并购财务风险中英文对照外文翻译文献

并购财务风险中英文对照外文翻译文献

并购财务风险中英文对照外文翻译文献

(文档含英文原文和中文翻译)

并购的财务风险研究

摘要

并购是一个高风险的活动。并购业务，无论是在准备阶段，还是在合并的运营阶段，或之后的整合阶段，将伴随着大量的不确定性。这些跨国并购所带来的不确定性有可能导致巨大的财务风险。尤其在当前,更多的国内企业已经选择了并购这条路。本文对并购的各个重点阶段容易受到的财务风险分析，并对这些风险提出了防范措施。

关键词：并购，财务风险，防范措施

在西方国家，并购有大约超过100年的历史，交易规模不断扩大。2000年，

在我国，第五次全球并购浪潮达到一个高峰，并购在我国越来越受欢迎。例如，许多公司加快海外扩张和并购的步伐，许多企业选择并购来渡过难关。正如我们所知道的，并购一定会有风险，比如：目标公司的评估，交易方法，或财务风险的选择。如何才能避免这些风险？我们要选择哪种方法？这就是这篇文章的目的。

1.并购导致财务风险的原因

1.1高估或低估了公司价值带来的风险

1.1.1信息不对称是影响估计的主要因素

由于信息不对称，目标公司一直隐瞒不良信息和夸大良好的信息。投标人还夸大自己的实力，他们所披露的情况不足或失真。因此，贸然行动的失败结果随处可见。有很多有关风险的资料，两个重要的例子就是：第一，股票风险，公平对任何一家公司都是很重要的，但所提供的信息和真实情况之间存在着差异，这些虚假的信息威胁到并购的成功；第二，债务信息的风险，如果没有发现这种风险，庞大的债务将毫无缘由的转嫁到投标人身上。

1.1.2缺乏合理的评估方法

有三种评估方法：成本法、市场法、收益法，这其中，市场法要求有关信息的对称性要高，只有当信息评价具有高对称性时才可以对企业作出准确判断。然而，在我国，信息对称水平低，小企业采用这种方法。他们大多采用替代法和收益法。这两个方法也有缺点，重置成本反映历史成本，不能反映未来盈利能力；就算把现值看做增值的收入，它也明显的缺陷，那就是，未来的收入预期是不同的。

1.1.3评估体系不健全

这是在整个行业中的一种评估制度，而不是一个简单的方法。目前，我国缺少独立、专业的团体，海外并购多数由企业自行完成，在这点上是有一定程度的不合理。由于缺乏专业技能，且没有长期随访观察的习惯，并不能得到长期、稳定的信息等等，这一切导致了评估结果不能按照预期发展。

1.2交易方式的选择导致的风险

1.2.1现金方法

如果你不期望在现金支付中有风险，就必须使增加的预期现金流的净现值大

于所支付的，而投标人的股东将承担损失。当现金付款的成本扩大，面临着巨大的债务负担，并且最后期限的资金来源结构不合理，或缺乏短期融资，很容易带来收购的流动性压力。此时如果有一个新公司流动性资产水平低，就会产生流动性风险，而流动性风险最突出的是通过现金付款体现的。

1.2.2支付普通股

整体而言，股票支付的主要风险来自增值的期望，股东交易所扩大股东的基础，导致了每股收益下降，因为稀释了每股收益，投资者会怀疑目标公司取回每股收益的能力下降，投标人的股票价格将下降。这表明从该可转换股权稀释的比例是造成支付风险的最重要手段。

1.2.3杠杆付款

杠杆将不可避免地带来债务风险。杠杆是投标人作出贷款，向银行抵押企业资产，合并后的生产和经营活动产生的现金将成功偿还贷款。其杠杆付款方式目的是通过贷款解决使用贷款的资金问题，并希望收购能得到有效的杠杆效益。这种方法必将实现高的投资回报，这需要稳定的现金流来完成。否则，因为无法还清了更高的债务，收购公司可能会破产。

1.3合并后的整合不利导致财务风险

在整合期间，当风险因素作用到一定程度时，这将导致财务风险的发生。根据表现，财务风险可以分为机制风险，财务风险和经营风险。机制风险意味在整合时期，由于设立了金融机构，财政职能，财政管理体制，金融机构的更新，金融的协同作用和其他因素，财政收入和投标人的预期财政收益发生偏离并因此遭受到的损失。财务风险是指如果当金融运行有错误，财政收入和财政税收将脱离预期。在资产管理过程中，投标人控制他们的资产、成本、金融业务、负债、利润和其他财务职能，按照实现协同收入最大化的原理是为了实现跨国并购成功的的最终目的。然而，不确定性的宏观和微观环境的，影响着财务运作，从而导致财务风险。经营风险是指金融活动的监管不足，导致财务风险的结果。

这说明并购进程的结束并不等于最后的成功，金融一体化是财务管理的结束，也是最重要的方面，如果失败就意味着整个并购是失败的。

2.财务风险防范措施

2.1防范信息风险

这主要作用是通过合理，有效的方法排除虚假信息然后获得真正的，全面的信息。对于股票的风险，有两个要点：适当谨慎和披露。适当的谨慎是指调查，审查和评价过程。投标人必须调查目标公司外部和内部的情况，以便找到一些限制产权交易的政府活动。信息披露是指目标公司应该告诉诸如投标人的有关材料，信息，债权债务等。信息披露必须真实，完整，没有误导成分。至于债务风险，我们必须首先选择最好的方法;第二，你必须与有关的债务范围达成一致。

