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本科毕业论文外文翻译【范本模板】

本科毕业论文外文翻译【范本模板】

本科毕业论文外文翻译外文译文题目:不确定条件下生产线平衡:鲁棒优化模型和最优解解法学院:机械自动化专业:工业工程学号: 201003166045学生姓名: 宋倩指导教师:潘莉日期: 二○一四年五月Assembly line balancing under uncertainty: Robust optimization modelsand exact solution methodÖncü Hazır , Alexandre DolguiComputers &Industrial Engineering,2013,65:261–267不确定条件下生产线平衡:鲁棒优化模型和最优解解法安库·汉泽,亚历山大·多桂计算机与工业工程,2013,65:261–267摘要这项研究涉及在不确定条件下的生产线平衡,并提出两个鲁棒优化模型。

假设了不确定性区间运行的时间。

该方法提出了生成线设计方法,使其免受混乱的破坏。

基于分解的算法开发出来并与增强策略结合起来解决大规模优化实例.该算法的效率已被测试,实验结果也已经发表。

本文的理论贡献在于文中提出的模型和基于分解的精确算法的开发.另外,基于我们的算法设计出的基于不确定性整合的生产线的产出率会更高,因此也更具有实际意义。

此外,这是一个在装配线平衡问题上的开创性工作,并应该作为一个决策支持系统的基础。

关键字:装配线平衡;不确定性; 鲁棒优化;组合优化;精确算法1.简介装配线就是包括一系列在车间中进行连续操作的生产系统。

零部件依次向下移动直到完工。

它们通常被使用在高效地生产大量地标准件的工业行业之中。

在这方面,建模和解决生产线平衡问题也鉴于工业对于效率的追求变得日益重要。

生产线平衡处理的是分配作业到工作站来优化一些预定义的目标函数。

那些定义操作顺序的优先关系都是要被考虑的,同时也要对能力或基于成本的目标函数进行优化。

就生产(绍尔,1999)产品型号的数量来说,装配线可分为三类:单一模型(SALBP),混合模型(MALBP)和多模式(MMALBP)。

毕业论文(设计)外文文献翻译及原文

毕业论文(设计)外文文献翻译及原文

金融体制、融资约束与投资——来自OECD的实证分析R.SemenovDepartment of Economics,University of Nijmegen,Nijmegen(荷兰内梅亨大学,经济学院)这篇论文考查了OECD的11个国家中现金流量对企业投资的影响.我们发现不同国家之间投资对企业内部可获取资金的敏感性具有显著差异,并且银企之间具有明显的紧密关系的国家的敏感性比银企之间具有公平关系的国家的低.同时,我们发现融资约束与整体金融发展指标不存在关系.我们的结论与资本市场信息和激励问题对企业投资具有重要作用这种观点一致,并且紧密的银企关系会减少这些问题从而增加企业获取外部融资的渠道。

一、引言各个国家的企业在显著不同的金融体制下运行。

金融发展水平的差别(例如,相对GDP的信用额度和相对GDP的相应股票市场的资本化程度),在所有者和管理者关系、企业和债权人的模式中,企业控制的市场活动水平可以很好地被记录.在完美资本市场,对于具有正的净现值投资机会的企业将一直获得资金。

然而,经济理论表明市场摩擦,诸如信息不对称和激励问题会使获得外部资本更加昂贵,并且具有盈利投资机会的企业不一定能够获取所需资本.这表明融资要素,例如内部产生资金数量、新债务和权益的可得性,共同决定了企业的投资决策.现今已经有大量考查外部资金可得性对投资决策的影响的实证资料(可参考,例如Fazzari(1998)、 Hoshi(1991)、 Chapman(1996)、Samuel(1998)).大多数研究结果表明金融变量例如现金流量有助于解释企业的投资水平。

这项研究结果解释表明企业投资受限于外部资金的可得性。

很多模型强调运行正常的金融中介和金融市场有助于改善信息不对称和交易成本,减缓不对称问题,从而促使储蓄资金投着长期和高回报的项目,并且提高资源的有效配置(参看Levine(1997)的评论文章)。

因而我们预期用于更加发达的金融体制的国家的企业将更容易获得外部融资.几位学者已经指出建立企业和金融中介机构可进一步缓解金融市场摩擦。

浙江大学本科毕业论文外文文献翻译

浙江大学本科毕业论文外文文献翻译

核准通过,归档资料。

未经允许,请勿外传!浙江大学本科毕业论文外文文献翻译The influence of political connections on the firm value of small and medium-sized enterprises in China政治关联在中国对中小型企业价值的影响1摘要中小型企业的价值受很多因素的影响,比如股东、现金流以及政治关联等.这篇文章调查的正是在中国政治关联对中小型企业价值的影响。

通过实验数据来分析政治关联对企业价值效益的影响.结果表明政府关联是关键的因素并且在中国对中小型企业的价值具有负面影响。

2重要内容翻译2。

1引言在商业界,有越来越多关于政治关联的影响的经济研究。

它们发现政治关联能够帮助企业确保有利的规章条件以及成功获得资源,比如能够最终提高企业价值或是提升绩效的银行贷款,这种政治关联的影响在不同的经济条件下呈现不同的效果。

在高腐败和法律制度薄弱的国家,政治关联对企业价值具有决定性因素1的作用.中国由高度集权的计划经济向市场经济转变,政府对市场具有较强的控制作用,而且有大量的上市企业具有政治关联。

中小型企业发展的很迅速,他们已经在全球经济环境中变得越来越重要。

从90年代起, 政治因素对中国的任何规模的企业来说都变得越来越重要,尤其是中小型企业的价值。

和其他的部门相比较,中小型企业只有较小的现金流,不稳定的现金流且高负债率.一方面,中小型企业改变更加灵活;另一方面,中小型企业在由于企业规模以及对银行来说没有可以抵押的资产,在筹资方面较为困难。

企业如何应对微观经济环境和政策去保证正常的企业活动,并且政治关联如何影响企业价值?这篇论文调查政治关联和企业价值之间的联系,并且试图去研究企业是否可以从政治关联中获利提升企业价值。

2.2定义这些中小型企业之所以叫中小型企业,是和管理规模有关。

对这些小企业来说,雇员很少,营业额较低,资金一般由较少的人提供,因此,通常由这些业主直接管理企业。

本科毕业论文外文翻译

本科毕业论文外文翻译

本科毕业论文外文翻译Undergraduate Thesis External Translation (700 Words)Title: The Impact of Social Media on Consumer Behavior Abstract:With the rapid development of social media, its influence on consumer behavior has drawn increasing attention from scholars and marketers. This paper aims to explore the impact of social media on consumer behavior from the perspective of information acquisition, interpersonal communication, and brand evaluation. Through a literature review and analysis, it is found that social media has a significant impact on consumer behavior by providing easy access to information, facilitating communication between consumers, and influencing brand perception. This research provides valuable insights for marketers in understanding and utilizing social media platforms to effectively engage with consumers and influence their purchasing decisions.1. IntroductionSocial media has become an integral part of people's daily lives, and its impact on consumer behavior cannot be ignored. This paper aims to investigate the impact of social media on consumer behavior and provide practical implications for marketers. The research question is: How does social media influence consumer behavior in terms of information acquisition, interpersonal communication, and brand evaluation?2. Information Acquisition2.1 Social media provides a platform for consumers to easilyaccess information about products and services. Through social media platforms such as Facebook, Instagram, and Twitter, consumers can obtain product reviews, comparisons, and recommendations from peers. This information influences consumers' purchasing decisions and enhances their knowledge about products.2.2 Social media also serves as a source of entertainment and inspiration, enabling users to discover new trends and products. Influencers and celebrities, who gain popularity through social media, often endorse products and create consumer desire for these items. This form of indirect advertising through social media has a significant impact on consumer behavior.3. Interpersonal CommunicationSocial media platforms enable users to interact with friends, family, and even strangers. This communication aspect of social media hasa direct influence on consumer behavior.3.1 Word-of-mouth (WOM) communication through social media is prevalent. Consumers often share their positive or negative experiences with products on social media platforms, which influence others' opinions and purchasing decisions. These online conversations have a wide reach and can greatly impact brand perception.3.2 Social media facilitates communication between consumers and brands. Consumers can directly communicate with brands through social media channels, providing feedback, asking questions, and seeking assistance. This two-way communicationimproves customer satisfaction and loyalty.4. Brand Evaluation4.1 Social media plays a crucial role in brand evaluation. Consumers often seek information about brands, their values, and their reputation on social media platforms. Positive or negative brand mentions and reviews on social media greatly influence consumers' perceptions of brands, leading to either increased or decreased brand trust and loyalty.4.2 Social media influencers and celebrities endorsing particular brands also impact brand evaluation. These individuals' recommendations and opinions can greatly influence consumers' perceptions and preferences for specific brands.5. ConclusionIn conclusion, social media has a significant impact on consumer behavior by influencing information acquisition, interpersonal communication, and brand evaluation. Marketers should utilize and engage with social media platforms to effectively reach and influence their target customers. This research provides insights for marketers to enhance their social media strategies and create effective brand-consumer interactions.。

毕业论文英文参考文献与译文

毕业论文英文参考文献与译文

Inventory managementInventory ControlOn the so-called "inventory control", many people will interpret it as a "storage management", which is actually a big distortion.The traditional narrow view, mainly for warehouse inventory control of materials for inventory, data processing, storage, distribution, etc., through the implementation of anti-corrosion, temperature and humidity control means, to make the custody of the physical inventory to maintain optimum purposes. This is just a form of inventory control, or can be defined as the physical inventory control. How, then, from a broad perspective to understand inventory control? Inventory control should be related to the company's financial and operational objectives, in particular operating cash flow by optimizing the entire demand and supply chain management processes (DSCM), a reasonable set of ERP control strategy, and supported by appropriate information processing tools, tools to achieved in ensuring the timely delivery of the premise, as far as possible to reduce inventory levels, reducing inventory and obsolescence, the risk of devaluation. In this sense, the physical inventory control to achieve financial goals is just a means to control the entire inventory or just a necessary part; from the perspective of organizational functions, physical inventory control, warehouse management is mainly the responsibility of The broad inventory control is the demand and supply chain management, and the whole company's responsibility.Why until now many people's understanding of inventory control, limited physical inventory control? The following two reasons can not be ignored:First, our enterprises do not attach importance to inventory control. Especially those who benefit relatively good business, as long as there is money on the few people to consider the problem of inventory turnover. Inventory control is simply interpreted as warehouse management, unless the time to spend money, it may have been to see the inventory problem, and see the results are often very simple procurement to buy more, or did not do warehouse departments .Second, ERP misleading. Invoicing software is simple audacity to call it ERP, companies on their so-called ERP can reduce the number of inventory, inventory control, seems to rely on their small software can get. Even as SAP, BAAN ERP world, the field ofthese big boys, but also their simple modules inside the warehouse management functionality is defined as "inventory management" or "inventory control." This makes the already not quite understand what our inventory control, but not sure what is inventory control.In fact, from the perspective of broadly understood, inventory control, shouldinclude the following:First, the fundamental purpose of inventory control. We know that the so-called world-class manufacturing, two key assessment indicators (KPI) is, customer satisfaction and inventory turns, inventory turns and this is actually the fundamental objective of inventory control.Second, inventory control means. Increase inventory turns, relying solely on the so-called physical inventory control is not enough, it should be the demand and supply chain management process flow of this large output, and this big warehouse management processes in addition to including this link, the more important The section also includes: forecasting and order processing, production planning and control, materials planning and purchasing control, inventory planning and forecasting in itself, as well as finished products, raw materials, distribution and delivery of the strategy, and even customs management processes.And with the demand and supply chain management processes throughout the process, it is the information flow and capital flow management. In other words, inventory itself is across the entire demand and supply management processes in all aspects of inventory control in order to achieve the fundamental purpose, it must control all aspects of inventory, rather than just manage the physical inventory at hand.Third, inventory control, organizational structure and assessment.Since inventory control is the demand and supply chain management processes, output, inventory control to achieve the fundamental purpose of this process must be compatible with a rational organizational structure. Until now, we can see that many companies have only one purchasing department, purchasing department following pipe warehouse. This is far short of inventory control requirements. From the demand and supply chain management process analysis, we know that purchasing and warehouse management is the executive arm of the typical, and inventory control should focus on prevention, the executive branch is very difficult to "prevent inventory" for the simple reason that they assessment indicatorsin large part to ensure supply (production, customer). How the actual situation, a reasonable demand and supply chain management processes, and thus set the corresponding rational organizational structure and is a question many of our enterprisesto exploreThe role of inventory controlInventory management is an important part of business management. In the production and operation activities, inventory management must ensure that both the production plant for raw materials, spare parts demand, but also directly affect the purchasing, sales of share, sales activities. To make an inventory of corporate liquidity, accelerate cash flow, the security of supply under the premise of minimizing Yaku funds, directly affects the operational efficiency. Ensure the production and operation needs of the premise, so keep inventories at a reasonable level; dynamic inventory control, timely, appropriate proposed order to avoid over storage or out of stock; reduce inventory footprint, lower total cost of inventory; control stock funds used to accelerate cash flow.Problems arising from excessive inventory: increased warehouse space andinventory storage costs, thereby increasing product costs; take a lot of liquidity, resultingin sluggish capital, not only increased the burden of payment of interest, etc., would affect the time value of money and opportunity income; finished products and raw materials caused by physical loss and intangible losses; a large number of enterprise resource idle, affecting their rational allocation and optimization; cover the production, operation of the whole process of the various contradictions and problems, is not conducive to improve the management level.Inventory is too small the resulting problems: service levels caused a decline in the profit impact of marketing and corporate reputation; production system caused by inadequate supply of raw materials or other materials, affecting the normal production process; to shorten lead times, increase the number of orders, so order (production) costs; affect the balance of production and assembly of complete sets.NotesInventory management should particularly consider the following two questions:First, according to sales plans, according to the planned production of the goods circulated in the market, we should consider where, how much storage.Second, starting from the level of service and economic benefits to determine howto ensure inventories and supplementary questions.The two problems with the inventory in the logistics process functions.In general, the inventory function:(1)to prevent interrupted. Received orders to shorten the delivery of goods fromthe time in order to ensure quality service, at the same time to prevent out of stock.(2)to ensure proper inventory levels, saving inventory costs.(3)to reduce logistics costs. Supplement with the appropriate time interval compatible with the reasonable demand of the cargo in order to reduce logistics costs, eliminate or avoid sales fluctuations.(4)ensure the production planning, smooth to eliminate or avoid sales fluctuations.(5)display function.(6)reserve. Mass storage when the price falls, reduce losses, to respond to disasters and other contingencies.About the warehouse (inventory) on what the question, we must consider the number and location. If the distribution center, it should be possible according to customer needs, set at an appropriate place; if it is stored in central places to minimize the complementary principle to the distribution centers, there is no place certain requirements. When the stock base is established, will have to take into account are stored in various locations in what commodities.库存管理库存控制在谈到所谓“库存控制”的时候,很多人将其理解为“仓储管理”,这实际上是个很大的曲解。

