企业盈利质量分析中英文对照外文翻译文献

企业盈利质量分析中英文对照外文翻译文献

企业盈利质量分析中英文对照外文翻译文献

企业盈利质量分析中英文对照外文翻译文献

(文档含英文原文和中文翻译)

原文：

Measuring the quality of earnings

1. Introduction

Generally accepted accounting principles (GAAP) offer some flexibility in preparing the financial statements and give the financial managers some freedom to select among accounting policies and alternatives. Earning management uses the flexibility in financial reporting to alter the financial results of the firm (Ortega and Grant, 2003).

In other words, earnings management is manipulating the earning to achieve a

企业盈利质量分析中英文对照外文翻译文献

predetermined target set by the management. It is a purposeful intervention in the external reporting process with the intent of obtaining some private gain (Schipper, 1989).

Levit (1998) defines earning management as a gray area where the accounting is being perverted; where managers are cutting corners; and, where earnings reports reflect the desires of management rather than the underlying financial performance of the company.

The popular press lists several instances of companies engaging in earnings management. Sensormatic Electronics, which stamped shipping dates and times on sold merchandise, stopped

its clocks on the last day of a quarter until customer shipments reached its sales goal. Certain business units of Cendant Corporation inflated revenues nearly $500 million just prior to a merger; subsequently, Cendant restated revenues and agreed with the SEC to change revenue recognition practices. AOL restated earnings for $385 million in improperly deferred marketing expenses. In 1994, the Wall Street Journal detailed the many ways in which General Electric smoothed earnings, including the careful timing of capital gains and the use of restructuring charges and reserves, in response to the article, General Electric reportedly received calls from other corporations questioning why such common practices were “front-page” news.

Earning management occurs when managers use judgment in financial reporting and in structuring transactions to alter financial reports to either mislead some stakeholders about the underlying economic performance of the company or to influence contractual outcomes that depend on reported accounting numbers (Healy and Whalen, 1999).

Magrath and Weld (2002) indicate that abusive earnings management and fraudulent practices begins by engaging in earnings management schemes design ed primarily to “smooth” earnings to meet internally or externally imposed earnings forecasts and analysts’expectations.

Even if earnings management does not explicitly violate accounting rules, it is an ethically questionable practice. An organization that manages its earnings sends a

企业盈利质量分析中英文对照外文翻译文献

message to its employees that bending the truth is an acceptable practice. Executives who partake of this practice risk creating an ethical climate in which other questionable activities may occur. A manager who asks the sales staff to help sales one day forfeits the moral authority to criticize questionable sales tactics another day.

Earnings management can also become a very slippery slope, which relatively minor accounting gimmicks becoming more and more aggressive until they create material misstatements in the financial statements (Clikeman, 2003)

The Securities and Exchange Commission (SEC) issued three staff accounting bulletins (SAB) to provide guidance on some accounting issues in order to prevent the inappropriate earnings management activities by public companies: SAB No. 99 “Materiality”, SAB No. 100

“Restructuring and Impairment Charges” and SAB No. 101 “Revenue Recognition”.

Earnings management behavior may affect the quality of accounting earnings, which is defined by Schipper and Vincent (2003) as the extent to which the reported earnings faithfully represent Hichsian economic income, which is the amount that can be consumed (i.e. paid out as dividends) during a period, while leaving the firm equally well off at the beginning and the end of the period.

Assessment of earning quality requires sometimes the separations of earnings into cash from operation and accruals, the more the earnings is closed to cash from operation, the higher earnings quality. As Penman (2001) states that the purpose of accounting quality analysis is to distinguish between the “hard” numbers resulting from cash flows and the “soft” numbers resulting from accrual accounting.

The quality of earnings can be assessed by focusing on the earning persistence; high quality earnings are more persistent and useful in the process of decision making.

Beneish and Vargus (2002) investigate whether insider trading is informative about earnings quality using earning persistence as a measure for the quality of earnings, they find that income-increasing accruals are significantly more persistent for firms with abnormal insider buying and significantly less persistent for firms with abnormal insider selling, relative to firms which there is no abnormal insider trading.

Balsam et al. (2003) uses the level of discretionary accruals as a direct measure

企业盈利质量分析中英文对照外文翻译文献

for earning quality. The discretionary accruals model is based on a regression relationship between the change in total accruals as dependent variable and change in sales and change in the level of property, plant and equipment, change in cash flow from operations and change in firm size (total assets) as independent variables. If the regression coefficients in this model are significant that means that there is earning management in that firm and the earnings quality is low.

This research presents an empirical study on using three different approaches of measuring the quality of earnings on different industry. The notion is; if there is a complete consistency among

the three measures, a general assessment for the quality of earnings (high or low) can be reached and, if not, the quality of earnings is questionable and needs different other approaches for measurement and more investigations and analysis.

