外文文献翻译

金融体制、融资约束与投资——来自OECD的实证分析R．SemenovDepartment of Economics，University of Nijmegen，Nijmegen（荷兰内梅亨大学，经济学院）这篇论文考查了OECD的11个国家中现金流量对企业投资的影响.我们发现不同国家之间投资对企业内部可获取资金的敏感性具有显著差异,并且银企之间具有明显的紧密关系的国家的敏感性比银企之间具有公平关系的国家的低.同时，我们发现融资约束与整体金融发展指标不存在关系.我们的结论与资本市场信息和激励问题对企业投资具有重要作用这种观点一致，并且紧密的银企关系会减少这些问题从而增加企业获取外部融资的渠道。

一、引言各个国家的企业在显著不同的金融体制下运行。

金融发展水平的差别(例如，相对GDP的信用额度和相对GDP的相应股票市场的资本化程度），在所有者和管理者关系、企业和债权人的模式中，企业控制的市场活动水平可以很好地被记录.在完美资本市场,对于具有正的净现值投资机会的企业将一直获得资金。

然而，经济理论表明市场摩擦，诸如信息不对称和激励问题会使获得外部资本更加昂贵，并且具有盈利投资机会的企业不一定能够获取所需资本.这表明融资要素，例如内部产生资金数量、新债务和权益的可得性，共同决定了企业的投资决策.现今已经有大量考查外部资金可得性对投资决策的影响的实证资料（可参考，例如Fazzari（1998）、 Hoshi(1991)、 Chapman（1996）、Samuel(1998））.大多数研究结果表明金融变量例如现金流量有助于解释企业的投资水平。

这项研究结果解释表明企业投资受限于外部资金的可得性。

很多模型强调运行正常的金融中介和金融市场有助于改善信息不对称和交易成本，减缓不对称问题,从而促使储蓄资金投着长期和高回报的项目,并且提高资源的有效配置（参看Levine（1997)的评论文章）。

因而我们预期用于更加发达的金融体制的国家的企业将更容易获得外部融资.几位学者已经指出建立企业和金融中介机构可进一步缓解金融市场摩擦。

核准通过，归档资料。

未经允许，请勿外传!浙江大学本科毕业论文外文文献翻译The influence of political connections on the firm value of small and medium-sized enterprises in China政治关联在中国对中小型企业价值的影响1摘要中小型企业的价值受很多因素的影响,比如股东、现金流以及政治关联等.这篇文章调查的正是在中国政治关联对中小型企业价值的影响。

通过实验数据来分析政治关联对企业价值效益的影响.结果表明政府关联是关键的因素并且在中国对中小型企业的价值具有负面影响。

2重要内容翻译2。

1引言在商业界,有越来越多关于政治关联的影响的经济研究。

它们发现政治关联能够帮助企业确保有利的规章条件以及成功获得资源，比如能够最终提高企业价值或是提升绩效的银行贷款，这种政治关联的影响在不同的经济条件下呈现不同的效果。

在高腐败和法律制度薄弱的国家，政治关联对企业价值具有决定性因素1的作用.中国由高度集权的计划经济向市场经济转变，政府对市场具有较强的控制作用，而且有大量的上市企业具有政治关联。

中小型企业发展的很迅速，他们已经在全球经济环境中变得越来越重要。

从90年代起, 政治因素对中国的任何规模的企业来说都变得越来越重要,尤其是中小型企业的价值。

和其他的部门相比较，中小型企业只有较小的现金流，不稳定的现金流且高负债率.一方面，中小型企业改变更加灵活；另一方面,中小型企业在由于企业规模以及对银行来说没有可以抵押的资产，在筹资方面较为困难。

企业如何应对微观经济环境和政策去保证正常的企业活动，并且政治关联如何影响企业价值？这篇论文调查政治关联和企业价值之间的联系,并且试图去研究企业是否可以从政治关联中获利提升企业价值。

