Text 4
The world is going through the biggest wave of mergers and acquisitions ever witnessed. The process sweeps from hyperactive America to Europe and reaches the emerging countries with unsurpassed might. Many in these countries are looking at this process and worrying:“Won’t the wave of business concentration turn into an uncontrollable anticompetitive force?”
There’s no question that the big are getting bigger and more powerful. Multinational corporations accounted for less than 20% of international trade in 1982.Today the figure is more than 25% and growing rapidly. International affiliates account for a fastgrowing segment of production in economies that open up and welcome foreign investment. In Argentina, for instance, after the reforms of the early 1990s, multinationals went from 43% to almost 70% of the industrial production of the 200 largest firms. This phenomenon has created serious concerns over the role of smaller economic firms, of national businessmen and over the ultimate stability of the world economy.
I believe that the most important forces behind the massive M&A wave are the same that underlie the globalization process: falling transportation and communication costs, lower trade and investment barriers and enlarged markets that require enlarged operations capable of meeting customer’s demands. All these are beneficial, not detrimental, to consumers. As productivity grows, the world’s wealth increases.
Examples of benefits or costs of the current concentration wave are scanty. Yet it is hard to imagine that the merger of a few oil firms today could recreate the same threats to competition that were feared nearly a century ago in the U.S., when the Standard Oil trust was broken up. The mergers of telecom companies, such as WorldCom, hardly seem to bring higher prices for consumers or a reduction in the pace of technical progress. On the contrary, the price of communications is coming down fast. In cars, too, concentration is increasing—witness Daimler and Chrysler, Renault and Nissan—but it does not appear that consumers are being hurt.
Yet the fact remains that the merger movement must be watched. A few weeks ago, Alan Greenspan warned against the megamergers in the banking industry. Who is going to supervise, regulate and operate as lender of last resort with the gigantic banks that are being created? Won’t multinationals shift production from one place to another when a nation gets too strict about infringements to fair competition? And should one country take upon itself the role of “defending competition” on issues that affect many other nations, as in the U.S. vs. Microsoft case?
63.What is the typical trend of businesses today?
[A]to take in more foreign funds[B]to invest more abroad
[C]to combine and become bigger[D]to trade with more countries
64.According to the author, one of the driving forces behind M&A wave is .
[A]the greater customer demands[B]a surplus supply for the market
[C]a growing productivity[D]the increase of the world’s wealth
65.From paragraph 4 we can infer that .
[A]the increasing concentration is certain to hurt consumers
[B]WorldCom serves as a good example of both benefits and costs
[C]the costs of the globalization process are enormous
