基于经济增加值(EVA)的公司价值评估外文文献翻译最新译文

文献出处: Fernandez P. The company valuation based on the economic value added (EV A) [J]. European Journal of Business and Management, 2015, 5(3): 98-109.

原文

The company valuation based on the economic value added (EV A)

Fernandez P

Abstract

The traditional performance indicators without considering equity capital cost inherent deficiency Limit, can't measure the value of the new creation, cannot accurately reflect the change of shareholder wealth, unable to assess the real value of the enterprise, can make a scientific evaluation of value-added performance appraisal system is particularly urgent. Stemstewart consulting firm founded by the United States EV A (Economic Value Added, EV A) Value management performance evaluation method, overcome the deficiency of the traditional performance indicators, including the equity capital cost will be deducted from the calculation, the full cost of debt capital cost, expenses, reflecting the company in a certain period to create Value for shareholders. After promotion and application of the discount valuation model based on EV A and traditional derivative EV A value evaluation model arises at the historic moment, made from the perspective of shareholder wealth growth assessment of enterprise value to become a reality, and achieved remarkable achievement in some famous enterprises in the west.

Keywords: Value of the company; Value of the investment; Economic value added (EV A); Value evaluation

1 Introduction

Due to the generalization of listed companies, the mutual fusion strategy theory and financial theory, and corporate reliance on monetary market and capital market, forcing management is undergoing a revolution, which closely around the center, "value" to create more wealth for shareholders, enterprise management into on the basis of value, in order to realize the enterprise value maximization as the objective point of view is becoming more and more widely recognized. From the aspect of shareholders' equity, shareholders' wealth can be defined as the product of stock

quantity and stock price, shareholder value is an important part of enterprise value, shareholder value will cause the increase or decrease of the enterprise value, increase or decrease of shareholders' wealth maximization is equal to the enterprise value maximization, realizes the shareholder wealth maximization is maximize the enterprise value. According to effective capital market theory, in strong type of capital market, decided to stock value, enterprise value and stock value decided to stock prices or stock prices always fluctuating around the value, therefore, the enterprise value determines the enterprise's share price, namely the enterprise market value. For investors, when the stock price is higher than the value, investors can sell stocks, make its prices tend to value; similarly, when the stock price is lower than the value, investors can buy shares, make its prices tend to value. For managers, whether to create value for the enterprise, can be tested in the market, the value was temporarily undervalued stocks have performance support, found later by the market, prices will go hand in hand with the value of the company. Obviously, how to accurately determine the true value of a company, the relationship between the market price of the value of the company and the company have become an enterprise owners, managers, and venture capitalists primary focus. Classic theory of enterprise value is pointed out that the enterprise value is equal to the invested capital and future new discount the value of the sum, from a wider field of vision about the enterprise value is the new value of the sum of the discount. This requires establishing scientific evaluation of value and value-added performance appraisal system, to measure the company's performance indicators must be able to reflect the company to create value for shareholders, standing in the perspective of shareholders to redefine the "profits”. Equity capital is the cost, obviously, the company to create value for shareholders should be minus all the costs include the cost of equity capital, relief is reasonable.

2 Literature review

In the early 1920 s, American general motors company will introduce the EV A thought the company management, then once forgotten. In the 1980s, consulting company (Stemtewart&Co.) reintroduced to the ideas of the value assessment and company in the field of management, put forward the economic value added (EV A)

index, to evaluate a firm's ability to create shareholder wealth. The Real Key To Creating Wealth (AIEhrbar, 1998), and other comprehensive expounds The theoretical value of EV A and in some companies use The model of case, think that EV A is a revolution of modern company management, performance evaluation is The correct way. Belmett Stewart found that EV A is a useful management tool; it has been internationally recognized as a corporate governance standards. EV A is a integrated analysis framework of financial management and incentive compensation of important indicators. EV A by providing such a framework that can reconfigure resources for the company, customers, employees, shareholders and managers to create lasting value. Tullv (1993) suggested that EV A as "the most popular financial indicators", points out that there are three ways to improve EV A: first, under the condition of without increasing capital gain more profit. Secondly, use less capital. Third, the capital invested in high return projects. Byme (1996) using regression model is examined and EV A and market value net operating profit after tax (NORAI,) the relationship between, when considering EV A and market value changes, the change of EV A explained 55% of the market value change. Chenand Dodd (1997) studied the accounting index (earnings per share, return on assets and equity yield) and residual income, as well as a variety of different and related to EV A index in the ability to explain stock returns, results show that the EV A index in explaining stock returns than other accounting index has better performance. Discussion in the calculation of the added value of economic indicators, whether need to adjust accounting course treatment is a bigger one argument EV A index research topic. Such as Biddle at (1997), the results show that the ability of the interpretation of the added value of economic indicators to 41.4% before the adjustment, and adjusted to explain ability of around 41.5%.Practice compromise methods used at present, only adjust some important projects. To adjust EV A calculation program of study (schouten, consultancy, concluded that too much adjustment not only takes much cost but also not conducive to the widespread use of EV A. Fortune magazine (Fortune) more to increase the economic value as the key of "wealth", and since 1993, reported by stemstewart&Co. 1000 large enterprises economic increase value. Giant Drucker

management (Pcter Drucker) is also in the Harvard management review in 1995, said: "in the present various kinds of factors to measure the overall production method, EV A reflects all aspects of value management."

