价值(英文版)
美国价值观(中英文对照)
Basic American Values and Beliefs基本的美国价值观和信仰Individual Freedom and Self-Reliance个人自由和自力更生The earliest settlers came to the North American continent to establish colonies which were free from the controls that existed in European societies. They wanted to escape the controls placed on their lives by kings and governments,priests and churches,noblemen and aristocrats. To a great extent,they succeeded. In 1776 the British colonial settlers declared their independence from England and established a new nation,the United States of America. In so doing,they overthrew the king of England and declared that the power to govern would lie in the hands of the people. They were now free from the power of the king. In 1789,when they wrote the Constitution for their new nation,they separated church and state so that there would never be a government-supported church. Also,in writing the Constitution they expressly forbade titles of nobility to ensure that an aristocratic society would not develop. There would be no ruling class of noblemen in the new nation.最早的定居者来到北美大陆建立殖民地是自由的控制存在于欧洲社会。
中西方价值观差异英文版
Differences in Values between Eastern and Western CulturesCultural values play a pivotal role in shaping the mindset, behaviors, and social structures of societies across the globe. The East-West cultural divide, marked by distinct value systems, has been a subject of interest for scholars, anthropologists, and sociologists. Examining the differences in values between Eastern and Western cultures sheds light on the diverse perspectives that underpin the way people in these regions navigate life, relationships, and societal norms.### **1. Individualism vs. Collectivism:****Western Perspective:**-Individualism is a key value in Western cultures, emphasizing personal autonomy, self-expression, and the pursuit of individual goals. Independence and personal achievement are often highly valued.**Eastern Perspective:**- Eastern cultures, particularly in Asia, often prioritize collectivism. Harmony within the group, family, or community takes precedence over individual desires. Group cohesion and cooperation are highly esteemed.### **2. Relationship Dynamics:****Western Perspective:**-Western societies often value more informal and egalitarian relationships. Open communication, personal space, and the right to express one's opinions are commonly emphasized.**Eastern Perspective:**-Eastern cultures, especially in Confucian-influenced societies, place a strong emphasis on hierarchical relationships. Respect for authority, elders, and maintaining social harmony are crucial.### **3. Time Perception:****Western Perspective:**- Western cultures typically adhere to a monochronic time orientation, where time is linear and compartmentalized. Punctuality and efficient time management are highly valued.**Eastern Perspective:**- Eastern cultures, particularly in Asia, may embrace a polychronic time orientation. Time is seen as more fluid, and relationships often take precedence over strict adherence to schedules.### **4. Communication Styles:****Western Perspective:**- Direct communication is often valued in Western cultures. Expressing opinions, negotiating openly, and engaging in debate are common communication styles.**Eastern Perspective:**-Indirect communication is more prevalent in Eastern cultures. Non-verbal cues, reading between the lines, and maintaining harmony through implicit communication are often prioritized.### **5. Attitude Toward Change:****Western Perspective:**- Western cultures may embrace change and innovation, valuing progress, adaptability, and a willingness to challenge the status quo.**Eastern Perspective:**- Eastern cultures, rooted in tradition and stability, may exhibit a more cautious approach to change. Preservation of cultural heritage and societal stability are often emphasized.### **6. Views on Nature and Harmony:****Western Perspective:**- Nature is often viewed as a resource to be utilized. The relationship with nature is utilitarian, and the emphasis is on human mastery over the environment.**Eastern Perspective:**-Many Eastern philosophies, such as Daoism and Confucianism, emphasize harmony with nature. Nature is seen as interconnected, and humans are viewed as an integral part of the natural world.### **7. Perception of Success:****Western Perspective:**-Success in Western cultures is often equated with individual accomplishments, personal wealth, and recognition. Ambition and self-promotion are encouraged.**Eastern Perspective:**- Success in Eastern cultures may be linked to family honor, social status, and contributing to the welfare of the community. Humility and modesty are often valued.### **8. Attitudes Toward Authority:****Western Perspective:**-Western cultures may question authority and encourage a more egalitarian approach. Critical thinking and individual rights are often prioritized.**Eastern Perspective:**- Eastern cultures may exhibit a more deferential attitude toward authority figures. Respect for authority, elders, and societal norms is emphasized.### **Conclusion:**The differences in values between Eastern and Western cultures are complex and multifaceted, reflecting the rich diversity of human societies. Recognizing and understanding these cultural disparities is essential for fostering cross-cultural understanding, effective communication, and harmonious global interactions. Embracing the richness of both Eastern and Western value systems contributes to a more inclusive and interconnected world.。
中西方价值观差异英文版
中西方价值观差异英文版Differences in Values between the East and the WestIntroductionCultural differences play a significant role in shaping the values and beliefs of societies. The East and the West exhibit contrasting value systems due to their distinct cultural backgrounds. Understanding these differences is crucial as it helps in minimizing misunderstandings and fostering effective communication between individuals from different cultures. This article explores the variations in values between the East and the West, highlighting key aspects that shape each society's outlook.Influence of Tradition and Family StructureIn the East, particularly in countries like China and Japan, tradition holds a significant place in society. Confucian values, emphasizing respect for authority, filial piety, and loyalty, continue to shape the East's cultural fabric. The family structure in the East is hierarchical, with importance given to elders and the idea of collective harmony.In contrast, the West values individualism and personal freedom. Family structures are often more egalitarian, with emphasis on individual rights and independence. The nuclear family is predominant, and personal achievements are highly valued.Perception of TimeThe concept of time differs greatly in the East and the West. In Western societies, time is viewed as a resource to be managed efficiently. Punctualityis highly valued, and schedules are meticulously followed. Westerners prioritize time management to maximize productivity.In Eastern cultures, time is seen as cyclical and fluid. The focus is on relationships and the present moment rather than strict adherence to schedules. The concept of "face," or reputation, is integral in the East, and maintaining harmonious relationships often takes precedence over punctuality.Attitude towards SuccessWestern societies tend to prioritize individual achievements and success. The American Dream, for example, encourages individuals to pursue personal goals and gain financial prosperity. Success is often measured through material wealth, career advancements, and external recognition.In Eastern cultures, success is often associated with collective well-being and the greater good of society. The emphasis is placed on group harmony, cooperation, and social stability. Education and mastery of skills are highly valued, and success is often linked to knowledge and wisdom.Social Hierarchies and Power DistanceWestern societies generally have lower power distance, emphasizing equality and egalitarianism. Hierarchies are less pronounced, and individuals are encouraged to challenge authority, express their opinions, and promote social justice.In contrast, Eastern cultures often exhibit higher power distance, with a clear hierarchical structure. Respect for authority figures is paramount, andindividuals are expected to adhere to societal norms and maintain social order.Attitude towards ChangeThe East and the West also differ in their attitude towards change. Western societies tend to embrace progress, innovation, and change as drivers of growth and development. There is a strong belief in the ability to shape the future through individual actions.Eastern cultures, on the other hand, place a stronger emphasis on tradition and stability. Change is often approached cautiously, and the preservation of cultural heritage and customs is highly valued.ConclusionUnderstanding the differences in values between the East and the West is essential for effective intercultural communication. By recognizing and respecting these variations, individuals can build bridges, foster mutual understanding, and minimize conflicts. Embracing cultural diversity and celebrating these differences can lead to greater collaboration and harmony in our interconnected world.。
