CHAPTER 21 THE GLOBAL CAPITAL MARKET 国际经济学PPT
3A. 1.Doing Business in Global Markets 全球化 全球市场 国际商务
The reasons against globalization
1. Free trade creates vulnerable countries that do not have protections for local businesses and work
The reasons against globalization
SECTION 1 Global Marketplace
The Era of globalization
BUSINESS in the GLOBAL MARKET
LG1
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Over 90% of US companies doing business globally
U.S. organizations (like UPS, the NFL and the NBA) are also expanding abroad.
At the start....
• The TER exam do not always match the syllabus dot points, YOU must illustrate your understanding of Business Studies theory in its real world application.
Homework
1.Investigate the concept of ‘arm length’ in the area of transfer pricing. How are companies expected to demonstrate arms length pricing. 2.Explain the term monoculture. What does it mean for a country and its people?? What are the advantages of monoculture for business when it is devisiong marketing strategies?? Discuss the criticisms of monoculture. List some example of how international business rely on or have tried to create monoculture.
Chap11 The Global Capital Market
山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University
❖ Borrowers include individuals, companies, and governments
❖ Markets makers are the financial service companies that connect investors and borrowers, either directly or indirectly
In 2006, the stock of cross-border bank loans was about a) $3,600 b) $7,800 c) $17,800 d) $33,600
山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University
1-12
Classroom Performance System
Which of the following is not true of global capital markets a) they benefit borrowers b) they benefit sellers c) they raise the cost of capital d) they provide a wider range of investment opportunities
International Marketing 国际市场营销 课件
The existence of lucrative markets in foreign countries Saturated （ 饱 和 的 ） markets in the home country Response to incoming competitive activity
Further reasons for firms becoming involved in international marketing (1)Today, new product development typically requires so much expenditure that in many cases firms intending to introduce new products must adopt an international perspective. (2)The higher turnover derived from international sales might enable a firm to initiate new product research and development that in the long term will give it a competitive edge. (3)Corporate plans can be anchored (v. 抛 锚 、 锚 定 ) against a wider range of (international) opportunities.
亚洲: 欧洲： 非洲： 拉丁美洲： 北美洲： 大洋洲： 南极洲： 大西洋: 太平洋： 印度洋： 北冰洋：
Asia Europe Africa Latin America/South America North America Oceania Antarctica Atlantic Ocean Pacific Ocean Indian Ocean Arctic Ocean
英语作文-金融资产管理公司积极布局海外市场,拓展全球业务
英语作文-金融资产管理公司积极布局海外市场，拓展全球业务In the realm of financial asset management, companies are increasingly looking beyond their domestic markets to harness the vast potential of the global economy. As these firms venture into international waters, they are not merely dipping their toes; they are diving headfirst into the complexities and opportunities that the world has to offer.The strategic move to expand into overseas markets is not one taken lightly. It requires a deep understanding of diverse economic landscapes, regulatory environments, and cultural nuances. Financial asset management companies that excel in this arena are those that have done their homework, studying the intricacies of each market with the same diligence they apply to their investment portfolios.One of the primary motivations for this global expansion is the search for growth. In a world where domestic markets may be saturated or experiencing slow growth, the allure of untapped markets is strong. By establishing a presence in multiple countries, financial asset management firms can tap into new customer bases, diversify their assets, and mitigate risks associated with any single market's volatility.Moreover, technology has been a significant enabler in this global pursuit. With advancements in fintech, companies can now offer their services across borders with greater ease. Digital platforms allow for seamless transactions, portfolio management, and customer engagement, regardless of geographical boundaries. This technological prowess is not just a tool but a strategic asset that firms leverage to gain a competitive edge.However, global expansion is not without its challenges. Navigating the regulatory waters of different countries can be akin to charting a course through a maze of legal and compliance requirements. Each country presents its own set of rules, and a misstep can result in significant setbacks. Thus, financial asset management