收优惠的最合适方法在一个几项研究中贾雷尔1988等人发现大部分的并购活动也不能归因于税收方面的原因施莱弗和萨默斯1988声称利润从并购产生因为新的董事会违反嵌入施莱弗和萨默斯1988声称利润从并购产生原因是新的董事会违反了公司与利益相关者群体的嵌入式就业条件链接并购目标公司管理不佳的表现研究是由施莱佛和维什尼1988审查的他们的研究表明公司还没有建立完善的管理机制来制止执行者开展的活动这个活动是不会为股东创造价值的此外莫克1988等分析这种敌意收购时声称收购发生的过快或者下属企业和管理当局不能尽快地减少相关程序或其他相匹配模型结果验证了这一事实有代理成本新股东们认为这一成本将能够被减少收购公司的负面影响提出为什么并购活动能够开始进行的问题鲁巴特肯1983提供了对这种有明显难度问题的一个可能解释他认为与并购有关的行政上的困难会消除潜在的利润他还断言在使用该方法可能不足以发现利润这与詹森1986并购投标人利润公司量化复杂性的观点一致其结论解释了在投标人利润匮乏的情况下并购活动仍然活跃的原因鲁巴特肯1983认为只有特定类型的并购战略才可能对购买公司的股东有好处除了这些论点罗尔1986在同意有效率的市场假说的同时声称在经验性地评估工作的目标和招标公司的集体价值后并购是不能令人信服他们没有办法估计投标人的假设因此他制定了傲慢自大假说的规定即并购的总利润是确定的罗尔1986换句话说管理层继续对目标公司超值估价这些结果显示金融界的研究人员是如何结合自由现金流假设代理理论以及效率市场的事件研究方法来解释并购活动的合理化的然而金融研究人员驳斥了金融经济学家中央假说以及一个市场公司控制权假设是约束经理的一个重要手段这一事件的研究是创造价值的量化的有效方法而股票市场则能够恰当地估价公司学者们使用现有的数据事件研究方法之外的其他方法提出有关并购的利润的特定减免索罗弗斯克莱福特和谢勒1987年二例如他们声称长期的结果通常显示相比国内市场标准并购目标执行一般高于行业平均水平的8％左右此外它们的财政收入表现既不增加也不减少与并购后相当这些研究人员不相信股市场总是有效-一个基本假设-提出对并购相比于金融学者提供的不同表现的解释谢勒1988推测由于股市并不总是能够正确估计股票价值一些企业将在任何特定时间被高估了这使他们能够购买其他公司但有些公司将被低估这是他们感兴趣的目标被高估的公司会研究可能的的目标公司了解他们是否有被低估导致其股价上升这个发现被低估的公司将被购买他们的新股票价格只是表达了一种市场调整企业在审查后没有低估的将不会被购买在被并购的目标中它们的股票价格可能回归到以前的水平作者托马斯施特劳布国籍德国出处并购频繁失败的原因原文1The Origins of earnings through MAsAnother of the capital market schools field of study is the origins of earnings in general When earnings are just the outcome of somebody elses disprofit the capital market schools researchers cannot confirm that assets have been redistributed so as to create wealth by picking up profitability However although financial economists cannot reasonably explain the gains in MA targets as somebody elses disprofitsresearchers deduce that it is logical to suppose that value is not just re-allocated through MAs but is producedSome researchers believe that shareholder profits come from bondholders lossesDennis and McConnel 1986 do not uphold this opinion An additional perspective is that profits are derived from tax manipulations of the target firms resources In the literature the evidence for this is however ambiguous Auerbach and Reishus 1987surmised that in possibly 20 of cases tax benefits are sufficiently important to affect the MA decision Gilson et al 1988 nevertheless found that a multitude of problems concerning definitions of tax benefits transaction costs and information costs complicate the claim that tax profits are definitely the reason for MA activitiesor that MAs are the most suitable method for companies to realize tax benefits In an evaluation of several studies Jarrell et al 1988 found that much of the MA activity could not be attributed to tax reasonsShleifer and Summers 1988 claim that profits are derived from MAs because a new board breaches the embedded employment conditions between the company and the stakeholder groups Studies that link MAs to poor target company management performance were examined by Shleifer and Vishny 1988c Their study shows that firms have not succeeded in establishing controls to prevent managers from carrying out activities that do not increase the stockholder valueMoreover Morck et als 1988 analysis of hostile takeovers claims that such takeovers take place in swiftly changing or declining businesses and in firms wherethe management is not able to minimize procedures fast enough or model other adaptations The results verify the fact that there are agency costs that the new hareholders think they will be able to decreaseThe negative consequences of MAs for the buying companies raise the question why MA activities are undertaken at all A number of potentialexplanations for this apparent puzzle are offered by Lubatkin 1983 who suggests that the administrative difficulties associated with MAs could erase potential profits His further assertion that the methods in use have possibly not been sufficient to uncover profits is consistent with Jensens 1986 argument of the complexity of quantifying profits for MA bidder companies As a concluding explanation for MAs permanence despite the lack of profits for the bidders Lubatkin 1983 suggests that just specific types of MA strategies might profit the buying companys shareholders Besides these arguments Roll 1986 while agreeing with the efficient market hypothesis claims that the empiric work that evaluates the target and bidding companies collective value after an MA is unconvincing no way related to the bidders supposition that their estimations are He consequently formulated the hubris hypothesis which states that MAs aggregate profits are in correct Roll1986 In other words managements continue to over valuate target firmsThese results demonstrate how the financial schools researchers combine the ypotheses of free cash flow a market for corporate control the agency theory and efficient markets with the event studies method to improve the rationalization in respect of MA activity However a number of financial researchers refute the financial economists central hypothesis as well as the hypothesis that a market for corporate control is a key instrument for disciplining managers that event studies are a valid method ofquantifying value creation and that the share market is capable of precisely valuing firmsScholars who use other methods than event studies of existing data make specific deductions with regard to MA profits Ravenscraft and Scherer 1987 b for example claim that long-term-based results usually reveal that MA targets perform above the industry average - at around 8 - compared to their home market standards Furthermore their financial income performances neither increased nor declined considerably after the MAThose researchers who do not believe that the share market is always efficient –a basic assumption - suggest different explanations for MA performance than the ones offered by financial scholars Scherer 1988 hypothesizes that because the stock market does not always properly value stock some firms will be overvalued at any given point in time enabling them to purchase other firms but some firms will be undervalued which renders them interesting targets Companies that are overvalued will examine possible target companies to find out if they have been underestimatedcausing their share price to increaseFirms that are discovered to be underestimated are purchased and their new share price simply expresses a market correction Firms that are not purchased after being examined were not underestimated and their share prices return to the level prior to their being possible MA targets AuthorProf Dr oec Thomas StraubNationalityGermanyOriginate from Reasons for Frequent failure in Mergers and