The effect of the corporate alternative minimum tax on investment in oil
增值税作为一种新的收入资源的中英文翻译
外文资料Value-Added Tax as a New Revenue SourceJames M. BickleyVertical EquityThe vertical equity of a tax concerns the tax treatment of households with different abilities-to-pay. Vertical equity may be affected by the measure of ability-to-pay and the tax period. Some economists argue that personal consumption is the best measure of ability-to-pay because consumption is the actual taking of scarce resources from the economic system. The most common measure of ability-to-pay is still income. Proponents of income as a measure of ability-to-pay argue that saving yields utility by providing households with greater economic security.Tax incidence usually is measured by using a one-year period. Data on consumption and income are readily available in one-year increments and the concept of a one-year period is easily understood. But some tax economists believe tax incidence is more accurately determined by measuring consumption and income over a household’s lifetime.If consumption is used as a measure of ability-to-pay, a single-rate V AT with a broad base would be approximately proportional regardless of the time period. In other words, the percentage of consumption paid in V A T by households would be approximately constant as the level of household consumption rises.If disposable income over a one-year period is the measure of ability-to-pay then a VA T would be viewed as extremely regressive; that is, the percentage of disposable income paid in V AT would decrease rapidly as disposable income increases. In most discussions of tax policy, both a one-year period and annual disposable income (or some other annual income measure) are used; consequently, the V AT is viewed as being extremely regressive.If disposable income over a lifetime is the measure of ability-to-pay, a VAT would be mildly regressive. For lower and middle income households, it appears that nearly all savings are eventually consumed. Thus, it may be that for the vast majority of households, lifetime consumption and lifetime income are approximately equal. High income households tend to have net savings over their lifetimes; consequently, they would pay a lower proportion of their disposable incomes in VA T than lower income groups.Some supporters of progressive taxation oppose the VAT primarily because they believe that it is regressive. Some of these critics are especially concerned about the absolute burden of a V ATon low income households. The degree of regressivity, however, can be reduced by government policy. Three often-mentioned policies are exclusions and multiple rates, income tax credits, and earmarking of some revenues for increased social spending (including indexed transfer payments).NeutralityFrom an economic perspective, the greater a source of revenue’s neutrality, the more it is generally preferred; that is, the less it affects economic decisions. Conceptually, a V AT on all consumption expenditures with a single rate that is constant over time would be relatively neutral compared to other major revenue sources.For households, two out of three major decisions would not be altered by this hypothetical V A T. First, this VAT would not alter choices among goods because all goods would be taxed at the same rate. Thus, relative prices would not change. Second, a V AT would not affect the saving-consumption decision because saving would only be taxed once; that is, when savings are spent on consumption. But the third decision, a household’s work-leisure decision, would be affected by a VAT. Leisure would not be taxed, but the returns from work would be taxed when spent on goods. (In contrast, the income tax affects both the saving-consumption decision and the work-leisure decision.)For a firm, the V AT would not affect decisions concerning method of financing (debt or equity), choice among inputs (unless some suppliers are exempt or zero-rated), type of business organization (corporation, partnership, or sole proprietorship), and goods to produce. Other types of taxes may affect one or more of these types of decisions.But this conceptually pure form of a V AT is not feasible. A V AT cannot be levied on all consumer goods; consequently, prices of taxed goods will rise relative to untaxed goods. This change in relative prices would affect consumers’ decisions about which goods to purchase, and, con sequently, firms’ decisions about which goods to produce. Furthermore,most nations with V ATs have more than one rate. Multiple V AT rates alter relative prices of taxed goods. Finally, V AT rates in most nations have tended to rise over time. Despite these deviations from a pure form of VAT, a broad- based V AT is relatively neutral. This neutrality is greater if the tax rate is relatively low, as could be the case for a V A T to reduce the U.S. deficit.InflationA V AT initially would cause a one-time increase in the price level if the Federal Reserve had an expansionary monetary policy to offset the contractionary effects of the tax. or example, a 4% V AT on 75% of consumer outlays might cause an estimated increase in consumer prices of approximately 3%.A VAT would have some secondary price effects. Some goods would rise in price because their factors of production, especially labor, are linked to price indexes. Yet, if the Federal Reservedisregarded these secondary price increases in formulating monetary policy, these secondary price increases would tend to be offset by price reductions in other sectors of the economy. In summary, a V AT would probably cause a one-time increase in the price level but not affect the rate of inflation i.e., increased prices in the future.Balance-of-TradeWith flexible exchange rates, the supply and demand for different currencies determine their relative value. If a country has a deficit in its balance-of-trade, this deficit must financed by a net importation of foreign capital. But net capital inflows cannot continue indefinitely. Thus, over time, this country’s currency will tend to decline in value relative to the currencies of other nations. Consequently, this country’s balance-of-trade deficit will eventually decline as its exports rise and imports fall. Hence, economic theory indicated that a V AT offers no advantage over other major taxes in reducing a deficit in the balance-of-trade.National SavingIf a VAT is levied to replace part of income tax revenue, what would be the effect on the personal saving rate. A V AT taxes savings when they are spent on consumption, allowing savings to compound at a pre-tax rate. But an income tax is levied on all income at the time it is earned, regardless of whether the income is consumed or saved. The income tax is also levied on the earnings from income saved. Consequently, some proponents of the V AT have argued that choosing a VAT rather than an income tax to raise revenue would increase the return from saving, and, consequently, raise the savings rate.The rate of return on savings, however, has never been shown to have a significant effect on the savings rate because of two conflicting effects. First, each dollar saved today results in the possibility of a higher amount of consumption in the future. This relative increase in the return from saving causes a household to want to substitute saving for consumption out of current income (substitution effect). But a higher rate of return on savings raises a household’s income; consequently, the household has to save less to accumulate some target amount of savings in the future (income effect). Thus, this income effect encourages households to have higher current consumption and lower current saving. In summary, there is no conclusive evidence that a V AT would increase the rate of national saving more than another type of major tax increase.中文译文增值税作为一种新的收入资源由比克利·詹姆斯（一）纵向公平一种税的纵向公平涉及不同的能力家庭与薪酬的税务处理问题。
alternative analysis
alternative analysis'Alternative analysis is a process that helps companies to identify potential alternatives to their current business plans or strategies. It is an important tool in the decision-making process, enabling companies to explore different options and recognize potential opportunities and risks associated with them.The process of alternative analysis typically begins with the identification of key issues or challenges that need to be addressed. Companies then evaluate their current plans or strategies in light of these key issues, and develop potential solutions or strategies that could address them better. After developing potential solutions, companies can then compare them to their current plans and strategies and select the best fit for their business objectives.During the alternative analysis process, companies typically use a variety of techniques such as brainstorming, surveys, focus groups, cost-benefit analysis, and scenario planning. Companies also perform research on the competitive landscape, consumer behaviors, and industry trends in order to better understand the external environment in which theirsolutions may have to be implemented.Alternative analysis can provide companies with a clearer picture of their options and help them make more informed decisions. It is an invaluable tool for any business that needs to make decisions quickly and effectively.。
Trucost
Trucostdriving sustainable investment decision makingNatural capital liabilities such as carbon, water,resource dependency, pollutants and waste arethreatening the ability of our natural ecosystems todeliver economic growth. The impact is alreadybeing felt through volatile commodity prices linkedto extreme weather events and natural resourceconstraints. Governments are also beginning to askcompanies to internalize environmental costs throughregulatory frameworks.We’ll help you navigate the complexities of naturalcapital investment factors with data, insight and toolsthat identify liabilities concealed within corporatevalue chains and help you integrate natural capitalconsiderations in financial products and services.Trucost’s Environmental Register provides the world’s most comprehensive natural capital data representing 93% of global markets by market capitalization. We also provide customized insight based on our environ-mental economics expertise. Key to our approach is that we not only measure natural capital risk in physical quantities, we also apply a financial value to provide an overarching metric for risk and opportunity analysis.Our data is used by the world’s largest pension funds and leading financial institutions to enhance their investmentprocesses – you can trust in our credentials.We help investors understand the economic consequences of natural capital dependency in order to identify risk and opportunity from growing natural resource pressures and increasing environmental regulationHow can Trucost help?We provide industry leading data, tools and insight that identify investment risk and opportunityfrom increasing natural resource constraints and environmental costs.Trucost’s Environmental Register provides the world’s most comprehensive natural capital data covering 93% of global markets by market capitalization to help investors embed natural capital considerations within traditional investment analysis. Trucost Environmental RegisterNatural capital impacts are often concealed within global supply chains. We use advanced environmental modelling to reveal liabilities at each tier of the value chain for holistic risk and opportunity analysis. We then apply standardized company disclosed natural capital data – and engage annually with the world’s largest companies to either confirm or improve our research by incorporating the latest non-disclosed information. You can be confident in our ability to provide complete and comprehensive natural capital es of Trucost’s Environmental RegisterOur data and insight supports fundamental analysis, best in class analysis, investment screening, scenario analysis, risk monitoring, engagement and thematic research. But every investment strategy is different. Our analysts are experts in environmental economics. 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Or we can develop customizedplatforms to engage with companies in order tomanage risk and promote best practice standards.We also provide a comprehensive range of timeseries natural capital metrics to support thedevelopment of new investment products orclient services.Chart 2:Natural capital risk for banksPortfolio auditsOur portfolio audits provide a comprehensive understanding ofnatural capital risk and opportunity at portfolio level or acrossconsolidated holdings – including comparison to appropriatebenchmarks to explain the effect of stock selection and sectorallocation decisions.They support you in evaluating unanticipated bias to naturalcapital risk, highlight engagement issues – and help you meetincreasing environmental reporting requirements, including UNPRI, CDP , GHG Protocol, investment mandates and stakeholderreporting.We assess a range of natural capital metrics including carbonemissions, water use, resource dependency, pollutants andwaste across equity, fixed income, private equity, property, realestate, infrastructure, and commodity portfolios.We also provide customized solutions for calculating andPortfolio audits help you to quickly assess the natural capital implications of investment portfolios though the traditional lens of portfolio attribution analysis.Chart 3:Stock and sector allocationOur data drives investment products from leading fund managers that deliver financial performance with up to 50% reduced natural capital risk Investment productsWe work with index providers, fund managers and pension fundsto develop investment products that deliver financial performancealongside reduced risk from growing natural resource pressures andincreasing environmental regulation.Our comprehensive range of time series natural capital metricsunderpins active and passive investment strategies.Whether you want to generate alpha, reduce risk or track aninvestment benchmark, our expert analysts will support you everystep of the way.Chart 4:S&P IFCI Carbon Effficient IndexEngagementWe provide customized, data driven solutions to ensure your environmental engagement programmes are well informed and focused in the right areas.We provide company briefings summarizing issues for engagement, supported by data on how the company’s performance compares to peers and sector benchmarks, to ensure your engagement programmes are well informed.We can also provide time series data for trend analysis, set targets for companies to improve performance – and report changes in performance following engagement programmes.Our data and insight helps you:Identify companies where engagement on natural capital• issues is most likely to increase shareholder valueAssess which companies and sectors will be most affected• by current and future regulatory frameworksUnderstand the impact of pass through regulatory costs• through environmental economic analysisAnalyze the effect of commodity price shocks on• company supply chainsMeet UN PRI commitments quote• Chart 5:Change in commodity costs/EBITDAInsightOur research can be thematic looking at particular sectors and associated resource constraints and environmental costs; regional, such as examiningenvironmental disclosure in emerging markets; or issue specific, such as authoring the UK government’s environmental reporting guidelines for business.We p ublish regular research studies to support the investment community in understanding natural capital risk and opportunity across investment funds, indices, regions and sectors.Visit to download our FREE published research.EBoardEBoard is a robust analytical tool designed by Trucost to help investors identify natural capital risk and opportunity from growing natural resource pressures and increasing environmental regulation. 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By partnering with the CDP, Trucost is able to embed CDP data within its data subscription services • Trucost assessed the environmental damage costs of the world’s largest 3,000 companies on behalf of the United Nations Environment • Programme Finance Initiative (UNEP FI) and the United Nations Principles for Responsible Investment (UN PRI).Trucost was commissioned by the UK Government to write its Environmental Reporting Guidelines for Business: Key Performance Indicators.• Trucost has worked with Newsweek since 2009 as the lead research partner for its annual Green Rankings.• Trucost data is used by 15 academic institutions (including Harvard, Yale & Oxford University) and is supported by an Academic • Advisory Panel.Trucost has been researching, standardising and validating the world’s most comprehensive environmental impact data for over 12 years, •including carbon emissions, water usage, waste disposal, pollutants and natural capital dependency.Trucost has been helping investors, companies, governments, academics and thought leaders to understand the economic consequences of natural capital dependency for over 12 years – and has a strong heritage of delivering innovative, data drivensolutions to meet complex sustainability challenges.Our clientsKeep in touchFollow us on twitter…@trucostJoin us on LinkedIn…/trucostKeep up to date with our news, events and blog…/news-and-eventsTrucost is a Research and Information business focused on natural resource economics, with a growing client base of investors, corporations and consultants in the Americas, Asia, Australia and Europe. The Company pioneered the quantitative analysis of corporate impacts on the environment, in terms of carbon emission, water use, waste and pollution.UK Trucost Plc, 22 Chancery Lane London WC2A 1LS United Kingdom T:+44 (0) 20 7160 9800 E: *********************North America Trucost Plc, 60 State Street Suite 700 Boston, MA. 02109 T: +1 800 402 8774 E: ************************Asia Trucost Plc, Beijing, China. T: +86 138******** E: asia @Contact usDr. Richard Mattison Chief Executive OfficerAlastair MacGregor Chief Operating Officer Lauren SmartExecutive DirectorLibby BernickSenior Vice President, North AmericaChaoni Huang Head of Business Development, Asia。
1963 Corporate Income Taxes And The Cost Of Capital-A Correction
American Economic AssociationCorporate Income Taxes and the Cost of Capital: A CorrectionAuthor(s): Franco Modigliani and Merton H. MillerSource: The American Economic Review, Vol. 53, No. 3 (Jun., 1963), pp. 433-443Published by: American Economic AssociationStable URL: /stable/1809167Accessed: 28/12/2009 14:32Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at/page/info/about/policies/terms.jsp. JSTOR's Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive only for your personal, non-commercial use.Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at/action/showPublisher?publisherCode=aea.Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission.JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@.American Economic Association is collaborating with JSTOR to digitize, preserve and extend access to TheAmerican Economic Review.。
关于00后整顿职场的看法英语作文
关于00后整顿职场的看法英语作文The rise of Generation Z, those born between 1997 and 2012, has brought about a significant shift in the dynamics of the modern workplace. As this cohort gradually enters the job market, they are not only challenging the status quo but also driving a profound transformation in the way we approach work and professional development. Their unique perspectives, shaped by the rapid technological advancements and societal changes of the 21st century, are poised to reshape the very fabric of the corporate landscape.One of the most notable aspects of Gen Z's approach to the workplace is their unwavering emphasis on work-life balance. Unlike their predecessors who often prioritized career advancement and long work hours, this generation places a high value on maintaining a healthy and fulfilling personal life. They seek employers who offer flexible schedules, remote work options, and generous paid time off. This shift in priorities is a direct response to the burnout and mental health challenges that have become all too common in the modern workplace.Moreover, Gen Z is acutely aware of the importance of purpose and meaning in their work. They are not content with simply punching the clock and collecting a paycheck; they seek roles that align with their values and contribute to a greater good. This generation is more likely to gravitate towards companies that have a strong social and environmental responsibility, offering them the opportunity to make a tangible impact through their work.Closely tied to their desire for purpose is Gen Z's commitment to diversity, equity, and inclusion. They have grown up in a world that is increasingly interconnected and multicultural, and they expect their workplaces to reflect this diversity. They are vocal advocates for fair and inclusive hiring practices, equal opportunities for advancement, and the elimination of biases and discrimination. This push for a more equitable and inclusive workplace is not only a moral imperative but also a strategic advantage, as diverse teams have been shown to foster innovation and better decision-making.Another key characteristic of Gen Z's approach to the workplace is their embrace of technology and digital literacy. This generation has been immersed in technology from a young age, and they expect their employers to leverage the latest tools and platforms to streamline workflows, enhance communication, and foster collaboration. They are adept at navigating various digital platformsand are often quick to identify and implement innovative solutions to improve efficiency and productivity.However, this technological fluency also comes with a heightened awareness of the potential pitfalls of overreliance on technology. Gen Z is mindful of the importance of maintaining a healthy work-life balance and setting boundaries around the use of digital tools. They are more likely to advocate for policies that limit after-hours communication and encourage regular breaks from screens, recognizing the importance of mental well-being and preventing burnout.In addition to their focus on work-life balance, purpose, and technology, Gen Z is also known for its entrepreneurial spirit and desire for career flexibility. Many members of this generation are drawn to the idea of freelancing, gig work, or starting their own businesses, valuing the autonomy and control that these options offer. They are less inclined to view the traditional linear career path as the only viable option and are actively exploring alternative paths to professional fulfillment.This entrepreneurial mindset also extends to their approach to skill development and career progression. Gen Z is more likely to seek out continuous learning opportunities, whether through online courses, certifications, or job-specific training. They understand theimportance of staying adaptable and relevant in an ever-evolving job market, and they are willing to invest in their own professional growth to remain competitive.As Gen Z continues to enter the workforce, their impact on the corporate landscape is undeniable. Employers who are able to adapt to the needs and preferences of this generation will be better positioned to attract and retain top talent, fostering a more engaged and productive workforce. This may involve implementing flexible work arrangements, prioritizing diversity and inclusion, and embracing technological innovations that streamline and enhance the employee experience.At the same time, the influence of Gen Z extends beyond the confines of the workplace. Their values and perspectives are shaping broader societal conversations around the role of work in our lives, the importance of work-life balance, and the need for more equitable and sustainable business practices. As this generation rises to positions of leadership and decision-making, we can expect to see a continued push for a more holistic and purpose-driven approach to work and professional development.In conclusion, the rise of Gen Z in the workplace represents a significant shift in the way we think about work and the role it plays in our lives. This generation's emphasis on work-life balance, purpose,diversity, and technology-driven innovation is poised to transform the corporate landscape and challenge the traditional norms of the professional world. As employers and policymakers adapt to these changing priorities, we can expect to see a more dynamic, engaged, and fulfilling work environment that better serves the needs of the 21st-century workforce.。
