商务英语阅读教学大纲(王关富)

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商务英语阅读(第二版)-王关富-UnitThe-Incredible-Shrinking-Europe-课后标准答案

商务英语阅读(第二版)-王关富-UnitThe-Incredible-Shrinki ng-Europe-课后答案————————————————————————————————作者：————————————————————————————————日期：Unit 4The Incredible Shrinking EuropeExercises1. Answers to the questions on the text:1) What was the dream that the Europhiles were familiar with?Their dream was to make E.U. a newly emboldened world power stepping up to calm trouble spots, using aid and persuasion where it could, but prepared to send in troops when it had to.2) Why does the passage say that Europe is a remarkably good place to live?Because Europe is more stable, safe, green and culturally diverse than most parts of the world and a quality life can be guaranteed in E.U. states.3) Does the good life at home make Europe strong abroad ? Why?No, a good life at home doesn’t mean a strong Europe abroad. Because the E.U.may have all the soft-power credentials in the world, but on the grand stage it has lacked the weight and influence of others on some big issues.4) What do Critics think of the selection of Herman Van Rompuy and Catherine Ashton as Europe's President and Foreign Minister?They consider the selection as symbolic of a lack of vision and it means the grouping will have to reconcile itself to five years of underperformance.5) What can be listed as E.U.’s achievements in the years around 1980s according to the passage?By extending an area of peace and liberal government to the east, the E.U. has done much to calm a part of the world that not long ago was the cockpit for murderous rivalries.6) In what way can Europe realize its own dreams and those of others according to the passage?It has to act as a true single bloc and win others to its side.7) Why does the German government face enormous domestic challenges in admitting its forces in Afghanistan are there to fight, not to be humanitarian workers in uniform ?Because one of modern Europe's most cherished convictions is that the force of arms rarely settles political disputes for long and European public opinion in the 20th century seems unwilling to commit to the war in Afghanistan for the long haul.8) What roles did Germany play in Europe in the 20th century?For the last half of the 20th century, Germany was at the heart of the European experiment. But since the end of the Cold War, it has stepped back from the E.U.and begun strengthening ties with Russia.9 What are the advantages for E.U. to be chosen as the White House’s partner?The advantages are that Europe is rich and democratic, and its values arecloser to those of the U.S. than those of anywhere else.2. Fill in each blank of the following sentences with one of the phrases in the listgiven below. Make changes when necessary.1) China will adhere to the principle of developing high technology and realizingindustrialization to step up the commercialization, industrialization and internationalization of scientific and technological achievements.2) In the recent crisis no banks could manage to bail out the companies in financialpressure.3) In terms of the information from the Universe he is apathetic and sometimesirritable, he is like an ostrich sticking his head in sand.4) It will be up to the board to decide if the CEO should be removed.5) All our hopes rest upon the arrival of the shipment.6) The plan has already been worked out, and could be put into operation at amoment's notice.7) The whole machinery of civilization will break down if this doctrine wins in thewar.8) His remarks hit home when he said that we did not work enough.9) Some analysts suspected that Toyota had pulled strings to stifle probes into itsauto quality problems.10) Mercy is reaching out to those who have nothing to give back to you.3. Match the terms in column A with the explanations in column B:A ____________________ B_____________________________________1)free market A) Effects on the behavior of individuals causedby observation of the actions of others and theirconsequences. 32) coalition government B) An economic turmoil where companies gobankrupt, people are laid off, and markets aresluggish. There is a lot of panic in bothbusiness and daily lives.93) demonstration effects C) A market in which there is no economicinterventionby the state, except to enforceprivate contracts and the ownership of property.14) health insurance D) A qualified retirement plan set up by acorporation, laborunion, government, orotherorganization for itsemployees. 6E) A form of collectivism by means of whichpeople collectivelypool their risk, in this casethe risk of incurringmedical expenses. 45) national interest F) The ability to obtain what one wants througheconomic or cultural means. It allows nations toexert their influence without using militarymeans or coercion. 86) pension scheme G) A fight or contention for territory, power,control, or resources between tow more partiesin a place or area.. 77) turf war H) Things of great importance to a nation,including itsgoals, visionsand ambitions inpolitical,economic,cultural fields,etc. and actions,circumstances,and decisions toachieve them. 5 8) soft power I) A cabinet of a parliamentary government inwhich severalparties cooperate. 29) economic crunch4. Translate the following into Chinese.有什么能让欧洲振奋起来吗？当然：如果欧洲领导人能像20年前那样抓住时机，欧盟就将繁荣昌盛。

《商务英语阅读》(王关富编)(第二版)参考译文

Chapter 1 Why China Works中国是今年唯一呈现出重大发展的主要经济体（economy），由于它通常是唯一敢于打破经济教科书中每一条例的经济体。

事实上，中国不像其他五大经济体那样发展缓慢的主要原因是，它宏观调控的能力（its capacity for macro-economic control）。

为什么中国市场经济体系奏效？（market economic system）目前，欧美等国正通过银行及汽车业国有化及金融业实施新的有力规定（regulations），走向宏观调控。

但问题更加紧迫（the question has a new urgency）。

中国看上去最能驾驭（navigate）七十年内最糟的经济滑坡（downturn）。

在危机中，中国官员既能吸取像西方同行（counterparts）的传统市场工具，也能吸取中国市场经济体系的积累经验（arsenal）。

去年早期，由于房地产市场（housing market）过热，中国官员仅命令银行削减房贷（cut back on housing loans），然后随着房屋销售量下降（fall），他们提供类似更低的房屋购置税（lower taxes on home purchases）。

最近几周，他们展开类似西方的经济救援行动（launch economic rescue efforts），其中包括价值6000亿的大计划以增加政府开支和大幅利率削减（ramp up government spending）（big interests cuts）。

但同时，他们也发布在西方国家眼里是不合理的干涉的命令，例如，上周中国官员召集包括钢铁建筑等行业的国有行业并购（buy up）国内外新资产（at home and abroad）以积极（actively）发挥在经济中的作用。

