[雙語翻譯]財務(wù)績效外文翻譯--羅馬尼亞企業(yè)財務(wù)績效的經(jīng)濟(jì)決定因素

1、3700 英文單詞， 英文單詞，21500 英文字符，中文 英文字符，中文 6400 字文獻(xiàn)出處： 文獻(xiàn)出處：Pantea M , Gligor D , Anis C . Economic Determinants of Romanian Firms’ Financial Performance[J]. Procedia - Social and Behavioral Sciences, 2014, 124:272-281.Econom

2、ic determinants of Romanian firms’ financial performanceMarius Pantea, Delia Gligor, Cecilia AnisAbstractOne of the central questions in entrepreneurship is why some firms succeed and others fail. Determining what factor

3、s influence performance has implications for prospective entrepreneurs, as well as advisors, investors, managers and so forth. Thus, using extensive data over a period of 14 years, this study explores and tests the sign

4、of the relationship between microeconomic factors and financial performance. The dataset includes 55 Romanian industrial companies listed at the Bucharest Stock Exchange and covers the period of 1999-2012. Through a pane

5、l data analysis, results indicate that the sign of the relationship is positive and statistically significant; supporting the importance and independence of the sets of factors in explaining performance.Keywords: firm pe

6、rformance, performance measurement, return on assets, return on equity, microeconomic determinants;1. IntroductionThe topic of performance is a recurrent theme in most branches of management, subjected to numerous debate

7、s in recent years, especially regarding terminology, levels of analysis and assessment. Although the importance of the performance concept is widely recognized, its treatment in research settings is often lacking since n

8、umerous authors present performance measurement and improvement methods without a clear explanation of what is being measured or improved.As such, our research is focused on analyzing the connection between specific econ

9、omic and organizational factors and firm’s performance, taking into account previous national and international studies and their results, using econometric modeling on data acquired from 55 Romanian companies during a p

10、eriod of 14 years (1999 - 2012).The originality of our research relies on the informational content of our results and conclusions, taking into consideration the fact that the proposed topic has been mostly treated from

11、a descriptive point of view in the national literature and that the reliable data that our research provides contributes to improving the firm’s main objective – maximizing shareholders’ wealth.The paper is organized as

12、follows: in the next section we will present the literature review concerning the topic of interest, followed by the conceptual model and hypothesis, methodology and findings while conclusions and future research paths m

13、ark the work’s ending.2. Literature reviewThe literature on performance and its determinants is relatively abundant and concentrated on several aspects: study of the performance concept definition and its measurement, ef

14、ficiency and effectiveness analysis and determinants of firm performance. In this paper we are interested in the last mentioned research direction.The assessment of performance is an integral component of the management

15、process in any type of company. In this context, many approaches have been developed, among which, in recent years, productivity and efficiency analyses as well as different types of profitability ratios have Before1980T

16、he ROI, ROE, ROCE and derivatesSimonsROI - most important measure for investors; it is a ratio of the profit output of the business as a percentage of financial investment inputs; ROE - adopt instead the perspective of m

17、angers, those entrusted by shareholders to generate profit as a ratio of equity; ROCE - a variant which refers to the assets within a manager’s direct span of control.1982The economic value added model(EVA)Stern Stewart&

18、amp; CoEVA is a financial management system that provides a common language for employees across all operating and staff functions and allows all management decisions to be modelled, monitored, communicated and compensat

19、ed in a single and consistent way, always in terms of the value added to shareholder investment.1988The activity based costing (ABC)Cooper and KaplanABC was introduced to address the shortcomings of typical single driver

20、 volume based cost accounting systems. The idea at the base of the model is that all of a company’s activities that exist to support the production and delivery of goods and services should be considered product costs.19

21、90The customer value analysis (CVA)Customer Value, IncCVA aims to be a PMS exclusively market-driven, by fixing all performance measures around market parameters. Decision making is based on these measures. The model wor

22、ks together with tools, such as value-pricing charts, benchmarking analysis, product attributes-score comparison, priorities chart, etc. The extreme focus on market, the main characteristic of the model, is also a limiti

23、ng factor.1992The balanced scorecard (BSC)Kaplan and NortonThe BSC proposes a holistic view of the organization by integrating four perspectives of performance: financial, customer, internal business, and innovation and

24、growth. The financial perspective (shareholder value) is the final aim of the business, even if they recognize the need to balance with the other three dimensions. The authors stress the importance of identifying the dri

25、vers of performance and emphasize company alignment to strategy through the use of performance measures.1994The service-profit chain (SPC)Heskett et al.SPC - has two milestones: frontline workers and customer that are th

26、e centre of management concern. The authors established a path characterized by cause-effect relations among profitability, customer loyalty, employee satisfaction and productivity. The framework does not offer any speci

27、fic suggestions for implementation.1997The integrated performance measurement system (IPMS)Bititci et al.IPMS argue that the performance management process is a closed loop by which the company manages its performance in

28、 line with its corporate and functional strategies and objectives. The framework they developed is composed by five interacting systems, and it is characterized by two important elements: “integrity” and “deployment”. Th

29、e first refers to the ability of the PMS to promote integration among various areas of the business, while the second-one refers to the deployment of business objectives and policies throughout the hierarchical structure

30、 of the organization. The model recognizes the importance of the external environment, and it links the different corporate levels using five characteristics perspectives: stakeholders, control measures, environmental po

31、sitioning, improvement objectives and internal performance measures.1999The business excellence model(BEM)European Foundation for Quality ManagementBEM is not designed as a performance measurement framework, but it gives

32、 several insights that affect performance measurement. The model is based on nine criteria: leadership, policy and strategy, people, partnerships and resources, processes, customer results, people results, society result

33、s and key performance results. The model is a broad management model that explicitly highlights the enablers of performance improvement and indicates result areas that need to be measured. The model proposes an assessmen