毕业设计（论文）外文文献翻译
文献、资料中文题目：一个较好的财务绩效评价方法
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翻译日期： 2017.02.14
中文3487字
本科毕业论文（设计）
外文翻译
原文：
EV A: A better financial reporting tool
Economic Value Added (EV A) is a financial performance measure being adopted by many companies in corporate America. This new metric, trademarked by Stern Stewart and Company, is a profit measure based on the concept of true economic income which includes the cost of capital for all types of financing. EV A provides a more comprehensive measure of profitability than traditional measures because it indicates how well a firm has performed in relation to the amount of capital employed. This article summarizes the EV A concept of measuring profitability, the EV A calculation and the benefits of adopting an EV A framework.
The EV A Concept of Profitability
EV A is based on the concept that a successful firm should earn at least its cost of capital. Firms that earn higher returns than financing costs benefit shareholders and account for increased shareholder value.
In its simplest form, EV A can be expressed as the following equation:
EV A = Operating Profit After Tax (NOPAT) - Cost of Capital
NOPAT is calculated as net operating income after depreciation, adjusted for items that move the profit measure closer to an economic measure of profitability. Adjustments include such items as: additions for interest expense after-taxes (including any implied interest expense on operating leases); increases in net capitalized R&D expenses; increases in the LIFO reserve; and goodwill amortization. Adjustments made to operating earnings for these items reflect the investments made by the firm or capital employed to achieve those profits. Stern Stewart has identified as many as 164 items for potential adjustment, but often only a few adjustments are
necessary to provide a good measure of EV A.[1]
Measurement of EV A
Measurement of EV A can be made using either an operating or financing approach. Under the operating approach, NOPAT is derived by deducting cash operating expenses and depreciation from sales. Interest expense is excluded because it is considered as a financing charge. Adjustments, which are referred to as equity equivalent adjustments, are designed to reflect economic reality and move income and capital to a more economically-based value. These adjustments are considered with cash taxes deducted to arrive at NOPAT.
EV A is then measured by deducting the company's cost of capital from the NOPAT value. The amount of capital to be used in the EV A calculations is the same under either the operating or financing approach, but is calculated differently.
The operating approach starts with assets and builds up to invested capital, including adjustments for economically derived equity equivalent values. The financing approach, on the other hand, starts with debt and adds all equity and equity equivalents to arrive at invested capital. Finally, the weighted average cost of capital, based on the relative values of debt and equity and their respective cost rates, is used to arrive at the cost of capital which is multiplied by the capital employed and deducted from the NOPAT value. The resulting amount is the current period's EV A.
The remainder of this article summarizes the financing approach because it emphasizes the significance of capital employed and illustrates how accounting rules impact the calculation of EV A. Exhibit 1 on page 33 shows a sample calculation of EV A.
EV A Calculation and Adjustments
As stated above, EV A is measured as NOPAT less a firm's cost of capital. NOPAT is obtained by adding interest expense after tax back to net income after-taxes, because interest is considered a capital charge for EV A. Interest expense will be included as part of capital charges in the after-tax cost of debt calculation.
Other items that may require adjustment depend on company-specific activities. For example, when operating leases rather than financing leases are employed,
interest expense is not recorded on the income statement, nor is a liability for future lease payments recognized on the balance sheet. Thus, while interest is implicit in the yearly lease payments, an attempt is not made to distinguish it as a financing activity under GAAP.
Under EV A, however, the interest portion of the payment is estimated and the after-tax amount from it is added back into NOPAT because the interest amount is considered a capital charge rather than an operating expense. The corresponding present value of future lease payments represents equity equivalents for purposes of capital employed by the firm, and an adjustment for capital is also required. See Exhibit 1 for sample adjustments commonly used in the calculation of EV A.
R&D expense items call for careful evaluation and adjustment. While GAAP generally requires most R&D expenditures to be expensed immediately, EV A capitalizes successful R&D efforts and amortizes the amount over the period benefiting the successful R&D effort.
Another example of an EV A adjustment is the LIFO reserve increase. The increase is added back to profit because it converts inventory from a LIFO to FIFO valuation, which is a better approximation of current replacement cost. The full amount of the LIFO reserve represents past holding gains and accordingly is added back to the equity component to reflect the capital invested by the firm in inventory not yet reflected in equity under GAAP.
