商务英语阅读_第二版_王关富_unit_12
Unit 12
Global M&A
Exercises
1.Answer the questions on the text.
1)What does the author expect M&A activity to be in 2011?
The author expects that M&A activity will continue to growth in number and strength with the global economic recovery and the improvement of financial and credit market conditions.
2)What must companies also consider about M&A besides favorable factors
like abundant cash and improving economic conditions?
Companies must also consider the recent opposition to certain M&A deals by activists and some shareholders and their preference to other strategies.
3)What do you think unsolicited transactions, hostile acquisitions and deal
jumpings are in common?
Passivity on the target company and out of its expectation.
4)What may further encourage unsolicited transactions?
Recent success of hostile acquirers in forcing target companies to negotiate and accept deals though occasionally taking a long time.
5)What are the features and trends of private equity firms?
They are seeking an exit from portfolio companies and are seeing M&A as an increasingly attractive alternative to capital market transactions.
6)What is an tender offer?
It is a public, open offer or invitation by a prospective acquirer to all stockholders of a publicly traded corporation (the target corporation) to purchase some or all of their shares. The price offered is usually at a premium to the market price. In a tender offer, the bidder contacts shareholders directly; so the directors of the company may or may not have endorsed the tender offer proposal.
7)What are the key deal issues in M&A transactions?
(1)reverse break-up fees
(2)caps on damages payable by acquirers failing to close
(3)the availability of specific performance remedies to compel a party to
complete an acquisition
8)How do US and UK takeover systems differ?
In US takeover system, state case law allows target boards to take defensive measures within certain limits.
In order to correct the perceived imbalance, UK disallows deal protection mechanisms; sets a default period in which a bidder will have to either announce
a fully financed bid or walk away; and implements other measures to enhance
bid-related disclosure.
9)What are the views on the burden of extending bids into the U.S?
(1)Some of both European regulators and bidders fear that the extension of paper
bids into the US may be too burdensome and the exposure to the US plaintiffs’ bar and US courts may be too uncertain and risky.
(2)But the case of Morrison v. NBA may have changed European regulators and
bidders view because the pending anti-fraud-based actions against non-US companies were either dismissed or the damages to companies ere greatly reduced
(3)The convergence between European and US securities regulations have
produced positive effects, may further alleviate such concerns, and would encourage M&A players to consider using more shares in cross-border deals.
10)How is M&A in emerging market expected to develop in 2011?
(1)It is expected to grow over one-third in 2011, taking a larger share of global
M&A activity, particularly true in BRIC nations.
(2)Sovereign wealth funds abundant in funds will continue to play a key role in
inbound M&As and, meanwhile, private equity is to be much more important source of funds for M&A activities there.
(3)Companies from emerging markets will engage in more outbound M&A deals
for natural resources and market growth as well as inbound ones.
(4)Multinationals from the developed countries may also go on M&A activities
in emerging markets either for market footholds or growth opportunities. 11) What is said about US M&A deal enforcement?
(1) The official agencies FTC and DOJ have continued to pledge vigorous
merger enforcement and have dedicated significant resources to updating the
merger review process.
(2) They have also proposed changes to pre-merger notification form.
(3) The Antitrust Division has enhanced enforcement in vertical mergers as well
as horizontal mergers.
12) What are the trends of EU antitrust enforcement?
DG COMP and its Chief Economist team are paying close attention to the US-led debate over the need to define markets
DG COMP has increased its reliance on the counterfactual analyses for judging whether a merger prevents effective competition.
2.Fill in each blank in the following sentences with one of the phrases in the list
given below. Make changes when necessary.
1)BRIC nations would support the country in the areas of education, health and
agriculture, among others.
2)In the second quarter we successfully secured a non-dilutive source of growth
capital on very favorable terms sufficient to drive both near and longer-term initiatives.
3)We seem to value time in cyclical phases and seasons rather than in minutes and
hours.
4)The world is facing far more challenges than before in the context of intensified
globalization.
5)In the debate Team A seemed to get upper hand at the beginning but quickly lost
strength.
6)He would discuss with the officials of Bulgaria various topics such as investment
climate, the fight against corruption, and its accession to the European Union. 7)We are urging local education and city leaders to ramp up the pressure on their
governments to cough up more cash for new schools in their areas.