The rest of the paper is divided into following sections: Earnings management incentives, Earnings management techniques, Model development, Sample and statistical results, and Conclusion.

2. Earnings management incentives 2.1 Meeting analysts’expectations

In general, analysts’expectations and company predictions tend to address two high-profile components of financial performance: revenue and earnings from operations.

The pressure to meet revenue expectations is particularly intense and may be the primary catalyst in leading managers to engage in earning management practices that result in questionable or fraudulent revenue recognition practices. Magrath and Weld (2002) indicate that improper revenue recognition practices were the cause of one-third of all voluntary or forced restatements of income filed with the SEC from 1977 to 2000.

Ironically, it is often the companies themselves that create this pressure to meet the market’s earnings expectations. It is common practice for companies to provide earnings estimates to analysts and investors. Management is often faced with the task of ensuring their targeted estimates are met.

企业盈利质量分析中英文对照外文翻译文献

Several companies, including Coca-Cola Co., Intel Corp., and Gillette Co., have taken a contrary stance and no longer provide quarterly and annual earnings estimates to analysts. In doing so, these companies claim they have shifted their focus from meeting short-term earnings estimates to achieving their long-term strategies (Mckay and Brown, 2002).

2.2 To avoid debt-covenant violations and minimize political costs

Some firms have the incentive to avoid violating earnings-based debt covenants. If violated, the lender may be able to raise the interest rate on the debt or demand immediate repayment. Consequently, some firms may use earnings-management techniques to increase earnings to avoid such covenant violations. On the other hand, some other firms have the incentive to lower

earnings in order to minimize political costs associated with being seen as too profitable. For example, if gasoline prices have been increasing significantly and oil companies are achieving record profit level, then there may be incentive for the government to intervene and enact an excess-profit tax or attempt to introduce price controls.

2.3 To smooth earnings toward a long-term sustainable trend

For many years it has been believed that a firm should attempt to reduce the volatility in its earnings stream in order to maximize share price. Because a highly violate earning pattern indicates risk, therefore the stock will lose value compared to others with more stable earnings patterns. Consequently, firms have incentives to manage earnings to help achieve a smooth and growing earnings stream (Ortega and Grant, 2003).

2.4 Meeting the bonus plan requirements

Healy (1985) provides the evidence that earnings are managed in the direction that is consistent with maximizing executives’earnings-based bonus. When earnings will be below the minimum level required to earn a bonus, then earning are managed upward so that the minimum is achieved and a bonus is earned. Conversely, when earning will be above the maximum level at which no additional bonus is paid, then earnings are managed downward. The extra earnings that will not generate extra bonus this current period are saved to be used to earn a bonus in a future period.

酒店服务质量管理外文文献翻译

文献出处：Borkar S, Koranne S. Study of Service Quality Management in Hotel Industry [J]. Pacific Business Review International, 2014, 6(9): 21-25. 原文 Study of Service Quality Management in Hotel Industry Borkar; Sameer Abstract It is an attempt to understand the role of quality improvement process in hospitality industry and effectiveness in making it sustainable business enterprise. It is a survey of the presently adopted quality management tools which are making the hotels operations better focused and reliable and meet the customer expectations. Descriptive research design is used to know the parameters of service quality management in hospitality industry. Exploratory research design is undertaken to dig out the service quality management practices and its effectiveness. Data analysis is done and presented; hypothesis is tested against the collected data. Since the industry continuously tries to improve upon their services to meet the levels of customer satisfaction; Study presents tools for continuous improvement process and how it benefits all the stake holders. It can be inferred from the study that the hotel implement continuous improvement process and quality management tools to remain competitive in the market. The study involves hotels of highly competitive market with limited number of respondents. This limits the study to hotel industry and has scope of including other hospitality service providers as well. Keywords:Customer Satisfaction, Perception, Performance Measurement, Continuous, Improvement Process. Introduction It has brought paradigm shifts in the operations of hospitality industry. The overall perspective of the industry is changed due to introduction of new techniques

