CN-TR-06-139_cn Corporate Fraud Prevention
Consumer Perceptions of Price, Quality, and Value
Consumer Perceptions of Price, Quality, and Value: A Means-End Model and Synthesis of EvidenceAuthor(s): Valarie A. ZeithamlSource: The Journal of Marketing, Vol. 52, No. 3 (Jul., 1988), pp. 2-22Published by: American Marketing AssociationStable URL: /stable/1251446Accessed: 21/05/2010 10:20Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at/page/info/about/policies/terms.jsp. JSTOR's Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive only for your personal, non-commercial use.Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at/action/showPublisher?publisherCode=ama.Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission.JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@.American Marketing Association is collaborating with JSTOR to digitize, preserve and extend access to TheJournal of Marketing.。
证券英文词汇
ABS 资产担保证券（Asset Backed Securities的英文缩写）Accelerated depreciation 加速折旧Acceptor 承兑人；受票人；接受人Accommodation paper 融通票据；担保借据Accounts payable 应付帐款Accounts receivable 应收帐款Accredited Investors 合资格投资者；受信投资人指符合美国证券交易委员(SEC)条例，可参与一般美国非公开(私募)发行的部份机构和高净值个人投资者。
Accredit value 自然增长值Accrediting 本金增值适用于多种工具，指名义本金在工具（如上限合约、上下限合约、掉期和互换期权）的期限内连续增长。
Accrual basis 应计制；权责发生制Accrued interest 应计利息ACE 美国商品交易所Acid Test Ratio 酸性测验比率；速动比率Acquisition 收购Across the board 全面一致；全盘的Acting in concert 一致行动；合谋Active assets 活动资产；有收益资产Active capital 活动资本Actual market 现货市场Actual price 现货价Actual useful life 实际可用年期Actuary 精算师；保险统计专家ADB 亚洲开发银行(Asian Development Bank的英文缩写)ADR 美国存股证；美国预托收据；美国存托凭证(参见American DepositoryReceipt栏目）ADS 美国存托股份(American Depository Share的英文缩写)Ad valorem 从价；按值Ad valorem stamp duty 从价印花税Adjudicator 审裁员Adjustable rate mortgage调息按揭(ARM)Admitted value 认可值Advance 垫款Affiliated company 关联公司；联营公司After date 发票后，出票后After-hours dealing 收市后交易After-market 后市[股市] 指某只新发行股票在定价和配置后的交易市场。
美国公司法证券法历年经典论文列表
美国是世界上公司法、证券法研究最为发达的国家之一，在美国法学期刊（Law Review & Journals）上每年发表400多篇以公司法和证券法为主题的论文。
自1994年开始，美国的公司法学者每年会投票从中遴选出10篇左右重要的论文，重印于Corporate Practice Commentator，至2008年，已经评选了15年，计177篇论文入选。
以下是每年入选的论文列表：2008年（以第一作者姓名音序为序）：1.Anabtawi, Iman and Lynn Stout. Fiduciary duties for activist shareholders. 60 Stan. L. Rev. 1255-1308 (2008).2.Brummer, Chris. Corporate law preemption in an age of global capital markets. 81 S. Cal. L. Rev. 1067-1114 (2008).3.Choi, Stephen and Marcel Kahan. The market penalty for mutual fund scandals. 87 B.U. L. Rev. 1021-1057 (2007).4.Choi, Stephen J. and Jill E. Fisch. On beyond CalPERS: Survey evidence on the developing role of public pension funds in corporate governance. 61 V and. L. Rev. 315-354 (2008).5.Cox, James D., Randall S. Thoma s and Lynn Bai. There are plaintiffs and…there are plaintiffs: An empirical analysis of securities class action settlements. 61 V and. L. Rev. 355-386 (2008).6.Henderson, M. Todd. Paying CEOs in bankruptcy: Executive compensation when agency costs are low. 101 Nw. U. L. Rev. 1543-1618 (2007).7.Hu, Henry T.C. and Bernard Black. Equity and debt decoupling and empty voting II: Importance and extensions. 156 U. Pa. L. Rev. 625-739 (2008).8.Kahan, Marcel and Edward Rock. The hanging chads of corporate voting. 96 Geo. L.J. 1227-1281 (2008).9.Strine, Leo E., Jr. Toward common sense and common ground? Reflections on the shared interests of managers and labor in a more rational system of corporate governance. 33 J. Corp. L. 1-20 (2007).10.Subramanian, Guhan. Go-shops vs. no-shops in private equity deals: Evidence and implications.63 Bus. Law. 729-760 (2008).2007年：1.Baker, Tom and Sean J. Griffith. The Missing Monitor in Corporate Governance: The Directors’ & Officers’ Liability Insurer. 95 Geo. L.J. 1795-1842 (2007).2.Bebchuk, Lucian A. The Myth of the Shareholder Franchise. 93 V a. L. Rev. 675-732 (2007).3.Choi, Stephen J. and Robert B. Thompson. Securities Litigation and Its Lawyers: Changes During the First Decade After the PSLRA. 106 Colum. L. Rev. 1489-1533 (2006).4.Coffee, John C., Jr. Reforming the Securities Class Action: An Essay on Deterrence and Its Implementation. 106 Colum. L. Rev. 1534-1586 (2006).5.Cox, James D. and Randall S. Thomas. Does the Plaintiff Matter? An Empirical Analysis of Lead Plaintiffs in Securities Class Actions. 106 Colum. L. Rev. 1587-1640 (2006).6.Eisenberg, Theodore and Geoffrey Miller. Ex Ante Choice of Law and Forum: An Empirical Analysis of Corporate Merger Agreements. 59 V and. L. Rev. 1975-2013 (2006).7.Gordon, Jeffrey N. The Rise of Independent Directors in the United States, 1950-2005: Of Shareholder V alue and Stock Market Prices. 59 Stan. L. Rev. 1465-1568 (2007).8.Kahan, Marcel and Edward B. Rock. Hedge Funds in Corporate Governance and Corporate Control. 155 U. Pa. L. Rev. 1021-1093 (2007).ngevoort, Donald C. The Social Construction of Sarbanes-Oxley. 105 Mich. L. Rev. 1817-1855 (2007).10.Roe, Mark J. Legal Origins, Politics, and Modern Stock Markets. 120 Harv. L. Rev. 460-527 (2006).11.Subramanian, Guhan. Post-Siliconix Freeze-outs: Theory and Evidence. 36 J. Legal Stud. 1-26 (2007). (NOTE: This is an earlier working draft. The published article is not freely available, and at SLW we generally respect the intellectual property rights of others.)2006年：1.Bainbridge, Stephen M. Director Primacy and Shareholder Disempowerment. 119 Harv. L. Rev. 1735-1758 (2006).2.Bebchuk, Lucian A. Letting Shareholders Set the Rules. 119 Harv. L. Rev. 1784-1813 (2006).3.Black, Bernard, Brian Cheffins and Michael Klausner. Outside Director Liability. 58 Stan. L. Rev. 1055-1159 (2006).4.Choi, Stephen J., Jill E. Fisch and A.C. Pritchard. Do Institutions Matter? The Impact of the Lead Plaintiff Provision of the Private Securities Litigation Reform Act. 835.Cox, James D. and Randall S. Thomas. Letting Billions Slip Through Y our Fingers: Empirical Evidence and Legal Implications of the Failure of Financial Institutions to Participate in Securities Class Action Settlements. 58 Stan. L. Rev. 411-454 (2005).6.Gilson, Ronald J. Controlling Shareholders and Corporate Governance: Complicating the Comparative Taxonomy. 119 Harv. L. Rev. 1641-1679 (2006).7.Goshen , Zohar and Gideon Parchomovsky. The Essential Role of Securities Regulation. 55 Duke L.J. 711-782 (2006).8.Hansmann, Henry, Reinier Kraakman and Richard Squire. Law and the Rise of the Firm. 119 Harv. L. Rev. 1333-1403 (2006).9.Hu, Henry T. C. and Bernard Black. Empty V oting and Hidden (Morphable) Ownership: Taxonomy, Implications, and Reforms. 61 Bus. Law. 1011-1070 (2006).10.Kahan, Marcel. The Demand for Corporate Law: Statutory Flexibility, Judicial Quality, or Takeover Protection? 22 J. L. Econ. & Org. 340-365 (2006).11.Kahan, Marcel and Edward Rock. Symbiotic Federalism and the Structure of Corporate Law.58 V and. L. Rev. 1573-1622 (2005).12.Smith, D. Gordon. The Exit Structure of V enture Capital. 53 UCLA L. Rev. 315-356 (2005).2005年：1.Bebchuk, Lucian Arye. The case for increasing shareholder power. 118 Harv. L. Rev. 833-914 (2005).2.Bratton, William W. The new dividend puzzle. 93 Geo. L.J. 845-895 (2005).3.Elhauge, Einer. Sacrificing corporate profits in the public interest. 80 N.Y.U. L. Rev. 733-869 (2005).4.Johnson, . Corporate officers and the business judgment rule. 60 Bus. Law. 439-469 (2005).haupt, Curtis J. In the shadow of Delaware? The rise of hostile takeovers in Japan. 105 Colum. L. Rev. 2171-2216 (2005).6.Ribstein, Larry E. Are partners fiduciaries? 2005 U. Ill. L. Rev. 209-251.7.Roe, Mark J. Delaware?s politics. 118 Harv. L. Rev. 2491-2543 (2005).8.Romano, Roberta. The Sarbanes-Oxley Act and the making of quack corporate governance. 114 Y ale L.J. 1521-1611 (2005).9.Subramanian, Guhan. Fixing freezeouts. 115 Y ale L.J. 2-70 (2005).10.Thompson, Robert B. and Randall S. Thomas. The public and private faces of derivative lawsuits. 57 V and. L. Rev. 1747-1793 (2004).11.Weiss, Elliott J. and J. White. File early, then free ride: How Delaware law (mis)shapes shareholder class actions. 57 V and. L. Rev. 1797-1881 (2004).2004年：1Arlen, Jennifer and Eric Talley. Unregulable defenses and the perils of shareholder choice. 152 U. Pa. L. Rev. 577-666 (2003).2.Bainbridge, Stephen M. The business judgment rule as abstention doctrine. 57 V and. L. Rev. 83-130 (2004).3.Bebchuk, Lucian Arye and Alma Cohen. Firms' decisions where to incorporate. 46 J.L. & Econ. 383-425 (2003).4.Blair, Margaret M. Locking in capital: what corporate law achieved for business organizers in the nineteenth century. 51 UCLA L. Rev. 387-455 (2003).5.Gilson, Ronald J. and Jeffrey N. Gordon. Controlling shareholders. 152 U. Pa. L. Rev. 785-843 (2003).6.Roe, Mark J. Delaware 's competition. 117 Harv. L. Rev. 588-646 (2003).7.Sale, Hillary A. Delaware 's good faith. 89 Cornell L. Rev. 456-495 (2004).8.Stout, Lynn A. The mechanisms of market inefficiency: an introduction to the new finance. 28 J. Corp. L. 635-669 (2003).9.Subramanian, Guhan. Bargaining in the shadow of takeover defenses. 113 Y ale L.J. 621-686 (2003).10.Subramanian, Guhan. The disappearing Delaware effect. 20 J.L. Econ. & Org. 32-59 (2004)11.Thompson, Robert B. and Randall S. Thomas. The new look of shareholder litigation: acquisition-oriented class actions. 57 V and. L. Rev. 133-209 (2004).2003年：1.A yres, Ian and Stephen Choi. Internalizing outsider trading. 101 Mich. L. Rev. 313-408 (2002).2.Bainbridge, Stephen M. Director primacy: The means and ends of corporate governance. 97 Nw. U. L. Rev. 547-606 (2003).3.Bebchuk, Lucian, Alma Cohen and Allen Ferrell. Does the evidence favor state competition in corporate law? 90 Cal. L. Rev. 1775-1821 (2002).4.Bebchuk, Lucian Arye, John C. Coates IV and Guhan Subramanian. The Powerful Antitakeover Force of Staggered Boards: Further findings and a reply to symposium participants. 55 Stan. L. Rev. 885-917 (2002).5.Choi, Stephen J. and Jill E. Fisch. How to fix Wall Street: A voucher financing proposal for securities intermediaries. 113 Y ale L.J. 269-346 (2003).6.Daines, Robert. The incorporation choices of IPO firms. 77 N.Y.U. L. Rev.1559-1611 (2002).7.Gilson, Ronald J. and David M. Schizer. Understanding venture capital structure: A taxexplanation for convertible preferred stock. 116 Harv. L. Rev. 874-916 (2003).8.Kahan, Marcel and Ehud Kamar. The myth of state competition in corporate law. 55 Stan. L. Rev. 679-749 (2002).ngevoort, Donald C. Taming the animal spirits of the stock markets: A behavioral approach to securities regulation. 97 Nw. U. L. Rev. 135-188 (2002).10.Pritchard, A.C. Justice Lewis F. Powell, Jr., and the counterrevolution in the federal securities laws. 52 Duke L.J. 841-949 (2003).11.Thompson, Robert B. and Hillary A. Sale. Securities fraud as corporate governance: Reflections upon federalism. 56 V and. L. Rev. 859-910 (2003).2002年：1.Allen, William T., Jack B. Jacobs and Leo E. Strine, Jr. Function over Form: A Reassessment of Standards of Review in Delaware Corporation Law. 26 Del. J. Corp. L. 859-895 (2001) and 56 Bus. Law. 1287 (2001).2.A yres, Ian and Joe Bankman. Substitutes for Insider Trading. 54 Stan. L. Rev. 235-254 (2001).3.Bebchuk, Lucian Arye, Jesse M. Fried and David I. Walker. Managerial Power and Rent Extraction in the Design of Executive Compensation. 69 U. Chi. L. Rev. 751-846 (2002).4.Bebchuk, Lucian Arye, John C. Coates IV and Guhan Subramanian. The Powerful Antitakeover Force of Staggered Boards: Theory, Evidence, and Policy. 54 Stan. L. Rev. 887-951 (2002).5.Black, Bernard and Reinier Kraakman. Delaware’s Takeover Law: The Uncertain Search for Hidden V alue. 96 Nw. U. L. Rev. 521-566 (2002).6.Bratton, William M. Enron and the Dark Side of Shareholder V alue. 76 Tul. L. Rev. 1275-1361 (2002).7.Coates, John C. IV. Explaining V ariation in Takeover Defenses: Blame the Lawyers. 89 Cal. L. Rev. 1301-1421 (2001).8.Kahan, Marcel and Edward B. Rock. How I Learned to Stop Worrying and Love the Pill: Adaptive Responses to Takeover Law. 69 U. Chi. L. Rev. 871-915 (2002).9.Kahan, Marcel. Rethinking Corporate Bonds: The Trade-off Between Individual and Collective Rights. 77 N.Y.U. L. Rev. 1040-1089 (2002).10.Roe, Mark J. Corporate Law’s Limits. 31 J. Legal Stud. 233-271 (2002).11.Thompson, Robert B. and D. Gordon Smith. Toward a New Theory of the Shareholder Role: "Sacred Space" in Corporate Takeovers. 80 Tex. L. Rev. 261-326 (2001).2001年：1.Black, Bernard S. The legal and institutional preconditions for strong securities markets. 48 UCLA L. Rev. 781-855 (2001).2.Coates, John C. IV. Takeover defenses in the shadow of the pill: a critique of the scientific evidence. 79 Tex. L. Rev. 271-382 (2000).3.Coates, John C. IV and Guhan Subramanian. A buy-side model of M&A lockups: theory and evidence. 53 Stan. L. Rev. 307-396 (2000).4.Coffee, John C., Jr. The rise of dispersed ownership: the roles of law and the state in the separation of ownership and control. 111 Y ale L.J. 1-82 (2001).5.Choi, Stephen J. The unfounded fear of Regulation S: empirical evidence on offshore securities offerings. 50 Duke L.J. 663-751 (2000).6.Daines, Robert and Michael Klausner. Do IPO charters maximize firm value? Antitakeover protection in IPOs. 17 J.L. Econ. & Org. 83-120 (2001).7.Hansmann, Henry and Reinier Kraakman. The essential role of organizational law. 110 Y ale L.J. 387-440 (2000).ngevoort, Donald C. The human nature of corporate boards: law, norms, and the unintended consequences of independence and accountability. 89 Geo. L.J. 797-832 (2001).9.Mahoney, Paul G. The political economy of the Securities Act of 1933. 30 J. Legal Stud. 1-31 (2001).10.Roe, Mark J. Political preconditions to separating ownership from corporate control. 53 Stan. L. Rev. 539-606 (2000).11.Romano, Roberta. Less is more: making institutional investor activism a valuable mechanism of corporate governance. 18 Y ale J. on Reg. 174-251 (2001).2000年：1.Bratton, William W. and Joseph A. McCahery. Comparative Corporate Governance and the Theory of the Firm: The Case Against Global Cross Reference. 38 Colum. J. Transnat’l L. 213-297 (1999).2.Coates, John C. IV. Empirical Evidence on Structural Takeover Defenses: Where Do We Stand?54 U. Miami L. Rev. 783-797 (2000).3.Coffee, John C., Jr. Privatization and Corporate Governance: The Lessons from Securities Market Failure. 25 J. Corp. L. 1-39 (1999).4.Fisch, Jill E. The Peculiar Role of the Delaware Courts in the Competition for Corporate Charters. 68 U. Cin. L. Rev. 1061-1100 (2000).5.Fox, Merritt B. Retained Mandatory Securities Disclosure: Why Issuer Choice Is Not Investor Empowerment. 85 V a. L. Rev. 1335-1419 (1999).6.Fried, Jesse M. Insider Signaling and Insider Trading with Repurchase Tender Offers. 67 U. Chi. L. Rev. 421-477 (2000).7.Gulati, G. Mitu, William A. Klein and Eric M. Zolt. Connected Contracts. 47 UCLA L. Rev. 887-948 (2000).8.Hu, Henry T.C. Faith and Magic: Investor Beliefs and Government Neutrality. 78 Tex. L. Rev. 777-884 (2000).9.Moll, Douglas K. Shareholder Oppression in Close Corporations: The Unanswered Question of Perspective. 53 V and. L. Rev. 749-827 (2000).10.Schizer, David M. Executives and Hedging: The Fragile Legal Foundation of Incentive Compatibility. 