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1ReadthefollowingtextandchoosethebestsentencefromAtoFbelowtofillineachofthegapsinthetext:Chinaistheworld’slargestshoemakerandexporter.Butitmuststepoutofitsreputationasacheapshoemaker.ToachievethatgoalChineseshoemakersshouldenhancetheirshoemakingtechnologiesimprovetheirbrandsandbeginexportingtomoreregions.Morethantwo-thirdsofthe6billionpairsofshoesproducedlastyearinChinawereexported.ExportvolumesofChinese-madeshoesexceededUS$10billion.1________LeathershoessoldforUS$
5.50perpair.Low-gradeshoesaccountformostofChina’sexportsofshoes.PricesofChinese-madeshoesarelowerthanthosemanufacturedinBrazilSouthKoreaandThailand.Chinese-madeshoestendtocostlessthanshoesmanufacturedbyrisingexporterssuchasVietNam.2________Chineseshoemakersproduceacombined12billionpairsofshoesperyearandoversupplieshaveleftChina’sshoemakersheavilyreliantonshoedealerswhooftenchooseaccountsalestoreducerisks.Manyretailersandwholesalersfailtopayshoemakerswithinareasonabletime.Butmostdomesticproducershavefailedtoimprovequalityandupgradetheirdesignstoincreasecompetitiveness.Rathertheyhavebegunfocusingontheexportmarketwherepaymentsfortheirgoodsaregenerallyensured.3________MostChineseshoemakersbecausetheyaresmalldonotinvesttoimprovequalityand/orupgradedesigns.AsaresultChineseshoesarerunningtowardsinternationalmarkets.Chinahasfewlargeshoemanufacturers.MostexportUS$100000worthofshoesperyear.Thesesmallshoeexporterscommonlyadoptlow-pricestrategieswhichresultindecreasedexportpricesoftheirshoes.Overproductionandthedebutofnumeroussmallshoeexportersexacerbatedthesituation.InadditionChina’sshoemakershavelongneglectedresearchdevelopmentanddesign.4________Chineseshoemakersalsolacknecessaryinformationaboutinternationalmarkets.Theirtechnologiesalsolagbehindthoseoftheirinternationalcounterparts.AsaresultChineseshoemakersandexportershavelingeredinthelow-endshoemarket.UnabletoopennewmarketstheybecomeusedtoconcentratingonmarketsfilledbyotherChineseshoemakers.5________MeanwhileothermarketssuchasSouthAmericaRussiaandAfricahavebeenneglectedbyChina’sshoemanufacturers.GiventhatsituationChineseshoemakersshouldimprovetheirproductionandsharpentheirbrandimagestoshedtheirreputationsmakersofcheapshoes.DomesticallypushedbysomesuccessfulprivateshoemakersChina’sshoemakingindustryhasbeenrestructured.Numeroussmallshoemakershavebeenmergedand/oracquiredbyleadingproducers.IndustryassociationsespeciallytheChinaAssociationofLeatherIndustryarepushingshoemakerstocreatetheirownfamousbrands.Accordingtotheassociation’sdevelopmentplanChina’sshoemakingindustrywillneed10to15yearstobuildandsolidifyitsreputationforproducinghigh-qualityshoes.6________Withthecountry’slongtraditionofshoemakingefficientindustryreorganizationandgovernmentinformationandfinancialsupportChinawillmaintainitsstatusastheworld’slargestshoemakerandwillbecomeastrongshoemakerininternationalmarkets.A.Alsoshoemakersreceivetaxbreaksontheirexports.B.HowevertheaveragepriceofeachpairofshoesChinaexportedwasUS$
2.
40.C.OverproductionisthemainreasonforthelowerpricesofChineseshoesintheinternationalmarket.D.SuchoverseasmarketsasJapanandtheUnitedStateshavebecomesaturatedwithChineseshoes.E.Theassociationplanstodevelopby2010threetofivefamousChinesebrandsininternationalshoemarkets.F.Theyhaveforyearsreceivedorderstoproduceexistingstylesortocopyothers’designs.III.E-CTranslation:
1.Intheshort-termthestrongestpromiseisinChinesemedicineherbsandspecialtyfoodaswellasgoodsthatplaytotheromanticforeignnessofChina--whetherincosmeticsfashionormusic.
2.Besidesbringinginadditionalrevenueaglobalbrandalsoburnishesacompany’simageinChinastimulatingsalesamongstatus-consciousdomesticconsumers.
3.Chinesebrandsunderthewingsofforeigncompaniesusuallyhavetheadvantageofplumpermarketingbudgetsandbetteraccesstomanagementexpertise.