价值观-英文版
Thinking of Chinese Traditional ValuesTraditional Chinese values always seek in the harmony among society,human beings and nature which has been regarded as the main melody of ideal life and fight against the views of personal independent thoughts and enterprising,so that they focus on cultivating the.collective consciousness and sincere consciousness, etc. Such values remain a kind of the great inertia which is a kind of searching the middle way and maintain consistent with the Chinese traditional ethics and morality. Namely, the and good things are connected to one,,and he only good is beautiful.That is, an important feature of the traditional Chinese values ethics is that the moral principle is viewed as the absolute standard, namely, moral principles are the evaluation criterion of subject on the object,including all the things into people's knowledge such as personnel, social life and natural things. One ethical thing is valuable, and conversely, it will be considered worthless. So there are several questions to think about: In modren society,whether are traditional values perfectly correct? Which attitude should we keep towards the traditional values? How should we develop it future?As is well-known to all, some social consciousness is producted by certain factors related to social, political and economic conditions Of course,it must reflect the characteristics of the times and is contemporary cultural symbols..Chinese values were borned into the feudal society andalso has the characteristics of the related times. Firstly, the feudal society is a kind of society where the small-scale peasant economy is dominant so that the values must contain small thought which must not only pursue social fairness and justice, but also has negative conservative backward. Secondly, the feudal society implements the system of feudal land ownership in which economic power is mastered by the feudal landlord class, who inevitably also master the social culture after becoming the supevisors of social and economic fields to advocate relevant culture consistent with their class interests.So traditional values have the thoughts of not only the protection of the legitimate rights and individual intere sts (mainly private property is sacrosanct) but also pursuing personal interests and maintaining the backward economic exploitation. Finally, the rulers of the feudal society also need to maintain their ruling order by means of culture and require civilians of completely obeying the rulers by them. So traditional values have not only the positive thoughts of rule by laws and maintaining the social stability but also negtive backward ideas of thought control. These are enough to explain a fact that the traditional values are not completely correct and we should quote the words said by lu xun "leave the essence and discard the dross" to express our attitude towards Chinese traditional values so as to develop the positive thoughts.Now that we should use the critical attitude to the traditional values, we should also determine a standard to tell the differences betweenactively ideas worth to develop and backward thought which we discard. In today's society, China is implementing a great plan of constructing the Chinese characteristic socialist country. And China's implementation of the marxist ideology and morality with collectivism, emphasizes the collective strength and respect for the ideal that all the Chinese people are willing to contributing to society. So, in this social background, we should emphasize the traditional values with sociality and the unselfish thoughts, for example, thoughts of emphasize, the harmony among the society man and nature, consciousness of cultivating collectivism, ideal of obedience to morality; ideology of the benevolent politics stressing the people's willings,etc.These are beneficial to the harmonious development of the socialist country and provide ideological guarantee.of social stability and economic construction of socialist.Obviously,according to the above discussion, we have to realize such a fact that Chinese traditional values in today still plays a very important role in various fields of society. Such as now the rule of virtue and implementation of scientific development thought. The traditional values is the core of Chinese traditional culture.In recent years,there is the tide of learning Chinese traditional culture which is worthy of affirmation but also has some problems. For some people are blind to learn without the critical thinking.And what is worse,they do not know what they can gain through learning traditional culture. Conversely, they are susceptibleto the feudal ideas.So keeping scientific attitude, we must fully consider the needs of the modern society to treat traditional values and make its play the role correctly for the social development.。
价值、尊重和依系 英文版
价值、尊重和依系英文版Values, Respect and DependenceValues, respect and dependence are interrelated concepts that play important roles in our daily lives. Values are ideas that we hold dear and determine the way we think and act. Respect is the act of valuing another person or thing. Dependence refers to the ways in which we rely on others for support, guidance and help in our daily lives.Values shape our attitudes and decisions. For example, if we value honesty, we will be more likely to tell the truth even if it is difficult. If we value fairness, we will be more likely to make decisions that are just and equitable. Values can be influenced by culture, religion, family and other factors.Respect is an attitude that we show towards others. It involves recognizing the worth and dignity of every person, regardless of their background or views. Respect can be demonstrated in many ways, such as listening attentively, using polite language and showing empathy.Dependence is a natural aspect of human life. We are social beings and rely on others for support, guidance andhelp. Dependence can also refer to a form of interdependence, where we work together and depend on each other to achieve our goals. Dependence can give rise to positive relationships that are built on mutual trust, respect and support.In summary, values, respect and dependence are important concepts that are integral to our daily lives. By recognizing their importance and nurturing positive attitudes towards these concepts, we can lead fulfilling and purposeful lives.。
投资价值的英文版参考文献
投资价值的英文版参考文献投资价值是指在市场上获得良好的回报的可能性。
它通常关注投资的风险和回报之间的平衡，以及某个资产的内在价值。
投资价值策略是一种重要的投资方法，它的核心是在价值低估的股票和证券上进行投资，这些股票和证券的市场价格低于它们的内在价值，因此具有潜在的增值空间。
在投资价值方面，大卫·达维斯（David Dodd）和本杰明·格雷厄姆（Benjamin Graham）是著名的价值投资者。
他们的著作《证券分析》（Security Analysis）和《聪明的投资者》（The Intelligent Investor）一直被认为是投资价值领域的经典著作。
在这些著作中，他们提出了许多投资价值方法和原则，包括以下几个方面。
首先，价值投资应该是长期的。
与短期投机相比，价值投资者更注重把握企业的价值和未来的增长潜力，并在较长时间内持有公司股票，以获得更稳定和长期的回报。
其次，价值投资应该关注企业的内在价值。
这意味着投资者需要使用各种财务指标，如股息率、市盈率、市净率等来衡量一个企业的实际价值。
投资者可以选择那些价格低于它们的内在价值的公司进行投资。
第三，价值投资应该考虑投资风险。
虽然股票价格低于其内在价值可能意味着有盈利潜力，但这并不意味着投资者可以忽略风险。
价值投资者应该仔细研究公司的财务状况，包括债务比率、现金流和盈利能力等指标，以确定它们的风险和回报比例。
第四，价值投资应该寻找长期稳定的企业。
优质公司通常具有强大的竞争力和优秀的管理团队，能够在不同的经济周期中维持稳定的盈利。
这意味着价值投资者应该着眼于那些已经建立了稳健业务模式的公司，这些公司在未来也有良好的盈利增长前景。
最后，价格低于其内在价值的股票和公司并不总是有投资价值的。
投资者应该综合考虑多种因素，如财务状况、行业趋势、竞争环境和市场前景等来做出投资决策。
总之，投资价值是一种考虑风险、回报和内在价值平衡的投资方法。
名词解释英文版
名词解释英文版1. Economy（经济）：指一个国家或地区在一定时期内生产、分配和消费商品和服务的总体活动。
2. Technology（技术）：指人类在改造自然和满足自身需求的过程中所创造的知识、方法和工具。
3. Environment（环境）：指人类生存和发展的自然条件和社会条件。
4. Education（教育）：指通过传授知识、培养能力和塑造人格，使个体和社会得到发展的过程。
5. Health（健康）：指个体在身体、心理和社会适应方面的良好状态。
6. Culture（文化）：指一个国家或地区在历史长河中形成的独特的生活方式、价值观念和艺术表现形式。
7. Politics（政治）：指国家或地区内部和外部权力关系的运作和管理。
8. Law（法律）：指由国家制定和实施的规范人们行为的规则和制度。
9. Society（社会）：指由一定数量的人组成的具有共同文化、价值观和生活方式的群体。
10. Art（艺术）：指人类在审美和情感表达方面所创造的各种形式的作品和活动。
重要工具。
通过学习这些名词的英文解释，我们可以更好地理解和参与国际交流与合作。
名词解释英文版11. Innovation（创新）：指在现有知识和技能的基础上，创造出新的产品、服务、方法或理念，以满足人类需求或解决问题。
12. Sustainability（可持续性）：指在满足当前世代需求的同时，不损害后代满足其需求的能力。
13. Diversity（多样性）：指在一个群体、组织或社会中，存在不同的观点、背景、文化、性别、年龄等特征。
14. Inequality（不平等）：指在资源、机会、权力或社会地位方面存在差异，导致某些人或群体处于不利地位。
15. Human rights（人权）：指人类在生存、发展、自由和尊严方面享有的基本权利，这些权利应受到国家和社会的保护。
16. Democracy（民主）：指一种政治制度，其中人民通过选举、投票等方式参与决策，政府权力来源于人民。
名词解释英文版
名词解释英文版1. Economy（经济）：指一个国家或地区在一定时期内生产、分配和消费商品和服务的总体活动。
2. Technology（技术）：指人类在改造自然和满足自身需求的过程中所创造的知识、方法和工具。
3. Environment（环境）：指人类生存和发展的自然条件和社会条件。
4. Education（教育）：指通过传授知识、培养能力和塑造人格，使个体和社会得到发展的过程。
5. Health（健康）：指个体在身体、心理和社会适应方面的良好状态。
6. Culture（文化）：指一个国家或地区在历史长河中形成的独特的生活方式、价值观念和艺术表现形式。
7. Politics（政治）：指国家或地区内部和外部权力关系的运作和管理。
8. Law（法律）：指由国家制定和实施的规范人们行为的规则和制度。
9. Society（社会）：指由一定数量的人组成的具有共同文化、价值观和生活方式的群体。
10. Art（艺术）：指人类在审美和情感表达方面所创造的各种形式的作品和活动。
这些名词涵盖了人类社会的各个方面，是我们理解和分析世界的重要工具。
通过学习这些名词的英文解释，我们可以更好地理解和参与国际交流与合作。
名词解释英文版11. Innovation（创新）：指在现有知识和技能的基础上，创造出新的产品、服务、流程或商业模式。
12. Leadership（领导力）：指引导和激励他人为实现共同目标而努力的能力。
13. Communication（沟通）：指通过语言、文字、符号等方式，在个体之间传递信息和建立联系的过程。
14. Sustainability（可持续性）：指在满足当代人类需求的同时，不损害后代满足其需求的能力。
