工商管理外文文献
工商管理文献翻译(DOC)
中小企业融资扬·尔迪[丹麦],切萨里奥·马特乌斯[英国]，《中小企业融资》,伦敦商业观察.2007(9):43-45.工商管理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。
根据啄食理论，企业在融资时，会优先选择成本最低的融资方式；而根据静态权衡理论，企业在进行融资时，各种资金来源的边际成本都是相同的；再者，根据优序融资理论，企业进行融资时要结合企业自身具体情况，是考虑多重因素下的优序融资。
在本文中，我们认为，以上这些理论都忽略了一点，那就是边际成本的确定主要依赖于融资资金的使用，以及资产负债表中资产方作为融资来源的重要影响作用。
一个来自葡萄牙中小企业的数据分析证实，企业资产负债表资产方对于融资方式的选择有着重要的影响，而这是静态权衡理论和优序融资理论所不能接受的。
中小企业的融资主要来源于股权（内部融资），商业信用，银行信贷和其他债务。
融资方式的选择取决于资金成本，而资金成本又是由信息不对称成本和基于无债务负担情况下的预期成本决定的。
信息不对称成本主要是为了支持管理决策而收集和分析信息所产生的费用，无债预期成本主要产生于企业为收回债务而收集和出售抵押品时的费用。
由于中小企业的管理层和股东往往是同一个人，股权和内部产生的资金没有信息不对称成本，因此股权融资是成本最低的融资渠道。
2 中小企业资产融资理论在前面的论述中，我们曾建议，葡萄牙的中小企业多采用内部资金、廉价贸易信贷、中长期银行信贷、高价贸易信贷和其他贷款进行融资。
接下来，我们将对以上各种类型的融资动机进行讨论。
2.1 廉价贸易信贷首先，我们将讨论的是贸易信贷。
贸易信贷很有意思，因为它们代表的非金融企业与金融中介机构在提供金融服务方面的竞争。
这一领域内的早期研究关注于贸易信贷同的信贷渠道的作用（或所谓的“梅尔策”影响）之间的关系，以及同货币政策的效率之间的关系。
工商管理文献翻译
Understanding Customer Requirements1 Listening to Customers Through Research1.1Using Marketing Research to Understand Customer ExpectationsFinding out what customers expect is essential to providing service quality, and marketing research is a key vehicle for understanding customer expectations and perceptions of services, In services, as with any offering, a firm that does no marketing research at all is unlikely to understand its customers. A firm that does marketing research, but not on the topic of customer expectations, may also fail to know what is needed to stay in tune with changing customer requirements. Marketing research must focus on service issues such as what features are most important to customers, what levels of these features customers expect, and what customers think the company can and should do when problems occur in service delivery. Even when a service firm is small and has limited resources to conduct research, avenues are open to explore what customers expect.One of the biggest challenges facing a marketing researcher is converting a complex set of data to a form that can be read and understood quickly by executives, managers, and other employees who will make decisions from the research. For example, database management is being adopted as a strategic initiative by many firms, but merely having a sophisticated database does not ensure that the findings will be useful to managers. Many of the people who use marketing research findings have not been trained in statistics and have neither the time nor the expertise to analyze computer printouts and other technical research information. The goal in this stage of the marketing research process is to communicate information clearly to the right people in a timely fashion. Among considerations are the following: Who gets this information? Why do the need it? How will they use it? Does it mean the same thing across cultures? When users feel confident that they understand the data, they are far more likely to apply it appropriately. When managers do not understand how to interpret the data, or when they lack confidence in the research, the investment of time, skill, and effort will be lost.1.2 Using Marketing Research InformationConducting research about customer expectations is only the first part of understanding the customer, even if the research is appropriately designed, executed, and presented. A service firm must also use the research findings in a meaningfulway–to drive change or improvement in the way service is delivered. The misuse(or even nonuse)of research data can lead to a large gap in understanding customer expectations. When managers do not read research reports because they are too busy dealing with the day-to-day challenges of the business, companies fail to use the resources available to them. And when customers participate in marketing research studies but never see changes in the way the company does business, they fell frustrated and annoyed with the company. Understanding how to make the best use of research – to apply what has been learned to the business – is a key way to close the gap between customer expectations and management perceptions of customer expectations. Managers must learn to turn research information and insights into action, to recognize that the purpose of research is to drive improvement and customer satisfaction.The research plan should specify the mechanism by which customer data will be used. The research should be actionable: timely, specific, and credible. It can also have a mechanism that allows a company to respond to dissatisfied customers immediately.1.3Upward CommunicationIn some service firms, especially small and localized firms, owners or managers may be in constant contact with customers, thereby gaining firsthand knowledge of customer expectations and perceptions. But in large service organizations, managers do not always get the opportunity to experience firsthand what their customers want.The larger a company is, the more difficult it will be for managers to interact directly with the customer and the less firsthand information they will have about customer expectations. Even when they read and digest research reports, managers can lose the reality of the customer if they never get the opportunity to experience the actual service. A theoretical view of how things are supposed to work cannot provide the richness of the service encounter. To truly understand customer needs, management benefits form hands-on knowledge of what really happens in stores, on customer service telephone lines, in service queues, and in face-to-face service encounters. If gap 1 is to be closed managers in large firms need some form of customer contact.2Building Customer Relationships2.1Relationship MarketingRelationship marketing essentially represents a paradigm shift within marketing –away from an acquisitions/transaction focus toward a retention/relationship focus.Relationship marketing (or relationship management) is a philosophy of doing business, a strategic orientation, that focus on keeping and improving relationships with current customers rather than on acquiring new customers. This philosophy assumes that many consumers and business customers prefer to have an ongoing relationship with one organization than to switch continually among providers in their search for value. Building on this assumption and the fact that it is usually much cheaper to keep a current customer than to attract a new one, successful marketers are working on effective strategies for retaining customers.It has been suggested that firms frequently focus on attracting customer (the “first act”) but then pay little attention to what they should do to keep them (the “second act”). Ideas expressed in an interview with James L. Schorr, then executive vice president of marketing at Holiday Inns, illustrate this point. In the interview he stated that he was famous at Holiday Inns for what is called the “bucket theory of marketing.” By this he meant that marketing can be thought of as a big bucket: It is what sales, advertising, and promotion programs do that pours business into the top of the bucket. As long as these programs are effective, the bucket stays full. However, “There’s only one problem,”he said, “there’s a hole in the bucket,”When the business is running well and the hotel is delivering on its promises, the hole is small and few customers are leaving. When the operation is weak and customers are not satisfied with what they get, however, people start falling out of the bucket through the holes faster than they can be poured in through the top.The bucket theory illustrates why a relationship strategy that focuses on plugging the holes in the bucket makes so much sense. Historically, marketers have been more concerned with acquisition of customers, so a shift to a relationship strategy often represents changes in mind set, organizational culture, and employee reward systems. For example, the sales incentive systems in many organizations are set up to reward bringing in new customers. There are often fewer(or not) rewards for retaining current accounts. Thus, even when people see the logic of customer retention, the existing organizational systems may not support its implementation.Relationship value of a concept or calculation that looks at customers from the point of view of their lifetime revenue and/or profitability contributions to a company.The lifetime or relationship value of a customer is influenced by the length of an average “lifetime,” the average revenues generated per relevant time period over the lifetime, sales of additional products and services over time, referrals generated by the customer over time, and costs associated with serving the customer. Lifetime value sometimes refers to lifetime revenue stream only; but most often when costs are considered, lifetime value truly means “lifetime profitability.”If companies knew how much it really costs to lose a customer, they would be able to accurately evaluate investments designed to retain customer. One way of documenting the dollar value of loyal customers is to estimate the increased value or profits that accrue for each additional customer who remains loyal to the company rather than defecting to the competition. This is what Bain & Co. has done for a number of industries, The percentage of increase in total firm profits when the retention or loyalty rate rises by 5 percentage points. The increases are dramatic, ranging from 35 to 95 percent. These increases were calculated by comparing the net present values of the profit streams for the average customer life at current retention rates with the net present values of the profit streams for the average customer life at 5 percent higher retention rates.With sophisticated accounting systems to document actual costs and revenue streams over time, a firm can be quite precise in documenting the dollar value and costs of retaining customers. These systems attempt to estimate the dollar value of all the benefits and costs associated with a loyal customer, not just the long-term revenue stream. The value of word-of-mouth advertising, employee retention, and declining account maintenance costs can also enter into the calculation.The emphasis on estimating the relationship value of customers has increased substantially in the past decade. Part of this emphasis has resulted from an increased appreciation of the economic benefits that firms accrue with the retention of loyal customer. (Our Strategy Insight for this chapter describes ways that firms explicitly demonstrate this appreciation to customer.) Interestingly, recent research suggests that customer retention has a large impact on firm value and that relationship value calculations can also provide a useful proxy for assessing the value of a firm. That is, a firm’s market value can be roughly determined by carefully calculating customer lifetime value. The approach is straightforward: Estimate the relationship value of a customer, forecast the future growth of the number of customers, and use these figures to determine the value of a company’s current and future base. To the extent that the customer base forms a large part of a company’s overall value, such a calculation can provide an estimate of a firm’s value —a particularly useful figure for young, high-growth firms for which traditional financial methods(e.g., discounted cash flow) do not work well.2.2Customer Profitability SegmentsCompanies may want to treat all customers with excellent service, but they generally find that customers differ in their relationship value and that it may be neither practical nor profitable to meet (and certainly not to exceed) all customers’expectations. Federal Express Corporation, for example, has categorized its customers internally as the good, the bad, and the ugly ––based on their profitability. Ratherthan treating all its customers the same, the company pays particular attention to enhancing their relationship with the good, tries to move the bad to the good, and discourages the ugly. Other companies also try to identify segments —or, more appropriately, tiers of customers — that differ in current and/or future profitability to a firm. This approach goes beyond usage or volume segmentation because it tracks costs and revenues for segments of customers, thereby capturing their financial worth to companies. After identifying profitability bands, the firm offers service and service levels in line with the identifying segments. Building a high-loyalty customer base of the right customers increases profits.Although some people may view the FedEx grouping of customers into “the good, the bad, and the ugly” as negative, descriptive labels of the tiers can be very useful internally. Labels are especially valuable if they help the company keep track of which customers are profitable.Virtually all firms are aware at some level that their customers differ in profitability, in particular, that a minority of their customers accounts for the highest proportion of sales or profit. This finding has often been called the “80/20 rule”— 20 percent of customers produce 80 percent of sales or profit.In this version of tiering, 20 percent of the customers constitute the top tier, those who can be identified as the most profitable in the company. The rest are indistinguishable from each other but differ from the top tier in profitability. Most companies realize that there are differences among customers within this tier but do not possess the data or capabilities to analyze the distinctions. The 80/20 two-tier scheme assumes that consumers within the two tiers are similar, just as conventional market segmentation schemes typically assume that consumers within segments are similar.However, more than two tiers are likely and can be used if the company has sufficient data to analyze customer tiers more precisely. Different systems and labels can be helpful. One useful four-tier system, includes the following:1.The platinum tier describes the company’s most profitable customer, typicallythose who are heavy users of the product, are not overly price sensitive, are willing to invest in and try new offerings, and are committed customers of the firm.2.The gold tier differs from the platinum tier in that profitability levels are not ashigh, perhaps because the customers want price discounts that limit margins or are not as loyal. The may be heavy users who minimize risk by working with multiple vendors rather than just the focal company.3.The iron tier contains essential customers who provide the volume needed toutilize the firm’s capacity, but their spending levels, loyalty, and profitability are not substantial enough for special treatment.4.The lead tier consists of customers who are costing the company money. Theydemand more attention than they are due given their spending and profitability and are sometimes problem customers —complaining about the firm to others and tying up the firm’s resources.Not that this classification is superficially reminiscent of, but very different from, traditional usage segmentation performed by airlines such as American Airlines. Two differences are obvious. First, in the customer pyramid profitability rather than usage defines all levels. Second, the lower levels actually articulate classes of customers who require a different sort of attention. The firm must work either to change the customers’ behavior — to make them more profitable through increases in revenue —or to change the firm’s cost structure to make them more profitable through decreases in costs.Examples of effective use of the customer pyramid approach exist in a number of business contexts. Financial services firms are leading the way, perhaps because of the vast amounts of data already housed in those firms. In 1994 Bank One realized that all financial institutions had grossly overcharged their best customers to subsidize others who were not paying their way. Determined to grow its top-profit customers, who were vulnerable because they were being underserved, Bank One implemented a set of measures to focus resources on their most productive use. Next it identified the profit drivers in this top segment and thereby stabilized its relationships with key customers.Once a system has been established for categorizing customers, the multiple levels can be identified, motivated, served, and expected to deliver differential levels of profit. Companies improve their opportunities for profit when they increase shares of purchases by customers who either have the greatest need for the services or show the greatest loyalty to a single provider. By strengthening relationships with the loyal customers, increasing sales with existing customers, and increasing the profitability on each sale opportunity, companies thereby increase the potential of each customer.Whereas profitability tiers make sense from the company’s point of view, customers are not always understanding, nor do they appreciate being categorized into a less desirable segment. For example, at home companies the top clients have their own individual account representative whom they can contact personally. The next tier of clients may be handled by representatives who each have 100 clients. Meanwhile, most clients are served by an 800 number, an automated voice response system, or referral to a website. Customers are aware of this unequal treatment, and many resist and resent it. It makes perfect sense from a business perspective, but customers are often disappointed in the level of service they receive and give firms poor marks for quality as a result.Therefore, it is increasingly important that firms communicate with customers so they understand the level of service they can expect and what they would need to do or pay to receive faster or more personalized service. The most significant issues result when customers do not understand, believe they have been singled out for poor service, or feel that the system is unfair. Although many customers refuse to pay for quality service, they react negatively if they believe it has been taken away from themunfairly.The ability to segment customers narrowly based on profitability implications also raises questions of privacy for customers. In order to know who is profitable and who is not, companies must collect large amounts of individualized behavioral and personal data on consumers. Many consumers today resent what they perceive as an intrusion into their lives in this way, especially when it results in differential treatment that they perceive is unfair.Prudent business managers are well aware that past customer purchase behavior, although useful in making predictions, can be misleading. What a customer spends today, or has spend in the past, may not necessarily be reflective of what he or she will do(or be worth) in the future. Banks serving college students know this well — a typical college student generally has minimal financial services needs ( i.e., a checking account) and tends to not have a high level of deposits. However, within a few years that student may embark on a professional career, start a family, and/or purchase a house, and thus require several financial services and become a potentially very profitable customer to the bank. Generally speaking, a firm would like to keep its consistent big spenders and lose