企业管理中英文对照外文翻译文献
企业资金管理中英文对照外文翻译文献
企业资金管理中英文对照外文翻译文献(文档含英文原文和中文翻译)An Analysis of Working Capital Management Results Across IndustriesAbstractFirms are able to reduce financing costs and/or increase the fund s available for expansion by minimizing the amount of funds tied upin current assets. We provide insights into the performance of surv eyed firms across key components of working capital management by usi ng the CFO magazine’s annual Working CapitalManagement Survey. We discover that significant differences exist b etween industries in working capital measures across time.In addition.w e discover that these measures for working capital change significantl y within industries across time.IntroductionThe importance of efficient working capital management is indisputa ble. Working capital is the difference between resources in cash or readily convertible into cash (Current Assets) and organizational commi tments for which cash will soon be required (Current Liabilities). Th e objective of working capital management is to maintain the optimum balance of each of the working capital components. Business viabilit y relies on the ability to effectively manage receivables. inventory.a nd payables. Firms are able to reduce financing costs and/or increase the funds available for expansion by minimizing the amount of funds tied up in current assets. Much managerial effort is expended in b ringing non-optimal levels of current assets and liabilities back towa rd optimal levels. An optimal level would be one in which a balance is achieved between risk and efficiency.A recent example of business attempting to maximize working capita l management is the recurrent attention being given to the applicatio n of Six Sigma®methodology. Six S igma®methodologies help companies measure and ensure quality in all areas of the enterprise. When used to identify and rectify discrepancies.inefficiencies and erroneous tra nsactions in the financial supply chain. Six Sigma®reduces Days Sale s Outstanding (DSO).accelerates the payment cycle.improves customer sati sfaction and reduces the necessary amount and cost of working capital needs. There appear to be many success stories including Jennifertwon’s(2002) report of a 15percent decrease in days that sales are outstanding.resulting in an increased cash flow of approximately $2 million at Thibodaux Regional Medical Cenrer.Furthermore bad debts declined from 3.4millin to $6000000.However.Waxer’s(2003)study of multiple firms employing Six Sig ma®finds that it is really a “get rich slow”technique with a r ate of return hovering in the 1.2 – 4.5 percent range.Even in a business using Six Sigma®methodology. an “optimal”level of working capital management needs to be identified. Industry factors may impa ct firm credit policy.inventory management.and bill-paying activities. S ome firms may be better suited to minimize receivables and inventory. while others maximize payables. Another aspect of “optimal”is the extent to which poor financial results can be tied to sub-optimal pe rformance.Fortunately.these issues are testable with data published by CFO magazine. which claims to be the source of “tools and informati on for the financial executive.”and are the subject of this resear ch.In addition to providing mean and variance values for the working capital measures and the overall metric.two issues will be addressed in this research. One research question is. “are firms within a p articular industry clustered together at consistent levels of working capital measures?For instance.are firms in one industry able to quickl y transfer sales into cash.while firms from another industry tend to have high sales levels for the particular level of inventory . The other research question is. “does working capital management perform ance for firms within a given industry change from year-to-year?”The following section presents a brief literature review.Next.the r esearch method is described.including some information about the annual Working Capital Management Survey published by CFO magazine. Findings are then presented and conclusions are drawn.Related LiteratureThe importance of working capital management is not new to the f inance literature. Over twenty years ago. Largay and Stickney (1980) reported that the then-recent bankruptcy of W.T. Grant. a nationwide chain of department stores.should have been anticipated because the co rporation had been running a deficit cash flow from operations for e ight of the last ten years of its corporate life.As part of a stud y of the Fortune 500s financial management practices. Gilbert and Rei chert (1995) find that accounts receivable management models are used in 59 percent of these firms to improve working capital projects.wh ile inventory management models were used in 60 percent of the compa nies.More recently. Farragher. Kleiman and Sahu (1999) find that 55 p ercent of firms in the S&P Industrial index complete some form of a cash flow assessment. but did not present insights regarding account s receivable and inventory management. or the variations of any curre nt asset accounts or liability accounts across industries.Thus.mixed ev idence exists concerning the use of working capital management techniq ues.Theoretical determination of optimal trade credit limits are the s ubject of many articles over the years (e.g. Schwartz 1974; Scherr 1 996).with scant attention paid to actual accounts receivable management.Across a limited sample. Weinraub and Visscher (1998) observe a tend ency of firms with low levels of current ratios to also have low l evels of current liabilities. Simultaneously investigating accounts rece ivable and payable issues.Hill. Sartoris.and Ferguson (1984) find diffe rences in the way payment dates are defined. Payees define the date of payment as the date payment is received.while payors view paymen t as the postmark date.Additional WCM insight across firms.industries.a nd time can add to this body of research.Maness and Zietlow (2002. 51. 496) presents two models of value creation that incorporate effective short-term financial management acti vities.However.these models are generic models and do not consider uni que firm or industry influences. Maness and Zietlow discuss industry influences in a short paragraph that includes the observation that. “An industry a company is located in may have more influence on th at company’s fortunes than overall GNP”(2002. 507).In fact. a car eful review of this 627-page textbook finds only sporadic information on actual firm levels of WCM dimensions.virtually nothing on industr y factors except for some boxed items with titles such as. “Should a Retailer Offer an In-House Credit Card”(128) and nothing on WC M stability over time. This research will attempt to fill this void by investigating patterns related to working capital measures within industries and illustrate differences between industries across time.An extensive survey of library and Internet resources provided ver y few recent reports about working capital management. The most relev ant set of articles was Weisel and Bradley’s (2003) article on cash flow management and one of inventory control as a result of effect ive supply chain management by Hadley (2004).Research Method The CFO RankingsThe first annual CFO Working Capital Survey. a joint project with REL Consultancy Group.was published in the June 1997 issue of CFO (Mintz and Lezere 1997). REL is a London. England-based management co nsulting firm specializing in working capital issues for its global l ist of clients. The original survey reports several working capital b enchmarks for public companies using data for 1996. Each company is ranked against its peers and also against the entire field of 1.000 companies. REL continues to update the original information on an a nnual basis.REL uses the “cash flow from operations”value located on firm cash flow statements to estimate cash conversion efficiency (CCE). T his value indicates how well a company transforms revenues into cash flow. A “days of working capital”(DWC) value is based on the d ollar amount in each of the aggregate.equally-weighted receivables.inven tory.and payables accounts. The “days of working capital”(DNC) repr esents the time period between purchase of inventory on acccount fromvendor until the sale to the customer.the collection of the receiva bles. and payment receipt.Thus.it reflects the companys ability to fin ance its core operations with vendor credit. A detailed investigation of WCM is possible because CFO also provides firm and industry val ues for days sales outstanding (A/R).inventory turnover.and days payabl es outstanding (A/P).Research FindingsAverage and Annual Working Capital Management Performance Working capital management component definitions and average values for the entire 1996 –2000 period .Across the nearly 1.000 firms in the survey.cash flow from operations. defined as cash flow from operations divided by sales and referred to as “cash conversion ef ficiency”(CCE).averages 9.0 percent.Incorporating a 95 percent confide nce interval. CCE ranges from 5.6 percent to 12.4 percent. The days working capital (DWC). defined as the sum of receivables and invent ories less payables divided by daily sales.averages 51.8 days and is very similar to the days that sales are outstanding (50.6).because the inventory turnover rate (once every 32.0 days) is similar to the number of days that payables are outstanding (32.4 days).In all ins tances.the standard deviation is relatively small.suggesting that these working capital management variables are consistent across CFO report s.Industry Rankings on Overall Working Capital Management Perfo rmanceCFO magazine provides an overall working capital ranking for firms in its ing the following equation:Industry-based differences in overall working capital management are presented for the twenty-s ix industries that had at least eight companies included in the rank ings each year.In the typical year. CFO magazine ranks 970 companies during this period. Industries are listed in order of the mean ove rall CFO ranking of working capital performance. Since the best avera ge ranking possible for an eight-company industry is 4.5 (this assume s that the eight companies are ranked one through eight for the ent ire survey). it is quite obvious that all firms in the petroleum in dustry must have been receiving very high overall working capital man agement rankings.In fact.the petroleum industry is ranked first in CCE and third in DWC (as illustrated in Table 5 and discussed later i n this paper).Furthermore.the petroleum industry had the lowest standar d deviation of working capital rankings and range of working capital rankings. The only other industry with a mean overall ranking less than 100 was the Electric & Gas Utility industry.which ranked secon d in CCE and fourth in DWC. The two industries with the worst work ing capital rankings were Textiles and Apparel. Textiles rank twenty-s econd in CCE and twenty-sixth in DWC. The apparel industry ranks twenty-third and twenty-fourth in the two working capital measures ConclusionsThe research presented here is based on the annual ratings of wo rking capital management published in CFO magazine. Our findings indic ate a consistency in how industries “stack up”against each other over time with respect to the working capital measures.However.the wor king capital measures themselves are not static (i.e.. averages of wo rking capital measures across all firms change annually); our results indicate significant movements across our entire sample over time. O ur findings are important because they provide insight to working cap ital performance across time. and on working capital management across industries. These changes may be in explained in part by macroecono mic factors Changes in interest rates.rate of innovation.and competitio n are likely to impact working capital management. As interest rates rise.there would be less desire to make payments early.which would stretch accounts payable.accounts receivable.and cash accounts. The ra mifications of this study include the finding of distinct levels of WCM measures for different industries.which tend to be stable over ti me. Many factors help to explain this discovery. The improving econom y during the period of the study may have resulted in improved turn over in some industries.while slowing turnover may have been a signal of troubles ahead. Our results should be interpreted cautiously. Our study takes places over a short time frame during a generally impr oving market. In addition. the survey suffers from survivorship bias –only the top firms within each industry are ranked each year and the composition of those firms within the industry can change annua lly.Further research may take one of two lines.First.there could bea study of whether stock prices respond to CFO magazine’s publication of working capital management rating.Second,there could be a study of which if any of the working capital management components relate to share price performance.Given our results,there studies need to take industry membership into consideration when estimating stock price reaction to working capital management performance.对整个行业中营运资金管理的研究格雷格Filbeck.Schweser学习计划托马斯M克鲁格.威斯康星大学拉克罗斯摘要:企业能够降低融资成本或者尽量减少绑定在流动资产上的成立基金数额来用于扩大现有的资金。
企业管理英文参考文献
Enterprise Management Literature References Enterprise management is a crucial aspect of running a successful organization. It involves several key components, such as leadership, strategic planning, decision-making, and organizational structure. In this document, we will explore various references in the field of enterprise management that provide valuable insights and guidance for effective organizational management.1. Drucker, P. F. (1954). The Practice of Management. Routledge.Peter Drucker is regarded as one of the pioneers in the field of management. In this book, he presents a comprehensive guide to the practice of management. Drucker emphasizes the importance of setting clear objectives, organizing resources, and measuring performance. He also introduces the concept of decentralized decision-making and highlights the role of effective communication in achieving organizational goals.2. Porter, M. E. (1980). Competitive Strategy: Techniques for Analyzing Industries and Competitors. Free Press.Michael Porter’s book focuses on the concept of co mpetitive advantage and strategies for gaining a competitive edge in the market. He introduces the Five Forces Framework, which helps analyze industry competition and identify opportunities for differentiation. Porter emphasizes the significance of understanding the competitive landscape and aligning business strategies accordingly.3. Collins, J. C. (2001). Good to Great: Why Some Companies Make the Leap… and Others Don’t. Harper Business.In this highly acclaimed book, Jim Collins investigates the factors that differentiate great companies from their average counterparts. Through extensive research, Collins identifies key characteristics, such as disciplined people, rigorous analysis, and a culture of continuous improvement. The book provides valuable insights into building enduring organizations and sustaining long-term success.4. Kotter, J. P. (1996). Leading Change. Harvard Business Review Press.John Kotter explores the challenges and complexities of leading organizational change in this book. He presents an eight-step model for effectively managing change, emphasizing the importance of creating a sense of urgency, building aguiding coalition, and empowering employees. Kotter’s work provides practical strategies for leading change initiatives and overcoming resistance within the organization.5. Drucker, P. F. (1973). Management: Tasks, Responsibilities, Practices. Harpercollins College Div.Another notable work by Peter Drucker, this book delves into the fundamental principles of management. Drucker discusses various managerial tasks and responsibilities, including setting objectives, organizing work, and developing people. He emphasizes the importance of understanding diverse management practices and tailoring them to specific organizational contexts.6. Collins, J. C., & Porras, J. I. (1997). Built to Last: Successful Habits of Visionary Companies. Harper Business.Collins and Porras present the findings of their six-year research project on visionary companies. They identify core principles that contribute to the long-term success of these organizations, such as fostering a strong corporate culture, embracing innovation, and maintaining a focus on core values. The book offers practical insights for building and sustaining visionary organizations.7. Mintzberg, H. (1994). The Rise and Fall of Strategic Planning: Reconceiving Roles for Planning, Plans, Planners. Free Press.Henry Mintzberg challenges the conventional approach to strategic planning in this book. He critiques the overemphasis on formal planning, advocating for a more flexible and adaptive approach. Mintzberg argues that effective strategy-making involves a combination of deliberate and emergent actions, highlighting the importance of learning from experience and embracing the dynamic nature of the business environment.These references provide valuable knowledge and perspectives on enterprise management. By studying and applying the principles and strategies outlined in these books, managers can enhance their understanding of various management practices and improve organizational effectiveness.。
企业经营管理(中英文).doc
Section I：ISO 9000─Bases RequirementsManagement Responsibility─Element4.1Quality Policy-4.1.1The supplier’s management with executive responsibility shall define and document its policy for quality, including objectives for quality and its commitment to quality. The quality policy shall be relevant to the supplier’s organizational goals and the expectations and needs of its customers. The supplier shall ensure that this policy is understood, implemented and maintained at all levels of the organization.Organization-4.1.2Responsibility and Authority-4.1.2The responsibility, authority and the interrelation of personnel who manage, perform and verify work affecting quality shall be defined and documented, particularly for personnel who need the organizational freedom and authority to：a)initiate action to prevent the occurrence of anynonconformities relating to product, process and quality system；NOTE：It is recommended that the personnel responsible for quality have the authority to stop production, if necessary to correct quality problems.b ) identify and record any problems relating to the produce,process and quality system；c)initiate, recommend or provide solutions thoughdesignated channels；d)verify the implementation of solutions；e)control further processing, delivery or installation ofnonconforming product until the deficiency or unsatisfactory condition has been corrected.f)represent the needs of the customer in internalfunctions in addressing QS-9000 requirements(e.g selection of special characteristics, setting quality objectives, training, corrective & preventive actions, product design and development).Resources-4.1.2.2The supplier shall identify resource requirements and provide adequate resources, including the assignment of trained personnel (see 4.18).for management, performance of work and verification activities including internal quality audits.Management representative-4.1.2.3The supplier’s management with executive responsibility shall appoint a member of the supplier’s own management who, irrespective of other responsibilities, shall have defined authority fora)ensuring that a quality system is established,implemented and maintained in accordance with this international Standard, andb)reporting on the performance of the quality system tothe supplier’s management for review and as a basis for improvement of the quality system.管理责任─4.1品质政策─4.1.1供货商负经营责任之管理阶层应界定并明文记载其对品质所持之政策，包含品质目标与对品质之承诺。
企业战略管理外文翻译文献
企业战略管理外文翻译文献(文档含中英文对照即英文原文和中文翻译)企业战略管理与战略管理会计探析中英文翻译Strategic management and strategic management accounting literature translation in both Chinese and English[论文关键词]战略管理会计企业战略内容方法[key words] strategic management accounting strategy content method [论文摘要]战略管理会计是当今企业经营环境更加复杂多变、全球性市场竞争空前广泛激烈的情况下，为满足现代企业实施战略管理的特定信息需要而建立的新的管理会计信息系统。
本文从战略管理会计的内涵、目标及特点阐述到战略管理会计的主要内容和方法对战略管理会计进行论述。
/ paper pick to strategic management accounting is the enterprise management environment is more complex, an unprecedented high competitive global market, to meet the modern enterprise to implement strategic management specific information need and establish a new management accounting information system. This article from connotation, goals and characteristics of strategic management accounting to the main content of strategic management accounting and methods of strategic management accounting in this paper.一、从企业战略的高度来看战略管理会计One, from the perspective of the height of business strategy, strategic management accounting1981年，英国学者西蒙斯最早将管理会计与战略管理相结合，提出战略管理会计之说。
企业环境管理中英文对照外文翻译文献
企业环境管理中英文对照外文翻译文献企业环境管理中英文对照外文翻译文献(文档含英文原文和中文翻译)企业环境管理—基于市场奖励的管理企业保护环境的办法已经从被规章条例驱动的被动模式演变为积极主动的方式，即通过自愿管理做法，将环境问题与传统的管理职能结合起来。
作为公司决策的一种行为模式，通过econometrically假设测试取得影响公司积极进行环境管理的因素。
对这些假设进行测试时，使用的样本是标准普尔500指数公司的调查数据。
分析结果表明，经济因素，如环境负债的威胁和符合预期规定的高成本以及生产最终消费品和拥有大量资本产出率给企业带来的市场压力，都在促使这些企业进行环境保护的过程中发挥了显著作用。
此外，企业外部关于企业转移有毒物质的报道和社会大众对企业内部有毒物质单位排放量的压力都对企业通过创新实现环境管理的实践有重大影响。
导论传统上，美国依赖强制性的指挥和环境控制的规章来保护环境质量。
这种做法虽然保护了环境，但是也导致了政策框架的僵硬和高昂的成本，并且还会降低长远上改进环境质量的效率。
这种认识已经导致越来越多基于市场的手段应用于为企业提供灵活选择用最低成本控制污染的环境保护方式，例如排污许可证制度、存款还款计划和公众的环境信息披露自愿程序。
在这些措施中，信息披露的自愿性程序通过非强制性的措施鼓励企业控制污染。
监管机构向社会提供的关于产品环境属性和公司环境绩效的信息能触发产品和资本市场的反应和社会的行动，建立以市场为基础的激励机制，帮助企业改进其环境绩效。
美国环保局每年向社会公布的有毒物质排放清单就是信息提供的一个例子。
此外，争取让企业在环境自我调节的自愿性项目已经成为美国环保局的一个主要政策工具。
1999年，在联邦级别上，这样的项目已经在短短的三年中由28项增长到54项。