8)Potential mayoral candidates are already flush with funds from their supporter
for the coming election.
9)The government has been urged to follow through on its pledge to reform the
current wage system.
10)The birth of a new nation in Sudan may give rise to numerous thorny issues,
including sharing of resources.
3.Match the terms in column A with the definitions in column B.
A____________________ B__________________________________________ 1) equity market A) An asset class consisting of equity securities for
operating companies that are not publicly traded on a
stock exchange, including venture capital, growth
capital and mezzanine capital. 5
2) antitrust agency B) The market, also known as stock market, where
shares are issued and traded, either through exchanges
or over-the-counter markets. 1
3) synergy C) A merger occurring between companies producing
the same or similar products or offering similar
services. 8
4) due diligence D) An organization responsible for prohibiting
practices that restrain competition, including
price-fixing conspiracies and acts designed to
achieve monopoly power. 2
5) private equity E) A company in which a venture capital firm, buyout
firm, holding company, or other investment funds
invests. 10
6) vertical merger F) A market in which individuals and institutions
trade financial securities in order to raise funds. 9 7) tender offer G) Additional effectiveness achieved from mutually
advantageous integration or compatibility of efforts
or resources between business participants. 3
8) horizontal merger H) An investigation of a business prior to signing a
contract, for example, a potential acquirer evaluating
a target company or its assets for acquisition. 4
9) capital market I) A public, open offer by a prospective acquirer to a
publicly traded corporation to tender its stock for
sale at a specified price during a specified time. 7
10) portfolio company L) A merger between two companies producing
different goods or components for the final
finished product, for example, a car manufacturer
merging a tire company. 6
4.Translate the following passage into Chinese.
去年，由于全球兼并业务突破了网络泡沫时代的惊人水平，市场又跟1999年那样派对聚会。从事兼并交易的银行家和律师为派对后遗症做了充分的准备。但派对上随着音乐响起，众宾客开怀畅饮，舞场跳舞通宵达旦。今年到目前为止已公布的兼并交易就已达两万亿美元，这甚至可能超过对华尔街最乐观的预测。
这个星期我们又经历了一次强劲的兼并飙升。当争夺荷兰银行控制权的战役出现新拐点时，美国铝业老大美铝公司则要恶意收购其对手加拿大铝业公司。在鲁伯特·默多克以50亿美元主动竞购道琼斯后，汤姆逊确定出价88亿英镑（175亿美元）收购新闻网和金融信息业务领域的竞争对手路透社。还有各种谣言纷传必和必拓公司可能要兼并其最大的竞争对手力拓矿业集团以图创建世界最大的采矿公司。
这样大胆的突袭是由高歌猛进的股市引起的。道琼斯工业股最近以超常的频率达到新高，中国股市交易额则在不断刷新。所以现在处于一种狂热状态，甚至连收购者都看到他们的股价在猛涨。美铝公司的股价在它提出收购要约的当天就涨了8%。最有甚者，巴菲特，他通常不是个随大流的人，说如有合适的收购对象将拿出高达600亿美元的钱，比任何投资者在单项兼并案中勉强所投的钱要多得多。
跟九十年代由股市支撑起来的兼并热不同，目前的兼并风潮是靠信贷的。由于利率低，企业以债务融资比通过股权容易，这一趋势正好给了大型私募股权公司一个可乘之机，按价值计算它们主导了所有兼并的五分之一。它们仍有大量的兼并款项要化出去（最大的基金接近200亿美元的规模），而且正在以前所未有的速度进行投资。由于有那么多的资金在手，它们变得越来越大胆。平均的买断价格已上涨了三倍，达13亿美元。除此外，这一兼并潮从产业和地理上看更为宽泛，也没有哪个产业远远超出其他产业，金融服务、五金矿产、还有消费品领域都充满着兴奋情绪。九十年代的兼并交易主要集中在美国，而这次则分布的更为均匀。四月份欧洲的兼并交易资金是美国的两倍。
5.Reading the following text and choose the best sentence from the list A-E
below to fill in each of the gaps in the text.
1)DaimlerChrysler stood tall as the worst example of a bad marriage.
