外文翻译及原文

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。

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。

外文文献翻译译稿1卡尔曼滤波的一个典型实例是从一组有限的，包含噪声的，通过对物体位置的观察序列（可能有偏差）预测出物体的位置的坐标及速度。

在很多工程应用（如雷达、计算机视觉）中都可以找到它的身影。

同时，卡尔曼滤波也是控制理论以及控制系统工程中的一个重要课题。

例如，对于雷达来说，人们感兴趣的是其能够跟踪目标。

但目标的位置、速度、加速度的测量值往往在任何时候都有噪声。

卡尔曼滤波利用目标的动态信息，设法去掉噪声的影响，得到一个关于目标位置的好的估计。

这个估计可以是对当前目标位置的估计（滤波），也可以是对于将来位置的估计（预测），也可以是对过去位置的估计（插值或平滑）。

命名[编辑]这种滤波方法以它的发明者鲁道夫.E.卡尔曼（Rudolph E. Kalman）命名，但是根据文献可知实际上Peter Swerling在更早之前就提出了一种类似的算法。

斯坦利。

施密特（Stanley Schmidt）首次实现了卡尔曼滤波器。

卡尔曼在NASA埃姆斯研究中心访问时，发现他的方法对于解决阿波罗计划的轨道预测很有用，后来阿波罗飞船的导航电脑便使用了这种滤波器。

关于这种滤波器的论文由Swerling（1958）、Kalman (1960)与Kalman and Bucy（1961）发表。

目前，卡尔曼滤波已经有很多不同的实现。

卡尔曼最初提出的形式现在一般称为简单卡尔曼滤波器。

除此以外，还有施密特扩展滤波器、信息滤波器以及很多Bierman, Thornton开发的平方根滤波器的变种。

也许最常见的卡尔曼滤波器是锁相环，它在收音机、计算机和几乎任何视频或通讯设备中广泛存在。

以下的讨论需要线性代数以及概率论的一般知识。

卡尔曼滤波建立在线性代数和隐马尔可夫模型（hidden Markov model）上。

其基本动态系统可以用一个马尔可夫链表示，该马尔可夫链建立在一个被高斯噪声（即正态分布的噪声）干扰的线性算子上的。

系统的状态可以用一个元素为实数的向量表示。

关于品牌价值的外文文献原文以及翻译译文INTERNATIONAL FACTORINGON THE BRAND STRATEGY AND COUNTERMEASURESRESEARCHBy T.BettinaWith economic development and people's living standards, increasing the wealth of material and products, business competition from products and services, competition, to a higher stage of the competition between brands. Brand is both a business products and services unique to the mark, to some extent also is a standard and commitment. It is a business permit to enter the market and consumers a bridge between the enterprises are relying on market positioning.Brand strategy and practice of systematic research, only started in the late 1980s. In 1988, Philip. Morris and Nestle's acquisition of two well-known, so that the brand value of the assets of the market to be officially confirmed, marking the modern era of the brand. Chinese enterprises in the theory and practice of brand strategy in recent years has made considerable progress and development, but the West still a big gap compared with developed countries. Promoting the brand strategy will help enterprises establish an advanced view of the market, and strengthen the awareness of the market.First, the concept of brand strategy-related analysis(A) the definition of brand and constituteThe most basic brand is defined as one intended to be used to identify (or group) vendor in terms of quality products and services names, terms, mark, symbol or design, or their combination, and intended to be used to distinguish one (or a group) and its vendor Competitors. Brands include brand names, trademarks and brand logo. Brand, in essence, represents the seller to the buyer on the delivery of the product features, benefits and services, consistent commitment to the brand is the best guarantee of quality.The brand is divided into 6 levels of meaning: attributes, interests, values, culture, personality, the user. Therefore, the most durable brand is the meaning of their values, cultures and personalities, including visual, emotional, the idea that they constitute the essence of the brand.(B) the definition of brand strategy with the aim of Brand Strategy, as its name implies, is the corporate brand to create, use and maintenance of the core, in its analysis of conditions and the external environment on the basis of the development of the overall business plan of action. From the practical point of view, is the choice of brand strategy, packaging, training, promotion and protection of a particular brand, reputation make it step by step and give full play to the effects of brand-name brands and companies to promote their own development and growth.The main purpose of the brand strategy is to create high visibility, high credibility, and a larger market share enormous economic benefits.First, high visibility. High-profile corporate products and services to smooth the sale an important factor in business and a great intangible asset.Secondly, the high degree of credibility. A high degree of credibility is a business and all employees and even years of hard struggle of several generations, well-formed operation of the enterprises and products in the market a good impression on the minds of consumers. To the consumer, the high degree of credibility means that the quality of high-tech content and a good level of service; cooperation of enterprises and banks, financing, a higher degree of redibility means that reliable and trustworthy. In a market economy, only about reputation, business can