从创意到创业智慧树知到答案章节测试2023年湖南师范大学
绪论单元测试1.由IBM公司设计的（）计算机与国际象棋世界冠军战胜了当时称霸世界棋坛的卡斯帕罗夫。
A:浅蓝B:深蓝C:浅绿D:深绿答案:B2.在“大众创业、万众创新”的时代大潮中，越来越多的人凭借自己的创意走上了创业之旅，取得了事业的成功，下列属于通过创意走上创业之旅的有（）A:罗振宇从自媒体专栏“罗辑思维”发展到“得到”appB:王兴把美团从一个社交类团购网站变成了生态化网络平台。
C:马东借助“奇葩说”成就了米未传媒D:程维用滴滴出行重新塑造了网约车的商业模式答案:ABCD3.方军在《创意，未来的生活方式》一书中提到，创意就是创造性地分析问题和系统地解决问题，善于运用创意就会拥有未来的无限可能性。
（）A:错B:对答案:B4.（）中提到，苟日新日日新又日新。
人生因创造而美好，普通人因创新而伟大，创业艰辛，正因此创业者被人们尊重；开拓艰难，正因此奠基人被世人铭记。
A:《大学》B:《孟子》C:《论语》D:《中庸》答案:A5.创新创业学习不能仅限于在线课程，还可以通过（）的方式开展。
A:大量阅读学术论文和专业书籍学习B:通过影视剧学习C:向行业精英们学习D:向资深专家们学习答案:ABCD6.诺基亚时代手机多种型号，苹果时代手机只做iPhone一个独生子说明在乌卡时代我们应该以变化来应对变化。
（）A:错B:对答案:B第一章测试1.企业其实是企业家个性的外化，（）决定了企业的发展方向。
（）A:创业者对自身的了解B:创业者的资本C:创业者的心态D:创业者的目标答案:A2.创业的三把钥匙包括（）A:“你能做什么”B:“你是谁”C:“你到哪里去”D:“你从哪里来”答案:BCD3.经济上的成功是创业的原因，但绝不是创业的结果。
（）A:对B:错答案:B4.饿了么曾推出过以下哪些项目（）A:蜂鸟系统B:未来餐厅C:火箭系统D:风车系统答案:AB5.大学生创业热情高、社会经验少，很难一次性取得成功或者取得大得成功。
（）A:错B:对答案:B6.（）决定了创业发展方向和关键时候的决策方式（）A:个人喜好B:创新思维C:价值观和目标D:认知方式答案:C7.创业者可以从同行身上获得灵感，这是（）型的创业。
会计英语判断题
Chapter One(1). The job of an accountant is to record transactions and post them to the ledgers.（F）(2). Double-entry bookkeeping developed in Europe in the Middle Ages. （T）(3). The functions of accounting have increased with the rapid development of management science. （T）(4). There are only two fields of accounting: financial accounting and managerial accounting.（F）(5). Only the management needs the financial information about an economic entity.（F）(6). Financial accounting prepares information for the management.（F）(7). Private accountants work for private people.（F）(8). Public accountants earn salaries for their professional work.（F）(9).Securities and Exchange Commission issues regulations for preparing financial statements in the U.S.. （T）(10). American Accounting Association is an organization primarily for accounting educators. （T）(11). The expenses of the owners of proprietorship should be recorded in a business’s expense accounts.（F）(12). After the financial statements are prepared a company will continue its business. （T）(13). The usual time period for a business is a year, called the financial/fiscal year. （T）(14). As a result of inflation, the purchasing power of money will decrease, so the accountants should record the value of assets in their decreased values.（F）(15). According to Materiality Principle, the purchase of stationery can be recorded as an expense. （T）(16). Objectivity Principle and Cost Principle are mutually supported. （T）(17). Objectivity Principle and Materiality Principle are somewhat contradictory. （T）Chapter Two(1). The simplest form of business organizations is Proprietorship. （T）(2).The proprietorship has a single owner. （T）(3).Partners of partnership have limited liability for debts.（F）(4). If a corporation goes bankrupt, shareholders need not pay for the debts with their personal assets.（T）(5).In the proprietorship, the owner’s equity is capital. （T）(6).The accounting equation can also be expressed as “Assets – Liabilities = Owner’s Equity”.（T）(7).An owner’s investment in a business increases assets and capital. （T）(8).When a business buys equipment, it can either pay cash or make the purchase on account. （T）(9).Buying something on account creates a liability. （T）(10).When a business provides goods or service, it receives revenue from its customers or clients.（T）(11).The payment of Accounts Payable decreases assets and liability. （T）(12).The payment of expenses decreases assets and owner’s equity.（T）(13).The owner of proprietorship can withdraw money for personal use.（T）(14).When the owner of proprietorship pays for expenses with his personal funds, the accountant need not record the event. （T）Chapter Three(1) The double-entry system is based on the principle of duality.（T）(2) Every transaction affects at least two accounts.（T）(3) The entry for $50000 cash investment in a business isDr. Cash 50000Cr. Capital 50000 （T）(4) The Expenses in the owner’s house paid with his personal fund should not be recorded in the business’s accounts.（T）(5) Debit means increase while credit means decrease.（F）(6) The remaining amount of an account is called its balance.（T）(7)The journal is a chronological record of the business’s transactions.（T）(8) Posting is the process of transferring information from the ledger to the journal.（F）(9) The normal balances of asset accounts are debits.（T）(10) Withdrawal of cash by the owner is a deduction of capital.（T）Chapter Four(1) The three major financial statements are the income statement, the statement of owner’s equity and the balance sheet.（T）(2)The income statement reflects the revenues and expenses of a specific date.（F）(3)The statement of owner’s equity reflects the changes in owner’s equity for a specific period.（T）(4)The balance sheet shows the balances of assets, liabilities and owner’s equity for a specific period of time.（F）(5)The three major financial statements are related to one another.（T）(6)Current liabilities do not include long-term liabilities due within this accounting period.（F）(7)Patents，trademarks and goodwill are all assets, so they should appear in an entity’s financial statements. （F）(8)Liquidity is a measure of how quickly an item can be converted to cash.（T）(9)Current ratio is the ratio of an entity’s current assets to its current liabilities.（T）(10)It is desirable for an entity to maintain a low debt ratio.（T）(11)For an entity, the higher its gross margin percentage is, the better.（T）(12)An entity wants to maintain a low inventory turnover.（F）Chapter Five(1) Revenues enhance an entity’s assets. （T）(2) Expenses are incurred in the course of an entity’s revenue-making activities.（T）(3) Revenues result in a decrease in the owner’s equity while expenses result in an increase in the owner’s equity.（F）(4)Revenue and expense accounts are permanent.（F）(5)Asset, liability and owner’s equity accounts have balances at the end of the accounting period.（T）(6)Under accrual basis, revenues are recognized when cash is received.（F）(7)When a doctor renders services to a patient, this activity creates revenue no matter whether the cash is received or not.（T）(8)Financial statements pertain to a definite period.（T）(9)Expenses must go with the revenues they help to produce.（T）(10)Unearned revenues are revenues which have been earned but the cash has not been received.（F）(11)Accrued revenues are revenues which you have received but have not rendered services for the clients.（F）(12)Prepaid expenses are expenses which have been paid for before they are incurred.（T）(13)At the end of the accounting period, supplies used are recorded as a debit to Supplies Expense and a credit to Supplies.（T）(14)The cost of depreciation is recorded as a debit to Depreciation Expense and a credit to the Fixed Asset account. （F）(15)Accumulated Depreciation appears in the Balance Sheet as a separate account.（F）(16)Adjusted Trial Balance has only Asset, Liability and Owner’s Equity Accounts. （T）Chapter Six(1) The accounting cycle starts with the analysis of transaction source documents. （T）(2) The accounting cycle ends with the preparation of financial statements. （F）(3) The balances in the trial balance of the work sheet are the beginning balances of the accounts. （F）(4) The balances of the expense and revenue accounts in the trial balance of the work sheet include all the expenses and revenues for the accounting period. （F）(5) The total of the debit side does not equal to the credit side for the Income Statement in the work sheet. （T）(6) The amount for the Capital account in the work sheet is the beginning balance of the accounting period. （T）(7) The total for the debit side of the Balance Sheet in the work sheet is the total of Assets. （F）(8) At the end of the accounting period, only the revenue and expense accounts should be closed. （F）Chapter Seven(1) A merchandising business needs to purchase the goods it sells first.（T）(2) When a merchandising business purchases goods, the journal entry is a debit to Inventory and a credit to Cash. （F）(3) A discount is made by the seller to the buyer for prompt payment.（T）(4) A sales return is the amount which the returned goods from sellers cost.（F）(5) Cost of goods sold = Beginning Inventory + Net Purchase – Ending Inventory （F）(6) Purchase discount is not computed on the freight charges.（T）(7) Inventory is an Expense account.（F）(8) Purchase is an asset account.（F）(9) In the work sheet, the Inventory account has two balances, both the beginning balance and the ending balance.（T）(10)The adjusting entries of a merchandising business are the same as those of a service business.（T）(11)Both the beginning and the ending balances of the Inventory account should be closed.（T）(12) Purchase Discounts and Purchase Returns and Allowances accounts have Debit balances.（F）Chapter Eight(1)All the sales are recorded in a Sales Journal.（F）(2)Only the credit sales are recorded in a Sales Journal. （T）(3)All the purchases are recorded in a Purchase Journal.（F）(4)Only the purchases of merchandise are recorded in a Purchase Journal. （（F）(5)All the amounts that are posted to the general ledger are totals.（F）(6)All the postings are made at the end of an accounting period.（F）(7)All the accounts have its subsidiary accounts. （F）(8)General Journals are not used by merchandising businesses.（F）。
cfa二级 reading1
cfa二级 reading1Reading 1 - Corporate FinanceThe first reading in the CFA Level II exam, Corporate Finance, covers various topics related to financial planning and decision-making within corporations. This reading has a significant influence on the overall understanding of finance and investment management. Let us explore some of the key concepts discussed in this reading.1. The Financial Management FunctionThe reading begins by introducing the financial management function and its role in managing the firm's financial resources. It highlights the primary responsibility of financial managers, which is to maximize shareholder wealth. The reading explains how financial managers achieve this goal by making investment decisions and financing decisions.2. Investment Decision AnalysisThis section focuses on evaluating potential investment projects using various methods, such as Net Present Value (NPV), Internal Rate of Return (IRR), and Payback Period. These techniques help financial managers determine the profitability and viability of investment opportunities. The reading also emphasizes the importance of considering risk and uncertainty when making investment decisions.3. Capital Budgeting TechniquesThe reading delves into capital budgeting techniques, including the use of discounted cash flow models, such as the NPV and IRRmethods. It provides step-by-step guidelines for applying these models to determine whether an investment project should be accepted or rejected. Additionally, it discusses the importance of sensitivity analysis and scenario analysis in assessing the impact of changes in key variables on investment decisions.4. Cost of CapitalIn this section, the reading explains how to calculate the cost of capital, which represents the required rate of return for a firm's investments. It covers different sources of capital, including equity and debt, and discusses the impact of taxes on the cost of capital. The concept of the weighted average cost of capital (WACC) is also introduced, highlighting its significance in determining the minimum acceptable return for investment projects.5. Capital StructureThe reading explores the concept of capital structure, which refers to the mix of debt and equity financing used by a firm. It discusses factors that influence the optimal capital structure, such as risk, taxes, and the firm's ability to generate cash flows. The Modigliani-Miller theorem is presented as a theoretical framework for understanding the relationship between capital structure and firm value.6. Dividend PolicyThis section focuses on the various factors that influence a firm's dividend policy, including legal constraints, financial flexibility, and shareholder preferences. The reading explores different dividend distribution methods, such as cash dividends and stock dividends, and their impact on the firm's value. It also discussesshare repurchases and their implications for shareholders.7. Corporate GovernanceThe reading concludes by discussing the importance of corporate governance in ensuring efficient and effective decision-making within a firm. It explores the roles and responsibilities of the board of directors, shareholders, and management in corporate governance. The reading also covers the relevance of ethical considerations and social responsible behaviors in corporate finance decisions.In conclusion, the first reading in the CFA Level II exam, Corporate Finance, covers essential topics related to financial planning and decision-making within corporations. It provides a comprehensive understanding of investment decision analysis, capital budgeting techniques, cost of capital, capital structure, dividend policy, and corporate governance. Applying the knowledge gained from this reading is crucial for any finance professional aiming to make informed financial decisions.。
英译汉Passages(1)
Passage 1Three New YorksThere are roughly three New Yorks. There is, first, the New York of the man or woman who was born here, who takes the city for granted and accepts its size and its turbulences as natural and inevitable. Second, there is the New York of the commuter—the city that is devoured by locusts each day and spat out each night. Third, there is the New York of the person who was born somewhere else and came to New York in quest of something.Of these three trembling cities the greatest is the last—the city of final destination, the city that is a goal. It is this third city that accounts for New York’s high-strung disposition, its poetic deportment, its dedication to the arts, and its incomparable achievements.Commuters give the city its tidal restlessness; natives give it solidity and continuity; but the settlers give it passion. And whether it is a farmer arriving from Italy to set up a small grocery store in a slum, or a young girl arriving from a small town in Mississippi to escape the indignity of being observed by her neighbors, or a boy arriving from the Corn Belt with a manuscript in his suitcase and a pain in his heart, it makes no difference; each embraces New York with the intense excitement of first love, each absorbs New York with the fresh eyes of an adventurer, each generates heat and light to dwarf the Consolidated Edison Company11Consolidated Edison, Inc. is one of the largest investor-owned energy companies in the United States. The company provides a wide range of energy-related products and services to its customers.Passage 2My GardenJack Lee leaned back in his garden chair, twirled a glass of champagne and said: “My garden is the ideal place to have breakfast. There are very few days of the year when I can’t sit out here in the sun at 7 am.”Jack, until recently chairman of the South Australian Film Corporation, first visited Australia to direct films such as the original A Town Like Alice. With his Australian wife, Isabel, he has lived in the same Woollahra house for 20 years.The first part of the house was built in 1842, added to in 1860 and again in 1890. It has had an interesting and, at times, chequered career. According to legend, the house was bought by the Earl of Jersey, a one-time Governor of NSW2, for his mistress. And, for a while, it suffered the fate of many Victorian mansions by becoming a boarding house for 30 people.Today it is peaceful and well-tended; just minutes from the City, the garden is quiet, spacious and private.In the early morning, Jack likes to listen to the sounds of the garden. The trees are full of birds. Wind bells chime faintly in a lemon tree and, if the wind is in the right direction, he can hear the faint rumble of the first plane landing.2NSW refgers to New South Wales, Australia.Passage 3Lateral ThinkingEdward De BonoA father is busy putting decorations on to the Christmas tree but as quickly as he puts them on his two-year-old son pulls them off. He is about to put the child in a play pen when his wife suggests that it might make more sense to put the tree in the play-pen and leave the child outside. Instead of keeping the child away from the tree one can keep the tree away from the child. Lateral thinking involves moving sideways to look at things in a different way. Instead of fixing on one particular approach and then working forward from that the lateral thinker tries to find other approaches.You cannot dig a hole in a different place by digging the same hole deeper. A committee that is convinced that parking meters are the only way to control city parking will spend its time deciding what meters to use, where to put them and how to patrol them. A lateral thinker would look at other approaches: letting people park anywhere they liked so long as they left their headlights on; giving people licences which would allow them to park free in town only one day a week and so encouraging car sharing; visible licences that the motorist would pay for if he wanted to park anywhere in town.Our thinking traditions are very firmly based on logical thinking in which we start off with a certain way of looking at things and then see what we can deduce from that. This can be called vertical thinking since it involves building on what is accepted as traditional. Vertical thinking is for using ideas and lateral thinking is for changing them.Most of our thinking does not take place at the logical stage but at the perceptual stage which precedes this. Lateral thinking is to do with changing perceptions and finding new ways of looking at things. Lateral thinking is the practical process of creativity. There are various deliberate techniques such as the use of stepping stones (produced, for instance, by reversing the usual situation). Lateral thinking turns creativity into a tool. In a patterning system such as the mind provocation is as important as analysis—and more important for changing ideas.(作者爱德华•德•波诺为英国剑桥大学教授，横向思维之父)(Translate the underlined part)Passage 4Microsoft Sets Up Reward Fund To Help Authorities Find Hackers 1With its products be set by security flaws and viruses, Microsoft Corp. set up a $5 million reward fund for information that helps law enforcement in hacking investigations.2The announcement came a day before the Federal Trade Commission was to warn of another potential security flaw in Microsoft software that affects millions of personal computers, especially those using high-speed Internet cable service. The first $500,000 of the reward fund is earmarked for information leading to the arrest of the initial author of the latest attacks, the MSBlast worm and SoBig virus, which disrupted millions of computers world-wide this year. So far, law-enforcement authorities have arrested three people in connection with releasing variants, but the original writers haven't been caught, said Keith Lourdeau, acting deputy assistant director of the Federal Bureau of Investigation.3“These aren't just Internet crimes, cyber crimes or virtual crimes,”said Microsoft Vice Pres ident Brad Smith. “These are real crimes that disrupt the lives of real people.”4Viruses and other security problems are no longer a minor annoyance for Microsoft. In reporting financial results for the quarter ended Sept. 30, the software company disclosed that sales to corporations had been hurt by the Blaster worm, the first time the company had acknowledged financial harm from a malicious program. Microsoft didn't quantify the effect from the individual worm but indicated its sales people had to cope with the issue when dealing with corporate customers.5The problems are also affecting competition. The Linux operating system has become a popular alternative to Microsoft's Windows on midsize computers called servers, and hasn't been targeted so widely by writers of viruses and worms. (Translate the underlined part)Passage 5U.S. Agencies Surf for Translators1.The CIA and the FBI are launching a program to help solve the shortage of linguists in Arabic and other languages, which officials say has become a crisis in the fight against terrorism. They're going online and creating a "virtual" network of bilingual university students, professors and other language experts.2.When the National Virtual Translation Center starts operations Dec. 1, it will initiate an unusual and perhaps risky plan: hiring individual language speakers around the nation who haven't worked in government to translate documents and audiotapes sent to their homes or offices by e-mail.3.In the past, the CIA, the National Security Agency (NSA) and other agencies had to obtain security clearances for their translators and then bring them to the location of the untranslated materials -- to Afghanistan, say, to translate al Qaeda documents, or to secure vaultlike U.S. government facilities where classified data could be reviewed.4."Historically we brought linguists to the material, but now we'll get the material to the linguists," the new center's director, Everette Jordan, said in a recent interview. "It means we can move a lot faster."5.To Kevin Hendzel, a spokesman for the American Translators Association (ATA), which is working closely with the Pentagon, the CIA and FBI on the linguist shortage, the new program is "truly revolutionary" and "perhaps the most important innovation to address this great national security priority." Government officials say the backlog of untranslated documents -- and of unexamined tape recordings of conversations surreptitiously recorded by the NSA -- has become so colossal that they need to try something new.(Translate the underlined part)Passage 6(Freed by warming, waters once locked beneath ice are gnawing at coastal settlements around the Arctic Circle.)In Bykovsky, a village of 457 people on Russia's northeast coast, the shoreline is collapsing, creeping closer and closer to houses and tanks of heating oil, at a rate of 15 to 18 feet a year."It is practically all ice - permafrost - and it is thawing." For the four million people who live north of the Arctic Circle, a changing climate presents new opportunities. But it also threatens their environment, their homes and, for those whose traditions rely on the ice-bound wilderness, the preservation of their culture.A push to develop the North, quickened by the melting of the Arctic seas, carries its own rewards and dangers for people in the region. The discovery of vast petroleum fields in the Barents and Kara Seas has raised fears of catastrophic accidents as ships loaded with oil and, soon, liquefied gas churn through the fisheries off Scandinavia, headed to markets in Europe and North America. Land that was untouched could be tainted by pollution as generators, smokestacks and large vehicles sprout to support the growing energy industry.Coastal erosion is a problem in Alaska as well, forcing the United States to prepare to relocate several Inuit villages at a projected cost of $100 million or more for each one.Across the Arctic, indigenous tribes with traditions shaped by centuries of living in extremes of cold and ice are noticing changes in weather and wildlife. They are trying to adapt, but it can be confounding.In Finnmark, Norway's northernmost province, the Arctic landscape unfolds in late winter as an endless snowy plateau, silent but for the cries of the reindeer and the occasional whine of a snowmobile herding them.A changing Arctic is felt there, too. "The reindeer are becoming unhappy," said Eira, a 31-year-old reindeer herder.Few countries rival Norway when it comes to protecting the environment and preserving indigenous customs. The state has lavished its oil wealth on the region, and Sami3culture has enjoyed something of a renaissance.And yet no amount of government support can convince Eira that his livelihood, intractably entwined with the reindeer, is not about to change. Like a Texas cattleman, he keeps the size of his herd secret. But he said warmer temperatures in fall and spring were melting the top layers of snow, which then refreeze as ice, making it harder for his reindeer to dig through to the lichen they eat.