15. Diversity（多样性）：指在人类社会中存在的不同文化、种族、性别、宗教等方面的差异。
16. Ethics（伦理）：指人们在社会生活中应当遵循的道德规范和行为准则。
17. Globalization（全球化）：指世界经济、文化、政治等方面的联系和交流日益紧密的过程。
美国价值观1(中英文对照)
Basic American Values and BeliefsIndividual Freedom and Self-RelianceThe earliest settlers came to the North American continent to establish colonies which were free from the controls that existed in European societies.They wanted to escape the controls placed on their lives by kings and governments,priests and churches,noblemen and aristocrats.To a great extent,they succeeded.In 1776 the British colonial settlers declared their independence from England and established a new nation,the United States of America.In so doing,they overthrew the king of England and declared that the power to govern would lie in the hands of the people.They were now free from the power of the king.In 1789,when they wrote the Constitution for their new nation,they separated church and state so that there would never be a government-supported church.Also,in writing the Constitution they expressly forbade titles of nobility to ensure that an aristocratic society would not develop.There would be no ruling class of noblemen in the new nation.The historic decisions made by those first settlers have had a profound effect on the shaping of the American character.By limiting the power of the government and eliminating a formal aristocracy,they created a climate of freedom where the emphasis was on the individual.The United States came to be associated in their minds with the concept of individual freedom.This is probably the most basic of all the American values.Scholars and outside observes often ca ll this value”individualism,”but many Americans use the word”freedom.”Perhaps the word”freedom” is one of the most respected popular words in the United States today.There is,however,a price to be paid for this individual freedom:self-reliance.Americans believe that individuals must learn to rely on themselves or risk losing freedom.This means achieving both financial and emotional independence from their parents as early as possible,usually by age 18 or 21.It means that Americans believe they should take care of themselves,solve their own problems,and”stand on their own two feet.”Tocqueville observed the Americans’ belief in self-reliance 150years ago in the 1830s:They owe nothing to any man,they expect nothing from any man;they acquire the habit of alwaysconsidering themselves as standing alone,and theyare apt to imagine that their whole destiny is in their own hands.Self-reliance is one of the most difficult aspects of the American character to understand,but it is profoundly important.It stands in direct contrast to dependence,which has a negative connotation to most Americans.By being dependence,not only do you risk losing freedom,but you also risk losing the respect of your peers.Equality of Opportunity and CompetitionA second important reason why immigrants have traditionally been drawn to the United States is the beliefs that everyone has a chance to succeed in the U.S.Generations of immigrants from the earliest settlers to the present day have come with the expectation.They have felt that because individual are free from excessive political,and social controls,they have a better chance for success.Particularly important is the lack of a hereditary aristocracy.Because titles of nobility were forbidden in the Constitution,no formal class systemdeveloped in the United States.In the early years of American history many immigrants chose to leave the older European societies,believing that they had a better chance to succeed in America than in”the old country,”whe re their place in life was determined largely by the social class into which they were born.There is,however,a price to be paid for this equality of opportunity:competition.If much of life is seen as a race,then a person must run the race in order to succeed;a person must compete with others.The pressures of competition in the life of an American begin in childhood and continue until retirement from work.Learn to compete successfully is part of grow up in the United States.Material Wealth and Hard WorkA third reason why immigrants have traditionally come to the United States is to have a better life-that is,to raise their standard of living.For the vast majority of the immigrants who came here,it was probably the most compelling reason for leaving their homeland.Because of its incredibly abundant natural resources,the United States appeard to be a”land of plenty”where millions could come to seek their fortunes.Of course,most immigrants did not “get rich overnight”,and many of them suffered terribly,but the majority of them were eventually able to improve upon their former standard of living.Even if they were not able to achive the economic success they wanted,they could be fairly certain that their children would have the opportunity for a better life.The phrase “going from rags to riches”became a slogan for the great American drean.Because of the vast riches of the North American continent,the dream came true for many of the immigrants.They achieved material success;they became very attached to material things.Material wealth became a value to the American people.In understanding the relationship between what American believe and how they live,it is important to distinguish between idealism and reality.Ameican values such as equality of opportunity and self-reliance are ideals that may not necessarily describe the facts of American life. equality of opportunity,for example,is an ideal that is not always put into practice.In reality,some people have a better chance for success than others.Those who opportunities are born into rich families have more opportunities than those who are born into poor families.Inheriting money does give a person a decided advantage.Many black American have fewer opportunities than the average white Ameican,in spite of laws designed to promote equality of opportunity for all races.The fact that American ideal are only partly carried out in real life does not diminish their importance.Most American still believe in them and are strongly affected by them in their everyday lives.It is easier to understand what Americans are thinking and feeling if we can understand what these basic American values are and how they influence almost every facet of life in the United States.。
价值管理-麦肯锡公司价值评估详细指导(英文版)
A Tutorial on the McKinsey Model forV aluation of CompaniesL.Peter Jennergren∗Fourth revision,August26,2002SSE/EFI Working Paper Series in Business Administration No.1998:1AbstractAll steps of the McKinsey model are outlined.Essential steps are:calculation of free cashflow,forecasting of future accounting data(profit and loss accounts andbalance sheets),and discounting of free cashflow.There is particular emphasis onforecasting those balance sheet items which relate to Property,Plant,and Equip-ment.There is an exemplifying valuation included(of a company called McKay),as an illustration.Key words:Valuation,free cashflow,discounting,accounting dataJEL classification:G31,M41,C60∗Stockholm School of Economics,Box6501,S-11383Stockholm,Sweden.The author is indebted to Joakim Levin,Per Olsson,and Kenth Skogsvik for discussions and comments.1IntroductionThis tutorial explains all the steps of the McKinsey valuation model,also referred to as the discounted cashflow model and described in Tom Copeland,Tim Koller,and Jack Murrin:Valuation:Measuring and Managing the Value of Companies(Wiley,New York; 1st ed.1990,2nd ed.1994,3rd ed.2000).The purpose is to enable the reader to set up a complete valuation model of his/her own,at least for a company with a simple structure (e.g.,a company that does not consist of several business units and is not involved in extensive foreign operations).The discussion proceeds by means of an extended valuation example.The company that is subject to the valuation exercise is the McKay company.The McKay example in this tutorial is somewhat similar to the Preston example(con-cerning a trucking company)in Copeland et al.1990,Copeland et al.1994.However, certain simplifications have been made,for easier understanding of the model.In par-ticular,the capital structure of McKay is composed only of equity and debt(i.e.,no convertible bonds,etc.).The purpose of the McKay example is merely to present all essential aspects of the McKinsey model as simply as possible.Some of the historical income statement and balance sheet data have been taken from the Preston example. However,the forecasted income statements and balance sheets are totally different from Preston’s.All monetary units are unspecified in this tutorial(in the Preston example in Copeland et al.1990,Copeland et al.1994,they are millions of US dollars).This tutorial is intended as a guided tour through one particular implementation of the McKinsey model and should therefore be viewed only as exemplifying:This is one way to set up a valuation model.Some modelling choices that have been made will be pointed out later on.However,it should be noted right away that the specification given