2.2定义这些中小型企业之所以叫中小型企业，是和管理规模有关。

对这些小企业来说，雇员很少，营业额较低,资金一般由较少的人提供,因此，通常由这些业主直接管理企业。

（（英文参考文献及译文）二〇一六年六月本科毕业论文 题 目：STATISTICAL SAMPLING METHOD, USED INTHE AUDIT学生姓名：王雪琴学 院：管理学院系 别：会计系专 业：财务管理班 级：财管12-2班 学校代码： 10128 学 号： 201210707016Statistics and AuditRomanian Statistical Review nr. 5 / 2010STATISTICAL SAMPLING METHOD, USED IN THE AUDIT - views, recommendations, fi ndingsPhD Candidate Gabriela-Felicia UNGUREANUAbstractThe rapid increase in the size of U.S. companies from the earlytwentieth century created the need for audit procedures based on the selectionof a part of the total population audited to obtain reliable audit evidence, tocharacterize the entire population consists of account balances or classes oftransactions. Sampling is not used only in audit – is used in sampling surveys,market analysis and medical research in which someone wants to reach aconclusion about a large number of data by examining only a part of thesedata. The difference is the “population” from which the sample is selected, iethat set of data which is intended to draw a conclusion. Audit sampling appliesonly to certain types of audit procedures.Key words: sampling, sample risk, population, sampling unit, tests ofcontrols, substantive procedures.Statistical samplingCommittee statistical sampling of American Institute of CertifiedPublic Accountants of (AICPA) issued in 1962 a special report, titled“Statistical sampling and independent auditors’ which allowed the use ofstatistical sampling method, in accordance with Generally Accepted AuditingStandards (GAAS). During 1962-1974, the AICPA published a series of paperson statistical sampling, “Auditor’s Approach to Statistical Sampling”, foruse in continuing professional education of accountants. During 1962-1974,the AICPA published a series of papers on statistical sampling, “Auditor’sApproach to Statistical Sampling”, for use in continuing professional educationof accountants. In 1981, AICPA issued the professional standard, “AuditSampling”, which provides general guidelines for both sampling methods,statistical and non-statistical.Earlier audits included checks of all transactions in the period coveredby the audited financial statements. At that time, the literature has not givenparticular attention to this subject. Only in 1971, an audit procedures programprinted in the “Federal Reserve Bulletin (Federal Bulletin Stocks)” includedseveral references to sampling such as selecting the “few items” of inventory.Statistics and Audit The program was developed by a special committee, which later became the AICPA, that of Certified Public Accountants American Institute.In the first decades of last century, the auditors often applied sampling, but sample size was not in related to the efficiency of internal control of the entity. In 1955, American Institute of Accountants has published a study case of extending the audit sampling, summarizing audit program developed by certified public accountants, to show why sampling is necessary to extend the audit. The study was important because is one of the leading journal on sampling which recognize a relationship of dependency between detail and reliability testing of internal control.In 1964, the AICPA’s Auditing Standards Board has issued a report entitled “The relationship between statistical sampling and Generally Accepted Auditing Standards (GAAS)” which illustrated the relationship between the accuracy and reliability in sampling and provisions of GAAS.In 1978, the AICPA published the work of Donald M. Roberts,“Statistical Auditing”which explains the underlying theory of statistical sampling in auditing.In 1981, AICPA issued the professional standard, named “Audit Sampling”, which provides guidelines for both sampling methods, statistical and non-statistical.An auditor does not rely solely on the results of a single procedure to reach a conclusion on an account balance, class of transactions or operational effectiveness of the controls. Rather, the audit findings are based on combined evidence from several sources, as a consequence of a number of different audit procedures. When an auditor selects a sample of a population, his objective is to obtain a representative sample, ie sample whose characteristics are identical with the population’s characteristics. This means that selected items are identical with those remaining outside the sample.In practice, auditors do not know for sure if a sample is representative, even after completion the test, but they “may increase the probability that a sample is representative by accuracy of activities made related to design, sample selection and evaluation” [1]. Lack of specificity of the sample results may be given by observation errors and sampling errors. Risks to produce these errors can be controlled.Observation error (risk of observation) appears when the audit test did not identify existing deviations in the sample or using an inadequate audit technique or by negligence of the auditor.Sampling error (sampling risk) is an inherent characteristic of the survey, which results from the fact that they tested only a fraction of the total population. Sampling error occurs due to the fact that it is possible for Revista Română de Statistică nr. 5 / 2010Statistics and Auditthe auditor to reach a conclusion, based on a sample that is different from the conclusion which would be reached if the entire population would have been subject to audit procedures identical. Sampling risk can be reduced by adjusting the sample size, depending on the size and population characteristics and using an appropriate method of selection. Increasing sample size will reduce the risk of sampling; a sample of the all population will present a null risk of sampling.Audit Sampling is a method of testing for gather sufficient and appropriate audit evidence, for the purposes of audit. The auditor may decide to apply audit sampling on an account balance or class of transactions. Sampling audit includes audit procedures to less than 100% of the items within an account balance or class of transactions, so all the sample able to be selected. Auditor is required to determine appropriate ways of selecting items for testing. Audit sampling can be used as a statistical approach and a non- statistical.Statistical sampling is a method by which the sample is made so that each unit consists of the total population has an equal probability of being included in the sample, method of sample selection is random, allowed to assess the results based on probability theory and risk quantification of sampling. Choosing the appropriate population make that auditor’ findings can be extended to the entire population.Non-statistical sampling is a method of sampling, when the auditor uses professional judgment to select elements of a sample. Since the purpose of sampling is to draw conclusions about the entire population, the auditor should select a representative sample by choosing sample units which have characteristics typical of that population. Results will not extrapolate the entire population as the sample selected is representative.Audit tests can be applied on the all elements of the population, where is a small population or on an unrepresentative sample, where the auditor knows the particularities of the population to be tested and is able to identify a small number of items of interest to audit. If the sample has not similar characteristics for the elements of the entire population, the errors found in the tested sample can not extrapolate.Decision of statistical or non-statistical approach depends on the auditor’s professional judgment which seeking sufficient appropriate audits evidence on which to completion its findings about the audit opinion.As a statistical sampling method refer to the random selection that any possible combination of elements of the community is equally likely to enter the sample. Simple random sampling is used when stratification was not to audit. Using random selection involves using random numbers generated byRomanian Statistical Review nr. 5 / 2010Statistics and Audit a computer. After selecting a random starting point, the auditor found the first random number that falls within the test document numbers. Only when the approach has the characteristics of statistical sampling, statistical assessments of risk are valid sampling.In another variant of the sampling probability, namely the systematic selection (also called random mechanical) elements naturally succeed in office space or time; the auditor has a preliminary listing of the population and made the decision on sample size. “The auditor calculated a counting step, and selects the sample element method based on step size. Step counting is determined by dividing the volume of the community to sample the number of units desired. Advantages of systematic screening are its usability. In most cases, a systematic sample can be extracted quickly and method automatically arranges numbers in successive series.”