5会计学 外文翻译 英文文献 香港创业板市场前景大学毕设论文
毕业论文外文翻译--上市公司财务状况的评价研究—创业板和中小企业板比较(适用于毕业论
An Evaluation Research on Financial Situation of Listed Companies on GEM & SMEs BoardYuan Shi Abstract: On the basis of comparative analysis of the growth enterprise market’s position and financing function, this paper chose 28 companies of the first batch on the growth enterprise market (GEM) with their 2009 financial data, and correspondingly selected 28 companies in the same industry and accounting period on the small and medium-size enterprise (SME) board as paired samples. The empirical results showed that: GEM listed companies were optimistic about the overall financial position, and most of them had the qualifications to list on the SME board. These results indicated the GEM was not an excellent financing platform for the potential small and medium-size enterprises. It also revealed the reasons and provided policy recommendation on development strategy to improve the market.Keywords: GME; SME board; listed company; financial situation; financing functionI. INTRODUCTIONSmall and medium enterprises, accounting for 99% of total number of all the enterprises in China, provide the state with a large number of jobs and tax contributions. However, financing is the bottleneck restricting the development of SMEs for a long time. In order to share the benefits SMEs creating, the society must give a good financing system to make it more effectively. Although the Shenzhen Stock Exchange launched the SME board in May 2004, its positioning principle of "two unchanging, four independence results in strict listing requirements on the SME board, which is very close to the main board market. Therefore, SME board does not facilitate SMEs’ financing problem through issuing and listing and leads to a serious impediment to the direct financing channels. Clearly, GEM is undoubtedly an innovative financing platform in the capital market for SMEs in China and is one of the most valid paths to solve the financing problem for the growth enterprises. Difficult direct financing of SMEs is mainly due to the failure of listing on the main board or SMEs board because of lacking market conditions, policies and legal environment. Company issuing publicly is required to meet the "Securities Law" and "Company Law". Compared to the SME board, the GEM aims at high growth, high innovative ability SMEs with a much lower threshold of listing on the scale of assets and sales revenue, profit level. To some extent, the GEM is a better platform for SMEs, and helps many outstanding SMEs finance in the capital market. Therefore, the official landing of GEM has been the inevitable result during the development of capital market in China. October 30, 2009, the first 28 GEM listed companies focused on the Shenzhen Stock Exchange, marking the birth of GEM officially. GEM, it notonly further improving the financing system of our capital market, but also meeting the different financing needs of SMEs, play a significant role in promoting the industry upgrade and standardizing the operation norms of SMEs. Under this background, the paper does some empirical research on the financial situation of GEM and SME board listed companies in order to provide some reference for investor, listed companies, SMEs to be listed and government, and to make a modest contribution to GEM financing function.PARATIVE STUDY ON FINANCIAL SITUATIONA. Sample SelectionThis paper chose 28 companies of the first batch on GEM and correspondingly 28 companies in the same industry and accounting period on the SME board as paired samples (See Table 5).Due to it was just a y ear after the GEM’s establish ment, the paper only made use of financial data during 2009. The data came from: (1) Juyuan database; (2) . By consolidated financial index factor analysis using statistical software SPSS15.0, the paper comparatively study financial situation of listed company on GEM and SMEs Board.B. Index System1) Traditional Accounting RatioThis paper selected five categories of traditional accounting ratios, mainly related to long-term liquidity capacity, short-term liquidity capacity, operation capacity, profitability and growth capacity of listed enterprises on SME board and GEM. These 20 financial indicators basically reflected the financial situation on the accrual basis. These 20 traditional accounting ratios made up the primary evaluation indicators of financial status. Specific indicators are in Table 1:Table 1. Traditional Accounting Ratios2) Common Cash Flow RatiosIn order to evaluate financial situation of listed enterprises on SME board and GEM scientifically and reasonably, the single use of traditional accounting ratios was not enough. Because there was a great deal of difference between the book sales and actual cash flow, explaining financial situation of listed enterprises with earnings information may lead to a deviation. Sometimes despite the accounting profit delivered a signal of good profitability capacity, the company may face financial risks due to the inability to generate sufficient cash flow in a short term. So it was necessary to introduce common cash flow index as a supplement to the traditional accounting ratios. The paper tried to reflect the financial situation as fully as possible when choosing cash flow indicators. Common cash flow indicators which were chosen in the paper were showed in Table 2:C. Difference Analysis of Indicators’ meansDifference analysis aimed at finding indicator variables from the 28 primary evaluation indicators that were significantly different between SME board and GEM. To get reliable and scientific research results, the paper chose non-parametric test method to carry out difference analysis on the 28 primary evaluation indicators’ means, which did not limit the samples’ distribution. The paper used Mann-Whitney-Wilcoxon (MWW) for non-parametric test. The null hypothesis H0: Primary indicator variables did not exist significant differences in listed enterprises between SME board and GEM. The non-parametric test results were in Table 3.Table 3 showed that there were 17 financial ratios passing the 0.05 level of significance test. Because the other 11 financial ratios did not pass the test, accepting the null hypothesis H0, the paper suggested that there is no significant difference in the listed enterprises between on SME board and GME. These indicators are X9, X10, X12, X16, X17, X21, X22, X23, X25, X26, X27, and they should be removed. The remaining 17 primary indicators would go to next round of screening.D. Factor AnalysisFor the first 17 candidate indicators from difference analysis, the paper used Correlate-Bivariate (MWW) for correlation analysis. The results showed in addition to X8, X19, X20, the majority of the financial indicators had significant correlation with each other. For fear of the loss of some important information if deleting indicators, the paper would not exclude relevant indicators. Instead, the paper carried out factor analysis to concentrate the 17 indicators. In this way, a small number of stable, weak-related, and comprehensive indicators can be extracted so as to include most of the financial information.Before the factor analysis, we must test the feasibility of factor analysis. With SPSS15.0 the paper chose principal component analysis to concentrate the 17 candidate indicators and the KMO value is 0.725>0.5, suitable for factor analysis. The factor extraction method used in this paper was: eigenvalue>1 and the cumulative contribution rate>80%.Besides, in order to make it easier to explain the factors, we selected the maximum variance method to complete the orthogonal rotation. Aftervarimax orthogonal rotation, eigenvalues and cumulative contribution rate of the factors were in Table 4:As can be seen from Table 4, the eigenvalues of the first five principal components factor were all greater than 1, and covered 80.537% of the information the original variables contained. Generally, the lost information was little and the effect was desirable. Therefore, the first 5 factors can be used to replace and concentrate the original indicators. Then it was necessary to know the factor loadings of the 17 candidate indicators on the first 5 factors (i.e. the correlation coefficient of each factor and original financial ratios).According to the result of factor analysis, factor F1 was loaded greater on the X7.Due to X7 was related to the long-term liquidity of enterprises, F1 can be defined as long-term liquidity fact or; factor F2 was loaded greater on the financial ratios X1, X2 and X3. Because they all reflected the short-term liquidity of enterprises, F2 can be named as short-term liquidity factor; factor F3 had a greater load on the X13, X14 and X15, reflecting the company's profitability, can be defined as the profitability factor; factor F4 had a greater load on the X18 and X19. These indicators are related to the ability to grow, so F4 can be named as business growth factor; factor F5 was loaded greater on X28, therefore can be defined as the cash factor.E. Factor Scores and Composite ScoreAccording to factor loading matrix after varimax orthogonal rotation, through regression we can calculate the factor score coefficient matrix, which multiplied the standardized data matrix of financial indicators was the factor scores of 56 listed enterprises samples. Then using the contribution of each factor eigenvalue as the weight, the composite score of each listed company can be calculated as follows: (Fi1, Fi2, Fi3 ..., Fi6 meant the factor scores of listed companies“i”)Fi=43.521%×Fi1 + 11.795%×Fi2 + 9.492%×Fi3 +8.792%×Fi4 + 6.937%×Fi5Calculated in the above method, each factor score and composite score of listed companies on SME board and GEM can be calculated.III. RESULTS ANALYSIS AND DISCUSSIONA.Listed enterprises on GEM had a stronger cash acquisition capacity. Table showed that in the 28 selected samples, the cash fact or scores of 24 listed companies on GEM were significantly higher than the paired samples in the SME board, indicating that the listed companies on GEM had a stronger ability to obtain cash flow on the whole. The reasons why listed companies on GEM had an advantage on the ability of cash acquisition were mainly attributed to the following two reasons: on the one hand, this first batch of 28 listed enterprises on GEM successfully issued in 2009, and the company got sufficient cash flow through financing; on the other hand, listed companies on GEM characterized by high-tech and service-based industries were light-asset operation so that it was easier for listed enterprises to keep sufficient cash. Furthermore, it was an important method to manage and control cash that the level of cash flow can keep pace with the net profit.B.Listed enterprises on GEM had a stronger liquidity capacity. By comparing long-term and short-term liquidity factor scores on Table 5, it can be easily found that listed enterprises on GEM had a stronger liquidity capacity, not only in the short-term liquidity, but also on the long-term liquidity. According to the above analysis, liquidity ratio and quick increased substantially as a result of the significant increase cash after the IPO. This brought a high liquidity and a stronger short-term liquidity capacity. In addition, equity capital increase due to the IPO brought a higher improvement on long-term liquidity than the listed enterprises on SME board. Therefore, listed enterprises on GEM faced a smaller financial risk and possibility of bankruptcy because of inability to repay due debts.C.Listed enterprises on GEM had a stronger profitability capacity and growth capacity. In this paper, ratio of main busine ss’s gross profit, ratio of main business’s profit margin and ratio of profits to cost were the indicators which reflected the profitability capacity of listed enterprises. From the profitability factor scores, it can be found that nearly 65% of the 28 listed enterprises on GEM had a better profitability capacity that the paired samples on SME board. It proved that listed enterprises on GEM had a stronger profitability capacity.On one hand, as the originality of core technology was one of the requirements when companies were listed on GEM, most of the listed enterprises on GEM owned leading and original technology, as well as independent intellectual property rights; on the other hand, the listed enterprise on GEM often had greater market potential, thus increasing its economic benefits.外文翻译：上市公司财务状况的评价研究—创业板和中小企业板比较袁石摘要：在比较分析成长型企业市场的地位和融资功能的基础上，本文选择了创业板市场（GEM）第一批28家公司2009年的财务数据，并相应地在小型和中等规模的企业（SME）板选择了28家相同行业及相同会计期间公司，对作为配对样本。
英文文献翻译—中英对照(财会专业)
A V AT Revenue Simulation Model for Tax ReformIn Developing CountriesGlenn P .Jenkins[Abstract]: In this paper, we develop a model to simulate policies and revenues for a value added tax (V AT) system in countries that have an indirect tax system containing sales, excise taxes, and tariffs. An application of the model is carried out for Nepal, which has recently introduced the V AT to replace its sales tax system and rationalize its excise and tariff systems. The study shows that, in a developing country, tax policies that might seem very realistic and politically noncontroversial are likely to yield a very narrow tax base. If a government of a developing country wants to rely more on the V AT over time, it must move aggressively to broaden the base and enhance compliance.[Key words]: V AT revenue, Tax reform, model, NepalⅠ. INTRODUCTIONImport tariffs and excise taxes often constitute the most important revenue sources in developing countries. Because of growing concerns in recent years about economic efficiency and tax simplicity in a competitive and integrated world economy, many countries are lowering trade taxes and replacing distorted excise taxes with consumption-type V AT. With respect to the latter, one of the most important questions is the revenue potential of alternative designs of this new tax as governments attempt to replace or enhance the level of revenues generated by their current tax system.The potential revenue which can be raised from the V AT depends on a number of factors, such as how broad the tax base will be and the extent to which businesses will comply with the tax. This issue has not been widely discussed in the public finance literature. The main purpose of this paper is to provide an analytical framework which can be used to estimate the potential tax base and associated revenues for a V AT in a typical developing country. The model developed for this purpose should be detailed enough to facilitate the estimation of the potentialrevenues for alternative tax options. Such a model can then be used to assist decision makers in setting their tax policies. To illustrate, the model is applied to the economy of Nepal. We chose Nepal because it is typical of many developing countries, having very limited statistical data and moving from a highly distorted indirect tax system to a V AT.Ⅱ. ALTERNATIVE APPROACHES TO THE ESTIMATION OF A V AT BASEThe potential tax revenue of a V AT is greatly dependent on the number and level of tax rates, the scope of the tax base, and the degree of tax compliance. The proposed V AT is assumed to be a multistage consumption tax based on the destination principle, similar to a European-style V AT. The tax is applied to the sales of goods and services at all stages of the production and distribution chain. At each stage, vendors are able to claim tax credits to recover the tax they paid on their business inputs. As a result, the tax system is in effect applying the tax only to the value added by each vendor. Since the only tax that does not get refunded is the tax imposed on final consumption, the tax is equivalent to the retail sales tax on final consumption. While imposing a tax at a destination principle, imports are taxed in the same way as domestically produced goods, and exports are not subject to tax. Therefore, the tax essentially applies to goods and services consumed domestically.A common feature of the tax base in most V AT countries is to not tax a number of important goods or services because of political and socioeconomic considerations, technical difficulties, or administrative complexity. These goods and services generally fall into two major categories, zero-rated and tax exempt. For zero-rated commodities, the V AT is not levied on the selling price of these items. The vendor, however, receives full credit for the V AT paid on inputs used in production. If zero-rated sales occur at an intermediate stage, purchasers would not have a credit to deduct against any subsequent tax due. This would, in fact, provide a cash flow cost and benefit to the vendor and purchaser, respectively. The net revenue implications for the government would nevertheless be nil. By comparison, if zero-rated sales occur at the retail stage, it would effectively remove all the tax burden from consumers and the government would lose all the tax revenue from the sales of these goods and services.For conceptual and technical difficulties, countries employing a V AT generally exempt the domestic sales of financial intermediation and insurance services. For administrative and compliance simplicity, most V AT countries also exempt small businesses from the tax. When these goods and services are exempted, the V AT is not applied to these sales. Unlike zero-rated goods and services, vendors of exempt products are not eligible to receive any credit for the taxes paid on the inputs used to produce that good or service. The denial of input tax credits increases the production cost for the vendor, although the value added of the vendor escapes tax.Like zero-rated sales, tax exemption can occur at either an intermediate or the retail stage. Consider the tax exemption at the retail stage where goods are sold directly to consumers. Only the value added at the retail stage will not be subject to tax. In contrast, if tax exempt sales operate at the intermediate stages of the production-distribution chain, sales by the subsequent businesses acquiring the goods are effectively overtaxed to the extent that the inputs prior the exempt stage are not creditable. As a result, the tax base is not reduced, but is augmented by the cascading effect.The government could ultimately collect a greater amount of tax revenue than it would otherwise.Multiple tax rates are a common feature of some V AT systems in the developing countries. It is not uncommon to observe that a lower rate is applied to goods or services which are regarded as the necessities of life. At the same time, there are luxury goods which may be subjected to a higher rate of V AT or alternatively, a non-increditable excise tax.Three alternative approaches can be used to estimate the tax base and associated revenues, for which input-output tables, national accounts and family expenditure survey data are often required. The first approach is simply to construct an aggregate tax base. It begins with the Gross Domestic Product (GDP) of the economy, which is the sum of the value added in the domestic production of all goods and services. Because we are considering a destination principle V AT, we need to subtract exports and add imports to the GDP. For a consumption type V AT, the base is also reduced by the gross capital formation of the private sector. The base is further reduced by zero-rated or exempted consumption expenditures. Since vendors of exempted goods and services are unable to claim any credits for taxes paid on the inputs acquired to produce that good or service, the tax base will have to be upward adjusted. The second approach computes the base by summing the value added of each industrial sector in the economy. The base has to beadjusted for the fact that the V AT is a destination type tax and, as such, would tax imports on entry into the country and zero-rate exports. Further adjustments would have to be made for changes in inventories and for commodities which are either zero-rated or exempted. Making these adjustments by sector is usually difficult since the values of exports and imports are not readily available on an industry basis. Although an aggregate adjustment for the whole economy may be possible, detailed information by sector would be lost. The third approach is to estimate the value of goods and services purchased by consumers which would automatically capture the destination principle of the V AT since it excludes exports while imports are included. The V AT base by commodity can then be calculated using the commodity sales values at the final consumer level. The approach would also facilitate an analysis of incidence or price impact of the V AT on consumers, issues which are usually important in the political debate over sales tax reform.