有关企业并购的毕业论文外文翻译
原文：
Security V endors Say MergerWill Give Them More Financial Heft
LAST MONTH, Secure Computing Corp agreed to acquire messaging security vendor Cipher Trust Inc. For $273.6 million. The merged company will sell a range of enterprise gateway security appliances handle threats at the network edge and at the application level .
John McNulty，CEO of San Jose-based secure computing and Jay Chaudhry, founder and CEO of Alpharetta, Ga.-based Cipher Trust, spoke with Computerworld about their plans. Excerpts follow:
Why did Secure Computing and Cipher Trust join forces?
McNULTY: We just see a great opportunity to establish an enterprise gateway security company.[And] the senior team at Secure had been stretched as the company has grown.
CHAUDHRY: There are some 800 security start-ups. Most of them are doing point pr- oducts, and customers are getting tired of it.
These companies bring a lot of innovation because of their focus. But they don’t quite have the financial strength or scale to be viable players. Cipher Trust and Secure Computi- ng combined will keep the focus and innovation of a start-up, but our size and financial st- rength is that of a large company.
How do you expect Microsoft’s entry into the security tools business to aff ect your plans?
McNULTY:Microsoft clearly is a huge factor. But Microsoft’s expertise is at the desktop.
That is not an area we play in. It’s where you see the likes of Symantec, McAfee and Trend Micro. That is where Microsoft is going to have the biggest impact. Microsoft doesn’t sell Appliances. So this is not something that we fear.
What about the moves by network equipment vendors like Cisco to get into the security business?
CHAUDHRY:If you look at where the Ciscos of the world are playing, it’s at the network level. But if you look at the application gateway level, that is a newly emerging ma
rket—and so is the Web gateway market.
Our belief is that with our focus and with our innovation, we are going to be moving forward with some leading-edge solutions.
DO you agree with analysts who say users now will be more interested in integrated products than best-of-breed tools?
CHAUDHRY: In the last six or seven years, there has been a debate over best-of breed vs. integrated products . [Some companies] have been making a big deal about best of breed. I think both approaches have issues.
We’re seeing customers out there who have 10 to 15 boxes doing just the enterprise
e-mail gateway. So they do want an integrated solution, but they aren’t willing to take chances with second-and third-tier solutions. Where the market is moving is where you need the best-of breed technology. But if you can deliver it in an integrated solution, that is when you win.
How have the threats that users face changed in recent years?
McNULTY: Most of the things we are intensely worried about today didn’t exist 10 years ago. The threat has changed from the kid in the basement trying to impress his friends by defacing a Web site to organized crime and to very competent computer experts trying to steal and to commit crimes.
The FBI’s most recent report said that the cost of fraud on the Internet to American businesses was $67 billion. That’s just the tip of the iceberg, because it’s only the amount that people want to own up to. Signature-based defenses designed to prevent [trouble] after the horse has escaped the barn are ancient technology.
Jaikumar Vijayan，Security Vendors Say Merger Will Give Them More Financial Heft[J]，Computerworld，2006(22)
2：
Introduction
Real estate finance institutions as well as the mortgage banking landscape have undergone a profound restructuring since the late 1980s. The industry continues tochange rapidly. This change is driven by technological innovation, deregulation, and an increasing competition within the sector triggered by non-bank financial intermediaries (see Bank for International Settlements, 2001; Belaisch et al., 2001;Smith and Walter, 1998)). Individual real estate institutions have increasingly responded to these developments by climbing aboard the mergers and acquisitions (M&A) treadmill. Consolidation activity among mortgage banks and other real estate The current issue and full text archive of this journal is available at finance institutions has increased significantly during the last decade, and particularly within the last three years. Despite the consolidation, hardly any empirical research analyses the value implications of M&A activity in the real estate finance sector up to now.To uncover the capital markets’ reaction to the announcements of M&A transactions in the real estate finance industry, we study a data set of 69 international transactions that occurred between 1995 and 2002. Our findings suggest that mergers and acquisitions between real estate finance institutions create value on average. Significant positive cumulated abnormal returns can be observed for the target firms, while shareholder value is neither created nor significantly destroyed on the part of the acquiring companies. This result contrasts with empirical evidence from US bank M&A during the 1990s.
We start our analysis by providing a short review of the extensive prior research on M&A in the related financial institutions sector. Section three presents the data sample and the statistical methodology that we employed. In section four we discuss the results. Section five summarizes the findings and draws conclusions.
Prior research
Evidence on the wealth effects of real estate finance mergers is very limited. In a sample of real estate investment trust (REIT) transactions that took place between 1977 and 1983 Allen and Sirmans (1987) found an increase in shareholder wealth upon the announcement of a merger both for the acquired and acquiring firms. However, this positive assessment
does not hold over time. Based on a sample of REIT mergers in the period between 1988 and 1994, Campbell et al. (1998) found large negative returns for the acquirers. Campbell et al. (2001) analyzed the stock market reaction to 85 REIT mergers and observed significantly negative but small stock market returns.