4.Theworldeconomywasbesetbyheightenedgeopoliticaluncertaintiesinlate2002andearly
2003.Suchfactorscontinuetoposeadownsiderisktoglobaleconomicgrowthbutthisriskdiminishedsubstantiallyinthesecondquarterof
2003.Anewnon-economicshock—severeacuterespiratorysyndromeSARS—joltedeconomicactivityinsomecountriesinearly2003butappearstohavebeenlargelycontained.IV.KeytoExercises:
1.ExerciseII:1B;2C;3A4F;5D;6E
2.ExerciseIII:
1.中国商品中走向国际市场的把握最大的,短期之内当推中药、草药和特色食品,还有能够体现中国浪漫而具异国情调的产品,例如化妆品、时装、音乐作品
2.品牌国际化可以带来更多的收益,同时可以提升公司在国内的形象,从而吸引那些注重品牌与地位的国内消费者购买
3.中国品牌借助于外国公司的力量,往往具有营销预算大幅度增加和更易获得管理知识两方面的优势
4.世界经济在2002年末和2003年初受到高度紧张的地理政治不稳定性因素的困扰这些因素仍然可能促使全球经济下滑,但这一风险在2003年第二季度已大大降低2003年初一种新的非经济冲击,即严重急性呼吸道症候群(SARS),影响到了某些国家的经济行为但似乎这在很大程度上已得到控制2Theideathatproductivitywasgoingtogrowatapermanentlylowerratehadimportantimplicationsforgovernmentpolicy.1______Sinceinflationresultswhenthemoneysupplyrisesfasterthantheproductionofgoodsandservicesloweroutputperhourmeantthatthemoneysupplyneededtogrowmoreslowlytopreventinflation.ComputersandtheInternetchangedallthat.Theymadeitpossibleforcompaniestoeconomizeinmanyways.Individualstoofoundthenewtechnologytime-savingandthereforeproductivity-increasing.PeoplelikemeorderallmannerofproductsovertheInternetsavingmetheneedtodrivetothestore.2______PerhapsthemostdramaticimpactofthisisintheareaoftravelwheretheInternetallowspeopletobuyairlineticketsandbookhotelroomsatsometimesridiculouslylowprices.EventuallygovernmentpolicymakerscametobelievethattheNewEconomyhadreversedtheproductivitydecline.3______ThisallowedtheFedtorunaloosermonetarypolicythanitotherwisewouldhavebeenableto.ThisfueledthestockmarketboomwhichprovidedcapitalformyriadnewtechnologycompanieswhichinturnunderpinnedtheNewEconomyandcontinuedtoraiseproductivity.Theproblemwearefacingnowisthatwhilerisingproductivityraiseslivingstandardsitcanalsomeanthatfewerworkersareneededtomaintainoutputatthesamelevel.Soinatimeofslackdemandaswehavenowtherearefewerjobsavailable.Indeedhighproductivityisatthebaseofthejoblessrecoveryweareexperiencing.Areviewofrecentrecessionsshowsthattherehasbeenachangeinthebehaviorofproductivity.4______Productivityroseaftertherecessionmainlybecauseemployerswerereluctanttohireasoutputincreased.Thusinthesixquartersprecedingthetroughofthe1973-75recessiontherewaszeroincreaseinproductivityduringthatwholeperiod.Inthesixquartersbeforethe1981-82recessionthetotalincreaseinproductivitywasjust
0.8percent.Inthesixquartersafterthetroughproductivityroseby
5.9percentinbothcases.Thisstartedtochangewiththe1990-91recession.Productivityroseby
1.2percentgoingintotherecessionand
4.5percentcomingout.5______Nowinthecurrentrecessionwhichendedinthefourthquarterof2001wehaveseenevenhigherproductivityoneitherside.Thelatestdatashowanincreaseinproductivityof4percentinthesixquartersbeforeand
6.5percentinthesixquartersafter.Thatiswhyemploymentgrowthandhiringlevelsremainweak.6______A.Historicallyasharpdropinproductivityprecededrecessionsasemployerskeptworkersonevenasoutputfell.B.Thehigherproductivitygoinginmeantthatfewerworkerswereneededcomingoutoftherecession.C.Anditsavesmoneyaswellbyallowingeasypricecomparisons.D.ForonethingitencouragedtheFederalReservetokeepatighterholdonthemoneysupply.E.Employersareraisingoutputwithoutaddingmuchnewlabor.F.Inthe1990sthetrendrateofproductivityroseto
2.5percent.III.E-CTranslation:
1.DoestheNewEconomyexistNotlongagowithgrowthstrongandmarketsboomingtheanswerseemedanobviousyes.Butthencamethebust.Inthefirsthalfofthisyearoutputgrewatanannualrateofjust1%—andthere’sstillachanceofanoutrightrecession.ManypunditshavelefttheNewEconomyfordead.Nowthey’retalkingaboutthe“BubbleEconomy.”
2.Computersandtelecommunicationsaregeneral-purposetools.Thatmeansthey’llcontinuetogrowinimportancebecausethey’llbeputtousesthatnobodytodaycanimagine.J.BradfordDeLonganeconomichistorianattheUniversityofCaliforniaatBerkeleypointsoutthatelectricpowergaveU.S.industryanannualhorsepowerincreasefrom1880to1930oflessthan10%ayear.Incontrastsincethelate1950sthetotalcomputationalpoweroftheworldhasrisenabout84%ayear.Evenifyouassumethatalotofthecomputingpowerwasn’tharnessedthat’sasonic-boomrateofincrease.Andperformanceiscontinuingtoimproveevenduringtheslump.Atemporaryexcessofcheapandexcellenttechnologyisnottheworstkindofproblemasocietycouldhave.
