英文文献及翻译

Related Party Transactions：

Associations with Corporate Governance and Firm Value

Elizabeth A. Gordon

Elaine Henry

Darius Paglia

Current Draft: September 2004

Public accountants，regulators，stock market participants and other corporate stakeholders express concern about related party transactions. Recent corporate scandals have highlighted this concern，prompting Sarbacane-Ohley (SOX) to prohibit personal loans to executives and nonexecutive board members. Yet，little rigorous academic research describes the extent of related party transactions (Rpt) in companies or investigates their underlying nature. In a representative sample of companies for a period that predates SOX，we find Rpt are wide spread and involve equally executives and non-executive board members; additionally，there are fewer related party loans than other non-loan related party transactions such as purchases or direct services. When we examine the relationship between Rpt and the extant literature's corporate governance mechanisms (such as board characteristics，CEO pay-performance sensitivity，and outside monitors)，we generally find weaker corporate governance mechanisms associated with more and higher dollar amounts of Rpt. We also find that industry-adjusted returns are negatively associated with RPT. On further examination of loans versus other types of Rpt not considered in SOX，we find a negative relationship between industry-adjusted returns and the number and dollar amount of loans to executives and non-executive directors，and a similar relationship between the number of other types of Rpt with non-executive directors. In summary，our results provide support for the view of Rpt as conflicts of interest between managers/board members and their shareholders，in contrast with the view of Rpt as efficient transactions.

Introduction Related party transactions are one of the recurring areas of concern raised by recent corporate scandals. These transactions are often diverse complex business transactions between a company and its managers，directors，or principal owners.

1 In public accounting，they are considered difficult to audit and a potential indicator of audit risk (AICPA 2001，Johnston and Beard 2004).

2 The General Accounting Office (2003) identified related party transactions as one of the nine major reasons leading companies to restate financial statements. Regulators，market participants，and other corporate stakeholders commonly regard these transactions as potential conflicts of interest that can compromise management's agency responsibility to shareholders or a board of director's monitoring function.

3 These similar views about related party transactions，which we refer to as the conflict of interest hypothesis，are consistent with agency concerns considered by Berle and Means (1932) and Jensen and Meckling (1976). An alternative view，which we refer to as the efficient transactions hypothesis，is that related party transactions efficiently fulfill underlying economic needs of the company. Although questions，concerns and uncertainties about the underlying nature of related party transactions exist，there is little rigorous academic research to confirm or refute the views of them. In this paper，we explore these two hypotheses by examining the relation of Rpt with corporate governance mechanisms and their association with firm value. Corporate governance issues，like those with related party transactions，arise because of asymmetric information problems between external capital markets and the firm’s managers. If external capital markets could perfectly observe the manager’s investment actions and effort，there would be no need for corporate governance mechanisms to help monitor or incentivize the manager，as one could construct perfect penalties to preclude non-value maximizing behavior. The existing literature has found certain board characteristics and CEO pay-performance sensitivity to be useful governance mechanisms in ameliorating managerial agency problems; additionally，higher leverage，and the presence of large shareholder ownership are capital structure features that also play a 1governance role to mitigate managerial agency problems. For example，large board size，which is observable and disclosed in proxy statements，has been found to be negatively correlated with firm value and interpreted as indicative of weak corporate governance (Yermack，1996). Using a similar logic，we examine whether related party transactions are detrimental or helpful to firm value，and whether they are correlated with these other corporate governance mechanisms. Although related party transactions are commonly viewed as potential conflicts，we develop two contrasting hypotheses that are consistent with rational economic arguments.

4 Under the conflict of interest hypothesis，related party transactions compromise management's agency responsibility to shareholders or a board of director's monitoring function. In such a case，related party transactions would be more prevalent when a firm's corporate governance mechanisms are weak，and such firms would have lower adjusted stock returns. The alternative efficient transactions hypothesis is that related party transactions efficiently fulfill underlying economic needs of the company. If related party transactions are efficient transactions，there would be no need to increase monitoring; as a result，there would be no association between related party transactions and strength of corporate governance mechanisms，and no adverse impact on shareholders. However，even if related party transactions are efficient transactions，a company can choose to increase monitoring to avoid the appearance of conflicts of interest. In this case，we would expect a positive association between stronger governance structures and

related party transactions.

