Ebanking,a new kind of financial service,emerges along with the development of Internet. Compared with the ordinary banks,the operation of ebanking is simpler and faster. Based on the case study of China Merchants Bank,this thesis analyzes the problems of ebanking and provides respective suggestions. In general,the thesis can be devided into the following four parts: firstly,the brief introduction of the history of CMB; secondly,the analysis of the status quo of the CMB's ebanking; thirdly, the analysis of the existing problems of the CMB's ebanking service; lastly, the suggestions for the future development of the CMB's ebanking. 写到论文里的时候 这几个部分不要分列 直接写成一段就好 现在这样便于你对比我毕业了 当初被论文折磨的不行还好有个好结果 我们导师好严格~ 加油！呵呵
[ Abstract ] in recent years, with the development of science and technology and the rapid development of economy, the world industrialized process accelerate ceaselessly, people living environment bring great pollution and destruction. People began to realize the importance of environmental protection. But in our country, with the continuous improvement of people's living standard, more and more people begin to pay attention to environmental protection, pay attention to the environment, the harmony of economy and society, the strategy of sustainable development has been widely recognized by the whole society. Therefore, to environmental protection as the characteristics of the concept of green consumption is affecting contemporary people's consumption behavior, green marketing is a new marketing concept is also gradually accepted by the majority of food production enterprises. Green marketing, pay attention to the natural ecological balance, reduce environmental pollution has become the inevitable choice of modern enterprises, the enterprises to participate in market competition, also be the premise condition. In this paper, Mengniu Group as an example, for our enterprises to implement green marketing present situation carries on the thorough discussion, and to propose the countermeasure and the suggestion, for our enterprises to implement green marketing, sustainable development. Has the extremely important strategic sense.
1、论文题目：要求准确、简练、醒目、新颖。2、目录：目录是论文中主要段落的简表。（短篇论文不必列目录）3、提要：是文章主要内容的摘录，要求短、精、完整。字数少可几十字，多不超过三百字为宜。4、关键词或主题词：关键词是从论文的题名、提要和正文中选取出来的，是对表述论文的中心内容有实质意义的词汇。关键词是用作机系统标引论文内容特征的词语，便于信息系统汇集，以供读者检索。 每篇论文一般选取3-8个词汇作为关键词，另起一行，排在“提要”的左下方。主题词是经过规范化的词，在确定主题词时，要对论文进行主题，依照标引和组配规则转换成主题词表中的规范词语。5、论文正文：（1）引言：引言又称前言、序言和导言，用在论文的开头。 引言一般要概括地写出作者意图，说明选题的目的和意义, 并指出论文写作的范围。引言要短小精悍、紧扣主题。〈2）论文正文：正文是论文的主体，正文应包括论点、论据、 论证过程和结论。主体部分包括以下内容：a.提出-论点；b.分析问题-论据和论证；c.解决问题-论证与步骤；d.结论。6、一篇论文的参考文献是将论文在和写作中可参考或引证的主要文献资料，列于论文的末尾。参考文献应另起一页，标注方式按《GB7714-87文后参考文献著录规则》进行。中文：标题--作者--出版物信息（版地、版者、版期）：作者--标题--出版物信息所列参考文献的要求是：（1）所列参考文献应是正式出版物，以便读者考证。（2）所列举的参考文献要标明序号、著作或文章的标题、作者、出版物信息。
完全人工翻译 Accompanying with the development of the Internet, there derived a new emerged financial services business of Internet banking which is more simple and speedy than the ordinary banks. In this paper, I will proceed with the present status of China Merchants Bank and have some analysis against the problems correlative with their online bank and give forth some suggestions. this thesis is divided into the following sections: I: A summary on the development history of the Internet bank of China Merchants Bank. II: An analysis for the development status quo of the Internet bank of China Merchants Bank. III: An analysis for some problems of the Internet bank of China Merchants Bank. IV: Some suggestions for the future development of the Internet bank of China Merchants Bank. 简释：第一、第二、第三、第四 按照西方人习惯用罗马数字。 网银用Internet bank当然用online bank或net bank 都无不可。第一个internet banking 是指整个网银行业。