毕业论文外文翻译格式【范本模板】

毕业论文外文翻译格式【范本模板】

因为学校对毕业论文中的外文翻译并无规定,为统一起见,特做以下要求:1、每篇字数为1500字左右,共两篇;2、每篇由两部分组成:译文+原文.3 附件中是一篇范本,具体字号、字体已标注。

外文翻译(包含原文)(宋体四号加粗)外文翻译一(宋体四号加粗)作者:(宋体小四号加粗)Kim Mee Hyun Director, Policy Research & Development Team,Korean Film Council(小四号)出处:(宋体小四号加粗)Korean Cinema from Origins to Renaissance(P358~P340) 韩国电影的发展及前景(标题:宋体四号加粗)1996~现在数量上的增长(正文:宋体小四)在过去的十年间,韩国电影经历了难以置信的增长。

上个世纪60年代,韩国电影迅速崛起,然而很快便陷入停滞状态,直到90年代以后,韩国电影又重新进入繁盛时期。

在这个时期,韩国电影在数量上并没有大幅的增长,但多部电影的观影人数达到了上千万人次。

1996年,韩国本土电影的市场占有量只有23.1%。

但是到了1998年,市场占有量增长到35。

8%,到2001年更是达到了50%。

虽然从1996年开始,韩国电影一直处在不断上升的过程中,但是直到1999年姜帝圭导演的《生死谍变》的成功才诞生了韩国电影的又一个高峰。

虽然《生死谍变》创造了韩国电影史上的最高电影票房纪录,但是1999年以后最高票房纪录几乎每年都会被刷新。

当人们都在津津乐道所谓的“韩国大片”时,2000年朴赞郁导演的《共同警备区JSA》和2001年郭暻泽导演的《朋友》均成功刷新了韩国电影最高票房纪录.2003年康佑硕导演的《实尾岛》和2004年姜帝圭导演的又一部力作《太极旗飘扬》开创了观影人数上千万人次的时代。

姜帝圭和康佑硕导演在韩国电影票房史上扮演了十分重要的角色。

从1993年的《特警冤家》到2003年的《实尾岛》,康佑硕导演了多部成功的电影。

毕业设计论文外文文献翻译

毕业设计论文外文文献翻译

毕业设计(论文)外文文献翻译院系:财务与会计学院年级专业:201*级财务管理姓名:学号:132148***附件: 财务风险管理【Abstract】Although financial risk has increased significantly in recent years risk and risk management are not contemporary issues。

The result of increasingly global markets is that risk may originate with events thousands of miles away that have nothing to do with the domestic market。

Information is available instantaneously which means that change and subsequent market reactions occur very quickly。

The economic climate and markets can be affected very quickly by changes in exchange rates interest rates and commodity prices。

Counterparties can rapidly become problematic。

As a result it is important to ensure financial risks are identified and managed appropriately. Preparation is a key component of risk management。

【Key Words】Financial risk,Risk management,YieldsI. Financial risks arising1.1What Is Risk1.1.1The concept of riskRisk provides the basis for opportunity. The terms risk and exposure have subtle differences in their meaning. Risk refers to the probability of loss while exposure is the possibility of loss although they are often used interchangeably。

本科毕业设计(论文)外文翻译

本科毕业设计(论文)外文翻译
1.引言
重金属污染存在于很多工业的废水中,如电镀,采矿,和制革。
2.实验
2.1化学药剂
本实验所使用的药剂均为分析纯,如无特别说明均购买自日本片山化工。铅离子储备液通过溶解Pb(NO3)2配制,使用时稀释到需要的浓度。HEPES缓冲液购买自Sigma–Aldrich。5 mol/L的HCl和NaOH用来调整pH。
附5
华南理工大学
本科毕业设计(论文)翻译
班级2011环境工程一班
姓名陈光耀
学号201130720022
指导教师韦朝海
填表日期
中文译名
(1)巯基改性纤维素对葡萄糖溶液中铅的吸附(2)黄原酸化橘子皮应用于吸附水中的铅离子
外文原文名
(1)Adsorption of Pb(II) from glucose solution on thiol-functionalized cellulosic biomass
2.5分析方法
铅离子的浓度用分光光度计在616 nm波长处用铅与偶氮氯膦-III络合物进行分析。葡萄糖含量采用苯酚—硫酸分光光度法测定。所有的实验均进行三次,已经考虑好误差。
3.结果和讨论
3.1FTIR分析和改性脱脂棉对铅(II)的吸附机制
图1是脱脂棉、改性脱脂棉在400-4000 cm-1(A)和2540-2560 cm-1(B)范围内的红外光谱图。可以看出,改性后改性脱脂棉的红外光谱图中在1735.71 cm-1处出现了一个新的吸收峰是酯基C=O的拉伸振动峰,可见改性脱脂棉中已经成功引入巯基官能团。同时,在2550.52 cm-1出现的一个新吸收峰代表的是S-H官能团的弱吸收峰,更深一层的证明了巯基已经嫁接到脱脂棉上。图1(b)是2540-2560 cm-1光谱范围的一个放大图像,可以清楚的观察到S-H官能团的弱吸收峰。进一步证明了酯化改性脱脂棉引入巯基是成功的。而从吸附后的曲线可以看到,2550.52cm-1处S-H的吸收峰消失,证明了硫原子和Pb(II)络合物的形成,同时1735.71cm-1处C=O的吸收峰强度看起来有轻微的减弱可能也是和Pb(II)的络合吸附有关。