below of net Property,Plant,and Equipment(PPE)as driven by revenues is actually taken from Copeland et al.2000.The previous editions of this book contain two alternative model specifications relating to investment in PPE(cf.Section15below;cf.also Levin and Olsson1995).In one respect,this tutorial is an extension of Copeland et al.2000:It contains a more detailed discussion of capital expenditures,i.e.,the mechanism whereby cash is absorbed by investments in PPE.This mechanism centers on two particular forecast assumptions, [this year’s net PPE/revenues]and[depreciation/last year’s net PPE].1It is explained below how those assumptions can be specified at least somewhat consistently.On a related note,the treatment of deferred income taxes is somewhat different,and also more detailed,compared to Copeland et al.2000.In particular,deferred income taxes are related to a forecast ratio[timing differences/this year’s net PPE],and it is suggested how to set that ratio.1Square brackets are used to indicate specific ratios that appear in tables in the spreadsheetfile.There is also another extension in this tutorial:An alternative valuation model is included,too,the abnormal earnings model.That is,McKay is valued through that model as well.The McKay valuation is set up as a spreadsheetfile in Excel named MCK1.XLS. Thatfile is an integral part of this tutorial.The model consists of the following parts(as can be seen by loading thefile):Table1.Historical income statements,Table2.Historical balance sheets,Table3.Historical free cashflow,Table4.Historical ratios for forecast assumptions,Table5.Forecasted income statements,Table6.Forecasted balance sheets,Table7.Forecasted free cashflow,Table8.Forecast assumptions,Value calculations.Tables in the spreadsheetfile and in thefile printout that is included in this tutorial are hence indicated by numerals,like Table1.Tables in the tutorial text are indicated by capital letters,like Table A.The outline of this tutorial is as follows:Section2gives an overview of essential model features.Section3summarizes the calculation of free cashflow.Section4is an introduc-tion to forecastingfinancial statements and also discusses forecast assumptions relating to operations and working capital.Sections5,6,and7deal with the specification of the forecast ratios[this year’s net PPE/revenues],[depreciation/last year’s net PPE],and [retirements/last year’s net PPE].Section8considers forecast assumptions about taxes. Further forecast assumptions,relating to discount rates andfinancing,are discussed in Section9.Section10outlines the construction of forecastedfinancial statements and free cashflow,given that all forecast assumptions have beenfixed.Section11outlines a slightly different version of the McKay example,with another system for accounting for deferred income taxes.2The discounting procedure is explained in Section12.Section13 gives results from a sensitivity analysis,i.e.,computed values of McKay’s equity when cer-tain forecast assumptions are revised.Section14discusses the abnormal earnings model and indicates how McKay’s equity can be valued by that model.Section15discusses two further discounted cashflow model versions,one of which may in a certain sense be considered“exact”.The purpose is to get a feeling for the goodness of valuations derived2This version of the McKay example is contained in the Excelfile MCK1B.XLS.A printout from that file is also included in this tutorial.The two versions of the McKay example are equivalent as regards cashflow and resulting value.In other words,it is only the procedure for computing free cashflow that differs(slightly)between them.by means of the McKinsey model,in particular the sensitivity to changes in certain model parameters.Section16contains concluding remarks.There are two appendices.Appen-dix1discusses how a data base from Statistics Sweden can be used as an aid in specifying parameters related to the forecast ratios[this year’s net PPE/revenues],[depreciation/last year’s net PPE]and[retirements/last year’s net PPE].Appendix2is a note on leasing. The point is that payments associated with leases can be viewed as pertaining either to thefirm’s operations,or to itsfinancing.If one is consistent,both views lead to the same valuation result.A similar remark also applies to payments associated with pensions.2Model OverviewEssential features of the McKinsey model are the following:1.The model uses published accounting data as input.Historical income statements and balance sheets are used to derive certain criticalfinancial ratios.Those historical ratios are used as a starting point in making predictions for the same ratios in future years.2.The object of the McKinsey model is to value the equity of a going concern.Even so, the asset side of the balance sheet is initially valued.The value of the interest-bearing debt is then subtracted to get the value of the equity.Interest-bearing debt does not include deferred income taxes and trade credit(accounts payable and other current liabilities). Credit in the form of accounts payable is paid for not in interest but in higher operating expenses(i.e.,higher purchase prices of raw materials)and is therefore part of operations rather thanfinancing.Deferred income taxes are viewed as part of equity;cf.Sections9 and10.It may seem like an indirect approach to value the assets and deduct interest-bearing debt to arrive at the equity(i.e.,it may seem more straight-forward to value the equity directly,by discounting future expected dividends).However,this indirect approach is the recommended one,since it leads to greater clarity and fewer errors in the valuation process(cf.Copeland et al.2000,pp.150-152).3.The value of the asset side is the value of operations plus excess marketable secu-rities.The latter can usually be valued using book values or published market values. Excess marketable securities include cash that is not necessary for operations.For valu-ation purposes,the cash account may hence have to be divided into two parts,operating cash(which is used for facilitating transactions relating to actual operations),and ex-cess cash.(In the case of McKay,excess marketable securities have been netted against interest-bearing debt at the date of valuation.Hence there are actually no excess mar-ketable securities in the McKay valuation.This is one of the modelling choices that were alluded to in the introduction.)4.The operations of thefirm,i.e.,the total asset side minus excess marketable secu-rities,are valued by the WACC method.In other words,free cashflow from operations is discounted to a present value using the W ACC.There is then a simultaneity problem (actually quite trivial)concerning the WACC.More precisely,the debt and equity values enter into the WACC weights.However,equity value is what the model aims to determine.5.The asset side valuation is done in two parts:Free cashflow from operations is forecasted for a number of individual years in the explicit forecast period.After that, there is a continuing value derived from free cashflow in thefirst year of the post-horizon period(and hence individual yearly forecasts must be made for each year in the explicit forecast period and for one further year,thefirst one immediately following the explicit forecast period).The explicit forecast period should consist of at least7-10years(cf. Copeland et al.2000,p.234).The explicit forecast period can be thought of as a transient phase during a turn-around or after a take-over.The post-horizon period,on the other hand,is characterized by steady-state development.This means that the explicit forecast period should as a minimal requirement be sufficiently long to capture transitory effects,e.g.,during a turn-around operation.6.For any future year,free cashflow from operations is calculated from forecasted income statements and balance sheets.This means that free cashflow is derived from a consistent scenario,defined by forecastedfinancial statements.This is probably the main strength of the McKinsey model,since it is difficult to make reasonable forecasts of free cashflow in a direct fashion.Financial statements are forecasted in nominal terms(which implies that nominal free cashflow is discounted using a nominal discount rate).7.Continuing(post-horizon)value is computed through an infinite discounting for-mula.In this tutorial,the Gordon formula is used(cf.Brealey and Myers2002,pp.38 and64-65).In other words,free cashflow in the post-horizon period increases by some constant percentage from year to year,hence satisfying a necessary condition for infinite discounting.(The Gordon formula is another one of the modelling choices made in this tutorial.)As can be inferred from this list of features,and as will be explained below,the McKinsey model combines three rather different tasks:Thefirst one is the production of forecastedfinancial statements.This is not trivial.In particular,it involves issues relating to capital expenditures that are fairly complex.