3.I’mnotreadytoabandonthenotionofanewEconomy.Thetechnology-letproductivityboomtheriseofthecapitalmarketsandmyriadorganizationinnovationsgearedtowardcreatingamoreflexibleresponsivecorporationconspiredtolimitthefirstdownturnoftheInformationAge.IV.KeytoExercises
1.ExerciseII1D2C3F4A5B6E
2.ExerciseIII
1.新经济是否存在呢?不久以前,在增长强劲、市场繁荣之时,回答好像是非常明确肯定但随后出现经济萧条,今年上半年,生产的年增长率只有1%——而且还有可能发生全面衰退许多大学者都以为新经济没救了现在他们开口就是“泡沫经济”2.计算机和远程通讯属于通用工具这意味着它们的重要性还会继续增长,因为它们的应用之大,无人能够想象伯克里加州大学经济历史学家J布拉得·迪隆指出,电使美国工业的马力在1880年到1930年之间年增长不到10%形成鲜明的对比,从50年代后期以来,世界总计算力每年提高约84%即使假设其中有很多计算力并未得到利用,那也是振聋发聩的超音速增长就是在萧条期,计算力也是不断增长质优价廉的技术暂时供过于求,这样的问题可是社会求之不得的
3.我并不打算放弃新经济这个观念由技术带动的高生产率,资本市场的兴起以及在建立行动灵活,反应敏捷的公司的许多结构创新措施,共同限制了信息时代发生的首次经济衰退3CountdownfortheEuroInafewmonthsthebiggestcurrencychangeovereverwilltakeplaceastwelveEuropeancountriesintroducetheEuroon1January
2002.1________ThisreportbyHolgerSteltzneralsoexaminestheeffectsofthecurrencychangeoverontheEuro-countriesfiscalrelationstonon-Eurocountries.Some2000yearshavepassedsinceacommoncurrencywasacceptedfromtheMediterraneantonorthernEurope.IntheRomanEmpirethesamecoinscouldbeusedtopayforgoodsandservicesthroughoutmuchofEurope.2________AfterthefallofRometheideaofaunitedEuropewasrekindledintheninthcenturyunderCharlemagneinFrance–andwithhimcamethe“Charlemagnepound”whichbecamethecurrencyofalmostthewholeofEuropefor400years.InourowntimethedreamofaunitedEuropewasbornamongtheruinsleftbytwoworldwars.June211948wasaveryspecialMonday.ItwasthedayafterthecurrencyreformthedaythatsawthebirthofthedeutschmarkandaneweconomicsystemevenanewGermany.3________ThepreviousFridaypeoplehadhadtowaitinlineamongtheruinstoobtaintheirdailybread.ThisMondayhoweveralltheshopwindowswerefull.Mouth-wateringfooditemsthatmanypeoplehadnotseeninyearsweresuddenlyreadilyavailableinexchangeforthenewdeutschmark.FiftyyearslateranotherMonday–January41999–sawyetanotherchangeofcurrency.4________NonethelessthisMondayturnedouttoberatherunspectacular.AlthoughitrepresentedthebeginningofEuropeanmonetaryunionnothingverymuchchangedinpeople’severydaylives.Theeurowasstillnomorethananaccountingunit–peoplewereonlyforcedtodealwiththenewcurrencywhentheystudiedsharepricesinthenewspapersorcheckedthedetailsoftheirsecuritiesaccounts.5________YetagainonaMondayonDecember312001itwillbetimetobidfarewelltothenationalcurrency.ForfromJanuary12002onwardspeoplewillfinallybeabletousetheeurotopayforgoodsintheshops.6________ThechangeoverprocessisintendedtobelargelycompletebytheendofFebruary.Bythenatthelatesttheeurowillhavebecomeaconcreteandtangiblecurrencyforeveryoneintheeuro-zone.Theolddeutschmarkliraandfrancbanknoteswillnotlosetheirvalueandpeoplewillstillbeabletoexchangethemforeurosinbanksatanytimebuttheywillnolongerbeacceptedinshops.A.ThisdatealsomarkedtheendofthedepressionoftheimmediatepostwarperiodandthebeginningofGermany’seconomicmiracle.B.Thechangeoverwhichisbeingco-ordinatedbytheEuropeanCentralBanktogetherwiththeEUCommissionnationalgovernmentsandnationalcentralbankswillrequiretremendouslogisticalorganizationaswellasanenormouspublicitycampaigntostrengthenEUcitizenssupportfortheEuro.C.Thiswasthedayoftheeuro’slaunchandthedayitbecamelegaltender.D.Theexchangeofwaresandculturesbetweenhighlydiversepeoplesflourishedduringthisimperialage.E.Duringthefirstfewweeksofnextyearpeoplewillhavetofindroomintheirwalletsandpursesfortheirfamiliarnationalbanknotesalongsidetheirneweurobills.F.Thedaywasalsoratherundramaticbecausetheoldexchangerateswerenotchangedbythelaunchoftheeuro.III.E-CTranslation:
1.Whereasthesinglecurrencywillhavetheimportanteffectofremovingthebarrierthatiscurrentlybeingimposedbydifferentcurrenciesbyitselfitdoesnotchangemuchelse.Thesecurrenciesaresimplyadministrativecharacteristicsdefiningnationaleconomies.Althoughinfuturetheywillnolongerexistnothingelseinthisparticularcategoryofdifferenceswilldisappearintheirwake.