the erratic small spenders. But all too often a firm also has two other groups they must consider: erratic big spenders and consistent small spenders. So, in some situations where consistent cash flow is a concern, it may be helpful to a firm to have a portfolio of customers that includes steady customers, even if they have a history of being less profitable. Some service providers have actually been quite successful in targeting customers who were previously considered to be unworthy of another firm’s marketing efforts. Paychex, a payroll processing company, became very successful in serving small business that the major companies in this industry did not think were large enough to profitably serve. Similarly, Progressive Insurance became very successful in selling automobile insurance to undesirable customers — young drivers and those with poor driving records — that most of the competition did not feel had a sufficient relationship value. Firms, therefore, need to be cautious in blindly applying customer value calculations without thinking carefully about the implications.2.3Relationship ChallengesGiven the many benefits of long-term customer relationships, it would seem that a company would not want to refuse or terminate a relationship with any customer. Yet, situations arise in which either the firm, the customer, or both want to end (or have to end) their relationship.The assumption that all customers are good customers is very compatible with the belief that “the customer is always right,” an almost sacrosanct tenet of business. Yet any service worker can tell you that this statement is not always true, and in some cases it may be preferable for the firm and the customer to not continue their relationship.A company cannot target its services to all customers; some segments will bemore appropriate than others. It would not be beneficial to either the company or the customer for a company to establish a relationship with a customer whose needs the company cannot meet. For example, a school offering a lock-step, daytime MBA program would not encourage full-time working people to apply for its program, nor would a law firm specializing in government issues establish a relationship with individuals seeking advice on trusts and estates. There examples seem obvious. Yet firms frequently do give in to the temptation to make a sale by agreeing to serve a customer who would be better served by someone else.Similarly, it would not be wise to forge relationships simultaneously with incompatible market segments. In many service businesses(such as restaurants, hotels, tour package operators, entertainment, and education), customers experience the service t ogether and can influence each other’s perceptions about value received. Thus, to maximize service to core segment, an organization may choose to turn away marginally profitable segments that would be incompatible. For example, a conference hotel may find that mixing executives in town for a serious educational program with students in town for a regional track meet may not be wise. If the executive group is a key long-term customer, the hotel may choose to pass up the sports group in the interest of retaining the executives.3 Service Recovery3.1 The Impact Of Service Failure And RecoveryService recovery refers to the actions taken by an organization in response to a service. Failures occur for all kinds of reasons —the service may be unavailable when promised, it may be delivered late or too slowly, the outcome may be incorrect or poorly executed, or employees may be rude or uncaring. All these types of failures bring about negative feelings and responses from customers. Left unfixed, they can result in customers leaving, telling other customers about their negative experiences, and even challenging the organization through consumer rights organizations or legal channels.Research has shown that resolving customer problems effectively has a strong impact on customer satisfaction, loyalty, word-of-mouth communication, and bottom-line performance. That is, customers who experience service failures but who are ultimately satisfied based on recovery efforts by the firm, will be more loyal than those whose problems are not resolved. That loyalty translates into profitability, Customers who complain and have their problems resolved quickly are much more likely to repurchase than are those whose complaints are not resolved. Those who never complain are least likely to repurchase.Similar results were reported in a study 720 HMO members in which researchers found that those who were not satisfied with service recovery were much more likelyto switch to a different health care provider than were those who happy with how their problems were addressed. The study also found that satisfaction with service recovery was the second most important factor out of 11 service attributes in predicting overall customer satisfaction. The most important, not surprisingly, was perceived medical outcome.An effective service recovery strategy has multiple potential impacts. It can increase customer satisfaction and loyalty and generate positive word-of-mouth communication. A well-designed, well-documented service recovery strategy also provides information that can be used to improve service as part of a continuous improvement effort. By making adjustments to service processes, systems, and outcomes based on previous service recovery experiences, companies increase the likelihood of “doing it right the right the first time.”In turn, this reduces costs of failures and increases initial customer satisfaction.Unfortunately, many firms do not employ effective strategies. A recent study suggests that 50 percent of customer who experienced a serious problem received no response from the firm. There are tremendous downsides to having no service recovery strategies. Poor recovery following a bad service experience a service failure, they talk about it to others no matter what the outcome. That recent study also found that customers who were satisfied with a firm’s recovery efforts3.2How Customer Respond To Service FailuresSome customers are more likely to complain than others for a variety of reasons. These consumers believe that positive consequences may occur and that there are social benefits of complaining, and their personal norms support their complaining behavior. They believe they should and will be provided compensation for the service failure in some form. They believe that fair treatment and good service are their due, and that in cases of service failure, someone should make good. In some cases they feel a social obligation to complain —to help others avoid similar situations or to punish the service provider. A very small number of consumers have “complaining”personalities — they just like to complain or cause trouble.Consumers who are unlikely to take any action hold the opposite beliefs. They often see complaining as a waste of their time and effort. They do not believe anything positive will occur for them or others based on their actions. Sometimes they do not know how to complain —they do not understand the process or may not realize that avenues are open to them to voice their complaints. In some cases noncomplainers may engage in “emotion-focused coping” to deal with their negative experiences. This type of coping involves self-blame, denial, and possibly seeking social support. They may feel that the failure was somehow their fault and that they do not deserve redress.Personal relevance of the failure can also influence whether people complain. If the service failure is really important, if the failure has critical consequences for theconsumer, or if the consumer has much ego involvement in the service experience, then he or she is the more likely to complain. Consumers are more likely to complain about services that are expensive, high risk, and ego involving (like vacation packages, airline travel, and medical services) than they are about less expensive, frequently purchased services (fast-food drive-through service, a cab ride, a call to a customer service help line). There latter services are simply not important enough to warrant the time to complain. Unfortunately, even though the experience may not be important to the consumer at the moment, a dissatisfying encounter can still drive him or her to a competitor next time the service is needed.If customers initiate actions following service failure, the action can be of various types. A dissatisfied customer can choose to complain on the spot to the service provider, giving the company the opportunity to respond immediately. This reaction is often the best-case scenario for the company because it has a second chance right at that moment to satisfy the customer, keep his or her business in the future, and potentially avoid any negative word of mouth. Customers who do not complain immediately may choose to complain later to the provider by phone, in writing, or via the Internet. Again, the company has a chance to recover. Researchers refer to these proactive types of complaining behavior as voice responses or seeking redress.Some customers choose not to complain directly to the provider but rather spread negative word of mouth about the company to friends, relatives, and coworkers. This negative word-of-mouth communication can be extremely detrimental because it can reinforce the customer’s feelings of negativism and spread that negative impression to others as well. Further, the company has no chance to recover unless the negative word of mouth is accompanied by a complaint directly to the company. In recent years, customers have taken to complaining via the Internet. A variety of websites, including web-based consumer opinion platforms, have been created to facilitate customer complaints and, in doing so, have provided customers with the possibility of spreading negative word-of-mouth communication to a much broader audience. Some customers become so dissatisfied with a product or service failure that they construct websites targeting the firm’s current and prospective customers. On these sites, angry customers convey their grievances against the firm in ways designed to convince other consumers of the firm’s incompetence an evil.Finally, customers may choose to complain to third parties such as the Better Business Bureau, to consumer affairs arms of the government, to a licensing authority, to a professional association, or potentially to a private attorney. No matter the action (or inaction), ultimately the customers determine whether to patronize the service provider again or to switch to another provider.3.3Customers’ Recovery ExpectationsWhen they take the time and effort to complain, customers generally have high expectations. They expect the firm to be accountable. They expect to be helped。
工商管理外文文献及翻译
工商管理外文文献及翻译The Contractor's Role in Building Cost Reduction AfterDesignAuthor：Waddle,T odd W.Nationality：UKDerivation：Cost Engineering; Feb2008, Vol. 50 Issue 2, p14-21It has become evident from recent news articles that inflationary pressures and increased construction activity are causing many building projects to come in well over owner's budgets. This trend has increased dramatically over the past few years, as much of the construction industry has been impacted by an unprecedented increase in the cost of construction. The historical rate of increase in construction cost has been under five percent per year, as reported by the Engineering News Record. Over the last few years, the industry has seen a significant increase from historical escalation rates, up to 10-15 percent per year in many regions of the US. These increases have been caused by a variety of factors, including the following.Shortage of steel resulting from rapid growth in China.Demand for materials in the US resulting from increased hur ricane damage. ? Rising oil prices leading to higher manufacturing and transportation cost. ? Rising labor cost because of increased construction activity .To be successful in having over budget projects awarded, the building contractor has had to take a proactive role in working with owners and design teams to reduce project cost to amounts that owners are able to award. This cost reduction is normally accomplished through the following methods.value engineering;scope reduction;Value EngineeringValue engineering (VE) has been defined as a systematic method to improve the value of goods and services by using an examination of function. Value, as defined, is the ratio of function to cost. Value can therefore be increased by either improving the function or reducing the cost.It is a primary tenet of value engineering that quality not be reduced as a consequence of pursuing value improvements . VE is a process originating at General Electric Company (GE) during World War II. Because of shortages of skilled labor, raw materials, and component parts, engineers at GElooked for acceptable alternates and often found substitutions that resulted in reduced costs and/or product improvement.GE developed a systematic process that they called value analysis. Over the years the name gradually changed to VE. The basic steps of VE include the following：Information gathering: project requirements defined, function analysis.Alternates: various ways of meeting the requirements and functions.Evaluation: asses sment of alternates on how well they meet requirements and costs savings.Presentation: selection of best alternatives to be presented to client for decisions.True VE evaluates life cycle costs such as initial cost, maintenance cost, operational cost, life span, time value of money, replacement cost, and frequency of replacement. VE canbe undertaken at any stage of the building design process; however, it is most effective in the early stages, since it is less costly to make changes to preliminary documents .Scope ReductionScope reduction involves identifying areas of the project scope of work that can be reduced in quality, quantity, or both in a manner that is acceptable to the owner.Scope reduction items of work often consist of material or equipment substitutions that lower the cost of the project, but may not be an equal substitute. An example of quantity scope reduction would be to reduce the guttering system on a pitched roof from the entire roof perimeter to entrances only. A quality scope reduction example would be to provide vinyl composition floor tiles (VCT) in lieu of ceramic floor tiles.After a project has been determined to be out of budget because of high bids, the project is normally either cancelled, redesigned and re-bid, or negotiations are held with the low bidder to reach an acceptable contract amount. For the building contractor that is selected for negotiations, this is an opportunity to move toward project award and to also build a relationship of trust and openness with the owner and design team that could lead to future projects.First, the building contractor should meet with the owner and design team to fully understand the owners project requirements, priorities, life cycle considerations, and budget.Next, the building contractor's role is to use his estimating and construction expertise to analyze various components and systems within the project for alternate solutions. The contractor should also bring in key subcontractors and suppliers who are often able to identify alternate materials and/or systems withintheir specialties. Each division of work should be examined and evaluated for VE solutions. In past years, this process and service was considered part of the building contractors overhead. However, in today's market, some contractors will negotiate rates and be reimbursed for the time and effort that they spend in this process in the event that theproject is not awarded to them.The work breakdown structure (WBS) can be a helpful tool to the building contractor in analyzing the various components and systems within a building project. The WBS is a tree-type structure of functional systems used to classify the project on a level-by-level basis . This breakdown structure facilitates the evaluation of each system of the project from the building foundations to the completed sitework.Questions to Ask or Areas and/to Consider by WBSThis section provides a list of areas for the building contractor to examine and/or questions to ask in the WBS system level format for cost saving alternatives. Some of these changes can be accomplishedwithout major re-design cost and incorporated into the construction documents in the form of an addendum. Other changes listed would require extensive re-design and time delays.SUBSTRUCTURE—Have alternate types of foundation system been considered?wood piles in lieu of precast;drilled caissons vs. piles;mat foundations in place of piles or caissons.—Evaluate sand base in place of gravel or stone under slab on grade. SUPERSTRUCTURE—Have alternate types of building structures been evaluated?structural steel, precast concrete, cast in place concrete, light gauge steel framing or wood framing systems.—Compare Alternate Stair Systems.steel pan stairs vs. precast concrete or cast in place concrete.EXTERIOR CLOSURE—Evaluate exterior wall systems.Light gauge metal framing in lieu of reinforced concrete masonry units.Can wall widths or gauges be reduced?—Compare sheathing systems.Fiber sheathings in place of cement boards.—Review alternate wall insulation systems.Batt insulations, rigid insulation materials, loose fill block insulation.—Consider alternate exterior wall veneers.Conventional stucco versus exterior insulation finish system.Brick or precast in lieu of stone.—Evaluate alternate glazing systems.Can exterior glazed areas be reduced?Storefronts in lieu of curtainwalls if code allows.Painted aluminum in lieu of stainless steel or brass framing.—Review exterior entrances.Manual entrance doors in place of automatic entrances.Automatic entrances in lieu of revolving doors.Cedar entrance doors rather than mahogany.—Examine exterior railing systems.aluminum or cable systems in lieu of glass;standard designs in place of custom elements;ROOFING—Evaluate the specified roofing with alternative materials.Combined metal decking/insulation systems in lieu of separate systems.Interior batt insulation in place of rigid roof insulation.Built-up roofing vs. single ply membranes.Fib erglass or concrete tiles in lieu of clay tiles.Painted metals in place of copper.Can the specified gauge of metal roofing be lowered?Eliminate or reduce the guttering system?Can skylights be reduced or styles changed?Are standard warranties specified?INTERIOR CONSTRUCTION—Examine interior wall systems.Can light gauge metal-framed walls be used in lieu of concrete masonry units?Can wall thicknesses or gauges be reduced?Are drywall systems being used in lieu of plaster? Examine inte rior doors and hardware.Are the specified doors standard sizes or custom?Have alternate wood door species been considered?Have alternate hardware styles or manufacturers been compared?Can manual doors be used in lieu of automatic?Are the doo rs pre-machined for hardware installation?Compare pre-finishing doors with finishing on-site.