外文翻译----过渡和企业重组在预算的作用
软预算约束外文文献翻译中英文2020
软预算约束外文翻译中英文2020英文Determinants of soft budget constraints: How public debt affects hospital performancein AustriaMichael Berger, Margit Reichmann, Thomas Czypionka AbstractSoft budget constraints (SBCs) undermine reforms to increase hospital service efficiency when hospital management can count on being bailed out by (subnational) governments in case of deficits. Using cost accounting data on publicly financed, non-profit hospitals in Austria from 2002 to 2015, we analyse the association between SBCs and hospital efficiency change in a setting with negligible risk of hospital closure in a two-stage study design based on bias-corrected non-radial input-oriented data envelopment analysis and ordinary least squares regression. We find that the European debt crisis altered the pattern of hospital efficiency development: after the economic crisis, hospitals in low-debt states had a 1.1 percentage point lower annual efficiency change compared to hospitals in high-debt states. No such systematic difference is found before the economic crisis. The results suggest that sudden exogenous shocks to public finances can increase the budgetary pressure on publicly financed institutions, thereby counteracting a pre-existing SBC.Keywords: Data envelopment analysis, Soft budget constraints, Hospital efficiency, Bootstrapping, Public debt, Hospital budgets1. IntroductionIn their quest to safeguard the financial sustainability of health-care systems, policymakers in several countries have implemented reforms targeting the efficiency of health-care service provision in public hospitals. A prime example is the introduction of payments based on prospective diagnosis-related groups (DRGs) (see Dan (2013), Kittelsen et al. (2007), but also Wagstaff and Moreno-Serra (2009) for surveys). Yet the effectiveness of these reforms is undermined as long as public hospitals can expect to be bailed out in times of financial distress, typically by subnational governments. Indeed, public hospitals are often subject to a soft budgetconstrain t (SBC), i.e. ‘an ex ante behavioural regularity, which exerts an influence on the firm's decision’ (Kornai, 1979, 1986). Hospital bailouts are often the only politically viable option at hand when policymakers want to avoid snubbing their constituency.Brekke et al. (2015) and Shen and Eggleston (2009) use the inverse of the probability of a hospital closure as a measure of budgetary softness. In many cases, however, the probability of hospital closure converges towards zero, if the probability of bailout is virtually 100% in practice. Alternatively, the problem can be expressed via the federal governments' commitment not to bail out additional expenditure at the local level (see Bordignon and Turati (2009)). The central issue, however, remains unchanged: Why should hospital management care about efficiency and not simply act as a budget-maximizing bureaucrat, as outlined in Niskanen's model of bureaucracy (Niskanen (1968))? Most likely, there will be an implicit upper limit on the maximum deficit that is tolerated without the owners/financiers replacing the management. Hospital management hence faces the dilemma of maximizing hospital budget and avoiding being laid off. Using the probability of a bailout as a measure of the softness of budgetary constraints neglects this dimension.When hospital closures are unlikely, there is an additional caveat to the approach used by Brekke et al. (2015) and Shen and Eggleston (2009). If the probability of hospital closure converges towards zero for all hospitals, the budgetary constraint is equally soft for all hospitals and there should be no systematic differences in the efficiency changes between hospital groups. However, we propose that systematic differences in efficiency change can indeed be observed in countries with subnational autonomy like Austria. While the likelihood of hospital closure approaches zero, the debt burden of the states, which ultimately have to absorb any hospital deficits within the state, significantly influences the degree of budgetary softness, leading to systematic differences in state-level hospital efficiency changes. The financial crisis in 2009 and the subsequent European debt crisis constituted a strong exogenous shock to Austria's public finances. EU legislation, adopted as a consequence of the debt crisis, further exposed so-called ‘hidden debts’ in Austria, including the debt of publiclyowned hospitals. It is likely that revealing the ‘hidden debt’ of public hospitals further aggravated the problem of public debt, i.e. the compliance with the Maastricht criteria, in the political domain. A key hypothesis for the present analysis is that states with relatively high public debt were hit hardest by this development, which considerably limited the financial leeway of these state governments. The financial crisis, therefore, caused a rift in the budgetary constraints of hospitals in high-debt states, tilting the dilemma of hospital management towards higher budgetary discipline by making running deficits in the aftermath of the financial crisis more problematic.The empirical evidence from Austria is of interest for the following reasons: the Austrian DRG system does not cover the entire costs of publicly and privately owned non-profit hospitals providing publicly funded acute care (for simplicity referred to as ‘public hospitals’ henceforth). It only stipulates that at least 51% of hospital costs have to be financed out of market-like revenues (Bundesgesetzblatt, 2017b), thereby implementing a rather soft budget constraint. The 51%-rule was supposed to ensure that public hospitals could still be assigned to the private sector according to the European System of Accounts 1995) (ESA) (Bundesgesetzblatt, 2005). Any extra cost must be borne by regional authorities (state governments and municipalities) and the hospital owners (Bundesgesetzblatt, 2017a). In the past, publicly owned hospitals or hospital companies could count on the recovery of any extra cost, not least because of the high political pressure to ensure public hospital care. Since 2010, however, the ESA has deemed that any debt the state is held liable for must be assigned to the public sector. As a consequence, any deficits of public hospitals cause an increase in the ratio of government debt to gross domestic product (GDP) and thus endanger compliance with the Structural Pact 2012 (StP 2012) (Bundesgesetzblatt, 2013), which ratified the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union (2012). Federal, state and local governments agreed to sustainably comply with a system of multiple fiscal rules introduced in 2017 to increase budgetary discipline. Non-compliance triggers financial sanction mechanisms, representing a major innovation compared to the Maastricht criteria.The purpose of this paper is threefold: firstly, we investigate whether differentdegrees of SBC can arise even when hospital closure is not a politically viable option. As this is a scenario that may occur quite frequently for public hospitals, we adapt the approach for modelling SBC used in Brekke et al. (2015) and Shen and Eggleston (2009) to better account for such situations by using public debt as an indicator of budgetary softness. Secondly, we use the financial crisis in 2009 and the ensuing European debt crisis as an exogenous shoc k to the states’ financial situations in our study framework, which affects hospital efficiency changes via the SBC, even though the probability of hospital closure remains negligible. Due to some methodical challenges related to the data in this study, our study design does not allow a causal interpretation of the results. Our results should, therefore, be considered as explorative rather than as definitive empirical evidence. The literature further suggests that there is also an association between hospital ownership and efficiency (see, e.g. Chen et al. (2019) for a short overview of the relevant literature) or ownership and budget constraints (see, e.g. Eggleston (2008)). Against this background, we thirdly assess whether private owners respond differently to changes in the budgetary constraints compared to public owners. To serve our purposes we use a two-stage study design combining data envelopment analysis (DEA) with subsequent regression analysis.2. Literature reviewResearch into the SBC started with two seminal papers by Kornai (1979, 1986), who interpreted an SBC as a fiscal response of the government to avoid unemployment and secure public services in times of recession. Kornai, Maskin, and Roland (2003)broadened the range of SBC instruments, including tax concessions to foster certain producers, and administrative restrictions and import tariffs to hamper competitors. Theoretical models that attempt to predict the occurrence of an SBC are reviewed by Maskin (1996) who concludes that the centralization of credit allocation and production as well as public ownership of capital promote SBC.More recent contributions recognize that a budget constraint may be not only softened but also tightened. Bertero and Rondi (2000) show that public enterprises respond positively in terms of productivity to a shift from soft to hard budget constraints while Besfamille and Lockwood (2008) predict that in a federal country,hard budget constraints may cause regional governments to underprovide public goods in their attempt to maintain budget balance.Recently, several studies have linked SBC theory specifically to the behaviour and performance of hospitals. Brekke et al. (2015) note that an SBC not only covers a deficit but may also entail confiscation of profit. They predict a negative association between the probabilities of bailout and profit confiscation on the one hand and cost-containment efforts on the other. As regards cost efficiency, Wright (2016), considering the responses of both public hospital and government to an SBC, applies game theory to identify conditions that promote the bailout of public hospitals. He concludes that an SBC hurts welfare while competition by a private hospital may enhance it. Duggan (2000) examines the responses of three hospital types (for-profit, private non-profit, and public) to financial incentives created by the US government in favour of indigent patients. The author shows that private for-profit and non-profit hospitals fail to use the additional revenue to improve quality of treatment for the poor; public ones do not seem to act more altruistically, even though they benefit from an SBC. Shen and Eggleston (2009)find that hospitals facing an SBC show less aggressive cost control behaviour, are less likely to shut down safety nets, and have better mortality outcomes. Investigating five hospital closures, Capps et al. (2010) find that the cost savings offset losses in terms of patient welfare in the US aggregate, but not locally. Eggleston et al. (2009) employ panel data on Chinese hospitals to estimate their probability of being bailed out in response to low or negative operating margins in the previous year. The authors relate this indicator of an SBC to hospital performance, with inconclusive results. In a similar vein, Audibert et al. (2011) use the extent of subsidies as an indicator of SBC to analyse the effects of health insurance reform on the technical efficiency of Chinese rural hospitals. They conclude that a higher revenue share of subsidies is negatively related to technical efficiency. In an interesting theoretical development, Levaggi and Montefiori (2013)see the regulator's inability to observe the patient type and to assert hard budget constraints as a reason for patient selection.3. Methods, sample and data3.1. Theoretical backgroundFor analysing the effects of a shift from soft to hard budget constraints, we lean on the approach by Shen and Eggleston (2009), who measure the probability σ of the budget constraint being soft through the inverse of the probability of hospital closure. The probability of hospital closures in Austria is close to zero (although several hospital mergers took place, the individual locations very often continued to exist). We, therefore, link the probability σ of the budget constraint being soft with the budgetary situation of the state, measured as the ratio of financial debt to the state budget. Hospitals in states with a comfortable (critical) budgetary situation are considered to face a high (low) probability σ of the budget constraint being soft. The budgetary situation is critical and points to an impending tightening of budgetary constraints when the government debt ratio is above the average of all nine states. Conversely, the budgetary situation is comfortable if it is below the corresponding mean. This way, the SBC is endogenously determined. We use a time-invariant classification in two groups because we consider the debt ratio of one state relative to the debt ratios of other states to be more important than the (change in the) absolute debt ratio and to be a more conservative choice of estimating the effect of SBCs. For one thing, it is not clear how a unit change in the absolute debt ratio should be defined such that we can reasonably expect it to cause a change in the behaviour of states and hospitals. Additionally, it is unlikely that a change in the absolute debt ratio would have a uniform effect across the entire spectrum of debt ratios. The time-invariant classification circumvents this problem. The states’ debt ratios further cluster the states into two groups (high-debt states and low-debt states). Keeping the number of groups that are compared to each other low allows keeping the number of observations per group as high as possible, which is beneficial in situations with small samples. Lastly, the time-invariant classification is a safer choice, because the timing of any effects is unclear, particularly as some efficiency-enhancing measures may take time to unfold (e.g. when older employees are not laid off, but their position is rather left unfilled once they retire).The rationale behind linking the budgetary situation with the SBC and thehospital efficiency is as follows: the first relevant factor is the financial dependence of the state governments. State governments cannot levy taxes. They depend on the funds allocated based on negotiations with the federal government, creating a situation of vertical fiscal imbalance. A high debt ratio hence increases the dependence of the state government on the federal government, effectively reducing the space for political manoeuvring and the ability to handle costly bailouts. Accordingly, a high debt ratio also increases the credibility of the state government to commit to stricter budgetary rules and not to bail out hospital management.The second relevant factor is the behaviour of hospital management. A priori, we assume hospital managers want to keep their jobs, which could be jeopardized if a bailout is required. However, the blame could be passed to the state government (similar to the blame game in Norway in the 1990s (Tjerbo and Hagen, 2009)), claiming that deficits are due to insufficient funding rather than poor management decisions. This reasoning is easier when the state's resources are abound. The budgetary situation of the states thus increases the stakes associated with a bailout and requires both state governments and hospital management to adapt their behaviour.We implicitly assume in our framework that a reduction in inputs does not affect the quality of hospital care. This is a strong assumption, which is required by the missing availability of quality indicators for Austrian hospitals. Strict budgetary discipline may come at the expense of care quality and patients’ well-being. But high expenditure levels in most European health-care systems and professional ethos could offset this effect and prevent a substantial decline in quality of care when budgets tighten. Of course, hospitals could also reduce the quality of amenities, e.g. meals, which could affect patient satisfaction but not their well-being.Conversely, lower hospital efficiency may also just reflect higher quality of care. Overall, it is unclear, whether the relationship between hospital efficiency, budgetary discipline and quality of care is that close. Empirical evidence suggests that higher efficiency can be realised without curbing quality of care (Piacenza and Turati, 2014; Street et al., 2014).3.2. Sample and dataAustrian hospitals can be classified using various and partly overlapping structural features (Bundesgesetzblatt, 2017a), including, inter alia, the level of care (standard, extended, maximum, and specialized, the categorization depending on the number and combination of the minimum required medical specialties), type of financing (DRG-based, non-DRG-based), benefit status (non-profit, for-profit) and ownership (public or private). We confine our analysis to DRG-financed non-profit hospitals, because legal requirements, service level as well as cost accounting and performance data are unified for this group.In 2015, 120 hospitals were eligible for DRG financing through state health