英格兰足球俱乐部的公司治理【外文翻译】

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1、本科毕业论文（设计）外文翻译TheCorporateGovernanceofProfessionalFootballClubsinEnglandWeanalyzethecorporategovernanceofprofessionalfootballclubsoperatinginEngland’sPremierandFootballLeagues.Goodcorporategovernanceisessentialifclubsaretobemanagedeffectivelyandtosurvivein

2、thedifficulteconomiccircumstancessurroundingthefootballindustry.Thepastcoupleofyearshavebeenespeciallytesting,asFootballLeagueclubshavehadtodealwiththeaftermathofthecollapseoftheITVdigitalcontract.Ouranalysisrevealsthatwhiletherearesomenoticeableimprovemen

3、tsingovernancestandards,manyclubswouldbenefitfromfollowingbestpracticeguidelinesoninformationdisclosure,theappointmentofdirectors,boardcomposition,inductionandtrainingofdirectors,riskmanagementandconsultationwithstakeholders.Despiteimprovementinsomeareasov

4、erthepastthreeyears,standardsofcorporategovernanceinfootballclubsaresignificantlybelowthoseoflistedcompaniesasawholeandthereisthusconsiderableneedforimprovement.ThepeculiareconomicsoffootballThepeculiareconomicsofprofessionalsportsleagueshasbeenlongbeenrec

5、ognized(seeNeale,1964).Traditionally,theessenceoftheproblemwasseentolieinthefactthatsportsleaguesandtheindividualclubsthatmakeuptheleagueprovideajointproductthatdependsoneffectivecooperationbetweencompetingclubs.Clubsagreetojoinandtoberegulatedbyaleaguebec

6、auseco-operationinthesupplyofajointproductincreasestheeconomicvalueoftheproductsuppliedbyeachindividualclub.Theoutputoftheleagueanditsconstituentmembersismaximizedwhenthereissomedegreeofcompetitivebalanceintheleaguesothattheoutcomeofmatchesisuncertain.Asec

7、ondmajorpeculiarityrelatestotheneedtobalancefinancialsustainabilityontheonehandwithplayingsuccessontheother.Thislatterimperativeintroducesanincentiveto“invest”(orgamble)onsuccess,throughbuyingplayersandpayinghighplayerwagestoattractandretainthebestplayers.

8、Thismayprovidepartofthereason;atleast,formostprofessionalfootballclubsinEnglandbeingunprofitable,sincetherewillbeanincentivetoinvestanyputativeprofitsevenbeforetheseappearinthebalancesheet.Attheextremeitcanle