財務風險本科畢業論文外文翻譯
1. 關於財務風險的英文翻譯
Financial risk exists in every process of financial management. The causes of these financial risks are different,but most of them are linked with poor financial management and lack of risk consciousness. Therefore, the improvement of financial management is the key to prevent and resolve financil risk. Thus, the goal of financial management can be reached.
1、institute short-term financial alarming system and forecast cash flows.
2、set up index system of financial analysis and institute long-term financial alarming system.
2. 我需要一篇外文文獻及翻譯！關於企業財務風險防範的內容！要求字數達標、有外國作者的名字和出處
1 the meaning of financial risk
Ye at "small and medium-sized financial risk assessment and control of research" that the financial risk is the possibility of corporate insolvency and shareholders, the proceeds of uncertainty, it is difficult because of enterprise funds, to adopt a different mode of financing brought about by risk.
Starting from the analysis of financial risk on its meaning, characteristics and types of content; at this based on the causes of the financial risk to conct in-depth analysis and detailed research, analysis concludes that the financial risks arising from internal factors and external aspects; in turn, establish a risk awareness, the establishment of an effective risk prevention mechanism; set up and improve the financial management system to meet the financial management of environmental change; set up the financial risk early warning mechanism, strengthen the financial crisis management; improve the scientific level of financial decision-making to prevent e to poor decisions arising from the financial risk; through internal systems to prevent the establishment of binding mechanisms to control and guard against financial risk in five areas of financial risk prevention measures as well as self-insurance, diversification of risk control, risk transfer, risk averse, risk recing the five techniques. Only controlled enterprises to guard against and defuse financial risks, in order to ensure that enterprises in the fierce competition in the market in an invincible position.
The causes of the financial risks
(A) external causes
1, the national policy changes brought about by the financing risk. Generally speaking, small and medium-sized proction and operation because of instability. A country's economy or monetary policy changes, there may be small and medium-sized proction and management, market conditions and financing forms have a certain impact. Beginning in 2007, our country has increased the intensity of macroeconomic regulation and control, the central bank to raise the fourth time the deposit reserve ratio, in particular, are ready to implement the difference between a direct deposit system to make small and medium-sized service-oriented small and medium-sized commercial banks to tighten credit, SMEs First of all, the capital supply disruption, the risk of inviting a lot of financing, SMEs also in urgent need of funds can not be forced to stop proction or the scale of downsizing. 2, bank financing channels for non-financial risks caused by fluid. Corporate sources of funds are nothing more than its own funds and external financing in two ways. In various modes of financing, the bank credit is also an important source of funds, but banks in the country's financial policies as well as their own sound system is not under the influence of such circumstances, the general enthusiasm for SME lending is not high, their loans more difficult to increase the the enterprise's financial risk.
(B) internal factors one, blind expansion of investment scale. There is a considerable number of conditions are not ripe for the SMEs in the circumstances, only the experience of one-sided pursuit of companies to determine the expansion of the extension, ignore the company's content and core competitiveness, resulting in a major capital investment wasted. 2, the investment decision-making errors. For business, the correct selection of instries are the starting point for the survival and development strategy. However, some instrial enterprises in the selection process, the often overlooked "instry is a dynamic selection process" concept, should not a keen grasp of instry trends and direction of evolution. 3, improper selection of investment partners. Enterprises to make investment decisions, we must give full consideration to qualified partners, reputation, and should have to bear the corresponding risks. 4, less than honest. Lack of SME credit is a common situation. Therefore, small and medium-sized banks to provide loans or investments to small and medium-sized people had to step up investment on human resources in order to improve the quality of information collection and analysis. This respect has increased the investment bank or person lending and investment costs. On the other hand also give small and medium enterprises financing difficult. Ability to finance capital, to finance the number of funds, the financing of SMEs exist great uncertainties.
3. 畢業論文外文翻譯是什麼意思
畢業論文外文翻譯：將外文參考文獻翻譯成中文版本。
翻譯要求：
1、選定外文文獻後先給指導老師看，得到老師的確認通過後方可翻譯。
2、選擇外文翻譯時一定選擇外國作者寫的文章，可從學校中知網或者外文資料庫下載。
3、外文翻譯字數要求3000字以上，從外文文章起始處開始翻譯，不允許從文章中間部分開始翻譯，翻譯必須結束於文章的一個大段落。
外文翻譯需要注意的問題
1、外文文獻的出處不要翻譯成中文，且寫在中文譯文的右上角（不是放在頁眉處）；會議要求：名稱、地點、年份、卷（期），等 。
2、作者姓名以及作者的工作單位也不用必須翻譯。
3、abstract翻譯成「摘要」，不要翻譯成「文章摘要」等其他詞語。
4、Key words翻譯成「關鍵詞」 。
5、introction 翻譯成「引言」(不是導言)。
4. 【高分】急！財務管理或財務風險方面的外文翻譯5000字
幫你看了一下，有兩個相關的，不過我個人認為都可以作為財務管理或財務風險方面的外文翻譯文獻。
【1】(中英文參考資料)小企業投資評估Investment Appraisal in Small Firms
http://www.maomaoxue.com/soft/sort06/sort015/Information-428.html
The search for reliable techniques for investment decision-making is currently discussed in the literature because existing traditional mainstream techniques (such as discounting cash-flow (DCF) and payback) are said to be inadequate in certain situations (Akalu,2003). These situations include the evaluation of investment in research and development (R&D) and technological innovations, mainly because of the intangible nature of the benefits involved (Irani and Love,2002); and coping with the uncertainties of the environment (Thomas, 2001). In this regard, DCF is incomplete and may lead to decisions that destroy the value of the firm. Consequently, management is led to select such projects on intuition, experience and rule of thumb methods (Shank,1996). This issue is not only a matter of concern for academics or managers but is also becoming more and more important to stakeholders of a company (Akalu, 2003).