funds, accounting for approximately 71% of the nationwide bed capacity. Of these 120 hospitals, 65 provided standard care, 23 offered extended care, 7 maximum, and 25 specialized care. Only 29 hospitals were privately owned, 25 thereof by religious orders. The 120 hospitals had costs of around € 12.7 billion in 2015.The accounting data provided by the Ministry of Health cover the years 2002–2015. We only focus on the inpatient sector for three reasons: first, the documentation of outpatient services was reformed in 2014, making a structural break in outpatient coding likely. In addition, coding accuracy in outpatient departments before 2014 was not as high as in inpatient departments because the level of outpatient services provided had no impact on the level of funding. Lastly, distortions in outpatient data are likely following differences in the hospital structure and their mapping in terms of coding algorithms (Rous, 2015).The observation period is split into two subperiods (2002–2008, and 2009 to 2015) following a major revision of the DRG system, which came into force in 2009, resulting in substantially increased DRG credits per case and changes in the relative cost weights between the different DRG groups. With inputs stable, this would be reflected by sudden and artificial surges and drops in hospital efficiency within a DEA framework. Since the break in the time series coincides with the onset of the financial crisis, we exploit this circumstance to test whether there was a break in the pattern of hospital efficiency change associated with the timing of the financial crisis. By performing the DEA analyses separately for the two subperiods, we do not considerany efficiency changes from 2008 to 2009 that are likely to be skewed by the DRG re-weighting. In contrast to the immediate re-weighting implications, the impact of a budgetary constraint on the catch-up should be more gradual as hospital management requires some time to take action. A gradual effect following a change in case-mix towards more lucrative DRGs is unlikely, as DRG-funded public hospitals are obliged by law to admit any person in need of care so that patient selection is almost impossible. In addition, hospital management cannot freely decide on the beds per speciality, as these are subject to central planning by the state governments.Although DRG weights are set at the national level, the monetary value of a DRG point may differ between the states, since the ex-ante allocated funds per state are ex-post divided by the total number of DRG points of all hospitals in the respective state. In this regard, a hospitals' ability to generate additional revenue by increasing output (DRG points) are limited. This implies that extra funds are needed in case of overshooting costs. The states have the possibility of allocating funds beyond DRG funds to the different hospitals, not only to address a hospital's specific role in the state's health-care system, but also to cover occurring deficits. How generous this additional funding can be, therefore, depends crucially on the state's financial situation.3.3. Methods: data envelopment analysisWithin the DEA framework, we fall back on technical efficiency. We cannot compute economic efficiency, which secures a particular output level at the lowest cost, as the required data are not available.DEA is chosen over the alternative stochastic frontier analysis (SFA) (Aigner et al., 1997) as SFA requires the specification of a functional relationship between inputs and outputs, usually boiling down to the Cobb−Douglas variant in spite of its severe restriction of unitary elasticity of substitution (see, e.g. Varian (1992), Ch. 1.9). In addition, DEA can deal with multiple outputs without requiring their transformation into costs as a scalar exploiting the duality of output maximization and cost minimization (which holds only at the efficient point). By contrast, estimating a cost function applying SFA requires data on factor prices, information that is unavailablefor public Austrian hospitals.For the DEA, we use the input-oriented non-radial efficiency and super-efficiency models developed by Tone (2001, 2002) (see appendix). The input orientation is justified by noting that public hospital management has more discretionary power over inputs than outputs. The use of the non-radial model has the advantage of capturing input savings beyond their proportionate reduction as in the radial alternative.The bias-corrected catch-up is used as the dependent variable to form a panel data set to estimate the relationship between budget constraints and hospital efficiency change. As the catch-up is based on the bias-corrected estimator for the unobserved efficiency obtained in the first stage, we avoid the fallacy of ignoring the bias term owing to the inherent serial correlation in the estimated catch-up (Simar and Wilson, 2007).In the case of hospital mergers, we compute efficiency scores for the respective subperiod using virtual mergers between the merged hospitals in the years prior to the merger. In the case of mergers of hospitals operating at different care levels, the care level specification of the actual merger is used retrospectively for the virtual merger. Finally, in the case of zero inputs, the hospital is dropped from the sample for the relevant subperiod, including hospitals that ceased their operations during the subperiod.3.4. Methods: regression analysisIn the second stage of the analysis, we utilize the (semi-)time-invariant budgetary situation as a proxy for the softness of the budget constraint. Several factors hinder the implementation of an identification strategy that would allow a causal interpretation of the results: The (semi-)time-invariant variable, in combination with the volatility of the efficiency scores inhibits a difference-in-difference approach as the changing budgetary situation complicates the assignment to the treatment and control group, and the common-trend assumption between the two groups is violated. The small sample size and the lack of suitable data bars the use of an instrumental variable regression.Although unobserved state- and hospital-specific factors are likely to affect hospital efficiency over time, the (semi-)time-invariant SBC variable does not allow using a fixed-effects model. While this comes at the expense of the time dimension not being fully exploited, the specification is more robust to the unclear timing of the SBC effect. To consider unobserved state- and hospital-specific factors, we, therefore, include a set of time-variant and time-invariant hospital characteristics (Czypionka et al., 2014).中文软预算约束的决定因素：公共债务如何影响奥地利的医院绩效迈克尔·伯杰，玛吉特·里希曼，托马斯·齐皮翁卡摘要当医院管理可以依靠（地方）政府在出现赤字的情况下纾困时，软预算约束（SBC）会破坏提高医院服务效率的改革。
中国公司治理(外文期刊翻译)
中国公司治理：现代视角Corporate governance in China: A modern perspective Corporate governance in China: A modern perspective☆Fuxiu Jiang, Kenneth A. Kim ⁎School of Business, Renmin University of China, 59 Zhongguancun Street, Haidian District, Beijing, China 100872近年来，许多使用中国金融数据的学术论文发表在领先的学术期刊上。
这一增长这并不奇怪，因为中国是一个转型经济大国，正在从计划经济转向市场经济，现在已经成为世界第二大经济体。
简单地说，中国是有趣和重要的。
然而，一些研究中国的缺点。
首先，考虑到大多数现代金融理论都起源于西方，尤其是美国，因此有很多研究中国的论文使用西方理论和概念来解释他们的实证发现。
2 . However, while it may sometimes be从西方的角度来看待中国的实证结果是恰当的，但在其他时候则不然。
其次，许多报纸似乎都是如此误解(或没有意识到)重要的监管问题;法律、金融和制度环境;和业务中国的风俗习惯。
第三，许多研究中国的论文，即使是最近发表的，现在已经过时了。
的中国过去20年的经济增长是爆炸式的。
在这段时间里，发生了许多变化地方，包括许多监管的变化和引入新的规则，影响公司治理在中国。
鉴于这些不足之处，本文的主要目的有两个:(一)对公司治理现状进行概述(二)指出和探讨公司治理在很大程度上是中国所特有的特点在本期特刊中，我们将为大家提供一个更新的中国公司治理观。
因此,我们也重要的是在适当的地方描述这些论文。
本文的其余部分如下。
在第二部分，我们提供了重要的制度背景资料的中国并讨论了中国公司治理的制度和监管环境。
在第三节,我们提供并讨论与公司治理相关的重要变量的汇总统计。
外文翻译--税务,会计和透明度：财务和税务会计的相互作用
原文：Taxation, Accounting and Transparency:The Interaction of Financial and Tax Accounting1. IntroductionIn the last years, economic areas have constantly moved together. As a consequence, companies, especially the big players in the markets, have headed towards using the international capital markets and to get access to stock exchanges in different jurisdictions.As a prerequisite, the prevailing international accounting standards, be it IFRS and/or U.S. GAAP, have to be followed. On the other side, as tax legislation is still “local” and not harmonized, the companies always have to look for getting the best tax environment they can for carrying on their businesses. The following article tries to summarize shortly the influence of internationalization on taxation and accounting in general and with regard to transparency of tax effects in the international accounts in particular. As a consequence of more transparency, it is important to be aware of possibilities and boundaries of existing influences on the tax rate as well and to clearly define a framework for tax planning, which not only is in line with legal requirements, but as well with ethical standards, as each individual company cannot afford loosing its good reputation.2. Taxation and Accounting – Two Different Worlds?2.1 Status QuoAs taxation is still local, multinational corporations have to align business opportunities and needs with finding the suitable tax environment for doing business and structuring their business activities. Needless to say that national and international rule of allocating profits has to be taken as unchangeable preconditions, but nevertheless tax planning is crucial. It is not the local tax rate, but the effective tax burden that in the end really counts, taking always the tax bases as well into account. And there is still flexibility how to structure the business activities, e.g. with regard to setting up the whole group structure, financing, choosing the appropriate legal form.Taking the complexity of the local tax systems and the shortcomings of the existing double taxation treaties, the avoidance of double taxation is one of the most important goals in this context –and it is clearly not getting to tax-exempt, nowhere taxed “white” income. There is no doubt: The key objective for tax planning is to support business. Each business decision has to make sense without a look at the tax burden. However, if a business decision is taken, the most efficient structure from a tax point of view has to be chosen.From the view of a global player, and as tax rates are only rough indicators for the effective tax burden, the political demand with regard to taxation at least medium or long term should clearly be world-wide harmonization of the tax systems. Then, a fair tax competition via tax rates, not via complex and non-transparent tax bases would be carried out. Therefore, the industry highly welcomes the thoughts of the EU Commission towards a Common Consolidated Corporate Tax Base (CCCTB).Even if this CCCTB is restricted to Member States of the European Community, it would be a big step forward. Unfortunately it looks as if a lot of the EC countries take this approach not too serious, as tax revenues might be threatened. But this shows clearly the necessity of a CCCTB: If companies were taxed on their EU-wide consolidated income, e.g. taxes on non-realized profits arising as a consequence of intra group transactions would be avoided. Transfer Pricing adjustments which very often lead to double taxation would be at least within the EU obsolete. The reluctance of some Member States even proves the necessity: taxation should always and only be based on profits realized through a market transaction.2.2 OutlookFortunately enough, the jurisdiction of the European Court of Justice might put pressure towards harmonization: As the Court takes the basic principles of the Internal Market very serious, the Court puts always emphasis on basic Community Law, especially on non discrimination of EC residents, free movement of capital and freedom of establishment. As a consequence, a lot of restricting national tax laws has already been challenged. Especially with regard to cross border transactions, this jurisdiction will lead by itself on the long run towards a forced harmonization.Therefore, it would from this point of view as well be in the interest of the EC Member States to actively support the EU Commission towards a joint tax jurisdiction.In this context, it is fair to say that some taxation principles have definitely to be taken into account, even if this might be self-evident: Taxation must always be based on the individual ability to pay taxes. In Germany, this principle is even anchored in the Constitutional Law. As a consequence, taxes should only be levied on realized profits. Mark to market valuation would generally not adequately reflect the ability to pay taxes, as the then potentially taxed unrealized gains are volatile. Taxation has to be based on net income, and not on substance. Business expenses must therefore always be wholly deductible. This means an unrestricted loss carry forward as well.Third, taxation has to be based on objective criteria, and the accruals principle has to be taken into account.Additionally, avoidance of double taxation means avoidance not only of legal, but as well of economic double taxation. Therefore, e.g. dividends should be excluded from taxable income, as the underlying profits have already been taxed in the hands of the distributing corporation. The treatment of capital gains should always follow the treatment of dividends. Capital gains on the sale of participations should therefore be exempt as well, as they either represent already taxed retained earnings or hidden reserves which materialize and lead to taxes in the future.From an accounting point of view, it is fair to say that some countries – by far not all – define their tax basis based on national GAAP (principle that the tax base follows accounting principles; e.g. Germany). However, there exists a tendency to modernize the national GAAP and to integrate thoughts of international accounting, especially IAS/IFRS as well into this modernization. The same is true with regard to the EC Directives on the Accounts and Consolidated Accounts (4th and 7th EC Directive).If a modernization took place it is definitely sure that the modernization will be based on IAS/IFRS as well.As, however, the targets of international accounting and taxation do not match,the principle that taxation follows accounting is always dependent on the underlying local GAAP and questionable in case of any changes with regard to these principles. Take as an example Germany: The national accounts have been so far suitable for taxation as the underlying principles have complied with taxation principles.Especially the targets of capital maintenance, protecting the rights of creditors and being the instrument to determine the possible dividend distributions have lead to a basis that complies with the ability to pay taxes as well. On the contrary, IAS/IFRS are rather a tool for information and take therefore unrealized gains as well into account.If the German accounting principles get modernized towards IAS/IFRS, then as a consequence the principle that tax follows accounting has at least partially to be given up. At least, each individual law has to be reviewed and evaluated according to its suitability for taxation.A CCCTB must be based on similar views. First, IAS/IFRS can from a mere formal point of view never be taken as basis for calculating taxable profits. A democratic authorization of the IASB does not exist. Besides, e.g. Germany applies the principle of legislative sovereignty. Therefore, a transformation into national law would always be necessary. Taking IAS/IFRS as tax base would mean endless and ongoing processes of adapting the national law to changes in IAS/IFRS. Secondly, and more important, IAS/IFRS are from a material point of view in general not suitable either: The IAS/IFRS principles can lead to a taxation of unrealized gains, which is in contrast to the ability to pay taxes principle. They contain a lot of management judgments which contradict uniform tax treatment of all taxpayers as the tax basis would then depend on individual judgment. And partially, a taxation of mere profit projections would be the result. However, IAS/IFRS can be taken as starting point for taxation: Each standard should then be evaluated whether or not it is compliant with basic taxation principles. This judgment seems now to be consensus on EC level.When describing the tax base, the EU Commission tends either to define a separate independent tax balance sheet law, or a separate set of tax rules that definethe tax base not based on the accounts, but rather on profits and losses, with description of income, tax-exempt income, and deductible and not-deductible business expenses.At the moment, the EU Commission seeks a solution rather based on defining taxable profits and losses. This approach makes uniformity on EC level more likely; however, this approach is more difficult in application for the companies, as in the end they must calculate –if there are timing differences compared to accounting –deferred taxes as well. By filing a tax balance sheet control and substantiation of potential differences and the deferred tax assets/liabilities thereon is much easier.3. Transparency of the International Accounts and Influence of Transparency on Tax Planning3.1 Actual