计算机科学与技术毕业设计(论文)外文翻译

计算机科学与技术毕业设计(论文)外文翻译

本科毕业设计(论文) 外文翻译(附外文原文)系 ( 院 ):信息科学与工程学院课题名称:学生信息管理系统专业(方向):计算机科学与技术(应用)7.1 Enter ActionMappingsThe Model 2 architecture (see chapter 1) encourages us to use servlets and Java- Server Pages in the same application. Under Model 2, we start by calling a servlet.The servlet handles the business logic and directs control to the appropriate pageto complete the response.The web application deployment descriptor (web.xml) lets us map a URL patternto a servlet. This can be a general pattern, like *.do, or a specific path, like saveRecord.do.Some applications implement Model 2 by mapping a servlet to each business operation. This approach works, but many applications involve dozens or hundredsof business operations. Since servlets are multithreaded, instantiating so manyservlets is not the best use of server resources. Servlets are designed to handle anynumber of parallel requests. There is no performance benefit in simply creatingmore and more servlets.The servlet’s primary job is to interact with the container and HTTP. Handlinga business operation is something that a servlet could delegate to another component. Struts does this by having the ActionServlet delegate the business operationto an object. Using a servlet to receive a request and route it to a handler is knownas the Front Controller pattern [Go3].Of course, simply delegating the business operation to another componentdoes not solve the problem of mapping URIs [W3C, URI] to business operations.Our only way of communicating with a web browser is through HTTP requests and URIs. Arranging for a URI to trigger a business operation is an essential part of developing a web application.Meanwhile, in practice many business operations are handled in similar ways.Since Java is multithreaded, we could get better use of our server resources if wecould use the same Action object to handle similar operations. But for this towork, we might need to pass the object a set of configuration parameters to usewith each operation.So what’s the bottom line? To implement Model 2 in an efficient and flexibleway, we need to:Enter ActionMappings 195♉ Route requests for our business operations to a single servlet♉ Determine which business operation is related to the request♉ Load a multithreaded helper object to handle the business operation♉ Pass the helper object the specifics of each request along with any configuration detail used by this operationThis is where ActionMappings come in.7.1.1 The ActionMapping beanAn ActionMapping (org.apache.struts.action.ActionMapping) describes howthe framework handles each discrete business operation (or action). In Struts,each ActionMapping is associated with a specific URI through its path property. When a request comes in, the ActionServlet uses the path property to select the corresponding ActionMapping. The set of ActionMapping objects is kept in an ActionMappings collection (org.apache.struts.action.ActionMappings). Originally, the ActionMapping object was used to extend the Action objectrather than the Action class. When used with an Action, a mapping gives a specific Action object additional responsibilities and new functionality. So, it was essentiallyan Action decorator [Go4]. Along the way, the ActionMapping evolved into anobject in its own right and can be used with or without an Action.DEFINITION The intent of the decorator pattern is to attach additional responsibilities to an object dynamically. Decorators provide a flexible alternative to subclassingfor extending functionality [Go4].The ActionMappings are usually created through the Struts configuration file.For more about this file, see chapter 4.7.1.2 The ActionMappings catalogThe ActionMappings catalog the business logic available to a Struts application.When a request comes in, the servlet finds its entry in the ActionMappings catalogand pulls the corresponding bean.The ActionServlet uses the ActionMapping bean to decide what to do next. Itmay need to forward control off to another resource. Or it may need to populateand validate an ActionForm bean. At some point, it may have to pass control to an Action object, and when the Action returns, it may have to look up an Action-Forward associated with this mapping.196 CHAPTER 7Designing with ActionMappingsThe ActionMapping works like a routing slip for the servlet. Depending onhow the mapping is filled out, the request could go just about anywhere.The ActionMappings represent the core design of a Struts application. If youwant to figure out how a Struts application works, start with the ActionMappings. Ifyou want to figure out how to write a new Struts application, start with the Action- Mappings. The mappings are at the absolute center of every Struts application.In this chapter, we take a close look at the ActionMapping properties andexplore how they help you design the flow of a Struts application.1.0 vs 1.1 In Struts 1.1, ActionMapping subclasses ActionConfig (org.apache. struts.config.ActionConfig) and adds API methods required forbackward compatibility. ActionMapping is not deprecated, and how thehierarchy will be handled in future releases has not been determined.For now, we refer to the ActionMapping class, but you should note thatin Struts 1.1 all of the action properties are actually defined by the ActionConfigsuper class. The ActionMapping class otherwise works thesame way in both versions.7.2 ActionMapping propertiesTable 7.1 describes the base ActionMapping properties. As with other configuration components, developers may extend ActionMapping to provide additionalproperties.Table 7.1 The base ActionMapping propertiesProperty Descriptionpath The URI path from the request used to select this mapping. (API command) forward The context-relative path of the resource that should serve this request via a forward.Exactly one of the forward, include, or type properties must be specified.orinclude The context-relative path of the resource that should serve this request via aninclude. Exactly one of the forward, include, or type properties must be specified.ortype Optionally specifies a subclass oforg.apache.struts.action.ActionMappingthat should be used when instantiating this mapping.className The fully qualified name of the Action class used by this mapping. SinceStruts 1.1ActionMapping properties 197In the sections that follow, we take a look at each of these properties.7.2.1 The path propertyThe ActionMapping URI, or path, will look to the user like just another file onthe web server. But it does not represent a file. It is a virtual reference to our ActionMapping.Because it is exposed to other systems, the path is not really a logical name, likethose we use with ActionForward. The path can include slashes and an extension—as if it referred to a file system—but they are all just part of a single name.The ActionMappings themselves are a “flat” namespace with no type of internalhierarchy whatsoever. They just happen to use the same characters that we areused to seeing in hierarchical file systems.name The name of the form bean, if any, associated with this action. This is not the classname. It is the logical name used in the form bean configuration.roles The list of security roles that may access this mapping.scope The identifier of the scope (request or session) within which the form bean, if any,associated with this mapping will be created.validate Set to true if the validate method of the form bean (if any) associated with thismapping should be called.input Context-relative path of the input form to which control should be returned ifa validationerror is encountered. This can be any URI: HTML, JSP, VM, or another Action- Mapping.parameter General-purpose configuration parameter that can be used to pass extra informationto the Action selected by this ActionMapping.attribute Name of the request-scope or session-scope attribute under which our form bean isaccessed, if it is other than the bean's specified name.prefix Prefix used to match request parameter names to form bean property names, if any.suffix Suffix used to match request parameter names when populating the properties ofour ActionForm bean, if any.unknown Can be set to true if this mapping should be configured as the default for this application(to handle all requests not handled by another mapping). Only one mappingcan be defined as the default unknown mapping within an application.forwards(s) Block of ActionForwards for this mapping to use, if any.exception(s) Block of ExceptionHandlers for this mapping to use, if any.Table 7.1 The base ActionMapping properties (continued)Property DescriptionSinceStruts 1.1SinceStruts 1.1198 CHAPTER 7Designing with ActionMappingsOf course, it can still be useful to treat your ActionMappings as if they werepart of a hierarchy and group related commands under the same "folder." Theonly restriction is that the names must match whatever pattern is used in the application’s deployment description (web.xml) for the ActionServlet. This is usuallyeither /do/* or *.do, but any similar pattern can be used.If you are working in a team environment, different team members can begiven different ActionMapping namespaces to use. Some people may be workingwith the /customer ActionMappings, others may be working with the /vendor ActionMappings. This may also relate to the Java package hierarchy the team isusing. Since the ActionMapping URIs are logical constructs, they can be organizedin any way that suits your project.With Struts 1.1, these types of namespaces can be promoted to applicationmodules. Each team can work independently on its own module, with its own setof configuration files and presentation pages. Configuring your application to use multiple modules is covered in chapter 4.DEFINITION The web runs on URIs, and most URIs map to physical files. If you want to change the resource, you change the corresponding file. Some URIs, likeStruts actions, are virtual references. They do not have a correspondingfile but are handled by a programming component. To change the resource,we change how the component is programmed. But since thepath is a URI and interacts with other systems outside our control, thepath is not a true logical reference—the name of an ActionForward, forinstance. We can change the name of an ActionForward without consultingother systems. It’s an internal, logical reference. If we change thepath to an ActionMapping, we might need to update other systems thatrefer to the ActionMapping through its public URI.7.2.2 The forward propertyWhen the forward property is specified, the servlet will not pass the request to an Action class but will make a call to RequestDispatcher.forward. Since the operationdoes not use an Action class, it can be used to integrate Struts with otherresources and to prototype systems. The forward, include, and type propertiesare mutually exclusive. (See chapter 6 for more information.)7.2.3 The include propertyWhen the include property is specified, the servlet will not pass the request to an Action class but will make a call to RequestDispatcher.include. The operationActionMapping properties 199does not use an Action class and can be used to integrate Struts with other components. The forward, include, and type properties are mutually exclusive. (Seechapter 6 for more information.)7.2.4 The type propertyMost mappings will specify an Action class type rather than a forward or include.An Action class may be used by more than one mapping. The mappings may specifyform beans, parameters, forwards, or exceptions. The forward, include, andtype properties are mutually exclusive.7.2.5 The className propertyWhen specified, className is the fully qualified Java classname of the ActionMapping subclass that should be used for this object. This allows you to use your own ActionMapping subclass with specialized methods and properties. See alsosection 7.4.7.2.6 The name propertyThis property specifies the logical name for the form bean, as given in the formbean segment of the Struts configuration file. By default, this is also the name tobe used when placing the form bean in the request or session context. Use theattribute property of this class to specify a different attribute key.7.2.7 The roles propertyThis property is a comma-delimited list of the security role names that are allowed access to this ActionMapping object. By default, the same system that is used with standard container-based security is applied to the list of roles given here. Thismeans you can use action-based security in lieu of specifying URL patterns in the deployment descriptor, or you can use both together.The security check is handled by the processRoles method of the Request- Processor (org.apache.struts.action.RequestProcessor). By subclassing RequestProcessor, you can also use the roles property with application-based security. See chapter 9 for more about subclassing RequestProcessor.7.2.8 The scope propertyThe ActionForm bean can be stored in the current request or in the session scope (where it will be available to additional requests). While most developers userequest scope for the ActionForm, the framework default is session scope. Tomake request the default, see section 7.4.SinceStruts 1.1SinceStruts 1.1200 CHAPTER 7Designing with ActionMappings7.2.9 The validate propertyAn important step in the lifecycle of an ActionForm is to validate its data before offering it to the business layer. When the validate property for a mapping is true, the ActionServlet will call the ActionForm’s validate method. If validate returns false, the request is forwarded to the resource given by the input property.Often, developers will create a pair of mappings for each data entry form. Onemapping will have validate set to false, so you can create an empty form. Theother has validate set to true and is used to submit the completed form.NOTE Whether or not the ActionForm validate method is called does not relateto the ActionServlet’s validating property. That switch controlshow the Struts configuration file is processed.7.2.10 The input propertyWhen validate is set to true, it is important that a valid path for input be provided. This is where control will pass should the ActionForm validate methodreturn false. Often, this is the address for a presentation page. Sometimes it willbe another Action path (with validate set to false) that is required to generatedata objects needed by the page.NOTE The input path often leads back to the page that submitted the request.While it seems natural for the framework to return the request to whereit originated, this is not a simple task in a web application. A request is oftenpassed from component to component before a response is sent backto the browser. The browser only knows the path it used to retrieve theinput page, which may or may not also be the correct path to use for theinput property. While it may be possible to try and generate a default inputpage based on the HTTP referrer attribute, the Struts designersdeemed that approach unreliable.inputForwardIn Struts 1.0, the ActionMapping input property is always a literal URI. InStruts 1.1, it may optionally be the name of an ActionForward instead. The ActionForward is retrieved and its path property is used as the input property.This can be a global or local ActionForward.To use ActionForwards here instead of literal paths, set the inputForwardattribute on the <controller> element for this module to true:SinceStruts 1.1ActionMapping properties 201<controller inputForward="true">For more about configuring Struts, see chapter 4. For more about ActionForwards,see chapter 6.7.2.11 The parameter propertyThe generic parameter property allows Actions to be configured at runtime. Severalof the standard Struts Actions make use of this property, and the standardScaffold Actions often use it, too. The parameter property may contain a URI, the name of a method, the name of a class, or any other bit of information an Actionmay need at runtime. This flexibility allows some Actions to do double and tripleduty, slashing the number of distinct Action classes an application needs on hand.Within an Action class, the parameter property is retrieved from the mappingpassed to perform:parameter = mapping.getParameter();Multiple parametersWhile multiple parameters are not supported by the standard ActionMappingsclass, there are some easy ways to implement this, including using HttpUtils, a StringTokenizer, or a Properties file (java.util.Properties).HttpUtils. Although deprecated as of the Servlet API 2.3 specification, theHttpUtils package (javax.servlet.http.HttpUtils) provides a static method that parses any string as if it were a query string and returns a Hashtable(java.util.Hashtable):Hashtable parameters = parseQueryString(parameter);The parameter property for your mapping then becomes just another query string, because you might use it elsewhere in the Struts configuration. stringTokenizer. Another simple approach is to delimit the parameters using the token of your choice—such as a comma, colon, or semicolon—and use the StringTokenizer to read them back:StringTokenizer incoming =new StringTokenizer(mapping.getParameter(),";");int i = 0;String[] parameters = new String[incoming.countTokens()]; while (incoming.hasMoreTokens()) {parameters[i++] = incoming.nextToken().trim();}202 CHAPTER 7Designing with ActionMappingsProperties file. While slightly more complicated than the others, another popular approach to providing multiple parameters to an ActionMapping is with a standard Properties files (java.util.Properties). Depending on your needs, the Properties file could be stored in an absolute location in your file system or anywhere on your application’s CLASSPATH.The Commons Scaffold package [ASF, Commons] provides a ResourceUtils package (mons.scaffold.util.ResourceUtils) with methods forloading a Properties file from an absolute location or from your application’s CLASSPATH.7.2.12 The attribute propertyFrom time to time, you may need to store two copies of the same ActionForm inthe same context at the same time. This most often happens when ActionFormsare being stored in the session context as part of a workflow. To keep their names from conflicting, you can use the attribute property to give one ActionForm bean a different name.An alternative approach is to define another ActionForm bean in the configuration, using the same type but under a different name.7.2.13 The prefix and suffix propertiesLike attribute, the prefix and suffix properties can be used to help avoid naming conflicts in your application. When specified, these switches enable aprefix or suffix for the property name, forming an alias when it is populatedfrom the request.If the prefix this was specified, thenthisName=McClanahanbecomes equivalent toname=McClanahanfor the purpose of populating the ActionForm. Either or both parameters would call getName("McClanahan");This does not affect how the properties are written by the tag extensions. It affects how the autopopulation mechanism perceives them in the request.Nested components 2037.2.14 The unknown ActionMappingWhile surfing the Web, most of us have encountered the dreaded 404— page not found message. Most web servers provide some special features for processing requests for unknown pages, so webmasters can steer users in the right direction. Struts offers a similar service for ActionMapping 404s—the unknown ActionMapping. In the Struts configuration file, you can specify one ActionMapping toreceive any requests for an ActionMapping that would not otherwise be matched:<actionname="/debug"forward="/pages/debug.jsp"/>When this option is not set, a request for an ActionMapping that cannot bematched throws400 Invalid path /notHere was requestedNote that by a request for an ActionMapping, we mean a URI that matches the prefix or suffix specified for the servlet (usually /do/* or *.do). Requests for other URI patterns, good or bad, will be handled by other servlets or by the container:/do/notHere (goes to the unknown ActionMapping)/notHere.txt (goes to the container)7.3 Nested componentsThe ActionMapping properties are helpful when it comes to getting an Action torun a business operation. But they tell only part of the story. There is still much todo when the Action returns.An Action may have more than one outcome. We may need to register several ActionForwards so that the Action can take its pick.7.3.1 Local forwardsIn the normal course, an ActionMapping is used to select an Action object to handle the request. The Action returns an ActionForward that indicates which pageshould complete the response.The reason we use ActionForwards is that, in practice, presentation pages areeither often reused or often changed, or both. In either case, it is good practice to encapsulate the page’s location behind a logical name, like “success” or “failure.”The ActionForward object lets us assign a logical name to any given URI.204 CHAPTER 7Designing with ActionMappingsOf course, logical concepts like success or failure are often relative. What represents success to one Action may represent failure to another. Each Action-Mapping can have its own set of local ActionForwards. When the Action asks for a forward (by name), the local set is checked before trying the global forwards. See chapter 6 for more about ActionForwards.Local forwards are usually specified in the Struts configuration file. See chapter4 for details.7.3.2 Local exceptionsMost often, an application’s exception handlers (org.apache.struts.action. ExceptionHandler) can be declared globally. However, if a given ActionMapping needs to handle an exception differently, it can have its own set of local exception handlers that are checked before the global set.Local exceptions are usually specified in the Struts configuration file. Seechapter 4 for details.7.4 Rolling your own ActionMappingWhile ActionMapping provides an impressive array of properties, developers may also provide their own subclass with additional properties or methods. InStruts 1.0, this is configured in the deployment descriptor (web.xml) for the ActionServlet:<init-param><param-name>mapping</param-name><param-value>app.MyActionMapping</param-value></init-param>In Struts 1.1, this is configured in the Struts configuration file as an attribute to the <action-mappings> element:<action-mappings type="app.MyActionMapping">Individual mappings may also be set to use another type through the className attribute:<action className="app.MyActionMapping">For more about configuring Struts, see chapter 4.SinceStruts 1.1Summary 205The framework provides two base ActionMapping classes, shown in table 7.2. They can be selected as the default or used as a base for your own subclasses.The framework default is SessionActionMapping, so scope defaults to session. Subclasses that provide new properties may set them in the Struts configuration using a standard mechanism:<set-property property="myProperty" value="myValue" /> Using this standard mechanism helps developers avoid subclassing the Action- Servlet just to recognize the new properties when it digests the configuration file. This is actually a feature of the Digester that Struts simply inherits.7.5 SummarySun’s Model 2 architecture teaches that servlets and JavaServer Pages should be used together in the same application. The servlets can handle flow control and data acquisition, and the JavaServer Pages can handle the HTML.Struts takes this one step further and delegates much of the flow control anddata acquisition to Action objects. The application then needs only a single servletto act as a traffic cop. All the real work is parceled out to the Actions and theStruts configuration objects.Like servlets, Actions are efficient, multithreaded singletons. A single Actionobject can be handling any number of requests at the same time, optimizing your server’s resources.To get the most use out of your Actions, the ActionMapping object is used as a decorator for the Action object. It gives the Action a URI, or several URIs, and away to pass different configuration settings to an Action depending on which URIis called.In this chapter, we took a close look at the ActionMapping properties andexplained each property’s role in the scheme of things. We also looked at extendingthe standard ActionMapping object with custom properties—just in case yourscheme needs even more things.Table 7.2 The default ActionMapping classesActionMapping Descriptionorg.apache.struts.action.SessionActionMapping Defaults the scope property to sessionorg.apache.struts.action.RequestActionMapping Defaults the scope property to request206 CHAPTER 7Designing with ActionMappingsIn chapter 8, the real fun begins. The configuration objects covered so far aremainly a support system. They help the controller match an incoming requestwith a server-side operation. Now that we have the supporting players, let’s meet the Struts diva: the Action object.7.1 进入ActionMappingModel 2 架构(第1章)鼓励在同一个应用中使用servlet和JSP页面。

毕业论文外文翻译

毕业论文外文翻译

毕业论文外文翻译Title: The Influence of Technological Advancements on Education Abstract:This paper explores the impact of technological advancements on education. With the rapid development of technology, its introduction into education has revolutionized the way knowledge is acquired and shared. The benefits of technology integration in education include improving learning outcomes, enhancing access to education, and fostering collaboration and communication. On the other hand, potential challenges such as inequality in access to technology and the risk of replacing traditional teaching methods with digital tools are also discussed. To address these challenges, the paper proposes recommendations and strategies for effectively using technology in education. It concludes that while technology has the potential to significantly enhance education, careful planning, teacher training, and continuous evaluation are crucial to ensure its successful integration.1. IntroductionEducation is the foundation of personal and societal development. Over the years, technological advancements have played a significant role in transforming various sectors, including education. The integration of technology in education has opened up new possibilities for teaching and learning.2. Benefits of Technological Integration in Education2.1 Improved Learning OutcomesTechnology has the potential to enhance learning outcomes by providing personalized and engaging learning experiences.Interactive multimedia resources, such as videos, simulations, and virtual reality, can make complex concepts more accessible and understandable for students. Additionally, learning management systems and online platforms enable students to access educational materials anytime and anywhere, facilitating self-paced learning. 2.2 Enhanced Access to EducationTechnology has greatly expanded access to education, especially in remote and underserved areas. Online courses, virtual classrooms, and open educational resources have democratized education, allowing individuals to overcome geographical barriers and access learning opportunities that were previously unavailable. Furthermore, technology has created opportunities for lifelong learning, making education more accessible to adults and professionals.2.3 Collaboration and CommunicationTechnology enables collaboration and communication among students, teachers, and experts from different locations. Online discussion forums, video conferencing, and collaborative tools promote active participation, peer learning, and knowledge sharing. These digital platforms also facilitate communication between teachers and students, providing instant feedback and support outside of the traditional classroom settings.3. Challenges and ConcernsDespite the numerous benefits, there are challenges and concerns associated with technology integration in education.3.1 Inequality in Access to TechnologyThe digital divide creates unequal access to technology, making it difficult for some students to fully benefit from technology in their educational journey. Limited access to devices, stable internet connection, and technology literacy are major barriers that need to be addressed to ensure equal opportunities for all learners.3.2 Potential Over-reliance on TechnologyThere is a risk of over-reliance on technology, leading to the exclusion of effective traditional teaching methods or neglecting essential skills, such as critical thinking and problem-solving. It is important to strike a balance between technology use and traditional teaching approaches, ensuring that technology complements and enhances, rather than replaces, the core aspects of education.4. Recommendations and StrategiesTo harness the potential of technology in education, it is important to consider the following recommendations and strategies:4.1 Infrastructure and AccessEfforts should be made to bridge the digital divide by providing infrastructure, such as devices and internet connectivity, to underserved communities. Schools and educational institutions should prioritize equal access to technology and ensure that students have the necessary skills to utilize it effectively.4.2 Teacher Training and Professional DevelopmentTeachers play a critical role in integrating technology into the curriculum. Adequate training and professional development programs are essential to equip teachers with the skills andknowledge to effectively use technology for teaching and learning purposes. Continuous support and opportunities for collaboration and sharing of best practices should be provided.4.3 Continuous Evaluation and AdaptationRegular evaluation and feedback mechanisms should be in place to assess the impact of technology integration on learning outcomes. This will help identify areas for improvement and adapt teaching practices accordingly. Continuous evaluation will also ensure that the integration of technology remains aligned with educational goals and objectives.5. ConclusionTechnology has the potential to reshape education in unprecedented ways. This paper has highlighted the benefits and challenges of technology integration in education. It is essential to recognize that technology is a tool, not a substitute for quality teaching and learning. Strategic planning, teacher training, and evaluation are necessary to ensure technology's effective integration into education, thus harnessing its full potential to improve learning outcomes, enhance access to education, and foster collaboration and communication.。