这两种做法已经被很多政策分析家看成是对抗性超越“政府推动”的“下一代环境政策”，其依靠企业自身在环境友好政策上的积极努力和社会公众，例如公民和社区的积极参与，来达到保护环境的目的。
企业库存管理中英文对照外文翻译文献
企业库存管理中英文对照外文翻译文献(文档含英文原文和中文翻译)外文：Zero Inventory ApproachManaging optimal inventory in the supply chain is critical for an enterprise. The ability to increase inventory turns and the use of best inventory practices will reduce inventory costs across the supply chain. Moving towards zero inventory will result in effective inventory management in the business process. Inventory Optimization Solutions can be implemented easily using inventory optimization software. With Radio Frequency Identification (RFID) technology, inventory can be updated in real time without product movement, scanning or human involvement. Companies have to adopt best practices to optimize operational processes and lower their cost structure through inventory strategies.Introduction With supply chain planning and latest software, companies are managing their inventory in the best possible manner, keeping inventory holdings to the minimum without sacrificing the customer service needs. The zero inventory concept has been around since the 1980s. It tries to reduce inventory to a minimum and enhances profit margins by reducing the need for warehousing and expenses related to it.The concept of a supply chain is to have items flowing from one stage of supply to the next, both within the business and outside, in a seamless fashion. Any stock in the system is caused by either delay between the processes (demand, distribution, transfer, recording and production) or by the variation in the flow. Eliminating/reducing stock can be achieved by: linking processes, making the same throughput rate on processes, locating processes near each other and coordinating flows. Recent advanced software has made zero inventory strategy executable."Inventory optimization is an emerging practical approach to balancing investment and service-level goals over a very large assortment of Stock-Keeping Units (SKUS). In contrast to traditional ‘one ‘one-at-a--at-a--at-a-time’ time’ marginal stock levelsetting, inventory optimization simultaneously determines all SKU stock levels to fulfill total service and investment constraints or objectives".Inventory optimization techniques provide a new logic to drive the system with information systems. To effectively manage inventory, businesses must also optimize thecosts of buying, holding, producing, moving and selling inventory.The objective of inventory optimization is to sustain minimal levels of inventory while providing the maximum possible levels of service. Supply Chain Design and Optimization (SCDO) is an inventory optimization solution which helps companies satisfy customer demands while balancing limitations on supply and the need for operational efficiency. Inventory optimization focuses on modeling uncertainty and variability and minimizing the risks they impose on the supply chain.Inventory optimization can help resolve total supply chain cost options like:• In-house manufacturing vs. contract manufacturing;• Domestic vs. off shore;• New supplier's cost vs. current suppliers' cost.Companies can benefit from inventory optimization, provided they control their supply chain processes and the complexity of supply chain. In case the supply chain is very complex, besides inventory optimization, network design has to be used to reap the benefits fully. This paper covers various inventory models that are available and then describes the technologies like Radio Frequency Identification (RFID) and networking used for the optimization of inventory. The paper also describes the software solutions available for achieving the same. It concludes by giving a few examples where inventory optimization has been successfully implemented.Inventory ModelsHexagon ModelThe hexagon model was developed due to the need to structure day-to-day work, reduce headcount and other inventory costs and improve customer satisfaction.In the first phase, operation strategies were established in alignment with inte-rnal customers. Later, continuous improvement plans and business continuity pl-ans were added. The five strategies used were:forecasting future consumption,setting financial targets to minimize inventory costs, preparing daily reports to monitor inventory operational performance,studying critical success indicators to track the accomplishments, to form inventory strategic objectives and inventor-y health and operating strategies. The hexagon model is a combination of two triangular structures (Figure 1).The upper triangle focuses on the soft management of human resources, customer orientation and supplier relations; the lower focuses on the execution of inventory plans with their success criteria, continuous improvement methodology and business continuity plans.The inventory indicators are: total inventory value, availability of spares, days of inventory, cost of inventory, cost saving and cash saving output expen-diture and quality improvement. The hexagon model combines the elements of the people involved in managing inventory with operational excellence (Figur2).Managing inventory with operational excellence was achieved by reducing the number of employees in the material department, changing the mix of people skills such as introducing engineering into the department structure and reducing the cost of ownership of the material department to the operation that it supports.Normally, this is implemented with reduction in headcount of material department, having less people with engineering skills in the department. Operation results include, improvement in raw material supply line quality indicators, competitive days of inventory and improved and stabilized spares availability. And the financial results include, increase in cost savings and reduced cost of inventory. It can be established by outsourcing some of the inventory functions as required. The level of efficiency of the inventory managed can be measured to a specific risk level, changing requirements or changes in the environment. Just-In-Time (JIT)Just-in-time (JIT) inventory system is a concept developed by the Japanese, wherein, the suppliers deliver the materials to the factory JIT for their processing, eliminating the need for storage and retrieval. The rate of output and the rate of supply of inputs are synchronized, to manage a zero inventory.The main benefits of JIT are: set up times are significantly reduced in the factory, the flow of goods from warehouse to shelves improves, employees who possess multiple skillsare utilized more efficiently, better consistency of scheduling and consistency of employee work hours, increased emphasis on supplier relationships and continuous round the clock supplies keeping workers productive and businesses focused on turnover.And though a JIT system might even be a necessity, given the inventory demands of certain business types, its many advantages are realized only when some significant risks likedelays in movement of goods over long distances are mitigated.Vendor-Managed Inventory (VMI)Vendor-Managed Inventory (VMI) is a planning and management system in which the vendor is responsible for maintaining the c ustomer’s inventory levels. VMI is defined as a process or mechanism where the supplier creates the purchase orders based on the demand information. VMI is a combination of e-commerce, software and people. It has resulted in the dramatic reduction of inventory across the supply chain. VMI is categorized in the real worldas collaboration, automation and cost transference.The main objectives of VMI are better, cheaper and faster transactions. In order to establish the VMI process,management commitment,data synchronization,setting up agreements,data exchange, ordering, invoice matching and measurement have to be undertaken.The benefits of VMI to an organization are reduction in inventory besides reduction of stock-outs and increase in customer satisfaction. Accurate information which is required for optimizing the supply chain is facilitated by efficient transfer of information. The concept of VMI would be successful only when there is trust between the organization and its suppliers as all the demand information is available to the suppliers which can be revealed to the competitors. VMI optimizes inventory in supply chain and reduces stock-outs by proper planning and centralized forecasting.Consignment ModelConsignment inventory model is an extension of VMI where the vendor places inventory at the customer’s location while retaining ownership of the inventory.The consignment inventory model works best in the case of new and unproven products where there is a high degree of demand uncertainty, highly expensive products and service parts for critical equipment. The types of consignment inventory ownership transfer models are: pay as sold during a pre-defined period, ownership changes after a pre-defined period, and order to order consignment.The issues that the VMI and consignment inventory model encounter are cost of developing VMI system, invoicing problems, cash flow problems, Electronic Data Interchange (EDI) problems and obsolete stock.Enabling PracticesThe decision makers have to make prudent decisions on future course of action of a project relating to the following variables: Forecasting and Inventory Management,Inventory Management practices,Inventory Planning,Optimal purchase, Multichannel Inventory, Moving towards zero inventory.To improve inventory management for better forecasting, the 14 best practices that will most likely benefit business the most are:•Synchronize promotions;•Revamp the organizational structure;•Take a longer view of item planning;•Enforce vendor compliance;•Track key inventory metrics;•Select the right systems;•Master the art of master scheduling;•Adhere to exception reporting;•Identify lost demands;•Plan by assortment;•Track inbound receipts;•Create coverage reports;•Balance under stock/overstock; and•Optimize SKUs.This will leverage the retailer’s ability to buy larger quantities across all channels while buying only what is required for a specified period in order to manage risk in a better way. In most multichannel companies, inventory is the largest asset on the balance sheet, which means that their profitability will be determined to a large degree by the way they plan, forecast, and manage inventory (Curt Barry, 2007). They can follow some steps like creating a strategy,integrating planning and forecasting, equipping with the best-laid plans and building strong vendor relationships and effective liquidation.Moving Towards Zero InventoryAt the fore is the development and widespread adoption of nimble, sophisticated software systems such as Manufacturing Resource Planning (MRP II), Enterprise Resource Planning(ERP), and Advanced Planning and Scheduling (APS) systems, as well as dedicated supply chain management software systems. These systems offer manufacturers greater functionality. To implement ‘Zero Stock’ system, companies need to have a good information system to handle customer orders, sub-contractor orders, product inventory and all issues related to production. If the company has no IT infrastructure, it will need to build it from the scratch.A good information system can help managers to get accurate data and make strategic decisions. IT infrastructure is not a cost, but an investment. A company can use RFID method,network inventory and other software tools for inventory optimization.Radio Frequency Identification (RFID)RFID is an automatic identification method, which relies on storing and remotely retrieving data using devices called RFID tags or transponders.RFID use in enterprise supply chain management increases the efficiency of inventory tracking and management. RFID application develops asset utilization by tracking reusable assets and provides visibility, improves quality control by tagging raw material, work-in-progress, and finished goods inventory, improves production execution and supply chain performance by providing accurate, timely and detailed information to enterprise resource planning and manufacturing execution system.The status of inventory can be obtained automatically by using RFID. There are many benefits of using RFID such as reduced inventory, reduced time, reduced errors, accessibility increase, high security, etc.Network InventoryA Network Inventory Management System (NIMS) tracks movement of items across the system and thus can locate malfunctioning equipment/process and provide information required to diagnose and correct problem areas. It also determines where capacity is to be added, calculates impact of market conditions, assesses impact of new products and the impactof a new customer. NIMS is very important when the complexity of a supply chain is high. It determines the manufacturing and distribution strategies for the future. It should take into consideration production, location, inventory and transportation.The NIMS software, including asset configuration information and change management,is an essential component of robust network management architecture.NIMS provideinformation that administrators can use to improve network management performance and help develop effective network asset control processes.A network inventory solution manages network resource information for multiple network technologies as well as multiple vendors in one common accurate database. It is an extremely useful tool for improving several operation processes, such as resource trouble management, service assurance, network planning and provisioning, field maintenance and spare parts management.The NIMS software, including asset configuration information and change management, is an essential component of strong network management architecture. In addition, software tools that provide planning, design and life cycle management for network assets should prominently appear on enterprise radar screens.Inventory Optimization Softwarei2 Inventory Optimizationi2 solutions enable customers to realize top and bottom-line benefits through the use of superior inventory management practices. i2 Inventory Optimization can help companies monitor, manage, and optimize strategies to decide—what to make, what to buy and from whom, what inventories to carry, where, in what form and how much—across the supply chain. It enables customers to learn and continuously improve inventory management policies and processes, strategic analysis and optimization.Product-oriented industry can install i2 Inventory Optimization and develop supply chain. Through this, the company can reduce inventory levels and overall logistics costs. It can also get higher service level performance, greater customer satisfaction, improved asset utilization, accelerated inventory turns, better product availability, reduced risk, and more precise and comprehensive supply chain visibility.Oracle Inventory OptimizationOracle Inventory Optimization considers the demand, supply, constraints and variability in extended supply chain to optimize strategic inventory investment decisions. It allows retailers to provide higher service levels to customers at a lower total cost. Oracle Inventory Optimization is part of the Oracle e-Business Suite, an integrated set of applications that are engineered to work together.Oracle Inventory Optimization provides solutions when demandand supply are in ambiguity. It provides graphic representation of the plan. It calculates cost and risk.MRO SoftwareMRO Software (now a part of IBM's Tivoli software business) announced a marketing alliance with inventory optimization specialists Xtivity to enhance the service offering of inventory management solutions for MRO Software customers. MRO offers Xtivity's Inventory Optimizer (XIO) service as an extension of its asset and service managementsolutions.Structured Query Language (SQL)Successful implementation of an inventory optimization solution requires significant effort and can pose certain risks to companies implementing such solutions. Structured Query Language (SQL) can be used on a common ERP platform. An optimal inventory policy can be determined by using it. Along with it, other metrics such as projected inventory levels, projected backlogs and their confidence bands can also be calculated. The only drawback of this method is that it may not be possible to obtain quick real-time results because of architectural and algorithmic complexity. However, potential scenarios can be analyzed in anticipation of results stored prior to user requests.Some ExamplesToyota’s Practice in IndiaToyota, a quality conscious company working towards zero inventory has selected Mitsui and Transport Corporation of India Ltd. (TCI) for their entire logistic solutions encompassing planning, transportation, warehousing, distribution and MIS and related documentation. Infrastructure is a bottleneck that continues to dog economic growth in India. Transystem renders services like procurement, consolidation and transportation of original equipment manufacturer's parts, through milk run operations from various suppliers all over India on a JIT basis, transportation of Complete Built-up Units (CBU) from plant to all dealers in the country and operation of CBU yards, coordination and transportation of Knock Down (KD) parts from port of entry to manufacturing plant, transportation of aftermarket parts to dealers by road and air to Toyota Kirloskar Motors Pvt. Ltd.Wal-MartWal-Mart is the largest retailer in the United States, with an estimated 20% of the retail grocery and consumables business, as well as the largest toy seller in the US, with an estimated 22% share of the toy market. Wal-Mart also operates in Argentina, Brazil, Canada, Japan, Mexico, Puerto Rico and UK.Wal-Mart keeps close track of the inventories by extensively adopting vendor-managed inventory to streamline the flow of goods from manufacturer to the store shelf. This results in more turns and therefore fewer inventories.Wal-Mart is an early adopter of RFID to monitor the movement of stocks in different stages of supply chain. The company keeps tabs on all of its merchandize by outfitting its products with RFID.Wal-Mart has indicated recently that it is moving towards the aggressive theoretical zero inventory model.Chordus Inc.Chordus Inc. has the largest division of office furniture in USA. It has advanced logistics and a model of zero inventory. It has Internet-based system for distribution network with real-time updates and low costs. Chordus determined that only SAP R/3 could accommodate this cutting-edge operational model for its network of 150 dealer-owned franchises in 44 states supported by five nationwide Distribution Centers (DCs) and a fleet of 65 delivery trucks. Small Scale Cycle Industry Around LudhianaIn and around Ludhiana, there are many small bicycle units, which are not organized.They have a sharp focus on financial and raw material management enjoying a low employee turnover. They have been practicing zero inventory models which became popularin Japan only much later. Raw material is brought into the unit in the morning, processed during the day and by evening the finished product is passed on to the next unit. Thus, the chain continues till the ultimate finished product is manufactured. In this way, the bicyclesused to be produced in Ludhiana at half the production cost of TI Cycles. Even the large manufacturers of cycles, like Hero cycles, Atlas cycles and Avon cycles are reported to maintain only one week's inventory.ConclusionInventory managers are faced with high service-level requirements and many SKUsappreciate the complexity of inventory optimization, as well as the explicit control that is needed over total investment in warehousing, moving and logistics. Inventory optimization can provide both an enormous performance improvement for the supply chain and ongoing continuous improvements over competitors. The company achieves the stability needed to have enough stock to meet unpredictable demands without wasteful allocation of capital. Having the right amount of stock in the right place at the right time improves customer satisfaction, market share and bottom line. Certainly, the organizations that are able to takeinventory optimization to the enterprise level will reap greater benefits. Zero inventory may be wishful thinking, but embracing new technologies and processes to manage one's inventory more efficiently could move one much closer to that ideal.译文：零库存方法对于一个企业来说，在供应链中优化库存管理是至关重要的。
经济金融企业管理外文翻译外文文献英文文献
