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1、外文翻译原文THEREADJUSTMENTOFRETAILANDWHOLESALEOPERATINGEXPENSESMaterialSource:harvardbusinessreviewAuthor:CECILE.FRASERThenecessityforthereadjustmentofoperatingexpensesduringperiodicchangesofthebusinesscycleisindicatedbyastudyofthefiguresonthecostofdoingbusiness,collectedinvariouswholesale
2、andretailtrades.Outofeverydollarreceivedfromthesaleofmerchandisein149departmentstoresscatteredthroughouttheUnitedStates,theamountspentforoperatingexpensesincreasedfrom25.7centsin1920to27.7centsin1921,whilenetprofitsdecreasedfrom1.7centsto1.3centsduringthesameperiod.Similarlyinthecaseo
3、f43representativefirmsengagedinthewholesalegrocerybusiness,outofeverydollarreceivedtheamountspentforoperatingexpensesincreasedfrom9.3centsin1919to12.3centsin1921,whileanetprofitof2.2centsin1919changedtoanetlossof2.3centsin1921.Astudyoftherecordsofwholesaleandretailtradesshowsthatonari
4、singmarkettheproportionofoperatingexpensestonetsalestendstoremainthesame,butthatonafallingmarketthisproportiontendstoincreaserapidly.Onarisingmarketgrossmarginandnetprofitincrease,butonafallingmarketgrossmargindecreasesandthenetprofitfrequentlychangestoaloss.Whenpricesdeclineafteraper
5、iodofprosperity,therefore,amerchantfrequentlyfindsthathisoperatingexpensesareoutoflinewithhisvolumeofsales,andthatinadditionhehaslargestocksonhandonwhichhemusttakeasubstantialloss.Whenthevolumeofsalesincreasesduringaperiodofprosperity,notonlydosellingpricesrise,butalsowages,rents,ando
6、theritemsofexpensetendtodolikewise.Atthistimeamerchantfrequentlyfeelscalledupontoexpandhissalesforce,tobuynewequipment,andperhapstoincreasethesizeofhisstore.Furthermore,heisoftentemptedtoplacelargerordersthannormally,notonlybecauseoftheincreasedvolumeofbusiness,butalsobecauseofthelong
7、erperiodwhichmustelapsebetweentheplacingoftheorderandthereceivingofthemerchandise.Whenadepressionsetsin,salesslump,pricesdrop,andstocksmust4bedepreciated,althoughoperatingexpensestendtocontinueatahigherlevel.Thiswassubstantiallytheexperienceofmanywholesaleandretailmerchantsduringthepa
8、stfou
