现代工业革命出口以及内部控制制度的失败外文翻译.docVIP

外文翻译 THE MODERN INDUSTRIAL REVOLUTION, EXIT, AND THE FAILURE OF INTERNAL CONTROL SYSTEMS Material Source:Harvard Business School mjensen@ Author:Michael C. Jensen Abstract Since 1973 technological, political, regulatory, and economic forces have been changing the worldwide economy in a fashion comparable to the changes experienced during the nineteenth century Industrial Revolution. As in the nineteenth century, we are experiencing declining costs, increaing average (but decreasing marginal) productivity of labor, reduced growth rates of labor income, excess capacity, and the requirement for downsizing and exit. The last two decades indicate corporate internal control systems have failed to deal effectively with these changes, especially slow growth and the requirement for exit. The next several decades pose a major challenge for Western firms and political systems as these forces continue to work their way through the worldwide economy. ? M. C. Jensen, 1993 Originally published in The Journal of Finance, (July, 1993). Revised April 1997 to update and include new data in Tables III-V. Also published in Theory of the Firm, Michael C. Jensen, forthcoming Harvard University Press, 2000 This document is available on the Social Science Research Network (SSRN) Electronic Library at: /sol3/paper.taf?ABSTRACT_ID=93988 VII. Direct Evidence of the Failure of Internal Control Systems The Productivity of RD and Capital Expenditures The control market, corporate restructurings, and financial distress provide substantial evidence on the failings of corporate internal control systems. My purpose in this section is to provide another and more direct estimate of the effectiveness of internal control systems by measuring the productivity of corporate RD and capital expenditures. The results reaffirm that many corporate control systems are not functioning well. While it is impossible to get an unambiguous measure of the productivity of RD and capital exp