附录【原文】Upgrading in Global Value ChainsThe aim of this paper is to explore how small- andmedium-sized Latin American enterprises ( SMEs) may participate in global markets in a way that providesfor sustainable growth. This may be defined asthe ‘‘highroad'' to competitiveness,contrasting with the ‘‘low road,'' typical offirms from developing countries, which often competeby squeezing wages and profit margins rather thanby improving productivity, wages, and profits. Thekey difference between the high and the low road to competitiveness is often explained by the different capabilities of firms to ‘‘upgrade.' In thispaper, upgrading refers to the capacity of a firmto innovate to increase the value added of its productsand processes (Humphrey & Schmitz, 2002a;Kaplinsky&Readman, 2001; Porter, 1990).Capitalizing on one of the most productive areas ofthe recent literature on SMEs, we restrict our fieldof research to small enterprises located in clusters.There is now a wealth ofempirical evidence (Humphrey, 1995; Nadvi &Schmitz, 1999; Rabellotti, 1997)showing that small firms in clusters, both in developed and developing countries, are able to overcome some of the major constraints they usually face:lack of specialized skills, difficult access totechnology, inputs, market, information, credit, andexternal services.Nevertheless, the literature on clusters, mainly focused on the local sources ofcompetitiveness coming from intraclustervertical and horizontal relationshipsgenerating ‘‘collective efficiency'' (Schmitz,1995), has often neglected theincreasing importance of external link ages. Due torecent changes in productionsystems, distribution channels, and financial markets,and to the spread of informationtechnologies,enterprisesandclustersareincreasingly integrated in value chains thatoften operate across many different countries. Theliterature on global value chains(GVCs) (Gereffi, 1999; Gereffi& Kaplinsky, 2001) callsattention to the opportunitiesfor local producers to learn from the global leadersof the chains that may be buyers or1producers. The internal governance of the value chain has an important effect on the scope of local firms' upgrading (Humphrey& Schmitz, 2000). Indeed, extensive evidence on Latin America reveals that both the local and the global dimensions matter, and firms often participate in clusters as well as in value chains (Pietrobelli& Rabellotti, 2004). Both forms oforganization offer opportunities to foster competitiveness via learningand upgrading. However, they also have remarkable drawbacks, as, forinstance, upgrading may be limited in some forms of value chains, and clusters with little developed external economies and joint actions may haveno influence on competitiveness.Moreover, both strands of literature were conceived and developed to overcome the sectoral dimension in the analysis of industrial organizationand dynamism. On the one hand, studies on clusters, focusing on agglomerations of firms specializing in different stages of the filie′re,moved beyond the traditional units of analysis of industrial economics:the firm and the sector. On the other hand, according to the value chain literature, firms from different sectors may all participate in the same value chain (Gereffi, 1994). Nevertheless, SMEs located in clusters and involved in value chains, may undertake a process of upgrading in order toincrease and improve their participation in the global economy, especiallyas the industrial sector plays a role and affects the upgrading prospects of SMEs.The contribution this paper makes is by taking into account all of these dimensions together. Thus, within this general theoreticalbackground, this study aims to investigate the hypothesis that enterpriseupgrading is simultaneously affected by firm-specific efforts and actions,and by the environment in which firms operate. The latter is crucially shapedby three characteristics: (i) the collective efficiency of the cluster in which SMEs operate, (ii) the pattern of governance of the value chain in which SMEs participate, and (iii) the peculiar features that characterizelearning and innovation patterns in specific sectors.The structure of the paper is the following: in Section 2, we briefly review theconcepts of clustering and value chains, and focus on their overlaps andcomplementarities. Section 3 first discusses the notion of SMEs' upgradingand then2introduces a categorization of groups of sectors, based on the notions underlying the Pavitt taxonomy, and applied to the present economicreality of Latin America. Section 4reports the original empirical evidenceon a large sample of Latin American clusters, and shows that the sectoral dimension matters to explain why clustering and participating in globalvalue chains offer different opportunities for upgrading in differentgroups of sectors. Section5 summarizes and concludes.2. CLUSTERS AND VALUE CHAINSDuring the last two decades, the successful performance of industrial districts in the developed world, particularly in Italy, has stimulated new attention to the potential offered by this form of industrial organization for firms of developing countries. The capability of clusteredfirms to be economically viable and grow has attracted a great deal of interest in development studies. 1In developing countries, the sectoral and geographical concentration of SMEs israther common, and a wide range of cases has since been reported. 2 Obviously, theexistence of acritical mass of specialized and agglomerated activities, in a number ofcases with historically strong roots, does not necessarily imply that these clustersshare all the stylized facts which identify the Marshall type of district, as firstlydefined by Becattini (1987). 3 Nonetheless, clustering may be considered as a majorfacilitating factor for a number of subsequent developments (which may or may notoccur): division and specialization of labor, the emergence of a wide network ofsuppliers, the appearance of agents who sell to distant national andinternationalmarkets, the emergence of specialized producer services, the materialization of a poolof specialized and skilled workers, and the formation of business associations.To capture the positive impacts of these factors on the competitiveness of firmslocated in clusters, Schmitz (1995) introduced the concept of‘‘collective efficiency''(CE) defined as the competitive advantage derived from local external economies andjoint action. The concept of external economies 4 was first introduced by Marshall inhis Principles of Economics(1920). According to Schmitz (1999a), incidentalexternaleconomies (EE) are of importance in explaining the competitiveness of industrialclusters, but there is also a deliberate force at work: consciously pursuedjoint action3(JA).Such joint action can be within vertical or horizontal linkages. 5 The combination of both incidental external economies and the effects of activecooperation defines the degree of collective efficiency of a cluster and, dynamically,its potential for fostering SMEs' upgrading. Both dimensions arecrucial: Onlyincidental, passive external economies may not suffice without joint actions, and thelatter hardly develop in the absence of external economies. Thus, our focus is on therole of intracluster vertical and horizontal relationships generating collectiveefficiency.However, recent changes in production systems, distribution channels and financial markets, accelerated by the globalization of product marketsand the spread of information technologies, suggest that more attentionneeds to be paid to external linkages. 6 Gereffi's global value chain approach (Gereffi, 1999) helps us to take into account activities taking place outside the cluster and, in particular, to understand the strategic role of the relationships with key external actors.From an analytical point of view, the value chain perspective is useful because (Kaplinsky,2001; Wood, 2001) the focus moves from manufacturing onlyto the other activities involved in the supply of goods and services, including distribution and marketing. All these activities contributeto add value. Moreover, the ability to identify theactivities providinghigher returns along the value chain is key to understanding the globalappropriation of the returns to production.Value chain research focuses on the nature of the relationships among the forimplications their on and chain, the in involved actors various development (Humphrey & Schmitz, 2002b). To study these relationships, theconcept of ‘‘governance'' is central to the analysis.At any point in the chain, some degree of governance or coordination is required inorder to take decisions not only on ‘‘what'' should be, or ‘‘how'' something shouldbe, produced but sometimes also ‘‘when,'' ‘‘how much,'' and even‘‘at what price.''Coordination may occur through arm's-length market relationsornon marketrelationships. In the latter case, following Humphrey and Schmitz(2000), wedistinguish three possible types of governance:(a) network implying cooperation4between firms of more or less equal power which share their competencieswithin the chain; (b) quasi-hierarchy involving relationships between legally independent firms in which one is subordinated to the other, with a leader in the chain defining the rules to which the rest of the actors have to comply; and (c) hierarchy when a firm is owned by an external firm. Also stressed is the role played by GVC leaders, particularly by the buyers, intransferring knowledge along the chains. For small firms in less developed countries(LDCs), participation in value chains is a way to obtain information on the need andmode to gain access to global markets. Yet, although this information has high valuefor local SMEs, the role played by the leaders of GVCs in fostering and supportingthe SMEs' upgrading process is less clear. Gereffi (1999), mainly focusing on EastAsia, assumes a rather optimistic view, emphasizing the role of the leadersthat almostautomatically promote process, product, and functional upgrading among small localproducers. Pietrobelli and Rabellotti (2004) present a more differentiated picture forLatin America.In line with the present approach, Humphrey and Schmitz (2000)discuss the prospects of upgrading with respect to the pattern of value chain governance. They conclude that insertion in a quasi-hierarchical chainoffers very favorable conditions for process and product upgrading, but hinders functional upgrading. Networks offer ideal upgrading conditions,producers.country developing for occur to likely least the are theybutIn addition, a more dynamic approach suggests that chain governanceis not given forever and may change because(Humphrey & Schmitz, 2002b):(a) power relationships may evolve when existing producers, or their spin offs, acquire new capabilities;(b) establishing and maintaining quasi-hierarchical governance is costly for the lead firm and leads to inflexibility because of transaction specific investments; and (c) firms andcluster soften do not operate only in one chain but simultaneously in severaltypes of chains, and they may apply competencies learned in one chainto supply other chains.In sum, both modes of organizing production, that is, the cluster and the valuechain, offer interesting opportunities for the upgrading and modernization of local5firms, and are not mutually exclusive alternatives. However, in order to assess their potential contribution to local SMEs' innovationandupgrading, we need to understand their organization of inter firm linkages and their internal governance. Furthermore, as we explain in the following section, the nature of their dominant specialization also playsa role and affects SMEs' upgrading prospects.3. THE SECTORAL DIMENSION OFSMEs' UPGRADING(a) The concept of upgradingThe concept of upgrading—making better products, making them more efficiently, or moving in to more skilled activities—hasoftenbeen used in studies on competitiveness (Kaplinsky,2001; Porter, 1990),and is relevant here.Following this approach, upgrading is decisively related to innovation. Here wedefine upgrading as innovating to increase value added. 7 Enterprises achieve this invarious ways, such as, for example, by entering higher unit value market niches ornew sectors, or by undertaking new productive (or service) functions. The concept ofupgrading may be effectively described for enterprises working within a value chain,where four types of upgrading are singled out (Humphrey & Schmitz, 2000): —Process upgrading is transforming inputs into outputs more efficiently by reorganizing the production system or introducing superiortechnology (e.g., footwear producers in the Sinos Valley; Schmitz,1999b).—Product upgrading is moving into more sophisticated product lines in terms of increased unit values (e.g., the apparel commodity chain in ).Gereffi,1999Asia upgrading from discount chains to department stores;—Functional upgrading is acquiring new, superior functions in the chain, such as design or marketing or abandoning existing low-value added functions to focus on higher value added activities (e.g.,Torreon'sblue jeans industry upgrading from maquila to ‘‘full-package'' manufacturing; Bair&Gereffi, 2001).—Inter sectoral upgrading is applying the competence acquired in a particularfunction to move into a new sector. For instance, in Taiwan, competenceinproducingTVs was used to make monitors and then to move into the computer sector (Guerrieri& Pietrobelli,2004; Humphrey & Schmitz,2002b). In sum, upgrading withina value6chain implies going up on the value ladder, moving away from activities in which competitionis of the ‘‘low road'' type and entry barriers are low.Our focus on upgrading requires moving a step forward and away from Ricardo's static concept of ‘‘Comparative Advantage'' (CA). While CA registers ex-post gaps in relative productivity which determine international trade flows, success in firmlevel upgrading enables the dynamic acquisition of competitiveness in new market niches, sectors or phases of the productive chain (Lall, 2001; Pietrobelli, 1997). In sum,the logic goes from innovation, to upgrading, to the acquisition of firm-level competitiveness(i.e., competitive advantage). 8In this paper, we argue that the concept of competitive advantage increasinglymatters. In the theory of comparative advantage, what matters is relative productivity,determining different patterns of inter industryspecialization.Within such atheoretical approach, with perfectly competitive markets, firms need to target onlyproduction efficiency. In fact, this is not enough, and competitive advantage is therelevant concept to analyze SMEs' performance because of (i) the existence of formsof imperfect competition in domestic and international markets and (ii)the presenceof different degrees of (dynamic) externalities in different subsect or sand stages ofthe value chain.More specifically, in non perfectly competitive market rents and niches -of ‘‘extranormal'' profits often emerge, and this explains the efforts to enter selectively specificsegments rather than simply focusing on efficiency improvements, regardless of theprevailing productive specialization (as advocated by the theory of CA). Moreover,different stages in the value chain offer different scope for dynamic externalities.Thus, for example, in traditional manufacturing, the stagesofdesign, productinnovation, marketing, and distribution may all foster competitiveness increases inrelated activities and sectors. The advantage of functional upgrading is in reducing thefragility and vulnerability of an enterprise's productive specialization. Competitionfrom new entrants—i.e., firms from developing countries with lower production costs,crowding out incumbents—is stronger in the manufacturing phases of the value chainthan in other more knowledge and organization-intensive phases (e.g., product design7and innovation, chain management, distribution and retail,etc.).Therefore,functionalupgrading may bring about more enduring and solid competitiveness. For all these reasons, the concept of production efficiency is encompassed withinthe broader concept of competitiveness, and the efforts to upgrade functionally andinter sectorally (and the policies to support these processes) are justifiedto reap largerrents and externalities emerging in specific stages of the value chain, market niches,or sectors.An additional element that crucially affects the upgrading prospects of firms and clusters is the sectoral dimension. Insofar as we have defined upgrading as innovating to increase value added, then all the factors influencing innovation acquire a new relevance. This dimension is often overlooked in studies on clusters, perhaps due to the fact that most ofthese studies are not comparative but rather detailed intra industrycase studies.In order to take into account such a sectoral dimension, and the effect this may have on the firms' pattern of innovation and learning, we need tointroduce the concept of ‘‘tacit knowledge.'' This notion wasfirstintroduced by Polanyi(1967) and then discussed in the context of evolutionary economics by Nelson and Winter(1982). It refers to the evidence that some aspects of technological knowledge arewellarticulated, written down in manuals and papers, and taught. Others are largely tacit, mainly learned through practice and practical examples. Inessence, this is knowledge which can be freely used by its owners, but communicated to anyone else.that can not be easily expressed andThe tacit component of technological knowledge makes its transfer and applicationcostly and difficult. As a result, the mastery of a technologymay require anorganization to be active in the earlier stages of its development, and a close andcontinuous interaction between the user and the producer—or transfer—of suchknowledge. Inter firm relationships are especially needed in thiscontext. Tacitknowledge is an essential dimension to define a useful groupingof economicactivities.(b) Sectoral specificities in upgrading and innovation: a classification for Latin8American countriesThe impact of collective efficiency and patterns of governance on the capacity of SMEs to upgrade may differ across sectors. This claimis based upon the consideration that sectoral groups differ in terms of technological complexity and in the modes and sources of innovationand upgrading. 9 As shown by innovation studies, in some sectors, verticalrelations with suppliers of inputs may be particularly important sourcesofproduct and process upgrading (as in the case of textiles and the most traditional manufacturing), while in other sectors, technologyusers, organizations such as universities or the firms themselves (as,for example, with software or agro industrial products) may provide majorstimuli for technical change (Pavitt,1984; Von Hippel, 1987). Consistently with this approach, the properties of firm knowledge basesacrossdifferent sectors (Malerba & Orsenigo, 1993) 10 mayaffect the strategic relevance ofcollective efficiencyfor the processes of upgrading in clusters. Thus, for example, intraditional manufacturing sectors, technology has important tacit and idiosyncraticelements, and therefore, upgrading strongly depends on the intensity of technologicalexternalities and cooperation among local actors (e.g., firms, research centers, andtechnology and quality diffusion centers), in other words, upgrading depends on thedegree of collective efficiency. While in other groups (e.g., complex products or largenatural resource-based firms) technology is more codified and the access to externalsources of knowledge such as transnational corporations(TNCs,or researchlaboratories located in developed countries become more critical for upgrading.Furthermore, the differences across sectoral groups raise questions on the role ofglobal buyers in fostering (or hindering) the upgrading in different clusters. Thus, forexample, global buyers may be more involved and interestedintheir providers'upgrading if the technology required is mainly tacit and requires intense interaction.Moreover, in traditional manufacturing industries, characterized by a low degree oftechnological complexity, firms are likely to be included in GVCs even if they havevery low technological capabilities. Therefore, tight supervision and direct supportbecome necessary conditions for global buyers who rely on the competencies of their9local suppliers and want to reduce the risk of non compliance(Humphrey &Schmitz,2002b). The situation is at the opposite extreme in the case of complex products,where technology is often thoroughly codified and the technologicalcomplexityrequires that firms have already internal technological capabilities to besubcontracted,otherwise large buyers would not contract them at all.In order to take into account the above-mentioned hypotheses, wedevelop asectoral classification, adapting existing taxonomies to the Latin American case. 11On the basis of Pavitt's seminal work (1984), we consider that in Latin America, in-house R&D activities are very low both in domestic and foreign firms (Archibugi&Pietrobelli, 2003), domestic inter sectoral linkages have been displaced by tradeliberalization(Cimoli & Katz, 2002), and university-industry linkages appear to bestill relatively weak (Arocena & Sutz, 2001). 12 Furthermore, in the past 10 years,Latin America has deepened its productive specialization in resourcebasedsectors and has weakened its position in more engineering intensive industries (Katz,2001), reflecting its rich endowment of natural resources,Berge,& Wood (resources technical and human than more relatively1997).Hence, we retain Pavitt's key notions and identify four main sectoralgroups for Latin America on the basis of the way learning and upgrading occur,and on the related industrial organization that most frequently prevails. 13The categories are as follows:1.Traditionalmanufacturing,mainlylaborintensiveand‘‘traditional'' technology industries such as textiles, footwear, tiles,and furniture;2. Natural resource-based sectors (NRbased),implying the direct exploitation of natural resources, for example, copper, marble, fruit, etc.;3. Complex products industries (COPs), including, among others, automobiles,autocomponents and aircraft industries, ICT and consumer electronics;4. Specializedsuppliers, in our LA cases, essentially software.Each of these categories tends to havea predominant learning and innovating behavior, in terms of main sources of technicalchange, dependence on basic or applied research, modes of in-house innovation (e.g.,‘‘routinized'' versus large R&D laboratories), tacitness or codified nature ofknowledge, scale and relevance of R&D activity, and appropriability of10innovation(Table 1).Traditional manufacturing and resource-based sectors are by far the most present in Latin America, and therefore especially relevant toour presentaims of assessing SMEs' potential for upgrading within clusters and value chains. Traditional manufacturing is defined as supplier dominated, because major process innovations are introduced by producers of inputs (e.g., machinery, materials, etc.). Indeed, firm shave room to upgrade their products (and processes)by developing or imitating new products' designs, often interacting with large buyers that increasingly play a role in shaping the design of final products and hence the specificities of the process of production (times, quality standards, and costs).Natural resource-based sectors crucially rely on the advancement ofbasic and applied science, which, due to low appropriability conditions, is most often undertaken by public research institutes,possibly in connection with producers (farmers, breeders, etc.). 