Other adjustments recommended by Stern Stewart include the amortization of goodwill. The annual amortization is added back for earnings measurement, while the accumulated amount of amortization is added back to equity equivalents. Goodwill amortization is handled in this manner because by "un-amortizing" goodwill, the rate of return reflects the true cash-on-yield. In addition, the decision to include the accumulated goodwill in capital improves the real cost of acquiring another firm's assets regardless of the manner in which the acquisition is accounted. While the above adjustments are common in EV A calculations, according to Stern Stewart, those items to be considered for adjustment should be based on the following criteria: Materiality: Adjustments should make a material difference in EV A.
Manageability: Adjustments should impact future decisions.
Definitiveness: Adjustments should be definitive and objectively determined.
Simplicity: Adjustments should not be too complex.
If an item meets all four of the criteria, it should be considered for adjustment. For example, the impact on EV A is usually minimal for firms having small amounts of operating leases. Under these conditions, it would be reasonable to ignore this item in the calculation of EV A. Furthermore, adjustments for items such as deferred taxes and various types of reserves (i.e. warranty expense, etc.) would be typical in the calculation of EV A, although the materiality for these items should be considered. Unusual gains or losses should also be examined and eliminated if appropriate. This last item is particularly important as it relates to EV A-based compensation plans.
The Significance of the Capital Charge
Under traditional financial reporting, a cost rate is not assigned for the equity used to finance operations. Thus, the use of net income as a performance measure is limited by the exclusion of that cost. In addition, when used in calculations such as return on equity, net income also includes the accounting distortions included in its calculation and that of book value.
EV A, on the other hand, through its adjustment efforts, seeks to eliminate the impact of accounting distortions while treating the impact of financing costs more comprehensively in its capital cost charge. Therefore, a truer measure of economic profit is provided by EV A than that provided by the use of traditional GAAP-based measures. This may be significant because some companies spend heavily on R&D and the accounting treatment for this and certain in tangibles is not included on GAAP-based balance sheets. EV A provides a way to compare performance among firms impacted by these accounting weaknesses.
The specific amount of the capital charge for EV A is based on the amount of equity equivalents determined after adjustments, multiplied by the capital cost rate. The capital cost rate is based on the individual cost rates for both debt and equity. While the cost rate for debt can be readily determined, the rate for equity requires some effort. The cost for equity can be measured by using the capital asset pricing
model, or other risk premium approaches.
Once that rate is determined, it is combined with the relative proportions of capital to produce the weighted average cost of capital (WACC). It is that overall rate, when combined with all capital including equity equivalents, that produces the overall capital charge used in EV A. After the capital charge is calculated and deducted from NOPAT, the full extent of EV A' s benefits can be observed, because all opportunity costs involved in the production of income have been measured and included in profitability. An example of the WACC is shown in Exhibit 1.
EV A-Based Compensation Plans
For firms that reward managers based on performance, EV A can offer advantages over traditional profit-based plans. First, by tying compensation to a better performance metric, the company can achieve a better matching of its own objectives with those of the manager. Second, EV A can help reduce some conflicts of interest often associated with managers and profitability measurement. Because an objective of EV A is to eliminate the impact of accounting distortions on profitability and the influence of management in its calculation, EV A is a better representation upon which to reward executives.
It should be noted that EV A measurement is not without subjective elements. It may be necessary to involve an independent committee to determine the appropriateness of specific EV A adjustments and how to best handle unusual situations. Stern Stewart also recommends that EV A-based bonus systems involve some form of deferral of pay with the full amount of EV A bonuses dependent on long-term success.
This feature of paying only a portion of the current amount and banking the remainder for the future is an important component of the system and is designed to enhance long-term loyalty to the firm. Bonuses should also be uncapped and include stock options, thereby turning managers into owners. The ability of the system to lower bonuses based on subsequent performance is one feature that makes EV A systems fair to both the company and its managers. Thus, EV A and its inclusion in compensation, rewards long-term success and helps the company promote this aspect
of corporate performance.
The overall success of the plan is dependent on several important factors including the ability of all employees to understand and agree with its goals. To reach this objective, it is necessary to provide focused training of EV A to all employees in the company. In that way, everyone better understands the philosophy and their role in the system. While this training may take considerable time and effort, it is usually rewarded by sustained improvements in EV A.