曾把中国宏观调控视为不成熟经济的弊病（immature economy），现在是稳定的保障（bulwark of stability）。

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。

商务英语阅读(第二版)-王关富-Unit-6-Goodbye--Free-Trade-课后答案

Unit 6Goodbye, Free Trade?Exercises1.Answer the questions on the text.1) What was the result when the House of Representatives passed theHawley-Smoot Tariff Act in 1930?The economic recession in the United States became even worse.2) According to the author, what happens when a currency appreciates?It diminishes the export advantage of the country and makes it difficult to increase exports or even maintain the status quo.3) How did American politicians take advantage of the public’s stronganti-free-trade sentiment in the United States?They created a talking point in charges of unfair trade so that they thought they could benefit in the mid-term elections.4) What did American politicians and economists agree and disagree over theHawley-Smoot Tariff Act?Almost all of them agreed that it was a bad law, but they disagreed whether it triggered the Great Depression in the 1930s.5) What did Milton Friedman think were the more important reasons for theGreat Depression?The malfunctioning gold standard system and inept monetary policy of the Federal Reserve.6) What was the foreign reaction unexpected by the American lawmakers afterthe Hawley-Smoot Tariff Act was enacted?The trading partners were angered and imposed discriminatory tariffs on American goods. Canada in particular, as the largest export market for the US, reacted fiercely and handed its market over to the British competitors.7) Why is it unlikely for the US to adopt another Smoot-Hawley today in the eyeof the author?(1)The US is much more integrated into the world economy today than it was inthe 1930s.(2)Import restrictions seldom achieve their intended goals, instead, often end uphurting American industries and consumers.(3)The Americans have learned to consider the possible strong foreignretaliation against US exporters.8) What were the respective results for those countries withdrawing from thegold standard and those clinging to it during the 1930s according to the author?Those countries going off the gold standard allowed their currencies to depreciate, avoided protectionist trade policies and, instead, used monetary policy to end price deflation and stimulate economic growth.Those countries choosing to stay on pursued protectionist trade policies by imposing high tariffs, import quotas and exchange controls, which did little in boosting their economic growth. Thus they suffered a longer economic depression.9) How does the author justify his support for the policy of "quantitativeeasing"?(1) Historically, the most important tool for resisting protectionist sentiment in the1930s was a monetary policy that would promote economic growth.Today the US is in a similar situation. Taking right monetary policy can alleviate the pressure on Washington to adopt protectionist trade policy and can help to raise output before it leads to a high inflation.(2) He also quotes what Charles Evens said: Additional measures taken by the Fedto stimulate growth should condoned, not condemned.(3) What Mr. Friedman wrote 1997 about Japan: The surest road to a healthyeconomic recovery is to increase the rate of monetary growth, to shift from tight money to easier money.10) What does the author imply about the US Congress?In comparison with the Fed, the US Congress is following a trade protectionist policy in blaming other countries for its unemployment and may cause serious trade retaliations from trading partners.2. Fill in each blank of the following sentences with one of the phrases in the list given below. Make changes when necessary.1)As the financial scandal involves so many people, the probe in to it could dragon for another year.2)In the age of globalization more individuals are forced to integrate intomultinational work teams.3)Many in Europe are now very much worried that it may sink into a Japan-styleeconomic recession.4)But the business leaders yesterday warned against interest rate rises, arguing thatinflation was being driven not by consumer spending, but by rising commodity prices.5)After the call scandal, the American automakers and some politicians there wereso eager to keep their rival Toyota at bay in the auto market.6)Under the current labor law, two categories of employees are exempt fromminimum wage and overtime requirements.7)Though the local partner made a revised offer, the foreigner investor refused andreverted back to the original agreement conditions.8)Last Friday the two parties met for more than five hours only to end up walkingaway from the table once again, reaching no agreement at all.9)When the government supervises banks, it should take into account their payand bonus structures which may often be the source of corruption.10)The customers severely affected in the incident demanded that the company putin place effective measures to avoid occurrence of such things in the future. 11)It’s critical to take hold of any opportunity coming your way because it willnever come back again once lost.12)At times of economic depression, people are more inclined to unethical means intheir business.3. Match the terms in column A with the definitions in column B:A__________________________ B____________________________________ 1)unfair trade A) Restrictions that governments put in placeon the purchase or sale of a foreign or localcurrency, particularly by those in shortageof hard currencies. 62) real estate B) Escalation of protectionism between two ormore countries that impose punitive tariffsand barriers in retaliation for each other. 83) business cycle C) A general decline in prices often caused bya reduction in the money supply or a decreasein spending. 54) trade protectionism D) Unjustifiable and discriminatory policiesand supports by a government to its ownfirms, ranging from export subsidies to anti-competitive practices. 15) price deflation E) Land, buildings, homes or anything fixed,immovable, or permanently attached that canbe traded in the market. 26) exchange control F) The policy of imposing duties or quotas onimports in order to protect home jobs,markets or industries from overseascompetition. 97) competitive currency devaluation G) A company or country with whom you havean ongoing business relationship and engagein importing or exporting activities. 108) trade war H) A predictable long-term pattern ofeconomic activity that an economyexperiences four stages including decline,recession, recovery and boom. 39) import barriers I) The currency devaluation by a governmentto make its goods more competitive in theinternational markets. 710) trading partner L) The economic policy of restrainingbusiness between states through a variety ofgovernment actions to discourage importsand prevent foreign take-over of domesticmarkets and companies. 44. Translate the following passage into Chinese.按官方的说法，中美间过去三天日益严重的贸易纠纷涉及轮胎、鸡肉和汽车，但实际上远远超出此范围。

商务英语阅读王关富课文

商务英语阅读王关富课文In the fast-paced world of business, mastering English is not just an asset; it's a necessity. The ability to read and comprehend business English texts is crucial for professionals looking to excel in their careers.Understanding the nuances of business communication is key, and this is where the lessons from Wang Guanfu's "Business English Reading" come into play. Each lesson is designed to enhance the reader's ability to interpret complex business scenarios and documents.From financial reports to marketing strategies, the course covers a wide range of topics that are essential for anyone looking to succeed in the global marketplace. The material is presented in a clear and concise manner, makingit accessible to learners of all levels.Moreover, the lessons are not just about reading; they also focus on critical thinking and the application of knowledge. This is vital for making informed decisions andfor communicating effectively in a business context.In essence, "Business English Reading" is more than just a textbook; it's a comprehensive guide to navigating the language of business. It empowers students with the skills they need to thrive in a competitive and ever-evolving industry.。

chapter10王关富商务英语阅读译文.doc

第10 课主课文译文杰克.韦尔奇执掌通用电气之道有关韦尔奇的评介近年来有许多,大都介绍了他如何把一个老字号的美国产业巨人改造成一个具有强劲竞争力的全球增长型的发动机，如何精明地把一个老牌制造商带入了服务业，如何通过六百多项收购和有力打入了海外新兴市场完成了对通用电气公司的改造。

然而鲜为人知的是，杰克·韦尔奇是如何做到在这样一个全美业务最广、机构最庞杂的组织内，实施了如此之大的权力和影响。

许多公司经理不过领导、激励数十人而已，但他们忙得终日不可开交。

还有许多首席执行官掌管的公司规模远不及通用电气，他们倾心倾力，但还是业绩平平。

相比之下，通用电气拥有三千零四十亿美元资产，年销售额高达八百九十三点三亿美元，其二十七万六千员工分散在上百个国家；而身居这一企业帝国最高位的韦尔奇又是何以做到的呢？他做到这些完全靠他的人格魅力，靠他那追求商场取胜的奔放激情，还有他对具体细节的强烈关注，而许多总裁往往对具体细节视而不见。