由於傳統的主流技術(如現金流量和回報)在某些情況下存在著不足，學術界對於尋求可靠的投資決策成為討論的中心。這些情況包括研發中的投資評價和主要涉及無形資產的利益屬性(Irani and Love,2002)的技術創新，以及應付環境的不確定性。在這個方面，現金流量是完全性的，而且可能成為毀滅公司價值的決策。因此管理層將憑直覺、經驗和拇指法則(Shank,1996年)選擇項目。這個問題不僅是學術界或是經理層關注的問題,也越來越受到相關的公司的關注(Akalu,2003年)。
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【2】國際投資決策模式(中英文參考資料)International Investment Decision Model
http://www.maomaoxue.com/soft/sort06/sort015/Information-429.html
Market uncertainty and risk require that firms utilize decision models to help analyze and evaluate international investment strategies. The risk attitudes of the decision-makers influence the international investment decision model differently. Accuracy, efficiency and flexibility of the decision model are common requirements for firms.
1.1. The international investment and decision model literature review
Successful internationalization of firms often depends on well-designed international investment strategies. Optimal investment and timing are achieved by managing the difference between the actual and expected rewards . These differences vary depending on company characteristics, which include capital, wealth, scale, and human resources.
市場的不確定性和風險要求公司利用模型分析和評價國際投資戰略。風險態度的決策者決定了影響國際投資的模式不同，准確性、效率和靈活性共同決定企業要求。
1.1國際投資的審查和決策模式文學
成功往往取決於企業國際化設計良好的國際戰略投資。最佳投資時機取決於實現管理的實際和預期收益之間的差額。這些特點取決於公司資金、財富、規模、人力資源等特色。
…………
5. 畢業論文外文翻譯是什麼意思有什麼要求
畢業論文外文翻譯：將外文參考文獻翻譯成中文版本。
翻譯要求：
1、選定外文文獻後先給指導老師看，得到老師的確認通過後方可翻譯。
2、選擇外文翻譯時一定選擇外國作者寫的文章，可從學校中知網或者外文資料庫下載。
3、外文翻譯字數要求3000字以上，從外文文章起始處開始翻譯，不允許從文章中間部分開始翻譯，翻譯必須結束於文章的一個大段落。
參考文獻是在學術研究過程中,對某一著作或論文的整體的參考或借鑒.徵引過的文獻在注釋中已註明,不再出現於文後參考文獻中。外文參考文獻就是指論文是引用的文獻原文是國外的，並非中國的。
原文就是指原作品,原件，即作者所寫作品所用的語言。如莎士比亞的《羅密歐與朱麗葉》原文是英語。 譯文就是翻譯過來的文字，如在中國也可以找到莎士比亞《羅密歐與朱麗葉》的中文版本，這個中文版本就稱為譯文 。
(5)財務風險本科畢業論文外文翻譯擴展閱讀：
外文翻譯需要注意的問題
1、外文文獻的出處不要翻譯成中文，且寫在中文譯文的右上角（不是放在頁眉處）；會議要求：名稱、地點、年份、卷（期），等 。
2、作者姓名以及作者的工作單位也不用必須翻譯。
3、abstract翻譯成「摘要」，不要翻譯成「文章摘要」等其他詞語。
4、Key words翻譯成「關鍵詞」 。
5、introction 翻譯成「引言」(不是導言)。
6、各節的標號I、II等可以直接使用，不要再翻譯成「第一部分」「第二部分」，等。
7、注意排版格式，都是單排版，行距1.25，字型大小小4號，等（按照格式要求）。
8、裡面的圖可以拷貝粘貼，但要將圖標、橫縱指標的英文標注翻譯成中文。
9、裡面的公式、表不可以拷貝粘貼，要自己重新錄入、重新畫表格。
6. 畢業論文翻譯,急!
