商务英语阅读(第二版) 王关富 Unit13 private equity 课后答案
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。
商务英语王关富翻译
R。
的王关富《商务英语阅读》课文翻译鄙人从考研论坛中搜到的资料，跟大家共享一下，同时十分感谢考研论坛为研友提供的帮助~~~~（)高级商务英语阅读课文译文第1 课主课文译文新长征“中国制造”这个标记很久以前就不新鲜了，它贴在鞋子上、玩具上、服装上，以及为跨国公司制造的其他商品上，世界各地到处可见。
现在真正新鲜的是以中国品牌出售的中国制造的商品。
目前中国只有为数不多的几家公司拥有足够的财力和管理知识来打造国际名牌；其余的绝大多数公司还在为在国内获得知名度而努力奋斗着。
但是正在海外市场上试水的各大先锋公司，很有可能把事情做大。
一些人认为，在创业精神饱满的本地管理层的协助下，或者在一些想在其产品系列里添加新产品的外国公司的协助下，中国商品在极具竞争力的价格的基础上，若把卖点放在产品质量和异国情调上，那末10 年之内，中国品牌将一个一个地走向全球。
总部在香港的广告公司中国精信（Grey China）的执行董事陈一木丹（Viveca Chan）说：“如果世界上只有一个国家具备创立全球品牌的潜力，那么这个国家就是中国。
”短期之内，中国商品最有希望打入国际市场的当属中草药和特色食品，当然也包括那些体现中国浪漫并具有异国情调的产品，例如化妆品、时装和音乐作品。
中国总部设在上海的泰勒·娜尔森·索福瑞（Taylor Nelson Sofres）市场调研公司的中国区总经理Kevin Tan 说：“与中国相联系的神秘色彩还有许多。
化妆品是种靠形象推销的产品，假如你要做化妆品，你会一下子就发现，中国化妆品来头不小。
”努力走向世界的中国品牌还有一些领导时尚潮头的饮料和啤酒品牌，也包括家用电器等具有品牌潜力的产品，它们都能以竞争性的价格提供高品质的产品。
这些中国品牌中的一部分，最终将会通过合资、兼并和收购的途径走向国际市场。
而对于合资双方中的外国投资者来说，这些品牌则将成为他们更快地进入中国消费市场和销售渠道的载体，同时这些中国品牌也能进一步充实国外投资者在国际市场上已经确立的优质品牌的阵营。
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(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 yearsCompared 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 to bea publicly quoted companyThe 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 on a stockmarketTraditionally 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. The third 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 frombanksCompanies 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 companies 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 companiesProfessor 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 arguedthat borrowing 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 than public 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-equity firmsand the conglomerates of the 1970s and 1980sSimilarities 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 norm forcompaniesThere 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 debt levels, 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 2003Those 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 peak ofthe cycleThose 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 has substantially increased inrecent years 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 orderto respond 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 withinacertain 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.16) activist investor f) A n organization of workers that have bandedtogether 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, orsecurity 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Unit2The-World-Economic-Forum-课后答案
Unit 2A Changed Global RealityExercises1. Answer the questions on the text:1) What are the features of the two major economies that the world has seen for morethan 200 years?One has dominated technological innovation and trade and amassed great wealth.The second—much of it politically under the thumb of the first —has remained poor and technologically dependent.2) How much did low-and-middle-income countries contribute to world growth in2010?Almost half (46%)3) Taking a long term view, why is it good news that developing countries are growingfast?As billions of poor people become more prosperous, they will be able to affordcomforts their counterparts in the rich world have long considered the normalappurtenances of life.4) What are the worst-case scenarios that Europe has so far avoided?A collapse of the euro, a debt crisis that spills from small economies such asGreece and Ireland to much bigger ones like Italy and Spain, and bitter socialunrest in those nations that are having to massagewages down while cutting public budgets.5) Why does Jim Walker think that 2011 will be a “year of reckoning ”?Because Jim Walker thinks that the rebound in the US is a mirage created byexcessive stimulus. He expects the US to slip into the double dip it dodged in 2010.6) Why has the private-sector debt crisis of 2008-2009 morphed into a public-sectordebt crisis in 2010-11?It has been the result of the debt and deficits amassed in the process of stimulating economies and bailing out banks during the downturn.7) What are the risks that emerging economies face?a. sharp rise in inflationb. rising oil pricesc. soaring food price8) What did China and India do to cope with inflation and rising food prices?China raised the reserve-requirement ratio;India resorted to diplomatic means when Pakistan temporarily cut off some exports of onions to the country.9) How can the disaffection with global capitalism in the developed world be preventedfrom turning into a backlash against it?It would help if there were mecha ni sms in place to man age the stresses in