—Review interior specialties.Have alternate types of toilet partitions been considered?Prefinished metals vs. plastic laminates.Can vinyl corner guard s be used rather than metal?Metal lockers vs. wood.Have special partitions been evaluated?Plastic veneers in lieu of wood.Can the sound rating be reduced?Defer installation?Has the access flooring system been evaluated?Standard floor f inishes rather than custom?INTERIOR FINISHES—Evaluate interior wall finishes.Painted wall finishes in lieu of wallcovering.Epoxy coatings in place of tile finishes.FRP instead of stainless steel.Are textured drywall systems being used rather than plaster?—Examine interior floor finishes.Resilient flooring vs. ceramic or wood.Ceramic flooring in lieu of stone.Tile or stone in place of terrazzo.Alternate carpet manufacturers.—Review alternate ceiling finishes.Standard ceiling vs. custom.Fiber ceiling vs. metal.CONVEYING SYSTEMS—Review specified elevators and escalators.Have alternate manufacturers been considered?Are standard interior elevator cab finishes specified or custom?Can glass walls be eliminated?Are sta ndard warranties specified?SITE PREPARATIONHas a site work analysis been performed to balance cuts and fills.SITE IMPROVEMENTSCan paved areas be reduced or more economical paving materials used?? Has resurfacing existing parking areas been conside red rather than new parking construction?Have alternate types of enclosure walls been considered?Have landscaping alternatives or substitutions been considered?Seeding in place of sodding.Reduce or change tree and plant materials.Use existin g trees and other existing landscaping.SITE CIVIL/MECHANICAL UTILITIESHave alternate utility piping materials been evaluated?Can existing site utilities be abandoned rather than removed?SITE ELECTRICAL UTILITIESHave alternate exterior lighting p ackages been compared?Have alternate utility piping materials been evaluated?CONTRACTOR OVERHEAD AND PROFITCan phasing be reduced to shorten the project duration?Can the start of the project be timed to avoid cost impact of winter conditions?F or high-rise projects; have crane and hoisting options been compared? ? Can the Owner include the Builders Risk policy?.Breaking down and analyzing the components of a building project through the work breakdown structure can aid in reduction summaries also reveal that the mechanical, electrical and plumbing(MEP) systems typically offer the greatest opportunity for cost savings due to their total significance to a project. The MEP systems normally make up between 30 to 50 percent of a building project's cost.The owners of the illustrated projects accepted cost reducing changes ranging from 6 to 14 percent of the original low bids. These reductions allowed themto meet their particular budgets and have their projects constructed by incorporating the changes into addendums. Some projects may be so far over budget that substantial structural and/or building redesigns are unavoidable. However, building contractors can play a major role in bringing projects into budget—using their past experience along with their subcontractor and supplier networks to develop cost reduction alternatives that may not have been previously considered by owners and/or design teams.设计阶段后承包商在降低施工成本方面所扮演的角色作者：Waddle,Todd W.国籍：英国出处：营销的智慧与计划2008.11.05，第14-21页从最近的新闻报道中可以明显的看出，通货膨胀的压力和建筑产业的不断发展使很多工程项目超出了业主的预算。
工商管理外文参考文献翻译
工商管理外文参考文献翻译外文参考文献翻译题目: 城市之星客户服务管理浅析学院: 经济管理学院专业:工商管理班级: 0601学号: 200607080130学生姓名: 雷月茜导师姓名: 胡琳完成日期: 2010年04月23日一、外文参考文献原文All too often, marketers of homogenous products fail to identifytheir competitive advantage, resulting in dismal results. Similarly, SME participants find it difficult to identify such competitive advantages. Fortunately, the Franchise Model facilitates the notion of ‘ being in business for yourself, but not on your own’. The reason for this caseis to facilitatecompetitive advantage within a Home Entertainment SME Franchise environment, enabling participants to successfully compete with thecorporate environment. The outcome is to identify and implement Service Profit Chain (Heskett et al, 1997) initiatives, linking customer service to long term profitability and growth.The home video industry is a product of technology. Prior to the introduction of the home VCR in 1976, there was no way to watch movies at home, except as shown on broadcast television, and no one had thought of a retail store where movies could be rented for the night. In the course of the past quarter-century, those VCR's and those video rental stores became the foundation for a US$ 17 billion industry.This study researches the Home Entertainment Video Rental industry, consisting predominantly of SME home entertainment outlets. The particular analysis is in a leading South African Franchise system, consisting of family owned ‘Franchisees’.The service profit chain will centre on analysis from the 'gurus' on the topic, specific reference to " The Service Profit Chain- how Leading Companies Link Profit and Growth to Loyalty, Satisfaction, and Value, as depicted by Heskett. J, Sasser. W, Schlesinger. L, (1997). Concepts, models and frameworks will also be researched from leading customer service oriented organizations, including Southwest Airlines, Xerox, Wal-mart, Taco Bell, Au Bon Pain Restaurants, British Airways, and other relevant leaders in their respective fields.The service profit chainwill be analysed from the above sources, whereby customer satisfaction, customer loyalty and customer value are linked to the long term profitability and growth of Blockbusters Video.CRM systems have become the rule for customer service centers. Now managers are taking the next step; to arm their agents with a knowledge base that can deliver fast, accurate answers. They are reaping the benefits of integrating a true knowledge management system with CRM - such as decreasing escalation rates, shorter call times and increased first call resolution.Customer relationship management (CRM) solutions have been widely accepted by1global enterprises seeking to improve customer satisfaction and retention. But it takes more than just technology to maintain customer relationships. It takes improved business processes and a method for providing customers with the information that they demand in anefficient and effective manner. This is where knowledge management (KM) comes in to play in the customer interaction center.Today, industry experts recommend customer service and support knowledge bases as a critical component of successful CRM. According to Tim Hickernell, senior analyst with the META Group, "Service strategies that include knowledge bases, accessible to both agents and customers across all deployed points of interaction, can optimize cost of service and increase customer satisfaction by providing a more consistent customer experience." META concludes that by 2004, companies seeking customer service superiority will add cross-channel knowledge bases and escalation capabilities .Knowledge management is often an enterprisewide initiative...a discipline that encompasses managing and sharing knowledge across all departments within an organization. However, quite often organizations choose to kick-off KM on a departmental basis. With customersatisfaction as a mission-critical driver for all businesses, especially today when repeat business from existing customers can make or break a company, many companies are choosing to invest in knowledge managementfor their customer contact centers. Other common implementations occur within IT help desks, human resources departments and sales organizations. It's important to remember that organizations must tailor KM processes and tools to the specific needs and goals of each department.Today, knowledge management is not just for agents accessing a knowledge base. Allowing customer access to self-service knowledge bases is a must. The bonus of Web self-service (also referred to as e-service or online self-help) is that customers are happier with your company if they can quickly and easily find answers without having to contact the call center, and companies can reduce operating expenses by deflecting queries to the Web.It's not enough, however, to put the information on the Web and ask your customer to go find it. You need to make the information timely, accurate, easy to find and in the format that most customers want. By knowledge-enabling your online customer service, you empower customersto find answers quickly through dynamic FAQs or knowledge search engines.Both FAQs and search engines must generate dynamic responses in order to be useful, meaning that they must learn and adapt from usage. This type of technology is referred to as a self-learning2search engine. To be considered a true self-learning search, the system must learn from previous experiences had by customers withsimilar issues. It must be self-organizing, in that it is always moving the most relevant information to the top of the search results. It also must be tied into a reporting system that monitors knowledge usage - which items in the knowledge base are being used most frequently and which are not being accessed.At its simplest, customer service is being influenced andrevitalized by information technology. Regardless of how one visualizes customer service, either from a logistics or marketing perspective, information technology now assumes an important role in customer service. Information technology is a powerful tool or enabler in the arena of customer service. Information technology is essentially in the processof migration, from the support function to the front-line functions where the customer is served, as indeed is customer service itself.In particular, the degree of marketing orientation and itsrelationship to both customer service and information technologyrequires further quantitative measurement. A greater understanding would facilitate marketing managers in identifying other areas in which information technology may be of use.One of the most remarkable features of the debate on workplaceskills over the last few years has been the increasing emphasis placedon soft skills and attitudes. In part this is because work itself is changing. The rise of the service sector has meant that increasing numbers of people in employment are (at least in part) delivering a service and are themselves part of the process being sold. This is perhaps most dramatically apparent where the ‘service’ is itself entertainment. In Disneyworld staff are expected to be physically attractive, friendly, helpful, smiling and able to follow scripted exchanges (Van Maanen, 1991). But these dramatic elements and the emphasis on aesthetic and emotional ‘skills’ are not restricted to the entertainment industry, rather they are increasingly accepted as a‘normal’ aspect of servicework (Hancock and Tyler, 2000). So staff in restaurants, bars and hotels are hired on (and groomed in) aspects of their looks (Nickson et al., 2001); flight attendants are monitored onlooks, weight and consistent helpfulness (Hochschild, 1983); andcall centre workers are expected to infuse their voice with appropriate emotions (Callaghan and Thompson, 2002; Wray-Bliss, 2001; Taylor andT yler, 2000). Even official reviews of the state of the nation’s skills emphasis personal qualities and attributes (Skills Task Force). Work, it seems, is increasingly about appearing, being andfeeling as well as doing.The picture presented in these organisations is not one of opening the public sector to3market forces or responsiveness to customers but of confusion. Here additional levels of monitoring and new performance measures are introduced and customer service was emphasised often over areas where those serving have little control. As might be predicted, the implications for employee skills are also mixed. At one level training, at least in areas relevant to customer service, is increasing at others technical skills still needed to complete the work are not being reproduced and it is difficult to see, rhetorical or structurally, many incentives for them to be developed in the future.Most chief executives say that customer satisfaction is a number-one priority for their companies. Given a little background information on what has really transpired in their companies, however, many will admit that pressures for short-term results create thinking processes and decisions that often negatively impacts customer service. Management needs to carefully and critically assess how their companies have performed at developing and implementing a customer-focused service strategy.Too many companies limp along with less than top-notch customer service.Well-intentioned goals to achieve and sustain a high level of customer service often exist. Yet, customer service is often one ofthose perpetual problems in the process of being solved, but without measurable results. Executive management is often very frustrated with the seeming inability to solve the customer service competitive dilemma once and for all.Customer service is a competitive weapon that can easilydifferentiate one supplier from another. A lot of talk today is centered on quality, new processes and systems, continuous improvement and the like, b ut it must be aimed at customer satisfaction or it isn’t worth muchover the longer term. The same old way of doing business is just not good enough; the complex job of redefining and implementing new processes, policies, systems and measurement are mandatory to solidify your company’s future.In most industries, customers have become more sophisticated and demanding of their supply chains. Suppliers that offer the most in customer-defined quality products, pricing and quickorder turnaroundwill outperform their competitors and easily gain more marketshare in the future as customers clamor for more. For management, a high level of customer service must become a measurable result.The discipline to adhere to a good customer service and operational strategy can create substantial rewards. A notable example of effective strategy and disciplined adherence is Dell Computer. Dell provides its customers with a quality product, flexible product configurations,4quick response and a reasonable price. The marketplace responded by buying more and more product from Dell and its stock went up 10.000 percent over the past five years.World class companies have taken more market share by providing notably better customer service. Executives know that to stand out in a crowded field of competitors, customer service is a very critical component in achieving and maintaining a high level of customer satisfaction. When pressures move the organization to meet only performance goals and measurements such as overhead absorption, shipping dollar targets, labor efficiency, purchase price variance and the like, however, customer service often takes a back seat to these other concerns. The result can be a plunge in customer satisfaction and ultimately, if allowed to continue, an erosion in market share.Finally, and in broad terms, the evolution and revolution of customer service will continue and therefore deserves further investigation. Specifically, empirical research should aim tocrystallize the transitional process and variables necessary for an organization to broaden its definition and understanding of customer transaction service to customer relationship service. This should assist marketing academics and managers face the competitive challenges of a new century.二、外文参考文献翻译很多时候，营销的同质产品不能确定自己的竞争优势，在令人沮丧的结果产生。
工商治理专业外文文献翻译
Project Budget Monitor and ControlAuthor：Yin Guo-liNationality：AmericanDerivation： Management Science and Engineering. Montreal: Mar 20, 2020.With the marketing competitiveness growing, it is more and more critical in budget control of each project. This paper discusses that in the construction phase, how can a project manager be successful in budget control. There are many methods discussed in this paper, it reveals that to be successful, the project manager must concern all this methods.1. INTRODUCTIONThe survey shows that most projects encounter cost over-runs (Williams Ackermann, Eden, 2002,pl92). According to Wright (1997)'s research, a good rule of thumb is to add a minimum of 50% to the first estimate of the budget (Gardiner and Stewart, 1998, p251). It indicates that project is very complex and full of challenge. Many unexpected issues will lead the project cost over-runs. Therefore, many technologies and methods are developed for successful monitoring and control to lead the project to success. In this article, we will discuss in the construction phase, how can a project manager to be successful budget control.2. THE CONCEPT AND THE PURPOSE OF PROJECT CONTROL AND MONITORErel and Raz (2000) state that the project control cycle consists of measuring the status of the project, comparing to the plan, analysis of the deviations, and implementing any appropriate corrective actions. When a project reach the construction phase, monitor and control is critical to deliver the project success. Project monitoring exists to establish the need to take corrective action, whilst there is still time to take action. Through monitoring the activities, the project team can analyze the deviations and decide what to do and actually do it. The purpose of monitor and control is to support the implementation of corrective actions, ensure projects stay on target or get project back on target once it has gone off target。
工商管理外文翻译外文文献英文文献企业文化的变革