他做到了这些是因为在他主持的公司年度规划会议上，鼓励一种近乎残酷的直率态度；他做到了这些，最主要的是他坚信公司员工的力量。

韦尔奇能够牢牢地掌握通用电气，是基于他对这个公司，对效力该公司的员工的非同一般的了解。

首先，在这些员工中有数千名他在哈德逊克劳顿校园授课时结识的“学员”，该校园被通用电气员工俗称为克劳顿村。

再有就是他的时间安排：他用多半的时间去关注“人”的问题。

但最重要的是，他在一个如此庞大的公司内完成了一项创新：不拘泥条条框框。

韦尔奇喜欢把通用电气称作“食品杂货店”。

这种比喻用于如此庞然大物上尽管十分离奇，却能让韦尔奇在观念上如同挽起袖口、穿上围裙，置身于食品店柜台后面一样。

正是置身于此位，韦尔奇能了解到他的每位员工，能服务于每一位顾客。

韦尔奇说：“无论是在食品杂货店、还是发动机或医疗系统部门，其重要的关注点都一样，如顾客是否满意，货物是否变质，货架是否摆放妥当，提供的货或服务是否对路。

商务英语阅读(第二版)-王关富-Unit4The-Incredible-Shrinking-Europe-课后答案

Unit 4The Incredible Shrinking EuropeExercises1. Answers to the questions on the text:1) What was the dream that the Europhiles were familiar with?Their dream was to make E.U. a newly emboldened world power stepping up to calm trouble spots, using aid and persuasion where it could, but prepared to send in troops when it had to.2) Why does the passage say that Europe is a remarkably good place to live? Because Europe is more stable, safe, green and culturally diverse than most parts of the world and a quality life can be guaranteed in E.U. states.3) Does the good life at home make Europe strong abroad ? Why?No, a good life at home doesn’t mean a strong Europe abroad. Because the E.U. may have all the soft-power credentials in the world, but on the grand stage it has lacked the weight and influence of others on some big issues.4) What do Critics think of the selection of Herman Van Rompuy and Catherine Ashton as Europe's President and Foreign Minister?They consider the selection as symbolic of a lack of vision and it means the grouping will have to reconcile itself to five years of underperformance.5) What can be listed as E.U.’s achievements in the years around 1980s according to the passage?By extending an area of peace and liberal government to the east, the E.U. has done much to calm a part of the world that not long ago was the cockpit for murderous rivalries.6) In what way can Europe realize its own dreams and those of others according to the passage?It has to act as a true single bloc and win others to its side.7) Why does the German government face enormous domestic challenges in admitting its forces in Afghanistan are there to fight, not to be humanitarian workers in uniform ?Because one of modern Europe's most cherished convictions is that the force of arms rarely settles political disputes for long and European public opinion in the 20th century seems unwilling to commit to the war in Afghanistan for the long haul.8) What roles did Germany play in Europe in the 20th century?For the last half of the 20th century, Germany was at the heart of the European experiment. But since the end of the Cold War, it has stepped back from the E.U. and begun strengthening ties with Russia.9 What are the advantages for E.U. to be chosen as the White House’s partner?The advantages are that Europe is rich and democratic, and its values are closer to those of the U.S. than those of anywhere else.2. Fill in each blank of the following sentences with one of the phrases in the list given below. Make changes when necessary.1) China will adhere to the principle of developing high technology and realizingindustrialization to step up the commercialization, industrialization and internationalization of scientific and technological achievements.2) In the recent crisis no banks could manage to bail out the companies in financial pressure.3) In terms of the information from the Universe he is apathetic and sometimes irritable, he is like an ostrich sticking his head in sand.4) It will be up to the board to decide if the CEO should be removed.5) All our hopes rest upon the arrival of the shipment.6) The plan has already been worked out, and could be put into operation at a moment's notice.7) The whole machinery of civilization will break down if this doctrine wins in the war.8) His remarks hit home when he said that we did not work enough.9) Some analysts suspected that Toyota had pulled strings to stifle probes into its auto quality problems.10) Mercy is reaching out to those who have nothing to give back to you.3. Match the terms in column A with the explanations in column B:A ____________________ B_____________________________________1)free market A) Effects on the behavior of individuals causedby observation of the actions of others and theirconsequences. 32) coalition government B) An economic turmoil where companies gobankrupt, people are laid off, and markets aresluggish. There is a lot of panic in bothbusiness and daily lives.93) demonstration effects C) A market in which there is no economicinterventionby the state, except to enforceprivate contracts and the ownership of property.14) health insurance D) A qualified retirement plan set up by acorporation, labor union, government, or otherorganization for its employees. 6E) A form of collectivism by means of whichpeople collectively pool their risk, in this casethe risk of incurring medical expenses. 45) national interest F) The ability to obtain what one wants througheconomic or cultural means. It allows nations toexert their influence without using militarymeans or coercion. 86) pension scheme G) A fight or contention for territory, power,control, or resources between tow more partiesin a place or area.. 77) turf war H) Things of great importance to a nation,including its goals, visions and ambitions inpolitical, economic, cultural fields, etc. andactions, circumstances, and decisions to achievethem. 58) soft power I) A cabinet of a parliamentary government inwhich several parties cooperate. 29) economic crunch4. Translate the following into Chinese.有什么能让欧洲振奋起来吗？当然：如果欧洲领导人能像20年前那样抓住时机，欧盟就将繁荣昌盛。

