罗汉经贸高级英语Unit9公平应该成为经济政策的目标吗中文版

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《商务英语阅读》第9单元译文

第9单元全球性企业的人力资源管理塔默·卡瓦斯基尔，加里·奈特，约翰·雷森伯格区域一体化和经济集团化区域经济一体化也被称为区域一体化，是指处于同一地理区域的两个或多个国家，为减少贸易壁垒和投资壁垒而结成联盟，进而在经济方面形成的日益增强的相互依赖关系。

第二次世界大战结束后，多数国家都在寻求合作，以期实现某种程度的经济一体化。

据统计，当前全球贸易中有大约40%是在某种形式的由多国签署的特惠贸易协定下完成的。

这种趋势的前提基础是，处于同一地理区域的国家，因其历史、文化、语言、经济或政治等因素相互联系，通过合作，可以实现共赢。

经济一体化催生了自由贸易，而自由贸易又有助于各国鼓励专业化、降低价格、扩大选择、提高生产力以及更高效地使用资源，从而提高各国的生活水平。

为了更好地理解区域一体化，我们可以将国际商务活动想象成沿着一个连续体进行，在这个连续体的一端，整个世界就是一个大的自由贸易区，这里没有关税和配额，所有的国家都使用同一种货币，产品、服务、资本和劳动力可以在国家间自由流动，不受任何限制。

而在该连续体的另一端，则是一个充满贸易壁垒和投资壁垒的世界，在这里，各国使用不同种货币，彼此间几乎没有商业往来。

区域一体化是实现更加自由的经济关系的一种尝试。

体现该趋势的两个广为人知的例子是欧盟和北美自由贸易区(NAFTA)。

欧盟由地处欧洲的27个成员国组成。

北美自由贸易区由加拿大、墨西哥和美国组成。

区域一体化源于区域经济一体化集团(regional economic integration bloc)的形成，或简单地说，源于经济集团的形成。

经济集团是指在一个地理区域，两个或多个国家为实现经济一体化，同意减少关税和其他阻碍产品、服务、资本以及在更高阶段出现的劳动力的跨国流动的政策。

为什么每个国家都倾向于加入经济集团，而不是致力于建立全球自由贸易体系呢？主要原因就是经济集团只涉及少数几个国家，因此，和包括世界所有国家在内的全球自由贸易体系相比，更容易协商。

WTO九大基本原则中英对照

ＷＴＯ九大基本原则中英对照与义务的平衡原则）。

WTO管理的协议是以权利与义务的综合平衡为原则，这种平衡是通过成员互惠互利地开放市场的承诺而获得的，也就是你给我多少利益，我也测算给你多少实惠。

以相互提供优惠待遇的方式来保持贸易的平衡，谋求贸易自由化的实现。

互惠包括双边互惠和多边互惠。

The management of the WTO agreement is based on the overall balance of the rights and obligations for the principle, this balance is through the members mutually beneficial open market promises and get, you gave me is how many interests, I also calculate how much benefit to you. To provide each other preferential treatment way of keeping the balance of trade, and seek for the realization of the trade liberalization. Mutual including bilateral mutually beneficial and multilateral mutual.（4）扩大市场准入原则。

Expand the market access of principle. WTO倡导成员在权利与义务平衡的基础上，依其自身的经济状况，通过谈判不断降低关税和取消非关税壁垒，逐步开放市场，实行贸易自由化。

The WTO members in advocating the rights and obligations on the basis of a balance, according to its own economic situation through negotiations, continuously reduce tariff and non-tariff barriers, gradually cancel market opening, implement the trade liberalization.（5）促进公平竞争与贸易原则To promote fair competition and trade principle。

Chapter 9王关富商务英语阅读译文【最新】

第二个受到指责之处该体系催生了大量的外汇储备，在新兴经济体中尤为如此。全球储备已从1995年的1.3万亿美元（占全球GDP的5%）升至如今的8.4万亿美元。新兴经济体占总额的2/3.大多数储备都是在过去的十年间积累起来的（见图表2）。
这些庞大的储备违背了经济学逻辑，因为这意味着自身理应充分拥有投资机会的穷国，正向富裕国家主要是美国提供低息贷款。这类贷款通过压低美国的长期利率从而促使其突然陷入危机中。如今，随着美国人多储蓄少消费，且正值全球需求扩大的情况下，他们表现得却更为节俭。
从理论上讲，其货币体制也正变得更具灵活性。其中，约40%由官方实行浮动汇率制，较15年前的不到20%相比有所上升。但是浮动大都受到严格管制。各国不愿意令其货币自由浮动。当资金涌入时，中央银行通过买入外汇来遏制货币升值。
他们这样做部分原因的是各国ZF不愿其汇率骤然飙升抑制出口。很多国家都担心其稳定性和速度，他们希望出口导向型的增长---估值偏低的货币来刺激出口。
只有中国解释了大量全球外汇储备增加的原因（见图表3）。其行为也影响了其他国家。许多其他新兴经济体，尤其是亚洲，不愿拿其货币竞争力冒险使币值升高太多。结果世界上许多经济增长强劲的国家实际上紧盯美元，创建了被称为“布雷顿森林体系2.0版”的协定。
History lessons历史教训
这种准美元标准和原版的布雷顿森林体系之间的相似性意味着如今的许多问题都有历史相似性。加利福利亚大学（伯克利分校）的巴瑞•艾森格林在即将出版的《超级特权》中探讨了这些相似性。该书论述了国际货币体系的前世今生。
正像20世纪90年代金融危机留下的创伤所造成的重大影响一样。外资外逃引起严重衰退。许多新兴经济体的ZF得出结论在经济全球化时代，安全在于积聚大量的储备。这一逻辑在2008年的危机中得到佐证，当中国或巴西等国拥有大量储备时，要比那些储备较少的国家经济运行的更好。即使韩国的资本准备金占GDP的25%，它还是须求助于美联储，来获取最高美元应急流动资金。