Summary : financial risk enterprises in the financial activities of a variety of unpredictable and uncontrollable factors. so that enterprises in a certain period, some within the scope of access to the final financial results with the expected operational objectives deviations occur, thus forming the enterprises suffer economic loss or the possibility of greater gains. Intense competition in the market economy, enterprises have become the mainstay of market competition, enterprise's survival, development of the natural environment and the socio-economic environment with greater uncertainty, so that enterprises are facing the threat risk. Therefore, the correct grasp of the financial risk enterprises operating rules to strengthen corporate financial risk management is very important. Keywords : Risk risk classification prevent and resolve risks
7. 求一篇關於財務危機或者財務風險的外文翻譯
財務危機(Financial Distress)通常是指企業不能償還到期債務的困難和危機，其極端形式是企業破產。當企業資金匱乏和信用崩潰同時出現時，企業破產便無可挽回。所以，為防止財務危機與破產的發生，每個企業都在尋求防止財務危機的方法和拯救危機的措施。尤其是在2001年4月20日，中國證券市場上第一例摘牌公司「PT水仙」成為事實後，無論是上市公司還是非上市公司都在防範出現財務危機。另外，中國即將加入WTO，國內企業將面臨更加激烈的競爭，要想在激烈的競爭中立於不敗之地，加強財務危機預警制無疑是每個企業都應加強的一個重要方面。本文結合近年來一些危機企業、破產企業的情況，探討在面臨競爭與發展的情況下，造成企業財務危機的原因。
一、多角化經營的陷阱
當企業發展到一定程度，為避免經營風險，許多公司都追求多角化的經營模式，試圖使企業走上健康穩定發展的道路。然而，現實不僅讓人們看到成功企業的輝煌，同時也看到了多角化經營使企業走上財務危機甚至破產危機的道路。所以多角化經營並不是企業避免經營風險的靈丹妙葯。除非恰當使用，否則，企業十分容易陷入財務危機。
1、證券投資組合理論的簡單誤用。證券投資組合理論是多角化經營的理論基礎，該理論認為，金融資產的風險有兩種：一是不可分散的風險或稱系統風險，即存在於每個證券中，是不能通過證券組合來分散掉的風險；一是可分散的風險或稱非系統風險，即存在於單個證券中，可以通過證券組合來分散掉的風險。投資者可以通過持有一個證券組合來分散非系統風險，證券間相關系數越低，分散風險的效果越好；隨著組合內證券數量的增多，分散效果越明顯，當證券數量達到一定時，基本可完全分散掉非系統風險。這一原理應用到企業生產經營活動時，即為企業的多角化經營。然而，證券組合投資具有其特定的條件，如果不加分析的盲目應用，不但不能達到避免風險的作用，反而加劇了企業的財務危機。證券組合理論的投資對象是金融資產，金融資產投資具有可分割性、流動性和相容性等特點，因此在進行金融資產投資時，不必考慮投資的規模、投資的時間約束以及投資項目的多少等因素，只要考慮各金融資產的相關性、風險、報酬及其相互關系問題，並依據風險——報酬的選擇，可實現金融資產投資的優化選擇。而多角化經營的投資對象是實物資產，其投資具有整體性、不可逆性、時間約束性的互斥性等特點。所以在多角化經營時，不能簡單地進行不相關產業的多方位投資，而是要考慮到各項目的投資規模、資金佔用情況及資金約束條件下的各項目的比較選優問題。否則，簡單誤用證券組合理論必將導致企業投資於無關項目、無序多佔資金、投入大於產出等等現象，最終導致企業資金缺乏，周轉不靈，出現財務危機。眾所周知的巨人集團的興衰就是最好的證明。
2、喪失核心競爭能力的多元化投資。在企業的利潤、市場份額、核心競爭能力等因素中，核心競爭能力是保持企業競爭優勢的最主要因素，它是企業一項競爭優勢資源和企業發展的長期支撐力。它可能表現為先進的技術，或某種服務理念，其實質就是一組先進技術和能力的集合體。盡管企業之間的競爭通常表現為核心能力所衍生出來的核心產品、最終產品的市場之爭，但其實質歸結為核心能力之間的競爭。企業只有具備核心競爭能力，才能具有持久的競爭優勢。否則只能「曇花一現」。企業一時的成功並不表明企業已經擁有了核心競爭能力，企業核心競爭能力要靠企業的長期培植。也是就是說，多元化投資只是為保持企業核心競爭能力的一種手段。從這一點來說，企業應首先擁有一個具有競爭能力的核心產品，然後，圍繞其核心產品、核心競爭能力再考慮是否應該多元化經營。沒有根植於核心競爭力的多元化經營，又不能在外部擴張戰略中培植新的核心競爭能力，結果就可能把原來的競爭優勢也喪失殆盡，直接的表現就是新項目擠占優勢主業的資金，但卻不產生相應的效益反而拖跨優勢主業，最終導致企業內部整體資金的匱乏。
二、經營杠桿的負效應
現代企業理財原理告訴我們，企業在經營決策時對經營成本中固定成本的利用，可為企業帶來經營杠桿作用。具體的說，當銷售收入或銷售量不斷增長時，企業中一定量的固定成本可帶來企業利潤大幅度的上升，即所謂的經營杠桿利益；當銷售收入或銷售量降低時，企業中一定量的固定成本可帶來企業利潤迅速下降，即所謂的經營杠桿風險。由此可見，經營杠桿作用是一把「雙刃劍」，正確利用可為企業帶來杠桿利益，反之，則會帶來杠桿損失。所以企業在運用經營杠桿原理時，一定要充分考慮其雙面性，僅僅追求經營杠桿利益的結果往往是遭受經營杠桿風險的打擊，最終導致企業的財務危機。
企業因經營杠桿而導致財務危機的例子有許多，這是因為構成固定成本的因素就有許多，任何因素的過量使用如大規模投資帶來的過大折舊及過高的管理費用等等，在企業銷量無法保證的情況下，都會發生經營杠桿風險。本文採用廣告費用作為固定成本，論述由它產生的經營杠桿的負效應，這是因為在市場經濟下廣告宣傳已成為企業競爭的常用手段。如眾所周知的中央電視台廣告標王「秦池」酒廠的衰落就是最典型例子。1995年，秦池以6666萬元的價格第一次奪得1996年中央電視台「標王」後，廣告的轟動效應，使「秦池」一夜成名，「秦池」的品牌地位基本確立，市場份額也相應增加，當年「秦池」酒廠享受到了經營杠桿的積極作用。但這種局面並沒有維持多久，當1996年11月秦池以3.2億元的天價再次成為1997年中央電視台的「標王」後，「秦池」為了在短時間內滿足客戶訂單需求，竟採取收購散酒來勾兌，並被新聞媒介披露，產品質量、信用遭到嚴重破壞，1997年「秦池」的銷售收入無法持續增長，此時3.2億廣告費卻使秦池陷入了難以自拔的財務危機之中。
三、財務杠桿的負效應
財務杠桿是指由於固定性財務費用的存在，企業息稅前利潤(EBIT)的微量變化所引起的每股收益(EPS)大幅度變動的現象。也就是，銀行借款規模和利率水平一旦確定，其負擔的利息水平也就固定不變。因此，企業盈利水平越高，扣除債權人拿走的某一固定利息之後，投資者（股東）得到的回報也就越多。相反，企業盈利水平低，債權人照樣拿走某一固定的利息，剩餘給股東的回報也就少了。在盈利水平低於利率水平的情況下，投資者不但得不到回報，甚至可能倒貼。由於利息是固定的，因此，舉債具有財務杠桿效應。而財務杠桿效應是兩方面的，既可以給企業帶來正面、積極的影響，也可以帶來負面、消極的影響。當總資產利潤率大於利率時，舉債給企業帶來的是積極的正面影響；相反，當總資產利潤率小於利率時，舉債給企業帶來的是負面、消極的影響。
韓國大宇集團的解散，就是財務杠桿消極作用影響的真實體現。大宇集團在政府政策和銀行信貸的支持下，走的是一條「舉債經營」之路。試圖通過大規模舉債，達到大規模擴張的目的，最後實現「市場佔有率至上」的目標。當1997年亞洲金融危機爆發後，大宇集團已經顯現出經營上的困難，其銷售額和利潤均不能達到預期的目的，此時如果大宇集團不再大量發行債券進行「借貸式經營」，而向韓國其他四大集團一樣進行自律結構調整——重點改善財務結構，努力減輕債務負擔，恐怕大宇集團今天仍是韓國的五大集團之一。然而，大宇卻認為，只要提高開工率，增加銷售額和出口就能躲過這場金融危機，於是，一意孤行地繼續大量發行債券，進行「借貸式經營」。由於經營不善，加上資金周轉困難，韓國政府於1999年7月26日下令債券銀行接手對大宇集團進行結構調整，加快了這個負債累累的集團的解散速度。由此可見，大宇集團的舉債經營所產生的財務杠桿效益是消極的，不僅難以提高企業的盈利能力，反而因巨大的償付壓力使企業陷入無法解脫的財務困境。