be the main market recognition can be long-term development.Thirdly, a larger market share. Market share from the market coverage and market share both to consider.Corporate brand through the implementation of the strategy, to increase brand awareness, reputation, business products and services to increase market share, which is good business to ensure effective.Fourth, the huge economic benefits. The success of the brand strategy can make the product more of the sales market, but also in the market than similar products of a higher sale price. As a result, brand-name products and good services to achieve significant sales and higher profits for companies bring in huge commercial profits.We can see that the brand strategy is to expand the direct purpose of the enterprise products and services in the market, so as to increase market share and achieved great economic benefits. In the long run, the brand strategy is to achieve the brand and grow the business and sustainable development.Second, China's enterprises of the importance of brand strategySince the reform and opening up, China's economy has experienced sustained growth for decades. With the economy expanding and opening up, China's domestic market has been in the international market has become an important component of China's enterprises to participate in international competition means great changes have taken place. World-renowned enterprise in an increasingly competitive and complex Chinese market, the implementation of brand strategy, brand China is facing severe challenges in international competition. In particular after the accession to the WTO, China will be in the majority of enterprises with foreign competitors in a powerful position face-to-face contest, a growing number of famous foreign brands will enter into our life. In the face of this unprecedented impact on the brand, China is only the implementation of brand strategy, create brand and corporate brand products in order to enter the international market and international market competition with foreign brand rivals. On the other hand, with progress in science and technology, consumer demand and continuous improvement in the level and pay attention to brand, the pursuit of brand and increase brand-name consumer phenomenon is increasingly clear, the implementation of corporate brand strategy is not only conducive to the expansion of market share, but also more Large economic benefits. China's domestic enterprises to take part in market competition, and only the implementation of brand strategy in order to enhance the competitiveness of enterprises in the competition.(A) business development must be to promote the growth of the brand strategyAs China's market economy reform, in particular China's accession to the WTO. China's all over the original system of small businesses, the impact of a market economy, gradually formed a number of cross-regional business and the well-known brands. In the competition, non-brand-name slowly out of the market, an industry often controlled by a few big brands, market competition into a major competition between brands. With the world-class international brands to enter China, domestic brands will lose the advantages of the original, faced with severe competition. In this case, the number of domestic famous brands have "Yi Zhi", or the acquisition by multinational companies, or joint ventures with foreign brands, domestic brands positions are nibbled away. The right to choose and implement the brand strategy to improve our products and services in the domestic market, step by step into the world, with the developed countries of the world famous enterprises match, China's entrepreneurs is incumbent upon the sacred mission.Number of national brand value of the industry (1,000,000 U.S. dollars)Coca-Cola Beverage 83845 U.S. 12 U.S. Microsoft software 56,654U.S. 3 IBM computer 437814 General Electric of the United States diversified 33,5205 Ford Motor of the United States 331976 Disney entertainment of the United States 32,2757 INTEL U.S. computer 300218 McDonald's 26,231 U.S. Food9 AT & T of the United States Telecom 2418110 Marlboro 21,048 U.S. tobacco11 NOKIA Finland Telecom 20694Mercedes-Benz car 12 Germany 1778113, Switzerland Nestle Beverage 17595Hewlett-Packard computer 17132 U.S. 1415, Guillermo personal belongings of the United States 15,89416 KODAK image of the United States 1483017 ERISSION Swedish telecommunications 14,76618 SONY