[2].Selection by probability proportional to size - is a method which emphasizes those population units’recorded higher values. The sample is constituted so that the probability of selecting any given element of the population is equal to the recorded value of the item;Stratifi ed selection - is a method of emphasis of units with higher values and is registered in the stratification of the population in subpopulations. Stratification provides a complete picture of the auditor, when population (data table to be analyzed) is not homogeneous. In this case, the auditor stratifies a population by dividing them into distinct subpopulations, which have common characteristics, pre-defined. “The objective of stratification is to reduce the variability of elements in each layer and therefore allow a reduction in sample size without a proportionate increase in the risk of sampling.” [3] If population stratification is done properly, the amount of sample size to come layers will be less than the sample size that would be obtained at the same level of risk given sample with a sample extracted from the entire population. Audit results applied to a layer can be designed only on items that are part of that layer.I appreciated as useful some views on non-statistical sampling methods, which implies that guided the selection of the sample selecting each element according to certain criteria determined by the auditor. The method is subjective; because the auditor selects intentionally items containing set features him.The selection of the series is done by selecting multiple elements series (successive). Using sampling the series is recommended only if a reasonable number of sets used. Using just a few series there is a risk that the sample is not representative. This type of sampling can be used in addition to other samples, where there is a high probability of occurrence of errors. At the arbitrary selection, no items are selected preferably from the auditor, Revista Română de Statistică nr. 5 / 2010Statistics and Auditthat regardless of size or source or characteristics. Is not the recommended method, because is not objective.That sampling is based on the auditor’s professional judgment, which may decide which items can be part or not sampled. Because is not a statistical method, it can not calculate the standard error. Although the sample structure can be constructed to reproduce the population, there is no guarantee that the sample is representative. If omitted a feature that would be relevant in a particular situation, the sample is not representative.Sampling applies when the auditor plans to make conclusions about population, based on a selection. The auditor considers the audit program and determines audit procedures which may apply random research. Sampling is used by auditors an internal control systems testing, and substantive testing of operations. The general objectives of tests of control system and operations substantive tests are to verify the application of pre-defined control procedures, and to determine whether operations contain material errors.Control tests are intended to provide evidence of operational efficiency and controls design or operation of a control system to prevent or detect material misstatements in financial statements. Control tests are necessary if the auditor plans to assess control risk for assertions of management.Controls are generally expected to be similarly applied to all transactions covered by the records, regardless of transaction value. Therefore, if the auditor uses sampling, it is not advisable to select only high value transactions. Samples must be chosen so as to be representative population sample.An auditor must be aware that an entity may change a special control during the course of the audit. If the control is replaced by another, which is designed to achieve the same specific objective, the auditor must decide whether to design a sample of all transactions made during or just a sample of transactions controlled again. Appropriate decision depends on the overall objective of the audit test.Verification of internal control system of an entity is intended to provide guidance on the identification of relevant controls and design evaluation tests of controls.Other tests:In testing internal control system and testing operations, audit sample is used to estimate the proportion of elements of a population containing a characteristic or attribute analysis. This proportion is called the frequency of occurrence or percentage of deviation and is equal to the ratio of elements containing attribute specific and total number of population elements. WeightRomanian Statistical Review nr. 5 / 2010Statistics and Audit deviations in a sample are determined to calculate an estimate of the proportion of the total population deviations.Risk associated with sampling - refers to a sample selection which can not be representative of the population tested. In other words, the sample itself may contain material errors or deviations from the line. However, issuing a conclusion based on a sample may be different from the conclusion which would be reached if the entire population would be subject to audit.Types of risk associated with sampling:Controls are more effective than they actually are or that there are not significant errors when they exist - which means an inappropriate audit opinion. Controls are less effective than they actually are that there are significant errors when in fact they are not - this calls for additional activities to establish that initial conclusions were incorrect.Attributes testing - the auditor should be defining the characteristics to test and conditions for misconduct. Attributes testing will make when required objective statistical projections on various characteristics of the population. The auditor may decide to select items from a population based on its knowledge about the entity and its environment control based on risk analysis and the specific characteristics of the population to be tested.Population is the mass of data on which the auditor wishes to generalize the findings obtained on a sample. Population will be defined compliance audit objectives and will be complete and consistent, because results of the sample can be designed only for the population from which the sample was selected.Sampling unit - a unit of sampling may be, for example, an invoice, an entry or a line item. Each sample unit is an element of the population. The auditor will define the sampling unit based on its compliance with the objectives of audit tests.Sample size - to determine the sample size should be considered whether sampling risk is reduced to an acceptable minimum level. Sample size is affected by the risk associated with sampling that the auditor is willing to accept it. The risk that the auditor is willing to accept lower, the sample will be higher.Error - for detailed testing, the auditor should project monetary errors found in the sample population and should take into account the projected error on the specific objective of the audit and other audit areas. The auditor projects the total error on the population to get a broad perspective on the size of the error and comparing it with tolerable error.For detailed testing, tolerable error is tolerable and misrepresentations Revista Română de Statistică nr. 5 / 2010Statistics and Auditwill be a value less than or equal to materiality used by the auditor for the individual classes of transactions or balances audited. If a class of transactions or account balances has been divided into layers error is designed separately for each layer. Design errors and inconsistent errors for each stratum are then combined when considering the possible effect on the total classes of transactions and account balances.Evaluation of sample results - the auditor should evaluate the sample results to determine whether assessing relevant characteristics of the population is confirmed or needs to be revised.When testing controls, an unexpectedly high rate of sample error may lead to an increase in the risk assessment of significant misrepresentation unless it obtained additional audit evidence to support the initial assessment. For control tests, an error is a deviation from the performance of control procedures prescribed. The auditor should obtain evidence about the nature and extent of any significant changes in internal control system, including the staff establishment.If significant changes occur, the auditor should review the understanding of internal control environment and consider testing the controls changed. Alternatively, the auditor may consider performing substantive analytical procedures or tests of details covering the audit period.In some cases, the auditor might not need to wait until the end audit to form a conclusion about the effectiveness of operational control, to support the control risk assessment. In this case, the auditor might decide to modify the planned substantive tests accordingly.If testing details, an unexpectedly large amount of error in a sample may cause the auditor to believe that a class of transactions or account balances is given significantly wrong in the absence of additional audit evidence to show that there are not material misrepresentations.When the best estimate of error is very close to the tolerable error, the auditor recognizes the risk that another sample have different best estimate that could exceed the tolerable error.ConclusionsFollowing analysis of sampling methods conclude that all methods have advantages and disadvantages. But the auditor is important in choosing the sampling method is based on professional judgment and take into account the cost / benefit ratio. Thus, if a sampling method proves to be costly auditor should seek the most efficient method in view of the main and specific objectives of the audit.Romanian Statistical Review nr. 5 / 2010Statistics and Audit The auditor should evaluate the sample results to determine whether the preliminary assessment of relevant characteristics of the population must be confirmed or revised. If the evaluation sample results indicate that the relevant characteristics of the population needs assessment review, the auditor may: require management to investigate identified errors and likelihood of future errors and make necessary adjustments to change the nature, timing and extent of further procedures to take into account the effect on the audit report.Selective bibliography:[1] Law no. 672/2002 updated, on public internal audit[2] Arens, A şi Loebbecke J - Controve …Audit– An integrate approach”, 8th edition, Arc Publishing House[3] ISA 530 - Financial Audit 2008 - International Standards on Auditing, IRECSON Publishing House, 2009- Dictionary of macroeconomics, Ed C.H. Beck, Bucharest, 2008Revista Română de Statistică nr. 5 / 2010Statistics and Audit摘要美国公司的规模迅速增加，从第二十世纪初创造了必要的审计程序，根据选定的部分总人口的审计，以获得可靠的审计证据，以描述整个人口组成的帐户余额或类别的交易。