Journal of Property Investment & Finance
Vol. 24 No. 1, 2006
Emerald Group Publishing
Dirk Schiereck and Markus Mentz
译文：
企业并购的风险分析
摘要
世界五次大规模并购浪潮充分促进了企业的成长和壮大。但企业兼并失败的比率非常高。本文中，在企业兼并的动因分析的基础上，我们进一步深入分析企业兼并的风险以启发盲目实施兼并的中国企业。
关键词：并购动因，风险，规模经济，范围经济
自20世纪初，世界五次大型并购浪潮充分促进了企业的成长和壮大。目前世界上几乎所有的大型企业都通过并购成长起来。目前，尽管一些中国企业采取兼并使他们尽快变得更强更大，但我们认为许多大打折扣的企业并购在中国和其他国家不应该被遗忘。美国的经验表明，至少有一半以上的兼并活动是不成功的。然而，鉴于西方企业兼并的历史，在企业兼并的动因分析的基础上，进一步深入分析企业兼并的风险以启发盲目实施兼并的中国企业。
1.企业并购的动因
西方企业并购的历史,经历了从主横向兼并到主纵向兼并和主混合合并的发展过程，发生在20世纪80年代和90年代的最后两个合并浪潮曾提出了多样化的趋势，三种类型没有区别清楚。尽管西方学者到海外并且深入研究了企业兼并问题，但到现在为止，还没有形成系统的理论框架。在这里，根据西方企业并购的历史，我们主要分析了企业并购的主要动因。
1.1规模经济效应
所谓规模经济是指，在指定的技术条件下，单位产品的平均成本将随着产出规模的增加而减少。经济规模效应的主要根源在以下几个方面。首先，随着产出规模的增加，固定费用分摊更多的产出，即单位变动成本不改变，单位平均成本将随着产出的增加而减少。其次，随着产出规模的增加，劳动分工更加仔细，当一个人反复做同一工作，他们必将积累经验和提高劳动技能，相应地也会提高劳动生产率。第三，企业规模的增加可以提高企业的信用等级和企业市场地位，并加强企业与供应商和消费者的议价能力。第四，随着企业规模的增加，“大规模储备”可以减少。在工业生产中，由于设备故障和预定服务的需求，适当的设备储备可以确保生产过程的来连续和设备的定期维修和故障设备的更换。然而，储备所需的设备没有改变企业在一定范围内的规模。
一个需要某些特殊设备的大型企业，与只使用一个特殊设备的小型企业一样，他们都需要一套备用设备，以确保持续生产。事实上，一些企业实行横向合并，以获得大范围的规模经济效应。
1.2交易成本
所谓交易成本是指需要支付给市场机制组织的成本，其中包括金钱，时间和精力的交易支出。一般的交易成本可分为两类。一个是谈判成本，包括搜寻成本，信息成本和谈判签订交易合同，协议支付。另一种是合同价，是指为防止一方打破合同或协议的项目所支付的费用成本。关于交易成本的原因，威廉姆森从三个方面做了分析。一个是人类有限的理性思考，也就是因为人们会受不完全信息和知识缺乏的影响，因此他们不能客观，准确地分析和判断事物，使交易双方不能事先签署一个完整的合同终止以上两种行为。二是人类的机会主义
国际工商管理杂志2008年4的97行动，即人们可能会为实现自己的利益最大化而采取损害别人利益的行动。不完全合同的存在，将进一步加剧人们的机会主义行动。三是资本的特殊性，即在不影响资本价值的前提下可以用于不同的目的和不同的用户。在交易活动或彼此的控制中，交易一方或双方有一个高度相互依赖性，这样的交易就有高度的资本特殊性。高度的资本特殊性使拥有特殊资本的一方很难退出交易，因为特殊资本用于其他方面时，他的价值会达到下限值。很明显，内部市场交易（即垂直并购）可以充分节约交易成本。在实践中，一些企业实行纵向合并只是为了节约大范围的交易成本。
1.3范围经济效应
范围经济效应是指由该企业在同一时间提供多方面的产品或服务（不包括垂直合并）诱发的有关费用比由该企业生产的每一个产品或服务引起的成本较低的情况。范围经济效应的产品基于一种或几种在同一时间可以由多方面的产品或服务共享的资源，如技术、生产线、销售渠道、品牌、信誉、管理和文化资源。在实践中，一些企业实行多元化并购只是为了获取更大程度的范围经济效应。
1.4分散风险
当企业提供多种的非相关产品或服务，生命周期、依赖资源、使用技术、涉及的细分市场的不同，以及国家政策的变化和国际市场波动的影响，使风险在不同的产品或服务中多元化。在实践中，一些企业实施非相关的混合并只是为了分散风险。
1.5提升企业核心竞争力
去年合并浪潮发生在20世纪80年代和90年代，其合并的主要动因是提高企业核心竞争力。 20世纪70年代以来，信息技术的快速发展，企业面临的环境更加复杂，即使是那些在市场上占据领先地位的大型企业，也要面临一些不知名的小企业或者其他国有企业的强大竞争。在此背景下，更多的企业合并是从企业发展战略考虑合并的效果，其目的是获得长期发展的企业核心竞争力。
1.6经理的动因
为了追求个人利益最大化，企业经理们倾向于通过并购迅速扩大企业规模。因为企业规模的迅速扩大，不仅可以提高管理人员的收入，也能提高管理人员的社会地位，使企业始终拥有雄厚的抗风险能力和权利与地位的更大保障。在实践中，只是因为如此，一些企业合并后可以得到经理的支持。
2.从企业合并的动因看企业兼并的风险
我们主要依据企业兼并的历史分析了企业并购的动因，从企业并购的动因来看，企业兼并风险的主要根源有以下几个方面。
2.1并非所有的横向兼并都可以产生规模经济效应。
（1）规模经济效应只存在于专业行业。这些行业的特征包括固定成本比例高，这样，规模的增加可以使更多的产出分摊固定成本。然而，在一些零星工业中，专业技能是企业的优越资源，如厨师餐饮业的烹饪技能，咨询顾问在咨询业的知识掌握等等，这些行业几乎都有没有规模经济效应。这可以给为什么第一次大规模的合并浪潮以横向为主，在西方历史上主要的合并是在汽车制造业，钢铁，石油集中，化工等传统产业以很好的解释。进一步说，由于技术进步，固定费用已经在很大程度上减少了，但这些高固定成本的传统产业是在规模经济效应的基础上使产生的横向兼并效应大幅度减少。日本丰田公司的长期实践证明，形成昂贵固定费用的住要原因是企业采用专业的技术和管理模式，而新的技术和管理模式可以充分减少或避免许多固定的费用。 80年代以来，丰田通过在汽车装配过程减少制造、机械装配时间和批量生产管理费用来减少日常管理开支，另外计算机辅助设计的应用也大大减少了固定成本和新的汽车设计过程的直接成本。