14 Inthese sectors, applied research is mainly carried out by input suppliers (i.e., chemicals, machinery, etc.) which achieve economies of scale and appropriate the results of their research through patents.Complex products are defined as ‘‘high cost,engineering-intensive products,subsystems, or constructs suppliedby a unit of production'' (Hobday,1998), 15where the local network is normally anchored to one ‘‘assembler,'' which operates asa leading firm characterized by high design and technological capabilities. To ouraims, the relationships of local suppliers with these ‘‘anchors'' may be crucial tofoster (or hinder) firms' upgrading through technology and skill transfers(or the lackBell(sectors product complex lead typically firms them).Scale-intensive of & Pavitt,1993), where the process of technical change is realized within an architectural set(Henderson & Clark, 1990), and it is often incremental and modular. Among the Specialized Suppliers, we only consider software, which is typicallyclient driven. This is an especially promising sector for developing countries' SMEs,due to the low transport and physical capital costs and the high information intensityof the sector, which moderates the importance of proximity to final markets andextends the scope for a deeper international division of labor.Moreover, the11disintegration of some productive cycles, such as for example of telecommunications,opens up new market niches with low entry barriers(Torrisi, 2003). However,at thesame time, the proximity of the market and of clients may crucially improve thedevelopment of design capabilities and thereby foster product/process up grading.Thus, powerful pressures for cluste ring and globalization coexist in this sector.The different learning patterns across these four groups of activities areexpected to affect the process of upgrading of clusters in value chains. This paper also aims at analyzing with original empirical evidence whether—and how—the sectoral dimension influences this process in LatinAmerica.4. METHODOLOGY: COLLECTIONAND ANALYSIS OF DATAThis study is based on the collection of original data from 12 clustersin LatinAmerica that have not hitherto been investigated, and on an extensivereview of cluster studies available. The empirical analysis was carried outfrom September 2002 to June 2003 with the support of the Inter AmericanDevelopment Bank. An international team of 12 experts in Italy andin four LA countries collected and reviewed the empirical data. Desk and field studies were undertaken following the same methodology, whichinvolved field interviews with local firms, institutions, and observers, interviews withforeign buyers and TNCs involved in the local cluster, and secondary sourcessuch aspublications and reports.16 Case studies were selected which fulfilled。
企业管理外文文献及翻译修改
企业环境管理—基于市场奖励的管理Madhu Khanna and Wilma Rose Q. Anton企业保护环境的办法已经从被规章条例驱动的被动模式演变为积极主动的方式，即通过自愿管理做法，将环境问题与传统的管理职能结合起来。
作为公司决策的一种行为模式，通过econometrically假设测试取得影响公司积极进行环境管理的因素。
对这些假设进行测试时，使用的样本是标准普尔500指数公司的调查数据。
分析结果表明，经济因素，如环境负债的威胁和符合预期规定的高成本以及生产最终消费品和拥有大量资本产出率给企业带来的市场压力，都在促使这些企业进行环境保护的过程中发挥了显著作用。
此外，企业外部关于企业转移有毒物质的报道和社会大众对企业内部有毒物质单位排放量的压力都对企业通过创新实现环境管理的实践有重大影响。
导论传统上，美国依赖强制性的指挥和环境控制的规章来保护环境质量。
这种做法虽然保护了环境，但是也导致了政策框架的僵硬和高昂的成本，并且还会降低长远上改进环境质量的效率。
这种认识已经导致越来越多基于市场的手段应用于为企业提供灵活选择用最低成本控制污染的环境保护方式，例如排污许可证制度、存款还款计划和公众的环境信息披露自愿程序。
在这些措施中，信息披露的自愿性程序通过非强制性的措施鼓励企业控制污染。
监管机构向社会提供的关于产品环境属性和公司环境绩效的信息能触发产品和资本市场的反应和社会的行动，建立以市场为基础的激励机制，帮助企业改进其环境绩效。
美国环保局每年向社会公布的有毒物质排放清单就是信息提供的一个例子。
此外，争取让企业在环境自我调节的自愿性项目已经成为美国环保局的一个主要政策工具。
1999年，在联邦级别上，这样的项目已经在短短的三年中由28项增长到54项。
这两种做法已经被很多政策分析家看成是对抗性超越“政府推动”的“下一代环境政策”，其依靠企业自身在环境友好政策上的积极努力和社会公众，例如公民和社区的积极参与，来达到保护环境的目的。
企业绩效管理外文文献翻译译文
外文文献翻译译文一、外文原文CorporatePerformanceManagementAbstractTwo of the most important duties of a chief executive officer are (1) toformulates t rat egy and(2)tomanage h i s c ompany’s p er f orm ance.Inthisa r ticlewe e xaminethe second of these tasks and discuss how corporate performance should be modeledand managed.Webeginbyconsideringtheenvironmentin whichacompanyoperates,which includes, besides outside stakeholders, the industry it belongs and the marketit supplies, and then proceed to explain how the functioning of a company can beu nder s t ood by a nex a m i nationof i ts bus i n ess,o per a ti ona landperform a nce managementmod els.Nextwedescribethestructurerecommendedby theauthorsforacorporateplanning,controlandevaluationsystem,themostimportantpartofa corp orate performance management system. The core component of theplanningsystem is the corporate performance evaluation model, the structure of which ism apped i nt o the pl anning sys t em’s da ta b ase,si m ula t ion modelsandbudgeting t ool s’structures, andalsousedtoshapeinformationcontainedinthe system’s products,besidesbeingthenucleusoft helanguageusedbythe system’s agentstotalkabout corporateperformance.Theontologyofplann ing,theguidingprinciplesofcorporate planningandthehistoryof”M ADE”,thecorporateperform ancemanagementsystem di scus s e d inthisarti c le,arere vi ew e dn e xt,before w ep ro cee d todisc us s i nde t ailt h e structural components of the corporate planning and control system introduced before.We conclude the article by listing the main steps which should be followedwhen implementing aperformance planning, control and evaluation system for a company.1.IntroductionTwo of the most important corporate tasks for which a chief executive officeris primarilyresponsibleare(1)toformulatestrategyand(2)tomanagethecompany’s p erf ormance. In thisarticle we examine the second of these tasks and discuss howcorporateperformance should be modeled andmanaged.T operfo r mistoac c ompli s h,t o a chieve(de s i r ed)r e s u ltsoroutc om es.So,whe n talkingabo utcorporateperformance,wearereferringtothedegreebywhichdesired resultsoroutcomesarea chievedbyacompany.Managingcorporateperformance involves planning, controlling, analyzing and evaluating, not only the resultsachieved bythecompany,butalsothemeansbywhichtheseresultsarereached.Amongthe re sults,orgoals,pursuedbymostcompanieswecanmentiongrowth,marketshare,profitabilityan dvaluecreation;andthemeanstoachievetheseresultsincludep roductivi ty,effect i veness,innova t iona nd c ompetiti ve nes s.T hos e a rethe t y p eofthings we should have in mind when specifying a corporate performancemanagement system.Before discussing how to model corporate performance, it is convenienttoconsider the environment in which a company operates, which includes, besides out s i de sta ke holde rs, the indust r y i t be l ongs and the marke t it suppli e s. Themain aspectsofanindustrytobelookedatwhen consideringitsinfluenceoncorporateperformancearestructureandregulation,themaincompetito rs,entrybarriers,substituteproductsand supplier’s negotiatingpower.Associatedquestionsare :How production is organized, vertically or horizontally? How much competitive isthe i ndustry and who are the m a in competitors, t h ose tha t ca pt ure th e l a rges t part oft hemarketshare?Is itunregulated,self-regulatedorregulatedbyagovernmentagency?Howstrongarebarrierstotheentryofnewcompetito rs?Canproductsfromother industries function as substitutes for the ones produced in the industry? Whataboutthe power industry suppliers have when negotiating prices and tradeconditions?At the opposite side of the industry in the corporate environment we havethe marketwherethecompanytradesitsproducts,itsmainattributesbeingsize,growth rate,segmentation,exitbarriersand consumers’negotiating power.Typicalquest ions thatshouldbeaskedwhenassessingitseffectoncorporateperformanceare:Whatis the marketsize,indollars,foreach of the company’s products?Whatarethe short-term and long-term market growth rates? Is it a wholesaleor a retailmarket?Are the sales cyclical? How can the market be segmented (by geography, purchasingpower,customerage,etc.)?Whichbarriersdoesaclientrunintowhenchangings uppli e rs? D o c l ients ha v e t he power t o impose pric e s and t ra de conditions?Wecallthepeoplewhohaveinterestinorareaffectedbya company’s performanceits“stak eholders”,andgroupthemin thecategoriesof“insiders”and“outsiders”.Theinsidersarethe company’s entrepreneursorcontr ollingshareholders and its managers and employees. The outsiders include customers, suppliers, minority shareholders, debt holders, the government in its roles of public goodssupplier,regulatorandtaxcollector,andalsothecommunitieswherethecompany doesbus i ne s s.It isim port ant t onote t hats t a kehol de rs,bes i desbeinga f fecte db y,al s oinfluencecorporateperformanceanditisoftennec essarytosearchfortheeffectsof this influencewhen appraisingperformance.That is meant to increase the depth of this brief analysis of corporatestructureand external relations.Microeconomictheory considers the company as asocial p roductionunittha t uses a certa i ntechnolo g ytop r oducea s eto f outputsfromas e tof inputs.Thefunctionthatmapsi nputquantitiesintomaximumoutputquantities obtainablefromtheinputsiscalledthe“productio n function”or“productionfrontier”.Knowledge of this function is important for measuring the technical efficiency ofaproduction unit, a very significant performance metric. Several techniques existfort hespe c ifi c at i on of pro duc tion funct i ons or fro nt iers, gr oupe d und e r the nam e so f“Data Envelopment Analysis”and“S tochasticFrontier Analysis”.Companies are created by entrepreneurs, the agents that organize andcoordinate production with the help of professional managers. Entrepreneurs play a crucialrolein shaping corporate performance. On oneside, recognized entrepreneurial capacity─and also large contact networks ─are vital for raising the financial capitalnecessary tobuildstructuralorphysicalcapital. On anotherside,the entrepreneurs’reputation and contacts are essential to attract the intellectual capital that, together withthe structural capital, is the foundation of innovation capacity.A business model is a conceptual representation of the way a companydoes business.Itsmaincomponents,are:the company’s valueproposition;thetargetedmarket segments; the distribution, marketing communications, and customerrelationshipchannels;the core competenciesneeded;operating and managementt echnol og ies;t hepar t ner s’ne tw ork;andtherevenue,costand va lue creat i on m ode ls.Understandingthe business modelis the first step to implement acorporate performancemanagementsystem.The modelshould indicate whether the company has a broad customer base or targets specific market segments, and in the secondcase,identifythesesegments.Thegoodsandservicesprovidedbythecompanyandthe com mercial conditions under which they are sold (including such things asguarantees,technicalassistance, etc.), comprise the valueproposition.The channelused forp roductdistr i buti on ca n bea di re c t-t oc ustomer s a l esc ha nnelthroughthe I nte r net,orbe comprised of bricks and mortar companyownedstores, wholesale agents,retail companies,etc.Thecompanycanuseseveralmarketingchannelstogetmessages thro ughtoitscustomers,suchasTVandprintedmedia,andemployacallcentertogive support and receive complaints and suggestions from them. Core competencies ar e t heon e sthecomp an y ne edstomas t erinorde r toga i nac om pet i tivead va nta g ei n relation to other companies in the same marketplace. These competenciesshould restonproperoperationalandmanagementtechnologies,andbe supplemented by a network of partners, if necessary. As a final point, a business model must includea revenue,acostandavaluecreationmodelinordertobeprofitabletothe company’s s hare h old e rs.We can think of the operational model of a companyasencompassinganorganizationalmodel,afunctionalmodelandacorporatedatamodel. The organizationalmodeldepicts,inaninvertedhierarchicaltree,therolesoftheagents involve dinthe company’s operation.Thefunctionalmodelportraysall theactivitiesthattogetherformthewholetowhichwereferbytheexpression“company’s operations”,structuredinlogical,sequentialsteps formingoperationalprocesses.At last, the corporate data model is an entity-relationship diagram that shows themain entitiesaboutwhichthecompanycollectsdatawithitsattributesandtherelationshipsbetw eenthem.Thelastmodelweneedtoexamineinordertounderstandthefunctioningofacorporation is the performance management model it uses, which is, ingeneral,composedoffourbuildingblocks.Thecorporategovernancesystem,thecorporatep e rfo rmanc ep la nnin g,control a nde va lua t ionsyste m,t he individual m anage r sperformance planning, control and evaluation system and the managementvariable compensation system (or bonus system). The corporate governance systemcomprises three well knownactors, the chief executive officer, the directors and theshareholders,andisdesignedtomediatetherelationsbetweenthem.Underthegovernancesyste m,we find two planning and control systems, having as its targets the performance ofthe company(asawholeandofitsdivisions)andtheperformanceofitsindividualm ana g ers,re s p e ct i vely.L i nking t heset w osyste m sw e finda com p ensa t ions y st e mthat assigns fractions of a bonus pool, which is a function of the aggregatecompany performance,toitsmanagersonthebasisoftheirindividualperformances.An e ffective management model should be forward-looking, that is, centered ontheimprovement of future performance, and focused on valuecreation.A thorough understanding o f a ll t he m od e l s des c ribed above is anec e s s ary prerequisiteforone tobeabletoplan,monitor,analyze,evaluateand controlcorporate performance.Inthenextsectionwewillexamineinmoredetailacrucial component of the management model previously described: the corporateperformance planning, control and evaluationsystem.2.The C orporate P erf o rmanc e Planni ng,C ontrolan d Eva l u at io n System.That shows the structure recommended by the authors for acorporateplanning,controlandevaluationsystem,themostimportantpartofacorporateperforma nce management system. The core component of the planning system, as can bededucedfrom its central position in the mentioned figure, is the performance evaluationmodel.Thestructureofthismodelismappedintothe system’s database,simulationm odels and budgeting tools’structures, and also used to shape information contained in the system’s products,besidesbeingthenucleusofthelanguageusedbythe system’s agentstotalkaboutcorporateperformance.Thecorporateplanningand controlprocessisformedbythecoordinatedactionsoftheplanningandcontrolagents,whoseaimist hegenerationofthe system’s outputs,which includeassumptions,goals,forecasts, plans, budgets, investment projects, performance valuations, varianceanalysis,etc.Theseproductstaketheformofpaperandelectronicdocumentsands pread s heets,a nd of PowerPointpresent a t i ons.T he a gents fol lowanagreedupontime schedule and rely on a business intelligence (BI) software to support theiractions.TheBIsoftwareimplementstheperformanceevaluationmodelforthepurposesof rep resenting and simulating corporate performance and provides the necessarytools forthe system’s agentstoproducethe system’soutputs.Datausedbythesystem comes from the accounting and other corporate databases. In the following sectionsof thisarticlewewillexamineindetaileachoftheaforementionedplanningsystemc ompon ents.Before proceeding, however, we will make a pause to discuss the ontologyof planning. One can readily identify in this figure three major structures: the strategic,the motivation and the action frameworks. In the strategic framework, which ischiefly related to the risk versus return dialectics, we can identify theexternal i nf l uence s to corporat e performa n ce, c om pris i ng both opportuni ti es a nd threats, and the internal ones, materialized by strengths and weaknesses. Suppliers and consumersnegotiatingpower,entryandexitbarriers,competitorsandsubstituteproductsarethe ma in determinants of external influences. Technological change has also apervasiveinfluence on corporate performance. Comparing the motivation (ends) andaction(means) fr a meworks, we can as s ociate v a rious levels or l ayers in w hich c or po ra t e aimsaredefinedtothecorrespondingactionclasses,thatis,visiontomission,longtermgo alstostrategy,shorttermgoalstotacticsandactualresultstoactualactions.Policy and business rules are restrictionsunder which strategy and tactics,respectively, must be formulated, and actual action carriedout.It may be convenient, at this point, to give a general definition of theterms“planning”and“control”.Corporateplanningis a processbywhichmanagement define the desired future performance of a corporation, and identify and decide onthe actionsthatneedtobetakeninordertoachievethatperformance.Themainstepscomprisingap lanningcycleareexposed.Corporatecontrol,ontheotherhand,isan operational process which aims to check whether the actual performance isinaccordance with the plannedone, and, eventually, to modify the planned actionsinordertoguaranteethatthefinaldesiredperformancewillbe met. The corporatebudg etisoneo f themostim port antoutputs o fthec orpor atepl a nninga n dcont rol proces s.Itistheprimemanagementtoolusedtoimprovecorporateperformanceand toalignmanageme ntinterests withthoseoftheshareholders.Wecanconcludethis section by stating the nine guiding principles of corporate planning and control:i.Planning is concerned in first place with results and in second placewiththe means to achieve theseresults.ii.Planning is concerned with the present value of costsand benefits to bei ncurred in the f ut u re a s a cons e quence of dec i s i ons undertaken in t he pres e nt.iii.Themainobjectiveofplanningis to createvalueforthe corporation’s shareholders.iv.Fortheabovegoal to bemet,itisnecessarytofulfill customers’expectations concerning quantity, price and quality of marketed products at the least possiblecost,and to m ai nta i n a skilled and full y m otivat ed w or k force.v.Planning and control activities should be organized through a systemwhosecomponents are the planning and control agents, process, time schedule,products,models&tools,anddatabase.vi.Thecorporatebudgetshouldbe the planningandcontrol system’s product t hat consol i dat e s t he r es ul ts w hi ch the company p lans to achi ev e i n the next period and the actions it should undertake in order to meetthem.vii.The corporate budget must contain all the information necessary forthe evaluation of the short term planned performance of the company, itsmarketing,operational, economic, patrimonial and financial aspects being dullyconsidered.viii.The corporate budget should not be viewed exclusively as a means ofcost reductionorcontrol,butmainlyasatooltoenhanceperformanceandincreasethe company’s economicvalue.ix.The planning process in itself is as important as its outputs, andshould contributetoleverage management’s knowledgeabout the company’s i nternal workings, and also to help focus its efforts on the critical areas ofcorporateperformance.S ource: Pedro Góes MonteirodeOliveira STARPLAN ConsultoriaEmpresarial Ltda.,2009.“Corporate Performance Management”.WorkingP aper,vol.41,no.4,pp.1-7..二、翻译文章译文：企业绩效管理摘要行政总裁两个最重要的职责是：制定战略和处理他的公司表现。
企业资金管理中英文对照外文翻译文献