英语翻译

1.苹果公司(Apple Inc)不仅在中国有生产线，其产品在中国市场的销量也一片大好。对中 国消费者来说，苹果是最受推崇的品牌之一。2012年调查人员发现，苹果生产的电子产品在北京的一所精英中学的渗透度比在美国城市的一所精英中学还要广。目前，中国有 2.7亿人已经能买得起苹果手机，随着收入的提高，每年还会增加5700万人。简而言之， 苹果的产品目前在中国的销售速度非常快而且甚至可能更快。一些业内专家预测，几年之内中国将超过美国成为苹果最大的市场。（199） Apple Inc. not only has production lines in China, its sales there are also booming. For Chinese consumers, Apple is one of their most admired brands. A survey in 2012 by researchers found that the penetration of electronic products from the company at an elite high school in Beijing was greater than that at one in an American city. At present, 270 million people in China can already afford Apple’s products, and as income increases, each year there will be another 57 million able to. In short, Apple’s products are selling fast and likely to sell even faster in China. Some industry experts predict that China will overtake America to become Apple’s larg est market within a few years. 生产线a production line 最受推崇的品牌the most admired brand 渗透度penetration 电子产品an electronic product 精英中学an elite high school 可能be likely to 预测predict 超过overtake 2.自上世纪70年代末以来，中国许多最优秀人才赴海外留学，但学成归国的只有少数。中 国人才流失(brain drain)现象严重。面对全球化的世界，中国有越来越多的工作需要具备国际教育背景的人才。因此国家开展了一系列的引进海外人才的项目，成功的吸引了越来越多的留学生回国进入国企、教育机构和商业园区工作。如今，每年都有超过15万的海外留学生回国。他们将中国经济与世界相连，从商业、政治以及流行文化上着手，帮助中国走向世界。（191） Many of China's best and brightest talents have left to study abroad since the late 1970s, however, only a minority have returned. The country experienced a serious brain drain. Faced with a globalized world, more and more jobs in China need skilled people with international education background. China, therefore, launches a series of projects aimed at the introduction of overseas talents, which has successfully attracted more and more students abroad back home to work in state companies, educational institutions and business districts. Now, more than 150 thousand overseas students come back every year. They link China’s economy to the world, helping to connect China to commerce, politics and popular culture abroad. 海外人才overseas talents 全球化世界globalized world 开展launch 一系列 a series of 国企state companies 教育机构educational institutions 商业园区business districts 相连link …to

上市公司盈利能力分析外文文献

The path-to-profitability of Internet IPO firms ☆ Bharat A.Jain a,1,Narayanan Jayaraman b,2,Omesh Kini c,? a College of Business and Economics,Towson University,Towson,MD 21044,United States b College of Management,Georgia Institute of Technology,Atlanta,GA 30332,United States c Robinson College of Business,Georgia State University,Atlanta,GA 30303,Unite d States Received 1October 2006;received in revised form 1December 2006;accepted 1February 2007 Abstract Extant empirical evidence indicates that the proportion of firms going public prior to achieving profitability has been increasing over time.This phenomenon is largely driven by an increase in the proportion of technology firms going public.Since there is considerable uncertainty regarding the long-term economic viability of these firms at the time of going public,identifying factors that influence their ability to attain key post-IPO milestones such as achieving profitability represents an important area of research. We employ a theoretical framework built around agency and signaling considerations to identify factors that influence the probability and timing of post-IPO profitability of Internet IPO firms.We estimate Cox Proportional Hazards models to test whether factors identified by our theoretical framework significantly impact the probability of post-IPO profitability as a function of time.We find that the probability of post- IPO profitability increases with pre-IPO investor demand and change in ownership at the IPO of the top officers and directors.On the other hand,the probability of post-IPO profitability decreases with the venture capital participation,proportion of outsiders on the board,and pre-market valuation uncertainty. ?2007Published by Elsevier Inc. Keywords:Initial public offerings;Internet firms;Path-to-profitability;Hazard models; Survival Journal of Business Venturing xx (2007)xxx –xxx MODEL 1A JBV-05413;No of Pages 30☆ We would like to thank Kalpana Narayanan,Raghavendra Rau,Sankaran Venkataraman (Editor),Phil Phan (Associate Editor),two anonymous referees,and participants at the 2002Financial Management Association Meetings in San Antonio for helpful comments.We thank Paul Gilson and Sandy Lai for excellent research assistance.The usual disclaimer applies.?Corresponding author.Tel.:+14046512656;fax:+14046522630. E-mail addresses:bjain@https://www.sodocs.net/doc/2a3635033.html, (B.A.Jain),narayanan.jayaraman@https://www.sodocs.net/doc/2a3635033.html, (N.Jayaraman), okini@https://www.sodocs.net/doc/2a3635033.html, (O.Kini). 1Tel.:+14107043542;fax:+14107043454. 2Tel.:+14048944389;fax:+14048946030. 0883-9026/$-see front matter ?2007Published by Elsevier Inc. doi:10.1016/j.jbusvent.2007.02.004 ARTICLE IN PRESS Please cite this article as:Jain,B.A.et al.The path-to-profitability of Internet IPO firms.Journal of Business Venturing (2007),doi:10.1016/j.jbusvent.2007.02.004