（2）经济规模效应的产生有特定的范围。当某些企业取得了最佳规模，横向兼并不能降低单位产品分摊的固定费用。
（3）当企业规模大，劳动力成本始终较高。美国国家统计办公室统计数据表明，有超过500名员工的公司比小公司支付的平均工资的高35％以上，因为工人在大公司
比在小公司更容易建立工会和具有更强的谈判能力。
（4）随着规模的扩大，劳动分工更加精细。虽然这有利于提高劳动生产力，但精细的分工，使工人长期从事单一和重复的工作，难免产生无聊的情绪，降低生产效率，提高离职的比率。
（5）横向兼并容易受到管理层的限制。由于管理范围的限制，管理层一定会增加，这不仅增加了管理费用，而且还容易导致信息失真，降低沟通效率。
2.2当垂直合并节约交易成本时，它不仅会增加内部组织的沟通成本，还可能会降低企业的弹性。
（1）横向兼并使企业从最初生产单一产品向生产相关产品转变，企业不仅失去了生产的专业优势，而且也增加了为保持相关产品的生产能力的相对平衡而产生的沟通成本。当一个用内部权威模式的交易组织的费用比市场机制组织的费用多时，横向兼并不仅不能降低成本，而且可可能增加成本。所有世界跨国公司的外包活动，组织合并等都充分体现了这些。
（2）面对复杂的市场需求和激烈的市场竞争，企业必须不断地调整其产品或服务。但是，横向兼并很大程度上提高了企业退出壁垒的可能性，这样肯定会降低企业的灵活性。
2.3固定合并产生范围经济效应和分散风险效果的同时也增加了管理的复杂性。（1）相对于混合合并，固定合并可能会导致负面协同效应。例如，一旦出现问题，在某些共同享用同一个品牌的产品，它会产生链式反应影响其他相关产品。（2）非混合并购使企业进入一个新的领域，并且在不同的领域生产管理流程有较大的差异，这使得管理变得复杂。如果管理者不熟悉这一新的领域，他只能增加风险而不能分散风险。（3）合并后的企业文化整合是非常困难的。许多研究发现企业文化不同是导致合并失败的主要原因。企业文化是企业一种重要的软资源，是从长期生产和管理实践中形成的价值观念和行为规范，合并双方的企业文化融合是有必然性的。然而，因为企业文化的特殊性和稳定性，双方通常无法接受对方的企业文化。当双方的企业文化不能有效整合，无论是个体层或组织层，都将发生冲突，摩擦成本也将会增加。
2.4实验材料
一般来说，企业核心竞争力是一种不能被模仿，不能被替代，不能被超越的专业技能和技术，是企业提供给消费者的附加值。合并后的协同效应可以产生专业的技能和技术，以提高核心竞争力的企业。但合并后，如果双方不能在管理，文化等方面实施有
效整合，提高核心竞争力的并购动因有可能仅仅是一个美好愿望。此外，并购后随着企业规模迅速增加，市场占有率大幅提高，合并后的企业可能面临政府反垄断方面的风险。
3.实验材料和参数设定
由以上分析，我们至少可以得到以下两个启示。
首先，合并是一个非常复杂的工作。好的合并动机不是总能带来好合并的效果。其次，虽然合并是企业成长的主要途径，但无论是否采取合并，合并的风险是非常高的。特别是在面临国内或国际兼并浪潮时，企业必须认真对待，不能只为与时并进而盲目地采取合并措施。
财务风险管理 尽管近年来金融风险大大增加，但风险和风险管理不是当代的主要问题。全球市场越来越多的问题是，风险可能来自几千英里以外的与这些事件无关的国外市场。意味着需要的信息可以在瞬间得到，而其后的市场反应，很快就发生了。经济气候和市场可能会快速影响外汇汇率变化、利率及大宗商品价格，交易对手会迅速成为一个问题。因此，重要的一点是要确保金融风险是可以被识别并且管理得当的。准备是风险管理工作的一个关键组成部分。 什么是风险？ 风险给机会提供了基础。风险和暴露的条款让它们在含义上有了细微的差别。风险是指有损失的可能性，而暴露是可能的损失，尽管他们通常可以互换。风险起因是由于暴露。金融市场的暴露影响大多数机构，包括直接或间接的影响。当一个组织的金融市场暴露，有损失的可能性，但也是一个获利或利润的机会。金融市场的暴露可以提供战略性或竞争性的利益。 风险损失的可能性事件来自如市场价格的变化。事件发生的可能性很小，但这可能导致损失率很高，特别麻烦，因为他们往往比预想的要严重得多。换句话说，可能就是变异的风险回报。由于它并不总是可能的，或者能满意地把风险消除，在决定如何管理它中了解它是很重要的一步。识别暴露和风险形式的基础需要相应的财务风险管理策略。 财务风险是如何产生的呢？ 无数金融性质的交易包括销售和采购，投资和贷款，以及其他各种业务活动，产生了财务风险。它可以出现在合法的交易中，新项目中，兼并和收购中，债务融资中，能源部分的成本中，或通过管理的活动，利益相关者，竞争者，外国政府，或天气出现。当金融的价格变化很大，它可以增加成本，降低财政收入，或影响其他有不利影响的盈利能力的组织。金融波动可能使人们难以规划和预算商品和服务的价格，并分配资金。 有三种金融风险的主要来源： 1、金融风险起因于组织所暴露出来的市场价格的变化，如利率、汇率、和大宗商品价格。 2、引起金融风险的行为有与其他组织的交易如供应商、客户，和对方在金融衍生产品中的交易。 3、由于内部行动或失败的组织，特别是人、过程和系统所造成的金融风险。 什么是财务风险管理？ 财务风险管理是用来处理金融市场中不确定的事情的。它涉及到一个组织所面临的评估和组织的发展战略、内部管理的优先事项和当政策一致时的财务风险。企业积极应对金融风险可以使企业成为一个具有竞争优势的组织。它还确保管理，业务人员，利益相关者，董事会董事在对风险的关键问题达成协议。金融风险管理组织就必须作出那些不被接受的有关风险的决定。那些被动不采取行动的战略是在默认情况下接受所有的风险，组织使用各种策略和产品来管理金融风险。重要的是要了解这些产品和战略方面，通过工作来减少该组织内的风险承受能力和目标范围内的风险。 风险管理的策略往往涉及衍生工具。在金融机构和有组织的交易所，衍生物广泛地进行