毕业论文外文翻译范例

毕业论文外文翻译范例

外文原文(一)Savigny and his Anglo-American Disciple s*M. H. HoeflichFriedrich Carl von Savigny, nobleman, law reformer, champion of the revived German professoriate, and founder of the Historical School of jurisprudence, not only helped to revolutionize the study of law and legal institutions in Germany and in other civil law countries, but also exercised a profound influence on many of the most creative jurists and legal scholars in England and the United States. Nevertheless, tracing the influence of an individual is always a difficult task. It is especially difficult as regards Savigny and the approach to law and legal sources propounded by the Historical School. This difficulty arises, in part, because Savigny was not alone in adopting this approach. Hugo, for instance, espoused quite similar ideas in Germany; George Long echoed many of these concepts in England during the 1850s, and, of course, Sir Henry Sumner Maine also espoused many of these same concepts central to historical jurisprudence in England in the 1860s and 1870s. Thus, when one looks at the doctrinal writings of British and American jurists and legal scholars in the period before 1875, it is often impossible to say with any certainty that a particular idea which sounds very much the sort of thing that might, indeed, have been derived from Savigny's works, was, in fact, so derived. It is possible, nevertheless, to trace much of the influence of Savigny and his legal writings in the United States and in Great Britain during this period with some certainty because so great was his fame and so great was the respect accorded to his published work that explicit references to him and to his work abound in the doctrinal writing of this period, as well as in actual law cases in the courts. Thus, Max Gutzwiller, in his classic study Der einfluss Savignys auf die Entwicklung des International privatrechts, was able to show how Savigny's ideas on conflict of laws influenced such English and American scholars as Story, Phillimore, Burge, and Dicey. Similarly, Andreas Schwarz, in his "Einflusse Deutscher Zivilistik im Auslande," briefly sketched Savigny's influence upon John Austin, Frederick Pollock, and James Bryce. In this article I wish to examine Savigny's influence over a broader spectrum and to draw a picture of his general fame and reputation both in Britain and in the United States as the leading Romanist, legal historian, and German legal academic of his day. The picture of this Anglo-American respect accorded to Savigny and the historical school of jurisprudence which emerges from these sources is fascinating. It sheds light not only upon Savigny’s trans-channel, trans-Atlantic fame, but also upon the extraordinarily*M.H.Hoeflich, Savigny and his Anglo-American Disciples, American Journal of Comparative Law, vol.37, No.1, 1989.cosmopolitan outlook of many of the leading American and English jurists of the time. Of course, when one sets out to trace the influence of a particular individual and his work, it is necessary to demonstrate, if possible, precisely how knowledge of the man and his work was transmitted. In the case of Savigny and his work on Roman law and ideas of historical jurisprudence, there were three principal modes of transmission. First, there was the direct influence he exercised through his contacts with American lawyers and scholars. Second, there was the influence he exercised through his books. Third, there was the influence he exerted indirectly through intermediate scholars and their works. Let us examine each mode separately.I.INFLUENCE OF THE TRANSLATED WORKSWhile American and British interest in German legal scholarship was high in the antebellum period, the number of American and English jurists who could read German fluently was relatively low. Even those who borrowed from the Germans, for instance, Joseph Story, most often had to depend upon translations. It is thus quite important that Savigny’s works were amongst the most frequently translated into English, both in the United States and in Great Britain. His most influential early work, the Vom Beruf unserer Zeitfur Rechtsgeschichte und Gestzgebung, was translated into English by Abraham Hayward and published in London in 1831. Two years earlier the first volume of his History of Roman Law in the Middle Ages was translated by Cathcart and published in Edinburgh. In 1830, as well, a French translation was published at Paris. Sir Erskine Perry's translation of Savigny's Treatise on Possession was published in London in 1848. This was followed by Archibald Brown's epitome of the treatise on possession in 1872 and Rattigan's translation of the second volume of the System as Jural Relations or the Law of Persons in 1884. Guthrie published a translation of the seventh volume of the System as Private International Law at Edinburgh in 1869. Indeed, two English translations were even published in the far flung corners of the British Raj. A translation of the first volume of the System was published by William Holloway at Madras in 1867 and the volume on possession was translated by Kelleher and published at Calcutta in 1888. Thus, the determined English-speaking scholar had ample access to Savigny's works throughout the nineteenth century.Equally important for the dissemination of Savigny's ideas were those books and articles published in English that explained and analyzed his works. A number of these must have played an important role in this process. One of the earliest of these is John Reddie's Historical Notices of the Roman law and of the Progress of its Study in Germany, published at Edinburgh in 1826. Reddie was a noted Scots jurist and held the Gottingen J.U.D. The book, significantly, is dedicated to Gustav Hugo. It is of that genre known as an external history of Roman law-not so much a history of substantive Roman legal doctrine but rather a historyof Roman legal institutions and of the study of Roman law from antiquity through the nineteenth century. It is very much a polemic for the study of Roman law and for the Historical School. It imparts to the reader the excitement of Savigny and his followers about the study of law historically and it is clear that no reader of the work could possibly be left unmoved. It is, in short, the first work of public relations in English on behalf of Savigny and his ideas.Having mentioned Reddie's promotion of Savigny and the Historical School, it is important to understand the level of excitement with which things Roman and especially Roman law were greeted during this period. Many of the finest American jurists were attracted-to use Peter Stein's term-to Roman and Civil law, but attracted in a way that, at times, seems to have been more enthusiastic than intellectual. Similarly, Roman and Civil law excited much interest in Great Britain, as illustrated by the distinctly Roman influence to be found in the work of John Austin. The attraction of Roman and Civil law can be illustrated and best understood, perhaps, in the context of the publicity and excitement in the English-speaking world surrounding the discovery of the only complete manuscript of the classical Roman jurist Gaius' Institutes in Italy in 1816 by the ancient historian and German consul at Rome, B.G. Niebuhr. Niebuhr, the greatest ancient historian of his time, turned to Savigny for help with the Gaius manuscript (indeed, it was Savigny who recognized the manuscript for what it was) and, almost immediately, the books and journals-not just law journals by any means-were filled with accounts of the discovery, its importance to legal historical studies, and, of course, what it said. For instance, the second volume of the American Jurist contains a long article on the civil law by the scholarly Boston lawyer and classicist, John Pickering. The first quarter of the article is a gushing account of the discovery and first publication of the Gaius manuscript and a paean to Niebuhr and Savigny for their role in this. Similarly, in an article published in the London Law Magazine in 1829 on the civil law, the author contemptuously refers to a certain professor who continued to tell his students that the text of Gaius' Institutes was lost for all time. What could better show his ignorance of all things legal and literary than to be unaware of Niebuhr's great discovery?Another example of this reaction to the discovery of the Gaius palimpsest is to be found in David Irving's Introduction to the Study of the Civil Law. This volume is also more a history of Roman legal scholarship and sources than a study of substantive Roman law. Its pages are filled with references to Savigny's Geschichte and its approach clearly reflects the influence of the Historical School. Indeed, Irving speaks of Savigny's work as "one of the most remarkable productions of the age." He must have been truly impressed with German scholarship and must also have been able to convince the Faculty of Advocates, forwhom he was librarian, of the worth of German scholarship, for in 1820 the Faculty sent him to Gottingen so that he might study their law libraries. Irving devotes several pages of his elementary textbook on Roman law to the praise of the "remarkable" discovery of the Gaius palimpsest. He traces the discovery of the text by Niebuhr and Savigny in language that would have befitted an adventure tale. He elaborates on the various labors required to produce a new edition of the text and was particularly impressed by the use of a then new chemical process to make the under text of the palimpsest visible. He speaks of the reception of the new text as being greeted with "ardor and exultation" strong words for those who spend their lives amidst the "musty tomes" of the Roman law.This excitement over the Verona Gaius is really rather strange. Much of the substance of the Gaius text was already known to legal historians and civil lawyers from its incorporation into Justinian's Institutes and so, from a substantive legal perspective, the find was not crucial. The Gaius did provide new information on Roman procedural rules and it did also provide additional information for those scholars attempting to reconstruct pre-Justinianic Roman law. Nevertheless, these contributions alone seem hardly able to justify the excitement the discovery caused. Instead, I think that the Verona Gaius discovery simply hit a chord in the literary and legal community much the same as did the discovery of the Rosetta Stone or of Schliemann’s Troy. Here was a monument of a great civilization brought newly to light and able to be read for the first time in millenia. And just as the Rosetta Stone helped to establish the modern discipline of Egyptology and Schliemann's discoveries assured the development of classical archaeology as a modern academic discipline, the discovery of the Verona Gaius added to the attraction Roman law held for scholars and for lawyers, even amongst those who were not Romanists by profession. Ancillary to this, the discovery and publication of the Gaius manuscript also added to the fame of the two principals involved in the discovery, Niebuhr and Savigny. What this meant in the English-speaking world is that even those who could not or did not wish to read Savigny's technical works knew of him as one of the discoverers of the Gaius text. This fame itself may well have helped in spreading Savigny's legal and philosophical ideas, for, I would suggest, the Gaius "connection" may well have disposed people to read other of Savigny's writings, unconnected to the Gaius, because they were already familiar with his name.Another example of an English-speaking promoter of Savigny is Luther Stearns Cushing, a noted Boston lawyer who lectured on Roman law at the Harvard Law School in 1848-49 and again in 1851- 1852.Cushing published his lectures at Boston in 1854 under the title An Introduction to the Study of Roman Law. He devoted a full chapter to a description of the historical school and to the controversy betweenSavigny and Thibaut over codification. While Cushing attempted to portray fairly the arguments of both sides, he left no doubt as to his preference for Savigny's approach:The labors of the historical school have established an entirely new and distinct era in the study of the Roman jurisprudence; and though these writers cannot be said to have thrown their predecessors into the shade, it seems to be generally admitted, that almost every branch of the Roman law has received some important modification at their hands, and that a knowledge of their writings, to some extent, at least, is essentially necessary to its acquisition.译文(一)萨维尼和他的英美信徒们*M·H·豪弗里奇弗雷德里奇·卡尔·冯·萨维尼出身贵族,是一位出色的法律改革家,也是一位倡导重建德国教授协会的拥护者,还是历史法学派的创建人之一。

毕业论文外文翻译报告范文

毕业论文外文翻译报告范文

毕业论文外文翻译报告范文AbstractThis report presents a translation of an academic article titled "The Impact of Technology on Education." The article discusses the various ways in which technology has transformed the field of education, particularly in terms of teaching methods, student engagement, and access to educational resources. The translation aims to accurately convey the content and meaning of the original article, while ensuring clarity and coherence for the readers.IntroductionTechnology has revolutionized nearly every aspect of our lives, including the field of education. In recent years, there has been a significant increase in the use of technology in classrooms and educational institutions worldwide. This article explores the impact of technology on education, highlighting its benefits and potential challenges.Teaching MethodsOne of the key effects of technology on education is the transformation of traditional teaching methods. With the introduction of interactive whiteboards, online learning platforms, and educational apps, teachers now have access to a wide range of tools and resources to enhance their teaching. These technologies enable teachers to create dynamic and engaging lessons, integrating multimedia content and interactive activities, which enhance student understanding and participation.Student EngagementTechnology has also had a profound impact on student engagement in the learning process. With the use of digital tools, students can now actively participate in their education and take ownership of their learning. Interactive quizzes, online discussions, and collaborative projects allow students to actively engage with the subject matter, promoting critical thinking and problem-solving skills. Moreover, technology enables personalized learning experiences, catering to individual student needs and preferences.Access to Educational ResourcesAnother significant benefit of technology in education is the increased access to educational resources. Online libraries, open educational resources, and digital textbooks provide students with a vast amount of information at their fingertips. This access to a wide range of resources goes beyond what traditional textbooks and classrooms can offer, empowering students to explore and learn at their own pace.Challenges and ConsiderationsWhile the impact of technology on education is largely positive, there are also some challenges and considerations that need to be addressed. One concern is the potential for technology to create a divide between students who have access to technology and those who do not. It is essential to ensure equitable access to technology and training for all students to prevent further disparities in education.Additionally, the integration of technology in the classroom requires teachers to adapt and acquire new technological skills. Adequate training and support must be provided to empower teachers to effectively incorporate technology into their teaching practices.ConclusionIn conclusion, technology has had a transformative impact on education. It has revolutionized teaching methods, enhanced student engagement, and provided increased access to educational resources. However, it is important to address the challenges and considerations that arise with the integration of technology in education. By doing so, we can ensure that technology continues to benefit and enhance the learning experience for all students.References:[Original Article Reference]。