theintern atio nal economy.10) What is the most serious divisio n betwee n coun tries that policymakers have tocontend with?Econo mic disparity2. Fill in each bla nk of the follow ing senten ces with one of the phrases in the listgive n below:1) The search for the childwas scaled back sharply today, with almost a third of thevolun teers head ing home.2) The former Federal Reserve Chairman says there is a risk that the US could slipinto a recession by yea'end.3) The CEO of the firm said that they would switch priority from traditional labor- intensive productsto more hi-tech and value-added on es.4) In the aftermath of the financial crisis the group has put on hold some of itsambitious regi onal expa nsion pla ns.5) Toyota Motor Corp. is offeri ng widespread job buyouts to its US workers for the first time and cutting the workweek at some of its American plants by 10% to contend with falling sales.6) Eve ntually, it must morph in to a system that fun cti ons on stability, or it will failand cause an un stoppable breakdow n and widespread hardship.7) Unfortun ately most of the cen tral banks in the world today are still firmly underthe thumb of politicians.8) The stock market's en dura nee could depe nd heavily on whether econo mic andcorporate performa nee rema ins un certa in,or beg ins in dicati ng that theeconomy truly is out of the woods.9) Survivors were encouragedto talk about their horrible experiencesto help themcome to terms with the flood disaster.10) Other coun tries—no tably Australia—have also avoided a bust in their hous ingmarkets, and have in stead see n prices in creasflatten out3. Match the terms in column A with the explanations in column B:_______ A _____________ ______________________ B _1) double-dip recession A) A physical substanee, such as food, grains, and metals,which is in tercha ngeable with ano ther product of thesame type, and which investors buy or sell, usuallythrough future con tracts72) credit rati ng B) A measure that exam in esthe weighted average ofprices of foodstuffs, ofte n used as an importa nt factorto assess the cost of liv ing93) austerity C) A gover nment policy of deficit-cutti ng, lower spe nding,and a reduct ion in the amount of ben efits and publicservices provided, sometimes coupled with in creases intaxes to pay back creditors to reduce debt.4) private sector D) A central bank regulation that sets the minimumreserves each commercial bank must hold to customerdeposits and no tes105) protective tariff E) The part of the economy that is not state con trolled,and is run by in dividuals and compa nies for profit.46) beggar thy neighbor F) An expression in economics describing policy thatseeks ben efits for one country at the expe nse of others.Such policies attempt to remedy the economic problemsin one country by means which tend to worse n theproblems of other coun tries67) commodity G) A published ranking based on detailed financialanalysis by a credit bureau, of one' financial history,specifically as it relates to one' ability to meet debtobligati ons. 28) sovereign-debt crisis H) A crisis in which a national government owes so muchdebt that it is unable to repay or on the edge of bankruptcy.89) food-price index I) A tariff which tries to ban imports to stop themcompeti ng with local products 510) reserve requirement J) A situation where economic growth slides back ton egative after a short-lived growth and the economymay move into a deeper and Ion ger dow nturr!4. Tran slate the followi ng into Chin ese:星期五，世界上20个主要经济体的领导人结束了在这座东北亚首都城市举行的为期两天的峰会。
王关富《商务英语阅读》(第二版)参考答案
王关富《商务英语阅读（第二版）》参考答案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 the global credit crisis.(3) the integration of its economic policies between traditional market tools and state control measures.3) In what way does the author imply that western economists are erroneous in their bias toward “China’s market economic system”?The United States and Europe are moving toward state control by nationalizing their banking and car industries, and imposing heavy new regulation on the financial industry.4) What is the view of Stephen Roach on the Chinese economy system?Investment is the backbone of sustainable growth in the Chinese economy, which works more effectively than other market based systems in times of economic stress.5) Why can China work in the eye of the author?It has followed a radical pragmatism focusing on a slow but steady shift toward freer markets.6) What is regarded as the strategic thinking of the Chinese leaders in market reforms?They understand even under the serious financial crisis that it can stabilize the Chinese market and economy to introduce more sophisticated forms of securitization, including stock index funds, corporate bonds and other debt products. They also realize that, in the course of doing this, they should learn from the mistakes the westerners have made.7) What is the example given to illustrate the steadiness of the Chinese leaders in their policy execution?They continue to allow the value of yuan to rise despite of the American charges and the need for export competitiveness by their own enterprises.8) What is “shock therapy”?