中英文资料外文翻译文献
我国第三方物流中存在的问题、原因及战略选择
熊卫
【摘要】我国物流业发展刚刚起步，第三方物流的理论和实践等方面都比较薄弱。本文指出我国第三方物流存在的问题在于国内外第三方物流企业差距、物流效率不高、缺乏系统性管理、物流平台构筑滞后、物流管理观念落后等。分析了产生上述问题的原因，并提出了精益物流、中小型第三方物流企业价值链联盟、大型第三方物流企业虚拟化战略等三种可供选择的第三方物流企业发展战略。
【关键词】第三方物流；精益物流战略；价值链联盟；虚拟化战略
1引言
长期以来，我国国内企业对采购、运输、仓储、代理、包装、加工、配送等环节控制能力不强，在“采购黑洞”、“物流陷井”中造成的损失浪费难以计算。因此，对第三方物流的研究，对于促进我国经济整体效益的提高有着非常重要的理论和实践意义。本文试图对我国策三方物流存在的问题及原因进行分析探讨，并提出第三方物流几种可行的战略选择。
2我国第三方物流业存在的主要问题
(一)我国策三方物流企业与国外第三方物流企业的差距较大，具体表现在以下几个方面：
1、规模经济及资本差距明显。由于国外的大型第三方物流企业从全球经营的战略出发，其规模和资本优势是毫无疑问的，尤其初创时期的我国策三方物流业，本身的规模就很小，国外巨头雄厚的资本令国内企业相形见绌。
2、我国策三方物流业企业提供的物流服务水准及质量控制远不如国外同行。当国内一些企业还在把物流理解成“卡车加仓库“的时候，国外的物流企业早已完成了一系列标准化的改造。同时，国外的物流组织能力非常强大，例如德国一家第三方物流公司，公司各方面的物流专家遍布欧洲各地。如果有客户的货物需要经达不同的国家，那么欧洲各地的这些专家就在网上设计出一个最佳的物流解决方案。这种提供解决方案的能力
就是这第三方物流公司的核心能力，而不像国内公司号称拥有多少条船，多少辆车。
3、我国加入WTO后物流产业的门槛降低。在物流服务业方面：我国承诺所有的服务行业，在经过合理过渡期后，取消大部分外国股权限制，不限制外国服务供应商进入目前的市场，不限制所有服务行业的现有市场准入和活动。同时在辅助分销的服务方面也作出了类似的承诺。这些方面的限制将在以后3—4年内逐步取消，在此期间，国外的服务供应商可以建立百分之百的全资拥有的分支机构或经营机构，国内物流服务业将直面国际竞争。
(二)资源浪费严重，第三方物流效率不高。从微观上看，由于受计划经济体制的影响，长期以来许多企业，尤其是国有企业走的是“大而全”、“小而全”的路子，它们拥有自己的仓库、车队、甚至远洋船队，造成物流过程的大量浪费，具体表现为仓库的闲置，物流业经营分散，组织化程度低，横向联合薄弱。而能够提供一体化、现代化、专业化、准时化、高效服务的第三方物流企业则很少。从宏观上看第三方物流未能跟上经济发展的步伐形成产业化经营的模式，而仅仅是同交通运输、邮电通讯、商业物资、对外贸易等行业的综合与协作。
(三)缺乏系统性管理，装备标准化程度低。目前我国大部分第三方物流企业是传统体制下物资流通企业基础上发展起来的，服务内容主要停留在仓储、运输上，缺乏系统性管理，物流的效率低，第三方物流的功能得不到有效发挥。另外，我国物流部门条块分割，使得物流环节中运输方式与装备标准不统一，流物设施标准不配套，导致第三方物流无效作业的增加，速度降低和成本上升。
(四)第三方物流平台构筑滞后，信息化程度低。第三方物流配送平台包括实体网络和信息网络，实体网络指物流设施、交通工具、交通枢纽等在地理位置上的合理布局而形成的有形网络；信息网络指第三方物流企业与客户利用信息技术，把各自的信息资源链整合而形成共享的信息资源网络。我国实体网络的现状是：第三方物流装备水平较低，而且信息网络也缺乏必要的公共物流交流平台。
(五)国内企业的物流管理观念仍然十分落后，极大制约着第三方物流的发展。例如：有些企业认为库存等信息是商业机密，必须由企业自身来管理，而对将该类企业活动外包出去的管理理念难以接受，往往造成企业自身物流控制管理水平低下，削弱了企业的市场竞争力。
3产生问题的原因分析
(一)缺乏现代化物流知识和专业物流管理人才。这一点是目前制约中国第三方物流业发展的最主要的瓶颈之一。物流知识，尤其是现代综合的第三方物流知识远未得到普及，只是知道它的主要的业务领域是提供运输和仓储服务，而不知道它是对这些传统业务的新的整合，其业务领域也远过单纯的运输和仓储而成为连接原料、半成品供应、生产过程中物料流动、成品配送的全过程的服务，成为涵盖商流、实物流、资金流、信息流等于系统的综合体系。
(二)未能有效利用现代科技手段。这种现状极大地制约了第三方物流企业的培育，影响了企业综合竞争实力的提高。中国加入世贸组织，国内第三方物流企业将面临来自国外的强有力的竞争，国内第三方物流业很难提供低成本、高质量、高效率的服务。
(三)受到传统管理体制的制约。在传统的条块分割的体制安排下，第三方物流的许多活动被割裂至各个不同部门，如交通运输、邮电通讯、对外贸易、国内贸易等，仅运输业就牵涉到铁道部、交通部等若干部门，部门之间缺乏高效协作，致使运输过程中各运输方式的转动环节耗费大量时间和成本，成为物流过程中的“陷阱”。此外还有海关管理程序、物资采购等方面的一些规定也影响了物流企业综合服务水平的提高和业务领域的拓展，进而制约了第三方物流产业的快速发展。
4第三方物流企业的战略选择
归纳国外几种最新的物流理论，并结合当前国外第三方物流发展实践，第三方物流企业的战略选择可以有以下三种：
(一)精益物流战略
由于物流理论和实践的滞后，我国大部分第三方物流企业还是粗放式经营，还不能准确定位自己的物流服务。如果不尽快扭转这一局面，将对我国第三方物流业的发展产生制约作用。精益物流理论的产生，为我国的第三方物流企业提供了一种新的发展思路，为这些企业在新经济中生存和发展提供了机遇。精益物流起源于精益制造的概念。它产生于日本丰田汽车公司在上世纪70年代所独创的“丰田生产系统”，后经美国麻省理工学院教授研究和总结，正式发表在1990年出版的《改变世界的机器)一书中。精益思想是指运用多种现代管理方法和手段，以社会需求为依据，以充分发挥人的作用为根本，有效配置和合理使用企业资源，最大限度地为企业谋求经济效益的一种新型的经营管理理念。精益物流则是精益思想在物流管理中的应用，是物流发展中的必然反映。所谓精益物流是指：通过消除生产和供应过程中的非增值的浪费，以减少备货时间，提高客户
满意度。精益物流的目标在于根据顾客需求，提供顾客满意的物流服务，同时追求把提供物流服务过程中的浪费和延迟降至最低程度，不断提高物流服务过程的增值效益。精益物流系统的特点在于它是高质量、低成本、不断完善、由顾客需求拉动型的物流系统。它要求树立顾客第一的思想、准时、准确、快速地传递物流和信息流。
总之，精益物流作为一种全新的管理思想，势必会对我国的第三方物流企业产生深远的影响，它的出现将改变第三方物流企业的粗放式的管理观念，形成第三方物流企业的核心竞争力。
(二)建立中小型第三方物流企业的价值链联盟