本科毕业论文外文参考文献译文及原文学院经济与贸易学院专业经济学（贸易方向）年级班别2007级 1 班学号3207004154学生姓名欧阳倩指导教师童雪晖2010 年 6 月 3 日目录1 外文文献译文（一）中国银行业的改革和盈利能力（第1、2、4部分） (1)2 外文文献原文（一）CHINA’S BANKING REFORM AND PROFITABILITY（Part 1、2、4） (9)1概述世界银行（1997年）曾声称，中国的金融业是其经济的软肋。

当一国的经济增长的可持续性岌岌可危的时候，金融业的改革一直被认为是提高资金使用效率和消费型经济增长重新走向平衡的必要（Lardy，1998年，Prasad，2007年）。

事实上，不久前，中国的国有银行被视为“技术上破产”，它们的生存需要依靠充裕的国家流动资金。

但是，在银行改革开展以来，最近，强劲的盈利能力已恢复到国有商业银行的水平。

但自从中国的国有银行在不久之前已经走上了改革的道路，它可能过早宣布银行业的改革尚未取得完全的胜利。

此外，其坚实的财务表现虽然强劲，但不可持续增长。

随着经济增长在2008年全球经济衰退得带动下已经开始软化，银行预计将在一个比以前更加困难的经济形势下探索。

本文的目的不是要评价银行业改革对银行业绩的影响，这在一个完整的信贷周期后更好解决。

相反，我们的目标是通过审查改革的进展和银行改革战略，并分析其近期改革后的强劲的财务表现，但是这不能完全从迄今所进行的改革努力分离。

本文有三个部分。

在第二节中，我们回顾了中国的大型国有银行改革的战略，以及其执行情况，这是中国银行业改革的主要目标。

第三节中分析了2007年的财务表现集中在那些在市场上拥有浮动股份的四大国有商业银行：中国工商银行（工商银行），中国建设银行（建行），对中国银行（中银）和交通银行（交通银行）。