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 no therapy.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 countries are unfortunately cutting back on itsspending.2)There is an increasing number of people out of work. But the western media often unfairly label them as lazy andreliable.3)Now that the flow of oil has been stopped by BP, the impact of all the spilled oil and natural gas is still beingmeasured.4)Once again its ability to steer economic policy will be tested against the ability to deliver on services and projectsaimed at growing the economy and jobs.5)Housing prices are incredibly high today. But he bought his house for a song about five years ago.6)As people are complaining high prices, especially those related to daily necessities, the government feels rather urgentto hold down inflation rate immediately.7)Under the new economy policy investors are invited to buy into state-owned enterprises.8)Since a serious gun shooting occurred in Arizona last week, security concerns have trickled down to all places,including residential buildings.9)Social unrest is a daily occurrence in the country nowadays. It is in the last place when it comes to investment formultinational companies.10)Efforts to ban smoking in China are so effective yet. Some chain smokers never think of quitting while many othershave 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 toproduce 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[第二版]参考译文王关富编
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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）。
人民大2024商务英语阅读(第2册)(第二版)教学课件Unit 8 Brands
Antibiotics were of no use, neither were other pharmaceuticals.
oblivion n. the state of having been forgotten or of no longer being considered important 被淡忘状态 (TEM-8)
模型是根据公式建立的，其中品牌资产的元素被赋予不同的 价值（例如，市场份额和价格），或者根据对客户如何看待 品牌的广泛调查建立。
3. Measurement of brand equity, therefore, involves a holistic attention to all the factors, including the channel through which the product flows and services rendered to the channel.
It seems that the so-called new theory is likely to sink into oblivion.
invariably adv. always不变地 (CET-6) They almost invariably get it wrong.
commodity n. something that is sold for money 商品 [商业] (CET-6; TEM-4)
render vt. You can use render with an adjective that describes a particular state to say that someone or something is changed into that state. 使成为；使变 得 (CET-4; TEM-4)
商务英语阅读(第二版) 王关富 Unit8 The decade of Steve 课后答案
Unit 8The decade of SteveExercises1.Answer the questions on the text.1)What makes the story of Steve Jobs so incredible and remarkable?So perseverant in his goals;Experiencing and overcoming so many difficulties and frustrations;Dominating in as many as four distinct industries;Running Apple so well------creatively, competitively, and profitably;Miraculously returning from his fatal diseases.2)What are the four markets that Steve Jobs reorganized and dominated?Music, movies, mobile telephones as well as computing.3)Why is he regarded as the rare businessman?Predilections unique to him.Distinctive design taste and elegant retail stores.Outside-the box approach to advertisingA showman, born salesman, and a magician.Legitimate worldwide celebrityAlways making products customers want to buy.Visionary but grounded in reality.Motivated not by money, but by a visceral ardor for Apple.4)What astounding achievements has Steve Jobs made up to date?Increasing corporate worth from $5 billion in 2000 to $170 billion now.Moving from cash drain and near bankruptcy to $34 billion in cash and market securities.275 retail stores in 9 countries with 73% share of US MP3 player market, and undisputed leadership in mobile phone innovation.His personal net worth about $5 billion.5)What was the first important success of Steve’s team?It created the first Macintosh (iMac), a breakthrough all-in-one computer and monitor. With drastic cost cutting and lucrative sales, it greatly improved the Apple’s balance sheet and financially got Apple well prepared for big investments and business leap.6)Why did Steve object to Ellison buy out Apple in 1997?Because he didn’t like people to second-guess the intention of his return (as making money) and wanted to take high moral ground so that he could easy and graceful decisions.7)Why did Steve build Apple-owned retail stores and some have doubts?Because through the building of retail stores, Steve could establish direct contact with customers, get to know what they really want, and fill the stores with allthose products.But some people at the time, even members of the board had great doubts about establishing retail stores. They are extremely nervous that the stores might become a risky cash drain.8)What are the outstanding qualities reflected from Jobs’integration ofmicromanagement with big-picture vision?