EV A Drivers
Another advantage of EV A systems is the emphasis on EV A drivers and the contribution of certain activities to EV A. When implementing EV A, firms seek to determine those areas of the business most responsible for success. By isolating activities, such as inventory management or capacity utilization, firms can judge the value of these on projects, divisions, etc. Thus management can focus on ways to increase economic value, rather than on reported numbers alone. By including capital contributions which do not require a stock price, firms are also able to use EV A in evaluating the performance of individual units or divisions of the firm as well as the managers who run those businesses. EV A helps focus on improving operating profits without tying up more capital in the business, curtailing or liquidating investments that do not meet capital costs, and/or reducing the cost of capital. Management actions such as cost reductions, improvements in technology, reduced working capital, or the optimal use of debt, represent the types of benefits resulting from EV A analysis and implementation.
Share Price and EV A
A controversy that surrounds EV A is whether it correlates well with a firm's stock prices as claimed by Stern Stewart. While many believe that it does, the results of several studies are mixed.[3] Nevertheless, many seem convinced of the overall benefit of EV A. Therefore, firms contemplating the adoption of EV A, or any performance-based measure used for decision making and compensation, should examine their own individual characteristics, the underlying theory of the measure sought, and the likelihood that the measure selected will capture the attributes it seeks.
For advocates of EV A, the underlying theory of finance embedded in its calculation is one of its strengths. This can more easily be seen when one considers that the present value of EV A parallels that of using net present value, and for capital projects, would be expected to yield a similar result.
Source: Larry M.Prober,2000 “EV A: A better financial reporting tool”. Pennsylvania CPA Journal, vol.71, lessue 3,p27.
译文：
EV A：一个较好的财务绩效评价方法
经济增加值（EV A）作为财务绩效评价的一种方法，目前正被很多美国公司所应用。这种由思腾思特公司所发明的新的指标体系，是基于包括所有类型的资本成本在内的真正的经济收入的一种利润衡量方法。比起传统的绩效评价方法，EVA提供了更为全面的评价办法，因为EVA表明公司是怎样运用其大数额的营运资本的。本文总结了EVA衡量盈利能力的概念，EVA的计算，以及采用EVA的优势。
EV A的盈利性
EV A认为，一个成功的企业至少应该获得等于其所耗费的资本成本的收益。该公司应赚得比股东融资成本效益和增加股东价值更高的回报。
EV A可以表示为下列公式：
EV A=税后净营业利润（NOPAT）—资本成本
税后净营业利润是根据折旧后的净营业收入，将利润调整为更接近经济性的盈利衡量方式。调整项目为：税后增加的利息费用（包括任何经营租赁隐含的利息支出），增加的净资本化的研发费用，后进先出储备的增加，以及商誉和摊销。对这些项目的营业收益做出调整，反应了企业所做的投资和为实现这些利润所进行的资本的投资。思腾思特确定了多达164个需要调整的项目，但通常只有几个的项目的调整对于EV A的计算来说是必要的。
EV A的计量
EV A可以从经营或融资两个角度进行计算。在经营方式下，税后净营业利润是从销售现金收入扣除经营费用和折旧而得。利息费用是排除在外的，这是因为把它当做融资费用来考虑。那些被当做股权进行调整的项目，是用来反应现实经济和动态的收入，以及更具经济性的资本。这些调整被认为是税后净营业利润扣除了现金税的结果。
计算EV A时，都需要从税后净营业利润中扣除企业的资本成本。无论在融资方式下还是经营方式下，计算EV A都需要运用到资本，只是计算上有差异而
