资本价格与经济结构外文文献翻译中英文2020
转型经济体汇率传递过渡经济体外文文献翻译中英文2020
外文文献翻译原文及译文标题：转型经济体汇率传递过渡经济体外文翻译2020文献出处：Nidhaleddine Ben Cheikh, Younes Ben Zaied. [J]Journal of International Money and Finance, Volume 100, February 2020,1-16译文字数：4000 多字英文Revisiting the pass-through of exchange rate in the transition economies: New evidence from new EU member statesNidhaleddine Cheikh，Younes ZaiedAbstractThis paper revisits the exchange rate pass-through (ERPT) for a set of transition economies, namely for 10 new EU Member States (NMS), over the period 1996–2015. As the transition process has entailed a deep transformation in their economies and institutions, the extent of pass- through is expected to be regime-dependent on this changing macroeconomic environment. We propose to implement a nonlinear panel smooth transition regression (PSTR) approach, where transitional factors related to EU accession are captured properly from the data. Our empirical results suggest that the inflation regime is the main macroeconomic driver of the extent of ERPT. When inflation levels exceed the threshold of 4.56%, i.e., within a high-inflation environment, the degree of pass-through is higher and reaches a full ERPT. However, with the shift towards a stable and low-inflation regime, i.e., when inflation levels are below a threshold of 4.56%, the extent of pass-through significantly declines in the NMS group. Our findings shed further light on how the credibility gained through the commitment to euro area membership is beneficial and would ensure better control of inflation.Keywords：Exchange rate pass-through，Import prices，Transition economies，Nonlinear panel data techniques With the historic enlargement in May 2004, eight countries of central and eastern Europe have been admitted to the European Union (EU). Once certain economic criteria have been fulfilled – a high degree of price stability, a sound fiscal situation, stable exchange rates and converged long-term interest rates – the so-called new EU member states (NMS) can join the euro area. Today, among the post-communist economies, five countries have already adopted the euro as their national central bank becomes a member of the Eurosystem. As a matter of fact, foregoing their local currencies to join a monetary union would pose a serious challenge for these (post-) transition economies as well as for the European Central Bank (ECB). A country adopting the euro cedes its monetary policy to the European monetary authority and no longer has the option of using monetary policy to respond to local economic conditions. The impact of the monetary policy decisions on the common currency may induce different effects on expenditure switching and price level movements, depending on the extent of the exchange rate pass- through (ERPT) into domestic prices within each country. Thereby, a common exchange rate movement, in the absence of a national monetary policy, may have a differential impact on the domestic prices across the NMS, leading notably to possible divergence in inflation rates. As themain objective of the ECB monetary policy is to achieve medium-term price stability for the euro zone aggregate, thorough knowledge of the degree of ERPT is of particular importance for the NMS.There has been a lively debate on the path towards the adoption of a single currency for the NMS group. As is well-known, Maastricht criterion on inflation stability requires that the NMS must have inflation not exceeding by more than 1.5 percentage points the average inflation rate of the three countries with the lowest inflation rate in EU. A high level of inflation persistence compared to the current euro area members would make it more difficult to fulfil the Maastricht benchmark for inflation. Then, the extent to which exchange rate changes impact domestic prices in the NMS is crucial for the assessment of the convergence criteria. A higher degree of ERPT can represent an obstacle leading to persistence in the inflation differentials vis-à-vis the euro area. Furthermore, within a monetary union where nominal exchange rates are fixed between member states, inflation differentials could be exacerbated due to the real appreciation that would be experienced by the catching-up economies. Therefore, the issue of the desirability and feasibility of maintaining flexible exchange rates and an independent monetary policy is of particular importance in this context.In fact, the NMS have gone through significant structural changes since the demise of the Soviet-type communist regimes at the start of the1990s. A set of economic reforms and stabilization programs have been conducted, specifically in terms of a monetary policy framework. Then, macroeconomic conditions that have changed during the transition process could potentially change the degree to which exchange rate changes are transmitted to prices. For instance, the NMS have experienced very different developments in their exchange rate systems. Different regimes have been adopted over time, including currency boards, fixed pegs to a basket, crawling pegs, managed and free floating. As discussed in the literature on NMS, the degree of pass-through may differ according to the nature of the exchange rate regime in place (see e.g. Bitans, 2004, Coricelli et al., 2006, María-Dolores, 2010, Beirne and Bijsterbosch, 2011, among others). Then, it is expected that different exchange rate regimes may lead to changing the behavior of ERPT. Moreover, there were dramatic changes in the inflation levels across central and eastern European economies. Most of these countries shifted from a high inflation environment, at the beginning of the 90s, to a relatively moderate inflation rate by the late 90s. Between 2003 and 2005, however, inflation started to rise again in most countries in the region, particularly in Bulgaria, Estonia, Latvia and Lithuania, reaching a peak in 2008. Therefore, considering these factors that have changed during the transition process is crucial when measuring the rate of pass-through.In fact, the existing literature has followed diverse approaches toaccount for this changing macroeconomic environment in the NMS of the EU. For example, a stationary recursive vector autoregressive (VAR) system was estimated by Billmeier and Bonato (2004), for the Croatian economy, in order to account for the potential endogeneity of exchange rates in the ERPT equation. Furthermore, in a sample of 9 central and eastern European NMS, Beirne and Bijsterbosch (2011) considered both endogeneity and times series proprieties of the data, i.e., non-stationarity and cointegration relationship, through a Vector Error Correction Model (VECM). Nevertheless, due to the great diversity in terms of exchange rate and inflation environment regimes in the European catching-up economies, a more relevant econometric approach is required to account for the presence of structural breaks and regime shifts in the data series as shown in Fig. 1. More specifically, in light of the experience of most of the NMS, shifting from a centralized system to a more liberalized regime, the idea of a potential regime-switching dynamic in the ERPT mechanism is more plausible. It is worth highlighting that the major drawback of the previous literature is the failure to account for policy shifts in the NMS by using the relevant empirical techniques. Neglecting the transitional factors which are related to EU accession could potentially result in biased (over or underestimated) ERPT estimates. For instance, several studies assume linearity in the transmission of exchange rate changes rather than testing it. Although they have put forth the role ofmacroeconomic factors, they failed to recognize the possible nonlinear dynamic of ERPT during the transition phases. For example, in a panel of 10 European NMS, Jimborean (2013) introduced a predefined interactive dummy variable to account for the impact of exchange rate regime shifts on the ERPT. This interaction term takes the value of unity for countries with a fixed exchange rate regime and zero for flexible exchange rate regimes. As linear and ad hoc approaches would potentially lead to problematic results, we propose instead to use a class of nonlinear regime-switching models, where the regime-dependence of ERPT can be modelled properly from the data.In our paper, we implement nonlinear panel data techniques by using a panel smooth transition regression (PSTR) approach to capture the potential nonlinear dynamics of the pass-through in the NMS of the European Union. We investigate how the different macroeconomic regimes experienced by these catching-up economies would nonlinearly impact the ERPT mechanism. The main advantage of the PSTR framework is the use of a grid search to select endogenous threshold level(s) to properly identify different macroeconomic states. We examine the presence of nonlinearities in ERPT with respect to three macroeconomic variables, namely the inflation environment, the economic activity during the business cycle, and the exchange rate variability. We focus on 10 central and east European new Member States(Bulgaria, Czech Republic, Estonia, Hungary, Lithuania, Latvia, Poland, Romania, Slovenia and Slovakia) where marked regime policy shifts were started at the end of the 1990s. The model is estimated using quarterly data spanning the period 1996:1 to 2015:1.Furthermore, our results corroborate those obtained in the empirical literature for the European transition economies. The broad downward tendency in inflation rates are closely linked to the decline in pass- through estimates since the late 1990s, although ERPT in central and eastern Europe remains on average larger than for industrial countries (Bitans, 2004). Nevertheless, as mentioned above, previous studies on the NMS group have suggested a high degree of sensitivity of results which are mainly due to differences in empirical methodologies and data periods. For instance, María-Dolores (2010) found long-run ERPT coefficient roughly 0.63% as the average for a sample of nine NMS countries. The hypothesis of complete pass-through is clearly rejected for all the countries except for Slovenia. Moreover, previous empirical studies have estimated the exchange rate transmission regardless of the macroeconomic conditions in the importing country. By focusing on four new EU members, Coricelli et al. (2006) revealed a full pass-through for Slovenia and Hungary without considering the influence of the inflation environment. We think that the distinction between different inflation regimes is crucial to understand the dynamic behavior of pass-through inthe NMS group. The use of nonlinear PSTR appears appropriate for separating inflation environment into low and high regimes.From a policy point of view, the relationship between ERPT and inflation regime would have important economic implications: on the one hand, a higher degree of pass-through allows the use of exchange rate as a shock absorber. For NMS that have maintained an independent monetary policy, this would be helpful in containing macroeconomic imbalances. For instance, in the recent period of 2012–14, an accommodative monetary policy has helped offset imported disinflationary pressures stemming from global commodity markets and the euro area. Then, for the European transition economies that have not yet adopted the Euro, ceding monetary autonomy could be costly. On the other hand, the adoption of the single currency would be beneficial in terms of monetary policy credibility. As the main objective of the ECB is to achieve medium-term price stability for the euro zone aggregate, a sustained commitment to maintaining a low-inflation environment would further reduce the ERPT and enhance inflation convergence. The credibility to be gained from the monetary union framework is of key importance for NMS with historically higher levels of inflation. As shown in Fig. 1, most of central and eastern European countries have had a double-digit inflation rate during the 1990s.In this paper we have reexamined the dynamic of ERPT on importprices in a set of central and eastern EU Member States. As this group of countries has gone through significant structural changes during the catching-up process, we expect the presence of regime-switching behavior in the pass-through mechanism. We propose to implement the class of nonlinear PSTR models where the transitional aspects related to EU accession are captured endogenously from the data. Among the main macroeconomic factors that may influence the exchange rate transmission, we have assessed the role of inflation rate, the economic growth and the exchange rate variability. Using quarterly data over the period 1996–2015, our empirical results suggest a significant regime-dependence of the pass- through to inflation environment. When inflation levels are exceeding the threshold of 4.56%, i.e., within a high-inflation environment, the degree of pass-through is found to be higher and reaches a full ERPT. However, with the shift towards low-inflation regime, i.e., when inflation levels are below a threshold of 4.56%, the extent of pass-through is significantly declining in the NMS group. However, when considering the economic activity and exchange rate as potential nonlinear drivers of the ERPT, the exchange rate transmission is not changing significantly across the different regimes.From a policy perspective, the substantial role of inflation environment in influencing the extent of pass-through is a key input for the lively debate on the path towards the single currency. First, the shifttowards a more stable inflation environment is beneficial for the NMS that have not yet adopted the Euro, as reduced ERPT rates would reinforce inflation convergence and business cycle synchronization vis-à- vis the euro area. During the catching-up process, the inflation differentials could be exacerbated due to the real exchange rate appreciation and a declining rate of pass-through is very helpful. Second, a number of important institutional changes, including shifts in monetary policy regimes, have occurred and played a crucial role in changing the macroeconomic conditions in the NMS. The implemented structural reforms and stabilization policies have changed country risk and credibility perceptions in the post-communist economies. As stated by the ERPT literature, countries with stable macroeconomic environment and credible monetary policies are more likely to have their currencies chosen for transaction invoicing (LCP setting), and hence would have low pass- through to domestic prices. The gained credibility is beneficial and would ensure better control of inflation and higher degree of output stability. Of course, the commitment to euro area membership through the fulfilment of convergence criteria has played a substantial role in the growing credibility. Thereby, joining the common currency would further strengthen the economic policy framework. However, with the eruption of the global financial crisis in 2008/09 and the ensuing Euro crisis, the reputational value of euro area membership has been questioned. Theissue of adopting the single currency has been revived, suggesting how adverse macroeconomic shocks could be manageable without monetary autonomy. For the NMS that have not yet adopted the euro, independent monetary policy has allowed the use of nominal exchange rate depreciation to be a shock absorber and was helpful in managing cyclical conditions. Overall, even though the decision to join the Euro has broader political considerations, we think that the success of reforming the current euro area institutional framework would also be key.中文重新审视转型经济体中的汇率传递：来自新欧盟成员国的研究Nidhaleddine Cheikh, Younes Zaied.摘要本文回顾了1996-2015 年期间一组转型经济体（也称过渡经济体，即10 个新的欧盟成员国）的汇率传递（ERPT）。
资本结构中英文对照外文翻译文献
