2009年经济学人(3)
2009年专八改错真题
2009年专八改错真题(有若干空模棱两可，注意咯！)The previous section has shown how quickly a rhyme passesfrom one schoolchild to the next and illustrates the further difference (1) ______between school lore and nursery lore. In nursery lore a verse, learntin early childhood, is not usually passed on again when the little listener (2) _____has grown up, and has their own, or even grand children. (3)______The period between learning a nursery rhyme and transmittingit may be something from twenty to seventy years, with the playground (4)______lore, therefore, a rhyme may be excitedly passed on within the very hour (5)_____it is learnt; and, in the general, it passes between children of the (6)______same age, or nearly so, since it is uncommon for the difference in agebetween playmates to be more than five years. If, therefore, a playgroundrhyme can be shown to have been currently for a hundred years, or (7)_____even just for fifty, it follows that it has been transmitted overand over; very possibly it has passed along a chain of two or three (8)_____hundred young hearers and tellers, and the wonder is that it remains live (9)_____after so much handling, to let alone that it bears resemblance to the (10)______original wording.模拟1We live in a society which there is a lot of talk about science, but I would say _____1that there are not 5 percent of the people who are equipped with school, including college, to understand scientific reasoning. We are more ignorant of science as people _____2with comparable education in Western Europe.There are a lot of kids who know everything about computers—how to buildthem, how to take them apart, and how to write programs for games. So if you ask _____3them to explain about the principles of physics that have gone into creating the _____4 computer, you don’t have faintest idea. _____5The failure to understand science leads to such things like the neglect of human _____6creative power. It also takes rise to blurring of the distinction between science and _____7 technology. Lots of people don’t differ between the two. Science is the production of _____8new knowledge that can be applied or not, and technology is the application of knowledge to the production of some products, machinery or the like. The two are really different, and people who have the faculty for one very seldom have a faculty for the others. _____9Science in itself is harmless, more or less. But as soon as it can provide technology,it’s not necessarily harmful. No society has yet earned to forecast the consequences _____10of new technology, which can be enormous.模拟2About half of the infant and maternal deaths in developing countries could be avoided if women had used family planning methods to prevent high risk ____1pregnancies, according to a report publishing recently by the Johns Hopking University. ____2 The report indicates that 5.6 million infant deaths and 2,000,000 maternal Deaths could be prevented this year if women chose to have theirs children ____3within the safest years with adequate intervals among births and limited their ____4families to moderate size. This amounts to about half of the 9.8 million infant and 370.000 maternal deaths in developing countries, excluded China, estimated for this year by ____5the United Nation’s Children’s Fund and the US Centers for Disease Controlrespectably. China was excluded because very few births occur in the high risk categories. ____6 The report says that evidences from around the world shows the risk of ____7maternal or infant ill and death is the highest in four specific types of ____8pregnancy; pregnancies before the mother is 18 year old; those after the ____9mother is 35 years old; pregnancies after four births; and those lesser than two years apart.____10模拟3"Home, sweet home" is a phrase that expresses an essential attitudein the United States. Whether the reality of life in the familyhouse is sweet or no sweet. The cherished ideal of home has great S1.________ importance for many people.This ideal is a vital part of the American dream. This dream,dramatized in the history of nineteenth-century European settlers of theAmerican West, was to find a piece of place, build a house for one's S2.________ family, and started a farm. These small households were portraits of S3.________ independence: the entire family--mother, father, children, evengrandparents—live in a small house and working together to support S4.________ each other. Anyone understood the life and death importance of family S5.________ cooperation and hard work.Although most people in the United States no longer live onfarms, but the ideal of home ownership is just as strong in the twentieth S6.________ century as it was in the nineteenth.When U.S, soldiers came home before World War II, for S7.________ example, they dreamed of buying houses and starting families. But there S8.________ was a tremendous boom in home building. The new houses, typicallyin the suburbs, were often small and more or less identical, but it S9.________ satisfied a deep need. Many regarded the single-family house the basis of S10.________ their way of life.模拟4Ancient man attempted to change the weather by using magic.While experience taught him this was impossible, __1he tried to forecast weather conditions. Even earlier in __21000 B.C. there were weather seers in Babylon----and priestsclever enough to denounce as frauds those predicted __3the weather a year in the advance. Some forecasters used __4methods that seemed to take no connection with the actual __5factors controlled the weather. Chickens and other animals __6were sacrificed and their intestinespoked to find signs indicating rain and drought. Somewhat more scientific were __7predictions based on vegetation:"Onion's skin very thin ,mild weather coming in. Onion's skin thick and tough, coming weather is cold and rough." __8 Insects and animals were also favorite weather clues: "Before the glowworm lights his __9 lamp, then the air is always damp.""If spiders their cobwebs forsake, the weather will for certain break .""If frogs remained in pools , the weather will be fine . If they were seen on rocks, __10rain and cold were due." It's difficult to say whether this rhyme should be taken seriously : " Hark , I hear the asses bray. Me thinks we'll have some rain today ."