现代工业革命退出和内部控制系统的失败外文翻译.docx

现代工业革命退出和内部控制系统的失败外文翻译.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