3 Enterprise value

With understanding of enterprise management goal of optimization, the understanding has been basically consistent, namely around the value maximization goal, according to the change in the environment, science and configuration of internal and external resources, enhance the initiative of the organization and strain capacity, and ultimately create more wealth for investors. Now popular value investment idea is a key concept based on the enterprise value. This article recommended investors to focus on and study the intrinsic value of listed companies, to evaluate the operation of listed companies, which have an objective understanding to the enterprise performance. Therefore, enterprise value theory of historical evolution and the connotation of enterprise value, is the first thing we need to know and clarify. In fact, the emergence of the theory of enterprise value is not only the strategic goal of enterprise and decision-making on the basis of the standard, and unified the short-term profits and enterprise long-term development and the relationship between the shareholders overall revenue, in order to promote the sustained and healthy development of enterprises, and prompted investors to scientific and rational investment.

3.1 The various forms of the value of the company

The value of the company is a company as a study object, is the enterprise characteristics, functions meet the demand of users, the relationship between the enterprise value of subjective color, clearly define the connotation of the value of the company to become the starting point of value evaluation research. The same enterprise will be due to the different main body needs, preferences and judgment, will present a different assessment. In order to clarify the concept, the different forms of enterprise value, book value, fair market value, intrinsic value and market value compares and analyses the several forms of the introduction of this paper studies the connotation of the value of the company.

(l) The book value

The book value of the company (Book Value) is the accounting value of the balance sheet reveals. With the company's books Value to represent the company is based on the assumption, that is, the value of a company is all investors (including creditors and shareholders) for the company's assets the value of the claim. Company's book value in accordance with the requirements of objectivity and caution, measured on the basis of historical cost accounting value. First of all, because is based on the historical cost valuation of assets in the financial report, m unchanged for a long time, ignoring inflation, factors such as technology innovation, make the book value over time, increasingly deviated from its true value, and management and investors the relevance of information needed. Second, the balance sheet reflect the assets of the company is formed by past transactions and events, from the point of view of investment, how much more attention in the future to create profits, that is the essential attribute of assets. Finally, due to the accountant processing limits, many have important value of the non-monetary information cannot be reflected, but also because there is no deduction of equity capital cost, cannot reflect the investment risk, thus greatly reduced the usefulness of the book value. Rarely used alone, in fact, the book value assessment, but investors can take advantage of the book value and the reference of other factors to make a rough estimate, the enterprise value of assets income function make basic judgment.

(2) The fair market value

According to the international accounting standards and international standards set by the assessment criteria committee, from the fairness of market transaction and the point of trading, the fair value refers to the buyers and sellers on the basis of fully understand the relevant information, in the absence of any pressure to trading, the price of this definition is based on the visible strict business market, capital market hypothesis. Compared to traditional accounting historical cost measurement attribute, fair value reflects the present value, its essence is a kind of based on the evaluation of market information, the value that is associated with the current situation of enterprise management, is the market rather than other subjects for the cognizance of the value

of assets and liabilities, therefore appraiser and transaction both sides emphasizes a concept.

(3) The intrinsic value

The company's intrinsic value refers to the company for the foreseeable future the present value of the expected to produce revenue. Compared with other value idea, the company's intrinsic value is existed in the enterprise internal essential growth ability, profit ability, belongs to a kind of objective nature of enterprises, but the intrinsic value is the objective evaluation and subjective, mainly through the number and distribution on the future earnings of scientific prediction, reasonable choice of discount rate discount, these predictions are based on the company's operating situation, the management level, the trend of growth, profitability, etc., and consider some external predictive factors, therefore has the obvious subjective color. Even so, if the proper evaluation method, on the basis of abundant information, effectively within the company to carry on the investment decision to share, or deal with the problem related to the future and subjectivity, is still of great reference value.

(4) The company's market value

For listed companies, the company's Market value (Market, T-shirt) is a stock Market value and the sum of the debt markets, if the Market value as the company's real value must be strong and effective capital Market is the precondition of, that is, all of the public information included in stocks and bonds in the Market prices fully reflect. Value investment theory is the main representative of graham, Mr. Buffett pointed out that the stock price is influenced by various factors, such as the company's performance is one of important factors, poor performance in the stock market, the situation of the high price, and a strong capital market completely after all is a kind of ideal condition, especially in China, so the company's market value cannot effectively reflect the value of the company.

