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1、本科毕业设计（论文）外文翻译题目企业不同生命周期阶段财务策略研究——以雅戈尔公司为例专业财务管理一、外文原文原文：TheBusinessCycleandtheLifeCycleIntheremainderofthepaperwefocusonthenatureoffluctuationsbyage.Theobviouswaytoincorporatethistypeofheterogeneityintothemodelistomovefromtheinfinitelylivedagentframework
2、totheoverlappinggenerations’framework.Thegoalwillbetoretainthebasicstructureoftheinfinitelylivedhouseholdmodelasmuchaspossible,whileintroducinglife-cycleconsiderations.Tomaintainsimplicity,someoftheseconsiderationswillbecapturedinsomewhatofareducedfromman
3、ner-forexample,ratherthanexplicitlymodelingfertility,wewillsimplyassumepreferenceparameterschangesystematicallyalongthelife-cycle.1．ModelIneachperiodarepresentativeT-periodlivedhouseholdisborn.Weabstractfrompopulationgrowthandassumethatlengthoflifeisdeter
4、ministic,althoughonecouldextendthingsonthesedimensionsatsomecostintermofsimplicity.InourquantitativeanalysisweinterpretaperiodtobeayearandsetT=55,andthinkofahouseholdbeginningeconomicdecisionmakingatage20andcontinuinguntil75.Weimposeexogenousthatagentsret
5、ireatage.Agentshavepreferencesoverlifetimeprofilesofconsumptionandwork.Foragenericvariableswewillusetodenotethevalueofsforanagentofageainperiodt,andweuselower(upper)casetatterstorepresentchoicesattheindividual(aggregate)level.Hence,foranagentborninperiodt
6、preferencesaregivenbywhereismarketconsumption,ishouseholdconsumption,ismarketwork,andishomeworkatagea,whilearelife-cyclepreferenceshifters.Wemakethesameassumptionregardingfunctionalformsasearlier.Inparticular,theperiodutilityfunctionisoftheformEachhouseho
7、ldisendowedwithoneunitoftimeineachperiodoflife,whichcanagainbeallocatedamongthreeuses:workinginthemarket,workingathome,andleisure.Asinthepreviousmodel,agentsderivenoutilityfromgovernmentconsumption.Animportantempiricalregularityisthatwagesexhibitsignifica
8、ntchangesoverthelife-cycle.Weincorporatethisfeaturebyassumingthattheefficiencyunitscorrespondingtoagivenamountoftimespentinmarketworkatageayieldefficiencyunitsofmarketlaborinput.Analogously,wecouldassumethateachunit