2.2建立完善的评价体系，并选择适当的评估方法

适当的评价方法通常包括两个系统的评价：一个是基本系统，包括财务分析，业内人士分析，运行情况分析。金融体系的分析有助于理解双方财政状况，业内人士分析系统，可以使投标人了解了外部环境，以及行业发展趋势的状态。通过对经营状况分析，可以了解存在的问题，操作并提供了整合的基础。在此基础上，企业才能避免这种风险。

二是评价体系。有很多评价体系的方法，正如账面价值，市场价值，清算价值，贴现现金流量等。不同的评估方法会导致不同的价格，因此企业应根据自己的动机，选择更好的方法。

2.3选择灵活的付款方式

在付款方式上合理安排和减少财务费用，是与该付款方式有关，其中现金支付面临最大压力。并购企业可以结合自己的现有资源，稀释每股收益和股票价格波动，在股权结构的变化，以便使他们发放现金，债券和股票的组合，使其能满足双方的需要。例如，并购需要两层付款方式，在第二个步骤，采取现金方式的混合方法。此付款，在一方面，由于交易规模，买方支付现金对价的能力有限，应保持一个比较合理的资本结构，以减少对贷款的巨大压力，另一方面，投标人可以诱导目标公司股东尽快作出出售决定，接着就可以达到取得对目标企业控制的目的。

2.4加强并购后的整合

2.4.1加强财务控制，人力资源，金融机构和金融一体化的功能

例如，兼并和收购业务，任命首席财务总监，在日常的日常财务活动，财务主任明确责任和权力，他们发挥对并购业务的组织和监督作用，并享有对整个企

业所涉及的重大事件的决策权；并购实施调整，资源的分配，重大投资，技术结构发展和其他重大决策权的企业并购，预算的重大决策的监测和控制各种类型的预算执行情况，并审核其财务报告；负责人事管理业务的的财务会计，定期报告并购的资产经营和财务状况。与此同时，当收购完成后，金融机构应改善其组织的具体情况，包括财务会计制度，内部控制制度，投资和融资制度，使其更符合双方的需要，并建立一个统一的金融信息平台，以便使能更快，更准确和更全面的管理，使得所有类型的财务信息得以满足决策的需求。

2.4.2财务管理一体化

财务管理的目标是财务工作的出发点和归宿点，其结果影响到金融体系的理论，将决定一个财务决策的各种选择。一旦并购完成后，企业应该在目标公司财务方面做一个财务管理基础上的明确目标。

2.4.3整合资产和负债

在并购业务，投标人的债务可能增加，因为在接管时所采取的债务等方法只是为贷款和发行债券。如果资本结构不合理，金融形势也变得恶化。因此旨在改善财务状况的综合平衡和加强企业的偿付能力。

2.4.4为了加强企业管理的风险意识，建立和完善金融风险的预测和监控

若要提高风险管理业务的认识，将从源头防范并购的财务风险。此外，建立企业内部自己的财务风险防范和控制系统，加强企业对并购风险的预测是建立早期预警机制的关键领域之一。

综上所述，并购作为一种扩展业务规模，转变市场策略，调整社会经济结构和资源优化配置的更好更独特的方式，因而成为一个很受关注的话题，财务风险由并购产生的，因此也在各领域引起了深人广泛的讨论。随着市场的成熟，我认为并购活动的研究将更加深入，对并购和其财务风险问题将得到进一步深化，实现真正意义上的理论指导实践。

注：图表、致谢及参考文献已略去（见原文）。

The Study of Financial Risk in M&A

JohnA . Douka

Abstract

M &A is a risky activity. M & A business, whether in the preparation stage, or in the operational phase of the merger, or post-integration phase, will be accompanied by a large number of uncertainties. These uncertainties brought about by mergers and acquisitions could lead to a huge financial risk. In particular, more domestic enterprises have chosen the path of M & A. This article focuses on the various stages of the merger vulnerable to financial risks, and risks of these raised a number of preventive measures.

Keywords: M&A, Financial risk, Preventive measures

In the west countries, M&A have a history about more than 100 years, and transactions have been expanding. The 5th wave of global mergers and acquisitions peaked in 2000.In our country, M&A become more and more popular. For example, many companies step up the pace of overseas expansion and M&A. However, , many companies choose M&A to tide over the difficulties. As we known, M&A must have risks, for instance: estimate of target firms, choice of transaction method, or financial risks. How can avoid these risks? Which method should we choose? This is the purpose of this article.

1.The cause of financial risk in M&A

1.1 Overestimate or underestimate the value of firms lead to the risk

1.1.1 Information asymmetry is the major factor which impacts the estimation

Because of Information asymmetry, target firm always conceal adverse information and exaggerate good information. Bidders also exaggerate their strength, disclosure between them are inadequate or distorted. Therefore, failures which result from rash actions can be found everywhere. There are many information risks, for tow important

examples: first, equity risk, equity is very important in any firms, however there are difference between the offer information and the real, these illusive information threaten the succeed of M&A; second, debt information risk, if this risk would not be found, a large debt will fall to the bidders with no reasons.