(The abnormal earnings model uses forecastedfinancial statements,just like the McKinsey model,so thefirst task is actually the same for that model as well).The second task is deriving free cashflow from operations fromfinancial statements. At least in principle,this is rather trivial.In fairness,it is not always easy to calculate free cashflow from complicated historical income statements and balance sheets.However,all financial statements in this tutorial are very simple(and there is,in any case,no reason to forecast accounting complexities if the purpose is one of valuation).The third task isdiscounting forecasted free cashflow to a present value.While not exactly trivial,this task is nevertheless one that has been discussed extensively in the corporatefinance literature, so there is guidance available.This tutorial will explain the mechanics of discounting in the McKinsey model.However,issues relating to how the relevant discount rates are determined will largely be brushed aside.Instead,the reader is referred to standard text books(for instance,Brealey and Myers2002,chapters9,17,and19).3Historical Financial Statements and the Calcula-tion of Free Cash FlowThe valuation of McKay is as of Jan.1year1.Historical input data are the income statements and balance sheets for the years−6to0,Tables1and2.Table1also includes statements of retained earnings.It may be noted in Table1that operating expenses do not include depreciation.At the bottom of Table2,there are a couple offinancial ratio calculations based on historical data for the given years.Short-term debt in the balance sheets(Table2)is that portion of last year’s long-term debt which matures within a year.It is clear from Tables1and2that McKay’sfinancial statements are very simple, and consequently the forecasted statements will also have a simple structure.As already mentioned earlier,McKay has no excess marketable securities in the last historical balance sheet,i.e.,at the date of valuation.From the data in Tables1and2,historical free cashflow for the years−5to0 is computed in Table3.Each annual free cashflow computation involves two balance sheets,that of the present year and the previous one,so no free cashflow can be obtained for year−6.Essentially the same operations are used to forecast free cashflow for year1and later years(in Table7).The free cashflow calculations assume that the clean surplus relationship holds.This implies that the change in book equity(including retained earnings)equals net income minus net dividends(the latter could be negative, if there is an issue of common equity).The clean surplus relationship does not hold, if PPE is written down(or up)directly against common equity(for instance).Such accounting operations may complicate the calculation of free cashflow from historical financial statements(and if so,that calculation may not be trivial).However,there is no reason to forecast deviations from the clean surplus relationship in a valuation situation.EBIT in Table3means Earnings Before Interest and Taxes.NOPLAT means Net Op-erating Profits Less Adjusted Taxes.Taxes on EBIT consist of calculated taxes according to the income statement(from Table1)plus[this year’s tax rate]×(interest expense) minus[this year’s tax rate]×(interest income).Interest income and interest expense are taken from Table1.The tax rate is given in Table4.Calculated taxes according to the income statement reflect depreciation of PPE over the economic life.Change in deferredincome taxes is this year’s deferred income taxes minus last year’s deferred income taxes. In the McKay valuation example,it is assumed that deferred income taxes come about for one reason only,timing differences in depreciation of PPE.That is,fiscal depreciation takes place over a period shorter than the economic life.Working capital is defined net.Hence,working capital consists of the following balance sheet items:Operating cash plus trade receivables plus other receivables plus inventories plus prepaid expenses minus accounts payable minus other current liabilities.Accounts payable and other current liabilities are apparently considered to be part of the operations of thefirm,not part of thefinancing(they are not interest-bearing debt items).Change in working capital in Table3is hence this year’s working capital minus last year’s working capital.Capital expenditures are this year’s net PPE minus last year’s net PPE plus this year’s depreciation.Depreciation is taken from Table1,net PPE from Table2.Free cashflow in Table3is hence cash generated by the operations of thefirm,after paying taxes on operations only,and after expenditures for additional working capital and after capital expenditures.(“Additional working capital”could of course be negative.If so,free cashflow is generated rather than absorbed by working capital.)Hence,free cash flow represents cash that is available for distribution to the holders of debt and equity in thefirm,and for investment in additional excess marketable securities.Stated somewhat differently,free cashflow is equal tofinancial cashflow,which is the utilization of free cashflow forfinancial purposes.Table3also includes a break-down offinancial cashflow. By definition,free cashflow must be exactly equal tofinancial cashflow.As suggested in the introduction(Section1),certain payments may be classified as pertaining either to free cashflow(from operations),or tofinancial cashflow.In other words,those payments may be thought of as belonging either to the operations or the financing of thefirm.This holds,in particular,for payments associated with capital leases.If one is consistent,the resulting valuation should of course not depend on that classification.This issue is further discussed in Appendix2.We now return briefly to thefinancial ratios at the end of Table2.Invested capi-tal is equal to working capital plus net PPE.Debt at the end of Table2in the ratio [debt/invested capital]is interest-bearing(short-term and long-term).Thefinancial ratio [NOPLAT/invested capital]is also referred to as ROIC(Return on Invested Capital).It is a better analytical tool for understanding the company’s performance than other return measures such as return on equity or return on assets,according to Copeland et al.(2000, pp.165-166).Invested capital in the ratio[NOPLAT/invested capital]is the average of last year’s and this year’s.It is seen that McKay has on average provided a fairly modest rate of return in recent years.It can also be seen from Table3that the free cashflow has been negative,and that the company has handled this situation by increasing its debt. It is also evident from the bottom of Table2that the ratio of interest-bearing debt toinvested capital has increased substantially from year−6to year0.Table4contains a set of historicalfinancial ratios.Those ratios are important,since forecasts of the same ratios will be used to produce forecasted income statements and balance sheets.Most of the items in Table4are self-explanatory,but a few observations are called PPE(which is taken from Table2)enters into four ratios.In two of those cases,[depreciation/net PPE]and[retirements/net PPE],the net PPE in question is last year’s.In the other two cases,[net PPE/revenues]and[timing differences/net PPE],the net PPE in question is this year’s.Retirements are defined as depreciation minus change in accumulated depreciation between this year and last year(accumulated depreciation is taken from Table2).This must hold,since last year’s accumulated de-preciation plus this year’s depreciation minus this year’s retirements equals this year’s accumulated depreciation.The timing differences for a given year are measured between accumulatedfiscal depre-ciation of PPE and accumulated depreciation according to PPE economic life.For a given piece of PPE that is about to be retired,accumulatedfiscal depreciation and accumulated depreciation according to economic life are both equal to the original acquisition value. Consequently,non-zero timing differences are related to non-retired PPE only.The ratio [timing differences/net PPE]in Table4has been calculated byfirst dividing the deferred income taxes for a given year by the same year’s corporate tax rate(also given in Table 4).This gives that year’s timing differences.After that,there is a second division by that year’s net PPE.4Forecast Assumptions Relating to Operations and Working CapitalHaving recorded the historical performance of McKay in Tables1-4,we now turn to the task of forecasting free cashflow for years1and later.Individual free cashflow forecasts are produced for each year1to12.The free cashflow amounts for years1to 11are discounted individually to a present value.The free cashflow for year12and all later years is discounted through the Gordon formula,with the free cashflow in year12 as a starting value.Years1to11are therefore the explicit forecast period,and year12 and all later years the post-horizon period.Tables5-8have the same format as Tables1-4.In fact,Table5may be seen as a continuation of Table1,Table6as a continuation of Table2,and so on.We start the forecasting job by setting up Table8,the forecast ing assumptions (financial ratios and