3.2 The theory basis of enterprise value assessment

(1) Capital budgeting evaluation theory

Company value evaluation thoughts can be traced back to the beginning of the 20th century. Fisher's capital value. Fisher in 1906 in the capital and the income of the

nature of the monograph comprehensively expatiate the relationship between capital and income and the source of value, laid the theoretical basis of modern company valuation. Fisher believes that people's monetary income, can show the wages, dividends, rent, interest and profit, etc. Sometimes money income is not the same as real income in people's lives (the actual consumption enjoy), depending on the currency income, and the comparison of actual consumption amount. Part of the monetary income is greater than the actual consumption if deposited in Banks or buy bonds to invest, it is converted into capital, and the future can be achieved when interest or investment income, so capital is the present value of future income present value, in other words, the value is the capitalization of the future income.

(2) The value assessment theory

American economist Annie and miller in view of existing problems of fisher, "uncertainty" pioneering into the enterprise value assessment theory system, and the enterprise value and the relationship between the capital structure of the classic expatiates that plagued the enterprise value evaluation theory of "mystery" capital structure have a certain degree of cracking, laid the foundation of modern theories of enterprise value evaluation. In the analysis of capital structure due to the "tax shield effect" has always been the debt as a core variables into consideration, make up the fisher capital value evaluation methods of enterprise existence as an investment defects, correct the company value maximization has nothing to do with the shareholders' equity and debt capital cost of error, is the "right" to reveal the real business situation of enterprises, and the average cost of capital for enterprise to carry on the correct definition, make the discount cash flow evaluation method has become the mainstream of enterprise value assessment methods, entered the practical stage. Their research in the history of enterprise value evaluation has played a role in inheriting and authentic.

译文

基于经济增加值(EV A)的公司价值评估

Fernandez P

摘要

传统业绩指标由于没有考虑股本资本成本等固有缺限，不能衡量新创造的价值，不能准确反映股东财富的变化，无法评估企业的真实价值，使建立能对价值增值进行科学评价的业绩考核体系就显得尤为迫切。由美国Stemstewart咨询公司创立的经济增加值(Economic Value Added，EV A)价值管理型业绩评价方法，克服了传统业绩指标的不足，在计算中扣除包括股本资本成本、债务资本成本在内的全部成本费用，反映公司在一定时期内为股东创造的价值。经过推广和应用，基于EV A指标和传统的贴现估价模型衍生EV A价值评估模型应运而生，使从股东财富增长角度评估企业价值成为现实，并在西方一些著名企业中取得显著成效。

关键词：公司价值；价值投资；经济增加值(EV A)；价值评估

1引言

由于上市公司的普遍化、战略理论与财务理论的相互融合，以及企业对货币市场和资本市场的依赖加深，迫使管理正在发生一场革命，即紧紧围绕“价值”这个中心，为股东创造更多的财富，企业管理进入到以价值为基础，以实现企业价值最大化为目标的观点日益得到了普遍认可。从股东权益层面而言，股东财富可定义为股票数量和股票价格乘积，股东价值是企业价值的重要组成部分，股东价值的增减必然会引起企业价值的增减，股东财富最大化等同于企业价值最大化，实现了股东财富最大化也即实现了企业价值最大化。根据有效资本市场理论注，在强式资本市场中，企业价值决定股票价值，而股票价值决定股票价格或股票价格总是围绕着其价值上下波动，所以，企业价值决定了企业的股票价格，即企业市场价值。对投资者而言，当股票价格高于价值时，投资者就会卖掉股票，使其价格趋向于价值;同理，当股票价格低于价值时，投资者就会买进股票，使其价格趋向于价值。对管理者而言，是否为企业创造了价值，可以在市场上得到检验，价值被暂时低估的股票具有业绩的支持，被市场发现以后，价格将与公司价值齐头并进。显然，如何准确判断一个公司的真正价值，公司价值与公司的市场价格之间的关系，就成为了企业的所有者、管理者，以及风险投资家共同首要关注的焦点。经典的企业价值理论指出企业价值等于投入资本和未来新创价值的折现之和，从更为宽广的视野讲企业价值就是新创价值的折现之和。这就要求建

立对价值和价值增值进行科学评价的业绩考核体系，衡量公司业绩的指标必须能反映公司为股东创造的价值，站在股东的角度重新定义“利润”。权益资本是有成本的，显然，公司为股东创造的价值应该为减去包含权益资本成本在内的全部成本费用才为合理。

