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翻译:市场流动性与资金流动性

翻译:市场流动性与资金流动性
翻译:市场流动性与资金流动性

企业财务风险及其应对文献综述

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。

企业风险管理外文文献翻译2014年译文5000字

文献出处:Bedard J C, Hoitash R, et al. The development of the enterprise risk management theory [J]. Contemporary Accounting Research, 2014, 30(4): 64-95. (声明:本译文归百度文库所有,完整译文请到百度文库。) 原文 The development of the enterprise risk management theory Bedard J C, Hoitash R Abstract Enterprise risk management as an important field of risk management disciplines, in more than 50 years of development process of the implementation of dispersing from multiple areas of research to the integration of comprehensive risk management framework evolution, the theory of risk management and internal audit and control theory are two major theoretical sources of risk management theory has experienced from the traditional risk management, financial volatility to the development of the enterprise risk management, risk management and internal audit and control theory went through the internal accounting control and internal control integrated framework to the evolution of enterprise risk management, the development of the theory of the above two points to the direction of the enterprise risk management, finally realizes the integration development, enterprise risk management theory to become an important part of enterprise management is indispensable. Keywords: enterprise risk management, internal audit the internal control 1 The first theory source, evolution of the theory of risk management "Risk management" as a kind of operation and management idea, has a long history: thousands of years ago in the west have "don't put all eggs in one basket" the proverb, the ancient Chinese famous "product valley hunger" allusions and "yicang ("

财务风险管理外文翻译

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.

企业风险投资外文翻译文献

企业风险投资外文翻译文献 (文档含中英文对照即英文原文和中文翻译) 译文: 风险投资在小型企业的作用 1.1导论 在过去的几十年里,对小型公司的投资得到了发展。企业家的投资决策对国民经济的发展起了很重要的影响作用,因此,中小企业的融资问题不断的吸引着学术界的关注。 大部分文献资料显示企业关系对经济的发展和生产力的发展起了基础性作用(OECD,2004),例如它曾引发了小型企业的创新,进而为国家经济竞争了的增强增添了巨大的筹码(Pandey et al, 2003),但是在另一方面,由于公司起步时的高风险和信息不对称,小型企业显得不堪一击(Berger and Udell, 2002),同时小型企业面临艰难的资金问题——投资者拒绝“供给资金”给刚起步的企业(Gans and Stern, 2003)。换句话说,当你和你的家人及朋友的资金枯竭,车子被买了,房子作了抵押,那么你从哪里获得资金是你变得资金充足呢?(Reynolds, 2000, p.52) 这是风险投资在小型金融企业变得重要的重点,更进一步说,经济学家认为风险投资给那些规模小、刚起步、有创新精神的企业提供了支持,尤其是高科技产业的投资公司。(Bottazzi and Rin, 2002)因此,风险投资促进了企业观念的成长和发展。这篇论文旨在评论风险投资对实体企业的贡献,重点是对小型金融企业的评价。

