商务英语阅读(第二版)王关富unit13privateequity课后答案

Unit 13

The Business of Making Money

Exercises

1. 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 to be

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 from

banks

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 to

raise 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 Professor

Jensen 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

that 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 firms

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 norm for

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 of

private-equity firms since 2003

Those factors are: low interest rates, lots of liquidity and rising asset prices

10)What are the signs showing that private-equity firms may now face the peak of

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 by

bad weather.

2) A popular bicycle rental scheme in Paris that has transformed travel in the city

has run into problems just 18 months after its successful launch.

3)China’s import as a proportion of total trade has substantially increased in

recent 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 for

three years.

10)A lot of questions were being asked at the conference today and surprisingly the

officials answered them in spades.

11)In the absence of outside leadership, we have created these guidelines in order

to respond timely and effectively.

12)With the joining of South Africa, the Bric club of influential emerging economies

is now in pursuit of a common market among them.

3. Match the terms in column A with the explanations in column B:

A B

1) corporate governance a) An investor who attempts to force a corporation to

make changes in management, board structure,

investment policies, use of retained earnings, or

other practices, often by introducing shareholder

proposals or putting forward alternative directors.

6

2) bridge financing b) An interest group that endeavors to influence

public policy and especially governmental

legislation, regarding its particular concerns and

priorities. 8

3) trade union c) A privilege, sold by one party to another, that

gives the buyer the right, but not the obligation, to

buy or sell a stock at an agreed-upon price within

a

certain period or on a specific date. 10

4) stakeholder d) A method of financing, used by companies before

their IPO, to obtain necessary cash for the

maintenance of operations. 2

5) short seller e) The set of processes, customs, policies, laws, and

institutions affecting the way a corporation (or

company) 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 higher

wages or better working conditions. 3

7) venture capital g) The process of buying an undervalued company

with 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 time

of sale. 5

9) asset stripping i) Money provided by investors to startup firms and

small businesses with perceived long-term growth

potential. 7

10) stock option j) Person, group, or organization that has direct or

indirect stake in an organization because it can

affect or be affected by the organization's actions,

objectives, and policies. 4

4.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。对创始人和其他高级合伙人来说，上市提供了一个契机，既可以实现他们所创造的企业的一部分价值，又能成为资本的另一个来源，使他们能为其公司提供资金。

对公司而言，上市为新职位引进高级人才提供了“通货”，甚至还能在未来的收购中使用这一“通货”。

对投资者而言，上市是一个机会，让他们能够加入到私募股权投资公司源源不断的钱流之中，而过去他们对此只能无奈地挑刺和眼红。现如今他们不仅能投资基金，还能直接投资于私募股权投资公司本身。

然而，这些公司可不是标准的上市公司。私募股权投资公司的价值在于他们能够迅速而有力地改善证券投资公司的状况，向管理层提供大笔的股权激励薪酬，并且实施高度专一的公司治理和监督。而这一切只有在没有公开市场的关注和审视之下才能实现。

因此，即便已经上市，这些公司仍然竭其所能尽力为其证券投资公司保持“黑匣”的状态。因此，与其他上市公司相比，它们向投资者披露的信息更少，在公司治理和信托方面所作的承诺更有限。

经济景气时，市场信任私募股权经理们，相信他们知道用“黑匣”式投资方式要达到的目的。这时债权融资更加容易，而估值会随之迅速上升，同时早期的回报激发了巨额的筹资水平，这一切在第一批私募股权投资公司上市时达到了顶峰。

不过，在如今的经济背景下，投资者惶然不安，同时信任不足使上市的私募股权投资公司的股票变得十分脆弱。即便是在经济平稳时期，不管是投资者还是分析师都没有充分的把握预测这些公司的收入和现金流程度。在目前的环境下，

由于人们对任何一种信息披露和透明度不足的交易模式缺乏了解和信心，因此它们不可能成为上市股票市场支持的解决方案，即使它们以前具备竞争优势。

5.Fill in each of the following gaps with one of the sentences given below:

1) For many, buying shares is about making a quick profit, not investing for the

long-term.