企业资金管理中英文对照外文翻译文献(文档含英文原文和中文翻译)An Analysis of Working Capital Management Results Across IndustriesAbstractFirms are able to reduce financing costs and/or increase the fund s available for expansion by minimizing the amount of funds tied upin current assets. We provide insights into the performance of surv eyed firms across key components of working capital management by usi ng the CFO magazine’s annual Working CapitalManagement Survey. We discover that significant differences exist b etween industries in working capital measures across time.In addition.w e discover that these measures for working capital change significantl y within industries across time.IntroductionThe importance of efficient working capital management is indisputa ble. Working capital is the difference between resources in cash or readily convertible into cash (Current Assets) and organizational commi tments for which cash will soon be required (Current Liabilities). Th e objective of working capital management is to maintain the optimum balance of each of the working capital components. Business viabilit y relies on the ability to effectively manage receivables. inventory.a nd payables. Firms are able to reduce financing costs and/or increase the funds available for expansion by minimizing the amount of funds tied up in current assets. Much managerial effort is expended in b ringing non-optimal levels of current assets and liabilities back towa rd optimal levels. An optimal level would be one in which a balance is achieved between risk and efficiency.A recent example of business attempting to maximize working capita l management is the recurrent attention being given to the applicatio n of Six Sigma®methodology. Six S igma®methodologies help companies measure and ensure quality in all areas of the enterprise. When used to identify and rectify discrepancies.inefficiencies and erroneous tra nsactions in the financial supply chain. Six Sigma®reduces Days Sale s Outstanding (DSO).accelerates the payment cycle.improves customer sati sfaction and reduces the necessary amount and cost of working capital needs. There appear to be many success stories including Jennifertwon’s(2002) report of a 15percent decrease in days that sales are outstanding.resulting in an increased cash flow of approximately $2 million at Thibodaux Regional Medical Cenrer.Furthermore bad debts declined from 3.4millin to $6000000.However.Waxer’s(2003)study of multiple firms employing Six Sig ma®finds that it is really a “get rich slow”technique with a r ate of return hovering in the 1.2 – 4.5 percent range.Even in a business using Six Sigma®methodology. an “optimal”level of working capital management needs to be identified. Industry factors may impa ct firm credit policy.inventory management.and bill-paying activities. S ome firms may be better suited to minimize receivables and inventory. while others maximize payables. Another aspect of “optimal”is the extent to which poor financial results can be tied to sub-optimal pe rformance.Fortunately.these issues are testable with data published by CFO magazine. which claims to be the source of “tools and informati on for the financial executive.”and are the subject of this resear ch.In addition to providing mean and variance values for the working capital measures and the overall metric.two issues will be addressed in this research. One research question is. “are firms within a p articular industry clustered together at consistent levels of working capital measures?For instance.are firms in one industry able to quickl y transfer sales into cash.while firms from another industry tend to have high sales levels for the particular level of inventory . The other research question is. “does working capital management perform ance for firms within a given industry change from year-to-year?”The following section presents a brief literature review.Next.the r esearch method is described.including some information about the annual Working Capital Management Survey published by CFO magazine. Findings are then presented and conclusions are drawn.Related LiteratureThe importance of working capital management is not new to the f inance literature. Over twenty years ago. Largay and Stickney (1980) reported that the then-recent bankruptcy of W.T. Grant. a nationwide chain of department stores.should have been anticipated because the co rporation had been running a deficit cash flow from operations for e ight of the last ten years of its corporate life.As part of a stud y of the Fortune 500s financial management practices. Gilbert and Rei chert (1995) find that accounts receivable management models are used in 59 percent of these firms to improve working capital projects.wh ile inventory management models were used in 60 percent of the compa nies.More recently. Farragher. Kleiman and Sahu (1999) find that 55 p ercent of firms in the S&P Industrial index complete some form of a cash flow assessment. but did not present insights regarding account s receivable and inventory management. or the variations of any curre nt asset accounts or liability accounts across industries.Thus.mixed ev idence exists concerning the use of working capital management techniq ues.Theoretical determination of optimal trade credit limits are the s ubject of many articles over the years (e.g. Schwartz 1974; Scherr 1 996).with scant attention paid to actual accounts receivable management.Across a limited sample. Weinraub and Visscher (1998) observe a tend ency of firms with low levels of current ratios to also have low l evels of current liabilities. Simultaneously investigating accounts rece ivable and payable issues.Hill. Sartoris.and Ferguson (1984) find diffe rences in the way payment dates are defined. Payees define the date of payment as the date payment is received.while payors view paymen t as the postmark date.Additional WCM insight across firms.industries.a nd time can add to this body of research.Maness and Zietlow (2002. 51. 496) presents two models of value creation that incorporate effective short-term financial management acti vities.However.these models are generic models and do not consider uni que firm or industry influences. Maness and Zietlow discuss industry influences in a short paragraph that includes the observation that. “An industry a company is located in may have more influence on th at company’s fortunes than overall GNP”(2002. 507).In fact. a car eful review of this 627-page textbook finds only sporadic information on actual firm levels of WCM dimensions.virtually nothing on industr y factors except for some boxed items with titles such as. “Should a Retailer Offer an In-House Credit Card”(128) and nothing on WC M stability over time. This research will attempt to fill this void by investigating patterns related to working capital measures within industries and illustrate differences between industries across time.An extensive survey of library and Internet resources provided ver y few recent reports about working capital management. The most relev ant set of articles was Weisel and Bradley’s (2003) article on cash flow management and one of inventory control as a result of effect ive supply chain management by Hadley (2004).Research Method The CFO RankingsThe first annual CFO Working Capital Survey. a joint project with REL Consultancy Group.was published in the June 1997 issue of CFO (Mintz and Lezere 1997). REL is a London. England-based management co nsulting firm specializing in working capital issues for its global l ist of clients. The original survey reports several working capital b enchmarks for public companies using data for 1996. Each company is ranked against its peers and also against the entire field of 1.000 companies. REL continues to update the original information on an a nnual basis.REL uses the “cash flow from operations”value located on firm cash flow statements to estimate cash conversion efficiency (CCE). T his value indicates how well a company transforms revenues into cash flow. A “days of working capital”(DWC) value is based on the d ollar amount in each of the aggregate.equally-weighted receivables.inven tory.and payables accounts. The “days of working capital”(DNC) repr esents the time period between purchase of inventory on acccount fromvendor until the sale to the customer.the collection of the receiva bles. and payment receipt.Thus.it reflects the companys ability to fin ance its core operations with vendor credit. A detailed investigation of WCM is possible because CFO also provides firm and industry val ues for days sales outstanding (A/R).inventory turnover.and days payabl es outstanding (A/P).Research FindingsAverage and Annual Working Capital Management Performance Working capital management component definitions and average values for the entire 1996 –2000 period .Across the nearly 1.000 firms in the survey.cash flow from operations. defined as cash flow from operations divided by sales and referred to as “cash conversion ef ficiency”(CCE).averages 9.0 percent.Incorporating a 95 percent confide nce interval. CCE ranges from 5.6 percent to 12.4 percent. The days working capital (DWC). defined as the sum of receivables and invent ories less payables divided by daily sales.averages 51.8 days and is very similar to the days that sales are outstanding (50.6).because the inventory turnover rate (once every 32.0 days) is similar to the number of days that payables are outstanding (32.4 days).In all ins tances.the standard deviation is relatively small.suggesting that these working capital management variables are consistent across CFO report s.Industry Rankings on Overall Working Capital Management Perfo rmanceCFO magazine provides an overall working capital ranking for firms in its ing the following equation:Industry-based differences in overall working capital management are presented for the twenty-s ix industries that had at least eight companies included in the rank ings each year.In the typical year. CFO magazine ranks 970 companies during this period. Industries are listed in order of the mean ove rall CFO ranking of working capital performance. Since the best avera ge ranking possible for an eight-company industry is 4.5 (this assume s that the eight companies are ranked one through eight for the ent ire survey). it is quite obvious that all firms in the petroleum in dustry must have been receiving very high overall working capital man agement rankings.In fact.the petroleum industry is ranked first in CCE and third in DWC (as illustrated in Table 5 and discussed later i n this paper).Furthermore.the petroleum industry had the lowest standar d deviation of working capital rankings and range of working capital rankings. The only other industry with a mean overall ranking less than 100 was the Electric & Gas Utility industry.which ranked secon d in CCE and fourth in DWC. The two industries with the worst work ing capital rankings were Textiles and Apparel. Textiles rank twenty-s econd in CCE and twenty-sixth in DWC. The apparel industry ranks twenty-third and twenty-fourth in the two working capital measures ConclusionsThe research presented here is based on the annual ratings of wo rking capital management published in CFO magazine. Our findings indic ate a consistency in how industries “stack up”against each other over time with respect to the working capital measures.However.the wor king capital measures themselves are not static (i.e.. averages of wo rking capital measures across all firms change annually); our results indicate significant movements across our entire sample over time. O ur findings are important because they provide insight to working cap ital performance across time. and on working capital management across industries. These changes may be in explained in part by macroecono mic factors Changes in interest rates.rate of innovation.and competitio n are likely to impact working capital management. As interest rates rise.there would be less desire to make payments early.which would stretch accounts payable.accounts receivable.and cash accounts. The ra mifications of this study include the finding of distinct levels of WCM measures for different industries.which tend to be stable over ti me. Many factors help to explain this discovery. The improving econom y during the period of the study may have resulted in improved turn over in some industries.while slowing turnover may have been a signal of troubles ahead. Our results should be interpreted cautiously. Our study takes places over a short time frame during a generally impr oving market. In addition. the survey suffers from survivorship bias –only the top firms within each industry are ranked each year and the composition of those firms within the industry can change annua lly.Further research may take one of two lines.First.there could bea study of whether stock prices respond to CFO magazine’s publication of working capital management rating.Second,there could be a study of which if any of the working capital management components relate to share price performance.Given our results,there studies need to take industry membership into consideration when estimating stock price reaction to working capital management performance.对整个行业中营运资金管理的研究格雷格Filbeck.Schweser学习计划托马斯M克鲁格.威斯康星大学拉克罗斯摘要:企业能够降低融资成本或者尽量减少绑定在流动资产上的成立基金数额来用于扩大现有的资金。
企业管理外文文献及翻译
LNTU---Acc附录A论企业经营业绩评价系统的构建企业作为盈利性组织，其目标是追求经济效益，企业的经济效益集中体现在经营业绩上。
业绩，也称为效绩，绩效、成效等，反映的是人们从事某一活动所取得的成绩或成果，经营业绩是企业在一定时期内利用其有限的资源从事经营活动取得的成果，表现为企业经营效益和经营者业绩两方面。
《辞海》中对“评价”的解释是：“评定货物的价格、还价。
今也指衡量人物或事物的价值。
”价格是价值的货币表现，评价实际上是一个判定价值的过程，就如《现代汉语词典》中的解释：“评价”是“评定价值高低、评定的价值”，管理活动中的评价是指根据确定的目标来测定对象系统的属性，并将这种属性变为客观定量的价值或者主观效用的行为。
评价作为判定人或事物价值的一种观念性活动，包括确定评价目的、选定评价标准(或评价参照系统)，获取评价信息，形成价值判断四个环节。
企业经营业绩评价是指运用科学，规范的评价方法，采用特定的指标体系，对照统一的评价标准，按照一定的程序，进行定量及定性分析，对企业一定经营期间的经营效益和经营者业绩作出真实、客观、公正的综合评判。
它是评价理论方法在经济领域的具体应用，它是在会计学和财务管理的基础上，运用计量经济学原理和现代分析技术而建立起来的剖析企业经营过程，真实反映企业现实经济状况，预测企业未来发展前景的一门科学。
建立和推行企业经营业绩评价制度，科学的评判企业经营成果，有助于正确引导企业经营行为，帮助企业寻找经营差距及产生的原因，提高经济效益。
同时，也为各有关部门对企业实施间接管理，加强宏观调控、制定经济政策和考核企业经营管理者业绩提供依据。
企业经营业绩评价系统的构建与实施必须建立在一定的理论基础之上，符合一定的原则，才能发挥其良好的功能，从而使业绩评价“客观”、“公平”、“合理”。
1企业经营业绩评价系统的理论基础(1) 资本保全理论在市场经济条件下，企业是出资者的企业，是一个资本集合体，所有者是惟一的剩余风险承担者和剩余权益享受者，出资者利益是企业最高利益。
会计学企业管理外文文献及翻译
LNTU--—Acc附录A 译文股份制公司会计学习目标公司这一章你的学习目标是要了解：公司组织形式的特点普通股和优先股库藏股票拆股和股票股利对股东权益的声明讨论1公司的组织形式公司：公司是能够独立存在的独立的法人实体，公司有不同的所有者（即股东）。
从本质上讲，公司是人为的法律层面的人。
在美国，公司的章程一般会有指定一个有关的企业实体的宗旨的重要功能，以及公司如何进行经营活动的一般治理结构。
在回顾了公司章程，政府工商管理局会发出章程（或公司注册证书），授权公司实体以法人的形式存在。
公司的发起人（以下简称“发起人”）将召开第一次公司会议，收集交易所股东的初始投资（这启动资金将被放置到企业账户）为“股票"的公司（以下“股票"是金融工具证明一个人在公司的所有权权益).公司首次的股票一旦发行，股东大会将按照公司章程选举产生董事会,董事会再选举出董事长。
这些董事将被任命担任公司高级管理人员,他们负责公司初始一些相关经营活动。
当然，在公司才开始的阶段经营风险相对较小，最初的发起人可能成为公司的股东,然后选出自己的董事会，并最终成为股东自己任命的人员。
这导致一个疑问，为什么存在纳入的困扰？纳入的原因可能各有不同,但也有这种组织形式，其受欢迎程度已经导致某些独特的优势：也许，企业的组织形式首先和最明显的优势是它允许其他无党派的人士一起,共同拥有一个企业实体。
这个目标在其他方面也可以实现,例如伙伴关系，但可以说企业的组织形式是更好的工具之一。
许多个人一起创立公司，可以使大量资金的风险进入共享所有权下的一个实体集中。
该公司的股票提供了一个明确的、毫不含糊的参考作用，以确定谁拥有公司的股权和其持有股权的比例.此外,民主集中制和投票权的股份（通常是一个占股票）允许相关股东在选择董事会必须与所持股份数目相称。
一个企业股票转让的实质是所有权的转让。
公司股票是很容易从一个“人”转移到另一个地方。
在此背景下,一个“人”可以是个人或其他公司.可转让给股东提供的流动性，因为它使他们能够迅速进入或退出一个企业实体的股权。
企业营运资金管理中英文对照外文翻译文献
中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：Effects Of Working Capital Management On Sme ProfitabilityThe corporate finance literature has traditionally focused on the study of long-term financial decisions. Researchers have particularly offered studies analyzing investments, capital structure, dividends or company valuation, among other topics. But the investment that firms make in short-term assets, and the resources used with maturities of under one year, represent the main share of items on a firm’s balance sheet. In fact, in our sample the current assets of small and medium-sized Spanish firms represent 69.48 percent of their assets, and at the same time their current liabilities represent more than 52.82 percent of their liabilities.Working capital management is important because of its effects on the firm’s profitability and risk, and consequently its value (Smith, 1980). On the one hand, maintaining high inventory levels reduces the cost of possible interruptions in the production process, or of loss of business due to the scarcity of products, reducessupply costs, and protects against price fluctuations, among other advantages (Blinder and Manccini, 1991). On the other, granting trade credit favors the firm’s sales in various ways. Trade credit can act as an effective price cut (Brennan, Maksimovic and Zechner,1988; Petersen and Rajan, 1997), incentivizes customers to acquire merchandise at times of low demand (Emery, 1987), allows customers to check that the merchandise they receive is as agreed (quantity and quality) and to ensure that the services contracted are carried out (Smith, 1987), and helps firms to strengthen long-term relationships with their customers (Ng, Smith and Smith, 1999). However, firms that invest heavily in inventory and trade credit can suffer reduced profitability. Thus,the greater the investment in current assets, the lower the risk, but also the lower the profitability obtained.On the other hand, trade credit is a spontaneous source of financing that reduces the amount required to finance the sums tied up in the inventory and customer accounts. But we should bear in mind that financing from suppliers can have a very high implicit cost if early payment discounts are available. In fact the opportunity cost may exceed 20 percent, depending on the discount percentage and the discount period granted (Wilner,2000; Ng, Smith and Smith, 1999). In this respect, previous studies have analyzed the high cost of trade credit, and find that firms finance themselves with seller credit when they do not have other more economic sources of financing available (Petersen and Rajan, 1994 and 1997).Decisions about how much to invest in the customer and inventory accounts, and how much credit to accept from suppliers, are reflected in the firm’s cash conve rsion cycle, which represents the average number of days between the date when the firm must start paying its suppliers and the date when it begins to collect payments from its customers. Some previous studies have used this measure to analyze whether shortening the cash conversion cycle has positive or negative effects on the firm’s profitability.Specifically, Shin and Soenen (1998) analyze the relation between the cash conversion cycle and profitability for a sample of firms listed on the US stock exchange during the period 1974-1994. Their results show that reducing the cash conversion cycle to a reasonable extent increases firms’ profitability. More recently,Deloof (2003) analyzes a sample of large Belgian firms during the period 1992-1996. His results confirm that Belgian firms can improve their profitability by reducing the number of days accounts receivable are outstanding and reducing inventories. Moreover, he finds that less profitable firms wait longer to pay their bills.These previous studies have focused their analysis on larger firms. However, the management of current assets and liabilities is particularly important in the case of small and medium-sized companies. Most of these companies’ assets are in the form of current assets. Also, current liabilities are one of their main sources of external finance in view of their difficulties in obtaining funding in the long-term capital markets(Petersen and Rajan, 1997) and the financing constraints that they face (Whited, 1992; Fazzari and Petersen, 1993). In this respect, Elliehausen and Woken (1993), Petersen and Rajan (1997) and Danielson and Scott (2000) show that small and medium-sized US firms use vendor financing when they have run out of debt. Thus, efficient working capital management is particularly important for smaller companies (Peel and Wilson,1996).In this context, the objective of the current work is to provide empirical evidence about the effects of working capital management on profitability for a panel made up of 8,872 SMEs during the period 1996-2002. This work contributes to the literature in two ways. First, no previous such evidence exists for the case of SMEs. We use a sample of Spanish SMEs that operate within the so-called continental model, which is characterized by its less developed capital markets (La Porta, López-de-Silanes, Shleifer, and Vishny, 1997), and by the fact that most resources are channeled through financial intermediaries (Pampillón, 2000). All this suggests that Spanish SMEs have fewer alternative sources of external finance available, which makes them more dependent on short-term finance in general, and on trade credit in particular. As Demirguc-Kunt and Maksimovic (2002) suggest, firms operating in countries with more developed banking systems grant more trade credit to their customers, and at the same time they receive more finance from their own suppliers. The second contribution is that, unlike the previous studies by Shin and Soenen (1998) and Deloof (2003), in the current work we have conducted tests robust to the possible presence ofendogeneity problems. The aim is to ensure that the relationships found in the analysis carried out are due to the effects of the cash conversion cycle on corporate profitability and not vice versa.Our findings suggest that managers can create value by reducing their firm’s number of days accounts receivable and inventories. Similarly, shortening the cash conversion cycle also improves the firm’s profitability.We obtained the data used in this study from the AMADEUS database. This database was developed by Bureau van Dijk, and contains financial and economic data on European companies.The sample comprises small and medium-sized firms from Spain. The selection of SMEs was carried out according to the requirements established by the European Commission’s recommendation 96/280/CE of 3 April, 1996, on the definition of small and medium-sized firms. Specifically, we selected those firms meeting the following criteria for at least three years: a) have fewer than 250 employees; b) turn over less than €40 million; and c) possess less than €27 million of total assets.In addition to the application of those selection criteria, we applied a series of filters. Thus, we eliminated the observations of firms with anomalies in their accounts, such as negative values in their assets, current assets, fixed assets, liabilities, current liabilities, capital, depreciation, or interest paid. We removed observations of entry items from the balance sheet and profit and loss account exhibiting signs that were contrary to reasonable expectations. Finally, we eliminated 1 percent of the extreme values presented by several variables. As a result of applying these filters, we ended up with a sample of 38,464 observations.In order to introduce the effect of the economic cycle on the levels invested in working capital, we obtained information about the annual GDP growth in Spain from Eurostat.In order to analyze the effects of working capital management on the firm’s profitability, we used the return on assets (ROA) as the dependent variable. We defined this variable as the ratio of earnings before interest and tax to assets.With regards to the independent variables, we measured working capitalmanagement by using the number of days accounts receivable, number of days of inventory and number of days accounts payable. In this respect, number of days accounts receivable (AR) is calculated as 365 ×[accounts receivable/sales]. This variable represents the average number of days that the firm takes to collect payments from its customers. The higher the value, the higher its investment in accounts receivable.We calculated the number of days of inventory (INV) as 365 ×[inventories/purchases]. This variable reflects the average number of days of stock held by the firm. Longer storage times represent a greater investment in inventory for a particular level