企业财务风险及应对探讨文献综述 重庆工商大学会计专业200X级X班XX 指导老师XXX 目录 摘要 ............................................................................................................................... 错误!未定义书签。 一、财务风险基础理论研究在理论界，财务风险已经成为现在财务理论的核心内容，得到了学者的广泛关注和重视。财务风险与企业资金的筹措、运用、管理以及安全密切相关，它是从价值方面反映企业在理财活动里边以及处理财务关系中所遇到的风险。.......................... 错误!未定义书签。 1、财务风险的概念研究........................................................................................ 错误!未定义书签。James C. Van Horn, John M. Wachowicz Jr(2001)在《Fundamental of Financial Management》里面更宽泛地说明了财务风险包括可能丧失偿债能力的风险，以及由于使用财务杠杆而导致的每股收益变动。 ......................................................................................................................................... 错误!未定义书签。 2、财务风险的类型研究........................................................................................ 错误!未定义书签。 二、财务风险产生因素研究.......................................................................................... 错误!未定义书签。 三、财务风险管理策略研究.......................................................................................... 错误!未定义书签。参考文献 ......................................................................................................................... 错误!未定义书签。
文献出处: Comell B., Financial risk control of Mergers and Acquisitions [J]. International Review of Business Research Papers, 2014, 7(2): 57-69. 原文 Financial risk control of Mergers and Acquisitions Comell Abstract M&A plays a significant part in capital operation activities. M&A is not only important way for capital expansion, but also effective method for resource allocation optimization. In the world around, many firms gained high growth and great achievement through M&A transactions. The cases include: the merger between German company Daimler-Benz and U.S. company Chrysler, Wal-Mart’s acquisition for British company ADSA, Exxon’s merger with Mobil and so on. Keywords: Enterprise mergers and acquisitions; Risk identification; Risk control 1 Risk in enterprise mergers and acquisitions May encounter in the process of merger and acquisition risk: financial risk, asset risk, labor risk, market risk, cultural risk, macro policy risk and risk of laws and regulations, etc. 1. 1 Financial risk Refers to the authenticity of corporate financial statements by M&A and M&A enterprises in financing and operating performance after the possible risks. Financial statements is to evaluate and determine the trading price in acquisition of important basis, its authenticity is very important to the whole deal. False statements beautify the financial and operating conditions of the target enterprise, and even the failing companies packing perfectly. Whether the financial statements of the listed companies or unlisted companies generally exists a certain degree of moisture, financial reporting risk reality In addition, the enterprise because of mergers and acquisitions may face risks, such as shortage of funds, a decline in margins has adverse effects on the development of enterprises.