商务英语阅读王关富答案

商务英语阅读王关富答案【篇一：商务英语阅读(第二版)王关富unit10 banking 课后答案】>the alchemists of finance exercises1.questions on the text1)what ' s the main difference between commercial banks and investmentbanks?in todays business environment, the main business of commercial banks is to collect deposits and make loans, while that of investment banks is to underwrite stocks and bonds and advise companies on mergers and acquisitions.2)why do investment banks try to keep quiet about their big profits?investment banks try to keep quiet about their big profits for two major reasons: first, they are under more scrutiny by regulators and investors; second, private equity and hedge funds have overtaken them in raising money and making excessive bets.3)what changes have taken place in the financial markets since the 1980s?the main changes since 1980s have been the rapid growth of financial instruments with unprecedented breadth, depth and richness, brought out by technology and innovation. examples of those financial instruments are public and private debt securities and derivatives.4)why do bankers and regulators worry about a possible collapse of aninvestment bank?they worry about a possible collapse of an investment bank because such an event will have serious implications for the whole financial system, and it is vital to know how such institutions evolve, how they handle risks and how well those risks are spread around the financial system.5)which three factors can explain the huge profit for investment banks?those factors are: first, the alchemists trick of turning debt (mostly leaden) into derivatives (mostly liquid); second, the emergence of a new class of leveraged client (hedge funds and private equity); third, seeking out new capital markets and clients around the world. meanwhile, in all these pursuits the banks are now using their own money, to differing degrees.6)what does the expression “the wild east " refer to? that expression refers to the new markets emerging in europe and asia. the introduction of the euro in 1999 and the rapid growth of economies in those regions have attracted investment banks.7)what makes london an impressive rival to new york as a global financialcenter?london has become an impressive rival to new york as a global financial center because: first, london trades a wide range of assets and is regulated on the spot; second, london is a hub for europe and continent european countries can raise capital there; third, london is also regarded as a springboard for emergingmarkets such as china and russia.8)how do investment banks manage the risks?investment banks try to find the most talented people to handle the intricate assets; they measure the correlations between different financial instruments in an attempt to spread risk; they invest hundreds of millions of dollars a year in technologies to measure and stress-test risks; they also try to boost their risk-weighted capital.9)according to the text, what heselationship betweenrevenue and risk infinance?the relationship between revenue and risk is fundamental in finance. risk-taking is awarded by possible high revenue. low risk often means less revenue. however, in order to gain more revenue, you need to take more risks. you should carefully calculate the risk and balance it against revenue beforehand, or you will pay a high price for foolish investment bet.10)which one is more important to the growth of the finance industry, innovation or regulation? based on the text, both innovation and regulation are vital to the healthy growth of the finance industry. without innovation, investors have fewer places to gain returns on their money and those seeking money would have much more difficulties in obtaining it. thus innovation boosts the rapid growth of finance industry and brings benefits to more people both in developed countries and developing countries. however, innovation without proper regulation, such as the securities that no one knows how to exactly measure their risk, could lead the growth of the finance industry to a disastrous end.2.fill in each blank of the following sentences with one of the phrases in the list given below: 1) the government has taken many measures to2) employees are asked to3)regulators demand the monopoly company to smaller entities.4)it s reported that china telecom plans to its network services unit in hk.5)the traffic had for miles because of the accident.6)according to those representatives, new forces are in the refiningindustry.7)we shall never know how she managed to acquire her promotion; there is no wayto8) a nationwide law aimed at stamping out passive smoking in public spaces in switzerland on saturday.9) innovations will dramatic changes in this industrial sector. 10) i would say that,3. match the terms in column a with the explanations in column b:1) liquidity crisis a) a bank that provides checking accounts, 2) leveraged buy-out3)credit crunch4)over-the-counter securities5)initial public offering6)commercial bank7)stress test8)investment bank9)hedge fund10)risk management savings accounts, and money market accounts and that accepts time deposits. b) a company issues common stock or shares to the public for the first time. c) the situation in which a business experiences a lack of cash required to grow the business, pay for day-to-day operations, or meet its debt obligations when they are due, causing it to default. d) the acquisition of another company using a significant amount of borrowed money (bonds or loans) to meet the cost of acquisition. e) a financial institution that assists individuals, corporations and governments in raising capital by underwriting and/or acting as the clients agent in the issuance of securities. f) an aggressively managed portfolio of investments that uses advanced investment strategies such as leveraged, long, short and derivative positions in both domestic and international markets with the goal of generating high returns. g) a sharp increase in the interest rates and a strong decrease in allocated credits. h) a process that measures whether one institution has adequate capital and/or assetsto respond effectively to various, adverse scenarios usually presented by a computer program. i) securities traded in some context other than on a formal exchange such as the nyse, etc. j) the identification, assessment, andprioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities.4.translate the following into chinese在去年信贷危机爆发的时候,联邦的监管者们向国内的各主要金融机构注入了数以百亿计美元,而他们这么做的原因在于这些银行是如此之大以至于官员们担忧它们的破产将会拖垮整个金融体系.如今,这些银行中最大的几家甚至变得更大了.这场危机对限制着美国金融的不少巨头们而言很可能是件好事.由联邦政府安排的一系列兼并行动将陷入困境的银行平安地并入了更为平安稳定的企业中.这场危机还让幸存者们得以乱中重生,市场地位得到稳固,对消费者信贷拥有更大的限制权,并获得更多的盈利空间.如今,这个国家每十美元的储蓄中就有超过一美元是由摩根大通银行(j.p. morgan chase )掌控的,该银行那么由华尔街的一些老字号机构组成.美国银行(bank of america )和西海岸最大的银行——富国银行(wells fargo )的情况也是如此,而前者在收购美林证券(merrill lynch )时遭受重大损失,又因金融危机被政府局部收购.联邦政府数据显示,现在每两笔抵押贷款中就有一笔和每三张信用卡中就有两张是由以下银行发放的：上述三家银行,再加上由政府救助并拥有的花旗银行(citigroup ).在去年九月金融体系几乎完全崩溃一年后,联邦政府的应对举措重新界定了美国人获得抵押贷款、学生贷款和其他信贷的方式,并高调主导了一场关于高管薪酬的全国性讨论.不过,在这场危机带来的所有后果中最让高层监管者们不安的是那些超大型银行却变得更大,而且它们之间的联系更为紧密.监管者们有两方面的担忧：一是消费者对效劳的选择余地最终会越来越小,二是银行会认为如果事情弄砸了它们总会得到政府的支持. 这一假设的保证意味着如果大公司认为联邦官员总会替它们收拾烂摊子的话,它们就会重操旧业,再次从事那些曾引起此次危机的高风险行为.这个名为道德风险〞的问题可以在一定程度上说明政府官员为何要严密监控那些获得了救助的银行 ------监督其高管的薪酬并审查其重要部门或分支机构的出售.除此外,此问题还促使奥巴马政府采取举措建立新的监管体系以防新危机的再现.此项方案还对大型金融机构设置了更高的资本标准,并授权政府可以接管各类陷入困境的金融机构以便逐步而有序地停止其业务.5.fill in each of the following gaps with one of the sentencesgiven below:1)yet investment banks have recently changed out of all recognition.2)if they decided the property was a bargain.3)in short, investment banking has migrated from an agency model towards aprincipal one.4)it is making bigger bets with its own capital, too.5)the main engine of transformation has been competition.6)others have gone for niche markets.supplementary readingthe secrets out: can swiss banking adapt to scrutiny?1.according to the article, what ' s the key to the success ofswiss banks ?a.long history.b.good locations.c.reputation for discretion. Vd.service to reduce tax.2.which one of the following statements about bradley birkenfeld is not true?a.he has worked in geneva.b.he is jailed for his wrongdoing.c.he was forced to give some confidential documents to u.s. officials. Vd.he was a former banker of ubs.3.according to the article, it is mainly that builtswitzerland ' s wealth.a.special local foodb.well-developed tourism industriesc.strict government administration and managementd.the banking industry V4.all of the following statements are features of swiss banks except.a.most of them are private banks.b.they try to gain as many regular clients as possible. Vc.they prefer wealthy people.d.they usually have many foreign clients.5.after a change in swiss law permitted ubs to give u.s.officials details of 4,450american-held accounts,.a.u.s. officials stopped their investigation.b.no actions have been taken against ubs.c.many swiss felt that they were offended. Vd.ubs closed its u.s. unit.6.according to the article, all of the following countries have initiated taxinvestigations based on information from swiss banks or banks located in switzerland except.a.russiab.francec.italyd.germany7.why did birkenfeld went to places like centre court at wimbledon and the film【篇二：商务英语阅读(第二版)王关富uMt14 green business课后答案】>patagonia: blueprint for green business exercises1 . answer the questions on the text1)what is patagonia ' s work environment like? patagonia has freeform work environments which have become common enough that barefoot employees, cavorting pets and organic chefs hardly merit a second glance. but the bicycles, the surfboards, the solar panels, the tibetan prayer flags, the shed full of convalescing owls and hawks all suggest that it is not traditional corporate-land, either. the place is all business, but its business conducted upside down and inside out. simply put, its radical.2)how does chouinard view average american businesses?3)what was chouinard ' s first try in the business world? back in burbank, chouinard installeda coal forge in his parents garage and became a self-taught blacksmith, hammering out pitons - three-inch strips of steel used for anchoring climbing ropes. chouinards pitons were stronger and more elegant than their predecessors, a triumph of minimalist engineering. he sold them out of the back of his car for $1.50 and tried to live on the proceeds.4)what is the “dirtbag " way according to chouinard? how does he view it? chouinard describes as the dirtbag way as living as close to the wild as possible with as little as possible.to chouinard, the “ dirtbag " way never seemed eiprivation. rather, it was freedom.5)how do chouinard and malina define patagonia? it wouldnt release toxins into rivers or cause nervous breakdowns or chase endless growth. it wouldnt make disposable crap that people didntreally need. anything it produced would be of the highest quality, manufactured in the most responsible way. when the surf was up or the powder wafted down, employees would be where they ought to be: outside. if an employees child was sick, the parent would also be where he ought to be: at home. they would keep patagoniaprivately held and say no to anything that compromised their values.6)what big lessons did chouinard learn from scaling the likesof yosemite ' s elcapitan?the biggest was that reaching the summit had nothing to do with where you arrived and everything to do with how you got there. likewise, he thought, with business: the point was not to focus on making money; focus on doing things right, and the profits would come.7)who are patagonia ' s potential customers ?there is no one type of customer here. there are couples pushing double-wide strollers, teenagers and grandparents, and even a woman in high heels.8)what was the result of chouinard ' s effort to use organiccotton?patagonias cotton sales rose 25 percent and, more important, established an organic-cotton industry so that other companies could cross over. demand grew and prices decreased, leading to even more demand. in 2006, wal-mart became the worlds largest purchaser of organic cotton. 