1.1.2 Lack of rational evaluation methods

There are three evaluation methods: replacement cost method; market value method; the present value of earnings, between them, market value method has high request about Information symmetry, for firms can make an exact evaluation only when the information is high symmetry. However, in our country, the level of information symmetry is lower, little firms adopt this method. Most of them adopt replacement method and the present value of earnings method. These two methods also have disadvantages, replacement cost reflects the historical cost which can’t reflect the future profitability; although the present value considers the value-added revenue, it has also obvious flaws, that is, future revenue expected is very different.

1.1.3 The system of assessment is not perfect

Here is the assessment system in the whole industry, rather than a simple method. At present, our country is lack of independent, professional bodies, the majority of overseas M&A is completed by the enterprises themselves, on this point there is a certain degree of irrationality. Because lack of professional skills, and there is no habits of long-term follow-up observation, and can’t receive long-term and stable information and so on, all this lead to the result can’t follow the expectation.

1.2 Risk result from the choice of transaction methods

1.2.1 Cash method

If you expect there is no risk in cash payment, you must make the present value of incremental of expected cash flow net present value is greater than the paid, whereas shareholders of bidders will bear the loss. When the cost of cash payment is expansion, and face huge debt burden, and the source of funding deadline is unreasonable structure, or lack of short-term financing, it is easy to bring to the acquisition of liquidity

pressure. At this time if the new company has a low level of liquid assets, it will have a liquidity risk, and liquidity risk is the most outstanding performance of cash payment.

1.2.2 Common stock payment

On the whole, the major risk of stock payment comes from the value-added expectation, the stock exchange expand the shareholder’s base, leading to the decline of earnings per share, when investors doubt the target firm’s ability of getting back earnings per share, the stock price of bidder will decline because of dilution of earnings per share. It shows that the proportion of equity dilution resulting from the convertible is the most important means of payment risks.

1.2.3 Leverage payment

Leverage will inevitably bring the debt risk. Leverage is the bidders make target enterprise assets as collateral for loan to banks, post-merger success with the production and operation activities generated cash to repay the loan. The aim of leverage payment is to solve the fund problem by using the loans, and hope that the acquisition can receive effective leverage benefit. This method is bound to achieve a high return on investment and it need stable cash flows to complete. Otherwise, the acquiring company may go bankrupt because of can’t pay off the higher debt.

1.3 Financial risk resulting from adverse integration in the post-merger

In the integration period, when the role of risk factors come to a certain extent, that will lead to the occurrence of financial risks. According to the manifestations, financial risk can be divided into the mechanisms risk, financial risk and operational risk. Mechanisms risk means in the integration period, because of setting up financial institutions, financial functions, financial management system, update of financial organizations, financial synergies, and other factors, the financial income and financial gains of bidders occurred in a departure from expectations, and thus suffer losses. Financial risk means financial income and financial revenue will depart from the expected if there is something wrong with the financial running. In the process of asset management, bidders control their assets, costs, financial operations,

liabilities, profits, and other financial functions in accordance with the principle of maximizing the synergy earnings in order to achieve the final purpose of mergers and acquisitions. However, the uncertainty of macro-and micro-environment affect the decision-making process in the financial operation, which lead to financial risk. Operational risk means financial risk result from inadequate monitoring of financial activities.

That shows process ending is not equals to final succeed, financial integration is the end of financial management in the M&A, and is also the most important aspect, if it failed it means the whole M&A is failed. 2．Prevention measures of financial risk

2.1 Prevention for information risk

The important role for this prevention is to rule out the false information through legitimate and effective method and then to get real, comprehensive information. For the equity risk, there are two main points: an appropriate cautiousness and disclosure. Appropriate cautiousness means a process of investigation, review and evaluation. Bidders must investigate the external and internal situation of target firms, in order to find some government activities which restrict property right transaction. Disclosure means that the target company should tell the bidders just as relevant materials, information, debt claims and so on. Disclosure must be true, complete and not misleading. As for the debt risk, we must first choose the best method; second, you must make an agreement about debt scope.

2.2 Establish a perfect evaluation system, and select appropriate assessment methods

Appropriate evaluation methods usually include tow systems: One is the basic system which includes financial analysis, industry analysis, operating conditions analysis. Analysis of the financial system contribute to the understanding of the financial situation between the two sides, Industry analysis system, can make the bidder understand the external environment, as well as the status of industry trends. Through the analysis of operating conditions can understand the existing problems the operation, and provide the basis for integration. On this basis, enterprises can avoid this risk. Second is the evaluation system. There are many

methods of the evaluation system, just as book value, market value, liquidation value, discounted cash flow and so on. Different valuation methods will lead to different price, so firms should select a better method in accordance with their own motive.

2.3 Flexible choice of payment methods

Reasonable arrangements for the payment method and financial cost reducing are related to the payment method in which cash payment face the most pressure. M & A business can combine their own available resources, diluted earnings per share and stock price volatility, changes in the shareholding structure in order to make their payment as combinations of cash, debt and stock, so that it can meet the need between two sides. For example, M&A takes two-tier payment method, for the first, adopt cash method while mixed method is used when the second step. This payment, on the one hand, because of the size of the transaction, the buyer paid cash consideration of a limited capacity, should maintain a more reasonable capital structure to reduce the enormous pressure on the loan, on the other hand, bidder can induce shareholders of target firm to make sell decision as soon as possible, and then they can reach the goal of obtaining control of the business.