# Micro-management:Consciousness/ dedication/ concentrationHe tries to know everything about Apple. He is involved in so many details that people can hardly believe. He is so detailed that he might tell an ad writer that the third word in the fourth paragraph wasn’t right.# Big-picture vision:Acumen for market changeHe recognized gorgeous design as differentiator for Apple.Creative, innovative and visionary in product developmentClients responded “Give me the next Steve Jobs”Knack for taking opportunities at the right momentHe made iTunes compatible with Windows and expanded Apple market to all PCs.He developed Apple’s own digital-music sales stores.9)How did Steve Jobs master the message?Carefully consider what he and Apple say and don’t say to the public.Rehearse time and again before speaking publicly.Authorize only a small number of executives to speak publicly.He is careful to avoid overexposure.Nobody is supposed to speak without the permission of Apple’s media relations team reporting directly Steve Jobs.10) How did Steve Jobs handle Apple’s stock options backdating scandal?He remained silent initially but later in the report to SEC he admitted and apologized for the change of option grant dates for employee benefits. He said it was totally inappropriate for Apple to do.11) Whom did Steve Jobs thank and why when he returned?He thanked Tim Cook (Apple’s chief operating officer) for excellent running of the company during his absence.He also thanked a twentysomething who died in a car crash for donating his liver.12) How do people feel about the future of Apple?Though some are worried about its future due to Steve’s health problem, most are confident about its future because:He is a fabulous brand and irreplaceable person.He has educated and influenced Apple employees well enough to think and behave like him.His influence has gone beyond Apple and become a hero for the IT industry.His pursuit for secrecy and surprise and proven brilliance will ensure greater successes for Apple in the future.2.Fill in each blank of the following sentences with one of the phrases in the listgiven below. Make changes when necessary.1)When the starlet was asked about her new boyfriend, she couldn’t help but gushabout him and their intimate plans for Valentine’s Day.2)The leaking of as many as 251,000 State Department documents, including secretembassy reports from around the world, is nothing short of a political meltdown for US foreign policy.3)With very critical views on the government economic policies, she often palsaround with those scholars who also take rather radical stance on economic issues.4)It is high time for everyone in the department to kick into full gear and fulfill oursales quota by the end of the year.5)The mother did whatever possible to prevent her son from hanging out with theguy who she thought was up to nothing good.6)Obama’s victory in the election was viewed by many as progress in the UnitedStates. But I think his ethnicity is beside the point.7)The neighbors said what happened was totally out of character for the womanthey knew as quiet and friendly.8)Unfortunately, the firm has not been able to pare) production cost to the level thatmatches its competitors in the market.9)On the back of strong corporate earnings reports from a number of firms last week,coupled with the improving unemployment rate, investor sentiment was bolstered on the first trading day of the week.10)The team is expected to take a vote tonight that could set in motion a new plan torevitalize the financial market.11)It was a long time before our business partners could catch on to what we reallyintended.12)As a shrewd man, he successfully pounced at the opportunity last year to becomethe marketing manager.3.Match the terms in column A with the definitions in column B:A______________________ B________________________________________ 1)market share A) A group of advisors, originally to a political candidate,for their expertise in particular fields, but now to anydecision makers, whether or not in politics. 