引人注目的是中国农业银行，它仍然处于重组上市过程中得适当时候的后期。

第四节总结一个对银行绩效评估。

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。

外文文献及翻译1. 文献："The Effects of Exercise on Mental Health"翻译：运动对心理健康的影响Abstract: This article explores the effects of exercise on mental health. The author discusses various studies that have been conducted on this topic, and presents evidence to support the claim that exercise can have positive impacts on mental well-being. The article also examines the mechanisms through which exercise affects mental health, such as the release of endorphins and the reduction of stress hormones. Overall, the author concludes that exercise is an effective strategy for improving mental health and recommends incorporating physical activity into daily routines.摘要：本文探讨了运动对心理健康的影响。

作者讨论了在这个主题上进行的各种研究，并提出证据支持运动对心理健康有积极影响的观点。

该文章还探讨了运动如何影响心理健康的机制，如内啡肽的释放和压力激素的减少。

总的来说，作者得出结论，运动是改善心理健康的有效策略，并建议将体育活动纳入日常生活。

2. 文献： "The Benefits of Bilingualism"翻译：双语能力的好处Abstract: This paper examines the benefits of bilingualism. The author presents research findings that demonstrate the cognitiveadvantages of being bilingual, such as enhanced problem-solving skills and improved attention control. The article also explores the social and cultural benefits of bilingualism, such as increased cultural awareness and the ability to communicate with people from different backgrounds. Additionally, the author discusses the positive effects of bilingualism on mental health, highlighting its role in delaying the onset of cognitive decline and in providing a buffer against age-related memory loss. Overall, the author concludes that bilingualism offers a range of advantages and recommends promoting bilingual education and language learning. 摘要：本文研究了双语能力的好处。

外文文献翻译译稿1可用性和期望值来自Willliam S.Green, Patrick W.Jordan.产品的愉悦：超越可用性根据人机工程学会（HFES）的观点，人机工程学着眼于“发现和共享可用于各种系统和设备设计的、关于人的特点的知识”。

人们通常只是把它作为生物力学和人体测量所关注的内容，实际上它是从更广泛的意义上的一种对人（产品用户）的全面和综合的理解。

HFES从二战中有军方从事的系统分析中发展而来。

其中的三种主要研究的是人体测量、复杂信息的解释和管理，以及在部队和装备调配中应用的系统分析。

系统分析在尺度和复杂性方面跨度很大，大的系统分析有类似于诺曼底登陆准备的大型系统规划，小到去理解如何从合理性和规模的角度才最佳的布置和装备人员。

诺曼底登陆是20世纪最复杂的事件之一。

他要求建立一个在战斗开始之前还不确定的庞大的人员和物资的合理分配系统。

在更小的规模上，装备和军事人物的布置意味着如何去组织、训练和安排战士，最大限度的发挥他们的长处。

士兵必须迅速地接受训练，并且能够有效地使用和维护在二战中发展起来的一系列技术装备。

其中，对于飞行员、潜艇人员和坦克驾驶员有神采的限制。

复杂的新装备的开发要求找到最好的税收、密码便医院、破译人员、雷达和声纳操作员、轰炸机驾驶员和机组人员。

在战后，随着公司及其产品在尺度、领域和复杂性方面的增长，很多系统分析人员在商用领域找到了发展机会。

尽管是战后的发展才导致了1957年人机工程协会（HFES）的建立，但人机研究的起源可以追溯到大批量生产方式的成型阶段，是当时提高生产效率的要求。

随着工作方式从手工生产和农业生产中的转移，新的工厂工作的概念逐步发展起来。

福特的流水生产线和泰勒的效率理论开始对生产的规划和教育产生影响。

即使在家庭生活中，妇女们也开始接受了现代家庭管理理论，并运用这些理论来组织和规划家庭。

在20世纪末，一种涵盖面更广的人机工程正在发展之中。

新的人机工程学是为了适应已经被广泛意识到的对用户行为模式更深入的需求而诞生的，它开始应用定型研究方法，并探索人的情感和认知因素。

如何翻译外文文献在科研过程中阅读翻译外文文献是一个非常重要的环节，许多领域高水平的文献都是外文文献，借鉴一些外文文献翻译的经验是非常必要的。

由于特殊原因我翻译外文文献的机会比较多，慢慢地就发现了外文文献翻译过程中的三大利器：Google“翻译”频道、金山词霸（完整版本）和CNKI“翻译助手"。

具体操作过程如下：1.先打开金山词霸自动取词功能，然后阅读文献；2.遇到无法理解的长句时，可以交给Google处理，处理后的结果猛一看，不堪入目，可是经过大脑的再处理后句子的意思基本就明了了；3.如果通过Google仍然无法理解，感觉就是不同，那肯定是对其中某个“常用单词”理解有误，因为某些单词看似很简单，但是在文献中有特殊的意思，这时就可以通过CNKI的“翻译助手”来查询相关单词的意思，由于CNKI的单词意思都是来源与大量的文献，所以它的吻合率很高。