中英文对照外文翻译(文档含英文原文和中文翻译)The effect of capital structure on profitability : an empirical analysis of listed firms in Ghana IntroductionThe capital structure decision is crucial for any business organization. The decision is important because of the need to maximize returns to various organizational constituencies, and also because of the impact such a decision has on a firm’s ability to deal with its competitive environment. The capital structure of a firm is actually a mix of different securities. In general, a firm can choose among many alternative capital structures. It can issue a large amount of debt or very little debt. It can arrange lease financing, use warrants, issue convertible bonds, sign forward contracts or trade bond swaps. It can issue dozens of distinct securities in countless combinations; however, it attempts to find the particular combination that maximizes its overall market value.A number of theories have been advanced in explaining the capital structure of firms. Despite the theoretical appeal of capital structure, researchers in financial management have not found the optimal capital structure. The best that academics and practitioners have been able to achieve are prescriptions that satisfy short-term goals. For example, the lack of a consensus about what would qualify as optimal capital structure has necessitated the need for this research. A better understanding of the issues at hand requires a look at the concept of capital structure and its effect on firm profitability. This paper examines the relationship between capital structure and profitability of companies listed on the Ghana Stock Exchange during the period 1998-2002. The effect of capital structure on the profitability of listed firms in Ghana is a scientific area that has not yet been explored in Ghanaian finance literature.The paper is organized as follows. The following section gives a review of the extant literature on the subject. The next section describes the data and justifies the choice of the variables used in the analysis. The model used in the analysis is then estimated. The subsequent section presents and discusses the results of the empirical analysis. Finally, the last section summarizes the findings of the research and also concludes the discussion.Literature on capital structureThe relationship between capital structure and firm value has been the subject of considerable debate. Throughout the literature, debate has centered on whether there is an optimal capital structure for an individual firm or whether the proportion of debt usage is irrelevant to the individual firm’s value. The capital structure of a firm concerns the mix of debt and equity the firm uses in its operation. Brealey and Myers (2003) contend that the choice of capital structure is fundamentally a marketing problem. They state that the firm can issue dozens of distinct securities in countless combinations, but it attempts to find the particular combination that maximizes market value. According to Weston and Brigham (1992), the optimal capital structure is the one that maximizes the market value of the firm’s outstanding shares.Fama and French (1998), analyzing the relationship among taxes, financing decisions, and the firm’s value, concluded that the debt does not concede tax b enefits. Besides, the high leverage degree generates agency problems among shareholders and creditors that predict negative relationships between leverage and profitability. Therefore, negative information relating debt and profitability obscures the tax benefit of the debt. Booth et al. (2001) developed a study attempting to relate the capital structure of several companies in countries with extremely different financial markets. They concluded thatthe variables that affect the choice of the capital structure of the companies are similar, in spite of the great differences presented by the financial markets. Besides, they concluded that profitability has an inverse relationship with debt level and size of the firm. Graham (2000) concluded in his work that big and profitable companies present a low debt rate. Mesquita and Lara (2003) found in their study that the relationship between rates of return and debt indicates a negative relationship for long-term financing. However, they found a positive relationship for short-term financing and equity.Hadlock and James (2002) concluded that companies prefer loan (debt) financing because they anticipate a higher return. Taub (1975) also found significant positive coefficients for four measures of profitability in a regression of these measures against debt ratio. Petersen and Rajan (1994) identified the same association, but for industries. Baker (1973), who worked with a simultaneous equations model, and Nerlove (1968) also found the same type of association for industries. Roden and Lewellen (1995) found a significant positive association between profitability and total debt as a percentage of the total buyout-financing package in their study on leveraged buyouts. Champion (1999) suggested that the use of leverage was one way to improve the performance of an organization.In summary, there is no universal theory of the debt-equity choice. Different views have been put forward regarding the financing choice. The present study investigates the effect of capital structure on profitability of listed firms on the GSE.MethodologyThis study sampled all firms that have been listed on the GSE over a five-year period (1998-2002). Twenty-two firms qualified to be included in the study sample. Variables used for the analysis include profitability and leverage ratios. Profitability is operationalized using a commonly used accounting-based measure: the ratio of earnings before interest and taxes (EBIT) to equity. The leverage ratios used include:. short-term debt to the total capital;. long-term debt to total capital;. total debt to total capital.Firm size and sales growth are also included as control variables.The panel character of the data allows for the use of panel data methodology. Panel data involves the pooling of observations on a cross-section of units over several time periods and provides results that are simply not detectable in pure cross-sections or pure time-series studies. A general model for panel data that allows the researcher to estimate panel data with great flexibility and formulate the differences in the behavior of thecross-section elements is adopted. The relationship between debt and profitability is thus estimated in the following regression models:ROE i,t =β0 +β1SDA i,t +β2SIZE i,t +β3SG i,t + ëi,t (1) ROE i,t=β0 +β1LDA i,t +β2SIZE i,t +β3SG i,t + ëi,t (2) ROE i,t=β0 +β1DA i,t +β2SIZE i,t +β3SG i,t + ëi,t (3)where:. ROE i,t is EBIT divided by equity for firm i in time t;. SDA i,t is short-term debt divided by the total capital for firm i in time t;. LDA i,t is long-term debt divided by the total capital for firm i in time t;. DA i,t is total debt divided by the total capital for firm i in time t;. SIZE i,t is the log of sales for firm i in time t;. SG i,t is sales growth for firm i in time t; and. ëi,t is the error term.Empirical resultsTable I provides a summary of the descriptive statistics of the dependent and independent variables for the sample of firms. This shows the average indicators of variables computed from the financial statements. The return rate measured by return on equity (ROE) reveals an average of 36.94 percent with median 28.4 percent. This picture suggests a good performance during the period under study. The ROE measures the contribution of net income per cedi (local currency) invested by the firms’ stockholders; a measure of the efficiency of the owners’ invested capital. The variable SDA measures the ratio of short-term debt to total capital. The average value of this variable is 0.4876 with median 0.4547. The value 0.4547 indicates that approximately 45 percent of total assets are represented by short-term debts, attesting to the fact that Ghanaian firms largely depend on short-term debt for financing their operations due to the difficulty in accessing long-term credit from financial institutions. Another reason is due to the under-developed nature of the Ghanaian long-term debt market. The ratio of total long-term debt to total assets (LDA) also stands on average at 0.0985. Total debt to total capital ratio(DA) presents a mean of 0.5861. This suggests that about 58 percent of total assets are financed by debt capital. The above position reveals that the companies are financially leveraged with a large percentage of total debt being short-term.Table I.Descriptive statisticsMean SD Minimum Median Maximum━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ROE 0.3694 0.5186 -1.0433 0.2836 3.8300SDA 0.4876 0.2296 0.0934 0.4547 1.1018LDA 0.0985 0.1803 0.0000 0.0186 0.7665DA 0.5861 0.2032 0.2054 0.5571 1.1018SIZE 18.2124 1.6495 14.1875 18.2361 22.0995SG 0.3288 0.3457 20.7500 0.2561 1.3597━━━━━━━━━━━━━━━━━━━━━━━━━━━━━Regression analysis is used to investigate the relationship between capital structure and profitability measured by ROE. Ordinary least squares (OLS) regression results are presented in Table II. The results from the regression models (1), (2), and (3) denote that the independent variables explain the debt ratio determinations of the firms at 68.3, 39.7, and 86.4 percent, respectively. The F-statistics prove the validity of the estimated models. Also, the coefficients are statistically significant in level of confidence of 99 percent.The results in regression (1) reveal a significantly positive relationship between SDA and profitability. This suggests that short-term debt tends to be less expensive, and therefore increasing short-term debt with a relatively low interest rate will lead to an increase in profit levels. The results also show that profitability increases with the control variables (size and sales growth). Regression (2) shows a significantly negative association between LDA and profitability. This implies that an increase in the long-term debt position is associated with a decrease in profitability. This is explained by the fact that long-term debts are relatively more expensive, and therefore employing high proportions of them could lead to low profitability. The results support earlier findings by Miller (1977), Fama and French (1998), Graham (2000) and Booth et al. (2001). Firm size and sales growth are again positively related to profitability.The results from regression (3) indicate a significantly positive association between DA and profitability. The significantly positive regression coefficient for total debt implies that an increase in the debt position is associated with an increase in profitability: thus, the higher the debt, the higher the profitability. Again, this suggests that profitable firms depend more on debt as their main financing option. This supports the findings of Hadlock and James (2002), Petersen and Rajan (1994) and Roden and Lewellen (1995) that profitable firms use more debt. In the Ghanaian case, a high proportion (85 percent)of debt is represented by short-term debt. The results also show positive relationships between the control variables (firm size and sale growth) and profitability.Table II.Regression model results━━━━━━━━━━━━━━━━━━━━━━━━━━━━━Profitability (EBIT/equity)Ordinary least squares━━━━━━━━━━━━━━━━━━━━━━━━━━━━━Variable 1 2 3SIZE 0.0038 (0.0000) 0.0500 (0.0000) 0.0411 (0.0000)SG 0.1314 (0.0000) 0.1316 (0.0000) 0.1413 (0.0000)SDA 0.8025 (0.0000)LDA -0.3722(0.0000)DA -0.7609(0.0000)R²0.6825 0.3968 0.8639SE 0.4365 0.4961 0.4735Prob. (F) 0.0000 0.0000 0.0000━━━━━━━━━━━━━━━━━━━━━━━━━━━━ConclusionsThe capital structure decision is crucial for any business organization. The decision is important because of the need to maximize returns to various organizational constituencies, and also because of the impact such a decision has on an organization’s ability to deal with its competitive environment. This present study evaluated the relationship between capital structure and profitability of listed firms on the GSE during a five-year period (1998-2002). The results revealed significantly positive relation between SDA and ROE, suggesting that profitable firms use more short-term debt to finance their operation. Short-term debt is an important component or source of financing for Ghanaian firms, representing 85 percent of total debt financing. However, the results showed a negative relationship between LDA and ROE. With regard to the relationship between total debt and profitability, the regression results showed a significantly positive association between DA and ROE. This suggests that profitable firms depend more on debt as their main financing option. In the Ghanaian case, a high proportion (85 percent) of the debt is represented in short-term debt.译文加纳上市公司资本结构对盈利能力的实证研究论文简介资本结构决策对于任何商业组织都是至关重要的。
文献翻译——Internal capital markets and the competition for corporate resources
Internal capital markets and the competition for corporate resources——Jeremy c. stein 1997Abstract考查headquarters在ICM中为相互竞争的项目分配稀缺资源过程中发挥的作用。
与银行不同，总部拥有控制权，所以能够致力于winner-picking，即将资金从一个项目转移到另一个项目。
通过做好winner-picking工作，总部能够创造价值，尽管有时并不能有助于缓解公司整体的信贷约束。
该model意味着，当总部能监督一组小而集中的项目时（资助小部分项目），ICM 有时能运作的比较有效率。
概述本篇文章分析公司内部通过ICM渠道将有限资源分配至不同使用者的过程。
在此过程中，必然要思考两组问题。
1、建立ICM的基本经济原理是什么？在什么情况下，将不同技术层面上的项目联合放于同一roof下会有意义？在什么情况下，他们从公司总部寻求资金，相较于单独作为一个公司从外部资本市场融资更有意义？2、鉴于这种理由，ICM的最优规模和范围该如何？总部应该资助大量的项目还是仅仅一小部分？这些项目应该互不相关还是有类似业务？这两组问题的答案来自这样的洞察力，在信贷约束的环境下（即不是所有的NPV为正的项目都能得到融资），总部能够通过在项目间对稀缺资源重新分配来创造价值。
例如，一个部门产生的现金流可以被转移用至其他回报更高的项目。
或者说，一个部门的资产可以作为抵押进行融资，然后将融到的资金转移至其他部门。
每个部门都在为稀缺资源相互竞争，总部的工作就是在竞争中挑选出winner和loser。
Williamson and Donaldson 有相同观点。
两者很有意思的一个观点是，完全不相关的投资项目之间的相互依赖关系，仅仅是因为它们都位于同一公司的屋檐下。
给定一个项目，从ICM 中获得资金不仅依赖于该项目自身的收益，也依赖于本公司其它项目的收益。
证券市场发展与经济增长外文文献翻译中英文2020
证券市场发展与经济增长外文文献翻译中英文2020英文The relationship of renewable energy consumption to stock marketdevelopment and economic growth in IranSeyedeh Razmi，Bahareh Bajgiran，etcAbstractThis paper investigates the relationship of two types of renewable energy consumption (total hydropower, wind, solar and nuclear energies, and total combustible renewable and waste) to stock market value and economic growth in Iran. An autoregressive distributive lag (ARDL) model was used for data from 1990 to 2014 and results show that stock market value affects both groups of renewable energies in the long run. Growth rate significantly affects total hydropower, wind, solar, and nuclear energies in both the short and long run, although it is only significant in the short run for combustible renewable and waste energies. Neither type of renewable energy consumption affects growth in either the short or long run.Keywords：Renewable energy consumption，Stock market，Growth，ARDLSustainable development, as one of the main goals of every economy, encourages policymakers to use energy sources that emit the fewest pollutants to the environment. Today, renewable energy resources havebecome increasingly more important due to the fact that they have fewer negative impacts on the environment than other sources of energies and the growing limitations of fossil fuels. Most developed countries that are in agreement with the International Atomic Energy Agency and the Kyoto Protocol have established a framework to encourage greater usage of renewable energy sources Maji. Consequently, countries that are rich in non-renewable energies should consider ways to offset the economic slowdown that would be caused due to the loss of demand from developed countries. Apart from environmental issues, substituting domestic renewable energies also protects countries against external economic crises. As countries reduce fuel imports, their economies become less vulnerable to external crises. The importance of economic growth as the main objective of all economies has led a lot of studies towards finding the impact of renewable energies on economic growth. For example, one study using the ARDL method discovered that renewable energy and economic growth have a negative relationship in the long run in Nigeria, although an insignificant relationship exists in the short run. A negative impact of renewable energy on economic growth was also found in Turkey, South Africa, and Mexico by Ocal and Aslan. However, Destek found a positive relationship between the two variables was discovered for India. Aïssa et al tried to discover the relationship among renewable energy, output, and trade by using panel cointegrationof 11 African countries. They did not find any causality between renewable energy with output and trade in the short run. However, in the long run, Jebli and Youssef discovered the impact of renewable energy on output.Apergis and Payne employed panel cointegration for investigating the casual relationship between renewable energy consumption and economic growth for OECD countries. They found bidirectional causality between variables both in the short and long run. Similar results were discovered for Central American countries by Apergis and Payne. Using panel data, Chang et al found bidirectional causality between economic growth and renewable energy for G7 countries. However, these results were not approved for individual countries. Tugcu et al also discovered similar results for G7 countries. Using the panel cointegration method, Pao et al investigated the causal effect of clean and non-clean energies on economic growth for Mexico, Indonesia, South Korea, and Turkey. They found one-way causality running from renewable energy to economic growth in the long-run and two-way causality in short-run.Apart from economic growth, financial market development indexes are among the variables of interest to economists in energy studies. Financial market development can affect energy demand by influencing economic growth as well as reducing households’ constraints. Financial markets affect economic growth by transferring funds, determiningcapital prices, facilitating transactions, as well as distributing risk management. Facilitating consumer lending is another impact of financial markets on energy consumption, as easier access to financing for energy purchases increases consumer demand for energy. In other words, financial market development may increase energy consumption by reducing financial risk and lending costs and increasing access