论文第一部分重点介绍风险投资在小型金融企业的基础作用;第二部分介绍风险投资带来的一揽子服务;第三部分,风险投资对公司专业化的主要贡献;最后一部分,怎样吸引风险投资。 1.2为什么刚起步的小型企业选择风险投资?风险投资对其的作用 虽然集体讨论的过程可以真正的不断提高生产力,但是企业家们必须考虑资金问题。事实上,一个人有开小公司的想法是很好的,但是实施这个想法会因为需要“养料”而给他带来很多麻烦。因此,像这样的贫穷企业家必须依赖外来的资金来开办企业(Lulfesmann, 2000)。实际上,年轻的、尤其是有创新精神、发展较快的企业很难从传统渠道获得资金(Gompers and Lerner, 1999; cited in Giudici and Paleari, 2000)。最终导致那些刚起步的企业由于规模太小而不能得到社会贷款。然而,虽然由于它们不成熟、不能得到银行贷款、它们有着很大的不确定性(也就是风险)、伴随着信息不对称,但是这并不意味着大部分创新观点会消失,一个很好的机会出现了,那就是风险投资。 对于那些难以从传统渠道获得资金的企业来说,风险投资是一条很好的获得资金来源的渠道。风险投资为那些刚起步、没有能力证明会有稳定回报的公司注入了强大的资金。换句话来说,风险投资引发了小企业的快速成长并保持了这种良好的状态,进而创造了很大的利润,这也是他的基本作用:他解除了刚起步小企业俄财政危机,换句话说,他是小企业的“源资金”,他使好的企业计划得以实现。无论怎样,一方面风险投资与高风险相联系,那意味着良好的回报也许会出现在几年后或者没有。不仅如此,风险投资家可能开始一种与企业家相悖的商业策略,前一种情况可能会使企业家离开公司,这些方面以后再做讨论。 但是有一点是确定的,一旦方案被通过,风险投资资金注入公司并使他起步,这是方案成为现实的时刻。并且风险投资不仅带来了资金,也带来了更多的好处,有专家指出“早期的资本注入,使资金得到了延伸”,可以说,风险投资家是企业的监督,因为从现在起,公司的命运变成了他的关注点,有了这个想法,结果就是有超过投资者所想的回报,同时也提升了资金带给公司的效益。当风险资金进入到小型企业时各种讨论就开始了,我们将在以后的章节中讨论。

财务风险中英文对照外文翻译文献

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

项目管理外文翻译----ERP项目实施成功因素和风险管理

ERP项目实施成功因素和风险管理 参考国外的一些文献资料,一个成功的ERP项目,往往要花费数年时间,数千万美元得以完成。再回头看国内,随着ERP怀疑论的抬头,价格战的兴起,ERP作为一种软件供应商的产品,却有走下神坛趋势。就连ERP界的首领SAP 也推出了Business One产品,价格低于十万。不过,即便ERP软件能做到免费,或如IBM推崇的按需收费的境界,从整个企业实施的角度,考虑到人员、培训、维护、业务重组、二次开发、三次、n次开发,其费用应该也在数百万乃至千万人民币的规模。这对于国内企业而言,已是不小的数目了。 但是,还是有不少企业怀着美丽的梦想,踏上ERP实施的艰辛之旅。其中又有不少项目以失败告终。而对于那些最后的幸存者,是否就可以还戟入仓,饮酒高歌呢? 事实上,企业在成功实施ERP项目后,将面对较实施前更大的风险。在未来的五到十年中,是否有一个扎实的ERP风险管理机制将决定了企业是否能在最初的ERP投资中真正获益。 1998年Thomas H.Davenport在哈佛商务评论发表了名为《将企业放入企业系统》的文章(Putting the entERPrise into the entERPrise system)。该文系统地提出了企业系统,或称ERP系统给企业运作带来积极及消极的引响。同时也直接提出了未来企业必须面对的一个风险:将整个企业放入企业系统中的风险。 按照美国项目管理协会对风险的定义,“风险”是指对项目有利或不利的不确定因素。 项目是“为完成某一独特的产品或服务所做的一次性努力”,项目的“独特性”决定了项目不可能是以与以前完全相同的方式、由与以前完全相同的人来完成的,同时,项目所要创造的产品或服务,以及项目可能涉及的范围、时间及成本都不可能在项目开始时完全确定,因此,在项目进行过程中也相应会出现大量的不确定性,即项目风险。本文以下所提到的“风险”是指对项目“不利”的不确定因素。 对项目不利的风险存在于任何项目中,并往往会给项目的推进和项目的成功带来负面影响。风险一旦发生,它的影响是多方面的,如导致项目产品/服务的功能无法满足客户的需要、项目费用超出预算、项目计划拖延或被迫取消等,其最终体现为客户满意度的降低。因此,识别风险、评估风险并采取措施应对风险即风险管理对项目管理具有十分重要的意义。 风险管理的具体内容 项目风险管理主要分为以下几个步骤:风险识别、定性/定量风险分析、风险应对计划编制及风险监控。 1.风险识别 风险识别,是指识别并记录可能对项目造成不利影响的因素。由于项目处于不断发展变化的过程中,因此风险识别也贯穿于整个项目实施的全过程,而不仅仅是项目的开始阶段。风险识别不是一次性的工作,而需要更多系统的、横向的思维。几乎所有关于项目的计划与信息都可能作为风险识别的依据,如项目进度及成本计划、工作分解结构、项目组织结构、项目范围、类似项目的历史信息等。 需要注意的是,并非所有的风险都可以通过风险识别来进行管理。风险识别只能发现已知风险(如:已知项目组织中某一成员能力不能完全满足要求)或已知未知风险(known-unknown,即“事件名称已知”,如“客户方人员参与力度不足”);而某些风险,由于项目的独特性,不可能在其发生前预知