Acquisitions译文2评价成功的客观标准客观的措施是建立在公开信息之上的容易获得信息是因为利用了外部信息的优点由于外部信息不受到答辩人的偏见基于外部数据就可以比较不同的研究成果同时外部信息也苦于缺乏差异如外部经济波动的影响工业企业的具体因素以及其他收购等具体因素或各种因素对结果影响很大从而限制了外部信息的解释力运用客观成功措施研究人员研究了使并购成功的两个方面战略上的成功和财务上的成功并购财务上的成功已经在不同的研究中被标准化最后创造价值是公司的核心目标因此在财务上价值创造的成功是并购成功的一个标准有两种在财务上成功的数据源已被用于确定兼并和收购成功股票的市场数据和公司的会计数据股市会响应公司合并和收购的公告这意味着股东估计将收购公司的创造价值或评估已收购公司的销毁价值如果他们希望收购能够增加收购公司的的价值创造股票价格将上涨如果他们希望收购能够摧毁收购公司的价值股票价格将下跌当然这只有与股票价格的发展无关的行业或特定的股票市场的发展可以考虑这些不相关的影响即所谓不正常的股市反应不同时期使用了前后公告例如阿格拉瓦尔1992等调查股市的影响公布在前其结果直到5年后才宣布其他的如哈布利安芬克尔斯坦1999测量5天的异常收益率在合并后的前5天然而这种假设是建立在能够正常地反应公布及预计并购的所有可能产生的影响之上的虽然长期收购具有捕捉长期发展的优势但是它们会受到合并后发生事件的影响阿格拉瓦尔1992等在765项收购研究中发现与去年同期研究相比收购的累积异常收益率在510％之间芬克尔斯坦1999则发现没有任何影响同样鲁巴特肯1987在439项有关公司收购的研究中发现没有重大的股票在不同的市场有时间效应18-64个月后的兼并与收购鲁巴特肯斯里尼瓦桑曼切尔特1997年也发现并购后的第2天第16天以及第56天无异常收益布赫纳1990调查的90个公司的股票的市场表现也认为是无相关联系的其结果表明收购没有使抽样公司的市场价值增加1990a 自己的译本在另一项研究中布赫纳1990发现封闭后12个月的平均异常收益率恢复到-10布赫纳 1990c300在对波士顿咨询集团2004的研究中作者发现在收购平均创造价值表现上大多数并购是失败的因为高风险活动所以这是异常现象但是如果一家公司从事很多兼并和收购就平均而言实际上是可能创造价值的根据有关财务执行情况的调查结果鲁巴特肯奥尼尔1987发现并购交易显着增加公司的非系统风险而减少系统性风险该系统风险下降是因为兼并和收购遵循一种产品或市场推广的目标这降低了系统行业在大多数情况下的市场风险但是非系统性风险取决于公司大力增加的特性一些公司在并购后表现得非常好但另外一些现象是并购后变得松散然后这大大增加了非系统性风险对股市信息使用相应的金融理论假设市场能够正确地估计公司的价值与战略根据这个假设收购将正确地评估股市从而代表其有潜在的价值衡量并购成功的与否在建立在合并前的会计数据和合并后的会计数据的基础之上的常用的尺度是资产回报股本息税前利润销售或收购公司的利润回报库斯维特1985在3500项大规模收购的研究中发现一年后公司获得了533的平均增长居留权库斯维特1985还认为一年后收购企业将增加340的市场回报同样布赫纳1990探讨了110项德国并购事件发现在并购交易3年后才能得到资本回报以及股本回报他发现平均而言收购公司会恶化财务性能作者弗洛里弗伦施国籍美国出处从社会角度看并购原文2Objective success measuresObjective measures are based on publicly available information The advantage of using external information is that the information is readily available As external information does not suffer from respondents biases it is possible to compare results from different studies based on external data At the same external information suffers from a lack of differentiation External effects such as economic fluctuations industry specific factors as well as firm specific factors such as other acquisitions or divestures strongly affect the result and thus limit the explanatory power of external informationUsing objective success measures researchers have studied the success of mergers and acquisitions in two different dimensions strategic success and financial success Financial success of mergers and acquisitions has been measured in many different studiesUltimately value creation is the core objective of firms Hence value creation respectively financial success is a usefulsuccess measure for mergers and acquisitions There are two different sources of data for financial success that have been used to identify success of mergers and acquisitions Stock market data and accounting data of firmsStock markets react to the announcement of mergers and acquisitions That means that stockholders evaluate the expected value creation or value destruction of acquisitions for acquiring firms and acquired firms If they expect that an acquisition creates value for the acquiring firm stock prices go up If they expect that an acquisition destroys value for the acquiring firm stock prices go down Of course only stock price developments that are unrelated to industry specific developments or stock market developments can be consideredThese unrelated effects are called abnormal stock market reactions Different time periods have been used before and after the announcement For example Agrawal et al 1992 investigate the stock market effect before the announcement until five years after the announcement Others such as Haleblian Finkelstein 1999 measure abnormal returns from 5 days prior to the merger until 5 days after the merger This however assumes that stock markets react correctly to an announcement and anticipate all possible effects of an MA While long periods have the advantage of capturing long-term developments of an acquisition they suffer from events happening after the mergerWhile Agrawal et al 1992 find in a study on 765 acquisitions that cumulative abnormal returns ofacquisitions are -10 over a 5-year period Haleblian Finkelstein 1999 find no effect Similarly Lubatkin 1987 finds in a study on 439 acquiring firms that there is no significant stock market effect at different points in time 18 – 64 months after the MAtransactionLubatkin Srinivasan Merchant 1997 also find overperiods of 2 16 56 days after an MA-announcement no abnormal returnsBühner 1990a investigates the stock market performance of 90 firms and finds that ummarized the results indicate that acquisitions do not yield increase of market value of the firms in the sample 1990a 45 own translation In another study Bühner 1990c finds an average abnormal rate of return of -10 twelve months after the closing Bühner 1990c300 In a study of The Boston Consulting Group 2004 the authors find that while the majority of mergers fail acquirers on the average create value This is curious insofar as the risk is seemingly high But if a firm engages in many mergers and acquisitions on the average it might actually create moneyConsistent with the findings about financial performance Lubatkin ONeill 1987 find that MA-transactions significantly increase the unsystematic risk of firms while the systematic risks decrease The systematic risk decreases because mergers and acquisitions that follow a product or market extension objective reduce the systematic industry respectively market risk in most cases However the unsystematic risk which depends on firm characteristics strongly increases becausesome firms perform very well after mergers and acquisitions and somesignificantly loose after mergers and acquisitions This howeverincreasesthe unsystematic risk stronglyThe use of stock market informationcorresponds to financial theories that assume that markets correctlyprice the value of a firm and its strategy According to this assumptionacquisitions will be evaluated correctly by stock marketsthereby representing the value potentialSuccess measures based on accounting data use premerger and postmerger accounting dataCommon measures are return on assets return onequity EBIT sales or profit of an acquiring firm Kusewitt 1985 findsin a large scale study on 3500 acquisitions that one year after anacquisition the average ROA of acquiring firms increased by 533 Kusewitt1985 also finds that the market return of acquiring firm increases by340 one year after the acquisition Similarly Bühner 1990a investigatesin a study on 110 German mergers and acquisitions the return on capitalas well as the return on equity 3 years after an MA transactionHe findsthat on the average acquiring companies have deteriorating financialperformanceAuthor Florian FrenschNationalityAmericaOriginate from The social Side of Mergers and Acquisitions。

