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商务英语阅读王关富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) An 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.wendangku.net/doc/da17879337.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.wendangku.net/doc/da17879337.html,e blue chip in their computers.

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

https://www.wendangku.net/doc/da17879337.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.wendangku.net/doc/da17879337.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

商务英语翻译试题(二)试卷及答案-2

商务英语翻译试题（二） Ⅰ词汇测试题：（2题，每题10分，共20分） 1．该组有10个商务英语英文词或词组，下面均有英文词或词组来进行解释。请将正确的选项标出，要求英英转换意义准确，符合商务英语规范。（10分） (1) promote A. to encourage the popularity, sale or development B. to change or vary C. to act as judge in an argument D. to speak or write to someone (2) to address A. to speak or write to someone, or to direct information at someone. B. to offer, supply C. to stipulate D. to come up with ideas (3) to indemnify A. to pay for the damage B. to state something officially C. to suggest an idea D. to use something instead of another (4) to cancel an order A. to confirm an order B. to deliver a letter C. to recommend a candidate D. to make void or of no effect (5) ceiling A. upper limit B. cancellation C. bottom D. the lowest point (6) tide over A. to help sb. during a period of difficulty B. to spend a lot of time doing C. to tie to sth. D. to try one’s best (7) carry out A. to take away B. to perform or complete C. to give or offer something D. to suggest an idea (8) to complicate A. to finish something B. to be dissatisfied with something C. to make something more difficult to deal with D. to compare with something (9) to put on an event A. to come up with ideas B. to come on for sth. 2

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,

商务英语翻译测试题及答案

商务英语翻译测试题及答案集团档案编码：[YTTR-YTPT28-YTNTL98-UYTYNN08]

I. Translate the following sentences paying attention to the meanings of words italicized.(15%) 1. The above quoted are the articles in great demand, which have won a high reputation in various markets. 2. The articles in this agreement must not be modified and ended

without the agreement by the both parties. 3. However, the tariff should not be greater in amount than the margin of price caused by dumping. 4. As usual, the lion’s share of the budget is for defense. 5. He once again imparted to us his great knowledge, experience and wisdom.

II. Translate the following sentences with extension.(15%) 1. There is a mixture of the tiger and ape in the character of Hitler. 2.China, which posted its highest growth rate in a decade, is Asia’s new star performer. 3. John took to his studies eagerly, and proved an adept pupil.

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

商务英语翻译答案

Unit 1 1.从你的简历和应聘申请书来看，你对营销工作已有相当多的经验。 I see from your résumé and application that you’ve had quite a lot of experience in marketing already. 2.如果你处在我的位置，你希望你的雇员应具备哪些素质？ If you were in my shoes, what sort of qualities you’d look for in your employees? 3.部门经理应该能够主动处理很多事情。 A department manager has to be able to do a lot of things on your own initiative. 4.作为秘书，我做过大量的文字工作，如拟写报告、作会议记录等，而且似乎我的记忆力比一般人强。As a secretary, I’ve had to do quite a lot of paper work, such as handling report writing, keeping minutes at meetings, and I seem to have a better memory than average. 5.从秘书的角度看，我认为和上司共享一个办公室更好，这样对她的上司不太有可能忘记告诉她一些重要的事情。 From the secretary’s point of view I think it’s better to share an office room with her boss so that there’s not much chance of her superior forgetting to let her know about important matters. 6.我工作过的那家公司是一家做营销和公共关系的公司，主要是为在中国投资的外国公司提供咨询。The company where I worked is a marketing and public relations company and they do consultant work for foreign companies investing in China. 7.我想在贵公司会有更多个人发展的机会，而且这里的工作对于我来说更具挑战性。 I feel that I would have more scope and opportunity for personal development in your company and that the work will be more challenging for me. 8.我主要的工作是协助经理安排访问、会议及介绍，并且替他处理信件。 What I basically do is to assist the manager by arranging visits, setting up meetings and presentations and to deal with his correspondence. 9.申请书和简历一样重要，因为申请书通常是申请者和雇主之间第一次直接的接触。 The application letter can be as important as the CV in that it often provides the first direct contact between an applicant and an employer. 10.有效的申请书能说明你对具体单位兴趣的原因，并且辨认出你最相关的技能或经历。 Effective application letters explain the reasons for your interest in the specific organization and identify your most relevant skills or experiences. Unit2 1.本公司创建于1978年，现在已经成为我国主要的厨房用具出口商之一。 Our company, established in 1978, has now become one of the leading exporters of kitchen appliances in our country. 2.我们在国内有十家专业子公司，在国外有六家常驻办事处。我们在国内还建立了二十多家合资公司。 We have 10 specialist subsidiaries at home and 6 permanent offices abroad. We’ve also set up more than 20 joint ventures in the home market. 3.我们是多元化企业，主要是经营国际贸易、国际运输、劳务输出、房地产等。 We are a diversified company dealing mainly in international trade, international transportation, labor export, real estate and so on. 4.我们从事纺织品经营已经有30多年，并与当地纺织品大厂家及分销商保持密切的联系。 We have been handling textiles for more than 30 years and maintain close contact with large manufacturers and distributors in our area. 5.为了迅速发展，我们组成了多元化战略联盟，使我们能扩大到新的市场领域。 In order to grow rapidly, we’ve formed a diversifying strategic alliance which allows us to expand onto new market areas. 6.我们的目标主要是本地市场，但是我们也在研究进入欧洲市场的可能性。 We mainly target local markets, but we are looking at the possibility of entering the European market. 7.我们公司的领导体系是这样的：首先是合伙人；其次，直接在合伙人之下的是三位合作伙伴，也就是，最上层是两位合伙人和直接在合伙人之下的三个合作伙伴。在合作伙伴之下，我们有高级工程师、初级工程师、绘图员等，一直往下至办公室的勤杂工。 The system of command of our company is that we have the partners, and then we have three associates immediately below the partners, that is, two partners at the top and three associates directly below them. And then below the associate we have senior engineers, junior engineers, drafts-person and so on and so forth, down to the office boy. 8.我们是新成立的公司，只有大约五年的历史。公司共有四十名员工，分布在四个办事处中。 We’re a young company, only about five years old. There are only about 40 people in the company, split amongst four offices. 9. 谈到进口在中国畅销的美国产品，我们作为一家在中国的美国公司，感到比其他公司更有优势。 As an American company in China we find we have an advantage over other companies when it comes to importing American products that are marketable here in China.