to financial investments and advanced technologies. Financial market development can also reduce the risks to consumers and businesses and thereby become an important factor in generating wealth in the economy. Therefore, the existence of financial market development is considered as a reliable lever for consumers and businesses which increases economic activity and energy demand.Kakar et al considered the relationship between financial market development, economic growth, and energy consumption in Pakistan in the 1980s. Using Johansen cointegration and Granger causality, the results showed the long-run effects of the financial market development on energy consumption, however its impact in the short run was negligible. Several studies have confirmed the relationship between financial development, energy consumption and economic growth. Stock market developments also play an important role in allocating funds for clean energy projects. Sadorsky stated that stock market developments would increase the demand for energy in emerging economies, whileChang indicated that the development of market capitalism in emerging countries would stimulate investment and energy consumption. This study investigates the relationship between renewable energy consumption, the stock market value,1 and GDP growth in Iran. It must be noted that, to the best knowledge of the authors, there have not been any studies on financial market development and renewable energies thus far; therefore, this research has referred to studies on total energy consumption and financial market development.Renewable energies can play an important role in reducing emissions of pollutants, such as carbon dioxide and other greenhouse gases. Features such as environmental compatibility, fewer pollutive effects, renewability, and global reliability have led these types of energies to play an important role in the world's energy supply system on a day-to-day basis. Nowadays, Iran is suffering from air pollution, and the impact on public health is a well-known problem. Therefore, consuming renewable energies can be effective in both achieving clean air and increasing the overall health and well-being of the society. According to recent changes in Iran's energy consumption laws, governmental units such as the Ministry of Energy and the Ministry of Oil have been obliged to support clean energy consumption.Iran has many capacities in which to use hydro, wind, solar and other kinds of renewable energies due to its geographic environment.Despite its high potential for employing renewable resources, renewable energies have not yet been properly exploited. Renewable energy consumption in Iran is still less than 4% of total energy consumption. Therefore, Iran needs to devote particular attention to the various aspects of renewable energies to maintain its position as an energy supplier. Regarding foreign sanctions that have reduced the speed of foreign investment in non-renewable energy, the Iranian government also needs to increase its support to the private sector to attract more investment in renewable energies. This research helps policymakers in Iran and other countries meet their goals for using renewable energies by investigating the relationships of the three aforementioned variables.This study differs from other research on this issue as most papers in this field study economic growth, non-renewable energy consumption, and pollution (CO2) by panel data models. For our research objective, we make three key contributions. First, financial markets, especially the stock market, can help developing industries to raise and circulate capital within the broader economic system. While many studies have examined the relationship between financial development and economic growth with non-renewable energies, there is a gap in research pertaining to renewable energies. The study covers this gap by focusing on of renewable energy that have largely been ignored in prior research. Second, in contrast to the studies applying cross-country panel causality testing,especially in developed countries, we apply an ARDL model as a robust methodology for Iran's economy. Third, studies on renewable energies typically use one type of renewable energy source, while this study compares two groups of renewable energies: total hydropower, wind, solar, and nuclear energies and combustible renewable and waste energies. We examine the effect of economic growth on the two types of renewable energy consumption and conversely, the effect of the two types of renewable energy consumption on economic growth. This type of analysis has the potential to support future policy recommendations.For our estimation model we have carried out the following steps. First, after a thorough review of theoretical and empirical studies, we have selected our models. Next, we have verified the unit roots and integration tests for long-run relationships. Subsequently, we have applied two models for each of the long-run and short-run analyses. In each model, the dependent variables are: economic growth and renewable energy type. Finally, we have conducted diagnostic tests to confirm the reliability of the results.This paper examines the relationship between two types of renewable energy consumption, including consumption of hydro, solar, wind and nuclear energies as well as that of combustible renewables and waste energies, stock market value, and economic growth in Iran over the period 1990–2014 using the ARDL method. Such a study on Iran is verynecessary, as studies in this area are rare, and only small steps have been taken towards using renewable energies. The use of renewable energy in Iran is still less than 4% of the total energy consumption in the country. Therefore, more robust studies must be done regarding renewable energies. Results show the existence of short- and long-run relationships between variables in two models where the dependent variables are re (consumption of water, solar, wind and nuclear energies), gr (economic growth rate), and rec (consumption of combustible renewable and waste energies).The coefficient of st (stock market value) is insignificant for both re and rec as dependent variables in the short run, meaning that in the short run, financial markets have no effect on renewable energy consumption; however, it is positively significant in the long run for both groups. Therefore, the stock market value is an important positive factor affecting renewable energies in the long run. Growth rate significantly affects re in both the short and long run, although it is only significant in the short run for rec as a dependent variable. Neither type of renewable energy affects growth in the short run and long run. This result is similar to Dogan that found little effect of renewable energy consumption on economic growth in Turkey. Destek found negative effect of renewable energy consumption for South Africa and Mexico. However, Adams et al discovered positive effect of renewable energy consumption on economicgrowth in 30 Sub-Saharan African (SSA) countries.By examining the relationship among two groups of renewable energy consumption, stock market value, and economic growth, the results of this study highlight a few points for policymakers in Iran who are looking for ways to improve public health by using clean energies. First, stock market development in Iran has led to an increase in renewable energy consumption for total hydropower, wind, solar, and nuclear energies, while has not affected the consumption of combustible renewable and waste energies. The positive effect of stock market value on long-run economic growth shows that stock market development can increase renewable energy consumption in the long run. Second, economic growth can also lead to an increase in renewable energy consumption of the first group so policies towards increasing economic growth also lead to renewable energy consumption of first group. Third, given Iran's recent investments in the development and use of renewable energy technologies, the results of this research show that the country should continue to develop its renewable energy infrastructure in order to reap the full benefits.Responses to the following questions can be a guide for policymakers to achieve sustainable development and to increase the health and well-being of the society.•Do renewable energies have a positive effect on economic growth?•Does the value of the stock market have a positive effect on economic growth?•Does the value of the stock market have a positive effect on renewable energy?If the value of the stock market affects both economic growth and renewable energy consumption, it can serve as a stimulus for using renewable energy and achieving sustainable development. Economic policymakers can increase renewable energy consumption by better understanding the nuances of the effects of stock market value and economic growth on each group of renewable energy and use this knowledge to facilitate the development of the applicable renewable energies for the improvement and spread of clean air.中文证券市场发展和经济增长的关系伊朗可再生能源消费Seyedeh Razmi，Bahareh Bajgiran等摘要本文研究了伊朗两类可再生能源消耗（水电，风能，太阳能和核能总量以及可燃可再生和废物总量）与证券市场价值和经济增长之间的关系。
2020年成本管理外文文献及翻译.doc
成本管理外文文献China＇s Enterprise Cost Management Analysis and Countermeasures Abstract: With the progress and China＇s traditional Cost Management model difficult to adapt to an increasingly competitive market environment. This paper exists in our country a number of Cost Management and finally put forward to address these issues a number of measures to strengthen Cost Management. Keywords:: Cost Management measures In a market economy conditions, as the global economic integration, the development of increasingly fierce market competition, corporate profit margins shrinking. In this case, the level of high and low business costs directly determines the size of an enterprise profitability and competitive strength. Therefore, strengthen enterprise Cost Management business has become an inevitable choice for the survival and development. First, the reality of China＇s Enterprise Cost Management Analysis Cost Management in our country after years of development, has made many achievements, but now faces a new environment, China＇s Cost Management has also exposed some new problems, mainly in the following aspects: (A) Cost Management concept behind the Chinese enterprises lag behind the concept of Cost Management in pervasive phenomenon, mainly in Cost Management of the scope, purpose and means from time to biased. Many enterprises will continue to limit the scope of Cost Management within the enterprise or even only the production process at the expense of other related companies and related fields cost behavior management. We supply side, for example. The supply side of the price of the product cost of doing business, one of the most important motives. As the supply side of the price of the product and its cost plus profit, so the supply side of price in the form of its own costs to the enterprise. However, some enterprises to the supply side too much rock bottom price, as their source of high profits, without considering each other＇s interests, resulting in supply-side to conceal their true costs, price increase in disguise. This increase in procurement costs, thereby increasing commodity costs, making goods less competitive. The purpose of Cost Management from the point of view, many enterprises confined to lower costs, but less from the perspective of cost-effectiveness of the effectiveness of the means of cost reduction mainly rely on savings, can not be cost-effective. In traditional Cost Management, Cost Management purposes has been reduced to cut costs, saving has become the basic means to reduce costs. From the perspective of Cost Management to analyze the Cost Management of this goal, not difficult to find cost-reduction is conditional and limits, and in some cases, control of costs, could lead to product quality and enterprise efficiency decline. In addition, the vast majority of enterprises in the overall concept of lack of Cost Management. Most companies have a common phenomenon, that is, to rely on finance staff to manage costs. In the implementation of Cost Management process, some companies focus only on cost accounting; some business leaders only concerned about the financial and cost statements, using the number of statements to management costs. Although such an approach to reduce the cost to a certain role, but the final analysis, cost accounting, or ex post facto control, failed to do in advance of cost control and occurrence of process control, can not be replaced costing Cost Management. (B) Cost Management obsolete First of all, from a Cost Management in general and ways of looking at, not really formed, thesystem＇s Cost Management methodology, from speaking, we have proposed the establishment of including cost projections, the cost of decision-making, cost planning, cost accounting, cost control, cost analysis, etc. In the within the new Cost Management system, but how to make this methodology in a scientific, systematic, forming an organic links there are many problems. Secondly, the specific method of Cost Management perspective, According to the survey, 57% of the enterprises use varieties of France, 48% of companies use sub-step. The development trend of current world production of many varieties of small batch production mode, this mode of production batches law applies to product cost. Currently, only 2% of China＇s enterprises to adopt this method to calculate, which indicates that the organization of production in China is still relatively extensive, paid insufficient attention to the consumer＇s personality. Finally, from a Cost Management tool to see, even though some enterprises to enter the computerized stage, but the cost of application management module level is not high, and many enterprises are still the manual accounting, in a modern way of technology, Information, and this is bound to constrain business further enhance the level of Cost Management, it is difficult to meet the modern Cost Management of cost Information provided by the timeliness, comprehensiveness, accuracy requirements. (C) the cost Information, a serious distortion of In China, there are a considerable number of enterprises there is the cost of the case Information is untrue, and this situation is getting worse. Cost Information distortion is mainly caused by the following reasons: First, costing only a focus on materials, labor, manufacturing overhead, ignoring the growing increase in the modern enterprise product development, the middle of testing and trial-and after-sales service on a small group of input costs associated with the content of the product was incomplete, does not correctly evaluate the products in the the whole process of life-cycle cost-effectiveness. The second is distortion caused by improper costing methods. A high degree of labor-intensive enterprises in the past years, the accounting of the simple assumption (that is, the number of direct labor hours or production basis for the allocation of indirect costs), usually do not cause serious distortions in product costs. But in a modern manufacturing environment, the proportion of direct labor costs declined significantly, a substantial increase in the proportion of manufacturing costs, and then use the traditional method of cost computation will produce irrational behavior, the use of traditional costing will lead to serious distortions in product cost information to enable enterprises to operate the mistake of choosing the direction of products. Third, to achieve the purpose of artificially adjust the cost of a number of hidden losses caused by a serious, corporate virtual surplus real loss. In China, some enterprises do not increase because of Cost Management, but in order to achieve improper goals or interest to do so at the cost of the external disclosure of false information. Study its causes and performance: business managers in order to gloss over its management performance, to investors, especially medium and small shareholders have a good explanation to take virtual cut costs, inflated benefits, such as Joan China source event, Guangxia event; some private enterprises do not even pay taxes in order to tax less, false purchase invoices, virtual offset value-addedtax; inflated costs, pay less corporate income tax; a number of enterprise Cost Management is in chaos, infrastructure work is not solid, it is difficult to accurately account for product costs, and thus disclosed the cost of information is not accurate. (D) internal Cost Management of the establishment of the main mistakes Cost of production and operation activities, a comprehensive index covering all aspects of management, but also involves all levels of personnel. However, a long time, people have been the existence of a bias, the Cost Management as a finance officer for a small number of managers patents, that the cost-effectiveness should be handled by business leaders and finance