另外，在翻译过程中最好以“段落”或者“长句”作为翻译的基本单位，这样才不会造成“只见树木，不见森林”的误导。

注：1、Google 翻译google，众所周知，谷歌里面的英文文献和资料还算是比较详实的。

我利用它是这样的。

一方面可以用它查询英文论文，当然这方面的帖子很多，大家可以搜索，在此不赘述。

回到我自己说的翻译上来。

下面给大家举个例子来说明如何用吧比如说“电磁感应透明效应”这个词汇你不知道他怎么翻译，首先你可以在CNKI里查中文的，根据它们的关键词中英文对照来做，一般比较准确。

在此主要是说在google里怎么知道这个翻译意思。

大家应该都有词典吧，按中国人的办法，把一个一个词分着查出来，敲到google里，你的这种翻译一般不太准，当然你需要验证是否准确了，这下看着吧，把你的那支离破碎的翻译在google里搜索，你能看到许多相关的文献或资料，大家都不是笨蛋，看看，也就能找到最精确的翻译了，纯西式的！我就是这么用的。

2、CNKI翻译CNKI翻译助手，这个网站不需要介绍太多，可能有些人也知道的。

1、 INTRODUCTIONLogistics is normally considered as nothing more than getting the right product to theright place at the right time for the least cost、 Faced with a rapidly changing environment, revolutionary changes in technology, continued government deregulation, the shortening of product life cycle, proliferation of product lines and shifts in traditional manufacturer-retailer relationships, many organisations have had to rethink their traditional assumptions、Over the last ten years one of the most significant changes in management thinking wasthe emphasis on the search for strategies that will provide superior value in competition、Logistics management has the potential to assist the organisation in the achievement of botha cost/productivity advantage and a value advantage、 The importance of logistics and its integration in the supply chain was argued by、China is a huge consumer market that accounted for a third of global economic growthover the past three years、 Its development speed and potential cannot be ignored by the restof the world、 As a result of China’s internal and external economic attributes, most of the、 In particular in the automobileglobal consumer brands have established operations thereindustry, many of the leading global OEMs including Honda, Toyota, General Motors, Volkswagen and Ford have established joint-venture partnerships with local car manufacturers、 Auto sales in China rose by 76% in the year to July 2003 and by 2011,、 InChina is expected to surpass Japan to become the wor ld’s second largest auto marketorder to compete in the Chinese market share and satisfy increasing demand, these operations are continuously expanding their production volumes with astonishing speed、Such expansion is, however carried out in the context of a legacy environment、China spans a large geographical area with, in many parts, under-developed infrastructure、 This presents a challenge to efficient deployment of logistics strategies、Furthermore, the involvement of third party logistics providers, favoured by most globalOEMs, is an emergent consideration in China、 Finally, the conflicts that inevitably arise inthe joint venture partnerships lead to delays in the introduction of western logistics management e xperiences and methods from the OEMs、All these factors increase the、difficulties in managing logistics by China’s local auto makers2、 The overall development of foreign distribution Overview2、1 The United States of modern logistics developmentTwenty-first century from the 60s on wards, the rationalization of distribution of goodsin general are valued in the United States to take the following measures: First, the warehouse will replace the old distribution center: The second is the management of the introduction of computer networks, on the loading and unloading, handling, custody, standardized operation, improve operating efficiency; Third, the common chain distribution centers set up to promote the growth of chain-effective、 United States chain stores have a variety of distribution centers, mainly in the wholesale-based, r etail and warehouse-type three types、2、2 Japan's modern logistics developmentOn logistics and distribution of wood with the following features: well-developed distribution channels, frequent, low-volume stock, logistics and distribution reflects the common and set the trend sticks, logistics and distribution cooperative, the Government planning in the development of modern logistics and distribution play an important role inthe process of 、2、3 European modern development of logisticsCountries in Europe, especially Germany, logistics refers to the user's orders in accordance with the requirements of positions in the logistics sub-goods distribution, the goods will be sent to the consignee with good activities、Germany's logistics industry formed of basic commodities from origin to distribution center, from the distribution center (and sometimes through more than one distribution center) arrive at the modern mode of end customers、 Traveled in Germany, it can be said of the logistics and distribution in Germany has been formed to final demand-oriented to the modernization of transport and high-techinformation network as a bridge to a reasonable R69 distribution center hub to run a complete system、2、4 the main reasons of logistics industry developing faster in developed countriesRelying on high-tech to the core economies of scale to allow flexibility based on a variety of forms、3、China's 3PL enterprises are facing a major obstacle to business3、1 The current situation of China's 3PLChina's 3PL enterprises: service radius of a small, low entry barriers、 With the gradual warming heat logistics, urban logistics industry is also increasingly unitary covered by the importance and development、However, due to historical reasons in our country, the long-standing emphasis on production of a light flow, heavy flow to light the idea of the logistics, distribution of development in the not yet ripe at this stage, there is the issue more prominent in the following two aspects: the service delivery difficult to play a central role,the process of distribution of the low level of modernization、China's 3PL companies with foreign 3PL companies mainly in the gap between the three aspects: First, procurement capacity, and the other is logistics, and the third is cash flow、Aspects of logistics and distribution, foreign retailers have done very well, has a set of efficient logistics information system, which can effectively improve the inventory turnover rate, so as to enhance the return on assets and profitability、 And domestic retailers in this、area has just started, or have not yet started3、2 distribution center lower the overall distribution, commercial chain failed to give full play to the advantagesFrom our point of view the existing commercial retail enterprises, in addition to some large, well-known commercial enterprises, the general commercial "chain" businesses are not set up their own logistics and distribution centers or use third-party logistics center、Although these companies have also established some of his own "chain" stores, but in fact operating goods stores do not do "unified procurement, unified distribution, unified billing,"、 The which allows some commercial retail enterprises, "chain" seems to exist in name onlyother has been established in their own logistics and distribution centers or use third-party logistics distribution center of commodities in commercial enterprises, the effectiveness of distribution centers has not