100 Colum. L. Rev. 440-504 (2000).11.Smith, Thomas A. The Efficient Norm for Corporate Law: A Neotraditional Interpretation of Fiduciary Duty. 98 Mich. L. Rev. 214-268 (1999).12.Thomas, Randall S. and Kenneth J. Martin. The Determinants of Shareholder V oting on Stock Option Plans. 35 Wake Forest L. Rev. 31-81 (2000).13.Thompson, Robert B. Preemption and Federalism in Corporate Governance: Protecting Shareholder Rights to V ote, Sell, and Sue. 62 Law & Contemp. Probs. 215-242 (1999).1999年（以第一作者姓名音序为序）：1.Bankman, Joseph and Ronald J. Gilson. Why Start-ups? 51 Stan. L. Rev. 289-308 (1999).2.Bhagat, Sanjai and Bernard Black. The Uncertain Relationship Between Board Composition and Firm Performance. 54 Bus. Law. 921-963 (1999).3.Blair, Margaret M. and Lynn A. Stout. A Team Production Theory of Corporate Law. 85 V a. L. Rev. 247-328 (1999).4.Coates, John C., IV. “Fair V alue” As an A voidable Rule of Corporate Law: Minority Discounts in Conflict Transactions. 147 U. Pa. L. Rev. 1251-1359 (1999).5.Coffee, John C., Jr. The Future as History: The Prospects for Global Convergence in Corporate Governance and Its Implications. 93 Nw. U. L. Rev. 641-707 (1999).6.Eisenberg, Melvin A. Corporate Law and Social Norms. 99 Colum. L. Rev. 1253-1292 (1999).7.Hamermesh, Lawrence A. Corporate Democracy and Stockholder-Adopted By-laws: Taking Back the Street? 73 Tul. L. Rev. 409-495 (1998).8.Krawiec, Kimberly D. Derivatives, Corporate Hedging, and Shareholder Wealth: Modigliani-Miller Forty Y ears Later. 1998 U. Ill. L. Rev. 1039-1104.ngevoort, Donald C. Rereading Cady, Roberts: The Ideology and Practice of Insider Trading Regulation. 99 Colum. L. Rev. 1319-1343 (1999).ngevoort, Donald C. Half-Truths: Protecting Mistaken Inferences By Investors and Others.52 Stan. L. Rev. 87-125 (1999).11.Talley, Eric. Turning Servile Opportunities to Gold: A Strategic Analysis of the Corporate Opportunities Doctrine. 108 Y ale L.J. 277-375 (1998).12.Williams, Cynthia A. The Securities and Exchange Commission and Corporate Social Transparency. 112 Harv. L. Rev. 1197-1311 (1999).1998年：1.Carney, William J., The Production of Corporate Law, 71 S. Cal. L. Rev. 715-780 (1998).2.Choi, Stephen, Market Lessons for Gatekeepers, 92 Nw. U. L. Rev. 916-966 (1998).3.Coffee, John C., Jr., Brave New World?: The Impact(s) of the Internet on Modern Securities Regulation. 52 Bus. Law. 1195-1233 (1997).ngevoort, Donald C., Organized Illusions: A Behavioral Theory of Why Corporations Mislead Stock Market Investors (and Cause Other Social Harms). 146 U. Pa. L. Rev. 101-172 (1997).ngevoort, Donald C., The Epistemology of Corporate-Securities Lawyering: Beliefs, Biases and Organizational Behavior. 63 Brook. L. Rev. 629-676 (1997).6.Mann, Ronald J. The Role of Secured Credit in Small-Business Lending. 86 Geo. L.J. 1-44 (1997).haupt, Curtis J., Property Rights in Firms. 84 V a. L. Rev. 1145-1194 (1998).8.Rock, Edward B., Saints and Sinners: How Does Delaware Corporate Law Work? 44 UCLA L. Rev. 1009-1107 (1997).9.Romano, Roberta, Empowering Investors: A Market Approach to Securities Regulation. 107 Y ale L.J. 2359-2430 (1998).10.Schwab, Stewart J. and Randall S. Thomas, Realigning Corporate Governance: Shareholder Activism by Labor Unions. 96 Mich. L. Rev. 1018-1094 (1998).11.Skeel, David A., Jr., An Evolutionary Theory of Corporate Law and Corporate Bankruptcy. 51 V and. L. Rev. 1325-1398 (1998).12.Thomas, Randall S. and Martin, Kenneth J., Should Labor Be Allowed to Make Shareholder Proposals? 73 Wash. L. Rev. 41-80 (1998).1997年：1.Alexander, Janet Cooper, Rethinking Damages in Securities Class Actions, 48 Stan. L. Rev. 1487-1537 (1996).2.Arlen, Jennifer and Kraakman, Reinier, Controlling Corporate Misconduct: An Analysis of Corporate Liability Regimes, 72 N.Y.U. L. Rev. 687-779 (1997).3.Brudney, Victor, Contract and Fiduciary Duty in Corporate Law, 38 B.C. L. Rev. 595-665 (1997).4.Carney, William J., The Political Economy of Competition for Corporate Charters, 26 J. Legal Stud. 303-329 (1997).5.Choi, Stephen J., Company Registration: Toward a Status-Based Antifraud Regime, 64 U. Chi. L. Rev. 567-651 (1997).6.Fox, Merritt B., Securities Disclosure in a Globalizing Market: Who Should Regulate Whom. 95 Mich. L. Rev. 2498-2632 (1997).7.Kahan, Marcel and Klausner, Michael, Lockups and the Market for Corporate Control, 48 Stan. L. Rev. 1539-1571 (1996).8.Mahoney, Paul G., The Exchange as Regulator, 83 V a. L. Rev. 1453-1500 (1997).haupt, Curtis J., The Market for Innovation in the United States and Japan: V enture Capital and the Comparative Corporate Governance Debate, 91 Nw. U.L. Rev. 865-898 (1997).10.Skeel, David A., Jr., The Unanimity Norm in Delaware Corporate Law, 83 V a. L. Rev. 127-175 (1997).1996年：1.Black, Bernard and Reinier Kraakman A Self-Enforcing Model of Corporate Law, 109 Harv. L. Rev. 1911 (1996)2.Gilson, Ronald J. Corporate Governance and Economic Efficiency: When Do Institutions Matter?, 74 Wash. U. L.Q. 327 (1996)3. Hu, Henry T.C. Hedging Expectations: "Derivative Reality" and the Law and Finance of the Corporate Objective, 21 J. Corp. L. 3 (1995)4.Kahan, Marcel & Michael Klausner Path Dependence in Corporate Contracting: Increasing Returns, Herd Behavior and Cognitive Biases, 74 Wash. U. L.Q. 347 (1996)5.Kitch, Edmund W. The Theory and Practice of Securities Disclosure, 61 Brooklyn L. Rev. 763 (1995)ngevoort, Donald C. Selling Hope, Selling Risk: Some Lessons for Law From Behavioral Economics About Stockbrokers and Sophisticated Customers, 84 Cal. L. Rev. 627 (1996)7.Lin, Laura The Effectiveness of Outside Directors as a Corporate Governance Mechanism: Theories and Evidence, 90 Nw. U.L. Rev. 898 (1996)lstein, Ira M. The Professional Board, 50 Bus. Law 1427 (1995)9.Thompson, Robert B. Exit, Liquidity, and Majority Rule: Appraisal's Role in Corporate Law, 84 Geo. L.J. 1 (1995)10.Triantis, George G. and Daniels, Ronald J. The Role of Debt in Interactive Corporate Governance. 83 Cal. L. Rev. 1073 (1995)1995年：公司法：1.Arlen, Jennifer and Deborah M. Weiss A Political Theory of Corporate Taxation,. 105 Y ale L.J. 325-391 (1995).2.Elson, Charles M. The Duty of Care, Compensation, and Stock Ownership, 63 U. Cin. L. Rev. 649 (1995).3.Hu, Henry T.C. Heeding Expectations: "Derivative Reality" and the Law and Finance of the Corporate Objective, 73 Tex. L. Rev. 985-1040 (1995).4.Kahan, Marcel The Qualified Case Against Mandatory Terms in Bonds, 89 Nw. U.L. Rev. 565-622 (1995).5.Klausner, Michael Corporations, Corporate Law, and Networks of Contracts, 81 V a. L. Rev. 757-852 (1995).6.Mitchell, Lawrence E. Cooperation and Constraint in the Modern Corporation: An Inquiry Into the Causes of Corporate Immorality, 73 Tex. L. Rev. 477-537 (1995).7.Siegel, Mary Back to the Future: Appraisal Rights in the Twenty-First Century, 32 Harv. J. on Legis. 79-143 (1995).证券法：1.Grundfest, Joseph A. Why Disimply? 108 Harv. L. Rev. 727-747 (1995).2.Lev, Baruch and Meiring de V illiers Stock Price Crashes and 10b-5 Damages: A Legal Economic, and Policy Analysis, 47 Stan. L. Rev. 7-37 (1994).3.Mahoney, Paul G. Mandatory Disclosure as a Solution to Agency Problems, 62 U. Chi. L. Rev. 1047-1112 (1995).4.Seligman, Joel The Merits Do Matter, 108 Harv. L. Rev. 438 (1994).5.Seligman, Joel The Obsolescence of Wall Street: A Contextual Approach to the Evolving Structure of Federal Securities Regulation, 93 Mich. L. Rev. 649-702 (1995).6.Stout, Lynn A. Are Stock Markets Costly Casinos? Disagreement, Mark Failure, and Securities Regulation, 81 V a. L. Rev. 611 (1995).7.Weiss, Elliott J. and John S. Beckerman Let the Money Do the Monitoring: How Institutional Investors Can Reduce Agency Costs in Securities Class Actions, 104 Y ale L.J. 2053-2127 (1995).1994年：公司法：1.Fraidin, Stephen and Hanson, Jon D. Toward Unlocking Lockups, 103 Y ale L.J. 1739-1834 (1994)2.Gordon, Jeffrey N. Institutions as Relational Investors: A New Look at Cumulative V oting, 94 Colum. L. Rev. 124-192 (1994)3.Karpoff, Jonathan M., and Lott, John R., Jr. The Reputational Penalty Firms Bear From Committing Criminal Fraud, 36 J.L. & Econ. 757-802 (1993)4.Kraakman, Reiner, Park, Hyun, and Shavell, Steven When Are Shareholder Suits in Shareholder Interests?, 82 Geo. L.J. 1733-1775 (1994)5.Mitchell, Lawrence E. Fairness and Trust in Corporate Law, 43 Duke L.J. 425- 491 (1993)6.Oesterle, Dale A. and Palmiter, Alan R. Judicial Schizophrenia in Shareholder V oting Cases, 79 Iowa L. Rev. 485-583 (1994)7. Pound, John The Rise of the Political Model of Corporate Governance and Corporate Control, 68 N.Y.U. L. Rev. 1003-1071 (1993)8.Skeel, David A., Jr. Rethinking the Line Between Corporate Law and Corporate Bankruptcy, 72 Tex. L. Rev. 471-557 (1994)9.Thompson, Robert B. Unpacking Limited Liability: Direct and V icarious Liability of Corporate Participants for Torts of the Enterprise, 47 V and. L. Rev. 1-41 (1994)证券法：1.Alexander, Janet Cooper The V alue of Bad News in Securities Class Actions, 41 UCLA L.Rev. 1421-1469 (1994)2.Bainbridge, Stephen M. Insider Trading Under the Restatement of the Law Governing Lawyers, 19 J. Corp. L. 1-40 (1993)3.Black, Bernard S. and Coffee, John C. Jr. Hail Britannia?: Institutional Investor Behavior Under Limited Regulation, 92 Mich. L. Rev. 1997-2087 (1994)4.Booth, Richard A. The Efficient Market, portfolio Theory, and the Downward Sloping Demand Hypothesis, 68 N.Y.U. L. Rev. 1187-1212 (1993)5.Coffee, John C., Jr. The SEC and the Institutional Investor: A Half-Time Report, 15 Cardozo L. Rev 837-907 (1994)6.Fox, Merritt B. Insider Trading Deterrence V ersus Managerial Incentives: A Unified Theory of Section 16(b), 92 Mich. L. Rev. 2088-2203 (1994)7.Grundfest, Joseph A. Disimplying Private Rights of Action Under the Federal Securities Laws: The Commission's Authority, 107 Harv. L. Rev. 961-1024 (1994)8.Macey, Jonathan R. Administrative Agency Obsolescence and Interest Group Formation: A Case Study of the SEC at Sixty, 15 Cardozo L. Rev. 909-949 (1994)9.Rock, Edward B. Controlling the Dark Side of Relational Investing, 15 Cardozo L. Rev. 987-1031 (1994)。
独树一帜还是随波逐流
费者会将自身的需求放在首位ꎬ 更在意产品的独特性和新颖性ꎬ 产品效用会随购买人数增加而降
１３１
珞珈管理评论
２０２４ 年卷第 ２ 辑 ( 总第 ５３ 辑)
低ꎻ 跟随型消费者则把其他消费者的期望或行为作为自己行为参照的准则ꎬ 进而在自己的产品评
管理评论
Ｌｕｏｊｉａ Ｍａｎａｇｅｍｅｎｔ Ｒｅｖｉｅｗ
２０２４ 年卷第 ２ 辑 ( 总第 ５３ 辑)
Ｎｏ ２ꎬ ２０２４ ( Ｓｕｍ ５３)
独树一帜还是随波逐流?
消费者类型和奢侈品环保信息
交互效应对购买意愿的影响
∗
•冯文婷１ 李 洁２ 沈先运２ 刘陈陵２
(１ 中国地质大学 ( 武汉) 珠宝学院 武汉 ４３００７４ꎻ
侈品品牌热衷于投身可持续性实践活动ꎬ 开发可持续奢侈品的生产线ꎬ 可持续奢侈品日益成为一种
新的时尚潮流 ( Ｌｉ ＆ Ｌｅｏｎａｓꎬ ２０１９) ꎮ
可持续奢侈品是指符合环保诉求ꎬ 具有节能、 无害等可持续属性或相关联的奢侈品ꎮ 现有研究
表明ꎬ 消费者对于可持续奢侈品存在两种矛盾态度: 一方面ꎬ “ 可持续” 与自我超越、 道德和利他主
目ꎻ 阿玛尼则承诺 ２０２０ 年起避免在生产过程中使用危险化学品ꎻ 古驰也在 ２０１７ 年宣布不再使用一切
动物皮草ꎮ 此外ꎬ 在全球可持续时尚峰会上ꎬ 宝格丽首席执行官提出: “ 作为一个奢侈品品牌ꎬ 宝格
丽以其可持续性发展的品牌理念为傲ꎬ 在每一个经营环节中坚持合乎道德的生产准则” ꎮ 这表明ꎬ 奢
实验二验证消费者心理需求 ( 分化、 同化) 和奢侈品环保信息 ( 可持续、 非可持续) 的匹配一致性
理财英语词汇
（一）理财：Wealth Management or financial planning理财规划：financial planning理财公司：financial planning firm独立第三方理财顾问公司：Independent Financial Advisor外汇投资：foreign currency investment股票投资：equity investment or stock investment投资组合：portfolio management风险和回报：risk & return基金：managed fund (英国）mutural fund (美国）（二）Accrued interest 应得利息All-Ordinaries Index 所有普通股指数Arbitrage 套戥Ask Price 买价Asset-Backed Securities 具资产保证的证券At-the-money 刚到价Automatic Order Matching And Execution System 自动对盘及成交系统Basis Point 基点Bear Markets 熊市Bid Price 卖价Bid-ask Spread 买卖差价Blue Chips 蓝筹股Bond 债券Book Value 账面值Broker 经纪Brokerage Fee 经纪佣金Bull Markets 牛市Call Option 好仓期权/买入（认购）期权Callable Bonds 可赎回债券Capital Gain 资本增值Capital Markets 资本市场Central Clearing and Settlement System 中央结算系统Central Money Market Units 债务工具中央结算系统Certificate of Deposits 存款证China Concepts Stock 中国概念股Closed-end 闭端基金Collateral 抵押品Commercial Paper 商业票据Common Stock 普通股Compound Interest 复息Contract Note 成交单Controlling Shareholder 控制股东Convertible Bond 可换股债券Corporate Bond 公司债券Coupon 票息Coupon Frequency 派息次数Coupon Rate 票面息率Covered warrants 备兑认股权证Credit Rating 信用评级Currency Board 货币发行局Current Yield 现价息率Custody of Securities 证券托管Default Risk 不能收回本金的风险Derivative Call 衍生认购（认沽）认股权证Derivative Instrument 衍生产品Direct Business 直接成交Discount Bond 折扣债券Diversification 分散风险Duration 期限Earnings 收益Earnings per Share 每股盈利Earnings Yield 盈利率Equity 股本Equity Call Warrants 股本认购认股权证Ex-dividend 除息Face Value/ Nominal Value 面值Fixed Rate Bonds 定息债券Fixed-income securities 定息证券Floating Rate Bonds 浮息债券Fundamental Analysis 基本分析Future Value 未来值Future Value of an Annuity 定期供款之未来值Futures contract 期货合约Hang Seng China Enterprises index 恒生香港中资企业指数Hang Seng Index 香港恒生指数Hang Seng London Reference Index 恒生伦敦参考指数Hedge 对冲Hong Kong Inter-Bank Offered Rate 香港银行同业拆息Hong Kong Monetary Authority 香港金融管理局Hong Kong Securities Clearing Company Ltd. 香港中央结算有限公司H-Share 股HSI Futures Contract 恒生指数期货合约Income 收入Index Fund 指数基金Initial Public Offering 首次公开招股Inside Information 内幕消息Insider Trading 内幕交易Intrinsic Value 内在价值Investment 投资Investment Adviser 投资顾问IPO price 首次公开招股价Junk Bond 垃圾债券Leverage Ratio 杠杆比率Limit Order 限价指示Limited Company 有限公司Liquidity 变现能力Listing 挂牌Listing Date 上市日期Margin Call 补仓Market Capitalisation 市价总值Market Maker 庄家Market Order 市场指示Money Market 货币市场Mutual Fund 互惠基金Net Asset Value 资产净值Offer For Sale 公开发售Offer For Subscription 公开认购Open Offer 公开供股Open-end 开放基金Option 期权Oversubscribed 超额认购Par Bond 平价债券Par Value 票面值Perpetual Bonds 永久债券Placing 配售Portfolio 投资组合Preference Shares 优先股Premium 溢价（认股证）Premium Bond 溢价债券Present Value 现时值Present Value of An Annuity 定期供款之现时值Price/Earnings Ratio 市盈率Privatisation 私有化Professional Conduct Regulations 专业操守规例Prospectus 招股书Put Option 淡仓期权/卖出（认沽）期权Rate of Return 收期率Real Interest Rate 实质利率Red Chip 红筹股Redemption Value 赎回价值Reinvestment Value 再投资利率Relative Strength Index/RSI 相对强弱指数Repurchase Agreement 回购协议Resistance Level 阻力价位Return 回报Rights Issue 供股发行Risk-Averse, Risk-Neutral, Risk-Taking 风险厌恶，风险中立，追求风险Securities And Futures Commission 证券及期货事务监察委员会Securities Dealers' Representatives 证券交易商SEHK 联交所Senior Bond 优先债券Settlement 结算Short Hedge 空头对冲Short Position 空仓Short Selling 抛空/沽空Speculation 投机Stock Splits 股票分拆Subordinated Bond 后偿债券Substantial Shareholder 大股东Support Level 支持价位Technical Analysis 技术分析The Stock Exchange of Hong Kong Ltd. 香港联合交易所有限公司Time Horizon 投资期Trading Hours of SEHK 联合交易所的交易时间Trading Rules 交易规则Trust Deed 信托契约Underlying Security 认股权证相关的股份Unified Exchange Compensation Fund Scheme 联合交易所赔偿基金Valuation 估价Warrant 认股权证Window Dressing 粉饰橱窗Yield 盈利率Yield To Maturity 到期孳息率Zero Coupon Bond 无息债券（三）All Ordinaries Index (澳大利亚)股市指数Amex(American Stock Exchange) 美国股票交易所amortize 摊提，分期偿还债务annuity 年金享受权asking price 卖主的开叫价assess 对(财产等)进行估价，确定(款项)的金额back 拖欠的bad loan 呆账，坏账bailout 帮助……摆脱困境balloon (分期付款中)最后数目特大的一笔barometer 晴雨表，[喻]标记，指标basis point 基点(一个百分点的百分之一)bear markets 熊市blue-chip (股票等)热门的，(在同行中)最赚钱的forex foreign exchangebond 债券，公债bourse 交易所，证券交易所bull markets 牛市bullish 牛市的bunji-change 快速的大幅度变化CAC-40 Index (法国)股市指数CD(certificate-of-deposit) 大额存款单Chicago Mercantile Exchange 芝加哥商业交易所Consumer Price Index 消费者价格指数contagion 蔓延correction 调整coupon rate 券根利率CTA(Commodities Trading Advisor) 农矿产品交易顾问Currency board 货币委员会DAX index (法兰克福)德国股市指数dead loan 死帐delist 从上市证券表中除名derivatives 衍生金融商品(由利率或债券、外汇或汇率以及股票或股价指数等现货市场衍生出来，主要有期货futures、期权option trading与掉期swap 三种类型，品种多达100余种。
欺诈检测在客户信贷生命周期各个阶段的应用--概述第一方欺诈
Page
What Are Banks Doing Today? 银行现在的表现如何？
» Little to no FPF working definition, policy, strategies, processes 缺少或未曾制定有关第一 方欺诈的定义、政策、策略或流程