companies invest heavilyin legal expertise and compliance to ensure that their global operations run smoothly and within the bounds of the law.Cultural sensitivity is another critical factor. What works in one market may not resonate in another. Successful firms are those that adapt their approach to align with local preferences and business practices. This might mean tweaking marketing strategies, customizing service offerings, or even adjusting communication styles to build trust and rapport with international clients.The benefits of a well-executed global strategy are manifold. Firms that manage to establish a foothold in foreign markets often enjoy increased brand recognition, a diversified revenue stream, and a more robust business model capable of weathering economic fluctuations. Furthermore, the cross-pollination of ideas and best practices across different regions can lead to innovation and improved services for clients worldwide.In conclusion, as financial asset management companies actively layout their strategies for overseas markets, they are not just expanding their global footprint; they are shaping the future of finance. Through careful planning, technological innovation, and cultural acumen, these firms are poised to make the most of the global stage, offering their clients a gateway to a world of opportunities. The journey is complex, but for those who navigate it successfully, the rewards are as boundless as the markets they seek to capture. 。
第一章国际市场营销双语ppt课件
• 1.2 The Concepts of International Marketing
国际市场营销基本范畴
• 1.3 Related International Economic Organizations
与国际市场营销相关的国 际经济组织
精品课件
1.1The Concepts of Marketing
Technological factors
• 社会文化因素 • 科技因素
精品课件
Monopolies
legislation
Environmental
protection laws
Taxation policyΒιβλιοθήκη Employment laws
Government policy
Legislation
P
S
精品课件
1.1.2. Marketing philosophy
• a way of organizing and controlling marketing. The whole philosophy of marketing is changing. Previously, marketing involved creating a demand for a specific product or service. That approach is obsolete. Today marketers must interact with the market, determine what products and services are needed, and supply enough information to the market about those products so that the products find their own market.
Chapter 21 - Risk Management 现代财务管理英文版课件
Non-Hedging Strategies
Acquisition of additional information: Test marketing, consumer surveys, and market research can reduce the risk of making poor decisions
At a specified price At a specified time
The party agreeing to buy the asset holds a “long” position
The party agreeing to sell the asset holds a “short” position
Fearful that the price of wheat will decline by November, Earthgrains constructs a short hedge by taking a short position in November wheat futures
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4
Risk Management Benefits
Management of risk at the firm level reduces the probability of financial distress and the loss of value from forced liquidation
10
More on Futures Contracts
Futures contracts require:
Daily settlement between buyers and sellers (marking to market)
国际财务管理英文版第版马杜拉答案Chapter
Chapter 3International Financial Markets Lecture OutlineMotives for Using International Financial Markets Motives for Investing in Foreign MarketsMotives for Providing Credit in Foreign MarketsMotives for Borrowing in Foreign MarketsForeign Exchange MarketHistory of Foreign ExchangeForeign Exchange TransactionsExchange QuotationsForeignInterpretingCurrency Futures and Options MarketsInternational Money MarketOrigins and DevelopmentStandardizing Global Bank RegulationsInternational Credit MarketSyndicated LoansInternational Bond MarketEurobond MarketDevelopment of Other Bond MarketsComparing Interest Rates Among CurrenciesInternational Stock MarketsIssuance of Foreign Stock in the U.S.Issuance of Stock in Foreign MarketsComparison of International Financial MarketsHow Financial Markets Affect an MNC’s ValueChapter ThemeThis chapter identifies and discusses the various international financial markets used by MNCs. These markets facilitate day-to-day operations of MNCs, including foreign exchange transactions, investing in foreign markets, and borrowing in foreign markets.Topics to Stimulate Class Discussion1. Why do international financial markets exist?2. How do banks serve international financial markets?3. Which international financial markets are most important to a firm that consistently needsshort-term funds? What about a firm that needs long-term funds?Critical debateShould firms that go public engage in international offerings?Proposition Yes. When a firm issues shares to the public for the first time in an initial public offering (IPO), it is