Source: https://www.wendangku.net/doc/a212440780.html,/view/fb29e793daef5ef7ba0d3cdf.html

关联交易:联想公司治理与企业价值

伊丽莎白答:戈登

艾琳亨利

大流士帕格里亚

当前草案:2004年9月

会计师，监管，股票的市场参与者和其他企业利益相关者表示关注关联方交易。最近的公司丑闻强调了这种担忧，促使“萨班斯 - 奥克斯利法案（SOX）”，禁止个人贷款，包括管理人员和非执行董事会成员。然而，很少严谨的学术研究，介绍了公司的关联方交易的程度（RPT），或探讨其基本性质。在公司早期SOX的一个时期代表性的样本，我们发现RPT已经是广泛的传播，涉及到管理人员和非执行董事会成员;此外，还有不到贷款，如购买其他非关联方交易的关联方贷款或直接服务。当我们审视RPT和现存文献的公司治理机制（如董事会特征，CEO薪酬业绩敏感性，外部显示器）之间的关系，我们通常发现RPT金额更多，更高的关联较弱的企业管治机制。我们也发现，行业调整后的回报是负相关的RPT。进一步检查与在SOX法案不考虑RPT其他类型的贷款，我们找到了行业调整后的回报和贷款管理人员和非执行董事的人数和金额之间的负相关关系，以及其他数之间的相似关系例如RPT非执行董事的类型。总之，我们的研究结果提供与支持RPT的经理/董事会成员和他们的股东之间的利益冲突与RPT的作为有效的交易的看法相反。

关联方交易是最近公司丑闻提出关注周期性领域之一。这些交易往往是多样化的一家公司的经理，董事或主要业主之间的复杂的业务交易。

1.在公共会计它们被认为是难以审计和审计风险（AICPA的2001年，约翰斯和贝达德2004年）的一个潜在指标。

2.总会计办公室（2003年）确定关联交易为一体的龙头企业，重申财务报表的九大理由。市场参与者和其他企业利益相关者通常视为潜在的利益冲突，监管这些交易可以妥协管理机构的责任股东或董事会董事的监控功能。

3.这些类似的意见，有关关联方交易的，我们称之为利益冲突假说，伯利和Means（1932）和Jensen 和Meckling（1976）认为机构关注是一致的。另一种观点，我们称之为交易的效率假说，是关联方交易，有效地履行公司的基本经济需求。尽管存在问题，关注基本性质的关联方交易的不确定性，有一点严谨的学术研究证实或驳斥他们的意见。在本文中，我们将探讨这两个假设，通过检查与RPT公司治理机制及其与公司价值关联关系。像那些与关联方交易，公司治理问题的产生是因为外部资本市场

和公司的经理之间的信息不对称问题。如果外部资本市场完全可以观察投资经理的行动和努力，就没有公司治理机制的需要，以帮助监测或激励的经理人，作为一个可以构建完善的刑罚，以排除非价值最大化行为。现有的文献已经发现某些董事会特征与CEO薪酬业绩敏感性是有用的治理机制，在改善管理机构的问题;此外，较高的杠杆，大股东所有权的存在是资本结构特点，也发挥了的治理的作用，以减轻管理代理问题。例如，大板的尺寸，这是观察和代理声明中披露，已发现要负相关，与公司价值和公司治理薄弱（Yermack，1996年）的指标为解释。使用类似的逻辑，我们检查是否关联方交易是有害的或有利于公司价值，以及它们是否与这些其他的公司治理机制相关。虽然关联方交易通常被视为潜在的冲突，我们开发了两个相反的假设使合理的经济参数一致。

4.根据冲突的利益假说，关联方交易的妥协管理的机构责任股东或董事会董事的监控功能。在这种情况下，关联方交易将越来越普遍，当一个公司的公司治理机制薄弱，这样的公司会降低调整后的股票报酬。另一种假设交易的效率，是关联方交易，有效地履行公司的基本经济需求。如果关联方交易，交易的效率，将是有没有必要增加监测结果，会有无关联之间的关联交易和公司治理机制的力量，并没有对股东的不利影响。然而，即使关联方交易，交易的效率，公司可以选择增加监测，以避免出现利益冲突。在这种情况下，我们期望之间更强的治理结构和关联方交易的正相关。