财务分析外文翻译! 财务报表 报表要求 前面主要讨论了向外界提供的财务资料格式和用途，本章着重讨论的内容，浏览一下资产负债表，其项目如下: 现金主要是指在有偿付能力的银行中的活期存款。在会计期终止时补充的办公和工程备用基金也可包括在内。在职能分权的会计制度中，现金可以包括全部自有业务的各种分项工程银行存款，但是联合账户存款中属本公司的份额。如果不属本公司支配，可以不包括在内。现金不应该包括投标保证金或其它保证金以保证履行合同。也不应包括对雇员的预付款或对提款附加有种种限制的存款。在受货币限制的外国银行中的现金，只要它不超出公司对所在国货币的现金需求，也可视为现金。在建立银行现金明细表时，使存款现金与同一银行未清偿的各项贷款、抵押品、银行给予的最大担保信贷以及上年度的平均余额相符倒是个好主意。每份报告应包括现金预测，至少应在交给管理部门的报告中包括现金预侧。 应收款项可分成下列细目 1.核定的和到期的按进度付款的金额。 2.已开出但尚未核定的按进度付款的金额。 3.收益的金额和可即付的但开单当日实际未付的金额。 4.正在执行中的合同押金。 已完成的工程押金。 5. 6(如果把支付给分散经营的业务和合资企业的预付款看作应收款项，这些预付款应单独列表并单列科目放在资产负债表的首页。是否应将工程利润带来的产权当作应收款项还有争议。但一旦运用这种方式，就应该列出该项目。一般来说，最好
的做法是把合资企业的预付款和未分配的收益标明为“合资企业投资”，并加上适当的附注，说明投资的性质和合资企业的简要财务数据。 7(运转中的工程费用。当这些项目被看作应收账款时。只应列入某一特定工程按进度付款的已赚收益中的超额部分。如果按进度付款超过营业收益，这些费用应当作债务，如果资产负债表分为流动负债和非流动负债两类，这些费用应归人流动负债类。 8(各类销售、服务和保险赔偿金等应收款项 9(应付供应商和雇员的款项，明细附表应详细显示这些项目，当这些项目出自某一特定业务或与某一特定业务有关时，应将这些项目与该业务一并在明细表上标明。库存，从技术上讲，仅限于未拨用的材料，物资和备用件。有时把小工具归入物资类，有时单独列出。无论用那种形式，库存都应该在资产负债表的首页或明细附表中标明、购进的库存物资应按成本价或市场价，根据低的一种价格定价。对从工地归还到中心仓库的主要的旧材料(胶合板和金属模具)和小工具(气锤、钻头等)没有严格和固定的规则。标准处理方法是按成本价加10%将新材料“出售"给工程。当归还到中心仓库时，按原售价冲减so,记人工程账户，并在库存账户记人同样的数目。在下次“出售”给另一工程时，在前一工程的归还值上增加10,。归还时，再次重复这一手续，直到该物品不能用为止。丢失或残余价值微不足道可以不计。10,的加价系数用于弥补小修和仓储的费用。这种方法的另一种形式是指定回收估值而不是不断增加百分比，然而，这种方法需要有足够知识的人在每次回收物品时估值，这样做很麻烦，也不值得。但是，当这些物品出售给合资企业或成本加成工程时，肯定这种价格可以公平代表 材料或小型工具的价值是一种好做法。值得注意的是这种交易文件不能写得让国家把这种交易作为要交营业税的买卖。 财务报表的制订
中英文资料外文翻译 财务风险重要性分析 译文： 摘要：本文探讨了美国大型非金融企业从1964年至2008年股票价格风险的决定小性因素。我们通过相关结构以及简化模型，研究诸如债务总额，债务期限，现金持有量，及股利政策等公司财务特征，我们发现，股票价格风险主要通过经营和资产特点，如企业年龄，规模，有形资产，经营性现金流及其波动的水平来体现。与此相反，隐含的财务风险普遍偏低，且比产权比率稳定。在过去30年，我们对财务风险采取的措施有所减少，反而对股票波动（如独特性风险）采取的措施逐渐增加。因此，股票价格风险的记载趋势比公司的资产风险趋势更具代表性。综合二者，结果表明，典型的美国公司谨慎管理的财政政策大大降低了财务风险。因此，现在看来微不足道的剩余财务风险相对底层的非金融公司为一典型的经济风险。 关键词：资本结构；财务风险；风险管理；企业融资 1 绪论 2008年的金融危机对金融杠杆的作用产生重大影响。毫无疑问，向金融机构的巨额举债和内部融资均有风险。事实上，有证据表明，全球主要银行精心策划的杠杆（如通过抵押贷款和担保债务）和所谓的“影子银行系统”可能是最近的经济和金融混乱的根本原因。财务杠杆在非金融企业的作用不太明显。迄今为止，尽管资本市场已困在危机中，美国非金融部门的问题相比金融业的困境来说显得微不足道。例如，非金融企业破产机遇仅限于自20世纪30年代大萧条以来的最大经济衰退。事实上，非金融公司申请破产的事件大都发生在美国各行业（如汽车制造业，报纸，房地产）所面临的基本经济压力即金融危机之前。这令人惊讶的事实引出了一个问题“非金融公司的财务风险是如何重要？”。这个问题的核心是关于公司的总风险以及公司风险组成部分的各决定因素的不确定性。 最近在资产定价和企业融资再度引发的两个学术研究中分析了股票价格风险利
企业并购文献综述总表 作者时间文章名字视角理论方法 实证 结论(应用) 样本期 限 数量所用模型 贺虹吕凡2008.01 对并购协同 效应含义及 计算方法的 认识 协同效应 的含义及 计算方法 规范我国并购协同效应的计 算可以从企业价值评估 和业绩评价的理论方法 着手，例如EVA、BSC、 DCF、股价收益评估、财 务数据等 朱宝宪吴亚君2004.09 企业协同效 应的计算 国内外协 同效应的 实证研究 中的计算 方法 规范协同效应的多种计算方 法发展较成熟的是在异 常累计基础上计算以及 从业绩改变角度着手衡 量，评价新模型和国内 的两种方法在计算的合 理性以及准确性上则需 要做进一步的探讨。 1