模拟5It is difficult to think of a nation as an abstract collection of people living on a patch of territory. It is easier to think of as a person. This is why we sometimes call Great Britain __1 "Britannia" and the United States "Columbia",and think of it as stately women. We also use masculine symbols in our __2__personification of nations. In 1712 John Arbuthont, a Scot,wrote a political satire in that the characters were supposed __3__to be typical members of different nationalities.The Englishman was John Bull. This name, which was sufficient flattering to be __4__adopted generally, combined the most common English first namewith a last name indicated strength. John Bull is usually __5__pictured as a partly businessman with a Union Jack on his hatband.After the American War of Independence began in 1783, the United __6States was known for "Brother Jonathan". Jonathan was a biblical __7name associated with simple people from rural areas,and it seemed fitting since the United States is rural and unsophistcated, and since __8__ Americans considered their type of simplicity a virtue compared to __9__the wickedness of European cities. It is possible,however, that the name was originated with President George Washington, who would __10_ often say, when faced with a hard problem, "Let us consult Brother Jonathan", referring to his secrectary, Johnathan Trumbull.模拟6Middle age has its compensations. Youth is bound hand and foot with the shackles of public opinion. Middle age enjoys freedom.I remember that when i left the school i said to myself: __1 "Hence forward. I can get up when i like and go to bed when i like." That of course was an exaggeration, and i soon found that whenever you have an aim you must sacrifice something of freedom to achieve it. But by the time you have reached middle age you discovered how __2 much freedom it was worth to sacrifice in order to achieve any aim that __3you have on view. When i was a boy i was tortured by shyness, __4and middle age has to a great extent brought me a relief of this. I __5have now no such feeling and i save myself much discomfort. I always hated cold water, but for many years i bath in cold seas because __6i wanted to be like everybody. __7It was until quite late in life that i discovered how easy it was __8to say:"i don't know." i find with middle age no one expects me to walk twenty-five miles, or to play a scratch game of golf, or to dive from a height of thirty feet. This is all to the good and makes life pleasant, but i should no longer care if they do. That is what makes __9youth unhappy, the vehement anxiety to be like other people, and that is what makes middle age intolerable, the reconciliation with oneself.__10模拟7Whether the eyes are "the windows of the soul" is debatable; they are intensely important in interpersonal communication is a __1fact. During the first two months of a baby's life, the stimuli that __2produces a smile is a pair of eyes. The eyes need not to be real: a __3mask with two dots will produce a smile. Significantly, a real human face with eyes covered will not motivate a smile, or will the sight of __4only one eye when the face is presented on profile. This attraction to __5eyes opposed to the nose or mouth continues as the baby matures. __6In one study, when American four-year-old were asked to draw __7people, 75 percent of them drew people with mouths, and 99 percent __8of them drew people with eyes. In Japan, furthermore, where babies __9are carried on their mother's back, infants do not acquire as much attachment to eyes like they do in other cultures. As a result, __10Japanese adults make little use of the face either to encode or decode meaning.模拟8Humankind’s future safety and longevity of life on Earth largely depend on the environment which we live. Keeping the air we __1breathe free of pollution is a major priority towards making this earth a safe place. Other areas of concern are water, land, the ozone layer, and the preservation of flora and fauna of the planet. Every country has ecological issues to deal. In South America, __2the rain forests are rapidly disappearing as people burn and cut down trees to make for farmland. Many Middle-Eastern and Asian countries __3have a battle to fight with air, water, and land pollution. Lakes and swamps are spread with debris. __4Mass chemical spraying is used to kill pests on trees and plants. Abundant __5use of water in countries as China has caused major water shortage. __6Rivers become polluted by factories and the populations that live on their banks. Global warming is considered a major factor caused __7the droughts in eastern China, the Sudan, Ethiopia, and northern Kenya.The reduction of the ozone layer is blamed for the global warming trends in variant countries of this globe, and the spread of disease like skin __8cancer. Societies at large need to pay attention to the existing problems in order to get of the imminent danger of famine, drought and diseases __9that rise from the damage that pollution causes. __10模拟9 （比较难知识点比较细）You stare at a waterfall for a minute or two, then shift your gaze to its surrounding. What you now see appears to drift upward. You __1are board a train in a busy station when suddenly another train next __2to your starts moving forward. __3For a fraction of a second you feel that your train has lurched backward. These optical illusions occur because the brain is constantly matching its model of reality to signals from the body’s sensors and interpret what must be happening – that your train __4might have moved, not the other; that downward motion is now __5normal, so a change from it must be perceived as upward motion.The sensors that make this magic are two kinds. __6Each eye contains about 120 million rods, which provide somewhat blurry black and white vision. These are the windows of night vision; once adapted to the dark, they can detect a candle burnt __7ten miles away. Colorful vision in each eye comes from six to seven __8million structures called cones. Under ideal conditions, every cone can ―see‖ the entire rainbow spectrum of visible colors, but one type of cone is most sensitive to red, another to green, the third to __9blue. By monitoring how many wavelength of light affects the different cones, a connected ganglion cell can determine its ―color‖ and relay that data. Rods and cones send their messages pulsing on __10average 20 to 25 times per second along the optic nerve.模拟10DDT, the most powerful pesticide the world had ever known,exposed nature’s vulnerability. Unlike most pesticides, which effect- __1tiveness is limited to destroy one or two types of insects, DDT is __2capable of killing hundreds of different kinds at once. Developed in 1939, it first distinguished itself during the World War II, cleaning __3South Pacific islands of malaria-caused insects for U.S. troops, while __4in Europe being used as an effective delousing power. Its inventor was awarded by the Nobel Prize. __5When DDT became available for civilian use in 1945, there were only a few people who expressed the second thoughts about this __6new miracle compound. One was nature writer Edwin Way Teale,who warned, ―A spray as discriminate as DDT can upset the economy __7of nature as much as a revolution upsets social economy. Ninety percent of all insects are good, but if they are killed, things __8go out of kilter right away.