公司治理相关文献综述

《公司治理机制理论研究文献综述》-郑志刚 公司治理机制是解决现代公司由于控制权和所有权分离所导致的代理问题的各种机制的总称,它既包括公司治理的法律和政治途径、产品和要素市场竞争、公司控制权市场、职业关注等外部控制系统,同时包括激励合约设计、董事会、大股东治理、债务融资等内部控制系统。 研究意义 公司治理所要研究和解决的问题是如何使资金的提供者按时收回投资并获得合理的回报。它构成建立在高度专业化分工基础上的现代公司制度运行的核心。对公司治理问题的研究显然对于提高中国现代公司的治理效率,从而最终推进企业改革不仅具有重要的理论意义,同时还具有重要的现实意义。 一、外部控制系统 外部控制系统指的是尽管机制的实际实施超出了公司资源计划的范围,仍然可以用来实现公司治理目标的各种公司治理机制总称,它包括公司治理的法律和政治途径、产品和要素市场竞争、公司控制权市场、声誉市场等。 1.公司治理的法律和政治途径 ①公司治理的法律途径在公司治理机制中处于基础性地位。 ②此外,政治因素的考虑对一国法律的制定产生深刻的影响。由于对于大多数国家的法律而言,对雇员的保护与对投资者的保护负相关,因而,法律规定是谋求高投资者保护程度的企业家与谋求高雇员保护程度的雇员的政治妥协。 ③公司治理体系的不同更多的是意识形态的因素,而不是单纯由经济因素造成的。 2.产品和要素市场竞争

①产品(要素)市场竞争不仅是市场经济条件下,改善整体经济效率十分强大的力量,同时,它在公司治理方面也发挥重要作用 ②产品和要素市场的监督力量对于新的和存在因量经济租或准租的活动而言十分微弱。 3.公司控制权市场 所谓的公司控制权市场是指建立在现代放熟的资本市场的有效运作基础之上,通过包括公司舞管、杠杆收购以及公司重组等在内的公司战略而实现的公司资产控制权力转移的各种市场行为的总称。这里的接管包括兼并、敌意和友好要约收购以及代理权竞争等。 接管实际发生的另一个必要条件是,接管者能够战胜目标公司经理人的“反接管”措施。 对接管的主要批评是,接管的收益来自享受的税收优惠、与原公司经理人、雇员终止合同,以及非效率的资本市场在价值评估中的错误 对以接管为代表的公司控制权市场的争论表明,公司控制权市场单独同样不是一个约束经理人的有效机制。 4.声誉市场与职业关注 市场交换的经济范式的一个隐含假设是,存在一个政府来定义产权,并执行合约。即使不存在第三方,声誉或品牌作为私人机制,同样可以向当事人提供履行合约的激励。职业关注所提供的隐性激励不仅适用于经理人,同时适用于董事。风险的规避与折旧成为市场约束激励的能力的限制。因此,对未来职业的关注可能既是有利的,同时,也可能是有害的,这要取决于企业与个人利益的协调程度。二、内部控制系统

供应商质量管理文献翻译(外文翻译-中英对照)