论文摘要英语翻译软件的话估计百度、有道、cnki翻译助手。
但是对于英文不熟悉、专业词汇不熟悉估计也难翻译。
用GOOGLE翻译，，然后自己在修改
答辩后大概率是要修改，因为答辩专家会提一些建议或者问题，会后你要根据这些建议或问题进一步完善论文，这也是答辩的目的之一。北京译顶科技做的不错，可以联系他们一下 统一查下。
有道、google均可，但是翻译完之后自己最好读一遍，有些是直译，所以语句不太通顺
Public figures reported "degree" of the grasp Abstract: In defining the content of public figures to determine the content of the principle of public figures, based on its analysis of news reports should grasp the basic standards. The author of a literature search and networks, elaborated on the concept of public figures, public figures and characteristics of the principle of meaning and value. On the basis of this analysis have public figures reported in "degree" of the reasons, then to avoid the countermeasures and suggestions. Key words: public figures principle role of dislocation Privacy
英文摘要的内容要求与中文摘要一样，包括目的、方法、结果和结论四部分。但是，英文有其自身特点，最主要的是中译英时往往造成所占篇幅较长，同样内容的一段文字，若用英文来描述，其占用的版面可能比中文多一倍。因此，撰写英文摘要更应注意简洁明了，力争用最短的篇幅提供最主要的信息。第一，对所掌握的资料进行精心筛选，不属于上述"四部分"的内容不必写入摘要。第二，对属于"四部分"的内容，也应适当取舍，做到简明扼要，不能包罗万象。比如"目的"，在多数标题中就已初步阐明，若无更深一层的目的，摘要完全不必重复叙述；再如"方法"，有些在国外可能早已成为常规的方法，在撰写英文摘要时就可仅写出方法名称，而不必一一描述其操作步骤。中英文摘要的一致性主要是指内容方面的一致性，目前对这个问题的认识存在两个误区，一是认为两个摘要的内容"差不多就行"，因此在英文摘要中随意删去中文摘要的重点内容，或随意增补中文摘要所未提及的内容，这样很容易造成文摘重心转移，甚至偏离主题；二是认为英文摘要是中文摘要的硬性对译，对中文摘要中的每一个字都不敢遗漏，这往往使英文摘要用词累赘、重复，显得拖沓、冗长。英文摘要应严格、全面的表达中文摘要的内容，不能随意增删，但这并不意味着一个字也不能改动，具体撰写方式应遵循英文语法修辞规则，符合英文专业术语规范，并照顾到英文的表达习惯。选择适当的时态和语态，是使摘要符合英文语法修辞规则的前提。通常情况下，摘要中谓语动词的时态和语态都不是通篇一律的，而应根据具体内容而有所变化，否则容易造成理解上的混乱。但这种变化又并非无章可循，其中存在着如下一些规律：1、时态：大体可概括为以下几点。1）叙述研究过程，多采用一般过去时。2）在采用一般过去时叙述研究过程当中提及在此过程之前发生的事，宜采用过去完成时。3）说明某课题现已取得的成果，宜采用现在完成时。4）摘要开头表示本文所"报告"或"描述"的内容，以及摘要结尾表示作者所"认为"的观点和"建议"的做法时，可采用一般现在时。2、语态：在多数情况下可采用被动语态。但在某些情况下，特别是表达作者或有关专家的观点时，又常用主动语态，其优点是鲜明有力。掌握一定的遣词造句技巧的目的是便于简单、准确的表达作者的观点，减少读者的误解。1、用词力求简单，在表达同样意思时，尽量用短词代替长词，以常用词代替生僻词。但是当描述方法、步骤时，应该用狭义词代替广义词。例如，英文中有不少动词，do,run,get,take等，虽简单常用，但其意义少则十几个，多则几十个，用这类词来描述研究过程，读者难免产生误解，甚至会不知所云，这就要求根据具体情况，选择意义相对明确的词，诸如perform,achieve等，以便于读者理解。2、造句1）熟悉英文摘要的常用句型：尽管英文的句型种类繁多，丰富多彩，但摘要的常用句型却很有限，而且形成了一定的规律，大体可归纳为（1）表示研究目的，常用在摘要之首In order to……This paper describes……The purpose of this study is……（2）表示研究的对象与方法The [curative effect/sensitivity/function] of certain [drug/kit/organ….] was [observed/detected/studied…]（3）表示研究的结果：[The result showed/It proved/The authors found] that…… （4）表示结论、观点或建议：The authors [suggest/conclude/consider] that…2）尽量采用-ing 分词和-ed 分词作定语，少用关系代词 which , who 等引导的定语从句。由于摘要的时态多采用一般过去时，使用关系代词引导的定语从句不但会使句式变的复杂，而且容易造成时态混乱（因为定语和它所修饰的主语、宾语之间有时存在一定的"时间差"，而过去完成时、过去将来时等往往难以准确判定）。采用-ing 分词和-ed 分词作定语，在简化语句的同时，还可以减少时态判定的失误。以上所述只是撰写英文摘要时应注意的问题中的一小部分，尚有许多问题，需要进一步探讨。总之，英文摘要作为医学论文的重要组成部分，其修改和完善是永无止境的。
The public figures report “degree” assurance abstract: This article in the limits public figure connotation, in the definite public figure principle content's foundation, analyzes it the primary standard which should grasp in the reportage. The author uses the literature law and the network retrieval, elaborated public figure's concept, the characteristic and the public figure principle connotation and the value in detail. Based on the analysis produces the public figures to report “” the reason, then proposes the circumvention countermeasure and the suggestion. key word: Public figure principle role dislocation privacy