毕业设计论文化学系毕业论文外文文献翻译中英文

毕业设计论文化学系毕业论文外文文献翻译中英文

毕业设计论文化学系毕业论文外文文献翻译中英文英文文献及翻译A chemical compound that is contained in the hands of the problemsfor exampleCatalytic asymmetric carbon-carbon bond formation is one of the most active research areas in organic synthesis In this field the application of chiral ligands in enantioselective addition of diethylzinc to aldehydes has attracted much attention lots of ligands such as chiral amino alcohols amino thiols piperazines quaternary ammonium salts 12-diols oxazaborolidines and transition metal complex with chiral ligands have been empolyed in the asymmetric addition of diethylzinc to aldehydes In this dissertation we report some new chiral ligands and their application in enantioselective addition of diethylzinc to aldehydes1 Synthesis and application of chiral ligands containing sulfur atomSeveral a-hydroxy acids were prepared using the literature method with modifications from the corresponding amino acids valine leucine and phenylalanine Improved yields were obtained by slowly simultaneous addition of three fold excess of sodium nitrite and 1 tnolL H2SO4 In the preparation of a-hydroxy acid methyl esters from a-hydroxy acids following the procedure described by Vigneron a low yield 45 was obtained It was found that much better results yield 82 couldbe obtained by esterifying a-hydroxy acids with methanol-thionyl chlorideThe first attempt to convert S -2-hydroxy-3-methylbutanoic acid methyl ester to the corresponding R-11-diphenyl-2-mercapto-3-methyl-l-butanol is as the following S-2-Hydroxy-3-methylbutanoic acid methyl ester was treated with excess of phenylmagnesium bromide to give S -11-diphenyl-3-methyl-12-butanediol which was then mesylated to obtain S -11-diphenyl-3-methyl-2-methanesulfonyloxy -l-butanol Unfortunately conversion of S-11-diphenyl-3-methyl-2- methanesulfonyloxy -l-butanol to the corresponding thioester by reacting with potassium thioacetate under Sn2 reaction conditions can be achieved neither in DMF at 20-60 nor in refluxing toluene in the presence of 18-crown-6 as catalyst When S -1ll-diphenyl-3-methyl-2- methane sulfonyloxy -l-butanol was refluxed with thioacetic acid in pyridine an optical active epoxide R-22-diphenyl -3-isopropyloxirane was obtained Then we tried to convert S -11-diphenyl-3-methyl-l2-butanediol to the thioester by reacting with PPh3 DEAD and thioacetic acid the Mitsunobu reaction but we failed either probably due to the steric hindrance around the reaction centerThe actually successful synthesis is as described below a-hydroxy acid methyl esters was mesylated and treated with KSCOCH3 in DMF to give thioester this was than treated with phenyl magnesium bromide to gave the target compound B-mercaptoalcohols The enantiomeric excesses ofp-mercaptoalcohols can be determined by 1H NMR as their S -mandeloyl derivatives S -2-amino-3-phenylpropane-l-thiol hydrochloride was synthesized from L-Phenylalanine L-Phenylalanine was reduced to the amino alcohol S -2-amino-3-phenylpropanol Protection of the amino group using tert-butyl pyrocarbonate gave S -2-tert-butoxycarbonylamino-3-phenylpropane-l-ol which was then O-mesylated to give S -2-tert-butoxycarbonylamino-3-phenylpropyl methanesulfonate The mesylate was treated with potassium thioacetate in DMF to give l-acetylthio-2-tert-butoxycarbonylamino-3-phenylpropane The acetyl group was then removed by treating with ammonia in alcohol to gave S -2-tert-butoxycarbonylamino-3-phenyl-propane-l-thiol which was then deprotected with hydrochloric acid to give the desired S-2-amino-3-phenylpropane-1-thiol hydrochlorideThe enantioselective addition of diethylzinc to aldehydes promoted by these sulfur containing chiral ligands produce secondary alcohols in 65-79 Synthesis and application of chiral aminophenolsThree substituted prolinols were prepared from the naturally-occurring L-proline using reported method with modifications And the chiral aminophenols were obtained by heating these prolinols with excess of salicylaldehyde in benzene at refluxThe results of enantioselective adBelow us an illustration forexampleN-Heterocyclic carbenes and L-Azetidine-2-carboxylicacidN-Heterocyclic carbenesN-Heterocyclic carbenes have becomeuniversal ligands in organometallic and inorganic coordination chemistry They not only bind to any transition metal with low or high oxidation states but also to main group elements such as beryllium sulfur and iodine Because of their specific coordination chemistry N-heterocyclic carbenes both stabilize and activate metal centers in quite different key catalytic steps of organic syntheses for example C-H activation C-C C-H C-O and C-N bond formation There is now ample evidence that in the new generation of organometallic catalysts the established ligand class of organophosphanes will be supplemented and in part replaced byN-heterocyclic carbenes Over the past few years this chemistry has become the field of vivid scientific competition and yielded previously unexpected successes in key areas of homogeneous catalysis From the work in numerous academic laboratories and in industry a revolutionary turningpoint in oraganometallic catalysis is emergingIn this thesis Palladium Ⅱ acetate and NN"-bis- 26-diisopropylphenyl dihydro- imidazolium chloride 1 2 mol were used to catalyze the carbonylative coupling of aryl diazonium tetrafluoroborate salts and aryl boronic acids to form aryl ketones Optimal conditions include carbon monoxide 1 atm in 14-dioxane at 100℃ for 5 h Yields for unsymmetrical aryl ketones ranged from 76 to 90 for isolated materials with only minor amounts of biaryl coupling product observed 2-12 THF as solvent gave mixtures of products 14-Dioxane proved to be the superior solvent giving higher yieldsof ketone product together with less biphenyl formation At room temperature and at 0℃ with 1 atm CO biphenyl became the major product Electron-rich diazonium ion substrates gave a reduced yield with increased production of biaryl product Electron-deficient diazonium ions were even better forming ketones in higher yields with less biaryl by-product formed 2-Naphthyldiazonium salt also proved to be an effective substrate givingketones in the excellent range Base on above palladium NHC catalysts aryl diazonium tetrafluoroborates have been coupled with arylboron compounds carbon monoxide and ammonia to give aryl amides in high yields A saturated yV-heterocyclic carbene NHC ligand H2lPr 1 was used with palladium II acetate to give the active catalyst The optimal conditions with 2mol palladium-NHC catalyst were applied with various organoboron compounds and three aryl diazonium tetrafluoroborates to give numerous aryl amides in high yield using pressurized CO in a THF solution saturated with ammonia Factors that affect the distribution of the reaction products have been identified and a mechanism is proposed for this novel four-component coupling reactionNHC-metal complexes are commonly formed from an imidazolium salt using strong base Deprotonation occurs at C2 to give a stable carbene that adds to form a a-complex with the metal Crystals were obtained from the reaction of imidazolium chloride with sodium t- butoxide Nal and palladium II acetate giving a dimeric palladium II iodide NHC complex The structure adopts a flat 4-memberedring u2 -bridged arrangement as seen in a related dehydro NHC complex formed with base We were pleased to find that chloride treated with palladium II acetate without adding base or halide in THF also produced suitable crystals for X-ray anaysis In contrast to the diiodide the palladium-carbenes are now twisted out of plane adopting a non-planar 4-ring core The borylation of aryldiazonium tetrafluoroborates with bis pinacolatoborane was optimized using various NHC ligand complexes formed in situ without adding base NN"-Bis 26-diisopropylphenyl-45-dihydroimidazolium 1 used with palladium acetate in THF proved optimal giving borylated product in 79 isolated yield without forming of bi-aryl side product With K2CO3 and ligand 1 a significant amount of biaryl product 24 was again seen The characterization of the palladium chloride complex by X-ray chrastallography deL-Azetidine-2-carboxylic acidL-Azetidine-2-carboxylic acid also named S -Azetidine-2-carboxylic acid commonly named L-Aze was first isolated in 1955 by Fowden from Convallaria majalis and was the first known example of naturally occurring azetidine As a constrained amino acid S -Azetidine-2-carboxylic acid has found many applications in the modification of peptides conformations and in the area of asymmetric synthesis which include its use in the asymmetric reduction of ketones Michael additions cyclopropanations and Diels-Alder reactions In this dissertation five ways for synthesize S-Azetidine-2-carboxylic acid were studied After comparing all methods theway using L-Aspartic acid as original material for synthesize S-Azetidine-2-carboxylic acid was considered more feasible All mechanisms of the way"s reaction have also been studied At last the application and foreground of S -Azetidine-2-carboxylic acid were viewed The structures of the synthetic products were characterized by ThermalGravity-Differential Thermal Analysis TG-DTA Infrared Spectroscopy IR Mass Spectra MS and 1H Nuclear Magnetic Resonance 1H-NMR Results showed that the structures and performances of the products conformed to the anticipation the yield of each reaction was more than 70 These can conclude that the way using L-Aspartie acid as original material for synthesize S -Azetidine-2-carboxylic acid is practical and effective杂环化合物生成中包含手性等问题如催化形成不对称碳碳键在有机合成中是一个非常活跃的领域在这个领域中利用手性配体诱导的二乙基锌和醛的不对称加成引起化学家的广泛关注许多手性配体如手性氨基醇手性氨基硫醇手性哌嗪手性四季铵盐手性二醇手性恶唑硼烷和过渡金属与手性配体的配合物等被应用于二乙基锌对醛的不对称加成中在本论文中我们报道了一些新型的手性配体的合成及它们应用于二乙基锌对醛的不对称加成的结果1含硫手性配体的合成和应用首先从氨基酸缬氨酸亮氨酸苯丙氨酸出发按照文献合成α-羟基酸并发现用三倍量的亚硝酸钠和稀硫酸同时滴加进行反应能适当提高反应的产率而根据Vigneron等人报道的的方法用浓盐酸催化从α-羟基酸合成α-羟基酸甲酯时只能获得较低的产率改用甲醇-二氯亚砜的酯化方法时能提高该步骤的产率从 S -3-甲基-2-羟基丁酸甲酯合成 R -3-甲基-11-二苯基-2-巯基-1-丁醇经过了以下的尝试 S -3-甲基-2-羟基丁酸甲酯和过量的格氏试剂反应得到 S -3-甲基-11-二苯基-12-丁二醇进行甲磺酰化时位阻较小的羟基被磺酰化生成 S -3-甲基-11-二苯基-2- 甲磺酰氧基 -1-丁醇但无论将 S -3-甲基-11-二苯基-2- 甲磺酰氧基 -1-丁醇和硫代乙酸钾在DMF中反应 20~60℃还是在甲苯中加入18-冠-6作为催化剂加热回流都不能得到目标产物当其与硫代乙酸在吡啶中回流时得到的不是目标产物而是手性环氧化合物 R -3-异丙基-22-二苯基氧杂环丙烷从化合物 S -3-甲基-11-二苯基-12-丁二醇通过Mitsunobu反应合成硫代酯也未获得成功这可能是由于在反应中心处的位阻较大造成的几奥斯塑手村犯体的合成裁其在不对称奋成中肠左用摘要成功合成疏基醇的合成路是将a-轻基酸甲酷甲磺酞化得到相应的磺酞化产物并进行与硫代乙酸钾的亲核取代反应得到硫酷进行格氏反应后得到目标分子p一疏基醇用p一疏基醇与 R 义一一甲氧基苯乙酞氯生成的非对映体经H侧NM吸测试其甲氧基峰面积的积分求得其ee值 3一苯基一氨基丙硫醇盐酸盐从苯丙氨酸合成斗3一苯基一氨基丙醇由L一苯丙氨酸还原制备氨基保护后得到习一3一苯基一2一叔丁氧拨基氨基一1一丙醇甲磺酞化后得到习一3一苯基一2一叔丁氧拨基氨基一1一丙醇甲磺酸酷用硫代乙酸钾取代后得匀一3-苯基一2一叔丁氧拨基氨基一1一丙硫醇乙酸酷氨解得习一3一苯基一2一叔丁氧拨基氨基一1一丙硫醇用盐酸脱保护后得到目标产物扔3一苯基屯一氨基丙硫醇盐酸盐手性含硫配体诱导下的二乙基锌与醛的加成所得产物的产率为65一79值为O井92手性氨基酚的合成和应用首先从天然的L一脯氨酸从文献报道的步骤合成了三种脯氨醇这些手性氨基醇与水杨醛在苯中回流反应得到手性氨基酚手性氨基酚配体诱导下的二乙基锌与醛的加成所得产物的产率为45一98值为0一90手性二茂铁甲基氨基醇的合成和应用首先从天然氨基酸绿氨酸亮氨酸苯丙氨酸和脯氨酸合成相应的氨基醇这些氨基醇与二茂铁甲醛反应生成的NO一缩醛经硼氢化钠还原得到手性二茂铁甲基氨基醇手性二茂铁甲基氨基醇配体诱导下的二乙基锌与醛的加成所得产物的产率为66一97下面我们举例说明一下例如含氮杂环卡宾和L-氮杂环丁烷-2-羧酸含氮杂环卡宾含氮杂环卡宾已广泛应用于有机金属化学和无机配合物化学领域中它们不仅可以很好地与任何氧化态的过渡金属络合还可以与主族元素铍硫等形成配合物由于含氮杂环卡宾不但使金属中心稳定而且还可以活化此金属中心使其在有机合成中例如C-H键的活化C-CC-HC-O和C-N键形成反应中有着十分重要的催化效能现有的证据充分表明在新一代有机金属催化剂中含氮杂环卡宾不但对有机膦类配体有良好的互补作用而且在有些方面取代有机膦配体成为主角近年来含氮杂环卡宾及其配合物已成为非常活跃的研究领域在均相催化这一重要学科中取得了难以想象的成功所以含氮杂环卡宾在均相有机金属催化领域的研究工作很有必要深入地进行下去本文研究了乙酸钯和NN双 26-二异丙基苯基 -45-二氢咪唑氯化物1作为催化剂催化芳基四氟硼酸重氮盐与芳基硼酸的羰基化反应合成了一系列二芳基酮并对反应条件进行了优化使反应在常温常压下进行一个大气压的一氧化碳14-二氧杂环己烷作溶剂100℃反应5h 不同芳基酮的收率达7690仅有微量的联芳烃付产物 212 反应选择性良好当采用四氢呋喃或甲苯作溶剂时得到含较多副产物的混合物由此可以证明14-二氧杂环己烷是该反应最适宜的溶剂在室温或0℃与一个大气压的一氧化碳反应联芳烃变成主产物含供电子取代基的芳基重氮盐常常给出较低收率的二芳基酮而含吸电子取代基的芳基重氮盐却给出更高收率的二芳基酮及较少量的联芳烃付产物实验证明2-萘基重氮盐具有很好的反应活性和选择性总是得到优异的反应结果在此基础上由不同的芳基四氟硼酸重氮盐与芳基硼酸一氧化碳和氨气协同作用以上述含氮杂环卡宾作配体与乙酸钯生成的高活性含氮杂环卡宾钯催化剂催化较高收率地得到了芳基酰胺优化的反应条件是使用2mol的钯-H_2IPr 1五个大气压的一氧化碳以氨气饱和的四氢呋喃作溶剂由不同的有机硼化合物与三种芳基重氮盐的四组份偶联反应同时不仅对生成的多种产物进行了定 L-氮杂环丁烷-2-羧酸L-氮杂环丁烷-2-羧酸又称 S -氮杂环丁烷-2-羧酸简称为L-Aze1955年由Fowden从植物铃兰 Convallaria majalis 中分离得到成为第一个被证实的植物中天然存在的氮杂环丁烷结构作为一种非典型的氨基酸已经发现 S -氮杂环丁烷-2-羧酸可广泛用于对多肽结构的修饰以及诸如不对称的羰基还原Michael 加成环丙烷化和Diels-Alder反应等不对称合成中的多个领域本文通过对 S -氮杂环丁烷-2-羧酸合成路线的研究综述了五种可行的合成路线及方法通过比较选用以L-天冬氨酸为初始原料合成 S -氮杂环丁烷-2-羧酸的路线即通过酯化反应活泼氢保护格氏反应内酰胺化反应还原反应氨基保护氧化反应脱保护等反应来合成 S -氮杂环丁烷-2-羧酸分析了每步反应的机理并对 S -氮杂环丁烷-2-羧酸的应用及前景给予展望通过热分析红外质谱核磁等分析手段对合成的化合物的结构进行表征结果表明所得的产物符合目标产物所合成的化合物的结构性能指标与设计的目标要求一致每步反应的收率都在70%以上可以判定以L-天冬氨酸为初始原料合成 S -氮杂环丁烷的路线方案切实可行。

毕业设计(论文)外文翻译

毕业设计(论文)外文翻译

华南理工大学广州学院本科生毕业设计(论文)翻译外文原文名Agency Cost under the Restriction of Free Cash Flow中文译名自由现金流量的限制下的代理成本学院管理学院专业班级会计学3班学生姓名陈洁玉学生学号200930191100指导教师余勍讲师填写日期2015年5月11日外文原文版出处:译文成绩:指导教师(导师组长)签名:译文:自由现金流量的限制下的代理成本摘要代理成本理论是资本结构理论的一个重要分支。