9)summarize the measures that patagonia took in search of greener materials. a) use organic cotton instead of non-organic cottonb)use recycled polyester to producec)stop using chlorine in wool productsd)use a product made of crushed crab shells for odor control instead of antimicrobial silver which is a groundwater pollutant.e)advise customers to use the shipping by ground or sea -which is more energy-saving than airfreight.10)why does chouinard plan to shift his business to watersports?climate change. were getting into the surf market, because its never going to snow again, and the waves are going to get bigger and bigger,2 . fill in each blank of the following sentences with one of the phrases in the list given below. make changes when necessary.1)after school alan always computer games.2)some of his good luck must have 3) we are taught from childhood to avoid possible negative consequences from being in his proximity.4)he was by the man ' s rude behavior and began to call names.5)susan has an annoying habit of her neighbors.6)she for a concentrated course in the basics of nursing by the red cross.7)the agreement on the venture follows samsungs recent pledges to new industries to develop future growth engines.8)according to the agenda, the president will be of this hotel this weekend.9)chuas celebration of chinese parenting and her bizarre assertions everything western parents hold dear.10)as a result, durable goods tend to the economy is booming or slumping.11)the basketball players the heavy burden of supporting the whole family, he could not pursue the dream of his own.3 . match the terms in column a with the explanations in column b1) going publica) a sector in which companies in the active outdoor recreation business provide products and services for a variety of outdoor activitiessuch as bicycling, boating and climbing.2) outdoor industry b) a term commonly used to describe the worldof corporations within the united states notunder government ownership. 3) corporate americac) the process of performing an initial public offering (ipo) by a firm, and for the first timethe general public can buy its shares. 4) environmental assessmentd) things that define or constrain aspects of business that are intended to assert business structure or influence the behavior ofbusiness. 5) wilderness adventure e) activities, often regarded as sports or recreations, performed by people in areas of natural landwithout much cultivation or very sparselypopulated. 6) flextimef) programs by governments, enterprises orindividuals to create sensibility ofenvironmental protection and to encourage environment-friendly behaviors like energy efficiency, recycling, and healthy housing. 7) gross revenueg) process of estimating and evaluating significant short-term and long-term effects of a program orproject on the environmental quality ofa location. 8) rules of business h) money generated by all of a companysoperations, before deductions for expenses. 9) green initiatives i) non-traditional work scheduling practice which allows employees to choose their individualworking hours certain limits. 10) patented productl) a product in respect of which a patent has beengranted and its production and sale are legally protected by the patent.4.translate the following passage into chinese.全球变暖可能是世界领袖们面临的最复杂的问题.一方面,由于不断壮大的科技力量指出因人类活动(主要是矿物燃料和林木燃烧) 而产生的温室气体危险持续恶化,因此来自科技界的警告变得越来越强烈.另一方面,在减少有害物质排放的全球共同行动开始之前必须先解决好相关的科技、经济和政治问题,但现在面对全球经济萧条,这些问题已变得复杂化了.2021年末在墨西哥的坎昆举行了全球气候变化谈判,但最棘手的问题并未得到解决,会议只取得了十分有限的成果.不过,虽然坎昆会议所通过的举措可能对地球变暖的短期效应微缺乏道,但对解决这一问题的国际进程来说却赢得了重要的信任票.会议达成的协议离科学家所说的为防止今后数十年气候恶化所需的广泛举措还相差甚远.假设世界各国能够克服情绪化争论的话,它那么为今后采取更强有力的举措奠定了根底,遗憾的是近些年来气候变化的谈判正是毁于这样的争论.被称作坎昆协定的一蓝子协议, 决定再给190多个参会国一年时间来决定是否延长已受损了的京都议定书.该议定书是1997年签订的,它要求绝大多数富裕国家削减有害物体的排放,同时要求资助开展中国家争取今后获得更为清洁的能源.国际争论的核心问题是以下重大议题：富国与穷国间谁应先采取步骤,谁来支付改变能源使用工程单上的大局部费用.2021年1月2日美国环保署强制推出了首批温室气体排放规定.这些规定对公用事业、炼油设施和主要制造商的瞬即效应不会很大, 由于新规定针对的是那些方案兴建的大型新设施或要准备进行大规模改造的现有工厂.不过,在今后10年环保署打算要真正监管所有的温室气体来源,对几乎所有产业和区域都要强制实行效率和排放的要求.5.read the following text and choose the best answer from a to f below to fill in each of the gaps in the text.1)unfortunately it is also one of the most polluting.2)the european union already restricts emissions from cement kilns, and other jurisdictions are likely to follow suit.3)in 2006, for example, holcims emissions per tonne were 16% below the level of 1990.4)the cuts come in three main areas.5)but all three tactics have their limits.6)holcims total emissions, for example, have risen by two- thirds since 1990. supplementary readingwal-mart: measuring just how green1)war-mart will begin its green initiative with suppliers in the following product a. toothpaste and soapk, beer and sodac.dvd players and vacuum cleaners Vd.dvds and vacuum cleaners2)according to the passage, the cdp is an organization that focuses on .a.global warming and carbon emissionb.climate change and global warmingc.carbon emission and climate change Vd.climate change and animal protection3)which of the following statements is not theenvironmentalists ' opinion about war-mart ' s green initiative?a.some people believe wal-mart has been using green initiatives to burnish its image which has been stained by its worker pay and benefits policies.b.some environmentalists are supportive of wal- mart' s greeninitiative and are ready to cooperate. Vc.some environmental activists are cautiously optimistic about wal- mart ’ s green initiative.d.even the most radical environmental activists acknowledge that if war-mart really pushes for change with the latest initiative, it has the size and scale to make a real difference.4)what will be the key test to wal-mart?a.how wal-mart balances the green of the environment withthe green of its balance sheet. Vb.how wal-mart balances the green of the environment with the green of its products.c.how wal-mart balances the green of its products with the green of its balance sheet.d.how wal-mart balances the green of the environment with the green of its marketing strategies.5)which of the following states is true?a.war-mart will cut off those suppliers who do not use energy in a green way.b.war-mart will stop doing business with high-polluting companies.c.war- mart hasn ' t decided how it will use the new measurement system. Vd.war-mart will only do business with those that supplies the lowest-cost goods.【篇三：chapter3王关富商务英语阅读译文.doc】p class=txt>greg ip 表示,美国经济要从依靠消费和借贷转向依靠出口和储蓄,这将会是几十年来规模最大的经济转型.steve hilton 仍旧记得2021年雷曼兄弟破产之后长达几个月的绝望感.在hilton先生经营的物产公司meritage home 的销售部办公室里,顾客挤破了脑袋,为的不是买房,而是想要撤回他们已经签订的合同. 我有一阵子似乎觉得世界末日即将来临. 〞他如此回忆.接下来的几个月里,希尔顿先生不断努力想要挽救他的公司.他没有买下经济繁荣时期公司在亚利桑那州、佛罗里达州、内华达州和加州抢购到的房产,因此损失沉重.最终他解雇了2300名员工中的四分之三,也重新设计了其拥有的房屋,目的是将建造本钱减半：更简易的屋顶,符合标准的窗户大小,更小的选择余地. 12英尺的天花饭、华丽堂皇的楼梯、花岗岩台面,这些经济繁荣时期人人都想要的装饰都被略去.现在的meritage公司仅为能贷到款的顾客提供效劳,即那些享有联邦zf担保贷款的初次购房者.公司正变的更加节约务实,以求挣扎着生存下去.这种情况对于整个美国来说都是一样的.几乎每个行业都在过去的两年里裁员,那些直接面向消费者的行业尤甚.房屋制造和汽车制造业裁员近三分之一,零售业和银行业裁员8%.随着经济不断复苏,一些工作岗位会重现,但大局部不是,由于这并不是一场普通的经济萧条.靠泡沫支持的资产价格、愈发易容易申请到的带快和廉价的石油令美国的消费主义不断滋长,而现在,这样的情况一去不复返了.现在,美国经济即将开始几十年来规模最大的经济转型.这种宏观经济层面上由债务和消费转向储蓄和出口方式的转变会带来微观经济的变革：不同的生活方式,各地不同的工作.本篇特别报告将会详细描述此次经济转型及其复杂性. 此次经济危机及随后的经济萧条是的以往的经济开展模式遭遇了一个急刹车.尽管最近经济小幅回暖,但房价较峰值时已下跌29% ,股价的下跌幅度也很相似.人民家庭财产与2007年相比缩水12万亿美元,相当于总数的18% o 人民可支配首日回到了1995年的水平.如果消费者感觉自己的财产变少, 那么他们就不太愿意消费.银行与不太愿意借贷一一银行已提升了他们的贷款发放标准,背后那么是监管者的敦促.监管者们对于当初经济繁荣的时候没有更加谨慎的对待境外抵押贷款和实行宽松的借贷政策懊悔不已. 消费者负债从20年前的平均占可支配收入不到80%上升至2007年的129%.麦肯锡全球研究所指出,如果前半个世纪的几次经济危机有什么借鉴作用的话,那就是美国消费者将会用接下来的六到七年努力将他们的负债减少到可限制的范围内.这已经是对经济活动的一次重组.消费者的支出和房价已经从1991年占gdp70%的水平上升至2005年的76% o截至去年,该数字又回落至73% o不过依照国际标准,仍属较高水平.财产贬值、信用紧缩和愈发昂贵的油价给经济的影响已经十清楚显. 鲜有人买房,即使有人买,买的也是面积有限很不昂贵的房子.2021年新置房产的中位数13年来首次下降.流通中的信用卡数量也下降了将近五分之一.美国运通正撤离信用卡市场,相反,该公司正在教育消费者如何使用签帐卡〔签帐卡按月还款〕以限制消费. 一般情况下,经济萧条之后是强劲的复苏,由于累积已久的消费需求会重新发挥作用.本次经济萧条是的gdp下降了 3.8%,这是自第二次世界大战以来下跌幅度最大的一次.因此在经济复苏的过程中,经济总量可能会根据预估的6-8%的速度增长,失业率会持续下跌,与本次经济危机严重程度相似的1973-75和1981-82的两次经济危机都证实了这一点.no bounce-back没有复苏但是由于本次经济萧条是由金融危机引发的,后者严重削弱了金融体制有效分流投资的水平,使消费者和企业在经济繁荣期积累下的多余建筑、装备和债务中费力挣扎.这样的经济危机之后的复苏通常缓慢无力,实际上经济复苏大约九个月后gdp的年增长率仍在4%的水平.失业率在全国范围内突飞猛进,尽管二月曾有小幅下降.所以美国假设想防止日本经济泡沫破碎之后出现的经济停滞,应该到哪里寻找强劲的需求呢？短期看来联邦zf已经开始借贷一一数目相当于今年gdp的10% ——来抵抗个人消费和投资的下降趋势.接下来的几年里此项举措会逐渐取消.奥巴马希望财政赤字能够下降到仅占gdp的3%的水平,虽然这个目标如何实现尚不清楚.实际上如果经济形势保持这种没落的态势,zf可能不太愿意取消刺激方案,以免经济再次陷入萧条.信贷紧缩和消费者借贷减少并不是经济改革的唯一原因.一个不太引人注目但十分重要的原因是能源价格的上升.强势的美元和充足的供给是的二十世纪九十年代的油价维持在较低水平,使美国过分依赖进口,因此在此次危机爆发之前的几年里,美元的贬值和新兴市场的强劲需求共同给全球能源生产水平施加了压力.自二十世纪九十年代以来,石油价格已经上涨了四倍,这大大改变了对消费者和厂家的生产消费活动.多用途运动车〔suv〕不再流行,推动节能和使用可再生能源的政策更为大胆,制造商也在美洲大陆和沿海海床下发现了更多的石油储藏.对于原材料的进口自2006年以来已经下降了10%,并估计将保持下降趋势.前几年油价上涨之后天然气价格随之上涨,石油勘探公司用尽一切新方法想要开掘出德州和宾州蕴藏于页岩中的天然气.国内页岩天然气的存在会大幅减少美国的天然气进口.美国的经济地理也会随之改变.廉价的汽油和充裕的信贷使得上百万美国人涌入南部各州和遥远郊区购置附带有大片土地的房屋.但是现在房产泡沫的破碎把他们紧紧固定在这些他们卖不出去的房子上.郊区人口增长放缓,现在全球范围内不断崛起额知识密集型产业更加青睐那些拥有优良根底设施和熟练专业技能的城市中央.有一些是传统的城市核心比方纽约,另一些是近郊的城市,它们可以为市民提供就业时机和价格公正的房屋,上下班所需时间也不长.劳动生产率的提升会增加收入和利润,这会使消费者在归还一局部债务的同时继续消费.这种对于促进增长的混合作用是有益的：建筑业的劳动生产率尚未提升,但是在出口方面多产的公司往往表现出色.然而不健全的金融体制会使得那些急需资本的创业者很难获得融资援助,所以创新会受到影响.商业投资的前景取决于到底是投资给仪器设备还是地产.对于仪器设备的消费应该会十分强劲,由于在经济繁荣期很大程度上已经避免了产能过剩的情况.实际上在2021年第四季度,该项消费的年增长率到达了19% o二月cisco的老总john chambers 把该趋势称作我职业生涯中见到过的最有利最积极的经济回转.〞the road to salvation自救的道路由于消费者重新开始储蓄,美国公司必须面向海外求得市场.有很多地方可以弥补国内的市场萧条.来自低工资国家,主要是中国的有力竞争已经使得美国国内工业品市场比方家具、纺织和电子产品被迅速占据.但全球经济增长方式的转变和美元地位的变化都为出口大幅增长奠定了根底. 以前有一种观点,即美国是世界消费者而新兴市场是制造商,〞摩根大通首席经济学家bruce kasman如是说但这种情形已经改变了. 〞他认为美国今年仅会在全球消费中占到27%的比重,而新兴市场会占34%,这与八年前的情形刚好相反.美元贬值使得一些平价消费品产业重获开展,但是出口扩大最主要的获益者是那些已经很强大的出口商.这些公司反映出美国在高端效劳产业、高技术制造业〔医疗设备、药品生产和软件工程〕和创意产业〔电影、建筑和广告〕方面的优势.正是由于廉价的数码科技,韩国、印度现在才能在低本钱电影方面与美国一争高低.但也只有在好莱坞,创意、专业和市场等各方面的才华才能制作出像阿凡达这样赢得高达26亿美元利润的电影,其中70%来自国外.那可是好几架喷气式客机.出口是危机过后经济复苏走的老路.二十世纪九十年代早期的瑞典和芬兰,晚期的马来西亚、泰国、和韩国都是通过出口来扭转逆差局面、摆脱经济萧条的.但是考虑到经济规模和受到危机影响的发达国家数量之多,美国走这条路还面临着许多困难.最近几年美国对新兴市场的出口超过了对兴旺国家的出口,但是如果其他国家, 尤其是中国不能有效的刺激内需,根据基金组织报告中的话,那么稍有扭转的全球经济不平衡可能会在2021年迅速蔓延工美国的经常账户赤字在2006年由占gdp6%减少到去年的3%,这是衡量贸易和国际收支最宽泛的标准.能否继续减少至零？1991年在连续五年的出口增长之后,美国几乎到达了这个目标.这一次, 赤字更大,世界其他各国经济更加不景气.经济年增速如果能够稳定在3%的水平也属不易,由于这会使美国的负债率逐渐下降.美国经济的不平衡由来已久,不是短期内可以解决的问题.但是那些可以使经济重新走上平衡的因素就在不远方一一开车向北四十分钟就可以抵达希尔顿先生设在亚利桑那州scottsdale 的办公室.希。