others)in that table,and using a couple of further direct forecasts of individual items,we can set up the forecasted income statements,Table5,and the forecasted balance sheets,Table6.From Tables5and6,we can then in Table7derivethe forecasted free cashflow(just like we derived the historical free cashflow in Table3, using information in Tables1and2).Consider now the individual items in Table8.It should be noted in Table8that all items are the same for year12,thefirst year of the post-horizon period,as for year11, the last year of the explicit forecast period.Since thefirst year in the post-horizon period is representative of all subsequent post-horizon years,all items are the same for every post-horizon year as for the last year of the explicit forecast period.This is actually an important condition(cf.Levin and Olsson1995,p.38):If that condition holds,then free cashflow increases by the same percentage(the nominal revenue growth rate for year 12in Table8,cell T137)between all successive years in the post-horizon period.This means that a necessary condition for discounting by means of the Gordon formula in the post-horizon period is satisfied.The revenue growth in each future year is seen to be a combination of inflation and real growth.Actually,in years10and11there is no real growth,and the same assumption holds for all later years as well(in the application of the Gordon formula).The underlying assumption in Table8is apparently that real operations will initially expand but will eventually(in year10)settle down to a steady state with no further real growth.Inflation, on the other hand,is assumed to be3%in all coming years(including after year11).The ratio of operating expenses to revenues is assumed to improve immediately,e.g.,as a consequence of a determined turn-around effort.Apparently,it is set to90%year1 and all later years.To avoid misunderstandings,this forecast assumption(and the other ones displayed in Table8)are not necessarily intended to be the most realistic ones that can be imagined.The purpose is merely to demonstrate the mechanics of the McKinsey model for one particular scenario.A table in Levin and Olsson1995(p.124;based on accounting data from Statistics Sweden)contains information about typical values of the ratio between operating expenses and revenues in various Swedish industries(cf.also Appendix1for a further discussion of the Statistics Sweden data base).A number of items in the forecasted income statements and balance sheets are di-rectly driven by revenues.That is,those items are forecasted as percentages of revenues. In particular,this holds for the working capital items.It is thus assumed that as rev-enues increase,the required amounts of working capital of different categories increase correspondingly.It is not important whether revenues increase due to inflation or real growth,or a combination of both.Working capital turns over very quickly,and therefore it is a reasonable assumption that the working capital items are simply proportional to revenues.The ratios between the different categories of working capital and revenues for future years in Table8have been set equal to the average values of the corresponding historical percentages in Table4.Again,this is only for illustrative purposes.Another table in Levin and Olsson1995(p.125),again based on data from Statistics Sweden,reports average values of the ratio between(aggregate)working capital and revenues in different Swedish industries.5Forecast Assumptions Relating to Property,Plant, and EquipmentThe forecast assumptions relating to PPE will be considered next(this section and the following two).The equations that determine capital expenditures may be stated as follows(subscripts denote years):(capital expenditures)t=(net PPE)t−(net PPE)t−1+depreciation t,(net PPE)t=revenues t×[this year’s net PPE/revenues],depreciation t=(net PPE)t−1×[depreciation/last year’s net PPE].To this set of equations,we may add three more that are actually not necessary for the model:retirements t=(net PPE)t−1×[retirements/last year’s net PPE],(accumulated depreciation)t=(accumulated depreciation)t−1+depreciation t−retirements t, (gross PPE)t=(net PPE)t+(accumulated depreciation)t.In particular,this second set of three equations is needed only if one wants to produce forecasted balance sheets showing how net PPE is related to gross PPE minus accumulated depreciation.It should be noted that such detail is not necessary,since thefirst set of three equations suffices for determining net PPE,depreciation,and consequently also capital expenditures.3It is clear from thefirst three equations that forecasts have to be made for two partic-ular ratios,[this year’s net PPE/revenues]and[depreciation/last year’s net PPE].Setting those ratios in a consistent fashion involves somewhat technical considerations.In this section and the following one,one way of proceeding,consistent with the idea of the company developing in a steady-state fashion in the post-horizon period,will be outlined.To begin with,the idea of the company developing in a steady-state fashion has to be made more precise.As indicated in Section4,the forecast assumptions should be specified in such a manner that nominal free cashflow increases by a constant percentage every year in the post-horizon period.This is a necessary condition for infinite discounting 3If the historicalfinancial statements do not show gross PPE and accumulated depreciation,only net PPE,then it seems pointless to try to include these items in the forecastedfinancial statements.If so, the second set of three equations is deleted.In the McKay case,the historical statements do indicate gross PPE and accumulated depreciation.For that(aesthetic)reason,those items will also be included in the forecasted statements.by the Gordon formula.But if so,capital expenditures must also increase by the same constant percentage in every post-horizon year.For this condition on capital expenditures to hold,there must be an even age distribution of nominal acquisition values of successive PPE cohorts.More precisely,it must hold that the acquisition value of each PPE cohort develops in line with the assumed constant growth percentage that is applicable to the post-horizon period.As also mentioned in Section4,that constant percentage is the same as the assumed nominal revenue growth in the post-horizon period,3%in the McKay example.The general idea is now to set steady-state values of the two ratios[this year’s net PPE/revenues]and[depreciation/last year’s net PPE]for the last year of the explicit forecast period(year11in the McKay example).Those steady-state values will then also hold for every year in the post-horizon period(since all forecast assumptions have to be the same in thefirst year of the post-horizon period as in the last year of the explicit forecast period,as already explained in Section4).During the preceding years of the explicit forecast period,steady-state values of[this year’s net PPE/revenues]and[depreciation/last year’s net PPE]are not assumed.Values for these two ratios in the preceding explicit forecast period years arefixed in the following heuristic fashion in the McKay example:For thefirst year of the explicit forecast period, they are set as averages of the corresponding values for the historical years.4Values for intermediate(between thefirst and last)years in the explicit forecast period are then determined by linear interpolation.6The Ratios[this year’s net PPE/revenues]and[de-preciation/last year’s net PPE]It is helpful at this point to proceed more formally and introduce the following notation:g real growth rate in the last year of the explicit forecast period and in thepost-horizon period,i inflation rate in the last year of the explicit forecast period and in thepost-horizon period,c nominal(composite)growth rate=(1+g)(1+i)−1,4The value for the last year of the explicit forecast period of[retirements/last year’s net PPE]is also set as a steady-state value.For thefirst year of the explicit forecast period,that ratio is set equal to the corresponding value for the last historical year.An average of corresponding values for all historical years is not used in this case,since[retirements/last year’s net PPE]appears to have been unstable during years−5to0.The negative value of that ratio in year-2could have come about through purchases of used(second-hand)PPE.It is again noted that the ratio[retirements/last year’s net PPE]is actually not necessary for the valuation model.。
美国人的价值观(英文版)
Personal rights cannot violate（侵犯） All men are created equal; that they are endowed by their Creator with certain unalienable rights; that among these are life, liberty and the pursuit of happiness. ——《the Declaration of Independence》 人人生而平等；造物主赋予他们若干不可剥夺的 权利，其中有生命权，自由权，追求幸福的权 利。 ——《独立宣言》
Individual competition America is a country that the weak are the prey of the strong（弱肉强食）. In order to change their social class and make their lifetime dream come true, they have to compete with others, and competition has already became one popular attitude in the society.