2.4 To strengthen the post-merger integration

2.4.1 Strengthening financial control, financial integration of human resources, financial institutions and functions of the organization For example, mergers and acquisitions business was to appoint Chief Financial Officer, Chief Financial Officer has clear responsibility and authority, they play the organization and monitoring role on the M & A business from day-to-day financial activities, and enjoy the decision-making power on a major event involved in the whole enterprise; implementing the structure of the M & A Adjust, the allocation of resources, a significant investment, technology development and other major decision-making to the budget of the corporate mergers and acquisitions, monitoring and controlling various types of the budget implementation, and audit its financial reporting; being responsible for personnel management business of their own financial accounting; reporting the M & A’s assets operation and financial position on a regular

英文文献翻译

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。

企业财务风险及其应对文献综述

企业财务风险及应对探讨文献综述 重庆工商大学会计专业200X级X班XX 指导老师XXX 目录 摘要 ............................................................................................................................... 错误!未定义书签。 一、财务风险基础理论研究在理论界，财务风险已经成为现在财务理论的核心内容，得到了学者的广泛关注和重视。财务风险与企业资金的筹措、运用、管理以及安全密切相关，它是从价值方面反映企业在理财活动里边以及处理财务关系中所遇到的风险。.......................... 错误!未定义书签。 1、财务风险的概念研究........................................................................................ 错误!未定义书签。James C. Van Horn, John M. Wachowicz Jr(2001)在《Fundamental of Financial Management》里面更宽泛地说明了财务风险包括可能丧失偿债能力的风险，以及由于使用财务杠杆而导致的每股收益变动。 ......................................................................................................................................... 错误!未定义书签。 2、财务风险的类型研究........................................................................................ 错误!未定义书签。 二、财务风险产生因素研究.......................................................................................... 错误!未定义书签。 三、财务风险管理策略研究.......................................................................................... 错误!未定义书签。参考文献 ......................................................................................................................... 错误!未定义书签。

企业并购财务风险控制外文文献翻译译文3100字

文献出处: Comell B., Financial risk control of Mergers and Acquisitions [J]. International Review of Business Research Papers, 2014, 7(2): 57-69. 原文 Financial risk control of Mergers and Acquisitions Comell Abstract M&A plays a significant part in capital operation activities. M&A is not only important way for capital expansion, but also effective method for resource allocation optimization. In the world around, many firms gained high growth and great achievement through M&A transactions. The cases include: the merger between German company Daimler-Benz and U.S. company Chrysler, Wal-Mart’s acquisition for British company ADSA, Exxon’s merger with Mobil and so on. Keywords: Enterprise mergers and acquisitions; Risk identification; Risk control 1 Risk in enterprise mergers and acquisitions May encounter in the process of merger and acquisition risk: financial risk, asset risk, labor risk, market risk, cultural risk, macro policy risk and risk of laws and regulations, etc. 1. 1 Financial risk Refers to the authenticity of corporate financial statements by M&A and M&A enterprises in financing and operating performance after the possible risks. Financial statements is to evaluate and determine the trading price in acquisition of important basis, its authenticity is very important to the whole deal. False statements beautify the financial and operating conditions of the target enterprise, and even the failing companies packing perfectly. Whether the financial statements of the listed companies or unlisted companies generally exists a certain degree of moisture, financial reporting risk reality In addition, the enterprise because of mergers and acquisitions may face risks, such as shortage of funds, a decline in margins has adverse effects on the development of enterprises.

零售企业营销策略中英文对照外文翻译文献

零售企业营销策略中英文对照外文翻译文献(文档含英文原文和中文翻译)

译文： 零售企业的营销策略 Philip Kotlor 今天的零售商为了招徕和挽留顾客，急欲寻找新的营销策略。过去，他们挽留顾客的方法是销售特别的或独特的花色品种，提供比竞争对手更多更好的服务提供商店信用卡是顾客能赊购商品。可是，现在这一切都已变得面目全非了。现在，诸如卡尔文·克连，依佐和李维等全国性品牌，不仅在大多数百货公司及其专营店可以看到，并且也可以在大型综合商场和折扣商店可以买到。全国性品牌的生产商为全力扩大销售量，它们将贴有品牌的商品到处销售。结果是零售商店的面貌越来越相似。 在服务项目上的分工差异在逐渐缩小。许多百货公司削减了服务项目，而许多折扣商店却增加了服务项目。顾客变成了精明的采购员，对价格更加敏感。他们看不出有什么道理要为相同的品牌付出更多的钱，特别是当服务的差别不大或微不足道时。由于银行信用卡越来越被所有的商家接受，他们觉得不必从每个商店赊购商品。 百货商店面对着日益增加的价格的折扣店和专业商店的竞争，准备东山再起。历史上居于市中心的许多商店在郊区购物中心开设分店，那里有宽敞的停车场，购买者来自人口增长较快并且有较高收入的地区。其他一些则对其商店形式进行改变，有些则试用邮购盒电话订货的方法。超级市场面对的是超级商店的竞争，它们开始扩大店面，经营大量的品种繁多的商品和提高设备等级，超级市场还增加了它们的促销预算，大量转向私人品牌，从而增加盈利。 现在，我们讨论零售商在目标市场、产品品种和采办、服务以及商店气氛、定价、促销和销售地点等方面的营销策略。 一、目标市场 零售商最重要的决策时确定目标市场。当确定目标市场并且勾勒出轮廓时，零售商才能对产品分配、商店装饰、广告词和广告媒体、价格水平等作出一致的决定。如沃尔玛的目标市场相当明确：