versus Effective Tax RateAs the tax burden constitutes a cost factor to all business activities, the effective tax rate plays an important role for management, and not just the current tax payments have to be looked at. The local accounting principles, but much more IAS/IFRS and U.S. GAAP lead to showing the “right” tax burden, taking temporary differences between accounting and taxation as well into account, followed by numerous information on taxes. This transparency of the accounts further leads to analysts challenging the tax burden and management needs for explanations of the tax line. Thus, information that was only a decade ago due to the tax secrecy in a lot of countries confidential constantly becomes more and more public.Take the concept of deferred tax assets and tax liabilities. Postponed or up-front tax payments due to differences in calculating taxable profits and losses which reverse over the time loose importance. These timing differences lead only to temporary tax savings/tax burden and as a consequence, a deferred tax liability/tax asset has to be accounted for. The accounts show in these cases the overall tax burden that would arise based on the accounts of the prevailing year (i.e. current taxes and deferred taxes).An example for timing differences which lead to setting up a tax asset are write downs that are not at once acknowledged for tax purposes, but reverse over time. Ascurrent taxes are higher than the tax burden that matches with the accounts, a deferred tax asset can be set up. A deferred tax liability may result from reserves which are tax deductible according to national law, but constitute equity according to IFRS/U.S. GAAP.According to international accounting principles, a tax asset on losses carried forward has as well to be set up: loss carry forwards lead to potential tax savings in the future, as the underlying net business expenses are therefore not lost, but can be used against future, not yet realized profits. However, the company has to examine the realization possibility of this tax asset, and in case that realization seems not/not fully realistic, make a total/partial valuation allowance.Let me give two examples for permanent differences and their impact on the effective tax rate: Tax exempt dividends or capital gains lead to a tax rate below the actual tax rate in the prevailing country. The effective tax rate takes this into account.In case of additional profit distributions or capital gains that were not planned the effective tax rate is even lower than the expected effective tax rate. Interest expenses, which in some countries are not tax-deductible if in direct connection with tax exempt income lead to a higher effective tax rate than the normal local tax rate. If refinancing is shifted to another location (e.g. debt push down), and the interest burden is in this country deductible, then the overall tax burden decreases.Of course one has always to be aware of so-called quasi-permanent differences, i.e. differences that never reverse due to the prevailing individual situation of the company: As an example, the minimum taxation in Germany might lead to a situation, especially with regard to volatile businesses, that loss carry forwards can be used up in theory, but not in practice, as profits have always to be integrated to 40% in taxable income regardless of a still existing loss carry forward.3.2 Disclosures and Notes to the AccountsIn the international accounts, an explanation of the main drivers of the effective tax rate (compared to the expected tax rate) is done in a so-called “reconciliation”. As far as this information has to be disclosed (e.g. Form 20-F), this transparency leads to a deeper analysis and understanding of the tax situation, as well as of businessdecisions: e.g. in case of high tax-exempt income the analysts might assume that extraordinary (not operating) income was earned (e.g. additional profit distribution or additional capital gains).In case tax assets on loss carry forwards are written down, this might be a consequence of too aggressive multi year plans in the past. However, it might also be the consequence of tax rate changes (e.g. the tax reform 2008 in Germany will lead to a write down on tax assets on losses and other temporary differences of around 25%), as the tax rate differential is 10% (40% to 30%). Thus the hit has rather to be taken as a one time effect.A write back on deferred tax assets on losses might have different reasons as well: It might be a consequence of overachieving on plans and targets and therefore higher taxable operating income. It might be the consequence of structures to use up losses, e.g. buying in of income or selling of loss carry forwards to external parties.And of course, effects of tax audits might be open to the analysts in case of materiality as well. In this context, the question might arise, whether or not tax planning was too aggressive. The setting up of tax contingency reserves might also have quite different reasons: It can be an indicator for too aggressive tax planning, but as well of uncertain tax interpretation or change in jurisdiction.Source: Martina Baumgartel,2008 “Taxation, Accounting and Transparency: The Interaction of Financial and Tax Accounting” . Tax and Corporate Governance, vol.3, no.2, march,pp. 93-100.译文：税务，会计和透明度：财务和税务会计的相互作用1、简介在过去几年中，经济领域不断发展。
财务管理外文文献及翻译
附录A财务管理和财务分析作为财务学科中应用工具。
本书的写作目的在于交流基本的财务管理和财务分析。
本书用于那些有能力的财务初学者了解财务决策和企业如何做出财务决策。
通过对本书的学习，你将了解我们是如何理解财务的。
我们所说的财务决策作为公司所做决策的一部分，不是一个被分离出来的功能。
财务决策的做出协调了企业会计部、市场部和生产部。
无论企业的形式和规模如何，财务原理和财务工具均适用。
就像对小规模的私营企业而言存在如何筹资的问题，大企业面临所有权和经营权分离时出现的代理问题。
不管公司的规模和形式是如何的，公司财务管理的基本原理是一样的。
例如，无论是独资企业做出的决策还是大企业做出的决策，今天一美元的价值都高于未来一美元的价值。
我们所说的财务原理和财务工具适用于全球的企业，不仅限于美国的企业。
虽然国家习惯和法律可能与国家的原则理论存在着不同，但财务管理用到的工具是一样的。
例如，在评估是否要买一个特殊设备的价值时，你需要评估企业未来现金流的发生（设备成本和支出的时间和设备的不确定性），这个企业位于美国、英国还是在其他的地方?此外，我们相信拥有强大的财务原理和数学相关工具的依据对于你了解如何做出投资和财务决策十分必要。
但是建立这种依据比不费力。
我们试图帮你建立这种依据的途径是通过直觉提出财务原理和财务理论。
而不是原理和证据。
例如，我们引导你通过数字和真实例子对资本结构原理产生直觉，而不是利用公式和证据。
再者我们试图帮助你通过仔细的逐步的例子和大量数据处理财务工具。
财务管理和财务分析分为7个部分。
前两个部分（第一部分和第二部分）涉及到基础部分，它包括财务管理、估价原则的目标以及风险和回报之间的关系。
财务决策涉及到第三、四、五部分的内容，我们提出了长期投资管理（通常被称为资本预算）的长期来源、管理和资金管理工作。
第六部分涉及到财务报表分析，它包括财务比率的分析，盈利分析和现金流量分析。
最后一个部分（第七部分）涉及到一些专业论题：国际财务管理，金融结构性金融交易（例如资产证券化），项目融资，设备租赁贷款和财务规划策略。
企业管理外文文献及翻译
LNTU---Acc附录A论企业经营业绩评价系统的构建企业作为盈利性组织，其目标是追求经济效益，企业的经济效益集中体现在经营业绩上。
业绩，也称为效绩，绩效、成效等，反映的是人们从事某一活动所取得的成绩或成果，经营业绩是企业在一定时期内利用其有限的资源从事经营活动取得的成果，表现为企业经营效益和经营者业绩两方面。
《辞海》中对“评价”的解释是：“评定货物的价格、还价。
今也指衡量人物或事物的价值。
”价格是价值的货币表现，评价实际上是一个判定价值的过程，就如《现代汉语词典》中的解释：“评价”是“评定价值高低、评定的价值”，管理活动中的评价是指根据确定的目标来测定对象系统的属性，并将这种属性变为客观定量的价值或者主观效用的行为。
评价作为判定人或事物价值的一种观念性活动，包括确定评价目的、选定评价标准(或评价参照系统)，获取评价信息，形成价值判断四个环节。
企业经营业绩评价是指运用科学，规范的评价方法，采用特定的指标体系，对照统一的评价标准，按照一定的程序，进行定量及定性分析，对企业一定经营期间的经营效益和经营者业绩作出真实、客观、公正的综合评判。
它是评价理论方法在经济领域的具体应用，它是在会计学和财务管理的基础上，运用计量经济学原理和现代分析技术而建立起来的剖析企业经营过程，真实反映企业现实经济状况，预测企业未来发展前景的一门科学。
建立和推行企业经营业绩评价制度，科学的评判企业经营成果，有助于正确引导企业经营行为，帮助企业寻找经营差距及产生的原因，提高经济效益。
同时，也为各有关部门对企业实施间接管理，加强宏观调控、制定经济政策和考核企业经营管理者业绩提供依据。
企业经营业绩评价系统的构建与实施必须建立在一定的理论基础之上，符合一定的原则，才能发挥其良好的功能，从而使业绩评价“客观”、“公平”、“合理”。
1企业经营业绩评价系统的理论基础(1) 资本保全理论在市场经济条件下，企业是出资者的企业，是一个资本集合体，所有者是惟一的剩余风险承担者和剩余权益享受者，出资者利益是企业最高利益。
(完整版)企业并购财务问题分析外文文献及翻译
M & Financial AnalysisCorporate mergers and acquisitions have become a major form of capital operation. Enterprise use of this mode of operation to achieve the capital cost of the external expansion of production and capital concentration to obtain synergies, enhancing competitiveness, spread business plays a very important role. M & A process involves a lot of financial problems and solve financial problems is the key to successful mergers and acquisitions. Therefore, it appears in merger analysis of the financial problems to improve the efficiency of M & Finance has an important practical significance.A financial effect resulting from mergers and acquisitions1. Saving transaction costs. M & A market is essentially an alternative organization to realize the internalization of external transactions, as appropriate under the terms of trade, business organizations, the cost may be lower than in the market for the same transaction costs, thereby reducing production and operation the transaction costs.2. To reduce agency costs. When the business separation of ownership and management, because the interests of corporate management and business owners which resulted in inconsistencies in agency costs, including all contract costs with the agent, the agent monitoring and control costs. Through acquisitions or agency competition, the incumbent managers of target companies will be replaced, which can effectively reduce the agency costs.3. Lower financing costs. Through mergers and acquisitions, can expand the size of the business, resulting in a common security role. In general, large companies easier access to capital markets, large quantities they can issue shares or bonds. As the issue of quantity, relatively speaking, stocks or bonds cost will be reduced to enable enterprises to lower capital cost, refinancing.4. To obtain tax benefits. M & A business process can make use of deferredtax in terms of a reasonable tax avoidance, but the current loss of business as a profit potential acquisition target, especially when the acquiring company is highly profitable, can give full play to complementary acquisitions both tax advantage. Since dividend income, interest income, operating income and capital gains tax rate difference between the large mergers and acquisitions take appropriate ways to achieve a reasonable financial deal with the effect of tax avoidance.5. To increase business value. M & A movement through effective control of profitable enterprises and increase business value. The desire to control access to the right of the main business by trading access to the other rights owned by the control subjects to re-distribution of social resources. Effective control over enterprises in the operation of the market conditions, for most over who are in competition for control of its motives is to seek the company's market value and the effective management of the condition should be the difference between the market value.Second, the financial evaluation of M & ABefore merger, M & A business goal must be to evaluate the financial situation of enterprises, in order to provide reliable financial basis for decision-making. Evaluate the enterprise's financial situation, not only in the past few years, a careful analysis of financial reporting information, but also on the acquired within the next five years or more years of cash flow and assets, liabilities, forecast.1. The company liquidity and solvency position is to maintain the basic conditions for good financial flexibility. Company's financial flexibility is important, it mainly refers to the enterprises to maintain a good liquidity for timely repayment of debt. Good cash flow performance in a good income-generating capacity and funding from the capital market capacity, but also the company's overall Profitability, Profitability is the size of which can be company's overall business conditions and competition prospects come to embody. Specific assessment, the fixed costs to predict the total expenditures and cash flow trends, the fixed costs and discretionary spendingis divided into some parts of constraints, in order to accurately estimate the company's working capital demand in the near future, on the accounts receivable turnover and inventory turnover rate of the data to be reviewed, should include other factors that affect financial flexibility, such as short-term corporate debt levels, capital structure, the higher the interest rate of Zhaiwu relatively specific weight.2. Examine the financial situation of enterprises also have to assess the potential for back-up liquidity. When the capital market funding constraints, poor corporate liquidity, the liquidity of the capital assessment should focus on the study of the availability of back-up liquidity, the analysis of enterprise can get the cash management, corporate finance to the outside world the ability to sell convertible securities can bring the amount of available liquidity. In the analysis of various sources of financing enterprises, the enterprises should pay particular attention to its lenders are closely related to the ease of borrowing, because once got in trouble, helpless to the outside world, those close to the lending institutions are likely to help businesses get rid of dilemma. Others include convertible securities are convertible at any time from the stock market into cash, to repay short-term corporate debt maturity.3 Determination of M & A transaction priceM & M price is the cost of an important part of the target company's value is determined based on M & A prices, so enterprises in M & Juece O'clock on targeted business Jinxing scientific, objective value of Ping Gu, carefully Xuanze acquisition Duixiang to Shi Zai market competition itself tide in an invincible position. Measure of the value of the target company, generally adjusted book value method, market value of comparative law, price-earnings ratio method, discounted cash flow method, income approach and other methods.1. The book value adjustment method. Net balance sheet shall be the company's book value. However, to assess the true value of the target company must also be on the balance sheet items for the necessary adjustments. On the one hand, on the asset should be based on market prices and the depreciation of fixed assets,business claims in reliability, inventory, marketable securities and changes in intangible assets to adjust. On liabilities subject to detailed presentation of its details for the verification and adjustment. M & A for these items one by one consultations, the two sides, both sides reached an acceptable value of the company. Mainly applied to the simple acquisition of the book value and market value of the deviation from small non-listed companies.2. The market value of comparative law. It is the stock market and the target company's operating performance similar to the recent average trading price, estimated value of the company as a reference, while analysis and comparison of reference of the transaction terms, compared to adjust, according to assessment to determine the value of the target company. However, application of this method requires a fully developed, active trading market. And a subjective factors and more by market factors, the specific use of time should be cautious. Mainly applied to improve the market system in the acquisition of listed companies.3. PE method. It is based on earnings and price-earnings ratio target companies to determine the value of the method. The expression is: target = target enterprise value of the business income × PE. Where PE (price earnings ratio) can choose when the target company's price-earnings ratio M, with the target company's price-earnings ratio of comparable companies or the target company in which the industry average price-earnings ratio. Corporate earnings targets and the target company can choose the after-tax income last year, the last 3 years, the average after-tax income, or ex post the expected after-tax earnings target company as a valuation indicator. This method is easy to understand and easy to apply, but its earnings targets and price-earnings ratio is very subjective determination, therefore, this valuation may bring us a great risk. This method is suitable for the stock market a better market environment, a more stable business enterprise.5. Income approach. It is the company expected future earnings discounted using appropriate discount rate to assess the present value of the base date, and thus determine the value of the company's assessment. Income approach in principle, thatis the reason why the acquirer acquired the target company, taking into account the target company can generate revenue for themselves, if the company's returns, but the purchase price will be high. Therefore, according to the company level can bring benefits to determine the value of the company is scientific and reasonable way. The use of this method must have two conditions: First, assess the company's future earnings are to be predicted, and can predict the basic income guarantee and the possibility of a reasonable amount; second, and enterprises to obtain expected benefits associated with future risk can be invaluable, and can provide convincing evidence. When the purpose is to use M & A target long-term management and enterprise resources, then use the income approach is suitable.Activities in mergers and acquisitions, M & A business through the acquisition of a variety of financing sources of funds needed. M & M financing enterprises in financing before the deal with a variety of M & A comprehensive analysis and evaluation, to select the best financing channels. M & A financing from the actual situation analysis, M & A financing is divided into internal financing and external financing. Internal financing is an enterprise to use their own accumulated profits to pay for acquisitions. However, due to the amount of funds required for mergers and acquisitions are often very large, and limited internal resources, after all, the use of M & A business operating cash flow to finance significant limitations, the internal financing generally not as the main channel for financing mergers and acquisitions. Of external financing is divided into debt financing, equity financing and hybrid financing.Channels of financing the actual response to determine their capital structure analysis, if the acquisition of their funds sufficient, using its own funds is undoubtedly the best choice; if the business debt rate has been high, as far as possible should be financed without an increase to equity of companies debt financing. However, if the business prospects for the future, can also increase the debt financing, in order to ensure all future benefits enjoyed by the existing shareholders.Whether M & A business development and expansion as a means or aninevitable result of market competition, will play an important stage in the socio-economic role. As an important participant in M & A and policy-makers, from the financial rational behavior on M & A analysis and selection of the same time, also taking into account the market, and management elements that will lead the enterprise's decision making provide the most effective Xin Xi .企业并购财务问题分析企业并购已成为企业资本运营的一种主要形式。