A Synthetic View of Epistemological Differences

A low DPR may indicate a fast-growing company with shareholders willingly to forego cash dividends，because the company needs the extra money to invest，and，in turn，improve share prices. However，a low DPR may also point to a company that simply cannot afford to pay dividends. A high DPR could account for the increased propensity to pay dividends due to: It is recommended that companies disclose their dividend policy in the annual report. Such a proactive measure reflects the company's commitment to deliver value to shareholders.More importantly，companies which have not even established a dividend policy should take steps to formulate one，given that shareholders are increasingly voracious in demanding value for their investment. The survey also recommends that the dividend per share or dividend payout ratio be disclosed as one of the indicators in the five-year financial highlights in the annual report to make shareholders better informed of the company's track record of profits and dividends. Ideally，a company should pay regular but somewhat increasing dividends. Investors who need steady incomes will avoid companies which are erratic dividend payers . Also，a cut in dividend undermines their confidence in the company's future. Directors should think twice before paying a dividend that they may be unable to maintain or set a pattern of growth in the trend of dividend payments. They need to decide how much it is necessary to retain in order to continue or expand the existing scale of operations，and how much should be retained to maintain the company's assets in real terms，given the inflation and the competition in the economic environment. For if they do neither of these things，they are bound to disappoint investors，to damage their market rating and to see their share price tumble if their dividend has to be cut，or the rate of dividend growth cannot be sustained.

: Note: The Minority Shareholder Watchdog Group，in collaboration with Universiti Teknologi MARA，conducted a dividend survey covering the top 500 companies listed on Bursa Malaysia based on market capitalisation as at Dec 31，2006. The Dividend Survey 2007 report was officially launched on Aug 6，2008. In this second of a two-part article，we look at the findings on dividend payout ratio and the concluding remarks on the overall findings of the survey. THE DIVIDEND PAYOUT RATIO (DPR) indicates the proportion of earnings used by companies to pay dividends to shareholders. DPR can vary by industry and is affected，among others，by the company's financial performance and market conditions. A low DPR does not necessarily imply a poor performance or vice versa. Chart 1 demonstrates a three-year trend for DPR (2004-2006). Interestingly，seven industry sectors - Consumer Products，Finance，Hotels，Industrial Products，Infrastructure，Properties and Trading/Services - showed an upward trend for this ratio over the three-year period. DPR by sector Chart 1 shows，on average，the percentage or ratio of the earnings for that period that is paid out in the form of cash dividends. For example，if the ratio is 0.30，it means that on average，for every RM1 of earnings made，the companies in that sector paid out 30 sen of it as dividends. The Technology sector had a high payout ratio in the year 2004. However，the companies in that sector scaled it down in the two subsequent years. This presumably reflected their strong growth prospects that made sense for directors and management to reinvest cash in research and development rather than pay it out to shareholders. The highest payer，the Consumer Products sector，consistently paid more than half of its earnings for dividends followed by the Plantation sector. In fact，the companies in the Plantation sector paid out 74% of their profits as dividends in the year 2005.

However，the average went down to 48% in 2006. A low DPR may indicate a fast-growing company with

shareholders willingly to forego cash dividends，because the company needs the extra money to invest，and，in turn，improve share prices. However，a low DPR may also point to a company that simply cannot afford to pay dividends. A high DPR could account for the increased propensity to pay dividends due to: (i) the company being in a monopolistic environment，enjoying high growth and strong earnings; (ii) the company's strong liquidity and the ability to pay dividends; (iii) the company being in a mature capital market such as in the US and Japan where a high DPR can indicate a blue-chip company that pays high dividends amidst temporarily depressed share prices; and (iv) a mature and established company with fewer growth opportunities. Three-year average DPR Chart 2 shows that the Plantation sector had the highest three-year average with a DPR of 0.58，followed closely by the Consumer Products sector with a DPR of 0.53. The technology sector had the third-highest DPR of 0.45. Top-20 companies based on a three-year average DPR Table 1 shows the top-20 companies with high three-year average DPR. Profitability has always been a major determinant that influences a company's decision in paying out dividends. Overall findings The survey finds that the top dividend payers are the ones with strong earnings and cash flows，which enable these companies to continue paying sustainable