[D]the Standard Oil trust might have threatened competition
66.Toward the new business wave, the writer’s attitude can be said to be .
[A]optimistic[B]objective[C]pessimistic[D]biased
核心詞匯:
acquisition[9Akwi5ziFEn]n.取得,學(xué)到,養(yǎng)成(習(xí)慣);獲得的東西(ac+quis+ition名詞后綴)
affiliate[E5filieit]v.使隸屬(或附屬)于n.附屬機(jī)構(gòu),分公司(af+fili+ate)
barrier[5bAriE]n.柵欄,屏障;障礙(物)(barr柵欄+ier)
beneficial[9beni5fiFEl]a.(to)有利的,有益的(benefic+ial形容詞后綴)
concentration[9kCnsEn5treiFEn]n.專(zhuān)心,專(zhuān)注;集中,集結(jié);濃度(concentrate+ion名詞后綴→集中)
detrimental[7detri5mentl]a.有害的(detriment損害,危害+al→危害的)
gigantic[dVai5gAntik]a.巨大的,龐大的
hyperactive[7haipE(:)5rAktiv]a.活動(dòng)過(guò)度的(hyper+active活動(dòng)的);hper前綴“超過(guò);過(guò)度”(h脫落,元音y變u,即為uper),active活躍的。
infringement[in5frindVEnt]n.違反, 侵害(n+fringe+ment)in否定前綴,fringe(邊緣;劉海;穗),ment名詞后綴,已經(jīng)“不”在“邊緣”→侵入內(nèi)部→侵害;infringe(v.侵害)←in+fringe
massive[5mAsiv]a.大而重的,厚實(shí)的,粗大的;大規(guī)模的,大量的(mass+ive形容詞后綴)
multinational[mQlti5nAFEnEl]a./n.跨國(guó)公司;跨國(guó)公司的(ulti+national),multi前綴“多”(如multiple→multi+ple倍→v.加倍;多倍的;倍數(shù)),national國(guó)家的。
pessimistic[9pesi5mistik]a.悲觀的(essimist+ic)pessimist悲觀主義者,ic形容詞后綴
phenomenon[fi5nCminEn]n.現(xiàn)象,稀有現(xiàn)象,珍品,奇跡,杰出人才
resort[ri5zC:t]v.憑借,求助,訴諸n.度假勝地,手段
supervise[5sju:pEvaiz]vt.監(jiān)督,管理;指導(dǎo)(uper在上面+vis看+e動(dòng)詞后綴→在上面看→監(jiān)督)
surpass[sE:5pa:s]vt.超過(guò),勝過(guò)(sur超過(guò)+pass→通過(guò)并超過(guò)→勝過(guò))
sweep[swi:p]v.掃,打掃;席卷,沖光;掃過(guò),掠過(guò)
unsurpassed[5QnsE:5pB:st]a.凌駕的, 非常卓越的,超越的(n+surpass+ed)un否定前綴,surpass(v.超過(guò))←sur前綴“超”+pass過(guò),ed形容詞后綴。
witness[5witnis]n.目擊者,證人;證據(jù),證明v.目擊,目睹;作證(wit知+ness名詞后綴→知情者)
難句分析:
難句1 International affiliates account for a fastgrowing segment of production in economies that open up and welcome foreign investment.
[分析]此句的主干是“International affiliates account for a fastgrowing segment of production in economies...”,后面的that open up and welcome foreign investment是economies的定語(yǔ)從句。
[譯文]在那些對(duì)外開(kāi)放并鼓勵(lì)外資的國(guó)家的經(jīng)濟(jì)中國(guó)際分公司在國(guó)民生產(chǎn)中所占的比重越來(lái)越大。
難句2 I believe that the most important forces behind the massive M&A wave are the same that underlie the globalization process: falling transportation and communication costs, lower trade and investment barriers and enlarged markets that require enlarged operations capable of meeting customers’ demands.
[分析]此句主干為“I believe that...”,其中that引導(dǎo)了believe的賓語(yǔ)從句,其中的又一個(gè)that可替換為as the ones that,是一個(gè)定語(yǔ)從句。冒號(hào)后面的部分是the most important forces的同位語(yǔ),其中markets后面的that從句是markets的定語(yǔ),capable of meeting customers’demands是operations的補(bǔ)語(yǔ)。
[譯文]我認(rèn)為,推動(dòng)這股巨大的并購(gòu)浪潮的比較主要的力量,也是推動(dòng)全球化進(jìn)程的力量,包括日趨下降的運(yùn)輸與通訊費(fèi)用,較低的貿(mào)易與投資壁壘,以及市場(chǎng)的擴(kuò)大和為滿(mǎn)足市場(chǎng)需求而進(jìn)行的擴(kuò)大生產(chǎn)。
難句3 And should one country take upon itself the role of “defending competition”on issues that affect many other nations, as in the U.S. vs. Microsoft case?
[分析]此句的主干是“should one country take upon itself the role...”,而that affect many other nations是issues的定語(yǔ)從句。as in the U.S. vs. Microsoft case是issues的補(bǔ)語(yǔ)。on issues是take upon itself the role的狀語(yǔ)。
[譯文]在那些將會(huì)影響許多其他國(guó)家的事情中,如美國(guó)政府與微軟公司的訴訟案,一個(gè)國(guó)家是否應(yīng)該擔(dān)負(fù)起“保護(hù)競(jìng)爭(zhēng)”的責(zé)任呢?