国际经贸高级英语精读1--3课课文翻译

Starting as low-income economies in the 1960s, a few economies in East Asia managed,in a few decades, to bridge all or nearly all of the income gap that separated them from the high-income economies of the Organisation for Economic Co-operation and Development (OECD).Meanwhile many other developing economies stagnated .What made the difference?One way to grow is by developing hitherto unexploited land.Another is to accumulate physical capital:roads, factories, telephone networks.A third is to expand the labor force and increase its education and training.But Hong Kong (China) and Singapore had almost no land.They did invest heavily in physical capital and in educating their populations,but so did many other economies.During the 1960s through the 1980s the Soviet Union accumulated more capital as a share of its gross domestic product (GDP) than did Hong Kong (China), the Republic of Korea, Singapore, or Taiwan (China).And it increased the education of its population in no trivial measure. Yet the Soviets generated far smaller increases in living standards during that period than did these four East Asian economies.Perhaps the difference was that the East Asian economies did not build, work, and grow harder so much as they built, worked, and gr ew smarter.Could knowledge, then, have been behind East Asia’s surge ?If so, the implications are enormous,for that would mean that knowledge is the key to development—that knowledge is development.How important was knowledge for East Asia’s growt h spurt ?This turned out not to be an easy question to answer.The many varieties of knowledge combine with its limited marketability to present a formidable challenge to anyone seeking to evaluate the effect of knowledge on economic growth.How, after all, does one put a price tag on and add up the various types of knowledge?What common denominator lets us sum the knowledge that firms use in their production processes; the knowledge that policymaking institutions use to formulate, monitor, and evaluate policies; the knowledge that people use in their economic transactions and social interactions?What is the contribution of books and journals, of R&D spending, of the stock of information and communications equipment, of the learning and know-how of scientists, engineers, and students? Compound ing the difficulty is the fact that many types of knowledge are accumulated and exchanged almost exclusively within networks, traditional groups, and professional associations.That makes it virtually impossible to put a value on such knowledge.Reflecting these difficulties in quantify ing knowledge,efforts to evaluate the aggregate impact of knowledge on growth have often proceeded indirectly, by postulat ing that knowledge explains the part of growth that cannot be explained by the accumulation of tangible and identifiable factors, such as labor or capital.The growth not accounted for by these factors of production—the residual in the calculation—is attributed to growth in their productivity, that is, using the other factors smarter, through knowledge.This residual is sometimes called the Solow residual, after the economist Robert M. Solow,who spearheaded the approach in the 1950s,and what it purports to measure is conventionally called total factor productivity (TFP) growth.Some also call the Solow residual a measure of our ignorance ,because it represents what we cannot account for. Indeed, we must be careful not to attribute all of TFP growth to knowledge,or there may be other factors lurking in the Solow residual.Many other things do contribute to growth—institutions are an example—but are not reflected in the contributions of the more measurable factors.Their effect is (so far) inextricably woven into TFP growth.In early TFP analyses,physical capital was modeled as the only country-specific factor that could be accumulated to better people’s lives.Technical progress and other intangible factors were said to be universal, equally available to all people in all countries,and thus could not explain growth differencesbetween countries.Their contributions to growth were lumped with the TFP growth numbers.Although this assumption was convenient, it quickly became obvious that physical capital was not the only factor whose accumulation drove economic growth. A study that analyzed variations in growth rates across a large number of countries showed that the accumulation of physical capital explained less than 30 percent of those variations.The rest—70 percent or more—was attributed directly or indirectly to the intangible factors that make up TFP growth (Table 1.1).Later attempts introduced human capital to better explain the causes of economic growth.A higher level of education in the population means that more people can learn to use better technology. Education was surely a key ingredient in the success of four of the fastest-growing East Asian economies: Hong Kong (China), the Republic of Korea, Singapore, and Taiwan (China). Before their transformation from developing into industrializing economies, their school enrollment rates had been much higher than those of other developing countries (Table 1.2).They had also emphasized advanced scientific and technical studies—as measured by their higher ratios of students in technical fields than in even some industrial countries—thus enhancing their capacity to import sophisticated technologies.Moreover, the importance of education for economic growth had long been recognized and established empirically .One study had found that growth in years of schooling explained about 25 percent of the increase in GDP per capita in the United States between 1929 and 1982.Adding education reduced the part of growth that could not be explained,thus shrinking the haystack in which TFP growth (and knowledge) remained hidden.Some analysts even concluded, perhaps too quickly,that physical and human capital, properly accounted for, explained all or virtually all of the East Asian economies’ rapid growth,leaving knowledge as a separate factor out of the picture.One re ason these analysts came up with low values for TFP growth is that they incorporated improvements in labor and equipment into their measurement of factor accumulation.So even their evidence of low TFP growth in East Asia does not refute the importance of closing knowledge gaps.Indeed, it shows that the fast-growing East Asian economies had a successful strategy to close knowledge gaps:by investing in the knowledge embodi ed in physical capital, and by investing in people and institutions to enhance the capability to absorb and use knowledge.Looking beyond East Asia,other growth accounting studies have examined larger samples of countries.Even when human capital is accounted for,the unexplained part of growth remains high.One such study, of 98 countries with an unweighted average growth rate of output per worker of 2.24 percent,found that 34 percent (0.76 percentage point) of that growth came from physical capital accumulation,20 percent (0.45 percentage point) from human capital accumulation,and as much as 46 percent (just over 1 percentage point) from TFP growth.Even more remains to be explained in variations in growth rates across countries. The same study found the combined role of human and physical capital to be as low as 9 percent, leaving the TFP residual at a staggering 91 percent.To take another example:Korea and Ghana had similarly low incomes per capita in the 1950s,but by 1991 Korea’s income per capita was more than seven times Ghana’s.Much of that gap remains unexplained even when human capital is taken into account .All these results are subject to measurement problems.For example, the measured stock of human capital may overstate the actual quantity used in producing goods and services.High rates of school enrollment or attainment (years completed) may not translate into higher rates of economic growthif the quality of education is poor, or if educated people are not employed at their potential because of distortion s in the labor market.Moreover, it is now evident that education without openness to innovation and knowledge will notlead to economic development.The people of the former Soviet Union, like the people of the OECD countries and East Asia, were highly educated, with nearly 100 percent literacy .And for an educated population it is possible,through foreign direct investment and other means,to acquire and use information about the latest production and management innovations in other countries.But the Soviet Union placed severe restrictions on foreign investment, foreign collaboration, and innovation.Its work force did not adapt and change as new information became available elsewhere in the world, and consequently its economy suffered a decline.(excerpted from World Development Report 1998/1999)一些东亚国家在20世纪60年代还是低收入国家，但是在短短的几十年之间，他们成功地弥补了其与经济合作与发展组织（OECD）中高收入国家之间的差距；与此同时，也有许多发展中国家的经济停滞不前。