中小型的第三方物流企业由于本身不能独立提供全程一站式物流服务的缺点，同时由于资产规模小、服务地域不宽使中小型第三方物流企业在我国物流业中处于劣势。因此对于中小型第三方物流企业来说，从企业自身资源出发，构造各自的核心竞争力才是关键。由于中小型第三方物流企业功能的单一与不完备，因此建立在各自的核心竞争力基础上构造的物流业务的合作是一种有效弥补企业能力缺陷，构成物流竞争优势的可行方法。价值链是采用系统方法来考察企业所有活动及其相互作用以及分析获得企业竞争优势的各种资源。企业的价值活动分为两大类：基本活动和辅助活动。基本活动是涉及产品的物质创造及销售、转移给买方和售后服务的各种活动。辅助活动是辅助基本活动并通过提供外购收入、技术、人力资源以及各种职能以相互支持。运用价值链理论来分析考察第三方物流企业的价值链构成，可以发现，在辅助活动方面，第三方物流企业与一般企业并没有什么不同，而在基本活动方面第三方物流企业有其特点。第三方物流企业一般不存在商品生产过程，只有流通环节的再加工过程，不占主要环节，广泛的第三方物流企业的基本作业活动因而变成存储、运输、包装、配送、客户服务及市场等环节。基本作业活动的各环节，由于企业自身资源和能力的有限，不可能在每一个环节中都占有优势，这种在某些价值链环节方面的不足，造成了企业整体物流机能的不完备，缺乏相应的竞争力，使某些具有相对优势的价值链环节也因整体的不足而发挥不出应有的功效。所以物流产业内的中小型第三方物流企业联盟，应该是建立在彼此之间价值链基础上的互补性合作，充分利用专业性物流公司的专业化物流机能和物流代理企业的组织协调的柔性化综合物流能力的互补性。对于中小型第三方物流企业来说，应该从企业价值链的优势环节入手，发掘并形成企业的核心竞争力，通过价值链的重构来扬长避短。
(三)大型第三方物流企业的虚拟化战略
在IT和互联网飞速发展的时代，企业不能单打独拼，而必须在竞争中求协作，在协作中求发展。因此，产生于现代条件下的现代大型第三方物流的虚拟化发展有很强的必要性。大型第三方物流企业的虚拟化是指物流经营人将他人的资源为己“所有”，通过网络，把他人变成自己物流的一部分，借助他人的力量突破有形界限，延伸、实现自身的各种功能，进而扩展自己的能力，增强自己的实力。所以，物流的虚拟化是以信息技术为连接和协调手段的临时性、动态联盟形式的虚拟物流。现代综合物流的虚拟化，以电子通讯技术为手段，以客户为中心，以机会为基础，以参与成员的核心能力为条件，以协议目标和任务为共同追求，把不同地区、国家的现有资源迅速组合成一种没有围墙，超越空间约束，靠电子网络手段联系，统一指挥的虚拟经营实体，以最快的速度推出高质量、低成本的物流服务。
现代大型第三方物流的虚拟化包括功能、组织、地域三个方面的虚拟化。功能虚拟化是第三方物流企业借助IT技术将分布在不同地点、不同企业内承担不同职能的物流资源(信息、人力、物质等资源)组织起来去完成特定的任务，实现社会资源的优化。组织虚拟化是指物流组织的结构始终是动态调整的，不是固定不变的，而且具有分散化、柔性化、自主管理、扁平的网络结构，自己可根据目标和环境的变化进行再组合，及时反映市场动态。地域虚拟是指第三方物流企业通过互联网络将全球物流资源连接起来，消除障碍和国家壁垒，使生产管理实现“天涯若比邻”。
外文文献原文部分
China's third-party logistics problems, causes and strategic choice
Xiong Wei
Abstract: China's logistics industry has just started, third-party logistics and other aspects of the theory and practice are relatively weak. The paper points out the problems of the Third Party Logistics is the gap between domestic and international third party logistics, logistics efficiency is not high, the lack of systematic management, and logistics platform to build lag behind the concept of logistics management, and so on. Analyzed the causes of such problems arising and proposed lean logistics, small and medium enterprise value chain alliances third party logistics, large third-party logistics companies such as virtualization strategy choice of three third-party logistics enterprise development strategies.
Keywords:Third party logistics;lean logistics strategy;value chain alliances; virtualization strategy
1. Introduction
For a long time, China's domestic enterprises procurement, transportation, warehousing, agents, packaging, processing, distribution and other aspects of control is not strong, in the "Procurement black hole", "Logistics trap" in the waste is difficult to calculate losses. Therefore, third-party logistics research, the overall effectiveness in promoting the improvement of China's economy has a very important theoretical and practical significance. This article attempts to my policy of three logistics problems and analysis of the causes of and propose several possible third-party logistics strategic choice.
2 Third party logistics industry in China's major problems
(A) The national policy of three logistics companies and foreign big gap between
third-party logistics companies, specifically in the following areas:
1, economies of scale and capital gap significantly. Because third-party logistics companies large foreign strategic departure from the global business, its advantages of scale and capital is no doubt, especially start-up period of three logistics policy I, its very small size, strong capital that foreign giants China enterprises to shame.