» FPF losses are not recognized and reported as fraud 第一方欺诈损失仍未被作为欺诈案例 进行识别和报告 » Treated same as other collection accounts 与其他催收账户同等对待 » Normal collection attempts ineffective 普通的催收措施 » Implications of reclassification of bad debt to fraud 重新分类，将坏账归入欺诈类别
为的结果，通过操纵行为评分而实现 z False claims of fraud 虚报欺诈 z Acct Tenure: Short term (12-18 mos.) vs. Long term (5-7 years) 账龄：短期（12-18个月）VS. 长
期（5-7年）
Manifestation 表现 z First payment defaults or very early defaults 第一次还款或早期还款发生拖欠 z Excessively over-limit 严重超出信贷额度 z Poor cure rates 不良贷款治愈率低下 z Unable to collect debt 无法回收贷款
Agenda 日程
» Defining the Problem: First Party Fraud 问题定性：第一方欺诈
26117828_关键词
2016年第34期保监会拟抬高险企股东准入门槛据报道，保监会拟修改《保险公司股权管理办法》规则，抬高保险公司股东准入门槛，尤其是对控制类股东提出“资产负债率和财务杠杆率不得显著高于行业平均水平”等要求。
此前保监会相关负责人指出，少数投资人将保险作为低成本融资工具，完全偏离保险保障的主业，蜕变成“野蛮人”。
业内人士分析，《办法（修订版）》并不是限制社会资本投资保险公司，而是对近年来保险公司股权管理实践中面临的新问题加以明确和规范。
深港通预计11月中下旬开通证监会祁斌30日说，按照深港通工作时间表，预计深港通将于11月中下旬开通。
他还说，深港通的后续准备将沿着制度安排和技术准备两个方向展开。
技术准备主要包括两地交易所、结算公司和券商层面，还包括投资者教育。
据介绍，深港通下的深股通每日额度为130亿元；沪港通和深港通下的港股通每日额度由沪深证券交易所分别控制，均为105亿元，互不影响，也不相互调剂。
私募全行业开展自查自纠证券基金业协会近日发出通知称，从8月29日起开展为期一个月的私募基金全行业自查自纠活动。
具体内容包括是否公开宣传推介、向不合格投资者募资、兼营非私募基金业务等高发频发、重复发生的薄弱环节以及资金安全性和运作合规性。
自查结束后，将定期抽查相关私募基金管理人的落实整改情况，对自查问题比较严重、问题重复发生、出现新风险新问题等情况的私募机构，将进一步采取相关自律措施。
欧元区8月CPI 同比初值不及预期欧元区8月CPI 同比初值0.2%，不及预期的0.3%，持平前值；8月核心CPI 同比初值0.8%，不及0.9%的预期和前值。
其中，食品、酒及烟草的价格上扬1.3%，服务价格上扬1.1%，而能源价格下滑5.7%。
通胀水平不及预期，这无疑给欧洲央行增添了压力。
有分析称，欧央行行长德拉吉“无法将通胀拉升至2%的目标”，未来的宽松只会更多、更长期。
欧央行Benoit Coeure 强调，物价稳定的目标将会实现，但如果各国政府不作为，欧洲央行将加大刺激力度。
经典电影20部
在复杂的商业社会，你想创业，不懂经济、不懂商业、不懂人情世故、不懂法律边沿，你只有勇气、只有梦想、只有天真，那么也就只有一场空。
这20部电影都是商学院学生在学习商科时被要求必须看的影片，其中包括哈佛商学院一直首推的《华尔街》，还有沃顿商学院排第一位的《颠倒乾坤》，斯坦福要求商科学生必看的《锅炉房》。
看完之后，你会对商业运行的本质和规则有更深入的了解，对你的职场生涯亦会有不小的帮助。
1.《华尔街》（Wall Street）（1987）内部交易是违法的，不违法怎么能够发财，关键看如何违法的同时可以掩盖。
不看这个影片怎么能够随便进入股市？2.《拜金一族》（Glengarry Glenn Ross）（1992）当房地产进入萧条的时候，美国房屋中介的销售顾问都在忙什么？看他们如何利用数据库，如何门到门地将房地产销售出去，如何在萧条期包装房地产，如何瞄准新婚家庭的住房需求。
3.《颠倒乾坤》（Trading Places）（1983）经济是交易行为的代名词。
只要有交易，就需要学会评估交易是否合算，就需要透视交易对方内心的秘密。
交易中学到的核心法则，在世界上任何国家只要有交易的地方都适用。
4.《锅炉房》（Boiler Room）（2000）难以想象的是违法交易几乎与证券市场形影不离。
一个19岁的年轻人如此近距离地目睹财富的操纵过程，让谁富有，那不过是一个随机的选择。
5.《硅谷传奇》（Pirates of Silicon Valley）（1999）比尔•盖茨与斯蒂夫•乔布斯几乎在所有方面的看法、观点都是对立的，他们只有在一个事情上是共同的，那就是尽一切可能封杀这个影片。
硅谷的高科技公司是如何孵化的？不到25岁的年轻人利用了什么样的市场规则，又是如何让市场规则、让客户、让竞争对手形成一个共同体的？层出不穷的阴谋笼罩在硅谷的上空。
6.《可口可乐小子》（The Coca—Cola Kid）（1985）这是一个男孩用可乐创造一项事业的故事。
Net Present Value and Alternative Investment Rules 1
NPV
An investment is worth undertaking if it creates value for its owners.
如果一项投资能够为我们创造价值， 那么这 项投资就是值得进行的。
• In the most general sense, we create value by identifying an investment worth more in the marketplace than it costs us to acquire.
根据预计的销售额和成本，我们预期未来五年 的现金流量为
NPV Example
$2,000 in the first two years 前两年每年两千美 元 $4,000 in the next two 中间两年每年四千美元 $5,000 in the last year 最后一年五千美元
We use a 10% discount rate to evaluate new products. What should we do here?
贴现率是10%。
NPV Example
Given the cash flows and discount rate, we can calculate the total value of the product by discounting the cash flows back to the present:
NPV
Given financial managers’ goal is creating value for the stockholders, the investment appraisal process can be viewed as a search for investments with positive net present values.
经济营销英文翻译外文文献英文文献国外投资和道德标准在欠发达国家如何通过商业经营为社会责任做出贡献
Author：Roland Bardy, Stephen Drew，Tumenta F. KennedyNationality：USA，USA，GermanyOriginate from：Journal of Business Ethics © Springer Science+Business Media B.V. 2011 10.1007/s10551-011-0994-7外文翻译原文1Foreign Investment and Ethics: How to Contribute to SocialResponsibility by Doing Business in Less-Developed Countries1.IntroductionGlobalization, foreign direct investment (FDI), and trade can potentially bring social, economic, and business benefits to emerging market countries through inflow of capital, knowledge, and increased employment. However, the specific conditions and mechanisms for this to happen are complex, not well understood, and may depend upon an individual country’s situation. There is a broad stream of research which argues on the one hand that FDI effects can be unpredictable, unintended, and counterproductive (Nunnenkamp 2001; Yamin and Sinkovics 2009), or even threatening (Dixon et al. 1986; Mengistu 2009). Other authors show a very positive and engaged posture with development issues (Meyer 2004; Ramamurti 2004). There is also an evidence of recent more realistic and critical assessment, probing more deeply into the external effects of international business (Ghauri and Yamin 2009). Much research focuses on economic development (for an overview see Moran et al. 2005), and only a few authors deal with social development (Pratt 1991; Donaldson 2001; Kolk and van Tulder 2006; Jamali 2010). However, there are related ethical and social issues that are often crucial for multinational enterprise (MNE) strategies and long-term success. These include corruption, employment conditions, marketing practices, and effects on the natural environment (Donaldson 1989; Longworth 1998). The impact of such issues on host countries has been investigated by Glac (2004), Bennett (2002), and Wei (2000).2.Incentive and Advantage Based EthicsPre-modern philosophy considered (universal) standards as given. We argue that a different approach which comes closer to relativism and even constructivism is needed in contemporary complex global business. Homann (2002) states that in the age of globalization, moral foundations should be based on advantages and incentives, and that ethics is not about following rules, but about developing them, i.e. not about just following rules but setting the rules of the game. With so-called “incentive- and advantage based ethics” (Luetge 2005), the question is not whether altruism or other nonadvantage seeking behaviors are historic anachronisms nor if practice has proven that only self-interested behavior leads to beneficial economic result.There is a long tradition—both in public and academic discourse—of discussing the tension-filled relationship between profit and morality under competitive market circumstances (Hemphill 2004). Often, proof is sought by recurring to a list of moral concerns, which includes environmental pollution, global warming, child labor, human rights violations, the deterioration of social standards like job security, and the fight against corruption. In these instances, and in many more, what for a long time has been looked at as clash between private interest and public interest, is now becoming a collaborative issue. Private business firms seem increasingly willing to take on the role of corporate citizens by embracing the rights and duties of political actors. They have engaged in rule-finding discourses as well as rule-setting processes in which they actively cooperate with government actors and/or civil society organizations. But what are their motives and their incentives, and what is required to encourage the pursuit of ethical behavior? One answer lies with what Boatright (1999) has called the “mistake” on which business ethics often rest.3.Attracting and Conducting FDI: A Two-Way StreetThrough FDI, a company not only penetrates a host country’s m arket, it may also gain access to resources, economies of scale and scope in production, logistics, and marketing processes. Important markets include supply chains, distribution networks, and end customers. Whether a firm chooses FDI rather than serving foreign markets through exporting, licensing, alliances, or other means is determined by three factors (Dunning and Lundan 2008). These include: a transferable competitive advantage in the home-market, specific characteristics of the foreign market which allow the firm to exploit its competitive position in that market, and the firm’s ability to increase its competitive position by taking advantage of what the host country has tooffer for controlling the entire value-chain. All three conditions must be present or FDI may not take place (Dunning and Lundan 2008). The firm-specific advantages which constitute spillover effects of FDI (proliferation of technology, secondary employment, and enhancement of skills) are often what less-developed countries need for their growth and development. The host country and the investor may focus on the location-specific advantages as factors to entice higher levels of FDI inflows.When the three conditions as stated above are missing then FDI either does not occur or occurs only at very low levels. This explains why some areas of the world, especially the poorest, fail to attract FDI. Although FDI flows to Africa have increased in recent years, these represent only a small portion of the total flows to developing countries. Average annual FDI flows increased from US $ 2.2 bn. in 1980, to 15 bn. during the period 2000–2004. However, Africa’s share of global flows fell from 2.3% in 1980 to about 1.5% during 2000–2004. As a percentage of total flows to developing countries, Africa’s share fell from 10% in 1980 to 7% during 2000–2004 (Cleeve 2009). Local infrastructure, effective macroeconomic policy, and reliable data of possible host nations are decisive in choice of location for foreign firms. These are often lacking in Africa.Knowledge of a country or region is crucial in the choice of location, and without this, investors may underestimate entrepreneurial opportunities or overestimate risks, pushing such locations to the periphery of the decision-making process. But there are investment opportunities in almost any region of Africa. According to UNCTAD (2011a), Africa offers the highest return on FDI in the world, far exceeding all other regions. While not yet as competitive as the BRIC countries, the demographics bode well for Africa as a market as more than half its population is under the age of 24. Europe’s population will lose 60 million people by 2050, however, Africa will add 900 milli on. Ironically, Africa’s very poverty creates opportunities: Education; healthcare; infrastructure; banking the unbanked; and middle class aspirational consumer goods etc. (Luiz 2010). Some areas in sub-Saharan Africa still have deficiencies in all these areas, and more often than not, the risk profile is heightened by political and institutional instability and unpredictability and high levels of corruption (Ngowi 2001). Investors need reliable information, but too often the official statistics are lacking or unreliable and official sources cannot provide robust data on markets, business partners, and available labor (Kennedy 2011).Unfortunately, when reliable information is absent, and when all ingredients of a riskyenvironment are present, the vicious cycle of poverty continues. FDI does not take place and the associated possible benefits cannot be exploited. This is where the instruments of solidarity with the poor and strong transnational institutions have a vital role. The International Development Association (IDA) is a division of the World Bank that helps the world’s poorest countries. IDA complements the World Bank’s other lending arm, the International Bank for Reconstruction and Development (IBRD), which serves middle-income countries with capital investment and advisory services. IBRD and IDA share the same staff and evaluate projects with the same rigorous standards. These common standards encourage private investors to follow suit and resolve the informational and infrastructural deficits.4.Cases from Sub-Saharan CountriesIn the Republic of South Africa, quite a few investments have been directed at the specifics of this region’s consumers and producers. One of the biggest FDI deals of 2001 was Saudi Oger’s USD180 million investment in Cell C, the new cellular operator. Also in 2001, Malaysian Resources Corporation announced a USD 200million property development. Global Environment Fund acquired forestry assets worth USD150 million billion from Mondi and formed Global Forest Products,signaling its intention to bid for state-owned forestry assets. These ventures not only contribute to improving the base for follow-up investments that broaden the opportunities for local small businesses, they are also directed toward improving communication throughout rural areas and providing new skills to hitherto unskilled labor (Akinboade et al. 2006).The second case is from Uganda, which in the past was shunned by investors, but has over the past 20 years attracted a significant number of investors mainly in response to the implementation of far-reaching economic and structural reforms. Privatization of state enterprises and the return of confiscated enterprises and properties to the Asians who had been expelled form the country during the Idi Amin dictatorship, have positively affected the attraction of FDI. But a major impact on social development stems from the services sector FDI which has grown rapidly in Uganda. Typical of this is accounting and computer services, warehousing, transportation and communication, and other services to support the manufacturing sector. In addition, the liberalization of the economy coupled with local demand for services like mobile telephony has attracted investments from big players on both the regional and international scene, such as V odafone and MTN.Another example for positive FDI effects is the agro-business investments in various sub-Saharan states. In recent years, agriculture is being perceived as a sector that not only offers investment opportunities for the private sector but also a drives local development of agriculture-related industries and the rural nonfarm economy (World Bank 2007). In East Africa, fisheries are an expanding sub-sector due to the presence of some of the largest fresh water lakes in the world. Lake Victoria, half of which is in Uganda, is the second largest freshwater lake in the world. Similarly, Ghana, Côte d’Ivoire and Cameroon have a ttracted investments in cocoa processing as a result of suitable agro-climatic conditions for cocoa production.From this type of investments, the low-skilled labor force which is employed in subsistence farming purposes is being converted into skilled labor with processed foods gaining prominence in both domestic and global markets. And the primary investments spur follow-ups like the DrumNet project implemented launched by Pride Africa that uses a mobile phone interface to link smallholder farmers to ban ks, farm input suppliers and agricultural buyers.The project’s premise is that information on the market is one of the key elements that keeps farmers from getting the full market value for their products. This lack of information keeps the farmers in a disadvantageous financial position, making it difficult for them to obtain the financing and resources they need to grow their business. DrumNetprovides marketing, financial, and informational services aimed at stimulating wealth creation and the economic integration of smallholder farmers.To conclude this list of examples, reference shall be made to private sector participation in agricultural water development, which has been developing over the last decade in e.g. Kenya, Niger, and Cameroon. Private investment here uses increased technologies for in-field rainwater management for dryland crops, the