‖ Another was Rachel Carson, who wrote to the Reader’s Digest to propose an article about series of __9tests on DDT being conducted not far from which she lived in Maryland. __10模拟11Transport can be a major expense for many companies,especially when cars have to be provided for both managerial and sale staff. __1As a result, it's important to keep a close eye at the many costs __2associated with company cars and how these different costs compare.The moment a new car is driven away from the showroom,its value will drop as much as 12 percent. This is what is __3 known as depreciation and is the largest single cost to thebuyer of a new vehicle. Depreciation is the highest in the __4first two years of a vehicle's life: at the end of that period a carcould be worth just the third of its brand new price. __5Although the rate of depreciation decreases as time goes by, it remains a major cost factor, as around 85 percent of company vehicles are brought brandly new. __6However, it is important to know that some carsdepreciate much more than others——regardless of price. This is often __7to do with rarity and prestige value. The more common the car,the more quickly, in general, it loses value. Exported __8models, which are restricted in number, can hold their valuebetter than those are produced domestically and widely available. __9In the same way, depreciation on a new model of a particular make may be low for the first few years after their launch. __10This happened when diesel cars were first introduced. They depreciated more slowly when they were rarely seen; now that they are relatively common, this is no longer true.模拟12The growth of the world’s population and its pressure to resources __1threaten to change the quality of life as we know it. It takes __2100,000 years of human existence for the world to reach its 1997 population of 5.85 billion people. The increase of 80 million people in 1996 alone is the equivalent of a new U.S population every 3.4years or new Canadian population every 138 days. The UN population Fund predicts that by the year 2050, the world population have __3exploded to 10 billion people. This would double in less than a century the already bulging population who existed when it reached __45 billion in 1987. The chemicals we spew into the air also cause disease.For example, they attack the Earth’s ozone layer, which helps shield the Earth away the Sun’s deadly ultraviolet rays. It is well established __5that the ozone layer has thinned considerably during recent decades.Concomitantly, the rate of new cases of the dead skin cancer, __6melanoma, has grown dramatically from 1,168 of each 100,000 __7Americans to 3,650. This 213 percent increase means that 40,300 Americans diagnosed with melanoma in 1997 and 3,650 died of the __8disease. There are some scientists who believe that pollution is even threatening the ability of humans to produce. Chemicals which are __9used to make pesticides, plastic, and other products are finding their ways into the human food chain through fish and even through __10breast milk.模拟13Something has been happening to the concept of "fiction",either in critical discourse and elsewhere. For a long time, __1this concept operated under common understood restrictions. __2It was used to refer to a certain genre of literature; a certain __3aspect of literature in general——the element of plot, action,or fable, including such constituents like character, setting, __4scene, and so on; and to any narrative or story contained __5a large element of invention. But recently, the concept of "fiction" has undergone an extension. Though still used to __6refer to the action or plot of literary work, it has come to __7be appllied to something more: to the ideas, themes, and beliefs that are being embodied in the action or plot. It is __8not only the events in literature that are regarded as fictive but the "message" or "world view" conveyed in the presentation of the events as well. And this is not the end of the matter.Gone a step further, critics now sometimes suggest, by a kind __9of tautology, that literary meanings are fictions although all __10meanings are fictions, this critical view asserts that "life" and "reality" are themselves fictions.模拟14Elizabeth Blackwell was born in England in 1821, and emigrated from London to New York City when she was ten year's old. One day, she decided that she wanted __1to be a doctor. That was nearly impossible for a woman in the middle of the nineteenth century. Before writing __2many letters seeking an admission to medical school, she __3was finally accepted by a doctor in Philadelphia. Therefore __4determined she was that she taught in school and gave __5music lessons to earn money for her tuition.In 1849,until graduating from medical school, she decided __6to farther her education in Paris. She wanted to be a surgeon, __7but a serious eye infection forced her to abandon the idea.Upon returning to the US, she found difficult to start her __8own practice because she was a woman. By 1857 Elizabeth and her sister, also a doctor, managed to open a new hospital,the first for woman and children. Besides being the first __9female physician and found her own hospital, she also __10established the first medical school for women.模拟15In department stores and closets all over the world, they are waiting. Their outward appearance seems rather appealing becausethey come in a variety of styles, textures, and colors.And they are ultimately the biggest deception that exists in the __2fashionable industry today. What are they? They are high heels __3--woman’s worst enemy ( whether she knows it or not). High heel __4shoes are the downfall of modern society. Fashion myths have led women to believe that they aremore beautiful or sophisticating __5for wearing heels, but in reality, heels succeed on posing short as __6as well as long term hardships. Women should fight the high heel industry by refusing to use or purchase them in order to save the world of unnecessary physical and psychological suffering. __7 For the sake of fairness, it must be noted that there is a positive side to high heels. First, heels are excellent for aerating lawns.Anyone who has ever worn heels on grass know what I am talking __8about. A simple trip around the yard on a pair of those babies __9eliminates all needs to call for a lawn care specialist, and provides __10the perfect-sized holes to give any lawn oxygen without all those messy chunks of dirt lying around.模拟16 (超级变态)The violence within a society is controlled through institutions of law. The most developed a legal system becomes, the more __1societies takes responsibility for the discovery, control, and punishment __2of violent acts. In most tribal societies the only means to dealing with __3an act of violence is revenge. Each family group may have the responsibility for personal carrying out judgment and punishment __4upon the person who did the offense. __5But in legal systems, the responsibility for revenge becomes personalized and diffused. The society assumes the responsibility for __6protecting individuals from violence. In cases where he cannot be __7protected, the society is responsible for committing punishment. __8In a state controlling legal system, individuals are removed __9from the circle of revenge motivated by acts of violence, and the __10state assumes responsibility for their protection.