“The people who are making the decisions, they are living in the south and they are living in towns," said Eira, sitting inside his home made of reindeer hides. "They don't mark the change of weather. It is only people who live in nature and get resources from nature who mark it."3The Sami people are the indigenous people of northern Europe inhabiting Sápmi, which today encompasses parts of northern Sweden, Norway, Finland and the Kola Peninsula of Russia.(Translate the underlined part)Passage 7A PERFECT LANDING---Columbia makes historyEdwards Air Force Base, April 14【1】The US space shuttle Columbia landed safely here today, completing a historic maiden voyage by the world’s first reusable space ship.【2】With Astronaut John Young piloting the 75-ton Columbia with a stick and pedal manually like a giant glider, the shuttle came to a halt on a dry lake bed on the desert air base after a 54-hour space flight in which it circled the Earth 36 times.【3】The landing took place just nine seconds behind schedule, according to Mission Control(飞行控制室).【4】The revolutionary space plane, its bottom glowing red from the tremendous heat of friction as it hit the upper atmosphere at 17,000 miles per hour, then made the transition from spacecraft to aircraft.【5】“Hello, Houston, Columbia here,” one of the astronauts reported, breaking 17 minutes of communications silence.【6】“You are tracking beautifully,” Houston told Columbia.【7】About five minutes before touchdown Commander Young, using controls just like an aircraft—stick and pedal—pointed the Columbia’s nose down and headed for a “hard landing”.【8】As the black and white spaceship, aided by sophisticated ground equipment and advanced onboard computers, headed for the landing strip, Commander Young executed a sweeping left-hand turn and levelled out its flight path to bring it almost parallel to Earth.【9】“You’re coming right down the chute,” Mission Control reported when tracker plane with television cameras picked up the gleaming spacecraft as it dropped from a clear blue sky.【10】Earlier in space, the astronauts fired two rockets to slow the Columbia down and begin its daring aircraft-like descent.【11】The engine burn enabled the speeding spaceship to fall out of orbit and was triggered after the astronauts slipped the Columbia over so that its nose pointed backwards.【12】The Earth’s t hick atmosphere slowed the delta-winged craft down further but also heated up its exterior, especially the wing edges and underbelly, to temperatures approaching 1500 degrees centigrade.【13】The searing heat—absorbed by the shuttle’s advanced thermal prote ction system comprising more than 30,000 silica tiles—blacked out the Columbia’s communications with Earth for about 17 minutes.【14】Some 2000 journalists and invited guests were waiting at Edwards Air Force Base to give the returning shuttle a triumphant reception.Reference version for practice 7(Translate the underlined part)Passage 8Three PassionsBertrand RussellThree passions, simple but overwhelmingly strong, have governed my life: the longing for love, the search for knowledge, and the unbearable pity for the suffering of mankind. These passions, like great winds, have blown me hither and thither, in a wayward course, over a deep ocean of anguish, reaching to the very verge of despair.I have sought love, first, because it brings ecstasy—ecstasy so great that I would often have sacrificed all the rest of life for a few hours of this joy. I have sought it, next, because it relieves loneliness, that terrible loneliness in which one shivering consciousness looks over the rim of the world into the cold unfathomable lifeless abyss. I have sought it, finally, because in the union of love I have seen, in a mystic miniature, the prefiguring vision of the heaven that saints and poets have imagined. This is what I sought, and though it might seem too good for human life, this is what—at last—I have found.With equal passion I have sought knowledge. I have wished to understand the hearts of men. I have wished to know why the stars shine. And I have tried to apprehend the Pythagorean power by which number holds sway above the flux. A little of this, but not much, I have achieved.Love and knowledge, so far as they were possible, led upward toward the heavens. But always pity brought me back to earth. Echoes of cries of pain reverberate in my heart. Children of famine, victims tortured by oppressors, helpless old people a hated burden to their sons and the whole world of loneliness, poverty, and pain make a mockery of what human life should be. I long to alleviate the evil, but I cannot, and I too suffer.This has been my life. I have found it worth living, and would gladly live it again if the chance were offered me.(Translate the underlined part)。
英文版货币时间价值
Time value of money（货币的时间价值）1. Suppose you retire at age 65. You expect to live 20 more years and to spend $50,000 each year during your retirement. Assume an interest rate of 6 percent, how much money do you need to save by age 65 to support this expense plan?假定你65岁退休。
假话退休后再多活20年，在此期间每年花费$50,000。
假设利率为6%，那你需要在65岁之前存够多少钱来支持这份花费计划？50000*PVIFA6%，20=573500C. $573,4962. Which of the following amounts is the closest to the end value of investing $40,000 for 4 years at a continuously compounded rate of 15%? 40000*FVIF15%，4=69960下列哪个最接近$40,000的投资在连续复利率为15%下4年后的期末价值？B. $72,885Financial reporting and analysis（财务报告与分析）1. Please calculate net income based on the following information:请用下列信息计算净收益。
（300-180-30-40）*（1-34%）=33Sales = $300.00 销售收入= $300.00Cost of goods sold = $180.00 销货成本= $180.00Depreciation = $30.00 折旧= $30.00Interest paid = $40.00 利息支付= $40.00Tax rate = 34% 税率= 34%D. $33.002.Which of the following activities is/are in the category of use of cash:下列的哪种活动是现金使用的类别？I. increase in taxes payable. 应付税金的增加II. increase in accounts receivable. 应收账款的增加III. increase in prepayments. 预付账款的增加IV. dividend payments. 股利的支付A. Only IVUse the following data for questions 3-7Shown below are data taken from a recent annual report of Public Ltd. (Dollar in millions.)使用下列数据回答3-7题。
案例翻译
The Loewen Group and the United States of America,On June 26, 2003 an ICSID Tribunal rendered a decision dismissingclaims made against the United States by a Canadian corporation, the Loewen Group. The underlying litigation occurred in Mississippi statecourts over contract disputes between Loewen and a Mississippi competitor in the funeral home and insurance industry. Loewen's NAFTAclaim against the United States stems from the outcome of that litigation - Loewen lost a $500 million verdict and was compelled to post a 125%bond before it could appeal. Loewen's sought relief under NAFTA claiming that (1) the trial court violated Article 1102 by discriminatingagainst Loewen as a foreign investor, (2) the discrimination resulted in a “inexplicably large” verdict, (3) the trial court violated Article 1105 by failing to offer Loewen “full protection and security” as a result of the irregularities in the trial procedure, and (4) the trial court violated Article1105 by rendering such an excessive verdict. The ICSID Tribunal'sdecision to dismiss Loewen's claims hinged on two important aspects of Loewen's conduct. First, Loewen had failed to exhaust local remedies. The tribunal found that Loewen could have posted the bound and sought an appeal, filed for bankruptcy protection, or filed a writ of certiorari with the United States Supreme Court to stay the Mississippi proceedings. The Because Loewen did not avail itself of all local legal remedies, it was not, according to the tribunal, able to show a violation of customary international law. Second, the ICSID Tribunal also found that it lacked jurisdiction under NAFTA to ultimately decide Loewen's claims against the United States because the parties lacked the international diversity as required by Chapter 11. Because Loewen's real party in interest was an American citizen, it could not maintain a NAFTA claim against the United States.In its conclusion, however, the ICSID Tribunal admonished the conduct of the Mississippi court system, and recognized that Loewen was treated unfairly.Banro Resources v. Democratic Republic of CongoBanro Resources, a Canadian corporation, and the Democratic Republicof the Congo (DRC) were parties to a Mining Convention which provided for the formation of a local project company, SAKIMA, in which BanroResources held 99 per cent of the shares. The Mining Convention included a dispute resolution clause providing for arbitration under theWashington Convention for any dispute arising between Congo, on the one hand, and Banro and SAKIMA, on the other hand. Soon after thecreation of SAKIMA, Congo declared the Convention null and void and seized the offices of the project company. Canada filed an official proteston behalf of its national. A few days later, Banro Resources transferred 93% of SAKIMA's shares to Banro American, a wholly owned U.S. subsidiary whose sole purpose consisted in “holding Banro Resources‟ interest” in SAKIMA's predecessor company “to qualify for political risk insurance through OPIC.” Nine days later, Banro Amer ican filed a requestfor ICSID arbitration.The Tribunal examined jurisdiction over Banro American under the firstprong of Article 25(2)(b) of the Washington Convention by adopting two alternative approaches. Under the first approach, the tribunal rejected jurisdiction, finding that the claimant Banro American was not a party to the arbitration clause; and the right to arbitration under the Washington Convention could not have been transferred to it with the shares from Banro Resources, which was a national of a non-contracting State. Under the second approach, the tribunal pierced the corporate veil to reveal the Canadian parent company as the true Claimant. Under that approach, the tribunal also lacked jurisdiction, because the requirement that the claimant had to be a national of a Contracting State was not being met. Having concluded that under both approaches it lacked jurisdiction, the tribunal further digressed into a lengthy examination of the fact that Banro Resources, the Canadian parent, had sought diplomatic protection, whereas its wholly-owned subsidiary, Banro American had filed a claim before ICSID. Detecting what was, in its view, a possible abuse of the ICSID system, which excludes in Article 27 diplomatic protection of a Contracting State, the tribunal remarked that it could not allow a corporation to “play on the fact that one of the companies of the groupdoes not have the nationality of a Contracting State party to the Convention, and can therefore benefit from diplomatic protection by itshome State, while another subsidiary of the group possesses the nationality of a Contracting State to the Convention and therefore has standing before an ICSID tribunal.”Tecnicas Medioambientales TECMED S.A. v. MexicoThis thoroughly reasoned award decided a dispute arising out of the failure of Mexican authorities to renew the license of a waste site held by TECMED‟s local Mexican subsidiary. As a preliminary matter, the tribunal examined Mexico‟s objections to the tribunal‟s jurisdiction andthe admissibility of the claims ratione temporis. After examining the specific language of the BIT, the tribunal concluded that any breaches occurring before the entry unto force of the BIT were excluded from its jurisdiction. However, the consideration of any acts or omissions that occurred prior to the entry into force, but that in some form contributed to a treaty breach after the entry into force did not fall outside of the tribunal‟s jurisdiction (para. 68). The tribunal further held that temporal limitations to the jurisdiction, as well as to the admissibility of claims were not covered by the most-favored nation clause included in the BIT. The tribunal then held that the Mexican authorities‟ refusal to renew the license and the effects this refusal had on the utility of Claimant‟s investment constituted an expropriation in breach of the BIT. The conduct of the Mexican authorities also resulted in a breach of the “fair and equitable” treatment provision, because it frustrated the fair expectations on which the investment was based, and failed to establish clear guidelines which would have allowed the investor to adjust its acts so as to obtain a renewal of the license. The tribunal rejected the Claimant‟s argument that Mexico also breached the “full protection and security” clause, as well as other guarantees under the BIT, holding that Claimant failed to prove that the Mexican authorities incited social protests against the waste site or failed to take prompt action to contain those protests.In calculating the damages resulting from the BIT breaches, the tribunalrejected the DCF methodology proposed by Claimant as too speculative, because of the short duration of the operation of the project which resulted in a lack of objective data. Instead, the tribunal determined the damages on the basis of the market value of the assets at the time of the expropriation, derived from an auction sale, including goodwill. It also awarded interest at 6% p.a., compounded annually from the date of the taking until the date of the effective payment.Compañía de Aguas del Aconquija S.A.& Vivendi Universal v Republicof ArgentinaICSID Ad Hoc Committee Partially Annuls Award. An ICSID Ad Hoc Committee has partially annulled an ICSID tribunal decision that had dismissed claims on the merits because an Argentine provincial court had exclusive jurisdiction to interpret the relevant concession agreement. The Ad Hoc Committee held that the tribunal …manifestly exceeded its powers‟ by not examining the merits of the claim under the Argentine-French bilateral investment treaty. An ICSID tribunal having jurisdiction under a BIT in respect of a claim based on substantive provisions of that BIT cannot dismiss the claim on the ground that it should have been dealt with by a national court.Wena Hotels Limited v Arab Republic of EgyptThe dispute arose out of agreements concluded between Wena Hotels, Limited, a U.K. company, and Egyptian Hotels Company (“EHC”), a State-owned Egyptian company, to develop and manage two hotels in Luxor and Cairo. Soon after the signature of those agreement, serious disagreements about the parties‟ respective agreements arose. On April 1, 1991, EHC repossessed both hotels and evicted Claimant. In January 1992, Egypt's Chief Prosecutor ruled that the seizure was illegal. The hotels were then restored to Wena with all fixtures and furniture having been removed. Two days before the Cairo hotel was returned to Wena, the Ministry of tourism withdrew its operating license because of alleged fire safety violations. Wena was ultimately evicted from the Cairo hotel in1995, while the Luxor Hotel was placed in judicial receivership in 1997. Egypt refused to compensate Wena for the losses it had experienced. The dispute was brought under the Agreement for the Promotion and Protection of Investments between Egypt and the United Kingdom (“Egypt –U.K. BIT”).The Tribunal held that Egypt violated its obligation under Article 2(2) of the Egypt –U.K. BIT to accord Wena's investment “fair and equitable treatment” and “full protection and security.” Although it was unclear whether Egyptian officials other than officials of EHC directly participated in the April 1, 1991, seizures, the Tribunal found that Egypt had been aware of EHC's intentions to seize the hotels and failed to take actions to prevent EHC from doing so. Once the seizures had occurred, both the police and the Ministry of Tourism took no immediate action to restore the hotels promptly to Wena's control. Finally, Egypt never imposed substantial sanctions on EHC or its senior officials, suggesting Egypt's approval of EHC's actions. The Tribunal further held that Egypt …s actions constituted an expropriation without “prompt, adequate and effective compensation” in violation of Article 5 of the Egypt – U.K. BIT, because Egypt ha d deprived Wena of its “fundamental rights ofownership” by allowing EHC “forcibly to seize the hotels, to possess them illegally for nearly a year, and to return the hotels stripped of much of their furniture and fixtures.” The Tribunal also rejected Egyp t's argument that Wena's claims were time barred observing inter alia that municipal statutes of limitations were not binding before an international tribunal.Ruling on damages, the Tribunal rejected Wena's claim for lost profits as too speculative, relying on the holding in Metalclad that “where the enterprise has not operated for a sufficiently long time to establish a performance record or where it has failed to make a profit, future profits cannot be used to determine going concern or fair market value.” The Tribunal found that Wena had operated the Luxor hotel for less than eighteen months and not even completed its renovations on the Nile hotel before they were seized and there was some question whether Wena had sufficient finances to fund its renovation and operation of the hotels. Hence, the Tribunal held that the market value of the investment was “best arrived at, in this case, by reference to Wena's actual investments in the two hotels. The Tribunal awarded compound interest observing that“an awa rd of compound (as opposed to simple) interest is generally appropriate in most modern, commercial arbitrations.”Alex Genin v. EstoniaICSID Tribunal Rejects Claim Against Estonia. An ICSID claim was brought by American investment entities against Estonia pursuant to a United States-Estonian bilateral investment treaty. The ICSID Tribunal first held that it had jurisdiction under the BIT as the purchase of an Estonian bank was an …investment‟ within the meaning of the BIT and domestic proceedings in Estonia did not divest the tribunal of jurisdiction. On the merits, the tribunal held that there was no indication that Estonia violated the BIT's …fair and equitable treatment‟ clause, which it defined as an international minimum standard that prohibited willful neglect of duty, an insufficiency of action falling below international standards, or subjective bad faith.SGS Société Générale de Surveillance S.A. v. Islamic Republic ofPakistanTribunal Has Jurisdiction of BIT Claims but Not Breach of Contract Claims On August 6, 2003 an ICSID Tribunal held that it has jurisdiction to decide over a company's claims arising under the Swiss-Pakistan Bilateral Investment Treaty, but not over claims arising under a contract of the two parties, unless those claims amount to breaches of the substantive standards of the BIT. The Tribunal found that pursuant to an interpretation of the Swiss-Pakistan BIT, its jurisdiction was exclusive and not shared with the arbitration tribunal constituted under the contract. However, the ICSID tribunal lacked jurisdiction over claims based on the contract, which did not amount to breaches of the substantive standards of the BIT. The tribunal therefore also denied Pakistan's request to stay the ICSID arbitration pending a resolution of the Pakistani arbitration.CMS Gas Transmission Company v. The Republic of ArgentinaCMS, a United States company, brought the dispute against Argentina on the basis of the Argentina –United States Bilateral Investment Treaty,alleging that a number of measures taken by Argentina as a result of a major economic and financial crisis had an adverse impact on itsinvestment in a local gas utility company resulting in violations of the BIT. Argentina filed a number of objections to the tribunal‟s jurisdiction and the admissibility of CMS‟s claims, all of which were rejected by thetribunal.The tribunal affirmed its jurisdiction, holding that CMS had made aprima facie showing that the economic measures taken by Argentina had adversely affected CMS‟ investment.As a shareholder in a local utility company, CMS was entitled under the Washington Convention to bring claims independently from the local company. The fact that CMS was only a minority shareholder in the local utility company was not an obstacle to bringing a claim, given the broad scope of the term “investment” both under Article 25 of the Washington Convention and the Argentina –U.S. BIT. The tribunal also rejected Argentina‟s arguments that CMS should have submitted to the local jurisdiction of Argentine courts, holding that CMS‟s rights under the BIT were distinguishable from the rights of the local company under a license agreement, to which CMS was not a party, and constituted a separate cause of action. Hence, the dispute settlement provisions under the license agreement between the local company and Argentina could not be a bar to the tribunal‟s jurisdiction over a dispute between CMS and Argentina. In addition, the BIT‟s “fork-in-the-road” provision had not been triggered, because CMS had never submitted to local courts.Dismissing further objections by Argentina, the tribunal held, inter alia, that Article 42 of the Washington Convention concerning the applicable law did not apply to jurisdictional determinations; that certain claims relating to events that had occurred after the filing of the Request of Arbitration were admissible as “incidental or additional claims” pursuant to Note B to Arbitration Rule 40, because they arose out of the subject-matter of the dispute, namely the alleged loss by CMS of its investment in the local gas utility company; and that the progress of negotiations between Argentina and various public utilities companies was irrelevant, as those were res inter alios acta.Salini Costruttori S.p.A. and Italstrade S.p.A. v. Kingdom of Morocco Construction Contract Constituted an Investment and was Subject to Arbitration On July 23, 2001 an ICSID Tribunal held that a construction contract constituted an investment both under the BIT and Article 25 of the Washington Convention. The BIT defined investments very broadly to include rights of an economic nature, such as those created under the construction contract. It observed that the provision in Article 1 of the BIT defining investments referred merely to the validity of the investment, but not to its characterization as an investment under domestic law. It also found the claimants had not waived their right to choose ICSID as a forum for dispute settlement, they had agreed in the construction contract to the jurisdiction of domestic courts only because they had no choice but to accept the jurisdiction of the local courts when concluding the contracts. Hence, the dispute settlement clause in the construction contract did not constitute a choice of forum as provided under Article 8 of the BIT. Finally, the tribunal held that it retained jurisdiction in relation to breaches of contract …that would constitute, at the same time, a violation of the Bilateral Treaty by the State,‟ but excluded …claims that are based solely on a breach of contract.