naturally concerned about whether it can place all of its shares at a reasonable price. It will be able to issue its shares at a higher price by attracting more investors. It will increase its demand by spreading the shares across countries. The higher the price at which it can issue shares, the lower is its cost of using equity capital. It can also establish a global name by spreading shares across countries.Opposing view No. If a firm spreads its shares across different countries at the time of the IPO, there will be less publicly traded shares in the home country. Thus, it will not have as much liquidity in the secondary market. Investors desire shares that they can easily sell in the secondary market, which means that they require that the shares have liquidity. To the extent that a firm reduces its liquidity in the home country by spreading its share across countries, it may not attract sufficient home demand for the shares. Thus, its efforts to create global name recognition may reduce its name recognition in the home country.With whom do you agree? State your reasons. Use InfoTrac or some other search engine to learn more about this issue. Which argument do you support? Offer your own opinion on this issue.ANSWER: The key is that students recognize the tradeoff involved. A firm that engages in a relatively small IPO will have limited liquidity even when all of the stock is issued in the home country. Thus, it should not consider issuing stock internationally. However, firms with larger stock offerings may be in a position to issue a portion of their shares outside the home country. They should not spread the stocks across several countries, but perhaps should target one or two countries where they conduct substantial business. They want to ensure sufficient liquidity in each of the foreign countries where they sell shares.Stock Markets are inefficientPropositionI cannot believe that if the value of the euro in terms of, say, the British pound increases three days in a row, on the fourth day there is still a 50:50 chance that it will go up or down in value. I think that most investors will see a trend and will buy, therefore the price is morelikely to go up. Also, if the forward market predicts a rise in value, on average, surely it is going to rise in value. In other words, currency prices are predictable. And finally, if it were so unpredictable and therefore unprofitable to the speculator, how is it that there is such a vast sum of money being traded every day for speculative purposes – there is no smoke without fire.The simple answer is that if that is what you believe, buy currencies that have viewOpposingincreased three days in a row and on average you should make a profit, buy currencies where the forward market shows an increase in value. The fact is that there are a lot of investors with just your sort of views. The market traders know all about such beliefs and will price the currency so that such easy profit (their loss) cannot be made. Look at past currency rates for yourself, check all fourth day changes after three days of rises, any difference is going to be not enough to cover transaction costs or trading expenses and the slight inaccuracy in your figures which are likely to be closing day mid point of the bid/ask spread. No, all currency movements are related to information and no-one knows if tomorrows news will be better or worse than expected.With whom do you agree? Could there be undiscovered patterns? Could some movements not be related to information? Could some private news be leaking out?ANSWER: Clearly there are no obvious patterns. Discussion on the impossibility of obvious patterns is worth emphasizing. However, does market inefficiency necessarily involve patterns, could market manipulation be occasional. There is worrying evidence from share price movements that there is unusual movement before announcements on many occasions, so the ideathat traders do not occasionally collude and move the price without supporting economic evidence is not an unreasonable view. Proof is however difficult as we have to separate anticipation from prior knowledge, the lucky speculator from the speculator who was in the know.Answers to End of Chapter Questions1. Motives for Investing in Foreign Money Markets. Explain why an MNC may invest fundsin a financial market outside its own country.ANSWER: The MNC may be able to earn a higher interest rate on funds invested in a financial market outside of its own country. In addition, the exchange rate of the currency involved may be expected to appreciate.2. Motives for Providing Credit in Foreign Markets. Explain why some financial institutionsprefer to provide credit in