机械设计外文翻译(中英文)

机械设计理论 机械设计是一门通过设计新产品或者改进老产品来满足人类需求的应用技术科学。它涉及工程技术的各个领域，主要研究产品的尺寸、形状和详细结构的基本构思，还要研究产品在制造、销售和使用等方面的问题。 进行各种机械设计工作的人员通常被称为设计人员或者机械设计工程师。机械设计是一项创造性的工作。设计工程师不仅在工作上要有创造性，还必须在机械制图、运动学、工程材料、材料力学和机械制造工艺学等方面具有深厚的基础知识。如前所诉，机械设计的目的是生产能够满足人类需求的产品。发明、发现和科技知识本身并不一定能给人类带来好处，只有当它们被应用在产品上才能产生效益。因而，应该认识到在一个特定的产品进行设计之前，必须先确定人们是否需要这种产品。 应当把机械设计看成是机械设计人员运用创造性的才能进行产品设计、系统分析和制定产品的制造工艺学的一个良机。掌握工程基础知识要比熟记一些数据和公式更为重要。仅仅使用数据和公式是不足以在一个好的设计中做出所需的全部决定的。另一方面，应该认真精确的进行所有运算。例如，即使将一个小数点的位置放错，也会使正确的设计变成错误的。 一个好的设计人员应该勇于提出新的想法，而且愿意承担一定的风险，当新的方法不适用时，就使用原来的方法。因此，设计人员必须要有耐心，因为所花费的时间和努力并不能保证带来成功。一个全新的设计，要求屏弃许多陈旧的，为人们所熟知的方法。由于许多人墨守成规，这样做并不是一件容易的事。一位机械设计师应该不断地探索改进现有的产品的方法，在此过程中应该认真选择原有的、经过验证的设计原理，将其与未经过验证的新观念结合起来。 新设计本身会有许多缺陷和未能预料的问题发生，只有当这些缺陷和问题被解决之后，才能体现出新产品的优越性。因此，一个性能优越的产品诞生的同时，也伴随着较高的风险。应该强调的是，如果设计本身不要求采用全新的方法，就没有必要仅仅为了变革的目的而采用新方法。 在设计的初始阶段，应该允许设计人员充分发挥创造性，不受各种约束。即使产生了许多不切实际的想法，也会在设计的早期，即绘制图纸之前被改正掉。只有这样，才不致于堵塞创新的思路。通常，要提出几套设计方案，然后加以比较。很有可能在最后选定的方案中，采用了某些未被接受的方案中的一些想法。

财务风险中英文对照外文翻译文献

中英文资料外文翻译 财务风险重要性分析 译文： 摘要：本文探讨了美国大型非金融企业从1964年至2008年股票价格风险的决定小性因素。我们通过相关结构以及简化模型，研究诸如债务总额，债务期限，现金持有量，及股利政策等公司财务特征，我们发现，股票价格风险主要通过经营和资产特点，如企业年龄，规模，有形资产，经营性现金流及其波动的水平来体现。与此相反，隐含的财务风险普遍偏低，且比产权比率稳定。在过去30年，我们对财务风险采取的措施有所减少，反而对股票波动（如独特性风险）采取的措施逐渐增加。因此，股票价格风险的记载趋势比公司的资产风险趋势更具代表性。综合二者，结果表明，典型的美国公司谨慎管理的财政政策大大降低了财务风险。因此，现在看来微不足道的剩余财务风险相对底层的非金融公司为一典型的经济风险。 关键词：资本结构；财务风险；风险管理；企业融资 1 绪论 2008年的金融危机对金融杠杆的作用产生重大影响。毫无疑问，向金融机构的巨额举债和内部融资均有风险。事实上，有证据表明，全球主要银行精心策划的杠杆（如通过抵押贷款和担保债务）和所谓的“影子银行系统”可能是最近的经济和金融混乱的根本原因。财务杠杆在非金融企业的作用不太明显。迄今为止，尽管资本市场已困在危机中，美国非金融部门的问题相比金融业的困境来说显得微不足道。例如，非金融企业破产机遇仅限于自20世纪30年代大萧条以来的最大经济衰退。事实上，非金融公司申请破产的事件大都发生在美国各行业（如汽车制造业，报纸，房地产）所面临的基本经济压力即金融危机之前。这令人惊讶的事实引出了一个问题“非金融公司的财务风险是如何重要？”。这个问题的核心是关于公司的总风险以及公司风险组成部分的各决定因素的不确定性。 最近在资产定价和企业融资再度引发的两个学术研究中分析了股票价格风险利

(完整word版)企业并购文献综述总表

企业并购文献综述总表 作者时间文章名字视角理论方法 实证 结论(应用) 样本期 限 数量所用模型 贺虹吕凡2008.01 对并购协同 效应含义及 计算方法的 认识 协同效应 的含义及 计算方法 规范我国并购协同效应的计 算可以从企业价值评估 和业绩评价的理论方法 着手，例如EVA、BSC、 DCF、股价收益评估、财 务数据等 朱宝宪吴亚君2004.09 企业协同效 应的计算 国内外协 同效应的 实证研究 中的计算 方法 规范协同效应的多种计算方 法发展较成熟的是在异 常累计基础上计算以及 从业绩改变角度着手衡 量，评价新模型和国内 的两种方法在计算的合 理性以及准确性上则需 要做进一步的探讨。 1