‟SGS Societe Generale de Surveillance, S.A.v. Republic of thePhilippinesTribunal Determines if Breach of Contract Claim can be Brought Under BIT: On January 29, 2004 an ICSID Tribunal considered whether SGS could bring what were essentially claims for non-fulfillment of a contract under the Switzerland-Philippines BIT. It first considered the BIT's umbrella clause and concluded that it renders failures to observe contractual commitments with regard to specific investments into breaches of the B IT. It held that the term …disputes with respect to investments‟ as used in the jurisdictional clause of the Switzerland-Philippines BIT, is not limited to the legal classification of the claim. It hence concluded that in principle SGS was entitled to refer a contractual dispute to ICSID arbitration. However, the tribunal gave effect to the dispute settlement clause in the contract, by which the parties had agreed to refer all disputes exclusively to Philippine courts, holding that the BIT did not purport to override such clauses. The tribunalobserved that a claim arising out of the contract would be inadmissible until the domestic court had clarified the scope or extent of Philippinesobligation to pay. The tribunal did not dismiss the claim, but instead stayed the proceedings until the amount due under the contract wasdetermined.Azurix Corp. v. Argentine RepublicAzurix, a US investor, indirectly owned Azurix Buenos Aires (ABA),which concluded a concession agreement with the Province of Buenos Aires providing water and sewerage services in the province. Azurixalleged that Argentina had breached various obligations owed to Azurix under the 1991 Argentina-United States BIT in respect to Azurix's investment in ABA.Argentina's first objection to the Tribunal's jurisdiction was that the parties to the concession agreement had agreed to submit all disputes to the courts of La Plata and had expressly waived “any other forum or jurisdiction that may correspond due to any reason.” Argentinamaintained that the waiver language precluded claims under the dispute mechanisms contained in the Argentina-U.S. BIT. Relying on the Vivendi annulment decision and Lanco v. Argentina, the tribunal distinguished Azurix's BIT claims from any claims arising under the concession agreement. The waiver language referred only to the latter and was thus irrelevant. Argentina's second objection to jurisdiction was that the dispute had already been submitted to the courts of Argentina under the BIT's fork-in-the-road provision. The tribunal also rejected this objection, confirming what is rapidly becoming well-established arbitral jurisprudence, namely that the clause is triggered only where the parties and the cause of action are identical. Since the cause of action for the contract claims was different than that for the BIT claims, recourse to the local courts for breach of contract as opposed to breach of the BIT did not prevent submission of the BIT claims to arbitration. The tribunal also distinguished the investor from the local project company; the latter's use of local courts could not trigger the “fork in the road” provision against the investor, because the two were different entities.Argentina raised a further objection, alleging that Azurix lacked jus standi to bring a claim against Argentina. In support, it relied on the holding in Barcelona Traction that shareholders in a local project company lack thejus standi to file an indirect claim. Consistent with the holdings by other tribunals, the tribunal rejected that argument on the basis of the wording of Article 25 of the Washington Convention and of Article I of the Argentina-U.S. BIT.Autopista Concesionada de Venezuela C.A. v. Bolivarian Republic ofVenezuelaICSID Tribunal Holds V enezuela Breached Concession Agreement: On September 23, 2003 an ICSID tribunal held that V enezuela had breached the Concession Agreement with Aucoven, in which Aucoven agreed to operate and maintain a highway linking Caracas with its international airport while V enezuela's obligations under the Agreement were mainly related to the financing of the investments. The Tribunal rejected V enezuela's contention that force majeure in the form of actual and feared future public unrest had excused its performance. The tribunal further held that V enezuela had breached the Concession Agreement by failing to grant a guarantee to a potential lender, by failing to pay Aucoven the minimum guaranteed income and by initiating proceedings before the V enezuelan Supreme Court to seek a declaration of termination of the Concession Agreement, although it had agreed in the Concession Agreement to submit all disputes concerning, inter alia, its termination exclusively to ICSID arbitration. The tribunal also rejected V enezuela's argument that the Concession Agreement was still in force, and instead held that Aucoven had validly terminated the Agreement on June 13, 2000.。
人力资源管理双语课后习题及翻译
习题及答案Chapter 01 Human Resource Management: Gaining a Competitive Advantage Answer KeyTrue / False Questions1. (p. 5) Companies have historically looked at HRM as a means to contribute to profitability, quality, and other business goals through enhancing and supporting business operations.FALSE2. (p. 5) The human resource department is most likely to collaborate with other company functions on outplacement, labor law compliance, testing, and unemployment compensation.FALSE3. (p. 6) The three product lines of HR include a) administrative services and transactions, B) financial services, and c) strategic partners.FALSE4. (p. 9) The amount of time that the HRM function devotes to administrative tasks is decreasing, and its roles as a strategic business partner, change agent, and employee advocate are increasing. TRUE5. (p. 9) Advances in technology have allowed HR services to be offered more on a self-service basis than in the past.TRUE6. (p. 9) HR functions related to areas such as employee development, performance management, and organizational development are outsourced most frequently.FALSE7. (p. 11) Evidence-based HR provides managers with data to make decisions, instead of just relying on intuition.TRUE8. (p. 14) Stakeholders of a company are shareholders, the community, customers, employees, and all of the other parties that have an interest in seeing that the company succeeds.TRUE9. (p. 19) Companies are now more and more interested in using intangible assets and human capital as a way to gain an advantage over competitors.TRUE10. (p. 22) A learning organization places the highest emphasis on completion of formal employment training.FALSE11. (p. 22) The psychological contract describes what an employee expects to contribute and what the company will provide to the employee in return for these contributions.TRUE12. (p. 25) The use of alternative work arrangements, which include independent contractors, on-call workers, temporary workers, and contract company workers, is shrinking.FALSE13. (p. 27) To be effective, balanced scorecards must be customized by companies to fit different market situations, products, and competitive environments.TRUE14. (p. 27) The balanced scorecard should not be used to link the company's human resource management activities to the company's business strategy.FALSE15. (p. 30) Corporate cultures within companies that successfully implement TQM typically emphasize individualism, hierarchy, accountability, and profits.FALSE16. (p. 31) ISO 9000 certification is an integral component of W. Edwards Deming's quality control process.FALSE17. (p. 34) The skills and motivation of a company's internal labor force determine the need for training and development practices and the effectiveness of the company's compensation and reward systems.TRUE18. (p. 37) Because the workforce is predicted to become more uniform in terms of age, ethnicity, and racial background, it is likely that one set of values will characterize all employees.FALSE19. (p. 39) Cultural diversity can provide a company competitive advantage regarding problem-solving. TRUE20. (p. 42) The Sarbanes-Oxley Act of 2002 sets strict rules for corporate behavior and sets heavy fines and prison terms for noncompliance.TRUE21. (p. 43) Every business must be prepared to deal with the global economy.TRUE22. (p. 48) One of the disadvantages of technology is that it does not allow older workers to postpone retirement.FALSE23. (p. 51) E-HRM is more applicable to practices associated with recruiting and training than those associated with analysis and design work, selection, and compensation and benefits.FALSE24. (p. 54) An HR dashboard is a series of indicators that managers and employees have access to on the company intranet or human resource information system.TRUE25. (p. 58) Compensating human resources involves measuring employees' performance.FALSEMultiple Choice Questions26. (p. 4) _____ refers to a company's ability to maintain and gain market share in its industry.A. OutsourcingB. CompetitivenessC. Self-serviceD. Empowerment27. (p. 4) _____ refers to the policies, practices, and systems that influence employees' behavior, attitudes, and performance.A. Total quality managementB. Financial managementC. Human resource managementD. Production and operations management28. (p. 5) Strategic HR management includes all but one of the following. Name the exception.A. Financial planningB. Training and developmentC. Performance managementD. Recruiting talent29. (p. 6) Which of the following is NOT a responsibility of HR departments?A. RecruitingB. BenefitsC. Community relationsD. Production and operations30. (p. 6) Which of the following is NOT a product line of human resources?A. Administrative services and transactionsB. Strategic partnerC. Human capital partnerD. Business partner services31. (p. 8) Which of the following best describes a cultural steward?A. Shapes the organization.B. Delivers results with integrity.C. Facilitates change.D. Recognizes business trends and their impact on the business.32. (p. 8) A strategic architect is one who:A. facilitates change.B. recognizes business trends and their impact on the business.C. implements workplace policies conducive to work environment.D. develops talent and designs reward systems.33. (p. 9) Giving employees online access to information about HR issues such as training, benefits, and compensation is known as:A. outsourcing.B. continuous learning.C. self-service.D. strategic planning.34. (p. 9) The practice of having another company (a vendor, third-party provider, consultant) provide services traditionally associated with the administrative role of HR is known as:A. e-commerce.B. empowering.C. outsourcing.D. benchmarking.35. (p. 10) Traditionally, the HRM department was primarily a(n):A. proactive agency.B. finance expert.C. employer advocate.D. administrative expert.36. (p. 11) Which of the following statements about evidence-based HR is FALSE?A. It helps show that the money invested in HR programs is justified and that HR is contributing to the company's goals and objectives.B. It emphasizes that HR is being transformed from a broad corporate competency to a specialized, stand-alone function in which human resources and line managers build partnerships to gain competitive advantage.C. It requires collecting data on such metrics as productivity, turnover, accidents, employee attitudes and medical costs and showing their relationship with HR practices.D. It refers to demonstrating that human resources practices have a positive influence on the company's bottom line or key stakeholders.37. (p. 12-13) Which one of the following statements about the HR profession is FALSE?A. A college degree is required of HR specialists, but not of generalists.B. Generalists usually perform the full range of HRM activities, including recruiting, training, compensation, and employee relations.C. Professional certification in HRM is less common than membership in professional associations.D. The primary professional organization for HRM is the Society for Human Resource Management.38. (p. 13) All of the following competitive challenges faced by companies will increase the importance of human resource management EXCEPT:A. the global challenge.B. the challenge of sustainability.C. the political challenge.D. the technology challenge.39. (p. 14) _____ refers to the ability of a company to survive and succeed in a dynamic competitive environment.A. OutsourcingB. EmpowermentC. SustainabilityD. Resource management40. (p. 14) Sustainability includes all of the following EXCEPT:A. expanding into foreign markets.B. the ability to deal with economic and social changes.C. engaging in responsible and ethical business practices.D. providing high-quality products and services.41. (p. 19) Which of the following statements about intangible assets is FALSE?A. They include human capital.B. They are less valuable than physical assets.C. They are equally or even more valuable than financial assets.D. They are difficult to duplicate or imitate.42. (p. 20) Tacit knowledge is an example of _____ capital.A. socialB. customerC. humanD. intellectual43. (p. 21) Which of the following is NOT true of knowledge workers?A. They often contribute specialized knowledge that their managers may not have, such as information about customers.B. They have many job opportunities.C. They are in high demand because companies need their skills.D. They contribute to the company through manual labor and intellectual labor.44. (p. 21) Empowering is defined as:A. the movement of women and minorities into managerial positions.B. giving employees responsibility and authority to make decisions regarding all aspects of product development or customer service.C. leading employees by the strength of one's charisma.D. the act of continually learning and improving one's skills and abilities.45. (p. 22) A(n) _____ contract describes what an employee expects to contribute and what the company will provide to the employee for these contributions.A. employerB. employeeC. psychologicalD. job46. (p. 25) All of the following are examples of alternative work arrangements EXCEPT:A. independent contractors.B. current labor force.C. on-call workers.D. temporary workers.47. (p. 27) The balanced scorecard:A. is similar to most measures of company performance.B. uses indicators important to the company's strategy.C. is a standardized instrument of company performance.D. should not be applied to HR practices.48. (p. 27) The balanced scorecard presents a view of company performance from the perspective of:A. its customers only.B. its employees only.C. its employees and customers only.D. its employees, customers, and shareholders.49. (p. 28) According to the financial perspective of the balanced scorecard, which of the following questions should be answered?A. How do customers see us?B. Can we continue to improve and create value?C. What must we excel at?D. How do we look to shareholders?50. (p. 28) Increasingly, companies are trying to meet shareholder and general public demands that they be more socially, ethically, and environmentally responsible. Thus, companies are recognizing the importance of:A. a balanced scorecard approach to business.B. diversity.C. total quality management.D. social responsibility.51. (p. 30) TQM focuses on:A. designing processes to meet the needs of external customers only.B. reducing variability in the product or service.C. preventing errors rather than correcting errors.D. tying pay to employees' total output less rejects52. (p. 31) "How senior executives create and sustain corporate citizenship, customer focus, clear values, and expectations, and promote quality and performance excellence" is the definition for which Malcolm Baldrige National Quality Award criterion?A. Strategic planningB. Workforce focusC. Customer and market focusD. LeadershipMalcolm Baldrige National Quality Award is an award established in 1987 to promote quality awareness, to recognize quality achievements of U.S. companies, and to publicize successful quality strategies.53. (p. 33) Which one of the following is NOT true of the Six Sigma process?A. The objective of the process is to create a total business focus on serving the customer.B. Training is an important component of the process.C. The process is one of seven categories evaluated within the Malcolm Baldrige Quality Award.D. The process involves measuring, analyzing, improving, and controlling processes once they have been brought within six quality standards.54. (p. 33) Which of following holds TRUE for lean thinking?A. It is a way to do more with less effort, time, equipment, and space.B. It is a way to compete for quality awards and certification.C. It includes offering no-frills goods and services to customers.D. It is working for zero inventories.55. (p. 34) The skills and motivation of a company's _____ labor force determine the need for training and development practices and the effectiveness of the company's compensation and reward systems.A. projectedB. secondaryC. externalD. internal56. (p. 34-37) Which of the following statements about the composition of the U.S. labor force in the next decade is TRUE?A. Labor force growth is greater than at any other time in U.S. history.B. The largest proportion of the labor force is expected to be in the 16-to-24-year age group.C. There will be fewer white males than minorities or women in the labor force.D. The number of "baby boom" workers will increase faster than any other age group.57. (p. 35) Which of the following statements about older workers is FALSE?A. Worker performance and learning are adversely affected by aging.B. The aging labor force means companies are likely to employ a growing share of older workers.C. An emerging trend is for qualified older workers to ask to work part-time or for only a few months at a time as a means to transition to retirement.D. Older employees are willing and able to learn new technology.58. (p. 37) Baby boomers:A. like the latest technology, are ambitious and goal-oriented, and seek meaningful work.B. want to be noticed, respected, and involved.C. tend to be uncomfortable challenging the status quo and authority.D. value unexpected rewards for work accomplishments, opportunities to learn new things, praise, recognition, and time with the manager.59. (p. 38) Regardless of their background, most employees' value:A. the ability to challenge the status quo.B. simplistic tasks requiring few skills.C. managerial positions.D. work that leads to self-fulfillment.60. (p. 38-39) To successfully manage a diverse workforce, managers need to develop all of the following skills EXCEPT:A. providing performance feedback that is based on values rather than objective outcomes.B. communicating effectively with employees from a wide variety of cultural backgrounds.C. coaching employees of different ages, educational backgrounds, ethnicity, physical ability, and race.D. recognizing and responding to generational issues.61. (p. 39) Managing cultural diversity involves:A. enforcing EEO rules.B. creating separate career tracks for employees with families.C. establishing a strong affirmative action policy.D. creating a workplace that makes it comfortable for employees of all backgrounds to be creative and innovative.62. (p. 39) How diversity issues are managed in companies has implications for all the following EXCEPT:A. knowing how to learn.B. creativity.C. retaining good employees.D. problem solving.63. (p. 39) Managing cultural diversity can provide a competitive advantage by:A. decreasing the number of available women and minorities in the company's labor pool.B. helping women and minorities understand they must conform to organizational norms and expectations.C. helping companies produce better decisions by including all employees' perspectives and analysis.D. identifying product markets on which the company should focus64. (p. 39) In managing cultural diversity, which of the following would improve the level of creativity thereby providing competitive advantage to an organization?A. Diversity of perspectives and less emphasis on conformity to norms of the past.B. Those with the best reputations for managing diversity will win the competition for the best personnel.C. An implication of the multicultural model for managing diversity is that the system will become less determinate, less standardized, and therefore more fluid.D. Heterogeneity in decisions and problem-solving groups potentially produces better decisions.65. (p. 39) Which of the following cultural diversity arguments states that companies with the best reputations for managing diversity will win the competition for the best personnel?A. System flexibility argumentB. Marketing argumentC. Employee attraction and retention argumentD. Problem-solving argument66. (p. 39) Diversity is important for tapping all of the following skills of employees EXCEPT:A. cultural skills.B. communication skills.C. creativity.D. homogeneous thinking.67. (p. 40) What areas of the legal environment have influenced HRM practices over the past 25 years?A. Equal employment opportunity, safety and health, pay and benefits, privacy, and job security.B. Executive compensation, pay and benefits, workers' compensation, safety and health, and job security.C. Product liability, workers' compensation, equal employment opportunity, safety and health, and labor relations.D. Equal employment opportunity, patent infringement, workers' compensation, safety and health, and job security.68. (p. 40-41) There will likely be continued discussion, debate, and possible legislation in all but one of the following areas in companies. Name the exception.A. Genetic testingB. Glass ceilingC. Employment-at-willD. Design of physical work environment69. (p. 41) Litigation involving job security will have a major influence on human resource management practices because:A. work rules, recruitment practices, and performance evaluation systems might falsely communicate lifetime employment agreements that the company does not intend to honor during layoffs.B. adjustments of test scores to meet affirmative action requirements are now illegal.C. employees now bear the burden of proof in discrimination cases.D. compensation awards for discrimination claims have increased.70. (p. 41) Which of the following is one of the four ethical principles of a successful company?A. Managers assume all responsibility for the actions of the company.B. It has a strong profit orientation.C. Customer, client, and vendor relationships emphasize mutual benefits.D. It does not produce products that can be used for violent purposes.71. (p. 42) Which legislation act sets new strict rules for business especially as regards accounting practices?A. Human Rights Act of 1994B. Reverse Discrimination Act of 1990C. Sarbanes-Oxley Act of 2002D. Corruption and Practices Act of 200072. (p. 43) Which of the following is NOT a standard that human resource managers must satisfy for practices to be ethical?A. Managers must treat employees as family.B. Human resource practices must result in the greatest good for the largest number of people.C. Employment practices must respect basic human rights of privacy, due process, and free speech.D. Managers must treat employees and customers equitably and fairly.73. (p. 45) Exporting jobs from developed to less developed countries is known as:A. insourcing.B. offshoring.C. importing.D. onshoring.74. (p. 47) Exporting jobs to rural parts of the United States is referred to as:A. insourcing.B. offshoring.C. importing.D. onshoring75. (p. 48) Which of the following statements about technology is FALSE?A. The Internet allows employees to locate and gather resources, including software, reports, photos, and videos.B. Technology does not allow older workers to postpone retirement.C. The Internet gives employees instant access to experts whom they can communicate with.D. Technology has made equipment easier to operate, helping companies cope with skill