自由现金流代理成本有显着的影响。

在这两个领域相结合的研究,将有助于建立和扩大理论体系。

代理成本理论基础上,本研究首先分类自由现金流以及统计方法的特点。

此外,投资自由现金流代理成本的存在证明了模型。

自由现金流代理成本理论引入限制,分析表明,它会改变代理成本,进而将影响代理成本和资本结构之间的关系,最后,都会影响到最优资本结构点,以保持平衡。

具体地说,自由现金流增加,相应地,债务比例会降低。

关键词:资本结构,现金流,代理成本,非金钱利益1、介绍代理成本理论,金融契约理论,信号模型和新的啄食顺序理论,新的资本结构理论的主要分支。

财务con-道的理论侧重于限制股东的合同行为,解决股东和债权人之间的冲突。

信令模式和新的啄食顺序理论中心解决投资者和管理者之间的冲突。

这两种类型的冲突是在商业组织中的主要冲突。

代理成本理论认为,如何达到平衡这两种类型的冲突,资本结构是如何形成的,这是比前两次在一定程度上更多的理论更全面。

……Agency Cost under the Restriction of Free Cash FlowAbstractAgency cost theory is an important branch of capital structural theory. Free cash flow has significant impact on agency cost. The combination of research on these two fields would help to build and extend the theoretical system. Based on agency cost theory, the present study firstly categorized the characteristics of free cash flow as well as the statistical methodologies. Furthermore, the existence of investing free cash flow in agency cost was proved by a model. Then free cash flow was introduced into agency cost theory as restriction, the analysis shows that it will change agency cost, in turn, will have an impact on the relationship between agency cost and capital structure, finally, will influence the optimal capital structure point to maintain the equilibrium. Concretely, with the increasing free cash flow, correspondingly, debt proportion will decrease.Keywords:Capital Structure,Free Cash Flow,Agency Cost,Non-Pecuniary Benefit1. IntroductionAgency cost theory, financial contract theory, signaling model and new pecking order theory are the main branches of new capital structure theory. Financial con-tract theory focuses on restricting stockholders’ behavior by contract and solving the conflict between stockholders and creditors. Signaling model and new pecking order theory center on solving the conflict between investors and managers. These two types of conflict are the main conflict in business organizations. Agency cost theory considers how equilibrium is reached in both types of conflict and how capital structure is formed, which is more theory is more comprehensive than the previous two to some degree.……。

毕业论文用英语怎么说

毕业论文用英语怎么说

毕业论文用英语怎么说thesis英 [ˈθi:sis] 美 [ˈθisɪs]dissertation英 [prəˈdʒekt] 美 [prəˈdʒɛkt]Graduation thesis关于毕业论文,我们能提供MBA论文,EMBA论文,经济学论文,金融学论文,法学论文,会计学论文,英语学论文,建筑学论文和药理学论文。

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土木工程毕业论文中英文翻译

土木工程毕业论文中英文翻译

外文翻译班级:xxx学号:xxx姓名:xxx一、外文原文:Structural Systems to resist lateral loads Commonly Used structural SystemsWith loads measured in tens of thousands kips, there is little room in the design of high-rise buildings for excessively complex thoughts. Indeed, the better high-rise buildings carry the universal traits of simplicity of thought and clarity of expression.It does not follow that there is no room for grand thoughts. Indeed, it is with such grand thoughts that the new family of high-rise buildings has evolved. Perhaps more important, the new concepts of but a few years ago have become commonplace in today’ s technology.Omitting some concepts that are related strictly to the materials of construction, the most commonly used structural systems used in high-rise buildings can be categorized as follows:1.Moment-resisting frames.2.Braced frames, including eccentrically braced frames.3.Shear walls, including steel plate shear walls.4.Tube-in-tube structures.5.Core-interactive structures.6.Cellular or bundled-tube systems.Particularly with the recent trend toward more complex forms, but in response also to the need for increased stiffness to resist the forces from wind and earthquake, most high-rise buildings have structural systems built up of combinations of frames, braced bents, shear walls, and related systems. Further, for the taller buildings, the majorities are composed of interactive elements in three-dimensional arrays.The method of combining these elements is the very essence of the design process for high-rise buildings. These combinations need evolve in response to environmental, functional, and cost considerations so as to provide efficient structures that provoke the architectural development to new heights. This is not to say that imaginative structural design can create great architecture. To the contrary, many examples of fine architecture have been created with only moderate support from the structural engineer, while only fine structure, not great architecture, can be developed without the genius and the leadership of a talented architect. In any event, the best of both is needed to formulate a truly extraordinary design of a high-rise building.While comprehensive discussions of these seven systems are generally available in the literature, further discussion is warranted here .The essence of the design process is distributed throughout the discussion.Moment-Resisting FramesPerhaps the most commonly used system in low-to medium-rise buildings, the moment-resisting frame, is characterized by linear horizontal and vertical members connected essentially rigidly at their joints. Such frames are used as a stand-alone system or in combination with other systems so as to provide the needed resistance to horizontal loads. In the taller of high-rise buildings, the system is likely to be found inappropriate for a stand-alone system, this because of the difficulty in mobilizing sufficient stiffness under lateral forces.Analysis can be accomplished by STRESS, STRUDL, or a host of other appropriate computer programs; analysis by the so-called portal method of the cantilever method has no place in today’s technology.Because of the intrinsic flexibility of the column/girder intersection, and because preliminary designs should aim to highlight weaknesses of systems, it is not unusual to use center-to-center dimensions for the frame in the preliminary analysis. Of course, in the latter phases of design, a realistic appraisal in-joint deformation is essential.Braced Frame sThe braced frame, intrinsically stiffer than the moment –resisting frame, finds also greater application to higher-rise buildings. The system is characterized by linear horizontal, vertical, and diagonal members, connected simply or rigidly at their joints. It is used commonly inconjunction with other systems for taller buildings and as a stand-alone system in low-to medium-rise buildings.While the use of structural steel in braced frames is common, concrete frames are more likely to be of the larger-scale variety.Of special interest in areas of high seismicity is the use of the eccentric braced frame.Again, analysis can be by STRESS, STRUDL, or any one of a series of two –or three dimensional analysis computer programs. And again, center-to-center dimensions are used commonly in the preliminary analysis. Shear wallsThe shear wall is yet another step forward along a progression of ever-stiffer structural systems. The system is characterized by relatively thin, generally but not always concrete elements that provide both structural strength and separation between building functions.In high-rise buildings, shear wall systems tend to have a relatively high aspect ratio, that is, their height tends to be large compared to their width. Lacking tension in the foundation system, any structural element is limited in its ability to resist overturning moment by the width of the system and by the gravity load supported by the element. Limited to a narrow overturning, One obvious use of the system, which does have the needed width, is in the exterior walls of building, where the requirement for windows is kept small.Structural steel shear walls, generally stiffened against buckling by a concrete overlay, have found application where shear loads are high. The system, intrinsically more economical than steel bracing, is particularly effective in carrying shear loads down through the taller floors in the areas immediately above grade. The system has the further advantage of having high ductility a feature of particular importance in areas of high seismicity.The analysis of shear wall systems is made complex because of the inevitable presence of large openings through these walls. Preliminary analysis can be by truss-analogy, by the finite element method, or by making use of a proprietary computer program designed to consider the interaction, or coupling, of shear walls.Framed or Braced TubesThe concept of the framed or braced or braced tube erupted into the technology with the IBM Building in Pittsburgh, but was followed immediately with the twin 110-story towers of the World Trade Center, New York and a number of other buildings .The system is characterized by three –dimensional frames, braced frames, or shear walls, forming a closed surface more or less cylindrical in nature, but of nearly any plan configuration. Because those columns that resist lateral forces are placed as far as possible from the cancroids of the system, the overall moment of inertia is increased and stiffness is very high.The analysis of tubular structures is done using three-dimensional concepts, or by two- dimensional analogy, where possible, whichever method is used, it must be capable of accounting for the effects of shear lag.The presence of shear lag, detected first in aircraft structures, is a serious limitation in the stiffness of framed tubes. The concept has limited recent applications of framed tubes to the shear of 60 stories. Designers have developed various techniques for reducing the effects of shear lag, most noticeably the use of belt trusses. This system finds application in buildings perhaps 40stories and higher. However, except for possible aesthetic considerations, belt trusses interfere with nearly every building function associated with the outside wall; the trusses are placed often at mechanical floors, mush to the disapproval of the designers of the mechanical systems. Nevertheless, as a cost-effective structural system, the belt truss works well and will likely find continued approval from designers. Numerous studies have sought to optimize the location of these trusses, with the optimum location very dependent on the number of trusses provided. Experience would indicate, however, that the location of these trusses is provided by the optimization of mechanical systems and by aesthetic considerations, as the economics of the structural system is not highly sensitive to belt truss location.Tube-in-Tube StructuresThe tubular framing system mobilizes every column in the exterior wallin resisting over-turning and shearing forces. The term‘tube-in-tube’is largely self-explanatory in that a second ring of columns, the ring surrounding the central service core of the building, is used as an inner framed or braced tube. The purpose of the second tube is to increase resistance to over turning and to increase lateral stiffness. The tubes need not be of the same character; that is, one tube could be framed, while the other could be braced.In considering this system, is important to understand clearly the difference between the shear and the flexural components of deflection, the terms being taken from beam analogy. In a framed tube, the shear component of deflection is associated with the bending deformation of columns and girders , the webs of the framed tube while the flexural component is associated with the axial shortening and lengthening of columns , the flanges of the framed tube. In a braced tube, the shear component of deflection is associated with the axial deformation of diagonals while the flexural component of deflection is associated with the axial shortening and lengthening of columns.Following beam analogy, if plane surfaces remain plane , the floor slabs,then axial stresses in the columns of the outer tube, being farther form the neutral axis, will be substantially larger than the axial stresses in the inner tube. However, in the tube-in-tube design, when optimized, the axial stresses in the inner ring of columns may be as high, or evenhigher, than the axial stresses in the outer ring. This seeming anomaly is associated with differences in the shearing component of stiffness between the two systems. This is easiest to under-stand where the inner tube is conceived as a braced , shear-stiff tube while the outer tube is conceived as a framed , shear-flexible tube.Core Interactive StructuresCore interactive structures are a special case of a tube-in-tube wherein the two tubes are coupled together with some form of three-dimensional space frame. Indeed, the system is used often wherein the shear stiffness of the outer tube is zero. The United States Steel Building, Pittsburgh, illustrates the system very well. Here, the inner tube is a braced frame, the outer tube has no shear stiffness, and the two systems are coupled if they were considered as systems passing in a straight line from the “hat” structure. Note that the exterior columns would be improperly modeled if they were considered as systems passing in a straight line from the “hat” to the foundations; these columns are perhaps 15% stiffer as they follow the elastic curve of the braced core. Note also that the axial forces associated with the lateral forces in the inner columns change from tension to compression over the height of the tube, with the inflection point at about 5/8 of the height of the tube. The outer columns, of course, carry the same axial force under lateral load for the full height of the columns because the columns because the shearstiffness of the system is close to zero.The space structures of outrigger girders or trusses, that connect the inner tube to the outer tube, are located often at several levels in the building. The AT&T headquarters is an example of an astonishing array of interactive elements:1.The structural system is 94 ft wide, 196ft long, and 601ft high.2.Two inner tubes are provided, each 31ft by 40 ft , centered 90 ft apartin the long direction of the building.3.The inner tubes are braced in the short direction, but with zero shearstiffness in the long direction.4.A single outer tube is supplied, which encircles the buildingperimeter.5.The outer tube is a moment-resisting frame, but with zero shearstiffness for the center50ft of each of the long sides.6.A space-truss hat structure is provided at the top of the building.7.A similar space truss is located near the bottom of the building8.The entire assembly is laterally supported at the base on twinsteel-plate tubes, because the shear stiffness of the outer tube goes to zero at the base of the building.Cellular structuresA classic example of a cellular structure is the Sears Tower, Chicago,a bundled tube structure of nine separate tubes. While the Sears Towercontains nine nearly identical tubes, the basic structural system has special application for buildings of irregular shape, as the several tubes need not be similar in plan shape, It is not uncommon that some of the individual tubes one of the strengths and one of the weaknesses of the system.This special weakness of this system, particularly in framed tubes, has to do with the concept of differential column shortening. The shortening of a column under load is given by the expression△=ΣfL/EFor buildings of 12 ft floor-to-floor distances and an average compressive stress of 15 ksi 138MPa, the shortening of a column under load is 15 1212/29,000 or per story. At 50 stories, the column will have shortened to in. 94mm less than its unstressed length. Where one cell of a bundled tube system is, say, 50stories high and an adjacent cell is, say, 100stories high, those columns near the boundary between .the two systems need to have this differential deflection reconciled.Major structural work has been found to be needed at such locations. In at least one building, the Rialto Project, Melbourne, the structural engineer found it necessary to vertically pre-stress the lower height columns so as to reconcile the differential deflections of columns in close proximity with the post-tensioning of the shorter column simulatingthe weight to be added on to adjacent, higher columns.二、原文翻译:抗侧向荷载的结构体系常用的结构体系若已测出荷载量达数千万磅重,那么在高层建筑设计中就没有多少可以进行极其复杂的构思余地了;确实,较好的高层建筑普遍具有构思简单、表现明晰的特点;这并不是说没有进行宏观构思的余地;实际上,正是因为有了这种宏观的构思,新奇的高层建筑体系才得以发展,可能更重要的是:几年以前才出现的一些新概念在今天的技术中已经变得平常了;如果忽略一些与建筑材料密切相关的概念不谈,高层建筑里最为常用的结构体系便可分为如下几类:1.抗弯矩框架;2.支撑框架,包括偏心支撑框架;3.剪力墙,包括钢板剪力墙;4.筒中框架;5.筒中筒结构;6.核心交互结构;7.框格体系或束筒体系;特别是由于最近趋向于更复杂的建筑形式,同时也需要增加刚度以抵抗几力和地震力,大多数高层建筑都具有由框架、支撑构架、剪力墙和相关体系相结合而构成的体系;而且,就较高的建筑物而言,大多数都是由交互式构件组成三维陈列;将这些构件结合起来的方法正是高层建筑设计方法的本质;其结合方式需要在考虑环境、功能和费用后再发展,以便提供促使建筑发展达到新高度的有效结构;这并不是说富于想象力的结构设计就能够创造出伟大建筑;正相反,有许多例优美的建筑仅得到结构工程师适当的支持就被创造出来了,然而,如果没有天赋甚厚的建筑师的创造力的指导,那么,得以发展的就只能是好的结构,并非是伟大的建筑;无论如何,要想创造出高层建筑真正非凡的设计,两者都需要最好的;虽然在文献中通常可以见到有关这七种体系的全面性讨论,但是在这里还值得进一步讨论;设计方法的本质贯穿于整个讨论;设计方法的本质贯穿于整个讨论中;抗弯矩框架抗弯矩框架也许是低,中高度的建筑中常用的体系,它具有线性水平构件和垂直构件在接头处基本刚接之特点;这种框架用作独立的体系,或者和其他体系结合起来使用,以便提供所需要水平荷载抵抗力;对于较高的高层建筑,可能会发现该本系不宜作为独立体系,这是因为在侧向力的作用下难以调动足够的刚度;我们可以利用STRESS,STRUDL 或者其他大量合适的计算机程序进行结构分析;所谓的门架法分析或悬臂法分析在当今的技术中无一席之地,由于柱梁节点固有柔性,并且由于初步设计应该力求突出体系的弱点,所以在初析中使用框架的中心距尺寸设计是司空惯的;当然,在设计的后期阶段,实际地评价结点的变形很有必要;支撑框架支撑框架实际上刚度比抗弯矩框架强,在高层建筑中也得到更广泛的应用;这种体系以其结点处铰接或则接的线性水平构件、垂直构件和斜撑构件而具特色,它通常与其他体系共同用于较高的建筑,并且作为一种独立的体系用在低、中高度的建筑中;尤其引人关注的是,在强震区使用偏心支撑框架;此外,可以利用STRESS,STRUDL,或一系列二维或三维计算机分析程序中的任何一种进行结构分析;另外,初步分析中常用中心距尺寸;剪力墙剪力墙在加强结构体系刚性的发展过程中又前进了一步;该体系的特点是具有相当薄的,通常是而不总是混凝土的构件,这种构件既可提供结构强度,又可提供建筑物功能上的分隔;在高层建筑中,剪力墙体系趋向于具有相对大的高宽经,即与宽度相比,其高度偏大;由于基础体系缺少应力,任何一种结构构件抗倾覆弯矩的能力都受到体系的宽度和构件承受的重力荷载的限制;由于剪力墙宽度狭狭窄受限,所以需要以某种方式加以扩大,以便提从所需的抗倾覆能力;在窗户需要量小的建筑物外墙中明显地使用了这种确有所需要宽度的体系;钢结构剪力墙通常由混凝土覆盖层来加强以抵抗失稳,这在剪切荷载大的地方已得到应用;这种体系实际上比钢支撑经济,对于使剪切荷载由位于地面正上方区域内比较高的楼层向下移特别有效;这种体系还具有高延性之优点,这种特性在强震区特别重要;由于这些墙内必然出同一些大孔,使得剪力墙体系分析变得错综复杂;可以通过桁架模似法、有限元法,或者通过利用为考虑剪力墙的交互作用或扭转功能设计的专门计处机程序进行初步分析框架或支撑式筒体结构:框架或支撑式筒体最先应用于IBM公司在Pittsburgh的一幢办公楼,随后立即被应用于纽约双子座的110层世界贸易中心摩天大楼和其他的建筑中;这种系统有以下几个显着的特征:三维结构、支撑式结构、或由剪力墙形成的一个性质上差不多是圆柱体的闭合曲面,但又有任意的平面构成;由于这些抵抗侧向荷载的柱子差不多都被设置在整个系统的中心,所以整体的惯性得到提高,刚度也是很大的;在可能的情况下,通过三维概念的应用、二维的类比,我们可以进行筒体结构的分析;不管应用那种方法,都必须考虑剪力滞后的影响;这种最先在航天器结构中研究的剪力滞后出现后,对筒体结构的刚度是一个很大的限制;这种观念已经影响了筒体结构在60层以上建筑中的应用;设计者已经开发出了很多的技术,用以减小剪力滞后的影响,这其中最有名的是桁架的应用;框架或支撑式筒体在40层或稍高的建筑中找到了自己的用武之地;除了一些美观的考虑外,桁架几乎很少涉及与外墙联系的每个建筑功能,而悬索一般设置在机械的地板上,这就令机械体系设计师们很不赞成;但是,作为一个性价比较好的结构体系,桁架能充分发挥它的性能,所以它会得到设计师们持续的支持;由于其最佳位置正取决于所提供的桁架的数量,因此很多研究已经试图完善这些构件的位置;实验表明:由于这种结构体系的经济性并不十分受桁架位置的影响,所以这些桁架的位置主要取决于机械系统的完善,审美的要求,筒中筒结构:筒体结构系统能使外墙中的柱具有灵活性,用以抵抗颠覆和剪切力;“筒中筒”这个名字顾名思义就是在建筑物的核心承重部分又被包围了第二层的一系列柱子,它们被当作是框架和支撑筒来使用;配置第二层柱的目的是增强抗颠覆能力和增大侧移刚度;这些筒体不是同样的功能,也就是说,有些筒体是结构的,而有些筒体是用来支撑的;在考虑这种筒体时,清楚的认识和区别变形的剪切和弯曲分量是很重要的,这源于对梁的对比分析;在结构筒中,剪切构件的偏角和柱、纵梁例如:结构筒中的网等的弯曲有关,同时,弯曲构件的偏角取决于柱子的轴心压缩和延伸例如:结构筒的边缘等;在支撑筒中,剪切构件的偏角和对角线的轴心变形有关,而弯曲构件的偏角则与柱子的轴心压缩和延伸有关;根据梁的对比分析,如果平面保持原形例如:厚楼板,那么外层筒中柱的轴心压力就会与中心筒柱的轴心压力相差甚远,而且稳定的大于中心筒;但是在筒中筒结构的设计中,当发展到极限时,内部轴心压力会很高的,甚至远远大于外部的柱子;这种反常的现象是由于两种体系中的剪切构件的刚度不同;这很容易去理解,内筒可以看成是一个支撑或者说是剪切刚性的筒,而外筒可以看成是一个结构或者说是剪切弹性的筒;核心交互式结构:核心交互式结构属于两个筒与某些形式的三维空间框架相配合的筒中筒特殊情况;事实上,这种体系常用于那种外筒剪切刚度为零的结构;位于Pittsburgh的美国钢铁大楼证实了这种体系是能很好的工作的;在核心交互式结构中,内筒是一个支撑结构,外筒没有任何剪切刚度,而且两种结构体系能通过一个空间结构或“帽”式结构共同起作用;需要指出的是,如果把外部的柱子看成是一种从“帽”到基础的直线体系,这将是不合适的;根据支撑核心的弹性曲线,这些柱子只发挥了刚度的15%;同样需要指出的是,内柱中与侧向力有关的轴向力沿筒高度由拉力变为压力,同时变化点位于筒高度的约5/8处;当然,外柱也传递相同的轴向力,这种轴向力低于作用在整个柱子高度的侧向荷载,因为这个体系的剪切刚度接近于零;把内外筒相连接的空间结构、悬臂梁或桁架经常遵照一些规范来布置;美国电话电报总局就是一个布置交互式构件的生动例子;1、结构体系长米,宽米,高米;2、布置了两个筒,每个筒的尺寸是米×米,在长方向上有米的间隔;3、在短方向上内筒被支撑起来,但是在长方向上没有剪切刚度;4、环绕着建筑物布置了一个外筒;5、外筒是一个瞬时抵抗结构,但是在每个长方向的中心米都没有剪切刚度;6、在建筑的顶部布置了一个空间桁架构成的“帽式”结构;7、在建筑的底部布置了一个相似的空间桁架结构;8、由于外筒的剪切刚度在建筑的底部接近零,整个建筑基本上由两个钢板筒来支持;框格体系或束筒体系结构:位于美国芝加哥的西尔斯大厦是箱式结构的经典之作,它由九个相互独立的筒组成的一个集中筒;由于西尔斯大厦包括九个几乎垂直的筒,而且筒在平面上无须相似,基本的结构体系在不规则形状的建筑中得到特别的应用;一些单个的筒高于建筑一点或很多是很常见的;事实上,这种体系的重要特征就在于它既有坚固的一面,也有脆弱的一面;这种体系的脆弱,特别是在结构筒中,与柱子的压缩变形有很大的关系,柱子的压缩变形有下式计算:△=ΣfL/E对于那些层高为米左右和平均压力为138MPa的建筑,在荷载作用下每层柱子的压缩变形为1512/29000或毫米;在第50层柱子会压缩94毫米,小于它未受压的长度;这些柱子在50层的时候和100层的时候的变形是不一样的,位于这两种体系之间接近于边缘的那些柱需要使这种不均匀的变形得以调解;主要的结构工作都集中在布置中;在Melbourne的Rialto项目中,结构工程师发现至少有一幢建筑,很有必要垂直预压低高度的柱子,以便使柱不均匀的变形差得以调解,调解的方法近似于后拉伸法,即较短的柱转移重量到较高的邻柱上;。