外文翻译工程造价管理全过程控制的重要性
外文翻译工程造价管理全过程控制的重要性The significance of control construction costs manages on entireprocessFirst, The necessary of control construction costs manages on entire process Talk about the management and the control on construction costs, that thefield we are just accustomed to is thought of is a project advance in final account.Indeed , right away at present system and reality,what the job of that themanagement and the control on construction costs is advance in final account. Bethat in advance, the people who work on final account according that already be ascertaied of the working drawing to calculate project amounts， apply a quota mechanically, the meter mechanically fetching cost, or designing that according tothe drawing sheet and construction organization after construction is over as well asthe scene construction visa takes notes weaves the final account being completed.This is necessary , useful no doubt. But we must see that when pre-final accounts personnel weave working drawing budget or the final account being completed, the construction plan and the design paper already determined. But construction beingto take according to picture as principle, so then in advance, job done by finalaccount personnel is only the change secretly scheming against cost produced bydesign alteration and prevents upvaluation from calculating boldly. But suppose the project is unreasonable on economy, there is a fault in decision-making; suppose designing a scheme feasible or be not optimum on the technology; the final account外文翻译工程造价管理全过程控制的重要性personnel can do nothing for sb then in advance. Job of final account personnel does accounts in advance only under just saying system currently in effect, after the event , can only reflect already complete project amounts inactively , can only reflect designand be under construction passively. This evidently is single-faceted , insufficient , we must carry out the entire proceeding supervisory control on the construction costs of building a project.Concrete conditions of union our country, cost of construction manages have problems as follows:1、Be not enough to take investment decision into the stage of construction costsseriously charge indeed.Investment decision is to produce the construction costs headstream, This one stage blow the expense at take up the total investment forehead about % ～3%,butthat can have an effect to raise the project benefit of investment. That the projectcarries out rational choice on construction is that resource carries out direct , themost important optimization deploy means on economy , project benefit ofinvestment affects efficiency and beneficial result to entire national economy. The developed country charges attach importance to control on investment decisionstage construction costs,and costs not stinting big capital of money making thestudies on the stage of carrying out investment decision energetically, makerelatively comparatively accurate construction costs , go along the control For a long time, there is the grave phenomenon investing in swelling in engineering construction of our country,bring the limit for a project feeling longer and longer, construction costs is higher and higher. The cause of that is short of the effective basis of the building of earlier stage ascertaining construction costs, only basis the already completed according to the expert , decision-makers draw lessonsto estimate the project construction costs. Because a lot of factor effects, the “ surpass " phenomenon very common, there are main cause as follows:(1)personal factor brings about rough estimate lessening(2)equipment composes in reply material price's not working out according to market quotations.(3)construction units bring forward the too high for exceeding a designcriterion 2、The design stage of construction costs is not under the control of strict The design stage is the faucet in that project construction costs controls. After the investment decision is be made rationally , that is the process of plan the technologyand organic together economly . Effective control the cost of construction requiresstrictly and all-round in the enginee designing . Engineering design of current ourcountry also puts move bidding system , fair competition into practice ,cost of construction looks on control engineering effective to design stage as one ofthe standard choosing main part being hit by the bid unit , cost of constructioncarries out the administration controlling on the entire proceeding .Our countrymajor part design that the unit carries out thorough analysis lack on constructionproject technology and economy , big multiple technologies make light of economyin design but at present , design that the personnel is responsible seemingly only to design project mass , are concerned with the construction costs height not very.Optimize a design plan to such an extent as having no way to pass, the first step designs , the rough estimate gets to the effect controlling general cost of construction's establishment. Mass and depth that engineering design pursues etc. is also insufficient , amounts project mistakes in amounts project detailed lists calculates , misses and not calculating, can't arouse increasing by estimating a project momentary, the mass making a tender work is difficult to ensure that , have no way to have an effect to control construction costs as a result also.3、Has not adopt the amounts project detailed list quoted price way being appliedor used universally on the international all roundAdopt the amounts project detailed list quoted price way being put into use commonly on the international , is that our country construction costs systemreforms and cause the inevitable trend reforming to bid system in invitation to bid tender.One of important act carrying out project public bidding system being to build socialist market economy and to perfect construction market operating mechanismin construction field. After the construction project tender is carried out all round inour country, the effect is obvious in the respect of shortening the mass building atime limit for a project , ensuring a project , reducing construction costs , boycottingan unhealthy tendency. Have ensured the invitation to bid people and bidder's lawful rights and interests also effectively. With the socialist market economy uninterrupted growth,the original tender stage puts the budget quota valuation pattern intopractice already doing not adapting , adopt the amounts project detailed list quoted price way being put into use commonly on the international to carry out a tender isan inevitable trend. Ministry of Construction has issued amounts project detailed list valuation method , amounts project detailed list valuation has been in construction project tender job , person has provided project quantity from invitation to bid according to national unification project amounts calculation regulation , quoted price, and classics have judged the reason bidder autonomously trying the at a low price middle bid construction costs valuation pattern.That carrying out amounts project detailed list valuation method is one important measure of item of construction costs deepen the reform, is standard tender behavior effective measure. This method is beneficial to changing overtaking that "amounts" ", "price" are "quota-consuming" as dominant static state managing a pattern , make project amounts in detailed list not enter competition, competition being confined to price only; Beneficial to rightness appraises enterprise strength; Project mass beneficial to ensuring that, reduces construction costs; May cut down the physical labour complicated and overloaded repeating the amounts calculating a project; Facilitate the tender quoted price job; Argue with the dispute back and forth in cutting down project settlement; Receive a track step by step with the convention "controlling amounts , guiding price , competing for a fee's on" the international, deepen the reformation that project valuation manages mainly according to the marketplace changes development, taking one's place on the international market for our country contracts business creates condition.4、The stage being under construction controls lack to construction costsWant to have strict control design alteration too in the stage being under construction. Guard the pass though that working drawing appears in joint trial or are able to have all sorts of problems, but call for to design a branch in the process of construction hard to avoid is strict out of the construction works complexity, the situation changing after avoiding doing first, is also that the weight avoiding break a rough estimate , effective control engineering of construction costs cost of construction plays with a link. At the same time, the sharpening contract manages , ensures equality and mutual benefit issuing contract of method and contracting method.5、The construction costs being completed settling a stage's controls a project inefficientlyThat the final account being completed is that entire construction costs is under the control of the most important one is encircled by construction works. How the final account being completed can reflect actual entire project cost of construction honestly , have also reflected the ability issuing contract of method and contracting method to construction costs administration , have finished handling a project in time the final account being completed must collect , arrange settling a data , pursuing , designing the certificate material changing notice , various warning including that the project is completed and so on being completed. These data collecting must pay attention to whose validity with obtaining evidence, specimen seal impression having designing personnel's signature and being related to if the design alteration advice note must be made known to lower levels by plain design organ. Scene inspection and control visa must label seal and the ratification going on a punitive expedition to such that designing a personnel etc. having construction site person in charge of first party. Great majority our country construction projects are completed in the project being under construction when the final account, during the period of the final account being completed contracting method , are are under construction contracting method calculating commonly much in the book being completed winding up an account , are issue contract of haggie just inexhaustible in devices and schemes , are dispute over trifles phenomenon is grave , project settlement drags repeatedly , some confirmation having drug once and , greatly, affecting engineering construction project sigmatism and building construction costs.A construction project includes the following procedure from brewing , planning , designing that to establishing completion and commissioning: Be that the project letter of advice stage , feasibility appraise the stage , design stage , the stage being under construction , acceptance check stage and the queen being completed estimate that. Correspondingly, the construction costs ascertaining that and the project construction phase job look at and appraise the stage adapting to , several being allotted in general for the following: The investment studying stage establishment in the project letter of advice and feasibility is estimated, design stage establishment designs a rough estimate in the first step, budget designing that the stage weaves working drawing in working drawing, budget builds ampere of construction costs face to face with working drawing for basis tender project engineering contract, price is also that the form ascertains that with the businesscontract; Project amounts putting stage into practice being going to be completed according to contracting reality in project, takes contract price as basis , considers cost of construction rise aroused by inflation of prices at the same time , considers the project and cost being difficult to estimate that to designing middle but happening in putting stage reality into practice , the example is ascertained estimating price; All-in cost costing in the reality being completed checking and accepting a stage , assembling into engineering construction process middle all round, weaves the final account being completed , embodies the actual cost of construction that a construction project according to the facts."Four guess that two-valence "is interrelated , the former restricts the latter ,the latter supplements the former.What is called, build the construction costs administration and control, it is the occurrence contracting the stage and construction in the investment decision stage , design stage , construction project putting stage into practice with construction construction costs to control within the cost of construction quota O. K. , correcting the deviation happening at any time, to ensure that the project manages the target realization , get fairly good benefit of investment and social benefits in an attempt being able to use manpower and material resources, financial resources rationallyin building a project one by one.Second, the importance of the investment decision-making stage of project cost controlConstruction projects in the investment decision-making stage, the project ofthe techno-economic decision-making, as well as the cost of construction projects completed and put into production after the project cost-effective, have a decisive impact on the construction project cost control is an important stage. Project cost management as a decision-making stage in the feasibility study report shall be prepared, and economic evaluation of the proposed project, select the technically feasible and economically the construction of example programs and to optimize the construction program on the basis of the preparation of high-quality items investment is estimated that the project construction so that the real control of the project has played the role of total investment.The impact of the decision-making phase of the project cost are the main factors: a, the determine level of construction standards; b, the choice of built-up areas; c, building location (site) selection; d, project the economic scale; e, technology selection f, equipment selection .Such as the choice of built-up areas, there is a basic principle, that is close to raw materials, fuel and consumer principles. This project completed and put into production, you can avoid the raw materials, fuels, and finished the long-haul transport, reduce costs, lower costs; transportation distance may be shortened to reduce the flow of time, speed up cash flow and is conducive to business. If the project's economic size, economies of scale, product standard is a reasonable means of production volume, a number of products under certain conditions, was "increasing returns" of economic phenomena, that is, with the expansion of production volume, unit cost reduction, revenue increase.Therefore, in order to phase in the investment decision-making control over project cost effective, we must do a good job in the following areas:(1)the implementation of construction project legal person responsibility system, the construction project from planning to implementation of the whole process of the use of funds and repayment responsibilities to people and projects at the same time establish a system of matching corporate oversight mechanisms, by the competent authorities and supervision of the industry sector establishment of a monitoring group to oversee the use of project funds.(2)to conduct market analysis and seeking truth from facts, to avoid the blindness of the project decision-making, reduce risk and lower investment, give full consideration to construction projects in the future competitiveness of the marketso that more scientific book design and reliability(3)Capital financial capital must be committed to a formal document, investment funds must be put in place the parties, there must be a fundingdocument to ensure that projects are implemented on schedule after approval. Conditions of the loans should be carefully analyzed and compared to minimize the interest burden and repayment pressure.