shortages.76. (p. 49) Which of the following is NOT typically true of work teams?A. They are used to increase employee responsibility and control.B. They use cross-training to give employees knowledge on a wide range of skills.C. They frequently select new team members and plan work schedules.D. They assume all of the activities reserved for managers such as controlling, planning, and coordinating activities.77. (p. 49) Which of the following is NOT recommended for supporting work teams?A. Reducing flexibility and interaction between employees to maintain high productivity.B. Giving employees formal performance feedback.C. Linking compensation and rewards with performance.D. Allowing employees to participate in planning changes in equipment, layout, and work methods.78. (p. 49) All of the following statements about cross training are true EXCEPT:A. it provides teams' maximum flexibility.B. it helps in measuring employees' performance.C. it trains employees in a wide range of skills.D. employees can fill any of the roles needed to be performed on the team.79. (p. 50) Company X has offices around the globe. Its teams are separated by time, geographic distance, culture and/or organizational boundaries, and almost rely exclusively on technology for interaction between team members. Its teams are:A. virtual teams.B. geographically-concentrated teams.C. lean teams.D. teleworker teams.80. (p. 50-51) Adaptive organizational structures emphasize:A. efficiency, decision making by managers, and the flow of information from top to bottom of the organization.B. a core set of values, and elimination of boundaries between managers, employees, and organizational functions.C. clear boundaries between managers, employees, customers, vendors, and the functional areas, and a constant state of learning.D. internal linking, external linking, diversification, and a core set of values.81. (p. 51) Which of the following is FALSE about high-involvement, adaptive organizational structures?A. Employees are in a constant state of learning and performance improvement.B. Employees are free to move wherever they are needed in a company.C. Line employees are trained to specialize in one job in order to maximize efficiency.D. Previously established boundaries between managers, employees, customers, and vendors are abandoned.82. (p. 51) Employees in geographically dispersed locations can work together in virtual teams using video, e-mail, and the Internet. This e-HRM implication refers to which aspect of HR?A. RecruitingB. Analysis and design of workC. SelectionD. Compensation and benefits83. (p. 52) From the manager's perspective, an HRIS can be used to perform primarily all but one of the following. Name the exception.A. Support strategic decision makingB. Avoid litigationC. Evaluate programs and policiesD. Motivate employees84. (p. 54) A(n) _____ is a series of indicators or metrics that managers and employees have access to on the company intranet or human resource information system.A. HR dashboardB. balanced scorecardC. web portalD. Intranet85. (p. 54) All of the following HR practices support high-performance work systems EXCEPT:A. employees participate in selection process.B. jobs are designed to use a variety of skills.C. employee rewards are related to company performance.D. individuals tend to work separately.86. (p. 56) Which one of the following is NOT associated with managing the human resource environment?A. Linking HRM practices to the company's business objectives.B. Identifying human resource requirements through human resource planning, recruitment, and selection.C. Ensuring that HRM practices comply with federal, state, and local laws.D. Designing work that motivates and satisfies the employee as well as maximizes customer service, quality, and productivity.87. (p. 56) Economic value is traditionally associated with all of the following EXCEPT:A. equipment.B. technology.C. facilities.D. HRM practices.88. (p. 57) A company's human resource acquisition requirements are influenced by all of the following EXCEPT:A. terminations.B. customer demands for products and services.C. motivation and satisfaction of employees.D. promotions.89. (p. 58) Managing the assessment and development of human resources involves all of the following EXCEPT:A. measuring employees' performance.B. creating an employment relationship and work environment that benefits both the company and the employee.C. recruiting employees and placing them in jobs that best use their skills.D. identifying employees' work interests, goals, and values, and other career issues.90. (p. 58) Besides interesting work, _____ are the most important incentives that companies can offer to its employees.A. training for future work rolesB. beneficial work environmentsC. support for nonwork activitiesD. pay and benefitsEssay Questions91. (p. 8) Name and discuss the competencies that HR professionals need.定义并讨论人力资源专业人员需要的能力1. Credible activist: delivers results with integrity, shares information, builds trusting relationships, and influences others, providing candid observation, taking appropriate risks.2. Cultural steward: facilitates change, develops and values the culture, and helps employees navigate the culture.3. Talent manager/organizational designer: develops talent, designs reward systems, and shapes the organization.4. Strategic architect: recognizes business trends and their impact on the business, evidence-based HR, and develops people strategies that contribute to the business strategy.5. Business ally: understands how the business makes money and the language of the business.6. Operational executor: implements workplace policies, advances HR technology, and administers day-to-day work of managing people.92. (p. 9-10) How has the role of HRM changed in recent years? Discuss three trends that are changing the HRM function. Why have these roles changed?近年来，HRM的角色发生了怎样的变化?讨论三个改变人力资源管理功能的趋势。
自由工作者与全职工作者英语作文
自由工作者与全职工作者英语作文全文共3篇示例，供读者参考篇1The Freelance Life vs The Corporate GrindAs a student about to enter the workforce, one of the biggest decisions I'll have to make is whether to pursue a traditional full-time job or try my hand at freelancing. Both paths have their pros and cons, and it's a decision that will greatly impact my career and lifestyle.On one hand, taking a full-time position with an established company offers stability, benefits, and the chance to climb up the corporate ladder. You get a reliable paycheck every two weeks, health insurance, paid time off, and the potential for promotions and raises if you work hard. There's a certain sense of security in having a steady 9-to-5 job.However, the corporate grind also comes with plenty of downsides. You have to follow someone else's rules, stick to their schedule, and deal with office politics. The hours can be long, the workcan be stressful, and you may have little work-life balance, especially early in your career. And in today's fast-pacedcorporate world, jobs are rarely as secure as they once were –companies restructure, downsize, and let people go all the time.That's one of the major benefits of freelancing – being your own boss. As a freelancer, you get to choose your clients, pick your projects, and set your own hours. No more punching a time clock or asking for vacation days. If you want to work from a beach in Thailand, you can do that. Freelancing allows for much more flexibility and freedom in how you structure your career and lifestyle.Of course, that freedom comes at a cost – no employer-paid benefits and a wildly inconsistent income stream. Your entire livelihood depends on constantly finding new clients and negotiating well for each project. You have to rigorously budget, since money may be pouring in one month and then hardly anything the next. Taxes become more complicated. And you're essentially running your own small business, so you need serious self-discipline and motivation to meet deadlines without anyone looking over your shoulder.Another key difference is the type of work. As a full-time employee, your role is usually more specialized – you're an accountant, a software developer, a marketing coordinator. Your day-to-day is fairly repetitive, deep in the trenches of yourparticular niche. Freelancers, on the other hand, often work on a wider variety of projects that allow them to stretch different muscles. One week, you may be designing logos, the next you're managing someone's social media presence, and after thatyou're consulting on a big website overhaul. The work can be more dynamic and expose you to different fields.The skills required to be successful also diverge. As an employee, you mainly need expertise in your particular domain, whether it's finance, IT, communications, or another specialty. Hard skills reign supreme, along with the ability to be a team player who follows instructions well. With freelancing, you still need competitive expertise in your service offering, whether it's writing, design, coding, consulting, or something else. But you also have to be a self-starter with outstanding time management, customer service, sales, and marketing talents to constantly be winning over new clients.Personally, I can see the appeal of both lifestyles. There's something comforting about the stability and clear path of a corporate career ladder. Having a bi-weekly paycheck and a handful of benefits like health insurance and a 401k would provide peace of mind starting out. And I wouldn't mind puttingin my dues for several years, learning the ropes of an industry before potentially branching out on my own down the road.At the same time, my dream has always been to be an entrepreneur and have full control over my time and career trajectory. The idea of working from anywhere in the world for a diverse array of clients is incredibly enticing. And as someone with interests that span writing, design, marketing, and more, freelancing could allow me to constantly be learning and scratching different creative itches.Perhaps an ideal scenario would be to start out in a full-time role, gain skills and build up savings, and then transition into freelancing after 5 years or so. That could combine the best of both worlds – cutting my teeth in a more structured environment early on while maintaining a financial runway, before going rogue with the freelance lifestyle once I've built up experience, clients, and a safety net of cash reserves.Realistically, the work-for-hire freelance path is quite difficult and unpredictable. Most freelancers struggle with an unstable income unless they can find a way to productize their services or build up a solid base of recurring clients. But if you land on a winning business model as a freelancer, the lifestyle can betough to beat in terms of flexibility, variety of work, and sense of autonomy.Personally, I'm leaning towards testing out the traditional employee route first upon graduating – but I'm keeping an open mind. The line is increasingly blurring between freelancing and full-time work, with the gig economy exploding and more companies open to remote work, project-based roles, and other alternative arrangements. No matter which path I choose initially, the modern workforce is inevitably trending towards more flexibility and self-directed careers in the long run.篇2The Pros and Cons of Being a Freelancer vs a Full-Time EmployeeAs a student about to graduate and enter the workforce, one of the biggest decisions I'll have to make is whether to pursue a traditional full-time job or try my hand at freelancing. Both paths have their own unique advantages and challenges that are important to consider carefully.Let's start by looking at the potential benefits of freelancing. One of the biggest draws is the freedom and flexibility it provides. As a freelancer, you're essentially your own boss - youget to choose which projects you take on, when you work, where you work from, and how much you charge for your services. This level of autonomy is extremely appealing, especially for those of us who don't take well to strict schedules and hierarchies.Freelancing also allows you to be more selective about the type of work you do. Rather than being stuck in a single role at one company, you can pick and choose gigs that align with your skills, interests and values. You might do web design one month, copywriting the next, and take on a consulting project after that. This variety can make for a much more engaging and fulfilling career.Another big plus is the money. Depending on your skills and how you price yourself, freelancers often have the potential to earn significantly more than they could at a traditional job, at least in their particular field and location. There's no corporate gatekeepers dictating how much you can make - it's up to you to maximize your value in the market.On the flip side, freelancing comes with its own set of very real challenges and downsides. Ironically, while we crave flexibility, the unpredictable nature of freelance work can actually make it quite stressful at times. Not knowing where your next paycheck will come from or how much it will be for can makebudgeting and financial planning extremely difficult. You may find yourself going through lean periods with an irregular cash flow.Furthermore, you're on your own when it comes to things like health insurance, retirement contributions, paid time off - all the benefits that traditional employees often take for granted. Measuring and paying your own taxes as a freelancer is yet another administrative burden to bear.Then there's the reality that finding clients and a steady stream of work requires relentless self-marketing and hustle. In many ways, freelancing is like running your own business - you have to constantly be selling your services, networking, updating your portfolio, and dealing with all the back-end logistics that come with being an independent operator.Let's now look at the full-time employee route and what it has going for it. Without question, one of the biggest advantages of a traditional job is the reliability and security it offers. You have a steady paycheck, pre-determined hours, clear responsibilities, benefits, retirement planning assistance, and a sense of certainty that makes life easier to manage financially and mentally.Beyond that, being an employee at an established company means you get access to tools, resources, colleagues, mentors, and professional development opportunities that would be difficult or costly to attain on your own as a freelancer. There's an inherent team environment and social element that solo entrepreneurs often miss out on.That said, the employee lifestyle does come with some significant tradeoffs. Rigid schedules, office politics, capped salaries, limited upside, and having to follow someone else's rules and processes - all of these can feel stifling to those with a more independent spirit. Employees simply don't have the same level of autonomy and creative control as freelancers do over their careers.Then there's the risk of getting stuck in a role or at a company that doesn't allow for growth or pathways to pursue your true callings and passions. As an employee, you may find yourself boxed into whatever position and responsibilities your job description stipulates, rather than being able to adapt your work to your evolving interests.So those are some of the key factors to weigh as I ponder which route to take. Based on my own personality, goals andlifestyle preferences, I can certainly see the appeal of both freelancing and full-time employment.On one hand, the freedom, flexibility and income potential of freelancing is quite alluring. The idea of being my own boss, setting my own schedule, choosing my own projects and not having to answer to anyone is very enticing. The variety of work would help satisfy my creative drive and tendency to get bored easily. And of course, the earnings upside is hard to ignore if I'm able to build a successful freelance career.However, the nomadic, unpredictable nature of freelancing does give me some pause. I'm not sure how I'd deal with the irregular cash flow and constant pressures of finding new work. While I crave autonomy, I also value having a steady routine and a secure financial foundation. There's a part of me that craves the certainty and work-life balance of a stable 9-to-5 job.Additionally, I do worry about feeling isolated and disconnected by working as a solo freelancer all the time. As an extrovert, I think I'd miss the camaraderie and social aspects of being part of a company's culture and workforce. I tend to thrive in collaborative environments where I can bounce ideas off colleagues.At the end of the day, I don't think there's necessarily a right or wrong path - both freelancing and full-time employment have their merits and downsides. It really comes down to being honest with yourself about your personality, work ethic, goals and lifestyle priorities.Perhaps the ideal scenario could be to start off with afull-time job early in my career. This would allow me to gain some stable work experience and income while taking advantage of employer-provided benefits, mentorship and professional development resources. Then, once I've built up skills, connections and savings, I could try transitioning into freelancing down the road when I have more financial flexibility and clarity around the type of work I want to pursue.Or maybe a compromise could be to take on some side freelancing gigs while still working full-time, at least initially. This would let me taste that freelance lifestyle while still having a steady income source.No matter what I choose, I'm grateful to have options and that the modern workforce provides such flexibility compared to previous generations. The ability to custom-design the type of career I want is an incredible privilege. All I can do is be thoughtful in weighing the tradeoffs, get some real-worldexperience under my belt, and have the courage tocourse-correct as needed along the way. The path is unlikely to be linear, but that's all part of the journey.篇3Freelancers vs Full-Time EmployeesAs a student about to enter the workforce, one of the biggest decisions I'll have to make is whether to pursue freelance work or a traditional full-time job. Both paths have their own advantages and disadvantages that are important to consider.The life of a freelancer can be extremely appealing, especially for those craving independence and flexibility. Freelancers get to be their own bosses - they decide when and where they work, what projects they take on, and how much they charge for their services. This level of autonomy is a freelancer's biggest draw. If you want to work from a beach in Thailand, you can. If you prefer keeping irregular hours, nothing is stopping you. Freelancers truly have the ability to design their work life in a way that suits them best.In addition to flexibility, freelancing allows you to be more diversified in the work you do. Rather than being tied to one company or industry, freelancers can take on a variety of projectsfor different clients. This variety prevents the work from becoming stale or routine. You're constantly being exposed to new challenges which can make you a more well-rounded professional. Personally, the idea of constantly being able to learn new skills is very exciting to me.However, the freelance lifestyle also comes with some significant downsides that need to be carefully weighed. Irregular income is one of the biggest challenges freelancers face. Unless you are extremely disciplined and have steady work lined up, your income can fluctuate wildly from month to month. This financial unpredictability can cause a lot of stress and requires meticulous budgeting. Freelancers also have to pay for their own health insurance and save for retirement completely on their own, which are benefits typically provided by full-time employers.Beyond financial instability, freelancing can also be a lonely endeavor. Since you don't have coworkers or an office environment, there is a lot less human interaction and team camaraderie. Some freelancers struggle with this isolation and lack of community. Personally, I think I would miss the social aspects of an office very much if I went the freelance route.Alternatively, taking a more traditional full-time job provides several advantages that freelancing does not. Most importantly, it offers financial security and predictability. With a steady paycheck, you don't have to constantly stress about finding new work and acquiring clients. Full-time employees also receive benefits like health insurance, retirement plans, paid time off, and other perks.The office environment of a full-time job also facilitates more structure, supervision, and collaboration. You have set hours, a manager providing guidance, and coworkers to bounce ideas off of. For someone just starting their career who wants more mentorship, this structure can be really beneficial for professional growth. The team atmosphere pushes you to stay motivated and get exposure to different perspectives.That said, the office life is not for everyone - it can feel restrictive and monotonous to some. You lose much of the flexibility and independence that freelancing provides. You are also generally limited to working within one specific company or industry, rather than being able to diversity your experience.So which path should I choose - freelancing or full-time employment? Honestly, there is no objectively correct answer. Itcompletely depends on personal factors like lifestyle preferences, financial situation, personality type, and career goals.If I want a more stable income, benefits, and office camaraderie, then a full-time role may be better suited for me at this stage of my career. However, if I crave more independence, variety, and flexibility in my work, then freelancing could allow me to truly design my ideal work-life balance. I would just need to be prepared for the inconsistent pay and potential loneliness that freelancing brings.Perhaps the best path for me is somewhere in the middle - taking a full-time job initially to build up experience and a financial runway, and then eventually transitioning into freelancing once I've gained some professional skills and a savings cushion. Or I could look for an opportunity that blends aspects of both, like being an on-site contractor or freelancing for one company consistently. The great thing is that in today's modern workforce, there are so many possibilities that allow you to craft your perfect work scenario.No matter what I choose now, chances are I'll experience being both a freelancer and a full-time employee at various points throughout my career journey. The working world is becoming increasingly dynamic and non-linear. While thedecision isn't an easy one, I'm excited to have so many options available to me as I take my first steps into the professional realm. It's all about understanding myself - my goals, my personal needs, my strengths - and then selecting the path that will allow me to live most fully while growing into the person and professional I aspire to become.。
财务管理英文课件Operating-and-Financial-Leverage.ppt
Impact of Operating Leverage on Profits
(in thousands) Firm F Firm V Firm 2F
Sales
$15
Operating Costs
$16.5 $29.25
Fixed
7
Variable
3
Operating Profit $ 5
Break-Even (Quantity) Point
Break-Even Point -- The sales volume required so that total revenues and total costs are equal; may be in units or in sales dollars.
volume.
When studying operating leverage, profits refers to operating profits before taxes (i.e., EBIT) and excludes
debt interest and dividend payments.
16-1
Operating Leverage
Operating Leverage -- The use of fixed operating costs by the firm.
One potential effect caused by the presence of operating leverage is that a change in the volume of sales results in a more than proportional change in operating profit (or loss).