外刊经贸知识选读课带中文翻译 (9)

旺旺英语Lesson 9Prosperity Persists in the UAE阿拉伯联合酋长国持续繁荣The profits of peace and prosperity 和平与共荣益处多多1. In the two years since Iraq was ousted from Kuwait, peace and prosperity have returned to the Gulf region, and the UAE in particular. Major development plans have resumed in Abu Dhabi’s oil and gas sector and Dubai’s trade figures are soaring as more companies adopt the emirate as their regional base. Y et, below the surface calm, defence is still of great concern. The topic dominated discussions at the GCC summit in Abu Dhabi in December, and in February the government announced its biggest-ever investment in defence equipment at IDEX 1993, an exhibition held in Abu Dhabi.自从伊拉克被逐出科威特，两年来和平与繁荣又回到了海湾地区，特别是阿联酋。

阿布扎比的油气部门又重新恢复了重大的发展计划，同时由于越来越多的公司选择把自己的地区本部设在迪拜，该酋长国的贸易数字也在飞速上升。

然而，在表面的平静之下，防御仍然是人们极为关心的事情。

12月在阿布扎比召开的海湾合作委员会高峰会议上，该话题成了讨论的核心。

YES培训文件WTO及基本原则简介

八轮谈判的特点
美国策动内容和范围日益扩大发达国家是主要受益者
智慧点燃事业，心灵关怀世界 A head for business. A heart for the world. SM
WTO和GATT的区别
WTO是永久性的国际组织，经过成员国立法机关的批准；GATT是临时性的，未经过成员国立法机关的批准
WTO拥有“成员”；GATT拥有“缔约国”，说明GATT只是一个法律文本
WTO不仅处理货物贸易，还涉及服务贸易和知识产权；GATT只处理货物贸易
WTO争端解决机制比GATT速度更快，更自动，更权威
智慧点燃事业，心灵关怀世界 A head for business. A heart for the world. SM
ห้องสมุดไป่ตู้ 市场准入原则
关税减让取消数量限制规定各成员国扩大市场准入程度，即对
等地开放本国市场，“投之以桃，报之以李” 新会员交纳“会员费”，即开放商品或服务市场，以允许外国商品进入本国市场
智慧点燃事业，心灵关怀世界 A head for business. A heart for the world. SM
修改：2/3通过或简单多数
“一致同意” 解释和决议：3/4通
过
修改：2/3 豁免：3/4
智慧点燃事业，心灵关怀世界 A head for business. A heart for the world. SM
GATT和WTO原则比较
非歧视原则
关税保护和关税减让原则
一般禁止数量限制原则（例外：稳定农产品市场、改善国际收支、促进发展中国家的经济发展需要）
降低关税及非关税壁垒给予MFN和NT 开放服务业市场扩大和规范知识产权保护范围不能搞单边报复，应按争端解决机制增加贸易政策透明度交纳会费

商务英语翻译 Unit 9

译文：毫无疑问，我们还必须作出更大的努力来对抗全球变暖的威胁，这个威胁最能清楚地体现各国的命运是如何紧紧相连的。
5. This Contract is made by and between the Buyer and the Seller, whereby the Buyer agrees to buy and the Seller agrees to sell the under-mentioned commodity according to the terms and conditions stipulated below. 译文：买卖双方同意按下列条款购买、出售下述商品，并签订本合同。（reduction)
John… preached the baptism of repentance unto the forgiveness of sins.
John preached the message to the people; John baptized the people; The people repented of their sins; God forgave the people their sins; The people sinned. John preached that the people should repent and be baptized so that god would forgive the evil they had done. John preached, ―Repent and be baptized so that God will forgive the evil you have done.‖
译文：我的母亲简· 兰普顿· 克莱门斯88岁才去世。这对于一位40岁就身体虚弱、被认为痼疾缠身、注定不久于世的人来说，是难得的高龄。

现代大学英语精读4第8.9单元短语句子翻译带中文

现代大学英语精读4第8.9单元短语句子翻译带中文u81）汉语1.apowerfulvehicle有力的工具2.atrendword时髦字眼3.capitalflows资金流4.bondfinancing债券融资5.股权投资6.cross-bordermergersandacquisitiongs跨境兼并与收购7.current-accountdeficit经常项目赤字8.（有利的）国际收支9裙带资本主义10规模经济2）译成英语1.双刃剑adouble-edgedsword2.国家主权nationalsovereignty3可怕的难题.adauntingquestion4.贸易协商tradenegotiations5.经济一体化6不断下降的成本7消费者信心8经济预测9海底电缆10.在一个重要方面inonecriticalrespect11.一个经济实体aneconomicentity12.金融市场financialmarkets13.多边机构multilateralinstitutions14.随之而来的金融危机2.中国预计chinaisprojectedtobetheworld’sworkshopin10years.butthatshouldnotmakeussmug.3.你可以将你的幻灯片youcanprojectyouslidesonthewall.4.他试图让自己成为竞选活动中的强人13.这只是一种止痛药thisisjustapain-reliever.itgivesyourelief,butitdoesnotcurethedisease14.她后来终于安全的回来了finallyshecamebacksafeandsound.weallsighedwithrelief15.使我十分庆幸的是tomygreatrelief,thetumorturnedouttobebenign18.通货膨胀在很大程度上被通货膨胀抵消了19.作为一名法官，你应该在改革之初保持严格的中立，当改革开始时，代理人感到最优化占了上风15.银行贷款blankloans16.经通胀调整后17.全球资金突然大量流入abruptsurgesofglobalcaptical18.国际金融研究所theinstituteofinternationalfinance19.全面经济下滑afull-scaleeconomicdownturn20.写字楼officebuildings21.不恰当的政策ineptpolicies22.不平衡的贸易lopsidedtradeflows23.繁荣-衰退周期boom-bustcycles24.管理技能managementskills25.产品设计productdesign26.不可预测的后果27高成本行业28经济发展与经合组织13.aplausiblepresumption一个言之成理的假设14.apowerfulpopularbacklash民众的强烈反应15.geneticallymodifiedfood转基因食品19.最大化他们的存在20推广技术推广技术。