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绩效考核外文文献及翻译 外文文献 1.Performance appraisals - purpose and how to make it easier Performance appraisals are essential for the effective management and evaluation of staff. Appraisals help develop individuals, improve organizational performance, and feed into business planning. Formal performance appraisals are generally conducted annually for all staff in the organization. His or her line manager appraises each staff member. Directors are appraised by the CEO, who is appraised by the chairman or company owners, depending on the size and structure of the organization. Annual performance appraisals enable management and monitoring of standards, agreeing expectations and objectives, and delegation of responsibilities and tasks. Staff performance appraisals also establish individual training needs and enable organizational training needs analysis and planning. Performance appraisals also typically feed into organizational annual pay and grading reviews, which commonly also coincide with the business planning for the next trading year. Performance appraisals generally review each individual's performance against objectives and standards for the trading year, agreed at the previous appraisal meeting. Performance appraisals are also essential for career and succession planning - for individuals, crucial jobs, and for the organization as a whole. Performance appraisals are important for staff motivation, attitude and behavior development, communicating and aligning individual and organizational aims, and fostering positive relationships between management and staff. Performance appraisals provide a formal, recorded, regular review of an individual's performance, and a plan for future development. Job performance appraisals - in whatever form they take - are therefore vital for managing the performance of people and organizations. Managers and appraises commonly dislike appraisals and try to avoid them. To these people the appraisal is daunting and time-consuming. The process is seen as a difficult administrative chore and emotionally challenging. The annual appraisal is maybe the only time since last year that the two people have sat down together for a meaningful one-to-one discussion. No wonder then that appraisals are stressful - which then defeats the whole purpose. Appraisals are much easier, and especially more relaxed, if the boss meets each of the team members individually and regularly for one-to-one discussion throughout the year. Meaningful regular discussion about work, career, aims, progress, development, hopes and dreams, life, the universe, the TV, common interests, etc., whatever, makes appraisals so much easier because people then know and trust each other - which reduces all the stress and the uncertainty. Put off discussions and of course they loom very large. So don't wait for the annual appraisal to sit down and talk. The boss or the appraises can instigate this. If you are an employee with a shy boss, then take the lead. If you are a boss who rarely sits down and talks with people - or whose people are not used to talking with their boss - then set about relaxing the atmosphere and improving relationships. Appraisals (and work) all tend to be easier when people communicate well and know each other. So sit