模拟17The Seattle Times Company is one newspaper firm that has recognized the need for change and done something about it. In the newspaper industry, papers must reflect the diversity of the communities for which they provide information. It must __1reflect that diversity with their news coverage or risk losing their readers’ interest and thei r advertisers’ support. Operating within Seattle, which has 20 percents racial minorities, the __2 paper has put into place polices and procedures for hiring and maintain a diverse workforce. The underlying reason for __3the change is that for information to be fair, appropriate, and subjective, it should be reported by the same kind of population __4that reads it.A diversity committee composed of reporters, editors, and photographers meets regularly to evaluate The Seattle Times’ __5content and to educate the rest of the newsroom staff about diversity issues. In an addition, the paper instituted a content __6audit that evaluates the frequency and manner of representation of woman and people of color inphotographs. Early audits __7showed that minorities were pictured far too infrequently and were pictured with a disproportionate number of negative articles.The audit results from improvement in the frequency of __8majority representation and their portrayal in neutral or positive __9situations. And, with a result, The Seattle Times has improved __10as a newspaper. The diversity training and content audits helped. The Seattle Times Company to win the Personal Journal Optima's Award for excellence in managing change.模拟18A history of long and effortless success can be a dreadful handicap, but, if properly handling, it may become a driving force. When __1the United States entered just such a glowing period after the end of the Second World War, it had a market eight times larger than any other competitor, given its industries unparalleled economies of scale. Its __2scientists were the world’s best, its workers the most skilled. America and Americans were prosperous beyond the dreams of the Europeans and Asians whose economies that the war had destroyed. __3It was inevitable that this primacy should have narrowed as other countries grew richer. Just as inevitably, the retreat from predominance proved painful. By the mid-1980s Americans found __4 themselves at a loss over their fading industrial competition. Some __5huge American industries, such as consumer electronic, had shrunk __6or vanished in the face of foreign competition. Foreign-made cars and textiles were sweeping into the domestic market and America’s machine-tool industry was on the rope. For a while it looked as __7though the making of semiconductors, which America had invented and sat at the __8heart of the new computer age, was going to be the next casualty.All of this caused a crisis of confidence. Americans stopped talking prosperity for grant. They began to believe that their way of doing __9business was failing, and that their incomes would therefore shortly begin to fall as well. The mid-1980 brought one inquiry after __10another into the causes of America’s industrial decline. Their sometimes sensational findings were filled with warnings about growing competition from overseas模拟19What is corporate culture? At its most basic, it’s described like __1the personality of an organization, or simp ly as ―how things are done around here.‖ It guides what employees think, act, and feel. __2Corporate culture is a wide term used to define the unique personality __3or character of a particular company or organization, and include __4such elements as core values and beliefs, corporate ethics, and rules of behavior. Corporate culture can be expressed in the company’s mission statement and other communications, in the architectural style or interior decoration, by what people wear to work, by how people address to each other, and in the titles given to various __5employees. How do you uncover the corporate culture of a potential employer? The truth is that you will never really know the corporate culture after you have worked at the company for a number of months, __6but you can get close to it through research and observation. Understanding culture is a two-step process, starting with the research before __7the interview and ending with observation at the interview. The bottom line is that you are going to spend a lot of time on the work environment- __8and to be happy, successful, and productive, you will want to be in a place where you fit for the culture, a place where you can have __9voice, be respected, and have opportunities for growth. __10模拟20 (注意几个词的用法！)There are three main groups of oils: animal, vegetable and mineral.Great numbers of animal oil come from whales, those enormous __1creatures of the sea which are the largest remaining animals in the world. To protect the whale from the cold of the Arctic seas, nature has provided it with a thick cover of fat called blubber. When the __2whale is killed, the blubber is stripped off and boiled down, either board the ship or on shore. It produces a great quantity of oil which __3can be made into food for human consumption. A few other creatures yield oil, and none so much as the whale. The livers of the cod and __4the halibut, two kinds of fish, yield nourishing oil. Both cod liver oil and halibut liver oil are given to sick children and other invalids who need certain vitamins. These oils may be bought at any chemist. Vegetable oil has been known from antiquity. __5No household can not get on without it, for it is used in cooking. To __6the ordinary man, one kind of oil may be as important as another.But when the politician or the engineer refers to oil, one almost always __7means mineral oil, the oil that drives tanks, aeroplanes and warships,motor-cars and diesel locomotives; the oil that is used to lubricate all kinds of machineries. This is the oil that has changed the life __8of the common men. To it we owe the existence of the motor-car, __9which has replaced the private horse-drawing carriage. __10模拟21Not too many decades ago it seemed ―obvious‖ both to the general public and to sociologists that modern society has changed people’s natural relations, loosed their responsibilities __1to kins (亲戚) and neighbors, and substituted in their place __2for superficial relationships with passing acquaintances. __3However, in recent years a growing body of research has revealed that the ―obvious‖ is not true. It seems that if you are a city resident, you typically know a smaller proportion of your neighbors than you if you are a resident of a smaller community. __4But, for the most part, this fact has a few significant consequences. __5It does not necessarily follow that if you know few of your neighbors you will know no one else. Even in very large cities, people maintain close social ties within small, private social worlds.。