2.ThearrivalofthetennewmembercountriescouldhelptogivetheEUanewrole.TheirinjectionofeconomicdynamismwillitselfincreasetheEUsattractivenessasamodel.Buttheyalsohavebothmoreexperienceofandmoreinterestintheformercommunistandex-Sovietcountries.OnApril27thafterlongdebatetheEUandRussiaextendedtheirexistingeconomicandpoliticalagreementtothetennewmembersoftheUnion.ButwhatmightreallymakeadifferencewouldbetogetRussiaandothersevenintheArabworldtoobserveanenlargedEUthatwasrediscoveringitsearliersuccesses.KeytoExercises
1.ExerciseII:1B2D3A4C5F6E
2.ExerciseIII:
1.虽然统一货币将消除目前由多种货币所产生的壁垒,但也仅此而已,并不能带来更多的变化这些货币只是体现了(欧洲)各国经济在管理方面的不同特征虽然今后这些货币不再存在,但其他方面的差异并不会因此而消失
2.十个新成员国的到来可促使欧盟扮演一个新的角色他们的经济活力的注入将自会增加欧盟作为一个典范的吸引力而且同时他们与前共产主义和前苏维埃国家会有更多的接触并予以更多的关注4月27日,长时间的辩论之后,欧盟和俄罗斯将他们之间现有的经济政治协定范围扩展至欧盟新十国但真正不同反响的是让俄罗斯及其他国家,甚至包括阿拉伯世界,看到一个再造辉煌的扩大了的欧盟4TrillionsofdollarswerelostintheweektheWallStreetstockmarketre-openedaftertheSeptember11attacks.Joblossessoonhitsixfigureswithairlinesannouncinghugesackingsasflightsweregroundedandfearofhijackingstookhold.1________.2________ByMarch2001thehigh-techNasdaqindexhadalreadyfallenbymorethan65percentfromitspeakayearearlier.Worlddemandforagriculturalproductshadnotrecoveredfromthe1997-1998Asiancrisisandthepriceofmanyproductswasstilllowerthanbeforethecrisis.Therewerelargetradeimbalancesacrossthedevelopedcountriesandincreasedinstabilityofexchangerates.Typicallyinacrisisthesmallerorlessprofitablecompaniesgotothewallorareswallowedupbybiggercorporationswhicharebetterequippedtoweatherthestorm.Thatcanbeseenatpresentintheairlineindustry;ascompaniesgounderthoseremainingwillconsolidateintogreatermonopolies.3________ThereistalkofGermany’sSiemensandAmerica’sMotorolacombiningtheirmobiletelecomsandSweden’sEricssonisalreadycombiningitsloss-makingmobile-telephonebusinesswithJapan’sSony.Asmuchasthecheerleadersforcapitalismliketoclaimitisasystemoffreecompetitionthesituationhaschangedsincetheendofthenineteenthcentury.By1900monopolieshadcometodominateinallthemajorcapitalistcountries.4________Monopolieshavecompetitivestrugglesbuttheyusuallyendinagreementbetweenthemonopolieswithdivisionofthespoilsbetweenthemwiththestrongermonopolygettingthechiefpickings.TheeventsofSeptember11cameatatimewhentheworldeconomywasonthebrinkofasizeablerecession.ThereactiontotheeventshassenttheeconomyintoasteepdeclineparticularlyintheUS.5________TheBushAdministrationisputtingtogetheran‘economicstimuluspackage’oftaxcutsandextragovernmentspendingbutitisnotlikelytohavemuchimpactsimplybecausethegiganticeconomyhastakensuchadive.Thecapitalisteconomistshavebeenforcedtorecognizetheeconomicdeclinebutmostareforecastingaquickrecovery.6________Theytendtotreateconomicsasapsychologicalphenomenaandbelievethatitallcomesdowntoconfidence.Theydarenotspeakaboutlongtermdepressionbecausethatcouldknockconfidence.
1.Mergermaniaisbackagainandtelecomswhichwerehithardbythehigh-techslumpearlieronarenowlookingtomergersforsurvival.
2.Thiscameontopofanalreadydecliningworldeconomy.
3.Monopolygrewoutoffreecompetitionandcreatedgiantconglomerateswhichdominatedwholebranchesofindustry.
4.Muchofthatiswishfulthinkingnotbasedonobjectiveanalysisoftheeconomicdata.
5.ThiswillhaveaprofoundeffectontherestoftheworldbecausetheUSissuchahugepartoftheworldeconomy.
6.Sharemarketsaroundtheworldslumpedwithsuchseveritythatanalysistswereforcedtomakecomparisonswiththebigbangof1929whichheraldedthegreatdepression.III.E-CTranslation:
1.Andexpensivenewtechnologiesandprocedureswillbeadopted“toputthecivilsystemonawarfootingagainstterrorism”saysAerospaceIndustriesAssociationpresidentJohnDouglass.Theonlygoodnews:Passengerswillseeaflurryofcheapticketsascarrierstrytolureshell-shockedcustomersbacktotheskies.
2.RestoringconsumerconfidenceisatoppriorityforGreenspanandCongressgiventhatconsumerspendingaccountsforabouttwothirdsofthenation’stotaloutput.TothatendtheFedhasbeenfloodingthemarketswithcash.
3.Forabrieftimetheterroristattacksmarkedlydisruptedpaymenttransfersleavingthosecountingonreceivingpaymentscaughtshort.ThoseneedsultimatelyweremetbytheFederalReserveboththroughrecordlendingatthediscountwindowandthroughanextraordinaryinfusionoffundsthroughopen-marketoperations.