夏新平宋光耀1999.03 企业并购中 协同效应的 计算 内部、外部 计算模型 对协同效 应的计算 规范两种模型各有利弊，不 能忽视企业的市场价值 及交易成本，必须使用 正确的折现率和恰当的 考察时间点，排除非并 购因素对净增加现金流 和股票交易价格的影 响。另外，对并购前后 的市盈率的变化还有待 进一步的研究. 董运宝2006年并购的协同 效应分析并购协同 效应的概 念、内容 规范并购的协同效应包括 了经营、管理、财务、 无形资产及产业协同。 我国目前产业结构不合 理，公司治理结构不健 全，组织管理方式落后， 企业资本结构不合理， 这些问题都有待于在并 购中，通过发挥协同效 应的作用加以改善。 2

张秋生周琳2003.06 企业并购协 同效应的研 究与发展 国内外协 同效应理 论研究 规范研究协同效应的微观运 作机理，应用价值评估 的理论与方法量化，结 合我国企业并购的实际 情况，实证检验若干影 响协同效应实现的关键 因素。 方芳闫晓彤2002年中国上市公 司并购绩效 与思考 上市公司 财务和会 计数据 核心 竞争 理论 实证2000年 发生并 购公司 的1999 年-2001 年的财 务数据 80 横向并 购：46 纵向并 购：10 混合并 购：24 对每个样本3年选 取9个指标：每股 现金流量、每股收 益、资产负债率、 主营业务利润率、 净资产收益率、销 售净利润率、总资 产报酬率、流动比 率、速动比率。 将指标按并购前一 年、并购当年、并 购后一年分别做因 子分析 横向并购的绩效明显优 于纵向和混合并购。并 购作为提高企业竞争力 和产业整合手段正在发 挥着巨大的作用。但但 目前上市公司的并购过 程存在着很多问题 3

市场营销_外文翻译_外文文献_英文文献_顾客满意策略与顾客满意

顾客满意策略与顾客满意营销 原文来源：《Marketing Customer Satisfaction 》自20世纪八十年代末以来, 顾客满意战略已日益成为各国企业占有更多的顾客份额, 获得竞争优势的整体经营手段。 一、顾客满意策略是现代企业获得顾客“货币选票”的法宝随着时代的变迁, 社会物质财富的极大充裕, 顾客中的主体———消费者的需求也先后跨越了物质缺乏的时代、追求数量的时代、追求品质的时代, 到了20世纪八十年代末进入了情感消费时代。在我国, 随着经济的高速发展,我们也已迅速跨越了物质缺乏时代、追求数量的时代乃至追求品质的时代, 到今天也逐步迈进情感消费时代。在情感消费时代, 各企业的同类产品早已达到同时、同质、同能、同价, 消费者追求的已不再是质量、功能和价格, 而是舒适、便利、安全、安心、速度、跃动、环保、清洁、愉快、有趣等,消费者日益关注的是产品能否为自己的生活带来活力、充实、舒适、美感和精神文化品位, 以及超越消费者期望值的售前、售中、售后服务和咨询。也就是说, 今天人们所追求的是具有“心的满足感和充实感”的商品, 是高附加值的商品和服务,追求价值观和意识多元化、个性化和无形的满足感的时代已经来临。 与消费者价值追求变化相适应的企业间的竞争, 也由产品竞争、价格竞争、技术竞争、广告竞争、品牌竞争发展到现今的形象竞争、信誉竞争、文化竞争和服务竞争, 即顾客满意竞争。这种竞争是企业在广角度、宽领域的时空范围内展开的高层次、体现综合实力的竞争。它包括组织创新力、技术创新力、管理创新力、产业预见力、产品研发力、员工向心力、服务顾客力、顾客亲和力、同行认同力、社会贡献力、公关传播沟通力、企业文化推动力、环境适应力等等。这些综合形象力和如何合成综合持久的竞争力, 这就是CSft略所要解决的问题。CS寸代,企业不再以“自己为中心”,而是以“顾客为中心”；“顾客为尊”、“顾客满意”不再是流于形式的口号, 而是以实实在在的行动为基础的企业经营的一门新哲学。企业不再以质量达标, 自己满意为经营理念, 而是以顾客满意, 赢得顾客高忠诚度为经营理念。企业经营策略的焦点不再以争取或保持市场占有率为主, 而是以争取顾客满意为经营理念。因此, 营销策略的重心不再放在竞争对手身上而是放在顾客身上, 放在顾客现实的、潜在的需求上。当企业提供的产品和服务达到了顾客事先的期望值, 顾客就基本满意；如果远远超越顾客的期望值, 且远远高于其他同行, 顾客才真正满意；如果企业能不断地或长久地令顾客满意, 顾客就会忠诚。忠诚的顾客不仅会经常性地重复购买, 还会购买企业其它相关的产品或服务；忠诚的顾客不仅会积极向别人推荐他所买的产品, 而且对企业竞争者的促销活动具有免疫能力一个不满意的顾客会将不满意告诉16-20个人, 而每一个被告知者会再传播给12-15个人。这样, 一个不满意者会影响到二、三百人。在互联网普及的今天, 其影响则更大。据美国汽车业的调查, 一个满意者会引发8笔潜在的生意, 其中至少有一笔会成交。而另一项调查表明, 企业每增加5%的忠诚顾客, 利润就会增长25%-95%。一个企业的80%的利润来自20%的忠诚顾客；而获取一个新顾客的成本是维持一个老顾客成本的6倍。所以,美国著名学者唐?佩 珀斯指出: 决定一个企业成功与否的关键不是市场份额, 而是在于顾客份额。 于是, 企业纷纷通过广泛细致的市场调研、与消费者直接接触、顾客信息反馈等方式来了解顾客在各方面的现实需求和潜在需求。依靠对企业满意忠诚的销售、服务人员, 定期、定量地对顾客满意度进行综合测定, 以便准确地把握企业经营中与“顾客满意” 目标的差距及其重点领域, 从而进一步改善企业的经营活动。依靠高亲和力的企业文化、高效率的人文管理和全员共同努力, 不断地向顾客提供高附加值的产品, 高水准的亲情般的服