2)The brand hasn’t been a real moneymaker for a very long time.
3)That would indicate that Volvo will keep its Swedish heritage and cachet.
4)The Chinese luxury market is booming and still has room for some other players
to come in and build a brand.
5)It need to rely on Ford and the Swedes for technology that will make the Chinese
cars real Volvos.
Supplementary Reading
Overcoming Merger Risks
1)Despite rather low rate of success, many companies will ________.
A.fulfill their ROI expectations in 2011
B.choose M&A as the best way to growth in 2011 ∨
C.attempt to mitigate merger risks in 2011
D.stay focused on production expansion in 2011
2)According to the author, what kind of deal is more likely to succeed as far as deal
size and type are concerned?
A. A big-bucks merger.
B. A hostile merger.
C. A smaller company swallowing a big and unwilling one.
D. A larger company purchasing a ready and willing smaller one. ∨
3)All of the following are reasons for executives’resistance to early integration
planning EXCEPT ________.
A.anti-trust laws in the developed world
B.the fear of “gun-jumping”
C.traditional "checklist approach" ∨
D.acting as one entity before close
4)What is the critical factor that often determines the level of merger integration?
A.The cultural similarities and differences.
B.The synergies between the intangibles. ∨
C.Management styles and corporate values.
D.Decision making mechanisms
5)It’s too early to say that ________ at the close of the deal.
A.the formal integration period comes to an end ∨
B.culture has great influence on corporate mergers
C.potential impediments are removed
D.highly transparent communications are established
6)Why is the merger between Stanley Works and Black & Decker a success story?
A.They had premium products and brands.
B.They were flush with cash for the merger.
C.They complied with the antitrust laws.
D.They kept taking the costs out. ∨
7)In focusing on the value drivers, integrated companies must ________.
A.work together for rapid results
B.capture high-payoff opportunities ∨
C.meet all potential challenges
D.make rapid-results teams work harder
8)The merger intent should do all of the following EXCEPT ________.
A.placing emphasis on the deal's return on the investment ∨
B.setting clear and specific goals
C.answering strategic questions
D.creating a vision that inspires key constituents
商务英语阅读(第二版)参考译文 王关富编
Chapter 1 Why China Works 中国是今年唯一呈现出重大发展的主要经济体（economy），由于它通常是唯一敢于打破经济教科书中每一条例的经济体。事实上，中国不像其他五大经济体那样发展缓慢的主要原因是，它宏观调控的能力（its capacity for macro-economic control）。 为什么中国市场经济体系奏效？（market economic system）目前，欧美等国正通过银行及汽车业国有化及金融业实施新的有力规定（regulations），走向宏观调控。但问题更加紧迫（the question has a new urgency）。中国看上去最能驾驭（navigate）七十年内最糟的经济滑坡（downturn）。 在危机中，中国官员既能吸取像西方同行（counterparts）的传统市场工具，也能吸取中国市场经济体系的积累经验（arsenal）。去年早期，由于房地产市场（housing market）过热，中国官员仅命令银行削减房贷（cut back on housing loans），然后随着房屋销售量下降（fall），他们提供类似更低的房屋购置税（lower taxes on home purchases）。最近几周，他们展开类似西方的经济救援行动（launch economic rescue efforts），其中包括价值6000亿的大计划以增加政府开支和大幅利率削减（ramp up government spending）（big interests cuts）。但同时，他们也发布在西方国家眼里是不合理的干涉的命令，例如，上周中国官员召集包括钢铁建筑等行业的国有行业并购（buy up）国内外新资产（at home and abroad）以积极（actively）发挥在经济中的作用。 曾把中国宏观调控视为不成熟经济的弊病（immature economy），现在是稳定的保障（bulwark of stability）。CLSA经济学家AR说，”政府对大多数资本密集型产业的控制，让我看好中国的未来。政府会对这些领域的公司说，继续花吧，不要由于你们的投资计划“。尽管最大的出口及股票市场出现下滑，中国经济在09年看上去增加7%多，虽比近些年两位数（double-digit）增速有所下滑，但与其他国家相比仍然坚挺。随着国有银行放松信贷（loose credit），企业贷款率切实（actually）增加。摩根斯坦利的亚洲首席SR说，在一个投资支持可持续发展，并占GDP的40%的国家，政府再次增加投资以抵抗对增长的威胁。他又说，在危机时期，中国的指挥控制系统切实比其他市场基础系统有效。
新剑桥商务英语高级习题答案
新剑桥商务英语高级习题 答案 Last revision date: 13 December 2020.