The Evolution of the Culture of EnterpriseAbstractAt the top echelons of contemporary business, managers are becoming concerned with the unsustainability of the way companies now operate. A transformation of basic business strategies appears more and more indicated. For such transformation to be effective, the culture of the enterprise--the goals it pursues and the vision of these goals entertained by managers and collaborators--needs to change. Consequently there is a growing questioning of the viability of the typical culture of today's enterprise, and a search for more functional and timely concepts for creating anew and more timely cultural pattern.The leading edge of the globally operating world of business is becoming keenly concerned with changes in today's social, economic, and ecologic environment. At the top echelons of management an intense search is under way for up-to-date modes of thinking and acting. It comes to the fore in the emphasis managers place on corporate strategy, corporate identity, corporate philosophy, even corporate ethics. An organizational revolution is underway, as managers seek to communicate their vision with their collaborators. The importance of communication among all branches and levels of the enterprise is becoming recognized. It is also recognized that the company can only function when people under-stand what goals management pursues, and what their own role is in the achievement of the goals.Enterprise cultureThe ongoing transformation of the enterprise culture is a positive factor in our changing and unpredictable world. It means that companies are becoming moresensitive to the changes that obtain in their environment, and more ready to respond to them. The new emphasis on management and company ethics also suggests that businesses are willing to assume the responsibility that goes with their larger role in society. Global enterprises wield unprecedented power and influence, and the transformation of their culture will be a critical factor in deciding the evolution of our interdependent socio-economic and ecologic systems–and therewith our individual and collect future.The transformation of the enterprise culture is timely: the company culture dominant for most of this century became obsolete. It focused on the workings of the enterprise without much regard for its social and ecologic environment; it operated on the premise that the business of business is business--if it comes up with good products or services, it fulfills all its obligations vis-a-vis society and nature. The self-centered methods of the traditional management philosophy no longer produce acceptable results--they are like concentrating all one's skills on flying an airplane and paying scant attention to the airspace in which one is flying. The captains of contemporary business cannot be solely concerned with the internal functioning of their aircraft: they must also set a course in reference to climatic conditions, current position and projected destination, and the traffic on the network of routes criss-crossing the globe. That traffic is diversified and complex. It includes, in addition to customers, suppliers, distributors, R&D partners, technology subcontractors, and governmental departments and ministries, and numerous other cooperative and competitive aircraft, together with the social, ecologic, and even cultural milieu of the various bases of operation.Global companies no longer resemble a giant mechanism, controlled by those on top. This is new in the history of modern business. For most of the 20th century, top management could command the company structures without being influenced by, or even much concerned with, its lower echelons. Motivation for task-fulfillment wascreated by material incentives bolstered by threats; individual creativity and initiative were dismissed as unnecessary nuisance. Power was concentrated, together with responsibility and overview; middle management had access only to the information that was immediately relevant to its tasks. Following the recipes prescribed in Frederick Taylor's "scientific management", the distribution of tasks was established at headquarters and the company's functions were divided into individual work components. Planning was based on a belief in control and predictability, effects were traced to causes, and causes were quantitatively analyzed. Company operations based on cause-effect chains were given value independent of time and place: as in a machine, it was held that the same input would always produce the same output. This was the philosophy of the leading companies of the 20th century; the model for success at General Motors and Standard Oil, and the rest of the Fortune 500 group.The economic growth-environment of the post-war period did not provide grounds to modify, or even question, this philosophy. Almost anything an enterprising manager would try had a knack of succeeding; he could even engage in personal bravado. Technological progress seemed assured, and expanding markets seemed to distribute the benefits of growth. The post-war economy welcomed all entrepreneurs; they could grow as the economy did. Long-term costs, if any, were hidden in the long term. In that regard businessmen were fond of quoting Keynes: in the long term we shall all be dead. If things get better and better, why bother to look further than one's nose? There was no need to worry whether or not there would be progress, it was enough to guess what shape it would take, and how the company could benefit from it.In the 1970s and '80s the situation had changed. The economic growth curve flattened out and optimistic extrapolations failed to come true. Social alienation and anomie rose, and technology produced unexpected side-effects: scares and catastrophes at Three Mile Island, Bhopal, and Chernobyl, the ozone hole over theAntarctic, recurrent instances of acid rain and oil spill, and worsening environmental pollution in cities and on land. Belief in progress was shaken. Intellectuals and youth groups found it necessary, and some segments of society fashionable, to espouse the view that technological advance is dangerous and should be halted. Environmental effects and social value-change began to enter as factors in the equations of corporate success, and leading managers, together with consultants and management theorists, began to reexamine their operative assumptions.By the late 1980s further changes occurred in the operating environment. Environmental concerns moved from the fringes of society into the marketplace; people proved amenable to paying higher prices for products they deemed environmentally friendly; and they were known to boycott companies that remained environmentally polluting or unresponsive. New information and communication technologies came on line, markets became integrated and internationalized, product cycles became shorter and product lines diversified, and clients and consumers demanded shorter delivery times and higher quality. Competition moved into the global arena. Under these circumstances classically run hierarchical enterprises proved unable to cope. The centralization of information and its slow one-way penetration to lower echelons produced fatal mistakes-and then terminal rigidity. The companies that survived did so by transforming themselves into team-oriented multi-level decision-making and implementation structures, often in the nick of time.In the late 1990s the diffusion of information and the growth in the intensity and number of interfaces between people, departments, and divisions have radically changed the company's operative structures. Not only information, also people emerged as the key resource of the enterprise; teamwork proved to be the best way this resource could be tapped. The boundary between the company and its economic, social, and ecologic environment turned fuzzy. Within the business sphere fusions, alliances, and partnerships became commonplace. In many cases the core activities ofthe enterprise came to be sub-contracted, and work relations with other firms became as operative as company-based organizational structures. Reliance on distributors and suppliers, and linkage to local communities and ecologies turned into standard parameters of corporate functioning.Under these circumstances, there is a dire need for new and adapted management concepts. There is no dearth of advice. Theorists speak of activity bundling and the company' capacity to sustainably capture the highest portion of the total industry value-added chain's profit margin; strategy specialists emphasize the need for management to focus on dynamic competitive positioning and customer-driven processes; technology consultants stress the importance of anticipatory R&D in both products and processes; and organizational experts insist on the need for learning within net-worked teams operating beyond established company structures. Leading managers realize that their vision of the company's functioning within its global environment, and its adaptability to changes and trends in that environment, is at least equal in importance to their ability to formulate strategy and carry out operations.Management guru Tom Peters called intellectual capital a company's greatest resource, and consultants Gary Hamel and named future vision its greatest competitive advantage, more valuable than a large bank account or a lean organization. Managers who possess intellectual capital and future vision have a sense of purpose, avoid wasting time on useless experiments and dead-ends, and elicit deep commitment from their collaborators. In today's world effective leadership calls for a sound knowledge not only of current company operations and resources, but of its ability to reach strategic, financial, and organizational objectives in the years ahead. This requires considerable acumen. Because the future, as Charles Handy pointed out, could be most anything, but is not likely to be a continuation of the past.Though the enterprise needs a new and different culture, that culture must be efficient: it must enable executives to cope with ever less predictable economic conditions; offer sufficient flexibility to use new technologies as they come on line; develop adaptability for the company to enter new fields of activity and leave old ones as the opportunities present themselves; and keep track of the growing interdependence of the company with its partners and competitors and its economic and financial environment. But the new culture must also be ethical. It must recognize the impacts of the enterprise on society and on nature, and even on the conditions that we bequeath on future generations. And it must be ready to accept responsibility for these impacts.Accepting responsibility in the sphere of society and nature is not only good common sense, it is also good business sense. There are no longer definite boundaries where where a company ends and society and nature begins. The basic enduring interests of the enterprise and its social and ecological environment coincide. What is good for society and for nature is also good for the company--hence what is ultimately good for the company must also be good for society and for nature. This coincidence of interests will not change in the future; on the contrary, it will become more pronounced. The successful managers of the future will be those that recognize this fact and act on it. They will be effective as well as ethical: leaders of responsible corporate citizens in the global socio-economic-ecological system that is already emerging worldwide.Corporate cultureCorporate culture is the glue, if you will, that holds an organization together. It incorporates an organization’s values, its norms of behavior, its policies and its procedures. The most important influence on corporate culture is the national culture of the country in which the corporation is based. That may seem obvious, but thereare other factors that also help to shape a corporation’s culture—its views of and its interactions with the “outside world.” The ownership structure of the company will go a long way in defining a corporate culture. For example, the culture of a family-owned firm is likely to be quite different from that of a publicly held company. Also, the industry that the corporation is part of will help shape its cultural values. For example, a high-tech computer software firm (a relatively young industry) is likely to have a much more informal and entrepreneurial culture than say that of an investment bank (a mature industry). And, likewise, an organization in a service industry will have a different culture than that of a manufacturing or mining company. Differences in the corporate culture of organizations in the same home culture and industry may still be profound—sometimes as profound as the differences between national cultures themselves.Corporate-culture componentsLike national culture, corporate culture has some basic components that make up the whole. While national cultural components include such things as language, religion, and humor, the components of corporate culture tend to be more utilitarian. No one single component can reveal the true internal make-up of a corporation but when they are taken as a whole, they present a clear picture of a company’s values and goals. The key corporate cultural components are:●The system of rewardsWhat type of employee behavior is appreciated and rewarded? Do risk takers move up in management ranks or does the corporation reward loyalty and long-term service instead?●Hiring decisionsThe type of individual a company hires says much about its culture. Is a company ready to grow and accept new ideas by hiring a diverse workforce or is it content tokeep hiring the same type of individual to build a homogeneous workforce?●Management structureDoes the corporation have a rigid hierarchical structure? Is it managed by an executive committee or a dominating chairman?●Risk-taking strategyWhat is the corporation’s view of risk? Does it encourage taking chances, trying new products and markets? Or is it content with well-established markets and products?●Physical settingIs the office an open plan that encourages communication and a sense of egalitarianism? Or are management offices segregated from the staff workplace? Is headquarter a monument to ownership or a functional working environment?National cultural influencesAs explained previously, Asians place a high value on concept associated with social harmony, while Westerners put greater emphasis on individuals’ rights and responsibilities. It is no surprise to find that Japanese corporations almost always place great emphasis on group harmony in their corporate cultures. They design a system that rewards conformity, hire staff that is relatively homogeneous and tend to shy away from risk-taking and the entrepreneurial spirit. By the same token, it should be no surprise that many American corporations are likely to hire an entrepreneurial type and reward risk. There is no escaping the fact that a national culture shapes corporate responsibilities, practices and traditions.A pair of studies, one regarding six Asian nations completed in 1996 by Wirthlin Worldwide, and one regarding North America conducted in 1994 by David I. Hitchcock of the center for strategic and International Studies, revealed striking differences between the most cherished values of Asian and North American businessexecutives. These studies underscore the point that national cultures do have paramount influence on the formation of corporate cultures.In Asia the top seven values listed by executives were:1.hard work2.respect for learning3.honesty4.openness to new ideas5.accountability6.self-discipline7.self-relianceThe top seven north American (United States and Canada)values were:1.freedom of expression2.personal freedom3.self-reliance4.individual rights5.hard work6.personal achievement7.thinking for one’s selfCause and effectIf you look at the traits emphasized by the business executives, you can begin to build a corporate culture—albeit a stereotype—of an Asian firm and a North American firm and to understand the differences in management technique and skills between Asian corporations and North American ones. In Asia, there is no mention of individual rights or any hint of reward for “thinking for one’s self.” Hence, the type of organizational structure that5 has emerged across Asia is one of a very hierarchical, bureaucratic corporation that values such int angibles as “respect for learning” and“honesty.” By the same token, taking the values stressed by North American executives, you would expect to find corporations that are less structured and more entrepreneurial than Japanese ones—and, in general, that is very much the case. Remember, though, that within the same home culture, you still get vast differences in corporate culture. While IBM and Compaq may be in the same country and in the same industry, their corporate cultures in many ways are different.One interesting footnote from these studies was that female Asian executives had a value profile that more closely resembled that of North American. Asian women focus more on independence and self-reliance while Asian men focus more on harmony and order. This difference may be due to the fact that women have been shut out of the “old boys’ network” and have been forced to rely more on entrepreneurial skills than Asian males to succeed.Profitable corporate cultureThe concept of corporate culture is all well and good but does the concept have any measurable impact on a corporation’s bottom line or on staff behavior? It certainly does, though the impact is difficult to quantify. Having a strong corporate culture provides a clear sense of identity for staff, clarifies behavior and expectations and usually makes decision making fairly easy because so much is already defined. People know where they stand and what is expected of them. However, a strong corporate culture also has a downside. Any corporation that has an entrenched culture will find change difficult. The inabilities to be flexible, to act quickly and to change rapidly are all competitive disadvantages in the global market economy. A weak corporate culture will simply have little influence on employee behavior.Then it comes to the bottom line, it is important for a corporation to have a culture of accountability. With a strong accountability culture, a corporation can avoid imposing a costly monitoring system which often hurts employee morale anddiminishes productivity.Finally, if you have a weak or mistrusting corporate culture, employees will vote “with their feet.” In a tight labor market the bad workers will drive out the good and the situation gets even worse. A corporation will always need some type of controls but the goal is to have as few controls as possible—just enough to ensure that people don’t violate the rules.Employee reactionsIn truth, measuring the positive or negative impact of a corporate culture on a company’s bottom line re mains an elusive goal. Most companies do not quantify the effects of corporate culture. According to a 1996 global survey of business executives in Australia, Canada, France, Germany, Holland, the United Kingdom and the United states done by the consultants Proudfoot PLC, only38 percent of companies indicated that they measured the effects of their efforts to change corporate culture. Yet 86 percent claimed their culture change programs are successful. Methods of measurement included employee surveys the most common practice overall), meetings, independent surveys and informal feedback. Despite the inability to measure impact, more than half of all executives surveyed (52percent) felt that corporate culture contributes a great deal to the success of their companies. They just couldn’t say how much with any great amount of certainty.Views of successThe main goal of any corporation is to be successful. But how you define success will, of course, have an impact on how you organize our business and its culture. Again, the influence of national culture and local expectations play a paramount role in determining the corporate view. Wirthlin Consulting’s Worldwide Monitor finds what consumers in 13 countries view as for a corporation. Most consumers saidproducing the very best products and services defined success (indicating their individualistic cultures). However, in Japan, the most notable attribute was caring about the country’s social and environmental needs—a throwback to the culture’s emphasis on the importance of the group over the individual. In Italy, if a company was well run and well managed, then it was thought to be successful--an indication of concern about that culture’s history of chaotic politics and business management. In Mexico, a stable and profitable corporation was the benchmark of success. From these responses you can see the difficulties of attempting to set up a corporate culture that can effectively move across borders and meet the diverse needs of consumers in different countries.The ideal corporate cultureIt would be impossible to give precise detail on what the perfect type of corporate culture should be for a global company. It depends so much on the cultures you are operating in, the subject industry and the basic cultural components. However, there are some basic traits:Any culture needs to develop a sense of accountability among staff and employees.It needs to be coherently transmitted across cultures. If it is too akin to the headquarters’ culture, employees simply won’t accept it.Think locally, act consistently. While flexibility is important, there must be a consistent application of principles across cultures.It must be attuned to the competitive requirements of the world market and be able to change to adapt to new market conditions.Ervin Laszlo， The Journal of General Evolution. 1998, Vol. 52. pp. 181-186.企业文化的变革艾尔文.拉兹洛在当代商业的高层阶级中，经理们开始考虑不能保持公司现在的运行模式。