62)cash drain B) The rate of new product development, which isgetting faster with more severe competition andfaster technological advancement. 103)shareholder wealth C) Percentage or proportion of the total availablemarket or market segment that a product orcompany takes. 14)net worth D) A group of executives employed to manage aproject, department, or company with theirparticular expertise or skills. 55)management team E) A person, project, business or company thatcontinues to consume large amounts of cash withno end in sight. 26)brain trust F) A person or firm that invests in a businessventure, providing capital for start-up orexpansion, and expecting a higher rate of returnthan that for traditional investments. 97)balance sheet G) The wealth shareholders get to accrue from theirownership of shares in a firm, which can beincreased by raising either share prices ordividend payments. 38)captains of industry H) A financial statement that summarizes acompany's assets, liabilities and shareholders'equity at a specific point in time. 79)Venture capitalist I) Total assets minus total liabilities, an importantdeterminant of the value of a company, primarilycomposed of all the money that has been investedand the retained earnings for the duration of itsoperation. 410)product cycle L) A business leader who is especially successfuland powerful and whose means of amassing apersonal fortune contributes substantially to thecountry in some way. 84.Translate the following passage into Chinese:头已秃顶，留着胡须的他坐在其超大的华盛顿办公室内谈论着经济话题，从眼神可看出显得疲劳。
商务英语阅读_第二版_王关富_unit_12
Unit 12Global M&AExercises1.Answer the questions on the text.1)What does the author expect M&A activity to be in 2011?The author expects that M&A activity will continue to growth in number and strength with the global economic recovery and the improvement of financial and credit market conditions.2)What must companies also consider about M&A besides favorable factorslike abundant cash and improving economic conditions?Companies must also consider the recent opposition to certain M&A deals by activists and some shareholders and their preference to other strategies.3)What do you think unsolicited transactions, hostile acquisitions and dealjumpings are in common?Passivity on the target company and out of its expectation.4)What may further encourage unsolicited transactions?Recent success of hostile acquirers in forcing target companies to negotiate and accept deals though occasionally taking a long time.5)What are the features and trends of private equity firms?They are seeking an exit from portfolio companies and are seeing M&A as an increasingly attractive alternative to capital market transactions.6)What is an tender offer?It is a public, open offer or invitation by a prospective acquirer to all stockholders of a publicly traded corporation (the target corporation) to purchase some or all of their shares. The price offered is usually at a premium to the market price. In a tender offer, the bidder contacts shareholders directly; so the directors of the company may or may not have endorsed the tender offer proposal.7)What are the key deal issues in M&A transactions?(1)reverse break-up fees(2)caps on damages payable by acquirers failing to close(3)the availability of specific performance remedies to compel a party tocomplete an acquisition8)How do US and UK takeover systems differ?In US takeover system, state case law allows target boards to take defensive measures within certain limits.In order to correct the perceived imbalance, UK disallows deal protection mechanisms; sets a default period in which a bidder will have to either announcea fully financed bid or walk away; and implements other measures to enhancebid-related disclosure.9)What are the views on the burden of extending bids into the U.S?(1)Some of both European regulators and bidders fear that the extension of paperbids into the US may be too burdensome and the exposure to the US plaintiffs’ bar and US courts may be too uncertain and risky.(2)But the case of Morrison v. NBA may have changed European regulators andbidders view because the pending anti-fraud-based actions against non-US companies were either dismissed or the damages to companies ere greatly reduced(3)The convergence between European and US securities regulations haveproduced positive effects, may further alleviate such concerns, and would encourage M&A players to consider using more shares in cross-border deals.10)How is M&A in emerging market expected to develop in 2011?(1)It is expected to grow over one-third in 2011, taking a larger share of globalM&A activity, particularly true in BRIC nations.