English for Business Studies Key to Unit 01: The three sectors of the economy This unit covers a lot of basic vocabulary concerning developed economies much of it in an extract from a well-known British novel. It also discusses the evolution of the economy of most of the older industrialized countries, with the decline of manufacturing industry and its replacement by services. There is an extract from a magazine interview with an economist and an interview with a British Member of Parliament on this issue. 1a Vocabulary p09 Identify the most prominent features in this photograph, which illustrates various important elements of the infrastructure of a modern industrialized country. The photo clearly shows a large factory (the Unilever factory in Warrington, England) in the center, with more factories, industrial units, or warehouses in the top right-hand corner. The large factory seems to include some office buildings. Also visible are agricultural land (in the background; the land in the foreground doesn’t appear to be cultivated), a river, a railway and several roads, and housing, perhaps with a school in the center of the housing estate top left. 1b Reading p10 What is the key point that this extract is making about economies? The text suggests that most people take for granted the amazing complexity of the economic infrastructure. 1c Comprehension p11 lines 4-7, Robyn sees examples of all three. What are they? Tiny fields (the primary sector), factories (the secondary sector), and railways, motorways, shops, offices, and schools (the tertiary sector). long sentence from lines 12-28 lists a large number of operations belonging to the different sectors of the economy. Classify the 18 activities from the passage Primary sector: digging iron ore, mining coal. Secondary sector: assembling, building, cutting metal, laying cables, milling metal, smelting iron, welding metal. Tertiary sector: advertising products, calculating prices, distributing added value, maintenance, marketing products, packaging products, pumping oil, transportation. you think of three important activities to add to each list (not necessarily in relation to the kettle) Primary sector: farming (agriculture), fishing and forestry Secondary sector: manufacturing, transforming and processing Tertiary sector: financing, designing, retailing
商务英语阅读(第二版) 王关富 Unit 6 Goodbye, Free Trade 课后答案
Unit 6 Goodbye, Free Trade? Exercises 1.Answer the questions on the text. 1) What was the result when the House of Representatives passed the Hawley-Smoot Tariff Act in 1930? The economic recession in the United States became even worse. 2) According to the author, what happens when a currency appreciates? It diminishes the export advantage of the country and makes it difficult to increase exports or even maintain the status quo. 3) How did American politicians take advantage of the public’s strong anti-free-trade sentiment in the United States? They created a talking point in charges of unfair trade so that they thought they could benefit in the mid-term elections. 4) What did American politicians and economists agree and disagree over the Hawley-Smoot Tariff Act? Almost all of them agreed that it was a bad law, but they disagreed whether it triggered the Great Depression in the 1930s. 5) What did Milton Friedman think were the more important reasons for the Great Depression? The malfunctioning gold standard system and inept monetary policy of the Federal Reserve. 6) What was the foreign reaction unexpected by the American lawmakers after the Hawley-Smoot Tariff Act was enacted? The trading partners were angered and imposed discriminatory tariffs on American goods. Canada in particular, as the largest export market for the US, reacted fiercely and handed its market over to the British competitors. 7) Why is it unlikely for the US to adopt another Smoot-Hawley today in the eye of the author? (1)The US is much more integrated into the world economy today than it was in the 1930s. (2)Import restrictions seldom achieve their intended goals, instead, often end up hurting American industries and consumers. (3)The Americans have learned to consider the possible strong foreign retaliation against US exporters. 8) What were the respective results for those countries withdrawing from the gold standard and those clinging to it during the 1930s according to the author?
