英语翻译In an early paper,Carlton (1970) formulates a model whic

英语翻译
In an early paper,Carlton (1970) formulates a model which integrates finance,economic,and accounting theory to develop a linear programming structure for firm decisionmaking.A dividend stream valuation equation is used to develop a non-linear objective function in terms of maximum share price over a planning horizon set by the firm.To develop the related constraints,accounting information,economic theory and finance theory are jointly employed to justify the specifications.Carlton uses balance sheet and income statement relationships to specify constraints in terms of sources and uses of funds,and after tax profits,both expressed through balance sheet and income statement accounts.The model then incorporates equity relationships,more specifically constraints on convertible activity and equity offerings by the firm.Investment opportunities for the firm are used to establish project screening standards,and to relate such decision variables to the sources of funds.Finally,explicit consideration is make for policy constraints originated by the firm,i.e.,restrictions on dividend payment,target capital structure,etc.Despite the complexity of the equation system (and the assumptions underlying their formulation),the constraints used by Carlton can be classified as either definitional or policy constraints.The author provides an illustration of the model,starting with current income statement and balance sheet figures and decisions concerning desired firm characteristics and generates a five year forecast of balance sheets and income statements for the firm.Thus,this model can be used to forecast important financial variables in addition,it can be used to perform related sensitivity analysis.
\x05Finally,Francis and Rowell (1978) extend Warren and Shelton's model to consider 10 sectors of a firm's operations (including pricing,production costs,industry sales,and risk).The system of equations is essentially recursive (as in WS's model),but each sector's equations are solved simultaneously.Again,sales is the driving force for the system,and it in turn determines production levels and capital requirements.However,what is new is that pricing decisions (as well as production costs) can be considered explicitly before income generated can be estimated.This in turn affects the financing required.Risk is also added as a determinant of the cost of financing.The sensitivity of the equation system to various parameter changes is also discussed.

在早期,卡尔顿（1970）制定一个模型相结合的金融,经济,会计理论发展的一个线性规划结构为企业决策.股息流估价方程是用来建立一个非线性目标函数方面的最高股价计划期内由公司.发展相关的限制,会计信息,经济理论和金融理论是用来证明规格.卡尔顿用资产负债表和损益表关系指定条件的限制,资金来源和用途,和纳税后的利润,都表示通过资产负债表和损益表帐户.该模型把股权关系,更具体限制兑换活动及发行股票的公司.投资机会的公司是用来建立项目筛选标准,并与决策变量的资金来源.最后,明确考虑制定为政策限制起源的公司,即,限制股利支付,目标资本结构,等.尽管复杂的方程系统（和假设制定）,限制使用的卡尔顿可以分为定义或政策约束.作者提供了一个说明该模型,从当前收入表和资产负债表数据和决策所需的公司特征和生成一五年预测资产负债表和损益表,企业.因此,该模型可以用来预测重要的金融变量,此外,它可以被用来执行与灵敏度分析.最后,弗兰西斯和罗威尔（1978）延长沃伦和谢尔顿模型考虑10部门企业的行动（包括价格,生产成本,销售,和风险）.方程的系统基本上是递归的（如在原价的模型）,但每个部门的方程求解.再次,销售是驱动力的系统,它反过来又决定生产水平和资本要求.然而,什么是新的,价格决策（以及生产成本）可以被视为明确之前产生的收入可以估计.这反过来影响融资的要求.风险也增加了作为一个决定因素的融资成本.灵敏度的方程系统的各种参数的变化进行了讨论.