2009年社科院博士入学考试题目之经济学原理
一、名词解释（30字以上）1、需求价格弹性2、边际收益递减3、广义货币M24、布雷顿森林体系5、绝对剩余价值二、简答（500字以上）1、垄断竞争市场的性质和特征2、马克思主义经济危机理论三、论述（二选一，1000字以上）1、通货紧缩的产生与治理2、提高居民在国民收入分配比重，缩小收入差距的意义（政府报告中的话）一、名词解释（5*6）1、吉芬商品2、国际收支3、虚拟资产4、庇古效应5、剩余价值率二、简答（15*2）1、试用平均总成本、平均可变成本、边际成本曲线说明厂商的收支平衡点和停止营业点；2、试用持久性收入理论说明个人收入和消费支出的关系。
三、论述题（40 二选一）1、对财政政策和货币政策的四种政策组合和运用环境进行评述。
2、对凯恩斯的“三大心理假说”和“有效需求不足”的机制进行评述。
一、名词解释（5*6）1、折旧2、寡头垄断3、流动性陷阱4、消费者剩余5、资本项目二、简答（15*2）1、剩余价值生产既不发生在流通领域，又不能离开流通领域；2、巴罗—李嘉图等价命题的基本要点。
三、论述题（40）1、论述消费与投资的关系以及在当前我国的表现形态及评价。
一、名词解释（4*5）1、无差异曲线2、流动性陷阱3、菲利普斯曲线4、资本有机构成二、简答（15*2）1、加速原理及其要点；2、外延式粗放型经济增长和内涵式集约式经济增长的异同点。
三、论述题（2*25）1、垄断资本主义特点“恰恰不是工业资本的统治，而是金融资本的统治”。
2、科学发展观的基本内涵及其实践意义。
经济学人中英文
考研英语外刊《经济学家》读译参考之五十六：新意－中国日益关注创新Something new新意(陈继龙编译)Aug 3rd 2006 | BEIJINGFrom The Economist print editionAFTER years of prospering as the world's workshop, China now wants to be its laboratory as well. “Innovation”has become a national buzzword[1], and Chinese leaders have been tossing it into their speeches since the beginning of the year, when President Hu Jintao started an ambitious campaign to drive China's economy further up the value chain. (1)True, new campaigns and catchphrases[2] are declared by the government and the Communist Party in China all the time, and mostly end up fizzling out[3] in puddles[4] of rhetoric. But there are signs that the government i_______①to back its innovation campaign with more than just words.中国作为“世界工场”，多年来发展蒸蒸日上，但现在它也希望成为“世界实验室”。
“创新”已经成为举国上下一个时髦词儿。
今年年初，胡锦涛主席启动了一项雄心勃勃的规划，旨在推动中国经济进一步与价值链接轨。
经济学人信息部3月30日发布：纵观中国的海外并购
© Economist Intelligence Unit 2010
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勇闖新天地 縱觀中國的海外併購
編者按
諸
多迹象顯示中國經濟實力呈持續增長態勢，其中一個現象就是尋求在海外收購資產的 中國公司數量急劇增長。2009年，當發達經濟體仍然在全球金融危機的泥沼中舉步維
艱時，中國公司進行跨國收購的數量卻創下了新的歷史記錄，總數約298宗。許多中國投資都 深受資金短缺的西方企業歡迎，因為如果沒有中國的投資，它們將面臨嚴峻的生存危機。然 而，中國的大肆收購卻引發了諸多憂慮，尤其當有中國國有企業參與海外競購時，這種擔憂 便愈發強烈。與此前的西方同行一樣，中國企業逐漸意識到要順利完成併購絕非易事，進行 跨國併購尤為如此。 在《勇闖新天地：縱觀中國的海外併購》（A brave new world: The climate for Chinese M&A abroad）報告中，我們試圖瞭解這些計劃進行海外資產收購的中國企業的擔憂與期望，並試圖 為這些企業提供一個視角，讓它們能夠瞭解潛在併購對象和國外監管機構所存在的關切。 以下是我們調查研究得出的一些重要結論：
• 調整思路，下調收購股權。過去中國競購企業總是尋求對其收購對象的完全控股，或至少
在管理上對其實施掌控。我們對2004年至2009年的5,000萬美元以上的交易進行分析，其中 半數交易涉及收購對象50%-100%的股權，另外13%的交易涉及收購對象25%-50%的股權（中 方企業雖為少數股東，但仍占相當股份）。但是諸多迹象表明，中國競購企業已經意識到由 於種種原因，這種收購思路也許並非最佳，特別是因為它可能引起外國公眾和監管機構的警 惕。在表示確定進行或很有可能進行海外投資的受訪者中，47%的受訪者表示他們傾向於成立 合資企業（占29%）或企業聯盟（占18%），只有27%的人表示他們會採取收購的方式。
2009年北京师范大学987经济学原理考研真题
北京师范大学987经济学原理2009年硕士研究生入学考试试题院（系、所）：管理学院科目代码：987 科目名称：经济学原理一、名词解释（40分，每小题8分）1、经济危机2、公共地悲剧3、Paul Krugman4、法定准备率5、无谓损失二、简答题（50分，每小题10分）6、税收的代价是什么？7、汇率对经济的影响有哪些？8、市场势力的低效率表现在哪些方面？9、“看不见的手”是如何调节经济运行的？10、失业的危害性表现在哪些方面？三、论述题（60分，每小题30分）11、我国应对经济危机，保证经济稳定增长采取的货币政策和财政政策分析。
12、试论公平和效率的权衡取舍。
北京师范大学2009年硕士研究生入学考试经济学真题及答案详解一、名词解释（共40分，每小题8分）：1. 经济危机2．公共地悲剧：有限的资源注定因自由进用和不受限的要求而被过度剥削。
这样的情况之所以会发生源自于每一个个体都企求扩大自身可使用的资源，然而资源耗损的代价却转嫁所有可使用资源的人们。
3．Paul Krugman4．法定准备金率：中央银行对商业银行吸收的存款规定一个最低限度的不得用于放贷的准备金为法定准备金（Required Reserve Ratio），法定准备金占银行全部存款的比率。
5．无谓损失：又为社会净损失（deadweight loss），是指由于市场未处于最优运行状态而引起的社会成本, 也就是当偏离竞争均衡时, 所损失的消费者剩余和生产者剩余，由于垄断、关税、配额、税收或其他扭曲等因素引起的生产者和消费者都得不到的那部分，使资源得不到最佳限度的分配。
二．简答题（50分，每小题10分）6．税收的代价是什么？答：税收的代价主要体现为税收负担，特别是税负的额外负担，对经济的损害最大。
税收额外负担，亦称“税收成本负担”或“税收拖累”，是指课说除了给纳税人带来正常的经济负担之外，对资源配置和经济运行产生的不良影响。
即：税收造成了价格的扭曲，使生产者得到的价格低于消费者支付的价格，这样，价格便不能真实反映边际成本和边际效用。
2009年武汉大学818经济学基本理论考研真题及详解
跨考网独家整理最全经济学考研真题资料库，您可以在这里查阅历年经济学考研真题，经济学考研资料，经济学参考书等内容，更有跨考考研历年辅导的经济学学哥学姐的经济学考研经验，从前辈中获得的经验对初学者来说是宝贵的财富，这或许能帮你少走弯路，躲开一些陷阱。
?以下内容为跨考网独家整理，如您还需更多考研资料，可选择经济学一对一在线咨询进行解答。
2009年武汉大学818经济学基本理论考研真题及详解1西方经济学部分1．（10分）要建设两型社会，减少污染物排放，有哪些政策措施可以采用？哪一个政策更合适一些？为什么？答：污染物排放属于负的外部性问题。
负的外部性表现为，某个人（生产者和消费者）的一项经济活动给其他社会成员带来危害，而自己却并不为此支付足够补偿这种危害的成本。
此时，这个人为其活动所付出的私人成本小于该活动所造成的社会成本。
（1）建设两型社会，减少污染物排放的措施主要有：①命令与控制政策：管制政府可以通过规定或禁止某些行为来解决外部性。
环境管制可以采取多种形式。
包括规定工厂可以排放的最高污染水平，或要求企业采用某项减少排污量的技术。
②以市场为基础的政策1：矫正性税收与补贴政府可以通过对有负外部性的活动征税以及对有正外部性的活动提供补贴来使外部性内在化。
用于纠正负外部性影响的税收被称为矫正税。
一种理想的矫正税应该等于有负外部性的活动引起的外部成本，而理想的矫正补贴应该等于有正外部性的活动引起的外部利益。
③以市场为基础的政策2：可交易的污染许可证从经济效率的观点看，允许污染许可证交易是一种好政策。
这一交易必然会使污染排放工厂的状况都变好，因为他们是自愿达成交易的。
而且，这种交易没有任何外部影响，因为污染总量仍然是相同的。
如果政府允许进行污染许可证交易，实际上就创造了一种新的稀缺资源：污染许可证。
交易这种许可证的市场将最终形成，这种市场将为供求力量所支配。
看不见的手将保证这种新市场有效地配置排污权。
（2）采用基于市场为基础的政策会比直接管制的政策更适合，其原因在于：①无论在哪种情况下，为了制定出良好的规则，政府管制者都需要了解有关某些特定行业以及这些行业可以采用的各种技术的详细信息，但政府管制者要得到这些信息往往是困难的。
第3讲 汇率与汇率制度
购买力平价理论，简称PPP理论，该理论的奠基人和代表人物被公认
为瑞典的经济学家古斯塔夫· 卡塞尔(Gustav Cassel)。卡塞尔在1922 年出版的《1914年以后的货币和外汇》一书中，以较成熟的形式提 出了汇率如何决定的购买力平价论。
购买力平价：一种认为任何一单位通货应该能在所有国家买到等量物
配置计划，也是该组织迄今为止推出的规模最大的特别 提款权配置计划，旨在通过补充IMF186个成员国的外汇 储备，向全球金融系统注入流动性。
二、汇率及汇率标价法
1. 汇率（Exchange Rate）
又称“汇价”、“外汇牌价”、“外汇行市”，是指一个 国家的货币折算成另一个国家货币的比率，即以一种货币 所表示的另一种货币的相对价格/两种货币之间的兑换比例。
如：USD1 = RMB6.5352
GBP1 = USD1.9981
2.汇率的标价方法
直接标价法/应付标价法
以一定单位的外国货币作为基准，折算为若干单位的本国货币来表示 汇率的方法，即“外币固定本币变”。
举例：2009年2月17日,银行间外汇市场美元等交易货币对 人民币汇率的中间价为:
USD1=CNY6.5352 EUR1=CNY8.7241 JPY100=CNY7.4433 HKD1=CNY0.88149 GBP1=CNY9.国的价格是$2.50，在日本的价格
是400日元。
e = 120 日元/每美元 e x P = 一个美国巨无霸的日元价格
= (120 日元/每美元) x ($2.50 ) = 300 日元/每个美国巨无霸
计算真实汇率：
exP = P*
300 日元/每个美国巨无霸 400 日元/每个日本巨无霸
品的汇率理论。
2009年GCT英语考试真题及解析(全)
2009年10月在职GCT英语真题（A卷）第四部分外语运用能力测试（英语）（50题，每题2分，满分100分）Part One Vocabulary and StructureDirections:There are ten incomplete sentences in this part. For each sentence there are four choices marked A，B，C and D. choose the one that best completes the sentence. Mark your answer on the ANSWER SHEET with a single line through the center.1、He added that the state government has made _______ arrangements for the conference.A、accurateB、absoluteC、adequateD、active2、This video may be freely reproduced _______ commercial promotion or sale.A、as forB、except forC、thanks toD、up to3、You______ engage in serious debate or discussion unless you are willing to endure attacks.A、have better notB、had better notC、have better not toD、had better not to4、Coffee has been a favorite drink for centuries，_______the time when we were drinking it strong and black，without sugar.A、duringB、forC、beforeD、since5、By 2050 the world will have about 2 billion people aged over 60，three times _____today.A、as much asB、as that ofC、as many asD、as those of6、Saffron returned to London to ______her acting career after four years of modeling.A、followB、chaseC、seekD、pursue7、He has fancy dreams about his life，and nothing ever quite______ his expectations.A、matchesB、makesC、reachesD、realizes8、______my neighbor’s kid with his coming exam，I spend an hour working with him every day.A、To helpB、HelpingC、HelpedD、Having helped9、When I worked as a bank clerk，I had the opportunity to meet a rich_____ of people: students，soldiers and factory workers.A、diversityB、kindC、rangeD、variety10、Cuts in funding have meant that equipment has been kept in service long after it ______ replaced.A、should have beenB、would have beenC、could have beenD、might have beenPart Two Reading ComprehensionDirections:In this part there are three passages and one chart，each followedby five questions or unfinished statements. For each of them，there are four choices marked A，B，C and D. Choose the best one and mark your answer on the ANSWER SHEET with a single line through the