financial markets outside their own country.ANSWER: Financial institutions may believe that they can earn a higher return by providing credit in foreign financial markets if interest rate levels are higher and if the economic conditions are strong so that the risk of default on credit provided is low. The institutions may also want to diversity their credit so that they are not too exposed to the economic conditions in any single country.3. Exchange Rate Effects on Investing. Explain how the appreciation of the Australian dollaragainst the euro would affect the return to a French firm that invested in an Australian money market security.ANSWER: If the Australian dollar appreciates over the investment period, this implies that the French firm purchased the Australian dollars to make its investment at a lower exchange rate than the rate at which it will convert A$ to euros when the investment period is over.Thus, it benefits from the appreciation. Its return will be higher as a result of this appreciation.4. Exchange Rate Effects on Borrowing. Explain how the appreciation of the Japanese yenagainst the UK pound would affect the return to a UK firm that borrowed Japanese yen and used the proceeds for a UK project.ANSWER: If the Japanese yen appreciates over the borrowing period, this implies that the UK firm converted yen to pounds at a lower exchange rate than the rate at which it paid for yen at the time it would repay the loan. Thus, it is adversely affected by the appreciation. Its cost of borrowing will be higher as a result of this appreciation.5. Bank Services. List some of the important characteristics of bank foreign exchange servicesthat MNCs should consider.ANSWER: The important characteristics are (1) competitiveness of the quote, (2) the firm’s relationship with the bank, (3) speed of execution, (4) advice about current market conditions, and (5) forecasting advice.6. Bid/ask Spread. Delay Bank’s bid price for US dollars is £0.53 and its ask price is £0.55.What is the bid/ask percentage spread?ANSWER: (£0.55– £0.53)/£0.55 = .036 or 3.6%7. Bid/ask Spread. Compute the bid/ask percentage spread for Mexican peso in which the askrate is 20.6 New peso to the dollar and the bid rate is 21.5 New peso to the dollar.ANSWER: direct rates are 1/20.6 = $0.485:1 peso as the ask rate and 1/21.5 = $0.465:1 peso as the bid rate so the spread is[($0.485 – $0.465)/$0.485] = .041, or 4.1%. Note that the spread is fro the Mexiccan peso not the dollar.8. Forward Contract. The Wolfpack ltd is a UK exporter that invoices its exports to the UnitedStates in dollars. If it expects that the dollar will appreciate against the pound in the future, should it hedge its exports with a forward contract? Explain..ANSWER: The forward contract can hedge future receivables or payables in foreign currencies to insulate the firm against exchange rate risk. Yet, in this case, the Wolfpack Corporation should not hedge because it would benefit from appreciation of the dollar when it converts the dollars to pounds.9. Euro. Explain the foreign exchange situation for countries that use the euro when theyengage in international trade among themselves.ANSWER: There is no foreign exchange. Euros are used as the medium of exchange.10. Indirect Exchange Rate. If the direct exchange rate of the euro is worth £0.685, what is theindirect rate of the euro? That is, what is the value of a pound in euros?ANSWER: 1/0.685 = 1.46 euros.11. Cross Exchange Rate. Assume Poland’s currency (the zloty) is worth £0.17 and theJapanese yen is worth £0.005. What is the cross (implied) rate of the zloty with respect to yen?ANSWER: £0.17/£0.005 = 34 zloty:1 yen12. Syndicated Loans. Explain how syndicated loans are used in international markets.ANSWER: A large MNC may want to obtain a large loan that no single bank wants to accommodate by itself. Thus, a bank may create a syndicate whereby several other banks also participate in the loan.13. Loan Rates. Explain the process used by banks in the Eurocredit market to determine the rateto charge on loans.ANSWER: Banks set the loan rate based on the prevailing LIBOR, and allow the loan rate to float (change every 6 months) in accordance with changes in LIBOR.14. International Markets. What is the function of the international money market? Brieflydescribe the reasons for the development and growth of the European money market. Explain how the international money, credit, and bond markets differ from one another.ANSWER: The function of the international money market is to efficiently facilitate the flow of international funds from firms or governments with excess funds to those in need of funds.Growth of the European money market was largely due to (1) regulations in the U.S. that limited foreign lending by U.S. banks; and (2) regulated ceilings placed on interest rates of dollar deposits in the U.S. that encouraged deposits to be placed in the Eurocurrency market where ceilings were nonexistent.The international money market focuses on short-term deposits and loans, while the international credit market is used to tap medium-term loans, and the international bond market is used to obtain long-term funds (by issuing long-term bonds).15. Evolution of Floating Rates. Briefly describe the historical developments that led to floatingexchange rates as of 1973.ANSWER: Country governments had difficulty in maintaining fixed exchange rates. In 1971, the bands were widened. Yet, the difficulty of controlling exchange rates even within these wider bands continued. As of 1973, the bands were eliminated so that rates could respond to market forces without limits (although governments still did intervene periodically).16. International Diversification. Explain how the Asian crisis would have affected the returnsto a UK. firm investing in the Asian stock markets as a means of international diversification.[See the chapter appendix.]ANSWER: The returns to the UK firm would have been reduced substantially as a result of the Asian crisis because of both declines in the Asian stock markets and because of currency depreciation. For example, the Indonesian stock market declined by about 27% from June 1997 to June 1998. Furthermore, the Indonesian rupiah declined against the U.S. dollar by 84%.17.Eurocredit Loans.a.With regard to Eurocredit loans, who are the borrowers?b. Why would a bank desire to participate in syndicated Eurocredit loans?c. What is LIBOR and how is it used in the Eurocredit market?ANSWER:a. Large corporations and some government agencies commonly request Eurocredit loans.b. With a Eurocredit loan, no single bank would be totally exposed to the risk that theborrower may fail to repay the loan. The risk is spread among all lending banks within the syndicate.c. LIBOR (London interbank offer rate) is the rate of interest at which banks in Europe lendto each other. It is used as a base from which loan rates on other loans are determined in the Eurocredit market.18. Foreign Exchange. You just came back from Canada, where the Canadian dollar was worth£0.43. You still have C$200 from your trip and could exchange them for pounds at the airport, but the airport foreign exchange desk will only buy them for £0.40. Next week, you will be going to Mexico and will need pesos. The airport foreign exchange desk will sell you pesos for £0.055 per peso. You met a tourist at the airport who is from Mexico and is on his way to Canada. He is willing to buy your C$200 for 1500 New Pesos. Should you accept the offer or cash the Canadian dollars in at the airport? Explain.ANSWER: Exchange with the tourist. If you exchange the C$ for pesos at the foreign exchange desk, the C$200 is multiplied by £0.40 and then divided by £0.055 ie a ratio of £0.40/0.055 = 7.27 pesos to the C$. The total pesos would be 200 x 7.27 = 1454 pesos, a little less than is being offered by the tourist.19. Foreign Stock Markets. Explain why firms may issue stock in foreign markets. Why mightMNCs issue more stock in Europe since the conversion to a single currency in 1999?ANSWER: Firms may issue stock in foreign markets when they are concerned that their home market may be unable to absorb the entire issue. In addition, these firms may have foreign currency inflows in the foreign country that can be used to pay dividends on foreign-issued stock. They may also desire to enhance their global image. Since the euro can be used in several countries, firms may need a large amount of euros if they are expanding across Europe.20. Stock Market Integration. Bullet plc a UK firm, is planning to issue new shares on theLondon Stock Exchange this month. The only decision still to be made is the specific day on which the shares will be issued. Why do you think Bullet monitors results of the Tokyo stock market every morning?ANSWER: The UK stock market prices sometimes follow Japanese market prices. Thus, the firm would possibly be able to issue its stock at a higher price in the UK if it can use the Japanese market as an indicator of what will happen in the UK market. However, this indicator will not always be accurate.Advanced Questions21. Effects of September 11. Why do you think the terrorist attack on the U.S. was expected tocause a decline in U.S. interest rates? Given the expectations for a potential decline in U.S.interest rates and stock prices, how were capital flows between the U.S. and other countries likely affected?ANSWER: The attack