Financial crisis (Financial Distress) usually refers to business can not repay the debt e the difficulties and crises, the extreme form of corporate bankruptcy. When companies collapse of lack of funds and credit at the same time, enterprises will be irretrievable bankruptcy. Therefore, in order to prevent the financial crisis and the occurrence of insolvency, each company are looking for ways to prevent the financial crisis and save the crisis. Especially in April 20, 2001, China's securities market for the first case of delisting the company "PT Narcissus" become a reality, whether they are listed companies or non-listed companies to prevent financial crisis. In addition, China's imminent accession to WTO, domestic enterprises will face more intense competition, to be in the fierce competition in an invincible position, to strengthen the financial crisis early warning system is to enhance each enterprise should be an important aspect. In this paper, a number of crises in recent years, enterprises, bankrupt enterprises, and explore in the face of competition and development, financial crises caused by business reasons.
First, diversification trap
When the enterprise has developed to a certain extent, in order to avoid business risks, many companies are pursuing diversification business model, trying to take the healthy and stable business development. However, the reality is not only let people see the glory of successful enterprises, but also saw the diversification of financial crisis, the enterprise embarked on the path of the crisis or even bankruptcy. Therefore, diversification is not a business enterprise to avoid the risk of a panacea. Unless the appropriate use of, otherwise, business is very easy to fall into financial crisis.
1, theoretical portfolio of simple misuse. Portfolio theory is the theoretical basis for diversification, the theory holds that the risk of financial assets, there are two: First, the risk can not be dispersed or systematic risk, that is present in every securities, the portfolio is not to divert out the risk; First, the risk can be dispersed or non-systematic risk, which exists in the indivial securities, you can swap portfolio to spread risks. Investors can hold a portfolio to spread the risk of non-system, the correlation coefficient between securities lower, the better risk diversification; as the number of portfolio securities increased, the more obvious effects of dispersion, when the stock reaches a certain number, the fully dispersed out of basic non-systemic risk. This principle applied to the proction and operation activities, is the diversification enterprises. However, portfolio investment has its specific conditions, if not the blind application of the analysis, it has failed to achieve the role of risk avoidance, but have deepened the financial crisis. Investment portfolio theory is financial assets, financial assets investment divisibility, mobility and features such as compatibility, so investment in financial assets, do not have to consider the scale of investment, the investment of time constraints, as well as the number of investment projects and other factors, as long as the taking into account the relevance of financial assets, risk, reward and their mutual relations, and on the basis of risk - reward the choice to invest in financial assets to achieve the optimal choice. And diversification of the investment is physical assets, and its overall investment, non-reversible, time-binding characteristics, such as mutually exclusive. Therefore, when the diversification is not simply irrelevant to the multi-faceted investment in instry, but to take into account the investment objectives, financial situation and financial constraints occupied under the conditions of the Objective To compare the selection problem. Otherwise, the simple misuse of portfolio theory will lead to business investment in unrelated projects, accounting for more than a disorderly capital, inputs and so the phenomenon is greater than output, which eventually led to a lack of capital, liquidity, financial crisis. As we all know the rise and fall of the giant group is the best proof of this.