2 文献综述

早在20世纪20年代，美国通用汽车公司就把EV A思想引入公司管理中，后来曾一度被人们遗忘。到了20世纪80年代，总部设在纽约的思腾斯特咨询公司(Stemtewart&Co.)将该思想重新引入价值评估和公司管理领域中，提出了经济增加值(EV A)指标，用于评价企业创造股东财富的能力。The Real Key To Creating Wealth(AIEhrbar，1998)等全面阐述了EV A的理论价值和在一些公司的运用的典范事例，认为EV A是现代公司管理的一场革命，是正确的业绩评价方法。Belmett Stewart发现，EV A是一个有用的管理工具，其作为公司治理的标准己得到国际公认。EV A是建立财务管理和激励补偿的一体化分析框架的重要指标。EV A通过提供这样一个框架，可以重新配置资源来为公司、顾客、雇员、股东和经理创造持久的价值。

Tullv(1993年)认为EV A为“当今最热门的财务指标”，指出要提高EV A有三种途径:其一，在不增加资本的情况下获得更多利润;其二，使用较少的资本;其三，将资本投资于较高回报的项目。Byme(1996)用回归模型检验了市场价值和EV A以及税后净营运利润(NORAI，)之间的关系，当考虑EV A和市场价值变化时，EV A的变化解释了市场价值变化的55%。Chenand Dodd(1997)研究了会计指标(每股收益、资产收益率、权益收益率)、剩余收益，以及各种不同的且与EV A 相关的指标在解释股票收益方面的能力，结果表明EV A指标在解释股票收益方面比其他会计指标有更好的表现。讨论在经济增加值指标的计算中，是否需要对会计报表科目的处理方法进行调整是EV A指标研究领域争论较大的一个课题。如Biddle(1997)等研究结果表明，调整前经济增加值指标的解释能力为41.4%，而调整后解释能力为41.5%。实务界目前采用折衷的做法，只调整其中重要的项目。对EV A计算中进行调整项目的研究分析(思腾斯特咨询公司)，得出的结论是过多的调整既花费成本也不利于EV A的广泛使用。财富杂志(Fortune)更把经济增加价值当成是“创造财富之钥”，并自1993年起开始报导由stemstewart&Co.

提供的1000大企业的经济增加价值。管理学巨擎德鲁克(Pcter Drucker)也于1995年《哈佛管理评论》中指出:“在目前各种衡量整体生产要素方法中，EV A 反映了价值管理的所有方面。”

3 企业价值

随着对企业经营目标认识的不断优化，对其认识已基本趋于一致，即围绕价值最大化的目标，依据环境的变更，科学配置内外部资源，提升组织的能动性和应变能力，最终为投资者创造更多财富。如今倍受欢迎的价值投资理念，就是基于企业价值这一关键概念而产生的。本文推荐投资者关注并研究上市公司的内在价值，以此评价上市公司的运营情况，从而对企业的业绩有个客观的认识。所以，企业价值理论的历史沿革及企业价值的内涵，是我们首先需要认识和厘清的。实际上，企业价值的理论的出现不但明确了企业的战略目标和决策依据标准，而且统一了短期利润与企业长期发展及股东整体收益之间的关系，以此促进企业持续健康发展，并促使投资者能科学理性投资。

3.1公司价值的不同形式

公司价值是以公司作为考察对象，是企业特质、功能满足用户需求的关系，企业价值带有明显的主观色彩，显然界定公司价值的内涵成为进行价值评估研究的起点。同一企业，会由于主体需要、偏好及判断能力的不同，也会呈现出不同的评估结果。为了厘清概念，将对企业价值不同表现形式:账面价值、公允市场价值、内在价值、市场价值几种形式进行比较分析，引入本文研究的公司价值的内涵。

(l)账面价值

公司的账面价值(BookVafue)就是资产负债表所揭示的会计价值。用公司的账面价值来表现公司是基于这样一种假设，即一个公司的价值是所有投资人(包括债权人和股东)对于公司资产要求权的价值总和。公司账面价值按客观性和谨慎性要求，以历史成本为基础进行计量的会计价值。但是，却由此带来了公司账面价值与公司价值的弱相关性。首先，由于财务报告中的资产是以历史成本计价，长期保期不变，忽略通膨、技术革新等因素影响，使账面价值随着时间推移日益偏离其真实价值，与经营及投资者等所需的相关性信息相去甚远。其次，公司资产负债表体现的资产是由过去的交易和事项所形成的，（完整译文请到百度文库）

中英文文献翻译

毕业设计（论文）外文参考文献及译文 英文题目Component-based Safety Computer of Railway Signal Interlocking System 中文题目模块化安全铁路信号计算机联锁系统 学院自动化与电气工程学院 专业自动控制 姓名葛彦宁 学号 200808746 指导教师贺清 2012年5月30日

