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1、外文翻译THEMODERNINDUSTRIALREVOLUTION,EXIT,ANDTHEFAILUREOFINTERNALCONTROLSYSTEMSMaterialSource:HarvardBusinessSchoolmjensen@hbs.eduAuthor:MichaelC.JensenAbstractSince1973technological,political,regulatory,andeconomicforceshavebeenchangingtheworldwideeconomyinafashioncomparableto
2、thechangesexperiencedduringthenineteenthcenturyIndustrialRevolution.Asinthenineteenthcentury,weareexperiencingdecliningcosts,increaingaverage(butdecreasingmarginal)productivityoflabor,reducedgrowthratesoflaborincome,excesscapacity,andtherequirementfordownsizingandexit.Thelas
3、ttwodecadesindicatecorporateinternalcontrolsystemshavefailedtodealeffectivelywiththesechanges,especiallyslowgrowthandtherequirementforexit.ThenextseveraldecadesposeamajorchallengeforWesternfirmsandpoliticalsystemsastheseforcescontinuetoworktheirwaythroughtheworldwideeconomy.
4、©M.C.Jensen,1993OriginallypublishedinTheJournalofFinance,(July,1993).RevisedApril1997toupdateandincludenewdatainTablesIII-V.AlsopublishedinTheoryoftheFirm,MichaelC.Jensen,forthcomingHarvardUniversityPress,2000ThisdocumentisavailableontheSocialScienceResearchNetwork(SSRN)Elec
5、tronicLibraryat:http://papers.ssrn.com/sol3/paper.taf?ABSTRACT_ID=93988VII.DirectEvidenceoftheFailureofInternalControlSystemsTheProductivityofR&DandCapitalExpendituresThecontrolmarket,corporaterestructurings,andfinancialdistressprovidesubstantialevidenceonthefailingsofcorpor
6、ateinternalcontrolsystems.MypurposeinthissectionistoprovideanotherandmoredirectestimateoftheeffectivenessofinternalcontrolsystemsbymeasuringtheproductivityofcorporateR&Dandcapitalexpenditures.Theresultsreaffirmthatmanycorporatecontrolsystemsarenotfunctioningwell.Whileitisimp
7、ossibletogetanunambiguousmeasureoftheproductivityofR&Dandcapitalexpenditures,byusingaperiodaslongasadecadewecangetsomeapproximations.Wecannotsimplymeasuretheperformanceofacorporationbythechangeinitsmarketvalueovertime(morepreciselythereturnstoitsshareholders)becausethismeasu
8、redoesnottakeaccountoftheefficiencywithwhichthemanagementteammanagesinterna