(2)Sovereign wealth funds abundant in funds will continue to play a key role ininbound M&As and, meanwhile, private equity is to be much more important source of funds for M&A activities there.(3)Companies from emerging markets will engage in more outbound M&A dealsfor natural resources and market growth as well as inbound ones.(4)Multinationals from the developed countries may also go on M&A activitiesin emerging markets either for market footholds or growth opportunities. 11) What is said about US M&A deal enforcement?(1) The official agencies FTC and DOJ have continued to pledge vigorousmerger enforcement and have dedicated significant resources to updating themerger review process.(2) They have also proposed changes to pre-merger notification form.(3) The Antitrust Division has enhanced enforcement in vertical mergers as wellas horizontal mergers.12) What are the trends of EU antitrust enforcement?DG COMP and its Chief Economist team are paying close attention to the US-led debate over the need to define marketsDG COMP has increased its reliance on the counterfactual analyses for judging whether a merger prevents effective competition.2.Fill in each blank in the following sentences with one of the phrases in the listgiven below. Make changes when necessary.1)BRIC nations would support the country in the areas of education, health andagriculture, among others.2)In the second quarter we successfully secured a non-dilutive source of growthcapital on very favorable terms sufficient to drive both near and longer-term initiatives.3)We seem to value time in cyclical phases and seasons rather than in minutes andhours.4)The world is facing far more challenges than before in the context of intensifiedglobalization.5)In the debate Team A seemed to get upper hand at the beginning but quickly loststrength.6)He would discuss with the officials of Bulgaria various topics such as investmentclimate, the fight against corruption, and its accession to the European Union. 7)We are urging local education and city leaders to ramp up the pressure on theirgovernments to cough up more cash for new schools in their areas.8)Potential mayoral candidates are already flush with funds from their supporterfor the coming election.9)The government has been urged to follow through on its pledge to reform thecurrent wage system.10)The birth of a new nation in Sudan may give rise to numerous thorny issues,including sharing of resources.3.Match the terms in column A with the definitions in column B.A____________________ B__________________________________________ 1) equity market A) An asset class consisting of equity securities foroperating companies that are not publicly traded on astock exchange, including venture capital, growthcapital and mezzanine capital. 52) antitrust agency B) The market, also known as stock market, whereshares are issued and traded, either through exchangesor over-the-counter markets. 13) synergy C) A merger occurring between companies producingthe same or similar products or offering similarservices. 84) due diligence D) An organization responsible for prohibitingpractices that restrain competition, includingprice-fixing conspiracies and acts designed toachieve monopoly power. 25) private equity E) A company in which a venture capital firm, buyoutfirm, holding company, or other investment fundsinvests. 106) vertical merger F) A market in which individuals and institutionstrade financial securities in order to raise funds. 9 7) tender offer G) Additional effectiveness achieved from mutuallyadvantageous integration or compatibility of effortsor resources between business participants. 38) horizontal merger H) An investigation of a business prior to signing acontract, for example, a potential acquirer evaluatinga target company or its assets for acquisition. 49) capital market I) A public, open offer by a prospective acquirer to apublicly traded corporation to tender its stock forsale at a specified price during a specified time. 710) portfolio company L) A merger between two companies producingdifferent goods or components for the finalfinished product, for example, a car manufacturermerging a tire company. 64.Translate the following passage into Chinese.去年，由于全球兼并业务突破了网络泡沫时代的惊人水平，市场又跟1999年那样派对聚会。
高级商务英语阅读王关富
companies signed up to exhibit, including famous companies such as Huawei and Putian. Although
the June event was cancelled due to the SARS outbreak, the rise in Chinese participation is
evidence that more and more Chinese companies are realizing the importance of overseas
that watch live TV broadcasts of the games played by the Chinese basketball superstar.