2024年研究生考试考研英语(二204)试题与参考答案
2024年研究生考试考研英语(二204)复习试题与参考答案一、完型填空（10分）Section A: Reading Comprehension (Part A: Multiple Choice Questions)In this section, there is a passage with 20 blanks. For each blank in the passage, there are four choices marked A, B, C, and D. You should choose the ONE that best fits into the passage.The world of fashion is an ever-changing landscape, where trends come and go with the speed of light. The following passage explores the dynamics of this dynamic industry.Fashion designers often work under immense pressure to keep up with the latest trends. The competition to create unique and eye-catching designs is fierce. (1)________, they are expected to produce new collections every few months, which can be quite a challenge.1.A. Despite this high demandB. Because of this high demandC. However, this high demandD. In order to meet this high demandFashion weeks, held in major cities around the world, are where new trendsare showcased to the public. (2)________, these events are a mix of glamour and chaos, attracting thousands of fashion enthusiasts and industry professionals.2.A. ConsequentlyB. MoreoverC. HoweverD. NeverthelessDesigners must be aware of the cultural and social contexts of their audiences to create designs that resonate. (3)________, understanding consumer behavior is crucial in the fashion industry.3.A. FurthermoreB. In contrastC. MoreoverD. NonethelessThe process of creating a new collection is both creative and logistical. First, designers brainstorm ideas and sketch their concepts. (4)________, they need to source fabrics, materials, and accessories.4.A. NextB. ThereforeC. HoweverD. Moreover(5)________, designers must also consider the sustainability and ethical aspects of their work.B. ConsequentlyC. HoweverD. MoreoverOnce the collection is complete, it is presented to buyers, who decide whether to purchase the designs for their stores. (6)________, this stage is critical to a designer’s success.6.A. As a resultB. MoreoverC. HoweverD. ConsequentlyFashion is not just about clothing; it is a reflection of personal style and identity. (7)________, it can also be a powerful statement about social issues and causes.7.A. AlthoughB. HoweverC. MoreoverD. FurthermoreThe impact of social media on the fashion industry cannot be overstated. Platforms like Instagram and TikTok have given designers a global audience and a direct line to consumers. (8)________, this has transformed the way fashion trends are discovered and followed.B. ConsequentlyC. HoweverD. MoreoverFashion is a global industry, but it is also deeply rooted in local cultures.(9)________, designers must balance the desire to be innovative with the need to respect and incorporate traditional elements.9.A. ConsequentlyB. MoreoverC. HoweverD. NeverthelessThe economic aspect of the fashion industry is significant, with billions of dollars spent on clothing and accessories each year. (10)________, the industry faces challenges such as overproduction and waste.10.A. AdditionallyB. ConsequentlyC. HoweverD. MoreoverAnswers:1.A2.B3.A4.A5.A6.A7.C8.A9.B10.C二、传统阅读理解（本部分有4大题，每大题10分，共40分）第一题Reading PassageIn the wake of the global financial crisis, there has been a growing interest in the role of corporate governance in shaping a company’s financial performance. Corporate governance refers to the system by which businesses are directed and controlled. It in cludes the relationships between a company’s management, its board, its shareholders, and other stakeholders. The effectiveness of corporate governance has become a key issue for investors and regulators alike.The crisis exposed several weaknesses in the traditional models of corporate governance, particularly those that rely heavily on external oversight. Critics argue that such models are prone to conflicts of interest, lack transparency, and can be influenced by short-term financial pressures. In contrast, somescholars advocate for a more inclusive approach that involves a stronger role for shareholders and a focus on long-term value creation.The following passage discusses the impact of corporate governance on a company’s financial performance.PassageThe impact of corporate governance on a company’s financial performance is a topic of considerable debate. Studies have shown that well-governed companies tend to outperform their poorly governed counterparts. This is attributed to several factors. Firstly, effective governance structures ensure that decisions are made with the best interests of shareholders in mind. Secondly, strong corporate governance promotes accountability and transparency, which can enhance investor confidence. Lastly, good governance practices often lead to better risk management and strategic planning.However, the relationship between corporate governance and financial performance is complex and multifaceted. It is not always the case that better governance leads to better financial results. For instance, excessive shareholder activism can disrupt management and hinder the company’s ability to execute its business strategy. Moreover, the quality of governance can vary significantly across different industries and regions.1、What is the main focus of the passage?A. The causes of the global financial crisisB. The effectiveness of traditional corporate governance modelsC. The role of shareholders in corporate governanceD. The relationship between corporate governance and financial performance2、According to the passage, what is one factor that contributes towell-governed companies outperforming others?A. Lack of shareholder activismB. Strong corporate governance structuresC. Short-term financial pressuresD. Excessive oversight by external bodies3、Which of the following is NOT mentioned as a factor contributing to better financial performance?A. AccountabilityB. TransparencyC. Strategic planningD. Long-term financial planning4、What does the passage suggest about the relationship between corporate governance and financial performance?A. It is always a positive correlation.B. It is complex and multifaceted.C. It is influenced by shareholder activism.D. It is only relevant in well-governed companies.5、The author’s attitude towards the effectiveness of traditional corporate governance models can be best described as:A. SkepticalB. SupportiveC. IndifferentD. CriticalAnswers1、D2、B3、D4、B5、D第二题Passage:The digital age has revolutionized the way we communicate and access information. With the advent of the internet and social media, the traditional newspaper industry has faced significant challenges. One such challenge is the declining circulation of print newspapers. This essay explores the reasons behind the decline and discusses the impact it has on journalism and society.In the past, newspapers were the primary source of news and information for most people. They provided comprehensive coverage of local, national, and international events. However, the rise of the internet has changed the landscape. People now have access to news and information at their fingertips, often from sources that are not as reliable as traditional newspapers. This shifthas led to a decrease in print newspaper circulation.Several factors contribute to the decline of print newspapers. Firstly, the internet offers convenience and speed. People can get news updates in real-time, without the need to wait for the morning newspaper to arrive. Secondly, the cost of purchasing a newspaper is a significant factor. Many people find it more cost-effective to access news online for free. Lastly, the traditional newspaper format is often considered outdated by younger generations, who are more accustomed to digital media.The decline of print newspapers has had a profound impact on journalism. With reduced circulation, newspapers are facing financial difficulties, which can lead to cutbacks in staff and resources. This, in turn, can result in a loss of quality and diversity in news reporting. Additionally, the decline of print newspapers has implications for the democratic process. Informed citizens are essential for a healthy democracy, and the availability of diverse news sources is crucial for fostering an informed electorate.Despite the challenges, there is hope for the future of journalism. Many newspapers have adapted by embracing digital technologies. They are investing in online platforms and mobile applications to reach a wider audience. Some have even started experimenting with virtual reality to provide immersive news experiences. These innovations may help newspapers survive and thrive in the digital age.Questions:1、What is the main topic of the passage?A. The benefits of digital media over print mediaB. The challenges faced by the traditional newspaper industryC. The impact of the internet on news consumption habitsD. The future of journalism in the digital age2、Which of the following is NOT mentioned as a contributing factor to the decline of print newspapers?A. The convenience and speed of the internetB. The cost of purchasing a newspaperC. The preference for digital media among younger generationsD. The quality of news reporting in print newspapers3、According to the passage, what is the potential consequence of the decline in newspaper circulation?A. An increase in the number of reliable news sources onlineB. A loss of quality and diversity in news reportingC. A more informed and engaged citizenryD. A decrease in the number of journalists4、How are newspapers adapting to the digital age according to the passage?A. By reducing their staff and resourcesB. By embracing digital technologies and online platformsC. By focusing on local news and community engagementD. By charging for access to their online content5、What is the author’s overall tone regarding the future of journalism?A. PessimisticB. OptimisticC. IndifferentD. ConfusedAnswers:1、B2、D3、B4、B5、B第三题The following is a passage from a recent article on the impact of technology on education. Read the passage carefully and answer the questions that follow.Technology has revolutionized the way we live, work, and learn. In the realm of education, the integration of technology has brought about significant changes. One of the most notable advancements is the use of online learning platforms, which have become increasingly popular among students and educators alike. These platforms offer flexibility, convenience, and access to a vast array of resources. However, despite these benefits, there are concerns about the effectiveness of online learning and its impact on traditional educational methods.Online learning platforms provide students with the opportunity to study at their own pace and from the comfort of their homes. This flexibility is particularly appealing to working professionals who wish to further their education without interrupting their careers. Moreover, these platforms often feature interactive elements such as videos, quizzes, and forums, which enhance the learning experience. Educators also benefit from these tools, as they can reach a wider audience and provide personalized feedback to students.Despite the advantages, some argue that the lack of face-to-face interaction in online learning can hinder the development of crucial skills such as critical thinking and communication. Traditional classroom settings offer a dynamic environment where students can engage in discussions, ask questions, and learn from each other. Furthermore, the social aspects of education, such as teamwork and networking, are often diminished in online environments.1、What is one significant advantage of online learning platforms mentioned in the passage?2、How do online learning platforms benefit educators?3、What is a concern expressed about online learning in terms of student development?4、According to the passage, what is often diminished in online environments?5、What is the author’s overall stance on the impact of technology on education?1、The opportunity to study at one’s own pace and from the comfort of their homes.2、The ability to reach a wider audience and provide personalized feedback to students.3、The lack of face-to-face interaction can hinder the development of crucial skills such as critical thinking and communication.4）The social aspects of education, such as teamwork and networking.5）The author acknowledges the benefits of technology in education but also expresses concerns about its impact on traditional methods and student development.第四题Passage:The rise of the internet has had a profound impact on the way people communicate, access information, and conduct business. One of the most significant changes brought about by the internet is the shift from traditional, print-based media to digital, online media. This shift has been particularly noticeable in the realm of news reporting and consumption. While traditional media outlets like newspapers and magazines have been slow to adapt, the rise of online news platforms has transformed the industry.1、The first paragraph primarily discusses:A. The negative effects of the internet on traditional media.B. The impact of the internet on various aspects of human life.C. The transformation of the news industry due to the internet.D. The slow adaptation of traditional media outlets to the internet.2、The word “profound” in the first sentence is closest in meaning to:A. Temporary.B. Shallow.C. Deep.D. Irrelevant.3、Which of the following is NOT mentioned as a change brought about by the internet in the first paragraph?A. The way people communicate.B. The way people access information.C. The way people consume media.D. The way people write letters.4、The phrase “slow to adapt” in the second paragraph suggests that:A. Traditional media outlets have quickly embraced the internet.B. Traditional media outlets have been resistant to change.C. Traditional media outlets are the fastest-growing segment of the industry.D. Traditional media outlets have been more successful than online platforms.5、The author’s tone throughout the passage can best be described as:A. Critical.B. Objective.C. Supportive.D. Enthusiastic.Answers:1、C2、C3、D4、B5、B三、阅读理解新题型（10分）Passage:Astronomy, the study of the universe, has always been a popular field of research. With the advancement of technology, we have been able to explore the cosmos and uncover many fascinating facts about our universe. One of the most intriguing discoveries is the existence of exoplanets, or planets outside our solar system. These planets have different characteristics and environments compared to those in our solar system, which makes them a subject of great interest for scientists.Exoplanets come in various sizes and orbit their stars at different distances. Some of them are located in the habitable zone, where conditions mightallow for the existence of liquid water on their surfaces. This has sparked a hope that we might find signs of life on these distant worlds. However, the search for life on exoplanets is not an easy task, as the conditions on these planets can be extremely harsh.To study exoplanets, scientists use a variety of techniques, including the transit method, the radial velocity method, and the direct imaging method. The transit method involves observing the brightness of a star as an exoplanet passes in front of it, which can reveal the size and orbit of the planet. The radial velocity method measures the tiny wobbles of a star caused by the gravitational pull of an orbiting exoplanet, allowing scientists to estimate its mass. The direct imaging method is the most challenging but provides detailed information about the planet’s surface, atmosphere, and orbit.Despite the progress made in exoplanet research, there are still many challenges ahead. One of the challenges is the difficulty in observing exoplanets due to their immense distance from Earth. Another challenge is the limited information we have about these planets, as most of the data comes from indirect observations. However, as technology continues to improve, scientists are optimistic that we will be able to overcome these challenges and learn more about the mysterious exoplanets.Questions:1.What is the main topic of the passage?a) The history of astronomyb) The existence of exoplanetsc) The challenges of studying exoplanetsd) The different methods used to study exoplanets2.Why are exoplanets of great interest to scientists?a) They are easier to study than planets in our solar systemb) They might contain signs of lifec) They have unique characteristics and environmentsd) They are located in the habitable zone3.According to the passage, what is the transit method used for?a) Measuring the mass of an exoplanetb) Observing the surface of an exoplanetc) Estimating the size and orbit of an exoplanetd) Measuring the wobbles of a star4.What is one of the challenges in studying exoplanets?a) The difficulty in observing them due to their distance from Earthb) The limited information we have about these planetsc) The harsh conditions on exoplanetsd) The limited technology available for studying exoplanets5.What can be concluded about the future of exoplanet research from the passage?a) It will be abandoned due to the challenges involvedb) It will be limited to indirect observations onlyc) It will continue to progress as technology improvesd) It will be focused on studying only the planets in our solar systemAnswers:1.b2.b3.c4.a5.c四、翻译（本大题有5小题，每小题3分，共15分）第一题Translate the following Chinese passage into English.中文段落：随着互联网技术的飞速发展，人们的生活方式发生了翻天覆地的变化。
企业营运资金管理中英文对照外文翻译文献
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：Effects Of Working Capital Management On Sme ProfitabilityThe corporate finance literature has traditionally focused on the study of long-term financial decisions. Researchers have particularly offered studies analyzing investments, capital structure, dividends or company valuation, among other topics. But the investment that firms make in short-term assets, and the resources used with maturities of under one year, represent the main share of items on a firm’s balance sheet. In fact, in our sample the current assets of small and medium-sized Spanish firms represent 69.48 percent of their assets, and at the same time their current liabilities represent more than 52.82 percent of their liabilities.Working capital management is important because of its effects on the firm’s profitability and risk, and consequently its value (Smith, 1980). On the one hand, maintaining high inventory levels reduces the cost of possible interruptions in the production process, or of loss of business due to the scarcity of products, reducessupply costs, and protects against price fluctuations, among other advantages (Blinder and Manccini, 1991). On the other, granting trade credit favors the firm’s sales in various ways. Trade credit can act as an effective price cut (Brennan, Maksimovic and Zechner,1988; Petersen and Rajan, 1997), incentivizes customers to acquire merchandise at times of low demand (Emery, 1987), allows customers to check that the merchandise they receive is as agreed (quantity and quality) and to ensure that the services contracted are carried out (Smith, 1987), and helps firms to strengthen long-term relationships with their customers (Ng, Smith and Smith, 1999). However, firms that invest heavily in inventory and trade credit can suffer reduced profitability. Thus,the greater the investment in current assets, the lower the risk, but also the lower the profitability obtained.On the other hand, trade credit is a spontaneous source of financing that reduces the amount required to finance the sums tied up in the inventory and customer accounts. But we should bear in mind that financing from suppliers can have a very high implicit cost if early payment discounts are available. In fact the opportunity cost may exceed 20 percent, depending on the discount percentage and the discount period granted (Wilner,2000; Ng, Smith and Smith, 1999). In this respect, previous studies have analyzed the high cost of trade credit, and find that firms finance themselves with seller credit when they do not have other more economic sources of financing available (Petersen and Rajan, 1994 and 1997).Decisions about how much to invest in the customer and inventory accounts, and how much credit to accept from suppliers, are reflected in the firm’s cash conve rsion cycle, which represents the average number of days between the date when the firm must start paying its suppliers and the date when it begins to collect payments from its customers. Some previous studies have used this measure to analyze whether shortening the cash conversion cycle has positive or negative effects on the firm’s profitability.Specifically, Shin and Soenen (1998) analyze the relation between the cash conversion cycle and profitability for a sample of firms listed on the US stock exchange during the period 1974-1994. Their results show that reducing the cash conversion cycle to a reasonable extent increases firms’ profitability. More recently,Deloof (2003) analyzes a sample of large Belgian firms during the period 1992-1996. His results confirm that Belgian firms can improve their profitability by reducing the number of days accounts receivable are outstanding and reducing inventories. Moreover, he finds that less profitable firms wait longer to pay their bills.These previous studies have focused their analysis on larger firms. However, the management of current assets and liabilities is particularly important in the case of small and medium-sized companies. Most of these companies’ assets are in the form of current assets. Also, current liabilities are one of their main sources of external finance in view of their difficulties in obtaining funding in the long-term capital markets(Petersen and Rajan, 1997) and the financing constraints that they face (Whited, 1992; Fazzari and Petersen, 1993). In this respect, Elliehausen and Woken (1993), Petersen and Rajan (1997) and Danielson and Scott (2000) show that small and medium-sized US firms use vendor financing when they have run out of debt. Thus, efficient working capital management is particularly important for smaller companies (Peel and Wilson,1996).In this context, the objective of the current work is to provide empirical evidence about the effects of working capital management on profitability for a panel made up of 8,872 SMEs during the period 1996-2002. This work contributes to the literature in two ways. First, no previous such evidence exists for the case of SMEs. We use a sample of Spanish SMEs that operate within the so-called continental model, which is characterized by its less developed capital markets (La Porta, López-de-Silanes, Shleifer, and Vishny, 1997), and by the fact that most resources are channeled through financial intermediaries (Pampillón, 2000). All this suggests that Spanish SMEs have fewer alternative sources of external finance available, which makes them more dependent on short-term finance in