2, the loss of core competence of investment diversification. In corporate profits, market share, competitive factors such as the core, the core competitiveness of enterprises is to maintain the most important factors of competitive advantage, it is a competitive advantage and business development resources to support our long-term. It may appear to be advanced technology, or a service concept, its essence is a group of advanced technology and ability to aggregate. Despite the competition among enterprises usually pass the core competencies derived from the core proct, the final proct for the market, but its essence boils down to competition between core competencies. Only when we have the core of enterprise competitiveness, in order to have a lasting competitive advantage. Otherwise, only "a flash in the pan." The success of enterprises does not mean that time has been the core of enterprise competitiveness, the core competitiveness of enterprises rely on long-term cultivation. Is to say, only in order to maintain a diversified investment in the core competitiveness of enterprises as a means. From that point, enterprises should first have a core of competitive procts, and then around its core procts, core competitiveness should consider diversification. Not rooted in the core competitiveness of the diversification and expansion strategy can not be outside of nurturing a new core competence, the result can be the competitive advantage that also lost direct the performance of new projects is the main advantage of the diverted funds , but it does not have a corresponding advantage of the benefits but the main instry拖跨, which eventually led to the enterprise overall lack of funds.
Second, the negative effects of operating leverage
Principle of the modern enterprise management told us that decision-making in the operation of the operating costs of the use of fixed costs for businesses operating leverage. Specifically, when the sales revenue or sales growth, the enterprise in a certain amount of fixed costs can lead to a significant rise in corporate profits, the so-called interests of the operating lever; when the sale to lower income or sales, the enterprise must the amount of fixed costs can be brought about by the rapid decline in corporate profits, the so-called operating leverage risk. It can be seen that operating leverage is a "double-edged sword", the correct use of leverage for the interests of enterprises, on the contrary, it will bring loss of leverage. Therefore, in principle the use of operating leverage, we must take full account of its double-sided, and only the interests of the pursuit of operating leverage is often the result of the risk of being hit DOL, which eventually led to the financial crisis.
Enterprises operating leverage caused by the financial crisis there are many examples, which constitute a fixed cost because there are many factors that any factors such as excessive use of large-scale investment is too large depreciation and inflated management fees, etc., in Enterprises can not guarantee sales, the operating leverage risk will occur. In this paper, as the fixed cost of advertising, on business generated from its negative effects of leverage, this is because the advertising in a market economy has become a common means of enterprise competitiveness. Such as the well-known advertising standard CCTV King "Qin pool," the winery is the most typical example of the decline. In 1995, Qin pool price of 66.66 million yuan in the first won in 1996 China Central Television, "Standard King" after the sensational effect of advertising, so that "Qin pool" to become famous overnight, "Qin pool" basically established the brand, market share also a corresponding increase in the "Chin Chi" winery to enjoy a positive role of the operating lever. However, this situation is not how long, when in November 1996 Qin pool price of 3.2 billion again in 1997 China Central Television's "Standard King", the "Chin Chi," a short period of time in order to meet the needs of customer orders, even taken to the acquisition of bulk wine blending, and the media revealed that the quality of procts, the credit was severely damaged in 1997, "Qin Chi" unsustainable sales growth, 320 million advertising at this time Qin made it difficult to extricate themselves into a pool of financial crisis.
Third, the negative effects of financial leverage
Financial leverage refers to the financial costs as a result of the existence of fixed, pre-tax profits of enterprise income (EBIT) of the trace caused by changes in earnings per share (EPS) of the phenomenon of significant changes. That is, the size of bank borrowings and interest rates, once determined, the burden of a fixed rate of interest charged on it. Therefore, the higher the level of corporate profits, after decting the creditor to take a fixed interest rate, investors (shareholders) get more returns. In contrast, low levels of corporate profits, the creditor still take a fixed interest rate, the remaining return to shareholders will be less. Level of profitability than in the case of the level of interest rates, investors will not return, and may even lose out. As a result of interest is fixed and, therefore, has a financial leverage effect of debt. The financial leverage effect is twofold, both to the enterprise have a positive, positive impact, it also brought about a negative, negative. When total assets profit margin is greater than interest rates, loans to enterprises is a positive a positive impact; the contrary, when the total assets of less than the interest rate margin, the debt to the enterprises is negative, negative.
The dissolution of the Daewoo Group of South Korea, a negative effect on financial leverage is the true embodiment of the impact. Daewoo Group in the government policies and the support of bank credit, is taking the same "leverage" the road. Massive debt trying to achieve the purpose of large-scale expansion, the final realization of "the market share of first" goal. When the 1997 Asian financial crisis, Daewoo Group has demonstrated the difficulties of the operation, and its sales and profit can not achieve the intended purpose, at this time is no longer if a large number of Daewoo Group to issue bonds to carry out "loan operations" and to South Korea, like the other four groups to carry out structural adjustment and self-discipline - focus on improving the financial structure, and strive to alleviate the debt burden, I am afraid of the Daewoo Group in Korea today is still one of the five groups. However, the Daewoo is that as long as the operating rate to improve, increase sales and exports will be able to escape the financial crisis, therefore, continue to insist on the issuance of bonds, the "lending operations." As a result of poor management, combined with cash flow difficulties, the Korean government in July 26, 1999 ordered the bank to take over the bond of the Daewoo Group restructuring, the debt to accelerate the dissolution rate of the Group. This shows that the Daewoo Group's debt arising from the operating efficiency of financial leverage is negative, it is difficult not only to improve the profitability of enterprises, but e to tremendous pressure on enterprises to pay into inextricable financial difficulties.