Component-based Safety Computer of Railway Signal Interlocking System 1 Introduction Signal Interlocking System is the critical equipment which can guarantee traffic safety and enhance operational efficiency in railway transportation. For a long time, the core control computer adopts in interlocking system is the special customized high-grade safety computer, for example, the SIMIS of Siemens, the EI32 of Nippon Signal, and so on. Along with the rapid development of electronic technology, the customized safety computer is facing severe challenges, for instance, the high development costs, poor usability, weak expansibility and slow technology update. To overcome the flaws of the high-grade special customized computer, the U.S. Department of Defense has put forward the concept：we should adopt commercial standards to replace military norms and standards for meeting consumers’demand [1]. In the meantime, there are several explorations and practices about adopting open system architecture in avionics. The United Stated and Europe have do much research about utilizing cost-effective fault-tolerant computer to replace the dedicated computer in aerospace and other safety-critical fields. In recent years, it is gradually becoming a new trend that the utilization of standardized components in aerospace, industry, transportation and other safety-critical fields. 2 Railways signal interlocking system 2.1 Functions of signal interlocking system The basic function of signal interlocking system is to protect train safety by controlling signal equipments, such as switch points, signals and track units in a station, and it handles routes via a certain interlocking regulation. Since the birth of the railway transportation, signal interlocking system has gone through manual signal, mechanical signal, relay-based interlocking, and the modern computer-based Interlocking System. 2.2 Architecture of signal interlocking system Generally, the Interlocking System has a hierarchical structure. According to the function of equipments, the system can be divided to the function of equipments; the system

毕业论文英文参考文献与译文

Inventory management Inventory Control On the so-called "inventory control", many people will interpret it as a "storage management", which is actually a big distortion. The traditional narrow view, mainly for warehouse inventory control of materials for inventory, data processing, storage, distribution, etc., through the implementation of anti-corrosion, temperature and humidity control means, to make the custody of the physical inventory to maintain optimum purposes. This is just a form of inventory control, or can be defined as the physical inventory control. How, then, from a broad perspective to understand inventory control? Inventory control should be related to the company's financial and operational objectives, in particular operating cash flow by optimizing the entire demand and supply chain management processes (DSCM), a reasonable set of ERP control strategy, and supported by appropriate information processing tools, tools to achieved in ensuring the timely delivery of the premise, as far as possible to reduce inventory levels, reducing inventory and obsolescence, the risk of devaluation. In this sense, the physical inventory control to achieve financial goals is just a means to control the entire inventory or just a necessary part; from the perspective of organizational functions, physical inventory control, warehouse management is mainly the responsibility of The broad inventory control is the demand and supply chain management, and the whole company's responsibility. Why until now many people's understanding of inventory control, limited physical inventory control? The following two reasons can not be ignored: First, our enterprises do not attach importance to inventory control. Especially those who benefit relatively good business, as long as there is money on the few people to consider the problem of inventory turnover. Inventory control is simply interpreted as warehouse management, unless the time to spend money, it may have been to see the inventory problem, and see the results are often very simple procurement to buy more, or did not do warehouse departments . Second, ERP misleading. Invoicing software is simple audacity to call it ERP, companies on their so-called ERP can reduce the number of inventory, inventory control, seems to rely on their small software can get. Even as SAP, BAAN ERP world, the field of

外文文献及翻译

文献翻译 原文 Combining JSP and Servlets The technology of JSP and Servlet is the most important technology which use Java technology to exploit request of server, and it is also the standard which exploit business application .Java developers prefer to use it for a variety of reasons, one of which is already familiar with the Java language for the development of this technology are easy to learn Java to the other is "a preparation, run everywhere" to bring the concept of Web applications, To achieve a "one-prepared everywhere realized." And more importantly, if followed some of the principles of good design, it can be said of separating and content to create high-quality, reusable, easy to maintain and modify the application. For example, if the document in HTML embedded Java code too much (script), will lead the developed application is extremely complex, difficult to read, it is not easy reuse, but also for future maintenance and modification will also cause difficulties. In fact, CSDN the JSP / Servlet forum, can often see some questions, the code is very long, can logic is not very clear, a large number of HTML and Java code mixed together. This is the random development of the defects. Early dynamic pages mainly CGI (Common Gateway Interface, public Gateway Interface) technology, you can use different languages of the CGI programs, such as VB, C / C + + or Delphi, and so on. Though the technology of CGI is developed and powerful, because of difficulties in programming, and low efficiency, modify complex shortcomings, it is gradually being replaced by the trend. Of all the new technology, JSP / Servlet with more efficient and easy to program, more powerful, more secure and has a good portability, they have been many people believe that the future is the most dynamic site of the future development of technology. Similar to CGI, Servlet support request / response model. When a customer submit a request to the server, the server presented the request Servlet, Servlet responsible for handling requests and generate a response, and then gave the server, and then from the server sent to