Ⅲ. GENERAL METHODOLOGY FOR ESTIMATING THE V AT BASEThis section explores the detailed methodology of the third approach described above. This approach depends heavily upon input-output tables. Input-output models are static in nature and, as such, do not allow for behavioral responses to policy changes. Thus, the V AT base estimation discussed in this paper does not take into account behavioral responses due to the replacement of the current sales tax system with the V AT.As was mentioned earlier, the V AT base can be estimated using the final expenditures made by various economic entities. Construction of the base can, therefore, begin with the data for domestic expenditures contained in the final demand matrix of the I-O tables. The final demand matrix generally contains a transaction matrix of a number of commodities by a number of final demand categories. The final demand categories may include many categories under each of the headings such as personal consumption, government expenditures, investment, imports, and exports. Personal consumption refers to those individuals/households or entities who acquire goods and services for their own consumption and who do not produce supplies of a commercial nature. Government expenditures include the current and capital spending by all levels ofgovernment. This would be treated in a fashion similar to personal consumption under a V AT system except that the V AT paid by the same level of government sector will not necessarily increase net government collections. Investment, however, is excluded from the base calculation since the V AT allows for an input tax credit for any business purchases including capital investment. Exports are also excluded because of the destination type V AT. Imports are ignored because purchases made by other final demand categories are inclusive of imports.The starting point in calculating the V AT base is with the amount of personal and government expenditures. This amount is equivalent to the total expenditures shown in the I-O tables. Adjustments must however, be made for several factors in order to arrive at the V AT base. What follows is a description of the relevant deductions and adjustments.Calculation of the current sales taxesSuppose that a country has a manufacturer sales tax system and the government proposes to replace it with a V AT. The gross expenditures contained in the I-O tables, expressed at purchasers' price, include the current sales taxes to be replaced. These taxes are imposed on the manufacturer's sale price of goods produced in the country and on the duty paid value of imported goods. Wholesale and retail trade margins are excluded from the tax base. Usually, these sales taxes apply also to a range of intermediate inputs and capital goods used in the production and distribution of goods and services.In order to remove the current sales taxes paid directly by personal and government sectors from each category of expenditures, one has to first construct the current sales tax base. This is accomplished by removing the retail and wholesale trade margins from purchasers' expenditures on each good or service, inclusive of sales tax.The expected current sales tax revenue from each commodity, say, the ith commodity( Ri), can be calculated by multiplying the derived tax base by the applicable tax rate and by the taxable proportion:where is the sales tax-inclusive base of the ith commodity, is the taxable proportion of theith commodity, and is the sales tax rate of the ith commodity. The magnitude of the taxableproportions depends upon the proportion of the legally taxable sales to the total sales of the items contained in each commodity category.A further calculation must be made for the hidden (or indirect) sales taxes embedded in personal and government expenditures. This represents the sales taxes which are levied on business inputs. These inputs are used in turn to produce goods and services which are ultimately sold to final consumers and governments. If sales taxes are assumed to be fully shifted forward, the taxes will be transformed into a higher price of the final goods and services. The I-O tables can be used to measure the indirect sales tax content in the goods and services purchased by final consumers and governments.The total of the above expected direct and indirect sales tax revenues over all commodities and all entities usually is not the same as the actual tax collections. This is a result of a number of factors, such as bad debt allowances, tax free allowances for small importation, tax evasion, small suppliers exemption. After adjusting for the factors which are known, the expected tax revenues are made equal to the actual tax collections by applying a calculated compliance rate. This rate is simply the ratio of the actual revenue to the expected revenue. Of course, the compliance rate may vary by commodity, depending upon market conditions and other factors.Introduction of the value-added taxThe potential revenue of the V AT extended to the retail level can be calculated by summing domestic personal and government expenditures at retail prices. This does not include expenditures made by businesses since the taxes paid on business purchases are creditable. Thus, the starting point for calculating the V AT base is with the value of all goods and services (shown in the I-O tables) purchased by personal and government sectors, net of all current sales taxes.This is the total potential tax base, which is then multiplied by the taxable proportions for each corresponding commodity in order to arrive at the V AT base. At this point, the taxable proportions are determined by the tax policies and laws under consideration. For example, the proposed V AT may zero-rate or exempt certain goods or services. In such cases, the full value of zero-rated or exempted goods and services purchased by individuals or governments has to be removed from the potential base. For exempt items, however, taxes paid on business inputs used to produce the exempt goods or services are not creditable. Therefore, an additional adjustment to the tax base is needed to account for the extent to which the vendors cannot claim input tax credit for taxes paid on business expenditures. In summary, the total potential V AT base can beexpressed as follows:Where is the percentage wholesale margin for the ith commodity, is the percentage retail margin for the ith commodity, is the total business inputs used in the production of the jthexempt sector under the proposed V AT, is the ratio of taxable inputs to the total inputs usedin the production of the jth exempt sector under the proposed V AT, and Bi ,ai and pi are defined as eqn..Special attention should be paid to long-term residential rent paid by tenants to landlords and imputed rent arising from the consumption flow by owner-occupied housing, which is normally presented as part of personal expenditures in the I-O tables or national accounts. This rent is often tax exempt and should be excluded from the tax base in order to avoid double taxation, since as an alternative, the V AT is sometimes levied on the purchase price of newly constructed dwellings. A portion of gross cash rent and imputed rent, however, would still be subject to V AT as a result of taxable expenditures made for repairs, property insurance, and certain utilities. It should be noted that the value of land is excluded in both the I-O tables and national accounts because it does not represent value added. For our purpose, the value of land is usually included as part of the purchase price of a new home. Thus, when new houses are taxable under the V AT, the personal expenditures must be adjusted upward to account for the full price of new homes. Some adjustments must be also made to gross expenditures in the government sector. For the most part, the production from this sector is usually exempt under a V AT and the associated value added would not attract the tax. On the other hand, the intermediate inputs used to produce government goods and services are usually taxable and, as a consequence, remain in the tax base of the government sector.Finally, to arrive at a benchmark estimate of revenue yield, the tax base for each commodity item is then multiplied by the compliance ratio under the current sales tax system. This adjustment implies that the compliance rate for each commodity under the proposed V AT would not be different from that being subject to the current system. The compliance rate may be adjusted upward however if one believes that the V AT system would enhance taxpayercompliance, or if the government can increase the level of administrative enforcement. On the contrary, the compliance rate may be adjusted downward if tax evasion is expected to spread with the introduction of a V AT. The total expected V AT revenues for the economy will then be equal to the summation of all adjusted tax bases across goods and services purchased by both the personal and government sectors, times the proposed V AT rates.Accrual versus actual revenue collectionsThe model developed so far provides an annual estimate of the V AT paid by final consumers and governments. These estimates are presented on an accrual basis rather than the actual revenues received by the government due to the payment lags built into the V AT system. For example, the V AT may be designed to provide a great deal of flexibility in filing requirements, depending on the size of the business. For large firms, filing may be required on a monthly basis. For smaller firms, filing may be allowed on a quarterly or annual return. Certain types of businesses such as exporters are likely to choose to file their returns on a monthly basis in order to claim input tax credits earlier. Furthermore, all taxpayers are likely to have until the end of the month following the reporting period to file their returns.From a government’s perspective, it is necessary to transform the V AT estimates from an accrual to a collection basis. One can first segregate the above annual estimate of the V AT base into the individual ``value-added'' components for primary producers, manufacturers, wholesalers, retailers, and other service sectors. Each of these components is then converted to a monthly basis using sales and other relevant data. For example, the retail component is distributed to each month based on monthly retail sales data. This should reflect the seasonal patterns in production and distribution channels. The appropriate collection lags should also be incorporated for each type of tax filer. The resulting revenues can then be transformed to a collection basis. This consideration will be particularly important when the V AT is first introduced into a country.Ⅳ. AN APPLICATION TO A CASE FOR NEPALThe current sales tax collected in Nepal in fiscal year 1994-95 was about 6,032 million rupees which accounts for approximately one-third of the total tax revenues. It is the single mostimportant revenue source. Like many other countries, the sales tax is imposed on the manufacturer's sale price of goods produced for domestic consumption, and on the duty paid value of imported goods. As a result, the tax applies to a range of inter-mediate inputs and capital goods used in the production and distribution channels. This tax has become not only administratively complex, but also economically inefficient. The Minister of State for Finance in Nepal announced in the July 1993 budget that the government would focus on gradually transforming the sales tax into a value-added tax. Since then, subsequent governments have had to make a series of tax policies and set tax rates in order to ensure the new sales tax system is fair, simple, efficient and produces revenue in a stable fashion.In the July 1993 budget, it was announced that the number of sales tax rates would be reduced from five to two rates, 10% and 20%. The same tax rates are applied equally to domestically produced goods and to imports in order to streamline the sales tax operation. In addition, there has been a substantial amount of government revenues collected from a number of selective excises on cigarettes, liquor, beer, soft drinks, edible oils, cement and so on. The main objective of this section is to apply the above model to the estimation of potential revenues for a V AT to be implemented in Nepal.Preparation of the basic dataThe data are quite limited in Nepal. In order to present the most up-to-date economic structure for the country, we developed a complete set of data for the FY 1994-95 since this is the latest year that data are available on the expenditure side from national accounts in Nepal.The data are arranged into three major categories-personal, business, and government. First, the detailed personal expenditure data are only available from a Household Budget Survey for 1985. These data also are separated into urban and rural for each class of commodity expenditure. Due to their different expenditure patterns and the recent massive migration from rural to urban areas, the current detailed household expenditures by commodities for the country as a whole are constructed by increasing the proportion of the total national household expenditures made in urban areas from 7% in 1985 to 12% in 1994. Using the FY 1994-95 aggregate private consumption shown in national accounts as a control total, the detailed personal expenditures by commodities are estimated.Second, the information concerning business expenditures on capital investment and intermediate inputs is very limited. The national accounts only provide an aggregate figure on private capital formation which can be further separated into machinery and equipment and construction. Using import information, the totals for machinery and equipment are further allocated among tractors, motor vehicles and parts, aircraft, telecommunications, medical equipment, and other machinery equipment. This is done in anticipation that certain goods or sectors are likely to be either zero-rated or exempted under the proposed V AT. The split between residential and nonresidential construction is also important because of their differences in the composition of mixed construction materials. For nonresidential construction, about one-third is sponsored by international organizations and is classified as expenditures of the government sector. For each construction category, detailed requirements of construction materials, labor cost, as well as profits and contract tax are provided by the Nepal Engineers' Association. In addition, the detailed intermediate inputs demanded by each of the industrial sectors are developed using the 1987 I-O tables.Third, government expenditures are separated into Regular and Development Expenditures. The latter are mostly funded by international organizations such as the World Bank, the Asian Development Bank, and bilateral donors which do not pay tariffs or other commodity taxes on their purchases. Each of the Regular and Development Expenditures can be further broken down into current and capital expenditures by commodity items or economic functions.After the basic detailed expenditures data for FY 1994-95 are constructed, the wholesale and retail margins for each commodity are removed from purchasers' expenditures on each good or service derived above .This would form the manufacturers' or importers' sales totals, inclusive of taxes, by commodity and by entity. The expected sales tax revenue for each commodity can then be calculated based on eqn (1).Simulation of the V AT revenuesThe proposed V AT will be imposed on goods and services consumed in the Kingdom of Nepal except for those specified in Schedules 1 and 2 of the V AT Act. The V AT Act will replace the Sales Tax Act, Hotel Act, Contract Tax Act, and Entertainment Act. This implies that, for revenue-neutral, at least a total of 6,857 million rupees should have been generated in FY 1994-95 if the proposed V AT was implemented.The following basic tax policies are incorporated in the model simulations for illustrative purposes:(ⅰ) impose a single rate of V AT which is extended to the retail level under the destination principle. Most personal and government expenditures are taxed, including government expenditures financed through international organizations.