精读三unit9 Globalization's Dual Power中英对译

Globalization's Dual Power1. At the edge of a new century, globalization is a double-edged sword: a powerful vehicle that raises economic growth, spreads new technology and increases living standards in rich and poor countries alike, but also an immensely controversial process that assaults national sovereignty, erodes local culture and tradition and threatens economic and social instability.在新世纪即将到来之际，全球化是一把双刃剑：它不仅仅是富国和穷国促进经济增长、传播新技术、提高生活水平的一种强有力的手段，还是一个颇具争议的过程，这一过程会侵犯国家主权，侵蚀本土的文化传统，并且威胁到经济与社会稳定。

2. A daunting question of the 21st century is whether nations will control this great upheaval or whether it will come to control them.21世纪所面临的一个令人畏惧的问题是：究竟是各个国家将控制这一剧变，还是这一剧变将控制它们。

3. In some respects globalization is merely a trendy word for an old process. What we call the market is simply the joining of buyers and sellers, producers and consumers, and savers and investors. Economic history consists largely of the story of the market's expansion: from farm to town, from region to nation and from nation to nation. In the 20th century, the Depression and two world wars retarded the market's growth. But after World War II ended, it reaccelerated, driven by political pressures and better technology.在某些方面，全球化只不过是一个用来形容一种由来已久的过程的时髦词。

gjswja9高级商务英语阅读

Chapter 9Looking for Investments Outside Silicon ValleyI．教学目的跨国风险投资现象可视为经济全球化进程中在资本流动领域的又一新趋势，也是我国工商经贸界在入世后急需研究的投资课题。

本课教学目的首先力求使学生了解美国风险投资公司近期在欧洲运作风险投资的背景，他们面临的跨文化的种种机遇和挑战，以及采取的不同解决对策。

目的之二是使学生准确无误地掌握有关跨国风险投资的英文术语，表达法，行文法以及他们的中文翻译。

II．教学计划拟使用六课时完成本课内容。

一课时介绍背景知识，四课时用于课文讲解及难点讨论，最后一课时可供师生共同讨论相关问题，如外国风险投资对中小企业高科技公司的作用，中国风险投资的生存，发展的外部环境和条件等议题。

III．教学方法首先介绍美国风险投资公司近年来在欧洲运作的背景和风险投资的相关术语，使学生进入风险投资的基本框架之内。

之后点出原文各章节的内容重点和他们相互关系，以期让学生抓住原文写作的逻辑和其基本结构。

随后按章节顺序详细讲解原文，讲解方法力求师生互动，包括共同确认段落的主题句，和其补充及辅助句，提出段落涉及到的问题供学生思考或寻找答案，提供关键词或语言难点的英语同义词或反义词，以利学生的理解和词汇的扩大。