商务英语阅读王关富答案

商务英语阅读王关富答案【篇一：商务英语阅读(第二版) 王关富 unit10 banking课后答案】>the alchemists of financeexercises1. questions on the text1) what’s the main difference between commercial banks and investmentbanks?in todays business environment, the main business of commercial banks is to collect deposits and make loans, while that of investment banks is to underwrite stocks and bonds and advise companies on mergers and acquisitions.2) why do investment banks try to keep quiet about their big profits?investment banks try to keep quiet about their big profits for two major reasons: first, they are under more scrutiny by regulators and investors; second, private equity and hedge funds have overtaken them in raising money and making excessive bets.3) what changes have taken place in the financial markets since the 1980s?the main changes since 1980s have been the rapid growth of financial instruments with unprecedented breadth, depth and richness, brought out by technology and innovation. examples of those financial instruments are public and private debt securities and derivatives.4) why do bankers and regulators worry about a possible collapse of aninvestment bank?they worry about a possible collapse of an investment bank because such an event will have serious implications for the whole financial system, and it is vital to know how such institutions evolve, how they handle risks and how well those risks are spread around the financial system.5) which three factors can explain the huge profit for investment banks?those factors are: first, the alchemists trick of turning debt (mostly leaden) into derivatives (mostly liquid); second, the emergence of a new class of leveraged client (hedge funds and private equity); third, seeking out new capital markets and clients around the world. meanwhile, in all these pursuits the banks are now using their own money, to differing degrees.6) what does the expression “the wild east” refer to?that expression refers to the new markets emerging in europe and asia. the introduction of the euro in 1999 and the rapid growth of economies in those regions have attracted investment banks.7) what makes london an impressive rival to new york as a global financialcenter?london has become an impressive rival to new york as a global financial center because: first, london trades a wide range of assets and is regulated on the spot; second, london is a hub for europe and continent european countries can raise capital there; third, london is also regarded as a springboard for emergingmarkets such as china and russia.8) how do investment banks manage the risks?investment banks try to find the most talented people to handle the intricate assets; they measure the correlations between different financial instruments in an attempt to spread risk; they invest hundreds of millions of dollars a year in technologies to measure and stress-test risks; they also try to boost their risk-weighted capital.9) according to the text, what’s t he relationship between revenue and risk infinance?the relationship between revenue and risk is fundamental in finance. risk-taking is awarded by possible high revenue. low risk often means less revenue. however, in order to gain more revenue, you need to take more risks. you should carefully calculate the risk and balance it against revenue beforehand, or you will pay a high price for foolish investment bet.10) which one is more important to the growth of the finance industry,innovation or regulation?based on the text, both innovation and regulation are vital to the healthy growth of the finance industry. without innovation, investors have fewer places to gain returns on their money and those seeking money would have much more difficulties in obtaining it. thus innovation boosts the rapid growth of finance industry and brings benefits to more people both in developed countries and developing countries. however, innovation without proper regulation, such as the securities that no one knows how to exactly measure their risk, could lead the growth of the finance industry to a disastrous end.2. fill in each blank of the following sentences with one of the phrases in the list given below:1) the government has taken many measures to2) employees are asked to3) regulators demand the monopoly company to smaller entities.4) it’s reported that china telecom plans to its network services unit in hk.5) the traffic had for miles because of the accident.6) according to those representatives, new forces are in the refiningindustry.7) we shall never know how she managed to acquire her promotion; there is no wayto8) a nationwide law aimed at stamping out passive smoking in public spaces inswitzerland on saturday.9) innovations will dramatic changes in this industrial sector.10) i would say that,3. match the terms in column a with the explanations in column b:1) liquidity crisis a) a bank that provides checking accounts,2) leveraged buy-out3) credit crunch4) over-the-counter securities5) initial public offering6) commercial bank7) stress test8) investment bank9) hedge fund10) risk management savings accounts, and money market accounts and that accepts time deposits. b) a company issues common stock or shares to the public for the first time. c) the situation in which a business experiences a lack of cash required to grow the business, pay for day-to-day operations, or meet its debt obligations when they are due, causing it to default. d) the acquisition of another company using a significant amount of borrowed money (bonds or loans) to meet the cost of acquisition. e) a financial institution that assists individuals, corporations and governments in raising capital by underwriting and/or acting as the clients agent in the issuance of securities. f) an aggressively managed portfolio of investments that uses advanced investment strategies such as leveraged, long, short and derivative positions in both domestic and international markets with the goal of generating high returns. g) a sharp increase in the interest rates and a strong decrease in allocated credits. h) a process that measures whether one institution has adequate capital and/or assetsto respond effectively to various, adverse scenarios usually presented by a computer program. i) securities traded in some context other than on a formal exchange such as the nyse, etc. j) the identification, assessment, andprioritization of risks followed by coordinatedand economical application of resources tominimize, monitor, and control the probabilityand/or impact of unfortunate events or tomaximize the realization of opportunities.4. translate the following into chinese：在去年信贷危机爆发的时候，联邦的监管者们向国内的各主要金融机构注入了数以百亿计美元，而他们这么做的原因在于这些银行是如此之大以至于官员们担心它们的破产将会拖垮整个金融体系。