(ⅱ) zero-rate exported goods and services.(ⅲ)exempt unprocessed food, drug and medical services, books and newspapers, water and transportation services.(ⅳ) exempt newly constructed dwellings, residential rents, and financial services.(ⅴ) adjust the excise levies on alcoholic beverages and tobacco products to maintain their current consumer prices.Before turning to the empirical results, it is useful to recall the equivalency of the V AT to that of retail sales tax levied on the final selling price of all goods and services.The data on the latter were derived earlier in the form of gross expenditures by commodities under the personal, business, and government category. These gross expenditures represent the sum of all the expenditures on the various commodities and primary inputs contained in each category. Adjustments must be made for factors such as removal of the current sales taxes, zero-rated and exempt goods and services, and realistic tax compliance by taxpayers in order to arrive at the V AT base and the associated revenues.First, the above gross expenditures by commodities and by entities contain the amounts of the current sales taxes, directly paid by individuals and by governments, which must be deducted in calculating the V AT base. Since sales taxes are assumed to be fully shifted forward to final consumers, a further deduction must be made for the indirect sales taxes embedded in the price of personal and government expenditures. One can observe from Columns (2) and (3) of Table 1 that more than half of the current sales taxes are imposed on intermediate inputs and capital goods in Nepal. These input taxes are now embodied in the form of higher prices of goods and services sold to final consumers and governments.Second, the excise tax on alcoholic beverages and tobacco products are adjusted upward in order to maintain the same level of retail prices for consumers. The excise adjustment (DE) must equal the diff erence between the manufacturers’ sales prices of the excisable good under the newversus the current sales tax systems. That is:where is the single V AT rate, is the V AT compliance rate, is the current sales tax rateof the ith excisable good, and is the compliance rate of the current sales tax systems. is defined as eqn. (1), namely, the current sales tax-inclusive base of the ith excisable good. Hence, the adjustments shown in Column (5) of Table 1 refer to the case if the V AT rate is set at 12% and the tax compliance remains the same as the current tax system.Third, the full value of zero-rated goods or services purchased by final consumers and governments must be removed from gross expenditures. The simulation will only apply to exports, not to the goods and services paid for with foreign exchange but consumeddomestically.Fourth, for exempt goods and services that operate at the retail stage, the V AT is not levied on their selling prices nor are vendors entitled to the input tax credit. As a result, the associated input taxes that are not creditable form part of the V AT base. It should be noted that while not only unprocessed basic groceries but also basic agricultural inputs such as fertilizer seeds and pesticides are exempt. Another interesting case in Nepal is the practical difficulty of imposing a V AT on newly constructed houses because no such market prevails. New houses are normally self-constructed with assistance from relatives or friends. Therefore, new houses are treated as tax exempt and the purchases of construction materials are made subject to tax the business inputs associated with the denied input tax credits are all shown by sector in the second panel of Table 1 to form part of the V AT in Nepal.Fifth, the government is treated in the same fashion as final consumers. In other words, expenditures incurred by the government are taxed.Each of these tax policy measures presented in the V AT Act might appear reasonable and politically prudent, in the context of the economy of Nepal. But the results in Column (7) of Table 1 show that the V AT base, with the current tax compliance, has been reduced to approximately 20% gross domestic expenditure. It is also unrealistic to expect a substantial increase in compliance of the tax in a near term. If significant additional revenues are to be collected, tougher tax policies to broaden the tax base will have to be implemented. Because the share of the formal economy is relatively small in such a developing country, the potential tax base for a V AT is rather narrow. Hence, substantial political will is needed in developing countries to impose taxes on goods and services that might be exempted due to political or social considerations in developed countries.A V AT generally requires a higher level of administrative expenditures than a single stage sales tax system because of the greater number of taxpayers and the initial start up costs. This will reduce the net collection of tax revenues. There is a question of whether the V AT would lead to either greater tax enforcement or greater revenue leakage. One can argue that invoices issued by vendor registrants are proof of tax paid and, thus, constitute the basis for input tax credit claims by purchaser registrants. The invoice system may be considered by some economists or tax practitioners as a mechanism that provides an audit trail and an incentive to record。
会计学毕业论文的外文翻译
会计学毕业论文外文翻译and Countermeasure of Accounting CausesInformation DistortionHuang Xian LingSchool of Management South-Central University For Nationalities , PR.China, 430074Abstract: In recent years, the accounting information distortion hasaffected social economy order. This article mainly discusses on the causesand countermeasure of accounting information distortion in China.Keywords: Accounting Information Distortion Causes Countermeasure1 IntroductionIn recent years, it happens sometimes that the accounting information distort. It will affect information users such asinvestors and creditors correctly judge and deicide the management of enterprise, result in the national macroeconomic regulation and control and the microscopic policy-making fault, and affect the social economy order normally operate. This article mainly discusses on the causes and countermeasure of accounting information distortion in China.2 The reason of the accounting information distortionThere arevarious reasons of accounting information distortion: the enterprise internal factor and also exterior factor; the objective reason and alsothe subjective reason. Summarily, it mainly has following several points:2.1 The limitation of accountant laws and regulations systemTheaccounting guide line and business accounting system are all the basic standards of accounting work, the concrete prescribe of businessaccounting principles, the accounting service processing method and the accounting information disclosure method and so on. As the basic standardsof accounting work, the limitation of the accounting guide line and business accounting system is reason of accounting information distortion.It mainly displays in: First, the inherent estimate and the specialized judgment of the accounting guide line and business accounting system willcause the accounting information distortion. Second, the flexibility of accounting method may cause the accounting information distortion. Third,the hysteretic quality of the accounting guide line and businessaccounting system will also cause the accounting informationdistortion2.2 The accountancy faultThe accountancy fault refers tounconsciousness fault made in the accountancy as a result of the fault of measure, confirmation, record, report and so on. The accountancy faultis also an important reason of accounting information distortion. It mainly displays in: 1. Understood and applied the accounting guide line and and business business business accounting accounting accounting system system system mistakenly mistakenly mistakenly will will will lead lead lead accounting accountinginformation distortion. In the accounting guide line and businessaccounting system, certain economic work or the phenomenon calculationis compares principled, which calls for appropriate calculation method by purse bearer specialized analysis. If the purse bearer is not certainabout the accounting guide line and business accounting system, he will not account economic work correctly, and then it becomes possible to makedistorted accounting information 2. Unconsciousness fault made in the accountancy leads to accounting information distortion. Even if the accountant can understand and grasp accounting guide line and business accounting system accurately, some mistakes unavoidably in the work willmistake ofcause the accounting information distortion. Such as theaccount category, accountant miscalculation, miss record the business occurred2. 3 Occupational ethics deviatingAccountant occupational ethicsdeviating from the norm refers to accountant lack or lose the professional standard. Since reform and opening-up, the reform of accountant has filledwith vitality and vigor and obtained the huge achievement in our country.But at the same time, original accountant standards encounter serious destruction or the denial by a certain extent, gradually lose restraint of 481 accountant. And form accountant occupational ethics standardauthority losing. In practical work, some accountants fail to resist enticement or the instruction of higher authority, and intentionally manufacture the distorting accounting information seeking the benefit2.4 The imperfect government mechanismAt present, our country has practicedthe market economy system, but in the reality, dislocation mechanism thatthe government manage enterprise extremely was still prevails, andgovernment's behavior was not according to the market economy rule. The government manages enterprise directly in many place, as a result it always leads to a complexion that the leader of enterprise “revolving around government”. Some local government manages the lead leader er ofenterprise by target inspection, responsibility audit, rewards theexcellent and punishes the inferior. But the head of enterprise hide theprofit when getting good benefit, and forge the profit when not achieve the goal in order to go through a strategic pass. As the matter stands, the accounting information inevitably distorts3. The Countermeasure of Accounting Information DistortionThe accounting information is thepublic public product product product and and and influence influence influence widespread, widespread, widespread, the the the user user user of of of which which which is ismultitudinous. Currently, accounting information distortion is tooserious to harness. Generally speaking, it will be resolved from followingseveral aspects:3.1 Standard accounting guide line and strengthen the construction of accounting systemWhen the country formulates accountant criterion andrelated laws and regulations, it should be comprehensively, necessary, prompt and feasibility as possible as we can, normalize the using of uncertainty wording, and gradually accord to international accounting system. When choosing accountant processing method, we should identicallyuse the most effective method as possible as we can, and clear about thesituation and the elastic sector of each processing method. Consummatingthe accounting method, stopping up loophole of the accounting informationdistorts. At the same time, enhancing enterprise internal control systemconstruction, displaying system restraint mechanism, reducing theopportunity of uncertainty and fuzziness3.2 Establishing and perfecting enterprise internal control system Currently the root of many distortingaccounting information depends on insufficient internal control system of enterprise, so that some illegal leader and accountant use the systemloophole to seek the benefit for themselves. The internal control systema complex system involves various departments, various levels, various links in the enterprise, the move of people, property and substance of enterprise and also involves assignment and arrangement of right,responsibility and benefit of enterprise. Therefore, it is important to establish and perfect an effective internal control system, which can guarantee the enterprise property security and integrity, the accountinginformation legitimate and fair and economic work legality, and enhance the management efficiency of the enterprise3.3 Perfecting accountant supervises system, enhancing punishment 1 Establishing accounting managesystem with the central of strengthening the internal management. In orderto establishing a good accountant the foundation of providing the real accounting information, we should enhance internal control, formulate finance finance supervision supervision and and internal internal internal investigation investigation system, system, perfect perfectenterprise interior accounting system, rigorously enforce accountingmain routine, perfect examination and approval system of each kind of property commodity and the financial revenue and expenditure Carrying out the accountant delegate system. Currently many accountants are unableto resist the leader’s instruct and conduct to corrupt practices, mostlybecause their own status and treatment have a very close relation with the the leader's leader's leader's opinion. opinion. opinion. Accountant Accountant Accountant delegate delegate delegate system system system may may may reduce reduce reduce the theattachment of accountant to the leader, thus strengthen accountantsupervise and improves the accounting information quality Chartered accountant should be developed vigorously, enterprise financial report audit verification system should be carrying out comprehensively,unaudited reports are illegally. Simultaneously we should strengthen legal liability surveillance of chartered accountant, urge chartered accountant to raise their occupational ethics level and service quality,clear about legal liability of accounting information examinationverification by chartered accountant, and establish concrete punishment measure for those482 chartered accountant who is derelict of duty or violates the occupational ethics3.4 Consummating employed qualifications system,enhancing enhancing following following following education, education, education, improving improving improving the the the accountant accountant accountant quality qualitycomprehensively Accountant’s quality will not only affec affect tthe effect of carrying out accounting guide line and business accounting system, butalso affects the accountancy quality, therefore, improving the accountant quality is the key of reducing accounting information distorts 1 Enforcing accountant employed qualifications system, enhancing the standard of present accountant employed qualifications. The people provided with corresponding qualifications are able to be engaged in the accountancy. accountancy. Strengthening Strengthening Strengthening accountant accountant accountant ranks ranks ranks from from from the the the source source source 2 Strengthening accountant's concept of legal system and occupationalethics idea. The accountant should be provided with intense sense of responsibility, disciplined and probity while line of duty, and never lose the principle and never scheme the personal gain whatever kind of situationMoreover, accountant must certainly observe accountant occupational ethics standard, namely loves the work, probity andself-discipline, objective fair, conservative secret, honest and keep faith, insistence criterion and enhances skill and so on, they should keeps these standard firmly in mind and the implementation in the routine work 3 Pay special attention to accountant's following education. first,opening up the content of following education, which include management and operation, occupational ethics and finance and economics law and discipline educations besides new accountant criterion and accounting system; second, pay attention to effect and quality of following education,preventing goes through the motions; third, closely unifies following education and professional qualifications management, practicescompulsory following educational system4 ConclusionsIn summary, there are various reasons of accounting information distortion; it will affect the fairness of public wealth assignment, the efficiency of social resources disposition, the establishment of social credit system. Therefore, we must establish and consummates accountant supervise system, establish and perfect enterprise internal control system, further standard standard accountant accountant accountant criterion, criterion, criterion, strengthen strengthen strengthen the the the accounting accounting accounting system system construction, Strengthens the the following following education, improve improve the the accountant’s accountant’s quality quality quality comprehensively. comprehensively. comprehensively. Then Then Then we we can guarantee guarantee the the authenticity, validity and legality of accounting information, and realize the goal of administer accounting information distortionReferences[1] Yang Hong. On the Reason and Countermeasure of Accountant Information Fault. Science &technology information. 2006.4[2]Jiang Yi biao. The formations of accountant information distortion. Finance & Accounting ForCommunications. 2003.2[3]Zhao Jing Ting. the countermeasures of accountant information distortion. Friends of accounting.2006.6[4]Cheng Shao Hua. Interior accounting control and accountingprofessional moral education. FuJian publishing company of Xia Men University. 2004.1 会计信息失真的原因与对策会计信息失真的原因与对策黄贤玲黄贤玲中南民族大学管理学院中南民族大学管理学院,,中国武汉中国武汉 430074 430074摘要摘要::这些年这些年,,会计信息失真已经影响到了社会经济秩序会计信息失真已经影响到了社会经济秩序,,本文主要分析了我国会计信息失真产生的原因国会计信息失真产生的原因,,及其对策。