英语论文摘要怎么写?英语论文摘要格式模板(附范例) 英语论文摘要 英语专业毕业论文摘要怎么写 英文论文摘要怎么写 怎么写好英语论文摘要 …… 这些都是百度知道中网友们提出来的热点话题，在此我为大家总结了英语论文摘要的写法，英语论文摘要的格式参考，并附上范例一则，希望对大家的英语论文摘要写作有所帮助。 英语专业本科毕业论文论文摘要格式 中英文摘要对应，内容要基本保持一致;中文在前，英文在后。字数为300-500字左右。 1.中文摘要 ①首行居中打印论文中文标题(宋体四号加粗) ②下空一行居中打印“摘要”二字(宋体小四号加粗)，字间空一字符。 ③“摘要”二字下空一行打印摘要内容(宋体小四号)。 ④摘要内容后下空一行打印“关键词”三字(宋体小四号加粗)，其后接着打印关键词(3-7个，宋体小四号)，各关键词之间用逗号隔开，最后一个关键词后不打标点符号。 2.英文摘要 ①首行居中打印论文英文标题(Times New Roman四号加粗) ②下空一行居中打印英文单词“Abstract”(Times New Roman小四号加粗)。 ③下空一行打印摘要内容(Times New Roman小四，倍行距，两端对齐) ④摘要内容后下空一行打印“Key Words”( Times New Roman 小四号加 粗)，其后接着打印关键词(3-7个关键词，Times New Roman小四号)。除了专有名词外，其他单词的首字母不大写。各关键词之间用分号隔开，最后一个关键词后不打标点符号。 ⑤摘要正文各自然段首行空5个字符。 Self-Knowledge of Emma (空1行) Abstract (空1行) Emma lives in a quite simple environment. When she is a little child, her mother dies and she is spoiled by her father. Having such a background, Emma is dominant, aggressive and imaginative. After she experiences the two major affairs in her life----the relationship with Harriet and her emotion towards Mr. Knightley, she realizes her own faults and acquires self-knowledge of both moral faults and emotion. After Emma fails to be a match-maker of Harriet and Mr. Knightley, she comes to know that feelings can not be imagined and that she should not force her own idea on others’ mind. And this is the very beginning of Emma’s self-knowledge. (空1行) Key Words: Emma; characters; match-making; self-knowledge 范例： A Brief Discussion on Cultural Difference between Chinese and English Abstract Word is the product of society,which is the history of mankind and which is the crystallization of history and embodied a nation's social consciousness from generation to generation, history, culture, and other areas all the features of human society. The essence of which is dependent because of their different cultural background, language background and traditional factors above. chinese and english are quite as mode of living,values,atandard of behavior,formality,customs. Language is is both the carrier and the product of culture, the cultural enrichment of information is an important part of culture, Language reflects the culture of development and changes, but also a direct reflection of the cultural we all know china and english has different cultural atmosphere .china has a long history and rich culture. English in the contemporary world political, economic, cultural and other fields to play with temporary no other language can replace the role of English in a number of countries in addition to the mother tongue but also as a second language or foreign language in common use in many countries. As a symbol system, "English" is a kind of language, on their use, in today's world there are all sorts of "English" and "English" is in fact the name of a simple terms, we can not hope that justice Literal It is a single, homogeneous phenomenon it is all around the world and under different circumstances the use of the many variants of the English pool. However, due to geographical, historical, cultural, and social customs of different factors such as the impact of today's visit to English furniture has evolved into a wider impact on the two variants of the worldwide English, which is British English and American English. With the development of their own language, their own characteristics of the formation, and there are differences between. In American English and British English, is concerned about the characteristics of the "norms" word. In this paper, the British and American English in origin and development of a simple introduction, the United Kingdom and the United States in terms of language study and to explore differences in the two English-speaking characteristics and differences, the right to express and enrich the relevant knowledge of English, improve application English ability. Key word: dependent; culture; atmosphere 中西方文化差异 摘要 词是社会的的结晶，是人类历史和文化的结晶。