(4)Strengthening of engineering geology, hydrogeology, as well as land, water, electricity, transport, environmental protection projects such as the work of the depth of the external conditions, so that there is sufficient basis to estimate the investment. At the same time, extensive research should be to compare similar projects, a serious functional analysis, comparison and choice of multi-program, a full-scale technical feasibility studies and economic evaluation, the finalization of technologically advanced, reliable, economical and rational project construction program in order to estimate more accurate and realistic estimate of the amount of investment in order to make the project cost from the start position in a more reasonable level.Third, the design phase of the importance of project cost controlMake investment decisions in the project, the project cost control is the key tothe design. Design is in the technical and economic implementation of the proposed project to conduct a comprehensive arrangement, is also planning the construction process. Technologically advanced, economical and rational design can reduce the project construction period, savings investment, to improve efficiency. According to expert analysis, design fee generally equal to the construction of the project life-cycle cost of less than 1%, which costs less than 1% of project cost accounts for theimpact of degrees above 75%. Because of the general construction projects, selection of materials and equipment accounted for more than 50% of the cost of the project, and in the design phase of architectural forms, structural type, the selectionof equipment and materials have been identified in the construction of post-implementation phase, the impact of the project cost a small (10 % or less). This shows that the design quality is crucial to the entire projectThe same construction project, the same single unit of work can have different programs, which have different costs, it is therefore necessary to meet the function under the premise of doing a number of options, through technical comparison,economic analysis and efficiency evaluation, selection of technology selection into the application of economic and rational design, that is, the process of design optimization. Often used to optimize the design of the program, also known as the value of value engineering analysis, that is, as far as possible in meeting the functionality or improve the function of the premise, as far as possible to reduce costs.Occurred in the cost of all parts of the application of value engineering, construction investment will require a lot of people, financial, and material, and thus the value of engineering construction works great. For a rather mature and effective management methods, value engineering in a number of works have been widely used in construction.In the engineering design phase correctly handle the technical and economic relationship between the unity of opposites, we can control the key to investment, design and cost management must work closely with staff to make a lot of the technical and economic comparison, in the reduction and control of project efforts, engineering Cost management in the design process should be timely investment analysis on the comparison, the cost of information feedback and dynamic impact on the design, in order to ensure effective control over investment.At the design stage to project cost control should focus on the following aspects.(1)to promote the design and the design of the bidding campaign optimization design approachThe assessment team of experts using scientific methods, in accordance with applicable, economic, aesthetic principles, as well as technologically advanced, well-structured to meet the building energy saving and environmental requirements, a comprehensive assessment of the merits of design, selection of the best in determining the successful program. Estimates of selected investment program in general to be close to the scope of construction projects. The design of these two methods both contract design choice and competition, to ensure selection of the design of technologically advanced, innovative and unique, adaptable, and help control project cost. Design units should strive to improve their own quality, clever engineering design ideas, great care, in order to reduce the project cost more than their brains in order to improve design quality, and strive to put at the design stagein the approval of project cost control within the investment limits.(2) actively pursuing the design limitThe so-called cap design, is in accordance with the approved design of the book and investment is estimated that in the guarantee under the premise of the functional requirements. Preliminary design and budget control, in accordance with the approved budget for the preliminary design and total control of the construction design. Through the ceiling design, every professional, every designer has a target investment limit. During the design process, designers should be more into the program to compare and optimize the design, Not only to ensure that technically advanced and reasonable design, innovative aesthetics, but also the investment limit is not exceeded the target in order to put an end to the design of the project to raise the factor of safety and design standards, or only consider the feasibility of technicalsolutions, rather than the phenomenon of economic rationality to ensure effective cost control.(3)the implementation of the design of reward and punishment systemIn order to limit the design of the implementation into practice, the limit should be set up and sound system designed to reward and punishment. To limit the design is done well, cost savings and control of investment there is the effectiveness of the project legal person should be given appropriate incentives and design units. Design to limit the development of the internal design of assessment and incentive methods to limit attention to the design, made to save investment and effective cost control offices and the significant achievements of individuals, should be rewarding. Do not attach importance to limit the design, do not take measures to save the investment, resulting in more than a design limit investment offices and individuals should be given to economic penalties. Do reward and encourage designers to design deep potential economic importance to design the control of a reasonable project cost will be a major breakthrough.Fourth、the cost control of the implementation phase of construction project1, the bidding process stageThe implementation of construction project bidding is effective means of construction projects to control the implementation phase of the project cost. If we want To do a good job for bidding, the first we should make sure that qualification is clearance, and resolutely put an end to bribery, such as all the Phenomenon about destruction of all bidding discipline; Secondly, we should strengthen the bid management, to ensure the accuracy and confidentiality of bid preparation; Third, make sure the method of Evaluation and Calibration are Scientific .when select the successful projects as a standard we should concern about the reasonable, short period, reputable companies, construction considerations such as experience.when we evaluation, the first is technical standard assessment, the follow is business assessment,this can ensure open, fair and just.2, the construction phaseIn the construction phase construction ,the goles based on project budget or contract price of Civil works and installation works and project cost control of Civil works and installation works. At this stage the scope for savings has been small, but it is likely to lead to waste,this make us give them adequate attention for the control of project cost.(1)strengthen the technical and economic comparison of construction programConstruction is an important work of the design of constructing orgnization. Reasonable constructing program can shorten the period of constructing, ensure the quality of the project and enhance economic efficiency. Comparing and analysing the constructing program from technical and economic view and comparing the three techno-economic index of the quality, duration and cost through qualitative analysis and quantitative analysis can take good use of manpower, material and financial resources, achieving better economic benefits. Consequently, good construction management is an important way of all-round cost management.(2) a sound system design change Examination and approval systemIf design subject need to be change, we should take action as far as possible in advance, because the sooner the change, the smaller loss; Second, before each design ofchanges we must analysis the quality of project and cost, and this should receive the consent of the original design. If it breakthrough the total project cost estimates after the change, this must be approved by the review of the relevant departments, we should prevent these things happened such as increasingdesign elements ,improving the design standards, increasing the project cost.(3) check strictly with visa procedures of the project site we should Construct project management system , establish the specialized departments,and through the use of specialized management of professionals for the project, to avoid the phenomenon that project management staff just care visa only, take no concern about the economic accounts, resulting the serious consequences such as investment is out of control.For Seriously changes of visa procedures we should make the building side, supervision side, the construction site together representatives signed a mannerto ensure that the authenticity of the visa, the rationality of the economy of changes and to avoid the disputes caused by the phenomenon of fraud.(4) do a good job in the completion of the audit settlement priceClearing refers to the completion of construction enterprises in accordance with the terms of the contract completed by the contractor within the engineering, land quality experience, and in accordance with the contract, the construction units to carry out the final project settlement price. Completion of the project audited settlement is approved in accordance with the construction of the project cost. Therefore, the completion of settlement of the audit is a very important work, should focus on the following:①check the accuracy of the project check of project Quantity is the most important and most complicated, the most detailed work in process of the settle of completed project, this must be based on completion of the project plan, changed design and construction of the scene .it strictly in accordance with the provisionsof the rules one by one in terms of project review to prevent the units of construction to increase the volume of inflated project cost in the settlement on completion of the project.②examine whether the additional apply is right . check the sub-projects listed in the price in line with the fixed unit price, check whether the name, specification, measurement units and the content consistent with the units of the valuation table; for the unit price of conversion, the first step is to check if the conversion price wasfixed allowed, followed check if the conversion price is correct.③ check if the standards for the admission fee In line with the cost of the fixed and the cost of policies and regulations of the project during the construction. Fifth, the thinking and outlook of project cost management systemFrom a long time, we generally ignore the the project cost control of preparatory work for the construction phase, and control projects often focus on the cost of the construction phase - the budget review working drawings and reasonable。
全面预算与Hyperion System Planning在企业管理中的作用
全面预算与Hyperion System Planning在企业管理中的作用作者：赵春梅来源：《中国乡镇企业会计》 2012年第3期赵春梅在竞争激烈的市场经济条件下，预算管理对企业起着越来越大的作用，本论文从实际预算管理情况出发，分析预算管理以及Hyperion System planning在企业中的作用。
一、预算管理内涵预算是对企业经营计划的一种正式、量化的表述形式，为企业提供衡量实际业绩的基准点，预算管理是一个实体性管理，预算管理分离于财务管理但又有差别，在某种程度上说，预算管理工作更专、更全面、更科学。
预算管理实质是对公司的整个经济行为和资源配置的科学性、合理性进行论证、检查、监督、考评和分析，旨在确保有效率地完成目标的资源管理性综合管理活动。
二、预算管理的作用1.企业预算管理是现代企业管理中的重要组成部分，是企业实现短期经营目标，实施战略目标管理的重要手段，成为现代企业的核心管理之一。
2.预算可以促使公司管理层认真考虑完成目标的方法并对市场变化做好准备。
3.预算是对企业经营计划的一种正式、量化的表述形式，为企业提供衡量实际业绩的基准。
4.预算是进行事前、事中、事后控制的有效工具。
5.预算可以激励员工努力工作并作为员工绩效考评的依据。
三、预算管理实施与Planning我们要实施预算系统通常首要考虑的是：搭建一个什么样的预算系统，才能满足管理的要求，我公司在全面预算管理中运用了汉得公司的Hyperion System Planning，Planning是一种基于Web的预算和规划解决方案。
它可以在组织内推行相互协作、基于事件的运营规划进程，从而满足多种财务和经营需要。
它使Web用户可以输入、分析和报告数据，管理规划进程以及个性化设置数据输入表单。
Planning是一种全面的处理方式，它面向闭环式完整规划进程，可推进业务持续改进。
在Planning的协助下，所有决策者和一线经理能够相互沟通，以便确定所要采取的行动纲领，并且可与预算制定人员相互协作，从而优化规划进程并提高效率。
企业成本控制外文翻译参考文献
企业成本控制外文翻译参考文献企业成本控制外文翻译参考文献(文档含中英文对照即英文原文和中文翻译)译文：成本控制成本控制，也被称为遏制成本或管理成本，一个广阔的成本管理技术，它的经济增长目标是降低成本提高企业效率。
企业使用的成本控制方法，监测，评价，并最终提升效率的具体领域，如部门、产品线。
20世纪90年代的成本控制措施，受到了美国企业的首要关注。
一般而言，外包企业重组、撤资的外围活动，大规模裁员等成本控制战略被认为是升提升企业利润和维持企业竞争优势的需要。
其目的往往是降低企业的生产成本，这样该企业给出的销售价格就比其竞争对手具更大的利润。
一些成本控制的支持者认为，这种战略的成本削减计划必须慎重，因为并非所有降低成本的方法，都会对企业产生有利的影响。
在20世纪90年代的一个显著的例子,首席执行官邓拉普,绰号“电锯阿尔”，尽管他大幅降低企业的生产成本，但他领导的小器具制造公司依旧未能盈利。
邓拉普解雇了成千上万的工人和出售企业的业务,在他担任CEO两年内贡献不大，公司的竞争地位和股票的价格大幅下滑。
因此，在1998年公司董事会解雇了邓拉普，对他“成本控制一招”的管理方法失去了信心。
成本控制是一个持续的过程，与拟议的年度预算配合使用。
该预算有助于：（1）组织、协调生产和销售、服务和管理职能;（2）采取最大程度地利用现有的机会。
根据财政历年的进步形式，将预算与实际结果作比，生成新的计划和经验教训，用以评价目前的行动。
控制是指通过管理层的努力来影响个人的行为，由谁负责执行任务,承担成本,并获得收入。
管理是一个过程，将其分为两个阶段：规划是指管理计划的方式，希望人们人们能够执行的程序，而控制是指受雇于这些计划的程序是否符合实际表现。
通过预算过程管理和会计控制、建立全面的公司目标,明确责任中心，确定各责任中心的具体目标,设计的程序和标准报到和评价。
一个分部的业务纳入预算的组成部分，由责任方控制的。
责任中心适用于组织单位和职能部门。
预算编制外文文献翻译中英文2020
预算编制外文翻译中英文2020英文Budget making: The theatrical presentation of accounting discourseLawrence CorriganAbstractThis interpretative research engages with calls for a visual turn in accounting by presenting stagy empirical illustrations of municipal budgeting that draw upon Goffman’s dramaturgical framework. The budget is theorized as visual and theatrical. Analysis of video recordings of budget meetings and on-scene observation of budget-making at a site of city management reveal visual triggers, rhetoric, and framing that constitute budgeting as visual discourse. A central impression presented in this paper is that of uncontrollability. The apparatus of budgeting is complex and grows in an undisturbed way, given that budget actors seem to be passive in taking leadership roles to substantively promote change. This paper draws attention to numerous elements of budget-making that highlight visual accounting as part of its apparatus. This view is in contrast to classic theories of controllability that claim Weberian bureaucratic ideals of rationality, efficiency, and professionalism. Two scholarly contributions are claimed. First, this paper joins a growing academic conversation about visual accounting, and extends this discussion with an exemplar of management accounting. Until recently, the visual has been inappropriately neglected in accounting research, particularly in studies of the public sector. Second, this paper applies Goffman’s dramaturgy, an underused perspective in the accounting literature and a thought-provoking methodology with a capacity for what may be regarded as “visual critique”.Keywords：Visual accounting，Municipal administration，Budget，Dramaturgy，Accounting discourseIntroductionThe accounting milieu, and social life in general, is immensely visual. This paper calls attention to influential visual material in performances of accounting authority and contributes to a nascent academic conversation around critical visual analysis inaccounting (Brown, 2010, Davison, 2015, Davison et al., 2015, Malsch and Gendron, 2009, Meyer et al., 2013). A broad definition of the visual is employed in this paper; for example, pictures, diagrams, spreadsheets, ritual enactments, videos, web pages, television screens, graphs, and artefacts in the physical spaces where interaction takes place.Accounting researchers have been interested in the visual for at least several decades. However, unlike other disciplines such as the humanities and social studies, this stream of research has not been prominent. “Visuality has been neglected despite accounting having a strong visual resonance” (Brown, 2010, p. 486). Th e call for more visual research in accounting began in earnest with a special issue of Accounting, Auditing & Accountability Journal (AAAJ, 2009). It was suggested that “there was a blind spot with regard to the visual in both accounting and organization s tudies” (Davison & Warren, 2009, p. 845). Davison (2015) also argues that until recently the visual has been mostly absent in accounting studies. Important for the focus of my paper, Davison’s (2015) synthesis of 83 articles in the visual accounting field, which reveals an infrequent use of drama-based theoretical approaches, claims that there has been “no work on the public sector or on management accounting” (p. 