BEC商务英语高级考试阅读真题.doc
BEC商务英语高级考试阅读真题 There have long been markets in tin, cocoa, silver and the like. There used to be security in thinking that somewhere there was a product, something you could touch and see. Now there are new markets in abstractions, trade in ideas and knowledge. Everyone has knowledge but there used to be no way to trade it ------except through jobs. That simple fact of economic life was the basis for white collar employment for centuries. The whole job culture grew up because there was no alternative way to sell knowledge , other then the worker or manager providing, for a fixed price, his or her knowledge to an employer to own or control. The quantity of knowledge provided has typically been measured in time. But today we stand at the threshold of a new era. The information economy has matured and become smarter. According to many business commentators, we are now living in a knowledge economy .There has always been a market for knowledge, of course. The publishing industry is based on it. But today the internet is making the distribution of knowledge ever easier. The days when the publisher decided what got published are over. Anyone with a PC and a modem can talk to the world. This is reducing the friction in the knowledge economy. Everyone has knowledge of whatever industry she or he is in. say you are a computer dealer, for example. Over the years your have complied a list of the ten best lowest price places to buy
商务英语阅读教学大纲(王关富)
课程名称：商务英语阅读( Business English Reading ) 《商务英语阅读》教学大纲 一、课程说明 《商务英语阅读》课程是英语专业（国际商务）的专业课程，是学生在进行英语基础课程学习后，涉及商务英语知识学习，商务英语语言学习的重要课程，旨在有系统、有步骤地训练和培养学生用英语表达与国际商务活动有关的术语名称、机构名称、协议并具备将文章译成正确流畅的汉语能力。 本课程是在英语专业（国际商务）的学生进行英语基础课程学习后开设的课程，有助于今后商务课程的学习。 本课程的教学时间安排是：每周4学时，计划教学周数 19周，总课时数76学时，其中实践学时数为34学时，主要内容是阅读商务类动态国际新闻时事并讨论。 本课程总学分数：4学分 二、学时分配表 三、教学目的与要求 本课程的教学目的：《商务英语阅读》是英语专业（国际商务）的一门主要课程，着重通过对当前热门的商务英语文章进行精讲，分析，使学生能够系统的学习。增加商务英语的基本词汇、掌握商务的基本理论和语言交际的基本技能，为培养适合现代经济、文化和社会发展需要服务。学生通过学习能够成为从事国内外商务活动的外语复合型人才和商贸英语翻译人才。 本课程各章的教学要求和知识考核点如下：
第一章中国模式为何奏效 通过本课程的学习使学生了解中国与欧美国家自由市场经济不同的经济模式—计划经济与市场经济并存所取得的成效，了解中国领导人进行市场改革开放以来的作为与成就，成功的因素，以及与西方经济模式对比之下的不同之处。 本章的主要知识点是：计划市场经济、自由市场经济及中国改革开放。 难点是：课文生词应用，white goods白色家电，如冰箱，洗衣机，微波炉，消毒碗柜等，premium brands高档品牌的商品。 第二章全球现状新解 本章通过了解第三世界国家新兴市场的观点和论说，并从历史的角度帮助学生体会对经济规模和管理的发展趋势。 本章的主要知识点是：供应链、库存周转率、规模经济、产业调整等。 难点是：课文生词应用，存款准备金率、主权债务危机、自由贸易等 第三章该重新获得平衡了 本章介绍了美国经济在多年贸易赤字下不平衡贸易、消费与生产出口方面的变化对经济发展的影响，指出美国经济应该进行转型。 本章的主要知识点是：贸易平衡、消费、与国内经济发展。 难点是：课文生词应用，如bemoan one's sad fate 自叹命苦；bemoan the shortage of funds for research 抱怨研究经费不足 第四章难以置信—欧洲在沉沦 本章介绍了全球金融危机年至今的欧元区经济的衰退和恢复情况。 本章的主要知识点是：2008年至今的欧元区经济的衰退和恢复 难点是：课文生词应用，如mayhem：There was absolute mayhem when the cow got into the village hall. 那牛闯进村会议厅, 造成一片混乱。 第六章自由贸易终结？ 本章介绍了全球化、市场经济、自由贸易、贸易保护主义等问题的争论，和对世界经济的未来及发展介绍。 本章的主要知识点是：贸易壁垒、自由贸易区、进口替代、公司福利、世贸组织中的争端解决机制等。 难点是：掌握相关的贸易术语 第七章底特律的辉煌还有机会再现吗 本章介绍了美国底特律汽车城的兴衰以及，分析了美国汽车工业的困境，展望了汽车工业的未来。 本章的主要知识点是：汽车行业市场变化。 难点是：汽车类名词，行业优劣势的分析 第八章乔布斯的十年 本章介绍了乔布斯，苹果公司前首席执行官乔布斯如何通过发挥他的创新特质、独特个人魅力，研发新产品的观念和手段成功地领导影响全球生活方式的苹果公司。
2016年商务英语BEC高级阅读练习题及答案