IMPLEMENTING ENVIRONMENTAL COSTACCOUNTING IN SMALL AND MEDIUM-SIZEDCOMPANIES1．ENVIRONMENTAL COST ACCOUNTING IN SMESSince its inception some 30 years ago, Environmental Cost Accounting (ECA) has reached a stage of development where individual ECA systems are separated from the core accounting system based an assessment of environmental costs with (see Fichter et al., 1997, Letmathe and Wagner , 2002).As environmental costs are commonly assessed as overhead costs, neither the older concepts of full costs accounting nor the relatively recent one of direct costing appear to represent an appropriate basis for the implementation of ECA. Similar to developments in conventional accounting, the theoretical and conceptual sphere of ECA has focused on process-based accounting since the 1990s (see Hallay and Pfriem, 1992, Fischer and Blasius, 1995, BMU/UBA, 1996, Heller et al., 1995, Letmathe, 1998, Spengler and H.hre, 1998).Taking available concepts of ECA into consideration, process-based concepts seem the best option regarding the establishment of ECA (see Heupel and Wendisch , 2002). These concepts, however, have to be continuously revised to ensure that they work well when applied in small and medium-sized companies.Based on the framework for Environmental Management Accounting presented in Burritt et al. (2002), our concept of ECA focuses on two main groups of environmentally related impacts. These are environmentally induced financial effects and company-related effects on environmental systems (see Burritt and Schaltegger, 2000, p.58). Each of these impacts relate to specific categories of financial and environmental information. The environmentally induced financial effects are represented by monetary environmental information and the effects on environmental systems are represented by physical environmental information. Conventional accounting deals with both – monetary as well as physical units – but does not focus on environmental impact as such. To arrive at a practical solution to the implementation of E CA in a company’s existing accounting system, and to comply with the problem of distinguishing between monetary and physical aspects, an integrated concept is required. As physical information is often the basis for the monetary information (e.g. kilograms of a raw material are the basis for the monetary valuation of raw material consumption), the integration of this information into the accounting system database is essential. From there, the generation of physical environmental and monetary (environmental) information would in many cases be feasible. For many companies, the priority would be monetary (environmental) information for use in for instance decisions regarding resource consumptions and investments. The use of ECA in small andmedium-sized enterprises (SME) is still relatively rare, so practical examples available in the literature are few and far between. One problem is that the definitions of SMEs vary between countries (see Kosmider, 1993 and Reinemann, 1999). In our work the criteria shown in Table 1 are used to describe small and medium-sized enterprises.Table 1. Criteria of small and medium-sized enterprisesNumber of employees TurnoverUp to 500employees Turnover up to EUR 50mManagement Organization- Owner-cum-entrepreneur -Divisional organization is rare- Varies from a patriarchal management -Short flow of information style in traditional companies and teamwork -Strong personal commitmentin start-up companies -Instruction and controlling with- Top-down planning in old companies direct personal contact- Delegation is rare- Low level of formality- High flexibilityFinance Personnel- family company -easy to survey number of employees- limited possibilities of financing -wide expertise-high satisfaction of employeesSupply chain Innovation-closely involved in local -high potential of innovationeconomic cycles in special fields- intense relationship with customersand suppliersKeeping these characteristics in mind, the chosen ECA approach should be easy to apply, should facilitate the handling of complex structures and at the same time be suited to the special needs of SMEs.Despite their size SMEs are increasingly implementing Enterprise Resource Planning (ERP) systems like SAP R/3, Oracle and Peoplesoft. ERP systems support business processes across organizational, temporal and geographical boundaries using one integrated database. The primary use of ERP systems is for planning and controlling production and administration processes of an enterprise. In SMEs however, they are often individually designed and thus not standardized making the integration of for instance software that supports ECA implementation problematic. Examples could be tools like the “eco-efficiency” approach of IMU (2003) or Umberto (2003) because these solutions work with the database of more comprehensive software solutions like SAP, Oracle, Navision or others. Umberto software for example (see Umberto, 2003) would require large investments and great background knowledge of ECA – which is not available in most SMEs.The ECA approach suggested in this chapter is based on an integrative solution –meaning that an individually developed database is used, and the ECA solution adopted draws on the existing cost accounting procedures in the company. In contrast to other ECA approaches, the aim was to create an accounting system that enables the companies to individually obtain the relevant cost information. The aim of the research was thus to find out what cost information is relevant for the company’s decision on environmental issues and how to obtain it.2．METHOD FOR IMPLEMENTING ECASetting up an ECA system requires a systematic procedure. The project thus developed a method for implementing ECA in the companies that participated in the project; this is shown in Figure 1. During the implementation of the project it proved convenient to form a core team assigned with corresponding tasks drawing on employees in various departments. Such a team should consist of one or two persons from the production department as well as two from accounting and corporate environmental issues, if available. Depending on the stage of the project and kind of inquiry being considered, additional corporate members may be added to the project team to respond to issues such as IT, logistics, warehousing etc.Phase 1: Production Process VisualizationAt the beginning, the project team must be briefed thoroughly on the current corporate situation and on the accounting situation. To this end, the existing corporate accounting structure and the related corporate information transfer should be analyzed thoroughly. Following the concept of an input/output analysis, how materials find their ways into and out of the company is assessed. The next step is to present the flow of material and goods discovered and assessed in a flow model. To ensure the completeness and integrity of such a systematic analysis, any input and output is to be taken into consideration. Only a detailed analysis of material and energy flows from the point they enter the company until they leave it as products, waste, waste water or emissions enables the company to detect cost-saving potentials that at later stages of the project may involve more efficient material use, advanced process reliability and overview, improved capacity loads, reduced waste disposal costs, better transparency of costs and more reliable assessment of legal issues. As a first approach, simplified corporate flow models, standardizedstand-alone models for supplier(s), warehouse and isolated production segments were established and only combined after completion. With such standard elements and prototypes defined, a company can readily develop an integrated flow model with production process(es), production lines or a production process as a whole. From the view of later adoption of the existing corporate accounting to ECA, such visualization helps detect, determine, assess and then separate primary from secondary processes. Phase 2: Modification of AccountingIn addition to the visualization of material and energy flows, modeling principal and peripheral corporate processes helps prevent problems involving too high shares of overhead costs on the net product result. The flow model allows processes to be determined directly or at least partially identified as cost drivers. This allows identifying and separating repetitive processing activity with comparably few options from those with more likely ones for potential improvement.By focusing on principal issues of corporate cost priorities and on those costs that have been assessed and assigned to their causes least appropriately so far, corporate procedures such as preparing bids, setting up production machinery, ordering (raw) material and related process parameters such as order positions, setting up cycles of machinery, and order items can be defined accurately. Putting several partial processes with their isolated costs into context allows principal processes to emerge; these form the basis of process-oriented accounting. Ultimately, the cost drivers of the processes assessed are the actual reference points for assigning and accounting overhead costs. The percentage surcharges on costs such as labor costs are replaced by process parameters measuring efficiency (see Foster and Gupta, 1990).Some corporate processes such as management, controlling and personnel remain inadequately assessed with cost drivers assigned to product-related cost accounting. Therefore, costs of the processes mentioned, irrelevant to the measure of production activity, have to be assessed and surcharged with a conventional percentage.At manufacturing companies participating in the project,computer-integrated manufacturing systems allow a more flexible and scope-oriented production (eco-monies of scope), whereas before only homogenous quantities (of products) could be produced under reasonable economic conditions (economies of scale). ECA inevitably prevents effects of allocation, complexity and digression and becomes a valuable controlling instrument where classical/conventional accounting arrangements systematically fail to facilitate proper decisions. Thus, individually adopted process-based accounting produces potentially valuable information for any kind of decision about internal processing or external sourcing (e.g. make-or-buy decisions).Phase 3: Harmonization of Corporate Data – Compiling and Acquisition On the way to a transparent and systematic information system, it is convenient to check core corporate information systems of procurement and logistics, production planning, and waste disposal with reference to their capability to provide the necessary precise figures for the determined material/energy flow model and for previously identified principal and peripheral processes. During the course of the project, a few modifications within existing information systems were, in most cases, sufficient to comply with these requirements; otherwise, a completely new softwaremodule would have had to be installed without prior analysis to satisfy the data requirements.Phase 4: Database conceptsWithin the concept of a transparent accounting system, process-based accounting can provide comprehensive and systematic information both on corporate material/ energy flows and so-called overhead costs. To deliver reliable figures over time, it is essential to integrate a permanent integration of the algorithms discussed above into the corporate information system(s). Such permanent integration and its practical use may be achieved by applying one of three software solutions (see Figure 2).For small companies with specific production processes, an integrated concept is best suited, i.e. conventional andenvironmental/process-oriented accounting merge together in one common system solution.For medium-sized companies, with already existing integrated production/ accounting platforms, an interface solution to such a system might be suitable. ECA, then, is set up as an independent software module outside the existing corporate ERP system and needs to be fed data continuously. By using identical conventions for inventory-data definitions within the ECA software, misinterpretation of data can be avoided.Phase 5: Training and CoachingFor the permanent use of ECA, continuous training of employees on all matters discussed remains essential. To achieve a long-term potential of improved efficiency, the users of ECA applications and systems must be able to continuously detect and integrate corporate process modifications and changes in order to integrate them into ECA and, later, to process them properly.。