objective of which is to increase the effectiveness of rainfall to stabilize and enhance yields. The most promising of these are the various types of conservation farming, including deep tillage, reduced tillage, zero tillage, and various types of planting basins, all of which have been successfully demonstrated in many parts of the region, both in the semi-arid and dry sub-humid zones. The results have been impressive, particularly when the technology input has been combined with what is called “Farmers’ Field Schools”.5.Summary and TrendsThe current wave of globalization has intensified the competition for FDI among developing countries, and all actors share responsibility to make changes in attitudes, policies, and structures(Dupasquier and Osakwe 2005). International organizations, national governments, business, labor, civil society, and the media each have important roles to play.Opportunistic and short-term ventures driven only by the profit motive are becoming less acceptable, bringing corporations pursuing such strategies into disrepute, and making them targets for a technology-enabled global community of activists and NGOs. Strategies that not only add to business value but also lead to long-term economic and social improvements are increasing in significance. Profit seeking by, e.g., selling luxury goods or high-end eco-tourism destinations to an elite of wealthy customers and using parts of the profit to address social inequality issues, will not be sufficient. Serving the needs of customers at the top of the pyramid is becoming less important than meeting the needs of those at the bottom of the pyramid and the increasing ranks of the middle classes with similar ambitions to their counterparts in developed nations. It also seems the world has started to commit itself to a number of principles and values. Fair globalization means making these values an integral part of the process of global economic integration.This paper has highlighted the complexity and challenges of moving to a more socially responsible vision of capitalism across borders. There is a wide body of theoretical and empirical literature on the economic effects of FDI. However, studies addressing the links between cross-border business and ethical considerations are less abundant. This paper describes a growing body of study and evidence relating FDI, ethics, CSR, and poverty alleviation. We have addressed poverty alleviation as a key question for global ethics and in particular sub-Saharan Africa.译文1国外投资和道德标准:在欠发达国家如何通过商业经营为社会责任做出贡献1.导言经济全球化，外商直接投资(FDI)，和贸易通过资本和知识的流入很可能为新兴市场国家带来社会、经济和商业利益，增加就业机会。
公共服务的共同生产:文献综述及其启示
公共服务的共同生产：文献综述及其启示张云翔【摘要】共同生产是目前西方公共管理学在公共服务供给研究方面最为热门的研究议题之一,但在我国相关研究还很有限.本文通过回顾共同生产理论的主要内容与发展历程,分析其研究取向和基本逻辑,为推进我国共同生产研究与创新我国公共服务供给模式提出理论性的潜在路径.研究发现,共同生产是公众在公共服务各个环节中与服务提供者、管理者形成密切互动的一种参与形态,也是公共服务供给的关键所在.但过去的西方共同生产研究在共同生产中所创造的价值、共同生产中的公民角色,以及政府在共同生产的管理等方面还存在许多有待回应的问题,甚至学界对共同生产的定义依然存在争议.尽管我国现有的共同生产文献较少,但在公共服务参与、志愿服务和顾客参与等研究中都蕴含了共同生产的理念.在结合我国的社会情境的基础上,我国的共同生产研究可以在概念界定、共同生产的管理等方面为共同生产理论的发展做出重要贡献,并推动我国公共服务供给模式的实践创新.【期刊名称】《甘肃行政学院学报》【年(卷),期】2018(000)005【总页数】15页(P31-45)【关键词】共同生产理论;公共服务;公民参与;研究综述【作者】张云翔【作者单位】上海师范大学哲学与法政学院,上海 200234【正文语种】中文【中图分类】D035过去几十年世界各国的公共管理实践证明了政府、市场和社会部门都存在失灵的可能，所以在推动公共服务创新的过程中需要采用合作式、互动式的供给模式，实现政府、市场和社会部门之间的整合与协调。
党的十九大明确提出，我国社会的主要矛盾已经发生了转变，为了更好地满足人民日益增长的对美好生活的向往，创新公共服务供给模式也成为了我国公共管理的重要命题。
在促进公共服务供给多元化的过程中，公民本身也是重要的参与者和自我服务者，这一点在公共管理学界已经越来越受到认可和重视。
同时，随着市场经济和社会治理的转型，塑造一个良好的政府与公民伙伴关系对于创新公共服务供给模式而言更将是未来发展的重要方向。
市场研究术语中英文对照
市场研究术语中英文对照市场研究行业词汇英语翻译《财富》杂志?Fortune案头调研?Desk Research奥美公司?Ogilvy & Mather白色商品?White Goods百乐门?Parliament百威啤酒?Budweiser包裹销售法?Banded Pack宝洁公司?Procter & Gamble宝丽来?Polaroid宝马?BMW边际成本?Marginal Cost边际收益?Marginal Benefit标准差，均差?Standard Deviation别克?Buick波立兹调查公司?"Alfred Politz Research, Inc" 波旁王朝?Ancient Age Bourbon波特福洛分析?Portefolio Analysis产品差异?Product Differentiation产品生命周期?Product Life Cycle产品系列?Product Line产品组合?Product Mix阐述?Presentation超级市场?Supermarket成对比较法?Paired Comparisons成功的理想主义者?Successful Idealist承诺型消费者?Committed Buyer程度测试?Tachistoscope橙色商品?Orange Goods冲动购买?Impulse Buying重叠率?Duplication抽样?Sampling传销?Pyramid Selling传阅发行量?Pass-on Circulation词语联想法?Word Associaton刺激营销?Incentive Marketing促销?Promotion达彼思广告公司?Ted Bates & Copany大卫·奥格威?David Ogilvy戴比尔斯?De Beers丹尼尔·斯塔奇公司?Danile Starch & Staff 弹性?Elasticity到达率?Reach道奇?Dodge第三者法?Third-Person Technique第一提及?Top of Mind电话访问?Telephone Interview电通广告公司?Dentsu电子售点数据?EPOS Data定量研究?Quantitative Research定位?Positioning定性研究?Qualitative Research动机研究?Motivation Research读者?Readers读者人数?Readership独特销售主张?Unique Selling Proposition 杜邦公司?Du Pont 多方面衡量?Multi-dimensional Scaling多品牌战略?Multi-brand Strategy惰性销售?Inertia Selling恩格尔曲线?Engel Curves二手资料?Secondary Data发行量?Circulation发行量稽核组织?ABC仿造?Me Too访谈?Interview访问员?Interviewer非处方药?OTC菲力普·莫里斯公司?Philip Morris Company菲亚特?FIAT肥皂剧?Soap Opera分刊测试?Split-run Test分销?Distribution丰田?TOYATA缝隙分析?Gap Analysis浮动插播?Floating Spot辅助回想?Aided Recall付费发行量?Paid Circulation复核?Back Checking复核?Validation富豪汽车?VOLVO富可视?Infocus富士胶卷?FUJI FILM覆盖率?Coverage盖凡尼克皮肤反应测试仪?Galvanic Skin Response Meter 盖洛普暨罗宾逊调查公司?"Gallup & Robinson,Inc"概念测试?Concept Testing高度介入产品?High Invovement Procuct革新消费者?Innovators葛瑞广告?Grey Advertising公众调查公司?"Audience Research,Inc"贡献?Contrubution购买周期?Buying Cycle孤独守巢人?Empty Nesers鼓动销售?Hard Sell故事板/分镜头表?Storyboard故事完成法?Story Completion观察调研法?Obseravtion Study广告?Advertising广告/销售比率?Advertising/Sales Ratio广告比重?Advertising Weight广告标准?Advertising Standard广告调查基金会(美国)?Advertising Research Foundation广告概要?Advertising Brief广告口号?Slogan广告目标即广告效果评测?Defining Advertising Goals for Measured Advertising Results国际商用机器公司?IBM过度杀伤?Overkill过滤审查?Screening哈佛商学院?Harvard Business School红色商品?Red Goods互补品?Complements花旗集团?Citigroup华尔街?Wall Street黄金时段?Prime Time辉瑞?Pfizer混合调查?Omnibus Research混和调研?Omnibus Research基本读者?Primary Reader稽核?Audit吉芬商品?Giffen Goods吉列?Gillette集团购买?Organizational Buying集中度?Affinity集中市场细分?Concentrated Segmentation计算机辅助的电话采访?Computer Assisted Telephone Interviewing 记忆测试?Recall Test记忆性?Memorability佳能?Canan家乐福?Carrefour家庭(户)?House Hold家庭稽核?Home Audit家庭生活周期?Family Life Cycle甲壳虫?Bettle价格分析?Values Analysis价格敏感?Price Sensitive价格歧视?Price Discrimination价格战?Price War间接调研?Off-the-research建议价格?Recommended Price箭牌口香糖?Wrigley讲究派头的诉求?Snob Appeal交叉销售?Cross-selling交替需求?Alternate Demand焦点小组(讨论)?Focus group (Discussion)/Interview-FGD/FGI 角色扮演?Role Playing阶式渗透?Cascading结构化访问?Structured Interview金佰利?Kimberly-Clark浸透策略?Penetration Strategy精工?SEIKO句子完成法?Sentence Completion决策群?Decision Making Unit决定性调研?Conclusive Research卡通测试?Cartoon Tests开放题?Open-ended Question开机率?Homes Using TV柯达?Kodak壳牌?Shell可变价格?Variable Pricing可口可乐?Coca-Cola可丽舒?Kleenex可信度?Believability克莱斯勒?Chrysler克劳德·霍普金斯?Claude Hopkins客观看法?Outside View肯德基炸鸡?Kentucky Fried Chicken口碑广告?Word-of-mouth Advertising快流量消费品?Fast-moving Consumer Goods 拉力?Pulling Power拦截访问?Intercept Interview乐观奔命者?Optimistic Striver离差?Deviation李奥·贝纳?Leo Burnett李佛兄弟公司?Lever Brothers力士?Lux连带外部效应?Network Externality联合调研/辛迪加?Syndicated Research 联合分析?Conjoint Analysis联合利华公司?Unilever联想?Association Techniques练习性预演?Dry Run两步收费?Two-part Tariff量表?Scale劣等商品?Inferior Goods零售周期?Wheel of Retailing零头定价法?Odd-even Pricing漏斗深入法?Funnel Approach露华浓?Revlon乱数表?Random-number Table罗塞·瑞夫斯?Rosser Reevse罗夏测试?Rorschach Test骆驼?Camal马丁·迈耶?Martin Mayer麦当劳?McDonald’s麦肯爱里克森广告公司?Mccann-Erickson麦氏威尔咖啡?Maxwell House Coffee卖方市场?Seller’s Market满意购买者?Satisfied Buyer盲测?Blind Test毛评点?Gross Ratting points媒体分析?Media Analysis每千人(户)成本?Cost Per Thousand Figure每千人成本?Cost Per Mille美孚?Mobil美国报纸发行人协会?American Newspaper Publisher’s Association 美国电报电话公司?AT&T美国广播公司?ABC美国广告代理商协会?4A’sThe American Association of Advertising Agencies?美国民意研究中心?American Institute of Public Opinion美国营销协会?American Marketing Association美国运通?American Express描述性调研?Descriptive Research民意测验?Opinion Poll明尼苏达矿务及制造业公司?3M模似?Simulation姆姆巧克力?M&M耐克?Nike尼尔逊公司?A. C. Nielsen尼尔逊全国电视指数?Nielsen National Television Index 尼尔逊受众测定器?Nielsen audiometer尼尔逊指数?Nielsen Index欧宝?OPEL欧洲民意测验和市场调研协会?ESOMAR帕累托原理?Pareto Principle派生需求?Derived Demand攀比效应?Bandwagon Effect判断性抽样?Judgement Sampling旁氏?Pond’s陪伴购物?Accompanied Shopping配额?Quota配额抽样?Quota Sampling频率分布?Frequency Distribution品牌?Brang品牌测试?Brang Test品牌估价?Brang Valuation品牌管理?Brang Management品牌偏好?Brang Preference品牌认知?Brang Awareness品牌形象?Brang Image品牌性格?Brang Personalities品牌忠诚度?Brang Loyalty品牌转换成本?Switching Cost品质认知度?Perceived Quality七喜?7UP期望值?Expectations期望值?Expected Value其他指导人?Other-directed Person 企业标志?Corporate Logo 企业识别?Corporate Identity前导性研究?Pilot Study潜意识广告?Subliminal Advertising 强生公司?Johnson & Johnson乔治·格里宾?George Gribbin情感购买者?Like Friend情感象征?Emotional Symbol渠道冲突?Channel Conflict全国性涵盖度?Blanket人口统计学特征?Demographics人员推销?Personal Selling认识差距?Cognitive Dissonance认知?Awareness认知图表?Perceptual Mapping日后记忆?Day-after-recall入户访问?Door-to-door Interview 软性促销?Soft Sell萨奇公司?Saatchi & Saatchi三维营销?3-D商店稽核?Store Audit社会等级?Social Grading社会接受度?Social Acceptability 社会营销?Social Marketing 深度访谈?Depth Interview生存者?Survivor生活方式?Lifestyle声音比例?SOV声音份额?Share of Voice施乐?Xerox时代华纳?Time Warner时机感?Sense of Timing时间档次?Time Slot时序分析?Time-Series analysis 识阈效应?Threshold Effect使用与态度?Usage and Attitude市场策略的利润效果?Profit Impact of Market Strategy 市场调研?Market Research市场调研/营销调研?Marketing Research市场细分?Market Segmentation市场占有率?Market Share视听众暴露度?Impession收获战略?Harvesting Strategy收入效应?Income Effect收视(听)率?Ratings收视率?Television Rating售点?POP售点?POS斯塔奇数字?Starch Figure斯坦利·里索?Stanley Resor斯沃琪?Swatch四点分析?SWOT Analysis随机抽样?Random Sampling索尼?SONY态度?Attitude探索性调研?Exploratory汤橱浓汤?Campbell’s Soup特许经营?Franchise替代品?Substitutes替代效应?Substitution Effect天美时?Timex听众调查?Audience Research通用汽车?General Motor同类相食?Cannibalisation投射研究?Projective Research图片响应法?Picture Response Techniques推拉战略?Push and Pull Strategies推力?Push Power完成法?Completion Techniques完全竞争市场?Perfectly Competitive Market 万宝路?Marlboro 万事达卡?Master Card威廉·伯恩巴克?William Bernbach威士卡?VISA维持者?Sustainer伟哥?Viagra胃溃疡峡谷?Ulcer Gulch稳定插播?Anchored Spot问卷?Questionnaire沃尔玛?Wal-Mart Stores无品牌忠诚度?No Brand Loyalty无提示认知?Unaided Awareness无准备调查访问?Cold Calling西门子?SIEMENS习惯购买者?Habitual Buyer习惯性购买?Habit Buying喜力?Heineken系统销售?System Selling细流战?Drip Campaign显着特征?Salient Attribute现场调研?Field Research现场督导?Conductor现场督导?Field Supervisor现场工作?Field Work现场人员?Field Force线上活动?Above-the-line线下活动?Below-the-line相关群体?Reference Group象牙牌香皂?Ivory消费者购物固定样本?Consumer Purchase Panel 消费者内在需求?Consumer Insight消费者偏好?Consumer Preferences消费者剩余?Consumer Surplus消费者形象描述?Consumer Profile销售定额?Sales Quota销售反馈功能?Sales Response Function 销售领域?Sales Territory销售预测?Sales Forecast销售专集?Sales Literature销售组合?Sales Mix小组讨论?Group Discussion心理图案学?Psychographics心理戏剧?Motivational Theater心智索引?Mindex心智占有率?Share of Mind新奇士?Sunkist新人训练?Orientation Training形象?Image虚荣效应?Snob Effect选择性分销?Selective Distribution雪佛兰?Chevrolet雅皮?YUPPY眼睛轨迹研究?Eye Tracking Research扬雅广告公司?Young & Rubicam样品?Sample一次性购物?One-stop Shopping一手资料?Primary Data伊莱克斯?Electrolux宜家?IKEA移情作用?Empathy意见领导?Opinion Leader因果性调研?Causal Research营销会计稽核?Marketing Audit营销近视?Marketing Myopia营销组合?10P’s营销组合?4C’s’营销组合?4P’s营销组合?Marketing Mix营业额/到达率增长指数?Turnover影响力等级?Hierarchy of Effects 佣金制?Commission System 由报纸决定(刊登位置)?Run-of-paper 邮购?Mail Order有提示认知?Aided Awareness有效贮藏期限?Shelf Life诱导转向法?Bait and Switch语义差异法?Semantic Differential预检验?Pre-testing原创性?Originality原子状测试?Atomistic Test岳母研究?Mother-in-law Research载波技术?ZAP赞助?Sponsorship詹姆士·韦伯扬?James Webb Young展览会?Exhibition争夺经营?Scrambled Merchandising正常商品?Normal Goods直递?Direct Mail直销?Direct Marketing智威汤逊?J. Walter Thompson重度消费者?Heavy User主持人?Moderator主题类化法?Thematic Apperception属性特征?Attributes住地居民细分法?A Classification of Residential Neighborhoods 专家调研?Specialist Research资料手册?Fact Book。
心理契约的内容、维度和类型
Shapiro 和 Kessler 2000
[16]
703 名管理者 和 6953 名雇员 1.同等报酬 2.同等福利 3.报酬与责任挂钩 4.随着生活水平的提高增 加工资 5.必要工作培训 6.新知识 新技能培训 7.组织支持 8.长期工作保障 9.良好职业前景
Kickul 和 Lester (2001,2002) [17,18]
Rousseau 1990 用典型相关分析 Canonical Correlation Analysis 对所调查的 129 名 MBA 毕业生 心理契约的 7 项雇主责任和 8 项雇员责任的进行维度分析 结果抽出两对典型变量 第 1 对变量反映的是 雇员以加班 职责外工作为代价 以换取组织提供的高额报酬 绩效奖励 培训和职业发展 是以经济交
依照存在主体的不同 员工和企业之间的心理契约可分为员工心理契约和组织心理契约两大类别 正 如人们所了解的那样 在每一类别的心理契约中又都分别含有 组织对员工的责任 简称 组织责任 或 雇主责任 和 员工对组织的责任 简称 员工责任 或 雇员责任 两个方面[2] 由于组织心 理契约的主体难以确定 因此迄今为止的心理契约探讨主要针对员工心理契约进行 即探讨员工对个人与 企业关系中对以相互责任义务为主要内容的关于相互付出与回报的主观约定[3]
agency costs of free cash flow corporate finance and takeovers
Agency Costs of Free Cash Flow,Corporate Finance, and TakeoversMichael C. JensenHarvard Business SchoolEmail: MJensen@AbstractThe interests and incentives of managers and shareholders conflict over such issues as the optimal size of the firm and the payment of cash to shareholders. These conflicts are especially severe in firms with large free cash flows—more cash than profitable investment opportunities. The theory developed here explains 1) the benefits of debt in reducing agency costs of free cash flows, 2) how debt can substitute for dividends, 3) why “diversification” programs are more likelyto generate losses than takeovers or expansion in the same line of business or liquidation-motivated takeovers, 4) why the factors generating takeover activity in such diverse activities as broadcasting and tobacco are similar to those in oil, and 5) why bidders and some targets tend to perform abnormally well prior to takeover.Keywords:© M. C. Jensen, 1986American Economic Review, May 1986, Vol. 76, No. 2, pp. 323-329.You may redistribute this document freely, but please do not post the electronic file on the web. I welcome web links to this document at /abstract=99580. I revise my papers regularly, and providing a link to the original ensures that readers will receive the most recentversion. Thank you, Michael C. JensenAgency Costs of Free Cash Flow,Corporate Finance, and TakeoversMichael C. Jensen*American Economic Review, May 1986, Vol. 76, No. 2, pp. 323-329.Corporate managers are the agents of shareholders, a relationship fraught with conflicting interests. Agency theory, the analysis of such conflicts, is now a major part of the economics literature. The payout of cash to shareholders creates major conflicts that have received little attention.1Payouts to shareholders reduce the resources under managers’ control, thereby reducing managers’ power, and making it more likely they will incur the monitoring of the capital markets which occurs when the firm must obtain new capital (see Easterbrook, 1984, and Rozeff, 1982). Financing projects internally avoids this monitoring and the possibility the funds will be unavailable or available only at high explicit prices.Managers have incentives to cause their firms to grow beyond the optimal size. Growth increases managers’ power by increasing the resources under their control. It is also associated with increases in managers’ compensation, because changes in compensation are positively related to the growth in sales (see Murphy, 1985). The1Gordon Donaldson (1984) in his study of 12 large Fortune 500 firms concludes the managers of these firms were not driven by the maximization of the value of the firm, but rather by the maximization of “corporate wealth,” defined as “the aggregate purchasing power available to management for strategic purposes during any given planning period” (p. 3). “In practical terms it is cash, credit, and other corporate purchasing power by which management commands goods and services” (p. 22).