148). This opinion is supported by Meyer et al. (2013)who claim that visual modes of meaning construction in organization and management research remain inactive and require more quantity and contrasting types of methodologies. Lapsley, Miller, and Panozzo (2010, p. 305) call for accounting research based on “visualizing and calculating the city” b ecause they have found that municipalities have received little attention regarding the visual. Thus, the visual turn, nearly a decade after its introduction in AAAJ, is still in need of a variety of empirical illustrations of its theoretical concepts.This paper answers the call for a visual turn in accounting by paying attention to how actors in municipal administration use visual images to achieve financial patronage1 in budget practices. It does so intertextually by bringing dramaturgy(Goffman, 1959, Goffman, 1967, Goffman, 1974) explicitly into the emerging literature on visual accounting. The following sampling of articles illustrates the rather eclectic nature of this literature. Bettner, Frandsen, and McGoun(2010)discuss the prevalent visual culture of accounting –a culture that teaches us how to visually see knowledge patterns. They claim that it is possible to also “hear” patterns (listening to accounting) to aurally find knowledge. Brown (2010)considered challenges and prospects of accounting and visual cultural studies. She concluded that this confluence enables strategic accounting to critique and resist dominant modes of thinking. Meyer et al. (2013) show how visuals disguised as information, rather than argument, become reified –enhancing their power to dominate, even though such domination is seldom made explicit. It has been suggested elsewhere that visual accounting in annual reports is laden with vestiges of archaic religious symbolism (Davison, 2004), including visuals that often adopt sacred images of ascension. Visual accountability has also been explored in the context of accounting for municipal projects (Czarniawska, 2010); the article discusses interpretative frameworks for studying city management and enriches the discussion by including visual reporting of the author’s photographs.Although the above introduction indicates a lack of visual accounting literature using drama-based theory, especially related to the public sector, some extant studies are particularly relevant to this paper. Mueller (2017) noted that accounting research has occasionally called upon Goffmanian ideas (Mueller lists seven articles with publication dates reaching back to 1985) but he claims that no systematic work has yet been of significance in the field of accounting. Mueller (2017)addresses that gap by taking dramaturgy seriously and applying aspects of the interaction order to the performance of strategy in organizations. The dramaturgy of interactions is a theme that runs throughout Goffman’s work. In the area of social accounting, Jones (2011) uses Goffman’s concept of impression management to assess the use, abuse, and visual impact of graphs in environmental accounting. Jones (2011) notes the extensive accounting literature concerned with earnings management and he broadens this idea toward presentational management such as accounting narratives and graphs.Following a dramaturgical framework (Goffman, 1959), my research examines the budget processes of Halifax Regional Municipality where operational boundaries give rise to fierce contests concerning political allocation of scarce resources.“Theatrical” analysis of accounting discourse helps us realize that impression management in budgeting involves skillful use of imagery. This paper contributes to visual accounting by focusing on municipal budgeting. Specifically, accounting researchers are encouraged to understand budget-making as visual and theatrical rather than uncritically seeing budgeting as an all-too-mundane administrative practice. If one wishes to imagine accounting as a visual theatrical performance, what succeeds at receiving (or what fails to receive) public funding should be of great interest. The budget processes of the Halifax City Council may be seen as theatrical experience where interests of the actors are sustained only by submitting to staged performances in an organized dispute over operating and capital financing. This paper examines how the visual is involved in argument and counter-argument surrounding the formal performance of municipal budget ratification. Goffman refers to these performances as “expression games” (1969, p. 10), where the structure of interactions is dependent on the control and asymmetry of information. Accordingly, “the budget” is socially constructed and complex; it can swiftly convert from a single object into a web of thousands of individual budget line items and a host of assumptions, calculations, legal commitments, and wild guesses. Municipal budgeting is also affected by a polyphonic voice3 (Bakhtin, 1981) because many competing bits and pieces of advice (mostly unasked for) independently reach the ears of elected officials in the lead-up to formal meetings of the Council. Strategic visualization (numbers, words, images, as well as accounting storytelling) is needed to respond to polyphonic overtones and to communicate overwhelming budget texts. In the Halifax budget story to follow, the players (municipal management, elected officials, staff members, the news media, others) visually and theatrically perfo rm a “good” budget even though it imposes an unwanted tax increase. Higher tax rates are embedded in a complex set of accounting calculations and able to “disappear from view” even though the subject of taxation remains in plain sight of the municipal actors.Theoretical framework – dramaturgyDramaturgy is a qualitative research tradition that grew from Goffman’s (1959)notion of social performances. Dramaturgy accepts a fundamental belief in thetheatricality of organizing and resonates with dramatic visual elements that are integral to budget accounting. Goffman used the language of theatre and called upon numerous dramaturgical terms to expound on the presentation of self in social situations. Goffman’s ontological stance includes the notion that the indi vidual is a crafter of the self. In this respect, Goffman stands-out among symbolic interactionists as one who leans toward a subjectivist orientation (although not all would agree with a categorization of Goffman as a symbolic interactionist, as discussed in Baert, 1998). Indeed, dramaturgy is difficult to situate paradigmatically. The philosophical assumptions underlying dramaturgy arise from an ontological position that implies nominalism while also approaching an objective attitude toward realism.As indicated in the previous section, dramaturgy has been sparingly applied in accounting research. Goffman’s dramaturgical framework has been used to question taxable business profits (Edgley, 2010), examine auditor facework (Johed & Catasús, in press), problematize the development of accounting narratives (Beattie, 2014), understand stigma related to accounting professionalism (Jeacle, 2008), and expose aspects of impression management (Skærbæk & Tryggestad, 2010). To date, dramaturgy has not been meaningfully used to engage with the visual turn in accounting since “the visual has often been (erroneously) regarded either as empty decoration or as transparent information” (Davison, 2015, p. 122). This is surprising because, theoretically, dramaturgy and visual studies share several fundamental tenets – Chart 1 outlines seven key concepts of visual studies, along with selected citations that elaborate these ideas. Each of the seven visual studies concepts is matched with a comparative dramaturgical concept. These draw upon seminal Goffman publications that fundamentally recognize the theatricality and visuality of social life. A central pattern evident from the comparison outlined in Chart 1 is that dramaturgical and visual artefacts have a capacity to establish and organize what comes to be accepted as knowledge. This often manifests as telling “a story of the situation” (Lorino, Mourey, & Schmidt, 2017, p. 43) in a way that is meaningful for future action.For this paper, four selected dramaturgical tools are central. Each of these is briefly outlined below.•Regions: (see Benford & Hunt, 1992) According to dramaturgy, performances depend upon segregation of social space into the front region and backstage. The front region is a physical space associated with visual masks, or persona. The front region contains a variety of fixed trappings called a setting and features fronts of human actors, which include personal appearance, manner, clothing, badges, gender, race, age, gestures, voice, credentials, and a host of other visual insignia. Actors do not necessarily continue the same performance when the audience is not present. The back region is the place “where the impression fostered by the performance is knowingly contradicted as a matter of course” (Goffman, 1959, p. 115). Dramaturgy has it that one’s authentic self is usually found in the backstage of social life.•Performance (see Biehl-Missal, 2011): Performance may be thought of as all acting that serves to influence other participants. Performances involve the efforts of individuals toward convincing others (and themselves) that their claims are genuine. Performance includes several elements as follows. Dramatic realization is the process whereby individuals infuse their activity with signs to more convincingly convey “facts” that otherwise might remain ambiguous. Idealization is the tendency of actors to present “officially accredited values” (Goffman, 1959, p. 45) for their audience to witness. Mystification involves the maintenance of rituals and visualization. These create an approving audience in awe of the performance.•Audience (see Hogan, 2010): Impressions are scripted for the benefit of an audience. From a visual point of view, theatre sites can be disorderly. They include mostly appreciative outward signals such as applause or shouts of bravo. Booing and heckling is also possible, as is the neutral, albeit annoying, propensity of audience members to forget to turn off their cellphones. Critique by the municipal audience is often restrained by dramaturgical techniques in the budget process. Municipal taxpayers and citizen lobbyists are able to resist through performances of their own through social media and by political efforts beyond the formal meetings in the Council Chamber.•Impression management (see Goffman, 1971, Solomon et al., 2013): Goffman discusses two types of management of impressions: what we say, and what we do. Theformer is information that we “give”, and is believed to be substantially under our control; those impressions that are communicated in what we do while we say things, i.e., the information that we “give off”, are believed to be less under our control. Thus audiences have access to visual and tacit signs that the performer is unable to manage. These signs may be used as a check of expressive behaviour that is given from behind a mask. Scholars have gone as far as to say that “impression management may be called upon as a general umbrella framework for visual analysis” (Davison, 2015, p. 134).ConclusionThis paper contributes to the conversation around visual analysis in accounting research (Davison, 2015, Davison et al., 2015, Jones, 2011, Malsch and Gendron, 2009). The call for critical visual research, especially in the field of management accounting and public sector management stems from a deficit of the visual in case-based studies of accounting. The “visual turn” has produced a persuasive theoretical grounding and discussion over the past decade. However, the visual turn in accounting is still in need of a variety of empirical illustrations of its theoretical concepts. By examining the budget processes of the Halifax Regional Municipality, this paper pays attention to how actors in municipal administration use visual images in practice. Following Goffman’s dramaturgical framew ork, this research accepts the notion that municipal budgeting is dramatic. The reputation of budgeting (and accounting generally) as mundane administrative work is unwarranted (Jeacle, 2008). Seeing accounting discourse as “theatrical” helps us realize that Goffman’s concepts of performing regions, performance, audience, and impression management in budgeting involve skillful use of imagery. Since the municipal budget is a socially-constructed vision of a contested and ever-changing reality, its construction depends upon how municipal actors perform their accounting authority. These performances are infused with a broad range of visual phenomena.A central impression presented in this paper is that of uncontrollability. The apparatus of budgeting is complex and grows in an undisturbed way, given that budget actors seem to be passive in taking leadership roles in order to substantivelypromote change. Power (2013) understands “apparatus” in the context of Foucault’s (1977, p. 195) notion of “dispositif”, whic h is a system of thinking that has a dominant strategic function as negotiations produce dispositions. I support this view by dramaturgically calling attention to numerous elements of budget-making that highlight visual accounting as part of its apparatus. This includes budget process diagrams, accounting spreadsheets with detailed budget line-items, engineering photographs of capital project sites, ritual enactments of dramatistic managers, videos “explaining” tax policy, municipal web pages, television sc reens showing the elected officials in action, and other visualizations that “construct controllability boundaries” (Gendron & Spira, 2009, p. 97). This view is in contrast to classic theories of controllability. For example, Ouchi (1979) considers various approaches18 that influence the boundaries of controllability, including a bureaucratic control philosophy based on Weber’s (2002)“ideal” bureaucracy. This model is characterized by hierarchical authority relations, personal scrutiny, and defined spheres of competence subject to impersonal rules. Theoretically, the Weberian bureaucratic goal is to be rational, efficient, and professional. Thus, the budget process may be seen as a control mechanism for behaviour. Ouchi (1979)stresses that it is of fundamental importance to establish which form of control is most efficient. However, this paper does not emphasize efficiency or rational control. I focus instead on trying to understand the complexity of budget control. On the one hand, visual accounting highlig hts ritual enactments that collectively construct a “meta image” that the budget is under control. On the other hand, this paper indicates a backstage (as captured through analysis of the frontstage) in which the individual actors involved, especially the councillors, seem to lack sufficient power to “control” the budget. This impression of uncontrollability raises an important question: Is backstage uncontrollability of the budget in line with democratic accountability? This paper has dramaturgically engaged with this question by showing that stakeholder views of reality may be constructed with visual accounting, and that corporate drama may interfere with classic notions of controllability.The research milieu for this paper has several limitations as well as opportunitiesfor further elaboration. First, the area studied in this research was a single sector, city government. Since Halifax Regional Municipality, and only that municipality, is where I performed fieldwork and gathered artefacts, from a conservative perspective it might be argued that the level of analysis is too micro. A similar complaint was held against Goffman who was seen as “a discoverer of the infinitely small” (Bourdieu, 1983, p. 112). Although a tight focus may be a limitation for some, the case study does provide a useful platform to demonstrate theoretical ideas relating to visual accounting. Case studies offer a nuanced understanding of situations of uncertainty and instability (Cooper & Morgan, 2008) as well as shedding light on what accountants actually do in their work setting (Power & Gendron, 2015). There are many aspects of municipal organizational life that could have been explored. For example, differences of big and small administrations, differences of urban and rural districts, differences of strong mayor versus strong manager structures, the municipality of the present and the municipality of the past, silence as a counterpoint to discourse. An abundance of dichotomies. However, I found that this paper’s contribution to visual accounting could be accommodated in a single municipal unit in Halifax.I conclude this paper with a suggestion for future research. Critical accounting studies, when dealing with the visual at all, have tended to focus on technical visual forms (Davison, 2015) such as film, architecture, diagrams, colour, web pages, graphs, and other visual forms. However, visual accounting research has begun to surface ideas concerning the accountant’s professional identity (e.g., Jeacle, 2012, Picard et al., 2014). Further research efforts should be extended to the accountant persona given the high impact that professionals have on society. A useful research question would be: “How does the visual constitute the accountant’s self?” Mead’s seminal publication, Mind, Self and Society (1934) conceptualized the self and explicitly recognized the role-playing capacity of the self. Meadian roles that people play in society are “first rehearsed in the theatre of the mind and later performed in the theatre of life” (Czarniawska-Joerges & Jacobsson, 1995, p. 377). Accountants can be an audience of their own performance, and the self can be theorized as a product ofvisual performances. This suggestion for future research could, for example, be related to the important matter of accounting transparency. As stated by Roberts (2009, p. 964), “the power of transparency lies in the possibility that I and/or others will identify with the image of the self that such transparency offers: that I will recognize myself and/or be recognized i n its categories”. Thus, future research could make a contribution to the idea that accounting actors require an understanding of the self to explore tension between the seen and the unseen in accounting identity and roles.Finally, it should be recalled that critical accounting researchers are actors in the construction of knowledge (Golden-Biddle & Locke, 2007). Trying to act as a dramaturge, I sought to show how visual symbols such as municipal flags, prayer invocations, poetry, impressive stacks of budget papers, para-military uniforms, the standard business suit, and a variety of texts play a role in the visual presentation of a municipal budget. Understanding this role is required for making evident both mundane and problematic performances of accounti ng. “Seeing and visualizing are implicated in strategies for knowing, for desiring and for the exercise of power” (Brown, 2010, p. 483). In this paper, I used dramaturgical concepts and visual accounting to expose fractious power relations among municipal stakeholders and to identify the asymmetry of budget information skewed in favour of management. This paper also reenacted visual drama that otherwise plays expression games, silences rivals, and promotes versions of reality constructed in the backstage of power relations. Thus, this dramaturgical research engaged with calls for a “visual turn” in accounting and did so by providing a critical perspective on municipal budgeting.中文预算编制：会计话语的展示劳伦斯·科里根摘要这项解释性研究通过在哥夫曼戏剧性框架的基础上，呈现出对市政预算的平凡经验性例证，从而呼吁对会计进行可视化转变。