机械专业外文翻译(中英文翻译)

外文翻译 英文原文 Belt Conveying Systems Development of driving system Among the methods of material conveying employed，belt conveyors play a very important part in the reliable carrying of material over long distances at competitive cost．Conveyor systems have become larger and more complex and drive systems have also been going through a process of evolution and will continue to do so．Nowadays，bigger belts require more power and have brought the need for larger individual drives as well as multiple drives such as 3 drives of 750 kW for one belt(this is the case for the conveyor drives in Chengzhuang Mine)．The ability to control drive acceleration torque is critical to belt conveyors’performance．An efficient drive system should be able to provide smooth，soft starts while maintaining belt tensions within the specified safe limits．For load sharing on multiple drives．torque and speed control are also important considerations in the drive system’s design. Due to the advances in conveyor drive control technology，at present many more reliable．Cost-effective and performance-driven conveyor drive systems covering a wide range of power are available for customers’ choices[1]. 1 Analysis on conveyor drive technologies 1．1 Direct drives Full-voltage starters．With a full-voltage starter design，the conveyor head shaft is direct-coupled to the motor through the gear drive．Direct full-voltage starters are adequate for relatively low-power, simple-profile conveyors．With direct fu11-voltage starters．no control is provided for various conveyor loads and．depending on the ratio between fu11-and no-1oad power requirements，empty starting times can be three or four times faster than full load．The maintenance-free starting system is simple，low-cost and very reliable．However, they cannot control starting torque and maximum stall torque；therefore．they are

财务风险管理外文翻译

本科毕业论文（设计） 外文翻译 Financial Risk Management 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. What Is Risk? Risk 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. Risk arises as a result of exposure. Exposure to financial markets affects most organizations, either directly or indirectly. When an organization has financial market exposure, there is a possibility of loss but also an opportunity for gain or profit. Financial market exposure may provide strategic or competitive benefits. Risk is the likelihood of losses resulting from events such as changes in market prices. Events with a low probability of occurring, but that may result in a high loss, are particularly troublesome because they are often not anticipated. Put another way, risk is the probable variability of returns. Since it is not always possible or desirable to eliminate risk, understanding it is an important step in determining how to manage it.

国内外企业并购动因理论文献综述

国内外企业并购动因理论文献综述 摘要：本文总结了国内和国外学者关于企业并购动因理论的研究，并对两者的动因理论进行了比较。相对于国外发达国家的理论，我国的并购动因具有浓厚的中国特色，但另一方面，表明国外关于并购动因所提出的理论已逐渐适合中国的企业。 关键词：企业并购动因理论 并购（mergers and acquisition）包括兼并和收购，两者有一定的区别和联系。但是，随着全球化经济大发展，实业界的创新活动层出不穷，企业兼并和企业收购的界限越来越模糊。正如温斯顿说讲:“传统的主题已经扩展到包括接管以及相关的公司重组、公司控制、企业所有权结构变更等问题上,为简便起见，我们把它们统称为并购(M&A)”。 并购在当今世界扮演者越来越重要的角色。施蒂格勒(G. J. Stigler)经过研究认为：没有一个美国大公司不是通过某种适度、某种方式的兼并而成长起来的，几乎没有一家大公司主要是靠内部扩张成长起来。从19世纪末英、美等西方国家发生的第一次企业并购高潮算起，历经五次企业并购高潮，至今已有近百年的历史。企业并购理论也成为目前西方经济学最活跃的研究领域之一，在该领域的研究主要集中在并购动因研究和并购绩效研究两方面，两者共同成为理解企业并购经济合理性和制定公共政策的基础。在该文中，主要总结并购动因方面的文献。 一、国外企业并购动因的研究 企业并购动因的复杂性和多变性难以用一种经济理论解释清楚，不同地区、不同历史时期企业并购的产生和发展都有深刻的社会、政治、经济等原因；对于不同企业来说，他进行并购活动的原因不同，甚至同一企业在不同时期的并购也有不同的原因。对于并购动因问题，西方学者进行了广泛而深入的研究，提出了多种并购动因理论。Berkovitch 和narayanan(1993)将并购的动因归结于协同效应（synergy）,代理问题(agency)，管理者自负(hubris),并通过实证分析表明，以协同效应为目标的并购将带来正的效应，以代理问题为目标的并购，将带来负的效应。Kode ,Ford, Sutherland(2003)认为并购的动因在于协调效应，并提出了评价并购协同效应的模型。K. D. Brouthers等(1998)认为，并购动机可以分为经济动机、个人动机和战略动机三类。其中，经济动机包括扩大营销规模、增加利润、降低风险、防御竞争对手等子项目9项，个人动机包括增加管理特权等子项目4项，战略动机包括提高竞争力、追求市场力量等4项。这些研究都为并购的动因的理论发展作出了巨大的贡献。 威斯通等（1998）可以看成是国外对企业并购理论研究的集大成者。按照威斯通的理论和其它文献的研究成果，我们可以将企业并购的动因归为两大类：第一类是并购赞成论，包括效率理论（管理协同效应理论、经营协同效应理论、财务协同效应理论、多样化经营理论、价值低估理论）、信息与信号理论、代理成本理论。第二类是并购怀疑论，包括管理主义、自负假说、闲置现金流量理论、市场势力理论。 （一）、并购赞成论 1.效率理论（Efficiency Theory） 效率理论认为并购活动能够给社会收益带来一个潜在的增量，而且对交易的参与者来说无疑能提高各自的效率。这一理论包含两个基本的要点：（1）公司并购活动的发生有利于改进管理层的经营业绩；（2）公司并购将导致某种形式的协同（Synergy）效应。该理论主要包括管理协同效应理论、经营协同效应理论、财务协同效应理论、纯粹多样化经营理论、价值低估理论5个理论。 （1）管理协同（management synergy）效应理论