它凝聚着一个民族世代相传的社会意识，历史文化，风俗习惯等各方面人类社会所有的特征。不同的文化背影和文化传统，使中西方在思维方式，价值观念，行为准则和生活方式等方面也存在有相当的文化差异。语文是文化的载体，词汇是文化信息的浓缩，是语言的重要组成部分，它反映着文化的发展和变化，同时也直接反映着文化的差异。我们都知道中西方有着不同的文化氛围。中国有着悠久的历史和丰富的文化遗产。英语在当今世界政治、经济、文化等领域发挥着暂时无其他语言可以替代的作用，英语除了是一些国家的母语之外，还作为第二语言或通用外语在许多国家使用。作为一种符号系统，“英语”是一种语言，就其使用情况而言，当今世界存在着各种各样的“英语”，“英语”这个名称事实上只是一个简单的称呼，我们不能望文生义地认为它是一种单一的，同质的现象;它是在世界各地和各种不同情况下使用的许多英语变体的集合。但是由于地理、历史、文化、社会习俗等不同因素的影响，当今的英语之行演化成为家具有广泛影响的两种世界性的英语变体，那就是英国英语和美国英语。随着语言本身的发展，它们之形成各自的特点，并且相互间存在差异。在美国英语和英国英语方面，关注的特点在于“规范”两字。本文对英、美英语的起源和发展简单介绍后，就英、美语在词汇方面的差异研究并探讨这两种英语的特点及其差异，有利于正确地表达、丰富相关的英语知识，提高运用英语的能力。 关键词：:独立;文化;氛围
China;s pre-market summary of the cold thought: In recent years, as China's rapid economic growth and gradually increase the comprehensive national strength, China;s thriving pre-school education. However, in the development process there have been many problems, including pre-school education is one of the market. With the pre-market, China's pre-school education has emerged an unreasonable and unfair equality of education, these problems are urgent if the time can not be effectively addressed, will be restricted to the healthy development of China;s pre-school education. This paper analyzes the current market situation and our pre-existing problems, based on thinking and made a number of countermeasures.我正准备论文那 一起加油吧
: line miles, read books, through different countries to study, learning world culture, can expand friends, education big world view can be in rich and colorful exotic life help you open the life of another a window in the short-term travel in the life, to create a real foreign language learning environment, living with local people, together eat to live, to improve the ability of foreign language documentary information expression is the only way to really understand the real world culture in the significance of the study is not only expand the circle of friends and to improve oral English, is more of a career open, experience the multicultural, training independent personality quality, sets up the broad ideal because there are a lot of advantage, parents began the summer camp as a student summer life of extracurricular education way to summer camp strong market demand你要是真的写不好，还真的需要从网上翻译，但不一定对，推荐用有道和谷歌
1、论文题目：要求准确、简练、醒目、新颖。2、目录：目录是论文中主要段落的简表。（短篇论文不必列目录）3、提要：是文章主要内容的摘录，要求短、精、完整。字数少可几十字，多不超过三百字为宜。4、关键词或主题词：关键词是从论文的题名、提要和正文中选取出来的，是对表述论文的中心内容有实质意义的词汇。关键词是用作机系统标引论文内容特征的词语，便于信息系统汇集，以供读者检索。 每篇论文一般选取3-8个词汇作为关键词，另起一行，排在“提要”的左下方。主题词是经过规范化的词，在确定主题词时，要对论文进行主题，依照标引和组配规则转换成主题词表中的规范词语。5、论文正文：（1）引言：引言又称前言、序言和导言，用在论文的开头。 引言一般要概括地写出作者意图，说明选题的目的和意义, 并指出论文写作的范围。引言要短小精悍、紧扣主题。〈2）论文正文：正文是论文的主体，正文应包括论点、论据、 论证过程和结论。主体部分包括以下内容：a.提出-论点；b.分析问题-论据和论证；c.解决问题-论证与步骤；d.结论。6、一篇论文的参考文献是将论文在和写作中可参考或引证的主要文献资料，列于论文的末尾。参考文献应另起一页，标注方式按《GB7714-87文后参考文献著录规则》进行。中文：标题--作者--出版物信息（版地、版者、版期）：作者--标题--出版物信息所列参考文献的要求是：（1）所列参考文献应是正式出版物，以便读者考证。（2）所列举的参考文献要标明序号、著作或文章的标题、作者、出版物信息。