8. 我需要一篇外文文獻及翻譯！關於企業財務風險防範的內容！要求字數達標、有外國作者的名字和出處。
一共兩篇 ，希望對樓主有用
什麼是財務風險
財務風險是企業在財務管理過程中必須面對的一個現實問題，財務風險是客觀存在的，企業管理者對財務風險只有採取有效措施來降低風險，而不可能完全消除風險。文章通過對企業財務風險類型分析，從中找出不同財務風險產生的具體原因，並試圖探索出解決各類財務風險的有效方法。
當今世界上因財務風險而倒閉破產的公司，甚至是特大公司也不為少見，如2002年世界500強的安然就是一例。因此，忽視財務風險將給我們帶來的後果是嚴重的。
財務風險的定義和基本類型
財務風險是指企業在各項財務活動中由於各種難以預料和無法控制的因素，使企業在一定時期、一定范圍內所獲取的最終財務成果與預期的經營目標發生偏差，從而形成的使企業蒙受經濟損失或更大收益的可能性。企業的財務活動貫穿於生產經營的整個過程中，籌措資金、長短期投資、分配利潤等都可能產生風險。
根據風險的來源可以將財務風險劃分為：
1.籌資風險
籌資風險指的是由於資金供需市場、宏觀經濟環境的變化，企業籌集資金給財務成果帶來的不確定性。籌資風險主要包括利率風險、再融資風險、財務杠桿效應、匯率風險、購買力風險等。利率風險是指由於金融市場金融資產的波動而導致籌資成本的變動；再融資風險是指由於金融市場上金融工具品種、融資方式的變動，導致企業再次融資產生不確定性，或企業本身籌資結構的不合理導致再融資產生困難；財務杠桿效應是指由於企業使用杠桿融資給利益相關者的利益帶來不確定性；匯率風險是指由於匯率變動引起的企業外匯業務成果的不確定性；購買力風險是指由於幣值的變動給籌資帶來的影響。
2.投資風險
投資風險指企業投入一定資金後，因市場需求變化而影響最終收益與預期收益偏離的風險。企業對外投資主要有直接投資和證券投資兩種形式。在我國，根據公司法的規定，股東擁有企業股權的25%以上應該視為直接投資。證券投資主要有股票投資和債券投資兩種形式。股票投資是風險共擔，利益共享的投資形式；債券投資與被投資企業的財務活動沒有直接關系，只是定期收取固定的利息，所面臨的是被投資者無力償還債務的風險。投資風險主要包括利率風險、再投資風險、匯率風險、通貨膨脹風險、金融衍生工具風險、道德風險、違約風險等。
3.經營風險
經營風險又稱營業風險，是指在企業的生產經營過程中，供、產、銷各個環節不確定性因素的影響所導致企業資金運動的遲滯，產生企業價值的變動。經營風險主要包括采購風險、生產風險、存貨變現風險、應收賬款變現風險等。采購風險是指由於原材料市場供應商的變動而產生的供應不足的可能，以及由於信用條件與付款方式的變動而導致實際付款期限與平均付款期的偏離；生產風險是指由於信息、能源、技術及人員的變動而導致生產工藝流程的變化，以及由於庫存不足所導致的停工待料或銷售遲滯的可能；存貨變現風險是指由於產品市場變動而導致產品銷售受阻的可能；應收賬款變現風險是指由於賒銷業務過多導致應收賬款管理成本增大的可能性，以及由於賒銷政策的改變導致實際回收期與預期回收的偏離等。
4.存貨管理風險
企業保持一定量的存貨對於其進行正常生產來說是至關重要的，但如何確定最優庫存量是一個比較棘手的問題，存貨太多會導致產品積壓，佔用企業資金，風險較高；存貨太少又可能導致原料供應不及時，影響企業的正常生產，嚴重時可能造成對客戶的違約，影響企業的信譽。
5.流動性風險
流動性風險是指企業資產不能正常和確定性地轉移現金或企業債務和付現責任不能正常履行的可能性。從這個意義上來說，可以把企業的流動性風險從企業的變現力和償付能力兩方面分析與評價。由於企業支付能力和償債能力發生的問題，稱為現金不足及現金不能清償風險。由於企業資產不能確定性地轉移為現金而發生的問題則稱為變現力風險。
企業財務風險的成因
企業財務風險產生的原因很多，既有企業外部的原因，也有企業自身的原因，而且不同的財務風險形成的具體原因也不盡相同。企業產生財務風險的一般原因有以下幾點：
1.企業財務管理宏觀環境的復雜性是企業產生財務風險的外部原因。企業財務管理的宏觀環境復雜多變，而企業管理系統不能適應復雜多變的宏觀環境。財務管理的宏觀環境包括經濟環境、法律環境、市場環境、社會文化環境、資源環境等因素，這些因素存在企業之外，但對企業財務管理產生重大的影響。
2.企業財務管理人員對財務風險的客觀性認識不足。財務風險是客觀存在的，只要有財務活動，就必然存在著財務風險。然而在現實工作中，許多企業的財務管理人員缺乏風險意識。風險意識的淡薄是財務風險產生的重要原因之一。
3.財務決策缺乏科學性導致決策失誤。財務決策失誤是產生財務風險的又一主要原因。避免財務決策失誤的前提是財務決策的科學化。
4.企業內部財務關系不明。這是企業產生財務風險的又一重要原因，企業與內部各部門之間及企業與上級企業之間，在資金管理及使用、利益分配等方面存在權責不明、管理不力的現象，造成資金使用效率低下，資金流失嚴重，資金的安全性、完整性無法得到保證。這主要存在於一些上市公司的財務關系中，很多集團公司母公司與子公司的財務關系十分混亂，資金使用沒有有效的監督與控制。
化解財務風險的主要措施
企業財務風險是客觀存在的，因此安全消除財務風險是不可能的，也是不現實的。對於企業財務風險，只能採取盡可能的措施，將其影響降低到最低的程度。
1.化解籌資風險的主要措施：
當企業的經營業務發生資金不足的困難時，可以採取發行股票、發行債券或銀行借款等方式來籌集所需資本。
2.化解投資風險的主要措施：
從風險防範的角度來看，投資風險主要應該通過控制投資期限、投資品種來降低。一般來說，投資期越長，風險就大，因此企業應該盡量選擇短期投資。而在進行證券投資的時候，應該採取分散投資的策略，選擇若干種股票組成投資組合，通過組合中風險的相互抵消來降低風險。在對股票投資進行風險分析中，可以採用β系數的分析方法或資本資產定價模型來確定不同證券組合的風險。β系數小於1，說明它的風險小於整個市場的平均風險，因而是風險較小的投資對象。
3.化解匯率風險的主要措施：
（1）選擇恰當合同貨幣。在有關對外貿易和借貸等經濟交易中，選擇何種貨幣作為計價貨幣直接關繫到交易主體是否將承擔匯率風險。為了避免匯率風險，企業應該爭取使用本國貨幣作為合同貨幣，在出品、資本輸出時使用硬通貨，而在進口、資本輸入時使用軟通貨。同時在合同中加列保值條款等措施。
（2）通過在金融市場進行保值操作。主要方法有現匯交易、期貨交易、期匯交易、期權交易、借款與投資、利率—貨幣互換、外幣票據貼現等。
（3）對於經濟主體在資產負債表會計處理過程中產生的折算風險，一般是實行資產負債表保值來化解。這種方法要求在資產負債表上以各種功能貨幣表示的受險資產與受險負債的數額相等，從而使其折算風險頭寸為零，只有這樣，匯率變動才不致帶來折算上的損失。
（4）經營多樣化。即在國際范圍內分散其銷售、生產地及原材料來源地，通過國際經營的多樣化，當匯率出現變化時，管理部門可以通過比較不同地區生產、銷售和成本的變化趨利避害，增加在匯率變化有利的分支機構的生產，而減少匯率變化不利的分支機構的生產。
（5）財務多樣化。即在多個金融市場以多種貨幣尋求資金的來源和資金去向，實行籌資多樣化和投資多樣化，這樣在有的外幣貶值，有的外幣升值的情況下，公司就可以使絕大部分的外匯風險相互抵消，從而達到防範風險的目的。
4.化解流動性風險的主要措施：
企業的流動性較強的資產主要包括現金、存貨、應收賬款等項目。防範流動性風險的目的是在保持資產流動性的前提下，實現利益的最大化。因此應該確定最優的現金持有量、最佳的庫存量以及加快應收賬款的回收等。我們都很清楚持有現金有一個時間成本的問題，手中持有現金過多，顯然會由於較高的資金佔用而失去其他的獲利機會，而持有現金太少，又會面臨資金不能滿足流動性需要的風險。因此企業應該確定一個最優的現金持有量，從而在防範流動性風險的前提下實現利益的最大化。
5.化解經營風險的主要措施：
在其他因素不變的情況下，市場對企業產品的需求越穩定，企業未來的經營收益就越確定，經營風險也就越小。因此企業在確定生產何種產品時，應先對產品市場做好調研，要生產適銷對路的產品，銷售價格是產品銷售收入的決定因素之一，銷售價格越穩定，銷售收入就越穩定，企業未來的經營收益就越穩定，經營風險也就越小。