down together and talk as often as you can, and then when the actual formal appraisals are due everyone will find the whole process to be far more natural, quick, and easy - and a lot more productive too. 2.Appraisals, social responsibility and whole-person development There is increasingly a need for performance appraisals of staff and especially managers, directors and CEO's, to include accountabilities relating to corporate responsibility, represented by various converging corporate responsibility concepts including: the “Triple Bottom Line”; c orporate social responsibility (CSR); Sustainability; corporate integrity and ethics; Fair Trade, etc. The organization must decide the extent to which these accountabilities are reflected in job responsibilities, which would then
广东工业大学华立学院 本科毕业设计（论文） 外文参考文献译文及原文 系部会计学系 专业会计学 年级 08级 班级名称 2008级会计（7）班 学号 14010807030 学生姓名吴智聪 2012年 2 月 9 日
目录 1. 外文译文 (1) 2. 外文原文 (5)
中小型企业财务管理中存在的问题及其对策中小型企业在中国经济发展中发挥着重要的作用。统计数据表明，在工商行政管理局登记在册的企业中，中小型企业占了99%，产值和利润分别占总额的60%和40%。此外，中小型企业所提供了75％的城镇就业机会。可见其为中国的稳定和经济繁荣作出了重要贡献。 虽然中小型企业在国民经济中占有重要地位，对中国经济发展与社会稳定具有很重大的意义。但是，中小型企业发展的主要障碍是缺乏有效的财务管理。本文分析了当前中小型企业财务管理中存在的问题，并就改善中小型企业财务管理提出了相应对策。 1.1 中小型企业的财务管理现状 自从21世纪以来，中国的中小型企业的蓬勃发展，在经济增长和社会发展中发挥着非常重要的作用。据财政部统计数据，直到2005年底，中小型企业总数已超过1000万，占中国企业总数的99%。中小型企业提供了75％的城镇就业机会，工业企业的总产值、销售收入、实现的利得税和出口额分别占总数的60%、57%、40%和60%，上缴的税收已经接近了国家税收总额的一半。中小型企业承载着超过75%的技术革新和超过65％的专利发明，他们以其灵活的经营机制和积极创新活动，为经济发展提供了增长的最根本动力。近年来，中国中小企业的消亡率将近70%，大约有30%的中小型企业存在赤字。中小型企业应该如何建立现代企业制度，加强财务管理，并科学地进行资本运作以谋求自身的健康发展，是我们密切关注的一个问题。 1.2 中小型企业财务管理中存在的问题 ⑴财务管理理念滞后，而且方法保守 中小型企业由于管理者自身知识水平的限制，使得企业的管理能力和管理质量较低。他们的管理思想已经不适合现代企业，并且大多数企业领导人缺乏财务管理的理论和方法，忽视了企业资本运作的作用。管理者既不重视财务事，也不参与企业政策的制定和相关管理活动。因此，财务管理无法发挥其应有职能，从而导致企业缺乏现代财务管理的理念，也无从去培训合格的财务人员。 ⑵财务管理工作基础薄弱，缺乏财务监督
附件1：外文资料翻译译文 财务报表分析 A.财务比率 我们需要使用财务比率来分析财务报表，比较财务报表的分析方法不能真正有效的得出想要的结果，除非采取的是研究在报表中项目与项目之间关系的形式。例如，只是知道史密斯公司在一个特定的日期中拥有10000美元的现金余额，对我们是没有多大价值的。但是，假如我们知道，这种余额在这种平衡中有4%的流动负债，而一年前的现金余额有25%的流动负债。由于银行家对公司通常要求现金余额保持在银行信用度的20%，不管使用或不使用，如果公司的财务状况出现问题，我们可以立即发现。 我们可以对比比较财务报表中的项目，作出如下结论： 1. 项目之间的资产负债表比较： a）在资产负债表中的一个日期之间的比较，例如项目，现金与流动负债相比； b）同一项目在资产负债表中一个日期与另一个日期之间的比较，例如，现在的现金与一年前比较； c）比较两个项目之间在资产负债表中一个日期和一个相似比率在资产负债表中的另一个日期的比率，例如，现在现金流动负债的比率与另一个项目一年前的相似比率和已经标记的现金状况趋势的比较。 2．项目报表中收入和支出的比较： a）一定时期中的报表项目的比较； b）同一项目在报表中现阶段与上个阶段的比较； c）报表中项目之间的比率与去年相似比率的比较； 3．资产负债表中的项目与报表中收入和支出项目的比较： a）在这些报表项目之间的一个给定的时间内，例如，今年净利润可能以百分比计算今年净值； b）两个报表中项目之间的比率在这几年时间的比较，例如，净利润的比率占今年净值的百分比与去年或者前年的相似比率的比较 如果我们采用上述比较或比率，然后依次比较它们，我们的比较分析结果将获得重要意义：
一、激励理论的背景 在经济发展的过程中,劳动分工与交易的出现带来了激励问题。激励理论是行为科学中用于处理需要，动机，目标和行为四者之间关系的核心理论。行为科学认为人的动机来自需要，由需要确定人们的行为目标，激励则作用于人内心活动，激发，驱动和强化人的行为。哈佛大学维廉詹姆士研究表明：在没有激励措施下,下属一般仅能发挥工作能力的20%～30%，而当他受到激励后,其工作能力可以提升到80%～90%，所发挥的作用相当于激励前的3到4倍。日本丰田公司采取激励措施鼓励员工提建议，结果仅1983年一年，员工提了165万条建议，平均每人31条，它为公司带来900亿日元利润，相当于当年总利润的18%。由于激励的效果明显，所以各种组织为了提高生产效率，有些专家学者就开始了对激励理论的研究之中，探索激励的无穷潜力。 二、国外研究现状 国外对于激励理论有了大量的研究并获得了丰硕的成果。总体来说，可以分为两类激励理论。一类是以人的心理需求和动机为主要研究对象的激励理论，熟称“内容型激励理论”。另一类是以人的心理过程和行为过程相互作用的动态系统为研究对象的激励过程理论,它也被称作是“行为型激励理论”。 1 内容型激励理论 1.1 奠瑞的人类人格理论 这种理论认为，在面临着动态且不断变化的环境时，人们都是自适应的。它把需求分成了两种类型，即生理需求和心理需求。前者与人体基本生理过程的满足感有关，而后者所关注的是情绪上和精神上的满足感。 