was expected to cause a weaker economy, which would result in lower U.S. interest rates. Given the lower interest rates, and the weak stock prices, the amount of funds invested by foreign investors in U.S. securities would be reduced.22. International Financial Markets. Carrefour the French Supermarket chain has established retail outlets worldwide. These outlets are massive and contain products purchased locally as well as imports. As Carrefour generates earnings beyond what it needs abroad, it may remit those earnings back to France. Carrefour is likely to build additional outlets especially in China.a. Explain how the Carrefour outlets in China would use the spot market in foreign exchange.ANSWER:The Carrefour stores in China need other currencies to buy products from other countries, and must convert the Chinese currency (yuan) into the other currencies in the spot market to purchase these products. They also could use the spot market to convert excess earnings denominated in yuan into euros, which would be remitted to the French parent.b. Explain how Carrefour might utilize the international money markets when it isestablishing other Carrefour stores in Asia.ANSWER: Carrefour may need to maintain some deposits in the Eurocurrency market that can be used (when needed) to support the growth of Carrefour stores in various foreign markets. When some Carrefour stores in foreign markets need funds, they borrow from banks in the Eurocurrency market. Thus, the Eurocurrency market serves as a deposit or lending source for Carrefour and other MNCs on a short-term basis. (Eurocurrency refers to international currencies, most likely the dollar, not just the euro!)c. Explain how Carrefour could use the international bond market to finance theestablishment of new outlets in foreign markets.ANSWER: Carrefour could issue bonds in the Eurobond market to generate funds needed to establish new outlets. The bonds may be denominated in the currency that is needed; then, once the stores are established, some of the cash flows generated by those stores could be used to pay interest on the bonds.23.Interest Rates. Why do interest rates vary among countries? Why are interest rates normallysimilar for those European countries that use the euro as their currency? Offer a reason why the government interest rate of one country could be slightly higher than that of the government interest rate of another country, even though the euro is the currency used in both countries.ANSWER: Interest rates in each country are based on the supply of funds and demand for funds for a given currency. However, the supply and demand conditions for the euro are dictated by all participating countries in aggregate, and do not vary among participating countries. Yet, the government interest rate in one country that uses the euro could be slightly higher than others that use the euro if it is subject to default risk. The higher interest rate would reflect a risk premium.Blades plc Case Study。
商务英语阅读课后习题答案-chapter
Chapter 1二、短语翻译。
英翻汉Sluggish economy 萧条的经济Full employment 充分就业Trade deficit 贸易赤字in-depth analysis 深入的分析Industrialized countries 工业化free-trade agreement 自由贸易协定international specialization国际专业化product differentiation 产品差别trade surplus 贸易盈余determinative factor 决定性因素三、汉翻英经济双赢economic win-win 关税壁垒tariff barrier收入不平等wage inequality 劳动生产率labor productivity解雇工人lay off works 生产要素factor of production双边协议bilateral deal 回归分析regression analysis市场准入market access 世界经济复world economic recovery四. Translation1. The monitoring system will finally substitute the US Government’s cap on cigar imports from Cuba.2. The quarrel between Mexico and the US will be no avail and it may disrupt the lifting of the agricultural tariffs under the North American Free Trade Agreement.3. An economic cooperation business forum, which will discusshow to minimize the negative impact of global economic imbalance adjustment on China, will take place shortly before the ministerial conference.4. Few Americans attribute this to such obvious causes as a devalued dollar or business cycle.5. Recent research has shed light on the fact that there are heavy financial and political costs associated with the measures necessary to reduce the emission of greenhouse gases.6. There are rumors that the government struck a private deal with the corporation’s chairman last month.7. The opposition is exerting pressure on the US government to change the policy towards textile imports.8. Since the establishment of the bilateral free-trade agreement, the emerging economy has always been at the forefront of science and technology.9. In general, floating exchange rates are supposed to insulate countries from persistent differences in inflation with their trading partners.10. According to conservative estimates, by 2010, China’s import and export volume with North America and the EU would surpass $400 billion respectively, with ten ASEAN countries exceeding $200 billion.