1外文文献翻译原文及译文汇总

华北电力大学科技学院 毕业设计（论文）附件 外文文献翻译 学号：121912020115姓名：彭钰钊 所在系别：动力工程系专业班级：测控技术与仪器12K1指导教师：李冰 原文标题：Infrared Remote Control System Abstract 2016 年 4 月 19 日

红外遥控系统 摘要 红外数据通信技术是目前在世界范围内被广泛使用的一种无线连接技术，被众多的硬件和软件平台所支持。红外收发器产品具有成本低，小型化，传输速率快，点对点安全传输，不受电磁干扰等特点，可以实现信息在不同产品之间快速、方便、安全地交换与传送，在短距离无线传输方面拥有十分明显的优势。红外遥控收发系统的设计在具有很高的实用价值，目前红外收发器产品在可携式产品中的应用潜力很大。全世界约有1亿5千万台设备采用红外技术，在电子产品和工业设备、医疗设备等领域广泛使用。绝大多数笔记本电脑和手机都配置红外收发器接口。随着红外数据传输技术更加成熟、成本下降，红外收发器在短距离通讯领域必将得到更广泛的应用。 本系统的设计目的是用红外线作为传输媒质来传输用户的操作信息并由接收电路解调出原始信号，主要用到编码芯片和解码芯片对信号进行调制与解调，其中编码芯片用的是台湾生产的PT2262，解码芯片是PT2272。主要工作原理是：利用编码键盘可以为PT2262提供的输入信息，PT2262对输入的信息进行编码并加载到38KHZ的载波上并调制红外发射二极管并辐射到空间，然后再由接收系统接收到发射的信号并解调出原始信息，由PT2272对原信号进行解码以驱动相应的电路完成用户的操作要求。 关键字：红外线；编码；解码；LM386；红外收发器。 1 绪论

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中等分辨率制备分离的 快速色谱技术 W. Clark Still,* Michael K a h n , and Abhijit Mitra Departm(7nt o/ Chemistry, Columbia Uniuersity,1Veu York, Neu; York 10027 ReceiLied January 26, 1978 我们希望找到一种简单的吸附色谱技术用于有机化合物的常规净化。这种技术是适于传统的有机物大规模制备分离，该技术需使用长柱色谱法。尽管这种技术得到的效果非常好，但是其需要消耗大量的时间，并且由于频带拖尾经常出现低复原率。当分离的样本剂量大于1或者2g时，这些问题显得更加突出。近年来，几种制备系统已经进行了改进，能将分离时间减少到1-3h，并允许各成分的分辨率ΔR f≥（使用薄层色谱分析进行分析）。在这些方法中，在我们的实验室中，媒介压力色谱法1和短柱色谱法2是最成功的。最近，我们发现一种可以将分离速度大幅度提升的技术，可用于反应产物的常规提纯，我们将这种技术称为急骤色谱法。虽然这种技术的分辨率只是中等（ΔR f≥），而且构建这个系统花费非常低，并且能在10-15min内分离重量在的样本。4 急骤色谱法是以空气压力驱动的混合介质压力以及短柱色谱法为基础，专门针对快速分离，介质压力以及短柱色谱已经进行了优化。优化实验是在一组标准条件5下进行的，优化实验使用苯甲醇作为样本，放在一个20mm*5in.的硅胶柱60内，使用Tracor 970紫外检测器监测圆柱的输出。分辨率通过持续时间（r）和峰宽（w,w/2）的比率进行测定的（Figure 1），结果如图2-4所示，图2-4分别放映分辨率随着硅胶颗粒大小、洗脱液流速和样本大小的变化。

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毕业设计说明书 英文文献及中文翻译 学院：专 2011年6月 电子与计算机科学技术软件工程

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https://www.wendangku.net/doc/587832812.html,/finance/company/consumer.html Consumer finance company The consumer finance division of the SG group of France has become highly active within India. They plan to offer finance for vehicles and two-wheelers to consumers, aiming to provide close to Rs. 400 billion in India in the next few years of its operations. The SG group is also dealing in stock broking, asset management, investment banking, private banking, information technology and business processing. SG group has ventured into the rapidly growing consumer credit market in India, and have plans to construct a headquarters at Kolkata. The AIG Group has been approved by the RBI to set up a non-banking finance company (NBFC). AIG seeks to introduce its consumer finance and asset management businesses in India. AIG Capital India plans to emphasize credit cards, mortgage financing, consumer durable financing and personal loans. Leading Indian and international concerns like the HSBC, Deutsche Bank, Goldman Sachs, Barclays and HDFC Bank are also waiting to be approved by the Reserve Bank of India to initiate similar operations. AIG is presently involved in insurance and financial services in more than one hundred countries. The affiliates of the AIG Group also provide retirement and asset management services all over the world. Many international companies have been looking at NBFC business because of the growing consumer finance market. Unlike foreign banks, there are no strictures on branch openings for the NBFCs. GE Consumer Finance is a section of General Electric. It is responsible for looking after the retail finance operations. GE Consumer Finance also governs the GE Capital Asia. Outside the United States, GE Consumer Finance performs its operations under the GE Money brand. GE Consumer Finance currently offers financial services in more than fifty countries. The company deals in credit cards, personal finance, mortgages and automobile solutions. It has a client base of more than 118 million customers throughout the world

