商務英語閱讀(第二版)王關(guān)富unit13privateequity課后答案

1、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 privateequity groups are much bigger in size. In recent years, the private equity industry has raised record money a

2、nd 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 companyThe main inconveniences

3、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 comp

4、any to get listed on a stockmarket Traditionally there are three main reasons to get a company sashare listed onstockmarket. 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 opt

5、ions 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 reta

6、il investors.4) Why are companies in the Anglo-Saxon economies reluctant to borrow from banksCompanies 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

7、 policy, new management or an economic downturn.5) According to the article, what are the main sources for todays 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 th

8、an 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 companiesProfessor Jensen argued that the structure of a public company creates an inherent conflict between investors and the ma

9、nagers 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 fir

10、ms 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

11、private-equity firms and the conglomerates of the 1970s and 1980sSimilarities between today psrivate-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 co

12、mpanies 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 cla

13、im 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 companiesThere are several reasons: first, what might be logical for an individual company might not be best for the economy overall. If all companies

14、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 some

15、one 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 moneta

16、ry 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 2003Those factors are: low interest rates, lots of liquidity and rising asset prices10) What are the signs showing

17、 that private-equity firms may now face the peak of the cycleThose signs are: first, bond yields have been rising, making takeovers more expensive; second, the high level of corporate profits suggeststhat it could be difficult for private-equity firms to wring more money out of these companies; thir

18、d, 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

19、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) Chinas import as a

20、proportion of total trade has substantially increased in recent years as its been pursuing a more balanced trade.4) A growing pile of evidence shows thatskimping on sleep promotes weight gain.5) Such a move would put the bank in danger ofgoing bust.6) We haveturned down four applicants already.7) Wh

21、en you're cooking, you should keep all the ingredientsclose 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 andhold a stake in it for three years.10) A lot of questions were being asked at the conference today and surprisi

22、ngly the officials answered them in spades11) 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. Mat

23、ch the terms in column A with the explanations in column B:A1) corporate governance corporation to2) bridge financing3) trade union4) stakeholder5) short sellerBa) An investor who attempts to force amake changes in management, board structure, investment policies, use of retained earnings, or other

24、practices, often by introducing shareholder proposals or putting forward alternative directors.6b) An interest group that endeavors to influence public policy and especially governmental legislation, regarding its particular concerns and priorities._8c) A privilege, sold by one party to another, tha

25、t gives the buyer the right, but not the obligation, to buy or sell a stock at an agreed-upon price within acertain period or on a specific date.10d) A method of financing, used by companies before their IPO, to obtain necessary cash for the maintenance of operations.2e) The set of processes, custom

26、s, policies, laws, andinstitutions affecting the way a corporation (or company) is directed, administered or controlled.6) activist investor7) venture capital8) pressure group9) asset stripping10) stock option1f) An organization of workers that have banded together to achieve common goals such as hi

27、gher wages or better working conditions. 3g) The process of buying an undervalued company with the intent to sell off its assets for a profit. 9h) An investor who sells a commodity, currency, or security which he or she does not own at the time of sale.5i) Money provided by investors to startup firm

28、s and small businesses with perceived long-term growth potential. 7j) 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.44. Translate the following into Chinese:出于幾個原因，上

29、市的前景對私募股權(quán)投資公司而言具有相當?shù)奈?。對?chuàng)始人和其他高級合伙人來說，上市提供了一個契機，既可以實現(xiàn)他們所創(chuàng)造的 企業(yè)的一部分價值，又能成為資本的另一個來源，使他們能為其公司提供資金。對公司而言，上市為新職位引進高級人才提供了 “通貨”，甚至還能在未來 的收購中使用這一 “通貨”。對投資者而言，上市是一個機會，讓他們能夠加入到私募股權(quán)投資公司源源 不斷的錢流之中，而過去他們對此只能無奈地挑刺和眼紅。 現(xiàn)如今他們不僅能投 資基金，還能直接投資于私募股權(quán)投資公司本身。然而，這些公司可不是標準的上市公司。私募股權(quán)投資公司的價值在于他們 能夠迅速而有力地改善證券投資公司的狀況，向管理層提供大筆

30、的股權(quán)激勵薪 酬，并且實施高度專一的公司治理和監(jiān)督。而這一切只有在沒有公開市場的關(guān)注 和審視之下才能實現(xiàn)。因此，即便已經(jīng)上市，這些公司仍然竭其所能盡力為其證券投資公司保持 “黑 匣”的狀態(tài)。因此，與其他上市公司相比，它們向投資者披露的信息更少，在公 司治理和信托方面所作的承諾更有限。經(jīng)濟景氣時，市場信任私募股權(quán)經(jīng)理們，相信他們知道用“黑匣”式投資方 式要達到的目的。這時債權(quán)融資更加容易，而估值會隨之迅速上升，同時早期的 回報激發(fā)了巨額的籌資水平，這一切在第一批私募股權(quán)投資公司上市時達到了頂 峰。不過，在如今的經(jīng)濟背景下，投資者惶然不安，同時信任不足使上市的私募 股權(quán)投資公司的股票變得十分脆弱。

31、 即便是在經(jīng)濟平穩(wěn)時期，不管是投資者還是 分析師都沒有充分的把握預測這些公司的收入和現(xiàn)金流程度。在目前的環(huán)境下，由于人們對任何一種信息披露和透明度不足的交易模式缺乏了解和信心， 們不可能成為上市股票市場支持的解決方案，即使它們以前具備競爭優(yōu)勢。因此它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

32、 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 f

33、loated or sold directly to a new buyer.Supplementary ReadingHow Long Can U.S. Stocks Keep Their Edge1. Which one of the following statements about the Templeton Growth fund is NOT trueA. It was started by John Templeton.B. It can invest in foreign companies.C. It has always preferred . Stocks since

34、its launch.VD. Many of its top holdings are U.S. companies.2. According to the article, the decline of euro . Stocks.A. has no impact onB. is good news for VC. reduced the domestic attractiveness ofD. has nothing to do with3. Which one of the following statements is NOT the reason cited by mutual fu

35、nds to invest in . StocksA. Many U.S. companies are successful global companies.B. The U.S. economy is in great shape.VC. 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.A. us

36、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. VD. will continue bringing huge profits to investors.5. When Mr. Kinniry of the Vanguard Group said “thatd iscount has now been closed , ”“ that discount refe” rs toA. 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.