文章類(lèi)型:社會(huì)科學(xué)——經(jīng)濟(jì)學(xué)
本文的主題有關(guān)企業(yè)合并與收購(gòu)浪潮,并分析其產(chǎn)生的原因,認(rèn)為并沒(méi)有給消費(fèi)和技術(shù)進(jìn)步帶來(lái)傷害。
試題解析:
63. 如今,企業(yè)的典型趨勢(shì)是什么?
[A] 吸收更多的外國(guó)資金。[B] 更多地投資海外。
[C] 合并、變得更大。[D] 與更多的國(guó)家發(fā)展貿(mào)易。
細(xì)節(jié)事實(shí)題【正確答案】 [C]
考點(diǎn)在于對(duì)第一段,也即對(duì)文章主題的理解。第一段第一句話表示世界正在經(jīng)歷有史以來(lái)比較大的一次合并和收購(gòu)的浪潮。這一浪潮不僅影響到美洲和歐洲,還涉及一些新興國(guó)家。可見(jiàn),當(dāng)今商業(yè)發(fā)展的主要趨勢(shì)是合并,從而使有些企業(yè)變得更大。所以,[C]項(xiàng)正確。
64. 根據(jù)作者的觀點(diǎn),隱藏于合并浪潮背后的一個(gè)推動(dòng)力是。
[A] 更大的消費(fèi)者需求[B] 市場(chǎng)的供應(yīng)過(guò)剩
[C] 日益提高的生產(chǎn)力[D] 世界財(cái)富的增長(zhǎng)
細(xì)節(jié)事實(shí)題【正確答案】 [A]
第三段指出,推動(dòng)合并和收購(gòu)這一狂潮的比較重要力量同導(dǎo)致全球化過(guò)程的力量是一樣的,其中包括falling transportation and communication costs, lower trade and investment barriers和enlarged markets that require enlarged operations capable of meeting customers’demands。[A]項(xiàng)“顧客更大的需求”符合比較后一項(xiàng),屬于推動(dòng)力之一。
65.根據(jù)第四段,我們可以推知:。
[A] 日益增多的行業(yè)合并肯定會(huì)損害消費(fèi)者的利益。
[B] 世界電信的合并成為既有利可圖又要付出代價(jià)的恰當(dāng)例子。
[C] 全球化進(jìn)程的代價(jià)高昂。
[D] 標(biāo)準(zhǔn)石油托拉斯可能給競(jìng)爭(zhēng)帶來(lái)過(guò)威脅。
推理題【正確答案】 [D]
從第四段中,我們得知,當(dāng)前還沒(méi)有足夠多的例證來(lái)論證有關(guān)合并浪潮的利與弊。一百年前,由于人們對(duì)美國(guó)標(biāo)準(zhǔn)石油托拉斯(the Standard Oil Trust)持有戒心,它被解散。根據(jù)這一點(diǎn),我們可以推斷,美國(guó)標(biāo)準(zhǔn)石油托拉斯可能會(huì)威脅競(jìng)爭(zhēng)。所以選擇[D]項(xiàng)。
66. 對(duì)于新的企業(yè)合并浪潮,作者的態(tài)度可以說(shuō)是。
[A] 樂(lè)觀的[B] 客觀的[C] 悲觀的[D] 有偏見(jiàn)的
態(tài)度題【正確答案】[B]
考點(diǎn)在于把握全文主題(theme)及作者態(tài)度(author’s attitude)。縱覽全文,作者首先描述了合并與收購(gòu)的熱潮,分析了這一狂潮背后的動(dòng)因,以實(shí)例說(shuō)明其帶來(lái)的利益,又在文末告誡人們防范其弊端。可見(jiàn),作者對(duì)于合并與收購(gòu)的態(tài)度比較客觀,因此選擇[B]項(xiàng)。
全文翻譯:
世界正在經(jīng)歷一場(chǎng)前所未有的巨大的并購(gòu)浪潮。這個(gè)浪潮從異常活躍的美國(guó)席卷到歐洲,并以不可比擬的威力影響到正在崛起的國(guó)家。這些國(guó)家的許多人面對(duì)這個(gè)浪潮開(kāi)始憂(yōu)慮:“企業(yè)合并的浪潮會(huì)不會(huì)變成一股不可控制的反競(jìng)爭(zhēng)的力量?”