The Infrared Technology as the humanity knew that the nature, the exploration natural one kind of new modern tool, has been applied generally by various countries in the biology, the medicine, the geoscience and so on scientific field as well as the military reconnaissance aspect. But is very complex as a result of the goal infrared radiation, the factor are many, the infrared hot image's clarity is inferior to the visible image far, but people in use infrared hot chart analysis question time, hoped frequently simultaneously sees the visible light information and the infrared information. As the computer vision domain and an image understanding's important technology, the image fusion simultaneously observed the infrared hot information and the visible light information for the people have provided an effective method. This article research mainly take the infrared imagery and the visible light image as the information processing goal, through will carry on the contrastive analysis to each image fusion processing method, will summarize an effect good method, will then use with the matlab procere to realize these methods and to carry on the comparison again to the fusion effect. this article first introced the image fusion engineering research background and the domestic and foreign research tendency. Then introced the image fusion's basic concept, the level, have made the comparison to each level's fusion. Then introced the image fusion's Pyramid algorithm, and has carried on the analysis, the comparison to these algorithms, finally the matlab procere has realized these methods. as a result of the wavelet transformation in the information analysis and the information processing domain's good performance, this article used the great length to introce that the wavelet the knowledge, realized the image fusion with the fusion effect good small wave packet's method, through used the objective indicator the appraisal to prove based on the small wave packet's fusion was one very good fusion method. key word: Image fusion, wavelet transformation Pyramid algorithm, multi-resolution analysis, fusion rule, fusion appraisal
從分析財務風險入手，闡述其含義、特徵以及種類等內容；在此基礎上對財務風險產生的原因進行深入細致的分析研究，分析總結出財務風險產生的內因和外因諸方面；從而提出樹立風險意識，建立有效的風險防範機制；建立和完善財務管理系統，以適應財務管理環境變化；建立財務風險預警機制，加強財務危機管理；提高財務決策的科學化水平，防止因決策失誤而產生的財務風險；通過防範內部制度，建立約束機制來控制和防範財務風險五個方面的財務風險防範措施以及自我保險、多元化風險控制、風險轉移、風險迴避、風險降低五種技術方法。只有控制防範和化解企業財務風險，才能確保企業在激烈的市場競爭中立於不敗之地。
財務風險的成因
（一）外部原因
1、國家政策的變化帶來的融資風險。一般而言，由於中小企業生產經營不穩定。一國經濟或金融政策的變化，都有可能對中小企業生產經營、市場環境和融資形式產生一定的影響。從2007 年開始，我國加大了對宏觀經濟的調控力度，央行第四次提高存款准備金率，尤其是實行差額准備金制度使直接面向中小企業服務的中小商業銀行信貸收緊，中小企業的資金供給首先受阻，融資風險徒增不少，中小企業也因無法得到急需資金而被迫停產或收縮經營規模。2、銀行融資渠道不流暢造成的融資風險。企業資金來源無非是自有資金和對外融資兩種方式。在各種融資方式中，銀行信貸又是重要的資金來源，但是銀行在國家金融政策以及自身體制不健全等情況的影響下，普遍對中小企業貸款積極性不高，使其貸款難度加大，增加了企業的財務風險。
（二）內部原因1、盲目擴張投資規模。有相當一部分的中小企業在條件不成熟的情況下，僅憑經驗判斷片面追求公司外延的擴大，忽略了公司內涵和核心競爭力，造成投資時資金的重大浪費。2、投資決策失誤。對企業來說，正確的產業選擇是生存發展的戰略起點。但一些企業在選擇產業過程中，往往忽視了「產業選擇是一個動態過程」的觀念，不能敏銳地把握產業演變的趨勢和方向。3、投資合作夥伴選擇不當。企業在做出投資決策時，一定要充分考慮合作夥伴的資質、信譽，並應具備承擔相應風險能力。4、誠信不足。中小企業信用不足是一個普遍現象。因此，銀行要向中小企業提供貸款或投資人要向中小企業進行投資就不得不加大人力資源的投入以提高信息的收集和質量分析。這一方面加大了銀行或投資人的貸款和投資成本。另一方面也給中小企業的融資帶來困難。能否融通到資金，能融通到多少資金，中小企業的融資存在很大的不確性。
1 the meaning of financial risk
Ye at "small and medium-sized financial risk assessment and control of research" that the financial risk is the possibility of corporate insolvency and shareholders, the proceeds of uncertainty, it is difficult because of enterprise funds, to adopt a different mode of financing brought about by risk.