dividends per share to their shareholders. A sectoral analysis shows that capital-intensive or high-technology-related sectors such as Infrastructure，Properties，Construction and Technology pay relatively lower dividends when compared to the other industry sectors. The majority of the top-500 companies surveyed paid dividends over the three-year period examined，with the percentage of dividend payers increasing from 73% in 2004 to 84% in 2006. The findings showed an encouraging signal of more companies rewarding their shareholders in the form of dividend payments. On average，based on the past three-year performance，the payout ratio for the top-20 companies indicated a wide variation，which is reflective of the overall payout ratio of the 500 companies surveyed. Companies with consistent high dividend yields can also be attractive to investors. However，shareholders are well advised to analyse the companies' track records，financial positions and growth prospects as well as their latest developments in the market to obtain a better assessment of whether the company can offer good dividend prospects. Some companies display their key indicators，which include DPS and EPS，in charts over the past five to 10 years. These companies must be commended for revealing the historical records of their financial health to the public. The provision by companies of their track records of key indicators over the past five to 10 years provides more information on their financial health beyond what is required by regulations，and hence greater transparency. Such information provides investors with a quick but useful glance at financial highlights in the historical summaries. Companies cannot try to be visibly seen only by distributing dividends but by also performing to maintain their dividends and to build a strong fundamental position. Nevertheless，the survey still finds the disclosure of dividend policy lacking，and when disclosed，the disclosure is in the form of key performance indicators (KPI) where the signal may be unclear as to whether the dividend payout ratio is an ongoing KPI year to year or the dividend policy of the company. Recommendations and concluding remarks It is recommended that companies disclose their dividend policy in the annual report. Such a proactive measure reflects the company's commitment to deliver value to shareholders. More importantly，companies which have not even established a dividend policy should take steps to formulate one，given that shareholders are increasingly voracious in demanding value for their investment. The survey also recommends that the dividend per share or dividend payout ratio be disclosed as one of the indicators in the five-year financial highlights in the annual report to make shareholders better informed of the company's track record of profits and dividends.

Given the increasingly competitive environment to obtain funds for expansion in the global economy，companies are well advised to formulate and disclose their dividend policy as a strategic measure to make the

company `more visible' to the investment community. We believe that by making public the company's dividend policy，it will，in turn，motivate the board of directors and management to perform better and enhance greater shareholder value，benefiting all stakeholders. The findings point out that dividends can be a signaling mechanism that imposes an important discipline on the directors and management，forcing them to be transparent on the operating cash flow. Given the single-tier tax system，the signalling and governance functions expected of directors and management will be at work，making them maintain dividend payouts to show their company's sound business. Ideally，a company should pay regular but somewhat increasing dividends. Investors who need steady incomes will avoid companies which are erratic dividend payers. Also，a cut in dividend undermines their confidence in the company's future. Directors should think twice before paying a dividend that they may be unable to maintain or set a pattern of growth in the trend of dividend payments. They need to decide how much it is necessary to retain in order to continue or expand the existing scale of operations，and how much should be retained to maintain the company's assets in real terms，given the inflation and the competition in the economic environment. For if they do neither of these things，they are bound to disappoint investors，to damage their market rating and to see their share price tumble if their dividend has to be cut，or the rate of dividend growth cannot be sustained.