1.2 马斯洛的“需要层次”理论 美国心理学家马斯洛(A.H.Maslow)进一步发展了莫瑞的研究，在1954年出版的《动机与人格》一书中对该理论作了进一步的阐释。马斯洛认为人的需要可以划分为五个层次，从低到高依次为生理需要，安全需要，社交需要，尊熏需要，自我实现需要，且这五个层次的顺序，对每个人都是相同的。只有当较低层次的需要获得了基本满足后，下一个较高层次的需要才能成为主导需要。 1.3 赫茨伯格的激励—保健双因素理论 美国心理学家赫茨伯格因素理论打破了这一假设。他于1959年在《工作的激励》一书中提出了保健——激励因素理论，简称双因素理论。即保健因素和激励因素。保健因素可以用来体现高水平员工的不满意，激励因素可以用来体现高水平员工的满意度。他认为只有激励因素才能促发员工积极性,提高生产效率。 2 行为型激励理论 2.1 洛克的目标设置理论 2O世纪6O年代末，埃德温·A·洛克和他的同事们花了许多年的时间研究目标对于人类行为和绩效的效果。他们的研究导致了目标设置理论的创立并不断地得到验证，提出：指向一共同目标的工作意向是工作效率的主要源泉。他还提出了具体的设置目标的步骤。 2.2 亚当斯的公平理论 美国心理学家亚当斯(J.s.Adams)对员工受激励程度的大小与他人之间的关系进行研究，并在《工人关于工资不公平的内心冲突同其生产率的关系》(1962年与罗森合写)，《工
外文文献翻译译文 一、外文原文 Corporate Performance Management Abstract Two of the most important duties of a chief executive officer are (1) to formulate strategy and (2) to manage his company’s performance. In this article we examine the second of these tasks and discuss how corporate performance should be modeled and managed. We begin by considering the environment in which a company operates, which includes, besides outside stakeholders, the industry it belongs and the market it supplies, and then proceed to explain how the functioning of a company can be understood by an examination of its business, operational and performance management models. Next we describe the structure recommended by the authors for a corporate planning, control and evaluation system, the most important part of a corporate performance management system. The core component of the planning system is the corporate performance evaluation model, the structure of which is mapped into the planning system’s database, simulation models and budgeting tools’ structures, and also used to shape information contained in the system’s products, besides being the nucleus of the language used by the system’s agents to talk about corporate performance. The ontology of planning, the guiding principles of corporate planning and the history of ”MADE”, the corporate performance management system discussed in this article, are reviewed next, before we proceed to discuss in detail the structural components of the corporate planning and control system introduced before. We conclude the article by listing the main steps which should be followed when implementing a performance planning, control and evaluation system for a company. 1.Introduction Two of the most important corporate tasks for which a chief executive officer is p rimarily responsible are (1) to formulate strategy and (2) to manage the company’s performance. In this article we examine the second of these tasks and discuss how
会计信息质量在投资中的决策作用对私人信息和监测的影响 安妮比蒂，美国俄亥俄州立大学 瓦特史考特廖，多伦多大学 约瑟夫韦伯，美国麻省理工学院 1简介 管理者与外部资本的供应商信息是不对称的在这种情况下企业是如何影响金融资本 的投资的呢？越来越多的证据表明，会计质量越好，越可以减少信息的不对称和对融资成本的约束。与此相一致的可能性是，减少了具有更高敏感性的会计质量的公司的投资对内部产生的现金流量。威尔第和希拉里发现，对企业投资和与投资相关的会计质量容易不足，是容易引发过度投资的原因。 当投资效率低下时，会计的质量重要性可以减轻外部资本的影响，供应商有可能获得私人信息或可直接监测管理人员。通过访问个人信息与控制管理行为，外部资本的供应商可以直接影响企业的投资，降低了会计质量的重要性。符合这个想法的还有比德尔和希拉里的比较会计对不同国家的投资质量效益的影响。他们发现，会计品质的影响在于美国投资效益，而不是在日本。他们认为，一个可能的解释是不同的是债务和股权的美国版本的资本结构混合了SUS的日本企业。 我们研究如何通过会计质量灵敏度的重要性来延长不同资金来源对企业的投资现金 流量的不同影响。直接测试如何影响不同的融资来源会计，通过最近获得了债务融资的公司来投资敏感性现金流的质量的效果，债务融资的比较说明了对那些不能够通过他们的能力获得融资的没有影响。为了缓解这一问题，我们限制我们的样本公司有所有最近获得的债务融资和利用访问的差异信息和监测通过公共私人债务获得连续贷款的建议。我们承认，投资内部现金流敏感性可能较低获得债务融资的可能性。然而，这种可能性偏见拒绝了我们的假设。 具体来说，我们确定的数据样本证券公司有1163个采样公司（议会），通过发行资本公共债务或银团债务。我们限制我们的样本公司最近获得的债务融资持有该公司不断融资与借款。然而，在样本最近获得的债务融资的公司，也有可能是信号，在资本提供进入私人信息差异和约束他们放在管理中的行为。相关理论意味着减少公共债务持有人获取私人信息，因而减少借款有效的监测。在这些参数的基础上，我们预测，会计质量应该有一