夏新平宋光耀1999.03 企业并购中 协同效应的 计算 内部、外部 计算模型 对协同效 应的计算 规范两种模型各有利弊，不 能忽视企业的市场价值 及交易成本，必须使用 正确的折现率和恰当的 考察时间点，排除非并 购因素对净增加现金流 和股票交易价格的影 响。另外，对并购前后 的市盈率的变化还有待 进一步的研究. 董运宝2006年并购的协同 效应分析并购协同 效应的概 念、内容 规范并购的协同效应包括 了经营、管理、财务、 无形资产及产业协同。 我国目前产业结构不合 理，公司治理结构不健 全，组织管理方式落后， 企业资本结构不合理， 这些问题都有待于在并 购中，通过发挥协同效 应的作用加以改善。 2
张秋生周琳2003.06 企业并购协 同效应的研 究与发展 国内外协 同效应理 论研究 规范研究协同效应的微观运 作机理，应用价值评估 的理论与方法量化，结 合我国企业并购的实际 情况，实证检验若干影 响协同效应实现的关键 因素。 方芳闫晓彤2002年中国上市公 司并购绩效 与思考 上市公司 财务和会 计数据 核心 竞争 理论 实证2000年 发生并 购公司 的1999 年-2001 年的财 务数据 80 横向并 购：46 纵向并 购：10 混合并 购：24 对每个样本3年选 取9个指标：每股 现金流量、每股收 益、资产负债率、 主营业务利润率、 净资产收益率、销 售净利润率、总资 产报酬率、流动比 率、速动比率。 将指标按并购前一 年、并购当年、并 购后一年分别做因 子分析 横向并购的绩效明显优 于纵向和混合并购。并 购作为提高企业竞争力 和产业整合手段正在发 挥着巨大的作用。但但 目前上市公司的并购过 程存在着很多问题 3
Developing student competencies_ An integrated approach to a financial statement analysis project This paper presents an instructional resource for an integrated fi-nancial statement analysis project. The project requires a quantitative analysis of a company's financial statements and a written re-search report. The project is designed to develop students' critical thinking and analytical capabilities through the application of course concepts to a real company, while also providing opportunities to develop professional competencies. Following Anson's Instruc-tional Design Model (2007), the integrated project includes supporting activities, which are designed to aid students in achiev-ing the project's learning goals. The supporting activities include in-class instruction on financial ratios, a computer lab session on Excel, draft papers, peer reviews of writing, and paper revisions. The in-tegrated project also serves as an example of an assignment that is consistent with two recent education frameworks, the Inte-grated Competency-Based Framework (Lawson et al., 2014) and the AICPA Core Competency Framework (2015), which both advocate for increased integration of professional competencies within the ac-counting curriculum. Our instructional resource provides project instructions, supporting activities, as well as implementation guid-ance and a grading rubric. The paper discusses adaptations to tailor the project to various courses and audiences. The resources in this article are useful for instructors implementing a financial state-ment analysis project into accounting, finance, financial statement analysis and investment courses targeted at either the undergrad-uate or graduate levels.