* La Claire Professor of Finance and Business Administration and Director of the Managerial Economics Research Center, University of Rochester Graduate School of Management, Rochester, NY 14627, and Professor of Business Administration, Harvard Business School. This research is supported by the Division of Research of the Harvard Business School, and the Managerial Research Center, University of Rochester.I have benefited from discussions with George Baker, Gordon Donaldson, Allen Jacobs, Jay Light, Clifford Smith, Wolf Weinhold, and especially Armen Alchian and Richard Ruback.tendency of firms to reward middle managers through promotion rather than year-to-year bonuses also creates a strong organizational bias toward growth to supply the new positions that such promotion-based reward systems require (see Baker, 1986).Competition in the product and factor markets tends to drive prices towards minimum average cost in an activity. Managers must therefore motivate their organizations to increase efficiency to enhance the problem of survival. However, product and factor market disciplinary forces are often weaker in new activities and activities that involve substantial economic rents or quasi rents.2In these cases, monitoring by the firm’s internal control system and the market for corporate control are more important. Activities generating substantial economic rents or quasi rents are the types of activities that generate substantial amounts of free cash flow.Free cash flow is cash flow in excess of that required to fund all projects that have positive net present values when discounted at the relevant cost of capital. Conflicts of interest between shareholders and managers over payout policies are especially severe when the organization generates substantial free cash flow. The problem is how to motivate managers to disgorge the cash rather than investing it at below the cost of capital or wasting it on organization inefficiencies.The theory developed here explains 1) the benefits of debt in reducing agency costs of free cash flows, 2) how debt can substitute for dividends, 3) why “diversification” programs are more likely to generate losses than takeovers or expansion in the same line of business or liquidation-motivated takeovers, 4) why the factors generating takeover activity in such diverse activities as broadcasting and tobacco are similar to those in oil, and 5) why bidders and some targets tend to perform abnormally well prior to takeover.2Rents are returns in excess of the opportunity cost of the resources to the activity. Quasi rents are returns in excess of the short-run opportunity cost of the resources to the activity.I.The Role of Debt in Motivating Organizational EfficiencyThe agency costs of debt have been widely discussed, but the benefits of debt in motivating managers and their organizations to be efficient have been ignored. I call these effects the “control hypothesis” for debt creation.Managers with substantial free cash flow can increase dividends or repurchase stock and thereby pay out current cash that would otherwise be invested in low-return projects or wasted. This leaves managers with control over the use of future free cash flows, but they can promise to pay out future cash flows by announcing a “permanent”increase in the dividend. Such promises are weak because dividends can be reduced in the future. The fact that capital markets punish dividend cuts with large stock price reductions is consistent with the agency costs of free cash flow.Debt creation, without retention of the proceeds of the issue, enables managers to effectively bond their promise to pay out future cash flows. Thus, debt can be an effective substitute for dividends, something not generally recognized in the corporate finance literature. By issuing debt in exchange for stock, managers are bonding their promise to pay out future cash flows in a way that cannot be accomplished by simple dividend increases. In doing so, they give shareholder recipients of the debt the right to take the firm into bankruptcy court if they do not maintain their promise to make the interest and principal payments. Thus debt reduces the agency costs of free cash flow by reducing the cash flow available for spending at the discretion of managers. These control effects of debt are a potential determinant of capital structure.Issuing large amounts of debt to buy back stock also sets up the required organizational incentives to motivate managers and to help them overcome normal organizational resistance to retrenchment which the payout of free cash flow often requires. The threat caused by failure to make debt service payments serves as an effective motivating force to make such organizations more efficient. Stock repurchasesfor debt or cash also has tax advantages. (Interest payments are tax deductible to the corporation, and that part of the repurchase proceeds equal to the seller’s tax basis in the stock is not taxed at all.)Increased leverage also has costs. As leverage increases, the usual agency costs of debt rise, including bankruptcy costs. The optimal debt-equity ratio is the point at which firm value is maximized, the point where the marginal costs of debt just offset the marginal benefits.The control hypothesis does not imply that debt issues will always have positive control effects. For example, these effects will not be as important for rapidly growing organizations with large and highly profitable investment projects but no free cash flow. Such organizations will have to go regularly to the financial markets to obtain capital. At these times the markets have an opportunity to evaluate the company, its management, and its proposed projects. Investment bankers and analysts play an important role in this monitoring, and the market’s assessment is made evident by the price investors pay for the financial claims.The control function of debt is more important in organizations that generate large cash flows but have low growth prospects, and even more important in organizations that must shrink. In these organizations the pressures to waste cash flows by investing them in uneconomic projects is most serious.II.Evidence from Financial RestructuringThe free cash flow theory of capital structures helps explain previously puzzling results on the effects of financial restructuring. My paper with Clifford Smith (1985, Table 2) and Smith (1986, Tables 1 and 3) summarize more than a dozen studies of stock price changes at announcements of transactions which change capital structure. Most leverage-increasing transactions, including stock repurchases and exchange of debt or preferred for common, debt for preferred, and income bonds for preferred, result insignificant positive increases in common stock prices. The 2-day gains range from 21.9 percent (debt for common) to 2.2 percent (debt or income bonds for preferred). Most leverage-reducing transactions, including the sale of common, and exchange of common for debt or preferred, or preferred for debt, and the call of convertible bonds or convertible preferred forcing conversion into common, result in significant decreases in stock prices. The 2-day losses range from -9.9 percent (common for debt) to -0.4 percent (for call of convertible preferred forcing conversion to common). Consistent with this, free cash flow theory predicts that, except for firms with profitable unfunded investment projects, prices will rise with unexpected increases in payouts to shareholders (or promises to do so), and prices will fall with reductions in payments or new requests for funds (or reductions in promises to make future payments).The exceptions to the simple leverage change rule are targeted repurchases and the sale of debt (of all kinds) and preferred stock. These are associated with abnormal price declines (some of which are insignificant). The targeted repurchase price decline seems to be due to the reduced probability of takeover. The price decline on the sale of debt and preferred stock is consistent with the free cash flow theory because these sales bring new cash under the control of managers. Moreover, the magnitudes of the value changes are positively related to the change in the tightness of the commitment bonding the payment of future cash flows; for example, the effects of debt for preferred exchanges are smaller than the effects of debt for common exchanges. Tax effects can explain some of these results, but not all, for example, the price increases on exchange of preferred for common, which has no tax effects.III.Evidence from Leveraged Buyout and Going Private TransactionsMany of the benefits in going private and leveraged buyout (LBO) transactions seem to be due to the control function of debt. These transactions are creating a new organizational form that competes successfully with the open corporate form because ofadvantages in controlling the agency costs of free cash flow. In 1984, going private transactions totaled $10.8 billion and represented 27 percent of all public acquisitions (by number, see Grimm, 1984, 1985, 1986, Figs. 36 and 37). The evidence indicates premiums paid average over 50 percent.3Desirable leveraged buyout candidates are frequently firms or divisions of larger firms that have stable business histories and substantial free cash flow (i.e., low growth prospects and high potential for generating cash flows)—situations where agency costs of free cash flow are likely to be high. The LBO transactions are frequently financed with high debt; 10 to 1 ratios of debt to equity are not uncommon. Moreover, the use of strip financing and the allocation of equity in the deals reveal a sensitivity to incentives, conflicts of interest, and bankruptcy costs.Strip financing, the practice in which risky nonequity securities are held in approximately equal proportions, limits the conflict of interest among such securities’holders and therefore limits bankruptcy costs. A somewhat oversimplified example illustrates the point. Consider two firms identical in every respect except financing. Firm A is entirely financed with equity, and firm B is highly leveraged with senior subordinated debt, convertible debt and preferred as well as equity. Suppose firm B securities are sold only in strips, that is, a buyer purchasing X percent of any security must purchase X percent of all securities, and the securities are “stapled” together so they cannot be separated later. Security holders of both firms have identical unleveraged claims on the cash flow distribution, but organizationally the two firms are very different. If firm B managers withhold dividends to invest in value-reducing projects or if they are incompetent, strip holders have recourse to remedial powers not available to the equity holders of firm A. Each firm B security specifies the rights its holder has in the event of default on its dividend or coupon payment, for example, the right to take the firm into3See H. DeAngels et al. (1984), and L. Lowenstein (1985). Lowenstein also mentions incentive effects of debt, but argues tax effects play a major role in explaining the value increase.bankruptcy or to have board representation. As each security above the equity goes into default, the strip holder receives new rights to intercede in the organization. As a result, it is easier and quicker to replace managers in firm B.Moreover, because every security holder in the highly leveraged firm B has the same claim on the firm, there are no conflicts among senior and junior claimants over reorganization of the claims in the event of default; to the strip holder it is a matter of moving funds from one pocket to another. Thus firm B need never go into bankruptcy, the reorganization can be accomplished voluntarily, quickly, and with less expense and disruption than through bankruptcy proceedings.Strictly proportional holdings of all securities is not desirable, for example, because of IRS restrictions that deny tax deductibility of debt interest in such situations and limits on bank holdings of equity. However, riskless senior debt needn’t be in the strip, and it is advantageous to have top-level managers and venture capitalists who promote the transactions hold a larger share of the equity. Securities commonly subject to strip practice are often called “mezzanine” financing and include securities with priority superior to common stock yet subordinate to senior debt.Top-level managers frequently receive 15-20 percent of the equity. Venture capitalists and the funds they represent retain the major share of the equity. They control the board of directors and monitor managers. Managers and venture capitalists have a strong interest in making the venture successful because their equity interests are subordinate to other claims. Success requires (among other things) implementation of changes to avoid investment in low return projects to generate the cash for debt service and to increase the value of equity. Less than a handful of these ventures have ended in bankruptcy, although more have gone through private reorganizations. A thorough test of this organizational form requires the passage of time and another recession.IV.Evidence from the Oil IndustryRadical changes in the energy market since 1973 simultaneously generated large increases in free cash flow in the petroleum industry and required a major shrinking of the industry. In this environment the agency costs of free cash flow were large, and the takeover market has played a critical role in reducing them. From 1973 to the late 1970’s, crude oil prices increased tenfold. They were initially accompanied by increases in expected future oil prices and an expansion of the industry. As consumption of oil fell, expectations of future increases in oil prices fell. Real interest rates and exploration and development costs also increased. As a result the optimal level of refining and distribution capacity and crude reserves fell in the late 1970’s and early 1980’s, leaving the industry with excess capacity. At the same time profits were high. This occurred because the average productivity of resources in the industry increased while the marginal productivity decreased. Thus, contrary to popular beliefs, the industry had to shrink. In particular, crude oil reserves (the industry’s major asset) were too high, and cutbacks in exploration and development (E&D) expenditures were required (see Jensen, 1986).Price increases generated large cash flows in the industry. For example, 1984 cash flows of the ten largest oil companies were $48.5 billion, 28 percent of the total cash flows of the top 200 firms in Dun’s Business Month survey. Consistent with the agency costs of free cash flow, management did not pay out the excess resources to shareholders. Instead, the industry continued to spend heavily on E&D activity even though average returns were below the cost of capital.Oil industry managers also launched diversification programs to invest funds outside the industry. The programs involved purchases of companies in retailing (Marcor by Mobil), manufacturing (Reliance