general, and on trade credit in particular. As Demirguc-Kunt and Maksimovic (2002) suggest, firms operating in countries with more developed banking systems grant more trade credit to their customers, and at the same time they receive more finance from their own suppliers. The second contribution is that, unlike the previous studies by Shin and Soenen (1998) and Deloof (2003), in the current work we have conducted tests robust to the possible presence ofendogeneity problems. The aim is to ensure that the relationships found in the analysis carried out are due to the effects of the cash conversion cycle on corporate profitability and not vice versa.Our findings suggest that managers can create value by reducing their firm’s number of days accounts receivable and inventories. Similarly, shortening the cash conversion cycle also improves the firm’s profitability.We obtained the data used in this study from the AMADEUS database. This database was developed by Bureau van Dijk, and contains financial and economic data on European companies.The sample comprises small and medium-sized firms from Spain. The selection of SMEs was carried out according to the requirements established by the European Commission’s recommendation 96/280/CE of 3 April, 1996, on the definition of small and medium-sized firms. Specifically, we selected those firms meeting the following criteria for at least three years: a) have fewer than 250 employees; b) turn over less than €40 million; and c) possess less than €27 million of total assets.In addition to the application of those selection criteria, we applied a series of filters. Thus, we eliminated the observations of firms with anomalies in their accounts, such as negative values in their assets, current assets, fixed assets, liabilities, current liabilities, capital, depreciation, or interest paid. We removed observations of entry items from the balance sheet and profit and loss account exhibiting signs that were contrary to reasonable expectations. Finally, we eliminated 1 percent of the extreme values presented by several variables. As a result of applying these filters, we ended up with a sample of 38,464 observations.In order to introduce the effect of the economic cycle on the levels invested in working capital, we obtained information about the annual GDP growth in Spain from Eurostat.In order to analyze the effects of working capital management on the firm’s profitability, we used the return on assets (ROA) as the dependent variable. We defined this variable as the ratio of earnings before interest and tax to assets.With regards to the independent variables, we measured working capitalmanagement by using the number of days accounts receivable, number of days of inventory and number of days accounts payable. In this respect, number of days accounts receivable (AR) is calculated as 365 ×[accounts receivable/sales]. This variable represents the average number of days that the firm takes to collect payments from its customers. The higher the value, the higher its investment in accounts receivable.We calculated the number of days of inventory (INV) as 365 ×[inventories/purchases]. This variable reflects the average number of days of stock held by the firm. Longer storage times represent a greater investment in inventory for a particular level of operations.The number of days accounts payable (AP) reflects the average time it takes firms to pay their suppliers. We calculated this as 365 × [accounts payable/purchases]. The higher the value, the longer firms take to settle their payment commitments to their suppliers.Considering these three periods jointly, we estimated the cash conversion cycle(CCC). This variable is calculated as the number of days accounts receivable plus thenumber of days of inventory minus the number of days accounts payable. The longerthe cash conversion cycle, the greater the net investment in current assets, and hence the greater the need for financing of current assets.Together with these variables, we introduced as control variables the size of the firm, the growth in its sales, and its leverage. We measured the size (SIZE) as the logarithm of assets, the sales growth (SGROW) as (Sales1 –Sales0)/Sales0, the leverage(DEBT) as the ratio of debt to liabilities. Dellof (2003) in his study of large Belgian firms also considered the ratio of fixed financial assets to total assets as a control variable. For some firms in his study such assets are a significant part of total assets.However our study focuses on SMEs whose fixed financial assets are less important. In fact, companies in our sample invest little in fixed financial assets (a mean of 3.92 percent, but a median of 0.05 percent). Nevertheless, the results remain unaltered whenwe include this variable.Furthermore, and since good economic conditions tend to be reflected in a firm’sprofitability, we controlled for the evolution of the economic cycle using the variable GDPGR, which measures the annual GDP growth.Current assets and liabilities have a series of distinct characteristics according to the sector of activity in which the firm operates. Thus, Table I reports the return on assets and number of days accounts receivable, days of inventory, and days accounts payable by sector of activity. The mining industry and services sector are the two sectors with the highest return on their assets, with a value of 10 percent. Firms that are dedicated to agriculture, trade (wholesale or retail), transport and public services, are some way behind at 7 percent.With regard to the average periods by sector, we find, as we would expect, that the firms dedicated to the retail trade, with an average period of 38 days, take least time to collect payments from their customers. Construction sector firms grant their customers the longest period in which to pay –more than 145 days. Next, we find mining sector firms, with a number of days accounts receivable of 116 days. We also find that inventory is stored longest in agriculture, while stocks are stored least in the transport and public services sector. In relation to the number of days accounts payable, retailers (56 days) followed by wholesalers (77 days) pay their suppliers earliest. Firms are much slower in the construction and mining sectors, taking more than 140 days on average to pay their suppliers. However, as we have mentioned, these firms also grant their own customers the most time to pay them. Considering all the average periods together, we note that the cash conversion cycle is negative in only one sector – that of transport and public services. This is explained by the short storage times habitual in this sector. In this respect, agricultural and manufacturing firms take the longest time to generate cash (95 and 96 days, respectively), and hence need the most resources to finance their operational funding requirements.Table II offers descriptive statistics about the variables used for the sample as a whole. These are generally small firms, with mean assets of more than €6 milli on; their return on assets is around 8 percent; their number of days accounts receivable is around 96 days; and their number of days accounts payable is very similar: around 97 days. Together with this, the sample firms have seen their sales grow by almost 13percent annually on average, and 24.74 percent of their liabilities is taken up by debt. In the period analyzed (1996-2002) the GDP has grown at an average rate of 3.66 percent in Spain.Source: Pedro Juan García-Teruel and Pedro Martínez-Solano ,2006.“Effects of Working Capital Management on SME Profitability” .International Journal of Managerial Finance ,vol. 3, issue 2, April,pages 164-167.译文：营运资金管理对中小企业的盈利能力的影响公司理财著作历来把注意力集中在了长期财务决策研究，研究者详细的提供了投资决策分析、资本结构、股利分配或公司估值等主题的研究，但是企业投资形成的短期资产和以一年内到期方式使用的资源，表现为公司资产负债表的有关下昂目的主要部分。
公共课英语一模拟题2020年_真题-无答案
公共课英语一模拟题2020年(211)(总分100,考试时间180分钟)阅读理解When it comes to Barbie's body, it will no longer be one size fits all. On Thursday, Mattel unveiled curvy, petite and tall versions of its iconic fashion doll whose unrealistically thin shape has attracted criticism for decades. The three body types will also be sold in an assortment of skin tones, eye colors and hairstyles.The move is about more than just making Barbie look different. While Barbie was once Mattel's powerhouse brand, sales have plummeted in recent years as the doll has struggled to remain relevant to little girls who do not look like her and who play with toys other than dolls. "This is about drawing a wider demographic that had turned away from Barbie back to Barbie," said Jim Silver, the editor of a toy review website.But some industry experts and academics have long doubted that cosmetic changes—whether racial or body shapes—can revive the popularity of the 57-year-old Barbie, whose sales have been declining by double-digits in recent years. Executives have been optimistic, pointing to signs that Barbie's in-store sales began picking up last year.The slumping sales may also be partly attributed to the shift away from traditional toys toward electronics and games in recent years, as many parents and children have clamored for less gender-specific toys. Even Lego, the world's top toymaker, has had to alter its strategy and some of its building block lines to accommodate the growth in the market for learning toys that appeal to boys and girls. Faced with weakening sales in its core brands like Barbie, and criticism that it was too slow to pick up on trends, Mattel has undertaken a number of efforts to improve innovation.Barbie's new shapes also coincide with a progressive cultural shift already underway in stores and the toy aisles. Parents and many health experts **plained that too many dolls, models and even **panies conform to an extremely thin, even anorexic, body type and have pressured corporations to offer a broader variety of images and apparel sizes to give girls and boys more confidence in their own body shapes.And some parents, concerned about negative gender stereotypes (a racecar for a son, a princess doll for a daughter), have pushed retailers into more gender-neutral territory. The Disney Store, for example, decided to label all of its children's Halloween costumes as "for kids," as opposed to for boys or girls. Amazon, which by some measures accounts for more than half of all online sales, has banished gender distinctions for its toys.1. 1.According to Jim Silver, Barbie adds curvy, petite and tall to body shapes in order to____.A. make Barbie look different in skin tones, eye colors and hairstylesB. cater to girls who do not look like Barbie and who play with other toysC. let a wider range of people who lose interest in Barbie like Barbie againD. let more people from different countries who have never known Barbie love Barbie2. 2.What do some industry experts and academics think of Barbie's change?A. It's too old for Barbie to vary its race and body shapes.B. The change of makeup may not make Barbie popular again.C. Barbie can not be in accordance with customer preferences.D. Barbie can represent more girls with different racial and body shapes.3. 3.Which of the following can be inferred from Paragraph 4?A. Electronics and games tend to be less gender-specific.B. Lego will offer girls more career-oriented toys.C. Lego will shift all of its energies to producing learning toys.D. Mattel is not good at using new technology and innovative approach.4. 4.According to the passage, parents and many health experts____.A. complain that there are too many dolls and modelsB. think that an extremely thin body type is comfortableC. force **pany to bring pressure to other corporationsD. hope that children are more confident of their own body shapes5. 5.The introduction of Disney and Amazon helps to illustrate that____.A. they try to help kids build self-confidenceB. there is no basis for some parents'concernsC. they reject the negative gender stereotypes from the startD. there are some clothes and toys that are less gender-specific in retail storesDecember 21 marked an epoch. Psy, the stage name of 34-year-old Park Jae-sang, became the first artist to get 1 billion views on YouTube with Gangnam Style. But global blockbuster hits, in whatever genre, **e to seem a US niche market. It was Michael Jackson's popularity in the 1980s that started this global style in pop culture. In contrast to, say, The Beaties, who had an unmistakably English style that became globally popular, Jackson's music, an ingenious collection of disco rhythms and nonsense phrases, didn't seem to come from any culture.Why have Americans so dominated the globalised part of popular culture up till now? The UShas little in the way of cultural infrastructure abroad, like Germany's Goethe Institutes or the British Council. And that should not matter.The US has benefited from intangible advantages. It uses the lingua franca, the cultural equivalent of printing a reserve currency. Their home audience may be the pivotal advantage US artists have. As the writer Todd Gitlin put it years ago: "By the time it leaves our shores, US popular culture has been ' pretested' in a heterogeneous public—a huge internal market with hybrid tastes and a tradition of juxtaposition and recombining disparate elements, melting them down into a Hollywood melange."But you could as easily say "dumbing down" as "melting down" . Culturally speaking, the diverse US audience gives and it takes away. An American artist who wants to appeal to a variety of US **munities does so not by mastering the cultures of others but by stripping away those elements of his own that might require explanation. US society is indeed diverse, but for that very reason American popular culture is homogeneous.Americans understand this poorly. What the US has is not a national genius but wealth, prestige and glamour. The world is always curious about how wealthy, prestigious and glamorous people dance, fight and fall in love. Obviously, the producers and venture capitalists who drive the entertainment industry will happily turn their focus towards any country that can produce blockbusters.But the heart of the problem is elsewhere. Should the US reputation for mismanagement, profligacy and trillion-dollar government deficits continue to grow, non-US corporate executives would at some point ask why they are paying an architect to design a conference room like those in Manhattan. Culture follows wealth, prestige and glamour. As the US share of these declines, the world's viewers **e to prefer Sleepless in Seoul to Sleepless in Seattle.6. 6.It can be learned from the first paragraph that____.A. Psy hit No. 1 for his non-Anglo American styleB. Gangnam Style didn't make a global blockbusterC. Michael Jackson's music reflected no bordersD. The Beaties beat Jackson with their clear-cut phraseology7. 7.Todd Gitlin's words are cited to illustrate that American artists____.A. benefit from using the lingua francaB. profit by their diverse home audienceC. have been put in severe testsD. are getting dumbed down8. 8.The author suggests that the effect of the diverse US audience in American popular culture is____.A. harmfulB. profoundC. questionableD. double-edged9. 9.It's implied in Paragraph 5 that Americans____.A. misjudge the intention of people abroad buying from themB. exaggerate the role of creativity in their popular cultureC. overestimate the glamour of their popular cultureD. fail to meet the needs of the producers and venture capitalists10. 10.The last sentence of the text actually means that____.A. the US economy is losing its world leading positionB. the Korean culture is gaining its global popularityC. the US culture is weakening its leading roleD. the US culture is giving its place to the Korean oneTwenty years ago a debate erupted about whether there were specific "Asian values" . But a more intriguing, if less noticed, argument was that traditional family values were stronger in Asia than in America and Europe, and this partly accounted for Asia's economic success. In the words of Lee Kuan Yew, former prime minister of Singapore, the Asian family encouraged "scholarship and hard work and thrift" .His claim appears persuasive. In most of Asia, marriage is widespread and illegitimacy almost unknown. In contrast, half of marriages in some Western countries end in divorce, and half of all children are born outside wedlock. Yet marriage is changing fast in Asia. The changes are different from those that took place in the West in the second half of the 20th century. What's happening in Asia is a flight from marriage.Marriage rates are falling partly because people are postponing getting married. Marriage ages have risen all over the world, but the increase is particularly marked in Asia. People there now marry even later than they do in the West. The mean age of marriage in the richest places of Asia has risen sharply in the past few decades.A lot of Asians are not marrying later. They are not marrying at all. Almost a third of Japanese women in their early 30s are unmarried; probably half of those will always be.Women are retreating from marriage as they go into the workplace. That's partly because, for a woman, being both employed and married is tough in Asia. Women there are the primary caregivers for husbands, children and, often, for ageing parents; and even when in full-time employment, they are expected to continue to play this role. Not surprisingly, Asian women have an unusually pessimistic view of marriage.At the same time as employment makes marriage tougher for women, it offers them an alternative. More women are financially independent, so more of them can pursue a single life that may appeal more than the drudgery of a traditional marriage.The flight from marriage is also creating social problems. Compared with the West, Asian countries have invested less in pensions and other forms of social protection, on the assumptionthat the family will look after ageing or ill relatives. That can no longer be taken for granted. The decline of marriage is also contributing to the collapse in the birth rate. That is beginning to cause huge demographic problems, as populations age with startling speed. Also, marriage socializes men: it is associated with less criminal behavior. Less marriage might mean more crime.11. 11.We learn from Paragraphs 1 and 2 that____.A. there were no specific Asian values twenty years agoB. Asia's economic development is due to its traditional family valuesC. Asian families seem to be quite different from Western onesD. Asian view on marriage has been influenced by Western society12. 12.Which of the following is true according to Paragraphs 3 and 4?A. Marriage ages in Asia have risen more greatly than those in the West.B. Asian people tend to get married later than people of other nations.C. Marriage ages of women changed more remarkably than those of men.D. Half of the over 30-year-old Japanese women will not get married.13. n women tend to retreat from marriage partly because____.A. they have to look after all the family members if marriedB. it is extremely difficult to balance family and workC. they are eager to get ahead in the workplaceD. they are reluctant to share earnings with family members14. 14.The social problems brought by the flight from marriage in Asia include____.A. the increasing financial burden on Asian governmentsB. the growing feeling of alienation among peopleC. the unhealthy development of Asian populationD. the worse performance of men at work15. 15.Which of the following would be the subject of the text?A. Flight from marriage among Asian women.B. The disappearance of Asian family values.C. Serious demographic problems in Asia.D. The decline of marriage in Asia.When everything is available for sale on your smartphone, why is your mailbox still filled with catalogs? The old-school marketing format has survived to play a crucial creative role in modern e-commerce. Today, the catalog is bait for customers, like a store window display, and a source ofinspiration, the way roaming through store aisles can be. The hope is shoppers will mark pages they like and then head online, or into a store, to buy.Today's catalogs are no longer phone-book-**pilations of every item a retailer sells. Instead, they have fewer pages and merchandise descriptions, and more and bigger photos and lifestyle images.For retailers, creating the **es with hefty costs, including expensive photo shoots and rising postage rates. However, the potential for boosting sales has brought new interest in print catalogs. Some retailers founded primarily online are entering the fray, including Bonobos, the menswear brand built on the idea of better-fitting pants.Marketers mailed 11.9 billion catalogs in 2013, according to the Direct Marketing Association, marking the first uptick in years. Total catalog circulation is still far below the 2007 peak of 19.6 billion. The 2008 recession forced **panies to cut dead wood out of their mailing lists and get smarter about how and when they mail.Due to catalogs, the sale amount is rising. "Now, some 20% of the website's first-time customers are placing their order after having received a catalog," says Craig Elbert, vice president of marketing for Bonobos. They spend 1.5 times as much as new shoppers who didn't receive a catalog first.However, catalogs require months of advance planning and production. "It's easy to fake out a yoga studio so it looks like winter," says Tess Roering, Athleta vice president of creative and marketing. But for skiing, she says, "We need to go to places that have real snow." Thus, the Athleta team is set to travel to New Zealand in a few months.Besides, long catalog-making leads brands into specific products. After Athleta featured blue-and-yellow running tights on its April catalog cover, the tights arrived in stores 10 days late. Catalogs sent shoppers to stores for a product that wasn't there."It's disappointing," Ms. Roering says, "however, once the tights were in stock, they sold well. So every coin has two sides."16. 16.The purpose of retailers' sending traditional catalogs is to____.A. appeal to consumers to buy the catalogsB. give consumers inspiration of designing catalogsC. present consumers their products and hope to make a dealD. give consumers who buy their products some souvenirs17. 17.What does the word "hefty" (Para. 3) probably mean?A. High.B. Low.C. Average.D. Time-consuming.18. 18.According to Paragraphs 3-6, which of the following is NOT true?A. Catalog-making is a costly marketing means.B. Catalog can help retailers promote sales.C. The number of catalog-sending has been declining from 2007.D. Catalog-making may take retailers much time.19. 19.What is the passage mainly about?A. The old-school marketing format's function on sales.B. Retailers' complaining about the cost of catalogs.C. How to make catalog-making time-saving.D. Catalogs' promotion on the sale of products and its disadvantages.20. 20.What's the author's attitude toward catalogs?A. Negative.B. Objective.C. Positive.D. Pessimistic.。