中小型民营企业内部控制研究——工商管理类外文文献翻译、中英文翻译
本科毕业设计（论文）外文参考文献译文及原文学院专业年级班别学号学生姓名指导教师年月日摘要 (1)1 选题背景 (2)2内部控制理论的概述 (3)2.1 内部控制的根本性质 (3)2.2内部控制的责任 (3)3 确保内部控制的充分性 (5)4 先天的内部控制 (9)5 结论 (11)Abstract (12)1Background Topics (13)2 Internal control theory outlined (15)2.1 The Fundamental Nature Of Intaral Control (15)2.2 Responsibillty For Internal Control (15)3 Ensuring that the internal control adequacy (17)4 Inherent limitations of internal control (22)5 Conclusion (25)内部控制这个概念已经不是一个新概念。
这篇文章将研究每个公共部门财政经理和董事会成员应该了解的关于内部控制的内容。
在分析了虚假的财政报告的根本原因以后，Treadway 委员会把大部分的责任归咎于内部控制管理的不足。
作为回应，建立Treadway委员会的各个组织成立了一个赞助组织委员会（COSO），设法补救的Treadway委员会揭露出来的问题。
COSO为了确保此架构足够及全面的内部控制，确定了5个重要组成部分：1、控制环境；2、风险评估；3、政策及程序；4、沟通；5、监测与追踪。
一个健全的架构与内部控制是必要的，同时必须意识到这类框架是难于达到一个完美的境界。
内部控制在本质上是一种管理责任。
1选题背景内部控制这个概念已经是毫无新意的。
同样，由于私营部门最近的丑闻事件使得联邦法律重申了这个经常被忽略和议题的重要性，这篇文章将研究每一个公共部门的财政经理及董事会成员还应当了解内部控制的哪些制度。
工商管理外文翻译及译文
外文资料商管031 梅文飞 0364027Competing in the global economy: the innovation challengeRt. Hon. Tony Blair, Lord Sainsbury. Innovation Report.2003.12: 17-31，52-65. Chapter 1 The innovation challengeSummaryGlobal competition is increasing as a result of trade liberalization, technological change and reductions in transport and communication costs. UK based businesses will find it increasingly difficult to compete on low costs alone in labour intensive industries exposed to international competition. The challenge for businesses is to compete on the basis of unique value.We have defined innovation as the successful exploitation of new ideas and it is central to meeting this challenge. It involves investments in new products, processes or services and in new ways of doing business. Measures to develop the skills and creativity of the workforce are often an essential prerequisite. The speed of technological change and market responses make the challenge to innovate urgent and continuous.Overall UK innovation performance appears to be, at best, average compared to our major competitors. This is reflected in the large productivity gap that exists between the UK and its major competitors. Innovation performance accounts for a significant proportion of this gap. On the whole, UK firms face a challenge: how to raise their rate of innovation?Innovation is a complex process so understanding why the UK has a relatively modest innovation performance is not straightforward. We drew on an extensive review of the international innovation literature and consulted with a group of leading experts in the field.As a result we have identified seven critical success factors for innovation performance. They are:Sources of new technological knowledge；Capacity to absorb and exploit new knowledge；Access to finance；Competition and entrepreneurship；Customers and suppliers；The Regulatory environment；Networks and collaboration.They help us to identify current strengths and weaknesses of the UK innovation system. A highly abridged summary is provided in this chapter but the more detailedanalysis is contained in an accompanying economic report.Our vision is of the UK as a key knowledge hub in the global economy. A country that will have maintained its outstanding tradition in the advance of scientific and technological knowledge while developing a similar level of performance in turning knowledge into exciting and novel products and services.The Report complements the Lambert Review of University-Business links as well as the cross-Government Skills Strategy. It makes proposals to strengthen UK performance against all the success factors building upon initiatives that have gone before.What is innovation?1.1. Innovation in this Report is defined as the successful exploitation of new ideas. Ideas may be entirely new to the market or involve the application of existing ideas that are new to the innovating organization or often a combination of both. Innovation involves the creation of new designs, concepts and ways of doing things, their commercial exploitation, and subsequent diffusion through the rest of the economy and society. It is this last–diffusion–phase from which the bulk of the economic benefits flow. Most innovations are incremental–a succession of individually modest improvements to products or services over their life cycle. But a few will be dramatic, creating entirely new industries or markets.1.2. Innovation involves experimentation and risk taking. Some attempts to innovate will fail, but across the economy the successes outweigh the failures. And the failures themselves generate new knowledge, which if evaluated correctly, can improve the chances for future success. The risk of failure justifies the potentially high returns from successes, which provide the incentive to innovate in the first place. Successful innovation-led companies have a number of common characteristics (Box 1.1). Characteristics of innovation-led companies:A worldwide focus, often requiring early expansion overseas;A balanced growth strategy, based on organic growth and targeted acquisitions to enter new markets or acquire critical expertise;A balanced investment strategy;Above average investment in market led research and development;A focus on what really matters to the customer;An innovation culture with corporate leadership that expects growth through development of new products and services.Why is it important now?1.3. Innovation is vital to most businesses operating in the UK if they are to survive and grow in the long term. But there are five reasons why innovation matters more for businesses and the people who work in them today.Markets around the world are being liberalised. This brings opportunities from expanding trade. And firms can locate all or part of the production process or service wherever the economic advantage is greatest. But UK-based firms also face competition from firms in countries with relatively low labour costs and where education and skills levels are high. For example, hourly labour costs in South Korea are just over half UK levels, but the proportion of graduates in the working agepopulation is almost identical.Long-term reductions in the costs of transportation and communication have also opened up new markets and faster global communications mean that consumers learn about new fashions, ideas and products faster than ever before. The cost of sea freight has fallen by two-thirds since 1920, air transport by five-sixths since 1930. Transatlantic telephone calls are now almost free on the Internet.Science and Technology are providing new opportunities for businesses to compete based on exploiting knowledge, skills and creativity to produce more valuable goods and services. Industries are being created, such as Biotechnology, and traditional ones are being transformed (e.g. growth of technical textiles). Because they rely on knowledge and skills, they provide areas where high wage, developed economies can maintain a competitive advantage over low wage, unskilled ones.Services, accounting for over 70% of the economy, are becoming more technology intensive. Technology is being used to improve business processes and customer service in sectors such as retail, hotels and banking, and to develop new products combining creative strengths with the latest technology, such as computer games. Many high technology manufacturers now make more money from services than they do from manufacturing.Increasing environmental concerns are acting as a stimulus to innovation. Demand for environmental improvements– for example, reducing CO2 emissions and volumes of waste – may require changes in the economy and to the way we live. To deliver these changes the market has to generate innovative uses of technology, new ways of doing business and new consumer attitudes.1.4.The speed of changing technology and the extent to which new products and services can change market conditions mean that the challenge to innovate is urgent and continuous. UK-based businesses will find it increasingly difficult to compete on low costs alone in labour intensive industries exposed to international competition. The challenge for businesses is to compete on the basis of unique value.1.5. The UK is not alone in facing this challenge. European leaders agreed at Lisbon in spring 2000 to make the EU “the most dynamic, knowledge-driven economy in the world by 2010”. Innovation is integral to achieving this vision.How is the UK doing?1.6.We have consulted a distinguished panel of leading academic experts in drawing up the analysis underpinning this Report. This analysis has been published separately. The main points concerning the UK’s innovation performance are set out below.The latest international comparisons of data on business R&D show the UK well behind the US and roughly equal to the EU average. However, it is encouraging that after a steady period of decline from 1.5% of GDP in 1981 to 1.16% in 1997, we have seen a move in the right direction, to 1.24% in 2002.Adjusting for size of economy, UK firms’ patenting activity at patent offices in Europe, Japan and the US lies well behind firms in Japan, Germany and the US and is just below the European average.Although systematic data is lacking, it appears that the UK lags behind the US and major Organization for Economic Cooperation and Development (OECD) economiesin the take- up of best practice improvements such as lean manufacturing.Data from surveys, which rely on broader measures of innovation, paint a similar picture with UK performance weaker than its international peers.1.7.The analysis suggests that UK business faces a challenge: how to raise its rate of innovation?How did we try to explain the causes of UK performance?1.8. Innovation is a complex process so understanding why the UK has a relatively modest innovation performance is not straightforward. To help us do this we drew on an extensive review of the international innovation literature, aided by a panel of experts. We also drew heavily on analysis by the AIM Management Research Forum and the OECD.As a result we have identified seven critical success factors for innovation performance. They help us to identify current strengths and weaknesses of the UK innovation system and to develop proposals to improve its performance.Success factors for UK innovation performance1.9.What follows is a highly abridged version of the supporting analysis, summarizing the UK’s performance against the seven factors:Sources of new technological knowledge play an important role in shaping innovation systems. Science-based technologies are increasing in importance. New products and services tend to embody a wider range of technologies, increasing the complexity faced by individual firms. UK-based firms make extensive use of customers and suppliers as knowledge sources. The UK Science, Engineering and Technology (SET) base is highly productive and the UK has world-class design expertise.The capacity to absorb and exploit knowledge defines a firm’s ability to turn knowledge into new products, processes or services. Fundamentally it is people who create knowledge, manage businesses and innovate. Poor skills amongst managers and the workforce more generally have hindered performance. The culture within UK-owned firms appears to place less emphasis on creativity.All investments in innovation need access to finance. Relatively lower levels of innovation spend are probably more due to a lack of incentives and capacity than a shortage of funds, although some financing gaps exist.Competition provides a stimulus to innovation and helps determine the intensity of competition and the ability of firms to spot opportunities and manage risks. Customers and suppliers put pressure on firms to deliver better quality goods and services and provide opportunities for innovation. Many UK-based firms compete in global markets and the UK is an attractive market for innovative firms from abroad. The regulatory environment affects the possibilities and incentive structures for innovation. OECD comparisons show the UK to be relatively lightly regulated, although there are continuing business concerns about the impact of new regulations. And networks and collaboration are important means of accessing knowledge. Businesses are increasingly looking outside their sectors for opportunities to collaborate.Figure 1.4How Government policies influence innovationthrough which Government – at various levels – influences business innovation.1.11.The Government has already laid the foundations of an innovation-driven economy in areas such as macro-economic policy, fiscal policy, competition policy, trade policy and education and skills.1.12. Since 1997 we have produced three White Papers, “Our competitive future–Building a knowledge driven economy”(1998), “Excellence and Opportunity–a Science and Innovation Policy for the 21st Century” (2000) and “Opportunity for All in a World of Change–Enterprise, Skills and Innovation” (2001). In these we set in motion a series of micro-economic measures to stimulate innovation, such as increased investment in the science base, incentives to encourage research institutions and universities to commercialize their research, and measures to encourage more small businesses to start up and innovate.1.13. Policies and programmers affecting innovation are determined at a variety of levels. In some cases, the role of the UK Government is to influence developments on a European or global scale.Chapter 3 Technology innovationSummaryDeveloped countries around the world have recognized that success in the future will come from businesses increasing the added value from their products, processes and services. Government action to encourage businesses to develop and implement new products and services has become a high priority. Given this, the UK Government needs to harness its resources more effectively in promoting technological innovation. The need to improve the take-up of new technologies3.1.The end of the 20th century witnessed a wave of scientific discovery and technology innovation in a range of areas that have only just begun to change the waywe work and interact with our physical, natural and social environments. For example, the developments of the Internet and mobile communications have transformed people’s access to information.3.2.The pace of change is often quicker than anticipated and the impacts are fundamental. The growth of completely new industries such as biotechnology, software and the digital content industry in the UK, as well as the decline of more traditional sectors, bear very real testimony to this. For example during the 10 year period 1992-2002 the number of biotechnology businesses in the UK has increased from some 165 to 425, and turnover has increased by over six fold (from ￡0.5 billion to ￡3.2 billion).3.3.The UK has a strong indigenous knowledge source available to business through the Science, Engineering and Technology (SET) base and we do have a strong presence in some science-based technologies such as pharmaceuticals, telecommunications and aerospace.Promoting knowledge transfer3.4. The SET base makes a major contribution to knowledge transfer through the publication of research results and the supply of highly skilled people capable of transferring and adapting codified and tacit knowledge. However, there is an additional role that Government can play in providing the opportunities and incentives for translating quality UK science into commercially successful applications.3.5.To simplify arrangements for universities, Higher Education Institutions（HEIF）is to be consolidated into a permanent third stream of knowledge transfer funding to universities, alongside that for teaching and research. More money will be put into the second round of HEIF. The aim is to simplify the funding landscape and ensure that HEIs in England have greater discretion and the flexibility to develop their capacity in a way that best suits their needs and the needs of business.In future, support for technological innovation will be available through five products：Collaborative R&D support is available to meet some of the costs and risks associated with research and technology development, by facilitating collaboration between different businesses and between business and the SET base across the UK. Knowledge Transfer Networks will encourage the diffusion of new and existing technology.Grant for R&D from June 2003 this has been available for individuals and SMEs, and it enables them to meet some of the costs of investing in technology innovation. Grant for Investigating an Innovative Idea – this is a pilot, offering help to SMEs in England to look objectively at their ideas for innovative products, services or processes and to draw up an action plan to take the idea forward.Knowledge Transfer Partnerships provide direct support for knowledge transfer by enabling universities and others in the SET base across the UK to work with businesses using recently qualified people, like graduates, to undertake specific knowledge transfer projects in firms of all sizes.Technology IntermediariesTo complement the above actions, we will work more closely with technologyintermediaries, whose role in technology development and transfer has been undervalued in recent years in both policy development and implementation. Technology intermediaries also have an important role to play at regional level.The principal members of the technology intermediaries’ community are the Research and Technology Organizations. They are a private sector community of effective knowledge-transfer companies. Their objective is knowledge transfer to industry to fill knowledge gaps and to stimulate innovation leading to higher value added products and services.译文商管031 梅文飞 0364027在全球经济中竞争:创新挑战第一章创新挑战综述全球的竞争使贸易自由化的结果增加，技术变革以及运输和通讯费用减少。
工商管理外文文献