Electric by Exxon), office equipment (Vydec by Exxon) and mining (Kennecott by Sohio, Anaconda Minerals by Arco, Cyprus Mines byAmoco). These acquisitions turned out to be among the least successful of the last decade, partly because of bad luck (for example, the collapse of the minerals industry) and partly because of a lack of management expertise outside the oil industry. Although acquiring firm shareholders lost on these acquisitions, the purchases generated social benefits to the extent that they diverted cash to shareholders (albeit target shareholders) that otherwise would have been wasted on unprofitable real investment projects.Two studies indicate that oil industry exploration and development expenditures have been too high since the late 1970’s. McConnell and Muscarella (1986) find that announcements of increases in E&D expenditures in the period 1975-81 were associated with systematic decreases in the announcing firm’s stock price, and vice versa. These results are striking in comparison with their evidence that the opposite market reaction occurs to changes in investment expenditures by industrial firms, and similar SEC evidence on increases in R&D expenditures. (See Office of the Chief Economist, SEC 1985.) Picchi’s study of returns on E&D expenditures for 30 large oil firms indicates on average the industry did not earn “. . . even a 10% return on its pretax outlays” (1985, p.5) in the period 1982-84. Estimates of the average ratio of the present value of future net cash flows of discoveries, extensions, and enhanced recovery to E&D expenditures for the industry ranged from less than 60 to 90 cents on every dollar invested in these activities.V.Takeovers in the Oil IndustryRetrenchment requires cancellation or delay of many ongoing and planned projects. This threatens the careers of the people involved, and the resulting resistance means such changes frequently do not get made in the absence of a crisis. Takeover attempts can generate crises that bring about action where none would otherwise occur.Partly as a result of Mesa Petroleum’s efforts to extend the use of royalty trusts which reduce taxes and pass cash flows directly through to shareholders, firms in the oilindustry were led to merge, and in the merging process they incurred large increases in debt, paid out large amounts of capital to shareholders, reduced excess expenditures in E&D and reduced excess capacity in refining and distribution. The result has been large gains in efficiency and in value. Total gains to shareholders in the Gulf/Chevron, Getty/Texaco, and Dupont/Conoco mergers, for example, were over $17 billion. More is possible. Allen Jacobs (1986) estimates total potential gains of about $200 billion from eliminating inefficiencies in 98 firms with significant oil reserves as of December 1984.Actual takeover is not necessary to induce the required retrenchment and return of resources to shareholders. The restructuring of Phillips and Unocal (brought about by threat of takeover) and the voluntary Arco restructuring resulted in stockholder gains ranging from 20 to 35 percent of market value (totalling $6.6 billion). The restructuring involved repurchase of from 25 to 53 percent of equity (for over $4 billion in each case), substantially increased cash dividends, sales of assets, and major cutbacks in capital spending (including E&D expenditures). Diamond-Shamrock’s reorganization is further support for the theory because its market value fell 2 percent on the announcement day. Its restructuring involved, among other things, reducing cash dividends by 43 percent, repurchasing 6 percent of its shares for $200 million, selling 12 percent of a newly created master limited partnership to the public, and increasing expenditures on oil and gas exploration by $100 million/year.VI.Free Cash Flow Theory of TakeoversFree cash flow is only one of approximately a dozen theories to explain takeovers, all of which I believe are of some relevance (Jensen, 1986). Here I sketch out some empirical predictions of the free cash flow theory, and what I believe are the facts that lend it credence.The positive market response to debt creation in oil industry takeovers (as well as elsewhere, see Bruner, 1985) is consistent with the notion that additional debt increasesefficiency by forcing organizations with large cash flows but few high-return investment projects to disgorge cash to investors. The debt helps prevent such firms from wasting resources on low-return projects.Free cash flow theory predicts which mergers and takeovers are more likely to destroy, rather than to create, value; it shows how takeovers are both evidence of the conflicts of interest between shareholders and managers, and a solution to the problem. Acquisitions are one way managers spend cash instead of paying it out to shareholders. Therefore, the theory implies managers of firms with unused borrowing power and large free cash flows are more likely to undertake low-benefit or even value-destroying mergers. Diversification programs generally fit this category, and the theory predicts they will generate lower total gains. The major benefit of such transactions may be that they involve less waste of resources than if the funds had been internally invested in unprofitable projects. Acquisitions not made with stock involve payout of resources to (target) shareholders and this can create net benefits even if the merger generates operating inefficiencies. Such low-return mergers are more likely in industries with large cash flows whose economics dictate that exit occur. In declining industries, mergers within the industry create value, and mergers outside the industry are more likely to be low- or even negative-return projects. Oil fits this description and so does tobacco. Tobacco firms face declining demand due to changing smoking habits but generate large free cash flow and have been involved in major acquisitions recently. Forest products is another industry with excess capacity. Food industry mergers also appear to reflect the expenditure of free cash flow. The industry apparently generates large cash flows with few growth opportunities. It is therefore a good candidate for leveraged buyouts and they are now occurring. The $6.3 billion Beatrice LBO is the largest ever. The broadcasting industry generates rents in the form of large cash flows on its licenses and also fits the theory. Regulation limits the supply of licenses and the number owned by a single entity. Thus, profitable internal investments are limited and the industry’s free cash flow hasbeen spent on organizational inefficiencies and diversification programs—making these firms takeover targets. CBS’s debt for stock restructuring fits the theory.The theory predicts value-increasing takeovers occur in response to breakdowns of internal control processes in firms with substantial free cash flow and organizational policies (including diversification programs) that are wasting resources. It predicts hostile takeovers, large increases in leverage, dismantlement of empires with few economies of scale or scope to give them economic purpose (for example, conglomerates), and much controversy as current managers object to loss of their jobs or the changes in organizational policies forced on them by threat of takeover.The debt created in a hostile takeover (or takeover defense) of a firm suffering severe agency costs of free cash flow is often not permanent. In these situations, levering the firm so highly that it cannot continue to exist in its old form generates benefits. It creates the crisis to motivate cuts in expansion programs and the sale of those divisions which are more valuable outside the firm. The proceeds are used to reduce debt to a more normal or permanent level. This process results in a complete rethinking of the organization’s strategy and its structure. When successful a much leaner and competitive organization results.Consistent with the data, free cash flow theory predicts that many acquirers will tend to have exceptionally good performance prior to acquisition. (Again, the oil industry fits well.) That exceptional performance generates the free cash flow for the acquisition. Targets will be of two kinds: firms with poor management that have done poorly prior to the merger, and firms that have done exceptionally well and have large free cash flow which they refuse to pay out to shareholders. Both kinds of targets seem to exist, but more careful analysis is desirable (see Mueller, 1980).The theory predicts that takeovers financed with cash and debt will generate larger benefits than those accomplished through exchange of stock. Stock acquisitions tend to be different from debt or cash acquisitions and more likely to be associated withgrowth opportunities and a shortage of free cash flow; but that is a topic for future consideration.The agency cost of free cash flow is consistent with a wide range of data for which there has been no consistent explanation. I have found no data which is inconsistent with the theory, but it is rich in predictions which are yet to be tested.ReferencesBaker, George (1986). “Compensation and Hierarchies.” Harvard Business School . Bruner, Robert F. (1985). “The Use of Excess Cash and Debt Capacity as Motive for Merger.” Colgate Darden Graduate School of Business (December).DeAngelo, Harry, Linda DeAngelo and Edward M. Rice (1984). “Going Private: Minority Freezeouts and Shareholder Wealth.” Journal of Law and Economics 27 (October).Donaldson, Gordon (1984). Managing Corporate Wealth. New York, Praeger.Dun’s Business Month (1985). Cash Flow: The Top 200: 44-50.Easterbrook, Frank H. (1984). “Two Agency-Cost Explanations of Dividends.” American Economic Review 74 : 650-59.Grimm, W. T. (1984, 1985, 1986). “Mergerstat Review, Annual Editions.” .Jacobs, E. Allen (1986). “The Agency Cost of Corporate Control: The Petroleum Industry.” Massachusetts Institute of Technology (March).Jensen, Michael C. (1985). “When Unocal Won Over Pickins, Shareholders and Society Lost.” Financier 9 (November): 50-52.Jensen, Michael C. (1986). “The Takeover Controversy: Analysis and Evidence.”Midland Corporate Finance Journal 4, no. 2 (Summer): 6-32.Jensen, M. C. and Jr. Clifford Smith (1985). “Stockholder, Manager and Creditor Interests: Applications of Agency Theory”. Recent Advances in Corporate Finance. E. I. Altman and M. G. Subrahmanyam. Homewood, Illinois, Irwin: 93-131.Lowenstein, L. (1985). “Management Buyouts.” Columbia Law Review 85 (May): 730-784.McConnell, John J. and Chris J. Muscarella (1986). “Corporate Capital Expenditure Decisions and the Market Value of the Firm.” Journal of Financial Economics .。
PP借贷服务平台
Lending Club(美国)
• 总发起贷款量：14亿美元 • 借款人年利率：5.59美元起 • 年回报率：6.03%-27.49%
Lending Club(美国)
• 特色： 特别重视用户的信用记录，平均只有10%的申请通过信用
记录审核。这是其能吸引到很多大的投资用户，并且风险 控制和利润都取得长足进步的主要原因。其管理层的背景 及其雄厚，多位金融和政治界传奇人物，从其首轮融资即 得到1000万美元的融资便可见其规模。
Prosper(美国)
•创立时间：2006年成立 •盈利模式：对投资者收取总投资款的1%的管理费；
对借贷者收取一次性的1%-3%的手续费。 •牌照：美国证劵交易委员会资质认证
Prosper(美国)
• 总融资额：94.9m美元 • 总发起贷款量：447m美元 • 季度回报率：5.5%-13.29% • 借款人年利率：6.38%起
Zopa(英国)
•风险控制：
•通过将借款人进行信用分级、强制要求借款人按月分期归 还贷款、要求借款人必须签署法律合同等方式;
•通过分散投资最小化出借人的风险，具体做法是将出借人 的每笔贷款额以10英镑为单位贷给假设干借款人。
Zopa(英国)
•运营特点：
•严格划分信用等级、分散贷款、强制按月还款、多对一的 分散式的贷款形式，提供公司的开展历史、资金来源、管理 层人员信息、适时更新的数据和借款人、出借人的特征分布 情况等。
Prosper(美国)
•风险控制：
•通过一系列计算机及网络平安技术来保障借款人和出借人 的个人信息及账户平安，并通过借款人信用评级、反诈骗和 身份审查、分散出借人资金等方式来最小化资金风险。
外企咨询单位常用英语单词
Aabsorption of costs 本钱分配accesibility 可进入性accessory equipment markets 附属设备市场account management policies 客户管理策略acquisition new-product development strategy 新产品开发收购战略activity-based costing 以活动为根底的本钱系统adaptation to market variations 适应市场变化adaptive positioning 适应性定位additions to existing product lines 现有产品线的增加adequate size 准确的大小/足够的规模administered vertical marketing systems 管理式垂直营销系统administrative relationships 管理关系adopter categories 采购者的类型adoption process 采购过程advertising and market segmentation 广告与市场细分advertising and sales promotion 广告和销售促进advertising effects 广告效果advertising ethics 广告伦理道德advertising feedback 广告反响advertising frequency 广告频率advertising media 广告媒体advertising message 广告信息advertising reach 广告接受人数advertising source 广告信息来源aerobic enthusiasts 增氧健身运动爱好者affinity club 同族俱乐部after tests 事后测试agent middleman 代理商agent/merchant middleman 代理中间商allowance 折让alteration 退换AMA Code of Ethics 美国营销协会职业道德标准analysis of data 数据分析analyzer strategy 分析者战略Anderson 安达信annual marketing plan 年度营销方案annual requirement purchasing arrangement 年度采购需求方案anticipatory positioning 预见性定位anti-pollution legislation 反污染立法anti-trust legislation 反托拉斯立法Apple Computers 苹果电脑area structure 地区结构aspiration/expectation level 渴望/期望水平aspirations of consumers 消费者渴望assurance 保证AT&T 美国电报公司ATM (automatic teller machine) 银行自动柜员机attitudes of consumers 消费者态度attributes 属性audiences 受众auto repair 汽车维修automation services 自动效劳automobile industry 汽车产业autonomy 自主权availability 可获得性/供货能力avante guardian 前卫派Avon 雅芳awareness 〔产品〕知晓度/知名度Bbaby boomers 婴儿潮出生的一代人backward channels for recycling 回收的后向渠道backward integration 后向垂直一体化banner advertisements 横幅标语广告bar codes 条形码barter 实物交易basic physical needs 根本生理需要Bausch & Lomb 博士伦BCG Grow-Share Matrix 波士顿增长-份额矩阵before tests 事前测试Behavior Scan Information Resources Inc. 行为扫描信息源公司behavioural analysis 行为分析behavioural hierarchies 行为层级benchmarking 基准benefit clusters 利益群体benefits 利益Benz 奔驰billing 帐单biological revolution 生物革命birth rate 出生率blanket purchase order 一揽子采购合同blind-paired comparison testing 双盲比拟测试Blockbusterblue collars 蓝领BMW 宝马Boeing 波音bottom line 底线/盈亏一览结算线brand awareness 品牌意识/认知brand extensions 品牌扩展brand loyalty 品牌忠诚度brand mark 品牌标志brand name 品牌名称brand positioning 品牌定位brand recognition 品牌识别brand strategies 品牌战略brand 品牌branding strategy 品牌化战略branding 品牌化brand's equity 品牌的价值break-even analysis 盈亏平衡分析break-even volume 盈亏平衡产量breath of product assortment 产品线的宽度breath or diversity of product lines 产品线的宽度或多样性bribery 贿赂British Airways 英国航空公司brokers 经纪人budgeting 预算bundle 捆绑Bureau of Census 人口统计局Burger King 汉堡王busines strength rating 商业能力评分business plan 商业方案business position 经营地位business sector 商业部门business services markets 商业效劳市场business strategies 经营战略business unit strategy 经营单位战略Business Week ?