of operations.The number of days accounts payable (AP) reflects the average time it takes firms to pay their suppliers. We calculated this as 365 × [accounts payable/purchases]. The higher the value, the longer firms take to settle their payment commitments to their suppliers.Considering these three periods jointly, we estimated the cash conversion cycle(CCC). This variable is calculated as the number of days accounts receivable plus thenumber of days of inventory minus the number of days accounts payable. The longerthe cash conversion cycle, the greater the net investment in current assets, and hence the greater the need for financing of current assets.Together with these variables, we introduced as control variables the size of the firm, the growth in its sales, and its leverage. We measured the size (SIZE) as the logarithm of assets, the sales growth (SGROW) as (Sales1 –Sales0)/Sales0, the leverage(DEBT) as the ratio of debt to liabilities. Dellof (2003) in his study of large Belgian firms also considered the ratio of fixed financial assets to total assets as a control variable. For some firms in his study such assets are a significant part of total assets.However our study focuses on SMEs whose fixed financial assets are less important. In fact, companies in our sample invest little in fixed financial assets (a mean of 3.92 percent, but a median of 0.05 percent). Nevertheless, the results remain unaltered whenwe include this variable.Furthermore, and since good economic conditions tend to be reflected in a firm’sprofitability, we controlled for the evolution of the economic cycle using the variable GDPGR, which measures the annual GDP growth.Current assets and liabilities have a series of distinct characteristics according to the sector of activity in which the firm operates. Thus, Table I reports the return on assets and number of days accounts receivable, days of inventory, and days accounts payable by sector of activity. The mining industry and services sector are the two sectors with the highest return on their assets, with a value of 10 percent. Firms that are dedicated to agriculture, trade (wholesale or retail), transport and public services, are some way behind at 7 percent.With regard to the average periods by sector, we find, as we would expect, that the firms dedicated to the retail trade, with an average period of 38 days, take least time to collect payments from their customers. Construction sector firms grant their customers the longest period in which to pay –more than 145 days. Next, we find mining sector firms, with a number of days accounts receivable of 116 days. We also find that inventory is stored longest in agriculture, while stocks are stored least in the transport and public services sector. In relation to the number of days accounts payable, retailers (56 days) followed by wholesalers (77 days) pay their suppliers earliest. Firms are much slower in the construction and mining sectors, taking more than 140 days on average to pay their suppliers. However, as we have mentioned, these firms also grant their own customers the most time to pay them. Considering all the average periods together, we note that the cash conversion cycle is negative in only one sector – that of transport and public services. This is explained by the short storage times habitual in this sector. In this respect, agricultural and manufacturing firms take the longest time to generate cash (95 and 96 days, respectively), and hence need the most resources to finance their operational funding requirements.Table II offers descriptive statistics about the variables used for the sample as a whole. These are generally small firms, with mean assets of more than €6 milli on; their return on assets is around 8 percent; their number of days accounts receivable is around 96 days; and their number of days accounts payable is very similar: around 97 days. Together with this, the sample firms have seen their sales grow by almost 13percent annually on average, and 24.74 percent of their liabilities is taken up by debt. In the period analyzed (1996-2002) the GDP has grown at an average rate of 3.66 percent in Spain.Source: Pedro Juan García-Teruel and Pedro Martínez-Solano ,2006.“Effects of Working Capital Management on SME Profitability” .International Journal of Managerial Finance ,vol. 3, issue 2, April,pages 164-167.译文：营运资金管理对中小企业的盈利能力的影响公司理财著作历来把注意力集中在了长期财务决策研究，研究者详细的提供了投资决策分析、资本结构、股利分配或公司估值等主题的研究，但是企业投资形成的短期资产和以一年内到期方式使用的资源，表现为公司资产负债表的有关下昂目的主要部分。
企业管理企业融资中英文对照外文翻译文献
中英文对照外文翻译(文档含英文原文和中文翻译)Analysis on the Chinese Enterprise Financing Abstract:The main sources of financing for small and medium sized enterprises (SMEs) are equity, trade credit paid on time, long and short term bank credits, delayed payment on trade credit a nd other debt. The marginal costs of each financing instrument are driven by asymmetric informatio n and transactions costs associated with nonpayment. According to the Pecking Order Theory, firms will choose the cheapest source in terms of cost. In the case of the static trade-off theory, firms cho ose finance so that the marginal costs across financing sources are all equal, thus an additional Euro of financing is obtained from all the sources whereas under the Pecking Order Theory the source is determined by how far down the Pecking Order the firm is presently located. In this paper, we argue that both of these theories miss the point that the marginal costs are dependent of the use of the funds, and the asset side of the balance sheet primarily determines the financing source for an additiona l Euro. An empirical analysis on a unique dataset of Portuguese SMEs confirms that the compositio n of the asset side of the balance sheet has an impact of the type of financing used and the Pecking Order Theory and the traditional Static Trade-off theory are rejected.For SME the main sources of financing are equity (internally generated cash), trade credit, ban k credit and other debt. The choice of financing is driven by the costs of the sources which is primar ily determined by costs of solving the asymmetric information problem and the expected costs assoc iated with non-payment of debt. Asymmetric information costs arise from collecting and analysing i nformation to support the decision of extending credit, and the non-payment costs are from collectin g the collateral and selling it to recover the debt. Since SMEs’ management and shareholders are oft en the same person, equity and internally generated funds have no asymmetric information costs and equity is therefore the cheapest source.1 Asset side theory of SME financingIn the previous section we have suggested that SME’s in Portugal are financed using internal g enerated cash, cheap trade credits, long and short-term bank loans and expensive trade credits and o ther loans. In this section the motives behind the different types of financing are discussed.1.1 Cheap Trade creditsThe first external financing source we will discuss is trade-credits. Trade credits are interesting since they represent financial services provided by non-financial firms in competition with financia l intermediaries. The early research within this area focused on the role of trade credits in relation to the credit channel or the so called “Meltzer” effect and in relation to the efficiency of monetary poli cy. The basic idea is that firms with direct access to financial markets, in general large well known firms, issue trade credits to small financially constrained firms . The more recent research breaks the role of trade credits into a strategic motive and financial motive for issuing and using these credits.Strategic motivesThe first theory centers on asymmetric information regarding the firm’s products. Trade credits are offered to the buyers so that the buyer can verify the quantity and quality before submitting pay ments. By offering trade finance the supplier signals to the buyers that they offer products of good q uality. Since small firms, in general, have no reputation then these firms are forced to use trade credi ts to signal the quality of their products. The use of trade credits is therefore driven by asymmetric i nformation of the products and is therefore more likely to be used by small firms, if the buyer has lit tle information about the supplier, or the products are complicated and it is difficult to asses their qu ality.The second strategic motive is pricing. Offering trade finance on favorable terms is the same as a price reduction for the goods. Thus firms can use trade credits to promote sales without officially reducing prices or use them as a tool for price discrimination between different buyers. Trade credit s are most advantageous to risky borrowers since their costs of alternative financing are higher than for borrowers with good credit ratings. Thus trade credits can be used as tool for direct price discrim ination but also as an indirect tool (if all buyers are offered the same terms) in favor of borrowers wi th a low credit standing.Trade credits are also used to develop long term relationships between the supplier and the bu yers. This often manifests itself by the supplier extending the credit period in case the buyer has tem porary financial difficulties. Compared to financial institutions suppliers have better knowledge of t he industry and are therefore better able to judge whether the firm has temporary problems or the problems are of a more permanent nature.The last motive in not strictly a strategic motive but is based on transactions costs. Trade credit s are an efficient way of performing the transactions since it is possible to separate between delivery and payment. In basic terms the truck driver delivering the goods does not have to run around to fin d the person responsible for paying the bills. The buyer also saves transactions costs by reducing the amount of cash required on“hand” .Financing motivesThe basis for this view is that firms compete with financial institutions in offering credit to oth er firms. The traditional view of financial institutions is that they extend credit to firms where asym metric information is a major problem. Financial institutions have advantages in collecting and anal yzing information from, in particular, smaller and medium sized firms that suffer from problems of asymmetric information. The key to this advantage over financial markets lies in the close relations hip between the bank and the firm and in the payment function. The financial institution is able to m onitor the cash inflow and outflows of the firm by monitoring the accounts of the firm.But with trade credits non-financial firms are competing with financial institutions in solving t hese problems and extending credit. How can non-financial institutions compete in this market? Pet ersen and Rajan [1997] briefly discusses several ways that suppliers may have advantages over fina ncial institutions. The supplier has a close working association with the borrower and more frequent ly visits the premises than a financial institution does. The size and timing of the lenders orders with the supplier provides information about the conditions of the borrowers business. Notice that this in formation is available to the supplier before it is available to the financial institution since the financ ial institution has to wait for the cash flow associated with the orders. The use of early payment discounts provides the supplier with an indication of problems with creditworthiness in the firm. Again t he supplier obtains the information before the financial institution does. Thus the supplier may be a ble to obtain information about the creditworthiness faster and cheaper than the financial institution.The supplier may also have advantages in collecting payments. If the supplier has at least a loc al monopoly for the goods then the ability to withhold future deliveries is a powerful incentive for t he firm to pay. This is a particular powerful threat if the borrower only accounts for a small fraction of the suppliers business. In case of defaults the supplier can seize the goods and in general has a be tter use for them than a financial intermediary sizing the same goods. Through its sales network the supplier can sell the reclaimed goods faster and at a higher price than what is available to a financial intermediary. These advantages, of course, depend on the durability of the goods and how much the borrower has transformed them.If asymmetric information is one of the driving forces the explanation of trade credits then fir ms can use the fact that their suppliers have issued them credits in order to obtain additional credit f rom the banks. The banks are aware that the supplier has better information thus the bank can use tr ade credits as signal of the credit worthiness of the firm.That trade credits are in general secured by the goods delivered also puts a limit on the amount of trade credits the firm can obtain, thus the firm cannot use trade credits to finance the entire operat ions of the firm.In summary the prediction is that the level of asymmetric information isrelatively low between the providers of trade credit and the borrowers due to the issuer’s general knowledge of the firm and the industry. In the empirical work below the variables explaining the use of trade credit are credit r isk factors and Cost of Goods Sold. Since these trade credits are secured by the materials delivered to the firm, firms cannot “borrow” for more than the delivery value of the goods and services.1.2 Bank loansBanks have less information than providers of trade credit and the costs of gathering informati on are also higher for banks than for providers of trade credit. Providers of trade credits also have a n advantage over banks in selling the collateral they have themselves delivered, but due to their size and number of transactions banks have an advantage in selling general collateral such as buildings, machinery etc. Banks therefore prefer to issue loans using tangible assets as collateral, also due to a symmetric information, they are less likely to issue loans to more opaque firms such as small and hi gh growth firms. Banks are therefore willing to lend long term provided that tangible assets are avai lable for collateral. In the empirical work below tangible assets and credit risk variables are expecte d to explain the use of long-term bank loans and the amount of long-term bank loans are limited by the value of tangible assets.The basis for issuing Short Term Bank Loans is the comparative advantages banks have in eval uating and collecting on accounts receivables, i.e. Debtors. It is also possible to use Cash and Cash equivalents as collateral but banks do not have any comparative advantages over other providers of credit in terms of evaluating and collecting these since they consist of cash and marketable securitie s. In terms of inventories, again banks do not have any comparative advantages in evaluating these. Thus, we expect the amounts of debtors to be the key variable in explaining the behaviour of Short Term Bank Loans.1.3 Expensive trade credit and other loansAfter other sources of finance have been exhausted firms can delay payment on their trade cred its. However, this is expensive since it involves giving up the discount and maybe incurs penalty payments. Also the use of this type of credit can have reputational costs and it may be difficult to obtai n trade credit in the future. The nature of the costs, of course, depends on the number of suppliers, if there is only one supplier then these costs can be rather high whereas if the firm can obtain the sam e goods and services from other suppliers then these costs are not particularly high.Other debt is composed of credit card debt, car loans etc. that are dearer than bank loans. Again , the variables determining this type of debt are financial health and performance. Below, however, we do not have any good information regarding these types of loans and what they consists of thus we pay little attention to them in the empirical work.ConclusionsCurrently there exist two theories of capital structure The Pecking Order Theory where firms fi rst exhaust all funding of the cheapest source first, then the second cheapest source and so on. The d ifferences in funding costs are due to adverse selection costs from asymmetric information. The sec ond theory is the Tradeoff .Theory where firms increase the amount of debt as long as the benefits are greater than the costs from doing so. The benefits of debt are tax-shields and “positive agency c osts” and the costs of debt are the expected bankruptcy costs and the “negative agency costs”. In bot h of these theories, the composition of the asset side of the balance sheet is not important and in this paper, that proposition is strongly rejected. So the main conclusion is that the composition of the as set side of the balance sheet influences the composition of the liability side of the balance sheet in te rms of the different types of debt used to finance the firm, or that the use of the funds is important in deciding the type of financing available.We further argue that it is asymmetric information and collateral that determines the relationshi p between the asset side and liability side of the balance sheet. The theory works reasonable well forCheap Trade Credits and Long Term Bank Loans but the tests for Short Term Bank Loans are disap pointing.Source: Jan Bartholdy, Cesario Mateus, “Financing of SMEs”.London businessreview. 2007(9).pp.43-45中国企业融资分析摘要:中小企业融资的主要来源有：股权融资、按时兑现的贸易信贷融资、中长期银行信贷融资、延迟兑现的贸易信贷融资以及其他债务融资，每种融资方式的边际成本取决于与其滞纳金相关的信息不对称成本和交易成本。
现代企业财务管理中英文对照外文翻译文献
现代企业财务管理中英文对照外文翻译文献(文档含英文原文和中文翻译)Discussion on the Modern Enterprise Financial ControlRyanDavidson ,JennyGoodwin-Stewart ,PamelaKentThis paper discusses the The modern enterprise is becoming China's economic development in the process of an important new force. However, with the modern enterprise investment on the scale of the expansion and extension of the growing investment levels, the modern enterprise financial control is becoming increasingly urgent. This is common in state-owned enterprise groups and private enterprise groups, a common predicament. At present, the modern enterprise is becoming China's enterprises to compete in the international market, the leading force. In a market economy under the conditions of modern business success or failure depends largely on the Group's financial management and financial control is a modern enterprise financial management of the link. Many of the modern enterprise bystrengthening the financial control so that the Group significant increase efficiency, and even some loss-making by strengthening the financial control of the modern enterprise to enable companies to achieve profitability. In this paper, expounding China's modern enterprises the main problems of financial control, based on the choice of financial control method was summarized and analyzed the content of the modern enterprise financial controls, the final resolution of the financial control mode selected key factors for the modern enterprise the improvement of financial control to provide a degree of meaningful views.1 IntroductionWith China's accession to WTO, China's enterprise groups must be on the world stage to compete with TNCs from developed countries. At present the development of enterprise groups in China is not satisfactory, although there are national policies and institutional reasons, but more important is its financial management in particular, caused by inadequate financial controls. For a long time, China's enterprise group cohesion is not strong, their respective subsidiaries within the Group for the array, can not play the whole advantage; redundant construction and haphazard introduction of frequent, small investments, decentralized prominent problem: financial management is chaotic, resulting in frequent loss of control, a waste of money the phenomenon of serious; ineffective financial control, financial management loopholes. In recent years, enterprise group's financial control has been our country's financial circles. In short, the problem of exploration in our country has obvious practical significance. Clearly, China's modern enterprise financial controls are the main problem is to solve the problem of financial control method based on the choice of financial control method is the key financial control of the modern enterprise content is content, while the financial control method of choice is the ultimate ownership of the main factors that point, This train of thought here on the modern enterprise's financial control method were analyzed.2. An overview of the modern enterprise financial controlInternal control over financial control is an important part, is a subsidiary of parent company control of an important part of its financial management system is the core of. The concept of modern enterprise financial controls in accordance with the traditional definition, financial control refers to the "Financial Officers (sector) through the financial regulations, financial systems, financial scale, financial planning goals of capital movement (or the daily financial activities, and cash flow) for guidance, organization, supervision and discipline, to ensure that the financial plan (goals) to achieve the management activities. financial control is an important part of financial management or basic functions, and financial projections, financial decision-making, financial analysis and evaluation together with a financial management system or all the functions.The modern enterprise's financial control is in the investor's ownership and corporate property rights based on the generated surrounding the Group's