center.Questions 11-15 are based on the following passage:Happy hours are not necessarily happy, not do they last for an hour, but they have become a part of the ritual of the office worker and businessman.On weekdays in pubs and bars throughout America, there is the late afternoon happy hour. The time may vary from place to place, but usually it is held from four to seven. After the workday is finished, office workers in large cities and small towns take a relaxing pause and do not go directly home. They head off instead for the nearest bar or pub to be with friends, co-workers and colleagues. Within minutes the pub is filled to capacity with businessmen and secretaries, office clerks and stock executives. They gather around the bar like birds around a fountain or forest animals around a watering hole and chat about the trifles of office life or matters more personal. This is their desert garden, the place to relieve the day’s stress at the office.At these happy hours, social binding occurs between people who share the same workplace or similar professions. They may chat about each other or talk about a planned project that has yet to meet a deadline. In this sense, these places become extensions of the workplace and constitute a good portion of one’s social life.11、For office workers and businessmen the happy hour is their_______ .A、professional requirementB、regular practiceC、refreshing breakD、unpaid work12、Happy hours are held because office workers need to _______ .A、have a good rest after workB、stay away from household workC、make new friendsD、celebrate their achievements13、The phrase “filled to capacity” in paragraph 2 means the pub is ______.A、too crowdedB、rather entertainingC、completely fullD、very noisy14、Happy hours contribute to office workers’ _____.A、cooperation in societyB、promotion in their companyC、connection in societyD、loyalty to their company15、Which of the following statements is NOT true?A、The happy hour is a social gathering in America.B、People avoid talking about work at happy hours.C、Happy hours are held on weekdays only.D、People exchange work experiences at happy hours.Questions 16-20 are based on the following passage:Lazy? Shy? Live in a cave? Those might not be positive attributes for the average human, but they sure are good for animals trying to survivein a changing environment. According to a new study, beasts that hibernate (冬眠) or crawl into holes are less likely to be listed as endangered than those that don’t.Following up a previous study on extinct animals, which showed that species exhibiting “sleep or hide” (SLOH) behaviors did better than others, the researchers wanted to see if the same was true of modem creatures like moles and bears. To find out if our more timid animals have a leg up in the survival game, researchers made a master list of 443 sleep-or-hide mammals.With their list in hand, the team compared their 443 to the “red list” of endangered species published by the International Union for Conservation of Nature. As suspected, a sleepy or hiding animal was less likely to be on the red list than a regular animal, and a red-list animal was also less likely to be a SLOH-er.This makes a lot of sense, as animals that hide away in a cave or a tree hole are protected by their physical shelters from a variable environment outside, while hibernators enjoy a flexible metabolism (新陈代谢) that can help them adapt to a changing climate.16、On the list of extinct animals studied, there were________.A、fewer SLOH-ers than regular animalsB、more SLOH-ers than expectedC、as many SLOH-ers as regular animalsD、hardly any SLOH-ers17、The phrase “a leg up”in Paragraph 2 probably means “_________”.A、an instinctB、an advantageC、a fightD、a chance18、The study of modern creatures__________.A、is unrelated to the study of extinct animalsB、finds evidence missing in the study of extinct animalsC、has findings similar to those of the study of extinct animalsD、reveals a different pattern from the study of extinct animals19、According to the passage, red-list animals are more likely to _________.A、be lazyB、be timidC、live longD、sleep less20、In the last paragraph the author________.A、compares the behaviors of sleepers and hidersB、offers an explanation for the survival of sleepers and hidersC、analyzes how a changing environment affects SLOH-ersD、emphasizes what can be learned from SLOH-ersQuestions 21-25 are based on the following passage:In computing, passwords are commonly used to limit access to official users. Yet the widespread use of passwords has serious drawbacks. Office workers now have to remember an average of twelve system passwords. In theory they should use different passwords for each site, but in realitythese would be impossible to remember, so many people use the same password for all.An additional problem is that the majority use simple words such as “hello”, or names of family members, instead of more secure combinations of numbers and letters, such as 6ANV76Y. This permits computer hackers to download dictionaries and quickly find the word that allows them access.When system users forget their passwords there is extra expense in supplying new ones, while if people are forced to change passwords frequently they often write them down, making systems even less secure. Therefore, it is clear that the idea of passwords. Which have been used as security devices for thousands of years, may need rethinking.One possible alternative has been developed by the American firm Real User, and is called “Passfaces”. In order to access the system a worker has to select a series of photographs of faces from a randomly (随机地) generated sequence. If the pictures are selected in the correct order, access is granted. This concept depends on the human ability to recognize and remember a huge number of different faces, and the advantage is that such a sequence cannot be told to anyone or written down, so is more secure. It is claimed that the picture sequence, which used photographs of university students, is easier to remember than passwords, and it has now been adopted for the United States Senate.21、What is the disadvantage of passwords as mentioned in Paragraph 1?A、They do not ensure security.B、They are difficult to remember.C、They have to be changed frequently.D、They limit computer accessibility.22、One can make a password safer by ________.A、inserting pictures between numbersB、avoiding the use of letters altogetherC、setting up a firewall against computer hackersD、using complicated combinations of numbers and letters23、“Passfaces”is a method to get access to a system through_________.A、remembering a large number of facesB、selecting photographs of faces one likesC、recognizing a sequence of face picturesD、showing one’s face in front of the computer24、One advantage of “Passfaces” over a password is that________.A、it is easier to rememberB、it is more complicatedC、it takes less time to log inD、it allows one to write less25、What does the author think of the password?A、It is an old system that