2) Banks remain reluctant to lend.

3) Their rise was partly driven by the conclusion that equity markets were not the

most efficient means of raising capital.

4) The approach was simple.

5) After about five years, during which time debt would have been paid off and

profits lifted, the company would either be floated or sold directly to a new buyer.

Supplementary Reading

How Long Can U.S. Stocks Keep Their Edge

1.Which one of the following statements about the Templeton Growth fund is NOT

true

A.It was started by John Templeton.

B.It can invest in foreign companies.

C.It has always preferred . Stocks since its launch. ∨

D.Many of its top holdings are U.S. companies.

2.According to the article, the decline of euro __________ . Stocks.

A.has no impact on

B.is good news for ∨

C.reduced the domestic attractiveness of

D.has nothing to do with

3.Which one of the following statements is NOT the reason cited by mutual funds

to invest in . Stocks

A.Many U.S. companies are successful global companies.

B.The U.S. economy is in great shape. ∨

C.The outlook for major international markets is rather mixed.

D.U.S. companies are quite profitable.

4.According to the money managers cited in the article, emerging markets

_________.

https://www.sodocs.net/doc/3912414170.html,ually have very low valuation of good quality companies.

B.have negative returns for equity funds.

C.have attracted a lot of capital flows in recent years. ∨

D.will continue bringing huge profits to investors.

5.When Mr. Kinniry of the Vanguard Group said “that discount has now been

closed”, “that discount” refers to_________.

A.the price differences between different . Stocks.

B.the difference in price-to-earnings multiples between different

emerging-market stocks.

C.the price differences between different emerging-market stocks.

D.the difference in price-to-earnings multiples between emerging-market

stocks and developed-market stocks. ∨

6.Blue-chip companies __________.

A.are companies that use the blue color as their symbols.

https://www.sodocs.net/doc/3912414170.html,e blue chip in their computers.

C.refer to companies operating exclusively in the U.S. market.

https://www.sodocs.net/doc/3912414170.html,ually refer to big, strong and highly profitable companies. ∨

7.According to the article, __________ have had better performance over the last

decade.

A.value funds ∨

B.growth funds

https://www.sodocs.net/doc/3912414170.html,rge-company growth funds

D.domestic growth funds

8.If money managers do according to John Templeton’s comments on bull markets,

they should leave when the markets show signs of __________.

A.pessimism

B.optimism

C.euphoria ∨

D.skepticism

9.Among the different funds mentioned in the article, __________ is the biggest

one in terms of the money under its management.

A.the Templeton Growth fund ∨

B.Janus Global Research fund

C.Oakmark International fund

D.T. Rowe Price Blue Chip Growth fund

10.From the article, it can be inferred that __________.

A.. Stocks will continue to underperform.

B.The U.S. stock markets are in the phase of euphoria.

C.U.S. multinational companies are likely to win the favor of investors. ∨

D.small companies in emerging markets will attract a lot of investors.

商务英语函电 参考答案

Reference Keys Unit 2 Establishing Business Relations 学学练练 I. 1. d 2. c 3. a 4. b 5. h 6. f 7. e 8. g II. 1.供你方参考 2. 期望，盼望 3. 供应中 4. in the hope of/that 5. establish business relations 6. fall within the scope of III. 1. desirous to 2. in the line of 3.give you a general idea 4. covering 5. in the market 6.refer to 7.be informed IV. 1. appreciate 2. in, for 3.upon 4. to 5. informed 6. with 7.enclosed 8. in 9. desire 10. for 实操练习 I. 1.Through the courtesy of ABC company, we have your name and address. 2. We would like to inform you that we could supply various types of men’s leather shoes. 3. We have established business relations with more than 50 countries in the world, on the basis of equality, mutual benefit and exchange of needed goods。 4. Specializing in the export of Chinese bicycles, we express our desire to trade with you in this line. 5. In order to promote business between us, we shall airmail you some samples for your reference. 6. We enclose a copy of catalog and a sampl e and are sure that you will be satisfied