staff and to all workshops, departments, teams and groups of workers only as a producer, resulting in control costs, understand technology, understand technology, understand the financial, the majority of the workers as to which costs should be controlled, how to control problems have no intention also were unable to say in the cost-conscious indifference. Workers that Ganhaoganhuai a sample, feel market pressures, cost control initiative can not be mobilized, serious waste, mainly in energy and materials, the next material without careful planning, the next corner does not make full use of materials, energy and run , risk, dripping, and leak is serious. Cost Management of the main mistakes made to establish the Cost Management business has lost the management of large groups of promise, of course, Cost Management work is not really achieve good results. Second, strengthen enterprise Cost Management measures Cost Management for Chinese Enterprises in the problems, we should start the following efforts to strengthen Cost Management: (A) the introduction of new ideas - the use of strategic Cost Management Strategic management is central to the sustained competitive advantage for businesses, competitive advantage is the core of any Strategy, it ultimately comes from enterprises to create value for customers, this value must exceed the costs of enterprises to create it. An enterprise to gain a competitive advantage need to make a choice, that is, enterprises must strive for what would be an advantage, and to what extent the problem for superiority to make a choice. This requires the introduction of strategic management of Cost Management thinking, to achieve a strategic sense of the extensions to form a strategic Cost Management. Strategic Cost Management refers to management of the specialized approach provides an analysis of the enterprise itself and its competitors information to assist managers and evaluation of the formation of corporate Strategy, thereby creating a competitive advantage in order to meet enterprises to effectively adapt to constantly changing external environment. (B) establish a new concept 1, establish a system management concepts, the implementation of a comprehensive, whole process of Cost Management The content and scope of the cost of doing business should not be confined to areas of production, management needs to be with the change, and as the development of management development. Cost Management should be comprehensive, the whole process, and at the design stage till the development planning stage should begin to reduce the cost of activities. Modern enterprise Cost Management should include the impact on cost changes in all aspects of the projections to penetrate the enterprise, decision-making, technology, sales and other areas in all aspects of the enterprise expansion. 2, establish the concept of cost-effectiveness, cost forecasting anddecision-making levels Enterprises can not succeed in the market for greater profits, they must establish the cost of determining the market concept, give full play to the cost of policy-making functions. Cost Management and enterprise＇s overall effectiveness should also be linked to the concept of dynamic cost-effective approach to cost and control issues, from the comparative analysis of input and output to look into the necessity and rationality of the enterprise from the perspective of efficiency to determine the increases or decreases in order to conduct a cost benefit as the center of the dynamic management. 3, establish a sense of innovation, technology and insist on combining The vitality lies in its continued innovation, and enterprises should seize the pulse of the market, seeking mechanism innovation, vibrancy, increase scientific and technological input, and the effective use of new technologies, new equipment, new processes and new materials, relying on technology to reduce product cost. Meanwhile, cost accounting should be considered in the scientific and technological content of products, including the cost to go to facilitate enterprises to the correct decision. The formation of the product cost, the technical factors, plays an important role, to improve Cost Management, we must implement the technology-driven economic principle of combining. 4, establish a people-oriented concept, create a cohesive force in enterprise People do not simply a tool for wealth creation, but an enterprise＇s largest capital, assets, resources and wealth, the main body of the enterprise, is the main Cost Management is to determine the cost of key factors. Therefore, to establish a people-oriented management thinking, and arouse people＇s intellectual factors, train and develop people＇s ability to work, so that employees and managers on an equal footing and enjoy the same participation in power, the humanistic, democratic management thinking throughout the enterprise management process from beginning to end, so that enterprises can truly become a democratic, humane organizations, from the human heart in order to stimulate everyone＇s sense of responsibility and willing to devote themselves masters of the spiritual power. (C) the introduction of advanced Cost Management - activity-based costing and cost-planning method Since the cost of the early 20th century inception, he has appeared ＇standard cost＇, ＇budget control＇, ＇difference＇, ＇cost-of-state analysis＇, ＇variable cost method＇, ＇volume-profit analysis＇, ＇responsibility accounting＇, etc. a series of traditional cost accounting methods. However, in today＇s increasingly competitive market economy, the traditional cost accounting methods have fatal defects, thus creating an activity-based costing and cost-planning method. 1, Activity-Based Costing Activity-Based Costing is based on ＇cost driver＇ as the fundamental basis of a cost-accounting methods. Its basic principle is that consumption of output operations, operations consume resources. In the product cost, it will be the focus from the traditional ＇products＇ move to ＇work＇ on to work for the accounting object, and the first motivation of resources based on resource allocation of costs to the job, and then tracked by the activity driver products, the final product obtained costs. It is customer-oriented chain, to the value chain as the center of the business ＇operational procedures＇fundamental and thorough reform, emphasizing the coordination of corporate internal and external customer relations, starting fromthe enterprise as a whole, coordinating the various departments and links the relationship between the ask enterprises to material supply, production and marketing aspects of the operations form a continuous, synchronous＇s ＇workflow＇, the elimination of all can not increase the value of the operation, so that enterprises in the state continued to improve and promote enterprise-wide optimization, establishing competitive advantage. 2, cost planning method The cost of planning the basic ideas: (1) to full life-cycle-based, market-oriented development of target cost. Basic formula is: target cost=expected market price - target profit. (2) product design stage the cost of squeezing. This process can be expressed as the cost of the ＇Settings - decomposition - to achieve - (re-setting) - (re-decomposition) - (another achievement) - ... ...＇, and repeatedly as well as endless, until it reaches target cost. (3) the cost of production at the manufacturing stage decomposition and pressure transmission. The target cost pressures refined to teams and groups, and even individuals and vendors. (4) pre-production phase of the feedback control. Through trial and feedback from the production process and timely leak fill a vacancy, strengthen internal management, improve cost control management through a variety of incentive measures to make the cost of the ideological objectives of planning can be the greatest degree of implementation. (5) The target cost optimization. Product to meet the needs of market competition must be constantly adjusted and optimized so that the cost of setting goals to keep up with the pace of technological and market changes, so that the cost of the entire planning process to form a complete cycle, continuous improvement, and constantly perfect, and always be able to adapt to the changing market. (Iv) computer technology in Enterprise Cost Management At present, the computer is an indispensable tool for economic life, to modern information technology-based Cost Management Cost Management information system has become a symbol of modernization. 1, the software application LOTUS, EXCEL and other spreadsheet software has a powerful form processing, database management and statistical charts processing functions, is commonly used office automation software. They do not have programming, flexible and convenient, the use of low cost, high efficiency, use of these software can be easily and quickly assist management in cost projections, decision-making, and can control the process of implementation of the monitoring analysis, received good results. Businesses can combine their own characteristics, commissioned by software developers for their costs of developing a more professional management software. 2, the application of The network has a strong scalability, enables the sharing of resources, improve efficiency and reduce costs. Internal and external Internet connection of the timely transmission of a variety of cost information, and can interactively communicate with the outside world, learn from each other and promote the application of various Cost Management techniques to achieve Cost Management objectives. (E) to take measures to ensure cost-effective information Companies should establish a sound internal control system, through accounting and other business processes control, help reduce the occurrence of the phenomenon of accounting information Cuobi to a certain extent, the accounting and other information to ensure true and reliable. For example, a good internal control system, required documents must be recorded against previous audit,the certificate of transfer must follow certain procedures, to the reconciliation table cards and checking accounts. Through these means of control, it is possible to reduce the incidence of errors to ensure the accuracy and reliability of accounting information and thus the basis for cost accounting and management information is reliable. Enterprises also need to improve the management and accounting staff of professional ethics. The main body of the implementation of the system is the enterprise managers and decision-making participation in the operation of accounting personnel, in the generation and provision of relevant information, on one hand to enhance the legal awareness, on the one hand to enhance the sense of moral self-discipline, strengthen the moral sense of responsibility and sense of responsibility to maintain professional conscience, economic objectives of enterprises and managers to enhance the double moral standards. In addition to strengthen the market research and information feedback in the Cost Management applications. Information as a business activity is an important factor in the cost management an integral part of. With economic development, enterprise cost management level, with the development of the situation can improve, operation can proceed smoothly, to a large extent also depends on the level of the cost of feedback. Therefore, the enterprise cost management must also adapt to this objective, continually improve the level of information management, seize the opportunity to truly become the strong market competition. 中国企业成本管理的现状分析与对策摘要随着中国所取得的进展，中国传统的成本管理模式已经难以适应竞争日益激烈的市场环境。
会计学财务报表中英文对照外文翻译文献
会计学财务报表中英文对照外文翻译文献(文档含英文原文和中文翻译)译文：中美财务报表的区别(1)财务报告内容构成上的区别1)美国的财务报告包括三个基本的财务报表，除此之外，典型的美国大公司财务报告还包括以下成分：股东权益、收益与综合收益、管理报告、独立审计报告、选取的5-10年数据的管理讨论与分析以及选取的季度数据。
2)我国财务报告不注重其解释，而美国在财务报告的内容、方法、多样性上都比较充分。
中国的评价部分包括会计报表和财务报表，财务报表是最主要的报表，它包括前述各项与账面不符的描述、财会政策与变化、财会评估的变化、会计差错等问题，资产负债表日期，关联方关系和交易活动等等，揭示方法是注意底部和旁注。
美国的财务范围在内容上比财务报表更加丰富，包括会计政策、技巧、添加特定项目的报告, 报告格式很难反映内容和商业环境等等，对违反一致性、可比性原则问题，评论也需要披露的，但也揭示了许多方面，比如旁注、底注、括号内、补充声明、时间表和信息分析报告。
(2)财务报表格式上的比较1)从资产负债表的格式来看，美国的资产负债表有账户类型和报告样式两项描述，而我国是使用固定的账户类型。
另外，我们的资产负债表在项目的使用上过于标准化，不能够很好的反映出特殊的商业项目或者不适用于特殊类型的企业。
而美国的资产负债表项目是多样化的，除此之外，财务会计准则也是建立在资产负债表中资产所有者投资和支出两项要素基础上的，这一点也是中国的财会准则中没有的。
2)从损益表格式的角度来看，美国采用的是多步式，损益表项目分为两部分，营业利润和非营业利润，但是意义不同。
我国的营业利润在范围上比美国的小，例如投资收益在美国是归类为营业利润的而在我国则不属于营业利润。
另外，我国的损益表项目较美国的更加规范和严格，美国校准损益表仅仅依赖于类别和项目。
报告收可以与销售收入及其他收入相联系，也可以和利息收益、租赁收入和单项投资收益相联系；在成本方面，并不是严格的划分为管理成本、财务成本、和市场成本，并且经常性销售费用、综合管理费用以及利息费用、净利息收益都要分别折旧。
经济结构决定金融结构外文文献翻译中英文最新
经济结构决定金融结构外文文献翻译中英文2019-2020英文Does economic structure determine financial structure?Franklin Allen，Laura BartiloroAbstractIn this paper, we examine the relationship between the structure of the real economy and a country's financial system. We consider whether the development of the real economic structure can predict the direction of evolution of a country's financial structure. Using data for 108 countries, we find a significant relationship between real economic structure and financial structure. Next, we exploit shocks to the economies in India, Finland and Sweden, and South Korea and show that changes in the economic structure of a country influence the evolution of its financial system. This suggests that financial institutions and capital markets change in response to the structure of industries.Keywords：Financial system，Economic structureIntroductionThe structures of financial systems vary among industrial and developing countries. In some countries, financial systems are predominantly bank-based, while in others they are dominated by capital markets. Only fragmented theories exist in the literature that explain the prevailing differences in country financial structures, which are definedas the mix of financial markets, institutions, instruments, and contracts that prescribe how financial activities are organized at a particular date.The existing studies explain the prevailing differences in financial structures using legal origin and protection, politics, history, and culture as factors. This paper considers the link between the real economic structure and the financial system of a country. Such a relationship is influenced by the funding sources for corporate investment that differ depending on firm and project characteristics (Allen, 1993; Boot and Thakor, 1997; Allen and Gale, 1999). Consistent with this theory, banks are more appropriate for the financing of traditional asset-intensive industries, whereas capital markets favour innovative and risky projects. One implication of this theory is that the real economic structure of a country, whether it is asset intensive or service oriented, could determine its financial structure. For instance, financial systems in countries such as Germany and Japan would remain bank-based as long as their economies are dominated by manufacturing industries. Contrastingly, the financial system in the United States will continue to be market-oriented as long as service and highly innovative companies constitute a large share of the economy. Consequently, the financial systems of the United States, Germany, or Japan will remain at polar extremes because of their economic structures even though the countries are at a similar stage of development.Robinson (1952) argues that financial intermediaries and markets emerge when required by industries. Consequently, intermediaries and markets appear in response to economic structure. The idea that the form of financing, and thus the country's financial structure, depends on the type of activity that firms engage in has not yet been directly addressed in the literature. To provide evidence of the hypothesis that structure and changes in the real economy determine the direction of evolution of a country's financial system, we first must distinguish the different financial structures across countries. However, although recent attention has shifted to a more systematic classification of financial systems, the literature provides only very broad measures and definitions for classification. Consistent with the literature this study classifies a country's financial system as either bank-based (the German or Japanese model) or market-based (the Anglo-Saxon model). In the bank-based financial system, financial intermediaries play an important role by mobilising savings, allocating credit, and facilitating the hedging, pooling, and pricing of risks. In the market-based financial system, capital markets are the main channels of finance in the economy (Allen and Gale, 2000).Our theory builds on Rajan and Zingales (2003a) who note that bank-based systems tend to have a comparative advantage in financing fixed-asset-intensive firms rather than high technology research and development-based firms. Rajan and Zingales (2003a) argue thatfixed-asset-intensive firms are typically more traditional and well understood, and the borrower has the collateral to entice fresh lenders if the existing ones prove overly demanding. As per