needs improvement.B、It provides as much security as before.C、It should be abandoned by computer users.D、It has developed to an advanced stage.A、FedEx Freight Measurements and MethodsB、FedEx Shipment Regulations in US and Other CountriesC、FedEx International Freight Customer Service GuideD、FedEx Express Freight and Air Cargo Service Restrictions27、What’s the minimum weight a shipment must reach in order to be transported by air?A、No restrictions.B、68kg.C、122kg.D、997kg.28、If you need to ship something 300cm long within US, which service can you choose?A、Shipment in less that 1 day.B、Shipment in 1 or 2 days.C、Shipment in 3 days.D、Shipment in more than 3 days.29、What does “girth” possibly mean?A、Measurement around an object.B、Measurement of object weight.C、Formula to calculate object width.D、Formula to calculate object length.30、FedEx services have different restrictions on the goods’_______.A、maximum weight per pieceB、maximum length plus girth per pieceC、maximum length per pieceD、maximum height per piecePart Three ClozeDirections:There are ten blanks in the following passage. For each numbered blank, there are four choices marked A, B, C and D. Choose the best one and mark your answer on the ANSWER SHEET with a single line through the center. Fueled by weather, wind, and dry undergrowth, uncontrolled wildfires can burn acres of land-and consume everything in their way-in mere minutes.31, more than 100,000 wildfires clear 4 million to 5 million acres of land in the U.S. every year. A wildfire moves at speeds of up to 23 kilometers an hour, consuming everything-trees, bushes, homes, even humans-in its 32.There are three conditions that need to be 33 in order for a wildfire to burn: fuel, oxygen, and a heat source. Fuel is any material 34 a fire that will burn quickly and easily, including trees, grasses, bushes, even homes. Air supplies the oxygen a fire 35 to burn. Heat sources help spark the wildfire and bring fuel to 36 hot enough to start burning. Lightning, burning campfires or cigarettes, hot winds, and even the sun can all provide 37 heat to spark a wildfire.38 often harmful and destructive to humans, naturally occurring wildfires play a positive role in nature. They 39 nutrients to the soil by burning dead or decaying matter. They remove diseased plants andharmful insects from a forest ecosystem (生态系统). And by burning 40 thick tress and bushes, wildfires allow sunlight to reach the forest floor, enabling a new generation of young plants to grow.31、A、After all B、Above all C、In sum D、On average32、A、route B、track C、path D、trace33、A、stable B、present C、fixed D、favorable34、A、surrounding B、keeping C、causing D、making35、A、acquires B、needs C、captures D、meets36、A、materials B、places C、temperatures D、conditions37、A、additional B、excessive C、plentiful D、sufficient38、A、Although B、As C、If D、Whereas39、A、drive B、reduce C、return D、assign40、A、over B、through C、below D、beyondPart Four Dialogue CompletionDirections:In this part, there are ten short incomplete dialogues between two speakers, each followed by four choices marked A, B, C and D. Choose the one that most appropriately suits the conversational context and best completes the dialogue. Mark your answer on the ANSWER SHEET with a single line through the center.41、Speaker A: Hi, My name is Mark. I’m from Houston, Texas.Speaker B: I’m Bill. Glad to meet you. What year are you?Speaker A: ________.A、I was born in 1990B、I’ve been here for yearsC、I’m 19 years oldD、I’m a first-year student42、Speaker A: I’m getting pretty bored. We should do something despite the rain.Speaker B: _______ What do you have in mind?A、I back you up.B、Who cares?C、I’m with you.D、I like the rain.43、Man: We had a trip to South Africa this summer.Woman:________Man: Yes, we did. In fact, we even encountered a lion.A、Didn’t you?B、How did it go?C、I bet you had a great time.D、I guess you did.44、Man: Do you know Jason’s phone number?Woman: _______Man: OK. I might as well look it up in the phone book.A、Just a second.B、Not that I know of.C、I can’t think of it now.D、Why ask?45、Interviewer: Let me see if I understood you. You mean that youcan work extra hours if needed, right?Interviewee: __________A、Yes. No matter what you say.B、Yes. Thank you for your clarification.C、Yes. You sure understand me.D、Yes. Absolutely.46、Speaker A: Thanks to John, we’ve lost our most important client.Speaker B: I’ve told you he’s not proper for the position.Speaker A: _______.A、I don’t really agree with youB、I should have listened to youC、It doesn’t matter. I trust himD、Thank you for being so helpful47、Greg: Hey Merlin. I’d like to ask you a question.Merlin: ________Greg: Well, I’m thinking about going to Sweden. What’s the best time to go?A、Yes, go ahead.B、Sorry, I’m kind of busy.C、OK, what’s up?D、Yeah, what’s on your mind?48、Woman: I need to buy a wedding gift for Jane and Dealer.Man: Should we stop at the shopping center?Woman: _______. The wedding’s not until next weed, but I won’t have time later to get them anything.A、Won’t be necessaryB、I suppose soC、It’s your callD、If you insist49、Donald: Let’s eat out, shall we?Mason: I’m broke. I’ve gone through my paycheck for the weed already.Donald: Don’t worry. ________.A、We can find a wayB、Let’s split the billC、Just fast foodD、It’s my treat50、Teacher: Richard, class begins at 9, and you are late.Student: I know, but I missed my bus. I’m sorry.Teacher: __________. You have to be here on time.A、Don’t mention itB、That’s no excuseC、You needn’t beD、No problemPart One Vocabulary and Structure1、【答案】C【翻译】他补充道，州政府为这次会议做出了适当安排。
经济学人2
Lexington 列克星敦Help not wanted拒之门外Congress is doing its best to lose the global talent war国会正想尽办法输掉国际人才争夺战ONE of the most unjustly neglected films of the past few years is Mike Judge's “Idiocracy”. Mr Judge is the genius behind Beavis and Butt-Head, two of the most disgusting creatures on television, and Hank Hill, one of the wisest. In “Idiocracy”he turns his talents to futurology—and to the troubling question of the long-term impact of dysgenic breeding, junk food and grunge culture on America's collective IQ.迈克•朱吉导演的影片《蠢蛋进化论》[1] 是近年来最不该遭遇冷落的影片之一。
朱吉是名天才导演，塑造了瘪四与大头蛋这两个电视剧中最恶心的人物和极富智慧的汉克‧希尔。
在《蠢蛋进化论》中，他把他的聪明劲用到了“未来学”上，以及在不利于人类优化的培养方式，垃圾食品和庸俗文化长期浸淫下，所引出的令人头疼的美国大众智商问题。
The premise is simple. Two typical citizens—the army's “most average” soldier and a street prostitute—find themselves transported 500 years into the future. They soon discover that they are towering geniuses compared with the knuckle-draggers who inhabit the America of 2505. The country's best university is run by Costco. People are named after brands such as Frito and Mountain Dew. Starbucks has become a chain of brothels. The president is a former porn star and wrestling champion.剧情设置很简单。
外刊2009-10
全国2009年10月高等教育自学考试外刊经贸选读试题课程代码：00835一、单项选择题(本大题共15小题，每小题2分，共30分)在每小题列出的四个备选项中只有一个可替代句中划线的单词或词组，请将其代码填写在题后的括号内。
错选、多选或未选均无分。