互利共赢的供应商质量控制 前言 近年来，随着对供应链的重视，供应商管理正逐渐成为企业和学术界的关注对象，IS0９000族标准以及QS 9０00标准都对供应商的管理提出了相应的要求，与供应商管理有关的研究成果正逐渐增多，一些软件巨头也推出了供应商关系管理的软件，但是在这些研究成果和应用软件中，涉及到的供应商质量控制的内容只是一些最基本的要求，而供应商质量控制恰恰是供应商管理的最基本、最重要的内容。另一方而，质量管理界对质量控制的研究取得了大量的成果，遗憾的是这些成果大多依然局限于企业的内部控制，仅仅研究从企业内部各环节如何改善产品的质量，而基于供应链的角度来研究质量控制的成果尚不多见。因此，系统地研究经济全球化形势下供应商质量控制的理论与方法，将有助于推动我国企业产品质量的快速提高和供应链竞争优势的形成与巩固。 1、质量与企业共存 质量一直是一个随着时代的变化而不断变化的概念,人们对质量的认识也往往因关注点不同而有所不同。如，早在1908年，通用汽车公司的工程师们在皇家汽车俱乐部会员们的面前拆解了3辆凯迪拉克轿车，并把这些零件混在一起,而后从中选择零件重新组装成车，然后驾车绝尘而去。这令在场的会员极为震惊，认为凯迪拉克车质量之高令人惊叹。显然在当时，汽车零件具有互换性是一种了不起的质量特性,这也是福特公司的Ｎ型车和T型车取得辉煌成功的重要原因.时至今日，即使农用三轮车的零部件也具有极高的互换性，零部件的标准化和互换性已经是理所当然的事情，不再是吸引顾客的重要质量特性.可见质量的内涵是不断变化的.那么究竟什么是质量呢？ （１)市场竟争就是企业间对“顾客”的争夺，在日益激烈的“顾客"争夺战中，质量、价格、交付（交付日期、方式和手段）和服务是企业常用的四个法宝，其中质量是根本，离开质量其他三项将变得毫无意义，因此可以说质量己成为市场竞争的焦点.它反映了产品是否能够反映顾客需求、能否满足顾客需求，从面决定了产品的市场前途。有鉴于此，质量己成为一项全球性运动,世界上所有优秀企业无一不把质量作为企业战略的关键内容，从战略的角度来规划质量。 （2）对于企业经营者来说,认识到质量对企业的重要意义只是经营企业的第一步,重要的是如何利用科学的方法来保证产品和服务的质量，使顾客满意，来保证过程和工作的质量来获互利共炭的供应商质量控制得良好的业绩。 众所周知,企业管理是社会生产力发展到一定程度的历史产物,质量管理作为企业管理的组成部分,同样也是社会发展的客观要求，特别是顾客处于主导地位的今天,要使顾客满意，就必须有过硬的产品质量和服务质量，这就要求企业积极推行先进的质量管理理论与方法，不断进行质量管理创新. ２、企业与供应商质量控制 随着生产社会化的不断发展，企业的生产活动分工越来越细,专业化程度越来越强，促使生产技术水平越来越高,产品质量得到大幅度改善。通常，某一产品不可能由一个企业从最初的原材料开始加工直至形成顾客最终使用的产品，往往是通过多个企业分工协作来完成.另外，先进生产方式的广泛应用,如准时生产、敏捷制造、零库存等，使企业与供应商的关系愈加紧密，企业与供应商的关系也由单纯的买卖关系向互利共底的合作关系演变。 ISO 900０族标准自1987年诞生以来受到了世界各国的一致追捧,全球约５0多万家企业通过ISO90０1质量管理体系认证足以说明这套管理标准在引领国际管理潮流方面的巨大成功。在备受企业欢迎的新版标准ＩSO9000：2０00中，互利的供应商关系被作为八项质量管理原则之一，充分体现了供应商关系管理在企业经营实践中的作用和价值。企业要贯彻这一原则,就必须

文献翻译 (2)

对行销售人员激励机制分析 1激励机制的描述 1.1激励理论主要是研究激发人们行为动机的各种因素。由于人类行为 的原动力是需要，因此这种理论实际上就是围绕着人们的各种需要来进行研究。主要包括马斯洛的赫茨伯格的双因素理论、奥尔德弗的“ERG”理论、需要层次理论和麦克利兰的成就需要激励理论。 1.2 过程型激励理论重点研究人从动机产生到采取行动的心理过程。 包括亚当斯的公平理论、佛隆的期望理论和斯金纳的强化理论。 二对行销售人员激励机制分析 美国心理学家佛隆在1964年首先提出期望理论，人之所以能够完成某项工作并达成组织目标，因为这些组织目标和工作会帮助他们达成自己的目标。根据期望理论，某一活动对某人的激发力量取决于他所能得到的结果的全部预期价值乘以他认为达成该结果的期望概率。这就要求要处理好三个方面的关系：绩效与奖励的关系、努力与绩效的关系、奖励与个人需要的关系，任何一个环节都不能出现问题，否则都会导致无效激励。 从以期望理论为代表的过程型激励理论与内容型激励理论的观点来看，激励过程的科学性和合理性、激励手段对销售人员个性化需求的满足程度构成了激励的两要素。由此看出，销售人员的激励机制确实有改进的必要。 三销售人员激励体制中不足原因 3.1激励方式单一，过分依靠货币等物质激励手段而忽视精神激励的重要作用，销售人员没有归属感，缺少团队凝聚力。即使在物质激励方面，也是“佣金制”和“提成制”的天下，收入的多少完全依据销售额或利润额的多少，无视死去差异和个人实际努力程度，激励不公现象十分普遍。 3.2晋升制度僵硬，论资排辈，讲资历而忽视能力，讲关系而忽视业务水平，人浮于事，优秀人才流失严重，已不再适应市场竞争的需要。 3.3多数企业没有完整的培训激励机制，企业只注重“挖人”而非培养，因而满足不了销售人员自我发展的需要。

客户盈利能力分析中英文对照外文翻译文献

客户盈利能力分析中英文对照外文翻译文献 客户盈利能力分析中英文对照外文翻译文献(文档含英文原文和中文翻译)