been effective, which in turn affected the procurement cost of an integrated chain advantages, including outstanding manifested by the distribution center for goods distribution ratio of unity is very low、 Uniform distribution logistics center can notbe achieved, indicating the store's commercial enterprises "unified purchase" did not、materialize, rather than a unified procurement chain has lost the core strengths3、3 China's more enterprises are facing a major obstacle of the higher logistics costWal-Mart 8 5% of the commodities distribution through the distribution center, in which 80% is through the "zero inventory" of the more complete form of the distribution database、Wal-Mart as a result of the use of the "Cross distribution" and "auto-replenishment" of supply chain technology, so that goods turnover in the Treasury down to 2 days、 And retail enterprises in China are in the 15-30 days, which reflects the retail , distribution enterprises, underdeveloped logistics system, distribution costs are too high、 Rapid expansion of retail enterprises in China's size and speed in the short term if they can not form a qualitative edge is a dangerous speculation、Over the years the practice has proved that the multi-purpose logistics distribution center, intensive, low-cost supply hub, as well as the use of information technology to reorganize and upgrade the entire flow of the supply chain management is the core of large-scale retail enterprises strategy is to support the retail giant super-conventional development、The face of large-scale retail and distribution businesses o f the main distribution center logistics requirements planning, focusing on how to reflect the integration of information flow in business flow, logistics, capital flow, so that the operation of retail enterprises to expand the logistics for the entire enterprise supply chain collaboration nodes and so that the whole positive and negative to minimize logistics cost of goods (including consumers, stores, logistics, distribution centers, headquarters, suppliers and partners), and a timely response t o sales demand and timely replenishment、This is also a large-scalecross-regional, multi-format, chain retail enterprises have the capacity of the core competitive advantage、3、4 Lack of modern logistics management knowledge and expertise of logistics personnel、This is the third-party logistics industry in restricting the development of China's most important one of the bottlenecks、Logistics knowledge, especially in modern integrated third party logistics knowledge is far from being universal, but that its main business areas is to provide transportation and warehousing services, not know that it is new to these traditional business integration of its business fields Far too simple to become connected with transport and storage of raw materials, semi-finished products supply, production process, material flow, the whole process of product distribution services, as cover flow, solid logistics, capital flow, information flow is equal to the integrated systemof systems、4 to enhance core competitiveness, the implementation of integrated management"integrated management" is the original English Integrated SupplyProcess, refers to the production enterprises, office, life of a non-core business areas of the operation and management of integration as a Overall, as a business-oriented t o manage outsourcing projects, by the special "integrated management" of the suppliers to provide full-service projects、"Integrated management" is not simply puts together the management of the business, but to improve management efficiency and reduce management costs as the core, combined with advanced information technology and network management features such as one organically integrated、Compared with the general outsourcing services, integrated management has the following characteristics:(1) It is not a business, but a complete outsourcing business from the operation of themanagement integration of outsourcing;(2) Outsourcing is not a core operation, but a comprehensive business management、Responsible for the entire business as a first-class suppliers, and its main task is to use its unique resources to conduct a comprehensive knowledge management, the operation of the specific is it managed by the secondary and tertiary suppliers to implement, so in themanagement of outsourcing functions based on the specific operation of the outsourcing; (3) In the case of the most important first-level suppliers, other than remuneration in thefixed service, its the only way to increase revenue for users to save costs as much as possible in order to share the proceeds of cost savings, rather than as general outsourcing as suppliers, mainly through an increase in turnover, that is, to increase spending to increase the user's own earnings、 "Double bottom" principle of cooperation between the two sides can make a stable and lasting、5 The third party logistics enterprise strategic choiceSummarized the latest of several foreign logistics theory and the development ofthird-party logistics with the current practice of foreign, third-party logistics firm's strategic choice to have the following three:(1)Lean Logistics StrategySince the lag theory and practice of logistics, our most extensive third-party logistics company or business, it can not accurately position their logistics services、 If you do not reverse this situation as soon as possible, will be third-party logistics industry in China have restricted role、 Lean production theory of logistics for our third-party logistics company provides a new development ideas for these enterprises to survive in the new economy and development opportunities、 Lean Logistics concept originated in lean manufacturing、 Itis produced from the Toyota Motor Corporation 70 years in the last century by the original "Toyota Production System", after research by the Massachusetts Institute of Technology professor and summary, was published in 1990 published "change the world of machines), a book、 Lean thinking is the use of various modern management methods and means, based on the needs of society to fully play the role of people as a fundamental and effective allocation and rational use of corporate resources to maximize economic benefits for enterprises to seek a new Management philosophy、 Lean Logistics Lean Thinking is the application in logistics management, logistics development must reflect、The so-called Lean Logistics means: the process by eliminating the production and supply of non-value added waste in order to reduce stocking time, improve customer satisfaction、 The aim ofLean Logistics according to customer needs, providing customers with logistics services, while pursuing the provision of logistics services in the process to minimize waste and delay, the process of increasing value added logistics services、Lean logistics system is characterized by its high-quality, low cost, continuous improvement, driven by customer demand oriented logistics system、 It