1.Even local factories are taking note of the vast potential sales in their own domestic market. 【】A. neglectingB. decidingC. noticingD. taking diary2. Adjustment to the market has been going on for years and won’t be expected overnight. 【】A. completed soonB. realizedC. came trueD. fulfilled3. In the two years since Iraq was ousted from Kuwait, peace and prosperity have returned to the Gulf region. 【】A. outcastB. driven out ofC. set ofD. outdid4. Growth is driven by new joint ventures, collectives and private businesses, which now account for 50 percent of China’s industrial production. 【】A. risksB. adventuresC. perilsD. enterprises5. The pattern of China’s foreign trade has changed substantially since the founding of the People’s Republic.A. greatlyB. happilyC. naturallyD. bitterly6. The strong increase in imports last year is attributed to buoyant economic activity.A. activeB. powerfulC. largeD. outstanding7. Another 20% worked well, but the remaining 60% should have been scrapped.A. improvedB. removedC. stimulatedD. introduced8. The grain sector was dulled by the prospect of lower-than-expected Soviet imports this season. 【】A. detainedB. decreasedC. increasedD. leave for9. Even more striking, China’s enterpreneurs are starting to hunt for opportunities abroad. 【】A. go afterB. find awayC. look afterD. search for10. We are prepared to waive our claim for freight compensation on short weight ofthe goods. 【】A. pronounceB. removeC. withdrawD. dismiss11. The initial reaction from OPEC was pretty tough but now seems to have softeneda bit. 【】A. at the beginningB. markC. harmfulD. introductory step12. With the economy still barely growing, despite two fiscal packages in the pastnine months, Japan’s critics say that the country is once more exporting its way out of recession. 【】A. getting through recession by importingB. getting through recession by exportingC. expecting to pass the recessionD. hopeless to go through the recession13. Once, when faced with pressure from abroad, it would either give in reluctantly orkeep quiet and hope that the fuss would die down. 【】A. expandB. decisiveC. produceD. surrender14. The combined industrial output of the 15 coastal areas is reportedly equal to aquarter of the nation’s total. 【】A. differentB. budgetC. togetherD. aggressive15. Governments need to reflect on the broader deal that because of this progress inthe farm-trade talks, has once again moved within their grasp. 【】A. considerB. understandC. purchaseD. sell二、将下列词组译成中文（本大题共10小题，每小题1 分，共10分）16. means of production 17. hard sell 18. Comecon 19. profit-remittance tax 20. intellectual property 21. convertible currency 22. trade liberalization23. weakness in demand 24. tonic water 25. xenophobia三、将下列词组译成英文（本大题共10小题，每小题1分，共10分）26. 市场份额27. 国际收支28. 国务院29. 战略性库存30. 劳务纠纷31. 多边规则32. 卖方信贷33. 汇率贬值34. 一个闭关自守的国家35. 市场多元化四、简答题(本大题共6小题，每小题3分，共18分)针对下述问题，用英文作答。
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Reassuringly unfriendly 令人放心地不友善
Today is more like the 1980s than the 1990s in another way, too: the hostility of the buyers. The dotcom era was nauseatingly cosy, with only 4% of deals struck in 2000 deemed hostile or unsolicited. This year the level is hovering close to 20%. One reason for this is the growing influence of shareholders, notably hedge funds, whose patience is short. Given this new breed of owner-agitator, managers of targeted firms are less likely to “dig trenches and stay there,” says Victor Lewkow, a merger lawyer with Cleary Gottlieb. Pension funds and other once-staid institutional shareholders are also becoming more willing to entertain offers as they strive to increase returns.
从另一方面，即：买家的敌对程度，来说，今天更像上世纪的80年代，而不是90年代。达康时代平稳发展得让人感觉提不起精神，在2000年所进行的交易中仅有4%被认为是恶意交易或无约束力交易。而在今年，这个百分比快挺进到20%。原因之一是，股东的影响力在不断增加，尤其是对冲基金的影响力，他们的耐心一向不多。面对这种新出现的所有人型煽动者，目标公司的经理不再可能“挖个战壕，躲在那里，” 美国佳利律师事务所的兼并律师维克多·卢科（音译，Victor Lewkow）说道。随着养老金基金和其他以前沉稳的机构股东在努力增加收益，他们也都变得更加愿意接受报价。
As in the 1980s antitrust authorities seem to have become more relaxed than they were in the 1990s, especially in America. Mr Lewkow thinks some companies are rushing to do attractive but “dicier” deals (from an antitrust standpoint) in the hope of getting them approved before the change of president, and a possible tightening of enforcement policies. Even so, the likes of Alcoa and Thomson face daunting obstacles. Credit Suisse puts the chances of success for the Reuters takeover at 60%.
和在80年代一样，今天反垄断当局的态度似乎要比他们在90年代的时候更加宽松，尤其是在美国。卢科认为，一些公司急着做成有吸引力但风险更大的交易（站在反垄断的立场上），希望在总统换任之前把交易敲定，并且加紧政策的执行。虽然如此，诸如美铝亚洲和汤姆森集团等其它收购企业仍要面对难以克服的障碍。瑞士信贷认为，收购路透集团的成功性仅有60%。
But getting a deal past the antitrust police is only half the battle. Research shows that mergers often fail to bring expected benefits: look no further than the break-up of DaimlerChrysler after nine unhappy years. M&A advisers dispute this, pointing to studies that show buyers outperform the market, at least in the year after the deal. But the danger of overpaying clearly increases as competition for transactions heats up and stockmarkets scale new heights. There are signs that this is happening: the average premium being paid, when measured as a percentage of the target's cash flow, is higher that at any time since the bursting of the last bubble. 但是，让交易通过反垄断当局的审查只是斗争的一半。研究显示，兼并通常不能带来期望的利益：看看戴姆勒-克莱斯勒在九年不高兴日子后的分手就清楚了。并购方面的顾问却不同意此观点，他们指出，有研究表明买家的表现至少在交易后的一年时间里是要胜过市场的。然而，随着交易竞争愈演愈烈和股市频繁创造新高，过多支付的危险无疑也在增长。有迹象显示，这一切正在发生：若将现在所支付的一般溢价作为目标公司现金流转中的百分比来计量，它是在从最后一个泡沫破碎到今天的这段时间里最高的。
Moreover, there are fears that mergers will be used to paper over cracks. Profit growth for companies in the S&P 500 will fall to 7% this year after several years of double-digit expansion, reckons Thomson Financial. Firms may join forces to hide their own deteriorating performance.
而且，有人担心兼并会被用作掩盖问题的手段。汤姆森金融公司认为，在几年的两位数增长之后，标准普尔500指数公司的利润增长率会在今年降低到7%。公司也许会联合起来用兼并的方法来掩瞒它们日趋恶化的市场表现。
That should worry shareholders. For those who advise on deals, however, the bigger concern is what might bring the party to an abrupt end. A sharp economic slowdown in America? The collapse of a giant buy-out? A credit crunch with no clear trigger? In private, most bankers say it cannot go on for much longer. In public, they will just keep clinking their glasses.
这应该会使股东担心。但对于那些交易顾问来说，更值得关注的事情是，什么会使这个狂欢戛然而止。会是美国经济发展的突然减速？会是一次巨型收购的失败？还会是在无明显诱因下发生的信用崩溃？在私底下，大部分的银行家表示，兼并热不可能持续太长。然而，在公众场合，他们仅会继续互相碰着酒杯。
Lost in translation 在折算中迷失 If China sharply revalued the yuan, as American politicians are demanding, it could actually hurt the United States and help China
如果中国如美国政客们苛求的那样对急剧升值人民币，事实上中国会得到好处，美国则会受到创伤。 CHINA is being cast as the villain once again. By holding its exchange rate artificially low, it is stealing jobs and causing the United States to run a huge trade deficit. Beijing must therefore be forced to revalue the yuan. These are the arguments behind an increasingly protectionist mood in Washington. Yet they are largely flawed. A stronger Chinese currency would not much reduce America's trade deficit. Indeed, the irony is that China, not America, has more to gain from setting the yuan free. Without a more flexible exchange rate, there is a growing risk that China's sizzling economy will boil over.