英语翻译If Chinese firms did use retained earnings to attract external credit in the early stages of reform,the relationship between retained earnings in that context contradict both theory and empirical findings in the West.Yet in both contexts,

英语翻译If Chinese firms did use retained earnings to attract external credit in the early stages of reform,the relationship between retained earnings in that context contradict both theory and empirical findings in the West.Yet in both contexts,
英语翻译
If Chinese firms did use retained earnings to attract external credit in the early stages of reform,the relationship between retained earnings in that context contradict both theory and empirical findings in the West.Yet in both contexts,the desire for autonomy ultimately underlies firm behavior,and,in fact,the same basic mechanism explains the seemingly juxtaposed outcomes.Research on institutional processes suggests that historical paths create critical components of markets,such as retained earnings,and the rules governing market behavior can have dramatically different meanings in different contexts (Hamilton and Biggart 1988).Historical processes that generate both the meanings associated with markets and the rules of the game can produce divergent trajectories from the same basic mechanism.In the case of retained earnings and borrowing behavior,the critical difference between the behavior of Chinese managers during transition and their western counterparts is the way managers evaluated the potential autonomy associated with capital projects funded from retained earnings.In both cases,reducing dependence is an important motivator,as resource dependence theorists suggest (Mintz and Schwartz,1985; Pfeffer and Salancik,1978),but the ability of external actors to control the firm leads to very different manifestations of the underlying desire for independence.The result in the West is that managers use their retained earnings rather than sacrifice autonomy.While in China,I expect that the opposite was true.That is,I expect that managers used retained earnings to signal security and obtain external funds.

英语翻译If Chinese firms did use retained earnings to attract external credit in the early stages of reform,the relationship between retained earnings in that context contradict both theory and empirical findings in the West.Yet in both contexts,
如果中国企业没有使用留存收益,以吸引外部信贷的早期阶段的改革,留存收益之间的关系在这方面矛盾的理论和实证结果在西方.然而,在这两种情况,自主的愿望最终强调公司的行为,事实上,同样的基本机制,解释似乎并列成果.研究机构的历史进程表明,路径创造市场的重要组成部分,如保留盈余,以及市场行为的规则可以有显着不同的含义在不同情况下（汉密尔顿和Biggart 1988年） .历史进程所产生的意义和相关市场的游戏规则会产生不同的轨迹从相同的基本机制.在留存收益和借款的行为,关键的区别的行为,中国管理人员在过渡期间与西方国家的方式是管理人员的潜力评价的自主权与资本项目的资金来自留存收益.在这两种情况下,减少依赖,是一个重要动力,作为资源依赖理论家建议（明茨和施瓦茨,1985年;佩弗和Salancik ,1978年） ,但是否有能力来控制外部行为者的坚定导致非常不同的表现形式的基本愿望独立.结果在西方的是,管理人员利用其留存收益,而不是牺牲自主权.而在中国,我希望情况恰恰相反.这是,我希望管理人员使用的保留收益来信号的安全性和获取外部资金.