比利时制造业的去库存中英文外文文献翻译.docVIP

本科毕业设计（论文） 中英文对照翻译 (此文档为word格式,下载后您可任意修改编辑!) 标题：The financial crisis and the de-stocking phenomenon in the Belgian manufacturing sector 作者：Robert Boute, Ann Noblesse, Marc Lambrecht 期刊：Educationnext, 第4卷，330-341 年份：2016 原文 The financial crisis and the de-stocking phenomenon in the Belgian manufacturing sector Robert Boute, Ann Noblesse, Marc Lambrecht Introduction The financial crisis, triggered by the bankruptcy of Lehman Brothers in September 2008, resulted in a spectacular dip of industrial production in 2009 and partly 2010. Over the same period, the retail sales remained fairly constant. The strong dip in demand for industrial products was caused by a cumulative de-stocking: the credit crisis created a strong need for cash and companies considerably reduced their inventory levels in order to free up cash. The economic turnaround occurred in the second half of 2010, and industry rebounded much faster than expected. The bulk of the growth came not because consumers were buying more, but businesses stopped reducing inventories and, therefore, had to produce more of what they sold. The upswing of industrial production created again a lot of inefficiencies such as poor customer service and increasing lead times. Manufacturers were not able to ramp up supply fast enough to meet their rebounding demand. This phenomenon is akin to a bullwhip because even small changes in demand can cause a big snap in the need for parts and materials further up the supply chain. In this paper we argue that the shockwave throughout the industrial world was caused by the inventory policy adopted by industrial companies. Due to the de-stocking and re-stocking practices, real demand was distorted along the value chain. A close follow-up and insight in the real state of consumer demand has never been more important to ensure the sustainability of the economic recovery. 1 Retail sales versus industrial production The economic recession in 2008-2010 has brought about significant turmoil