4.RecoveryintheUnitedStatesisexpectedtomaterializeinthesecondhalfof2003andtoprovideastimulustogrowthelsewhere.Thedepreciationofthedollarinearly2003ifsustainedwillreinforcethisrecoveryintheUnitedStatesbutwillreducetheextentofthestimulusthatUnitedStatesgrowthprovidestotherestoftheworld.Neverthelesstherewillbeanaccelerationinthegrowthofworldtradetothebenefitofallcountries.Manydevelopingcountriesarealsobenefitingfromimprovedalbeitstillhistoricallylowcommoditypricesandsomehavetheadvantageoflowerinterestratesininternationalcapitalmarkets.IV.KeytoExercieses
1.ExerciseII:1F2B3A4C5E6D
2.ExerciseIII:
1.航天工业协会主席约翰·道格拉斯说,“将采用价格昂贵的新技术并通过一系列程序,使民用系统处于反恐的战争状态”唯一的好消息是,旅客将会看到航空公司竞相推出低价票,以吸引被爆炸吓坏了的旅客重回蓝天
2.考虑到消费支出占到国家整个支出的三分之二,恢复消费信心是格林斯潘和国会的头等大事为此目的,美联储大量投放现金,都快把市场淹了
3.短期内,恐怖袭击明显扰乱了支付的转移,使得那些指望汇款到帐的机构一时手头很紧这些需求最终由联邦储备通过在贴现窗口创纪录的借贷和开放式市场的操作注入非常资金得以解决
4.美国的恢复可望在2003年下半年得以实现从而刺激其他地区的增长2003年初美元的贬值,如能持续的话,将巩固这次美国的复苏但却会减少美国对世界其他地区增长的刺激不过,仍然世界贸易增长将会加速,使所有国家受益许多发展中国家同时也从上升的、虽然从历史来看仍然很低的、初级产品价格中获益,而且有些发展中国家在国际资本市场上具有低利率的优势5TheU.S.current-accountdeficitsofthepasttwodecadeswerebroughtonprimarilybyalongdownwardtrendindomesticsavingasapercentageofGDPthatbeganinthemid-1950sandacceleratedintheearly1980s.Thedeclineledtoashortageoffundsfordomesticinvestmentwhichinturncausedrealinflation-adjustedinterestratestorisehigherthantheywouldotherwisehavebeen.1________Theneedtoconvertthoseinflowsfromforeigncurrenciesintodollarsincreasedthedemandfordollarsinforeignexchangemarketsandtherebyputupwardpressureonthevalueofthedollarrelativetoothercurrencies.AssavingdeclinedasapercentageofGDPconsumptionconsequentlyincreased.Theriseinconsumptionwaslargerthanthedeclineingrossdomesticinvestmentthatwasinducedbythehigherinterestrates.2________TheupwardpressureonthedollarandthepricesofU.S.outputmadeU.S.importslessexpensivefordomesticpurchasersandU.S.exportsmoreexpensiveforforeigners.3________ThelargersupplyofgoodsandservicesintheU.S.marketpartiallyalleviatedtheupwardpressureonprices.NeverthelessU.S.importsremainedlessexpensivefordomesticpurchasersandU.S.exportsremainedmoreexpensiveforforeignersthanbeforethedropinsavingandthedeficitconsequentlycontinued.4________Savingbystateandlocalgovernmentsandcorporationsintheformofundistributedcorporateprofitschangedcomparativelylittle.Federalsavingasmeasuredinthenationalincomeandproductaccountspeakedin1947at
6.2percentofGDPasthefederalgovernmentbeganpayingoffthedebtincurredduringtheGreatDepressionandthewar.Itthendeclinedforseveraldecadesreachingnegativelevelsin1971andbottomingoutat-
3.7percentofGDPin
1983.Since1992federalsavinghasreversedaboutthree-fifthsofthatdeclinereaching
2.3percentofGDPin1999--areflectionofthesizablefederalbudgetsurpluses.Whilefederalsavingfollowedadownwardtrendovermostofthepostwarperiodpersonalsavingrosefromalowof
2.7percentofGDPin1947peakedat
8.0percentofGDPinthefirsthalfofthe1980sandthenbegandroppingprecipitously.Itrecoveredpartiallyfrom1987through1992butthenresumeditsdeclinereaching
1.7percentofGDPin1999--itslowestlevelsincetheGreatDepression.AlthoughgrosssavinghasincreasedsignificantlyrelativetoGDPformostofthepastdecadeitneverthelessremainslowbyhistoricalstandardsandcontinuestocontributetothelargecurrent-accountdeficits.Theincreaseinsavingstemslargelyfromtheimprovementinthefederalbudgetbalance.Asubstantialportionofthatimprovementiscyclicalafunctionoftheincreasedtaxrevenuesandmoderatedspendingforwelfareandunemploymentprogramsthathaveaccompaniedtherecordeconomicexpansion.5________ButevenwiththeincreaseinfederalsavingtotalgrosssavingwasatalowerlevelrelativetoGDPin1999thanitwasthroughoutmostofthe1950s1960sand1970s.6________Severalfactorshaveprobablycontributedtothedeclineanditisnotclearthatallfactorshavebeenidentified.Onelikelycontributingfactoristhelargecapitalgainsoninvestmentsinlandandcorporatestocksovertheperiodwhichhavemadepeoplewealthierandmoreinclinedtospendmoneyonconsumption.AnotherlikelyfactorisincreasesinoutlaysintheMedicareandSocialSecurityprograms.Thoseprogramstransferresourcestotheelderlywhotendtosavelessthanotheragegroupsdo.Stillanotherpossiblefactoristhedevelopmentandspreadofnewcreditvehiclessuchascreditcardsandhome-equityloansthathaveeasedpreviousconstraintsonconsumptionbuttheirsignificanceisnotentirelyclear.OtherfactorsappearnottohavecontributedtothedeclineinpersonalsavingortohavebeenmuchlesssignificantthancapitalgainsandspendingincreasesinMedicareandSocialSecurity.Thoseotherfactorsincludechangesininterestrateschangesinthegrowthrateoftheeconomyapartfromanyeffectsthatexpectedfuturechangesingrowthratesmighthaveoncapitalgainsinthestockmarketandchangesinthedemographiccompositionofthepopulationthatischangesintheproportionofthepopulationinagegroupsthattypicallysaveasmallerportionofincome.A.Asaresultimportsroseandexportsfellrelativetowhattheywouldotherwisehavebeencausingachroniccurrent-accountdeficitthatequaledthenetinflowofforeigninvestment.B.Declinesinfederalsavingandpersonalsavingaccountedformostofthefallingrosssavingoverthepost-WorldWarIIperiod.C.Thehigherinterestratesattractedinflowsoffinancialcapitalfromabroad.D.Someofthedeclineinpersonalsavingmaybecyclicalaswell.E.Economistshavedevotedconsiderableresearchtoexplainingthedeclineinpersonalsavingoverthepasttwodecadesbutnosingletheoryexaminedsofarcancompletelyaccountforit.F.Asaresulttotaldomesticdemandforgoodsandservices--consumptionplusinvestment--increasedputtingupwardpressureonthepricesofU.S.output.III.E-CTranslation:
1.YetdespitesubstantialevidencethatcurrenttradepolicieshaveresultedinmassivetradedeficitsandjoblossestheBushAdministrationispressingCongressfor“fasttrack”tradenegotiatingauthoritybywhichthePresidentcouldsubmittradeagreementstoCongressforayesornovotewithoutamendment.
2.ItishardtoexplaintoanordinarycitizenorcompanywhytheEUrebatesareallowableundertheWTO’s“freetrade”ruleswhiletheU.S.systemforsubsidizingexportsisnot.
3.Manydevelopingcountriesandsomeeconomiesintransitionimprovedtheirfiscalpositionsinthe1990sbutdeficitsremainaproblemaggravatedsince2001byreducedgovernmentreceiptsandinsomecasesincreasedexpenditurestooffsettheeconomicslowdown.Howeverthereisbroaddichotomybetweendevelopingcountrieswithrelativelysustainablemacroeconomicpositionsandthosewithmacroeconomicdisequilibriaand/orotheroftenexternalconstraints.ChinaandmosteconomiesinEastAsiahavebeenabletousemonetaryandfiscalinstrumentsintheappropriatecounter-cyclicalmannerduringthepresentperiodofslowgrowth.IncontrastmosteconomiesinLatinAmericaandAfricahavehadtogiveprioritytoaddressingtheirmacroeconomicimbalances;thishasusuallyrequiredusingtheirmacroeconomicpolicyinstrumentsinarestrictivecurrentlypro-cyclicalmannerratherthanasameansofoffsettingthepresentsluggishconditions.IV.KeytoExercises
1.ExerciseII1C2F3A4B5D6E
2.ExerciseIII1.但是,尽管有大量证据证明,当前贸易政策导致了贸易大量逆差和失业,布什政府还是在向国会伸手要快速审批贸易谈判权,一旦获准,总统就可以将贸易协定递交表决,国会只能接受或否定,不能修改2.为什么在世贸组织的“自由贸易”规则下,欧盟的出口可以退税,而美国的补贴出口的制度就不可以,若要想给一个普通公民解释清楚恐怕不易3.许多发展中国家和一些经济转轨国家在20世纪90年代改善了其财政状况,但赤字仍然是一个问题因自2001年以来政府收入减少而在某些情形下增加开支以抵抗经济衰退,这一问题变得恶化然而,在具有相对可持续性宏观经济状况的发展中国家和那些宏观经济失调和/或具有其他往往是外来的制约性问题的发展中国家之间存在着广泛的分歧中国和大多数东亚各国在目前的缓慢增长时期成功地运用了反周期性的货币和财政手段相反,大多数拉美和非洲国家不得不优先解决其宏观经济失调的问题;这通常要求以限制性的通常是顺周期方式来采用宏观经济政策手段,而不能对抗目前的经济6AsamemberoftheGenoaSocialForumatthe2001protestoftheG-8ConferenceinGenoaItalyIsawthetensionoverthediversityoftacticsfirst-hand.IwasprotestinginagroupconsistingoftwopeoplefromeachoftheG-8countries.WewereparticipatingonbehalfofLegambienteoneofthelargestenvironmentalorganizationsinItaly.RelativelyunawareatthetimeofG-8andtheprotestmovementIwasinitiallyapprehensiveaboutparticipating.LuckilyaCanadiangirlIhadbefriendedandwhohadrecentlyparticipatedintheQuébecSummitassuredmethattheprotestwouldbeorganizedinsuchawaythatfearandchaoswouldntprevail.1________SuchwasherexperiencethespringbeforeinCanadawhereprotestersactedinacivilizedmannerbrisklywalkingawayfromdangerratherthanfleeinginstampedes.Duetocooperationparticipantshadremainedactiveinthemanifestationforlongperiodsoftimewhilebeingtear-gassed.ThesituationwasdrasticallydifferentinGenoa.Perhapsduetotheincreaseinprotestersthewiderrangeofnationsrepresentedandthelanguagebarrierchaosratherthanreasonseemedtoprevail.WithouteverhavingheardofthediversityoftacticsorthedebatebetweenviolentandpacifistprotestersIencountereditinthefleshwhentwomembersoftheBlackBlocanarchistgroupmarcheddownthestreetwherewewereprotestingwiththeintentionofbreakingdownthefenceseparatingusfromtheRedZone.2________Pacifistprotesterswithraisedwhitepaintedhandsandwhitepaintedfacesstoodinfrontofthemattemptingtocreateanobstacleagainstthepotentialviolentencounter.Theanarchistsquicklyleftandthepacifistgroupsliningthestreetscheeredfortheapparentvictoryoverthem.HowevermereminuteslateraroundfiftyBlackBlocmembersominouslymarchedbackdownourstreetcompletelycladinblackwithblackmasksandmakeshiftarmoronreadyforbattleagainsttheItalianCarabinieri.3________Irememberthinkingthattheimpactofacartridgewouldprobablygivesomeoneaconcussionifitfellontheirhead.UnlikemyfriendsexperienceinQuebeceveryonescrambledalloverthepiazzainascaredfrenzy.4________ThatwasbeforeIfelttheteargasinmynoseandeyes.PeoplerunningineverydirectioncoupledwithmylackofgeographicknowledgeofthecitymeantIhadtopayattentiontowheretheleaderofmygroupwasandwherehewasdirectingustogo.Ihadtotrusthimaswellfortheroutehechoseseemedanunwisepath;BlackBlocmemberswereheadedthatwayaswellandIassociatedthemwithdanger.IfIhadntlistenedtotheheadofLegambientehoweverIcouldhaveeasilywoundupinamoredangerouspartoftheprotest.ThedroppingofteargasalthoughitbrokeuptheintensityoftheinternalstrugglewithintheresistanceonlyallowedthemembersoftheBlackBloctomarchdowntotheRedZonewheretheywouldbeconfrontedbythepoliceandalmostassuredlymoreviolence.ThatdayItalianpoliceshotandkilledCarloGiulianiamemberoftheBlackBloc.5________ThefollowingdayofprotestduetotheexcessiveviolenceIdecidedtostayinavillageoutsideofGenoawhereIwatchedcoverageoftheprotestonItaliantelevision.MyfellowmembersofLegambienteandIwerehorrifiedtoseetheragingfiressmashedwindowsandoverallchaosinthecityscenter.6________Itwasabeautifulmanifestationweretheirexactwords.Theyknewofonlyonetumultuouspartofthecitywhichthelocaltelevisionstationhadchosentobroadcastoncontinuouslooptheentireday.AttheprotestIthoughtthatthepacifiststryingtostoptheanarchistsfromenteringthedangerzoneoftheprotestwerefoolishlytryingtoplayheroesinauselessbattle.Howeverunderthediversityoftacticsbecausethestreetonwhichwewereprotestingwasdesignatedasapeacefulzoneitseemedhypocriticalfortheanarchistgrouptooverstepthewishesofthepacifistsoccupyingthatstreettomaintainitasapeacefularea.7________Onecertaintyisthattheresistancemovementdespiteitsdiscontentswithglobalizationneverthelessbenefitsfromitsadvantages.TheInternethasallowedthemovementtoflourishaspeoplecanadvertiseeventseducatethepublicaboutitscauseandorganizelogisticsconcerningprotests.8________Thereisalackofcommunicationamonggroupsintheresistanceespeciallythosewithdifferentattitudestowardviolenceandthediversityoftactics.Onlybyworkingouthowtoeffectivelypresentitselfasanimpassionedandunitedfrontwillthemovementgainanyrealsteam.Violentformsofprotestwillnotworksuccessfullytowardtheultimategoalofgainingcredibilityandbringingaboutchange.Thosewhocareaboutthefutureoftheanti-globalizationmovementandthefutureofsocialjusticeneedtoparticipateinthedevelopmentofthisstrategy.A.Thisstreethadbeendesignatedasapeacefulzone.B.InitiallyIwasmorescaredofbeingtrampledinastampedethaninbeingeffectedbytheteargas.C.Shealmostguaranteedthatwewouldbetear-gassedbuteveryonewouldbelookingoutforitandwouldworktogethertomakesurepeoplestayedsafeandremainedcalm.D.Howeverwhenourcomradeswhohadparticipatedreturnedfromtheprotesttheyravedaboutthepeacefulnessandorganizationthathadcharacterizedtheday.E.Thetensionbetweenthetwofactionscausedmuchfearneedlesschaosandunrestinaplacethatofficiallydenounceditsoccurrence.F.Forabouttenminutesthetwogroupsplusanyotherprotestersintheareastoodinatensedeadlockinthecenterofthepiazzareadytofighteachotherwhenallofasuddenweheardtheeeriesoundofhelicoptersaboveusandthenmetalcartridgesofteargashittheground.G.HowevertheInternetneedstobeusedmorereadilyandinthedevelopmentofamorecoherentstrategy.H.WhileGiulianihasbecomesomethingofamartyrfigureforthemovementthemediaeffectivelydemonizedtheactionsanddestructionoftheBlackBloc.III.