IV．背景知识1. Venture Capital and Private EquityIn the early days of venture capital investment, in the 1950s and 1960s, individual investors were the archetypal venture investor. While this type of individual investment did not totally disappear, the modern venture firm emerged as the dominant venture investment vehicle. However, in the last few years, individuals have again become a potent and increasingly larger part of the early stage start-up venture life cycle. Venture capital investing has grown from a small investment pool in the1960s and early 1970s to a mainstream asset class that is a viable and significant part of the institutional and corporate investment portfolio.A tremendous boom began in the private equity industry in the early 1980s. The pool of U.S. private equity funds partnerships specializing in venture capital, leveraged buyouts, mezzanine investments, build-ups, and distressed debt grew from $5 billion in 1980 to over $125 billion in 1995. Private equity's growth outstripped that of almost every class of financial product. Despite its growth, the private equity pool remained relatively small. For every one dollar of private equity in the portfolio of U.S. institutional investors, there were about $40 of publicly traded equities in 1995.The private equity industry in the United States and international markets has been quite turbulent. If you had invested in average venture or buyout funds at a pace that tracked the U.S. market between 1980 and 1995, your returns today would be below those from investments in most public equity markets. For instance, venture-capital funds have been questioned, and even rejected by a great portion of American pension funds as they see venture-capital funds too risky, and not regulated by the US Securities and Exchange Commission.2. Venture Capital （风险资本）Venture capital refers to the money invested in a company or business for development or expansion. It may provide a considerable income, but also carries a high risk of loss. However the definition of the term differs slightly in the various business contexts. In the British-American context, venture capital is often understood as early-stage investments, such as seed and start-up financing or expansion financing. In Germany, venture capital is more comprehensive, also including late stage capital, such as buyouts. While the former types of venture capital investments are crucial for the development and implementation of business ideas by young growth companies, the latter types are important for re-capitalization of more mature, small to medium-sized companies. Venture capitalists in the United States usually target high-technology sectors of the economy, while buyout firms focus on more mature firms in a variety of industries which need to restructure or combine.Normally, an institutional investor will allocate 2% to 3% of their institutional portfolio for investment in alternative assets such as private equity or venture capital as part of their overall asset allocation. Currently, over 50% of investments in venture capital/private equity comes from institutional public and private pension funds, with the balance coming from endowments, foundations, insurance companies, banks, individuals and other entities who seek to diversify their portfolio with this investment class.3. Benchmark CapitalFounded in 1995, Benchmark Capital is an early-stage venture firm that's based on the principles of teamwork and an intense dedication to building technology companies of lasting value. We focus on providing superior service to entrepreneurs through a unique, team-oriented partnership in which every partner is equal in terms of both contribution and compensation.This team approach not only makes it more fun for us to come to work everyday, but more importantly, it benefits our portfolio companies. Instead of competing for resources, we share ideas, contacts, resources, etc.-whatever's needed to get the job done and help our portfolio companies succeed.Our focus on teamwork combined with our deep experience in company-building have attracted the industry's top entrepreneurs, including Marc Andreessen, Mike Homer, Paul Levy, Atiq Raza and Meg Whitman.Investment StrategyThe firm's strategy is to be the first investor in technology-driven companies that seek to create new markets and have significant growth potential. The firm focuses on early-stage investing and takes a labor-intensive, service-oriented approach in markets where partners have direct experience.Areas of FocusBenchmark invests in technology-driven companies in the areas of enterprise software and services, communications & security, semiconductors, mobile computing, consumer services andfinancial services. The firm's portfolio includes such franchise companies as eBay (EBAY), Handspring (HAND), Juniper Networks (JNPR) and Red Hat Software (RHAT).Global PerspectiveBenchmark currently has offices in Menlo Park, London and Tel-Aviv. As a global firm, we recognize that the partners closest to the entrepreneurs are the ones in the best position to make the day-to-day decisions concerning individual investments. That's why our funds are managed independently, with the U.S. partners making decisions concerning the U.S. funds and the London-based partners making decisions concerning investments in Europe.The Israeli fund, however, operates with teams based in both Tel Aviv and Menlo Park. This model allows us to support our early-stage companies headquartered in Israel while accelerating each company's transition to the U.S. and access to U.S. markets.Capital Under ManagementBenchmark manages more than $2 billion in committed venture capital. The bulk of the capital comes from university endowments, pension funds, charitable foundations and entrepreneurs.Investment SizeBenchmark investments range in size from as little as $100,000 to as much as $10 or $15 million. Typically, we invest $3 to $5 million initially and expect to invest $5 to $15 million over the life of a company. We invest for the long haul and look for entrepreneurs with a similar perspective.Our TeamAt Benchmark, when we think of our 'team', we think of more than just our general partners. For us, our team also includes our venture partners, our EIRs and members of our corporate network-all of whom actively contribute to the success of our portfolio companies. For more information on a partner, just click on their link below or learn more about our Corporate Network.V．课文讲解术语讲解capital 风险资本ventureequity 私募资金privatefinancial instruments 金融工具; 金融票据start-up 新兴公司spin-off 派生公司, 衍生公司company 证券投资公司portfolioindustry consolidation 产业整合sheet 资产负债表balancere-capitalization 资本重组market 股票市场stockreturn on investment 投资回报flow 现金流动cashlabor-intensive 劳动力密集型finance 股权融资equity课文注释1. venture capital firms (p.192)Venture capital and private equity firms are pools of capital, typically organized as a limited partnership, that invests in companies that represent the opportunity for a high rate of return within five to seven years. The venture capitalist may look at several hundred investment opportunities before investing in only a few selected companies with favorable investment opportunities.There are several types of venture capital firms, but most mainstream firms invest their capital through funds organized as limited partnerships in which the venture capital firm serves as the general partner. The most common type of venture firm is an independent venture firm that has no affiliations with any other financial institution. These are called "private independent firms". Venture firms may also be affiliates or subsidiaries of a commercial bank, investment bank or insurancecompany and make investments on behalf of outside investors or the parent firm’s clients. Still other firms may be subsidiaries of non-financial, industrial corporations making investments on behalf of the parent itself. These latter firms are typically called "direct investors" or "corporate venture investors."Far from being simply passive financiers, venture capitalists foster growth in companies through their involvement in the management, strategic marketing and planning of their investee companies. Venture capitalists generally:•Finance new and rapidly growing companies;•Purchase equity securities;•Assist in the development of new products or services;•Add value to the company through active participation;•Take higher risks with the expectation of higher rewards;2. private equity (p.192)（私募资金）It is a form of risk capital in the form of equity or loan capital provided by an investment institution to back a business. It covers venture capital, seed and early stage investing, mid-market deals and large leveraged buy-outs. In a broader expression, private equity can be understood as venture capital.3. the Neuer Markt (p. 192)The Neuer Markt (The New Market) was launched as a trading segment for technology companies at Frankfurt Stock Exchange in Germany on March 10, 1997. It was introduced as a subsidiary of the Deutsche Borse AG, with the objectives to attract small-to-medium-sized, young technology firms. The number of companies that have gone public in Germany or rather on the New Market, increased dramatically during the IPO boom period. However, as a consequence of the downturn of shares listed at the Neuer Markt since March 2000, the going public of companies became much more difficult. Deutsche Börse Group, based at Frankfort, is Neuer Markt's parent company. The Group provides access to capital markets for companies and investors and is currently the leading provider of infrastructure services for the securities industry, with some 2,000 customers and a focus on Europe, the Americas and Asia.4. techMARK (p.192)Since its launch in 1999 at London Stock Exchange, techMARK has established itself as a global market for shares in businesses at the cutting edge of technological innovation. TechMARK succeeds in meeting both the special requirements of innovative technology businesses and of their wide variety of investors. Companies on techMARK are active across all sectors of commercial and industrial activity, range from established multinationals to small start-up businesses and share a commitment to innovation, a desire for global visibility and a London listing. Innovative companies are attracted to list in London by its deep pool of capital, unrivalled equity culture, high liquidity, advanced trading systems and sophisticated international investment community. Membership of techMARK is open to all innovative technology companies whatever their size, country of origin or currency of share trading. techMARK companies represent a broad range of industries, but all companies share a key attribute - technological innovation.5. corporate environment (p.192)The general environment that is widely dispersed and affects businesses indirectly include social, demographic, and economic factors that influence all organizations.6. general partners (p.192) 普通合伙人A limited partnership has two partners: general partners and limited partners. The general partners of an ordinary limited partnership are personally liable for the partnership’s debts. Limited partners are not personally liable except in extraordinary circumstances. Usually both the right to manage and the power to bind a limited partnership are reserved to the general partners. Limited partners are essentially passive investors and entitled to share profits and losses essentially in proportions to their respective capital contributions with the general partners.7. Benchmark Capital (p.192)基准资本Based in California, USA, this venture firm aims at helping entrepreneurs build technology companies. Its investing strategy is to be the first investor in technology-driven companies that seek to create new markets with significant growth potential. It focuses on early-stage investing and take a labor-intensive, service-oriented approach in markets including enterprise software and services, communications & security, semiconductors, mobile computing, consumer services andfinancial services. Benchmark Capital supports its portfolio companies with its experienced partners, helping them recruit an executive, facilitate a corporate partnership, or get advice on a strategic move.8. VennWorks (p.193)VennWorks creates, develops and operates market-leading healthcare and technology companies in partnership with corporations, universities and others seeking to profitably commercialize intellectual property. It does not back individual entrepreneurs. VennWorks provides its partners with its expertise and experience in venture capital, information technology, life sciences, financial services, human capital management, recruiting and branding.9. Crescendo (p.193)Crescendo is a plug-in website that plays MIDI and MP3 music off of the web. When you log on its website, you can see the player in the upper right hand corner of the page and hear music as well.10. TD Capital Communications (p.193)Founded in 1995,TD Capital Communications targets investment opportunities in the media, communications and business services sectors throughout the U.S. TD Capital Communications Partners is fully funded by TD Bank and provides access to a variety of investment structures including preferred equity, common equity and mezzanine capital. TC Capital Communications typically targets business models that generate predictable recurring revenue streams in the following sectors: wireless communications, cable television, broadcasting, publishing, data services, new media, business services, information services and outsourcing.11. financial instruments (p.193)Any stock, share, money or other financial security. 金融工具; 金融票据：The bank trades in all types of financial instruments.12. Scandinavia (p.193)A region of northern Europe consisting of Norway, Sweden, and Denmark. Finland, Iceland, and the Faeroe Islands are often included in the region.13. Anglo-Saxon practice (p. 193)The British and American habitual or customary actions or ways of doing something: 盎格鲁-撒克逊或英美式的惯例/做法14. spin-off (p.193)A divestiture by a corporation of a division or subsidiary by issuing to stockholders shares in a new company set up to continue the operations of the division or subsidiary. 衍生公司，派生公司15. Toronto Dominion Bank (p. 194)Headquartered in Toronto, Canada, with more than 51,000 employees in offices around the world, The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Financial Group (TDBFG). TD Bank Financial Group offers a full range of financial products and services to approximately 13 million customers worldwide. As at April 30, 2003, TD Bank Financial Group was Canada's third largest bank in terms of market capitalization and had more than CDN$322 billion in assets. TD Bank Financial Group ranks as one of the top on-line financial services providers in the world with more than 4.5 million on-line customers. The Toronto-Dominion Bank trades on the Toronto and New York stock exchanges under the symbol "TD".16. TD Capital (p. 194)TD Capital, established in 1968 by Toronto Dominion Bank, is the independent private equity arm of TD Bank Financial Group. TD Capital partners with businesses with compelling opportunities for growth by providing capital and strategic counsel and support. Headquartered in Toronto, TD Capital has offices in New York and Boston. TD Capital currently has CAD $3.0 billion (approximately US $2.2 billion) under management and a portfolio of approximately 200 companies worldwide, includingCanadian Private Equity PartnersCommunications PartnersMezzanine PartnersPrivate Equity Investors (Fund of Funds)Technology Ventures17. The Menlo Park (p.194)It is within Silicon Valley of California, USA where the Benchmark Capital is situated.18. balance sheet (p. 194)A document that shows the totals of money received (credits) and money paid out (debits) by a company and the difference between them. The bank carefully examined the company’s balance sheet before deciding to approve the loan.19. Madison Dearborn Partners (p.194)Madison Dearborn Partners(MDP), based in Chicago, is one of the largest and most experienced private equity investment firms in the United States. MDP's principals manage over $7 billion investment funds raised in the period from 1993 to 2001. MDP focuses on management buyout transactions and other private equity investments across a broad spectrum of industries. Its objective is to invest in companies in partnership with outstanding management teams to achieve significant long-term appreciation in equity value. MDP generally seeks to invest $50 million to $400 million of equity capital in a single transaction and focuses on several specific industry sectors, including basic industries, communications, health care, financial services, middle market, and consumer.20. equity financing (p.194)Any money invested by owners or by those who purchase stock in a corporation is considered equity funds. Equity financing consists of funds that are invested in exchange for ownership in the company.The fundamental difference between equity financing and debt financing is the concept of what happens to the original investment. Traditionally, a debt investor focuses on providing debt capital, and presumes that the borrower of the debt will serve the debt and interest within a fixed period. Equity, by contrast, is designed to be deployed without the intention of the capital ever actually coming back from its original borrower. Instead, the returns are calculated on a return-on-capital concept. The equity investor intends to match a long-term asset with long-term financing. But thereceiver of the equity might take it for a bridge financing.21. Several investors rushed into the deal and focused on the wrong metrics in fear of missing the boat. (p. 196)The word metrics literally means the art of metrical composition；but seen in the context of the business analysis, it refers to the measurements or criteria of investments. 【参考译文】数位投资人匆忙成交，因怕错失良机而着眼于错误的评估参数上。