客户盈利能力分析的实施：案例研究 摘要：通过使用客户盈利能力分析（CPA），企业可以决定客户群和/或个人客户的利润贡献。本文介绍了CPA的实施办法。执行过程中使用的是公司产的案例研究和销售的专业清洁产品说明。这个案例研究突出了工业环境与CPA的具体问题，并把结果提供了实施定期CPA过程中可能带来的好处的例子。 关键词：客户盈利;客户关系管理（CRM）;实施;案例分析。 1.介绍： 在任何给定的客户群，将有客户产生的公司，并在公司有承担，以确保这些收入成本收入差异。虽然大多数公司将了解客户的收入，很多企业并不知道与客户关系有关的所有费用。在一般情况下，产品成本将被称为为每一个客户，但销售和市场营销，服务和支持成本大多视为开销。客户盈利能力分析（CPA）是指收入和成本分配到细分客户或个人客户，这样，这些段和/或单个客户的盈利能力可以计算出来。 CPA日益关注的动力是双重的。首先，不同产品作业成本法在上世纪90年代兴起（ABC）导致了不同程度的提高认识到制造业使用公司的资源。当使用ABC，公司首先确定成本库：组织内进行的活动类别。其次，信息技术使得有可能记录和分析更多的客户的数据在类型和量中。随着数据如订单数量，销售访问次数，服务电话号码等存储在各个客户的水平，有可能去实际计算客户盈利。它被认为是良好的行业营销实践建立和培养与客户的利益关系。为了能够做到这一点，企业应该懂得目前的客户关系不同的盈利能力，以及什么客户群提供更高的潜力，未来盈利的客户关系。 2.CPA的潜在效益 CPA的直接好处在于它提供了在成本和收入超过客户分布不均的情况。在成本中的客户传播的信息将是特别有价值的，因为收入分配一般是已知的公司。这种认识在何种程度上特定客户消费公司的资源产生了公司在三个领域的新机遇：成本管理，收入管理和战略营销管理。 首先，CPA揭示了有针对性的成本管理和利润改善计划的机会。公布的数据显示例子，其中20％的客户创造利润225％，其中一半以上的客户是盈利或者对客户的损失可能会高达2.5倍的销售收入。CPA，作为ABC的一个具体应用，揭示活动和资源消耗之间的联

会计内部控制中英文对照外文翻译文献

会计内部控制中英文对照外文翻译文献(文档含英文原文和中文翻译) 内部控制系统披露—一种可替代的管理机制 根据代理理论，各种治理机制减少了投资者和管理者之间的代理问题（Jensen and Meckling，1976； Gillan，2006）。传统上，治理机制已经被认定为内部或外部的。内部机制包括董事会及其作用、结构和组成（Fama，1980；Fama and Jensen，1983），管理股权(Jensen and Meckling，1976)和激励措施，起监督作用的大股东(Demsetz and Lehn，1985)，内部控制系统(Bushman and Smith，2001)，规章制度和章程条款(反收购措施)和使用的债务融资（杰森，1993）。外部控制是由公司控制权市场(Grossman and Hart,1980)、劳动力管理市场（Fama,1980）和产品市场（哈特,1983）施加的控制。 各种各样的金融丑闻，动摇了世界各地的投资者，公司治理最佳实践方式特别强调了内部控制系统在公司治理中起到的重要作用。内部控制有助于通过提供保证可靠性的财务报告，和临时议会对可能会损害公司经营目标的事项进行评估和风险管理来保护投