毕业设计(论文）外文文献翻译院系：财务与会计学院年级专业：201＊级财务管理姓名:学号：132148*＊*附件: 财务风险管理【Abstract】Although financial risk has increased significantly in recent years risk and risk management are not contemporary issues。

The result of increasingly global markets is that risk may originate with events thousands of miles away that have nothing to do with the domestic market。

Information is available instantaneously which means that change and subsequent market reactions occur very quickly。

The economic climate and markets can be affected very quickly by changes in exchange rates interest rates and commodity prices。

Counterparties can rapidly become problematic。

As a result it is important to ensure financial risks are identified and managed appropriately. Preparation is a key component of risk management。

【Key Words】Financial risk，Risk management，YieldsI. Financial risks arising1.1What Is Risk1.1.1The concept of riskRisk provides the basis for opportunity. The terms risk and exposure have subtle differences in their meaning. Risk refers to the probability of loss while exposure is the possibility of loss although they are often used interchangeably。

南京理工大学泰州科技学院毕业设计（论文）外文资料翻译学院(系)：商学院专业：会计学姓名：林晟学号： 0706130352外文出处: IGOR FILATOTCHEV. OwnershipConcentration,‘PrivateBenefits of Control’ and DebtFinancing[J].Journal of CorporationLaw,2004,Vol.29.No.4,719-734 附件：1.外文资料翻译译文；2.外文原文。