商业周刊? buyback allowances 回购折让buyback arrangements 产品返销buyers' bargaining power 买方的讨价还价能力buyers 采购者buying behavior 购置行为buying center 采购中心buying inertia 购置惯性buying intention 购置意图buying offices 连锁商店的进货中心buying power indes (BPI) 购置力指数buying situation 采购情况/类型buying task 采购任务Ccable TV 有线电视Cadillac 凯迪拉克Campbell's Soup 金宝汤业公司capital gains 资本收益capital invested in product 产品投入资本Carnival 嘉年华cash cows 现金牛类cash discounts 现金折扣catalogue sales 目录销售categorization of perception 感知分类categorization 分门别类Caterpillar Tractor 卡特皮勒公司Cathay Airlines 国泰航空公司CBS Records 唱片公司CBS 哥伦比亚播送公司centralization 集中化chameleons/followers 变色龙/跟随者channel alternatives 可选择的营销渠道channel conflicts 渠道冲突channel decisions 渠道决策channel functions 渠道功能channel institutions 渠道组织结构channel management 渠道管理channel objectives 渠道目标channel of distribution 分销渠道channel power 渠道权力channel-control strategies 渠道控制战略channel-design decisions 渠道设计决策channel-management decisions 渠道管理决策channels of communication 传播渠道Charles Snow 查尔斯·斯诺Cherokee 切诺基chevrolet 雪佛莱choice criteria 选择标准Christian Dior 克里斯汀·迪奥〔世界著名时装品牌〕Chrysler 克莱斯勒Citi Corp 花旗银行closing a sale 结束销售clothing retailers 服装零售商CNN 美国有线新闻网co-branding 联合品牌code of ethics 〔职业〕道德标准coercive power 强制权cognitive dissonance 认识的不协调Colgate-Palmolive 高露洁collection of data 数据收集collection 收款co-marketing alliances 联合营销联盟combination compensation plan 结合式薪酬方案Comdex 计算机展销会commercialization 商业化commitment 承诺communication channels 传播渠道communication process 传播过程communication 信息交流/沟通communications media 传播媒体company personnel 公司员工Compaq 康柏comparative advertisements 比拟广告comparison of brands 品牌比拟compensation deals 补偿处理compensation plan 酬金方案compensation/rewards 酬金/奖励compensatory 补偿性的competition and industry evolution 竞争和行业演变competition-orientated pricing 竞争导向定价法competitive advantage 竞争优势competitive (supply-side) evolution 竞争〔供方〕演变competitive factors 竞争因素competitive intelligence 竞争情报/信息competitive parity promotion budgeting 竞争均势促销预算法competitive strategy 竞争战略competitive strength 竞争优势/能力competitor analysis 竞争者分析complaint handling 投诉处理component materials and parts markets 组成材料和零部件市场computerized ordering 计算机化的订购conclusive research 确定性研究conditions of demand 需求情况conflict and resolution strategies 冲突和解决战略conformance to specifications 与规格一致conformance 一致性confrontation strategy 对抗战略conjoint measurement 联合测度法conjunctive model 联合模型consumer decision-making 消费者〔购置〕决策consumer goods channels 消费品分销渠道Consumer Goods Pricing Act, USA 美国消费品定价法案consumer goods 消费品consumer markets 消费品市场consumer needs 消费者需求consumer packaged-goods firms 消费者包装食品公司consumer promotion 消费者促销consumer tests 消费者测试consumer/household market 消费者/家庭市场consumers' perceptions 消费者感知consumption 消费contests 竞赛contingency planning 权变方案contract construction 契约建筑业contract manufacturing 契约制造业contraction/strategic withdrawal strategy 收缩/战略性撤退战略contractual entry modes 契约式进入模式contractual vertical marketing systems 合约式垂直营销系统contribution margin analysis 边际奉献〔奉献毛利〕分析contributrion margin 边际奉献control strategies 控制战略convenience food stores 便利食品商店convenience goods 便利品convenience 效劳的便利性Cool Whip 清凉维普co-operative advertising 合作性广告co-ordination and conflict resolution 协调与冲突解决co-production 合作生产core benefit proposition (CBP) 核心利益方案/提议corollary-data method 推定数据法corporate HQ 公司总部corporate scope 公司〔经营〕范围corporate strategy 公司战略corporate vertical marketing systems 公司式垂直营销系统corporate/institutional advertising 团体/社会公共机构广告corrective action 矫正行动cost analysis 本钱分析cost effectiveness 本钱有效性cost leadership strategy 本钱领先战略cost of capital 资本本钱cost of goods sold (COGS) 产品销售本钱cost reductions 降低本钱产品cost-and-volume relationship 本钱-数量关系cost-oriented pricing 本钱导向定价法cost-plus/mark-up pricing 本钱加成/溢价定价法costs and benefits of marketing functions 营销职能的本钱和效益costs of competitors 竞争者本钱costs of distribution 分销本钱countertrade 对等贸易coupons 优惠券courtesy 礼貌coverage of geographic market 地域性市场的范围coverage of relevant retailers 相关零售商的销售范围credibility 信誉credit terms 信贷条款critical assumptions 关键假设cross-elasticity 交叉弹性customary pricing 习惯性定价法customer analysis 顾客分析customer contact 顾客接触customer demand 顾客需求customer intimacy 顾客亲密度customer loyalty 顾客忠诚度customer need 顾客需要customer organization of sales force 按客户组织销售队伍customer retention 顾客维系/保存customer satisfaction 顾客满意度customer segment pricing 顾客细分市场定价customer service 顾客效劳customer-oriented pricing 顾客导向定价法customers' perception 顾客感知customers' preferences 顾客偏好customers' price sensitivity 顾客的价格敏感度customizing 定制Ddata collection 数据收集data confidentiality 数据保密data research 数据研究data sources 数据来源dealers 经销商deceptive advertisements 欺骗性广告deciders 决策者declining markets 衰退市场decoding 解码defect rate 缺陷率defender strategy 防御型战略defensive new-product development strategy 防御性新产品开发战略defensive positioning 防御性定位delivery time 交付时间delivery 配送Dell Computers 戴尔计算机公司Delta Airlines 三角洲航空公司demand characteristics 需求特征demand curve 需求曲线demand-oriented pricing 需求导向定价法demographic environment 人口统计环境department stores 百货商店dependability 可靠性deregulation 放松管制derived demand 衍生需求descriptive research 描述性研究design decisions 设计决策desired percentage mark-up on retail 预期零售利润率desired percentage return 预期回报率determinant attributes 关键属性determinants 决定因素different responses 差异反响differentiated defender strategy 差异化防御战略differentiated marketing 差异化营销differentiation over time 不同时间的差异differentiation strategy 差异化战略differentiation 差异化diffusion of innovation theory 创新扩散理论dimension 因素dimensions of quality 质量维度direct costing profitability analysis 直接本钱盈利性分析direct mail 直接邮寄direct marketing via advertising media 通过广告媒体的直接营销direct marketing 直接营销direct product profitability (DPP) 直接产品盈利性/利润率direct selling 直销discount rate 贴现率discount stores 折扣商店discount 折扣discount/premium price policies 折扣/溢价策略discriminant analysis 差异分析法discriminatory adjustments 歧视价风格整discriminatory pricing adjustments 歧视定价调整disjunctive model 别离模型display space 陈列空间disposable income 可支配收入dissonance-attribution hierarchy 不和谐-归属层次结构distribution channel designs 分销渠道设计distribution channel objectives 分销渠道的目标distribution channel 分销渠道distribution decisions 分销决策distribution policies 分销策略distribution 分销distributor/store (private lables) brands 分销商/私有品牌distributors 分销商diversification 多元化divest 撤退divest 出让divestment or liquidation 收回投资或清算dividend 红利dogs 瘦狗类domestic target marketing strategies 国内目标市场定位的营销战略dropping products 放弃产品dry cleaning 干洗dual/two channel distribution systems 双重分销系统duplication 〔媒体〕重复DuPont 杜邦公司durability 耐用性Eearly vs late adoption 早期采购与后期采购earnings per share 每股收益economic and technological factors 经济技术因素economic power 经济权economies of scale 规模经济education services 教育效劳effectiveness 有效性efficiency 效率Electrolux 伊莱克斯emergency goods 急需品Emerson Electric 爱默生电气emotional appeals 情感诉求empathy 移情作用empirical evidence 经验性实例empowerment 授权encoding 编码end use 最终使用endorsement 赞同engineering 〔产品〕工程设计entrepreneurial strategy 企业家战略entry strategies 进入战略environment and packaging disposal 环境与包装处理environment factors 环境因素environmental scanning 环境扫描/分析environmental strategy 环境战略establishment 机构ethical audit 〔公司〕伦理审计ethics of marketing 营销伦理道德ethnic composition 种族构成European Community 欧共体evaluation and reward systems 评估与奖励体系evaluation and selection of supplier 评估和选择供给商evaluation of alternatives 评估替代品/各种选择evaluation of brands 品牌评估event sponsorship 事件赞助event 活动everyday low-price (EDLP) 天天低价evoked set 引发的组合evolution of market 市场演变exchange 交换exclusive dealing 独家销售exclusive distribution 独家分销executive summary 执行摘要exhibition media 展示广告媒体existing market 现有市场exit barriers 退出壁垒expansion path 扩张途径expectation measures 〔顾客〕预期测度expectations of customers 顾客期望expected unit sales 预计产量expected value 期望价值experience curve 经验曲线experimental research 实验性研究expert power 专长权exploratory research 探索性研究export agents 出口代理〔商〕export jobbers 出口批发商export management company 出口管理公司export merchants 出口贸易商export 出口exporting 出口商品extended use strategy 扩大使用战略extending volume growth 扩大市场份额external data sources 外部数据来源external environment 外部环境extrapolation of past sales trends 过去销售趋势推测法Ffacilitating agencies 辅助/中介机构factor analysis 因素分析法fads 时尚family branding 家族品牌family life cycle 家庭生命周期family structure 家庭结构farm products 农产品fast-moving consumer goods (FMCG) 快速变动的消费品fear appeals 恐惧/顾虑诉求features 特征Federal Department Stores 联邦百货商店Federal Trade Code 〔FTC) 联邦贸易法案FedEx (Federal Express) 联邦快递feedback data 反响数据field test marketing 实地市场测试financing 融资fisheries 渔业fit and finish 结实度与外观fixed costs 固定本钱fixed salary 固定工资flanker strategy 侧翼进攻战略flanker/fighting brand 战斗品牌flanking and encirclement strategies 侧翼进攻与围堵战略flat organizational structure 扁平的组织结构FOB origin pricing FOB产地定价法focus strategy 集中战略followers 追随者Ford 福特公司foreign middlemen 国外中间商forestry 林业formalization 形式/标准化formulate 制定fortress/position-defence strategy 防御堡垒战略Fortune ?财富?杂志forward integration 向前一体化franchise systems 特许系统franchising 特许经营free call numbers 免费号码free goods 免费商品freight-absorption pricing 免收运费定价法fringe benefits 小额津贴frontal attack strategy 正面进攻战略full costing profitability analysis 全本钱盈利性分析full-service wholesalers 全方位效劳的批发商functional competencies and resource allocation职能能力与资源分配functional efficiency 职能效率functional organization of sales force 按销售职能组织销售队伍functional organizational structure 职能型组织结构functional performance 功能性能functional strategy 职能战略Ggames 比赛gap 差距gatekeepers 信息传递者general behavioral descriptors 一般行为变量General Electric (GE) 通用电气General Foods Corporation 通用食品general merchandise discount chains 群众商品折扣连锁店General Motors 通用汽车geodemographics 区域人口统计特征geographic adjustments 地理调整geographic distribution 地理分布geographical organization of sales force 按地区组织销售队伍Gillette 吉列剔须刀global adjustments 全球调整global elite consumer segment 全球精英消费品市场global expansion 全球扩张global marketing control 全球营销控制global markets 全球市场global niche strategy 全球时机战略global standardization strategy 全球标准化战略global teenage segment 全球青少年市场globalization 全球化global-market expansion 全球市场扩张goals 总目标going-rate/competitive parity pricing 竞争性平价定价法goods producers 产品制造商Goodyear 固特异轮胎government agencies 政府机构government buyers 政府采购者government market 政府市场government regulation 政府管制greenhouse effect 温室效应grey market 灰色市场gross domestic product (GDP) 国内生产总值gross margin 毛利gross national product (GNP) 国民生产总值gross profit 毛利gross rating points (GRPs) 总级别指数group/category product manager 类别产品经理growing markets 成长市场growth rate of market 市场增长率growth stage of product life cycle 产品生命周期的成长阶段growth-extension strategies 增长扩张战略growth-market strategies for market leaders 市场领导者的市场增长战略growth-market strategy 成长性市场战略growth-market targeting strategy 成长性市场定位战略guarantee/warranty 保证/担保guarantees 保证Gucci 古琦〔世界著名时装品牌〕HHaagen-Dazs 哈根达斯hard technology 硬技术Harvard Business Review ?哈佛商业评论? harvest 收获harvesting pricing 收获定价法harvesting strategy 收获战略health care 医疗保健health maintenance organizations (HMOs) 〔美国〕卫生保健组织heavy buyer 大客户Heileman Brewing CompanyHeinz 亨氏食品helpfulness 有益性Henkel 汉高Hertz 赫兹〔美国汽车租赁巨头〕Hewlett-Packard 惠普公司hierarchy of strategy 战略的层次high margin/low-turnover retailers 高利润/低周转率的零售商high market share global strategy 高市场份额全球战略high-contact service system 高接触效劳系统high-involvement product 高参与产品high-involvement purchase 高参与购置hight market share 高市场份额战略Hilton 希尔顿Holiday Inns 假日旅馆homogeneous market 同质市场Honda 本田household/family life cycle 家庭生命周期household 家庭hybrid technology 混合技术IIBM 国际商用机器idea generation 创意的产生/生成ideas for new products 新产品创意/设想idea-screening process 创意筛选过程identification of segments 识别细分市场Illinois Tool Works 伊利诺斯工具厂image pricing 形象定价imitative positioning 模仿定位imitative strategy 模仿战略impact evaluation 影响评估impersonal sources 非个人的信息来源implementation and control of marketing programs营销方案的执行和控制implementation 实施improvements in or revisions of existing products现有产品的改进或修正impulse buying 冲动购置impulse goods 冲动购置品incentives 鼓励income 收入increased penetration strategy 增加渗透战略indirect costing profitability analysis 间接本钱盈利性分析individual brand 个别品牌individual value 个人价值industrial goods & services 工业产品和效劳industrial goods channels 工业品分销渠道industry attractiveness 行业吸引力industry attractiveness-business position matrix行业吸引力-业务地位矩阵industry dynamics 产业动态industry evaluation 产业评估industry evolution 产业演变inelastic 缺乏价格弹性influencers 影响者infocommunications industry 信息通信行业infomercials 商业信息广告information age 信息时代information search 信息搜集information technology 信息技术information 信息informative 告知性的ingredient 成份in-home personal interview 个人家庭访谈in-house use tests 内部使用测试innovation 创新innovativeness 创新性installation 设施in-store display 店内展示in-store positioning 店内布局in-store promotion 店内促销intangibles 无形integrated marketing communication plan (IMC) 整合营销传播方案integration of perception 感知整合integration 整合Intel 因特尔intensity of market position 市场地位的集中程度intensity 集中程度intensive distribution 密集型分销interactions across multiple target markets 多目标市场间的相互作用interactive media 交互式媒体interest rates 利率internal data sources 内部数据来源internal marketing 内部营销internal organizational structure 内部组织结构international advertising 国际广告international channels 国际分销渠道international division 国际分部international marketing 国际营销international organizational design 国际组织设计internationalization of services 效劳的国际化introductory stage of product life cycle 产品生命周期的推出阶段inventory level 库存水平investor relations advertising 投资关系广告issue advertising 观点广告JJaquar 美洲豹Jell-O 吉露jobbers 批发商Johnson & Johnson 强生joint ventures 合资jury of executive opinion 行政管理人员群体意见法just noticeable difference (JND) 恰巧注意到的差异just-in-time (JIT) management system 准时制管理体系just-in-time purchasing arrangements 及时采购安排KKao 花王Keiritsu 凯莱通Kellogg 凯洛格公司Kentucky Fried Chicken (KFC) 肯德基key account management 主要客户管理key accounts 关键客户key benefits 核心利益key environmental issue identification 确定主要的环境问题key variables 关键变量key/house accounts 关键/机构客户Kmart 凯玛特Kodak 柯达Komatsu 小松公司Kraft 卡芙Llaboratory tests 实验室测试leapfrog strategy 蛙跳战略learning hierarchy 学习层级结构legal services 法律效劳legislation 立法legitimate power 法定权level of compensation 酬金水平level of technical sophistication 技术的复杂程度Levi Strauss 李维·史特劳斯Levi's 列维斯〔全球最大的牛仔服制造商〕lexicographic model 词典编纂模型lifestyle 生活方式limited-service wholesalers 有限效劳的批发商line extension 产品线扩展line filling 产品线填充line stretching 产品线延伸list price 订价Lloyd's of London 伦敦劳埃德保险公司localizaiton strategy 本地化战略location pricing 场所定价location 位置lodging 房屋出租logistical alliances 后勤联盟long-term memory 长期记忆lost customer 失去的顾客Louis Vuitton 路易·威登〔法国著名时尚品牌〕low-contact service system 低接触效劳系统low-cost defender 低本钱防御型low-cost position 低本钱地位low-involvement hierarchy 低参与程度层级结构Lucent Technologies 朗讯科技Mmacro risks 宏观风险macroenvironment 宏观环境macrosegmentation 宏观细分mail-order retailers 邮购零售商maintaining market share 保持市场份额maintenance strategy 保持战略management overhead 管理费mandatory adaptation 强制性适应manufacturer brand 制造商/全国性品牌manufacturers' agents/representatives 生产商的代理商/销售代表manufacturers' export agents (MEA) 制造商出口代理manufacturers' sales offices/branches 生产商的销售办事处/分支机构manufacturing process 制造过程manufacturing 制造业market aggregation strategy 整体市场战略market attractiveness factors 市场吸引力因素market attractiveness 市场吸引力market attractiveness/business position matrix 市场吸引力/业务地位矩阵market circumstances 市场环境market demorgraphics 市场人口分布/统计特征market dimension 市场量度market entry strategies 市场进入战略market exclusion 市场排斥market expansion strategy 市场扩张战略market factors 市场因素market followers 市场跟随者market growth rate 市场增长率market hirarchy 市场等级market inclusion 市场纳入market leaders 市场领导者market measurement 市场测量market opportunity analysis 市场时机分析market oriented 以市场为导向的market position factors 市场地位因素market positioning analysis 市场定位分析market potential measurements 市场潜力测度market research 市场研究market segment 细分市场market segmentation 市场细分market share 市场份额market targeting 目标市场选择market 市场marketability 市场开拓能力market-entry strategies 市场进入战略marketing action plan 营销行动方案marketing audit 营销审计marketing channel 营销渠道marketing codes of conduct 营销行为标准marketing communication 营销沟通/传播marketing concept 营销观念marketing control 营销控制marketing decision support systems (MDSS) 营销决策支持系统marketing environment audit 营销环境审计marketing flows and functions 营销过程和职能marketing function area audit 营销功能领域的审计marketing implications of 对营销的影响marketing information system 营销信息系统marketing institutions 营销机构marketing management 营销管理marketing message 营销信息marketing mix 营销组合marketing policy 营销策略marketing productivity area audit 营销生产力领域的审计marketing program components 营销方案内容marketing program 营销方案/方案marketing relationship 营销关系marketing research 营销研究marketing strategy 营销战略market-management organizational structure市场管理组织结构mark-up price 产品/溢价价格Marlboro 万宝路Marriott Hotel 万豪酒店mass-market penetration strategy 大规模市场渗透战略mass-market strategy 大市场战略matrix organizational structure 矩阵组织结构Matsu****a 日本松下电子mature conformists 成熟的随大流者mature markets 成熟市场mature stage of product life cycle 产品生命周期的成熟阶段McDonald's 麦当劳McDonnell Douglas 麦道公司MCI电讯公司〔前世界通信公司〕MDSS (Marketing-Decision Support System) 市场决策支持系统measurability 可测度性measure or index 测量指标measurement criteria 计量标准media audiences 媒体受众medical and health services 医疗卫生效劳Medico Containm''ent Servicesmemory of consumers 消费者记忆Mercedes-Benz 梅赛德斯-奔驰Mercer Management Consulting 美国美智管理参谋公司merchandising 推销merchant middlemen 国内贸易中间商merchant wholesalers 商业批发商message structure 信息结构Michael Porter 迈克尔-波特micro risks 微观风险microsegmentatioin 微观细分Miller Tyding ACT, USA 米勒·泰丁法案minging 矿业Minnesota Mining and Manufacturing Company (3M)明尼苏达矿业和制造公司Minolta 美能达miscellaneous sources 多方面来源mission 宗旨missionary selling 推销式销售Mitsubishi Heavy Industries 三菱重工modified rebuy 调整再购monosegment positioning 单一细分市场定位Monsanto 孟山都农业生物技术公司moral appeals 伦理/道德诉求morals 道德Motorola 摩托罗拉multichannel distribution 多渠道分销multidimensional scaling 多维等级法multilevel selling 多级销售multinational coporations (MNCs) 跨国公司multiple test markets 多测试市场multiple-brand strategy 多品牌战略multiple-factor index 多因素指数法multisegment positioning 多重细分市场定位mutual trust 相互信任NNabisco Biscuit 纳贝斯克饼干公司national account management 全国性客户管理national market 国内市场National Semiconductor 美国国家半导体公司natural products 天然产品NEC 日本电子Nescafé雀巢咖啡Nestlé雀巢net sales 净销售额network computer (NC) 网络计算机new business selling 新业务销售new buy 购入新产品new entrants 新进入者new markets 新市场new materials 新材料New Prod screening model 新普罗德筛选模型new product lines 新产品线new products 新产品new-product development 新产品开发new-product ideas 新产品创意Newsweek ?