As for the other aspects of shooting deaths, more than one million one year, about 80 people died every day.
Individualism stimulate everyone’s wisdom and potential, promote the development of the country. However, everybody take me as a center, the interpersonal relationship with difficulty harmonious, the entire society also will lack the cohesive force（凝聚力）.
美国人的价值观(中英文)
摘自：英语泛读教程The following is part of an essay taken from Bradford Smith's book, Why We Behave Like Americans. Success as a goal and materialism, according to Smith, are among the underlying factors that make up the American character.以下节选自布拉德福德所著《为什么我们的举止象美国人》里的一篇文章。
据布拉德福德所说，目标为成功和物质享乐主义，构成美国人性格的内在因素。
When visitors from abroad undertake to describe the American Character, the results are frequently puzzling to Americans. "All Americans are Puritans; that's what's wrong with them," says one. "They're always thinking about enjoying themselves," says another. "They spend too much time at work," a distinguished visitor tells us. "They don't know how to play." "Americans don't know what work is, " retorts another." Their machines do it all." "American women are shameless sirens." －"No, they're prudes." "The children here are wonderful －outgoing and natural." －"Natural as little beasts. They have no manners, no respect for their elders."要是让国外来客描述美国人的性格，结果常常令美国人感到奇怪。
英文版生命的价值演讲6分钟
英文版生命的价值演讲6分钟篇一We all come to the world, but why do some of us make great achievements known forever and why are they remembered forever even though they leave the world? And why do some leave the world without anything valuable to his generation and the people? Every one of us will hope to have a significant and valuable life. But what kind of life is both significant and valuable? Answers to the questions are If you cherish your value of your own life, you will create something valuable for the world. Johann Goth said. The life value should be judged from his contribution rather than his profession. Einstein said. Lei Feng, a communist soldier, said, one lives to make others a more beautiful life. As we all know, Marx is an outstanding and great man. He founded his brilliant and scientific theory of communism. The theory guides the ways for the human being s liberation. Marx said, If we can elect one suitable profession, we won t be demoralized with its pressure, because we make sacrifice for human beings. Only by this way will we not be addicted to the joy of narrow-minded and individualism. Our happiness belongs to thousands upon thousands of people. I see, although it may be unknown, our cause will never be forgot forever. Even when we depart to God, the kind people will tear down upon our ashes. When he said these words, he was only 17 years old. He meant his word with his deeds in his late lifetime period. After his death, on his 100-birthday anniversary, the proletarian and the revolutionary people of the whole world still cherish the memory of Marx and mourn him respectively. It is his distinguishingable contribution to the mankind that his life is that significant. It is his great devotion to the human being that his life value is beyond measure. We also know that Lu Xun isa man of great. Without his nobility Fierce-browed, I wooly defy a thousand point fingers, head bowed like a willing ox I serve the children , and without his spirit of his loyalty and devotion to the last for the bright future of the Chinese people, his life would not have been so significant and so great. Actually, didn t those regarded as essence of human who live forever in the hearts of people make great contributions to the cause of the people? Wouldn t the people remember those whose great achievements for human are recorded in history? We know for certain that not every of us will be a second Marx or Lu Xun. However, a person of noble aspirations will do solid work. Struggle continuously and effortless. He will try to make his greatest contribution in his shortest time. He will try what he can to bring benefit to the people in his lifetime. We d say it is impossible for one to live alone if he isolates society and people. If he hopes to make a benefit life, he will bring benefit and make contribution to people. As a socialist youth, he will devote his life to the cause of communism in order to make a benefit life. Moreover, we say that a value of life will be only in direct proportion to achievement and contribution he makes to our society. In our real life, we can see many revolutionary martyrs die young for the people. Don t you think they cherish the life? Yes. They do. They are sentimentally attached to life; they are full of hope and desire. But they confront the death bravely and resolutely in order to make many more people live. Their brilliant status will be living in the hearts of people. They die glorious and great. The life of those who die busy about his lifetime without any achievements can not be compared with their life. In our real life, we have many cases like those. Life is endless and tackling key problems will be continuous. Let s take these as examples. Mr. Jing Zhuying worked for the Chinese science causes to the last of his life. Mr. Zhang Hua sacrificed his ownyoung life for the sake of others, which set a good example of the communist. Mr. An Ke died for fulfillment for the duty as a citizen. Ms Zhang Haiti, compared to be Paul of our time, worked very hard and faced frustrations of her life, though she was disabled. She still continues to live on bravely. All these are the strong of their life. Their value of life is precious. My fellow students, don t you say what a beautiful life they have? Beethoven once said; I must learn to control my life which will never make me give myself up. Oh, If only I can live more than thousands times! Paul Cocking also had a golden saying, Life is but one. I think every youth of us keep this in our minds. let s turn it into reality with our deeds. Let s not be a man full of promises but without any deeds, like Lusting, one of the characters by Dougeshefol. My fellow students, let s not wander. Let s not hesitate. Only lament and vexation does not mean consideration and exploration. Only lament and vexation does not mean advancing and does not mean mature at all. Let s not kill our lifetime by playing cards. Let s not waste our youth by drinking. Let s not destroy our will without any achievements. Let s make great contribution to human. And only by these can we create benefit life. Every one will have to die and every body will be rotten. But every one may make achievements and contributions. We hate being rotten. Let s brighten up! Up! And up!篇二The value of lifeLife is formed by many stages of time.So we should make good use of time. A proverb says, Time is money. But in my opinion, time is even more precious than money. Why? Because when money is spent, we can earn it back. However, when time is gone, it will never return. This is the reason why we must value time. It goes without saying that the time for our study and work is unusually limited. Hence, even an hour is extremely precious. We should make full use of our time to do usefulthings. As a student,I must make efforts to engage in my study so as to serve our nation and people in the future. But it is a pity that there. are a lot of people who do not know the importance of time. They do not realize that wasting time is equal to wasting a part of their valuable life. In a word, we should form the good habit of saving time. Do not put off what can be done today till tomorrow. Laziness will not only bring us failure but also lead us to the road of poverty.And this is the value of life.篇三The value of life 关于生命的价值The birth of life need to mother earth billions of years of hard, visible, colorful life in the worldtoday is how hard-won.In fact, life is a happy and arduous journey of life, in the journey of life, there are flat, there are uneven. When life a smooth journey, we should learn to cherish and look; When life is a bumpy journey at ordinary times, we should learn to fear and respect.Life is splendid, it is beautiful; Life is fragile, short. Let us know the life, cherish life, let us every day in the life, is more full, more colorful!What is life? It can be seeds under the stone, can be the roadside grass, can be a mountain of wild flowers, green pine can also be a high mountain.Why do we live?Life itself has no value, the key lies in how to give value to life, how to maximize the value of life, realize self development and self creation.Life is fragile. Life is impermanent. Natural disasters, accidents, disease outbreaks and so on can make people dead. We live, then, what isthe value and significance of? Alive, should be with a grateful heart, cherish their own, the pursuit of beautiful ideal, unremitting struggle, forge ahead, for life goals. At the same time, let the people we love can feel our love. In this way, we are happy to live, live full and live better. If a lifetime blur alive, and never understand the value and significance of alive, so, it is white in the left one in the world.The third chapter cherish life, the reflection of life and death A small friction with the classmates, intentional killing; Learning pressure is too great, psychological, will jump off a building suicide youth weak sense of life and death, disregard for themselves and others life worrying. For each person, the life is beautiful. In the face of the happy life, we can t ignore, more is to respect and to cherish, cherish the beauty of life, can understand the meaning of life. You can t assume that life, more not to come again. Missed is missed, the lost will no longer belong to you, rather than sad sigh, but better to cherish now have. Let the tree of life evergreenWhen the flower of life bloom, also it is the most beautiful. We should in the life the most beautiful time, cherish life every day, a good life, a good life, let oneself full every day, every day live out another wonderful. This is our offer the best gift to the life value.