商务英语阅读(第二版)参考译文 王关富编

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）。CLSA经济学家AR说，”政府对大多数资本密集型产业的控制，让我看好中国的未来。政府会对这些领域的公司说，继续花吧，不要由于你们的投资计划“。尽管最大的出口及股票市场出现下滑，中国经济在09年看上去增加7%多，虽比近些年两位数（double-digit）增速有所下滑，但与其他国家相比仍然坚挺。随着国有银行放松信贷（loose credit），企业贷款率切实（actually）增加。摩根斯坦利的亚洲首席SR说，在一个投资支持可持续发展，并占GDP的40%的国家，政府再次增加投资以抵抗对增长的威胁。他又说，在危机时期，中国的指挥控制系统切实比其他市场基础系统有效。

商务英语阅读习题及答案一.doc

II) Match each one on the left with its correct meaning on the right 1. motivation 2. pursue 3. mark up 4. procurement 5. intangible 6. cargoroyalty 商务英语阅读习题（一） I) Comprehension 1. What is international trade? 2. What are the major motivations for private firm to operate international business? 3. What measures do most companies usually adopt to avoid wild swings in the sales and profits? 4. Pleas give the four major modes chosen by most companies when entering into international trade. 5. Could you find any difference between Direct Investment and Portfolio Investment? If you can, please tell the main reasons. 6. What is MNE? What are its synonyms? 7. What limits a firm's sales? A. to make continual efforts to gain sth. B. the action of obtaining, esp. by efforts of careful attention. C. which by is its nature can not be known by senses, not clear and certain, not real. D. the goods (freight) carried by a ship, plane or vehicle. E. the amount by which a price is raised. F. profit, interest- G. the net value of assets or interest, invest. 8. equity 股本，资产净值 H. not needing other things or people, taking decisions alone. 9. yield I. a share of the profits. 10. independent J. need or purpose. 2. A 3.E 4.B 5. C 6.D 7.1 8.G 9.F 10.H HI) Fill in the blanks with the words or expressions given below and if necessary, put the word in the right form. A. orientation B. diversify C. seek out D. differentiate...from E. take advantage of F. undergo G. bring about H. correspond L abandon J. amount to K. Come after L. approach 1. That factory is trying to B its products to sell in different markets. 2. A successful businessman is always skilled in E every possible opportunity. 3. Reforming and opening to the world has G great changes in our lives. 4. Can you D this kind of operating the others? 5. Private firm going in for international business have a profit A 6. He I his company and family and went away with all the money. 7. The L of winter brings cold weather. 8. The manager's words J a refusal to the proposal.

商务英语函电课后答案

Dear Sirs, We obtain your name and address from the internet, and we are writing you in the hope of establishing direct business relations with you. We’re one of the importers of Beddings with years’of experience in this line. At present, we’ll be pleased to get the samples for your bed-sheets. Thank you for your cooperation. Yours sincerely, \\ 2 Dear Sirs, Your company has been introduced to us by FMC Company, Sydney, Australia, who has informend us that you are interested in electric goods . As we have been in this line for years, we are writing you in the hope of establishing business relations with you. In order to give you a rough idea of our products available for export at present, we are sending you under separate cover the latest catalogues. Looking forward to your early reply. Yours faithfully Dear Sirs, We learn from the internet that you are in urgent need of a large quantity of Children’s Sport Shoes. We’re writing you in the hope of entering into long-term business relations with you. We have been handling the export of various kinds of textiles and shoes for many years, and our products are very popular in the American and European markets for their good quality and reasonable prices. We also have kept close connections with the local shoe manufacturers, and can ensure the steady source and quality. In order to give you a rough idea of our products, we are sending you our latest catalogues and price lists for Children’s Sport Shoes for your reference. If you are interested in any of the items, please let us know. We await your early reply. Yours faithfully,