关于企业债务重组的会计问题研究 外文翻译 精品
重庆科技学院学生毕业设计（论文）外文译文院（系）经济管理学院专业班级会计学本科2006级学生姓名代攀学号2006441158译文要求1.外文翻译必须使用签字笔，手工工整书写，或用A4纸打印。
2.所选的原文不少于2万字印刷字符，其内容必须与课题或专业方向紧密相关，注明详细出处。
3.外文翻译书文本后附原文（或复印件）。
译文评阅评阅要求：应根据学校“译文要求”，对学生译文的准确性、翻译数量以及译文的文字表述情况等作具体的评价。
指导教师评语：指导教师（签字）年月日原文来源：/sol3/papers.cfm?abstract_id=1369523主权债务重组寻找一个最佳表决比例Joy Dey摘要我国债务的拖欠已经长达十年以上了。
主权债务不能收回迫使进行债务结构调整，来减少债务负担或者延长债务的到期时间。
重组债务的一个方法是在原有债权债务协议基础上签订一个'交换要约'，例如债券，是为了改变付款期限和条件，尤其是付款条件而产生的新的债务票据。
虽然一些投资者可能会同意这样的结构调整和接受交换要约，其他人或许会有不同的投资意愿。
一个成功的主权债务重组在发生时，债务人已经得到经债权人同意的一个预期的额度，或者就是债务重组的平衡点。
不管怎样，重组平衡点是，这个函数受两个重要因素影响：（一）投资人的信心：较低的平衡百分比反映投资者对发行人的投资信心很低。
（二）债务结构调整的成功：较高的平衡百分比会让债权人很难回收债权来满足自己的需要。
因此，保持这两者之间的平衡关系成为债务人的难题。
这篇文章对以前的主权债务重组事件进行了分析，来研究学习不同主体规定的不同平衡点水平，以及找出一个最适合的平衡点水平用于为所有主权债务重组规定一个超国家代码。
引言I. 主权借贷的产生整个人类的历史中，金钱借贷仍然是一个普遍的现象，可以追溯到大约9000年以前人类发明计数令牌用于记录的贸易和债务。
随着贸易和商业的发展，借贷的特征已经成为广泛的和复杂的信用指数。
上市公司价值分析中英文对照外文翻译文献
上市公司价值分析中英文对照外文翻译文献(文档含英文原文和中文翻译)译文：上市公司内在价值分析一、关于内在价值随着中国资本市场的发展，中国股市将逐步走向成熟，价值投资将在未来中国股市中占主导地位，证券市场的价值投资就是当证券的市场价格低于它的内在价值时买入，并长期持有或当证券的市场价格高于它的内在价值一定程度时卖出。
因此，对于中国股市的价值投资而言首要问题是确定上市公司股票的内在价值。
同时为了风险投资，企业并购和资产重组等资本运作的需要，迫切需要适合中国公司的可操作性强的价值评估体系。
本杰明.格雷厄姆在《证券分析》这本书中是这样描写内在价值这个概念的总结性地概括：1、内在价值是无法确定具体数值的，难以把握的概念。
2、内在价值可根据公司历史收益数据来推算，但只可做参考。
因为从历史收益数据是无法估算出不确定的未来收益的。
3、虽然无法得出内在价值的精确数字，但内在价值可以用一个近似值范围来表达并用它判断股价被高估或低估。
4 、市场价格经常偏离证券的实际价值。
5、当市场价格偏离证券的实际价值时，市场中会出现自我纠正的趋势。
但对某些证券价值的高估和低估经常会持续极长的一段时间。
国内外评估公司内在价值的主要方法有：(一)资产价值基础法它是通过对公司资产进行估价的方式来评估公司的价值。
目前国际上通行的资产估价标准主要有账面价值重置成本法和清算价值等。
1、账面价值法账面价值法是一种基于会计理论的方法根据资产负债表得出净资产并进行适当调整但结果可能不代表盈利能力，特点是简便但不准确。
2 、重置成本法重置成本法是指以目前的价格水平重新建造一个与被评估资产完全相同或类似的资产的成本特点是立足于现在时点的资产价值未考虑未来资产的收益情况。
3 、清算价值法清算价值法是基于公司的总资产在市场变现后减去总负债的价值，特点是只考虑资产价值而没有考虑机构组织的无形资产和商誉（goodwill）适合于破产企业。
(二)现金流量贴现法现金流量贴现法的基石是现值规律。
会计学毕业论文外文文献及翻译
LNTU---Acc附录A国际会计准则第 37 号或有负债和或有资产目的本准则的目的是确保将适当的确认标准和计量基础运用于准备、或有负债和或有资产，并确保在财务报表的附注中披露充分的信息，以使使用者能够理解它们的性质、时间和金额。
范围1．本准则适用于所有企业对以下各项之外的准备、或有负债和或有资产的会计核算：（1）以公允价值计量的金融工具形成的准备、或有负债和或有资产：（2）执行中的合同（除了亏损的执行中的合同）形成的准备、或有负债和或有资产；（3）保险公司与保单持有人之间签订的合同形成的准备、或有负债和或有资产；（4）由其他国际会计准则规范的准备、或有负债和或有资产。
2．本准则适用于不是以公允价值计量的金融工具（包括担保）。
3．执行中的合同是指双方均未履行任何义务或双方均同等程度地履行了部分义务的合同。
本准则不适用于执行中的合同，除非它是亏损的。
4．本准则适用于保险公司的准备、或有负债和或有资产，但不适用于其与保单持有人之间签订的合同形成的准备、或有负债和或有资产。
5．如果其他国际会计准则规范了特定的准备、或有负债和或有资产，企业应运用该准则而不是本准则，例如，关于以下项目的准则也规范了特定的准备：（1）建造合同（参见《国际会计准则第11号建造合同》）；（2）所得税（参见《国队会计准则第12号所得税》）；（3）租赁（参见《国际会计准则第17 号租赁》），但是，《国际会计准则第17 号》未对已变为亏损的经营租质的核算提出具体要求，因而本准则应适用于这些情况；（4）雇员福利（参见《国际会计准则第19号一雇员福利》）。
6．一些作为准备处理的金额可能与收入的确认有关，例如企业提供担保以收取费用，本准则不涉及收入确认，《国际会计准则第18 号收入》明确了收入确认标准，并就确认标准的应用提供了实务指南，本准则不改变《国际会计准则第18 号》的规定。
7．本准则将准备定义为时间或金额不确定的负债，在某些国家，“准备”也与一些项目相联系使用，例如折旧，资产减值和坏账：这些是对资产账面金额的调整，本准则不涉及。
并购财务风险中英文对照外文翻译文献
并购财务风险中英文对照外文翻译文献并购财务风险中英文对照外文翻译文献(文档含英文原文和中文翻译)并购的财务风险研究摘要并购是一个高风险的活动。
并购业务，无论是在准备阶段，还是在合并的运营阶段，或之后的整合阶段，将伴随着大量的不确定性。
这些跨国并购所带来的不确定性有可能导致巨大的财务风险。
尤其在当前,更多的国内企业已经选择了并购这条路。
本文对并购的各个重点阶段容易受到的财务风险分析，并对这些风险提出了防范措施。
关键词：并购，财务风险，防范措施在西方国家，并购有大约超过100年的历史，交易规模不断扩大。
2000年，在我国，第五次全球并购浪潮达到一个高峰，并购在我国越来越受欢迎。
例如，许多公司加快海外扩张和并购的步伐，许多企业选择并购来渡过难关。
正如我们所知道的，并购一定会有风险，比如：目标公司的评估，交易方法，或财务风险的选择。
如何才能避免这些风险？我们要选择哪种方法？这就是这篇文章的目的。
1.并购导致财务风险的原因1.1高估或低估了公司价值带来的风险1.1.1信息不对称是影响估计的主要因素由于信息不对称，目标公司一直隐瞒不良信息和夸大良好的信息。
投标人还夸大自己的实力，他们所披露的情况不足或失真。
因此，贸然行动的失败结果随处可见。
有很多有关风险的资料，两个重要的例子就是：第一，股票风险，公平对任何一家公司都是很重要的，但所提供的信息和真实情况之间存在着差异，这些虚假的信息威胁到并购的成功；第二，债务信息的风险，如果没有发现这种风险，庞大的债务将毫无缘由的转嫁到投标人身上。
1.1.2缺乏合理的评估方法有三种评估方法：成本法、市场法、收益法，这其中，市场法要求有关信息的对称性要高，只有当信息评价具有高对称性时才可以对企业作出准确判断。
然而，在我国，信息对称水平低，小企业采用这种方法。
他们大多采用替代法和收益法。
这两个方法也有缺点，重置成本反映历史成本，不能反映未来盈利能力；就算把现值看做增值的收入，它也明显的缺陷，那就是，未来的收入预期是不同的。
外文文献及翻译---ERP项目实施成功因素和风险管理
ERP项目实施成功因素和风险管理参考国外的一些文献资料，一个成功的ERP项目，往往要花费数年时间，数千万美元得以完成。
再回头看国内，随着ERP怀疑论的抬头，价格战的兴起，ERP作为一种软件供应商的产品，却有走下神坛趋势。
就连ERP界的首领SAP也推出了Business One产品，价格低于十万。
不过，即便ERP软件能做到免费，或如IBM推崇的按需收费的境界，从整个企业实施的角度，考虑到人员、培训、维护、业务重组、二次开发、三次、n次开发，其费用应该也在数百万乃至千万人民币的规模。
这对于国内企业而言，已是不小的数目了。
但是，还是有不少企业怀着美丽的梦想，踏上ERP实施的艰辛之旅。
其中又有不少项目以失败告终。
而对于那些最后的幸存者，是否就可以还戟入仓，饮酒高歌呢？事实上，企业在成功实施ERP项目后，将面对较实施前更大的风险。
在未来的五到十年中，是否有一个扎实的ERP风险管理机制将决定了企业是否能在最初的ERP投资中真正获益。
1998年Thomas H. Davenport在哈佛商务评论发表了名为《将企业放入企业系统》的文章(Putting the ent ERP rise into the ent ERP rise system)。
该文系统地提出了企业系统，或称ERP系统给企业运作带来积极及消极的引响。
同时也直接提出了未来企业必须面对的一个风险：将整个企业放入企业系统中的风险。
按照美国项目管理协会对风险的定义，“风险”是指对项目有利或不利的不确定因素。
项目是“为完成某一独特的产品或服务所做的一次性努力”，项目的“独特性”决定了项目不可能是以与以前完全相同的方式、由与以前完全相同的人来完成的，同时，项目所要创造的产品或服务，以及项目可能涉及的范围、时间及成本都不可能在项目开始时完全确定，因此，在项目进行过程中也相应会出现大量的不确定性，即项目风险。
本文以下所提到的“风险”是指对项目“不利”的不确定因素。
外文翻译---谈工程量清单计价与招标投标制
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In order to adapt the engineering invitation to bid-to-bid to compete to be become the demand that the engineering builds the price by the market, must account the price method and the engineering budgets to settle the sum to carry on the homologous reform to the current engineering.The Release the implement with the national the standard of 《the construction the engineering the quantity the detailed the list accounts the price norm 》, the is the to the face to the our the country engineering the construction market, the usage the market list the price mechanism, the reform the engineering to the build the price management, the build up the gradually be the adjusted to the control by the government macro view, the market contain the preface competition formation engineering build the price of new mechanism.Construct the reform that the engineering accounts the price method, symbolize the our country engineering built the price management to take place from the tradition" quantity the price unite as one" of plan mode to important change of the market mode of" the quantity price separate”. Also express, our invitation to bid system is real to start drive into the orbit of the international usual practice.The our country constructs the static state management mode of the price of article widespread adoption" quantity the price unite as one" currently, then pass the engineering budget building price of article. But settle the sum to point under the condition of normal construction produce, certainly complete the provision limit that artificial, material, machine and funded of calculate the unit products consume, though consume the quantity the standard is a basis construction norm, the typical model engineering to design, social average level etc. the aspect factor establishment of, the biggest irregularity is the government department concerned to make surevarious price and management fees, even profit margin, did not consider the technique specialty of the business enterprise completely and labor the rate of production level, material the purchase outlet and manage the ability. Just think a single-item engineering, according to same settle the sum, item and its mount of engineering of the different business enterprise budget should be basic and same, is also the engineering construction diagram budget to build the basic homology of price, this kind of accounts the price mode since can't reflect the variety of the market price in time, even can't reflect the business enterprise construction, technique and manage the level.The amount of engineering detailed list accounts the price according to" quantity the price separate" principle, while constructing the engineering construction to recruit to bid, inviting bids the person to start construction according to the engineering diagram paper, request according to the invitation to bid document, take the united engineering quantity calculation rule as the quantity detailed list that the bidder provides the real object engineering quantity item and the technique measure item; Bidder according to provide of unify the quantity and combine the comprehensive real strength independence offer of the item, market, risk and this business enterprise towards drawing up the description and requests of set up the engineering circumstances,. The New account the price the mode predominance the principle is" the settle the sum quantity, the market price, the compete the fee", the then from the national the supervisor working the talent section the at unify the amount the of engineering the calculation rule, the unify the amount of the engineering calculation unit, the unify the demarcation of the divide an the engineering and the unify under the principle the of the item coding, the draw up 《the construction engineering quantity detailed list accounts the price norm 》, the conduct and actions is compulsory sex standard unifies the implement in the whole country, certain in the past settle sum in prescriptive construction method, consume measure level, take fee etc. Change from item or business enterprises, the realization-building price of article market turn. Because a real object that reflected the engineering consume and relevant expenses, therefore, this kind of account the price mode to be easy to combine to construct the engineering of concrete circumstance, become current with the budget settles the sumfor the basal static state accounts the price mode for consider various factor in the dynamic state in the unit price to account the price mode. The past invitation to bid bids to make, recruiting to bid the both parties aim at some on constructing the product, according to same construction diagram paper, make use of the same budget to settle the sum and take the fee standard, an establishment invites bids to mark the bottom, an establishment bids to quote.Adopt the amount of engineering detailed list recruits to bid, request to recruit to bid both parties strictly according to norm of the engineering quantity detailed list standard format fill in, invite bids the person in the form detailed and accurate engineering contents that the should complete; engineering contents of description according to the detailed list form, combine the engineering circumstance, market competition circumstance and this business enterprise real strengths, consider various risk factor well, the independence fills to report the detailed list, listing to include the items, such as engineering direct cost, indirect cost, profits and the tax gold...etc. at inside of comprehensive unit price and gather the price, and with synthesize the unit price the report the conduct and actions finishes construction the invitation to bid of the balance of accounts adjustment price to bid way. It divides the line to recruit the work of bid the both parties definitely, inviting bids the person calculation quantity, the bidder make sure price, with each other not cross, repetition, not only be advantageous to the owner control to build the price, also be advantageous to the undertaker independence offer; Not only raised the investment performance of the owner, but also urge the undertaker in the under construction adoption new technique, new craft, new material, work hard to decline low cost, increase the profits, keep the advantage position in vehemence of market compete.In the end, the engineering quantity detailed list accounts the price is the inevitable trend of the building industry development, is a market economy the inevitable outcome of the development, also is to adapt the international domestic building market competition inevitable to choose, it bids to the invitation to bid mechanism of perfect and development, build up have the construction market the fair competition orders of the prefaces and will rise the very aggressive push function.译文谈工程量清单计价与招标投标制近年来，我国市场化经济体系已基本形成，建设工程投资多元化的趋势已经出现。
中英文外文文献翻译企业债务重组研究
本科毕业设计（论文）中英文对照翻译(此文档为word格式,下载后您可任意修改编辑!)作者: Martin G期刊: Economic Analysis , 2016，第3卷，第5期，pp：31-41 原文The research of corporate debt restructuring作者：Martin GI. INTRODUCTIONThe global financial crisis that paved its way into India in 2008 and 2009 shattered the financial health of the companies affected by atightening of credit and weaker consumer demand. The non-performing assets (‘NPAs’) for banks were on the rise. The cases filed in the corporate debt restructuring cell (‘CDR Cell’) increased at a rapid pace. By the end of March 2009, thirty-four cases were filed with the CDR Cell as against the 10 filed at the end of the previous year. These cases were mainly from the textile and steel sectors that suffered highly because of a lag in exports. It went to show that companies were unable to deal with the high level of debt they had accumulated over time and such cases were an inevitable result of the same. Fortunately the Reserve Bank already had a mechanism in place and that too easily accessible, whatever the effectiveness of it, for handling such a crisis. It was way early in 2001 that the Reserve Bank had developed or rather adopted guidelines for debt restructuring by corporate entities and the same were revised twice subsequently to overcome the insufficiency of the insolvency laws to address debt distress. Therefore, when it occurred to the companies that their debt structure was in a predicament, the Reserve Bank early move had put in place a mechanism that these distressed companies could look forward to in order to avoid a liquidation since their current situation was but a reaction to the global financial crisis. The various facets of this mechanism need to be understood to appreciate the debt restructuring of corporate in India.II. CORPORA TE DEBT RESTRUCTURING: A GLANCE It was inlight of this that the Reserve Bank of India came up with the Corporate Debt Restructuring model in August 2001 providing detailed guidelines for establishing the corporate debt restructuring system. The present framework is provided by a November 2005 circular of the RBI. The model for corporate debt restructuring essentially has two elements- factual and legal. RBI is the regulatory body for most of the financial institutions and all banks. Also, the central government is either the sole or majority shareholder in most of them. As the regulatory agency (with the backing of the majority/sole owner), the RBI can prod such financial institutions to become involved in the corporate debt restructuring exercise. Those financial institutions which are not regulated by the RBI, e.g. Life Insurance Corporation of India, General Insurance Corporation of India and its subsidiaries, Unit Trust of India but are important players, are allowed to join either on individual case to case basis or become general members. Thereafter the members are bound together by the Inter-Corporate Contractual Agreement entered into by the members. So the legal foundation of the agreement rests on the basis of Inter-Corporate Contractual Agreement, which has come about because RBI regulates the entities which are signatories to it. In fact up to 2005, RBI was a member of the Corporate Debt Restructuring Standing Forum and oversaw some of the most important corporate debt restructuring cases and enabled and establishment of precedents