: "line miles, read book", through different countries to study, learning world culture, can expand friends, education big world view. In the rich and colorful foreign life can help you open in the life of another a window. In the short term study life, creates a real foreign language learning environment, living with local people, together eat to live, promote foreign language information ability. Is the only way to really understand the culture in the real world. The significance of the study is not only expand the circle of friends and to improve oral English, is more of a career open, experience the multicultural, training independent personality quality, sets up the broad ideal. It is also because there are a lot of advantage, parents began the summer camp as a student summer life of extracurricular education mode. Summer camp strong market demand makes camp industry springing up quickly, but with it come the summer camp market turmoil and the service quality is uneven. As a parent, at summer camp for the children choose the emphasis of the should beWhat is the significance to study? The industry will follow a what kind of development trend, the future of the summer camp way how to go? This report describes the detailed operation environment of Chinese summer camp industry and practical significance, key research and forecast the industry needs change of summer camp long-term and short-term trend. In view of the current development of the industry of the opportunities and threats, and proposes the choice for parents at summer camp Suggestions.
Abstract: Experts have pointed out that the psychological problems of college students causes of society and individuals, mainly from two aspects, social aspects, to accelerate socio-economic development, to an increasingly competitive, resulting in students a sense of crisis increased, so that suppression of university students, psychological tension caused by imbalance, resulting in psychological barrier, while the heavy school learning tasks, the fierce competition among students, a strong sense of social responsibility and pressure caused by tension, weight scores while ignoring the overall quality of training exam-oriented education and monotonous life after school all have a great impact on the psychological and personal reasons First of all, emotional instability that some students lack when they should think rationally in order to point of frustration on behalf of face, to represent the whole picture, so that casts a dark hue of life, and even the loss of confidence in life; followed by the personality defects, and most of the students themselves isolated, alone, the ultimate and collective isolation, in pain. Selfish, paranoid, eccentric, laziness is often the natural enemies of these people. [1] Therefore, the use of crisis intervention theory in this article, from college students to commit suicide to start an analysis of the status of university students committed suicide and analysis of relevant factors, and the University of suicide prevention for the effective conduct of the intervention measures and intervention strategies in : college suicide-related interventions in a phased intervention factors
其实该招是第一招的变种，只不过该招仅适用于小片段的降重，并非全文。就像第一招所言，目前国内查重系统的范围仅限于中文论文，所以我们可以将需要降重的片段先翻译成英语，然后再翻译成中文。我学姐推荐的北京译顶科技那边做的不错，你可以考虑一下。你可以加速去知道了解下
毕业论文外文翻译：将外文参考文献翻译成中文版本。
翻译要求：
1、选定外文文献后先给指导老师看，得到老师的确认通过后方可翻译。
2、选择外文翻译时一定选择外国作者写的文章，可从学校中知网或者外文数据库下载。