财会类-外文翻译
外文文献原稿和译文原稿Major changes of corporate treasury management policies have been in the past few decades. Treasury management has gradually taken up more and more responsibilities. In the 1960s treasury-related tasks entailed purely routine work in what was no more than an ancillary function as a centralising cash management unit linked to administrative tasks. In the 1970s the first significant changes began to take place as the economic environment was hit by recession, which favoured the emergence of new shortterm monetary policy instruments and the first hints of deregulation of financial markets, but treasury management was still restricted to the obtaining of funding, the management of payments and collections and the maintenance of bank balance positions. It was not until the 1980s that it became integrated into general corporate management and finally outgrew its purely administrative function linked to the accounting department. Treasury functions began to be based essentially on a financial cash management or liquidity management perspective. More recent advances have favoured the development of new treasury management functions, and increased the importance of treasury departments within companies. In this way, now the techniques and instruments required for optimum development are available.The functions now linked to treasury management extend beyond the mere control of monetary flows and positions. Exchange-rate and interest-rate volatility in the wake of the internationalisation and deregulation of currency markets, the need to increase control of credit risk in increasingly competitive markets and the appearance of new financial instruments have forced treasury management to become more forecast-based in its actions, with more emphasis on the management of investments, treasury deficits and different financial risks. Basic responsibilities of treasury departments will be those tasks that enable companies to use the techniques and information needed to minimise the financial costs of resources and maximise returnson cash surpluses, thus providing them with the necessary treasury funding in the desired currency at the appropriate time, as argued by Lopez and others.In the terminology of cash management literature this term brings together various functions associated with short-term financial flow management: liquidity management, banking management,management of treasury surpluses and deficits and financial risk management; it is a broader concept than the mere management of payments and collections. In this context, our objective is to provide empirical evidence for the definition of cash management by drawing up an explanatory model. The following pages present a cash management model obtained using the technique of structural equations, which has never been used before in research analysing the factors linked to treasury management.A salient result of our model is that the management of payments and collections and treasury forecasts are the functions to which the companies surveyed attach most importance. These are the functions that have traditionally been most closely linked with treasury management, though others which have been incorporated more recently, such as management of bank balances at value date,management of relationships with banks, management of treasury deficit funding and management of treasury surpluses, are all also highly rated by companies.Cash management can be seen from two different perspectives depending on how many responsibilities it includes: treasury management (or basic cash management) and advanced cash management. Specifically, treasury management handles actual cash management at companies, and one of its main functions is to establish the optimum cash level so that payments can be made and received as necessary for the proper operation of the company. The second concept includes not only treasury management but also other tasks such as treasury forecasting, negotiation and establishment of relationships with financial institutions and financial risk management.Pindado argues that basic cash management refers to that part of the working capital that makes up the optimal level needed by a company treasury. However, if the profit opportunities available in the process of cash flow creation are to be maximised, this scope must be broadened to take in more operational decisions, since optimum cash levels are influenced by other factors outside the restrictive concept of "treasury".Linking these concepts with the concepts of monetary theory reveals that the initial reasons for cash management were transaction and precaution, and those reasons were then joined by speculation, taking it closer to the overall concept of treasury management in the broad sense of the term.MethodologyFactor analysis was used to develop a model that can explain cash management. First of all,exploratory factor analysis was used to define constructs by the inductive approach, and thus to deduce theoretical models. Secondly, confirmatory factor analysis was used to show the validity of the constructs arising from those deductions. To validate the model and make it more robust, the sample was also subdivided randomly into two, with exploratory factor analysis then being applied to one of the subsamples and confirmatory analysis to the other. This method was applied to various splits of the original sample, with the argument that if it fitted in all of them, the scales of the model obtained would be validated. Confirming the model both inductively and deductively for different selections from the same population ensures that the measuring process is free from any systematic error.Structural equations have not previously been used in research to analyse factors linked to cash management. The structural equations method can be used to construct unobserved variables that define and statistically validate the theoretical concepts studied, reasoned and explained by researchers: in this case the responsibilities of cash management.Descriptive AnalysisTreasurers or treasury managers undertake various tasks in all areas of cash management, such as management of payments made and received, monitoring of liquidity of banking operations, short-term treasury forecasts, management of account balances at value dates, negotiation with banks,management of treasury deficit funding, management of treasury peaks and management of interest and exchange rate risks.Monitoring and optimisation of the circuit of payments received is the variable that scores highest among the firms surveyed, possibly because it brings together management functions concerned with the main payments received by firms, onwhich their survival depends. The preparation of treasury forecasts obtains the second highest score on average, mainly because proper treasury management must be based on knowledge of future positions. The responsibilities which obtained the lowest score are coverage of interest rate risk and exchange-rate risk, but some firms are unaware of these functions and others find them of little relevance due to the low degree of influence of such risks on their financial activities.In general, the remaining responsibilities obtain high scores.None of them stands out from the rest. The responsibilities in question are day-to-day control of banking position, monitoring of banking positions at value date, establishment of an optimum cash level, optimisation of liquidity, and monitoring and optimisation of the purchase-payment circuit.Other responsibilities include minimisation of costs of short-term borrowing required to cover treasury deficits and maximisation of returns on treasury surpluses.In short, all treasury management responsibilities obtain high scores except coverage of financial risks. Particularly high scores are obtained by management of payments for payments received, due to its importance for the survival of firms, and by management of treasury forecasts as a way of obtaining advanced information on movements of available liquid assets.Explanatory ModelFactor analysis was used to develop a model capable of explaining cash management and showing the results arising from its use. To define the construct used in the explanatory model, which cannot be observed directly in actual businesses, exploratory factor analysis was used first on a subsample,followed by confirmatory analysis on another, different subsample, to make the model more robust. Exploratory Factorial AnalysisExploratory factorial analysis is applied to a randomly selected subsample. An examination of this table reveals that the correlations between the variables used are still sufficiently high to justify the application of a factorial analysis of principal components.The results of the exploratory analysis show that the eleven variables concerned with treasury management responsibilities can be grouped into two components withonly minimal information loss.Basic cash management, which includes three levels: liquidity management (short-term treasury forecasts, at least monthly, establishment of an optimum cash level, optimisation of liquidity), operational management (monitoring and optimisation of the purchase-payment circuit, monitoring and optimisation of the sales-cash circuit), and banking management (monitoring of banking positions at the value date, day-to-day control of banking positions).Advanced cash management, which also includes three levels: investment management (maximisation of returns on treasury surpluses), financial management (minimisation of costs of short-term borrowing), and risk management (coverage of interest-rate risk, coverage of exchange-rate risk).Confirmatory Factorial AnalysisConfirmatory factor analysis is then applied to different subsamples to produce a valid, reliable scale for measuring this factor.Using statistical techniques from a convergent perspective, the present study aims to provide evidence of the existence of a single underlying concept that can explain cash management sufficiently well to bring together the variables in the scale considered overall. To obtain a valid, reliable scale capable of expressing the concept of treasury management, the internal consistency of the model is checked using reliability techniques (Cronbach’s alpha, composite reliability and extracted variance), convergent validity and discriminant validity of factors.The model reflects the idea that treasury management comprises basic cash management and advanced cash management. Basic cash management includes the constructs for liquidity management, operational management and banking management. Advanced cash management includes those for investment management, financial management and management of financial risk coverage. The theoretical concept underlying this model is supported by the opinions of the treasury managers surveyed, who understand cash management as including not just liquidity management tasks but also others such as management of payments made and received, forecast management, banking management, investment management, financial management and financial risk management.译文企业资金管理政策在过去的几十年发生了主要变化。
关于中小企业人融资的毕业设计外文翻译---香港创业板市场前景
The Future of the Hong Kong Growth Enterprise Market IntroductionThe difficulties that Hong Kong has experienced in its attempts to establish a successful growth market are similar to those encountered in the United Kingdom. It was only after the failures of the Unlisted Securities Market and the so-called Rule 4.2 trading system, that the London Stock Exchange (the “LSE”) came up with the concept of a lightly regulated, disclosure-based, caveat emptor market as the model for its Alternative Investment Mar ket (“AIM”). As detailed in the Discussion Paper, AIM is now by most measures the leading growth enterprise market in the world. Indeed, the view has been expressed that AIM is today more likely to be the first port of call of any substantial company seeking a listing, to the exclusion of the LSE‟s main market[1]. While ostensibly a growth company market, it has attracted a number of substantial companies: the top 50 companies all have a market capitalisation of more than £100 million, while Sportingbet, the largest company, has a market capitalisation of over £1.5 billion. In addition, deterred by the increasing burden of regulation on the LSE‟s main market, the number of companies that have moved from the main market to AIM vastly outnumber those transferring in the opposite direction. In 2005, 40 companies transferred to AIM from the main market while only 2 transferred from AIM to the main market[2]. In the first three months of 2006, there were 8 transfers to AIM from the main market and none in the opposite direction[3]. AIM has also gained acceptance among institutional investors and is today regarded as an established market which is unlikely now to fail.In contrast, H ong Kong‟s Growth Enterprise Market (“GEM”), described as “A …Buyers Beware‟ Market for Informed Investors” on the Stock Exchange website, had only 10 new listings in 2005[4]. As outlined in the Discussion Paper, the original initiatives for GEM, namely that it should be a disclosure-based, lightly regulated market administered separately from the Main Board, have been abandoned. Indeed, the greater regulatory burdens on GEM companies (as the GEM listing rules have become more closely aligned with those of the Main Board) and the often lengthy and costly application process, have meant that AIM has become the growth market of choice for many Hong Kong and PRC companies. Further, with its lighter regulatory regime and simpler, faster listing application process, AIM is coming to be seen as a preferable listing venue to the Hong Kong Main Board for a number of Hong Kong and PRC companies. An AIM listing is also attractive to the increasing number of PRC companies looking to acquire assets overseas and to raise their profile in overseas markets. The LSE‟s stated objective for AIM (which already lists 247 international companies) in the coming decade is to establish it as the market for growing companies internationally. If Hong Kong is to retain its position as the pre-eminent home market for PRC enterprises, its growth enterprise market needs to be able to compete with AIM: it is no longer safe to assume that Hong Kong and PRC enterprises prefer to list at or near home.Question 1: Is there a need for a growth company market in Hong Kong?Hong Kong should have a comprehensive and diversified capital market and should provide facilities for both small growth companies and larger, established companies to gain access to capital. In particular, a growth enterprise market plays an important role in enabling entrepreneur or family-owned companies to seek expansion, facilitating management buy-outs and buy-ins and providing an exit route for venture capitalists and a venue for further fund raising for venture capital investments.As a general comment, it is considered that the Stock Exchange needs a clearly articulated policy for the SME sector and that, if this is a sector which the Stock Exchange does not wish to service, the SFC should nominate a separate exchange to serve this sector. As the SME sector is likely to be the most dynamic sector of the market in the long term, failure to provide facilities for this sector would be a lost opportunity for Hong Kong.Question 2: If so, should the market primarily serve local Hong Kong companies, or should it target Mainland-based companies or regional/international companies?It is not necessary for Hong Kong‟s growth market to target companies from any particular jurisdiction. It should instead be open to companies from all jurisdictions, as was originally intended for the existing GEM[5]. London‟s AIM welcomes companies from all jurisdictions and has specifically targeted companies from the growth markets of China, India and Russia. If Hong Kong is to establish itself as a truly international finance centre, it needs to make it easier for overseas companies to list in Hong Kong. Currently, for a company incorporated in a jurisdiction other than Hong Kong, the PRC, Bermuda or the Cayman Islands to list on either the GEM or the Main Board of the Hong Kong Stock Exchange, it has to satisfy the Exchange that the standards of shareholder protection in its jurisdiction of incorporation are at least equivalent to those provided in Hong Kong[6]. Furthermore, in order to fulfil additional qualifications for secondary listing on the Main Board, the Exchange has to be satisfied that the company‟s primary listing is an exchange where the standards of shareholder protection are at least equivalent to those provided in Hong Kong[7]. The prime difficulty this presents is the uncertainty it creates even for listing applicants from well-developed legal jurisdictions such as the United Kingdom and Australia. In addition, the applicant bears the burden of proof in showing that the relevant law and exchange provide the same level of shareholder protection. This can be time consuming and costly. Although, in practice, this issue can be overcome by the overseas company restructuring with a holding company in Hong Kong, Bermuda or the Cayman Islands, there will always be overseas companies who, for tax or other reasons, do not wish to be forced into restructuring in Hong Kong or a tax haven jurisdiction. In cases where the company is seeking a secondary or dual primary listing in Hong Kong a restructuring is likely to be wholly impracticable. It also seems incongruous that a company from a well established legal jurisdiction has to be told that the path to listing in Hong Kong is uncertain and the onus is on the company to demonstrate that its jurisdiction of incorporation is acceptable to the Hong Kong Stock Exchange, whereas it will be smooth, and therefore quicker and less costly, if it restructures in Hong Kong or a tax haven jurisdiction. This is an anomalous aspect of the current Listing Rules. Efforts should therefore be made to ensure that the listing process is equally streamlined for all listing applicants, whatever their jurisdiction