现代工业革命退出和内部控制系统的失败外文翻译.docx

1、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：The Modern Industrial Revolution, Exit, and the Failure of Internal Control SystemsFundamental technological, political, regulatory, and economic forces are radically changing the worldwide competitive environment. We have not seen such a metamorphosis of th

2、e economic landscape since the Industrial Revolution of the nineteenth century. The scope and pace of the changes over the past two decades qualify this period as a modern industrial revolution, and I predict it will take decades for these forces to be fully worked out in the worldwide economy.Altho

3、ugh more than a century separates the current and historical economic transformations,the parallels between the two are strikingly similar: most notably, the widespread technological and organizational change leading to declining costs, increasing average but decreasing marginalproductivity of labor

4、, reduced growth rates in labor income,excess capacity, andultimatelydownsizing and exit.The capital markets played a major role in eliminating excess capacity both in the nineteenth century and in the 1980s. The merger boom of the 1890s brought about a massive consolidation of independent firms and

5、 the closure of marginal facilities. In the 1980s the capital markets helped eliminate excess capacity through leveraged acquisitions, stock buybacks, hostile takeovers, leveraged buyouts (LBOs), and divisional sales. Just as the takeover specialists of the 1980s were disparaged by managers, policy

6、makers, and the press, the so-called Robber Barons were criticized in the nineteenth century. In both cases the criticism was followed by public policy changes that restricted the capital markets in the nineteenth century the passage of antitrust laws restricting combinations, and in the late 1980s

7、the renewed regulation of the credit markets, antitakeover legislation, and court decisions that restricted the market for corporate control. Every piece of business strategy acquires its true significance only against the background of that process and with in the situation created by it. It must b

8、e seen in its role in the perennial gale of creative destruction; it cannot be understood irrespective of it or, in fact, on the hypothesis that there is a perennial lull . . . The usual theorists paper and the usual government commissions report practically never try to see that behavior, on the on

9、e hand, as a result of a piece of past history and, on the other hand, as an attempt to deal with a situation that is sure to change presentlyas an attempt by those firms to keep on their feet, on ground that is slipping away from under them. In other words, the problem that is usually being visuali

10、zed is how capitalism administers existing structures, whereas the relevant problem is how it creates and destroys them.In this chapter, I review the First and Second Industrial Revolutions of the nineteenth century and draw on these experiences to enlighten our understanding of current economic tre

11、nds. Drawing parallels to the 1800s, I discuss in some detail the changes that mandate exit in todays economy. I address those factors that hinder efficient exit, and outline the control forces acting on the corporation to eventually overcome these barriers. Specifically, I describe the role of the

12、market for corporate control in affecting efficient exit, and how the shutdown of the capital markets has, to a great extent, transferred this challenge to corporate internal control mechanisms. I summarize evidence, however, indicating that internal control systems have largely failed in bringing a

13、bout timely exit and downsizing, leaving only the product market or legal/political/regulatory system to resolve excess capacity. Although overcapacity will in the end be eliminated by product market forces, this solution generates large, unnecessary costs. I discuss the forces that render internal

14、control mechanisms ineffective and offer suggestions for their reform. Lastly, I address the challenge this modern industrial revolution poses for finance professionals; that is, the changes that we too must under go to aid in the learning and adjustments that must occur over the next several decade

15、s. In addition, Japanese management techniques such as total quality management, just-in-time production, and flexible manufacturing have significantly increased the efficiency of organizations where they have been successfully implemented throughout the world. Some experts argue that, properly impl

16、emented, these new management techniques can reduce defects and spoilage by an order of magnitude. These changes in managing and organizing principles have contributed significantly to the productivity of the worlds capital stock and economized on the use of labor and raw materials, thus also contributing to the excess capacity problems. Substantial data support the proposition that the internal control systems of publicly held corporations have generally failed to c