低DPR可能表明一个快速成长的公司股东愿意放弃现金股利，因为该公司需要额外的钱去投资，反过来，相应地提了高股价。然而，低DPR也可以指向一个公司，该公司根本无法负担股息。而高DPR 则可以解释增加的倾向，由于支付了股息：因此建议公司在年度报告中披露其股息政策。这种积极主动的措施，反映了该公司的承诺提供价值shareholders.More，而且重要的是，公司甚至还没有成立股息政策制定一种应采取措施，因为股东要求的投资价值日益贪婪。该调查还建议每股股息或派息比率被披露在年度报告中，是使股东在五年内更好地了解公司跟踪记录的利润和股息的财务摘要指标之一。理想的情况下，公司应支付正常的，但有有时候增加些股息。需要稳定收入的投资者会避免不稳定的股息纳税人公司。此外，削减股息，会破坏他们对公司未来的信心。董事应三思而后再支付股息，他们可能无法在支付股息的情形下，设置维持或增长模式。鉴于在通胀和经济环境的竞争中，如果他们的股息被削减，或股息增长的速度不能持续，他们需要多少现金，为了继续保持或扩大现有业务规模，应保留多少股利才能维持对公司的资产无害。如果他们这样做的同时没有股利，势必会令投资者失望，不仅损害自己的市场评级，而且致使自己的股价大跌。少数被称为看门狗集团的股东，与MARA TEKNOLOGI大学合作，于2006年12月31日对在大马交易所对上市的世界500强企业的股利进行了调查，调查对象包括基于市值。派息调查在2007年做了报告，于2008年8月6日正式启动。在本次由两部分内容组成的文章中，我们期待派息比率的整体调查结果，结束后做总结发言。派息比率（DPR ）表示盈利公司向股东支付股息所采用的比例。DPR可以因行业不同而受到影响，其中包括该公司的财务表现和市场条件。低DPR并不一定意味着一个公司股利表现不佳，反之亦然。图1演示了一个为期三年的DPR （2004-2006年）的趋势。有趣的是，这7个行业：消费类产品、金融、酒店、工业产品、基建、物业和贸易/服务，在三年内这一比例呈上升趋势。该期间盈利的百分比或比例支付现金股利的形式：例如，如果该比率为0.30 ，这意味着，平均而言，每RM1作出的盈利，公司在该部门支付了30%的股息。然而，公司在该行业的规模在随后两年中，技术部门在2004年的高派息率。这大概反映了其强劲的增长前景，董事及管理层在研究和开发，而不是再投资现金支付股东的意识。最高的纳税义务人：消费产品部门，一直支付其种植业的股息收益一半以上。事实上在2005年，种植业中公司支付了74 ％利润的股息。然而，到2006年平均下降到48％。低DPR可能表明一个快速成长的公司股东愿意放弃现金股利，因为该公司需要额外的钱去投资，反过来，相应地提高了股价。然而，低DPR也可以指一个公司，根本无法负担股息。高DPR可以解释增加的倾向，由于支付股息：（1）公司在垄断的环境下，享受高成长性和强劲的盈利;（2）公司强大的流动性和支付股息的能力;（3）公司在一个成熟的资本市场，如美国和日本，其中高DPR可以表明蓝筹公司支付高股息，令暂时郁闷股价格;（4）成熟完善的公司增长机会较少。三年平均DPR从图2可以看出，种植业三年平均最高的一个DPR 0.58 ，紧随其后的是消费产品部门DPR 0.53 。技术部门第三DPR0.45 。前20家公司根据一项为期三年的平均DPR（表1显示排名前20位的公司），平均DPR连续三年高。盈利能力一直是一个重要的决定性因素，影响公司的决定派发股息。总体调查结果发现，上层股息纳税人是那些具有较强的盈利及现金流量，使这些公司继续支付可持续每股股息的股东。对资本密集型或技术相关的行业如基建、物业、工程和技术部门的分析表明，与其他行业相比，它们支付相对较低的股息。在三年检查期间，大多数接受调查的500强公司支付股息缴纳的百分比从2004年的73％增长到2006年的84 ％。调查结果显示，越来越多的公司在通过支付股息的形式回报股东的，这是一个令人鼓舞的信号。根据过去三年的表现，平均而言，派息比率为前20名的公司表现出很大的差异，这是接受调查的500家公司中的整体派息比率缩影。一贯的高股息收益率的公司对投资者的吸引力不减。

然而，股东应分析公司的跟踪记录，财务状况及增长前景，以及他们在市场上的最新发展，取得了较

好的评估公司是否能够提供良好的股息前景。一些公司的关键指标，其中包括DPS和EPS ，在过去的5到10年的图表显示：这些公司向公众透露其财务健康状况的历史记录，一直都很好。在过去的5到10年关键指标记录由公司提供，提供超越法律、法规规定，关于其财务健康状况的更多信息，从而增加了透明度。这样的信息，为投资者提供快速而有用的历史摘要，财务亮点一目了然。公司虽不能尝试，但可以明显地看到，只有通过派发股息，也可以通过执行以维持其股息，并建立一个强大的基本立场。然而，调查还发现股利政策缺乏披露；披露的形式、关键绩效指标（KPI ），其中的信号可能是不清楚的；派息比率每年是否是一个持续的KPI或公司的股息政策。公司在年度报告中披露其股息政策。这种积极主动的措施，体现了公司为股东创造价值的承诺。更重要的是，公司甚至还没有制定出一种股息政策应采取的措施，，因为股东要求的投资价值日益贪婪。该调查还建议在年度报告中披露每股股息或派息比率，这是使股东更好地了解公司跟踪记录的利润和股息在五年的财务摘要指标之一。