2, I state policy of the logistics enterprises provide three logistics service level and quality control rather than foreign counterparts. When some domestic enterprise is still in logistics interpreted as "trucks, add warehouse logistics enterprises abroad already completed a series of standardized transformation. Meanwhile, foreign logistics organizational ability so powerful, Germany, for example, a third-party logistics company, all aspects of logistics experts across all over Europe. If the goods by a customer needs of different countries, so these experts from all over Europe in online design a the best logistics solutions. This provides solutions is the ability that the core competence of third-party logistics companies, unlike domestic companies claim to having many ship, how many car.
3, China's accession to WTO, lower the threshold of the logistics industry. The logistics service industry: our commitment to all of the services sector, after a reasonable transition period, to cancel most of the foreign equity limit does not restrict access to foreign service providers the current market, do not restrict all the service sectors and the existing market access activities. The secondary distribution services while also making a similar commitment. These restrictions will be phased out after 3-4 years, during which foreign service providers can create a hundred per cent wholly-owned subsidiaries or business sector, the domestic logistics industry will face international competition.
(B) serious waste of resources, third party logistics efficiency is not high. From the microscopic point of view, due to the impact of the planned economy, a long time many enterprises, especially state-owned enterprises to go the "large", "small" route, they have their own warehouse, fleet, and even ocean-going vessels team, resulting in wasting a lot of the logistics process, the specific performance of the idle warehouse, logistics decentralized operation, the low level of organization, transverse joint weak. And to provide integrated, modern, professional, punctual, efficient services to third-party logistics enterprises are very
small. From a macro point of view of economic development of third-party logistics failed to keep up with the pace of the formation of industrial management model, but only with the transportation, telecommunications, commercial materials, foreign trade and other sectors of the integration and collaboration.
(C) the lack of systematic management, equipment standardization is low. Most of the current third-party logistics enterprises in China under the traditional system based on materials circulation enterprises developed, the service mainly stay in the storage, transportation, lack of systematic management, logistics, low efficiency, lack of effective third party logistics functions Play. In addition, the fragmentation of China's logistics sector, making the link in the transportation logistics and equipment standards are not uniform, does not support current standards for physical facilities, resulting in the increase in third-party logistics invalid operation, speed, and reduce costs.
(D) third-party logistics platform to build lag, lower degree of information technology. Third-party logistics and distribution platforms, including physical network and information network, physical network refers to the logistics facilities, transportation, transportation hubs in the geographical location of the rational distribution and the formation of physical network; information networks that use third-party logistics business and information technology, Information resources to their chain integration and the formation of a shared network of information resources. The status of physical network are: low levels of third-party logistics and equipment, and information networks also lack the necessary public logistics platform. (E) the concept of logistics management of domestic enterprises is still very backward, which greatly restricts the development of third party logistics. For example: Some companies believe that inventory information is confidential business information must be managed by the enterprises themselves, the class of business activities while outsourcing the management concept difficult to accept, often resulting in control of their own poor management of logistics, business competition in the market weakens Force.
3 Causes of problems analysis
(A) lack of modern logistics management knowledge and expertise of logistics personnel. This is the third-party logistics industry in restricting the development of China's most
important one of the bottlenecks. Logistics knowledge, especially in modern integrated third party logistics knowledge is far from being universal, but that its main business areas is to provide transportation and warehousing services, not know that it is new to these traditional business integration of its business fields Far too simple to become connected with transport and storage of raw materials, semi-finished products supply, production process, material flow, the whole process of product distribution services, as cover flow, solid logistics, capital flow, information flow is equal to the integrated system of systems.
(B) fails to effectively use modern technology. This situation has greatly restricted the cultivation of third-party logistics companies, affecting their overall competitive strength increased. China's accession to the WTO, domestic enterprises will face third-party logistics strong competition from abroad, the domestic third-party logistics industry is difficult to provide low-cost, high quality and efficient service.
(C) subject to the constraints of traditional management systems. Fragmentation in the traditional institutional arrangements, third party logistics activities have been separated from many different sectors such as transportation, post and telecommunications, foreign trade, domestic trade and only involves the transport industry to the Ministry of Railways, Ministry of Communications, etc. Some departments, the lack of efficient collaboration between departments, resulting in the transport process of rotation of the mode of transport and time-consuming part of the cost of logistics in the process of becoming "trap. " There are also procedures for customs management, material procurement and other aspects of some of the provisions of the logistics enterprises also raise the level of integrated services and business development areas, thus restricting the rapid development of third-party logistics industry.
4 The third party logistics enterprise strategic choice Summarized the latest of several foreign logistics theory and the development of third-party logistics with the current practice of foreign, third-party logistics firm's strategic choice to have the following three:
(A)Lean Logistics Strategy
Since the lag theory and practice of logistics, our most extensive third-party logistics company or business, it can not accurately position their logistics services. If you do not
reverse this situation as soon as possible, will be third-party logistics industry in China have restricted role. Lean production theory of logistics for our third-party logistics company provides a new development ideas for these enterprises to survive in the new economy and development opportunities. Lean Logistics concept originated in lean manufacturing. It is produced from the Toyota Motor Corporation 70 years in the last century by the original "Toyota Production System", after research by the Massachusetts Institute of Technology professor and summary, was published in 1990 published "change the world of machines), a book. Lean thinking is the use of various modern management methods and means, based on the needs of society to fully play the role of people as a fundamental and effective allocation and rational use of corporate resources to maximize economic benefits for enterprises to seek a new Management philosophy. Lean Logistics Lean Thinking is the application in logistics management, logistics development must reflect. The so-called Lean Logistics means: the process by eliminating the production and supply of non-value added waste in order to reduce stocking time, improve customer satisfaction. The aim of Lean Logistics according to customer needs, providing customers with logistics services, while pursuing the provision of logistics services in the process to minimize waste and delay, the process of increasing value added logistics services. Lean logistics system is characterized by its high-quality, low cost, continuous improvement, driven by customer demand oriented logistics system. It requires establishing the customer first thought, on time, accurate and fast delivery of goods and information.
In short, Lean Logistics, as a new management ideas, bound to have a third-party logistics enterprises in China have far-reaching impact, it will change the appearance of the extensive third party logistics management concept, the formation of third party logistics Core competitiveness.