Starting from the analysis of financial risk on its meaning, characteristics and types of content; at this based on the causes of the financial risk to conct in-depth analysis and detailed research, analysis concludes that the financial risks arising from internal factors and external aspects; in turn, establish a risk awareness, the establishment of an effective risk prevention mechanism; set up and improve the financial management system to meet the financial management of environmental change; set up the financial risk early warning mechanism, strengthen the financial crisis management; improve the scientific level of financial decision-making to prevent e to poor decisions arising from the financial risk; through internal systems to prevent the establishment of binding mechanisms to control and guard against financial risk in five areas of financial risk prevention measures as well as self-insurance, diversification of risk control, risk transfer, risk averse, risk recing the five techniques. Only controlled enterprises to guard against and defuse financial risks, in order to ensure that enterprises in the fierce competition in the market in an invincible position.
The causes of the financial risks
(A) external causes
1, the national policy changes brought about by the financing risk. Generally speaking, small and medium-sized proction and operation because of instability. A country's economy or monetary policy changes, there may be small and medium-sized proction and management, market conditions and financing forms have a certain impact. Beginning in 2007, our country has increased the intensity of macroeconomic regulation and control, the central bank to raise the fourth time the deposit reserve ratio, in particular, are ready to implement the difference between a direct deposit system to make small and medium-sized service-oriented small and medium-sized commercial banks to tighten credit, SMEs First of all, the capital supply disruption, the risk of inviting a lot of financing, SMEs also in urgent need of funds can not be forced to stop proction or the scale of downsizing. 2, bank financing channels for non-financial risks caused by fluid. Corporate sources of funds are nothing more than its own funds and external financing in two ways. In various modes of financing, the bank credit is also an important source of funds, but banks in the country's financial policies as well as their own sound system is not under the influence of such circumstances, the general enthusiasm for SME lending is not high, their loans more difficult to increase the the enterprise's financial risk.
(B) internal factors one, blind expansion of investment scale. There is a considerable number of conditions are not ripe for the SMEs in the circumstances, only the experience of one-sided pursuit of companies to determine the expansion of the extension, ignore the company's content and core competitiveness, resulting in a major capital investment wasted. 2, the investment decision-making errors. For business, the correct selection of instries are the starting point for the survival and development strategy. However, some instrial enterprises in the selection process, the often overlooked "instry is a dynamic selection process" concept, should not a keen grasp of instry trends and direction of evolution. 3, improper selection of investment partners. Enterprises to make investment decisions, we must give full consideration to qualified partners, reputation, and should have to bear the corresponding risks. 4, less than honest. Lack of SME credit is a common situation. Therefore, small and medium-sized banks to provide loans or investments to small and medium-sized people had to step up investment on human resources in order to improve the quality of information collection and analysis. This respect has increased the investment bank or person lending and investment costs. On the other hand also give small and medium enterprises financing difficult. Ability to finance capital, to finance the number of funds, the financing of SMEs exist great uncertainties.