附件1：外文资料翻译译文审股权集中度，“控制权私人收益”和债务融资IGOR FILATOTCHEV摘要：基于快速成长的'法律和经济’文献，本文分析了主要所有者在以牺牲小股东利益而获取“控制权私人收益”的环境中进行债务融资的公司治理。

这表明，所有权集中是与作为一个公司的负债比率和衡量投资的财政资源的使用效率较低有关，而这并不取决于最大股东的身份，固定的具有支配权的股东可以串通股权持有者进行控股溢价。

这个结论的其中一个可能的结果就是债务市场的企业信贷压缩，这有转型期经济体的证据支持。

关键词：所有权，控制权收益，债务引言有一个大量研究金融经济学和战略管理的文献显示获得控制权私人收益的方式和数量与管理行为和企业业绩有关。

(Gibbs, 1993；Hoskisson et al., 1994；Jensen and Warner, 1988)然而，大多以往的研究集中于大型、公开的在传统的美国/英国公司控制模型的框架范围内分散所有权的上市公司，很少是关于所有权集中的公司治理（Holderness and Sheehan, 1988；Short,1994）。

快速成长的企业所有制结构的优化取决于“控制权私人收益”的水平。

（e.g., Bennedsen and Wol fenzon, 2000； Grossman and Hart, 1988；Harris and Raviv, 1988）。