overallobjective, using a variety of financial means, the members of the enterprise's economic activities, regulation, guidance, control and supervision, so that it Management Group's development activities are consistent with the overall goal of maintaining the group as a whole. Financial control is a power to control one side of the side control, inevitably based on one or several powers. Financial control is essentially related to the interests of enterprises in the organization, the conduct of control, namely, by controlling the financial activities of the assets, personnel actions, to coordinate the objectives of the parties to ensure that business goals. The modern enterprise financial control includes two aspects: the owner funded financial control and corporate managers financial control. From the donors point of view, the essence of the modern enterprise is characterized by investor and corporate property rights of ownership and separation. Investors will invest its capital to the enterprise after their capital combined with debt capital, constitute the enterprise's capital, the formation of corporate business assets is funded by corporate property, then lost direct control over the funders in order to achieve itsCapital maintenance and appreciation of the goal, only through control of its capital manipulation of corporate assets in order to achieve the maximum capital value donors. The control of capital controls is an important property is the prerequisite and foundation for financial control. From the perspective of internal management of enterprises and its financial control target is the legal property of its operations.3 China's modern enterprises the main problems of financial controlAt present, the modern enterprise is becoming China's enterprises to compete in the international market, the leading force. In a market economy under the conditions of modern business success or failure depends largely on the Group's financial management and financial control is a modern enterprise financial management of the link. China's modern enterprise financial controls are still in the stage to be further improved, to varying degrees, there are some urgent need to address the problem:3.1 Financial control set decentralized model of polarization, low efficiencyIn the financial control of the set of decentralized model, China's modern enterprise polarization. The current group of financial control either over-centralization of power, the members of the business has no legal status as a subsidiary factory or workshop, the group is seen as a big business management, leadership financial rights absolute; or excessive decentralization, a large number of decentralized financial control to a subsidiary, any of its free development.In addition, the modern enterprise financial control system suited the needs of a market economy, financial control and flexibility of principle there is no organic unity. If the subordinate enterprises, with few financial decision-making power, then the temporary financial problems occur at every level always reported to the Group'sheadquarters, and then from the headquarters down the implementation of the decision-making at every level, so it is easy to miss market opportunities. On the contrary, when the subsidiary of financial decision-making power is too large, they easily lead to financial decision-making blind and mistakes, not only for the Group's staff to participate in market competition, failed to exercise any decision-making role, but will also become a competitor to the market to provide a tool for competitive information, hinder the the further development of enterprises.3.2 One of the lack of financial contro lFinancial control in accordance with the owner of intention, in accordance with relevant laws and regulations, systems and standards, through certain financial activities and financial relations, and financial activities to promote all aspects of the financial requirements in accordance with a code of conduct to conduct his activities. From China's current situation, the financial control of a modern enterprise mainly focused on ex post facto control, is often the lack of critical pre-budget and to control things. Many modern enterprises, after a decision is in advance, for further financial control tended to focus on the annual profit plan, to meet on the development of a full-year sales revenue, cost, target profit, and several other overarching objectives, without further specific decision-making technology to compile for control and management, according to the month, quarterly, annual financial budget. Therefore, the interim budget and thus difficult to compare operating performance is a matter to control the empty words. As for the ex post facto control, although based on the year-end assessment of the needs and to get some attention, they can still profit in the annual plan, based on the relevant accounting information barely supported by whom, but the effects are pretty effective. Since the ex ante control may not be effective, so subordinate enterprises throughout the implementation process of decision-making are largely outside the core business of financial control, divorced from the core business of financial control.Modern enterprises themselves do not establish a parent-subsidiary link up the financial control mechanisms, financial control their own ways, the parent company of the modern enterprise can not come to the unified arrangement of a strategic investment and financing activities, the group blindly expand the scale of investment, poor investment structure, external borrowing out of control, financial structure is extremely weak, once the economic downturn or product sales are sluggish, there barriers to capital flows, the Group into trouble when they become addicted. An internal financial assessment indicators are too single, not fully examine the performance of subsidiaries. A considerable number of modern enterprise's internal assessment targets only the amount of the contract amount and profit 2.3.3 regardless of the financial and accounting functions, institutional settings are not standardizedAt present, China's financial and accounting sector enterprises are usually joined together, such a body set up under the traditional planned economic system, stillcapable to meet the management needs, but the requirements of modern enterprise system, its shortcomings exposed. Manifested in: (1) financial services targeted at business owners, it is the specific operation and manipulation of objects is the enterprise's internal affairs, while the accounting of clients within the enterprise and external stakeholders, would provide open accounting information must reflect the "true and fair" principle. Will be different levels of clients and flexibility in a merger of two tasks, will inevitably lead to interference with the financial flexibility of the fairness of accounting. (2) The financial sector is committed to the financial planning, financial management, the arduous task, but flexible in its mandate, procedures and time requirements more flexible, but assume that the accounting information collection, processing, reporting and other accounting work, and flexibility in work assignments weak, procedures and time requirements more stringent and norms. If the enterprises, especially in modern enterprises to financial management and accounting work are mixed together, is likely to cause more "rigid" in accounting work runs more "flexible" financial management is difficult to get rid of long-standing emphasis on accounting, financial management light situation.3.4 irregularities in the operation of a modern enterprise fundsAt present, the modern enterprise fund operation of the following problems: First, a serious fragmentation of the modern enterprise funds. Some of the modern enterprise have not yet exceeded a certain link between the contractual relationship to conduct capital, operating, and its essence is still the executive order virtual enterprise jointly form of intra-group members are still strict division of spheres of influence, difficult to achieve centralized management of funds, unification deployment of large groups is difficult to play the role of big money. Second, the stock of capital make an inventory of modern enterprise poor results. Result of the planned economy under the "re-output, light efficiency, re-extension, light content, re-enter, light output" of inertia, making the enterprise carrying amount of funds available to make an inventory of large, but the actual make an inventory of room for small, thus affecting the to the effect of the stock of capital. Third, the modern enterprise funds accumulated a lot of precipitation.3.5 Internal audit exists in name onlyAt present, enterprises in the financial monitoring of internal audit work to become a mere formality process. The first formal audit management. Hyundai organized every year in different forms of audit, has become a fixed procedure, but because the internal audit staff and the audited entity at the same level, thus in the company's financial problems can not get to the bottom, just a form of and going through the motions. This audit not only failed to exercise any oversight role, to some extent encouraged the small number of staff violations of law. Second, nothing of audit responsibilities. Internal audit is a modern enterprise group commissioned by the audit staff members of Corporate Finance to conduct inspection and supervision process, and therefore the auditors have had an important mandate and responsibilities. But in reality, become a form of audit work, audit officers, whether seriously or not, are notrequired to bear the responsibility, thus making the audit is inadequate supervision. Third, the audit results and falsified. Audit results should be true and can be *, but in reality the different audit bodies of the same company during the same period of the audit, results are often different, and a far cry from, these are false true performance of the audit findings.4. Selected financial control model should be considered a major factor Generally speaking, the modern enterprise selects the financial control mode, the main consideration should be given these factors: equity concentration, a subsidiary of the degree of influence of the parent company financial strategy, organizational structure, development strategy, the group scale.From the group-level point of view, the parent company of the subsidiaries of the associated control to be strict control of the company, a wholly-owned subsidiary of the control to be strict control of the relatively holding subsidiaries, therefore, the parent company of the wholly owned subsidiary of and advantages of holding subsidiaries with centralized control, the quality holding subsidiaries and any shares of a subsidiary of the separation of powers system. To maintain and enhance the core competitiveness of modern enterprises of different degree of importance of a subsidiary should be taken to a different control mode. Have a significant impact on the subsidiary, the parent company must maintain a high degree of centralized control and management right, even partially, the separation of powers must be confined within the framework of centralized; right with the Group's development strategy, core competencies, core business and for the foreseeable the future development of relations in general, a subsidiary of little impact, from improving management efficiency, play to their enthusiasm and enhance the resilience of the market competition point of view, using decentralized type of management system, a better option.From the organizational structure point of view, U-type structure is a typical centralized structure, and accordingly, its financial control model should also be authoritarian style. H-is an organic organizational structure, a more loose linkages between various departments, departments have greater flexibility in the organization structure, with decentralized financial control model is more suitable, while the M-type structure belonging to phase Rong-type organizational structure, so the use of centralized financial control model can be used either decentralized model.From the operating characteristics of point of view, the different characteristics of the modern enterprise management, financial control mode selection will be different. And integration operations in a single case, all units within the group has a great business contacts, financial control naturally require higher degree of centralization.Enterprises to adopt diversification, because each subsidiary where the industry is different from the operational linkages between the various subsidiaries is relatively small, difficult to implement a modern enterprise integrated centralized control, and therefore the financial control of all subsidiaries should be given to the appropriate authority.From the development stage point of view, the modern enterprises in the different stages of development, in order to meet the needs of business development will take a different mode of financial control. Generally speaking, companies in the early stages of the development of small, relatively simple operations, using centralized financial control mode, you can better play the same decision-making and resource integration advantages in the industry has created a scale. With the continuous expansion of company size, business areas and constantly open up, Centralized financial control mode can not meet the company's financial controls and management methods on the need for diversification, and this time, we need more subsidiaries in all aspects of and more authority, so that the financial control model of a modern enterprise gradually to decentralized development.In addition, the financial control model should be subject to the enterprise's development strategy, fully reflects the company's strategic thinking. The company's development strategy can be divided into stable angina strategy, expansion-type strategy, tight-based strategies and hybrid strategies. Enterprises at different stages of the strategic choice of a particular need for financial control in accordance with * a different pattern. Stable implementation of the strategy is usually within the company can be a high degree of centralization of some; to implement expansionary strategy, companies tend to a more flexible decentralized type control mode to suit their developing needs of the market; the implementation of tight-based company's business strategy, all major financial activities must be strictly controlled, thus emphasizing centralization; hybrid strategy for the implementation of the company, it should be operated according to the characteristics of each subsidiary to take a different control mode.References:[1] Han Wei mold. Finance and Accounting Review of regulatory hot spots [M]. Beijing: Economic Science Press, 2004[2] Lin Zhong-gao. Financial governance. Beijing: Economic Management Publishing House [M], 2005[3] Yan Li Ye. Xu Xing-US; Enterprise Group Financial Control Theory and Its Implications, economics, dynamic [J], 2006[4] Lu Jie. On the internal financial control system improvements and management of popular science (research and practice) [J], 2007[5] Chen Chao-peng. Improve the corporate financial control measures, businessaccounting [J], 2007[6] Huang Xi. On the Enterprise Group Financial Control [J]. Chinese and foreign entrepreneurs, 2006, (06)[7] Jiang-feng tai. Enterprise Group Financial Control Studies [J]. Marketing Week. Theoretical study, 2006, (08)现代企业财务管理的探讨瑞安戴维森，珍妮古德温-斯图尔特，帕梅拉肯特本文探讨现代企业正在成为中国经济发展过程中的一个重要的新力量。
企业管理外文翻译文献
中英文对照外文翻译文献(文档含英文原文和中文翻译)On Certain EnterpriseLow-Value Consumption Management Method Low-value consumption goods management is the process of efficiently o verseeing the constant flow of units into and out of an existing Low-value consumption goods. This process usually involves controlling the transfe r in of units in order to prevent the Low-value consumption goods from b ecoming too high, or dwindling to levels that could put the operation of th e company into jeopardy. Competent Low-value consumption goods man agement also seeks to control the costs associated with the Low-value con sumption goods, both from the perspective of the total value of the goods included and the tax burden generated by the cumulative value of the Low-value consumption goods.Balancing the various tasks of Low-value consumption goods manageme nt means paying attention to three key aspects of any Low-value consump tion goods. The first aspect has to do with time. In terms of materials acq uired for inclusion in the total Low-value consumption goods, this means understanding how long it takes for a supplier to process an order and exe cute a delivery. Low-value consumption goods management also demand s that a solid understanding of how long it will take for those materials to transfer out of the Low-value consumption goods be established. Knowin g these two important lead times makes it possible to know when to place an order and how many units must be ordered to keep production runnin g smoothly.Calculating what is known as buffer stock is also key to effective Low-va lue consumption goods management. Essentially, buffer stock is additiona l units above and beyond the minimum number required to maintain prod uction levels. For example, the manager may determine that it would be a good idea to keep one or two extra units of a given machine part on hand , just in case an emergency situation arises or one of the units proves to be defective once installed. Creating this cushion or buffer helps to minimiz e the chance for production to be interrupted due to a lack of essential par ts in the operation supply Low-value consumption goods.Low-value consumption goods management is not limited to documenting the delivery of raw materials and the movement of those materials into operational process. The movement of those materials as they go through the various stages of the operation is also important. Typically known as a goods or work in progress Low-value consumption goods, tracking mater ials as they are used to create finished goods also helps to identify the nee d to adjust ordering amounts before the raw materials Low-value consum ption goods gets dangerously low or is inflated to an unfavorable level.。
企业管理英文文献综述范文
企业管理英文文献综述范文Corporate Governance: A Comprehensive Literature Review.Introduction.Corporate governance plays a pivotal role in ensuringthe transparency, accountability, and integrity of organizations. It encompasses the systems and processes by which companies are directed, managed, and controlled. This literature review examines the key aspects of corporate governance, including board structure, shareholder rights, executive compensation, and regulatory compliance.Board Structure.The board of directors is the highest decision-making body in a corporation. Its composition and structure are essential for effective governance. Research has shown that boards with a diverse range of perspectives, including independent directors, women, and members from differentethnic backgrounds, enhance decision-making and reduce the risk of groupthink (Adams & Ferreira, 2007; Carter & Lorsch, 2004).Additionally, the size and composition of the board can influence its effectiveness. Smaller boards may be more efficient, while larger boards may offer a wider range of expertise. However, excessive board size can lead to coordination issues and slower decision-making (Bebchuk & Cohen, 2005; Jensen & Meckling, 1976).Shareholder Rights.Shareholders are the owners of a corporation and possess certain rights, including the right to vote on corporate decisions, receive dividends, and accessfinancial information. Protecting shareholder rights is crucial for ensuring accountability and transparency.Research suggests that strong shareholder rights enhance firm value (Arya & Mittendorf, 2008; Shleifer & Vishny, 1997). Institutional investors, such as pensionfunds and mutual funds, play a significant role in protecting shareholder interests by actively monitoring board performance and exercising voting rights (Gillan & Starks, 2000; Gompers, 2003).Executive Compensation.Executive compensation is a contentious issue in corporate governance. Excessive executive pay can erode shareholder value and undermine public trust. Research has identified a strong correlation between CEO compensation and firm performance (Murphy, 1985; Jensen & Murphy, 1990). However, it is essential to balance the need to attract and retain talented executives with the interests of shareholders.Effective compensation systems align executive incentives with firm goals and promote long-term value creation. Performance-based pay and stock options are common mechanisms used to achieve this alignment (Malmendier & Tate, 2008; Jensen & Murphy, 1990).Regulatory Compliance.Corporate governance frameworks are often complemented by regulatory compliance requirements imposed by government agencies. These regulations aim to protect investors, promote market integrity, and prevent corporate misconduct.Compliance with regulatory frameworks is essential for maintaining public trust and avoiding legal penalties. Companies can implement compliance programs that establish clear policies, provide training, and monitor adherence to regulations (Proffitt & Margolis, 2007; Song & Shim, 2009).Codes of Conduct and Ethical Considerations.Codes of conduct and ethical considerations play a significant role in guiding corporate behavior. These guidelines establish standards of integrity, accountability, and ethical decision-making for employees and management.Research has shown that strong codes of conduct can enhance employee morale, reduce misconduct, and mitigatereputational risks (Crane & Matten, 2010; Johnson, Johnson, & Holloway, 2010). Ethical considerations are particularly important in industries where social and environmental factors are relevant (Gibson, 2000; Mackey, Sisodia, & Wolfe, 2013).Corporate Governance and Firm Performance.Empirical research has consistently demonstrated a positive relationship between strong corporate governance practices and firm performance. Companies with effective governance structures and policies tend to exhibit higher profitability, lower risk, and better long-term value creation (Aguilera & Jackson, 2003; Bhagat & Bolton, 2008; Claessens, Djankov, & Fan, 2002).Emerging Trends in Corporate Governance.Corporate governance is constantly evolving to address emerging challenges and opportunities. Key trends include:Sustainability and ESG considerations: Investors andstakeholders are increasingly demanding that corporations adopt sustainable practices and consider environmental, social, and governance (ESG) factors.Technology advancements: Advancements in technology, such as blockchain and artificial intelligence, are transforming corporate governance practices and enabling greater transparency and efficiency.Diversity and inclusion: Companies are recognizing the importance of diversity and inclusion in boardrooms and throughout the organization.Conclusion.Corporate governance is a critical aspect of modern business management. By fostering transparency, accountability, and ethical behavior, effective governance practices protect stakeholders, promote firm performance, and contribute to a stable and ethical business environment. As corporate governance continues to evolve, it is vitalfor organizations to stay abreast of emerging trends andbest practices to ensure the long-term success of their enterprises.。