3、外文翻译字数要求3000字以上，从外文文章起始处开始翻译，不允许从文章中间部分开始翻译，翻译必须结束于文章的一个大段落。
参考文献是在学术研究过程中，对某一著作或论文的整体的参考或借鉴。征引过的文献在注释中已注明,不再出现于文后参考文献中。外文参考文献就是指论文是引用的文献原文是国外的，并非中国的。
原文就是指原作品,原件，即作者所写作品所用的语言。如莎士比亚的《罗密欧与朱丽叶》原文是英语。
译文就是翻译过来的文字，如在中国也可以找到莎士比亚《罗密欧与朱丽叶》的中文版本，这个中文版本就称为译文。
主要标准
翻译是语际交流过程中沟通不同语言的桥梁。一般来说，翻译的标准主要有两条：忠实和通顺。
忠实
是指忠实于原文所要传递的信息，也就是说，把原文的信息完整并且准确地表达出来，使译文读者得到的信息与原文读者得到的信息大致相同。
通顺
是指译文规范、明白易懂，没有文理不通、结构混乱、逻辑不清的现象。
实践产生理论，欧美许多国家的翻译理论是五花八门的。从大的方面来看，可以分为两大派：一派是翻译可能论，一派是翻译不可能论。其实，完完全全百分之百的可能是没有的，完完全全百分之百的不可能也是没有的。
世界上一切翻译活动都是在这两个极端之间进行的。欧洲许多著名的人物，比如马丁·路德、M.阿诺德、.纽曼、.波斯特加特、H.白洛克、.诺克斯、V.那巴可夫等等，都对翻译提出了自己的理论。据《开塞尔世界文学百科全书》的意见，这些理论中有些是刚愎自用的。
It's show time||它是表演时间. After months of preparation, your company's initial public offering (IPO) will start trading this morning||在数个月的准备之后, 你的提供 (IPO) 的公司开始民众将会开始今天早晨进行贸易. You spent yesterday afternoon anxiously tracking the market||你昨天午后忧虑地花费了追踪市场. The investment bankers canvassed their institutional brokers to assess interest in your stock||投资银行业者彻底检查他们的制度经纪人估定对你的存货的兴趣. The company finance and accounting staff have spent countless hours preparing for the day||公司财务和会计职员已经度过准备那天的数不尽的小时. The final decision: The company will sell 2 million shares at $20 each, for a total offering of $40 million||最后的决定: 公司将会卖二百万部份在 $20 每个, 对于四千万元的完全提供.The investment bankers say demand for your IPO looks strong, and they expect your stock to open with a "pop||投资银行业者说对你的 IPO 的要求看起来强壮, 和他们期待你的存货打开一 "取出." That prediction proves true—the shares open at $23 and the price moves steadily higher throughout the trading day, finally closing at||那一个预测证明真实的-部份公开在 $23 和价格整个～期间贸易日子稳定地更高地移动, 最后关闭在 $25. Although the stock's strong first-day performance is gratifying, you can't shake the feeling that you might have mispriced the IPO||虽然存货的强烈第一-日子的表现是悦人的，但是你不能摇动那个感觉你可能标错价格 IPO. The calculations run through your mind: Each $1 increase in the offering price would have generated $2 million more for the company||跑过你的思想的计算: 每个 $1 的增加提供价格会产生 $另外二百万个为公司. The thought nags you—did you sell too cheaply||想法不断地唠叨恼人你-你太廉宜卖吗?When an IPO quickly moves to a significantly higher price during its first day on the market, it's natural to wonder if the investment bankers—and the issuing company's officers—didn't misprice the deal||当 IPO 很快地在它的第一天期间在市场上移动到重要比较高的价格的时候，天然的是想知道是否投资银行业者-和发行公司的官员-没有标错价格交易. Although the market for IPOs has cooled recently, some offerings still post impressive first-day gains||虽然给 IPOs 的市场最近已经冷却, 一些提供仍然邮寄令人印象深刻的第一-日子得到. In mid-June, for example, 6 million shares of came to market at $15 and closed at $, after trading as high as||在六月中, 举例来说, 的六百万部份被提出在市场上销售在 $15 而且关闭在 $, 在进行贸易之后当做高度地当做 $. Not too long ago, Internet and technology IPOs routinely doubled in value on their first day||不是太长以前, 在他们的第一天在价值通常两倍的英特网和技术 IPOs. That kind of volatility makes it inevitable to second-guess||那种挥发性使它不可避免到第二-猜测.The offering exemplifies the incredible demand that has existed for these issues|| 提供例证已经为这些议题存在的难以置信的要求. The company, an online financial news service, went public January 15, 1999, with an offering price of||公司 , 一个在线财务的通讯社,一月 15 日公开发售股票了,1999, 藉由提供价格 $17. It closed the day at $, an increase of||它关闭了那天在 $, 增加 474%. In another instance, went up 606%, from $9 to $ on its first day, in November||在另外的一个例证中， 上涨 606%了,从 $9 到 $ 在它的第一天, 在十一月 enormous price surges raise questions about whether traditional valuation methods remain valid||这些巨大的价格巨涌到处提出疑问是否传统的评价方法保持有效. Not surprisingly, however, investment bankers and CFOs who have taken