(B)the establishment of small and medium third party logistics value chain alliance
Third-party logistics enterprises of small and medium can not be independent because of their one-stop logistics services to provide full shortcomings, and because the small size of assets, services, not wide area so that small and medium enterprises in China's logistics third party logistics industry at a disadvantage. Therefore, third party logistics for small and
medium enterprises, starting from their own resources to construct their own core competence is the key. As small and medium enterprise features of a single third-party logistics and incomplete, so based on their respective core competencies based on the structure of the logistics business enterprise cooperation is an effective capacity to make up for deficiencies, constitutes a feasible way of competitive advantage of logistics. Value chain is the use of systems approach to investigate the interaction between business and the analysis of all activities and their access to the resources of competitive advantage. Value of the business activities fall into two categories: basic activities and support activities. Basic activities are involved in product creation and sale of the material transferred to the buyer and after-sales service activities. Basic activities of supporting activities is to assist the revenue by providing outsourcing, technology, human resources and a variety of functions to support each other. Theory to analyze the value chain study the value of third party logistics chain composition, can be found in auxiliary activities, third party logistics enterprise and general business is no different, the basic activities in the third-party logistics companies has its own characteristics. Third-party logistics enterprises there is generally no commodity production process, only the re-circulation process, does not account for major components of a wide range of third-party logistics companies and thus become the basic operating activities of storage, transport, packaging, distribution, customer service and marketing, etc. link. Various aspects of the basic work activities, due to their own limited resources and capacity, can not have every aspect of an advantage in that value chain in terms of some of the deficiencies, resulting in their overall logistics function not complete, lack of corresponding competitiveness and comparative advantage in some sectors of the value chain due to lack of overall effect should not play. Therefore, third party logistics industry, small and medium sized logistics enterprises within the Union, should be based on the value chain between complementary on the basis of cooperation, make full use of professional logistics companies and logistics functions of specialized logistics organization and coordination of agents Flexible complementary integrated logistics capabilities. Third-party logistics for small and medium enterprises, value chain should start with the advantage of links to explore and develop the core competitiveness of enterprises, through the reconstruction of the value chain to avoid weaknesses.
(C)Large third-party logistics enterprise virtualization of strategy
Rapid development in IT and the Internet era, companies can not fight alone singles, but must be in the competition and collaboration, in cooperation and development. Thus, under modern conditions resulting from modern large-scale virtualized development of third-party logistics has a strong necessity. Large third-party logistics enterprise virtualization is the logistics management resources of others who will have "all", through the network, the other part into its own logistics, with the help of others break the power of physical boundaries, extending to achieve their various Function, and thus expand their ability to enhance their strength. Therefore, the logistics information technology, virtualization is a means for the connection and coordination of temporary and dynamic alliance in the form of virtual logistics. Integrated logistics virtualization technology as a means of electronic communication, customer-focused, based on the opportunity to participate in members of the core competencies as a condition to an agreement for the common pursuit of goals and tasks, the different parts of the country's existing Resources to quickly mix into a no walls, beyond the space constraints, by means of electronic networks, contact the unified command of the virtual business entity, the fastest launch of high-quality, low-cost logistics service.
Modern large-scale virtualization, including third-party logistics functions, organization, geographic three virtualization. Virtualization capabilities with third-party logistics enterprise IT technology will be distributed in different locations, different companies take different functions within the logistics resources (information, human, material and other resources) organized to accomplish a specific task, to achieve the optimization of social resources. Virtualization refers to the organizational structure of the logistics organization is always dynamically adjusted, not fixed, but also decentralized, flexible, self-management, flat network structure, its objectives and in accordance with changes in the environment re-combination, in a timely manner Reflect the market dynamics. Virtual is the regional third party logistics network through the Internet link the global logistics resources, removing barriers and national barriers, to production management to achieve "virtual neighbors. "
吉林化工学院理学院 毕业论文外文翻译English Title（Times New Roman ，三号） 学生学号：08810219 学生姓名：袁庚文 专业班级：信息与计算科学0802 指导教师：赵瑛 职称副教授 起止日期：2012.2.27～2012.3.14 吉林化工学院 Jilin Institute of Chemical Technology
1 外文翻译的基本内容 应选择与本课题密切相关的外文文献（学术期刊网上的），译成中文，与原文装订在一起并独立成册。在毕业答辩前，同论文一起上交。译文字数不应少于3000个汉字。 2 书写规范 2.1 外文翻译的正文格式 正文版心设置为：上边距：3.5厘米，下边距：2.5厘米，左边距：3.5厘米，右边距：2厘米，页眉：2.5厘米，页脚：2厘米。 中文部分正文选用模板中的样式所定义的“正文”，每段落首行缩进2字；或者手动设置成每段落首行缩进2字，字体：宋体，字号：小四，行距：多倍行距1.3，间距：前段、后段均为0行。 这部分工作模板中已经自动设置为缺省值。 2.2标题格式 特别注意：各级标题的具体形式可参照外文原文确定。 1．第一级标题（如：第1章绪论）选用模板中的样式所定义的“标题1”，居左；或者手动设置成字体：黑体，居左，字号：三号，1.5倍行距，段后11磅，段前为11磅。 2．第二级标题（如：1.2 摘要与关键词）选用模板中的样式所定义的“标题2”，居左；或者手动设置成字体：黑体，居左，字号：四号，1.5倍行距，段后为0，段前0.5行。 3．第三级标题（如：1.2.1 摘要）选用模板中的样式所定义的“标题3”，居左；或者手动设置成字体：黑体，居左，字号：小四，1.5倍行距，段后为0，段前0.5行。 标题和后面文字之间空一格（半角）。 3 图表及公式等的格式说明 图表、公式、参考文献等的格式详见《吉林化工学院本科学生毕业设计说明书（论文）撰写规范及标准模版》中相关的说明。
Statistical hypothesis testing Adriana Albu，Loredana Ungureanu Politehnica University Timisoara,adrianaa@aut.utt.ro Politehnica University Timisoara,loredanau@aut.utt.ro Abstract In this article,we present a Bayesian statistical hypothesis testing inspection, testing theory and the process Mentioned hypothesis testing in the real world and the importance of, and successful test of the Notes. Key words Bayesian hypothesis testing; Bayesian inference;Test of significance Introduction A statistical hypothesis test is a method of making decisions using data, whether from a controlled experiment or an observational study (not controlled). In statistics, a result is called statistically significant if it is unlikely to have occurred by chance alone, according to a pre-determined threshold probability, the significance level. The phrase "test of significance" was coined by Ronald Fisher: "Critical tests of this kind may be called tests of significance, and when such tests are available we may discover whether a second sample is or is not significantly different from the first."[1] Hypothesis testing is sometimes called confirmatory data analysis, in contrast to exploratory data analysis. In frequency probability,these decisions are almost always made using null-hypothesis tests. These are tests that answer the question Assuming that the null hypothesis is true, what is the probability of observing a value for the test statistic that is at [] least as extreme as the value that was actually observed?) 2 More formally, they represent answers to the question, posed before undertaking an experiment,of what outcomes of the experiment would lead to rejection of the null hypothesis for a pre-specified probability of an incorrect rejection. One use of hypothesis testing is deciding whether experimental results contain enough information to cast doubt on conventional wisdom. Statistical hypothesis testing is a key technique of frequentist statistical inference. The Bayesian approach to hypothesis testing is to base rejection of the hypothesis on the posterior probability.[3][4]Other approaches to reaching a decision based on data are available via decision theory and optimal decisions. The critical region of a hypothesis test is the set of all outcomes which cause the null hypothesis to be rejected in favor of the alternative hypothesis. The critical region is usually denoted by the letter C. One-sample tests are appropriate when a sample is being compared to the population from a hypothesis. The population characteristics are known from theory or are calculated from the population.