Rajan and Zingales (2003a), loans are well collateralised by physical assets, and therefore are liquid; hence, the concentration of information in the system will not be a barrier to the financing of these assets. Conversely, the authors argue that market-based systems will have a comparative advantage in financing knowledge industries with intangible assets.Consequently, we suggest that countries with a majority of physical-asset-intensive firms, depending on external finance, will be more likely to possess a bank-oriented financial system. However, capital markets should develop more effectively in countries with firms that are based on knowledge and intangible assets. We test this hypothesis by identifying fixed-asset-intensive firms within the economic sector defined as industry by the standard classification system for economic activity. Conversely, in this study the service sector acts as a proxy for knowledge and intangible asset firms. The relative importance of the two types of firms in an economy will be represented by the relative volume of activity of the two different economic sectors. The standard system of classification for economic activity includes a third sector, agriculture. We classify agriculture as a physical-asset-intensive industry because land and agricultural machinery may be used as collateral and, therefore,we assume that firms in the agricultural sector will prefer bank financing over capital markets.We first present some historical evidence showing the nexus between real economic structure and financial system. In order to test our outlined hypothesis, we use a panel data set for 108 countries and employ both the panel OLS and a two-step generalised-method-of-moments (GMM) system. Additionally, we investigate the robustness of the results by introducing different additional control variables and testing the heterogenous effects. The results suggest that there is a negative and significant relationship between a country's economic structure (industry versus service sector) and financial system structure (stock market versus banking sector). In economies where the service sector carries more weight economically than industry and agriculture, the country tends to have a market-based financial system. In contrast, a bank-based financial system is more likely to emerge in economies with many fixed-asset-intensive firms.Next, we conduct event studies using the treatment effect estimation to isolate the endogeneity concerns. We analyse different types of exogenous shock to the structure of the real economy and its impact on financial structure. We employ three events that changed the economic structures of the countries and further investigate their impact on the financial structure using a difference-in-difference strategy. The firstevent is India's structural reforms in 1991 as a positive shock to the country's economy; the second one is the demise of the Soviet Union as a negative shock to the economy of Finland and Sweden; the third one is the economic reforms in the 1980s and early 1990s in South Korea. In India and South Korea we find that after the structural reforms of the economies, the service sector grew in relative terms and the stock markets in both countries experienced significantly faster growth than their banking systems, compared to the control countries. In Finland and Sweden we document that following the negative shock the service sector gained in relative importance, which was followed by the faster growth of the equity market in comparison to the banking system. Overall, the results of the three different event studies confirm our hypothesis that the relative importance of financial intermediaries and markets is determined by the industry needs of a country.The findings of this study are interesting from a regulatory perspective and lend insight into the development of financial structures worldwide. The main policy implications from this study are that financial structures should be evaluated in terms of whether they meet the requirements of the real economy and industries. Furthermore the financial structure cannot be changed as long as the economic structure does not change. The results provide insight into the reasons for limited capital markets growth in developing countries despite officialstimulation efforts from governments and multilateral organisations (Schmukler et al., 2007). According to our study of many developing countries, as long as economies remain relatively agriculture- and industry-oriented, any government effort to create or further develop a capital market is likely to not to be very successful. Additionally, any regulation that attempts to force a change in the financial system may result in a discrepancy in the economic and financial structure. Therefore, such efforts or regulations may introduce financial constraints that can further stall economic growth because financial structure influences output levels and economic growth (Levine and Zervos, 1998; Luintel et al., 2008).The real economy and finance nexusA number of explanations for financial structure exist in the literature; however, none are able to provide a comprehensive account of the observations. The first explanation is based on legal origin and investor protection. Levine (1997) builds on the work of La Porta et al. (1997, 1998); henceforth LLSV) stating that legal systems originate from a limited number of legal traditions: English common law or French, German, and Scandinavian civil law. In his study on financial development and economic growth, the author employs measures of creditors' rights and demonstrates that they may explain the emergence of bank-based financial systems. Modigliani and Perotti (2000) arguethat legal institutionsdetermine the degree of financial development and the financial structure of a country. They argue that market-based systems flourish in environments with strong institutions. Ergungor (2004) also attempts to explain differences in financial structure by examining legal origin across countries. His study presents evidence that countries with civil law financial systems are more likely to be bank-oriented than common law countries. In the author's opinion, this evolution is a result of effective rule of law in common law countries, which improves shareholder and creditor rights protection. A perspective has emerged in the literature that legal origin can be used to explain the structure of a financial system.However, Rajan and Zingales (2003a) argue that countries with a common law system did not rely on markets to a greater extent than civil law systems at the beginning of the last century. They report that in 1913, the ratio of France's stock market capitalisation to GDP was twice as high as that of the United States, which is a country that has an environment that favours capital market development according to the legal origin perspective. It is therefore problematic to argue that legal origin is the main determinant of financial structure. The view presented below is that both the structure of the financial system and the laws will adapt to the needs and demands of the economy. One example of this is branching regulation in the United States banking sector. Rajan and Zingales(2004) note that as technology improved the ability of banks to lend and borrow from customers at a distance, competition increased in the United States even when banks had no in-state branches. Politicians who could not prevent this competition because they lacked jurisdiction, withdrew the regulations that limited branching. Another example is the removal of the Glass-Steagall Act, which had restricted banking activities in the United States since 1933. In this case, the introduction of the Financial Modernisation Act in 1999 followed the creation of the first financial holding company in the United States and removed past restrictions. Therefore, we argue that economic demand may enhance the evolution of the financial structures and of the legal system.The existing empirical results show also that legal investor protection may support financial development. For example, LLSV (1997) show that countries with poorer investor protection have less developed capital markets. Demirgüç-Kunt and Levine (2004) find that countries with stronger protection for shareholder rights tend to have a more market-based financial system. Djankov et al. (2007) investigate cross-country determinants of private credit and find that legal creditor rights are statistically significant and quantitatively important in determining private credit development, while there is no evidence showing that creditor rights are converging among legal origins. Moreover, Djankov et al. (2007) confirm that shareholder protection ispositively related to stock market development.The second explanation for financial structure is based on political factors. Biais and Perotti (2002) provide a theoretical model of government incentives to structure privatisation policy so that financial shareholders are diffused, which may be designed to ensure re-election. Additionally, Perotti and V olpin (2004)argue that established firms have an incentive to limit entry by retarding financial development, which may well impact the financial structure. Perotti and von Thadden (2006) use a theoretical model to demonstrate the effect of the distribution of income and wealth in democratic societies and their influence on the financial structure of an economy.Moreover, according to Rajan and Zingales (2003a, 2004) structures of the financial system are unstable and evolve over time. They argue that a financial system will develop toward the optimal structure but will be hindered by politics, which are often influenced by powerful, incumbent groups. Similarly, Cull and Xu (2013) argue that financial development is driven by political economy. In their opinion financial development may reflect the interests of the elite, rather than providing broad-based access to financial services. Song and Thakor (2012a, b) develop a theory of how a financial system is influenced by political intervention that is designed to expand credit availability. They show that the relationship between political intervention and financial system development isnonmonotonic. In the early stage of financial development, the size of markets is relatively small and politicians intervene by controlling some banks and providing capital subsidies, while in the advanced stage when the financial sector is most developed, political intervention returns in the form of direct-lending regulation.Industrial-level evidenceTo check the robustness of our main results we conduct a wide array of additional analyses; however, for brevity we do not report them in full. First, we check the consistency of the results after removing outliers. These outliers are eliminated after considering the scatter plot of the main financial and economic structure indicators. We eliminate those countries that fall particularly far from the regression line and then repeat the estimation on the new sample. After eliminating the extreme observations, we still find a significant and negative relationship between economic and financial structure. Second, we increase the set of explanatory variables and add variables for country GDP, inflation, area, latitude, dummies for landlocked economies, transition economies, or developing countries. Including these variables does not affect either the significance level or the sign of the estimated coefficients. Third, we divide the countries in the sample into two groups based on their membership in the OECD. We assume that countries belonging to the OECD are on average more developed than non-OECD member countries. Using the two separatesamples we compute again the baseline regressions. The results indicate that the relationship between financial structure and economic structure is much stronger in industrial countries than in developing countries. One possible explanation for this result is the different development stage of the financial system itself. In developing countries, the financial structure is emerging and adjusting to the needs of the real economy at the same time. Moreover, rapid changes in the financial structure are often caused by additional factors such as liberalization or political transformation. Conversely, in most of the industrial countries, we may assume that the financial system may already have an optimal structure, whereas changes are only caused in case of significant changes in the economic structure, which takes substantial time.Fourth, in the case of the OECD countries the data availability on the composition of value added for most of the industries allows us to calculate an alternative measure of economic structures, where we control for the firm asset characteristics in the given industry. In this analysis, the primary data source is the OECD STAN database for industrial analysis, which enables retrieval of gross value added for 47 industries representing nine main sectors of the economy in 25 countries. We divide the industries using firm specific characteristics from either an asset-intensive or knowledge sector, where we measured asset intensity as the ratio of tangible assets (property, plant and equipment) to total bookassets of the firm in the industry, whereas the company specific data was computed using data from the Bureau van Dijk's ORBIS database.According to our theory, asset-intensive firms with tangible assets may use the assets to collateralise their bank debt. Hence, in countries dominated by asset-intensive industries bank-based financial systems are more likely to emerge. In contrast, knowledge-based companies with a low level of tangible assets are often forced to use either equity or bonds to finance their needs. Therefore, countries dominated by industries with intangible assets are more likely to have a market-based financial system.Classifying industries as either asset or tangible asset intensive, where we distinguish industries using ratios calculated on firm level data, we again construct two alternative measures for economic structure and employ them in the basic regression. The results of those regressions are similar to those we have presented previously and the coefficients of the economic structure were again negative and statistically significant. Overall the robustness tests at the industry-level also confirm our findings on the link between economic structure and financial structure.ConclusionOur results provide new evidence concerning the causes and causality of the direction of evolution of the financial system structure. Using both OLS, dynamic panel techniques and event studies wedocument that the economic structure is closely linked to the shape of the financial system. We find that countries with asset-intensive sectors are more likely to have a bank-based system. Conversely, countries with sectors that are based on knowledge and intangible assets are likely to exhibit a market-based financial system. The results suggest that the structure of the real economy may influence the structure of the financial system. Additionally, even during systemic crises, such a relationship still holds. Moreover, we conduct event studies using a difference-in-difference strategy in order to address the problems of potential endogeneity. We use different shocks that alter the economic structures in India, Finland and Sweden, and South Korea. In all the countries the shocks resulted in significant development of the service sector relative to the industry sector. The changes in economic structure were followed by changes in the structure of financial system, where the stock market gained on importance relative to the banking sector. Consequently, the results of the event studies suggest a causal relation between economic structure and financial structure.In our opinion, these results present a missing link in the explanation as to why country financial structures still differ. The results, however, confirm that other factors may influence the structure of the financial system. Consequently, a financial system may not always have an optimal structure, which may be a result of political arrangements or the interestsof incumbent groups (Rajan and Zingales, 2003a,b). Therefore, we assume that financial systems may not always be able to reach their optimal structure. However, as existing barriers are removed the structure of a financial system may develop and gain ground, but it would be independent of further changes in the real economic structure. Finally, when the financial system has reached its optimal structure with respect to the characteristics of the real economy, our theory implies that any increase in the significance of fixed-asset-intensive sectors would lead to an increase in the role of banks with respect to the stock market.The main policy implications of the model are that despite efforts from governments and multilateral organisations, particular those from the emerging economies, country capital markets will not grow in size or activity as long as the economy remains asset-intensive. Therefore, governments should focus on improving the transparency or efficiency of the existing financial structure and less on the development of the stock market because the market will develop as soon as the economic structure changes. These results are consistent with Robinson (1952).Finally, this study contributes to the ongoing debate on the relative merits of bank-based versus market-based financial systems with respect to the promotion of economic growth. Our paper presents plausible explanations to Luintel et al. (2008), that financial structure matters with respect to economic growth.中文经济结构决定金融结构吗？富兰克林·艾伦，劳拉·巴蒂洛罗摘要在本文中，我们研究了实体经济结构与一国金融体系之间的关系。