of incorporation.Question 3: At what stage of development should companies be admitted to the growth market – at start-up stage, or at a more mature stage?This question pre-supposes that there should be a qualitative assessment of companies prior to listing. On the contrary, investors and not the Stock Exchange should assess the commercial viability and investment merits of listing applicants. It should therefore be left to the market to determine whether a particular listing applicant is successful. Any risks associated with a particular applicant should be dealt with by way of disclosure. In addition, the responsibility for ensuring that the applicant is suitable for listing could, to a certain extent, be placed with the sponsor who could fulfil a similar role to that assumed by nominated investment advisers (“nomads”) on AIM.The Exchange should not be overly concerned about the risk of growth company failures. On any growth board, it must be expected that a certain percentage of companies will fail. The failure of individual GEM companies should not however be regarded as a failure of GEM itself, nor should they tarnish the reputation of the Hong Kong market overall. NASDAQ started with many small, often unattractive, companies: it now dominates the new issues market in the United States.Question 4: What should be the core investor group for the growth company market –retail, professional and/or institutional? Should the growth company market be restricted to professional and institutional investors only?It is not necessary to restrict investors in the growth company market to any particular group. Institutional investors will be attracted to stocks that they think will perform well. For AIM to have succeeded there must have been considerable investor appetite for smaller growing companies with potential for higher returns to off-set the greater risk. It is however worth noting that, according to the Discussion Paper[8], the return of the FTSE AIM Index was higher and its risk lower than that of the FTSE 100 for the two and a half year period from January 2003 to June 2005. As the market develops, retail investors will decide for themselves whether they wish to invest. Risks associated with particular companies should be dealt with by clear disclosure in listing documents.If the intention is to make the growth market effectively a market for institutional investors only, this could be achieved by requiring listings to be achieved by way of placings, thus forcing investors to go through their brokers.Question 5: Depending on your answers to the foregoing questions, what kind of regulatory regime would be appropriate for the growth company market? In particular, should growth companies have low-cost access to public capital, or should they, because of their higher risk, be required to comply with procedures that dictate relatively higher costs than those for Main Board companies?GEM should follow AIM in adopting a light, disclosure-based regulatory regime with emphasis on the responsibilities of sponsors. It should be a true alternative market which would compete against the Main Board in the same way as NASDAQ competes against the New York Stock Exchange. It would need to be administered entirely separately from the Main Board and would require its own staff and rules.On the issue of costs, the current approval process for listing GEM applicants already imposes significant costs on applicants relative to the size of their business operations and the amounts they raise and delays ap plicants‟ access to the market. A simpler, more streamlined listing application process should be adopted to provide small growth companies with faster, low cost access to public capital.外文资料翻译译文香港创业板市场前景简介香港在尝试建立一个成功的成长型公司市场时所面临的问题与英国差不多相同——伦敦证券交易所是在经历了非上市证券市场和所谓的规则第4.2 条市场的失败后，才推出了以轻度监管，披露为主及买方注意承担风险为概念的AIM。
会计学毕业论文中英文资料外文翻译文献
会计学中英文资料外文翻译外文原文Title:Future of SME finance（Background – the environment for SME finance has changedFuture economic recovery will depend on the possibility of Crafts, Trades and SMEs to exploit their potential for growth and employment creation.SMEs make a major contribution to growth and employment in the EU and are at the heart of the Lisbon Strategy, whose main objective is to turn Europe into the most competitive and dynamic knowledge-based economy in the world. However, the ability of SMEs to grow depends highly on their potential to invest in restructuring, innovation and qualification. All of these investments need capital and therefore access to finance.Against this background the consistently repeated complaint of SMEs about their problems regarding access to finance is a highly relevant constraint that endangers the economic recovery of Europe.Changes in the finance sector influence the behavior of credit institutes towards Crafts, Trades and SMEs. Recent and ongoing developments in the banking sector add to the concerns of SMEs and will further endanger their access to finance. The main changes in the banking sector which influence SME finance are:•Globalization and internationalization have increased the competition and the profit orientation in the sector;•worsening of the economic situations in some institutes (burst of the ITC bubble, insolvencies) strengthen the focus on profitability further;•Mergers and restructuring created larger structures and many local branches, which had direct and personalized contacts with small enterprises, were closed;•up-coming implementation of new capital adequacy rules (Basel II) will also change SME business of the credit sector and will increase its administrative costs;•Stricter interpretation of State-Aide Rules by the European Commission eliminates the support of banks by public guarantees; many of the effected banks arevery active in SME finance.All these changes result in a higher sensitivity for risks and profits in the finance sector.The changes in the finance sector affect the accessibility of SMEs to finance.Higher risk awareness in the credit sector, a stronger focus on profitability and the ongoing restructuring in the finance sector change the framework for SME finance and influence the accessibility of SMEs to finance. The most important changes are: •In order to make the higher risk awareness operational, the credit sector introduces new rating systems and instruments for credit scoring;•Risk assessment of SMEs by banks will force the enterprises to present more and better quality information on their businesses;•Banks will try to pass through their additional costs for implementing and running the new capital regulations (Basel II) to their business clients;•due to the increase of competition on interest rates, the bank sector demands more and higher fees for its services (administration of accounts, payments systems, etc.), which are not only additional costs for SMEs but also limit their liquidity;•Small enterprises will lose their personal relationship with decision-makers in local branches –the credit application process will become more formal and anonymous and will probably lose longer;•the credit sector will lose more and more its “public function” to provide access to finance for a wide range of economic actors, which it has in a number of countries, in order to support and facilitate economic growth; the profitability of lending becomes the main focus of private credit institutions.All of these developments will make access to finance for SMEs even more difficult and / or will increase the cost of external finance. Business start-ups and SMEs, which want to enter new markets, may especially suffer from shortages regarding finance. A European Code of Conduct between Banks and SMEs would have allowed at least more transparency in the relations between Banks and SMEs and UEAPME regrets that the bank sector was not able to agree on such a commitment.Towards an encompassing policy approach to improve the access of Crafts, Trades and SMEs to financeAll analyses show that credits and loans will stay the main source of finance forthe SME sector in Europe. Access to finance was always a main concern for SMEs, but the recent developments in the finance sector worsen the situation even more. Shortage of finance is already a relevant factor, which hinders economic recovery in Europe. Many SMEs are not able to finance their needs for investment.Therefore, UEAPME expects the new European Commission and the new European Parliament to strengthen their efforts to improve the framework conditions for SME finance. Europe’s Crafts, Trades and SMEs ask for an encompassing policy approach, which includes not only the conditions for SMEs’ access to lending, but will also strengthen their capacity for internal finance and their access to external risk capital.From UEAPME’s point of view such an encompassing approach should be based on three guiding principles:•Risk-sharing between private investors, financial institutes, SMEs and public sector;•Increase of transparency of SMEs towards their external investors and lenders;•improving the regulatory environment for SME finance.Based on these principles and against the background of the changing environment for SME finance, UEAPME proposes policy measures in the following areas:1. New Capital Requirement Directive: SME friendly implementation of Basel IIDue to intensive lobbying activities, UEAPME, together with other Business Associations in Europe, has achieved some improvements in favour of SMEs regarding the new Basel Agreement on regulatory capital (Basel II). The final agreement from the Basel Committee contains a much more realistic approach toward the real risk situation of SME lending for the finance market and will allow the necessary room for adaptations, which respect the different regional traditions and institutional structures.However, the new regulatory system will influence the relations between Banks and SMEs and it will depend very much on the way it will be implemented into European law, whether Basel II becomes burdensome for SMEs and if it will reduce access to finance for them.The new Capital Accord form the Basel Committee gives the financial marketauthorities and herewith the European Institutions, a lot of flexibility. In about 70 areas they have room to adapt the Accord to their specific needs when implementing it into EU law. Some of them will have important effects on the costs and the accessibility of finance for SMEs.UEAPME expects therefore from the new European Commission and the new European Parliament:•The implementation of the new Capital Requirement Directive will be costly for the Finance Sector (up to 30 Billion Euro till 2006) and its clients will have to pay for it. Therefore, the implementation – especially for smaller banks, which are often very active in SME finance –has to be carried out with as little administrative burdensome as possible (reporting obligations, statistics, etc.).•The European Regulators must recognize traditional instruments for collaterals (guarantees, etc.) as far as possible.•The European Commission and later the Member States should take over the recommendations from the European Parliament with regard to granularity, access to retail portfolio, maturity, partial use, adaptation of thresholds, etc., which will ease the burden on SME finance.2. SMEs need transparent rating proceduresDue to higher risk awareness of the finance sector and the needs of Basel II, many SMEs will be confronted for the first time with internal rating procedures or credit scoring systems by their banks. The bank will require more and better quality information from their clients and will assess them in a new way. Both up-coming developments are already causing increasing uncertainty amongst SMEs.In order to reduce this uncertainty and to allow SMEs to understand the principles of the new risk assessment, UEAPME demands transparent rating procedures –rating procedures may not become a “Black Box” for SMEs:•The bank should communicate the relevant criteria affecting the rating of SMEs.•The bank should inform SMEs about its assessment in order to allow SMEs to improve.The negotiations on a European Code of Conduct between Banks and SMEs , which would have included a self-commitment for transparent rating procedures by Banks, failed. Therefore, UEAPME expects from the new European Commission andthe new European Parliament support for:•binding rules in the framework of the new Capital Adequacy Directive, which ensure the transparency of rating procedures and credit scoring systems for SMEs;•Elaboration of national Codes of Conduct in order to improve the relations between Banks and SMEs and to support the adaptation of SMEs to the new financial environment.3. SMEs need an extension of credit guarantee systems with a special focus on Micro-LendingBusiness start-ups, the transfer of businesses and innovative fast growth SMEs also depended in the past very often on public support to get access to finance. Increasing risk awareness by banks and the stricter interpretation of State Aid Rules will further increase the need for public support.Already now, there are credit guarantee schemes in many countries on the limit of their capacity and too many investment projects cannot be realized by SMEs.Experiences show that Public money, spent for supporting credit guarantees systems, is a very efficient instrument and has a much higher multiplying effect than other instruments. One Euro form the European Investment Funds can stimulate 30 Euro investments in SMEs (for venture capital funds the relation is only 1:2).Therefore, UEAPME expects the new European Commission and the new European Parliament to support:•The extension of funds for national credit guarantees schemes in the framework of the new Multi-Annual Programmed for Enterprises;•The development of new instruments for securitizations of SME portfolios;•The recognition of existing and well functioning credit guarantees schemes as collateral;•More flexibility within the European Instruments, because of national differences in the situation of SME finance;•The development of credit guarantees schemes in the new Member States;•The development of an SBIC-like scheme in the Member States to close the equity gap (0.2 – 2.5 Mio Euro, according to the expert meeting on PACE on April 27 in Luxemburg).•the development of a financial support scheme to encourage the internalizations of SMEs (currently there is no scheme available at EU level:termination of JOP, fading out of JEV).4. SMEs need company and income taxation systems, which strengthen their capacity for self-financingMany EU Member States have company and income taxation systems with negative incentives to build-up capital within the company by re-investing their profits. This is especially true for companies, which have to pay income taxes. Already in the past tax-regimes was one of the reasons for the higher dependence of Europe’s SMEs on bank lending. In future, the result of rating will also depend on the amount of capital in the company; the high dependence on lending will influence the access to lending. This is a vicious cycle, which has to be broken.Even though company and income taxation falls under the competence of Member States, UEAPME asks the new European Commission and the new European Parliament to publicly support tax-reforms, which will strengthen the capacity of Crafts, Trades and SME for self-financing. Thereby, a special focus on non-corporate companies is needed.5. Risk Capital – equity financingExternal equity financing does not have a real tradition in the SME sector. On the one hand, small enterprises and family business in general have traditionally not been very open towards external equity financing and are not used to informing transparently about their business.On the other hand, many investors of venture capital and similar forms of equity finance are very reluctant regarding investing their funds in smaller companies, which is more costly than investing bigger amounts in larger companies. Furthermore it is much more difficult to set out of such investments in smaller companies.Even though equity financing will never become the main source of financing for SMEs, it is an important instrument for highly innovative start-ups and fast growing companies and it has therefore to be further developed. UEAPME sees three pillars for such an approach where policy support is needed:Availability of venture capital•The Member States should review their taxation systems in order to create incentives to invest private money in all forms of venture capital.•Guarantee instruments for equity financing should be further developed.Improve the conditions for investing venture capital into SMEs•The development of secondary markets for venture capital investments inSMEs should be supported.•Accounting Standards for SMEs should be revised in order to ease transparent exchange of information between investor and owner-manager.Owner-managers must become more aware about the need for transparency towards investors•SME owners will have to realise that in future access to external finance (venture capital or lending) will depend much more on a transparent and open exchange of information about the situation and the perspectives of their companies.•In order to fulfil the new needs for transparency, SMEs will have to use new information instruments (business plans, financial reporting, etc.) and new management instruments (risk-management, financial management, etc.).外文资料翻译题目：未来的中小企业融资背景：中小企业融资已经改变未来的经济复苏将取决于能否工艺品，贸易和中小企业利用其潜在的增长和创造就业。
毕业设计外文翻译范例
毕业设计外文翻译范例引言在大学生的学习生涯中，毕业设计是一项重要的任务。
它是对学生在大学期间所学知识的综合运用，也是对学生能力的一次全面考核。
外文翻译作为毕业设计的一部分，对于提高学生的英语水平和跨文化交流能力有着重要的作用。
本文将探讨毕业设计外文翻译的重要性、挑战以及解决方法。
毕业设计外文翻译的重要性外文翻译在毕业设计中具有重要的地位和作用。
首先，外文翻译可以帮助学生扩大知识面，并且了解国际上的研究动态和前沿技术。
通过翻译外文文献，学生可以学习到最新的研究成果和方法，为毕业设计提供参考和借鉴。
其次，外文翻译能够提高学生的英语水平。
通过翻译外文文献，学生可以锻炼自己的听、说、读、写能力，提高对英语的理解和应用能力。
在全球化的背景下，具备良好的英语能力对于学生的就业和未来发展具有重要意义。
最后，外文翻译可以培养学生的跨文化交流能力。
在进行外文翻译的过程中，学生需要了解不同文化背景下的表达方式和思维方式，从而更好地与其他文化背景的人进行沟通和交流。
这对于提高学生的跨文化合作能力和全球视野具有重要意义。
毕业设计外文翻译的挑战尽管毕业设计外文翻译具有重要的作用，但也面临一些挑战。
首先，外文翻译需要学生具备良好的英语水平和专业知识。
许多外文文献使用专业术语和复杂的句式，对学生的英语能力和专业知识提出了较高的要求。
同时，外文翻译还要求学生具备良好的分析能力和逻辑思维能力，能够准确理解和表达文献中的内容。
其次，外文翻译需要花费大量的时间和精力。
翻译一篇外文文献需要学生仔细阅读和理解原文，然后进行翻译和校对。
这个过程需要反复推敲和修正，耗费了学生大量的时间和精力。