毕业论文外文翻译样例

毕业论文外文翻译样例

1.Briefly on contractsThe law of contracts is concerned with the enforcement of promissory obligations. Contractual liability is usually based on consent freely given in the form of an express promise or one implied in fact from the acts of the parties. In some circumstances, however, the courts will imply a promise (often called implied in law or quasi contract)in order to avoid unjust enrichment in spite of lack of consent by the party who is bound by it。

The subject matter of contract law comprises capacity,formalities, offer and acceptance,consideration, fraud and mistake, legality, interpretation and construction, performance and conditions of performance,frustration and impossibility, discharge,rights of assignees and third party beneficiaries,and remedies。

It has, to a very considerable extent,preserved its unitary quality ,resisting fundamental distinctions between different classes of contracts according to either the subject of the agreement or the nature of the parties。

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毕业论文(设计)外文翻译题目:中国上市公司偏好股权融资:非制度性因素系部名称:经济管理系专业班级:会计082班学生姓名:任民学号: 200880444228 指导教师:冯银波教师职称:讲师年月日译文:中国上市公司偏好股权融资:非制度性因素国际商业管理杂志 2009.10摘要:本文把重点集中于中国上市公司的融资活动,运用西方融资理论,从非制度性因素方面,如融资成本、企业资产类型和质量、盈利能力、行业因素、股权结构因素、财务管理水平和社会文化,分析了中国上市公司倾向于股权融资的原因,并得出结论,股权融资偏好是上市公司根据中国融资环境的一种合理的选择。

最后,针对公司的股权融资偏好提出了一些简明的建议。

关键词:股权融资,非制度性因素,融资成本一、前言中国上市公司偏好于股权融资,根据中国证券报的数据显示,1997年上市公司在资本市场的融资金额为95.87亿美元,其中股票融资的比例是72.5%,,在1998年和1999年比例分别为72.6%和72.3%,另一方面,债券融资的比例分别是17.8%,24.9%和25.1%。

在这三年,股票融资的比例,在比中国发达的资本市场中却在下跌。

以美国为例,当美国企业需要的资金在资本市场上,于股权融资相比他们宁愿选择债券融资。

统计数据显示,从1970年到1985年,美日企业债券融资占了境外融资的91.7%,比股权融资高很多。

阎达五等发现,大约中国3/4的上市公司偏好于股权融资。

许多研究的学者认为,上市公司按以下顺序进行外部融资:第一个是股票基金,第二个是可转换债券,三是短期债务,最后一个是长期负债。

许多研究人员通常分析我国上市公司偏好股权是由于我们国家的经济改革所带来的制度性因素。

他们认为,上市公司的融资活动违背了西方古典融资理论只是因为那些制度性原因。

例如,优序融资理论认为,当企业需要资金时,他们首先应该转向内部资金(折旧和留存收益),然后再进行债权融资,最后的选择是股票融资。

在这篇文章中,笔者认为,这是因为具体的金融环境激活了企业的这种偏好,并结合了非制度性因素和西方金融理论,尝试解释股权融资偏好的原因。

二、上市公司的融资成本和股权融资偏好按照西方融资理论,债务融资的成本要比股权融资的成本低得多,因此企业首先应选择债券融资,然后才选择股权融资。

我们应该了解,这种“资本成本”的概念是考虑到有机会成本投资者,也可称为预期收益,它包含了无风险利率的回报,从投资者的风险投资产生的收益风险率。

它在本质上和融资成本不同,融资成本是因企业的融资活动和使用资金所产生的成本,我们可以称之为资金成本。

如果资本市场是有效的,资本成本应该等于资金成本,也就是说,投资者在资本市场得到的收益应该等同于集资者支付的费用或专一的资金,这是不可避免的。

但是在效率低下的资本市场,股票的价格将是不同于它的价值,因为投资者的投机行为,他们只追逐资本收益,不希望长期持有的股票和分红。

因此,上市公司可以得到其资金成本比资本成本低是基金。

但是,在我国资本市场,股权融资的成本非常低,这是因为以下因素是:第一,新发行股份的高P/E比率(市盈率)。

据测算,平均P/E的中国上市公司的股份比例为30和40,它也是保持在20尽管最近有所下降,但根据经验正常的P/E比率应低于20。

我们可以观察到1874年至1988年在美国的P/E仅13.2,香港只有10。

高P/E比率意味着高的股票发行价格,权益资金成本下降,即使考虑到在相同的股息水平上。

第二,上市公司的低股息政策,股票资金的资本成本决定了分红派息率和每股价格。

在中国,很多上市公司支付很少或者甚至不向股东支付红利。

据统计,1998年共有488家上市公司对股东不支付股息,占所有上市公司的58.44%,在1999年有590家,比例为59.83%,甚至2000年中,中国证券监督管理委员会发行新的股息政策文件后,当时只有699家公司支付股息,比例是18.47%,公司数比1999年多,但分红比例减少了22%。

因此,股权资本成本非常低。

第三,股权融资没有硬性约束,如果上市公司选择股权融资,他们可以使用资金,永远也没有义务归还。

上市公司大部分是由中国政府考虑到融资的风险,大股东倾向于股权融资,管理层也喜欢,因为它的股本资金成本较低的资金,不需要支付了,那么他们的地位将较稳定。

我们可以从以上分析得出结论:在中国,上市公司股票资金的成本低于债券融资的成本,上市公司更愿意这些低成本的资金。

三、上市公司资产类型和质量和股权融资偏好静态权衡理论告诉我们,财务杠杆决定于企业价自有资本的价值,而价值从税收优惠,财政困境的成本和代理成本产生。

财政困境的成本和代理成本公司资产的类型和质量负相关,如果企业有更无形的资产,更多低质量的资产,这将拥有较低的流动性和较低的资产抵押价值。

当这类企业面临着很大的金融风险时,就没有办法来解决其资产出售的问题。

此外,因为对抵押贷款资产转变成现金的能力的关注,债权人将提高利率水平,降低金融合约其他项目的债务人规则,这些都将提高代理成本和降低公司价值。

美国高通公司是无线数据和通信服务供应商,它是CDMA的发明者和用户,也占据了HDR技术。

2000年3月底,其股票的市场价值在1120亿美元,但长期负债的数量是零。

为什么呢?原因可能是有一些在市场上拥有类似技术的竞争对手和高通公司管理层采取保守态度的融资活动。

但最重要的因素可能是高通公司拥有大量具有较低质量的可兑换无形资产将,它没有足够的资金来支付其债务时,公司的价值会下降。

在中国,许多上市公司是由国有企业改造而来的。

在转型中,上市企业接管了国有企业的高效优质资产,但随着我国经济的发展,有些项目未能配合市场供求下降相应资产价值。

另一方面,新的高科技公司也有许多无形的资产。

国有企业和高科技公司是资本市场的大部分地区。

我们可以得出结论,上市公司的资产质量却很低。

这一点是P/B指数(股价与账面价值)支持的,这通常作为可以衡量的上市公司的资产质量最重要的指标。

据深圳证券信息公司的统计数据,截至到2003年11月14日,共有412个公司的P/b小于2,占在中国发行A股的上市公司的比例的30%,其中,有150家公司的P/b小于1.53,而股市的加权平均P/b为2.42。