第一段:從現(xiàn)象引出問(wèn)題:企業(yè)合并的浪潮會(huì)不會(huì)變成一股不可控制的反競(jìng)爭(zhēng)的力量。
無(wú)疑,大企業(yè)正在變得更大、更強(qiáng)。跨國(guó)公司在1982年只占有國(guó)際貿(mào)易不到20%的份額。而現(xiàn)在,這個(gè)數(shù)字上升到25%強(qiáng),并且還在迅速上升。在那些對(duì)外開(kāi)放并鼓勵(lì)外資的國(guó)家的經(jīng)濟(jì)中國(guó)際分公司在國(guó)民生產(chǎn)中所占的比重越來(lái)越大。比如,在阿根廷,經(jīng)過(guò)90年代初的改革之后,跨國(guó)公司在200家大型企業(yè)的工業(yè)生產(chǎn)中從43%增加到幾乎70%。這個(gè)現(xiàn)象造成了人們對(duì)小型企業(yè)和民族資本的作用以及世界經(jīng)濟(jì)的比較終穩(wěn)定的極大關(guān)注。
我認(rèn)為,推動(dòng)這股巨大的并購(gòu)浪潮的比較主要的力量,也是推動(dòng)全球化進(jìn)程的力量,包括日趨下降的運(yùn)輸與通訊費(fèi)用,較低的貿(mào)易與投資壁壘,以及市場(chǎng)的擴(kuò)大和為滿(mǎn)足市場(chǎng)需求而進(jìn)行的擴(kuò)大生產(chǎn)。所有這些對(duì)消費(fèi)者來(lái)說(shuō)都有益而無(wú)害的。隨著生產(chǎn)力的提高,世界的財(cái)富也在增長(zhǎng)。
第二、三段:作者指出企業(yè)規(guī)模確實(shí)越來(lái)越大及其原因。
目前證明這股合并浪潮是帶來(lái)利還是弊的實(shí)例并不多。但是很難想象當(dāng)今的幾個(gè)石油公司的合并是否會(huì)重新造成約100年前美國(guó)標(biāo)準(zhǔn)石油公司對(duì)競(jìng)爭(zhēng)造成的同樣的威脅,那時(shí)由于人們對(duì)該公司的這種擔(dān)心而導(dǎo)致了它比較終的解散。像世界通訊這樣的通訊公司合并似乎沒(méi)有給消費(fèi)者帶來(lái)更高的費(fèi)用,或者降低技術(shù)進(jìn)步的速度。相反,通信的價(jià)格在迅速下降。在汽車(chē)行業(yè),合并也同樣在增加——比如戴姆勒與克萊斯勒,雷諾與尼桑的合并——但消費(fèi)者看起來(lái)并未受到傷害。
第四段:指出很難斷定合并浪潮是好是壞,并且說(shuō)明目前的合并不會(huì)威脅到競(jìng)爭(zhēng)機(jī)制。
但是合并運(yùn)動(dòng)必須受到嚴(yán)密監(jiān)視這個(gè)事實(shí)仍然存在。就在幾星期以前,格林斯潘對(duì)銀行業(yè)的巨大合并發(fā)出了警告。誰(shuí)來(lái)充當(dāng)比較終的借貸者,對(duì)這家正在形成的龐大銀行發(fā)揮監(jiān)督、規(guī)范和運(yùn)作的作用。當(dāng)一個(gè)國(guó)家對(duì)破壞公平競(jìng)爭(zhēng)的行為的處理過(guò)于嚴(yán)厲時(shí),跨國(guó)公司會(huì)不會(huì)把它們的生產(chǎn)從一地轉(zhuǎn)到另一地呢?在那些將會(huì)影響許多其他國(guó)家的事情中,如美國(guó)政府與微軟公司的訴訟案,一個(gè)國(guó)家是否應(yīng)該擔(dān)負(fù)起“保護(hù)競(jìng)爭(zhēng)”的責(zé)任呢?
第五段,指出人們還是要密切關(guān)注兼并浪潮,暗指兼并可能具有危險(xiǎn)性。
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