在繁重的学业任务中，学生可能面临时间不足的问题，影响翻译质量和效率。
最后，外文翻译还可能面临文化差异和语言障碍。
不同的语言和文化有着不同的表达方式和思维方式，学生需要充分理解和融入到原文的语言和文化中，才能进行准确和恰当的翻译。
这对学生的跨文化交流能力提出了较高的要求。
关于会计的英文文献原文(带中文翻译)
The Optimization Method of Financial Statements Based on Accounting Management TheoryABSTRACTThis paper develops an approach to enhance the reliability and usefulness of financial statements. International Financial Reporting Standards (IFRS) was fundamentally flawed by fair value accounting and asset-impairment accounting. According to legal theory and accounting theory, accounting data must have legal evidence as its source document. The conventional “mixed attribute” accounting system should be re placed by a “segregated” system with historical cost and fair value being kept strictly apart in financial statements. The proposed optimizing method will significantly enhance the reliability and usefulness of financial statements.I.. INTRODUCTIONBased on international-accounting-convergence approach, the Ministry of Finance issued the Enterprise Accounting Standards in 2006 taking the International Financial Reporting Standards (hereinafter referred to as “the International Standards”) for reference. The Enterprise Accounting Standards carries out fair value accounting successfully, and spreads the sense that accounting should reflect market value objectively. The objective of accounting reformation following-up is to establish the accounting theory and methodology which not only use international advanced theory for reference, but also accord with the needs of China's socialist market economy construction. On the basis of a thorough evaluation of the achievements and limitations of International Standards, this paper puts forward a stand that to deepen accounting reformation and enhance the stability of accounting regulations.II. OPTIMIZA TION OF FINANCIAL STATEMENTS SYSTEM: PARALLELING LISTING OF LEGAL FACTS AND FINANCIAL EXPECTA TIONAs an important management activity, accounting should make use of information systems based on classified statistics, and serve for both micro-economic management and macro-economic regulation at the same time. Optimization of financial statements system should try to take all aspects of the demands of the financial statements in both macro and micro level into account.Why do companies need to prepare financial statements? Whose demands should be considered while preparing financial statements? Those questions are basic issues we should consider on the optimization of financial statements. From the perspective of "public interests", reliability and legal evidence are required as qualitative characters, which is the origin of the traditional "historical cost accounting". From the perspective of "private interest", security investors and financial regulatory authoritieshope that financial statements reflect changes of market prices timely recording "objective" market conditions. This is the origin of "fair value accounting". Whether one set of financial statements can be compatible with these two different views and balance the public interest and private interest? To solve this problem, we design a new balance sheet and an income statement.From 1992 to 2006, a lot of new ideas and new perspectives are introduced into China's accounting practices from international accounting standards in a gradual manner during the accounting reform in China. These ideas and perspectives enriched the understanding of the financial statements in China. These achievements deserve our full assessment and should be fully affirmed. However, academia and standard-setters are also aware that International Standards are still in the process of developing .The purpose of proposing new formats of financial statements in this paper is to push forward the accounting reform into a deeper level on the basis of international convergence.III. THE PRACTICABILITY OF IMPROVING THE FINANCIAL STATEMENTS SYSTEMWhether the financial statements are able to maintain their stability? It is necessary to mobilize the initiatives of both supply-side and demand-side at the same time. We should consider whether financial statements could meet the demands of the macro-economic regulation and business administration, and whether they are popular with millions of accountants.Accountants are responsible for preparing financial statements and auditors are responsible for auditing. They will benefit from the implementation of the new financial statements.Firstly, for the accountants, under the isolated design of historical cost accounting and fair value accounting, their daily accounting practice is greatly simplified. Accounting process will not need assets impairment and fair value any longer. Accounting books will not record impairment and appreciation of assets any longer, for the historical cost accounting is comprehensively implemented. Fair value information will be recorded in accordance with assessment only at the balance sheet date and only in the annual financial statements. Historical cost accounting is more likely to be recognized by the tax authorities, which saves heavy workload of the tax adjustment. Accountants will not need to calculate the deferred income tax expense any longer, and the profit-after-tax in the solid line table is acknowledged by the Company Law, which solves the problem of determining the profit available for distribution.Accountants do not need to record the fair value information needed by security investors in the accounting books; instead, they only need to list the fair value information at the balance sheet date. In addition, because the data in the solid line table has legal credibility, so the legal risks of accountants can be well controlled. Secondly, the arbitrariness of the accounting process will be reduced, and the auditors’ review process will be greatly simplified. The independent auditors will not have to bear the considerable legal risk for the dotted-line table they audit, because the risk of fair value information has been prompted as "not supported by legalevidences". Accountants and auditors can quickly adapt to this financial statements system, without the need of training. In this way, they can save a lot of time to help companies to improve management efficiency. Surveys show that the above design of financial statements is popular with accountants and auditors. Since the workloads of accounting and auditing have been substantially reduced, therefore, the total expenses for auditing and evaluation will not exceed current level as well.In short, from the perspectives of both supply-side and demand-side, the improved financial statements are expected to enhance the usefulness of financial statements, without increase the burden of the supply-side.IV. CONCLUSIONS AND POLICY RECOMMENDATIONSThe current rule of mixed presentation of fair value data and historical cost data could be improved. The core concept of fair value is to make financial statements reflect the fair value of assets and liabilities, so that we can subtract the fair value of liabilities from assets to obtain the net fair value.However, the current International Standards do not implement this concept, but try to partly transform the historical cost accounting, which leads to mixed using of impairment accounting and fair value accounting. China's accounting academic research has followed up step by step since 1980s, and now has already introduced a mixed-attributes model into corporate financial statements.By distinguishing legal facts from financial expectations, we can balance public interests and private interests and can redesign the financial statements system with enhancing management efficiency and implementing higher-level laws as main objective. By presenting fair value and historical cost in one set of financial statements at the same time, the statements will not only meet the needs of keeping books according to domestic laws, but also meet the demand from financial regulatory authorities and security investorsWe hope that practitioners and theorists offer advices and suggestions on the problem of improving the financial statements to build a financial statements system which not only meets the domestic needs, but also converges with the International Standards.基于会计管理理论的财务报表的优化方法摘要本文提供了一个方法，以提高财务报表的可靠性和实用性。
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。
会计电算化外文翻译文献.docx
会计电算化外文翻译文献（文档含英文原文和中文翻译）Manual Accounting Versus Computerized AccourrtingAs many professional accountants and auditors state - accounting is a 1anguage of business which is accepted in al 1 developed and developing countries・Every company applies accounting because it is generally accepted that companies have to reveal certain financial and management information to the government and public users and of course because accounting is indispensable tool in business decision-making process・With the development of information technologies there were developed many computer products (software) that make accounting as easy as ABC for those who uses them・ F TOITI this point accounting can be divided into two basic categories:those which apply manual accounting and those which prefer computerized accounting systems・ This paper is targets the main features of manual and computerized accounting, their benefits and shortcomings, and their comparison.From the accounting theory it is known that accounting cycle ineludes the following steps: journali zing the transactions, posting them to ledgeraccounts, preparing trial balance, making adjustment entries, preparing adjusted to end-of-period trial balance , preparing financial statements and appropriate disclosures, journalizing and posting the closing entries, and preparing after-closing trial balance at last・ From the first look it is not very clifficult and it is so indeed, but when there are thousands or millions of transactions the situation dramatically changes・ Lots of transactions that must be processed in the acco un ting cycle make this process routine and even a 1 i ttl e mi stake or inaccuracy can cause all the cycle from the very beginning in order to find and correct the mistake ・ So as to shed some light on the matter lets examine accounting cycle more thorough1y. Every transaction (event that change the financial resources or obligations of the company) must be recognized, classified and documented; in addition there must be corresponding accounts identified and changed. The transactions are recorded in appropriate journals (general journal, sales journal etc) with transaction data, affected accounts? titles, debit and credit of each affected account and explanation specified in the journal record・ The above procedure is used for each transaction. All the journal records must be posted to the ledger on a periodic basis (daily or weekly), which is a group of accounts put together and classified (assets, liabilities, revenue, expenses and equity) ? in other words general ledger summarizes all the transactions within a period of time. In addition there is a subsidiary ledger can be used, which is a more detailed source, where individual items comprised (inventory, accounts payable and accounts receivable)・General ledger contains controlling accounts which summarize the content of subsidiary ledger. At the end of accounting period with the help of general ledger there is a trial balanee calculated to make sure that debit and credit are in balance (if they are not equal it means that there is an error somewhere). Then there must be appropriate adjustments made like depreciation and income tax expenses, adjusted records posted to the ledger and adjustedtrial balance calculated・After this there are financial statements should be prepared, which include balance sheet, income statement, statement of retained earnings and statement of cash flows・ Then journal entries of temporary accounts are closed to permanent accounts and posted to the ledger, and at last after-closing trial balanee can prepared・In order to stay on top companies have to analyze the performance of all organizational cells (starting from unskilled workers and operating personnel, and finishing with top managers and other key personnel) and discover all the deviations from the plan, their causes, and finally companies? management has to take corresponding measures to avoid such deviations in the future・ These procedures are called internal controls and inelude the following five elements: control environment, risk assessment, monitoring, information and commimication, which are assessed separately and put together a single rate of organization's performance・Control environment means the way of organization，s internal control? which manager controls the employees, how and whom does that manager reports next about the plan performance etc・Risk assessment implies measures to determine all the potential risks in advance, their causes, probabilities and counter-measures to avoid and manage them; how can those risks influenee company's performance and financial state; how to minimize the costs of facing financial risks etc・Monitoring implies quality control of company，s operations and personne1. Information and communication element means the control over communication f1ow and the quality of information flow within the organization in order to minimize the time of communication and information losses. Internal control procedures allow to keep companies? assets from dissipation and control productivity and usefulness of all departments.Let's return to the main issue of the paper・Manual accounting implies that employees perform the whole accounting cycle manually on a periodic basis: they calculate trial balances, journalize transactions,prepare financial statement reports and other routines・Of course it takes much time, resources and effort in large organizations. Computerized accounting implies that the only thing that employees do is recording transactions into the computer which processes the other steps of accounting cycle automatically or by a request・But this is a very simplified view on the computerized accounting because trans&ction is a complex category which includes not only sales or acquisitions, but depreciation, premiums and wages calculation, dividends etc. So computers provide accurate calculations and smart reports but it takes much time, resources and effort too and it ' s difficult to assess which accounting type is more fast and economic・ If manual accounting requires qualified accountants to keep a record of business transactions, computerized requires accountants which can use specific software and thus they cost more・ Computer software calculates faster but it does not know what you need until you can clearly explain what exactly you need. In addition good computerized accounting system can cost thousands and even millions dollars, depending on the complexity and the size of organization. Computerized accounting provides better internal control report system for any given period of time (computer can control thousands indicators simultaneously and create notifications to the appropriate departments or workers if some indicators do not correspond to the normal state), while manual control takes more time・Among the advantages of manual accounting there are: comparatively cheap workforce and resources, reliability, independence from machines, skilled workers availability; the disadvantages include: reduced speed, increased effort of accountants, relatively slower internal control reporting, routine work and some others .Among the ma i n advantages of computerized accounting there are: high speed and mobility of reporting,reliability, no routine work, increased accuracy, internal control system of increased productivity, easy back up and restoration of records: the di sadvantages include: extremely hi gh costs on developing, introducing and using the system, special trainings for personnel, increased personnel costs, dependenee on machines etc .0bviously both computerized and manual accounting have advantages and disadvantages but they perform the same task, and the final result is the same・ The main differences between them are the costs , speed and mobility. Thus small and medium businesses usually prefer manual accounting without detriment to quality while large corporations apply complex accounting systems which cost millions dollars but the effect from their application exceeds all the expectations.手工会计与电算化会计会计教育改革与发展一第四届会计与财务问题国际研讨会论文集2004年詹姆斯就像很多专业的会计师和审计师的国家一在所有发达国家和发展中国家，会计是被接受的一种商业语言。
会计准则外文翻译适用于毕业论文外文翻译中英文对照
西京学院本科毕业设计（论文）外文资料翻译教学单位：________ 经济系________专业：会计学（本）学号：08姓名：________________________外文出处：《国际企业会计准贝卩》附件：1.译文；2.原文；3.评分表2011年11月1.译文译文（一）世界贸易的飞速发展和国际资本的快速流动将世界经济带入了全球化时代。
在这个时代，任何一个国家要脱离世界贸易市场和资本市场谋求自身发展是非常困难的。
会计作为国际通用的商业语言，在经济全球化过程中扮演着越来越重要的角色，市场参与者也对其提出越来越高的要求。
随着市场经济体制的逐步建立和完善，有些国家加入世贸组织后国际化进程的加快，市场开放程度的进一步增强，市场经济发育过程中不可避免的各种财务问题的出现，迫切需要完善的会计准则加以规范。
然而，在会计准则制定过程中，有必要认真思考理清会计准则的概念，使制定的会计准则规范准确、方便操作、经济实用。
由于各国家的历史、环境、经济发展等方面的不同，导致目前世界所使用的会计准则在很多方面都存在着差异，这使得各国家之间的会计信息缺乏可比性本国信息为外国家信息使用者所理解的成本较高，在很大程度上阻碍了世界国家间资本的自由流动。
近年来，许多国家的会计管理部门和国家性的会计、经济组织都致力于会计准则的思考和研究，力求制定出一套适于各个不同国家和经济环境下的规范一致的会计准则，以增强会计信息的可比性，减少国家各之间经济交往中信息转换的成本。
译文（二）会计准则就是会计管理活动所依据的原则, 会计准则总是以一定的社会经济背景为其存在基础, 也总是反映不同社会经济制度、法律制度以及人们习惯的某些特征, 因而不同国家的会计准则各有不同特点。
但是会计准则毕竟是经济发展对会计规范提出的客观要求。
它与社会经济发展水平和会计管理的基本要求是相适应的,因而, 每个国家的会计准则必然具有某些共性:1.规范性每个企业有着变化多端的经济业务, 而不同行业的企业又有各自的特殊性。
会计学毕业论文外文文献及翻译
LNTU---Acc附录A国际会计准则第 37 号或有负债和或有资产目的本准则的目的是确保将适当的确认标准和计量基础运用于准备、或有负债和或有资产，并确保在财务报表的附注中披露充分的信息，以使使用者能够理解它们的性质、时间和金额。
范围1．本准则适用于所有企业对以下各项之外的准备、或有负债和或有资产的会计核算：（1）以公允价值计量的金融工具形成的准备、或有负债和或有资产：（2）执行中的合同（除了亏损的执行中的合同）形成的准备、或有负债和或有资产；（3）保险公司与保单持有人之间签订的合同形成的准备、或有负债和或有资产；（4）由其他国际会计准则规范的准备、或有负债和或有资产。
2．本准则适用于不是以公允价值计量的金融工具（包括担保）。
3．执行中的合同是指双方均未履行任何义务或双方均同等程度地履行了部分义务的合同。
本准则不适用于执行中的合同，除非它是亏损的。
4．本准则适用于保险公司的准备、或有负债和或有资产，但不适用于其与保单持有人之间签订的合同形成的准备、或有负债和或有资产。
5．如果其他国际会计准则规范了特定的准备、或有负债和或有资产，企业应运用该准则而不是本准则，例如，关于以下项目的准则也规范了特定的准备：（1）建造合同（参见《国际会计准则第11号建造合同》）；（2）所得税（参见《国队会计准则第12号所得税》）；（3）租赁（参见《国际会计准则第17 号租赁》），但是，《国际会计准则第17 号》未对已变为亏损的经营租质的核算提出具体要求，因而本准则应适用于这些情况；（4）雇员福利（参见《国际会计准则第19号一雇员福利》）。
6．一些作为准备处理的金额可能与收入的确认有关，例如企业提供担保以收取费用，本准则不涉及收入确认，《国际会计准则第18 号收入》明确了收入确认标准，并就确认标准的应用提供了实务指南，本准则不改变《国际会计准则第18 号》的规定。
7．本准则将准备定义为时间或金额不确定的负债，在某些国家，“准备”也与一些项目相联系使用，例如折旧，资产减值和坏账：这些是对资产账面金额的调整，本准则不涉及。
会计专业毕业论文外文文献翻译.