企业风险管理中英文对照外文翻译文献
企业风险管理中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：Risk ManagementThis chapter reviews and discusses the basic issues and principles of risk management, including: risk acceptability (tolerability); risk reduction and the ALARP principle; cautionary and precautionary principles. And presents a case study showing the importance of these issues and principles in a practical management context. Before we take a closer look, let us briefly address some basic features of risk management.The purpose of risk management is to ensure that adequate measures are taken to protect people, the environment, and assets from possible harmful consequences of the activities being undertaken, as well as to balance different concerns, in particular risks and costs. Risk management includes measures both to avoid the hazards and toreduce their potential harm. Traditionally, in industries such as nuclear, oil, and gas, risk management was based on a prescriptive regulating regime, in which detailed requirements were set with regard to the design and operation of the arrangements. This regime has gradually been replaced by a more goal-oriented regime, putting emphasis on what to achieve rather than on the means of achieving it.Risk management is an integral aspect of a goal-oriented regime. It is acknowledged that risk cannot be eliminated but must be managed. There is nowadays an enormous drive and enthusiasm in various industries and in society as a whole to implement risk management in organizations. There are high expectations that risk management is the proper framework through which to achieve high levels of performance.Risk management involves achieving an appropriate balance between realizing opportunities for gain and minimizing losses. It is an integral part of good management practice and an essential element of good corporate governance. It is an iterative process consisting of steps that, when undertaken in sequence, can lead to a continuous improvement in decision-making and facilitate a continuous improvement in performance.To support decision-making regarding design and operation, risk analyses are carried out. They include the identification of hazards and threats, cause analyses, consequence analyses, and risk descriptions. The results are then evaluated. The totality of the analyses and the evaluations are referred to as risk assessments. Risk assessment is followed by risk treatment, which is a process involving the development and implementation of measures to modify the risk, including measures designed to avoid, reduce (“optimize”), transfer, or retain the risk. Risk transfer means sharing with another party the benefit or loss associated with a risk. It is typically affected through insurance. Risk management covers all coordinated activities in the direction and control of an organization with regard to risk.In many enterprises, the risk management tasks are divided into three main categories: strategic risk, financial risk, and operational risk. Strategic risk includes aspects and factors that are important for the e nterprise’s long-term strategy and plans,for example mergers and acquisitions, technology, competition, political conditions, legislation and regulations, and labor market. Financial risk includes the enterprise’s financial situation, and includes: Market risk, associated with the costs of goods and services, foreign exchange rates and securities (shares, bonds, etc.). Credit risk, associated with a debtor’s failure to meet its obligations in accordance with agreed terms. Liquidity risk, reflecting lack of access to cash; the difficulty of selling an asset in a timely manner. Operational risk is related to conditions affecting the normal operating situation: Accidental events, including failures and defects, quality deviations, natural disasters. Intended acts; sabotage, disgruntled employees, etc. Loss of competence, key personnel. Legal circumstances, associated for instance, with defective contracts and liability insurance.For an enterprise to become successful in its implementation of risk management, top management needs to be involved, and activities must be put into effect on many levels. Some important points to ensure success are: the establishment of a strategy for risk management, i.e., the principles of how the enterprise defines and implements risk management. Should one simply follow the regulatory requirements (minimal requirements), or should one be the “best in the class”? The establishment of a risk management process for the enterprise, i.e. formal processes and routines that the enterprise is to follow. The establishment of management structures, with roles and responsibilities, such that the risk analysis process becomes integrated into the organization. The implementation of analyses and support systems, such as risk analysis tools, recording systems for occurrences of various types of events, etc. The communication, training, and development of a risk management culture, so that the competence, understanding, and motivation level within the organization is enhanced. Given the above fundamentals of risk management, the next step is to develop principles and a methodology that can be used in practical decision-making. This is not, however, straightforward. There are a number of challenges and here we address some of these: establishing an informative risk picture for the various decision alternatives, using this risk picture in a decision-making context. Establishing an informative risk picture means identifying appropriate risk indices and assessments ofuncertainties. Using the risk picture in a decision making context means the definition and application of risk acceptance criteria, cost benefit analyses and the ALARP principle, which states that risk should be reduced to a level which is as low as is reasonably practicable.It is common to define and describe risks in terms of probabilities and expected values. This has, however, been challenged, since the probabilities and expected values can camouflage uncertainties; the assigned probabilities are conditional on a number of assumptions and suppositions, and they depend on the background knowledge. Uncertainties are often hidden in this background knowledge, and restricting attention to the assigned probabilities can camouflage factors that could produce surprising outcomes. By jumping directly into probabilities, important uncertainty aspects are easily truncated, and potential surprises may be left unconsidered.Let us, as an example, consider the risks, seen through the eyes of a risk analyst in the 1970s, associated with future health problems for divers working on offshore petroleum projects. The analyst assigns a value to the probability that a diver would experience health problems (properly defined) during the coming 30 years due to the diving activities. Let us assume that a value of 1 % was assigned, a number based on the knowledge available at that time. There are no strong indications that the divers will experience health problems, but we know today that these probabilities led to poor predictions. Many divers have experienced severe health problems (Avon and Vine, 2007). By restricting risk to the probability assignments alone, important aspects of uncertainty and risk are hidden. There is a lack of understanding about the underlying phenomena, but the probability assignments alone are not able to fully describe this status.Several risk perspectives and definitions have been proposed in line with this realization. For example, Avon (2007a, 2008a) defines risk as the two-dimensional combination of events/consequences and associated uncertainties (will the events occur, what the consequences will be). A closely related perspective is suggested by Avon and Renan (2008a), who define risk associated with an activity as uncertaintyabout and severity of the consequences of the activity, where severity refers to intensity, size, extension, scope and other potential measures of magnitude with respect to something that humans value (lives, the environment, money, etc.). Losses and gains, expressed for example in monetary terms or as the number of fatalities, are ways of defining the severity of the consequences. See also Avon and Christensen (2005).In the case of large uncertainties, risk assessments can support decision-making, but other principles, measures, and instruments are also required, such as the cautionary/precautionary principles as well as robustness and resilience strategies. An informative decision basis is needed, but it should be far more nuanced than can be obtained by a probabilistic analysis alone. This has been stressed by many researchers, e.g. Apostolicism (1990) and Apostolicism and Lemon (2005): qualitative risk analysis (QRA) results are never the sole basis for decision-making. Safety- and security-related decision-making is risk-informed, not risk-based. This conclusion is not, however, justified merely by referring to the need for addressing uncertainties beyond probabilities and expected values. The main issue here is the fact that risks need to be balanced with other concerns.When various solutions and measures are to be compared and a decision is to be made, the analysis and assessments that have been conducted provide a basis for such a decision. In many cases, established design principles and standards provide clear guidance. Compliance with such principles and standards must be among the first reference points when assessing risks. It is common thinking that risk management processes, and especially ALARP processes, require formal guidelines or criteria (e.g., risk acceptance criteria and cost-effectiveness indices) to simplify the decision-making. Care must; however, be shown when using this type of formal decision-making criteria, as they easily result in a mechanization of the decision-making process. Such mechanization is unfortunate because: Decision-making criteria based on risk-related numbers alone (probabilities and expected values) do not capture all the aspects of risk, costs, and benefits, no method has a precision that justifies a mechanical decision based on whether the result is overor below a numerical criterion. It is a managerial responsibility to make decisions under uncertainty, and management should be aware of the relevant risks and uncertainties.Apostolicism and Lemon (2005) adopt a pragmatic approach to risk analysis and risk management, acknowledging the difficulties of determining the probabilities of an attack. Ideally, they would like to implement a risk-informed procedure, based on expected values. However, since such an approach would require the use of probabilities that have not b een “rigorously derived”, they see themselves forced to resort to a more pragmatic approach.This is one possible approach when facing problems of large uncertainties. The risk analyses simply do not provide a sufficiently solid basis for the decision-making process. We argue along the same lines. There is a need for a management review and judgment process. It is necessary to see beyond the computed risk picture in the form of the probabilities and expected values. Traditional quantitative risk analyses fail in this respect. We acknowledge the need for analyzing risk, but question the value added by performing traditional quantitative risk analyses in the case of large uncertainties. The arbitrariness in the numbers produced can be significant, due to the uncertainties in the estimates or as a result of the uncertainty assessments being strongly dependent on the analysts.It should be acknowledged that risk cannot be accurately expressed using probabilities and expected values. A quantitative risk analysis is in many cases better replaced by a more qualitative approach, as shown in the examples above; an approach which may be referred to as a semi-quantitative approach. Quantifying risk using risk indices such as the expected number of fatalities gives an impression that risk can be expressed in a very precise way. However, in most cases, the arbitrariness is large. In a semi-quantitative approach this is acknowledged by providing a more nuanced risk picture, which includes factors that can cause “surprises” r elative to the probabilities and the expected values. Quantification often requires strong simplifications and assumptions and, as a result, important factors could be ignored or given too little (or too much) weight. In a qualitative or semi-quantitative analysis, amore comprehensive risk picture can be established, taking into account underlying factors influencing risk. In contrast to the prevailing use of quantitative risk analyses, the precision level of the risk description is in line with the accuracy of the risk analysis tools. In addition, risk quantification is very resource demanding. One needs to ask whether the resources are used in the best way. We conclude that in many cases more is gained by opening up the way to a broader, more qualitative approach, which allows for considerations beyond the probabilities and expected values.The traditional quantitative risk assessments as seen for example in the nuclear and the oil & gas industries provide a rather narrow risk picture, through calculated probabilities and expected values, and we conclude that this approach should be used with care for problems with large uncertainties. Alternative approaches highlighting the qualitative aspects are more appropriate in such cases. A broad risk description is required. This is also the case in the normative ambiguity situations, as the risk characterizations provide a basis for the risk evaluation processes. The main concern is the value judgments, but they should be supported by solid scientific assessments, showing a broad risk picture. If one tries to demonstrate that it is rational to accept risk, on a scientific basis, too narrow an approach to risk has been adopted. Recognizing uncertainty as a main component of risk is essential to successfully implement risk management, for cases of large uncertainties and normative ambiguity.A risk description should cover computed probabilities and expected values, as well as: Sensitivities showing how the risk indices depend on the background knowledge (assumptions and suppositions); Uncertainty assessments; Description of the background knowledge, including models and data used.The uncertainty assessments should not be restricted to standard probabilistic analysis, as this analysis could hide important uncertainty factors. The search for quantitative, explicit approaches for expressing the uncertainties, even beyond the subjective probabilities, may seem to be a possible way forward. However, such an approach is not recommended. Trying to be precise and to accurately express what is extremely uncertain does not make sense. Instead we recommend a more openqualitative approach to reveal such uncertainties. Some might consider this to be less attractive from a methodological and scientific point of view. Perhaps it is, but it would be more suited for solving the problem at hand, which is about the analysis and management of risk and uncertainties.Source: Terje Aven. 2010. “Risk Management”. Risk in Technological Systems, Oct, p175-198.译文：风险管理本章回顾和讨论风险管理的基本问题和原则，包括：风险可接受性（耐受性）、风险削减和安全风险管理原则、警示和预防原则，并提出了一个研究案例，说明在实际管理环境中这些问题和原则的重要性。
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中英文对照外文翻译(文档含英文原文和中文翻译)译文：公司治理与高管薪酬：一个应急框架总体概述通过整合组织和体制的理论，本文开发了一个高管薪酬的应急办法和它在不同的组织和体制环境下的影响。
高管薪酬的研究大都集中在委托代理框架上，并承担一种行政奖励和业绩成果之间的关系。
我们提出了一个框架，审查了其组织的背景和潜在的互补性方面的行政补偿和不同的公司治理在不同的企业和国家水平上体现的替代效应。
我们还讨论了执行不同补偿政策方法的影响，像“软法律”和“硬法律”。
在过去的20年里，世界上越来越多的公司从一个固定的薪酬结构转变为与业绩相联系的薪酬结构，包括很大一部分的股权激励。
因此，高管补偿的经济影响的研究已经成为公司治理内部激烈争论的一个话题。
正如Bruce，Buck，和Main指出，“近年来，关于高管报酬的文献的增长速度可以与高管报酬增长本身相匹敌。
”关于高管补偿的大多数实证文献主要集中在对美国和英国的公司部门，当分析高管薪酬的不同组成部分产生的组织结果的时候。
根据理论基础，早期的研究曾试图了解在代理理论方面的高管补偿和在不同形式的激励和公司业绩方面的探索链接。
这个文献假设，股东和经理人之间的委托代理关系被激发，公司将更有效率的运作，表现得更好。
公司治理的研究大多是基于通用模型——委托代理理论的概述，以及这一框架的核心前提是，股东和管理人员有不同的方法来了解公司的具体信息和广泛的利益分歧以及风险偏好。
因此，经理作为股东的代理人可以从事对自己有利的行为而损害股东财富的最大化。
大量的文献是基于这种直接的前提和建议来约束经理的机会主义行为，股东可以使用不同的公司治理机制，包括各种以股票为基础的奖励可以统一委托人和代理人的利益。
正如Jensen 和Murphy观察，“代理理论预测补偿政策将会以满足代理人的期望效用为主要目标。
股东的目标是使财富最大化；因此代理成本理论指出，总裁的薪酬政策将取决于股东财富的变化。
”影响积极组织结果的主要指标是付费业绩敏感性，但是这种“封闭系统”法主要是在英美的代理基础文献中找到，假定经理人激励与绩效之间存在普遍的联系，很少的关注在公司被嵌入的不同背景。
除了相当大的研究工作，对这些因果关系的实证结果的好坏并没有定论。
举例来说，实证研究与股票激励在财务表现方面的分析相符并未能证明重要的影响。
在最近批判的代理理论，Aguilera，Filatotchev，Gospel和Jackson 指出其“情境化”的性质，因此它无法准确地比较和解释企业的多样性在不同的组织和体制环境的治理安排。
同样，由此产生的许多政策处方体现在好的公司治理是依靠最好实践的普遍观念，这往往需要适应当地的环境或者转化为多样的国际化的制度设置。
本文我们讨论高管补偿的一个组织的方法能更好的解释不同组织环境和体制环境相联合的相互依存关系。
根据Aguilera et al.(2008)的研究，我们建议由股东和代理人提出的高管补偿的公司治理方面观点必须捕捉到因不同的组织背景和所处的环境所引起的公司治理的变化。
根据这些原则，我们最近的研究已经试图在生命周期内解释公司治理的动态方面，以及整个国家的公司治理多样化安排。
因此，公司治理研究的一个重要任务就是揭露多样性安排，了解高管薪酬的有效性是如何被多样的组织背景和制度环境禅师的情景变量所介导的。
我们建议一个应变基础框架能够了解高管补偿的治理作用，我们将治理因素中的组织背景、互补性/替代性以及体制环境的影响概念化了。
组织环境变化是指在企业的组织生命周期内，它的内部和外部的战略资源和具体的策略的变化。
例如，在其业务生命周期的成熟阶段，老的公司可能有更多样化的资源库和专业化的管理团队。
结果，他们比年轻公司更需要正是的奖励，创办的独资公司在其起步阶段往往有较少的资源，因此关注在更高的荣誉上治理机制方面的能力上。
组织环境不仅会影响高管补偿的潜在优势，而且影响他们的成本，如股权激励的直接成本和和管理行为和风险的间接成本。
这些成本会随着不同的公司在不同环境的运作而有所不同，因此，成本效益分析普遍很少。
互补/替代是指整体捆绑的公司治理与另一家公司的联合共同加强公司治理的有效性的能力。
这里我们认为，高管补偿的有效性可能取决于其他因素，如大股东的参与和董事会的独立性。
最后，机构把对社会的高度重视和高管补偿的路径依赖作为治理因素。
高管薪酬必须是与组织的监管、规范和认知性相联系的社会合法的。
因此这些社会影响必须与组织有效性相协调。
委托代理二分法对高管薪酬的组织方法委托代理理论致力于研究管理激励，它主要关注的是从股东的观点考虑的的高管补偿结果的有效性，股东是指投资并谋求最大投资回报的人。
这个方法依据股东和经理之间的“保持距离”假设，本位主义作为他们合同的基础。
因此，除了吸收和保留高素质的管理队伍，设计良好的激励机制能增加公司的生产能力，能更好的协调高管的利益与股东的利益保持一致。
一些研究指出高管人员，特别是首席执行官，利用自己的权利来设计薪酬，能够使他们不受监管机构和股东对自己的约束。
自利的管理者会萃取租金通过他们自己的喜好来操纵董事会，主要是被媒体应用的愤怒约束的主体。
因此首席执行官的薪酬安排跟激励无关而加剧了首席执行官的自我充实或是走过场。
在一定程度上，股东的代理问题被解决了，阻止的方法是评估高管薪酬与公司的业绩有关。
公司治理的实证研究已经开始怀疑经理人报酬与公司效率之间的关系。
许多开始质疑是否这个协会持有代理冲突的变异；不同的组织背景像创业企业、首次募股企业和成熟企业；和不同的国家设置。
也许更重要的是，高管薪酬的业绩影响对国家体制环境似乎有所不同。
例如，高管薪酬的研究表明，在美国高管薪酬和业绩之间有很强烈的关系，但在英国和德国的股权激励政策的影响相对稍低，然而在日本高管薪酬没有激励效应。
同时，组织理论和战略管理研究表明，高管薪酬的治理作用存在大量的不同观点。
例如，管家理论放宽了在代理理论中发现的管理行为假设，认为管理者可以在某些情况下为了组织的利益充当管家，只有相对地的利益冲突存在。
同样，利益相关者理论认识到，公司治理因素的有效性取决于一系列的公司相关行为，和他们之间的相互作用，尽管这个研究较少关注高管薪酬。
尽管存在分歧，这些研究的共同趋势是他们一句普遍的效率模型，，原理重要的组织和环境的复杂性。
在代理理论中，方法大多限于股东和经理两方，很少注意代理问题可能在不同的任务和资源环境、组织的生命周期或不同的体制环境中中是如何变化的。
虽然威廉姆森认为交易成本会因不同的机构和组织环境而有所不同，他指出公司治理研究的主流是“太专注于资源配置的效率的议题，而忽视了组织效率离散的结构会带来仔细的审查。
”管家和利益相关者理论移除了代理理论的一些严格的假设，但没有提供一全面的能够与不同组织和环境相联系的薪酬激励研究框架。
继Aguilera et al之后，我们建议高管薪酬的研究应该采取更加开放的政策，把组织特点看做是与环境的多样性，波动性，不确定性相互依存的。
总之，开放系统强调高管补偿在整体背景下的重要性而非只是某一因素的作用。
代理基础的传统观念和我们的框架的观点背离，我们的框架植根于综合各种理论和实证研究结果，建立一个简洁的框架。
这种方法是为了更好地了解高管薪酬和组织机构环境的相互依存关系。
这些结构是组织环境与公司治理和体制影响的互补和替代。
总之，我们主张高管激励的组织有效性与主流代理研究建议的业绩之间不存在直接的线性影响。
这个影响是建立在大量公司水平和宏观因素上的而没有考虑大量的研究。
在下面的章节中，我们试图讨论这些重要的应变因素及高管补偿制度的侠侣和有效性。
组织环境组织理论学者们研究了组织的特点如何影响有效性的或者业绩可以被变量调解影响，例如任务的不确定性，任务的相互影响和组织的动力性。
尽管高管补偿可以被认为是在这个框架之内的治理结构的特点，组织理论还没有对这种企业治理形势的有效性进行阐述。
这里我们根据以前研究激励机制的有效性是如何被一个组织的突发事件的重要范畴所调解的，即企业形成的资源始于不同的组织环境相互依存的。
资源相关的应急事件的一方面主要基于该公司的资源基础观念，考虑它的资源和能力，像技术，知识和创新能力。
资源相关的应急事件主要来自于应急资源依赖理论，该理论表明公司将会满足对资源有强烈依赖的外部人员或组织并寻找缓冲和减少这种对外部的依赖。
例如，外部资金的程度和性质很可能影响到放在公司治理上的要求，以确保问责和激励。
组织环境考虑到激励机制的作用的影响会根据关键的内部外部的在公司的组织、市场、部门或监管环境方面的资源而有不同的方式。
换句话说，高管奖励的有效性取决于公司的大小‘年龄’公司的成长或衰退阶段、不同市场和部门的革新特点以及其他的因素。
尽管组织的观点拒绝最佳做法的普遍概念，他还是表明了如果能够考虑到组织环境的多样性，政策将会更加的有效。
总之，一种对所有人都适合的做法是不可取。
一个在管理方面的研究被日益认知，组织资源基础及他与外部环境的相互依存关系不是一成不变的，他是动态组织的一部分。
一个公司治理的权变概念的应用已经在一个研究公司治理的生命周期的新兴机构被制定了。
这些文献确定了公司的发展的大部分阶段，和与之相联系的需要治理不久的代理冲突的变化，包括激励机制。
公司治理可以被看做是一个动态系统，靠着治理可以改变不同阶段的企业的实践环境间的相互依赖关系，如新兴阶段、成长期、成熟期和衰退期。
通过不同的阶段，企业可以从一个西债的资源基地演变成一个更广泛的的资源基地。
这种转变可能至少要临时依赖外部资源。
这些外部资源的提供者创造新的公司治理，以确保不仅能创造财富，而且能在股东和其他利益相关者之间公平的分配。
这主要反映在公司管理问责制对外部资源提供者的改变。
公司初创阶段，创业企业有一个窄的资源基础。
它通常被一个创始人或家族投资者和管理问责制水平普遍偏低的外部股东拥有和控制。
在此背景下，创办经理人的财富很大一部分与公司相联系的，可能会破坏股权激励的有效性，符合Core和Guay的理论。
随着企业的成长，需要接触外部的资源和专业知识来支持它的成长，它开放它的管理系统给外部的投资者，像商业银行和风险投资公司。
该阶段，资源和问责制之间的平衡开始走向更加的透明并通过外部资源提供者增加监控。
首次公开募股标志着一个一个公司从创业到全面发展的专业公司的重大转变。
该责任的转变扩大了公司股票进入股票市场的金融资源。
Allcock和Filatotchev在分析他们的上市公司高管补偿方面确定了实施股票期权的治理机制的日益重要，它的目的是满足管理者的利益和引进公司市场投资者。
然而，他们也发现了这一机制的具体实施受到上市公司组织环境关于始终控制该公司的创始人的一些限制。
在下个阶段，内部和外部资源被投资在公司的成长上。