外文文献及翻译

外文文献及翻译 题目：利用固定化过氧化氢酶 回收纺织品漂染的废水 专业食品科学与工程 学生姓名梁金龙 班级B食品072 学号0710308119 指导教师郑清

利用固定化过氧化氢酶回收纺织品漂染的废水 Silgia A. Costa1, Tzanko Tzanov1, Filipa Carneiro1, Georg M. Gübitz2 &Artur Cavaco-Paulo1,? 1纺织工程系, 米尼奥大学, 4810吉马尔, 葡萄牙 2环境生物技术系, 格拉茨技术大学, 8010格拉茨, 奥地利 ?作者联系方式(Fax: +351 253 510293; E-mail: artur@det.uminho.pt) 关键词：过氧化氢酶的固定化，酶稳定，过氧化氢，纺织印染 摘要 过氧化氢酶固定在氧化铝载体上并用戊二醛交联，在再循环塔反应器和CSTR反应器中研究贮存稳定性，温度和pH值对酶的活性。固定化酶的在的活性维持在44％，pH值11（30?C），对照组是活性为90％，pH值7（80?C），过氧化氢酶固定化的半衰期时间被提高到2小时（pH12，60?C）。用过氧化氢漂白织物后，洗涤过程中的残留水被固定化酶处理，可以用于再次印染时，记录实验数据。 1 序言 由于新的法规的出台，从生态经济的角度来看（Dickinson1984年），对于纺织行业中存在的成本和剩余水域的污染问题，必须给予更多的关注。过氧化氢是一种漂白剂，广泛应用于工业纺织工艺（Spiro & Griffith1997年）。在去除H2O2时，会消耗大量的水和能源（Weck 1991, St?hr & Petry 1995），以避免对氧气敏感的染料（Jensen 2000）产生后续问题。过氧化氢酶可用于降低过氧化氢的含量（Vasudevan & Thakur 1994, Emerson et al. 1996），从而减少水分消耗或方便回收印染洗涤液。过氧化氢酶的使用主要问题出在漂白时温度和清洗液碱度过高。以前，我们试图通过筛选新的嗜热嗜碱的微生物（Paar et al. 2001）或使用不同的酶稳定剂（Costa et al. 2001）来解决此问题。但是染料与蛋白质之间的潜在相互作用（Tzanov et al. 2001a, b）表明，可溶性过氧化氢酶的使用是不恰当的。固定化过氧化氢酶的使用还有一种选择(Costa et al. 2001, Amar et al. 2000)。在这项研究中，我们对氧化铝进行共价固定并使用戊二醛作为交联剂，这种方法在商业中得到验证。本项研究的目的就是探讨过氧化氢酶的固定化动力学，及其稳定性和工艺条件，这将使我们能够应用此系统，以处理可能被用于清洗染色的反复使用的酒。 2 材料和方法 2.1 酶 Terminox（EC1.11.1.6），50L以上，由AQUITEX- Maia提供，葡萄牙产。 2.2 过氧化氢酶的固定化 取Al2O3颗粒或薄片（Aldrich），直径分别为3和7毫米，在45摄氏度下，先经浓度4%的γ-氨丙基三乙氧基硅烷(Sigma)烷基化，再放入丙酮中浸泡24小时。用蒸馏水洗涤硅烷化载体后，放入浓度为2％戊二醛水溶液中室温下浸泡2小时（Aldrich），重复清洗一次并在60?C下干燥1小时。取五克的烷基化载体，室温24?C下浸泡在25毫升粗酶制剂中（Costa et al. 2001）。得出，每克Al2O3

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外文文献翻译——参考格式

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 系部经济学部 专业经济学 年级 2007级 班级名称 07经济学6班 学号 16020706001 学生姓名张瑜琴 指导教师陈锶 2011 年05月

目录 1挑战：小额贷款中的进入和商业银行的长期承诺 (1) 2什么商业银行带给小额贷款和什么把他们留在外 (2) 3 商业银行的四个模型进入小额贷款之内 (4) 3.1内在的单位 (4) 3.2财务子公司 (5) 3.3策略的同盟 (5) 3.4服务公司模型 (6) 4 合法的形式和操作的结构比较 (8) 5 服务的个案研究公司模型：厄瓜多尔和Haiti5 (9)