篇四Life is formed by many stages of time.So we should make good use of time. A proverb says, Time is money. But in my opinion, time is even more precious than money. Why? Because when money is spent, we can earn it back. However, when time is gone, it will never return. This is the reason why we must value time.It goes without saying that the time for our study and work is unusually limited. Hence, even an hour is extremely precious. We shouldmake full use of our time to do useful things. As a student,I must make efforts to engage in my study so as to serve our nation and people in the future. But it is a pity that there. are a lot of people who do not know the importance of time. They do not realize that wasting time is equal to wasting a part of their valuable life.In a word, we should form the good habit of saving time. Do not put off what can be done today till tomorrow. Laziness will not only bring us failure but also lead us to the road of poverty.And this is the value of life.篇五The value of life Life is formed by many stages of time.So we should make good use of time. A proverb says, Time is money. But in my opinion, time is even more precious than money. Why? Because when money is spent, we can earn it back. However, when time is gone, it will never return. This is the reason why we must value time. It goes without saying that the time for our study and work is unusually limited. Hence, even an hour is extremely precious. We should make full use of our time to do useful things. As a student,I must make efforts to engage in my study so as to serve our nation and people in the future. But it is a pity that there. are a lot of people who do not know the importance of time. They do not realize that wasting time is equal to wasting a part of their valuable life. In a word, we should form the good habit of saving time. Do not put off what can be done today till tomorrow. Laziness will not only bring us failure but also lead us to the road of poverty.And this is the value of life.。
美国人的价值观(英文版)课件
要点一
要点二
Entertainment
Americans enjoy a wide range of entertainment options, including movies, music, and television shows. The entertainment industry is a major contributor to the US economy.
VS
Americans believe in the power of community and the importance of giving back. Many Americans volunteer their time and resources to serve their communities.
06
Conclusion
Individualism: Americans value the individual and believe that everyone has the right to pursue their own happiness and success. This often leads to a strong focus on personal growth, self-expression, and personal freedom.
价值的英文作文范文
价值的英文作文范文英文，。
Value is something that is subjective and varies from person to person. It is the worth or importance that we attach to something, whether it be an object, an idea, or a person. In my opinion, value is not just about the monetary worth of something but also about the emotional connection we have with it. 。
For example, a piece of jewelry may have a high monetary value, but if it was given to me by a loved one,it would also have a high sentimental value. Similarly, a book may not be worth much in terms of money, but if it contains a message that resonates with me, it would have a high personal value. 。
Moreover, value can also be influenced by cultural and societal norms. For instance, in some cultures, family is highly valued, while in others, individualism is emphasized.Therefore, what is considered valuable can differ depending on the context and background of the individual. 。
价值英文作文模板
价值英文作文模板英文：As a human being, I believe that everyone has their own values and beliefs that guide their actions and decisionsin life. For me, the concept of value is deeply rooted in my upbringing and personal experiences.One of the values that I hold dear is honesty. I strongly believe in the importance of being honest in all aspects of life, whether it's in my personal relationships, at work, or in my interactions with others. I have always been taught that honesty is the best policy, and I have seen firsthand how being truthful and transparent can build trust and strengthen relationships.Another value that is important to me is empathy. I believe in the power of understanding and compassion, and I strive to put myself in other people's shoes and see the world from their perspective. This value has helped mebuild meaningful connections with others and has allowed me to offer support and comfort to those in need.In addition to honesty and empathy, I also place a high value on perseverance. I believe that hard work and determination are essential for achieving success in life.I have faced many challenges and setbacks, but I have always persevered and pushed through difficult times, which has ultimately led to personal growth and achievement.Overall, my values are a reflection of who I am as a person and how I navigate the world around me. They serve as my moral compass and guide my actions and decisions on a daily basis.中文：作为一个人，我相信每个人都有自己的价值观和信仰，这些价值观和信仰指导着他们在生活中的行为和决定。
西游记精神价值总结英文版
西游记精神价值总结英文版Journey to the west is one of the four famous works in China. I am proud of journey to the West and my motherland. In the works of Wu Chengen, a novelist in the Ming Dynasty, every character is so lifelike that I can't get tired of seeing it.Every time I finish reading the journey to the west, the four teachers and disciples of Tang monk have different positions in my mind. I like three lovely disciples, but I only hate the serious Tang monk.Sun Wukong has great powers. Seventy-two changes are magical and omnipotent. His loyalty to the master and his responsibility to the younger martial brother can be learned from the sun and the moon. He is naughty, stubborn and irritable, but the combination of these advantages and disadvantages makes him a unique and beloved Monkey King. He is persistent, brave, strong, self-confident, tolerant and kind... Monkey King, you are worthy of being the "saint of Qi Tian" with the sky and the hero in my heart!Pig Bajie is lazy, greedy, and silly, but he is very kind and cute.Many people said he was useless, but he also made great contributions on the way to learn scri ptures. He doesn't have the great powers of the monkey king and the diligence and honesty of monk Sha, but he has his own carefree. This happy pure heart makes him lovely and I like it!Monk Sha has no shortcomings of Monkey King and no advantages of pig Bajie, but he is my favorite character. He is honest and loyal. He respects his master and senior brother. When a monster comes, he is always duty bound. How can this courage not be loved? No matter when, he always gives his strength silently, and the heaviest and hardest work is always borne by him. Why is this spirit of selfless dedication not worth learning from? How can such a hard-working person not be loved by me?Tang sanggui is the master of three good disciples. Naturally, he is different and commendable. Kindness and compassion are his heart, but I hate him. He embarked on the road of learning sc riptures with the arduous task of popularizing all living beings. But because of his so-called kindness, he believed in anyone and escaped death many times. Monkey king tried his best to save him,but he didn't distinguish between right and wrong, reversed black and white, listened to Zhu Bajie's provocation, and expelled monkey king from the school many times. How can I like such a person who doesn't know right and wrong? He recites sc riptures and Buddha solemnly, but he can't even see through the most basic people. What qualifications does he have to talk about universal living beings? I hate him.Wu Chengen is really a smart man. With his painstaking efforts, he compiled journey to the west, a great book that makes people admire. Journey to the West has proved to the world that China is strong and that the Chinese people are wise. This classic has added luster to China.I like journey to the West and you, my motherland. I am proud that I am Chinese. I want to shout to the blue sky of my motherland: I love my motherland!。