会计学中英文资料外文翻译外文原文Title:Future of SME finance（Background – the environment for SME finance has changedFuture economic recovery will depend on the possibility of Crafts, Trades and SMEs to exploit their potential for growth and employment creation.SMEs make a major contribution to growth and employment in the EU and are at the heart of the Lisbon Strategy, whose main objective is to turn Europe into the most competitive and dynamic knowledge-based economy in the world. However, the ability of SMEs to grow depends highly on their potential to invest in restructuring, innovation and qualification. All of these investments need capital and therefore access to finance.Against this background the consistently repeated complaint of SMEs about their problems regarding access to finance is a highly relevant constraint that endangers the economic recovery of Europe.Changes in the finance sector influence the behavior of credit institutes towards Crafts, Trades and SMEs. Recent and ongoing developments in the banking sector add to the concerns of SMEs and will further endanger their access to finance. The main changes in the banking sector which influence SME finance are:•Globalization and internationalization have increased the competition and the profit orientation in the sector;•worsening of the economic situations in some institutes (burst of the ITC bubble, insolvencies) strengthen the focus on profitability further;•Mergers and restructuring created larger structures and many local branches, which had direct and personalized contacts with small enterprises, were closed;•up-coming implementation of new capital adequacy rules (Basel II) will also change SME business of the credit sector and will increase its administrative costs;•Stricter interpretation of State-Aide Rules by the European Commission eliminates the support of banks by public guarantees; many of the effected banks arevery active in SME finance.All these changes result in a higher sensitivity for risks and profits in the finance sector.The changes in the finance sector affect the accessibility of SMEs to finance.Higher risk awareness in the credit sector, a stronger focus on profitability and the ongoing restructuring in the finance sector change the framework for SME finance and influence the accessibility of SMEs to finance. The most important changes are: •In order to make the higher risk awareness operational, the credit sector introduces new rating systems and instruments for credit scoring;•Risk assessment of SMEs by banks will force the enterprises to present more and better quality information on their businesses;•Banks will try to pass through their additional costs for implementing and running the new capital regulations (Basel II) to their business clients;•due to the increase of competition on interest rates, the bank sector demands more and higher fees for its services (administration of accounts, payments systems, etc.), which are not only additional costs for SMEs but also limit their liquidity;•Small enterprises will lose their personal relationship with decision-makers in local branches –the credit application process will become more formal and anonymous and will probably lose longer;•the credit sector will lose more and more its “public function” to provide access to finance for a wide range of economic actors, which it has in a number of countries, in order to support and facilitate economic growth; the profitability of lending becomes the main focus of private credit institutions.All of these developments will make access to finance for SMEs even more difficult and / or will increase the cost of external finance. Business start-ups and SMEs, which want to enter new markets, may especially suffer from shortages regarding finance. A European Code of Conduct between Banks and SMEs would have allowed at least more transparency in the relations between Banks and SMEs and UEAPME regrets that the bank sector was not able to agree on such a commitment.Towards an encompassing policy approach to improve the access of Crafts, Trades and SMEs to financeAll analyses show that credits and loans will stay the main source of finance forthe SME sector in Europe. Access to finance was always a main concern for SMEs, but the recent developments in the finance sector worsen the situation even more. Shortage of finance is already a relevant factor, which hinders economic recovery in Europe. Many SMEs are not able to finance their needs for investment.Therefore, UEAPME expects the new European Commission and the new European Parliament to strengthen their efforts to improve the framework conditions for SME finance. Europe’s Crafts, Trades and SMEs ask for an encompassing policy approach, which includes not only the conditions for SMEs’ access to lending, but will also strengthen their capacity for internal finance and their access to external risk capital.From UEAPME’s point of view such an encompassing approach should be based on three guiding principles:•Risk-sharing between private investors, financial institutes, SMEs and public sector;•Increase of transparency of SMEs towards their external investors and lenders;•improving the regulatory environment for SME finance.Based on these principles and against the background of the changing environment for SME finance, UEAPME proposes policy measures in the following areas:1. New Capital Requirement Directive: SME friendly implementation of Basel IIDue to intensive lobbying activities, UEAPME, together with other Business Associations in Europe, has achieved some improvements in favour of SMEs regarding the new Basel Agreement on regulatory capital (Basel II). The final agreement from the Basel Committee contains a much more realistic approach toward the real risk situation of SME lending for the finance market and will allow the necessary room for adaptations, which respect the different regional traditions and institutional structures.However, the new regulatory system will influence the relations between Banks and SMEs and it will depend very much on the way it will be implemented into European law, whether Basel II becomes burdensome for SMEs and if it will reduce access to finance for them.The new Capital Accord form the Basel Committee gives the financial marketauthorities and herewith the European Institutions, a lot of flexibility. In about 70 areas they have room to adapt the Accord to their specific needs when implementing it into EU law. Some of them will have important effects on the costs and the accessibility of finance for SMEs.UEAPME expects therefore from the new European Commission and the new European Parliament:•The implementation of the new Capital Requirement Directive will be costly for the Finance Sector (up to 30 Billion Euro till 2006) and its clients will have to pay for it. Therefore, the implementation – especially for smaller banks, which are often very active in SME finance –has to be carried out with as little administrative burdensome as possible (reporting obligations, statistics, etc.).•The European Regulators must recognize traditional instruments for collaterals (guarantees, etc.) as far as possible.•The European Commission and later the Member States should take over the recommendations from the European Parliament with regard to granularity, access to retail portfolio, maturity, partial use, adaptation of thresholds, etc., which will ease the burden on SME finance.2. SMEs need transparent rating proceduresDue to higher risk awareness of the finance sector and the needs of Basel II, many SMEs will be confronted for the first time with internal rating procedures or credit scoring systems by their banks. The bank will require more and better quality information from their clients and will assess them in a new way. Both up-coming developments are already causing increasing uncertainty amongst SMEs.In order to reduce this uncertainty and to allow SMEs to understand the principles of the new risk assessment, UEAPME demands transparent rating procedures –rating procedures may not become a “Black Box” for SMEs:•The bank should communicate the relevant criteria affecting the rating of SMEs.•The bank should inform SMEs about its assessment in order to allow SMEs to improve.The negotiations on a European Code of Conduct between Banks and SMEs , which would have included a self-commitment for transparent rating procedures by Banks, failed. Therefore, UEAPME expects from the new European Commission andthe new European Parliament support for:•binding rules in the framework of the new Capital Adequacy Directive, which ensure the transparency of rating procedures and credit scoring systems for SMEs;•Elaboration of national Codes of Conduct in order to improve the relations between Banks and SMEs and to support the adaptation of SMEs to the new financial environment.3. SMEs need an extension of credit guarantee systems with a special focus on Micro-LendingBusiness start-ups, the transfer of businesses and innovative fast growth SMEs also depended in the past very often on public support to get access to finance. Increasing risk awareness by banks and the stricter interpretation of State Aid Rules will further increase the need for public support.Already now, there are credit guarantee schemes in many countries on the limit of their capacity and too many investment projects cannot be realized by SMEs.Experiences show that Public money, spent for supporting credit guarantees systems, is a very efficient instrument and has a much higher multiplying effect than other instruments. One Euro form the European Investment Funds can stimulate 30 Euro investments in SMEs (for venture capital funds the relation is only 1:2).Therefore, UEAPME expects the new European Commission and the new European Parliament to support:•The extension of funds for national credit guarantees schemes in the framework of the new Multi-Annual Programmed for Enterprises;•The development of new instruments for securitizations of SME portfolios;•The recognition of existing and well functioning credit guarantees schemes as collateral;•More flexibility within the European Instruments, because of national differences in the situation of SME finance;•The development of credit guarantees schemes in the new Member States;•The development of an SBIC-like scheme in the Member States to close the equity gap (0.2 – 2.5 Mio Euro, according to the expert meeting on PACE on April 27 in Luxemburg).•the development of a financial support scheme to encourage the internalizations of SMEs (currently there is no scheme available at EU level:termination of JOP, fading out of JEV).4. SMEs need company and income taxation systems, which strengthen their capacity for self-financingMany EU Member States have company and income taxation systems with negative incentives to build-up capital within the company by re-investing their profits. This is especially true for companies, which have to pay income taxes. Already in the past tax-regimes was one of the reasons for the higher dependence of Europe’s SMEs on bank lending. In future, the result of rating will also depend on the amount of capital in the company; the high dependence on lending will influence the access to lending. This is a vicious cycle, which has to be broken.Even though company and income taxation falls under the competence of Member States, UEAPME asks the new European Commission and the new European Parliament to publicly support tax-reforms, which will strengthen the capacity of Crafts, Trades and SME for self-financing. Thereby, a special focus on non-corporate companies is needed.5. Risk Capital – equity financingExternal equity financing does not have a real tradition in the SME sector. On the one hand, small enterprises and family business in general have traditionally not been very open towards external equity financing and are not used to informing transparently about their business.On the other hand, many investors of venture capital and similar forms of equity finance are very reluctant regarding investing their funds in smaller companies, which is more costly than investing bigger amounts in larger companies. Furthermore it is much more difficult to set out of such investments in smaller companies.Even though equity financing will never become the main source of financing for SMEs, it is an important instrument for highly innovative start-ups and fast growing companies and it has therefore to be further developed. UEAPME sees three pillars for such an approach where policy support is needed:Availability of venture capital•The Member States should review their taxation systems in order to create incentives to invest private money in all forms of venture capital.•Guarantee instruments for equity financing should be further developed.Improve the conditions for investing venture capital into SMEs•The development of secondary markets for venture capital investments inSMEs should be supported.•Accounting Standards for SMEs should be revised in order to ease transparent exchange of information between investor and owner-manager.Owner-managers must become more aware about the need for transparency towards investors•SME owners will have to realise that in future access to external finance (venture capital or lending) will depend much more on a transparent and open exchange of information about the situation and the perspectives of their companies.•In order to fulfil the new needs for transparency, SMEs will have to use new information instruments (business plans, financial reporting, etc.) and new management instruments (risk-management, financial management, etc.).外文资料翻译题目：未来的中小企业融资背景：中小企业融资已经改变未来的经济复苏将取决于能否工艺品，贸易和中小企业利用其潜在的增长和创造就业。