1 挑战：小额贷款中的进入和商业银行的长期承诺 商业银行已经是逐渐重要的运动员在拉丁美洲中的小额贷款服务的发展2到小额贷款市场是小额贷款的好消息客户因为银行能提供他们一完整类型的财务的服务，包括信用，储蓄和以费用为基础的服务。整体而言，它也对小额贷款重要，因为与他们广泛的身体、财务的和人类。如果商业银行变成重的运动员在小额贷款，他们能提供非常强烈的竞争到传统的小额贷款机构。资源，银行能廉宜地发射而且扩张小额贷款服务rela tively。如果商业广告银行在小额贷款中成为严重的运动员，他们能提出非常强烈的竞争给传统的小额贷款机构。然而，小额贷款社区里面有知觉哪一商业银行进入进入小额贷款将会是短命或浅的。举例来说，有知觉哪一商业银行首先可能不搬进小额贷款因为时候建立小额贷款操作到一个有利润的水平超过银行的标准投资时间地平线。或，在进入小额贷款，银行之后可能移动在－上面藉由增加贷款数量销售取利润最大值－或者更坏的事，退出如果他们是不满意与小额贷款的收益性的水平。这些知觉已经被特性加燃料商业银行的情形进入小额贷款和后来的出口之内。在最极端的，一些开业者已经甚至宣布，”降低尺度死！”而且抛弃了与主意合作的商业银行。 在最 signific 看得到的地方，蚂蚁利益商业银行可能带给小额贷款，国际的ACCION 发展发射而且扩张的和一些商业银行的关系小额贷款操作。在这些情形的大部分方面， ACCION 和它的合伙人正在使用方法，已知的当做服务公司模型，表演早答应当做一个能工作的方法克服真正的。 商业银行的障碍进入和穿越建立长命的小额贷款操作一个商业银行 这论文描述如何服务公司模型、住址商业银行中的主要议题进入进小额贷款，监定成功建立的因素动作井小额贷款服务公司，和礼物结果和小额贷款的课servic e 公司用最长的经验，在海地和审判官席 del 的 SOGEBANK│ SOGESOL 初期结果指出那这服务公司模型表现一重要的突破在促成商业银行进入和留在小额贷款。在厄瓜多尔的 Pichincha│ CREDIFE。初期结果指出服务公司模型在促成商业广告中表现一次重要的突破银行进入而且留在小额贷款。

英文文献及翻译

Research Article Mechanical Properties of Fiber Reinforced Lightweight Concrete Containing Surfactant Y oo-Jae Kim, Jiong Hu, Soon-Jae Lee, and Byung-Hee Y ou Department of Engineering Technology, Texas State University, San Marcos, TX 78666, USA Correspondence should be addressed to Y oo-Jae Kim, yk10@https://www.wendangku.net/doc/587832812.html, Received 21 June 2010; Accepted 24 November 2010 Academic Editor: Tarun Kant Copyright ? 2010 Y oo-Jae Kim et al. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. Fiber reinforced aerated lightweight concrete (FALC) was developed to reduce concrete’s density and to improve its fire resistance, thermal conductivity, and energy absorption. Compression tests were performed to determine basic properties of FALC. The primary independent variables were the types and volume fraction of fibers, and the amount of air in the concrete. Polypropylene and carbon fibers were investigated at 0, 1, 2, 3, and 4% volume ratios. The lightweight aggregate used was made of expanded clay. A self-compaction agent was used to reduce the water-cement ratio and keep good workability. A surfactant was also added to introduce air into the concrete. This study provides basic information regarding the mechanical properties of FALC and compares FALC with fiber reinforced lightweight concrete. The properties investigated include the unit weight, uniaxial compressive strength, modulus of elasticity, and toughness index. Based on the properties, a stress-strain prediction model was proposed. It was demonstrated that the proposed model accurately predicts the stress-strain behavior of FALC. 1. Introduction In the last three decades, prefabrication has been applied to small housing and tall building construction, and precast concrete panels have become one of the widely used materials in construction system. Recently, much attention has been directed toward the use of lightweight concrete for precast concrete to improve the performances, such as dead load reduction, fire resistance, and thermal conductivity, of the buildings. Additionally, the structure of a precast building should be able to resist impact loading cases, particularly earthquakes, since resisting earthquakes of these buildings under the performances is becoming an important consideration [1, 2].Many efforts have been applied toward developing high performance concrete for building structures with enhanced performance and safety. V arious types of precast concrete products, such as autoclaved aerated lightweight concrete (AALC), fiber reinforced concrete (FRC), and lightweight concrete, have been developed and experimentally verified. A number of them have been applied in full-scale build-ing structures. AALC is well known and widely accepted, but its small size and weak strength limit its use instructural elements [3]. Lightweight aggregate concretes offer strength, deadload reduction, and thermal conductivity,