引进外资外文翻译资料

河南科技学院新科学院 2013届本科毕业生论文(设计) 英文文献及翻译 Foreign capital inflows and welfare in an economy with imperfect competition 学生姓名:王艳杰 所在院系:经济系 所学专业:国际经济与贸易 导师姓名:侯黎杰 完成时间:2013年4月15日

Foreign capital inflows and welfare in an economy with imperfect competition Abstract:This paper examines the resource allocational and welfare effects of exogenous inflows of foreign capital in a general-equilibrium model with oligopolistic competition and unemployment. Although the welfare impact for the short run is ambiguous and dependent upon the strength of excess profits and scale economies relative to unemployment in manufacturing, in the long run additional inflows of foreign capital always improve national welfare with capital mobility. Hence, attracting foreign capital remains a sound policy for economies characterized by imperfect competition, scale economies,and regional unemployment. Keywords: International capital mobility; Imperfect competition; Welfare 1.Introduction The welfare effects of exogenous inflows of foreign capital in the presence of trade restrictions have been extensively studied. Brecher and Diaz Alejandro (1977) show that when imports are subject to tariffs, an introduction of fo reign capital inflows accentuates the tariff distortion and hence reduces national welfare if the import-competing sector is relatively capital-intensive. In contrast, Dei (1985) shows that when imports are restricted by quotas,foreign capital inflows in the presence of foreign-owned capital always improve welfare by depressing the rental and so lowering the payments to existing foreign-owned capital. Recently, Neary (1981), using a common framework for both tariffs and quotas, obtains more general results of foreign capital inflows; the welfare effect of such inflows depends crucially on whether foreign-owned capital exists initially in the home country. In addition, Khan (1982) and Grinols (1991) have examined the effects of foreign capital inflows for a generalized Harris-Todaro economy under tariff protection. Khan finds that the result by Brecher and Diaz Alejandro is still valid even in the presence of unemployment, whereas Grinols argues that increased foreign capital need not be detrimental to welfare if the opportunity costs of labor are sufficiently low. Noteworthy is that the models used by these authors are all based upon the premise of perfect competition along with constant returns-to-scale technology. Although perfect competition serves as a useful assumption in crystallizing theoretical insights, it nevertheless fails to depict many of the real-world phenomena. The real-world economy is characterized, to a large extent, by imperfect competition and economies of scale. The policy implications of imperfect competition and economies

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(2)covenant: v. make a formal agreement 立约,签订合同、条约; n. legal agreement具有法律约束的正式合同 (3)completion of the Works: 工程的竣工 (4)therein: in the Works在本工程中 (5)the Contract Price: 合同总价,指工程的总造价 (6)such...as: 关系代词,相当于that, which (7)under: in accordance with 依照,按照 (8)the provisions of the Contract: terms and conditions of the Contract合同条款 注释: (1)hereby:特此 (2)to the best of our knowledge:as far as we know据我们所知 (3)foregoing statement:above-mentioned statement上述声明 (4)herein:in this, in the statement在声明中 (5)documentary proof:证明文件

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中英文对照外文翻译文献 (文档含英文原文和中文翻译) 原文: Project Risk Analysis Chapter 1 Introduction 1.1 About this compendium This course compendium is to be used in the course “Risikostyring is projector”. The focus will be on the following topics: ? R isk identification ? Risk structuring ? Risk modeling in the light of a time schedule and a cost model

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