their companies public recently dispute the notion that IPO pricing rules have changed||不是令人惊讶地,然而，投资银行业者和最近已经带他们的公司民众的 CFOs 争论观念 IPO 订价的规则已经改变. WHAT'S IN A NUMBER||什么在一个数字中?Investment bankers say the valuation process is as much an art as a science||投资银行业者说评价程序是像一个科学一样的很多一种艺术. The scientific part of the pricing equation is based on numbers: an issuer's historical and projected financial results, as well as valuations for comparable companies||订价相等的科学部份以数字为基础: 发行者的历史而且为可比较的公司计画了财务的结果 , 连同评价. The art is in the investment banker's assessment of market conditions and investors' demand for the new issue||艺术在投资银行业者的市场情况和投资者的评估对新的议题要求."Pricing an IPO is always a function of the valuation," says Charles J||订定 IPO 的价格总是评价的一个功能," 说查尔斯 J. Kaplan, president of Equity Analytics||Kaplan, 公正分析学的总统. "That's what you have to determine first||那是你必须决定第一的."Kaplan, whose company advises privately held firms wishing to go public, points to a range of valuation multiples used to estimate a company's market value||Kaplan, 公司私下劝告拿着了公司想要公开发售股票 , 多种的评价倍数的点过去一直估计一个公司的市场价格. "Let's assume a food distributor or a food processing company wants to go public||让我们承担一个食物经销商或者一家食品加工公司想要公开发售股票. We look at income before interest and dividends and put a multiple on that||我们在兴趣和被除数之前审查收入而且把倍数放在那. If it is a relatively slow-growth industry, the multiple will be lower; if it's a fast-growing company, we'll use a higher multiple||如果它是一相对地慢地-生长业, 倍数将会比较低; 如果它是一家斋戒-成长的公司, 我们将会使用较高的倍数. The multiple probably won't go higher than 10 or lower than 2 or||倍数或许将不去比较高地超过 10 或低的超过 2 或 3." Estimating a company's value begins well in advance of the IPO date||估计一个公司的价值在 IPO 日期之前开始得好. Businesses planning to go public typically interview several investment banking firms before selecting one to underwrite the offering||计划典型地公开发售股票的生意在选择一签名于下提供之前接见一些投资银行业公司. The investment bankers, in turn, investigate the company to determine if they want to handle the deal||如果他们想要处理交易，在旋转的投资银行业者调查公司决定. They perform a detailed review of the company's finances, the quality of its management team and the company's position in its major markets||他们运行公司的财务的详细检讨, 它的经营团队和公司的位置的质量在它的主要市场中. The investment bankers also consider "comparables," which are publicly traded companies in the same industry as the IPO candidate||投资银行业者也考虑在如同 IPO 候选人一般的工业中公然地被交易公司的 "可比较的 ,".Selecting the right comparables is straightforward when working with established companies in clearly defined or mature industries||选择那正确的可比较的是笔直的当在清楚地定义与确定的公司合作的时候或成熟的工业. It is more challenging, though, to find appropriate benchmarks for younger companies, especially those in new and rapidly changing industries||它更挑战性,虽然, 为较年轻的公司找适当的基点, 尤其那些在新的和快速地变更工业. William J||威廉 J. Ruehle, CFO of Broadcom in Irvine, California—a broadband-communications integrated circuits manufacturer that went public in April 1998—stresses the need for flexibility in developing comparisons||Ruehle, 在欧文的 Broadcom 的 CFO, 加州-一个宽频-沟通整合了在 1998 年四月公开发售股票的线路制造业者-在发展中的比较中强调对柔性的需要. "The universe of comparables is constantly changing, so you're always challenged to find the right firms," he points out||宇宙可比较的正在不变地变更, 因此你总是被挑战找正确的公司," 他指出. "We started with comparable communications-semiconductor companies, then we broadened that to companies that have a unique franchise||我们从可比较的沟通-半导体的公司开始了,然后我们对有一个独特的许可的公司变宽了那. The established companies have one type of multiple||确定的公司有倍数的一个类型. As a new company, should we have a better multiple initially