毕业论文（设计）外文翻译 题目：中国上市公司偏好股权融资：非制度性因素 系部名称：经济管理系专业班级:会计082班 学生姓名：任民学号： 200880444228 指导教师：冯银波教师职称:讲师 年月日
译文： 中国上市公司偏好股权融资：非制度性因素 国际商业管理杂志 2009.10 摘要：本文把重点集中于中国上市公司的融资活动，运用西方融资理论，从非制度性因素方面，如融资成本、企业资产类型和质量、盈利能力、行业因素、股权结构因素、财务管理水平和社会文化，分析了中国上市公司倾向于股权融资的原因，并得出结论，股权融资偏好是上市公司根据中国融资环境的一种合理的选择。最后，针对公司的股权融资偏好提出了一些简明的建议。 关键词：股权融资，非制度性因素，融资成本 一、前言 中国上市公司偏好于股权融资，根据中国证券报的数据显示，1997年上市公司在资本市场的融资金额为95.87亿美元，其中股票融资的比例是72.5％，，在1998年和1999年比例分别为72.6％和72.3％，另一方面，债券融资的比例分别是17.8％，24.9％和25.1％。在这三年，股票融资的比例，在比中国发达的资本市场中却在下跌。以美国为例，当美国企业需要的资金在资本市场上，于股权融资相比他们宁愿选择债券融资。统计数据显示，从1970年到1985年，美日企业债券融资占了境外融资的91.7％，比股权融资高很多。阎达五等发现，大约中国3/4的上市公司偏好于股权融资。许多研究的学者认为，上市公司按以下顺序进行外部融资：第一个是股票基金，第二个是可转换债券，三是短期债务，最后一个是长期负债。许多研究人员通常分析我国上市公司偏好股权是由于我们国家的经济改革所带来的制度性因素。他们认为，上市公司的融资活动违背了西方古典融资理论只是因为那些制度性原因。例如，优序融资理论认为，当企业需要资金时，他们首先应该转向内部资金（折旧和留存收益），然后再进行债权融资，最后的选择是股票融资。在这篇文章中，笔者认为，这是因为具体的金融环境激活了企业的这种偏好，并结合了非制度性因素和西方金融理论，尝试解释股权融资偏好的原因。
软件专业毕业论文外文文献中英文翻译 Object landscapes and lifetimes Tech nically, OOP is just about abstract data typing, in herita nee, and polymorphism, but other issues can be at least as importa nt. The rema in der of this sect ion will cover these issues. One of the most importa nt factors is the way objects are created and destroyed. Where is the data for an object and how is the lifetime of the object con trolled? There are differe nt philosophies at work here. C++ takes the approach that con trol of efficie ncy is the most importa nt issue, so it gives the programmer a choice. For maximum run-time speed, the storage and lifetime can be determined while the program is being written, by placing the objects on the stack (these are sometimes called automatic or scoped variables) or in the static storage area. This places a priority on the speed of storage allocatio n and release, and con trol of these can be very valuable in some situati ons. However, you sacrifice flexibility because you must know the exact qua ntity, lifetime, and type of objects while you're writing the program. If you are trying to solve a more general problem such as computer-aided desig n, warehouse man ageme nt, or air-traffic con trol, this is too restrictive. The sec ond approach is to create objects dyn amically in a pool of memory called the heap. In this approach, you don't know un til run-time how many objects you n eed, what their lifetime is, or what their exact type is. Those are determined at the spur of the moment while the program is runnin g. If you n eed a new object, you simply make it on the heap at the point that you n eed it. Because the storage is man aged dyn amically, at run-time, the amount of time required to allocate storage on the heap is sig ni fica ntly Ion ger tha n the time to create storage on the stack. (Creat ing storage on the stack is ofte n a si ngle assembly in structio n to move the stack poin ter dow n, and ano ther to move it back up.) The dyn amic approach makes the gen erally logical assumpti on that objects tend to be complicated, so the extra overhead of finding storage and releas ing that storage will not have an importa nt impact on the creati on of an object .In additi on, the greater flexibility is esse ntial to solve the gen eral program ming problem. Java uses the sec ond approach, exclusive". Every time you want to create an object, you use the new keyword to build a dyn amic in sta nee of that object. There's ano ther issue, however, and that's the lifetime of an object. With Ian guages that allow objects to be created on the stack, the compiler determines how long the object lasts and can automatically destroy it. However, if you create it on the heap the compiler has no kno wledge of its lifetime. In a Ianguage like C++, you must determine programmatically when to destroy the