王关富商务英语阅读 chapter1 the long march

Chapter 1
English Readings in International Business
PrePre-reading Questions
Chapter 1
English Readings in International Business
PrePre-reading Questions
1. Many China-made products were Chinapreviously produced for foreign companies, but now some of them are sold under Chinese brand names. 2. Goods that are competitive both in quality and price; goods that are special; goods that create the romantic foreignness of China. 3. Because the acquisition of Chinese brands will make their entry into the China market easier and faster, and enable them to complement their stable of premium brands in global markets.
Chapter 1
English Readings in International Business
Structure Analysis
Part III. Para 17-23 Intentions of foreign enterprises in buying Chinese brands

商务英语阅读（第二版）王关富Unit13privateequity课后答案

商务英语阅读（第二版）王关富Unit13privateequity课后答案Unit 13The Business of Making MoneyExercises1. Questions on the text:1)What are the latest developments in private equity in recent years?Compared to the 1980s, the targets of today’s private equity groups are much bigger in size. In recent years, the private equity industry has raised record money and its share of mergers and acquisitions has grown massively. The industry has also become a byword for money-making skills but its wealth has also brought many enemies.2)According to the article, what are the main inconveniences for a company tobe a publicly quoted company?The main inconveniences for a publicly quoted company include: its executives have to face intrusive media coverage; it has to obey strict and long corporate-governance codes; it also has to face the threats of activist investors and short sellers and the scrutiny by some politicians.3)What are the main reasons for a company to get listed ona stockmarket?Traditionally there are three main reasons to get a company’s share listed on a stockmarket. The first is to raise capital, either to expand the business or to allow the founders to realise their wealth. The second is to help retain staff, who can be offered share options as an incentive to stay and work hard. Thethird involves prestige; customers, suppliers and potential employees may be reassured (and attracted) by the apparent seal of approval given by a public listing. Meanwhile, being publicly listed gives a company better access to fund investors and retail investors.4)Why are companies in the Anglo-Saxon economies reluctant to borrow frombanks?Companies in the Anglo-Saxon economies were reluctant to borrow from banks because their often felt nervous about the possibility of the sudden withdrawal of credit from the banks, due to a change in lending policy, new management or an economic downturn.5)According to the article, what are the main sources for today’s compan ies toraise money (including equity capital and debt)?Nowadays the main sources for companies to raise money are: first, equity market; second, banks, though much less important than they used to be; third, bond market; fourth, private equity.6)How do private-equity firms respond to the problems identified by ProfessorJensen with regard to public companies?Professor Jensen argued that the structure of a public company creates an inherent conflict between investors and the managers they hire to run the business, particularly with regard to the use of free cash flow. He also argued thatborrowing imposed discipline on executives. Private-equity firms have applied his argument in practice by gearing up the balance sheets of companies they buy with more debt thanpublic firms are willing to accept. Though private equity firms, in the process, often have a bad reputation for relentlessly cutting unprofitable operations and shedding jobs, academic studies suggest that they create jobs rather than destroy them.7)What are the similarities and differences between today’s private-equityfirms and the conglomerates of the 1970s and 1980s？Similarities between today’s private-equity firms and the conglomerates of the 1970s and 1980s are: first, both of them use their financial power to construct diverse industrial empires; second, both claim that they could improve the companies they owned through superior management. The differences are: first, the conglomerates used highly rated shares to buy companies while private-equity firms use borrowed money; second, the conglomerates used to make ever-bigger acquisitions continuously to expand while private-equity firms claim to sell regularly their portfolio companies or business for profit.8)What make it impossible for the private-equity model to become the normfor companies?There are several reasons: first, what might be logical for an individual company might not be best for the economy overall. If all companies were to substitute debt for equity on the scale that private-equity firms have, there would be an increase in the cost of debt. That would lead to lower equity returns; second, since private-equity firms need an exit route to sell their investments, a public market will be needed in the end for someone to realise their profit; third, a bigger role for private equity might make the economy more vulnerable because in a world where most companies carried private-equity-style debtlevels, companies would be much more vulnerable and recessions might become much more frequent and consequently monetary policy would become more difficult, and even government revenues might be affected.9)According to the article, what factors have helped the development ofprivate-equity firms since 2003?Those factors are: low interest rates, lots of liquidity and rising asset prices10)What are the signs showing that private-equity firms may now face the peakof the cycle？Those signs are: first, bond yields have been rising, making takeovers more expensive; second, the high level of corporate profits suggests that it could be difficult for private-equity firms to wring more money out of these companies;third, the relentless campaign against private-equity tax privileges may lead to government actions against the interests of private-equity firms; last, more and more private-equity deals often leads to more competition and thus lower returns.2. Fill in each blank of the following sentences with one of the phrases in the list given below:1)The journey usually takes six weeks but you should allow for delays caused bybad weather.2) A popular bicycle rental scheme in Paris that has transformed travel in the cityhas run into problems just 18 months after its successful launch.3)China’s import as a proportion of total trade hassubstantially increased in recentyears as it’s been pursuing a more balanced trade.4) A growing pile of evidence shows that skimping on sleep promotes weight gain.5)Such a move would put the bank in danger of going bust.6)We have turned down four applicants already.7)When you're cooking, you should keep all the ingredients close at hand.8)She wrote to him in the belief that he would help her.9)Dr. Cong will continue to lead the company as its CEO and hold a stake in it forthree years.10)A lot of questions were being asked at the conference today and surprisingly theofficials answered them in spades.11)In the absence of outside leadership, we have created these guidelines in order torespond timely and effectively.12)With the joining of South Africa, the Bric club of influential emerging economiesis now in pursuit of a common market among them.3. Match the terms in column A with the explanations in column B:A B1) corporate governance a) An investor who attempts to force a corporation tomake changes in management, board structure,investment policies, use of retained earnings, orother practices, often by introducing shareholderproposals or putting forward alternative directors.62) bridge financing b) An interest group that endeavors to influencepublic policy and especially governmentallegislation, regarding its particular concerns andpriorities. 83) trade union c) A privilege, sold by one party to another, thatgives the buyer the right, but not the obligation, tobuy or sell a stock at an agreed-upon price within acertain period or on a specific date. 104) stakeholder d) A method of financing, used by companies beforetheir IPO, to obtain necessary cash for themaintenance of operations. 25) short seller e) The set of processes, customs, policies, laws, andinstitutions affecting the way a corporation (orcompany) is directed, administered or controlled. 1 6) activist investor f) A n organization of workers that have banded together to achieve common goals such as higherwages or better working conditions. 37) venture capital g) The process of buying an undervalued companywith the intent to sell off its assets for a profit. 9 8) pressure group h) An investor who sells a commodity, currency, or security which he or she does not own at the timeof sale. 59) asset stripping i) Money provided by investors to startup firms andsmall businesses with perceived long-term growthpotential. 710) stock option j) Person, group, or organization that has direct orindirect stake in an organization because it canaffect or be affected by the organization's actions,objectives, and policies. 44.Translate the following into Chinese:出于几个原因，上市的前景对私募股权投资公司而言具有相当的吸引力。