Creating, communicating and managing brand image is a relatively new concept for Chinese
legislators to cap textile imports fromChina, using World Trade Organization (WTO) provisions in
force sinceChinajoined the WTO in 2001 and charging thatChinaunfairly undervalues its
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高级商务英语阅读
faith after the management shake-up: the company is trading again at a handsome $31 per share
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。
商务英语阅读_第二版_王关富_unit_12
Unit 12Global M&AExercises1.Answer the questions on the text.1)What does the author expect M&A activity to be in 2011?The author expects that M&A activity will continue to growth in number and strength with the global economic recovery and the improvement of financial and credit market conditions.2)What must companies also consider about M&A besides favorable factorslike abundant cash and improving economic conditions?Companies must also consider the recent opposition to certain M&A deals by activists and some shareholders and their preference to other strategies.3)What do you think unsolicited transactions, hostile acquisitions and dealjumpings are in common?Passivity on the target company and out of its expectation.4)What may further encourage unsolicited transactions?Recent success of hostile acquirers in forcing target companies to negotiate and accept deals though occasionally taking a long time.5)What are the features and trends of private equity firms?They are seeking an exit from portfolio companies and are seeing M&A as an increasingly attractive alternative to capital market transactions.6)What is an tender offer?It is a public, open offer or invitation by a prospective acquirer to all stockholders of a publicly traded corporation (the target corporation) to purchase some or all of their shares. The price offered is usually at a premium to the market price. In a tender offer, the bidder contacts shareholders directly; so the directors of the company may or may not have endorsed the tender offer proposal.7)What are the key deal issues in M&A transactions?(1)reverse break-up fees(2)caps on damages payable by acquirers failing to close(3)the availability of specific performance remedies to compel a party tocomplete an acquisition8)How do US and UK takeover systems differ?In US takeover system, state case law allows target boards to take defensive measures within certain limits.In order to correct the perceived imbalance, UK disallows deal protection mechanisms; sets a default period in which a bidder will have to either announcea fully financed bid or walk away; and implements other measures to enhancebid-related disclosure.9)What are the views on the burden of extending bids into the U.S?(1)Some of both European regulators and bidders fear that the extension of paperbids into the US may be too burdensome and the exposure to the US plaintiffs’ bar and US courts may be too uncertain and risky.(2)But the case of Morrison v. NBA may have changed European regulators andbidders view because the pending anti-fraud-based actions against non-US companies were either dismissed or the damages to companies ere greatly reduced(3)The convergence between European and US securities regulations haveproduced positive effects, may further alleviate such concerns, and would encourage M&A players to consider using more shares in cross-border deals.10)How is M&A in emerging market expected to develop in 2011?(1)It is expected to grow over one-third in 2011, taking a larger share of globalM&A activity, particularly true in BRIC nations.(2)Sovereign wealth funds abundant in funds will continue to play a key role ininbound M&As and, meanwhile, private equity is to be much more important source of funds for M&A activities there.(3)Companies from emerging markets will engage in more outbound M&A dealsfor natural resources and market growth as well as inbound ones.(4)Multinationals from the developed countries may also go on M&A activitiesin emerging markets either for market footholds or growth opportunities. 11) What is said about US M&A deal enforcement?(1) The official agencies FTC and DOJ have continued to pledge vigorousmerger enforcement and have dedicated significant resources to updating themerger review process.(2) They have also proposed changes to pre-merger notification form.