农村社会养老保险的现状、问题与对策研究社会保障对国家安定和经济发展具有重要作用，“城乡二元经济”现象日益凸现，农村社会保障问题客观上成为社会保障体系中极为重要的部分。建立和完善农村社会保障制度关系到农村乃至整个社会的经济发展，并且对我国和谐社会的构建至关重要。我国农村社会保障制度尚不完善，因此有必要加强对农村独立社会保障制度的构建，尤其对农村养老制度的改革，建立健全我国社会保障体系。从户籍制度上看，我国居民养老问题可分为城市居民养老和农村居民养老两部分。对于城市居民我国政府已有比较充足的政策与资金投人，使他们在物质和精神方面都能得到较好地照顾，基本实现了社会化养老。而农村居民的养老问题却日益突出，成为摆在我国政府面前的一个紧迫而又棘手的问题。 一、我国农村社会养老保险的现状 关于农村养老，许多地区还没有建立农村社会养老体系，已建立的地区也存在很多缺陷，运行中出现了很多问题，所以完善农村社会养老保险体系的必要性与紧迫性日益体现出来。 （一）人口老龄化加快 随着城市化步伐的加快和农村劳动力的输出，越来越多的农村青壮年人口进入城市，年龄结构出现“两头大，中间小”的局面。中国农村进入老龄社会的步伐日渐加快。第五次人口普查显示：中国65岁以上的人中农村为5938万，占老龄总人口的67.4%.在这种严峻的现实面前，农村社会养老保险的徘徊显得极其不协调。 （二）农村社会养老保险覆盖面太小 中国拥有世界上数量最多的老年人口，且大多在农村。据统计，未纳入社会保障的农村人口还很多，截止2000年底，全国7400多万农村居民参加了保险，占全部农村居民的11.18%，占成年农村居民的11.59%.另外，据国家统计局统计，我国进城务工者已从改革开放之初的不到200万人增加到2003年的1.14亿人。而基本方案中没有体现出对留在农村的农民和进城务工的农民给予区别对待。进城务工的农民既没被纳入到农村养老保险体系中，也没被纳入到城市养老保险体系中，处于法律保护的空白地带。所以很有必要考虑这个特殊群体的养老保险问题。
本科毕业设计（论文）中英文对照翻译 院（系部）电气工程与自动化 专业名称电子信息工程 年级班级 04级7班 学生姓名 指导老师
Infrared Remote Control System Abstract Red outside data correspondence the technique be currently within the scope of world drive extensive usage of a kind of wireless conjunction technique,drive numerous hardware and software platform support. Red outside the transceiver product have cost low, small scaled turn, the baud rate be quick, point to point SSL, be free from electromagnetism thousand Raos etc.characteristics, can realization information at dissimilarity of the product fast, convenience, safely exchange and transmission, at short distance wireless deliver aspect to own very obvious of advantage.Along with red outside the data deliver a technique more and more mature, the cost descend, red outside the transceiver necessarily will get at the short distance communication realm more extensive of application. The purpose that design this system is transmit cu stomer’s operation information with infrared rays for transmit media, then demodulate original signal with receive circuit. It use coding chip to modulate signal and use decoding chip to demodulate signal. The coding chip is PT2262 and decoding chip is PT2272. Both chips are made in Taiwan. Main work principle is that we provide to input the information for the PT2262 with coding keyboard. The input information was coded by PT2262 and loading to high frequent load wave whose frequent is 38 kHz, then modulate infrared transmit dioxide and radiate space outside when it attian enough power. The receive circuit receive the signal and demodulate original information. The original signal was decoded by PT2272, so as to drive some circuit to accomplish
毕业论文外文资料翻译题目(宋体三号，居中) 学院(全称，宋体三号，居中) 专业(全称，宋体三号，居中) 班级(宋体三号，居中) 学生(宋体三号，居中) 学号(宋体三号，居中) 指导教师(宋体三号，居中) 二〇一〇年月日(宋体三号，居中，时间与开题时间一致)
（英文原文装订在前）
Journal of American Chemical Society, 2006, 128(7): 2421-2425. (文献翻译必须在中文译文第一页标明文献出处：即文章是何期刊上发表的，X年X 卷X期，格式如上例所示，四号，右对齐，杂志名加粗。) [点击输入译文题目-标题1，黑体小二] [点击输入作者，宋体小四] [点击输入作者单位，宋体五号] 摘要[点击输入，宋体五号] 关键词[点击输入，宋体五号] 1[点击输入一级标题-标题2，黑体四号] [点击输入正文，宋体小四号，1.25倍行距] 1.1[点击输入二级标题-标题3，黑体小四] [点击输入正文，宋体小四，1.25倍行距] 1.1.1[点击输入三级标题-标题4，黑体小四] [点击输入正文，宋体小四，1.25倍行距] 说明： 1.外文文章必须是正规期刊发表的。 2.翻译后的中文文章必须达到2000字以上，并且是一篇完整文章。 3.必须要有外文翻译的封面，使用学校统一的封面； 封面上的翻译题目要写翻译过来的中文题目； 封面上时间与开题时间一致。 4.外文原文在前，中文翻译在后； 5.中文翻译中要包含题目、摘要、关键词、前言、全文以及参考文献，翻译要条理
清晰，中文翻译要与英文一一对应。 6.翻译中的中文文章字体为小四，所有字母、数字均为英文格式下的，中文为宋体， 标准字符间距。 7.原文中的图片和表格可以直接剪切、粘贴，但是表头与图示必须翻译成中文。 8.图表必须居中，文章段落应两端对齐、首行缩进2个汉字字符、1.25倍行距。 例如： 图1. 蛋白质样品的PCA图谱与8-卟啉识别排列分析(a)或16-卟啉识别排列分析(b)。为了得到b 的 数据矩阵，样品用16-卟啉识别排列分析来检测，而a 是通过捕获首八卟啉接收器数据矩阵从 b 中 萃取的。
本科毕业设计 外文文献及译文 文献、资料题目：Designing Stable Control Loops 文献、资料来源：期刊 文献、资料发表（出版）日期：2010.3.25 院（部）：信息与电气工程学院 专班姓学业：电气工程与自动化级： 名： 号： 指导教师：翻译日期：2011.3.10