资本结构代理成本外文翻译文献
资本结构代理成本外文翻译文献(文档含中英文对照即英文原文和中文翻译)原文：The Impact of Capital Structure on Agency Costs[Abstract] This paper aims to provide empirical evidence on the agency costs hypothesis which suggests that increase of leverage may reduce agency costs. Both multivariate tests and univariate tests are employed in this study. The multivariate tests reveal that general relationship between leverage and agency costs is significantly negative. Univariate tests are further used to assess whether agency costs are significantly different when a firm has a relatively higher debt to asset ratio from when it is less leveraged. Similar supporting evidence is found for the agency costs hypothesis. Moreover, results from the univariate tests also indicate that this general negativerelationship no longer holds when an extremely high level of leverage is present.[Keywords] Agency costs, Leverage, Agency costs hypothesis, and Opposite effect1. IntroductionIn their seminal work, Jensen and Meckling (1976) point out that agency costs occur due to incomplete alignment of the agent’s and the owner’s interests. The separation of ownership and control may generate agency costs. Two types of agency costs are identified in the paper by Jensen and Meckling (1976): agency costs derived from conflicts between outside equity holders and owner-managers, and conflicts between equity holders and debt holders. From then on, a great amount of research has been devoted to demonstrate the interaction between agency costs and financial decisions, governance decisions, dividend policy, and capital structure decisions.Much empirical evidence collected by researchers, for example, Ang et al. (2000), and Fleming et al. (2005), shows that agency costs generated from the conflicts between outside equity holders and owner-manager could be reduced by increasing the owner-managers’ proportion in equity, i.e., agency costs vary inversely with the manager’s ownership. However, the conflicts between equity holders and debt holders would be more complicated. Theoretically, Jensen and Meckling (1976) argue that there should be an optimal capital structure, under which the lowest agency costs of a firm can be deduced from an independent variable --- “the ratio of outside equity to the whole outside financing”. The locus of agency costs, which is equal to agency costs of outside equity and the ones of debt, would be a convex curve. This implies that agency costs should not be monotonic any more.Some researchers such as Grossman and Hart (1982); Williams (1987), argue that high leverage reduces agency costs and increases firm value byencouraging managers to act more in the interests of equity holders. This argument is known as the agency costs hypothesis. Higher leverage may reduce agency costs through the monitoring activities by debt holders (Ang et al., 2000), the threat of liquidation which may cause managers to lose reputation, salaries, etc. (William, 1987), pressure to generate cash flow for the payment of interest expenses (Jensen 1986), and curtailment of overinvestment (Harvey et al., 2004).However, as the proportion of debt in the capital structure increases beyond a certain point, the opposite effect of leverage on agency costs may occur (Altman, 1984 and Titman, 1984). When leverage becomes relatively high, further increases may generate significant agency costs. Three reasons are identified in the literature which can cause this opposite effect: first reason is the increase of bankruptcy costs (Titman 1984). Second reason is that managers may reduce their effort to control risk which result in higher expected costs of financial distress, bankruptcy, or liquidation (Berger and Bonaccorsi di Patti, 2005). Finally, inefficient use of excessive cash used by managers for empire building would also increase agency costs (Jensen, 1986).2. Literature ReviewJensen and Meckling (1976) identify agency costs derived from conflicts between equity holders and owner-managers as “residual loss” which means agent consumes various pecuniary and non-pecuniary benefits from the firm to maximize his own utility. Related to this issue, Harris & Raviv (1990), Childs et al. (2005) and Lee et al. (2004) argue that managers always want to continue firm’s current operations even if liquidation of the firm is preferred by investors. Also, Stulz (1990), Alvarez et al. (2006) and Kent et al. (2004) suggest the manager always want to invest all available funds even if paying out cash is better for outside shareholders, and conflictbetween the manager and equity holders cannot be resolved through contracts based on cash flows and investment expenditures.Agency theory becomes more complicated when debt holders’ interest is considered. As a financing strategy, debt is widely discussed in capital structure literatures. Modigliani and Miller (1963) demonstrate that in order to raise the value of a firm, the amount of debt financing should be as big as possible for tax subsidyii. However, their theory ignores the agency costs of debt. Theoretically, Jensen and Meckling (1976) point out that the optimal utilization of debt is when the debt is utilized to the point where marginal wealth benefits of the tax subsidy are just equal to the marginal wealth effects of agency costs.A number of researchers focus on the issue of improvement of firm efficiency by reducing agency costs. Some of them focus on the methods to control managers’ behaviors. For instance, Fama (1980) conducts a discussion of how the pressure from managerial labor markets helps to discipline managers. He points out that the key condition to acquire absolute control of managerial behavior through wage adjustments is that the weight of the wage revision process is sufficient enough to resolve any potential managerial incentives problems. Another example is Chance’s (1997) argument on a derivate substitution of executive compensation. He suggests giving the manager stocks without right to vote, which could be beneficial in preventing an executive from wielding too much control. Other researchers are interested in the optimal capital structure under which value of firms could be maximized while agency costs could be minimized. Based on these observations, the agency costs hypothesis stating that the leverage affects agency costs is put forward.Jensen and Meckling (1976) argue that monitoring activities by debt holders will tend to increase the optimal level of monitoring and thereforewill increase the marginal benefits. What’s more, banks which are one of the major sources of external funds especially for small firms also play a crucial role in monitoring the activities of managers.However, as suggested by Jensen and Meckling (1976), the effect of leverage on total agency costs could not be monotoniciii. When the proportion of debt in total capital increases beyond a certain point, the loss would increase due to negative net present value projects, and the firm will not be able to meet current payments on a debt obligation, thus bankruptcy will occur (Terje et al. 2006). Although Haugen and Senbet (1978) argue that bankruptcy cos ts are an insignificant determinant of a firm’s capital structure, Altman (1984) finds that indirect costs associated with bankruptcy are not insignificant when these costs are accounted for the first time. Titman (1984) gives a possible theoretical link between liquidation and capital structure. It links the potentially substantial costs associated with liquidation with the event of bankruptcy. Furthermore, Berger and Bonaccorsi di Patti (2005) suggest that in highly leveraged firms, managers may shift risk or reduce effort to control risk which would also result in expected costs of financial stress, bankruptcy, or liquidation. Additionally, inefficient use of excessive cash which is derived from higher than normal leverage level for empire building would also increase agency costs (Jensen, 1986).Therefore, at low level of leverage, increases of leverage will produce positive incentives for managers and reduce total agency costs by reducing the counterpart of external equity. However, after reaching a certain point, where bankruptcy and distress become more likely and the agency costs of outside debt overwhelm the agency costs of outside equity, any further increases in leverage will then result in higher total agency costs.The subject of the measurements of the agency costs magnitude and firm performance has been widely discussed in the literature. Thesemeasurements are usually taken by using ratios fashioned from financial statements or stock market data. Ang et al. (2000) made one of the first attempts to measure the magnitude of agency costs by two ratios from financial statements. First ratio is a proxy for the so-called direct agency costs. In order to facilitate comparisons, it is standardized as operating expenses to sales ratio. Second ratio is a proxy for the loss in revenues attributable to inefficient asset utilization. This type of agency costs is derived from management’s shirking or from poor investment decisions. This ratio is calculated by annual sales to total assets. Berger and Bonaccorsi di Patti (2006) take a different approach and employ profit efficiency as the performance measure. They use profit efficiency, rather than cost efficiency to evaluate the performance of managers, since profit efficiency explains how well managers raise revenues while reduce costs and it processes tighter relationship with the concept of value maximization. Additionally, Saunders et al. (1990); Cole and Mehran (1998) use stock market returns and their volatility to measure agency costs and firm performance.3. Data and MethodologyData used in this study are drawn from Datastream. 323 UK companies are selected from FTSE ALL SHARE index. We choose UK public companies in this study because of three reasons: First, The UK is a country with mature money and capital markets where debt financing is relatively easy to conduct by companies. Second, maximization of shareholders’ wealth is the dominant goal of management in the Anglo-American world which is consistent with the theory this study is based on. Third, data of public companies could reflect the effect of leverage on agency costs more accurately and sensitively especially in the efficient markets like the UK.There are five variables used in this study. Table 1 provides a summary of these variables along with definitions. Following Ang et al. (2000)’s study,we focus on measuring the direct agency costs which is the ratio of operating expenses to sales. This ratio indicates how effectively the firm’s management controls operating expenses and it tends to capture the impact of agency costs such as excessive perquisite consumption. Operating expenses variable here excludes corporate wages, salaries and other labor-related items, interest expense, rent, leasing and hiring expenses, purchases, depreciation and bad assets written off. A series of checks and filters on the data have been conducted to reduce the sample from a maximum of approximately 400iv firms to a final sample of 323 firms for Year 2004 to Year 2005. The top and bottom 5%v are also removed to avoid the possible outlier effect.The measurements of leverage and agency costs are critical. Debt to asset ratio is employed which is total debts divided by total assets. However, we do not differentiate between long-term or short-term debt. Three other variables are considered to control other confounding effects: performance (proxied by return on asset), firm size (proxied by log of sales), and industry classification (13 industry dummies). Note that we include 13 industry dummy variables in this study because the ratio of operating expenses to sales varies across industries due to the varying importance of inventory and fixed assets.译文：关于资本结构中代理成本理论的影响[导言] 本文旨在提供经验证据对代理成本假说这表明增加的杠杆可以减少代理成本。
(完整版)哈佛分析框架外文文献及翻译
经营分析与估值克雷沙·G.帕利普保罗·M.希利摘自书籍“Business Analysis and Valuation”第五版第一章节1.简介本章的目的是勾勒出一个全面的财务报表分析框架。
因为财务报表提供给公共企业经济活动最广泛使用的数据，投资者和其他利益相关者依靠财务报告评估计划企业和管理绩效率。
各种各样的问题可以通过财务状况及经营分析解决，如下面的示例所示：一位证券分析师可能会对问：“我的公司有多好？这家公司是否符合我的期望？如果没有，为什么不呢？鉴于我对公司当前和未来业绩的评估，该公司的股票价值是多少？”一位信贷员可能需要问：“这家公司贷款给这家公司有什么贷款？公司管理其流动性如何？公司的经营风险是什么？公司的融资和股利政策所产生的附加风险是什么？“一位管理顾问可能会问：“公司经营的行业结构是什么？该策略通过在工业各个企业追求的是什么？不同企业在行业中的相对表现是什么？”公司经理可能会问：“我的公司是正确的估值的投资者吗？是我们在通信程序中有足够的投资者来促进这一过程？”财务报表分析是一项有价值的活动，当管理者在一个公司的战略和各种体制因素完成后，他们不可能完全披露这些信息。
在这一设置中，外部分析师试图通过分析财务报表数据来创建“中端信息”，从而获得有价值的关于该公司目前业绩和未来前景的展望。
了解财务报表分析所做的贡献，这是很重要的理解在资本市场的运作，财务报告的作用，形成财务报表制度的力量。
因此，我们首先简要说明这些力量，然后我们讨论的步骤，分析师必须执行，以提取信息的财务报表，并提供有价值的预测。
2.从经营活动到财务报表企业管理者负责从公司的环境中获取物理和财务资源，并利用它们为公司的投资者创造价值。
当公司在资本成本的超额投资时，就创造了价值。
管理者制定经营战略，实现这一目标，并通过业务活动实施。
企业的经营活动受其经济环境和经营战略的影响。
经济环境包括企业的产业、投入和产出的市场，以及公司经营的规章制度。
经济学中英文对照
经济名词术语参考查询AB[编辑] C[编辑] D[编辑] E[编辑] FGI[编辑] K[编辑] L[编辑] M[编辑] N[编辑] O[编辑]P[编辑] Q[编辑] R[编辑] S[编辑] T[编辑][编辑]V[编辑]W经济名词术语参考查询第二部分[编辑] B[编辑] C[编辑] D[编辑] E[编辑] F[编辑] G[编辑] H[编辑] I[编辑] K[编辑] L[编辑] MMacroeconomics 宏观经济学对经济总体行为的分析，主要研究产出、收入、价格水平、对外贸易、失业和其他总体经济变量。
（参见微观经济学，microeconomics）。
Malthusian theory of population grow th 马尔萨斯人口增长理论马尔萨斯首次提出的一种假设：认为人口增长的“自然”倾向快于食品供给的增长。
因此，随着时间推移，人均食品生产增长率趋于下降，从而给人回增长设置了一种障碍。
一般地说，这种观点认为：随着人口的收入水平和生活标准的提高，人口倾向于更快地增长。
Managed exchangerate 管理汇率制当今最流行的一种汇率体制。
在这种体制中，国家会不时地采取一些干预措施以稳定货币，但没有固定的或官方公布的平价。
Marginal cost边际成本参见成本边际（cost,marginal）。
Marginal principle边际原则一个基本概念：当人们活动的边际成本等于边际收益的时候，他们就实现了自己的收入或利润的最大化。
Marginal Product（MP）边际产品当所有其他投入不变时，追加一单位投入所得到的额外的产出。
有时称作边际物质产品（Marginal physicalproduct）。
Marginal product theory of distribution 分配的边际产品理论由约翰·B·克拉克提出的一种收入分配理论。
根据该理论，每一生产性投入依据其边际产品获得相应的报酬。
The theory and practice of corporate finance全文翻译
The theory and practice of corporate finance全文翻译公司金融的理论与实践：来自实地的证据关于资本成本、资本预算和资本结构问题，我们调查了392位首席财务官。
大的公司主要依靠现值技术和资本资产定价模型，而小公司相对地比较喜欢使用回收期标准。
当发行债务时，公司比较注重维护财务弹性和比较好的信用等级；当发行股票时，比较注重每股收益稀释和近期股票价格升值情况。
我们发现了对于支持优序融资假说和交易资本结构假说的支持，但是却很少找到经理关心资产替换、不对称信息、交易成本、自由现金流或者个人税务方面的证据。
关键词：资本结构资本成本股权成本资本预算折现率项目估值调查 1. 简介在这篇文章中，我们对一项描述公司金融的现行实践的综合调查作了一个分析。
在这个领域中，最著名的实地研究也许就是约翰.林特纳的开创新的股利分配策略分析理论。
那个研究的结论至今仍被引用，并深刻地影响着股利分配策略的研究方式。
在很多方面，我们的目标和林特纳的有点相似。
我们的调查描述了公司金融的现行实践。
我们希望研究者们能利用我们的结果来发展新的理论―并且潜在地修改或者放弃已经存在的观点。
我们也希望从业者们能够从我们的结果中得到启发，通过观察其他的公司是怎样运行的以及确认其他学术文献没有完成的地方。
我们的调查跟以前的一些调查在很多方面都有不同。
首先，我们的调查的范围很广。
我们检测了资本配置，资本成本和资本结构。
这让我们可以把跨领域的结果联系在一起。
例如，有些公司在考虑资本结构问题时会优先考虑财务弹性，我们就调查了这些公司在考虑资本预算决定时是否也会注重实物期权。
我们在每个领域都进行了深入的探索，总共询问了100多个问题。
其次，我们抽样调查了接近4440个公司的大范围截面数据。
总计有392为首席财务官回应了我们的调查，回复率为9%。
我们所知道的第二大范围的调查是摩尔和理查特做的，调查了298个大公司。
我们研究了可能的未回复偏差，得出结论是我们的样本可以作为全部人口的代表。
经济学术语中英文对照
economist 经济学家socialist economy 社会主义经济capitalist economy 资本主义经济collective economy 集体经济planned economy 计划经济controlled economy 管制经济rural economics 农村经济liberal economy 自由经济mixed economy 混合经济political economy 政治经济学protectionism 保护主义autarchy 闭关自守primary sector 初级成分private sector 私营成分,私营部门public sector 公共部门,公共成分economic channels 经济渠道economic balance 经济平衡economic fluctuation 经济波动economic depression 经济衰退economic stability 经济稳定economic policy 经济政策economic recovery 经济复原understanding 约定concentration 集中holding company 控股公司trust 托拉斯cartel 卡特尔rate of growth 增长economic trend 经济趋势economic situation 经济形势infrastructure 基本建设standard of living 生活标准,生活水平purchasing power, buying power 购买力scarcity 短缺stagnation 停滞,萧条,不景气underdevelopment 不发达underdeveloped 不发达的developing 发展中的initial capital 创办资本frozen capital 冻结资金frozen assets 冻结资产fixed assets 固定资产real estate 不动产,房地产circulating capital, working capital 流动资本available capital 可用资产capital goods 资本货物reserve 准备金,储备金calling up of capital 催缴资本allocation of funds 资金分配contribution of funds 资金捐献working capital fund 周转基金revolving fund 循环基金,周转性基金contingency fund 意外开支,准备金reserve fund 准备金buffer fund 缓冲基金,平准基金sinking fund 偿债基金investment 投资,资产investor 投资人self-financing 自筹经费,经费自给current account 经常帐户 (美作:checking account)current-account holder 支票帐户 (美作:checking-account holder) cheque 支票 (美作:check)bearer cheque, cheque payable to bearer 无记名支票,来人支票crossed cheque 划线支票traveller's cheque 旅行支票chequebook 支票簿,支票本 (美作:checkbook)endorsement 背书transfer 转让,转帐,过户money 货币issue 发行ready money 现钱cash 现金ready money business, no credit given 现金交易,概不赊欠change 零钱banknote, note 钞票,纸币 (美作:bill)to pay (in) cash 付现金domestic currency, local currency] 本国货币convertibility 可兑换性convertible currencies 可自由兑换货币exchange rate 汇率,兑换率foreign exchange 外汇floating exchange rate 浮动汇率free exchange rates 自由汇兑市场foreign exchange certificate 外汇兑换券hard currency 硬通货speculation 投机saving 储装,存款depreciation 减价,贬值devaluation (货币)贬值revaluation 重估价runaway inflation 无法控制的通货膨胀deflation 通货紧缩capital flight 资本外逃stock exchange 股票市场stock exchange corporation 证券交易所stock exchange 证券交易所,股票交易所quotation 报价,牌价share 股份,股票shareholder, stockholder 股票持有人,股东dividend 股息,红利cash dividend 现金配股stock investment 股票投资investment trust 投资信托stock-jobber 股票经纪人stock company, stock brokerage firm 证券公司securities 有价证券share, common stock 普通股preference stock 优先股income gain 股利收入issue 发行股票par value 股面价格, 票面价格bull 买手, 多头bear 卖手, 空头assigned 过户opening price 开盘closing price 收盘hard times 低潮business recession 景气衰退doldrums 景气停滞dull 盘整ease 松弛raising limit 涨停板break 暴跌bond, debenture 债券Wall Street 华尔街short term loan 短期贷款long term loan 长期贷款medium term loan 中期贷款lender 债权人creditor 债权人debtor 债务人,借方borrower 借方,借款人borrowing 借款interest 利息rate of interest 利率discount 贴现,折扣rediscount 再贴现annuity 年金maturity 到期日,偿还日amortization 摊销,摊还,分期偿付redemption 偿还insurance 保险mortgage 抵押allotment 拨款short term credit 短期信贷consolidated debt 合并债务funded debt 固定债务,长期债务floating debt 流动债务drawing 提款,提存aid 援助allowance, grant, subsidy 补贴,补助金,津贴output 产出,产量producer 生产者,制造者productive, producing 生产的products, goods 产品consumer goods 消费品article 物品,商品manufactured goods, finished goods 制成品,产成品raw product 初级产品semifinished goods 半成品by-product 副产品foodstuffs 食品raw material 原料supply 供应,补给input 投入productivity 生产率productiveness 赢利性overproduction 生产过剩。