国际经贸高级英语精读第4单元课文翻译及答案

Though the majority of European government officials are currently optimistic, the difficulties that have been experienced do not bode well for the future of the EMU in its present form. While current problems center on controlling government deficits to meet Maastricht conditions, the exchange rate crises of the recent past call into question the basic desirability of the project. Until these issues are addressed, national economies should not be forced to fit Maastricht conditions and arbitrary deadlines, as such action will only create unnecessary economic turmoil. The current delays in monetary unification are necessary; more caution would be in the best interest of the people of Europe.
expecting payment in French francs will see the value of that payment fall if the franc depreciates against the German mark. The volatility of exchange rates is, in effect, a cost that international firms must take into account when estimating profits. However, under the system in place before the beginning of the present monetary unification process, this cost was also quite small. Under that system, nations set the exchange rates that their central banks used for conversion between currencies. Then, whenever a nation increased the money supply, the market exchange rate would fall a bit, but the banks’ exchange rate would remain stable. Arbitraguers would not take advantage of small differences between the central bank’s pegged rates and market rates because regulations on capital flow made such

新丝路高级商务汉语速成(一)第三课合作共赢课文一

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特许加盟模式是什么样的？交纳自行开店出资购买赢利连锁店转让成熟融入运作系统进而保障
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22. 持续 continued 这次下雨，持续了一个半月可持续发展是这次会议的主题。他发高烧已经持续好几天了。圣诞节晚会一直持续到半夜三点才结束
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21. 营业额 turnover 营业额持续上升保持持续上升的良好势头
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23. 经营权 business management right 面包新语于2003年购买了鼎泰丰品牌的特许经营权，将该品牌引入新加坡，从而开始进军餐饮业
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24. 分摊 share 这个月的电费，全楼各户平均分摊
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25. 培训
经过一年的培训，我已经成了这个公司的业务骨干。
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26. 承担
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17.融入 segue into
雪落在地上，融入白色的背景中。母爱融入血脉，是世界上最伟大的爱。爱是教育的灵魂，只有融入了爱的教育才是真正的教育。他的性格很孤僻，很难融入到集体中龙是中华民族的象征，深深融入中国人的生活之中。
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18. 运作 operate
没有材料，工人没办法生产，工厂都运作不起来。经营企业，是许多环节的共同运作，一个环节出错，就会导致整体失败
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19. 系统 system
这次停电是因为供电系统坏了。这次疫情让我们发现医疗系统存在的一些问题。考前老师为我们安排了充裕的时间进行系统复习。
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20. 保障 assure；guarantee
军队是国家安全的保障。有了人民警察,人们的生命财产安全才会得到保障。
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肯德基是怎么在全世界拓展业务的？特许经营