资者的利益。这些功能已被的广泛普及内部控制系统架构设计的广泛认可，并指出了内部控制是用以促进效率，减少资产损失风险，帮助保证财务报告的可靠性和对法律法规的遵从（COSO,1992）。 尽管有其相关性，但投资者不能直接观察，因此也无法得到内部控制系统设计和发挥功能的信息，因为它们都是组织内的内在机制、活动和过程（Deumes and Knechel,2008）。 由于投资者考虑到成本维持监控管理其声称的（Jensen and Meckling，1976）,内部控制系统在管理激励信息沟通上的特性，以告知投资者内部控制系统的有效性,是当其他监控机制（该公司的股权结构和董事会）比较薄弱，从而为其提供便捷的监控（Leftwich et等, 1981）。存在的替代机制一直是人们在不同公司治理文献中争论的话题（Rediker and Seth, 1995；Fernandez and Arrondo，2005），基于威廉姆森（1983年）的替代假说认为，特定控制机制的边际作用取决于其在公司治理制度的相对重要性。 在本文中，我们认为披露内部控制系统的特点是在管理者选择的监控机制时存在一个可替代治理机制。Leftwich（1981）认为“管理者选择一个监控包，监测包的组成取决于各种监控机制的成本与效益”（P.59）。 特别是，我们重点关注内部控制系统和监控包的另外两个机制 (公司的所有权结构和董事会) 间的关系，根据有关文献（Jensen and Meckling，1976；Fernandez and Arrondo，2005；Gillan，2006）它们在管理行为监控方面发挥相关作用。我们假设认为，内部控制系统的特性取决于激励由企业的股权结构和董事会发挥监督作用。 因此,我们研究了三年间在四个不同的证券交易所上市（伦敦、巴黎、法兰克福和米兰）160家欧洲公司内部控制系统披露程度，通过利用这个国际范例,我们能够描绘出不同的体制环境的某些功能。 我们发现证据表明内部控制系统披露代替了监测方面所发挥的作用与所有制结构、制度所有权、在董事会上独立董事比例和会计审计委员会的专家成员的比率相关。 我们再加上通过内部会计控制的披露所发挥的管理作用，采用以往文献的完整披露架构，使我们能够详细地从内容和信息管理的程度上内制披露上进行交流。而公司治理的最佳做法要求披露内部控制系统的特性，他们没有提供管理应该披露和披露程度的指令。这样的管理缺乏指示使内部控制系统存在随意性。 本文提供了实证支持威廉姆森（1983年成立）在不同的治理机制下的替代假说，它有相应的政策含义。虽然大多数公司治理研究考虑一个互补的披露机制管理采用强化公

质量管理文献综述

关于企业质量管理文献综述 摘要：随着新世纪的到来，特别是我国加入WTO后，中国将进一步融入世界经济的主流，质量将成为我国广大企业抓住机遇、迎接严峻挑战的关键。要拓展海外市场，必须靠有竞争力的质量；要保护国内的市场，不再有高关税和政府的过渡保护，也要靠质量的较量。随着科学技术的进步，质量管理的理论和方法有了更大发展。本文综合了质量管理的发展历程，并简要评价，提出看法，以便为企业的质量管理和理论研究提供参考。 关键词：质量管理、管理改进 21世纪是质量的世纪”。随着经济全球化和信息革命的迅猛发展，竞争日益加剧。在“数量”问题已解决的今天，人们将越来越追求和依赖于高质量的产品和服务，而且质量的领域不断拓宽，生活的质量、环境的质量、文化的质量、经济增长的质量更加受到全社会的关注。质量已成为竞争的焦点，不仅关系到企业的生存发展，而且影响到国家经济实力的增强和民族的形象。质量已成为全球经济发展战略的核心问题。 一、质量管理理论的回顾 （一）、质量管理的发展阶段 （1）质量检验阶段（20世纪20-30年代） 生产力迅猛发展，生产过程分工细化、日益复杂，许多美国企业按照泰勒的管理模式，纷纷设立检验部门，使检验与生产分离开来，其最大特点为“事后把关”。（2）统计质量阶段（20世纪40-50年代） 早在20世纪20年代，美国贝尔实验室工程师休哈特就提出“控制与预防缺陷”的概念。主要是利用数理统计原理，预防产生废品并检验产品质量，在方式上由专业质量控制工程师和技术人员承担。但这种方法只是保证生产过程中的产品质量，而不能提高产品本身的质量。 （3）全面质量管理阶段（20世纪60年代至今） 美国的费根堡姆提出，“全面质量是为了能够在最经济的水平上，并考虑到充分满足顾客要求的条件下进行生产和提供服务，将企业各部门研制质量、维持质量和提高质量的活动构成为一体的一种有效体系”。 （二）、质量管理的理论流派 1、事后检验 20世纪，美国工程师泰勒提出“科学管理理论”，1911 年泰勒出版了专

日本动漫产业发展趋势外文翻译

日本动漫产业发展趋势外文翻译 本科毕业论文外文翻译 外文题目: Japan Animation Industry Trends 出处:JETRO Japan Economic Monthly, June 2005 作者:Japanese Economy Division译文: 日本动漫产业发展趋势 日本动画不仅在日本,同时在海外也备受关注。在扩大电影,电视和录像的国内市场后,日本动画电影制作人的视线也已经转向海外市场。与此同时,在电影制作多元化筹资方式的方面已出现新的发展。在此背景下,日本动漫产业正在努力处理某些人力资源的技能短缺,国内电影生产基地缩减和扩大海外业务的挑战。 1、市场概述 2004年日本动画市场。2004年在日本会谈的亚洲动画市场是吉卜力工作室红极一时的《哈尔的移动城堡》工作室在三年内的第一个新版本,将在11月开幕。导演宫崎骏的著作在短短44天超过了10万观众,比在日本的任何电影都快。此后其受欢迎程度不断,观众上升到1423.0万,截至到3月8日,打破标志的是宫崎骏的《魔法公主》,并将它放在日本电影史上的第两位。现在的问题是如何关闭由《千与千寻》在日本创下的所有的2350万的时间纪录。2005年6月开始《哈尔的移动城堡》也将在韩国和其他国家,包括美国60多个城市放映。 市场环境。日本动画(“动漫”)已被赞誉为始祖,日本的文化和内容,对所谓的程度,这是世界范围内的“Japanimation。”导演押井守的动画电影《无辜