毕业设计（论文）外文文献翻译文献、资料中文题目：企业应收账款管理存在的问题及对策文献、资料英文题目：文献、资料来源：文献、资料发表（出版）日期：院（部）：专业：会计学班级：姓名：学号：指导教师：翻译日期： 2017.02.14本科毕业论文外文原文及译文题目 XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX系别管理系专业会计学班级学号学生姓名指导老师8外文原文外文原文Enterprise receivables management analysedFenXi mining chemical company zhaoAiping【abstract 】in order to meet the expanding sales and increase the competitiveness of the enterprises, reduce inventory, reduce inventory risk and management expenses need, the business activities in El often created accounts receivable. Accounts receivable is the enterprise is an important, the risk is bigger liquid assets, its quality is good or bad for a business often has had a significant impact. Because of the important account receivable, according to some accounts receivable management and accounting, points out the existing problems in the disadvantages of account receivable mismanagement, and puts forward some to strengthen the management of accounts receivable practices.【keywords 】receivables; The provision for; Management riskAccounts receivable is the enterprise is an important, the risk is bigger liquid assets, its quality is good or bad for a business often has had a significant impact. These long-term difficult to recover the accounts receivable existence, seriously affected the enterprise. The normal production and business enterprise management costs, increased to different extent some enterprise into a financial crisis.The role of account receivable. Expand sales, increase the competitiveness of the enterprises in the fierce market competition situation, is to promote the sales of credit is an important way. Enterprise credit is actually to provide customers with the two transactions, to customer selling products, and in a limited period introverted customers funds. In credit-tightening, market weakness, lack of money, the promotion with obvious credit for enterprise sales role. New products and explore new market is more important significance.Reduce inventory, reduce inventory risk and management costs. To the enterprise to hold finished goods inventory additional fee, warehousing costs and insurance expenses; Instead, the enterprise to hold accounts receivable, you do not need the spending. Therefore, when the enterprise products inventory more for long time, generally can use more favorable credit conditions, the inventory into pipes receivable1and reduce finished goods in stock, save related expenses.Accounts receivable in the management of the existing problemsAccounts receivable is broad, fixed number of year long. AmountsEnterprise to accounts receivable accounting is not standard. According to the provisions of the state financial and accounting systems. Accounts receivable is accounting enterprise for selling goods or services to happen to purchase unit shall be recovered or accept labor unit payments. But the enterprise did not strictly according to the provisions of the accounting enterprise receivables. Cause some should not be in the project accounting money also included in the project, cause accounts receivable accounting has no reality.The account receivable NPLS not timely, to the enterprise confirmed the appearance of virtually increased asset caused. Because enterprise to accounts receivable slackened management, especially some enterprise also to accounts receivable as means of adjusting profit. So on the account receivable SiZhang confirmation on staying there ~ some problems. Is mainly to stay SiZhang has already formed the receivables confirm fast enough, for many years in the accounts receivable formed account long-term, eased some already can't withdraw, this provision for the provision for no provision of virtual enterprise assets, causing thickening.Because some of the managers and operators enterprise financial management consciousness and lack of management concept. To accounts receivable is lack of effective management and collect investigation the author feel. In Shanxi Province in the part of the province tube enterprise still exist serious planned economy of ideas, these people to the market economy can't say don't understand, also cannot say don't understand, the main thing is not starts from oneself, and in practical work is often said the much, do less. Thought is drunk on the production and business operation this center, not how to do well management finance the primacy, failed to do the business management financial management as the center. Financial management to fund management as the center. The management of funds and use only paying attention to how to borrow and spend money, not for existing resources and capital for effective configuration and mobilize. Cause enterprise produced a considerable amount of receivables, also do not actively from the Angle of strengthening management, so lots of money to clean up the long-term retention outside. Affected the enterprise normal production and operation activities and the efficient use of the funds.2外文原文The drawbacks of the receivable mismanagementReduce enterprise funds use efficiency, make enterprise profits down because of enterprise logistics and cash flow not consistent, merchandise shipped, prescribing sales invoices. Payment is not keeping pace recovery, and sales have established, this not up recovery entry sales. Certainly will cause no cash inflow generated sales tax on profits and losses, and sales income paid and years be paid in advance. If involves span more than to sales revenue account receivable. Then can produce enterprise by current assets paid annual shareholders dividend. Enterprise for such pursuit arising from the pad surface benefits and tax payment paid shareholders take up a lot of liquidity, as time passes will influence enterprise capital turnover. Which led to the enterprise actual operation situation veiled. Influence enterprise production plan and sales plan, etc, can't realize the set benefit goal.Exaggerated enterprise operating results. Because our country enterprise executes accounting foundation is the accrual (receivable meet system). The current credit happened all to write down current income. Therefore, the enterprise account profit increase does not mean that can meet the schedule of realizing cash inflows. Accounting system requires the enterprise in accordance with the percentage of account receivable balance to extract the provision for, the provision for a 5% rates generally for 3% (special enterprise except). If the actual loss of bad happened more than extract the provision for, will give enterprise to bring the great loss. Therefore, the enterprise of account receivable existence. On the TAB virtually increased sales income. In oerstate enterprise operation results. Increased risks of an enterprise cost.Speeding up the enterprise's cash outflows. Sell on credit although can make the enterprise produces more profits, but did not make enterprise cash inflows increase, on the contrary make enterprise had to use limited liquidity to various taxes and fees paid, accelerate the enterprise's cash outflows, main performance for:Enterprise tax payments. Accounts receivable bring sales income. Not actually receive cash, turnover is computational basis with sales, the enterprise must on time pay by cash. Enterprise pay tax as value added tax, business tax, consumption tax, resources tax and urban construction tax, inevitable meeting with sales revenue increases.Income tax payments. Accounts receivable generate revenue, but not in cash income tax, and realizing cash payment must on time.3Cash the distribution of the profits. Also exist such problems. In addition, the cost of the management of accounts receivable and accounts receivable recycling costs will accelerate enterprise cash outflows.The business cycle has influence on enterprise. Operating cycle from obtain inventory to the sales that inventory and withdraw cash this time so far. Operating cycle depends on inventory turnover days and accounts receivable turnover days, the business cycle is combined. From that. Unreasonable accounts receivable existence, make business cycle extended, affected the enterprise capital circulation, make a lot of liquidity precipitation in non-productive link. Cause enterprise cash shortage, influence salaries and raw material purchasing, serious impact on the enterprise normal production and operation.Increased receivables management process. Error probability, brings to the enterprise enterprise to face the additional loss accounts receivable account, possibly to the timely discovery, accounting errors can prompt understanding and other receivables accounts receivable dynamic enterprise details. Cause responsibility unclear. Accounts receivable contract, Taiwan about, commitments, the formalities of examination and approval of such material scattered, lost may make the enterprise has happened on the account receivable unable to receive the full recovery of repayment, the only partially withdraw through legal means. Can recover, but due to material not whole and cannot be recovered, until eventually form the enterprise assets loss.To strengthen the management of accounts receivable methodComprehensive comb, and establish material parameter. For enterprise all kinds of receivables launch a comprehensive system of comb, queuing, check the work. Because in past economic activity business minority, inefficient pattern. Hard to adapt to the market economy requirement, the law of development in the increasingly fierce market competition gradually be eliminated, the enterprise is in production, BanTingChan, failed state, has formed a widespread accounts receivable account for a long (most age 3 years), former party leave the state of operation and the debtor changes etc. Phenomenon, to clear a check increase the difficulty. Workers should browse a large number of original documents, traced back to carefully each individual accounts receivable from the nature, time, happened contents, amount. According to zhang age, systems, area and the possibility of recovery of accounts receivable are classified. Carefully analyzed collection verify each sum of money and amount. And this system, more likely way back near the door check account receivable; Way to4。