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

Unit 6 Goodbye, Free Trade? Exercises 1.Answer the questions on the text. 1) What was the result when the House of Representatives passed the Hawley-Smoot Tariff Act in 1930? The economic recession in the United States became even worse. 2) According to the author, what happens when a currency appreciates? It diminishes the export advantage of the country and makes it difficult to increase exports or even maintain the status quo. 3) How did American politicians take advantage of the public’s strong anti-free-trade sentiment in the United States? They created a talking point in charges of unfair trade so that they thought they could benefit in the mid-term elections. 4) What did American politicians and economists agree and disagree over the Hawley-Smoot Tariff Act? Almost all of them agreed that it was a bad law, but they disagreed whether it triggered the Great Depression in the 1930s. 5) What did Milton Friedman think were the more important reasons for the Great Depression? The malfunctioning gold standard system and inept monetary policy of the Federal Reserve. 6) What was the foreign reaction unexpected by the American lawmakers after the Hawley-Smoot Tariff Act was enacted? The trading partners were angered and imposed discriminatory tariffs on American goods. Canada in particular, as the largest export market for the US, reacted fiercely and handed its market over to the British competitors. 7) Why is it unlikely for the US to adopt another Smoot-Hawley today in the eye of the author? (1)The US is much more integrated into the world economy today than it was in the 1930s. (2)Import restrictions seldom achieve their intended goals, instead, often end up hurting American industries and consumers. (3)The Americans have learned to consider the possible strong foreign retaliation against US exporters. 8) What were the respective results for those countries withdrawing from the gold standard and those clinging to it during the 1930s according to the author?

商务英语函电 王维平 Chapter 8参考译文及课后答案

Chapter 8 Learning Aims 学完本章，学生应能： 1．识别装船指示和装船通知； 2．熟悉一些模具产品名称； 3．掌握装运方面信件的结构以及相关术语和表达方式； 4．学会案例分析，并撰写与装运相关的信函。 Background Information 在国际贸易中，在装运前，买方通常把他们的装运需求发送给卖方，告知他们包装和标志，运输方式等，此为装运指示。 卖方在装运货物后应立即向买方发送装船通知，告知他们装运情况。装船通知通常包含以下内容： （1）预计出发时间；预计到达时间 （2）装船货物 （3）船名 （4）集装箱号 （5）铅封号 （6）所附单证 装运当事人有三方，即货主，承运人和收货人。 提单可被看作为货物收据、运输合同证明和物权凭证。 Letter 1

李友

Letter 2 Letter 3 Letter 4

Letter 5 Letter 6

Exercises I．Fill in the following blanks. 1. importance; urgent; advance; co-operation 2. circumstances; compelled; an alternative/alternatives; 3. extended; expired 4. pleasure; informing 5. in duplicate II．Translate the following sentences into Chinese. 1．我们很高兴在此通知，贵方所订的车灯模具已由“魅力”号货轮发出，将于5月15号抵达宁波。 2．我们很奇怪至今尚未收到于8月1号所订的螺钉，我方客户要求予以解释，因为他们急需此批货物。 3．由于交货长期延误，给我们带来不便。我们要求立即发货，否则，我们将不得不按合同规定取消订单。 4．请尽快安排装运我方所订的货物。 5．这艘货船将于7月20号左右驶往上海。 III．Translate the following sentences into English. 1. Upon receipt of the L/C, please effect shipment of the goods booked by us as soon as possible. 2. We are informed by ABC shipping company that S.S. “Beauty” is due to sail from your city to our port on or about 6th this month. 3. We are very much obliged for your kind cooperation. 4. We hope that these goods will reach you in time and turn out to your entire satisfaction. 5. We are in urgent need of the goods and have to request you to ship them without any further delay.