Thomas M. Krueger. University of Wisconsin-La CrosseGreg Filbeck. Schweser Study Program2009-09-28An Analysis of Working Capital Management Results Across IndustriesABSTRACT：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. We provide insights into the performance of surveyed firms across key components of working capital management by using the CFO magazine’s annual Working Capital Management Survey. We discover that significant differences exist between industries in working capital measures across time. In addition. we discover that these measures for working capital change significantly within industries across time.Key words: capital management; measures ;funds analysisIntroductionThe importance of efficient working capital management is indisputable. Working capital is the difference between resources in cash or readily convertible into cash (Current Assets) and organizational commitments for which cash will soon be required (Current Liabilities). The objective of working capital management is to maintain the optimum balance of each of the working capital components. Business viability relies on the ability to effectively manage receivables. inventory. and 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 bringing non-optimal levels of current assets and liabilities back toward 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 capital management is the recurrent attention being given to the application of Six Sigma® methodology. Six Sigma® methodologies help companies measure and ensure quality in all areas of the enterprise. When used to identify and rectify discrepancies. inefficiencies and erroneous transactions in the financial supply chain. Six Sigma® reduces Days Sales Outstanding (DSO). accelerates the payment cycle. improves customer satisfaction and reduces the necessary amount and cost of working capital needs. There appear to be many success stories. including Jennifer Towne’s (2002) report of a 15 percent decrease in days that sales are outstanding. resulting in an increased cash flow of approximately $2 million at Thibodaux Regional Medical Center. Furthermore. bad debts declined from $3.4 million to $600.000. However. Waxer’s (2003) study of multiple firms employing Six Sigma® finds that it is really a “get rich slow”technique with a rate 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 impact firm credit policy. inventory management. and bill-paying activities. Some 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 performance. Fortunately. these issues are testable with data published by CFO magazine. which claims to be the source of “tools and information for the financial execut ive.” and are the subject of this research.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 particular industry clustered together at consistent levels of working capital measures?” For instance. are firms in one industry able to quickly transfer sales into cash. while firms from another industry tend to have high sales levels for the particular level of in ventory . The other research question is. “does working capital management performance for firms within a given industry change from year-to-year?”The following section presents a brief literature review. Next. the research 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.The importance of working capital management is not new to the finance 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 corporation had been running a deficit cash flow from operations for eight of the last ten years of its corporate life. As part of a study of the Fortune 500’s financial management practices. Gilbert and Reichert (1995) find that accounts receivable management models are used in 59 percent of these firms to improve working capital projects. while inventory management models were used in 60 percent of the companies. More recently. Farragher. Kleiman and Sahu (1999) find that 55 percent of firms in the S&P Industrial index complete some form of a cash flow assessment. but did not present insights regarding accounts receivable and inventory management. or the variations of any current asset accounts or liability accounts across industries. Thus. mixed evidence exists concerning the use of working capital management techniques.Theoretical determination of optimal trade credit limits are the subject of many articles over the years (e.g.. Schwartz 1974; Scherr 1996). with scant attention paid to actual accounts receivable management. Across a limited sample. Weinraub and Visscher (1998) observe a tendency of firms with low levels of current ratios to also have low levels of current liabilities. Simultaneously investigating accounts receivable and payable issues. Hill. Sartoris. and Ferguson (1984) find differences in the way payment dates are defined. Payees define the date of payment as the date payment is received. while payors view payment as the postmark date. Additional WCM insight across firms. industries. and 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 activities. However. these models are generic models and do not consider unique firm or industry influences. Maness and Zietlow discuss industry influences in a short paragraph that includes theobservation that. “An industry a company is located in may have more influence on that company’s fortunes than overall GNP” (2002. 507). In fact. a careful review of this 627-page textbook finds only sporadic information on actual firm levels of WCM dimensions. virtually nothing on industry factors except for some boxed items with titles such as. “Should a Retailer Offer an In-House Credit Card” (128) and nothing on WCM 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 very few recent reports about working capital management. The most relevant set of articles was Weisel and Bradley’s (2003) article on cash flow management and one of inventory control as a result of effective supply chain management by Hadley (2004).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 consulting firm specializing in working capital issues for its global list of clients. The original survey reports several working capital benchmarks 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 annual basis.REL uses the “cash flow from operations”value located on firm cash flow statements to estimate cash conversion efficiency (CCE). This value indicates how well a company transforms revenues into cash flow. A “days of working capital” (DWC) value is based on the dollar amount in each of the aggregate. equally-weighted receivables. inventory. and payables accounts. The “days of working capital”(DNC) represents the time period between purchase of inventory on acccount from vendor until the sale to the customer. the collection of the receivables. and payment receipt. Thus. it reflects the company’s ability to finance its core operations with vendor credit. A detailed investigation of WCM is possible because CFO also provides firm and industry values for days sales outstanding (A/R). inventory turnover. and days payables outstanding (A/P).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 efficiency” (CCE). averages 9.0 percent. Incorporating a 95 percent confidence interval. CCE ranges from 5.6 percent to 12.4 percent. The days working capital (DWC). defined as the sum of receivables and inventories 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 instances. the standard deviation is relatively small. suggesting that these working capital management variables are consistent across CFO reports.CFO magazine provides an overall working capital ranking for firms in its survey. using the following equation:Industry-based differences in overall working capital management are presented for the twenty-six industries that had at least eight companies included in the rankings each year. In the typical year. CFO magazine ranks 970 companies during this period. Industries are listed in order of the mean overall CFO ranking of working capital performance. Since the best average ranking possible for an eight-company industry is 4.5 (this assumes that the eight companies are ranked one through eight for the entire survey). it is quite obvious that all firms in the petroleum industry must have been receiving very high overall working capital management rankings. In fact. the petroleum industry is ranked first in CCE and third in DWC (as illustrated in Table 5 and discussed later in this paper). Furthermore. the petroleum industry had the lowest standard 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 second in CCE and fourth in DWC. The two industries with the worst working capital rankings were Textiles and Apparel. Textiles rank twenty-second 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 working capital management published in CFO magazine. Our findings indicate a consistency in how industries “stack up” against each other over time with respect to the working capital measures. However. the working capital measures themselves are not static (i.e.. averages of working capital measures across all firms change annually); our results indicate significant movements across our entire sample over time. Our findings are important because they provide insight to working capital performance across time. and on working capital management across industries. These changes may be in explained in part by macroeconomic factors. Changes in interest rates. rate of innovation. and competition 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 ramifications of this study include the finding of distinct levels of WCM measures for different industries. which tend to be stable over time. Many factors help to explain this discovery. The improving economy during the period of the study may have resulted in improved turnover 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 improving 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 annually.Further research may take one of two lines. First. there could be a study of whether stock prices respond to CFO magazine’s publication of working capital management ratings. Second. there could be a study of which. if any. of the working capital management components relate to share price performance. Given our results. these studies need to take industry membership into consideration when estimating stock price reaction to working capital management performance托马斯M克鲁格.威斯康星大学拉克罗斯格雷格Filbeck.Schweser学习计划对整个行业中营运资金管理的研究摘要: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。
工商管理专业外文文献翻译
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工商企业管理论文参考文献大全
工商企业管理论文参考文献工商管理专业是研究工商企业经济管理基本理论和一般方法的学科,主要包括企业的经营战略制定和内部行为管理两个方面。
参考文献有哪些？一起来了解一下！工商企业管理论文参考文献1[1] 雷蒙德，A 诺伊，约翰.霍伦拜克，拜雷、格哈特，帕特雷克、莱特.人力资源管理赢得竞争优势[M].第三版.北京:中国人民大学出版社，2001: 136-200.[2] 加里，得斯勒.人力资源管理(人力资源管理论文)[M].第七版.北京:中国人民大学出版社，1999: 200一400.[3] K.韦恩，蒙迪，罗伯特.诺埃.人力资源管理[M].第一版.北京:经济科学出版社，1998: 331一343.[4] 劳埃德 .拜厄斯，莱斯利，鲁.人力资源管理[M].第六版.北京:华夏出版社，2002: 213一264.[5] 麦克纳，比奇.人力资源管理[M].第一版。
北京:中信出版社，1998: 17-211.[6] 亚瑟小舍曼，乔治，勃兰德，斯科特.斯奈尔.人力资源管理[M].第二版.大连:东北财经大学出版社，2001: 233-343.[7] 王琪延.企业人力资源管理[M].第一版.北京:中国物价出版社，2002: 222-245.[8] 关淑润.人力资源管理[M].第一版.北京:对外经济贸易大学出版社，2001: 186一204.[9] 冯虹.现代企业人力资源管理[M].第一版。
北京:经济管理出版社，1999: 181一184[10] 中国企业国际化管理课题组.企业人力资源国际化管理制度[M].第一版.北京:中国财政经济出版社，2002: 139.[11] 刘扬.上海浦东发展银行战略人力资源管理变革研究[D].天津大学专业硕士论文2009: 13-50.[12] 毛国英.基于平衡计分卡的招商银行战略管理体系研究[D].天津大学硕士学位2009: 11-30.[13] 李艳丽.A银行员工离职原因分析及对策研究[D].兰州大学MBA学位论文.2010:16-30.[14] 时肠.农业银行培训机制与队伍建设研究[J}.中国农业银行武汉培训学院学报.2011. 35:66.[16] 雷虹.关于饭店员工流失问题的探讨[J].温州职业技术学院学报.2005. 6: 16-17.[17] 邹韬.银行金融激励机制存在的问题及对策.商业时代[J] . 2008. 11:23.[18] 倪凤明.我国商业银行激励约束机制探析.河北金融[J] . 2008. : 45.[19] 习邹韬.商业银行的激励约束机制:博弈论视角.统计与决策[J] . 2006.11:26.[20] 张建国.健全和完善我国商业银行的.激励约束机制.新金融[J] . 2006. 5.工商企业管理论文参考文献2[1]L. D. 彻纳东尼， M. 麦克唐纳. 创建强有力的品牌. 北京：中信出版社， 2001.[2]王新新. 新竞争力. 长春：长春出版社， 2000.[3]余鑫炎.品牌战略与决策. 大连：东北财经大学出版社，2002.[4]陈放，谢宏.品牌策划.北京：时事出版社，2000，1.[5]艾丰. 中国品牌价值报告. 北京：经济科学出版社， 1997.[6]刘佳，从可口可乐看企业品牌塑造. 黑龙江对外贸易，经营之道. 2006.6：144.[7]许喜林，吴文国.品牌之道：品牌建设9S模式及其应用. 北京：北京交通大学出版社，2007.[8]何心展，俞丽敏. 我国企业品牌建设存在的问题及对策. 天津市经理学院学报. 2007.2：15～16.[9]康晓光. 中国企业品牌建设的困境与突破方向. 深圳大学学报. 2006.5：03～05.[10]相晓冬. 品牌核心：自主知识产权. 品牌视点. 2006.6：22～25.[11]何忠保，何飞云. 民营企业品牌塑造探析. 商场现代化. 2007.3：136～138.[12]郑昭，丁轩.民企成长与品牌战略.上海:上海三联书店，2005.[13]李月华.论中小企业品牌建设的区域化策略.科技信息(学术研究)，2007.[14]徐丽瑛，李正良. 中小企业品牌塑造误区与对策. 企业管理. 2006.10：1～3.[15]谢付亮. 品牌策划的五大关键点. 中国质量与品牌. 2007.6：53～55.[16]田双全，陈永丽. 我国民营企业品牌塑造之战略选择. ENTERPRISE VITALITY. 2002.12：43～45.[17]刘峻松.品牌三藏：中国本土化的品牌观.中华工商联合出版社.[18]苏勇，林展圣. 中小企业品牌战略. 当代财经. 2006.6：63～65.。
工商管理毕业论文英文文献翻译(中英)[管理资料]
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本科毕业设计（论文）外文参考文献译文及原文学院管理学院专业工商管理年级班别2009级（4）班学号3209004550学生姓名李福珍指导教师吴小节2013 年6 月目录1 绪论 (3)2 为什么中小企业需要表达和使用SD商业计划？当全球化在社会生态增长的极限成为集成因素 (5)3可持续性中小企业的大型和小型之间的差异所导致的优势差异 (6)流线型的组织进程和商业模式 (7)中小企业暴露竞争力 (7)4 中小企业作为一个实验室沙箱提供了可持续发展战略和技术，然后跨国公司通过收购中小企业实现传统的内部融资的增长 (8)5 中小企业利用创造性破坏和信息技术的影响制造网络优势 (8)中小企业可持续和价值创造的战略发展，苏珊玛莎和斯宾塞爱商业学校，艾隆大学，美国摘要可持续战略为中小企业合作创造了许多协同效应，以及系统的公共效益。
通过对中小企业的商业案例提出可持续发展，考虑到中小企业相比于跨国公司的可持续发展优势，本文讨论几种不同为中小企业优化可持续发展的激励机制：（1）成为大公司有价值的可持续投资目标，（2）在大企业不太成功的市场空间建立可持续的中小企业的高度竞争网络，（3）通过可持续的做法在全球供应链上成为高效的供应商。
然而一些成功模式的中小企业可持续发展迅速，可能是中小企业的网络将成为必不可少的解决系统问题的基础，包括工业生态学，企业全球供应链弹性和可持续性。
中小企业代表了大部分的企业，快速发展的通信技术允许不同的航线网络的形成。
关键词：持续性，中小企业，可持续供应链管理，弹性，工业生态学1 绪论1990年代以来，无论对于任何规模大小的企业来说，环境和社会因素已经成为越来越重要的战略考虑。
21世纪新兴市场条件正在通过全球观察创造了新的视野。
由于忽视商业和环境之间的“隐藏连接”，业务缺少许多新的可持续发展(SD)的机会，那些能够阻止一个不可避免的社会崩溃的威胁[2]。
随着越来越多的公司认识到我们的“共同的旅程”[3]，它强调创建可持续发展的必要性，全球的企业都在有意发展战略计划使他们的公司具有可持续竞争力。
工商管理中英互译文献
英文文献翻译专业：工商管理班级：1003班姓名：严永恒学号：100104190318High-tech enterprise marketing strategyA distinctive feature of the high-tech enterprises is closely integrated with modern science and technology, state-of-the-art technology and equipment level, and through the introduction of technology and technological innovation, so many new technologies, new processes and new equipment has been employed. It has to occupy a pivotal position in the national economy. Therefore, the marketing strategy of high-tech enterprises also on the agenda. High-tech rapid development of corporate marketing activities to new challenges1. Further shorten product life cycle, highlighting the uncertainty of market supply and demand. Product life cycle is usually after four stages of introduction, growth, maturity and recession, and the relationship between market supply and demand constitute the basic conditions for the marketing activities of the important content and implementation. In the dawn of the era of knowledge economy, the rapid development of science and technology, so as to continuously promote the upgrading of products, product life cycle showing a growing trend towards shorter, accelerate the conversion of the marketing strategy, increasingly increased the difficulty of marketing efforts.2. Sales channels change, to narrow the gap between marketing and marketing space to expand and extend. The era of knowledge economy approaches to promote the channel change, the initial impact from the new trade an electronic data interchange (EDI) via computer and communication networks to handle the file. This trade is also known as paperless trading. The Internet has opened up an unprecedented cyberspace in this by the tens of thousands of the host computer and fiber optic telephone line to connect the virtual space, it can be invasive To receive goods, ordering, payment, delivery, advertising, market research, etc. a series of business activities. Highlight the advantages of this new channel in its convenience and transparency. Online sales, after all, is a new thing, inevitably there are various difficulties in its development. Including consumer psychological barriers, network congestion, payment security, service, and so on.3. More advanced research techniques, promotions richer, network marketing emerge.The past, companies conduct market research are often carried by an intermediary, or send researchers to the market access and manual collection of information, statistics, summary. The penetration of information technology has changed the traditional backwardness of research showing science and technology, convenience and accuracy, timeliness. Throughout the research process are conducted online, the survey paperless, save a lot of access time and the cost of the investigation, the efficiency can be greatly improved to meet the requirements of business decision-making time limit, cost.More enterprises to use its own sales network directly to research and analysis. The world's largest retailer the operating income Wal-rtl997, nearly$ 120 billion, ranking the first one hundred of the world's largest 500 companies list in the application of information technology, it is not only historic, but also experienced. In thousands of stores all over the world through the use of computer detects goods bar code system, the store can keep abreast of goods in and out of the case, clearly each commodity inventory, prices and profits, selling the extent.The biggest difference between network marketing and traditional marketing is that it is using the network to study the customer requirements in order to establish marketing programs to achieve two-way interactive communication with consumers.4. Consumers into the production process, and demand personalization fully demonstrated. Advances in information technology for the production of the manufacturer CAD (Computer Aided Design), CAM (computer aided manufacturing), CIM (Computer Integrated Manufacturing System) and DSS (decision support system across product development, manufacturing, decision-making tools. Consumer and production the relationship between traditional compared to a subtle change, they are not just competing buyers and sellers in the economic relationship, and to some extent even both partners ingredients.5. Informative, comprehensive high-tech product that emphasizes service, intangible capital plays a vital role in the competition. , Knowledge-based industries in the gross domestic product (GDP) accounts for a significant proportion of the developed countries in Europe and the United States. Experts estimate that the 2010 Information Science and Technology software, life sciences, technology, new energy and renewable energy, science and technology, new materials science and technology, marine science and technology and environmentally high-tech industry output value will be fully over the automotive, construction, petroleum, transportation and textile and other traditional industries. Product technology content increased, making the consumer demand for its services far more than the usual installation, maintenance is so simple.The essentials of the service is more extensive, means that runs through comprehensive pre-sale, sale and after-sale service. Good investment and the price is expensive, and enhance the services will naturally arise new problems.6. Marketing management organizations needs to be recycled, the needto strengthen the marketing team. The competitiveness of enterprises, competition in the market, so the core of modern management work is marketing. The marketing organization's ability to make quick, accurate response to the dynamic market, directly affecting the rise and fall of the entire enterprise. In the current information society, changes in the international economic environment, the expansion of the market space, marketing improvements in technology and distribution channels change, the corporate marketing organization put forward new requirements.To ensure the smooth implementation of high-tech enterprise marketingmanagement responsesDevelop a good high-tech industrial development environment, the government should do the following:(1) implementation of the "industrialization" project. "Industrialization" in the end is not tax which department can do, it relates to all aspects of, and ultimately to return to the market, the government should do is fully committed to building a high-tech industry development environment of a quality and nurturing platform, the government's management positioned in the high-tech industry in the early-stage work, "downstream" thing is certain only to let the market do it.Guangzhou City to comprehensively push forward the reform of the science and technology system, to develop around the high-tech industrialization, as many as 13 government regulations, covering investment in science and technology, to attract talent, the whole process of technological innovation and other high-tech achievements into. Guangzhou City in strengthening the scientific and technological support system, break down departmental boundaries, give full play to the market inside and outside the large compound and high-tech advantage, to build a research base to achieve a breakthrough, to invest 10 million yuan Jinan University to build a"bio-pharmaceutical research base "investment of 700 million to support the South China Normal University, Guangzhou Economic Development Zone to build industrial test projects, promoting Huazhong University of Science and Technology Jinpeng company set up communication technology.