(3) The Antitrust Division has enhanced enforcement in vertical mergers as wellas horizontal mergers.12) What are the trends of EU antitrust enforcement?DG COMP and its Chief Economist team are paying close attention to the US-led debate over the need to define marketsDG COMP has increased its reliance on the counterfactual analyses for judging whether a merger prevents effective competition.2.Fill in each blank in the following sentences with one of the phrases in the listgiven below. Make changes when necessary.1)BRIC nations would support the country in the areas of education, health andagriculture, among others.2)In the second quarter we successfully secured a non-dilutive source of growthcapital on very favorable terms sufficient to drive both near and longer-term initiatives.3)We seem to value time in cyclical phases and seasons rather than in minutes andhours.4)The world is facing far more challenges than before in the context of intensifiedglobalization.5)In the debate Team A seemed to get upper hand at the beginning but quickly loststrength.6)He would discuss with the officials of Bulgaria various topics such as investmentclimate, the fight against corruption, and its accession to the European Union. 7)We are urging local education and city leaders to ramp up the pressure on theirgovernments to cough up more cash for new schools in their areas.8)Potential mayoral candidates are already flush with funds from their supporterfor the coming election.9)The government has been urged to follow through on its pledge to reform thecurrent wage system.10)The birth of a new nation in Sudan may give rise to numerous thorny issues,including sharing of resources.3.Match the terms in column A with the definitions in column B.A____________________ B__________________________________________ 1) equity market A) An asset class consisting of equity securities foroperating companies that are not publicly traded on astock exchange, including venture capital, growthcapital and mezzanine capital. 52) antitrust agency B) The market, also known as stock market, whereshares are issued and traded, either through exchangesor over-the-counter markets. 13) synergy C) A merger occurring between companies producingthe same or similar products or offering similarservices. 84) due diligence D) An organization responsible for prohibitingpractices that restrain competition, includingprice-fixing conspiracies and acts designed toachieve monopoly power. 25) private equity E) A company in which a venture capital firm, buyoutfirm, holding company, or other investment fundsinvests. 106) vertical merger F) A market in which individuals and institutionstrade financial securities in order to raise funds. 9 7) tender offer G) Additional effectiveness achieved from mutuallyadvantageous integration or compatibility of effortsor resources between business participants. 38) horizontal merger H) An investigation of a business prior to signing acontract, for example, a potential acquirer evaluatinga target company or its assets for acquisition. 49) capital market I) A public, open offer by a prospective acquirer to apublicly traded corporation to tender its stock forsale at a specified price during a specified time. 710) portfolio company L) A merger between two companies producingdifferent goods or components for the finalfinished product, for example, a car manufacturermerging a tire company. 64.Translate the following passage into Chinese.去年，由于全球兼并业务突破了网络泡沫时代的惊人水平，市场又跟1999年那样派对聚会。
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。
《新编商务英语阅读教程》[第二版]练习参考答案解析
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《新编商务英语阅读教程》（第二版）练习参考答案Unit OneI.1. 资产C2. 边际变动E3. 市场势力I4. 劳动生产力（率）J5. 经济学A6. 市场失灵G7. 市场经济F8. 机会成本D9. 通货膨胀K10. 外部性H11. 效率B12. 菲利普斯曲线LII.Passage One经济学的研究主要分为两部分：宏观经济学与微观经济学。
宏观经济学着眼于经济全局——一幅宏观的画面。
在宏观经济学中，我们研究国家的政策目标，例如充分就业、抑制通货膨胀、经济增长等，而不考虑个人或者单个团体的利益和行为。
对宏观经济学的关注是为了从总体上认识并改善经济的运行。
微观经济学则关注宏观画面中的细节。
在微观经济学中，我们着眼于实际构成宏观经济的个人、厂商和政府机构。
我们感兴趣的是这些独立经济单位的行为。
他们的目标何在？以有限资源实现目标的途径是什么？如何对各种激励和机会做出反应？宏观经济学主要关注，例如，总消费性支出对总产出、就业及物价的影响。
很少关注消费性支出及其决定因素的实际内涵。
相反，微观经济学关注的是个体消费者具体的支出决策及其影响因素（爱好、物价水平、收入状况）。
宏、微观经济学的区别还反映在关于企业投资的讨论中。
宏观经济学中，我们需要了解决定企业总投资率的因素以及这些投资对一国的总产出、就业及物价水平产生影响的路径。
而微观经济学中，我们关注的是各家企业关于生产率、生产要素的抉择以及具体物品的定价决策。
了解宏、微观经济学的区别并非难事。
在现实社会，宏观经济的表现有赖于微观行为，而微观行为又受宏观经济表现的影响。
因此，人们只有了解了所有经济活动的参与者的行为方式及其成因，才能充分了解整个经济的运作方式。
但是，就如你会开车而不懂发动机的构造原理那样，你能观察到经济运行方式但并不能完全解开其中奥秘。
在宏观经济学中我们注意到经济这部汽车在踩油门时加速，踩刹车时减速。
这就是我们在大多数情形下所需了解的一切。
然而，汽车总有出故障的时候。
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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 on a 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. The third 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 companies 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 than public 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 debt levels, 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 has substantially 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 bandedtogether 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, orsecurity 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。