五、完形填空1.manufacturingpetitive3.deficit4.budget5.expanding6.recovery7.revival8.emerging9.innovation 10.propertyChapter2二、consumer-goods 消费品discount retailers折扣零售商brand equity 品牌资产价值advertising budget 广告预算real-time sales data 实时销售数据sales promotion促销profit margin 盈利scanner data扫描数据三、汉翻英价格溢价price premium 基线销售base-line sales减价price reductions 广告支出advertising spending营销组合marketing mix 销量溢价quantity premium产品数量（种类）product-line variety 美元分配allocation of dollars四. 翻译1. The government has allocated $ 0.1billion to the development and utilization of renewable energy in the rural areas.2. We should not develop the Western region at the expense of environment. Therefore the government has been following a sustainable development road attaching equal importance toeconomic development and environment protection.3. As a big responsible nation, China will strictly be abide by the WTO rules and honor its commitments.4. The rapid growth in China’s grain production can be ascribed to the fact that the Chinese government has implemented a series of reform policy and measures in the rural areas, such as raising the prices of grain purchased by the state.5. In the globalization era, not all countries play on the level playground. Some developing countries have to adhere to some marketing principles, or even accede to the requests of some governments.6. Over the past year, the global investment demand was on the wane; the major world currencies suffered swift turbulence and some emerging markets underwent severe financial crisis.7. Networks fundamentally alter the nature of competition and level the playing field, especially for smaller business regardless of the barriers like time and distance.8. Through micro credit projects, with the credit available on demand, farmers are able to pay back both the principle and interest in time.9. China’s vigorous economic development is indicative of the fact that China has become one of the countries that enjoy the highesteconomic growth speed in the world.10. With the reform of the wholly state-owned commercial banks, when some qualified commercial banks seek listing in the stock market, others certainly will follow suit.五、完形填空1.blame2.damaged3.short-term4.building5.profiability6.arm7.boosts8.orientation9.moreover 10.loweringChapter3二. Privileged minority 享有特权的少数人Gas station加油站Marketing research 市场调查Professional competence 专业技能A sales point 卖点Product design 产品设计Potential consumer潜在顾客Business disaster 商业灾难三、汉翻英日常生活daily life 广告活动advertising campaigns物理特征physical characteristic 视觉想象visual imagination国媒体national media 销售增长sales increase销售渠道distribution system产品到导向型的广告product-orientated advertising四. 翻译1. Experts have attributed the main cause of the company’s poor performance to its poor HR functions, especially the appointmentof the senior management.2. British Airways intends to create a more flexible and modern corporate culture through the relocation3. Rumors about redundancy make the company at its worst in terms of morale ever since its foundation.4. After financial scandals, many companies can only resort to charity activities to improve their corporate image.5. Politicians should not engage in business affairs that might affect their political judgment.6. As a sleeping partner of the enterprise, he is entitled to share the profits, but is deprived of participating in its management.7. After watching this interview, she realizes how difficult it is to be a venture capitalist. For one thing, you need to have the money; for another, you need to have the insight to pick the right(promising) start-ups.8. T o enter a specific market, in addition to acquiring sufficient knowledge about our target customers, we also need to know about the local policies and abide by them.9. With the efforts of these university students, it was brought to light that this world-famous multinational had established some sweat factories in China.10. In a time when customers change constantly and rapidly intheir needs, only companies who are quick to respond can survive and succeed in the end.五、完形填空1.sincere2.privileged3.led4.constitutes5.intellectual6.resort7.instead8.reduce9.clients 10.divertChapter4三. Phrase Translation1. 人口流动2. 供应商网络3.标准零配件4. 特殊制造技术3.互补经济体 6.反日情绪7. 外方合作人, 外国附属公司8.上市企业并购mergers and acquisition海外扩overseas expansion全球化战略globalization strategy保护主义措施protectionist measures市场准入access to market知识产权intellectual property right贸易伙伴trading partners资本投入capital investment四. 