资产质量低意味着债务资金会带来更多的成本,并降低上市公司的总价值。

因此,在中国进行外部融资是,上市公司更倾向于股权。

四、盈利能力和股权融资偏好财务杠杆理论告诉我们,在公司利润的小变化可能使公司的每股收益发生巨大变化。

就像杠杆,我们可以通过使用它扩增行动。

债券融资可以充分利用这个作用,这些公司有较高的盈利水平将得到更高的每股收益水平,因为债券资本产生的利息为股东提供的利润比股东应当支付的更多。

相反,这些公司的低盈利率会降低债券的每股盈利水平,因为债券不能产生股东履行清偿的利益需求来满足足够的利润。

1999年,爱迪生国际公司具有稳定的客户量和许多无形的资产,这些提供了高层次的盈利能力来获得债务资金,其债务占其总资产的67.2%。

在发达国家或地区的上市公司始终有高盈利水平。

以美国为例,在美国资本市场有许多表现优秀的上市公司,如JP摩根,其1999年每股收益为每股11.16。

此外还有大众,通用,可口可乐,IBM,英特尔,微软,戴尔等,都始终是盈利的。

在香港,这些公司的股票纳入恒生指数的每股盈利有超过1港元的水平,许多人都超过2港元。

如长江实业(集团)有限公司,其每股盈利为7.66港元。

但是,中国内陆的上市公司没有优良的盈利能力,他们的盈利能力普遍较低。

以2000年为例,整体上市公司的加权平均每股收益仅为每股0.20元,加权平均P/B 为2.65元,每股8.55%,这些上市公司都负利润或低或没有利润,可以从债券资金得到的好处很少;上市公司甚至可能遭受债务资金所造成的财务危机。

因此,考虑了股东利益,中国上市公司在寻求外部资金支持时,更愿意选择股权融资。

五、股权结构和股权融资偏好上市公司不仅要面对外部融资环境的影响,而且还受到这些公司的股权结构的影响。

中国上市公司股权结构具有如下特点:一,股权结构相当复杂。

除了社会公众股,也有与内地和海外股票基金,国有股持股,法人股和内部职工股,转配股,A股,B股,H股和N股,以及其他。

从1995年到2003年,中国公司流通股的总股本份额几乎没有变化,甚至略有下降。

二,由同一企业发行有不同的价格,股息和权利的股票。

三,过度集中的股票。

我们利用的持股数量,以衡量股权集中的主要股东的股份数量。

我们研究,这些公司从1995年至2003年的新股票公开发行,关注同一时期中国上市公司的情况。

结果表明:1995至2003年,公司的每一次转让或分配的股份,其前三大股东持股比例一般都高于全部上市公司的平均水平,以及这些公司的前三大股东大多数持有40%或更高的公司的股份。

在有些年,最大数量甚至是90%以上,这表明由于转移及配发股份的实施公司有相对较高的股票集中度和大股东拥有绝对控制权。

总之,转让股份及配发额外股份发行的相关公司的所有权集中结构和公司的融资政策,主要是受大股东的控制。

中国上市公司特殊的股权结构影响了融资活动。

由于国有股,法人股,社会流通股,外资股的股东有不同的目标,融资偏好的方式各不相同,他们的偏好影响上市公司的融资结构。

控股股东,为满足自己的目标进行融资决策。

当与其他股东的利益目标的冲突时,他们往往损害了其他股东的利益。

作为公司的第一大股东,政府有多个目标,而不是始终以市场为导向,更喜欢使用诸如股票资金,以维护国有资产的安全,从而,导致上市公司偏好股权融资。

债务融资为还清票面价值和利息带来了更大的压力,因此,国有企业对债券资金呈现出较为进攻的态度,又因为中国国有控股上市公司在所有上市公司中的绝对地位,上市公司偏好股权成为了一种合理的现象。

附注:本文摘自“国际商业管理杂志”2009年10月。

原文:Chinese Listed Companies Preference to Equity Fund:Non-Systematic FactorsAbstract :This article concentrates on the listed companies’ financing activities in C hina, analyses the reasons that why the listed companies prefer to equity fund from the aspect of non-systematic factors by using western financing theories, such as financing cost, types and qualities of the enterprises’ assets, profitability, industry fa ctors, shareholding structure factors, level of financial management and society culture, and concludes that the preference to equity fund is a reasonable choice to the listed companies according to Chinese financing environment. At last, there are some co ncise suggestions be given to rectify the companies’ preference to equity fund.Keywords: Equity fund, Non-systematic factors, financial cost1. IntroductionThe listed companies in China prefer to equity fund, According to the statistic data showed in <China Securities Journal>, the amount of the listed companies finance in capital market account to 95.87 billions in 1997, among which equity fund take the proportion of 72.5%, and the proportion is 72.6% in 1998 and 72.3% in 1999, on the other hand, the proportion of debt fund to total fund is respective 17.8%, 24.9% and 25.1% in those three years. The proportion of equity fund to total fund is lower in the developed capital market than that in China. Take US for example, when American enterprises need to fund in the capital market, they prefer to debt fund than equity fund. The statistic data shows that, from 1970 to 1985, the American enterprises’ debt fund financed occupied the 91.7% proportion of outside financing, more than equity fund. Yan Dawu etc. found that, approximately 3/4 of the listed companies preferred to equity fund in China. Many researchers agree upon that the listed companies’ outside financing following this order: first one is equity fund, second one is convertible bond, third one is short-term liabilities, last one is long-term liabilities. Many researchers usually analyze our national listed companies’ preference to equity fund with the systematic factors arising in the reform of our national economy. They thought that it just because of those systematic facts that made the listed companies’ financial activities betray to western classical financing theory. For example, the “picking order” theory claims that when enterprise need fund, they should turn to inside fund (depreciation and retained earnings) first, and then debt fund, and the last choice is equity fund. In this article, the author thinks that it is because of the specific financial environment that activates the enterprises’ such preference, and try to interpret the reasons of that preference to equity fund by combination of non-systematic factors and western financial theories.2. Financings cost of the listed company and preference to equity fundAccording to western financing the theories, capital cost of equity fund is more than capital cost of debt fund, thus the enterprise should choose debt fund first, then is the turn to equity fund when it fund outside. We should understand that this conception of “capital cost” is taken into account by investors, it is somewhat opportunity cost of the investors, can also be called expected returns. It contains of risk-free rate of returns and risk rate of returns arising from the investors’ risk investment. It is different with financing cost in essence. Financing cost is the cost arising from enterprises’ financing activities and using fund, we can call it fund cost. If capital market isefficient, capital cost should equal to fund cost, that is to say, what investors gain in capital market should equal to what fund raisers pay, or the transfer of fund is inevitable. But in an inefficient capital market, the price of stock will be different from its value because of investors’ action of speculation; they only chase capital ga in and don’t want to hold the stocks in a long time and receive dividends. Thus the listed companies can gain fund with its fund cost being lower than capital cost.But in our national capital market, capital cost of equity fund is very low; it is because of the following factors: first, the high P/E Ratio (Price Earning Ratio) of new issued shares. According to calculation, average P/E Ratio of Chinese listed companies’ shares is between 30 and 40, it also is maintained at 20 although drops somewhat recently. But the normal P/E Ratio should be under 20 according to experience. We can observe the P/E was only 13.2 from 1874 to 1988 in US, and only 10 in Hong Kong. High P/E Ratio means high share issue price, then the capital cost of equity fund drops even given the same level of dividend. Second, low dividend policy in the listed companies, capital cost of equity fund decided by dividend pay-out ratio and price of per share. In China, many listed companies pay little or even no dividends to their shareholders. According to statistic data, there were 488 listed companies paid no dividend to their shareholders in 1998, 58.44 percents of all listed companies, there were 590, 59.83 percents in 1999, even 2000 in which China Securities Regulatory Commission issue new files to rule dividend policy of companies, there were only 699 companies which pay dividends, 18.47 percents more than that in 1999, but dividend payout ratio deduce 22%. Thus capital cost of equity is very low. Third, there is no rigidity on equity fund, if the listed companies choose equity fund, they can use the fund forever and has no obligation to return this fund. Most of listed companies are controlled by Government in China, taking financing risk into account, the major stockholders prefers to equity fund. The management also prefer equity fund becau se its lower fund cost and needn’t to be paid off, then their position will be more stable than financing in equity fund. We can conclude from the above analysis that cost of equity fund is lower than cost of debt fund in Chinese listed companies and the listed companies prefer to such low-cost fund.3. Types and qualities of assets in listed companies and preference to equity fundStatic Trade-off Theory tells us, the value of enterprise with financial leverage is decided by the value of self-owned capital; value arising from tax benefit, cost of financial embarrassment and agency cost. Cost of financial embarrassment and agency cost are negative correlative to the types and qualities of companies’ assets, if the enterprise has more intangible asset s, more assets with lower quality, it will has lower liquidity and its assets have lower mortgage value. When this kind of enterprise faces to great financial risk, it will have no way to solve its questions by selling its assets. Furthermore, because care for the ability of turning into cash of the mortgage assets, the creditors will high the level of rate and lay additional items in financial contract to rule the debtor’s action, all of those will enhance the agency cost and deduce the companies’ value. Qualcomm is supplier of wireless data and communication service in America, it is the inventor and user of CDMA and it also occupies the technology of HDR. The market value of its share is 1120 billions dollars at the end of March, 2000, but the quantities of long-term liabilities is zero. Why? Some reasons may be that there are some competitors in the market who own analogous technologies and the management of Qualcomm Company takes conservative attitude in financing activities. But the most important factor may be Qualcomm Company owns a mass of intangible assets which will have lower convertibility and the company’s value will decline whenit has no enough money to pay for its debt.Many listed companies in China are transformed from the national enterprises. In the transformation, these listed companies take over the high-quality assets of the national enterprises, but with the development of economy, some projects can not coincide with the market demand and the values of relative assets decline. On the other hand, there are many intangible assets in new high-tech companies. State-owned companies and high-tech companies are the most parts of the capital market. We can conclude that the qualities of listed companies’ assets are very low. This point is supported by the index of P/B (Price-to-Book value) which is usually thought as one of the most important indexes which can weigh the qualities of the listed companies’ assets. According to statistic data coming from Shenzhen Securities Information Company, by the end of November 14, 2003, there were 412 companies whose P/B is less than 2, take the 30% proportions of total listed companies which issue A-share in China, among them, there were 150 companies whose P/B is less than 1.53, and weighted average P/B of the stock market is 2.42. Lower qualities of assets means more cost may be brought out from debt fund and lower total value of the listed companies. Thus the listed companies prefer to equity fund when need outside financial support in China.4. Profitability and preference to equity fundFinancial Leverage Theory tells us that a small change in company’s profit may make great change in company’s EPS (Earnings per share). Just like leverage, we can get an amplified action by use of it. Debt fund can supply us with this leverage, by use of debt fund, these companies which have high level of profitability will get higher level of EPS because debt fund produces more profit for shareholders than interest shareholder shall pay. On the contrary, these companies which have low level of profitability will get lower level of EPS by use of debt fund because debt fund can not produce enough profit for shareholder to fulfill the demand of paying off the interests. Edison International Company has steady amount of customers and many intangible assets, these supply it with high level of profitability and ability to gain debt fund, its debt account to 67.2% proportions of its total assets in 1999.Listed companies in developed countries or regions always have high level of profitability. Take US for example, there are many listed companies which have excellent performance in American capital market when do business, such as J.P Morgan, its EPS is $11.16 per share in 1999. Besides it, GM, GE, Coca Cola, IBM, Intel, Microsoft, Dell etc. all always are profitable. In Hong Kong, most of those companies whose stock included in Hang Sang Index have the level of EPS more than 1 HKD, many are more than 2 HKD. Such as Cheung Kong (Holdings) Limited, its EPS is 7.66 HKD. But listed companies do not have such excellent performance in profitability in China inland. Their profitability is common low. Take the performance of 2000 for example, the weighted average EPS of total listed companies is only 0.20 Yuan per share, and the weighted average P/B is 2.65 Yuan per share, 8.55 percents of these listed companies have negative profit. With low or no profit, the benefit nixes, listed companies’ preference to equity fund is a reasonable phenomenon. Can be gained from debt fund is very little; the listed companies can even suffer from the financial distress caused by debt fund. So with the consideration of shareholders’ interest, the listed companies prefer to equity fund when need outside financial support in China.5. Shareholding structure factors and preference to equity fundListed companies not only face to external financing environmental impacts, but also the structure of the companies shares. Shareholding structure of Chinese listed companies shows characteristicsas followed: I. Ownership structure is fairly complex. In addition to the public shares, there are shares held with inland fund and foreign stocks, state-owned shares, legal person shares, and internal employee shares, transferred allotted shares, A shares, B shares, H shares And N shares, and other distinction. From 1995 to 2003, Chinese companies’ outstanding shares of the total equity share almost have no change, even declined slightly. II. There are different prices, dividends, and rights of shares issued by same enterprise. III. The over-concentration of shares. We use the quantity of shares of the three major shareholders who top the list of shareholders of the listed companies to measure the concentration of stock. We study he concentration of stock of these companies which issue new share publicly in the years from 1995 to 2003 and focus on the situation of Chinese listed companies over the same period. The results showed that: from 1995 to 2003, the company-Which once transferred or allotted shares-whose top three s hareholders’ shareholding ratio are generally higher than the average level of all the listed companies, and most of these company's top three shareholders holding 40 percent or higher percent of companies’ shares. In some years, the maximum number even is more than 90 percent, indicating that the company with the implementation of transferred and allotted shares have relatively high concentration rate of shares and major shareholders have absolute control over it. In short, transferring allotting shares and the issuance of additional shares have a certain relevance to the company’s concentration of ownership structure; the company's financing policy is largely controlled by the major shareholders.Chinese listed companies’ special s hareholding structure effects its financing action. Because stockholders of the state-owned shares, legal person shares, social and outstanding shares, foreign share have a different objective function, their modes of financing preferences vary, and their preference affect the financing structure of listed companies. Controlling shareholders which hold state-owned shares account for the status of enterprises and carry out financing decisions in accordance with their own objective function. When the objective function conflict with the other shareholders benefit, they often damage the interests of other shareholders by use of the status of controlling. As the first major shareholders of the companies, government has multiple objectives, not always market-oriented, it prefers to use safe fund such as equity fund to maintain the value of state-owned assets, thus resulting in listed company’s preference to equity financing. Debt financing bring business with greater pressure to pay off the par value and interests. Therefore, the state-owned companies are showing a more offensive attitude to debt fund, again because of Chinese state-controlled listed companies have the absolute status in all listed company.From: International Journal of Business and Management; October, 2009.最新文件仅供参考已改成word文本。

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