新闻周刊?new-task buying 全新采购new-to-the-world products 世界性新产品niche penetration strategy 壁龛/时机市场渗透战略niche-market strategy 壁龛市场战略Nike 耐克Nissan 尼桑no-brand brand name 无品牌的品牌名称no-frills product 无虚饰产品noise in communication system 传播系统中的噪音non-financial rewards 非物质性奖励措施non-probability sampling 非概率抽样non-profit organization 非盈利组织non-store retailing 无店铺零售业number of stockouts 迟滞数目Oobject-and-task method of promotion budgeting 目标-任务促销预算法objectives and strategy area audit 目标与战略领域的审计objectives 具体目标observation 观察法occupancy costs 房屋占用本钱occupation/position 职业/职位odd pricing 奇/余数定价法OEM (original equipment manufacturer) 原始设备制造商oeverall quality 总体质量off-invoice discounts 发票之外的折扣offsets 抵消交易Omega 欧米加on-air testing 播送测试OPEC (Organization of Petroleum Exporting Countries)欧佩克〔石油输出国组织〕opening relationships 建立关系operating supplies 生产供给品operational excellence 运作管理水平opinion leaders 意见领导者opportunity cost 时机本钱opportunity identification 时机识别opportunity/threat matrix 时机/威胁矩阵order cycle time 订货周期order processing 订单处理organisational level 组织层次organizaitonal requirement planning 组织需求方案organization area audit 组织领域的审计organization buying center 组织采购中心organizational customer 组织顾客organizational direct selling 组织直销organizational markets 组织市场organizational purchasing 组织采购organzational structure 组织结构outdoor enthusiasts 户外运动爱好者out-of-home media 户外广告媒体overall cost leadership 全面本钱领先overheads 日常开支overseas direct investment 海外直接投资ownership of new product 新产品所有权PPacific Electric 太平洋电气packaging 包装panel of experts 专家小组parentage 渊源parties involved 交换中的各方payment terms 支付条款pay-off control 支出控制penetration pricing 渗透定价Pepsi-Cola 百事可乐perceived customer value 顾客感知价值perceived quality 感知到的质量perceived value 感知到的价值percentage of sales promotion budgeting method销售额百分比促销预算法perceptions of consumers 消费者感知/理解perceptual (product) pisitioning 感知〔产品〕定位perceptual map 感知图perceptual organization 感知组织perceptual vigilance 感性的警惕performance dimension 业绩标准performance evaluation 业绩评估performance measures 表现/业绩测度performance objective 绩效目标performance standards 绩效标准performance 功能perishability 非持久性personal selling 人员推销personal sources 个人的信息来源personnel development 人力资源开发persuasive 说服性的pharmaceuticals industry 医药行业physical (product) positioning 物理〔产品〕定位physical descriptors 物理变量physical distribution 实物分销Pillsbury 皮尔斯博瑞pioneers 先入者Pizza Hut 必胜客place utility 地点效用planning and control system area audit 方案与控制系统领域的审计point of sale information 销售点信息point-of-purhcase (POP) promotion 采购点促销point-of-sales (POS) data 销售点数据pontificator 保守派popularity 通用性population trends 人口趋势portfolio models for resource allocation 资源配置的资产组合模式position intensity 地位集中程度positioning 定位possession utility 拥有效用post-purchase dissonance 购置后的不协调post-purchase evaluation 购置后评估post-purchase/after-sale service 售后效劳potential advantages 潜在优势potential customer 潜在顾客potential market 潜在市场potential target market 潜在目标市场power in distribution 分销权力power of buyers 购置者能力power of suppliers 供给商能力predatory pricing 掠夺性定价法pre-empting scarce resources 先占稀缺资源preferential treatment 特惠待遇premiums 额外奖励present competitors 现有的竞争者presenting sales message 提供销售信息pre-test market research 测试前市场研究price discrimination 价格歧视price elasticity of demand 需求的价格弹性price fixing 价格设定price leaders 价格领导者price lining 价格排列定价法price promotion 价格促销price quotation 报价price sensitivity 价格敏感度price structure 价格结构price 价格price/earnings ration 价格/收益比price-off promotions 降价促销price-setting process 定价过程pricing adjustments 定价调整pricing policies 价格策略pricing 定价primary demand 根本需求primary sources 第一类/主要数据print media 印刷媒体private/for-profit organization 私营/盈利性组织PRIZM (Potential Rating Index for Zip Markets)按邮政区划为根底的潜力等级指数proactive new-product development strategy 进取型新产品开发战略probability sampling 概率抽样problem formulation 界定问题problem identificatioin 确定问题process management 过程管理Procter & Gamble (P&G) 宝洁公司product line 产品线product availability 产品的可获得性product category 产品类别product class 产品类别product decisions 产品决策product design 产品设计product development 产品开发product dimension or attributes 产品维度/属性product evolution 产品演变product features 产品特征product intent share 产品倾向份额product leadership 产品领导能力product life cycle (PLC) 产品生命周期product life cycle curve 产品生命周期曲线product line 产品线product manager audit 产品经理审计product offering 供给品product organizaiton of salesforce 按产品组织销售队伍product policies 产品策略product positioning 产品定位product quality 产品质量product scope 产品范围product space 产品位置product specifications 产品规格product systems 产品体系product type 产品类型product usage 产品用途product 产品product(ion)-oriented organization 产品/生产导向型组织production 生产product-line pricing adjustments 产品线定价调整product-management organizational structure 产品管理组织结构product-market entry control 产品－市场进入控制product-related behavioral descriptors 与产品相关的行为变量product's market characteristics 产品的市场特征product-use testing 产品使用测试pro-environment 环保profit impact of market strategy (PIMS) 市场战略的利润影响profitability analysis 盈利性分析profitability 盈利性/盈利能力profitable survivor strategy 有利可图的生存者战略project-company resource compatibility 工程与公司资源的协调性projected profit-and-loss statement 预计损益表projective tests 投影测试promotion decisions 促销决策promotion mix 促销组合promotion policies 促销策略promotion 促销promotional allowance 促销折让promotional effort 促销努力promotional pricing 促销定价promptness 及时性propector strategy 探索型战略prospecting for customers 寻找顾客psychographics 心理统计特征psychological cost 心理本钱psychological pricing 心理定价法public organization 公共组织public relations 公共关系public utilities 公共设施publicity 公共宣传pull strategy for control of distribution channels分销渠道控制的拉式战略pupil dilation 瞳孔扩张purchase predisposition 购置倾向purchasing agent 采购代理purchasing contract 采购合同purchasing manager/agent 采购经理／代理purchasing power perity (PPP) 购置力平价指数push money/spiffs 佣金push stragtegy for control of distribution channels分销渠道控制的推式战略Qqualifying prospects 审查潜在顾客资格quality dimensions 质量维度quality 质量quantity discount 数量折扣question marks 问题类questioning 询问法quotas 定额RR & D expenditure 研究开发战略race and ethnic origin 种族和民族rack jobbers 供给超级市场的批发商radio 无线电播送rank ordering 排序rate of adoption 采购率。
必看电影——精选推荐
必看电影适合练英语听⼒的好电影Sabrina 情归巴黎Dove 真假总统When harry meet salay 当哈⾥遇见莎莉Pretty woman 漂亮⼥⼈My best friend wedding 我最好朋友的婚礼Erin Brockovich 永不妥协There"s Something About Mary 我为玛丽狂Vanilla sky ⾹草的天空Sleepless in Seattle 缘份的天空西雅图不眠夜You…ve got mail 电⼦情书Philadelphia 费城故事(1993版)The Graduate 毕业⽣Rain Man ⾬⼈Kramer Vs Kramer 克莱默夫妇The Shawshank Redemption 肖申克的救赎刺激1995 Legends Of The Fall 燃情岁⽉Jerry Maguire 甜⼼先⽣征服情海Forrest Gump《阿⽢正传》（发⾳不值得模仿）Gladiator《⾓⽃⼠》这部电影使⽤的词汇全在新概念3册以内1、阿⽢正传2、毕业⽣3、情归巴黎4、⽹上情缘（电⼦情书）5、漂亮⼥⼈（风⽉俏佳⼈）6、⼥⼈⾹（闻⾹识⼥⼈）7、西雅图不眠之夜（缘分的天空）8、泰坦尼克号9、⼈⿁情未了（⽣死第六感）10、汤姆历险记11、我最好朋友的婚礼12、新娘百分百（诺丁⼭）13、四个婚礼⼀个葬礼14、旅⾏冒险记15、哈⾥遇到塞丽16、亲亲⼩妈（继母）17、谎⾔⼤师（⼤话王）18、勇敢的⼼19、墨西哥⼈（危险情⼈）20、⽩宫奇缘21、真假总统22、六天七⽇23、空军⼀号24、旺达鱼25、母⼥情深26、罗马假⽇27、美丽⼈⽣28、狮⼦王（1 2 3）29、仙履奇缘30、⾳乐之声31、简爱32、怪物史莱克33、蝴蝶梦34、风中奇缘1-235、拜见岳⽗⼤⼈1 2 36、美⼥与野兽1 2 37、雷霆救兵38、飞越疯⼈院39、⽶奇之分派群星会40、⼩⿅斑⽐41、斯密斯夫妇42、鲨鱼⿊帮43、⿊暗中的舞者44、侏罗纪公园1 2 3 45、四眼天鸡46、穿越时空爱上你47、克莱默夫妇48、我的巨型希腊婚礼49、⼀夜风流50、费城故事51、迪斯尼动画⽚第⼀部52、美丽⼼灵53、魂断蓝桥54、卡萨布莱卡55、迪斯尼动画⽚第⼆部56、王⼦复仇记57、乱世佳⼈（飘）58、律政俏佳⼈59、阿拉丁和⼤盗之王60、茶花⼥61、双城计62、美⼈计63、⽩雪公主64、⾟德勒的名单65、傲慢与偏见66、出⽔芙蓉67、公主⽇记68、天⽅夜谭69、花⽊兰70、海底总动员71、冰河世纪72、绿野仙踪73、呼啸⼭庄74、哈⾥波特75、⽣死时速76、爱国者77、⾓⽃⼠78、芝加哥79、初恋50次80、不可饶恕81、⾬⼈82、廊桥遗梦83、美国派84、海上钢琴师85、本能86、钢琴别恋87、蒙娜丽莎的微笑88、美⼈鱼89、变相怪杰90、⼤⼒⼠91、佐罗2 92、⿁马⼩精灵93、冷⼭94、蚁哥正传95、窈窕淑⼥96、天堂电影院97、美国丽⼈98、阿拉伯的劳伦斯99、保镖100、逃跑新娘101、美国往事102、红磨坊103、教⽗104、沙翁情史105、与狼共舞106、⾛出⾮洲107、肖申克的救赎108、永不妥协109、冒牌天神110、这个杀⼿不太冷111、沉默的羔⽺112、真实的谎⾔113、壮志凌云114、空中监狱115、燃情岁⽉116、天使之城117、钢琴师118、云中漫步119、⽩宫群英120、灰姑娘121、⼩鸡快跑122、修⼥也疯狂123、泰⼭124、美国天使125、七宗罪126、熊的传说127、加菲猫128、⾹草的天空129、杀⼈三步曲130、指环王131、蝴蝶效应132、富贵猫133、⾍⾍特⼯队134、英国病⼈135、教室别恋136、曼哈顿⼥佣137、珍珠港138、魔⿁代⾔⼈139、超⼈特⼯队140、⿊客帝国141、特洛伊142、埃及艳后143.纳尼亚传奇144.刺杀神枪⼿ 145 黄⾦罗盘 146 会姑娘的⽔晶⼿机1.《Friends》【这就不⽤说了，绝对是必看，9.8分】2.《Everybody Loves Raymond》【24分钟的家庭喜剧，⽼实话，不好看，不能跟Friends⽐，但是它是典型的美国⽣活英语，⽐Friends⾥的有⽤，7.5分】3.《Joey》【好笑还是很好笑的，但是没继续出下去，当然也是很不及Friends的，8.5分】4.《Prison Break》【基本来说，PB就是⼤家美剧的敲门砖，看是都要看的，第⼆季起看不看就⽆所谓了，第三季刚开始精彩的时候⼜被编剧罢⼯给搅了，9.5分】5.《Lost》【如果给美剧打分，那么⽬前为⽌Lost就是9.9分，为什么少了0.1分呢？因为第四季还没出，等的好难受啊】6.《Veronica Mars》【第⼀季和第⼆季还是可以的，校园+侦探，8.5分，第三季巨烂，所以被砍了，主⾓就是Heroes第⼆季⾥新出的那个放电⼥，叫啥来着？】7.《Heroes》【也不⽤多说了，第⼀季很棒，第⼆季是灾难，9分】8.《The 4400》【4400个⼈拥有Ability，由于⽐Heroes早出，所以尽管题材相近，但还是不错的，但是看到后⾯么，跟Heroes⽐⽐就没什么出彩的了，8分】9.《CSI Las Vegas》【LV是CSI系列的⿐祖，理所当然的是最好看的，现在已经出到第⼋季，收视率总是第⼀第⼆，⾮常经典，绝对要看⼀看，9.5分】10.《CSI: New York》【NY⾥的头绝对没有LV⾥的帅，节奏更慢，镜头更露⾻，不是很好，8.5分】11.《Greys Anatony》【由于和CSI:LV是同⼀时间播出，所以基本上CSI收视率第⼆的话，第⼀就是GA，给它打分，同样9.9分，绝对好看，⼀定要看，PS：凭⼼讲⼀句，abc出的基本上都蛮好看的】12.《Ugly Betty》【觉得不是很好看啦，虽然⽆聊时还是把第⼆季看下去了，这个Betty和Daniel和Willie都满搓的，只有Marc 和Amenda很可爱很好笑，8分】13.《Traveler》【第⼀季没出完就被砍了，收视率不佳，但是个⼈觉得蛮好看的，9分，真的蛮好看的，555】14.《Painkiller Jane》【看了⼀集就受不了了，可想⽽知把，极不推荐，不及格】15.《Kyle XY》【科幻剧，不好看也不难看，还好还好，8分吧】16.《24 hours》【看了⼀季，毕竟有点⽼套，听说第六季⽐较好看，7.5分】17.《Desperate Housewives》【的确是很作的⼀帮主妇，挺好看的，虽然很作，没事⼉有事⼉就搞⼏具Dead Body出来，但是还不错，8.5分】18.《The Sopranos》【⿊道家族，看了⼀点点，不好看啊，⽽且6季了，太多】19.《The O.C》【现在正在看，觉得不好看，不好看，剧情满俗的，也不能怪⼈家，出的早嘛，7.5分】20.《One Tree Hill》【个⼈不是很喜欢这类的校园青春家庭剧，但是这⼀部还是不错的，演员都很养眼，剧情也很好，8分】21.《House》【专业性很强的医务剧，⼀堆专业名词都听不懂，但是第四季收视率⼀直很⾼，第三第四的，估计是我还没到⽕候，8.5分】22.《Criminal Minds》【看了⼀点，最新⼀季⼴受好评，但是罪案类看得太多，先歇会⼉，8分】23.《Burn Notice》【去年夏天出的新喜剧，不错的，Miami风景很好看8.5分】24.《Kitchen Confidential》【厨房秘事，同样是去年暑期出的喜剧，24分钟⼀集，很好看，期待下⼀季，9.5分】25.《Psych》【有点傻的侦探类喜剧，⽆聊时可以消遣消遣，7.5分】26.《Hidden Palms》【棕榈泉疑云，第⼀季出完就被砍了，除了Palm Spring这个景点⽐OC 好，其他没什么出彩，6.5分】27.《Chuck》【超市特⼯，今年很⽕的喜剧，暑假是出了两集也不知道三集，看了觉得还好，今年回归后拿到全季订单，看来还是不错的】28.《Standoff》【挺好看的，谈判专家，只出了⼀季，可以看看，9分】29.《Shark》【很好看的律政类美剧，拍的很有⽔准，但是从第⼆季起就不对味了，也有点看厌了，9分】30.《Sex And The City》【⾄今只看了两三集，据我⼀位全部看完的同学称：很好看】31.《Cashmere Mafia》【号称Sex And City姐妹篇，节奏感不错，刘⽟玲穿的太挂三了⼀点，不过还是挺好看的，9分】32.《Dexter》【嗜⾎判官，仍然是罪案类，⽽且有点变态，看了⼀集，没什么兴趣了】33.《Gossip Girl》【只能说，是⼀部很养眼的剧，挺好看的，就是没什么意思，8分】34.《Nip Tuck》【整容室，很⽼的美剧了，看了5集，不好看，很不好看】35.《Moonlight》【第⼀季13集刚出完，很好看的，尽管剧情不太连贯不太成熟，但是很好看很好看，9.5分】36.《Dirty Sexy Money》【第⼀季不久前出完，有点傻，不如名字那么Fancy，8分】37.《Private Practice》【从Grey's Anatomy衍⽣出来的洛杉矶版，看了⼏集没有继续下去，因为种⼦太少下的太⾟苦，但是蛮好看的，8.5分】38.《Bones》【识⾻寻踪，罪案类，看了⼀集，没有继续，应该还不错】39.《Mad Men》【⼴告狂⼈，获得艾美奖最佳，下了⼀集来看，太⾼深了，讲的是最早那帮⼴告⼈的打拼史】40.《Terminator: The Sarah Connor Chronicles》【终结者外传，看了⼀集，不喜欢这类的科幻⽚，男孩⼦应该⽐较喜欢】41.《Masters of Science Fiction》【科幻⼤师，出了四集就被砍了，是根据史蒂芬·⾦的⼩说改编的，很有深度，很讽刺⼈类，可惜了，8.9分】42.《Hustle》【这是⼀部BBC英剧啦，飞天⼤盗，挺好看的，光的妈妈也喜欢看，9分】OK，⾄今成果基本上是这样，⼜忘记的再补吧。
- 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)。
• 20个历史案例回顾，分析和其经验教训 • 评估舞弊风险 • 分析您公司主要舞弊风险所在
- 一个交互式的案例分析
练习 1 ：找出公司中存在的舞弊风险
舞弊防范
• 20大舞弊指示 • 如何发现危险信号 • 确认公司中最脆弱和容易出现舞弊的
地方
• 如何减轻舞弊的风险
练习 2 ：舞弊防范：什么能有效地防止 舞弊
评估现有的防范舞弊的措施
• 为什么传统的公司内部控制不能有效的
防止舞弊
• 把你自己放在舞弊者的位置上来考虑 • 检验一些典型有效的方法是否能减少在
案例中出现的风险
练习 3 ：让你体验舞弊风险的团队练习
• 概述：成功的防止舞弊的方案 • 进行最好的防止舞弊的实际操作 • 介绍有效的反舞弊政策 • 创造一个自觉抵制舞弊的良性循环 • 制定一个提高对舞弊警觉性的培训项目
法律方面的问题
• 在法律范围内办事情 • 寻求律师帮助的合适时间 • 法律权益——维护侦查工作的隐蔽性 • 如何判断证据的可靠性 • 查找、没收财产的证据 • 民事犯罪行为 • 如何恢复丢失的资产---确保犯罪人不能
从中牟利
• 如何处理法律程序 • 雇主和雇员权利
面对嫌疑犯
• 设立面谈的场景---地点的选择 • 计划面谈---面谈要点和禁忌 • 如何控制场面 • 如何使用开放性问题 • 理解身体语言 • 如何识别对方是否在说谎 • 记录并评估谈话的内容 • 如何避免提出带指控性或威胁性的问题 • 用舞弊犯罪的方式思考问题
管理其业务范围内的风险
• 帮助内部审计部门执行国际标准 • 为客户度身定制有关舞弊防范、舞弊发现及调
查的项目，满足客户个性化需求
• 为私营组织和公共组织提供相关领域的培训
Phil是公认的，成就显著且具有身望的讲师和培训师。他 曾为数家知名的组织提供培训。 也曾与人合作举办过 一流的培训，还多次在大型的国际和国内会议上就重 要的经济课题发表演讲。
Phil Griffiths先生是一名注册会计师，同时作为实践者 ，专业顾问，讲师和培训师，在风险管理，内部审计 ，和舞弊防范等领域拥有长达25年的工作经验。 曾在 多家跨国集团担任高层管理的职位，其时涉及的领域 包括金融，IT,和管理。
Phil Griffiths先生擅长：
• 通过商业风险管理项目帮助高层管理人员识别，
练习八：信息来源分析
中国本地案例分析 关于一家大型跨国公司在中国工厂和运营的舞弊 案例的分析-他们在很多不同部门中发现舞弊 -舞弊调查的战略，规划和最初调研 -讨论发现的舞弊种类，所在的部门和相应的方法 -创造防止舞弊发生的文化和预防措施的重要性 -可以采取的纠正策略 博杨 执行合伙人 雷博财务管理咨询有限公司
2006年7月27日-28日 齐鲁万怡大酒店，上海
由资深内审咨询顾问，演讲人 及作者主讲
近期一些调查披露了许多公司组织中针对舞弊预防、发现及调 查没有并相应的正规系统。此外，多数被访者表示他们的员工 也并未接受过任何反舞弊的培训。
• 许多公司依赖内部控制机制防治舞弊现象。但所谓百密一 • 疏，有意为之者总能避过内控系统。 • 而应对高度竞争的市场，内部控制系统往往要向成本妥协。 • 结构重组，削减管理层面和人员开支势必降低控制力度。 • 自满于现有体系，不按标准流程办事和不断的变化都滋长 • 了舞弊的发生。 • 加之科技的不断发达，舞弊事件屡屡发生，涉案金额也节 • 节攀升；无论哪种行业，不论任何经济体制—都无一幸免。 • 最令人担忧的是舞弊者一般都是你自己的员工，而且往往 • 是你最信任的。 • 最近的一份调查显示，84%的重大舞弊事件为员工所为， • 约有一半者为管理级别，并在公司中服务超过5年以上。
• 预期的工作表现和职业道德标准的传达 • 当公司中可能有舞弊存在的情况下需要
采取统止舞弊的工
具，例如利用安全巡回展览
• 电子数据信息和电子资产的保护 • 舞弊，舞弊风险和舞弊风险控制的关系 • 审计员，公司管理者，专家和其他人员 • 的角色，责任和义务
练习 4 ：制定一个察觉舞弊的培训项目
察觉舞弊行为时可采取的措施
• 察觉舞弊行为时如何应对 • 如何选择合适的报告对象
练习七：典型舞弊情节——匿名信 • 如何回应匿名信 • 鉴别误导或恶意的陈述和指控 • 如何处理匿名信中提到的细节 • 如何判断你是否需要向外求助
管理侦查全过程
• 全面计划的必要性 • 选择侦察目标和方向 • 谁将被涉及——需要什么技巧 • 内部审计的作用 • 维护侦查过程的低调性的方法 • 调研——哪些信息可以通过合法途径取得 • 什么信息是可用并且可及的 • 获得相关法律证据的途径 • 信息比较和证据链的维护 • 新定法规——内部员工监督 • 了解中止和解雇员工合同的合适时间
我们成功的秘诀是我们持之以恒地倾听并研究所有的 产业。我们的各项活动及研究报告也讨论那些我们在 和您交流过程您所提出的问题和困惑。通过这样的途 径，我们保郑我们所提供的商业信息是及时，切中要 害并且由最好的演讲人来演绎。因此，当JF Pearson 的工作人员拨打您的电话和上门拜访您，请告诉他您 的要求，我们将可以回馈我们最好的服务。
预防性舞弊侦查技术
• 审计软件——可用工具大盘点（inc 演示） • 更多先进科技 • 链接分析，情报管理 • 数据挖掘的实用性及其结论的可靠性
练习六：瞄准组织内部舞弊高发领域，确 定可行检测和比照方案
内部审计项目
• 设计前摄型内部审计项目 • 审计员舞弊方式汇总 • 瞄准舞弊敏感区域，完善特殊舞弊审计
练习 5 ：案例分析——如何能像一个舞 弊者一样思考
数据挖掘——侦查舞弊的有效工具
• 筛选各系统，聚焦潜在的舞弊发生点 • 动静结合，勘查得当 • 风险程度的区分纪录 • 按各类舞弊风险的程度排列其优先次序 • 获取实用信息的途径 • 内部数据库的作用 • 外部数据库演示 • 其他可用的政府资源分析 • 数据确认 • 舞弊侦查自动化 • 运行模式举例 • 在工作中整合相关技术并使其发挥最大效应
他举有丰富的国际运作经验。在过去的十年中，他曾 与该领域各部门合作，帮助各大组织发掘其潜力，管 理其风险，从而提高安全度，减少舞弊。
Phil也是知名的畅销书作者，他的新作《基于风险的 审计》发表于2005年底。
JF Pearson是一家世界领先的商业信息公司，在中国， 英国，新加坡，马来西亚都有业务合作伙伴。作为世 界级的商业信息提供方，JF Pearson通过会议，职业 培训，内部培训和市场研究报告为高级经理人提供所 需的知识和技巧。每年JF Pearson组织超过７０个以上 的大型活动，服务于来自全球领先企业的超过１０，０００ 位职业经理人，以帮助他们 提高决策水平。
追求在防止舞弊和检测舞弊这两者之间的成本和
效果的平衡
• 管理层检查表的使用 • 像一个舞弊者一样去思考从而来防止这 • 样的舞弊 • 公司的关于舞弊者处理的政策 • 促进吹哨警示作用 • 外部热线的利弊 • 让专家来提供检测和调查的帮助 • 准备并实施意外或突发舞弊情况的应对 • 计划 • 如何来确保舞弊调查享有最高优先权 • 利用成功的舞弊调查来从道义上防止舞 • 弊的发生 • 处理已被外部披露的已经被证实的舞弊
此培训课程为时2天，由国际公认的专家，商业风险管理有限 公司的董事总经理Phil Griffiths主讲，为学员呈现：
（i） 使用最新技术，开发最佳舞弊预防系统 （ii） 理解及应用数据处理技术甄别舞弊 （iii） 建立成功舞弊调查策略及相应方案
背景知识：
• 舞弊的解释：定义和细微差别 • 是谁在舞弊 • 目前舞弊的趋势和统计数据 • 为什么舞弊可能会发生在您的企业中
练习九：与舞弊者面谈（角色表演）--参与者均有机会以审问者，观察者和舞 弊嫌疑人的身份参与练习
交流结果：
• 何时以何种方式通知高层管理 • 何时通知监控人员/警察/等等 • 合理管理信息的对外公布 • 如何应对媒体/股东 • 发挥成功舞弊调查的威慑作用 • 重建被破坏了的关系
Phil Griffiths先生现任商业风险管理公司董事总经理， 也是该公司的创始人。