人力资源管理绩效管理外文翻译文献 人力资源管理绩效管理外文翻译文献(文档含中英文对照即英文原文和中文翻译)
原文： Performance Management: Reconciling Competing Priorities Ian Ziskin Four HR thought leaders from academia— John Boudreau of the USC Center for Effective Organizations, Chris Collins of the Cornell Center for Advanced HR Studies, Pat Wright of the Moore College of Business at the University of South Carolina, and Dave Ulrich of University of Michigan and the RBL Group — engaged in discussions on Performance Management with Ian Ziskin, President, EXec EXcel Group LLC and Board member, HR People & Strategy. Ian asked John, Chris,Pat, and Dave to share their perspectives on topics including: ? What Performance Management is? ? What makes the biggest difference to effective vs. ineffective Performance Management? ? What the biggest sources of debate and disagreement have been regarding Performance Management over the years, and whether we have made any progress in resolving these issues？ ? If they were going to fix or kill anything about Performance Management, w hat it would be and why？ ? What big implications there are for future required changes to Performance Management in light of future work, workforce and workplace trends？ Ziskin: There is a lot of talk in organizations about whether Performance Management is working effectively or ever has. What do you think Performance Management is? Collins: This may be the question of the year. Performance Management has become everything and therefore nothing. It serves so many purposes —compensation, feedback, talent development, succession, etc. — that it may not serve any purpose very well. Boudreau: It's an ongoing relationship to balance the need to evaluate people with the need to develop them. It's not about bromides, forms, scores, tools or
(文档含英文原文和中文翻译) 中英文对照外文翻译 附件：外文翻译译文 战略财务会计在中小企业 摘要：随着社会经济的发展和科学技术的进步,中国的企业在一个充满机会和危险的阶段。介绍了安全会计的含义和意义战略财务会计中存在的问题,阐述了财务策略进行小中型企业一起,最后提出了一些对策和原因。 关键词：中小企业的战略财务会计、问题、对策
一个企业的不确定性的金融环境其财务活动充满风险。除了机会,有许多的危险从时间,以时间,其财务会计。因此,它已经成为了成功的关键一个企业的财务会计是否能跟踪的趋势变化什么是有用的吸收。应当拒绝接受什么是有害的。战略会计思想是非常重要的在企业的财务会计,因为我们必须努力去分析和把握一般环境和发展一个企业的发展趋势,从而提高适应能力、可变性和适用性的金融中心会计不确定环境。目前,中小企业在100年通过了工商登记、以企业总数的90%。因此,其战略财务会计是特别重要的,这也是本论文的主题。 1 简介 战略性的财务会计是财务会计理论,根据该融资应该的在最适当的方式进行,采集到的资本必须利用和会计的最有效的方式虽然企业和决策和利润分配应该最合理。根据其内涵,总结三个主要内容的战略财务会计,包括融资策略,投资战略和利润分配决策策略。详情如下: 融资策略 高度发达的现代企业具有的销售急剧增长。当面对这样一种局势,企业倾向于有很大的要求从股票和应收账款是资本的提升。更大的为销售增长的张力,但更大的资本要求。因此,在融资策略都具有十分重要的意义战略会计财务。融资策略的功能在于明确的指导方针融资、铺设融资目标下,建立整体规模、融资渠道和方法,安排战略资本结构优化方案,从各方面对此作了相应的对策,以达到融资目标,最后预测和收集的大量资金的企业的需要。 投资策略 为核心的战略财务会计,这种策略决定一个企业只能分配它的首都资源合理而有效的方法。投资策略包括确认投资固定资产的方向、公司规模和资本规模、投资选择相关的外部扩张或内部扩张,改革旧的产品或开发新的、独立或联合操作,自有资金投资决定或贷款之间的百分比固定资产、流动资产、投资策略和风险和那些在通货膨胀。 利润分配决策策略 这个策略,包括会计资本收益和设立股份奖金分配制度,主要的交易一个企业比例,搁在长期底图在扩大规模、提高员工福利和自身的生活水平。利润分配决策战略旨在满足需求,对于资产资本的发展和改进企业的核心竞争力根据相关的投资