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高级商务英语阅读 Supplementary Readings for Chapter 1 The Long March （1） Chinese Companies Establish Brand Awareness in Overseas Markets Top Band Weekly August 27, 2003 By Lynn Furrow, General Manager of The Hoffman Agency Beijing Office China exports a dizzying（令人眼花缭乱的）array of personal computers, DVD players, refrigerators, and consumer electronic goods… yet most people outside of China can’t name even one Chinese brand. As more and more Chinese enterprises push their goods into overseas markets, companies are now trying to change this. Legend Group（联想集团）, the largest computer manufacturer and a household name in China, is shooting to increase overseas sales from seven to 25 percent of its total revenue（总收入）. In expanding overseas, however, it encountered a branding dilemma: because other companies in many countries around the world have already registered “Legend”, the Chinese company was forced to devise（设计，想出）a new English name that could be used unrestrictedly（自由的）in markets worldwide. Thus on April 28th, Legend Group’s new English name “Lenovo” was born. Although it may offer a fresh
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Unit 1 Why China Works Exercises 1. Answer the questions on the text: 1) How does the author view the Chinese economy? It is the most important bright spot in the world economy under the global recession, the only major economy that is likely to show significant growth this year, and the only one that routinely breaks every rule in the economic textbook. 2) According to the author, why can the Chinese economy perform so well? Because of: (1) the capacity for state control by the Chinese government. (2) its rejection of exotic financial innovations that are the melting core of the global credit crisis. (3) the integration of its economic policies between traditional market tools and state control measures. 3) In what way does the author imply that western economists are erroneous in their bias toward “China’s market economic system”? The United States and Europe are moving toward state control by nationalizing their banking and car industries, and imposing heavy new regulation on the financial industry. 4) What is the view of Stephen Roach on the Chinese economy system? Investment is the backbone of sustainable growth in the Chinese economy, which works more effectively than other market based systems in times of economic stress. 5) Why can China work in the eye of the author? It has followed a radical pragmatism focusing on a slow but steady shift toward freer markets. 6) What is regarded as the strategic thinking of the Chinese leaders in market reforms? They understand even under the serious financial crisis that it can stabilize the Chinese market and economy to introduce more sophisticated forms of securitization, including stock index funds, corporate bonds and other debt products. They also realize that, in the course of doing this, they should learn from the mistakes the westerners have made. 7) What is the example given to illustrate the steadiness of the Chinese leaders in their policy execution? They continue to allow the value of yuan to rise despite of the American charges and the need for export competitiveness by their own enterprises. 8) What is “shock therapy”?
