现代工业革命退出和内部控制系统的失败外文翻译Word格式文档下载.docx
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现代工业革命退出和内部控制系统的失败外文翻译Word格式文档下载.docx
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现代工业革命退出和内部控制系统的失败外文翻译@#@本科毕业论文(设计)@#@外文翻译@#@原文:
@#@@#@TheModernIndustrialRevolution,Exit,andtheFailureofInternalControlSystems@#@Fundamentaltechnological,political,regulatory,andeconomicforcesareradicallychangingtheworldwidecompetitiveenvironment.WehavenotseensuchametamorphosisoftheeconomiclandscapesincetheIndustrialRevolutionofthenineteenthcentury.Thescopeandpaceofthechangesoverthepasttwodecadesqualifythisperiodasamodernindustrialrevolution,andIpredictitwilltakedecadesfortheseforcestobefullyworkedoutintheworldwideeconomy.@#@Althoughmorethanacenturyseparatesthecurrentandhistoricaleconomictransformations,theparallelsbetweenthetwoarestrikinglysimilar:
@#@mostnotably,thewidespreadtechnologicalandorganizationalchangeleadingtodecliningcosts,increasingaveragebutdecreasingmarginalproductivityoflabor,reducedgrowthratesinlaborincome,excesscapacity,and—ultimately—downsizingandexit.@#@Thecapitalmarketsplayedamajorroleineliminatingexcesscapacitybothinthenineteenthcenturyandinthe1980s.Themergerboomofthe1890sbroughtaboutamassiveconsolidationofindependentfirmsandtheclosureofmarginalfacilities.Inthe1980sthecapitalmarketshelpedeliminateexcesscapacitythroughleveragedacquisitions,stockbuybacks,hostiletakeovers,leveragedbuyouts(LBOs),anddivisionalsales.Justasthetakeoverspecialistsofthe1980sweredisparagedbymanagers,policymakers,andthepress,theso-calledRobberBaronswerecriticizedinthenineteenthcentury.Inbothcasesthecriticismwasfollowedbypublicpolicychangesthatrestrictedthecapitalmarketsinthenineteenthcenturythepassageofantitrustlawsrestrictingcombinations,andinthelate1980stherenewedregulationofthecreditmarkets,antitakeoverlegislation,andcourtdecisionsthatrestrictedthemarketforcorporatecontrol.@#@Everypieceofbusinessstrategyacquiresitstruesignificanceonlyagainstthebackgroundofthatprocessandwithinthesituationcreatedbyit.Itmustbeseeninitsroleintheperennialgaleofcreativedestruction;@#@itcannotbeunderstoodirrespectiveofitor,infact,onthehypothesisthatthereisaperenniallull...Theusualtheorist’spaperandtheusualgovernmentcommission’sreportpracticallynevertrytoseethatbehavior,ontheonehand,asaresultofapieceofpasthistoryand,ontheotherhand,asanattempttodealwithasituationthatissuretochangepresently—asanattemptbythosefirmstokeepontheirfeet,ongroundthatisslippingawayfromunderthem.Inotherwords,theproblemthatisusuallybeingvisualizedishowcapitalismadministersexistingstructures,whereastherelevantproblemishowitcreatesanddestroysthem.@#@Inthischapter,IreviewtheFirstandSecondIndustrialRevolutionsofthenineteenthcenturyanddrawontheseexperiencestoenlightenourunderstandingofcurrenteconomictrends.Drawingparallelstothe1800s,Idiscussinsomedetailthechangesthatmandateexitintoday’seconomy.Iaddressthosefactorsthathinderefficientexit,andoutlinethecontrolforcesactingonthecorporationtoeventuallyovercomethesebarriers.Specifically,Idescribetheroleofthemarketforcorporatecontrolinaffectingefficientexit,andhowtheshutdownofthecapitalmarketshas,toagreatextent,transferredthischallengetocorporateinternalcontrolmechanisms.Isummarizeevidence,however,indicatingthatinternalcontrolsystemshavelargelyfailedinbringingabouttimelyexitanddownsizing,leavingonlytheproductmarketorlegal/political/regulatorysystemtoresolveexcesscapacity.Althoughovercapacitywillintheendbeeliminatedbyproductmarketforces,thissolutiongenerateslarge,unnecessarycosts.Idiscusstheforcesthatrenderinternalcontrolmechanismsineffectiveandoffersuggestionsfortheirreform.Lastly,Iaddressthechallengethismodernindustrialrevolutionposesforfinanceprofessionals;@#@thatis,thechangesthatwetoomustundergotoaidinthelearningandadjustmentsthatmustoccuroverthenextseveraldecades.@#@Inaddition,Japanesemanagementtechniquessuchastotalqualitymanagement,just-in-timeproduction,andflexiblemanufacturinghavesignificantlyincreasedtheefficiencyoforganizationswheretheyhavebeensuccessfullyimplementedthroughouttheworld.Someexpertsarguethat,properlyimplemented,thesenewmanagementtechniquescanreducedefectsandspoilagebyanorderofmagnitude.Thesechangesinmanagingandorganizingprincipleshavecontributedsignificantlytotheproductivityoftheworld’scapitalstockandeconomizedontheuseoflaborandrawmaterials,thusalsocontributingtotheexcesscapacityproblems.@#@Substantialdatasupportthepropositionthattheinternalcontrolsystemsofpubliclyheldcorporationshavegenerallyfailedtoc
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