外文文献翻译 Commercial Bank Risk Management : An Analysis of the Process
外文文献： Commercial Bank Risk Management: An Analysis of the Process Abstract Throughout the past year, on-site visits to financial service firms were conducted to review and evaluate their financial risk management systems. The commercial banking analysis covered a number of North American super-regionals and quasi±money-center institutions as well as several firms outside the U.S. The information obtained covered both the philosophy and practice of financial risk management. This article outlines the results of this investigation. It reports the state of risk management techniques in the industry. It reports the standard of practice and evaluates how and why it is conducted in the particular way chosen. In addition, critiques are offered where appropriate. We discuss the problems which the industry finds most difficult to address, shortcomings of the current methodology used to analyze risk, and the elements that are missing in the current procedures of risk management. 1. Introduction The past decade has seen dramatic losses in the banking industry. Firms that had been performing well suddenly announced large losses due to credit exposures that turned sour, interest rate positions taken, or derivative exposures that may or may not have been assumed to hedge balance sheet risk. In response to this, commercial banks have almost universally embarked upon an upgrading of their risk management and control systems. Coincidental to this activity, and in part because of our recognition of the industry's vulnerability to financial risk, the Wharton Financial Institutions Center, with the support of the Sloan Foundation, has been involved in an analysis of financial risk management processes in the financial sector. Through the past academic year, on-site visits were conducted to review and evaluate the risk management systems and the process of risk evaluation that is in place. In the banking sector, system evaluation was conducted covering many of North America's
本科毕业论文（设计） 外文翻译 Financial Risk Management Although financial risk has increased significantly in recent years, risk and risk management are not contemporary issues. The result of increasingly global markets is that risk may originate with events thousands of miles away that have nothing to do with the domestic market. Information is available instantaneously, which means that change, and subsequent market reactions, occur very quickly. The economic climate and markets can be affected very quickly by changes in exchange rates, interest rates, and commodity prices. Counterparties can rapidly become problematic. As a result, it is important to ensure financial risks are identified and managed appropriately. Preparation is a key component of risk management. What Is Risk? Risk provides the basis for opportunity. The terms risk and exposure have subtle differences in their meaning. Risk refers to the probability of loss, while exposure is the possibility of loss, although they are often used interchangeably. Risk arises as a result of exposure. Exposure to financial markets affects most organizations, either directly or indirectly. When an organization has financial market exposure, there is a possibility of loss but also an opportunity for gain or profit. Financial market exposure may provide strategic or competitive benefits. Risk is the likelihood of losses resulting from events such as changes in market prices. Events with a low probability of occurring, but that may result in a high loss, are particularly troublesome because they are often not anticipated. Put another way, risk is the probable variability of returns. Since it is not always possible or desirable to eliminate risk, understanding it is an important step in determining how to manage it.
国内外企业并购动因理论文献综述 摘要：本文总结了国内和国外学者关于企业并购动因理论的研究，并对两者的动因理论进行了比较。相对于国外发达国家的理论，我国的并购动因具有浓厚的中国特色，但另一方面，表明国外关于并购动因所提出的理论已逐渐适合中国的企业。 关键词：企业并购动因理论 并购（mergers and acquisition）包括兼并和收购，两者有一定的区别和联系。但是，随着全球化经济大发展，实业界的创新活动层出不穷，企业兼并和企业收购的界限越来越模糊。正如温斯顿说讲:“传统的主题已经扩展到包括接管以及相关的公司重组、公司控制、企业所有权结构变更等问题上,为简便起见，我们把它们统称为并购(M&A)”。 并购在当今世界扮演者越来越重要的角色。施蒂格勒(G. J. Stigler)经过研究认为：没有一个美国大公司不是通过某种适度、某种方式的兼并而成长起来的，几乎没有一家大公司主要是靠内部扩张成长起来。从19世纪末英、美等西方国家发生的第一次企业并购高潮算起，历经五次企业并购高潮，至今已有近百年的历史。企业并购理论也成为目前西方经济学最活跃的研究领域之一，在该领域的研究主要集中在并购动因研究和并购绩效研究两方面，两者共同成为理解企业并购经济合理性和制定公共政策的基础。在该文中，主要总结并购动因方面的文献。 一、国外企业并购动因的研究 企业并购动因的复杂性和多变性难以用一种经济理论解释清楚，不同地区、不同历史时期企业并购的产生和发展都有深刻的社会、政治、经济等原因；对于不同企业来说，他进行并购活动的原因不同，甚至同一企业在不同时期的并购也有不同的原因。对于并购动因问题，西方学者进行了广泛而深入的研究，提出了多种并购动因理论。Berkovitch 和narayanan(1993)将并购的动因归结于协同效应（synergy）,代理问题(agency)，管理者自负(hubris),并通过实证分析表明，以协同效应为目标的并购将带来正的效应，以代理问题为目标的并购，将带来负的效应。Kode ,Ford, Sutherland(2003)认为并购的动因在于协调效应，并提出了评价并购协同效应的模型。K. D. Brouthers等(1998)认为，并购动机可以分为经济动机、个人动机和战略动机三类。其中，经济动机包括扩大营销规模、增加利润、降低风险、防御竞争对手等子项目9项，个人动机包括增加管理特权等子项目4项，战略动机包括提高竞争力、追求市场力量等4项。这些研究都为并购的动因的理论发展作出了巨大的贡献。 威斯通等（1998）可以看成是国外对企业并购理论研究的集大成者。按照威斯通的理论和其它文献的研究成果，我们可以将企业并购的动因归为两大类：第一类是并购赞成论，包括效率理论（管理协同效应理论、经营协同效应理论、财务协同效应理论、多样化经营理论、价值低估理论）、信息与信号理论、代理成本理论。第二类是并购怀疑论，包括管理主义、自负假说、闲置现金流量理论、市场势力理论。 （一）、并购赞成论 1.效率理论（Efficiency Theory） 效率理论认为并购活动能够给社会收益带来一个潜在的增量，而且对交易的参与者来说无疑能提高各自的效率。这一理论包含两个基本的要点：（1）公司并购活动的发生有利于改进管理层的经营业绩；（2）公司并购将导致某种形式的协同（Synergy）效应。该理论主要包括管理协同效应理论、经营协同效应理论、财务协同效应理论、纯粹多样化经营理论、价值低估理论5个理论。 （1）管理协同（management synergy）效应理论