The Optimization Method of Financial Statements Based on Accounting Management TheoryABSTRACTThis paper develops an approach to enhance the reliability and usefulness of financial statements. International Financial Reporting Standards (IFRS) was fundamentally flawed by fair value accounting and asset-impairment accounting. According to legal theory and accounting theory, accounting data must have legal evidence as its source document. The conventional “mixed attribute” accounting system should be re placed by a “segregated” system with historical cost and fair value being kept strictly apart in financial statements. The proposed optimizing method will significantly enhance the reliability and usefulness of financial statements.I.. INTRODUCTIONBased on international-accounting-convergence approach, the Ministry of Finance issued the Enterprise Accounting Standards in 2006 taking the International Financial Reporting Standards (hereinafter referred to as “the International Standards”) for reference. The Enterprise Accounting Standards carries out fair value accounting successfully, and spreads the sense that accounting should reflect market value objectively. The objective of accounting reformation following-up is to establish the accounting theory and methodology which not only use international advanced theory for reference, but also accord with the needs of China's socialist market economy construction. On the basis of a thorough evaluation of the achievements and limitations of International Standards, this paper puts forward a stand that to deepen accounting reformation and enhance the stability of accounting regulations.II. OPTIMIZA TION OF FINANCIAL STATEMENTS SYSTEM: PARALLELING LISTING OF LEGAL FACTS AND FINANCIAL EXPECTA TIONAs an important management activity, accounting should make use of information systems based on classified statistics, and serve for both micro-economic management and macro-economic regulation at the same time. Optimization of financial statements system should try to take all aspects of the demands of the financial statements in both macro and micro level into account.Why do companies need to prepare financial statements? Whose demands should be considered while preparing financial statements? Those questions are basic issues we should consider on the optimization of financial statements. From the perspective of "public interests", reliability and legal evidence are required as qualitative characters, which is the origin of the traditional "historical cost accounting". From the perspective of "private interest", security investors and financial regulatory authoritieshope that financial statements reflect changes of market prices timely recording "objective" market conditions. This is the origin of "fair value accounting". Whether one set of financial statements can be compatible with these two different views and balance the public interest and private interest? To solve this problem, we design a new balance sheet and an income statement.From 1992 to 2006, a lot of new ideas and new perspectives are introduced into China's accounting practices from international accounting standards in a gradual manner during the accounting reform in China. These ideas and perspectives enriched the understanding of the financial statements in China. These achievements deserve our full assessment and should be fully affirmed. However, academia and standard-setters are also aware that International Standards are still in the process of developing .The purpose of proposing new formats of financial statements in this paper is to push forward the accounting reform into a deeper level on the basis of international convergence.III. THE PRACTICABILITY OF IMPROVING THE FINANCIAL STATEMENTS SYSTEMWhether the financial statements are able to maintain their stability? It is necessary to mobilize the initiatives of both supply-side and demand-side at the same time. We should consider whether financial statements could meet the demands of the macro-economic regulation and business administration, and whether they are popular with millions of accountants.Accountants are responsible for preparing financial statements and auditors are responsible for auditing. They will benefit from the implementation of the new financial statements.Firstly, for the accountants, under the isolated design of historical cost accounting and fair value accounting, their daily accounting practice is greatly simplified. Accounting process will not need assets impairment and fair value any longer. Accounting books will not record impairment and appreciation of assets any longer, for the historical cost accounting is comprehensively implemented. Fair value information will be recorded in accordance with assessment only at the balance sheet date and only in the annual financial statements. Historical cost accounting is more likely to be recognized by the tax authorities, which saves heavy workload of the tax adjustment. Accountants will not need to calculate the deferred income tax expense any longer, and the profit-after-tax in the solid line table is acknowledged by the Company Law, which solves the problem of determining the profit available for distribution.Accountants do not need to record the fair value information needed by security investors in the accounting books; instead, they only need to list the fair value information at the balance sheet date. In addition, because the data in the solid line table has legal credibility, so the legal risks of accountants can be well controlled. Secondly, the arbitrariness of the accounting process will be reduced, and the auditors’ review process will be greatly simplified. The independent auditors will not have to bear the considerable legal risk for the dotted-line table they audit, because the risk of fair value information has been prompted as "not supported by legalevidences". Accountants and auditors can quickly adapt to this financial statements system, without the need of training. In this way, they can save a lot of time to help companies to improve management efficiency. Surveys show that the above design of financial statements is popular with accountants and auditors. Since the workloads of accounting and auditing have been substantially reduced, therefore, the total expenses for auditing and evaluation will not exceed current level as well.In short, from the perspectives of both supply-side and demand-side, the improved financial statements are expected to enhance the usefulness of financial statements, without increase the burden of the supply-side.IV. CONCLUSIONS AND POLICY RECOMMENDATIONSThe current rule of mixed presentation of fair value data and historical cost data could be improved. The core concept of fair value is to make financial statements reflect the fair value of assets and liabilities, so that we can subtract the fair value of liabilities from assets to obtain the net fair value.However, the current International Standards do not implement this concept, but try to partly transform the historical cost accounting, which leads to mixed using of impairment accounting and fair value accounting. China's accounting academic research has followed up step by step since 1980s, and now has already introduced a mixed-attributes model into corporate financial statements.By distinguishing legal facts from financial expectations, we can balance public interests and private interests and can redesign the financial statements system with enhancing management efficiency and implementing higher-level laws as main objective. By presenting fair value and historical cost in one set of financial statements at the same time, the statements will not only meet the needs of keeping books according to domestic laws, but also meet the demand from financial regulatory authorities and security investorsWe hope that practitioners and theorists offer advices and suggestions on the problem of improving the financial statements to build a financial statements system which not only meets the domestic needs, but also converges with the International Standards.基于会计管理理论的财务报表的优化方法摘要本文提供了一个方法，以提高财务报表的可靠性和实用性。