for guidance in future cases. A.STRUCTURE OF THE CORPORA TE DEBT RESTRUCTURING MECHANISMThe corporate debt restructuring mechanism system has a three-tier structure. At the top is the Corporate Debt Restructuring Standing Forum and its Core Group. At the second layer is the corporate debt restructuring Empowered Group and thereafter we have the Corporate Debt Restructuring Cell. The Corporate Debt Restructuring Forum has as its permanent members Chairmen and Managing Directors of all banks, financial institutions such as the Industrial Development Bank of India, Industrial Finance Corporation of India and Chairman of Indian Bank Association. The Life Insurance Corporation of India & Unit Trust of India can also participate in it. As the very structure and representative character of the Standing Forum suggests, this body is there essentially to lay down the policies and guidelines as to how the system of corporate debt restructuring should operate and thereafter review and monitor the programme. As a policy making body it lays down the important parameters to be taken into account in restructuring e.g. minimum level of promoter sacrifice, maximum period to be taken into account for a unit to become viable, which complicated cases should get special treatment, etc. The guidelines are also supposed to address the modalities for enforcement of the corporate debt restructuring mechanism, the time frame within which it should be done and as to how to deal with theoperational difficulties which might be experienced in the functioning of the Empowered Group. One important area of concern of the guidelines is ensuring that over optimistic projections (e.g. of capacity utilisation of the plant, future demand of products, price expected from the sale of products , margin of profit in operations, raw material availability, comparative national and international competitiveness) are not assumed while preparing or approving the restructuring proposals. While the Corporate Debt Restructuring Standing Forum has to ensure the smooth functioning of the Empowered Group and Corporate Debt Restructuring Cell, there is a Core Group to guide and assist it in taking decisions relating to policy. The Core Group consists of Chief Executives of the financial institutions that have the greatest bearing on decision making because they are the biggest lenders and are associated with most of the big loans (Industrial Development Bank of India, State Bank of India, ICICI Bank Ltd., Bank of Baroda, Bank of India, Punjab National Bank and Chairman and Vice Chairman of Indian Banks Association). It is hoped that their wide-spread exposure would help in formulation of standards which will have a common thread through them. The next layer is the Corporate Debt Restructuring Empowered Group which finally decided on the specific cases of corporate debt restructuring as per the guidelines of the Corporate Debt Restructuring Standing Forum. Since its work consists of looking into specific individual cases, the compositionof the Corporate Debt Restructuring Empowered Group will first of all have to necessarily reflect the lenders of the troubled debtor. It consists of executive director level representatives of financial institutions and banks which have an exposure to the debtor. The high level of representation is there so that they can take decisions on behalf of their financial institution/banks. The RBI Circular issued in November 2005 also requires that the concerned creditor should authorize its chief executive officer and /or executive director to decide on the restructuring packages. In addition, so as to maintain a continuity in the discussion/decision making process and also speed it up, the same person is required to represent the creditor in the Corporate Debt Restructuring Empowered Group meetings. For guidance of the creditors the Corporate Debt Restructuring Empowered Group also consists of representatives (executive level) of Industrial Development Bank of India, ICICI Bank and State Bank of India as they bring their experience in corporate debt restructuring proposals and because most of the proposals generally involve them.The Corporate Debt Restructuring Empowered Group first of all looks into the preliminary reports of are quest for restructuring submitted to it by the Corporate Debt Restructuring Cell. Only after it ascertains that the restructuring its prima facie feasible and the enterprise has the potential to become viable as per policies and guidelines of the CorporateDebt Restructuring Standing Forum, will a detailed restructuring package be worked out by the Corporate Debt Restructuring Cell with the help of the lead institution (usually the major creditor to the enterprise). When the restructuring package is submitted to the Corporate Debt Restructuring Empowered Group, it will after examining the viability and chances of rehabilitation of the enterprise decide on the package within a time span of ninety days of reference to Corporate Debt Restructuring Cell. IN some cases, for sufficient reasons, the time span may be extended to 180 days. To decide on whether the time span should be increased or not, the Corporate Debt Restructuring Empowered Group will have to take into account certain parameters, applied individually taking into account each enterprises’ circumstances and peculiarities. The Corporate Debt Restructuring Empowered Group while deciding on the viability of restructuring has to take into account parameters like the return on capital employed, debt service coverage ratio, gap between internal rate of return and cost of fund and the extent of sacrifice entailed and proposed. The decision of the Corporate Debt Restructuring Empowered Group will be final and shall be taken on the basis of exposure. So those who are secured or unsecured creditors, or who have provided term loan or working capital finance are on the same footing. Seventy five percent of creditors by value and 60 percent of them by number have to vote in favour of the restructuring for it to pass. TheCorporate Debt Restructuring Cell is the first step in the restructuring exercise. It has staff on deputation from participating banks and financial institutions, but there is no prohibition on taking outside professional help. The costs are met by contributions by members of the Corporate Debt Restructuring Empowered Group, which within one month to be feasible, then the Corporate Debt Restructuring Cell, and the lead institution or major creditor to the enterprise will work out a plan within 30 days with the help of other creditors and experts. It is based on this proposal that the final decision is taken by Empowered Group. B. OPERA TION OF THE CORPORA TE DEBT RESTRUCTURING MECHANISMThe benefit of this mechanism is not available to those cases where there is only one creditor bank or financial institution. This is because the concerned creditor can in any case enter into a compromise with the defaulter and there is no need to bind the other creditors to the arrangement. Thereafter, it is at present applicable only to those cases where the exposure of banks and financial institutions is more than INR 100,000,000. The reason being that it is these cases which present a threat to the financial system and also the costs involved in working out the package and it implementation be justified. Cases which are with the Board for Industrial and Financial Reconstruction are not eligible to be considered under the system, so as to prevent conflict with the Board for Industrial and Financial Reconstruction, which also deals with the case onthe basis by and large. But the Core Group can recommend exceptional large value corporate debt restructuring cases for consideration on a case to case basis though the package can be implemented only after getting approval of the Board for Industrial and Financial Reconstruction. Those corporate, which had in the past been found to be indulging in fraud or malfeasance, even if only with one bank or financial institutions, are not eligible to be considered. The operation of the system involves the creditor waiving off his rights so as to enable repayment for an entity which is finding it difficult to repay due to genuine reasons. The system should not operate in a manner so that it creates a moral hazard of deliberate default so as to get concessions from creditors. The Core Group, however, can relax in those cases where it is satisfied that the concerned debtor was classified as a willful defaulter, in a non-transparent manner and he can repay the loan if he is given an opportunity under the corporate debt restructuring system. But it is worth noting that there is no necessity that the company be sick or be in default or an account be a non-permanent asset for reference to the corporate debt restructuring system. In addition to contractually binding them to the future restructuring proposal upon their approaching the system, with necessary enforcement and penal clauses, the debtor-creditor agreement also has a stand still clause which is binding for 90 days or 180 days as the case may be, on both the parties. The stand still clause prevents theparties from taking recourse to any legal action (other than criminal action) during the said period so that restructuring exercise takes place without any outside intervention. The directors of the referred company are not supposed to resign from the board of directors during this period and the debtor also agrees that the period of limitation on all relevant matters and documents is extended by the duration of the period. III.V ARIOUS RESTRUCTURING OPTIONS/METHODS EMPLOYED IN CORPORA TE DEBT RESTRUCTURING SYSTEMThe corporate debt restructuring system has three different aspects broadly i.e. promoter sacrifice, creditor sacrifice and creditor’s assistance. The system requires the creditors to forsake some of their rights and money. But before this is done or is agreeable to them, the concerned promoter of the company (who are the final beneficiaries) and shareholders are required to sacrifice as well. The various Sacrifices are in the form of reduction in share capital, changing the composition of the share capital from pure equity to equity and preference with the latter being redeemable at a long date (under 20 years) with only a notional divided (.01 per cent) being paid on them, conversion of debt due from company to the promoter as equity or preference share, bringing in of additional capital by the promoter or merging the company with an another healthy profit making company controlled by the promoter. The methods of extricating sacrifice from the promoter enumerated here arenot exhaustive. But from the sacrifice entailed from the promoters, what is analysed is whether the promoters are keen and interested in revival of the unit as the creditors or whether the promoters are more free riders. The sacrifice also ensures that the moral hazard of indifferent/bad managements being rewarded with better and more lenient deals due to the operation of the corporate debt restructuring system is taken care of.译文企业债务重组研究Martin GI.引言全球金融危机在2008年和2009年波及印度，信贷紧缩和消费需求疲软打破了当地公司的财务状况。
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Transition and enterprise restructuring the role of budget Abstract:The focus of analysis is on the impact of financial leverage as a measure of bankruptcy costs on enterprise restructuring, based on budget constraints in the economy. Data of Bulgarian manufacturing firms allow comparison of firm behavior under soft and hard budget constraints as distinguished by the inception of a currency board in 1997. Controlling for change in sales, firm size and type of ownership, statistically significant relationship between financial leverage and firm restructuring through labor adjustments is found to exist under hard budget.1 IntroductionThe impact of budget constraints on firm behavior in transition economies has been recognized in a number of studies where elimination of labor hording is identified as an important component of enterprise-restructuring policies (e.g., Grosfeld and Roland, 1996; Coricelli and Djankov, 2001). A large theoretical and empirical literature, summarized in Kornai et al. (2003), has identified the causes and channels of soft budget constraints (SBC). However, the effects of the heavy indebtedness resulting from SBC in transition economies and the influence of corporate capital structure on firm restructuring and economic efficiency have not been fully explored. In the finance literature, research has long been focused on how financial leverage and bankruptcy costs influence operating behavior and efficiency (e.g., Titman, 1984; Perotti and Spier, 1993; Sharpe, 1994; Rajan and Zingales, 1995). The main finding is that higher levels of debt in the capital structure discipline firms and force them to make optimal resource allocation decisions.This paper analyzes the impact of financial leverage on firm restructuring, based on budget constraints in the economy. The analysis explores an important channel through which the hardening of budget constraints is expected to cause active labor adjustment and enterprise restructuring. The empirical analysis uses data on more than 1500 Bulgarian manufacturing firms over the period 1994–2000. During the first half of the period, SBC were widespread and combined with inconsistent economic policies led to a severe financial crisis, which was followed by the inception of a currency board in mid-1997 and significant hardening of the budget constraints. Thus, data allow us to compare firm behavior under soft and hard budget constraints. Under hard budget constraints, a statistically significant relationship is found between determinants of the level of bankruptcy costs, such as firm size and financial leverage, and restructuring through labor adjustments. Ceteris paribus, the elimination of excess labor is more substantial in smaller and more highly leveraged firms. This relationship is not present under SBC.2 Analytical framework and hypothesesThe costs of adjusting firm labor force arise through the costs of hiring, training and firing employees, or the quasi-fixed components of the labor input (Oi, 1962; Fay andMedoff, 1985). The presence of such costs ought to induce firms to dampen fluctuations in their labor force relative to fluctuations in demand for their output, a pattern of behavior commonly referred to as labor hording. In the context of former centrally planned economies, an important reason for labor hording has been the pursuit of objectives other than profit maximization, such as full employment and other social and political goals. These considerations are in fact determinants of the SBC, which are identified as the major obstacle to efficient enterprise restructuring during transition (Kornai et al., 2003).If the costs of deviating from the profit-maximizing employment–sales ratio are high relative to the costs of adjusting labor, firms will choose to restructure. As deviations from the optimal employment–sales ratio are more costly for smaller firms and more highly leveraged firms, these ought to be quicker to adjust to changes in the economic environment (e.g., Sharpe, 1994). Firms that experience relativelyhigh opportunity costs of capital are prone to do less labor hording and to restructure when demand shifts or financial conditions change so as to preserve their capitalWhile firm (capital) size can reasonably be thought of as exogenous in this framework, such an assumption would be less tenable for firm leverage. Titman (1984) suggests that the more valuable is firm-specific capital at any given firm, the less debt that firm should have in its capital structure. Lower debt assures fewer states in which specific capital is destroyed due to liquidation.4 Under this interpretation, firms with relatively high leverage may have chosen such a capital structure either because firm-specific capital adds relatively little value to their labor force, or because such firms operate under SBC. Firms may thus be thought of as balancing the benefits of debt finance with the benefits of more highly trained labor force.5 Under SBC, however, the perceived risks and bankruptcy costs are much lower. The low bankruptcy costs thus render high leverage irrelevant both to borrowing/lending decisions and to labor hording decisions, as new loans often are the only means of (temporary) survival for indebted/insolvent firms.This hypothesis could also reasonably be supported by the view that adjustment costs are largely psychological costs that managers incur when they lay off employees (Jensen, 1988). Managers behave inefficiently, favoring their own interests rather than those of firm owners when they avoid cutting employment during recession. Using a higher level of debt in the capital structure may be the best way to reduce such management-related agency costs. Under soft budget constraints, however, the owners themselves would often pursue strategies other than profit maximization, avoid cuts to employment and thus render the level of leverage irrelevant.过渡和企业重组在预算的作用摘要:分析的重点是财务杠杆，作为破产企业重组成本，预算约束为基础的经济措施受到影响。