的人》2004年在第57届戛纳电影节上被提名。《纯真》是到《攻壳机动队》(1995)的续集,在美国的Billboard影片排行榜上名列第一。宫崎骏的《千与千寻》2003年在第75届奥斯卡奖项上荣获奥斯卡动画长片奖,同时在2002年柏林电影节金熊奖上再次获奖和证明日本是生产世界一流动画的国家。据说许多美国和亚洲动画师想要制作日本的动漫作品,这表明日本动画被领先的专业人士认可。《千与千寻》的商业成功,同时表明在全球公众的日本动漫的优点和国际竞争力。世界已经明确看好日本动漫具有巨大的商业潜力。 尽管如此,业界还没有转移的态势,足以应付海外的一致好评。展望未来,日本动漫产业不仅要扩大海外,它也必须制定必要的生产/配送系统和人员,利用对动画片和其他内容的全球商业机会。事实上生产系统已经成立,但业内人士仍然具有在国内/海外发行和权利上有许多突出的弱点,如在一般的国际许可和业务专长。在发展领域的人员,动画师没有一个适当的高社会地位,所以对其他行业和国家,例如人员外流,已成为一个大问题。 2、多变的市场规模 日本国内的动漫市场大致可分为三类: 正片长度的电影 电视节目 上述视频和DVD两个版本外,还有原作品 据媒体发展研究所透露,在2003年日本的动漫市场销售额下降了10.4%至一千九百十二亿日元,包括动画电影的票房收入,电视动画制作费,销售、出租录像带和DVD产品的利润。这是在两年内(图1)的首次下降。在2001年和2002年实现实质性成果主要是由于2001年《千与千寻》成功的票房(30.4亿日元)然

外文翻译--公司治理对资本结构和企业价值关系的影响

外文文献翻译译文 一、外文原文 原文： The influence of corporate governance on the relation between capital structure and value Capital structure: relation with corporate value and main research streams When looking at the most important theoretical contributions on the relation between capital structure and value, as illustrated in Figure 1, it becomes immediately evident that there is a substantial difference between the early theories and the more recent ones. Modigliani and Miller (1958), who had originally asserted that there was no relationship between capital structure and value ; in 1963, instead, reached the paradoxical and provocative conclusion that a maximum level of debt would mean a maximum level of firm value, due to the fact that interest is tax deductible . Many later contributions pointed out that this effect is compensated when considering personal taxes (Miller, 1977),an eventual lack of tax capacity, due to the presence of economic loss, the effect of other types of tax shields (De Angelo and Masulis, 1980), as well as the introduction of the costs(direct and indirect) of financial distress; all these situations end up creating a trade-off between debt costs and benefits. Point L? in Figure 1c indicates an optimal level of debt,beyond which any rise in leverage would cause an increase in the benefits of debt that would be less than proportional with respect to the costs of financial distress. Furthermore, this non monotonic relation would be modified even more when considering agency costs as well as the costs of financial distress . Finally, one last stream of research (Myers, 1984,Myers 1984) points out managerial preferences when choosing financing resources . In this case no optimal level of debt becomes ……objectively?? evident,but this is due to the various situations the manager had to deal with over time. The function of managerial

员工流失英文文献

How to control employee-leaving Perspective Power If the perspective power you knew any factor may stimulate people's power, then you have grasped and the people communicate the exchange the most effective tool. In the introduction part content, I had said, the stimulation power is everybody most universal request, each people all want to obtain more powers, but they did not know actually the power is any. A person possibly can say he hoped obtains a bigger power, the superintendent and the leader can say they hoped has a more positive team, the employer hoped hires one to have the working zeal staff, the staff hoped has one to be able to stimulate their power the employer. In fact, the employer is extremely high to staff's request, therefore the staff should have stimulates the self-enthusiastic ability. The power and the strength relations is extremely close, we may say a working zeal full person has the infinite strength. We may recollect a next astonishing story: A mother and her several children have experienced a traffic accident, their automobile turned, the vehicle upside down, the children are stranded in the vehicle outside, the mother is thrown dispatched a vehicle, lucky is, she has not been injured. Mother body weight approximately 57 kilograms, height only then 163 centimeters. When the ambulance corps arrive, they discovered the mother hugs the