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中等分辨率制备分离的 快速色谱技术 W. Clark Still,* Michael K a h n , and Abhijit Mitra Departm(7nt o/ Chemistry, Columbia Uniuersity,1Veu York, Neu; York 10027 ReceiLied January 26, 1978 我们希望找到一种简单的吸附色谱技术用于有机化合物的常规净化。这种技术是适于传统的有机物大规模制备分离，该技术需使用长柱色谱法。尽管这种技术得到的效果非常好，但是其需要消耗大量的时间，并且由于频带拖尾经常出现低复原率。当分离的样本剂量大于1或者2g时，这些问题显得更加突出。近年来，几种制备系统已经进行了改进，能将分离时间减少到1-3h，并允许各成分的分辨率ΔR f≥（使用薄层色谱分析进行分析）。在这些方法中，在我们的实验室中，媒介压力色谱法1和短柱色谱法2是最成功的。最近，我们发现一种可以将分离速度大幅度提升的技术，可用于反应产物的常规提纯，我们将这种技术称为急骤色谱法。虽然这种技术的分辨率只是中等（ΔR f≥），而且构建这个系统花费非常低，并且能在10-15min内分离重量在的样本。4 急骤色谱法是以空气压力驱动的混合介质压力以及短柱色谱法为基础，专门针对快速分离，介质压力以及短柱色谱已经进行了优化。优化实验是在一组标准条件5下进行的，优化实验使用苯甲醇作为样本，放在一个20mm*5in.的硅胶柱60内，使用Tracor 970紫外检测器监测圆柱的输出。分辨率通过持续时间（r）和峰宽（w,w/2）的比率进行测定的（Figure 1），结果如图2-4所示，图2-4分别放映分辨率随着硅胶颗粒大小、洗脱液流速和样本大小的变化。

英文文献及中文翻译

毕业设计说明书 英文文献及中文翻译 学院：专 2011年6月 电子与计算机科学技术软件工程

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毕业论文5000字英文文献翻译

英文翻译 英语原文： . Introducing Classes The only remaining feature we need to understand before solving our bookstore problem is how to write a data structure to represent our transaction data. In C++ we define our own data structure by defining a class. The class mechanism is one of the most important features in C++. In fact, a primary focus of the design of C++ is to make it possible to define class types that behave as naturally as the built-in types themselves. The library types that we've seen already, such as istream and ostream, are all defined as classesthat is,they are not strictly speaking part of the language. Complete understanding of the class mechanism requires mastering a lot of information. Fortunately, it is possible to use a class that someone else has written without knowing how to define a class ourselves. In this section, we'll describe a simple class that we canuse in solving our bookstore problem. We'll implement this class in the subsequent chapters as we learn more about types,expressions, statements, and functionsall of which are used in defining classes. To use a class we need to know three things: What is its name? Where is it defined? What operations does it support? For our bookstore problem, we'll assume that the class is named Sales_item and that it is defined in a header named Sales_item.h. The Sales_item Class The purpose of the Sales_item class is to store an ISBN and keep track of the number of copies sold, the revenue, and average sales price for that book. How these data are stored or computed is not our concern. To use a class, we need not know anything about how it is implemented. Instead, what we need to know is what operations the class provides. As we've seen, when we use library facilities such as IO, we must include the associated headers. Similarly, for our own classes, we must make the definitions associated with the class available to the compiler. We do so in much the same way. Typically, we put the class definition into a file. Any program that wants to use our class must include that file. Conventionally, class types are stored in a file with a name that, like the name of a program source file, has two parts: a file name and a file suffix. Usually the file name is the same as the class defined in the header. The suffix usually is .h, but some programmers use .H, .hpp, or .hxx. Compilers usually aren't picky about header file names, but IDEs sometimes are. We'll assume that our class is defined in a file named Sales_item.h. Operations on Sales_item Objects