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1、本科毕业论文（设计）外文翻译原文：TheModernIndustrialRevolution,Exit,andtheFailureofInternalControlSystemsFundamentaltechnological,political,regulatory,andeconomicforcesareradicallychangingtheworldwidecompetitiveenvironment.WehavenotseensuchametamorphosisoftheeconomiclandscapesincetheIndustri
2、alRevolutionofthenineteenthcentury.Thescopeandpaceofthechangesoverthepasttwodecadesqualifythisperiodasamodernindustrialrevolution,andIpredictitwilltakedecadesfortheseforcestobefullyworkedoutintheworldwideeconomy.Althoughmorethanacenturyseparatesthecurrentandhistoricaleconomic
3、transformations,theparallelsbetweenthetwoarestrikinglysimilar:mostnotably,thewidespreadtechnologicalandorganizationalchangeleadingtodecliningcosts,increasingaveragebutdecreasingmarginalproductivityoflabor,reducedgrowthratesinlaborincome,excesscapacity,and—ultimately—downsizin
4、gandexit.Thecapitalmarketsplayedamajorroleineliminatingexcesscapacitybothinthenineteenthcenturyandinthe1980s.Themergerboomofthe1890sbroughtaboutamassiveconsolidationofindependentfirmsandtheclosureofmarginalfacilities.Inthe1980sthecapitalmarketshelpedeliminateexcesscapacitythr
5、oughleveragedacquisitions,stockbuybacks,hostiletakeovers,leveragedbuyouts(LBOs),anddivisionalsales.Justasthetakeoverspecialistsofthe1980sweredisparagedbymanagers,policymakers,andthepress,theso-calledRobberBaronswerecriticizedinthenineteenthcentury.Inbothcasesthecriticismwasfo
6、llowedbypublicpolicychangesthatrestrictedthecapitalmarketsinthenineteenthcenturythepassageofantitrustlawsrestrictingcombinations,andinthelate1980stherenewedregulationofthecreditmarkets,antitakeoverlegislation,andcourtdecisionsthatrestrictedthemarketforcorporatecontrol.Everypi
7、eceofbusinessstrategyacquiresitstruesignificanceonlyagainstthebackgroundofthatprocessandwithinthesituationcreatedbyit.Itmustbeseeninitsroleintheperennialgaleofcreativedestruction;itcannotbeunderstoodirrespectiveofitor,infact,onthehypothesisthatthereisaperenniallull...Theusual
8、theorist’spaperandtheusualgovernmentcommission’sreportpracticallynev