资本价格与经济结构外文文献翻译中英文2020
资本价格与经济结构外文文献翻译中英文2020英文The relative price of capital and economic structureRoberto SamaniegoAbstractAre trends in the price of capital technological in nature? First, we find that trends in the relative price of capital vary significantly across countries. We then show that a multi-industry growth model, calibrated to match differences in economic structure around the world and productivity growth rates across industries, accounts for this variation –mainly due to variation in the composition of capital. The finding indicates that the rate of change in the relative price of capital can be interpreted as investment-specific technical change – the extent to which productivity growth is relatively more rapid in the capital-producing sector. The model also accounts for the empirical dispersion of investment rates, but not of rates of economic growth.Keywords: Investment-specific technical change, Multi-sector growth models, Structural transformation, Capital goods prices IntroductionDeclines in the relative price of capital are viewed as an important factor of economic growth in the United States (US). See for example work by Hulten (1992), Greenwood et al. (1997), Cummins and Violante(2002) and Oulton (2007). These studies typically identify the decline in the price of capital as being technological in nature, reflecting faster productivity growth in the production of new capital than in the production of consumption and services – a phenomenon known as investment-specific technical change (ISTC). However, the extent to which the relative price of capital declines in other countries is not known. In addition, it is not known whether trends in the price of capital around the world can be given a technological interpretation, such as ISTC. An alternative hypothesis is that these differences are due to the presence of barriers to capital accumulation, as proposed by Restuccia and Urrutia (2001) to account for differences in levels of the price of capital.We begin by documenting that the rate at which the relative price of capital changes over time varies significantly across countries. We find that the median growth rate of the price of capital is zero. In addition, the price of capital increasesin as many places as it decreases. This indicates that, if there is a technological explanation for this phenomenon, technical progress in capital relative to other sectors must vary widely around the world.If the explanation is indeed technological, however, one would expect such glaring differences in productivity to be evidence of draconian barriers to international technology transfer (or trade). The alternative possibility is that capital and consumption are themselveshighly disaggregated, and that there are substantial differences in the composition of capital and consumption around the world that account for the aggregate differences in the trends in the relative price of capital.We ask whether this variation can be accounted for by differences in industry composition. The reason we do this is as follows. It is well known that rates of technical progress in the US differ significantly not just between capital and non-capital, but also across types of consumption, services and capital. Thus, even if productivity growth rates are constant across countries for each industry, the rate of change in the relative price of capital may be different if the composition of capital –or the composition of consumption and services – is different. Indeed, we find that the composition of capital is skewed towards high-TFP growth capital types in countries where the price of capital declines rapidly. We therefore ask: to what extent can differences around the world in industry composition account for variation in the rate at which the relative price of capital changes?To this end, we employ a canonical multi-industry growth model. In the model, the composition of the economy evolves as a result of changes in prices of different goods or services that agents consume, as well as changes in the prices of different capital goods. In turn, these are determined by differences in productivity growth rates across industries.We calibrate the model using detailed productivity growth data from the US, as well as data on the initial composition of economies around the world in the year 1991. We use constant productivity growth rates for a given industry in all countries partly because of data limitations; however, as mentioned, significant barriers to technological transfer would have to exist to significantly deviate from this assumption. Composition is a key part of the “no barriers” hypothesis.Strikingly, we find that the model delivers a close match to the rate of change in the relative price of capital, as measured using the Penn World Tables (PWT) version 7.1. In a statistical sense, the model can account for the entirety of the magnitude of variation of the growth rate in the relative price of capital over the period from 1983 to 2011, simply based on industry TFP growth rate differences and on differences in industry composition across countries. Not only does the model match the extent of variation, but also the correlations between model-generated capital price growth rates and those in the data are highly significant. We conclude that differences in the relative price of capital around the world can be interpreted as a technological phenomenon –ISTC –and that a key factor behind these differences is industry composition.The link between composition and the decline in the relative price of capital could be for two reasons: differences in the composition of capital, or in the composition of non-capital. We refer to these possibilities asthe capital hypothesisand the consumption hypothesis, respectively. We study the importance of each hypothesis by removing productivity growth differences in the capital producing industries, and then separately removing them in the non-capital producing industries. We find that the capital hypothesis is mainly responsible for cross-country variation in ISTC: removing productivity growth in non-capital makes very little difference to the results, whereas removing productivity growth in capital-producing industries results in model-generated statistics that bear little relationship with the data.Finally, we ask to what extent a growth model driven solely by these factors can account for differences in aggregate behavior across countries over the sample period. Specifically, we look at investment rates and rates of economic growth. This is a non-trivial task, as it requires solving for investment patterns in a model where conditions for a balanced growth path do not hold in general. We find that the model generates investment rates that are strongly correlated with investment rates in the PWT 7.1 data and the PWT 9.1 data, although they underpredict the extent of empirical variation in investment rates. Thus, the model is able to capture cross-country variation in both ISTC and (to a lesser extent) investment rates, solely based on differences in industry composition. However, the model does not generate a good match to variation in rates of economic growth in the PWT 7.1 data, nor in the PWT 9.1 data. We conclude thatthere is widespread divergence in the rate of ISTC around the world, and that this accounts for variation in investment, but that economic growth rates are due to other factors. Interestingly, when we give each country an aggregate productivity trend that exactly matches its economic growth rate in the data, investment rates are no longer correlated with those in the data, suggesting that whatever factors do underlie rates of economic growth are not simply captured by a trend in productivity.The results contribute to a long-standing debate regarding whether or not changes in the efficiency of investment are an important factor of growth. This debate goes back to Solow (1962), Abramovitz (1962) and Denison (1964). Greenwood et al. (1997) find that, in the US, more than half of economic growth can be accounted for by ISTC in a general equilibrium growth accounting framework. We provide a clear answer to the question about whether differences in the relative price of capital can be attributed to barriers or to technological factors, indicating that changes in the efficiency of investment are an important factor affecting growth rates. This is not to say that there is no scope for barriers to be important for the relative price of capital; however, their impact might not be direct, but rather indirect, through their influence on economic composition. More broadly, this suggests that future work on the manner in which factors of economic growth might be affected by policy through the channel of economic composition could be fruitful.DiscussionComments on institutionsWe find that the model without barriers accounts well for the empirical magnitude and variation in loggq, solely on the basis of economic composition. On the other hand, our findings do leave the door open for institutional factors or other barriers to influence loggq indirectly, through any impact they might have on economic composition.What might these determinants be? There is a precedent in the literature for the idea that policy or institutional factors may affect composition. For example, Samaniego (2006) shows in an open-economy context that labor market regulationcan affect comparative advantage in industries depending on their rate of ISTC, skewing industrial composition towards industries that use capital types with low values of gi (an effect termed high-tech aversion). Also, Ilyina and Samaniego (2012) show that when technology adoption requires external financing, financial underdevelopment also skews industrial composition towards low-tech industries. This begs the question as to whether any policy or institutional indicators might be statistically related to our findings. Of course, there is a question of reverse causality: political economy considerations imply that countries that depend on technological transfer rather than de novo innovation for growth mightadopt particular kinds of institutions, see for example Boldrin and Levine (2004). Given this, we briefly explore whether there is suggestive evidence of a link between loggq in the data and institutions, without taking a stand on the direction of causality.Following Samaniego (2006) we look at firing costs (drawn from the World Bank, firing costs paid by workers with at least one year's tenure, FC). We also look at other forms of regulation that have been found to be important for aggregate outcomes – namely product market regulation, measured using entry costs paid as a share of GDP, EC, as reported by the World Bank. See Moscoso-Boedo and Mukoyama (2012). Another possibility suggested by Ilyina and Samaniego (2012)is financial development, which we measure using FD, the credit-to-GDP ratio, as in King and Levine (1993). Data on FC, EC and FD are from the World Bank 1960–2010.In addition, Acemoglu and Johnson (2005) and others argue that financial development is ultimately derived from the state of contracting institutions and property rights institutions. We measure the strength of contracting institutions using the negative of the index of legal system formality from Djankov et al. (2003), which we call CONT. We measure property rights enforcement using the index developed by the Property Rights Alliance (2008), PROP, averaged over the available period 2007–2013. Finally, we also look at intellectual property rights, whichhave been related to the generation and diffusion of technology, see Samaniego (2013) for a survey. We measure intellectual property rights IPR, using the patent enforcement method developed in Ginarte and Park (1997), as reported by the World Bank, averaging over the available sample. Ilyina and Samaniego (2011) find that copyright enforcement specifically is a form of IPR enforcement that bears the strongest relationship to financial development –see also Samaniego (2013). The BSA (Software Alliance) publishes the rate at which unlicensed software is used in different countries. Following the Property Rights Alliance (2008), we take this measure (times −1) as an indicator of copyright enforcement. Finally, we also look at human capital, HC, using the standard Barro and Lee (2013) schooling-based measure averaged over the period. While this is not an institutional measure as such it is an important country characteristic which could be related to the need or ability to produce or import high-tech capital goods.Comments on tradeThe model abstracts from international trade. Eaton and Kortum (2001) find that machinery is often imported by developing countries, which might suggest that the price of capital could be significantly affected by trade rather than by domestic output, and that domestic output shares might not be indicative of the composition of capital. However their data is for 1985, so it is not clear that their findings are relevant forthe relative price of capital in more recent data. Indeed, using data for 1995, Caselli and Wilson (2004) find that the composition of imported machinery is very highly correlated with the composition of domestically-produced capital, both in developed and developing countries. Nonetheless, it would certainly be interesting to explore the extent to which trends in the price of capital might be affected either by trade flows or by changes in trade costs. In particular, Mutreja et al. (2018) argue that reductions in trade costs may lower the relative price of capital by allowing countries to more easily access capital from countries that might produce them more efficiently. This suggests that one factor that might contribute to the dispersion in investment rates could be trade costs.Concluding remarksWe document extensive differences in the rate of change in the relative price of capital around the world. We then show that these differences can be accounted for on the basis of differences around the world in economic composition, without recourse to any barriers or frictions. We also find that a general equilibrium model economy accounts for a significant portion of the variation in the rate of change in the relative price of capital and for differences in investment rates around the world, although not for differences in rates of economic growth. We conclude that these differences can be given a technological interpretation,based on differences in composition among industries with different rates of technical progress. As a result, the term “investment-specific technical progress,” which the literature widely identifies with declines in the relative price of capital, is appropriate. Given the key role played by industry composition in this phenomenon it seems important to understand what are the deep determinants of industry composition. Is it due to comparative advantage or other trade-theoretic mechanisms? Is due to policy distortions, as suggested by Samaniego (2006) or Ilyina and Samaniego (2012)? Or does it result form hysteresis, for example, based on the date at which the process of development began in earnest and the speed of transition, as in Ngai (2004)? These are likely useful questions for further research.中文资本相对价格与经济结构罗伯托·萨曼涅戈摘要资本价格的趋势本质上是技术性的吗？首先，我们发现各国的资本相对价格趋势差异很大。
关于中国经济的英文词汇翻译