差异化营销策略外文文献翻译

文献出处: Dalman, M. Deniz, and Junhong Min. "Marketing Strategy for Unusual Brand Differentiation: Trivial Attribute Effect." International Journal of Marketing Studies 6.5 (2014): 63-72. 原文 Marketing Strategy for Unusual Brand Differentiation: Trivial Attribute Effect Dalman, M. Deniz & Junhong Min Abstract This research investigates that brand differentiation creating superior values can be achieved not only by adding meaningful attributes but also meaningless attributes, which is called "trivial attribute effect." Two studies provided empirical evidences as following; first, trivial attribute effect creates a strong brand differentiation even after subjects realize that trivial attribute has no value. Second, trivial attribute effect is more pronounced in hedonic service category compared to the utilitarian category. Last, the amount of willingness to pay is higher when trivial attribute is presented and evaluated in joint evaluation mode than separate evaluation mode. Finally, we conclude with discussion and provide suggestions for further research. Keywords: brand differentiation, evaluation mode, service industry, trivial attribute Introduction Problem Definition Perhaps the most important factor for new product success is to create the meaningful brand differentiation that provides customers with superior values beyond what the competitors can offer in the same industry (Porter, 1985). Not surprisingly, more than 50 percent of annual sales in consumer product industries including automobiles, biotechnology, computer software, and pharmaceuticals are attributed to such meaningful brand differentiation by including new or noble attributes (Schilling &Hill, 1998). However, the brand differentiation that increases consumer preference is not only by introducing meaningful attributes but also meaningless attributes. For

外文翻译英文

A Distributed Approach for Track Occupancy Detection Abstract This paper investigates the problem of track occupancy detection in distributed settings. Track occupancy detection determines which tracks are occupied in a railway system. For each track, the Neyman–Pearson structure is applied to reach the local decision. Globally, it is a multiple hypotheses testing problem. The Bayesian approach is employed to minimize the probability of the global decision error. Based on the prior probabilities of multiple hypotheses and the approximation of the prior probabilities of multiple hypotheses and the approximationofthereceiving operation characteristic curve of the local detector, a person-by-person optimization method is implemented to obtain the fusion rule and the local strategies off line. The results are illustrated through an example constructed from in situ devices. Key Words:Track occupancy detection,Neyman–Pearson, Generalized likelihood ratio test, Bayesian approach,Distributed detection 1Introduction With respect to the majority of railway systems in China, a quasi-moving block method is employed to specify the safe zone of a train. A key piece of knowledge to be determined is the set of track segments that are occupied, i.e., track occupancy detection. Then the speed restriction curves for the following trains are calculated accordingly. When there are misdetections, collisions may happen; additionally, false alarms may lead to declines of line capacity. Track occupancy detection is achieved by a set of track circuits. The track circuit is a crucial device mainly composed of a transmitter–receiver pair and a track segment. The measurement is the receiving signal at the end of the track. For each segment, a decision is made locally and individually, which leads to frequent ambiguities on which tracks are occupied for the whole line. It means that the false alarm rate of the line increases greatly. Besides, for the next generation of railway systems, a moving block method is adopted. Such a method requires the exact position and velocity of the train. However, those data are not provided in the current detection mechanism.

财务风险管理外文文献翻译译文

Financial Risk Management 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. What Is Risk? Risk 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. Risk arises as a result of exposure. Exposure to financial markets affects most organizations, either directly or indirectly. When an organization has financial market exposure, there is a possibility of loss but also an opportunity for gain or profit. Financial market exposure may provide strategic or competitive benefits. Risk is the likelihood of losses resulting from events such as changes in market prices. Events with a low probability of occurring, but that may result in a high loss, are particularly troublesome because they are often not anticipated. Put another way, risk is the probable variability of returns. Since it is not always possible or desirable to eliminate risk,