商务英语阅读教学大纲(王关富)

课程名称：商务英语阅读( Business English Reading ) 《商务英语阅读》教学大纲 一、课程说明 《商务英语阅读》课程是英语专业（国际商务）的专业课程，是学生在进行英语基础课程学习后，涉及商务英语知识学习，商务英语语言学习的重要课程，旨在有系统、有步骤地训练和培养学生用英语表达与国际商务活动有关的术语名称、机构名称、协议并具备将文章译成正确流畅的汉语能力。 本课程是在英语专业（国际商务）的学生进行英语基础课程学习后开设的课程，有助于今后商务课程的学习。 本课程的教学时间安排是：每周4学时，计划教学周数 19周，总课时数76学时，其中实践学时数为34学时，主要内容是阅读商务类动态国际新闻时事并讨论。 本课程总学分数：4学分 二、学时分配表 三、教学目的与要求 本课程的教学目的：《商务英语阅读》是英语专业（国际商务）的一门主要课程，着重通过对当前热门的商务英语文章进行精讲，分析，使学生能够系统的学习。增加商务英语的基本词汇、掌握商务的基本理论和语言交际的基本技能，为培养适合现代经济、文化和社会发展需要服务。学生通过学习能够成为从事国内外商务活动的外语复合型人才和商贸英语翻译人才。 本课程各章的教学要求和知识考核点如下：

第一章中国模式为何奏效 通过本课程的学习使学生了解中国与欧美国家自由市场经济不同的经济模式—计划经济与市场经济并存所取得的成效，了解中国领导人进行市场改革开放以来的作为与成就，成功的因素，以及与西方经济模式对比之下的不同之处。 本章的主要知识点是：计划市场经济、自由市场经济及中国改革开放。 难点是：课文生词应用，white goods白色家电，如冰箱，洗衣机，微波炉，消毒碗柜等，premium brands高档品牌的商品。 第二章全球现状新解 本章通过了解第三世界国家新兴市场的观点和论说，并从历史的角度帮助学生体会对经济规模和管理的发展趋势。 本章的主要知识点是：供应链、库存周转率、规模经济、产业调整等。 难点是：课文生词应用，存款准备金率、主权债务危机、自由贸易等 第三章该重新获得平衡了 本章介绍了美国经济在多年贸易赤字下不平衡贸易、消费与生产出口方面的变化对经济发展的影响，指出美国经济应该进行转型。 本章的主要知识点是：贸易平衡、消费、与国内经济发展。 难点是：课文生词应用，如bemoan one's sad fate 自叹命苦；bemoan the shortage of funds for research 抱怨研究经费不足 第四章难以置信—欧洲在沉沦 本章介绍了全球金融危机年至今的欧元区经济的衰退和恢复情况。 本章的主要知识点是：2008年至今的欧元区经济的衰退和恢复 难点是：课文生词应用，如mayhem：There was absolute mayhem when the cow got into the village hall. 那牛闯进村会议厅, 造成一片混乱。 第六章自由贸易终结？ 本章介绍了全球化、市场经济、自由贸易、贸易保护主义等问题的争论，和对世界经济的未来及发展介绍。 本章的主要知识点是：贸易壁垒、自由贸易区、进口替代、公司福利、世贸组织中的争端解决机制等。 难点是：掌握相关的贸易术语 第七章底特律的辉煌还有机会再现吗 本章介绍了美国底特律汽车城的兴衰以及，分析了美国汽车工业的困境，展望了汽车工业的未来。 本章的主要知识点是：汽车行业市场变化。 难点是：汽车类名词，行业优劣势的分析 第八章乔布斯的十年 本章介绍了乔布斯，苹果公司前首席执行官乔布斯如何通过发挥他的创新特质、独特个人魅力，研发新产品的观念和手段成功地领导影响全球生活方式的苹果公司。

商务英语阅读(第二版)王关富unit13privateequity课后答案

Unit 13 The Business of Making Money Exercises 1. 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 to be 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 from banks 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 to raise 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 Professor Jensen 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