密级：绝密外文翻译THESIS OF BACHELOR题目：浅析商业银行会计风险控制存在的问题及对策英文题目: Analysis of Commercial Bank Accounting Risk Control Problems and Countermeasures 学院: 系别:专业:班级:学生姓名:学号：指导老师:起讫日期:我国商业银行会计风险成因及防范对策历史资料表明:导致许多国家20世纪以来先后爆发银行危机的主要原因是未能妥善解决银行风险问题。
长期以来,这一问题也困扰着我国，成为威胁我国国民经济持续、健康发展的重大隐患。
几年来国家采取了一系列必要措施：从1994至1995年给银行业立法，1996年后加强金融审慎性监管，1998年为四大银行补充2700亿元资本金,1999年成立资产管理公司并剥离五大行的1。
4万亿元不良资产，2000年以后国务院严令各行降低不良资产率，等等。
但这些措施均没有触及体制不合理这个根本问题，因而无法从根本上控制银行风险增量,提高银行经营绩效。
目前，我国银行潜伏的高风险日益暴露出来.面临2006年银行业全面开放后外资金融机构进入所带来的竞争和挑战,本届政府下决心彻底改革国有银行的体制,去年末央行动用外汇储备向中国银行、中国建设银行注资450亿美元，充实其资本金，使之达到《巴塞尔协议》规定的8%的资本充足率,推动国有银行股份制改革和最终上市，从根本上解决国有银行风险的增量问题。
因此，研究中国银行风险的特点、特殊的制度成因，股份制改革和公司治理结构建立这些被称为治本措施的一系列政策问题，具有重要的理论和现实意义。
本文第一章首先阐述了我国银行风险的表现形式.其中银行信用风险特别是国有商业银行资产信贷质量问题，成为当前最为突出的金融风险；国有商业银行的流动性风险虽未显现（暂时被居民的高储蓄率所掩盖），但潜在的支付困难因素日益增多；财务风险主要表现在国有商业银行资本金严重不足和经营利润虚盈实亏两方面；此外我国银行还存在着较为严重的利率汇率风险、市场风险、犯罪风险。
会计专业外文文献翻译原文及译文
企业的社会责任：一种趋势和运动，但社会责任是什么，是为了什么？1企业社会责任（CSR ）已成为一个全球趋势，涉及企业，国家，国际组织和民间社会组织。
但这远远不能清楚CSR的主张，有什么真正的趋势，是从哪里开始，在哪里发展，谁是项目的主要行动者。
如果把它作为一种社会运动，我们必须要问：什么运动和谁执行？讨论有助于我们反思形成的趋势和如何管理某些特点来迅速和广泛地在全球各地进行扩展，并增加了以下体制变革,特别是对变化中国家之间、企业法人和民间社会组织关系之间的界限的作用。
企业社会责任的趋势在三个方面：作为一个管理框架，新的要求，地方企业;作为动员企业行为，以协助国家的发展援助;和作为管理趋势。
每一个这些画像表明，中心的某些行为，关系，驾驭团队和利益。
我的例子表明，没有人对这些意见似乎比别人更准确，而是，活动包括规范的不同利益、作用因素、起源和轨迹。
这些多重身份的趋势可以部分描述其成功以及它的争论，脆弱性和流动性。
许多公司现在有具体的计划和小节在其网站上处理企业社会责任。
在过去，软条例和指导网络，国际公认的规则一直是一种重要机制，作用在公司、国家和国家间组织的需求，例如，发布指导方针和条例的公司。
在这背景下，国际组织仍然是重要的行动者，他们正在寻求与跨国公司进行对话，而不是试图通过国家控制企业社会责任。
各国际组织不是对企业的社会责任监管机构;而他们却是监管和自我约束的倡议之间的经纪人的最合适人选。
对社会负责行为和监测这些行为的需求越来越多地以国家以外的这些组织为渠道，并强调赞成高比例的自律。
因此，我们看到了软法律(Morth, 2004)的出现，或者是Knill 和Lehmkuhl (2002) 所说的“被规管的自律”，和Moran (2002)所归纳的“精细”或“非正式”规章。
我更喜欢“软法律”和“软规章”的说法，因为他们并不总是非正式的。
软规章常常包括正式报告和统筹程序。
还有，从统筹和行政的观点来看，那些规章和精细还是相去甚远的。
(完整版)_毕业设计(论文)外文翻译_(原文)
毕业设计（论文）——外文翻译（原文）NEW APPLICATION OF DATABASERelational databases in use for over two decades. A large portion of the applications of relational databases in the commercial world, supporting such tasks as transaction processing for banks and stock exchanges, sales and reservations for a variety of businesses, and inventory and payroll for almost of all companies. We study several new applications, which recent years.First. Decision-support systemAs the online availability of data , businesses to exploit the available data to make better decisions about increase sales. We can extract much information for decision support by using simple SQL queries. Recently support based on data analysis and data mining, or knowledge discovery, using data from a variety of sources.Database applications can be broadly classified into transaction processing and decision support. Transaction-processing systems are widely used today, and companies generated by these systems.The term data mining refers loosely to finding relevant information, or “discovering knowledge,” from a large volume of data. Like knowledge discovery in artificial intelligence, data mining attempts to discover statistical rules and patterns automatically from data. However, data mining differs from machine learning in that it deals with large volumes of data, stored primarily on disk.Knowledge discovered from a database can be represented by a set of rules. We can discover rules from database using one of two models:In the first model, the user is involved directly in the process of knowledge discovery.In the second model, the system is responsible for automatically discovering knowledgefrom the database, by detecting patterns and correlations in the data.Work on automatic discovery of rules influenced strongly by work in the artificial-intelligence community on machine learning. The main differences lie in the volume of data databases, and in the need to access disk. Specialized data-mining algorithms developed to which rules are discovered depends on the class of data-mining application. We illustrate rule discovery using two application classes: classification and associations.Second. Spatial and Geographic DatabasesSpatial databases store information related to spatial locations, and provide support for efficient querying and indexing based on spatial locations. Two types of spatial databases are particularly important:Design databases, or computer-aided-design (CAD) databases, are spatial databases used to store design information about databases are integrated-circuit and electronic-device layouts.Geographic databases are spatial databases used to store geographic information, such as maps. Geographic databases are often called geographic information systems.Geographic data are spatial in nature, but differ from design data in certain ways. Maps and satellite images are typical examples of geographic data. Maps may provide not only location information -such as boundaries, rivers and roads---but also much more detailed information associated with locations, such as elevation, soil type, land usage, and annual rainfall.Geographic data can be categorized into two types: raster data (such data consist a bit maps or pixel maps, in two or more dimensions.), vector data (vector data are constructed from basic geographic objects). Map data are often represented in vector format.Third. Multimedia DatabasesRecently, there much interest in databases that store multimedia data, such as images, audio, and video. Today multimedia data typically are stored outside the database, in files systems. When the number of multimedia objects is relatively small, features provided by databases are usually not important. Database functionality becomes important when the number of multimedia objects stored is large. Issues such as transactional updates, querying facilities, and indexing then become important. Multimedia objects often they were created, who created them, and to what category they belong. One approach to building a database for such multimedia objects is to use database for storing the descriptive attributes, and for keeping track of the files in which the multimedia objects are stored.However, storing multimedia outside the database makes it the basis of actual multimedia data content. It can also lead to inconsistencies, such a file that is noted in the database, but whose contents are missing, or vice versa. It is therefore desirable to store the data themselves in the database.Forth. Mobility and Personal DatabasesLarge-scale commercial databases stored in central computing facilities. In the case of distributed database applications, there strong central database and network administration. Two technology trends which this assumption of central control and administration is not entirely correct:1.The increasingly widespread use of personal computers, and, more important, of laptop or “notebook” computers.2.The development of a relatively low-cost wireless digital communication infrastructure, base on wireless local-area networks, cellular digital packet networks, and other technologies.Wireless computing creates a situation where machines no longer at which to materialize the result of a query. In some cases, the location of the user is a parameter of the query. A example is a traveler’s information system that provides data on the current route must be processed based on knowledge of the user’s location, direction of motion, and speed.Energy (battery power) is a scarce resource for mobile computers. This limitation influences many aspects of system design. Among the more interesting consequences of the need for energy efficiency is the use of scheduled data broadcasts to reduce the need for mobile system to transmit queries. Increasingly amounts of data may reside on machines administered by users, rather than by database administrators. Furthermore, these machines may, at times, be disconnected from the network.SummaryDecision-support systems are gaining importance, as companies realize the value of the on-line data collected by their on-line transaction-processing systems. Proposed extensions to SQL, such as the cube operation, of summary data. Data mining seeks to discover knowledge automatically, in the form of statistical rules and patterns from large databases. Data visualization systems data as well as geographic data. Design data are stored primarily as vector data; geographic data consist of a combination of vector and raster data.Multimedia databases are growing in importance. Issues such as similarity-based retrieval and delivery of data at guaranteed rates are topics of current research.Mobile computing systems , leading to interest in database systems that can run on such systems. Query processing in such systems may involve lookups on server database.毕业设计（论文）——外文翻译（译文）数据库的新应用我们使用关系数据库已经有20多年了，关系数据库应用中有很大一部分都用于商业领域支持诸如银行和证券交易所的事务处理、各种业务的销售和预约，以及几乎所有公司都需要的财产目录和工资单管理。
会计 外文翻译 外文文献 英文文献 新会计准则
附录外文资料：On February 15, 2006, the Ministry of Finance issued 1 item of basic accounting standards and 38 specific guidelines, the new set of accounting standards system. Standards issued, the community gave wide attention, the securities industry, business circles, academic circles gave height the opinion, think this is the second in 1993 accounting reform after another is of great significance to the accounting reform, marking China's convergence with international financial reporting standards of enterprise accounting standards system formally established, to improve the China's socialist market economic system, improve the level of opening up and accelerate China's integration into the global economy has important significance.Also expressed their concerns and worries, mainly reflected in the following aspects: a fair value is difficult to "fair", and is very likely to become the profit manipulation tools; two is the enterprise may to adjust earnings manipulation debt restructuring, debt restructuring will once again become the darling of the securities market; three is the new standard published may induce "fair" phenomenon, which may lead to the end of 2006 enterprises will impairment assault back, at the same time accounts receivable impairment will still give listing Corporation profit adjustment leaves lots of space. These concerns whether it can become a reality? The new standards will become the corporate profits manipulation of the tool? Here we have to this a few worry about one to launch the analysis:A moderate, fair value applicationThe history of our country is a listing Corporation with the fair value of profit manipulation. Fair value appeared in 1998 in "debt recombines", "non monetary transactions" specific accounting standards, after the actual operation in many companies the abuse of fair value and profit manipulation in 2001 revised guidelines by the restriction of the use of. The new criterion system in financial tool, real estate investment, not the combination under common control, debt restructuring andnon-monetary transactions etc. are carefully adopted the fair value accounting standards, thus becoming the one large window. Past episodes of "story" will repeat itself? To this one problem we analyzed from the following aspects:First of all, the fair value of the assets can be achieved by using fair value valuation is the international accounting standards, the United States and most market economic countries accounting standards in general practice. International already crossed the "want" present value and fair value debate stage, and mainly in "how to use" stage; International did not because of "Enron event" appear and delay the study and adopt present value and the fair value of the process. From the beginning of 1975, 30 years, FASB on the fair value measurement system research has not stopped, the fair value in the accounting standards in the United States are used more and more widely. As of 2004, at the end of 12, FASB has released a total of 153 financial accounting standards, fair value accounting standards and related 60 (forever, 2005).Fair value has a profound theoretical basis for the ten, it accords with the economic income concept, the comprehensive income concept, cash flow and market price of accounting assumption, accounting goal, modern relevance and reliability of quality characteristics of accounting elements, essential characteristics, future basic accounting, value and value concept, measurement values and net surplus theory and financial statements of the primitive logic (Xie Sifone, 2005).The use of fair value can effectively enhance the relevance of accounting information for investors, creditors, and other stakeholders to provide more help to the information for decision making. Take the investment real estate, book 20000000 yuan, if the city price rises to $200000000 accounting should reflect 200000000 yuan, such information is really true and useful. If still persist in the statements that the 20000000 yuan, accounting treatment is simple, but this information does not help the decision-making of investors, even misleading. Any reform will not give up eating for fear of choking, accounting reform is no exception. In line with international standards is the direction, is to represent the general trend, this point is in the affirmative.Secondly, suitable for the application of the fair value of the "soil" preliminary already form. Fair value is the product of the market economy. In 2003 the Central Committee made on perfecting the socialist market economic system a number of issues, symbolizes that our country market economy already from start-up to improve, the market economy status of China has been established. The securities market of our country after ten years of development and perfection, to strengthen corporategovernance, improve operational transparency, clear violations, establishing listing Corporation integrated supervision system has made great progress. China Securities Regulatory Commission promoting the share-trading reform pilot, listing and financing program, has issued a number of regulations, strengthen the listing Corporation information disclosure and fraud and strength; the Ministry of finance to increase the quality of accounting information and the CPA audit quality inspection; listing Corporation governance level rises further, CPA, assets assessment division, independent directors such as rational economic choice for listing Corporation irregularities built several "firewall"; the majority of investors in the analysis of accounting information to judge, effective screening capacity is enhanced, the effectiveness of the securities market gradually improve. In addition, after joining the WTO, large amount of foreign capital into China, financial derivatives trading activity, produce a number, different features of derivative financial instruments, such as futures (Futures), option (Options), forward contract (Forwards Contract), swap (Swaps) etc.. As the derivative financial