BEC高级精讲班第9讲讲义

BEC高级精讲班第9讲讲义Home work reviewHomework 1A proposal on improvement of company’s websiteIntroductionWith E-business expanding rapidly, company websites become more and more important. However, our company’s website does not show us to the best advantage. We need to improve it.Situations of our current websiteGenerally speaking, most aspects of our current website are successful as follows:n Our current website is designed beautifully and eye-catching.n All products of our company have been listed on the website and can be dealt with through our website.n The introduction of our company is written perfectly, which can make our customers well realize our corporate history and culture.However, there are also some weaknesses involved in our website.n The specifications and functions of our products are not elaborated sufficiently.n The layout of our website is something messed, which inconveniences our customers finding their intended products.n There is no room for our customers to discuss our products and give feedback to us.New services and informationSome new services and information should be provided so as to strengthen our website. For example,n A search engine will be added to the website.n All products will be given detailed and attractive descriptions.n A new unit, a forum, will be created to facilitate our customers to give comments on our products and contact us.BenefitsWith the above improvements, the customers can find needed products conveniently and quickly. Moreover, they can acquire details of all products and place orders duly. In addition, we can realize the customers’ requirements and improve our products timely and efficiently to maintain and develop our market shares.ConclusionsA perfect website can help us obtain unexpected success, such as reducing our cost and attracting more customers. More importantly, we can get the support from our customers. Therefore, improvements are necessary.RecommendationsWe had better cooperate with experts in website to improve ours. At the same time, each department should participate and collaborate actively. Furthermore, the language used on thewebsite should be concise and exact.Li QingrongManagement DepartmentHomework 2Proposal on Improvement of the websiteIntroductionThis proposal aims to evaluate the strengths and weaknesses of the current website and recommend an improvement plan and elaborate the benefits it will bring.Existing websiteAs a renowned multinational, our company has a beautiful website with a great deal of graphs and pictures. The framework of the website is reasonably designed and it includes almost all necessary aspects.By contrast, the content of the site is not that satisfactory at all. There is only a brief introduction of our company on it without any updated information. Besides, the security of the website also deserves improvement.Improvements to be madeIt has been proved that websites with abundant information and services get more page hits than those which are appearance-oriented. Consequently, the content of the website should be enriched via adding latest news or stories of our company.The security system of the website also needs optimizing so that it can operate normally when suffering virus attack.BenefitsAfter increasing the content of our website, our customers can know more about the company and keep abreast with the latest events. That will definitely enhance their loyalty to our company and will enlarge our customer base at the same time.A more secure system can ensure the safety of the database of the server and also prevent hostile hacking efficiently.ConclusionOur existing website has some defects and need improvement urgently. Appropriate improvements will bring considerable benefits to our company.RecommendationIt is strongly recommended that the content of the website be increased and the security system be optimized.Homework 3Report on improving our websiteThe proposal aims to raise some issues about our website and provide some recommendations to improve it.SituationsThe website of our company was set up in 2000. It has been running for five years. The website showed how our company runs, our mission statement and our structure, to name but a few. It also has a BBS and manager box which improve communications between staff and top leaders effectively. But the homepage of the website needs updating and cannot reflect our company’s status quo and the development we are making.More informationIn response to the expansion of our company, adding some new information is necessary, such as adding updated news, setting up new database centre, renewal of the web into a more customer-friendly way. A self-service system for customers is also a good idea to improve our customer relationships. The new website should be a centre of company information, and every employee can hear the voice from top leaders through the web. It must be a learning centre from which staff can download the newest technologies and skills to learn. Since our products enter Spain and Japan markets and sales rose dramatically, the Spanish and Japanese versions are also needed.ConclusionsThe improvement of our website will give both company and staff stronger backup, and raise the productivity. The multi-language versions website will be more effective for our imagination and provide stronger after-sales service for our foreign markets.RecommendationsIt is suggested that the website should be rebuilt as soon as possible. We should hire a professional team to achieve the end.其他观点online service, mailbox for complaintsu 请听一段报纸介绍德国汽车厂商如何通过建立儿童网站获取客户源的报道2.Report On Changes in the sales of product in Japan, Indonesia and France during the period June 1994 to January 1997In June 1994, Japanese sales were $20,000. They fell sharply for twelve months to no sales at all in June 1995, when a new marketing strategy was introduced. Sales rocketed to $90,000 by late 1996.Indonesian sales, in June 1994, were $50,000, and rose steadily to $70,000 in June 1995. Sales dropped slightly to $60,000 in early 1996, but rose again almost to $70,000 by June 1995. Sales dropped slightly to $60,000 in early 1996, but rose once more to $70,000 in January 1997.In June 1994, sales in France were $50,000, but they plunged to $10,000 in January 1996, and varied slightly around $10,000 to January 1997.The new marketing strategy introduced in June 1995 apparently worked well only in Japan.V ocabularystudyII. V ocabulary Study(1) learning words --- 缺少lack noun [singular, uncountable] when there is not enough of something, or none of itￚsynonym shortagelack ofnew parents suffering from lack of sleepToo many teachers are treated with a lack of respect.comments based on a total lack of informationDoes their apparent lack of progress mean they are not doing their job properly?tours that are cancelled for lack of bookingsThere was no lack of willing helpers.lack verb1 [transitive] to not have something that you need, or not have enough of itAlex's real problem is that he lacks confidence.lacking adjective [not before noun]1 not having enough of something or any of itlacking inHe was lacking in confidence.She seems to be entirely lacking in intelligence.The new designs have all been found lacking in some important way.2 if something that you need or want is lacking, it does not existFinancial backing for the project is still lacking.These qualities are sadly lacking today.Whatmotivesstaff?III. What motivates staff?motivate verb [transitive]1 to be the reason why someone does something促使, 驱使ￚ同义词driveWould you say that he was motivated solely by a desire for power? 你的意思是说他完全只被追逐权利的愿望驱使着吗?motivate somebody to do somethingWe may never know what motivated him to kill his wife. 是什么驱使他杀了他的妻子, 我们对此不得而知.2 to make someone want to achieve something and make them willing to work hard in order to do this 激励A good teacher has to be able to motivate her students. 一个好教师应该是有能力激励她的学生. motivate somebody to do somethingThe profit-sharing plan is designed to motivate the staff to work hard.这个利润分享计划就是要激励员工勤奋地工作。

