英格兰足球俱乐部的公司治理【外文翻译】

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1、本科毕业论文（设计）外文翻译TheCorporateGovernanceofProfessionalFootballClubsinEnglandWeanalyzethecorporategovernanceofprofessionalfootballclubsoperatinginEngland’sPremierandFootballLeagues.Goodcorporategovernanceisessentialifclubsaretobemanagedeffectivelyandtosurviveinthed

2、ifficulteconomiccircumstancessurroundingthefootballindustry.Thepastcoupleofyearshavebeenespeciallytesting,asFootballLeagueclubshavehadtodealwiththeaftermathofthecollapseoftheITVdigitalcontract.Ouranalysisrevealsthatwhiletherearesomenoticeableimprovementsingove

3、rnancestandards,manyclubswouldbenefitfromfollowingbestpracticeguidelinesoninformationdisclosure,theappointmentofdirectors,boardcomposition,inductionandtrainingofdirectors,riskmanagementandconsultationwithstakeholders.Despiteimprovementinsomeareasoverthepastthr

4、eeyears,standardsofcorporategovernanceinfootballclubsaresignificantlybelowthoseoflistedcompaniesasawholeandthereisthusconsiderableneedforimprovement.ThepeculiareconomicsoffootballThepeculiareconomicsofprofessionalsportsleagueshasbeenlongbeenrecognized(seeNeale

5、,1964).Traditionally,theessenceoftheproblemwasseentolieinthefactthatsportsleaguesandtheindividualclubsthatmakeuptheleagueprovideajointproductthatdependsoneffectivecooperationbetweencompetingclubs.Clubsagreetojoinandtoberegulatedbyaleaguebecauseco-operationinth

6、esupplyofajointproductincreasestheeconomicvalueoftheproductsuppliedbyeachindividualclub.Theoutputoftheleagueanditsconstituentmembersismaximizedwhenthereissomedegreeofcompetitivebalanceintheleaguesothattheoutcomeofmatchesisuncertain.Asecondmajorpeculiarityrelat

7、estotheneedtobalancefinancialsustainabilityontheonehandwithplayingsuccessontheother.Thislatterimperativeintroducesanincentiveto“invest”(orgamble)onsuccess,throughbuyingplayersandpayinghighplayerwagestoattractandretainthebestplayers.Thismayprovidepartofthereaso

8、n;atleast,formostprofessionalfootballclubsinEnglandbeingunprofitable,sincetherewillbeanincentivetoinvestanyputativeprofitsevenbeforetheseappearinthebalancesheet.Attheextremeitcanle