requires establishing the customer first thought, on time, accurate and fast delivery of goods and information、In short, Lean Logistics, as a new management ideas, bound to have a third-party logistics enterprises in China have far-reaching impact, it will change the appearance of the extensive third party logistics management concept, the formation of third party logistics Core competitiveness、the establishment of small and medium third party logistics value chain allianceThird-party logistics enterprises of small and medium can not be independent because of their one-stop logistics services to provide full shortcomings, and because the small size of assets, services, not wide area so that small and medium enterprises in China's logistics third party logistics industry at a disadvantage、 Therefore, third party logistics for small and medium enterprises, starting from their own resources to construct their own core competence is the key、 As small and medium enterprise features of a single third-party logistics and incomplete, so based on their respective core competencies based on the structure of the logistics business enterprise cooperation is an effective capacity to make up for deficiencies, constitutes a feasible way of competitive advantage of logistics、 Value chain is the use of systems approach to investigate the interaction between business and the、 Value analysis of all activities and their access to the resources of competitive advantageof the business activities fall into two categories: basic activities and support activities、Basic activities are involved in product creation and sale of the material transferred to the buyer and after-sales service activities、 Basic activities of supporting activities is to assistthe revenue by providing outsourcing, technology, human resources and a variety of functions to support each other、 Theory to analyze the value chain study the value of third party logistics chain composition, can be found in auxiliary activities, third party logisticsenterprise and general business is no different, the basic activities in the third-party logistics companies has its own characteristics、 Third-party logistics enterprises there is generally no commodity production process, only the re-circulation process, d oes not account for major components of a wide range of third-party logistics companies and thus become the basic operating activities of storage, transport, packaging, distribution, customer service and marketing, etc、 link、 Various aspects of the basic work activities, due to their own limited resources and capacity, can not have every aspect of an advantage in that value chain in terms of some of the deficiencies, resulting in their overall logistics function not complete, lack of corresponding competitiveness and comparative advantage in some sectors of the value chain due to lack of overall effect should not play、 Therefore, third party logistics industry, small and medium sized logistics enterprises within the Union, should be based on the value chain between complementary on the basis of cooperation, make full use of professional logistics companies and logistics functions of specialized logistics organization and coordination of agents Flexible complementary integrated logistics capabilities、Third-party logistics for small and medium enterprises, value chain should start with the advantage of links to explore and develop the core competitiveness of enterprises, through the reconstruction of the value chain to avoid weaknesses、(2)Large third-party logistics enterprise virtualization of strategyRapid development in IT and the Internet era, companies can not fight alone singles, but must be in the competition and collaboration, in cooperation and development、Thus, under modern conditions resulting from modern large-scale virtualized development of third-party logistics has a strong necessity、Large third-party logistics enterprise virtualization is the logistics management resources of others who will have "all", through the network, the other part into its own logistics, with the help of others break the power of physical boundaries, extending to achieve their various Function, and thus expand their ability to enhance their strength、Therefore, the logistics information technology, virtualization is a means for the connection and coordination of temporary and dynamic alliance in the form of virtual logistics、 Integrated logistics virtualization technology as ameans of electronic communication, customer-focused, based on the opportunity to participate in members of the core competencies as a condition to an agreement for the common pursuit of goals and tasks, the different parts of the country's existing Resources to quickly mix into a no walls, beyond the space constraints, by means of electronic networks, contact the unified command of the virtual business entity, the fastest launch of high-quality, low-cost logistics service、Modern large-scale virtualization, including third-party logistics functions, organization, geographic three virtualization、Virtualization capabilities with third-party logistics enterprise IT technology will be distributed in different locations, different companies take different functions within the logistics resources (information, human, material and other resources) organized to accomplish a specific task, to achieve the optimization of social resources、 Virtualization refers to the organizational structure of the logistics organization is always dynamically adjusted, not fixed, but also decentralized, flexible, self-management, flat network structure, its objectives and in accordance with changes in the environmentre-combination, in a timely manner Reflect the market dynamics、 Virtual is the regional third party logistics network through the Internet link the global logistics resources, removing barriers and national barriers, to production management to achieve "virtual neighbors、 "1 导言物流通常被认为就是将恰当的产品以最低的成本,在恰当的时间送达恰当的地点。

外文资料原文涂敏之会计学 8051208076Title:Future of SME finance（c）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 are very active in SME finance.All these changes result in a higher sensitivity for risks and profits in the financesector.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 i ts “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 for the 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 l ending, 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 market authorities 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 itinto 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 and the 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, whichstrengthen 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 w ill 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 in SMEs should be supported.•Accounting Standards for SMEs should be revised in order to easetransparent 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.).外文资料翻译涂敏之会计学 8051208076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。