翻译1. Vendors now offer systems that work only with their hardware, but they are trying to make their equipment integrate with other’s hardware.2. Agricultural exports, by contrast, respond immediately, growing at an annual rate of 17.7 percent in 1980 and 1981.3. This book takes a strategic view of business and develops the ability to take a multidisciplinary approach to managing a business and resolving problems and issues.4. Thanks to the recession and 9/11, Mayor Michael Bloomberg must contend with a whopping budget deficit projected to 60 billion.5. Dispose of batteries properly. Do not throw them into fire or expose to high temperature.6. In the future, in addition to syndicating our groups’ efforts, we will ally with foreign companies to leverage advantages and enhance global competitiveness.7. We are certain that in due course of time, the economic reforms will have brought about results and benefits that will go beyond China’s boundaries.8. One of the major banks has lowered its interest rate and the other bank is expected to follow suit.9. During these quarterly meetings, it’s the boss’s responsibility to respond to each manager’s plan.10. We will put in place a new order of the socialist market economy through completing the market system and rectifying and regulating the market behavior.五、完形填空1. ambivalent,2.integration3. hindered4. from5. by.6. shortage,7. options8. acquisitions9. strategy 10. allianceChapte r 5三、汉翻英上市公司对…随时留意, 小心提防会计师事务所国外子公司经济规划的持观望态度(财务)调帐报告业绩评定指标/方法Generally accepted accounting principles revenue recognitionIncome statement earnings per share Managing director credit-rating agenciesFinance chiefs/executives institutionalinvestors四. 翻译1. Escal ating costs have almost wiped out the company’s profits from last year.2. This area is studded with bars all vying for customer attention. But it’s not easy to pin down what exactly it is that pleases customers the most.3. The project team decided to adhere to its original plan despite the appalling weather.4. At the press conference, the PR manager reiterated that the company’s operation has returned to normal. However, many private shareholders remain skeptical about such claims.5. The new labor law, which took effect last year, is likely to raise the labor cost of a considered number of enterprises6. The less senior employees are reluctant to express their views or make any suggestions because they don’t think their ideas will really be put into practice.7. Local relief organizations have also embarked on fund-raising campaigns so as to provide more financial support for the earthquake victims.8. Up to 30 companies submitted their request for price rises, but most of them didn’t stand a chance of getting approval from theregulatory agency.9. The decision-makers seem to have already given up on the reform program though its initiators are still trying hard to elicit support from other stakeholders.10. The new model, which has just been released onto the market recently, is being touted as the most energy-efficient and environmentally-friendly product of its kind.五、完形填空1. toll2.leveraged3. grips4. shaping5.counterpart6. joint7.potential8. with9.light 10. transparent 11. responses 12. onChapter 8三、汉翻英公司未来愿景消减成本利用资源投资组合untapped niches 尚未被竞争者发现的市场机会convenience stores 便利店market segments 市场细分premium brand 高端品牌实施战略execute strategy竞争优势competitive advantage实证研究empirical studies核心品牌core brand分销系统distribution system控股公司 a holding company文化冲突culture clashes股东财富shareholders wealth四. 翻译1. The management believes that its existing manufacturing and marketing expertise can be leveraged with the new business.2. Jack Welch, General Electric chairman, was universally acclaimed as one of the most successful manager in the 20th century.3. The Japanese company is unanimous in its support of divestiture since the acquired business unit is destroying the corporate value.4. This study reveals several fault lines that companies frequently encounter as they execute their corporate strategy.5. Problems arose at the very outset when Anheuser Busch acquired Eagle Snacks.6. AT&T put up with losses in NCR almost from the start, butcontinued to subsidize it.7. Mattel expected to derive above-average profitability from the acquisition of The Learning Company.8. We must bear in mind that a corporate strategy must be constantly evaluated and divestiture decisions made before it is too late.9. AT&T realized that telecom equipment is not identical to computer technologies.10. We can’t view the fai lure of the acquisition strategy in isolation. It’s the result of a combination of several factors, rather than unidimensional.五、完形填空1.acquisitions .2.executing3.divestiture4.at5. on6.plunged7.that8.synergies9.core 10.premium。