外文文献： Designing Stable Control Loops The objective of this topic is to provide the designer with a practical review of loop compensation techniques applied to switching power supply feedback control. A top-down system approach is taken starting with basic feedback control concepts and leading to step-by-step design procedures,initially applied to a simple buck regulator and then expanded to other topologies and control algorithms. Sample designs are demonstrated with Math cad simulations to illustrate gain and phase margins and their impact on performance analysis. I. I NTRODUCTION Insuring stability of a proposed power supply solution is often one of the more challenging aspects of the design process. Nothing is more disconcerting than to have your lovingly crafted breadboard break into wild oscillations just as its being demonstrated to the boss or customer, but insuring against this unfortunate event takes some analysis which many designers view as formidable. Paths taken by design engineers often emphasize either cut-and-try empirical testing in the laboratory or computer simulations looking for numerical solutions based on complex mathematical models.While both of these approach a basic understanding of feedback theory will usually allow the definition of an acceptable compensation network with a minimum of computational effort. II. S TABILITY D EFINED Fig. 1.Definition of stability Fig. 1 gives a quick illustration of at least one definition of stability. In its simplest terms, a system is stable if, when subjected to a perturbation from some source, its response to that
译文 交通拥堵和城市交通系统的可持续发展 摘要：城市化和机动化的快速增长，通常有助于城市交通系统的发展，是经济性，环境性和社会可持续性的体现，但其结果是交通量无情增加，导致交通拥挤。道路拥挤定价已经提出了很多次，作为一个经济措施缓解城市交通拥挤，但还没有见过在实践中广泛使用，因为道路收费的一些潜在的影响仍然不明。本文首先回顾可持续运输系统的概念，它应该满足集体经济发展，环境保护和社会正义的目标。然后，根据可持续交通系统的特点，使拥挤收费能够促进经济增长，环境保护和社会正义。研究结果表明，交通拥堵收费是一个切实有效的方式，可以促进城市交通系统的可持续发展。 一、介绍 城市交通是一个在世界各地的大城市迫切关注的话题。随着中国的城市化和机动化的快速发展，交通拥堵已成为一个越来越严重的问题，造成较大的时间延迟，增加能源消耗和空气污染，减少了道路网络的可靠性。在许多城市，交通挤塞情况被看作是经济发展的障碍。我们可以使用多种方法来解决交通挤塞，包括新的基础设施建设，改善基础设施的维护和操作，并利用现有的基础设施，通过需求管理策略，包括定价机制，更有效地减少运输密度。 交通拥堵收费在很久以前就已提出，作为一种有效的措施，来缓解的交通挤塞情况。交通拥堵收费的原则与目标是通过对选择在高峰拥挤时段的设施的使用实施附加收费，以纾缓拥堵情况。转移非高峰期一些出行路线，远离拥挤的设施或高占用车辆，或完全阻止一些出行，交通拥堵收费计划将在节省时间和降低经营成本的基础上，改善空气中的质量，减少能源消耗和改善过境生产力。此计划在世界很多国家和地方都有成功的应用。继在20世纪70年代初和80年代中期挪威与新加坡实行收费环，在2003年2月伦敦金融城推出了面积收费;直至现在，它都是已经开始实施拥挤收费的大都市圈中一个最知名的例子。 然而，交通拥堵收费由于理论和政治的原因未能在实践中广泛使用。道路收费
目录 Part 1 PID type fuzzy controller and parameters adaptive method ........ 1 Part 2 Application of self adaptation fuzzy-PID control for main steam temperature control system in power station错误～未定义书签。7 Part 3 Neuro-fuzzy generalized predictive control of boiler steam temperature ........................................................ .......... (13) Part 4 为Part3译文:锅炉蒸汽温度模糊神经网络的广义预测控制21 Part 1 PID type fuzzy controller and Parameters adaptive method Wu zhi QIAO, Masaharu Mizumoto Abstract: The authors of this paper try to analyze the dynamic behavior of the product-sum crisp type fuzzy controller, revealing that this type of fuzzy controller behaves approximately like a PD controller that may yield steady-state error for the control system. By relating to the conventional PID control theory, we propose a new fuzzy controller structure, namely PID type fuzzy controller which retains the characteristics similar to the conventional PID controller. In order to improve further the performance of the fuzzy controller, we work out a method to tune the parameters of the PID type fuzzy controller on line, producing a parameter adaptive fuzzy controller. Simulation experiments are made to demonstrate the fine performance of these novel fuzzy controller structures.
本科毕业设计（论文）外文翻译基本规范 一、要求 1、与毕业论文分开单独成文。 2、两篇文献。 二、基本格式 1、文献应以英、美等国家公开发表的文献为主（Journals from English speaking countries）。 2、毕业论文翻译是相对独立的，其中应该包括题目、作者（可以不翻译）、译文的出处（杂志的名称）（5号宋体、写在文稿左上角）、关键词、摘要、前言、正文、总结等几个部分。 3、文献翻译的字体、字号、序号等应与毕业论文格式要求完全一致。 4、文中所有的图表、致谢及参考文献均可以略去，但在文献翻译的末页标注：图表、致谢及参考文献已略去(见原文)。（空一行，字体同正文） 5、原文中出现的专用名词及人名、地名、参考文献可不翻译，并同原文一样在正文中标明出处。 二、毕业论文（设计）外文翻译 （一）毕业论文（设计）外文翻译的内容要求 外文翻译内容必须与所选课题相关，外文原文不少于6000个印刷符号。译文末尾要用外文注明外文原文出处。 原文出处：期刊类文献书写方法：[序号]作者（不超过3人，多者用等或et al表示）.题（篇）名[J].刊名（版本）,出版年，卷次（期次）：起止页次. 原文出处：图书类文献书写方法：[序号]作者.书名[M].版本.出版地：出版者,出版年.起止页次. 原文出处：论文集类文献书写方法：[序号]作者.篇名[A].编著者.论文集名[C]. 出版地：出版者，出版年.起止页次。 要求有外文原文复印件。 （二）毕业论文（设计）外文翻译的撰写与装订的格式规范 第一部分：封面