instruments no initial net investment is required, or very few requirements of net investment, the historical cost of its incapable of action, only the fair value to carry on the accurate recognition and measurement..FASl33 stated: fair value measurement of financial instruments is the best measurement attribute, the derivative financial instruments, fair value measurement attribute is the only. Potential of time shift, which contributes to the application of the fair value of the environment is preliminary already implementation. We must adopt the development strategy view ", not" once bitten, twice shy of ten years".In third, the fair value of the criteria in the new application is more cautious, does not lead to abuse. Compared with international financial reporting standards: China accounting standards system in determining the scope of the application of fair value, the more fully consider China's national conditions, the improvement was prudent. The use of fair value must satisfy certain conditions, in the basic guidelines in section forty-third clearly pointed out that the replacement cost, net realizable value of, present value, fair value, should be to ensure that the identified elements of accounting amounts can be obtained and the reliable measurement. In relation to specific standards, the use of fair value measurement, has clearly defined constraints. For example, in real estate investment criteria specified by the fair value measurement model, the following conditions shall be met simultaneously: one is the investmentproperty real estate located in active trading market of real estate; two is the enterprise can from the real estate trading market on the same or similar real estate market prices and other information, thus the investment real estate to make a reasonable estimate of fair value.Visible in the investing real estate standards, ban contains more hypothetical valuation techniques used, only in a certain reliability on the basis that the use of fair value, and not all of the investment real estate can be applied the fair value. So as long as the strictly in accordance with the standards, fair value will really be fair.For instance in non monetary transactions for the use of fair value, the new standards in exchange of non-monetary assets, fair value and change the carrying value of the assets included in the current profits and losses of the difference between the two conditions, namely the exchange must be commercial in nature, and a change of assets or the fair value of the assets surrendered can be measured reliably. Commercial essence refers to, must be changed in the future cash flow of the assets at risk, time and amount of assets surrendered and were significantly different, or substitution of assets and the assets surrendered the present value of estimated future cash flows are different, and the difference between the assets and the change of the fair value of the assets is more significant than the. The new guidelines are also provided to determine whether is commercial in nature, an enterprise shall pay attention to whether or not the transacting parties are related party relationship. Related party relationship may lead to the occurrence of non monetary assets exchange is not commercial in nature. These preconditions, will effectively restricted to non monetary assets exchange way of earnings manipulation behavior. From these rules, we can see that, the application of fair value is strictly restricted conditions, the fair value is not allowed to abuse.The new standards require that the fair value to "reliable" and not "just, fair value estimate" is no longer the eraser ruler. The author thinks, fair value to be profit manipulation tools need to also have three elements: the listing Corporation management deliberate fraud, accounting audit staff lose occupation moral and securities market regulatory failure. In fact with the three elements, any system can effectively play a protective role, therefore, establishing and perfecting accounting standards supporting management system is urgent.Two, the debt restructuring reform from the bottomThe new debt restructuring guidelines stipulated in debt restructuring gains can be included in the current profits and losses. As a debtor's listing Corporation, the new debt restructuring guidelines means that, once the creditor concessions, listing Corporation acquired interests will be directly included in the current income, into a profit report. Debt restructuring is likely to increase profits, improve earnings per share. But this approach achieved with the international convergence of financial reporting standards, reflects the essence of transaction debt restructuring, debt restructuring gains is after all the creditors rather than owners concessions, the past will not pass the profit and loss statement directly included in the capital reserve, it is under the special background of a matter of expediency, now be included in the profit and loss, is not "white" the "black", but the reform from the bottom. The new guidelines on the definition of debt restructuring, made clear only in "the debtor's financial difficulties." the premise condition, can get debt concession confirmed as debt restructuring gains. This condition will be restricted to a certain extent, the new guidelines on abuse, prevent inappropriate acknowledgement of debt reorganization gains.Some people think that some affiliates can also through a remit a debt, a high performance to price manipulation, insider trading, is still small shareholders suffered losses. In fact, this fear is a bit much. This is because, first, for *ST and ST company, fantasy on debt restructuring benefit, reaching for the stars is futile. Because the 2004 amendment of the Shanghai and Shenzhen Stock Exchange rules, one is freed, after deducting non-recurring profits and losses, net profit is positive. Debt restructuring to listing Corporation profits, in actual accountant operation, will be included in operating income, which belongs to the non-recurring profit and loss, thus can in St, the stars are deducted from; second, has experienced more than 10 years of stock market investors' groundless talk, analysis and judgment ability and self protection consciousness had very big rise, debt restructuring guidelines requiring companies to disclose the fair value of the methods and basis for the ascertainment, investors can easily recognize the debt restructuring packaging profits, in order to make a rational choice .Investors blindly follow Zhuang, slaughter age has gone for ever.In three, the impairment of Chinese characteristicsNew guidelines for asset impairment provisions, asset impairment loss is confirmed, in the later period may not be back. It is based on the real situation of our country, last ditch of major change, it is with international accounting standards, with substantial differences in the. New guidelines for asset impairment will effectively curb the use impairment as a "secret reserve" adjusting profit situation. Guidelines for the implementation, use impairment adjusting profit space will become more and more small, the provision of manual adjustment of profits will be more and more difficult. Some people write civil point out new guidelines for asset impairment induced by releasing will "go" phenomenon, cause some "hidden profits" of the industry and Related Companies, possible impairment in 2006 will be ready to strike back, "crow change Phoenix" may reproduce. We analyze, first of all, if the listing Corporation snatches in the new guidelines before the implementation of the 2006 year rushs impairment, we must first examine whether such actions are the reasonable basis, namely the original has provision for the impairment of an asset value now is really picks up, and if so, to adjust the asset value will make the accounting information more real, related; secondly, in 2006 large red back impairment must make appropriate evidence of the original provision for the impairment of appropriateness, otherwise the previous provision is the abuse of accounting estimation results, should be in accordance with the accounting error handling, a reversal of impairment cannot be used as the 2006 annual profit. Moreover, the financial sector has been aware of this problem, and takes positive and effective measures, prevent the assault to adjust profit listing Corporation. In addition, some time ago the market that new guidelines will make A shares listing Corporation in 2006 to increase net profit 20000000000 Yuan hearsay, the survey is author's subjective, concerned media specially clarification.Others receivables and other four impairment expressed worry, think accounts receivable (especially the "shareholders of account") will become the "eight project" of the main means of profit manipulation. In fact, in the new guidelines, receivables is as financial assets, and the depreciation detailed provisions, requires that there must be "objective evidence" of impairment to provision for impairment, such evidence includes the debtor serious financial difficulties, is likely to fail or other financial restructuring. Can be said that the criterion is more and more perfect, then the "this year that cannot take back full provision, next year 'efforts' and back", this "to practice deception" approach, which itself has violated rules, to pass the CPA audit and hidfrom investors eye, I'm afraid some difficulty.Through the above analysis, we can see some people on the new criterion a few concerns, many in reality does not exist, or is in the process of the reform of the price to be paid for, and far from their imagination so serious. But these concerns also remind standards departments in the formulation of standards to the full attention of guidelines for the technical and economic consequences, in the setting of the new guidelines in the process, give full consideration to guideline implementation may arise in the course of the various problems, and further make a specific interpretation and explanation, improving guidelines operation, improve accounting information quality.Also need to point out in particular, accounting standards is a production of accounting information of the specification, it is to solve the problem of "how to do". On the accounting standards of the malicious misuse of guidelines for the implementation of the "people", from the perspective of the listing Corporation is the ecological problems, to strengthen supervision, occupation moral construction, improve the ability of investors screening accounting information system engineering to solve, cannot be attributed to the guidelines themselves. And the new accounting and auditing standards system come on stage; it is to promote the improvement of listing Corporation governance ecology effective measure. Say from this meaning, we are not going to worry about me, but "criteria for the beat and breathe out".Note: ① according to the "Shanghai Stock Exchange Listing Rules (2004 Revision)" provisions, *ST indicated the presence of terminating the listing of special processing and ST risk for other special treatment.Main referencesMinistry of finance. In 2006 accounting standards for business enterprises. Economic Science PressYu Monishing. The 2005 fair value in the United States of America's application research. Financial theory, 9Xie Stiffen, wearing Zili.2005 present value and fair value accounting: financial reform is the important premise of twenty-first Century. Theory and practice of Finance and economics, 9中文资料：2006年2月15日，财政部发布了包括1项基本准则和38项具体准则在内的新的一整套企业会计准则体系。
- 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)。
毕业设计(论文)外文资料翻译
学院（系）：南京理工大学继续教育学院
专业：会计学
姓名：
学号：
外文出处：The Future of the Hong Kong Growth
(用外文写)
Enterprise Market
附件： 1.外文资料翻译译文；2.外文原文
指导教师评语：
签名：
2010年月日
注：请将该封面与附件装订成册。
附件1：外文资料翻译译文
香港创业板市场前景
简介
香港在尝试建立一个成功的成长型公司市场时所面临的问题与英国差不多相同——伦敦证券交易所是在经历了非上市证券市场和所谓的规则第4.2 条市场的失败后，才推出了以轻度监管，披露为主及买方注意承担风险为概念的AIM。
如讨论文件中所述，AIM 在多方面均为世界领先的增长型公司市场。
确实，一般意见皆认为AIM是除伦敦证券交易所主板外任何一间寻求上市的重要公司的首选目的地。
虽然表面上乃一个增长型公司市场，但仍吸引了不少重要的公司：首50位公司的市值均在1亿欧元以上，其中最大公司，Sportingbet，其市值超过了15亿欧元。
此外，受到伦敦证券交易所主板不断增加的规管压力所影响，从主板转到AIM上的公司数量大大超过了从AIM转到主板的公司数量。
在2005年，从主板市场转到了AIM的公司共有40家，而只有两家公司从AIM转到主板市场；而在2006年头三个月，有8家公司从主板市场转到了AIM，而没有一家从AIM 转到主板市场。
AIM 已经被机构投资者普遍接受，并被认为是已确立的现已不太可能失败的市场。
与之相比，香港创业板（创业板）在联交所网站被称为「针对充份掌握市场资讯的投资者的买方注意市场」，在2005年仅有10家公司上市。
如讨论文件所述，创业板初始的打算，即成为一独立于主板市场，并以披露为主及轻度监管市场的方针已经中止。
诚然，随着创业板市场采取更为严格的监管措施（创业板与主板的上市规则日益趋同）以及通常冗长而高成本的申请手续，意味着AIM已成为不少香港及中国公司的增长型市场选择。
此外，AIM较宽松的监管范围和简单迅捷的上市申请程序助其将来成为许多香港和中国公司比香港主板更理想的上市地点。
同时，AIM吸引着越来越多得期望获得海外资金和在海外市场提高知名度的中国公司。
伦敦证交所称AIM（已有247家国际上市公司）目标为在未来10年内成为国际增长型公司市场。
如果香港要保持其作为中国内地企业重要本土市场的地位，其增长型公司市场需要提升至可同AIM媲美：仅认为香港和中国内地企业更乐意在本地或者靠近本地的地方上市无助于香港增长型公司市场安全发展。
1、香港是否有需要建立成长型公司市场？
香港应该建立一个综合的和多元化的资本市场，并为小型增长型公司及大型已确立公司获取资本提供便利。
特别是在帮助企业或者家族公司扩张、管理层收购及买进、为创业资本家提供退出途径及为创业资金投资提供进一步集资地点方面，增长型公司市场将发挥重要作用。
总的而言，联交所应为中小企业建立一个清楚明确的政策，如果联交所不希望为该等行业服务，香港证券期货委员会应另设一单独交易场所为该等行业服务。
鉴于中小企业从长期来看很可能成为市场最活跃的行业，如果放弃，香港将会失去一个发展机会。
2、如需要，该市场应否主要为香港本地公司服务，抑或该市场应以中国内地公司或者
地区性或者国际性公司为服务对象？
香港没有必要指明某特定司法地区的公司为其增长型市场的目标，而应如现有的创业板初期打算的那样向来自所有司法地区的公司提供服务。
伦敦的AIM欢迎世界各地的公司，同时把中国、印度和俄国的公司作为目标服务对象。
如果香港要成为真正的国际金融中心，为海外公司提供更简捷的上市服务是必要的。
如今，对于成立地非香港、中国内地、百慕达或者开曼群岛的公司，如果希望在香港创业板或者主板上市，它必须让联交所满意其成立地的股东保护标准至少同香港的相关准则相近。
此外，对于旨在实现主板二次上市的公司，联交所设定额外条件要求该公司首次上市交易所的股东保护标准应至少同香港的相关准则相近。
而这些要求即使是来自英国和澳大利亚这些有完善司法制度的国家的申请上市公司也不一定可以满足，再加上要承担证明该国家法律和交易所的相关标准与香港的相似性的举证责任，整个申请过程将时间冗长兼成本高昂。
虽然，海外公司实际上可以通过在香港、百慕达或者开曼群岛设立控股公司方式进行重组以解决上述问题，但是仍会有海外公司基于税赋或者其他原因不希望在香港或者其他避税港进行重组。
假如他们可以在香港实现二次上市或者同步首次上市，重组就会变得完全没有必要了。
这样，对于来自有完善司法制度司法地区的申请上市公司，一方面被告知在香港上市有不确定性因为其要负责证明其设立地所依据的法律可为香港联交所接受，另一方面，如果其在香港或者其他避税港进行过重组，其上市过程又会变得顺利、快捷和少花费，前后似乎自相矛盾。
这就是现行上市规则的不规则之处。
因此联交所应努力做到对任何上市申请人，不管其设立地于何处，均为一视同仁。
3、公司发展至什麽阶段才可于增长型公司市场上市？是在始创的阶段抑或是较成熟的阶段？
该问题预先假定了存在一个上市前的公司量化评核体系。
然而相反地，应该由投资者而非联交所对上市申请人的商业可行性及投资价值作出评核。
因此，某位上市申请人成功与否应交由市场决定。
所有关于该特定申请人的风险应以披露的方式处理。
此外，英国AIM指定投资顾问保证申请人适宜上市的角色，在某程度上是由保荐人取代。
交易所不必过于担心增长型公司失败的风险。
在任何增长型市场上，总会有一定比例的公司失败。
创业板上个别公司的失败不意味着整个创业板的失败，也不应影响整体香港市场的声誉。
纳斯达克始于许多小型、通常不具吸引力的公司：而现在则成为美国新上市公司的聚集地。
4、增长型公司市场的核心投资者群应属于甚么类别——散户、专业及/或机构投资者？增长型公司市场应否只限专业及机构投资者参与？
没有必要把增长型公司市场的投资者限定为任何特定人或者集团。
机构投资者会受到其认为表现良好的股票所吸引。
对于AIM来说，要成功就必须有相当的投资者对有潜在高回报的小型增长型公司有兴趣，以抵销其较大风险。
但是值得注意的是，根据讨论文件，于2003年1月至2005年6月这两年半间，FTSE AIM的指数回报比起同期的FTSE 100较高，而其风险较低。
随着市场的发展，散户投资者会自己决定是否投资。
伴随特定公司而来的风险应以上市文件中清晰的披露来处理。
如果把增长型市场定位为针对机构投资者的市场，则可要求上市通过配售方式完成，这会使投资者通过各自的经纪进行投资。
5、根据你对上述问题的回答，何种监管制度会适合增长型公司市场？尤其是增长型公司应否有渠道以低廉的成本向公众集资？抑或，因其本身风险较高的关系，该等公司应否遵守一套成本比主板相对较高的集资程序？
创业板应跟随AIM采用较宽松及以披露为主的制度，并强调保荐人的责任。
其应当成为可同主板媲美的另类市场，就像纳斯达克之于纽约证交所一样。
这将需要把创业板同主板完全分开来监管，拥有自己的工作人员和规则。
关于申请成本问题，现行创业板上市申请人的批核程序，已加上了相对其商业运作的规模及其集资的金额而言相当重大的开支，而且延误了申请人接触该市场的时间。
因此应当采用一个较简单及流畅的上市申请程序以供小型增长型公司能更快捷及低成本地接触到公众资金。
附件2：外文原文（复印件）。