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1.日本，大阪——像许多日本中产阶级一样，小企业主正人华20年前享有的富裕生活为 世人所艳羡。他购买了一套价值50万美元的公寓，时常去夏威夷度假，其座驾是一辆老款的奔驰轿车。 2.但慢慢地，他的生活水平随同日本的整体经济状况一道，逐渐走向崩溃。刚开始时，他 被迫减少了去国外旅行的次数，后来就彻底不去了。随后，他卖掉了奔驰，换了一款更便宜的国产轿车。去年，他卖掉了他的公寓——售价仅为17年前购房款的三分之一，还不及依然背负的按揭贷款。 3.“过去的日本，光鲜且乐观，而现如今的人们不得不静悄悄地压低生活质量，紧缩度日，” 49岁的正人华说。在接受采访时，他要求记者不要披露其全名，因为他依然无力偿付拖欠的11万美元按揭贷款。 4.在近代史中，没有几个国家的经济财富像日本这样，经历了如此惊人的扭转。上世纪 80年代，借助位居史上最大规模之列的股市投机及房产泡沫，日本一举成为第一个挑战西方长期霸权的亚洲国家，谱写了一曲源自亚洲的成功故事。 5.但这些泡沫最终于80年代晚期和90年代初期爆裂，日本旋即陷入了一个缓慢但不间断 的衰落进程，庞大的预算赤字和海量流动性的涌入都无法扭转这一趋势。在迄今差不多一代人的时间里，这个国家一直深陷通货紧缩泥沼（低增长，物价螺旋式下落），不能自拔。在此过程中，这只昔日的经济猛兽已雄风不再，失去了在全球经济中的傲人地位。 6.如今，随着美国和其他西方国家正竭力摆脱债务及其自身的房产泡沫，越来越多的经济 学家将日本当下的黯淡处境视为上述国家的未来走向。甚至在美联储主席伯南克酝酿新一轮非常规措施，以刺激经济之际，对美国和许多欧洲经济体的忧虑依然与日俱增。许多人担心，这些经济体将面临长期的低增长，甚至有可能出现持续的通货紧缩——这是自大萧条以来，在日本之外的主要经济体中所从未见过的一幕。 7.许多经济学家依然颇具信心地认为，美国将避免日本式停滞，这主要是因为美国的政治 制度具有更强的反应性，美国人对于资本主义的创造性破坏具有更大的容忍度。日本领导人先是不愿承认问题的严重性，尔后又花费巨资，修建旨在创造就业的公共工程项目，进而推迟了痛苦但必不可少的结构调整，经济学家说。 8.“美国不是日本，”斯坦福大学经济学教授罗伯特·霍尔（Robert E. Hall）说。“美国 的盘算依然是，我们总能找到促使人们再次支出和投资的办法。” 9.然而，随着减少联邦支出和预算赤字的政治压力日益增强，其他经济学家正在发出警告： 美国需慎防“日本化（Japanification）”——消费者拒绝消费、公司抑制投资，银行坐拥巨额资金，进而导致需求崩溃，驱使经济坠入通缩陷阱，最终演变为一个自我强化的恶性循环：随着物价不断下跌，以及就业机会的消失，消费者进一步收紧了钱袋，公司削减开支，并推迟扩张计划。 10.“美国、英国、西班牙和爱尔兰都在经历日本大约10年前所经历的一幕，”野村证券首 席经济学家辜朝明（RichardKoo）说道。他最近撰写了一本书，谈论日本给予世界各国
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高级商务英语考试阅读练习 When it to selecting candidates through interview, more often than not the decision is made within the first five minutes of a meeting. Yet employers like to (21) themselves that they are being exceptionally thorough in their selection processes. In today’s competitive market place, the (22) of staff in many organizations is fundamental to the company’s success and, as a result , recruiters use all means at their disposal to (23) the best in the field. One method in particular that has (24) in popularity is testing , either psychometric testing, which attempts to define psychological characteristics , or ability￡aptitude testing (25) an organization with an extra way of establishing a candidate’s suitability for a role. It (26) companies to add value by identifying key elements of a position and then testing candidates to ascertain their ability against those identified elements. The employment of psychometric or ability testing as one (27) of the