1.封面格式:见“毕业论文（设计）外文翻译封面”。普通A4纸打印即可。 第二部分：外文翻译主题 1.标题 一级标题，三号字，宋体，顶格，加粗 二级标题，四号字，宋体，顶格，加粗 三级标题，小四号字，宋体，顶格，加粗 2.正文 小四号字，宋体。 第三部分：版面要求 论文开本大小：210mm×297mm（A4纸） 版芯要求：左边距：25mm，右边距：25mm，上边距：30mm，下边距：25mm，页眉边距：23mm，页脚边 距：18mm 字符间距：标准 行距：1.25倍 页眉页角：页眉的奇数页书写—浙江师范大学学士学位论文外文翻译。页眉的偶数页书写—外文翻译 题目。在每页底部居中加页码。（宋体、五号、居中） 装订顺序是：封皮、中文翻译、英文原文复印件。
毕业论文外文翻译模板
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杭州电子科技大学 毕业设计（论文）外文文献翻译 毕业设计（论文）题目 翻译题目 学院理学院 专业光信息科学与技术 姓名蔡阳玲 班级08075311 学号08074103 指导教师黄清龙
具有高对称性但非小世界的无标度网络* 摘要：不相关的无标度性网络必然是小世界的(事实上，比小世界更小)。尽管如此，无标度网络相关度分布可能并非如此。我们描述一个产生具有高对称性但非小世界的无标度性网络模型的演化机理，我们证明产生任何度指数，且满足平均最短路径非常大的网络的可能性。为了实现这一目标，节点不添加任何择优连接方式，这样代替优化网络的分类。这是在物理基础上推动了新一代网络优化。通过禽流感疫情的观察数据进行分析，结果表明这个网络展示出相似的物理特性（高匹配性，聚类性和长路径）。 1、引言 在过去的二十年里，特别是小世界和无标度性网络，已经被深入调查为复杂的网络，这期间，巴拉布曼阿尔贝广管局的模型优惠附件已成为标准的机制用来解释出无 标度性网络。把节点添加到网络中，以偏向优惠附件的节点，已经具有较高的水平。 电力出现之后自然会影响指数定律额的分布，（即频率节点其程度是K ）许多学者探 索发现，小世界和无标度性网络存在各种各样的应用。对于大多数的这些例子，优 惠附件模型对最初的无标度性结构网络观察机构提供了一个很好的解释。然而，没有 优惠附件模型和偏见链接点的高度,就缺乏一个共同特征实现小世界中的数据：这些是 相辅相成的，相互联系的,对于我们自己的工作，不良连接节点,我们可以近似观察无 标度性网络的和大型平均路径长度。由于有这两个重要的来源,将会被美国证券交易委 员会视为深入的网络。在科恩报告中提到，无标度性相关网络，在该文件标题中为零，只有如此，相关网络才不一定在分类中才为零。在现有的文献中有很少人把注意力集 中在复杂的网络模型中，通过加强他们之间的分类。有一个重点贡献显著,就是通过重 新布线两个4月底部之间的联系点,加强他们之间现有的无标度网络[1]。 与印第安纳州相比，我们的模式是一种正在成长的无标度性网络,这是尽可能产生 在相对称基础上的算法。（方法可以进一步结合起来以构成相对称）与此相反的，一 些不相同的网络最近受到关注。克雷姆和安哥拉介绍了一种新型的网络增长算法，他 突出集群并且使集群不同（这就是消极相对称系数）。他们发现，一个小变化组的节 点是“积极的”，并通过优惠偏置附件选择这些节点，导致一个高度集中和不同类 型的网络，在某些情况影响，我们仍然可以看到一个非常大的平均路径长度。以下是 类似原因的方法，戈麦斯罗G和莫雷诺介绍了“亲”参数网络增长算法，并允许优 先重视节点与其他类似的亲和力。并且亲和力会代表任何实物量，节点类似程度就是 *作者：Xiaoke Xu,Jin Zhou,Jie Zhang,，Junfeng Sun,and Jun-an Lu 出处：PHYSICAL REVIEW E 77, 066112 (2008)
长江大学工程技术学院毕业设计（论文）外文翻译 Matlab Based Interactive Simulation Program 外文题目 for 2D Multisegment Mechanical Systems 二维多段机械系统基于Matlab的 译文题目 交互式仿真程序 系部化学工程系 专业班级化工60801 学生姓名李泽辉 指导教师张铭 辅导教师张铭 完成日期2012.4.15
二维多段机械系统基于Matlab的交互式仿真程序Henryk Josiński, Adam ?witoński, Karol J?drasiak著；李泽辉译 摘要：本文介绍了多段机械系统设计原则，代表的是一个模型的一部分的设计系统，然后扩展形成的几个部分和模型算法的分类与整合的过程，以及简化步骤的过程叫多段系统。本文还介绍了设计过程的二维多段机械系统的数字模型，和使用Matlab的软件包来实现仿真。本文还讨论测试运行了一个实验，以及几种算法的计算，实现了每个单一步骤的整合。 1 简介 科学家创造了物理模型和数学模型来表示人类在运动中的各种形式。数学模型使创建数字模型和进行计算机仿真成为可能。模型试验，可以使人们不必真正的实验就可以虚拟的进行力和力矩的分解。 本文研究的目的是建立一个简单的多段运动模型，以增加模型的连续性和如何避免不连续为原则。这是创建一个人类运动模型系统的冰山一角。其使用matlab程序包创建的数字模型，可以仿真人类运动。 文献中关于这一主题的内容很广泛。运动的模式和力矩的分解在这些文献中都有涉猎。动态的平面人体运动模型，提出了解决了迭代矩阵的方法。还值得一提的是这类项目的参考书目，布鲁贝克等人提出了一个模型——人腿模型，这个以人的物理运动为基础的平面模型仿真了人腿——一个单一的扭簧和冲击碰撞模型。人腿模型虽然简单，但是它展示人类的步态在水平地面上的运动特征。布鲁贝克等人还介绍，在人腿模型的双足行走的基础上，从生物力学的角度而言，符合人体步行的特征。这个模型具有一个躯干，双腿膝盖和脚踝。它能够合理的表现出人多样的步态风格。一个仿真人类运动的数学模型反应出了人的部分运动状态。 图1. 力的分解 2 力的分解
金融体制、融资约束与投资——来自OECD的实证分析 R．Semenov Department of Economics, University of Nijmegen, Nijmegen （荷兰内梅亨大学，经济学院） 这篇论文考查了OECD的11个国家中现金流量对企业投资的影响。我们发现不同国家之间投资对企业内部可获取资金的敏感性具有显著差异，并且银企之间具有明显的紧密关系的国家的敏感性比银企之间具有公平关系的国家的低。同时，我们发现融资约束与整体金融发展指标不存在关系。我们的结论与资本市场信息和激励问题对企业投资具有重要作用这种观点一致，并且紧密的银企关系会减少这些问题从而增加企业获取外部融资的渠道。 一、引言 各个国家的企业在显著不同的金融体制下运行。金融发展水平的差别（例如，相对GDP的信用额度和相对GDP的相应股票市场的资本化程度），在所有者和管理者关系、企业和债权人的模式中，企业控制的市场活动水平可以很好地被记录。在完美资本市场，对于具有正的净现值投资机会的企业将一直获得资金。然而，经济理论表明市场摩擦，诸如信息不对称和激励问题会使获得外部资本更加昂贵，并且具有盈利投资机会的企业不一定能够获取所需资本。这表明融资要素，例如内部产生资金数量、新债务和权益的可得性，共同决定了企业的投资决策。现今已经有大量考查外部资金可得性对投资决策的影响的实证资料（可参考，例如Fazzari（1998）、 Hoshi(1991)、 Chapman(1996)、Samuel(1998)）。大多数研究结果表明金融变量例如现金流量有助于解释企业的投资水平。这项研究结果解释表明企业投资受限于外部资金的可得性。 很多模型强调运行正常的金融中介和金融市场有助于改善信息不对称和交易成本，减缓不对称问题，从而促使储蓄资金投着长期和高回报的项目，并且提高资源的有效配置（参看Levine（1997）的评论文章）。因而我们预期用于更加发达的金融体制的国家的企业将更容易获得外部融资。 几位学者已经指出建立企业和金融中介机构可进一步缓解金融市场摩擦。所以，在金融体制发展水平一定时，与金融中介机构关系密切的企业和没有关系的