实操商务英语函电课后答案(首都经济贸易大学出版社)Unit 3

Unit 3 Inquiries and Replies Sentences Commonly Used in Inquiries and Replies (P49-50) 1.感谢贵方7月5日询盘。 2.兹复你方3月28日函，我们附上最新的带有插图的目录册，供你方参考。 3.本地对高质量的电动自行车有稳定的需求。 4.如果你方价格有竞争力，我们愿首次订购1000打。 5.请报最好的CIF上海价格，注明最早装运期。 6.由于我们打算购买……，如报最优价将不胜感激。 7.感谢贵方10月1日对我方飞利浦牌吸尘器的询盘，先附寄一套插图目录册。 8.如果能报优质绿茶CIF到墨尔本最低价，我们将不胜感激。 9.贵方若能迅速仔细地处理我方对棉布的询盘，我们将不胜感激。 10.请寄送样品并报……的最低价。 11.请就上述货物向我方报CIF西雅图最优惠价，含佣金5%。 12.一收到贵方询盘，我们即寄上样品并报最优惠的价格。 13.如告知有关价格、质量、可供数量以及其他相关资料的具体情况，将不胜感激。 14.如果你方按所需的型号和质量供货，我方可以大量订购。 15.因为我们所报价格十分合理，我们相信贵方能接受。 Exercises (P50-54) 1. Translate the following phrases (1) 对……进行询盘 (2) 无存货 (3) 具体询盘 (4) 插图目录册 (5) 与……进行贸易 (6) price list (7) irrevocable L / C (8) terms of payment (9) both excellent in quality and reasonable in price (10) CIF Hongkong 2. Choose the best answer (1) C (2) A (3) A (4) C (5) C (6) B (7) D (8) B (9) B (10) D

商务英语阅读 第二版 王关富 unit 1 Why China Works

商务英语阅读第二版王关富unit 1 Why China Works

Unit 1 Why China Works Exercises 1. 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”?

商务英语阅读-第二版-王艳-习题答案之-句子翻译

Chapter 1 1.这一监控体系最终将取代美国政府对古巴雪茄进口的上限。The monitoring system will finally substitute the U.S. government 's cap on cigar imports from Cuba. 2.墨西哥和美国之间的争执不会有任何作用，并可能导致北美自由贸易协定中关税解除的中 断。The quarrel between Mexico and the U.S. will be of no avail and it may disrupt the lifting of the agricultural tariffs under the North American Free Trade Agreement. 3.在召开部长级会议之前，将举行一次经济合作商业论坛，重点探讨如何减小全球经济 失衡的纠正对中国的冲击。An economic cooperation business forum, which will discuss how to minimize the negative impact of global economic imbalance adjustment on China, will take place shortly before the ministerial conference. 4.只有少数美国人将此问题归咎于这些明 显的因素，即美元贬值或经济周期。Few Americans attribute this to such obvious causes as a devalued dollar or the business cycle. 5.最新的科学研究揭示了这样的事实，即为减少温室气体排放所采取的必要措施会带来沉重的经济和政治成本。Recent research has shed light on the fact that there are heavy financial and political costs associated with the measures necessary to reduce the emission of greenhouse gases. 6.有传言称上个月政府和这家公司的总裁秘密达成一笔交易。There are rumors that the government struck a private deal with the corporation's chairman last month. 7.反对派对美国政府施加压力，让他们改变对纺织品进口的政策。The opposition is exerting pressure on the U.S. government to change the policy towards textile imports. 8.自从签署双边自由贸易协定以来，这个新兴经济体一直处于科技的前沿。Since the establishment of the bilateral free-trade agreement, this emerging economy has always been at the forefront of science and technology. 9.一般 来说，浮动汇率应该使国家免受与贸易伙伴在通货膨胀上的持续差异的影响。In general, floating exchange rates are supposed to insulate countries from persistent differences in inflation with their trading partners. 10.据保守预测，到2010 年中国与北美和欧盟的进出口贸易堂将分別超过4000 亿美元，与10 个东盟国家的进出口贸易堂将超过2000 亿美元。According to conservative estimates, by 2010, China's import and export volume with North America and the EU would surpass $400 billion respectively, with ten ASEAN countries exceeding $200 billion. Chapter 2 1)政府出资 1 亿美元用于农村地区再生能源的开发和利用。The government has allocated $ 0.1 billion to the development and utilization of renewable energy in rural areas. 。 2)开发西部不能以破坏环境为代价，因此政府一直走经济开发建设和生态环境保护并进