关于中国经济的英文词汇翻译For four years in a row(连续四年)a year-on-year increase(比上年增加)reform and opening up policy(改革开放政策)social programs(社会事业)per capita(每人的，人均的)after adjusting for inflation(扣除价格因素)moderately prosperous society(小康社会)macroeconomic regulatory(宏观调控)new socialist countryside(社会主义新农村)pursuant to the law(依法)rural migrant workers in cities(农民工)surplus production capacity(生产力过剩)opened to traffic(通车)energy conservation(节能)state-owned enterprises(国有企业)civil servant(公务员)made breakthroughs(取得突破)compulsory education(义务教育)miscellaneous fees(杂费)boarding schools(寄宿制学校)distance education(远程教育)secondary vocational schools(中等职业学校) incorporated villages(行政村)unincorporated villages(自然村)After years of effort(经过多年努力)basic cost of living allowances(最低生活保障) autonomous regions(自治区)free our minds(解放思想)keep pace with the times(与时俱进)Chinese socialism(中国特色社会主义)social harmony(社会和谐)special administrative regions(特别行政区) prudent fiscal policy。
资本结构外文文献翻译
How Important is Financial Risk?IntroductionThe financial crisis of 2008 has brought significant attention to the effects of financial leverage。
There is no doubt that the high levels of debt financing by financial institutions and households significantly contributed to the crisis。
Indeed，evidence indicates that excessive leverage orchestrated by major global banks (e。
g。
, through the mortgage lending and collateralized debt obligations）and the so-called “shadow banking system” may be the underlying cau se of the recent economic and financial dislocation。
Less obvious is the role of financial leverage among nonfinancial firms. To date, problems in the U.S. non-financial sector have been minor compared to the distress in the financial sector despite the seizing of capital markets during the crisis。
For example，non-financial bankruptcies have been limited given that the economic decline is the largest since the great depression of the 1930s. In fact，bankruptcy filings of non-financial firms have occurred mostly in U.S。
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
资本价格与经济结构外文文献翻译中英文2020英文The relative price of capital and economic structureRoberto SamaniegoAbstractAre trends in the price of capital technological in nature? First, we find that trends in the relative price of capital vary significantly across countries. We then show that a multi-industry growth model, calibrated to match differences in economic structure around the world and productivity growth rates across industries, accounts for this variation –mainly due to variation in the composition of capital. The finding indicates that the rate of change in the relative price of capital can be interpreted as investment-specific technical change – the extent to which productivity growth is relatively more rapid in the capital-producing sector. The model also accounts for the empirical dispersion of investment rates, but not of rates of economic growth.Keywords: Investment-specific technical change, Multi-sector growth models, Structural transformation, Capital goods prices IntroductionDeclines in the relative price of capital are viewed as an important factor of economic growth in the United States (US). See for example work by Hulten (1992), Greenwood et al. (1997), Cummins and Violante(2002) and Oulton (2007). These studies typically identify the decline in the price of capital as being technological in nature, reflecting faster productivity growth in the production of new capital than in the production of consumption and services – a phenomenon known as investment-specific technical change (ISTC). However, the extent to which the relative price of capital declines in other countries is not known. In addition, it is not known whether trends in the price of capital around the world can be given a technological interpretation, such as ISTC. An alternative hypothesis is that these differences are due to the presence of barriers to capital accumulation, as proposed by Restuccia and Urrutia (2001) to account for differences in levels of the price of capital.We begin by documenting that the rate at which the relative price of capital changes over time varies significantly across countries. We find that the median growth rate of the price of capital is zero. In addition, the price of capital increasesin as many places as it decreases. This indicates that, if there is a technological explanation for this phenomenon, technical progress in capital relative to other sectors must vary widely around the world.If the explanation is indeed technological, however, one would expect such glaring differences in productivity to be evidence of draconian barriers to international technology transfer (or trade). The alternative possibility is that capital and consumption are themselveshighly disaggregated, and that there are substantial differences in the composition of capital and consumption around the world that account for the aggregate differences in the trends in the relative price of capital.We ask whether this variation can be accounted for by differences in industry composition. The reason we do this is as follows. It is well known that rates of technical progress in the US differ significantly not just between capital and non-capital, but also across types of consumption, services and capital. Thus, even if productivity growth rates are constant across countries for each industry, the rate of change in the relative price of capital may be different if the composition of capital –or the composition of consumption and services – is different. Indeed, we find that the composition of capital is skewed towards high-TFP growth capital types in countries where the price of capital declines rapidly. We therefore ask: to what extent can differences around the world in industry composition account for variation in the rate at which the relative price of capital changes?To this end, we employ a canonical multi-industry growth model. In the model, the composition of the economy evolves as a result of changes in prices of different goods or services that agents consume, as well as changes in the prices of different capital goods. In turn, these are determined by differences in productivity growth rates across industries.We calibrate the model using detailed productivity growth data from the US, as well as data on the initial composition of economies around the world in the year 1991. We use constant productivity growth rates for a given industry in all countries partly because of data limitations; however, as mentioned, significant barriers to technological transfer would have to exist to significantly deviate from this assumption. Composition is a key part of the “no barriers” hypothesis.Strikingly, we find that the model delivers a close match to the rate of change in the relative price of capital, as measured using the Penn World Tables (PWT) version 7.1. In a statistical sense, the model can account for the entirety of the magnitude of variation of the growth rate in the relative price of capital over the period from 1983 to 2011, simply based on industry TFP growth rate differences and on differences in industry composition across countries. Not only does the model match the extent of variation, but also the correlations between model-generated capital price growth rates and those in the data are highly significant. We conclude that differences in the relative price of capital around the world can be interpreted as a technological phenomenon –ISTC –and that a key factor behind these differences is industry composition.The link between composition and the decline in the relative price of capital could be for two reasons: differences in the composition of capital, or in the composition of non-capital. We refer to these possibilities asthe capital hypothesisand the consumption hypothesis, respectively. We study the importance of each hypothesis by removing productivity growth differences in the capital producing industries, and then separately removing them in the non-capital producing industries. We find that the capital hypothesis is mainly responsible for cross-country variation in ISTC: removing productivity growth in non-capital makes very little difference to the results, whereas removing productivity growth in capital-producing industries results in model-generated statistics that bear little relationship with the data.Finally, we ask to what extent a growth model driven solely by these factors can account for differences in aggregate behavior across countries over the sample period. Specifically, we look at investment rates and rates of economic growth. This is a non-trivial task, as it requires solving for investment patterns in a model where conditions for a balanced growth path do not hold in general. We find that the model generates investment rates that are strongly correlated with investment rates in the PWT 7.1 data and the PWT 9.1 data, although they underpredict the extent of empirical variation in investment rates. Thus, the model is able to capture cross-country variation in both ISTC and (to a lesser extent) investment rates, solely based on differences in industry composition. However, the model does not generate a good match to variation in rates of economic growth in the PWT 7.1 data, nor in the PWT 9.1 data. We conclude thatthere is widespread divergence in the rate of ISTC around the world, and that this accounts for variation in investment, but that economic growth rates are due to other factors. Interestingly, when we give each country an aggregate productivity trend that exactly matches its economic growth rate in the data, investment rates are no longer correlated with those in the data, suggesting that whatever factors do underlie rates of economic growth are not simply captured by a trend in productivity.The results contribute to a long-standing debate regarding whether or not changes in the efficiency of investment are an important factor of growth. This debate goes back to Solow (1962), Abramovitz (1962) and Denison (1964). Greenwood et al. (1997) find that, in the US, more than half of economic growth can be accounted for by ISTC in a general equilibrium growth accounting framework. We provide a clear answer to the question about whether differences in the relative price of capital can be attributed to barriers or to technological factors, indicating that changes in the efficiency of investment are an important factor affecting growth rates. This is not to say that there is no scope for barriers to be important for the relative price of capital; however, their impact might not be direct, but rather indirect, through their influence on economic composition. More broadly, this suggests that future work on the manner in which factors of economic growth might be affected by policy through the channel of economic composition could be fruitful.DiscussionComments on institutionsWe find that the model without barriers accounts well for the empirical magnitude and variation in loggq, solely on the basis of economic composition. On the other hand, our findings do leave the door open for institutional factors or other barriers to influence loggq indirectly, through any impact they might have on economic composition.What might these determinants be? There is a precedent in the literature for the idea that policy or institutional factors may affect composition. For example, Samaniego (2006) shows in an open-economy context that labor market regulationcan affect comparative advantage in industries depending on their rate of ISTC, skewing industrial composition towards industries that use capital types with low values of gi (an effect termed high-tech aversion). Also, Ilyina and Samaniego (2012) show that when technology adoption requires external financing, financial underdevelopment also skews industrial composition towards low-tech industries. This begs the question as to whether any policy or institutional indicators might be statistically related to our findings. Of course, there is a question of reverse causality: political economy considerations imply that countries that depend on technological transfer rather than de novo innovation for growth mightadopt particular kinds of institutions, see for example Boldrin and Levine (2004). Given this, we briefly explore whether there is suggestive evidence of a link between loggq in the data and institutions, without taking a stand on the direction of causality.Following Samaniego (2006) we look at firing costs (drawn from the World Bank, firing costs paid by workers with at least one year's tenure, FC). We also look at other forms of regulation that have been found to be important for aggregate outcomes – namely product market regulation, measured using entry costs paid as a share of GDP, EC, as reported by the World Bank. See Moscoso-Boedo and Mukoyama (2012). Another possibility suggested by Ilyina and Samaniego (2012)is financial development, which we measure using FD, the credit-to-GDP ratio, as in King and Levine (1993). Data on FC, EC and FD are from the World Bank 1960–2010.In addition, Acemoglu and Johnson (2005) and others argue that financial development is ultimately derived from the state of contracting institutions and property rights institutions. We measure the strength of contracting institutions using the negative of the index of legal system formality from Djankov et al. (2003), which we call CONT. We measure property rights enforcement using the index developed by the Property Rights Alliance (2008), PROP, averaged over the available period 2007–2013. Finally, we also look at intellectual property rights, whichhave been related to the generation and diffusion of technology, see Samaniego (2013) for a survey. We measure intellectual property rights IPR, using the patent enforcement method developed in Ginarte and Park (1997), as reported by the World Bank, averaging over the available sample. Ilyina and Samaniego (2011) find that copyright enforcement specifically is a form of IPR enforcement that bears the strongest relationship to financial development –see also Samaniego (2013). The BSA (Software Alliance) publishes the rate at which unlicensed software is used in different countries. Following the Property Rights Alliance (2008), we take this measure (times −1) as an indicator of copyright enforcement. Finally, we also look at human capital, HC, using the standard Barro and Lee (2013) schooling-based measure averaged over the period. While this is not an institutional measure as such it is an important country characteristic which could be related to the need or ability to produce or import high-tech capital goods.Comments on tradeThe model abstracts from international trade. Eaton and Kortum (2001) find that machinery is often imported by developing countries, which might suggest that the price of capital could be significantly affected by trade rather than by domestic output, and that domestic output shares might not be indicative of the composition of capital. However their data is for 1985, so it is not clear that their findings are relevant forthe relative price of capital in more recent data. Indeed, using data for 1995, Caselli and Wilson (2004) find that the composition of imported machinery is very highly correlated with the composition of domestically-produced capital, both in developed and developing countries. Nonetheless, it would certainly be interesting to explore the extent to which trends in the price of capital might be affected either by trade flows or by changes in trade costs. In particular, Mutreja et al. (2018) argue that reductions in trade costs may lower the relative price of capital by allowing countries to more easily access capital from countries that might produce them more efficiently. This suggests that one factor that might contribute to the dispersion in investment rates could be trade costs.Concluding remarksWe document extensive differences in the rate of change in the relative price of capital around the world. We then show that these differences can be accounted for on the basis of differences around the world in economic composition, without recourse to any barriers or frictions. We also find that a general equilibrium model economy accounts for a significant portion of the variation in the rate of change in the relative price of capital and for differences in investment rates around the world, although not for differences in rates of economic growth. We conclude that these differences can be given a technological interpretation,based on differences in composition among industries with different rates of technical progress. As a result, the term “investment-specific technical progress,” which the literature widely identifies with declines in the relative price of capital, is appropriate. Given the key role played by industry composition in this phenomenon it seems important to understand what are the deep determinants of industry composition. Is it due to comparative advantage or other trade-theoretic mechanisms? Is due to policy distortions, as suggested by Samaniego (2006) or Ilyina and Samaniego (2012)? Or does it result form hysteresis, for example, based on the date at which the process of development began in earnest and the speed of transition, as in Ngai (2004)? These are likely useful questions for further research.中文资本相对价格与经济结构罗伯托·萨曼涅戈摘要资本价格的趋势本质上是技术性的吗？首先，我们发现各国的资本相对价格趋势差异很大。