金融银行信用风险管理外文翻译文献 (文档含中英文对照即英文原文和中文翻译) 原文: Managing Credit Risks with Knowledge Management for Financial Banks Pan Jin Department of Economics Economics and Management School of Wuhan University Wuhan,Hubei Province,430072,China Abstract-Nowadays,financial banks are operating in a knowledge society and there are more and more credit risks breaking out in banks.So,this paper first discusses the implications of knowledge and knowledge management, and then analyzes credit risks of financial banks
with knowledge management. Finally, the paper studies ways for banks to manage credit risks with knowledge management. With the application of knowledge management in financial banks, customers will acquire better service and banks will acquire more rewards. Index Terms–knowledge management; credit risk; risk management; incentive mechanism; financial banks I.INTRODUCTION Nowadays,banks are operating in a“knowledge society”.So, what is knowledge? Davenport(1996)[1]thinks knowledge is professional intellect, such as know-what, know-how, know-why, and self-motivated creativity, or experience, concepts, values, beliefs and ways of working that can be shared and communicated. The awareness of the importance of knowledge results in the critical issue of “knowledge management”. So, what is knowledge management? According to Malhothra(2001)[2], knowledge management(KM)caters to the critical issues of organizational adaptation, survival and competence in face of increasingly discontinuous environmental change. Essentially it embodies organizational processes that seek synergistic combination of data and information processing capacity of information technologies and the creative and innovative capacity of human beings. Through the processes of creating,sustaining, applying, sharing and renewing knowledge, we can enhance organizational performance and create value. Many dissertations have studied knowledge managementapplications in some special fields. Aybübe Aurum(2004)[3] analyzes knowledge management in software engineering and D.J.Harvey＆R.Holdsworth(2005)[4]study knowledge management in the aerospace industry. Li Yang(2007)[5] studies knowledge management in information-based education and Jayasundara＆Chaminda Chiran(2008)[6] review the prevailing literature on knowledge management in banking industries. Liang ping and Wu Kebao(2010)[7]study the incentive mechanism of knowledge management in Banking. There are also many papers about risks analysis and risks management. Before the 1980s, the dominant mathematical theory of risks analysis was to describe a pair of random vectors.But,the simplification assumptions and methods used by classical competing risks
Financial Risk Management Although financial risk has increased significantly in recent years, risk and risk management are not contemporary issues. The result of increasingly global markets is that risk may originate with events thousands of miles away that have nothing to do with the domestic market. Information is available instantaneously, which means that change, and subsequent market reactions, occur very quickly. The economic climate and markets can be affected very quickly by changes in exchange rates, interest rates, and commodity prices. Counterparties can rapidly become problematic. As a result, it is important to ensure financial risks are identified and managed appropriately. Preparation is a key component of risk management. What Is Risk? Risk provides the basis for opportunity. The terms risk and exposure have subtle differences in their meaning. Risk refers to the probability of loss, while exposure is the possibility of loss, although they are often used interchangeably. Risk arises as a result of exposure. Exposure to financial markets affects most organizations, either directly or indirectly. When an organization has financial market exposure, there is a possibility of loss but also an opportunity for gain or profit. Financial market exposure may provide strategic or competitive benefits. Risk is the likelihood of losses resulting from events such as changes in market prices. Events with a low probability of occurring, but that may result in a high loss, are particularly troublesome because they are often not anticipated. Put another way, risk is the probable variability of returns. Since it is not always possible or desirable to eliminate risk,