cfa单词一级2023
1. 额外报酬（Additional Compensation）：客户会提供的额外报酬，注意披露。
2. 旁观者效应（Bystander Effect）：情景影响的一种，当周围有旁人时，人的行为会受到影响。
3. 考生保证书（Candidate Pledge）：考试时考生签署的保证遵守考试纪律的承诺书。
4. 警告信（Cautionary Letter）：警告信是非公开的，一般适用于相对不太严重的违反行为。
5. 民事非暴力反抗（Civil Disobedience）：民众举行的抗议活动，属于个人行为。
6. 客户指定经纪费（Client Directed Brokerage）：客户指定经纪费如何使用的一种费用。
7. 共同投资（Co-Investment）：与客户共同进行投资，目的是共担风险。
8. 合规部门（Compliance Department）：保持公司治理、风险控制及遵守法律法规的部门。
9. 机密（Confidentiality）：遵守保密性，不可随意的泄露客户的信息。
10. 对价（Consideration）：一方为换取另一方做某事的承诺而向另一方支付的金钱代价或得到该种承诺的代价。
11. 信用评级机构（Credit-rating Agencies）：对证券发行人和证券信用进行等级评定的组织，给出的债券评级会影响债券发行人的融资成本。
12. 下行风险（Downside Risk）：是指未来股价走势有可能低于分析师或投资者预期的目标价位的风险。
13. 尽职调查（Due Diligence）：投资人在与目标企业达成初步合作意向后，投资人对目标企业一切与本次投资有关的事项进行现场调查、资料分析的活动。
14. 公平交易(Fair Dealing):在提供投资分析，做投资建议，采取投资决策等活动时，公平公正对待所有的客户。
15. 信托(Fiduciary):委托人基于对受托人的信任，将其财产权委托给受托人，由受托人按委托人的意愿以自己的名义，为受益人的利益或特定目的，进行管理和处分的行为。
专业文献(发学生)
会计专业文献选读五.主要参考文献（一）经典书目1.［美］W·H·比弗著，薜云奎主译：财务呈报：会计革命，东北财经大学出版社，1999年2.［加拿大］威廉姆·R·司可脱陈汉文等译：财务会计理论，机械工业出版社，2000年3.［美］罗斯·L·瓦茨，陈少华.黄世忠等译：实证会计理论东北财经大学出版社1999年4.（二）会计学专业及有关期刊5.《会计研究》，中国会计学会主办6.《财务与会计》，中国财政杂志社主办7.《财会通讯》，财会通讯杂志社8.《审计研究》，中国审计学会主办9.《中国财务与会计研究》，清华大学.香港理工大学主办10.《中国会计评论》，北京大学等主办11.《中国内部审计》，中国内部审计学会主办12.《经济研究》，中国社会科学院经济研究所主办13.《管理世界》，国务院发展研究中心主办14.《金融研究》，中国人民银行总行金融研究所.中国金融学会15.《中国社会科学》，中国社会科学院主办16.（三）会计与审计经典英文文献Part1 Methodology in empirical accounting research1.Brown, S.J. and J.B. Warner. “Using daily stock returns:the case of event studies.” Journal ofFinancial Economics (March 1985): 3-32.2.Dechow, P.M., A. Hutton, and R. Sloan. “Economic consequences of accounting for stock-basedcompensation.” Journal of Accounting Research (1996 supplement): 1-20.Part2 Measurement perspective of accounting1.Holthausen, R.W. and R.L. Watts. “The relevance of the value relevance literature for financial accounting standard setting.” Journal of Accounting & Economics (2001):3-76.2.Ohlson, J.A. “Earnings, Book Values, and Dividends in Equity Valuation.”Contemporary Accounting Research (Spring 1995): 661-687.3.Lee, C.M.C. “Accounting-based valuation: impact on business practices andresearch.” Accounting Horizons, (December 1999): 413-426.4.Botosan, C. “Disclosure level and the cost of equity capital.” The Accounting Review (July 1997): 323-349.Part3 Positive accounting theory and earnings management1.Healy, P.H. and J.M. Wahlen, 1999, A review of the earnings management literatureand its implications for standard setting Accounting Horizons 13, 365-384.Part 4 Earnings persistence and quality1. DeFond, M., and C. W. Park. 2001. The reversal of abnormal accruals and the market valuation of earnings surprises. The Accounting Review 76 (July): 375–404.2.Sloan, R. 1996. Do stock prices fully reflect information in accruals and cash flows about future earnings? The Accounting Review (July): 289-315.Part5 Accounting and Corporate Governance1.Bushm an, R., Q. Chen, E. Engel, and A. Smith, 2004. Financial accounting information, organizational complexity and corporate governance systems, Journal of Accounting and Economics 37: 167-201.2.Engel, E., R. Hayes and X. Wang, 2003. CEO turnover and properties of accounting information, Journal of Accounting and Economics 36: 197-226.3. La Porta,L opez-de-Silanes,F.,Andrei Shleifer,Robert W.Vishiny, 2000, InvestorProtection and Corporate Governance ,Journal of Financial Economics58,3---27.Part 6 Law, regulation, and accounting1.Chen, K.C.W. and H. Yuan, earnings management and resource allocation: evidence from China accounting-based regulation of rights issues,? The Accounting Review V ol. 79 (2004): 645-665.Part 7 Auditing1.Teoh,S.H.and T.J. Wong, 1993, Perceived Auditor Quality and the Earnings Response Coefficients, The Accounting Review 68,346---672.Schwaitz K, B. and K.Menon. Auditor Switches by Failing Firms. The Accounting Review, 1985,60 April:248-261Part 8 taxation1.Douglas A. Shackelforda,2001Terry Shevlin Empirical tax research in accounting, Journal of Accounting and Economics,31 (2001) 321–3872.John R. Grahama, Jana S. Raedyb, 2012.Douglas A. Shackelfordb, Research in accounting for income taxes, Journal of Accounting and Economics,53(2012)3.Jeong-Bon Kima,1, Yinghua Lib,n, Liandong Zhanga,2011Corporate tax avoidance and stock price crash risk: Firm-level analysis,Journal of Accounting and Economics,100(2011)4.Verrecchia, Robert E.Stephanie A2012 Capital Gains Taxes and Expected Rates of Return,Sikes, . Accounting Review. May2012, V ol. 87 Issue 3, p1067-1086.5.Moore, Michael L.Steece, Bert M.Swenson, Charles W.1985Some Empirical Evidence on Taxpayer Rationality. Accounting Review. Jan1985, V ol. 60 Issue 1, p18. 15p.ux, Rick C. 2013The Association between Deferred Tax Assets and Liabilities and Future Tax Payments. Accounting Review. Jul2013, V ol. 88 Issue 4, p1357-1383.（四）财务管理英文经典文献Part 1 Introduction and Overview of Corporate Finance1.Brennan, 1995, “Corporate finance over the past 25 years”, Financial Management 24, Summer, 9-222.Hart, O., 1989, “An economist’s perspective on the theory of the firm”, Columbia Law Review 89, 1757-17743.Williamson, O., 1981, “The modern corporation: origins, evolution, attributes”, Journal of Economic Literature 1537-1568.4.Graham, J. and Harvey, C. 2000. “The Theory and Practice of Corporate Finance: Evidence from the Field”. Journal of Financial Economics 60, 187-244.Part 2 Corporate Finance: Agency Theory and Ownership1.Fama, E., and Jensen, M. 1983. “Agency Problems and Residual Claims”. Journal of Law and Economics, 327-3492.Fama, E., and Jensen, M. 1983. “Separation of Ownership and Control”. Journal of law and economics, 301-325.3.Fama, E. 1978. “The Effects of a Firm’s Investment and Financing Decisions on the Welfare of Its Securityholders”. American Economic Review 68, 272-284.4.Jensen, M., and Meckling, W. 1976. "Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure," Journal of Financial Economics, 305-360.5.Demsetz. 1983. “The Structure of Ownership and the Theory of the Firm”. Journal of Law and Economics 26, 375-390.6.Jensen, M. 1986. “Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers”. Am erican Economic Review, 323-329.7.Myers, S. 1977. “The Determinants of Corporate Borrowing”. Journal of Financial Economics 5, 146-175.8.Parrino, R., and Weisbach, M. 1999. “Measuring Investment Distortions Arising from Stockholder-bondholder Confli ct”. Journal of Financial Economics 53, 3-429.Harford, J. 1999. “Corporate Cash Reserves and Acquisitions”. Journal of Finance 54, 1969-1997.10.Opler, T., Pinkowitz, L., Stulz, R., and Williamson, R. 1999. “The Determinantsand Implications of Corpora te Cash Holdings”. Journal of Financial Economics, 52, 3-46.11.Lie, E. 2000. “Excess Funds and Agency Problems: An Empirical Study of Incremental Cash Disbursements”. Review of Financial Studies 13, 219-248.12.Morck, R., Shleifer, A., and Vishny, R. 1988. “Management Ownership and Market Valuation: An Empirical Analysis”. Journal of Financial Economics, 293-315.Part 3 Corporate Finance: Information, Investors and Corporate Policy1.Akerlof, George. 1970. “The market for “lemons”: Qualitative Uncertainty and the Market Mechanism”. Quarterly Journal of Economics, 89, 488-500.2.Ross, S. 1977. “The Determinants of Capital Structure: The Incentive-signaling Approach”. Bell Journal of Economics 8, 23-40.3.Myers, S.C., and Majluf, N.? 1984. “Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have”. Journal of Financial Economics, 187-221.4.Hart, O. 2001. “Financial Contracting”. Journal of Economic Literature 39, 1079-1100.5.Thakor. 1989. “Strategic Issues in Financial Contracting: An Overview”. Financial Management, 39-58.6.Spence, Michael. 1973. “Job market signaling”. Quarterly Journa l of Economics, 87, 355-74.7.Rothschild, Michael., and Stiglitz, Joseph. 1976. “Equilibrium in Competitive Insurance Markets: an Essay on the Economics of Imperfect Information”. Quarterly Journal of Economics, 90, 629-649.8.Grossman, Sanford., and Sti glitz, Joseph E. 1980. “On the Impossibility of Informationally Efficient Markets”. American Economic Review, 70, 393-408.9.Merton, Robert C. 1987. “A Simple Model of Capital Market Equilibrium with Incomplete Information”. Journal of Finance, 483-510.Part 4 Corporate Finance: Capital Structure, Financing Decisions, Investment and Taxesler, M., and Modigliani, F. 1958.“The Cost of Capital, Corporation Finance, and the Theory of Investment”. American Economic Review, 261-297.ler, M., and M odigliani, F. 1963. “Corporate Income Taxes and the Cost of Capital: A Correction”. American Economic Review, 433-443.3.Harris, M. and A. Raviv. 1991. “The Theory of Capital Structure”. Journal of Finance, 297-368.4.Baker, M., and Wurgler, J. 2002. “Market Timing and Capital Structure”, Journal of Finance, 1-32.5.Frank, M., and Goyal, V. 2003. “Testing the Pecking Order Theory of Capital Structure”, Journal of Financial Economics 67, 217-248.6.Mehrotra, V., Mikkelson, M., and Partch, M. 2003. “The Design of Financial Policies in Corporate Spin-offs”. Review of Financial Studies 16, 1359-1388.7.Berger, P., Ofek, E., and Yermack, D. 1997. “Managerial Entrenchment and Capital Structure Decisions”. Journal of Finance, 1411-1437.8.Masulis, R., 1980. “The Effects of Capital Structure Change on Security Prices: A Study of Exchange Offers”. 1980. Journal of Financial Economics, 139-178.9.Chemmanur, T., and Paolo, F. 1999. “A Theory of the Going-Public Decision”. Review of Financial Studies 12, 249-279.10.Dunbar, C. 1995. “The Use of Warrants as Underwriter Compensation in Initial Public Offerings”. Journal of Financial Economics 38, 59-78.11.DeAngelo, H., and Masulis, R. 1980. “Optimal Capital Structure under Corporate and Personal Taxation”. Journ al of Financial Economics 8, 3-29.ler, M. 1977. “Debt and Taxes”. Journal of Finance 32, 261-275.13.Graham, J. 2000. “How Big are the Tax Benefits of Debt?”. Journal of Finance 55, 1901-1941.14.Graham, J. 2003. “Taxes and Corporate Finance: A Review”. Review of Financial Studies 16, 1075-1129.15.Kaplan, S., and Stromberg, P. 2003. “Financial Contracting Theory Meets the Real World: An Empirical Analysis of Venture Capital Contracts”. Review of Economic Studies, 285-315.16.Andrade, G., and K aplan, G. 1998. “How Costly is Financial (Not Economic) Distress? Evidence from Highly Leveraged Transactions that Became Distressed”.Journal of Finance 53, 1443-1493.17.Kaplan, S., and Zingales, L. 1997. “Do Financing Constraints Explain Why Investment Is Correlated With Cash Flow?”. Quarterly Journal of Economics, 169-215.18.Gertner, R., and Scharfstein, D. 1991. “A Theory of Workouts and the Effects of Reorganization Law”. Journal of Finance 46, 1189-1222.19.Froot, K., Scharfstein, D., and Stein, J. 1993. “Risk Management: Coordinating Corporate Investment and Financing Policies”. Journal of Finance 48, 1629-1658.20.Fama, E., and French, K. 2005. “Financing Decisions: Who Issues Stock”. Journal of Financial Economics, 549-582.21.Fama, E., and French, K. 2002. "Testing Tradeoff and Pecking Order Predictions about Dividends and Debt". Review of Financial Studies, 1-37.Part 5 Corporate Finance: Corporate Governance1.Shleifer, A., and Vishny, R. 1997. “A Survey of Corporate Governance”. Journal of Finance, 737- 783. Porta, R., Lopez-de-Silanes, F., Shleifer, A., and Vishny, R. 2000. “Investor Protection and Corporate Governance”. Journ al of Financial Economics, 3-27.3.Brickley, J., Coles, J., and Terry,R. 1994. “Outside Directors and the Adoption of Poison Pills”. Journal of Financial Economics 35, 371-390.4.Byrd, J., and Hickman, K. 1992. “Do Outside Directors Monitor Managers? Evi dence from Tender Offer Bids”. Journal of Financial Economics 32, 195-222.5.Core, J., Holthausen, R., and Larcker, D. 1999. “Corporate Governance, Chief Executive Officer Compensation, and Firm Performance”. Journal of Financial Economics 51, 371-406.6.Cotter, J., Shivdasani, A., and Zenner, M. 1997. “Do Independent Directors Enhance Target Shareholders Wealth During Tender Offers?”. Journal of Financial Economics 43, 195-218.7.Harford, J. 2003. “Takeover Bids and Target Directors’ Incentives: The Imp act of a Bid on Directors’ Wealth and Board Seats”. Journal of Financial Economics, 51-83. 8.Denis, D., and Sarin, A. 1999. “Ownership and Board Structures in Publicly Traded Corporations”. Journal of Financial Economics 52, 187-224.9.Del Guercio, D., Da nn, L., and Partch, Megan. 2003. “Governance and Boards of Directors in Close-end Investment Companies”. Journal of Financial Economics 69, 111-152.10.Gompers, P., Ishii, J., and Metrick, A. 2003. “Corporate Governance and Equity Prices”. Quarterly Jour nal of Economics 118, 107-155.11.Hermalin, B., and Weisbach, M. 1988. “The Determinants of Board Composition”. RAND Journal of Economics 19, 589-606.12.Hermalin, B., and Weisbach, M. 2003. “Boards of Directors as an Endogenously Determined Institution: a Survey of the Economic Literature”. Federal Reserve Bank at New York, Economic policy review, April 2003.13.Jensen, M. 1993. “The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems”. Journal of Finance, 831-880.14.Mikk elson, W., and Partch, M. 1997. “The Decline of Takeovers and Disciplinary Managerial Turnover”. Journal of Financial Economics 44, 205-228.15.Weisbach, M. 1988. “Outside Directors and CEO Turnover”. Journal of Financial Economics 20, 431-460.16.Yerm ack, D. 1996. “Higher Market Valuation of Companies with a Small Board of Directors”. Journal of Financial Economics 40, 185-211.17.Shivdasani, A., and Yermack, D. 1999. “CEO Involvement in the Selection of New Board Member: an Empirical Analysis”. Jour nal of Finance 54, 1829-1853.18.Yermack, D. 2004. “Remuneration, Retention, and Reputation Incentives for Outside Directors”. Journal of Finance 59, 2281-2308.19.Rosenstein, S., and Wyatt, J. 1997. “Inside Directors, Board Effectiveness, and Shareholde r Wealth”. Journal of Financial Economics 44, 229-248.20.Shivdasani, Anil. 1993. “Board Composition, Ownership Structure and Hostile Takeovers”. Journal of Accounting and Economics, 167–198.21.Fich, E., and Shivdasani, A. 2006. “Are Busy Boards Effective Monitors”. Journal of Finance, 689-724.22.Ferris, S., Jagannathan, M., and Pritchard, A. 2003. “Too Busy to Mind the Business? Monitoring by Directors with Multiple Board Appointments”. Journal of Finance, 1087-1112.23.Vafeas, Nikos. 1999. “Board Meeting Frequency and Firm Performance”. Journal of Financial Economics, 113–142.24.Perry, Tod., and Peyer, Urs. 2005. “Board Seat Accumulation by Executives: A Shareholder's Perspective”. Journal of Finance, 2083–2123.Part 6 Corporate Finance: Mergers and Acquisitions1.Mitchell, M. And Mulherin, J. 1996. “The Impact of Industry Shocks on Takeover and Restructuring Activity”. Journal of Financial Economics, 193-229.2.Shleifer, A. and Vishny, R. 2003. “Stock Market Driven Acquisitions". Journa l of Financial Economics, 295-311.3.Jensen, M., and Ruback, R. 1983. “The Market for Corporate Control: The Scientific Evidence”. Journal of Financial Economics, 5-50.4.Harford, J. 2005. “What Drives Merger Waves?”. Journal of Financial Economics, 529-560.5.Jarrell, G.A., Brickley, J. and Netta, J. 1988. “The Market for Corporate control: The Empirical Evidence Since 1980.”? Journal of Economic Perspectives, 2:49-68.6.Travlos, Nickolaos. 1987. “Corporate Takeover Bids, Methods of Payment, and Bid ding Firm’s Stock Returns”. Journal of Finance 42, 943-963.7.Stulz, R. 1988. “Managerial Control of V oting Rights: Financial Policies and the Market for Corporate Control”. Journal of Financial Economics, 25-54.8.Healy, Paul., Palepu, Krishna., and R uback, Richard. 1992. “Does Corporate Performance Improve after Mergers?”. Journal of Financial Economics 31, 135-175.9.Halpern, Paul. 1982. “Corporate Acquisitions: A Theory of Special Cases? A Review of Event Studies Applied to Acquisitions”. Journal o f Finance 38, 297-317.10.Fuller, K., Netter, J., and Stegemoller, M. 2002. “What do Returns to Acquiring Firms Tell Us? Evidence from Firms That Make Many Acquisitions”. Journal of Finance, 1763-179311.Ecobo, Espen. 1983. “Horizontal Mergers, Collusion, and Stockholder Wealth”. Journal of Financial Economics 11, 241-273.12.Roll, Richard. 1983. “The Hubris Hypothesis of Corporate Takeovers”. Journal of Business 59, 197-216.13.Fama, E., Fisher, L., Jensen, M., and Roll, Richard. 1969. “The Adjustment of Stock Prices to New Information”. International Economic Review 1, 1-21.14.Dodd, P., and Warner, J. 1983. “On Corporate Governance: a Study of Proxy Contests”. Journal of Financial Economics 11, 401 - 438.15.Brown, Stephen., and Warner, Jerold. 1980. “Measuring Security Price Performance”. Journal of Financial Economics 8, 205-285.16.Brown, Stephen., and Warner, Jerold. 1985. “Using Daily Stock Returns: The Case of Event Studies”. Journal of Financial Economics 14, 3-32.17.MacKinlay, C. 1997. “Event Studies in Economics and Finance”. Journal of Economic Literature 35, 13-39.18.Dann, L.Y., and DeAngelo, H. 1983. “Standstill Agreements, Privately Negotiated Stock Repurchases and the Market for Corporate Control”. Journal of Financial Economics, 275-30019.Martin, K., and McConnell, J. 1991. “Corporate Performance, Corporate Takeovers, and Management Turnover”. Journal of finance, 671-687.20.Kaplan, S., and Weisbach, M. 1992. “The Success of Acquisitions: Evidence from Diverstitures”. Jou rnal of Finance 47, 107-138.21.Kaplan, S. 1989. “The Effects of Management Buyouts on Operating Performance and Value”. Journal of Financial Economics 24, 217-254.22.Kaplan, S., and Stein, J. 1990. “How Risky is the Debt in Highly Leveraged Transactio ns?”. Journal of Financial Economics, 215-246.。
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I.
INTRODUCTION
This paper investigates whether changes in the U.S. corporate income tax made over the last decade may have contributed to the steep decline in U.S. oil and gas exploration activity that occurred during the same decade. The issue arises because oil and gas exploration exhibited a sharp decline following the substantial changes in the U.S. corporate income tax inห้องสมุดไป่ตู้roduced by the 1986 Tax Reform Act, and oil and gas industry spokespersons allege
Firms subject to the AMT may have either a higher or lower cost of capital than firms permanently on the regular tax system. Perhaps surprisingly, this paper also finds that in many circumstances investments are actually favored under the AMT relative to the regular tax system. As a result, the net effect of the AMT provisions on investment incentives can be capricious.
This kind of economic difference is cause for concern . . ..U.S. tax policy that singles out oil companies for adverse tax treatment is inappropriate, potentially detrimental to the economy, and adversely impacts the competitiveness of U.S. oil and gas companies in the world market.. .Reform of the U.S. tax system as it applies to the oil industry is critical. The AMT [alternative minimum tax] should be repealed or substantially reformed, and capital cost recovery rules should be modified. (Oil and Gas Journal 1995)
102
JOURNAL OF ENERGY FINANCE AND DEVELOPMENT,
VOL. 3/NO. 2/l 998
tax reform. The issue is important because the lower domestic exploration activity will diminish U.S. energy security by increasing reliance on oil imported from foreign countries. Evidence that corporate tax policy contributes to increasing our dependence on foreign sources of oil may prove useful to policymakers and others interested in more fully understanding the economic impact of federal tax policy. The corporate alternative minimum tax (AMT) is the aspect of corporate tax reform that industry spokespersons claim to be responsible for both the decreased level of oil and gas drilling activity and the reduced level of risk that firms would be willing to accept in their oil exploration activity. For example, Victor Beghini, president of Marathon Oil, testified before Congress that [An exploration and developmentproject] if done in the U.K. by a U.K. company would have a net present value 30% higher than that of the project done in the U.S. by a U.S. company.
The Effect of the Corporate Alternative Minimum Tax on Investment in Oil and Gas Exploration and Development
JEFF P. BOONE
Mississippi State University
ABSZ’ RAC~ This paper investigates the assertion that the U.S. corporate alternative minimum tax system diminishes exploration and development investment by U.S. corporations operating in the extractive petroleum industry. The analysis is based on an after-tax investment model in which number of wells drilled and exploration risk are endogenous variables. The model is solved using 1) the values of the relevant tax parameters specified by the tax code and 2) empirical estimates of the non-tax parameters and exogenous variables. The analysis shows that the alternative minimum tax has reduced by 9% the optimal number of exploration wells as compared to the optimal number of exploration wells prior to the introduction of the alternative minimum tax. The analysis also shows that the alternative minimum tax has 1) reduced the optimal level of exploration risk and 2) increased the importance of well-designed incentive compensation agreements for firms operating in the extractive petroleum industry.
that this decline is due to reduced tax incentives for exploration activity that followed from *Direct comspondence to: Jeff P. Boone, Mississippi State University, all MS 39762; Tel: 601/325-1634; E-Mail: jboone@.
P.O. Drawer EF, Mississippi State,
Journal of Energy Finance & Development, Volume 3, Number 2, pages 101-128. CopyrIght 8 1988 by JAI Press Inc. All rights of reproduction in any form reserved ISSN: 1085.7443
The corporate alternative minimum tax (AMT) is a tax system that exists parallel to the regular corporate income tax (RT) with its own tax rates, credits, deductions, and revenues that are often different from those under the RT system. Congress introduced the AMT as part of the Tax Reform Act of 1986 (Public Law 99-514) in an effort to prevent profitable corporations from avoiding the corporate income tax by heavy utilization of tax preferences. Corporate taxpayers calculate their income tax liability under the RT system, again under the AMT system, and pay the greater of the two tax calculations. As compared to the RT system, the AMT system generally adopts a more expansive definition of gross revenues and allows less generous deductions While industry participants apparently believe that the AMT adversely affects incentives to invest in oil and gas exploration and development, this belief is not uniformly supported by research into the investment incentive effects of the AMT. In particular, simulation analysis by Dworin (1987) reports that the AMT impedes investment and induces greater reliance on equity financing, but Lyon (1990) concludes that