Japanese electronics 1423119 U.S. financial services 12,550 American Stock Exchange20 TOKYO Japan Automobile 12,310Table 2-1 World brand value of the top 20 list (Source: )You Shangbiao, it is not hard to see that the size of the value of the brand also reflects the brand owner (or group of transnational corporations) in the global enterprise or industry position and competitiveness.China's major cities has been a strong consumer brand awareness of the consumer, small and medium-sized cities and rural markets have gradually enhance brand awareness. Young people to pursue well-known consumer brands to achieve self-worth, has become a fashion, but they are small in the consumption of foreign brands such as Nestle, McDonald's grow up so as to pursue the development of foreign brands for fashion, which can not have Sighted people for the national brand of domestic concerns. In the Chinese market, foreign brands through joint ventures, wholly or in a variety of ways, such as mergers and acquisitions, to create a successful local brands. In contrast, China's opening up, in addition to an earlier, compared with full competition in the industry, such as household appliances, cosmetics, food and beverage industries better than brand development, the protection of national policy and restrictions on the industry, the real strength of the brand little. If you do not go on this way to strengthen the focus on brand protection, brand promotion of growth in these areas would not be able to enterprises and foreign enterprises to compete, can not be developed.(B) market in China has become the brand competitionWith the reform and opening up of China's socialist market economy and building the prosperous development of China's market situation has changed dramatically, showing the following trends: from a single-system to the needs of the diverse needs of change; by the identical to the individual needs of demand Change; by the type of poverty, food and clothing needs-to-well-off, rich-changing needs. Require a change in demand for a corresponding change in supply, which led to the need to intensify competition among enterprises and changes in the way, in such circumstances, China has gradually formed the pattern of brand competition.First of all, competition among enterprises has been content to seek resources, the advantage into a commodity to seek technical advantages, strengths and talent brand, and technology, human resources advantages will ultimately have to be reflected in the brand. As a result, the economy entered a "relative surplus" of the times, the importance of resources has declined to seek brand has become a large enterprise to achieve long-term development of the most urgent task.This was followed by gradual means of competition on price-based competition means, in order to shift the main means of non-price competition. In the past, China's market price war among enterprises is the main means of competition, but consumer demand as by the type of food and clothing to the well-off-the-well-off change in the quality of goods at low cost is no longer subject to mainstream consumers, they are more important Is the brand, quality, service and so on non-price factors. Although the price reduction strategy in a certain period of time so that competitors at a disadvantage, but it will benefit their own business down, resulting in a lose-lose outcome. And rely on high quality, innovative products and superior service set up by the brand advantage, the enterprise market will rise, increasing economic efficiency, sustainable development of the enterprise.Finally, the structure of the competition has been limited to domestic competition among enterprises, to between domestic and foreign enterprises to compete more. Since China opened the door, a number of powerful multinational corporations in developed countries to enter the Chinese market on a large scale, with localenterprises in China's heated market competition, our international market competition, in an increasingly competitive market. As a result, Chinese enterprises should use the favorable conditions for local enterprises, and strive to create a national brand, with foreign brands and fight to safeguard national industries. Only after a firm footing in order to get out, to participate in the international market competition, international operations.关于当代品牌战略与对策的思考发展概况前景作者：T.贝蒂娜随着经济的发展和人们生活水平的提高，物质产品的日益丰富，企业经营的竞争已由产品的生产和服务的竞争，转向更高阶段的品牌之间的竞争。