商务英语阅读第二版王关富 unit 1 Why China Works

Unit 1Why China WorksExercises1. Answer the questions on the text:1) How does the author view the Chinese economy?It is the most important bright spot in the world economy under the global recession, the only major economy that is likely to show significant growth this year, and the only one that routinely breaks every rule in the economic textbook.2) According to the author, why can the Chinese economy perform so well? Because of:(1) the capacity for state control by the Chinese government.(2) its rejection of exotic financial innovations that are the melting core of theglobal credit crisis.(3) the integration of its economic policies between traditional market tools andstate control measures.3) In what way does the author imply that western economists are erroneous in their bias toward “China’s market economic system”?The United States and Europe are moving toward state control by nationalizing their banking and car industries, and imposing heavy new regulation on the financial industry.4) What is the view of Stephen Roach on the Chinese economy system?Investment is the backbone of sustainable growth in the Chinese economy, which works more effectively than other market based systems in times of economic stress.5) Why can China work in the eye of the author?It has followed a radical pragmatism focusing on a slow but steady shift toward freer markets.6) What is regarded as the strategic thinking of the Chinese leaders in market reforms?They understand even under the serious financial crisis that it can stabilize the Chinese market and economy to introduce more sophisticated forms of securitization, including stock index funds, corporate bonds and other debt products. They also realize that, in the course of doing this, they should learn from the mistakes the westerners have made.7) What is the example given to illustrate the steadiness of the Chinese leaders in their policy execution?They continue to allow the value of yuan to rise despite of the American charges and the need for export competitiveness by their own enterprises.8) What is “shock therapy”?It is the economic policy adopted in Russia from 1991 to 1992 that totally deregulated prices and lead to a runaway inflation. It proved to be all shock and notherapy.9) In what ways does the Chinese economic system work efficiently?It can get things done quickly, move in a coherent manner, and marshal its people and resources to a common target: economic growth and prosperity.11) What are the Internet and public opinion used for?For putting pressure on local officials and influencing policy decisions.2. Fill in each blank of the following sentences with one of the phrases in the list given below. Make changes when necessary.1)At a time when the need is growing for mental health services, many countriesare unfortunately cutting back on its spending.2)There is an increasing number of people out of work. But the western media oftenunfairly label them as lazy and reliable.3)Now that the flow of oil has been stopped by BP, the impact of all the spilled oiland natural gas is still being measured.4)Once again its ability to steer economic policy will be tested against the ability todeliver on services and projects aimed at growing the economy and jobs.5)Housing prices are incredibly high today. But he bought his house for a songabout five years ago.6)As people are complaining high prices, especially those related to dailynecessities, the government feels rather urgent to hold down inflation rate immediately.7)Under the new economy policy investors are invited to buy into state-ownedenterprises.8)Since a serious gun shooting occurred in Arizona last week, security concernshave trickled down to all places, including residential buildings.9)Social unrest is a daily occurrence in the country nowadays. It is in the last placewhen it comes to investment for multinational companies.10)Efforts to ban smoking in China are so effective yet. Some chain smokers neverthink of quitting while many others have battled in vain to quit.3. Match the terms in column A with the definitions in column B:A_______________________ B__________________________________1)financial innovation A) A reduction in the general availability of loans (orcredit) or a sudden tightening of the conditionsrequired to obtain a loan from the banks.72)stimulus package B) A non-bank entity or organization such asinvestment companies and mutual funds thatinvests in large quantities. 83)overheating C)A legal entity created by a government to undertakecommercial activities on its behalf. 64)stamp tax D) The trading of a corporation's stock or othersecurities (e.g. bonds or stock options) byindividuals with potential access to non-publicinformation.9E) An industry that requires large amounts of capital,machinery and equipment to produce goods. 55)capital-intensive sector F) Generation of new and creative approaches tosecurities, money management or investing. 16)state-run firm G) An economy that is expanding so rapidly that toomuch money is chasing too few goods andeconomists fear a rise in inflation . 37)credit crisis H) tax levied on certain legal transactions such as thetransfer of a property such as building, copyright,land, patent, and securities. 48)institutional investor I) A plan or a series of measures taken by agovernment to jump-start its ailing economy,generally as a part of its fiscal policy. 210) insider trading4. Translate the following passage into Chinese.我们所面临的来自中国的真正挑战并不是他们向我们大量销售的货物，而恰恰相反，是他们正在提升的价值链。

商务英语阅读教学大纲

《商务英语阅读》教学大纲一、课程定位1、课程的性质与作用《商务英语阅读》课程是本专业的专业课程，本课程通过较大量的阅读，使学生巩固已学的基本词汇和语法知识，扩大词汇量，加强语感，提高英语阅读能力。

同时，培养学生掌握阅读和理解商务英语文章的基本技能，掌握一些国际经济文章中常用词汇，懂得一般的商务表达，熟悉主要的商务英语文章类型。

2、本课程与其它课程的关系本课程需要学生具有一定的商务英语词汇量帮助提高阅读商务文章的能力。

所以本课程的前导课程为《国际商务导论》，《高级商务英语》，《综合商务英语》，后续课程为《国才英语》，《商务英语写作》，《商务英语翻译》，《国际贸易理论与实务》。

二、课程教学目标培养学生的英语阅读理解能力和提高学生的阅读速度；培养学生细致观察语言的能力以及假设判断、分析、归纳推理检验等逻辑思维能力；并通过阅读训练帮助学生扩大阅读量，吸收语言和文化背景知识。

帮助学生顺利通过国才英语考试，使学生在社会工作中及日常生活中能流利阅读公司材料及网络新闻。

三、教学基本要求教师引导学生介绍阅读商务篇章技巧为主，并加大学生的阅读实践量，给学生提供的阅读技巧建议，指导学生从文章背景、作者介绍、写作技巧、结构层次、重点词句理解、修辞等多方面入手，让学生通过查、引、评、用（查资料、引用评论、小组评议、借鉴应用）完成对选文的分析学习。

师生共同研讨，深入其中挖掘学习。

扩大词汇量也是教学的重点。

利用构词法进行词汇教学，可以帮助学生对一些熟知的词有更深刻的了解，多利用英英词典，报纸，杂志等工具，引起学生兴趣，充分调动他们的积极性。

使用直观教具和电化设备进行词汇教学。

四、教学内容及学时分配第一章 Unit 1 The World Wide Web（6学时）1、教学内容第一节文章背景，包括一些比较知名的国内外网站，如buzzlogic，delicious,还有一些术语的引入，如blog, Nasdaq, Domain name, Google Adwords等；第二节讨论网络对于生活的影响，了解关于不同软件、网站、以及网络服务版本第三节文章内容分析及讲解。

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