recruitment process may have some merit, but in reality there is no real (28), scientific or otherwise, of the potential future performance of any individual. The answer to this problem is experience in interview techniques and strong definition of the elements of each position to be (29) as the whole recruitment process is based on few real certainties, the instinctive decisions that many employers make, based on a CT and the
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商务英语第二版王关富课文翻译-Chapter8
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财富：如何改变苹果乔布斯的十年 北京时间11月5日《财富》文章指出,专横但又极富才华的乔布斯是如何改变苹果的呢? 这是一段扣人心弦的创业故事:年轻的乔布斯在上个世纪八十年代一手创立了苹果,九十年代回归,在随后的十年里,他在鬼门关前转了两圈,也曾陷入违反证券法的丑闻,但是他领导苹果开发的一系列产品一直到今天还很畅销,他经常作出的一些令人不愉快的行为成为四个不同行业的主流个性,数次荣登亿万富豪榜,长期担任硅谷最有价值公司的掌门人. 这听起来是不是有点象天方夜谭? 也许吧.但是这却是史蒂夫乔布斯的真实经历,他对他接触到的任何事物都产生了巨大的影响. 商业界过去的十年是属于乔布斯的.就在一年之前,任何关于他的生平介绍的文章似乎都带着一丝告别的意味. 但是时至今日,乔布斯又回来了. 他经常签的“再多一件事(one more thing)”放在他自己的身上也同样合适.经过上半年长达6个月的病休之后,他又精神抖擞地出现在3.4万苹果员工的面前.他在离开的期间接受了肝脏移植手术. 在乔布斯年轻的时候,他的身边就聚集了一大批富有才干的追随者.现在乔布斯已经到了54岁,仅仅是简单地列出他的辉煌成就就足以解释他为什么能够当选财富杂志的“十年CEO”.仅在过去的十年里,他就从根本上改变了音乐、电影和手机等三大市场的格局.而他对最初起家的电脑行业的影响力也是有增无减. 他是一位少见的全球知名的生意人. 即便是从未看过苹果年报或者商业杂志的消费者也能滔滔不绝地谈论乔布斯的设计品位、优雅的零售店以及他不拘一格的广告创意. 他经常被比喻为演员、天生的推销员、魔法师以及专横的完美主义者.这些评价当然十分准确,同时它们也给乔布斯增添了不少的传奇色彩. 他经常与撰稿人、工业设计师和音乐家们混在一起,虽然他的着装不太正统和讲究,但是别搞错了,他可是天生的企业家.他或许不太注意对客户进行研究,但是他会非常勤奋地工作以生产出客户愿意购买的产品. 他是一个极富幻想的人,但是他也不脱离现实,他密切注意着苹果的各种运营和营销活动.他的好友、甲骨文首席执行官拉里埃利森说,乔布斯是一个不为金钱所动的人. 他的勤奋显然是处于内心对苹果的热爱,通过苹果这个媒介,他既是冷酷的裁决者,又是改变世界的执行者. 不管对于苹果还是乔布斯来说,每个季度的财报都是令人大吃一惊的.苹果在2000年时的市值大约为50亿美元,不久之后乔布斯第一次披露了苹果的数字生活方式战略,当时几乎没有评论家们能理解他的战略意图. 如今,苹果的市值达到了1700亿美元,略微超过谷歌. 当时苹果在个人电脑市场的份额大幅下滑,现金外流非常严重,公司几乎到了破产的边缘. 现在苹果手中的现金和现金等价物的总价值达到340亿美元,超过了竞争对手戴尔的总市值. Mac电脑在美国个人电脑市场上的份额达到了9％,而且还在继续增长. 苹果在9个国家开设了275家零售店,在美国MP3播放器市场占有73％的份额,自从推出iPhone之后,它又无可争议地确立了它在创新上的领袖地位. 迪斯尼在2006年斥资75亿美元收购了乔布斯创立和控制的皮克斯动画制片厂.乔布斯顺理成章地成为迪斯尼董事和大股东. 仅仅计算他所持有的苹果和迪斯尼股票的价值,他的净资产就达到了50亿美元.一些其他企业的高管也有人能够辉煌十年,但是无人能够与乔布斯相比. 乔布斯的十年实际上始于1997年,当时的乔布斯在离开了公司12年之后刚刚回归. 乔布斯重掌公司大权后的第二年,他就完成了新的领导班子的组建. 那些优秀的人才正是十年以来乔布斯智囊团的核心人物. 随后,苹果推出了乔布斯回归之后的首款Mac电脑iMac,那款具有突破性意义的产品预示着苹果将恢复健康.iMac推出之后大获成功,加上乔布斯坚决果断地大幅削减成本,为苹果今后的发展积累了充足的现金. 他改善了苹果的资产负债表,为未来的大投资做好了准备. 在一切看起来都还正处于最黑暗的时候,乔布斯就开始为苹果日后的飞跃式发展打基础.苹果在2000年9月份发布的财报未能达到预期目标,股价在随后的几个月里持续下跌,一直跌到相当于如今的7美元的水平上. 然而乔布斯到现在仍然记得苹果东山再起的关键因素. 2001年,当全球市场下滑,全球都陷入衰退的时候,苹果在那一年的1月份发布了iTunes,在3月份发布了