(2) to establish the mechanism of attracting foreign talent. Government policy as much as possible with international standards and the corresponding treatment to attract, retain a number of top-notch talent, talent development opportunities and space it clear that, in a knowledge-based shares, do not pay attention to the so-called "evaluation system", but stressed that the market Recognition Act, technology shares exceeded 35%, the two sides identified can be registered.2. Seize the key of "high-tech"(1) stages of technological development strategy. The new technology has just come out, and some still in the trial production stage, the technology is not yet know, many companies need to do a lot of publicity work, technology is new, but not necessarily practical, the costs and technical requirements, purchasing power companies do not , at this stage the strategy of technology owners:"fast" strategy. As much as possible to shorten the period of research and development, in order to enter the market in the near future, including technology transfer market, technology product market, open up the situation, and to lay the foundation for the matured.the development of the target market, the first business to ensure its leading position in the field. Technology products is about to come out of the authorities and the news media, it is necessary to strive for the product launchpublicity, in the shortest possible time so that consumers understand and Familiar with this new technology products. Such as Bai Long mineral pot technology research and development at the same time to do everything possible to open up the market, when the success of product research and mass production, had been the target market, the products enter the market immediately. But start at the same time with the 100 Long spa pot northeast factory has just buried, to be studied after the success looked up and come to the market, and the market has been a hundred dragon first to occupy the the last plant White Dragon mergers.(2) the technology is mature stage strategy. Technology has become more sophisticated and complete use costs also dropped significantly, more and more technical buyer, and more intense competition, when the technology seller should be taken to seize the opportunity to quickly transfer of technology strategy. Unwilling to bear the market risk technology products supplier, which is more suitable for good technical products may not be able to profit, and the management of the enterprise, it is also the ability to open up the market is closely related to the transfer of technology as soon as possible to benefit directly, is also a wise choice. For example, a new product patent "plastic Xiju of the invention in order to seize the opportunity to rapidly promotions, half a minute on television advertising, resulting in more than a dozen companies have to find him to require the transfer of technology, and it would open opportunities. The many enterprises attach great importance to the direct transfer of technology, such as McDonald's, Coca-Cola. Honda.(3) the aging stage strategy. When the newer technology to replace the technology or the technology has been in the community to promote, market capacity in the narrow, falling prices for the technology market near end of life.This phase of the marketing strategy:(1) focus on strategy. Centralized enterprise human, material and financial resources to concentrate on the most promising market segments, shortening the marketing front, further promotional efforts.(2) extend the life strategy. Through the transfer of technology to less developed countries or regions, many techniques can prolong life. Such as textiles, plastic products, electronic components production design technology in the United States and Europe and other developed countries have already eliminated the developed countries through investment or technology transfer technology transfer to Hong Kong, Korea and other newly industrialized countries and regions, when these technologies in emerging industrialized countries and regions to be eliminated, has been transferred to China, Vietnam and other developing countries.(3) discard strategy. Companies to stop marketing of backward technology, withdrawn from the market in a timely manner, the development of other newer technologies, to find and develop new market opportunities, in time to consolidate their market position in front of the competitors.3. Develop e-commerce, expand the network management and marketingspaceRevolution in network marketing is not just a technical means, but also contains a deeper concept of revolution, it is target marketing, direct marketing, decentralized marketing, customer-oriented marketing, the remote global marketing, virtual marketing a comprehensive variety of marketing methods .Internet marketing can be divided into four strategies:(1) The consumer needs and desires of strategy. Internet marketing is not only to take advantage a sound blind, images and other multimedia capabilities of the computer, display the product's performance, features, but also in understanding the individual needs of different consumers, more effort. (1) open up the online exchange stations, to understand consumer needs and market trends, looking for market opportunities: the establishment of the opinions message board, allowing consumers to order the color of the product online, design request; (3) provides service system, based on product sales varieties, For service information in a timely manner.(2) consumers are willing to pay the cost to meet their needs. For mature and rational modern consumers, the value of the goods and the expected price link has become a complex equation, so marketing efforts not only to consider the production costs and the market price of similar products, but also to understand the cost structure of different consumers , not only as far as surface phenomena to reduce or increase prices. Specific approach: (1) price, while also providing the market price of similar products for consumers to understand the market,Make rational judgments provide the necessary credit for; ② the establishment of the price forum, a number of new products or upcoming products acceptable to the consumer price survey, provide the basis for the agreed pricing.(3) to facilitate consumer strategy. Network marketing is not only to consignment or sales agent for the Q & product inquiries and ordering, but also to understand the different types of consumers prefer buying patterns, the development of different sales channels, the convenience of our customers. There are several approaches: (1) to provide a variety of after-sales service;② new information network through a computer network as the main path, complemented by credit card and other convenient means; (3) to change the traditional one-time discount cards, applicable to commodities, valid for extended.4, the consumer two-way communication strategy. Network marketing not only by means of online advertising promotion, expand the corporate reputation, but also to equal two-way communication with consumers, according to consumer feedback their own investigations, and repeatedly, to achieve a win-win situation for consumers and the market. The main approach: (1) send direct mail, on holidays-mail to send holiday cards to the customer where Email deeper feelings; (2) to create a virtual office, the network has been announced in various activities organized by the company to establish agood image in the public.译文：高新技术企业的营销策略高新技术企业的显著特点是与现代科学技术紧密结合，企业技术装备水平先进，并通过技术引进和技术改造，使许多新技术、新工艺和新设备得到了采用。
工商管理外文翻译及译文
外文资料商管031 梅文飞 0364027Competing in the global economy: the innovation challengeRt. Hon. Tony Blair, Lord Sainsbury. Innovation Report.2003.12: 17-31，52-65. Chapter 1 The innovation challengeSummaryGlobal competition is increasing as a result of trade liberalization, technological change and reductions in transport and communication costs. UK based businesses will find it increasingly difficult to compete on low costs alone in labour intensive industries exposed to international competition. The challenge for businesses is to compete on the basis of unique value.We have defined innovation as the successful exploitation of new ideas and it is central to meeting this challenge. It involves investments in new products, processes or services and in new ways of doing business. Measures to develop the skills and creativity of the workforce are often an essential prerequisite. The speed of technological change and market responses make the challenge to innovate urgent and continuous.Overall UK innovation performance appears to be, at best, average compared to our major competitors. This is reflected in the large productivity gap that exists between the UK and its major competitors. Innovation performance accounts for a significant proportion of this gap. On the whole, UK firms face a challenge: how to raise their rate of innovation?Innovation is a complex process so understanding why the UK has a relatively modest innovation performance is not straightforward. We drew on an extensive review of the international innovation literature and consulted with a group of leading experts in the field.As a result we have identified seven critical success factors for innovation performance. They are:Sources of new technological knowledge；Capacity to absorb and exploit new knowledge；Access to finance；Competition and entrepreneurship；Customers and suppliers；The Regulatory environment；Networks and collaboration.They help us to identify current strengths and weaknesses of the UK innovation system. A highly abridged summary is provided in this chapter but the more detailedanalysis is contained in an accompanying economic report.Our vision is of the UK as a key knowledge hub in the global economy. A country that will have maintained its outstanding tradition in the advance of scientific and technological knowledge while developing a similar level of performance in turning knowledge into exciting and novel products and services.The Report complements the Lambert Review of University-Business links as well as the cross-Government Skills Strategy. It makes proposals to strengthen UK performance against all the success factors building upon initiatives that have gone before.What is innovation?1.1. Innovation in this Report is defined as the successful exploitation of new ideas. Ideas may be entirely new to the market or involve the application of existing ideas that are new to the innovating organization or often a combination of both. Innovation involves the creation of new designs, concepts and ways of doing things, their commercial exploitation, and subsequent diffusion through the rest of the economy and society. It is this last–diffusion–phase from which the bulk of the economic benefits flow. Most innovations are incremental–a succession of individually modest improvements to products or services over their life cycle. But a few will be dramatic, creating entirely new industries or markets.1.2. Innovation involves experimentation and risk taking. Some attempts to innovate will fail, but across the economy the successes outweigh the failures. And the failures themselves generate new knowledge, which if evaluated correctly, can improve the chances for future success. The risk of failure justifies the potentially high returns from successes, which provide the incentive to innovate in the first place. Successful innovation-led companies have a number of common characteristics (Box 1.1). Characteristics of innovation-led companies:A worldwide focus, often requiring early expansion overseas;A balanced growth strategy, based on organic growth and targeted acquisitions to enter new markets or acquire critical expertise;A balanced investment strategy;Above average investment in market led research and development;A focus on what really matters to the customer;An innovation culture with corporate leadership that expects growth through development of new products and services.Why is it important now?1.3. Innovation is vital to most businesses operating in the UK if they are to survive and grow in the long term. But there are five reasons why innovation matters more for businesses and the people who work in them today.Markets around the world are being liberalised. This brings opportunities from expanding trade. And firms can locate all or part of the production process or service wherever the economic advantage is greatest. But UK-based firms also face competition from firms in countries with relatively low labour costs and where education and skills levels are high. For example, hourly labour costs in South Korea are just over half UK levels, but the proportion of graduates in the working agepopulation is almost identical.Long-term reductions in the costs of transportation and communication have also opened up new markets and faster global communications mean that consumers learn about new fashions, ideas and products faster than ever before. The cost of sea freight has fallen by two-thirds since 1920, air transport by five-sixths since 1930. Transatlantic telephone calls are now almost free on the Internet.Science and Technology are providing new opportunities for businesses to compete based on exploiting knowledge, skills and creativity to produce more valuable goods and services. Industries are being created, such as Biotechnology, and traditional ones are being transformed (e.g. growth of technical textiles). Because they rely on knowledge and skills, they provide areas where high wage, developed economies can maintain a competitive advantage over low wage, unskilled ones.Services, accounting for over 70% of the economy, are becoming more technology intensive. Technology is being used to improve business processes and customer service in sectors such as retail, hotels and banking, and to develop new products combining creative strengths with the latest technology, such as computer games. Many high technology manufacturers now make more money from services than they do from manufacturing.Increasing environmental concerns are acting as a stimulus to innovation. Demand for environmental improvements– for example, reducing CO2 emissions and volumes of waste – may require changes in the economy and to the way we live. To deliver these changes the market has to generate innovative uses of technology, new ways of doing business and new consumer attitudes.1.4.The speed of changing technology and the extent to which new products and services can change market conditions mean that the challenge to innovate is urgent and continuous. UK-based businesses will find it increasingly difficult to compete on low costs alone in labour intensive industries exposed to international competition. The challenge for businesses is to compete on the basis of unique value.1.5. The UK is not alone in facing this challenge. European leaders agreed at Lisbon in spring 2000 to make the EU “the most dynamic, knowledge-driven economy in the world by 2010”. Innovation is integral to achieving this vision.How is the UK doing?1.6.We have consulted a distinguished panel of leading academic experts in drawing up the analysis underpinning this Report. This analysis has been published separately. The main points concerning the UK’s innovation performance are set out below.The latest international comparisons of data on business R&D show the UK well behind the US and roughly equal to the EU average. However, it is encouraging that after a steady period of decline from 1.5% of GDP in 1981 to 1.16% in 1997, we have seen a move in the right direction, to 1.24% in 2002.Adjusting for size of economy, UK firms’ patenting activity at patent offices in Europe, Japan and the US lies well behind firms in Japan, Germany and the US and is just below the European average.Although systematic data is lacking, it appears that the UK lags behind the US and major Organization for Economic Cooperation and Development (OECD) economiesin the take- up of best practice improvements such as lean manufacturing.Data from surveys, which rely on broader measures of innovation, paint a similar picture with UK performance weaker than its international peers.1.7.The analysis suggests that UK business faces a challenge: how to raise its rate of innovation?How did we try to explain the causes of UK performance?1.8. Innovation is a complex process so understanding why the UK has a relatively modest innovation performance is not straightforward. To help us do this we drew on an extensive review of the international innovation literature, aided by a panel of experts. We also drew heavily on analysis by the AIM Management Research Forum and the OECD.As a result we have identified seven critical success factors for innovation performance. They help us to identify current strengths and weaknesses of the UK innovation system and to develop proposals to improve its performance.Success factors for UK innovation performance1.9.What follows is a highly abridged version of the supporting analysis, summarizing the UK’s performance against the seven factors:Sources of new technological knowledge play an important role in shaping innovation systems. Science-based technologies are increasing in importance. New products and services tend to embody a wider range of technologies, increasing the complexity faced by individual firms. UK-based firms make extensive use of customers and suppliers as knowledge sources. The UK Science, Engineering and Technology (SET) base is highly productive and the UK has world-class design expertise.The capacity to absorb and exploit knowledge defines a firm’s ability to turn knowledge into new products, processes or services. Fundamentally it is people who create knowledge, manage businesses and innovate. Poor skills amongst managers and the workforce more generally have hindered performance. The culture within UK-owned firms appears to place less emphasis on creativity.All investments in innovation need access to finance. Relatively lower levels of innovation