商务英语阅读unit9保险课件

Content
❖ Text ❖ Fast Reading I ❖ Fast Reading II
TEXT General Introduction to Insurance
Pre-reading questions
1. How is insurance related to each individual? 2. What is the status quo of insurance industry in China?
Insurance is defined as a promise of compensation for specific potential future losses in exchange for a periodic payment. The goal of insurance is to protect the financial wellbeing of an individual, company or other entity in the case of unexpected loss from death, accidents, sicknesses, damage to property, and injury caused to others. .
One important point is that the client must have an insurable interest. An insurance contract is legally binding only if the insured has an interest in the subject matter of the insurance and this interest is in fact insurable. In most cases, an insurable interest exists only if the insured would suffer a financial loss in the event of damage to, or destruction of, the subject matter of the insurance.

(完整版)Unit-9-What-is-happiness课文翻译

Unit 9 What Is Happiness?The right to pursue happiness is issued to Americans with their birth certificates, but no one seems quite sure which way it runs. It may be we are issued a hunting license but offered no game. Jonathan Swift seemed to think so w hen he attacked the idea of happiness as “the possession of being well-deceived,” the felicity of being “a fool among knaves.” For Swift saw society as Vanity Fair, the land of false goals.自从呱呱坠地，美国人就被赋予了追求幸福的权利，但似乎没人确信幸福究竟在哪里。

正如它发给我们狩猎证，却不给我们提供猎物。

乔纳森•斯威福特似乎持此观点，他抨击幸福的想法是“鬼迷心窍的上当，”是“骗子堆中的傻瓜”的自鸣得意。

因为他视社会为虚妄目标聚集的名利场。

It is, of course, un-American to think in terms of fools and knaves. We do, however, seem to be dedicated to the idea of buying our way to happiness. We shall all have made it to Heaven when we possess enough.当然用傻子、骗子这样的字眼来形容是不合美国的人的风俗习惯的，然后我们似乎确实沉溺于用金钱购买幸福的想法：只要有足够的钱，我们百年后就能上天堂。

经贸高级英语课后中英对照1-6课

Unit OneⅠ/1.对经济增长必不可少的实物资本的积累the accumulation of physical capital indispensable to economic growth2. 引进国外的先进设备和技术诀窍to import advanced equipment and know-how from abroad3.占世界技术贸易总量90%的许可证贸易license trade accounting for 90 per cent of the total volume of the worldstrade of technology4.经济发展中所反映出来的人力资本的匮乏lack of human capital reflected in economic development5. 高科技对产业调整的重大影响the great impact of high technology on the adjustment of industries6.推动经济增长的关键因素key factors driving economic growth7. 从一个农业国向工业国的转型the transformation from an agricultural nation into an industrial one8. 构成全要素生产率增长的有形和无形要素the tangible and intangible factors making up the total factor productivitygrowth9. 隐藏在技术进步之后的教育系统的改善the improvement of educational systems lurking in technological progress10.该产业中资本与劳动力的比率the ratio of capital to labour in this industry11. 增加劳动力数量并提高其教育培训程度expand the labour force and increase its education and training12. 研发部门在跨国公司经营中的作用the role of the R&D department in the operations of multinational corporations13. 一份对多国技术进步情况进行分析的报告 a study report analyzing variations in technical progress across a largenumber of countries14. 把计量和模型结合引入经济分析to incorporate quantity and models into economic analysis15. 发达国家和发展中国家在收入上的巨大差距great gap in incomes between developed and developing nationsⅡ/1.不少经济学家认为，像香港、新加坡这样土地稀少的地区，其经济的快速发展应该主要归功于教育程度的提高。

lecture9

讲义：纯交换经济中的一般均衡David Autor14.03 2004 秋季1动机到现在，我们一次只讨论了一种市场：劳动，食糖，食品等等。

但是这只是一种为方便起见的虚构。

虽然不致引起误导，但仍然还是一种虚构。

市场总是相互关联的：●削减食糖税 → 食糖价格下降●→ 蔗糖农场就业减少●→ 蔗糖工人寻找其他农场的工作，压低了农场工人的一般工资●→ 耕地被用于其他用途●→ 引来新品种作物的种植●→ 其他农场产品价格下跌●→ 消费者实际收入上升●→ 消费者收入的上升增加了对糖果这种奢侈品的需求●→ 甜点市场增长，小餐馆生意兴隆●……这样的连锁反应简直是无止境的。

某种程度上，单一商品的市场不存在这样的情况。

价格和数量的所有变化都对其他商品的需求和/或供给有着反作用：●收入效应●价格上升/下降的商品的替代性/互补性●其他资源的过剩/短缺的变化为了加强理解，我们需要一个能同时反映所有市场相互作用的模型，并且由此得出一个总体的均衡特征。

这就是一般均衡模型，它同我们这学期已经使用过的部分均衡模型不一样。

2埃奇渥斯盒对于“所有市场”问题，我们需要减小它的范围以使其易于处理和分析。

但是我们也要保留这个问题的本质：埃奇渥斯盒（以Jevons Edgeworth命名）使我们能做到这一点。

可以说我们只需要2个相互作用的市场就能研究整个问题：●2种商品●2个人●纯交换●（这个模型中不包括生产；这个学期我们没有时间来做这样的扩展，不过这是可以理解的。

如果你想要了解，可以找我要考虑生产的一般均衡的课堂笔记。

）●机会成本的经济学概念的完美表述和模型本身一样简单，它向我们展示了两个经济学中最基本的结果：福利经济学第一和第二定理。

2.1埃奇渥斯盒，纯交换两种商品：称之为食品F和住宅S。

两个人：称为A和B初始禀赋：他们的消费：没有交换：经过交易可能出现很多情况，但是下面是无疑的：注意这个式子的组成部分：●经济中所有的资源都被重置了。

●两边的偏好都被重置了。