or perhaps a lower multiple because our track record is shorter||如一家新的公司，我们应该最初有较好的倍数吗或者也许较低的倍数因为我们的记录比较短?" Despite the tepid IPO market, Ruehle says, "I would say the current pricing practice definitely favors higher multiples for very promising new companies||尽管微温的 IPO 市场， Ruehle 说,"我会说现在的订价练习一定为非常有希望的新公司支持较高的倍数." But how do you value a company—such as an Internet-related business that's pioneering a new activity—when there are no comparables||但是你如何评价一家公司-像是正在提倡一个新的活动的英特网讲的生意-何时没有可比较的? To compound the difficulty, how do you value a young business that shows losses despite rapidly growing revenues||混合困难, 你如何评价尽管快速增加的收入表示损失的年轻的生意? It's a challenge, but one that Wall Street has overcome before||它是挑战 , 但是以前，华尔街有克服."In the past, a company had to show profits and reasonable revenue growth to do an IPO," Kaplan notes||过去，一家公司必须表示利润和合理的收入生长做 IPO," Kaplan 注意. "Then the cable TV companies came along, in the 1970s and 1980s||然后有线电视公司进展了, 在 1970 年代和 1980 年代中. They needed to do IPOs, but they were showing increasing losses because they had had very large capital expenditures to build and maintain their networks||他们需要做 IPOs, 但是因为他们已经有非常大的首都开支建立并且维持他们的网络，他们是成绩逐渐增加的损失. Investment bankers recognized that the companies were showing large increases in revenue and the losses would dissipate over time because the companies had large customer bases that would buy the service month after month||因为公司有了一月一月地会买服务的大的客户基础，所以投资银行业者辨认出公司正在表现了 , 收入的大增加和损失会使过了时间发泄." A NEW MODEL||一个新的模型The solution: Change the valuation model||解决: 改变评价模型. "Instead of valuing the cable companies traditionally, at some multiple of earnings, for example, they valued the firms based on their installed customer base," Kaplan says||而非传统地评价电缆公司，在所得的一些倍数，举例来说，他们评价了以他们的安装客户基础为基础的公司," Kaplan 说. "This led to a valuation multiple based on the cable company's subscribers||这导致了以电缆公司的签署者为基础的评价倍数."Today's Internet companies are forcing a similar revision||今天的英特网公司正在强迫相似的校订. Since many show losses, investment bankers are focusing on revenue growth, industry leadership and projected profit potential to establish benchmarks||自从许多表演损失以后, 投资银行业者是把重心集中在收入生长, 工业领导而且计画了利润潜能建立基点. "Early profitability is not the key to value in a company like this," says Jerry Kennelly, CPA and CFO of Inktomi, San Mateo, California||早的收益性不是在一家像这的公司中评价的关键," 杰瑞狗舍说, CPA 和 Inktomi ，桑河 Mateo 的 CFO 加州. "You must look at the potential of the firm's markets and its revenue growth potential in evaluating stocks like ours||你一定在评估存货同类我们的方面看公司的市场的潜能和它的收入生长潜能. It would be a disservice to our shareholders if we didn't make the right investments at this stage to gain important market share just for the sake of early profitability||如果我们在现阶段没有作正确的投资为了早的收益性仅仅得到重要的市场占有率，它会是对我们的股东的一个伤害."Inktomi, founded in February 1996, builds the software infrastructure for large Internet portal sites||Inktomi,在 1996 年二月发现, 为大的网路入门位置建立软件系统内各部分. The Inktomi IPO's offering price on June 10, 1998, was $18 per share, and the stock doubled to $36 on the first day||Inktomi IPO 的提供 1998 年六月 10 日定价格, 是每部份 $18, 和存货人两倍到 $36 在第一天. Kennelly reports that there was some give-and-take with the investment bankers over the benchmarks and the offering price||狗舍报告和投资银行业者在基点和提供价格之上有一些互让. "You make projections and the investment bankers discount what you say by some factor that they believe is appropriate||你作发射和投资银行业者打折你所藉着一些因素说他们相信的很适当. You try to find the most authoritative market data you can||你试着找最权威的市场数据你能."