spend are probably more due to a lack of incentives and capacity than a shortage of funds, although some financing gaps exist.Competition provides a stimulus to innovation and helps determine the intensity of competition and the ability of firms to spot opportunities and manage risks. Customers and suppliers put pressure on firms to deliver better quality goods and services and provide opportunities for innovation. Many UK-based firms compete in global markets and the UK is an attractive market for innovative firms from abroad. The regulatory environment affects the possibilities and incentive structures for innovation. OECD comparisons show the UK to be relatively lightly regulated, although there are continuing business concerns about the impact of new regulations. And networks and collaboration are important means of accessing knowledge. Businesses are increasingly looking outside their sectors for opportunities to collaborate.Figure 1.4How Government policies influence innovationthrough which Government – at various levels – influences business innovation.1.11.The Government has already laid the foundations of an innovation-driven economy in areas such as macro-economic policy, fiscal policy, competition policy, trade policy and education and skills.1.12. Since 1997 we have produced three White Papers, “Our competitive future–Building a knowledge driven economy”(1998), “Excellence and Opportunity–a Science and Innovation Policy for the 21st Century” (2000) and “Opportunity for All in a World of Change–Enterprise, Skills and Innovation” (2001). In these we set in motion a series of micro-economic measures to stimulate innovation, such as increased investment in the science base, incentives to encourage research institutions and universities to commercialize their research, and measures to encourage more small businesses to start up and innovate.1.13. Policies and programmers affecting innovation are determined at a variety of levels. In some cases, the role of the UK Government is to influence developments on a European or global scale.Chapter 3 Technology innovationSummaryDeveloped countries around the world have recognized that success in the future will come from businesses increasing the added value from their products, processes and services. Government action to encourage businesses to develop and implement new products and services has become a high priority. Given this, the UK Government needs to harness its resources more effectively in promoting technological innovation. The need to improve the take-up of new technologies3.1.The end of the 20th century witnessed a wave of scientific discovery and technology innovation in a range of areas that have only just begun to change the waywe work and interact with our physical, natural and social environments. For example, the developments of the Internet and mobile communications have transformed people’s access to information.3.2.The pace of change is often quicker than anticipated and the impacts are fundamental. The growth of completely new industries such as biotechnology, software and the digital content industry in the UK, as well as the decline of more traditional sectors, bear very real testimony to this. For example during the 10 year period 1992-2002 the number of biotechnology businesses in the UK has increased from some 165 to 425, and turnover has increased by over six fold (from ￡0.5 billion to ￡3.2 billion).3.3.The UK has a strong indigenous knowledge source available to business through the Science, Engineering and Technology (SET) base and we do have a strong presence in some science-based technologies such as pharmaceuticals, telecommunications and aerospace.Promoting knowledge transfer3.4. The SET base makes a major contribution to knowledge transfer through the publication of research results and the supply of highly skilled people capable of transferring and adapting codified and tacit knowledge. However, there is an additional role that Government can play in providing the opportunities and incentives for translating quality UK science into commercially successful applications.3.5.To simplify arrangements for universities, Higher Education Institutions（HEIF）is to be consolidated into a permanent third stream of knowledge transfer funding to universities, alongside that for teaching and research. More money will be put into the second round of HEIF. The aim is to simplify the funding landscape and ensure that HEIs in England have greater discretion and the flexibility to develop their capacity in a way that best suits their needs and the needs of business.In future, support for technological innovation will be available through five products：Collaborative R&D support is available to meet some of the costs and risks associated with research and technology development, by facilitating collaboration between different businesses and between business and the SET base across the UK. Knowledge Transfer Networks will encourage the diffusion of new and existing technology.Grant for R&D from June 2003 this has been available for individuals and SMEs, and it enables them to meet some of the costs of investing in technology innovation. Grant for Investigating an Innovative Idea – this is a pilot, offering help to SMEs in England to look objectively at their ideas for innovative products, services or processes and to draw up an action plan to take the idea forward.Knowledge Transfer Partnerships provide direct support for knowledge transfer by enabling universities and others in the SET base across the UK to work with businesses using recently qualified people, like graduates, to undertake specific knowledge transfer projects in firms of all sizes.Technology IntermediariesTo complement the above actions, we will work more closely with technologyintermediaries, whose role in technology development and transfer has been undervalued in recent years in both policy development and implementation. Technology intermediaries also have an important role to play at regional level.The principal members of the technology intermediaries’ community are the Research and Technology Organizations. They are a private sector community of effective knowledge-transfer companies. Their objective is knowledge transfer to industry to fill knowledge gaps and to stimulate innovation leading to higher value added products and services.译文商管031 梅文飞 0364027在全球经济中竞争:创新挑战第一章创新挑战综述全球的竞争使贸易自由化的结果增加，技术变革以及运输和通讯费用减少。
管理类英文参考文献
管理类英文参考文献参考文献[1]hary dessler, human resource management, prentice-hall international, 1997.[2] garvin,d.a, building a learning organization, harvard business ,1993.[3] kathleen barnes, government program supports on-the-job training, hr focus，1994.[4] henry mintzberg, joseph lampel, reflecting on the strategy process, sloan management review,1999.[5] stephen.p.robbins, measuring job satisfaction, organization behavior[m][6] howard m.weiss, deconstructing job satisfaction. separating evaluations,beliefs andaffective experiences[j], human resource management.[7]wright, p.m,boswell, w.r.,desegregating hrm.a review and synthesis of micro and macrohuman resource management research [j].journal of management..[8]林锦凤，酒店员i：职业发展路径及影响因素研究仁d]，华南理}一人学，[9]陈绮倩，泰国酒店员i培训体系研究[d]重庆人学，[10]唐伶，美日企业i：资制度变迁的启示[j]，企业管理， (05)[11]孟晓翠，王听，赵红梅，田红芳，马斯洛需求层次理论与酒店人力资源管理[.t ]，合作经济与科技， (06)[12]周一鹏，饭店员[流动的因素及控制方法[.t]，商业研究，XX 年10期[13]谭春霞，酒店员_c培训中存在的问题及对策分析[j]，产业与科技沦坛，XX年12期[14]陈雪琼，邱桂连，饭店，拿什么留住员工[j]，饭)占现代化，XX年(16)][15]吴岚，建民国际大酒店中高层管理人员激励机制研究[d],湖南人学，XX年[16]曹振杰主编.人力资源培训与开发教程[m].人民邮电出版社，[17]何国玉土编.人力资源管理案例集[m].中国人民大学出版社，[18]邢传，沈坚编著.中国人力资源管理问题报告[m].中国发展出版社，[19]王璞，曹叠峰[著]，王璞土编.新编人力资源管理咨询实务[m].中信出版社，[20]王成荣编著.企业文化学教程[m].中国人民大学出版社，[21]孙健敏著.织织与人力资源管理[m].华夏出版社，[22]张德主编.人力资源开发与管理[m].清华人学出版社，[23]李媛媛，星级酒店知识烈员工激励研究[d]，兰州大学，[24]潘冬南，从员工流失反思南京市酒店业员工激励[j]沿海企业与科技，(10)[25]黄贺强，基于文化视角的大津高档酒店员工频繁流动问题研究[d]，广西大学，[26]邹阳，酒店员工培训与工作满意度关系的实证研究[d],湖南师范大学，。
工商专业外文翻译
浙江财经大学东方学院毕业论文（或毕业设计）外文文献翻译译文：从汽车工业的角度谈平台再利用原文：Platform re-use lessons from the automotive industry学生姓名夏桔君指导教师李馨弘分院工商管理分院专业名称工商管理班级 10工商3班学号 10203003392014年4 月10 日从汽车工业的角度谈平台再利用①摘要：通过公司的平台策略在多项目环境中减少交货时间和开发成本，提高可靠性，允许大规模定制，增加生产的灵活性。
虽然这一战略的主要挑战已经凸显，其生命周期内的平台及其管理的演变正在研究。
本文针对这个挑战考虑平台在其生命周期的可持续性。
为了达到这个目的，在汽车制造商的平台策略设置成功后六年时间里，本文已经进行了实地研究方法。
它对现有的平台进行了深入的分析。
使用某个模型，追溯这一发展过程中所采取的设计决策，就已经确定。
除了对应于平台战略的非常清晰的设计规则所提交的文献，如结转和精益的设计，日常的学习，挑战这些规则。
它指定该程序通过“智能重用”，因为它使平台的重用从一代传到另一代。
它突出了产品和服务，共同发展，指出倒数处方关系平台之间的相互作用。
这个共同进化的业务分为两个层面：产品规划和一方面的平台和产品的开发和在其他平台之间。
平台总有几个方面，如在平台复用的核心作用和平台架构等，主要是它的模块化，其平台上的渐进式重建的影响。
本研究表明，需要通过其他方法和其他工业环境中进行验证和测试的想法。
本文专注于汽车行业对平台的研究提出了新的独到的见解。
关键词：项目管理；产品开发；产品设计；新产品；汽车行业越来越多的企业面临着更换产品的速度越来越快以及满足非常多样化的客户的双重挑战。
这两个要求导致新产品开发项目必须加速。
为了保持竞争力，这些项目的成本和时间必须保持在严格的控制之下。
此外，该项目团队必须不断创新，才能投放市场吸引力的产品，同时控制相关风险。
因此，在这方面的竞争就必须从领导到“点击产品”产品系列的基础上的多项目管理管理层独特的项目管理移动。
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Thomas M. Krueger. University of Wisconsin-La CrosseGreg Filbeck. Schweser Study Program2009-09-28An Analysis of Working Capital Management Results Across IndustriesABSTRACT：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. We provide insights into the performance of surveyed firms across key components of working capital management by using the CFO magazine’s annual Working Capital Management Survey. We discover that significant differences exist between industries in working capital measures across time. In addition. we discover that these measures for working capital change significantly within industries across time.Key words: capital management; measures ;funds analysisIntroductionThe importance of efficient working capital management is indisputable. Working capital is the difference between resources in cash or readily convertible into cash (Current Assets) and organizational commitments for which cash will soon be required (Current Liabilities). The objective of working capital management is to maintain the optimum balance of each of the working capital components. Business viability relies on the ability to effectively manage receivables. inventory. and 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 bringing non-optimal levels of current assets and liabilities back toward 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 capital management is the recurrent attention being given to the application of Six Sigma® methodology. Six Sigma® methodologies help companies measure and ensure quality in all areas of the enterprise. When used to identify and rectify discrepancies. inefficiencies and erroneous transactions in the financial supply chain. Six Sigma® reduces Days Sales Outstanding (DSO). accelerates the payment cycle. improves customer satisfaction and reduces the necessary amount and cost of working capital needs. There appear to be many success stories. including Jennifer Towne’s (2002) report of a 15 percent decrease in days that sales are outstanding. resulting in an increased cash flow of approximately $2 million at Thibodaux Regional Medical Center. Furthermore. bad debts declined from $3.4 million to $600.000. However. Waxer’s (2003) study of multiple firms employing Six Sigma® finds that it is really a “get rich slow”technique with a rate 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 impact firm credit policy. inventory management. and bill-paying activities. Some 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 performance. Fortunately. these issues are testable with data published by CFO magazine. which claims to be the source of “tools and information for the financial execut ive.” and are the subject of this research.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 particular industry clustered together at consistent levels of working capital measures?” For instance. are firms in one industry able to quickly transfer sales into cash. while firms from another industry tend to have high sales levels for the particular level of in ventory . The other research question is. “does working capital management performance for firms within a given industry change from year-to-year?”The following section presents a brief literature review. Next. the research 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.The importance of working capital management is not new to the finance 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 corporation had been running a deficit cash flow from operations for eight of the last ten years of its corporate life. As part of a study of the Fortune 500’s financial management practices. Gilbert and Reichert (1995) find that accounts receivable management models are used in 59 percent of these firms to improve working capital projects. while inventory management models were used in 60 percent of the companies. More recently. Farragher. Kleiman and Sahu (1999) find that 55 percent of firms in the S&P Industrial index complete some form of a cash flow assessment. but did not present insights regarding accounts receivable and inventory management. or the variations of any current asset accounts or liability accounts across industries. Thus. mixed evidence exists concerning the use of working capital management techniques.Theoretical determination of optimal trade credit limits are the subject of many articles over the years (e.g.. Schwartz 1974; Scherr 1996). with scant attention paid to actual accounts receivable management. Across a limited sample. Weinraub and Visscher (1998) observe a tendency of firms with low levels of current ratios to also have low levels of current liabilities. Simultaneously investigating accounts receivable and payable issues. Hill. Sartoris. and Ferguson (1984) find differences in the way payment dates are defined. Payees define the date of payment as the date payment is received. while payors view payment as the postmark date. Additional WCM insight across firms. industries. and 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 activities. However. these models are generic models and do not consider unique firm or industry influences. Maness and Zietlow discuss industry influences in a short paragraph that includes theobservation that. “An industry a company is located in may have more influence on that company’s fortunes than overall GNP” (2002. 507). In fact. a careful review of this 627-page textbook finds only sporadic information on actual firm levels of WCM dimensions. virtually nothing on industry factors except for some boxed items with titles such as. “Should a Retailer Offer an In-House Credit Card” (128) and nothing on WCM 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 very few recent reports about working capital management. The most relevant set of articles was Weisel and Bradley’s (2003) article on cash flow management and one of inventory control as a result of effective supply chain management by Hadley (2004).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 consulting firm specializing in working capital issues for its global list of clients. The original survey reports several working capital benchmarks 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 annual basis.REL uses the “cash flow from operations”value located on firm cash flow statements to estimate cash conversion efficiency (CCE). This value indicates how well a company transforms revenues into cash flow. A “days of working capital” (DWC) value is based on the dollar amount in each of the aggregate. equally-weighted receivables. inventory. and payables accounts. The “days of working capital”(DNC) represents the time period between purchase of inventory on acccount from vendor until the sale to the customer. the collection of the receivables. and payment receipt. Thus. it reflects the company’s ability to finance its core operations with vendor credit. A detailed investigation of WCM is possible because CFO also provides firm and industry values for days sales outstanding (A/R). inventory turnover. and days payables outstanding (A/P).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 efficiency” (CCE). averages 9.0 percent. Incorporating a 95 percent confidence interval. CCE ranges from 5.6 percent to 12.4 percent. The days working capital (DWC). defined as the sum of receivables and inventories 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 instances. the standard deviation is relatively small. suggesting that these working capital management variables are consistent across CFO reports.CFO magazine provides an overall working capital ranking for firms in its survey. using the following equation:Industry-based differences in overall working capital management are presented for the twenty-six industries that had at least eight companies included in the rankings each year. In the typical year. CFO magazine ranks 970 companies during this period. Industries are listed in order of the mean overall CFO ranking of working capital performance. Since the best average ranking possible for an eight-company industry is 4.5 (this assumes that the eight companies are ranked one through eight for the entire survey). it is quite obvious that all firms in the petroleum industry must have been receiving very high overall working capital management rankings. In fact. the petroleum industry is ranked first in CCE and third in DWC (as illustrated in Table 5 and discussed later in this paper). Furthermore. the petroleum industry had the lowest standard 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 second in CCE and fourth in DWC. The two industries with the worst working capital rankings were Textiles and Apparel. Textiles rank twenty-second 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 working capital management published in CFO magazine. Our findings indicate a consistency in how industries “stack up” against each other over time with respect to the working capital measures. However. the working capital measures themselves are not static (i.e.. averages of working capital measures across all firms change annually); our results indicate significant movements across our entire sample over time. Our findings are important because they provide insight to working capital performance across time. and on working capital management across industries. These changes may be in explained in part by macroeconomic factors. Changes in interest rates. rate of innovation. and competition 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 ramifications of this study include the finding of distinct levels of WCM measures for different industries. which tend to be stable over time. Many factors help to explain this discovery. The improving economy during the period of the study may have resulted in improved turnover 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 improving 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 annually.Further research may take one of two lines. First. there could be a study of whether stock prices respond to CFO magazine’s publication of working capital management ratings. Second. there could be a study of which. if any. of the working capital management components relate to share price performance. Given our results. these studies need to take industry membership into consideration when estimating stock price reaction to working capital management performance托马斯M克鲁格.威斯康星大学拉克罗斯格雷格Filbeck.Schweser学习计划对整个行业中营运资金管理的研究摘要: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。