E-CTranslation:1.Globalizationhasbeendrivenbypoliciesthathaveopenedeconomiesdomesticallyandinternationally.IntheyearssinceWorldWarIIandespeciallyduringthepasttwodecadesmanygovernmentshaveadoptedfree-marketeconomicsystemsvastlyincreasingtheirownproductivepotentialandcreatingmyriadnewopportunitiesforinternationaltradeandinvestment.Governmentshavealsonegotiateddramaticreductionsinbarrierstoeachotherscommercefurtherstimulatinginternationaltradeandinvestment.Takingadvantageofnewopportunitiesinforeignmarketscorporationshavebuiltforeignfactoriesandestablishedproductionandmarketingarrangementswithforeignpartners.Adefiningfeatureofglobalizationisaninternationalindustrialstructureinwhichthousandsoftheworldslargestcorporationsmaintainoperationsinmultiplecountries.2.Theanticsoftheanti-tradelefthaveharmedeffortstoachievetradeliberalizationthroughinternationalnegotiations.Whilethereislittleinthewayofsubstantivecriticismcomingfromtheactiviststheircontinualpresenceatinternationalmeetingsgivescovertoold-styleprotectionistswhowouldliketoseemorerestrictionsontheflowofgoodsandcapitalaroundtheglobe.BoththeUnitedStatesandCanadahaveaddressedtheproblembysimplyincreasingsecuritymeasuresatinternationalgatherings.Ultimatelyhowevermoresweepingchangeswillbeneeded.3.Unfortunatelythatrealityhasnotbeenadequatelyexplainedtoapublicthatisbecomingincreasinglyfearfulofglobalization.Farfrommakinganunapologeticcaseforopenmarketsfreetradershaveplayedintothehandsofprotectionistsbytreatingtradebarriersasimportantassetswhilefocusingalltheirenergiesonpryingopenforeignmarkets.defendingthevirtuesofimportsshouldnolongerbeavoided.KeytoExercises
1.ExerciseII1C2A3F4B5H6D7E8G
2.ExerciseIII1.全球化发展的动力来自于各个国家在国内外所实行的经济开放政策在二战后的岁月里,特别是在过去的二十年中,许多政府实行了自由市场经济体制,极大地增强了自身的生产潜力,创造出了许多新的国际贸易与投资机会各国政府也通过谈判在相互的商业往来中大幅度消除了许多贸易壁垒,从而进一步刺激了国际贸易与投资的发展跨国公司利用国外市场的各种新机会,与他们的国外合作伙伴一起,在国外建立起工厂以及生产和销售系统全球化的一个固有特点是其产业结构的国际化,在此结构下,成千上万的世界级大公司在诸多不同的国家开展业务活动2.反自由贸易左派的荒唐之举损害了以国际谈判实现自由贸易的尝试与努力,这些激进分子提出的批评几乎无任何实质内容,他们不断在国际会议召开之时抗议示威,这是对老式保护主义者的包庇行为,而老式保护主义者所期望的是,全球货物与资本流动受到更加严格的限制美国和加拿大两国仅仅通过加强国际会议安全措施处理这一问题,但是,最终所需要的解决办法将是完全彻底的变革
3.不幸的是,客观事实并没有向日益惧怕全球化的公众充分地解释清楚自由贸易人士远远没有理直气壮地宣传开放市场的意义,他们在把所有精力集中在打开外国市场的同时,将贸易壁垒视作自身的资本,其所作所为使保护主义者正中下怀看来,维护进口的清白已刻不容缓7DisputesintheWTOareessentiallyaboutbrokenpromises.WTOmembershaveagreedthatiftheybelievefellow-membersareviolatingtraderulestheywillusethemultilateralsystemofsettlingdisputesinsteadoftakingactionunilaterally.1________Adisputeariseswhenonecountryadoptsatradepolicymeasureortakessomeactionthatoneormorefellow-WTOmembersconsiderstobebreakingtheWTOagreementsortobeafailuretoliveuptoobligations.Athirdgroupofcountriescandeclarethattheyhaveaninterestinthecaseandenjoysomerights.AprocedureforsettlingdisputesexistedundertheoldGATTbutithadnofixedtimetablesrulingswereeasiertoblockandmanycasesdraggedonforalongtimeinconclusively.2________Itintroducedgreaterdisciplineforthelengthoftimeacaseshouldtaketobesettledwithflexibledeadlinessetinvariousstagesoftheprocedure.TheagreementemphasizesthatpromptsettlementisessentialiftheWTOistofunctioneffectively.3________Ifacaserunsitsfullcoursetoafirstrulingitshouldnotnormallytakemorethanaboutoneyear—15monthsifthecaseisappealed.4________TheUruguayRoundagreementalsomadeitimpossibleforthecountrylosingacasetoblocktheadoptionoftheruling.UnderthepreviousGATTprocedurerulingscouldonlybeadoptedbyconsensusmeaningthatasingleobjectioncouldblocktheruling.5________Althoughmuchoftheproceduredoesresembleacourtortribunalthepreferredsolutionisforthecountriesconcernedtodiscusstheirproblemsandsettlethedisputebythemselves.6________A.Itsetsoutinconsiderabledetailtheproceduresandthetimetabletobefollowedinresolvingdisputes.B.TheUruguayRoundagreementintroducedamorestructuredprocesswithmoreclearlydefinedstagesintheprocedure.C.Theagreedtimelimitsareflexibleandifthecaseisconsideredurgente.g.ifperishablegoodsareinvolveditisacceleratedasmuchaspossible.D.Thatmeansabidingbytheagreedproceduresandrespectingjudgments.E.Thefirststageisthereforeconsultationsbetweenthegovernmentsconcernedandevenwhenthecasehasprogressedtootherstagesconsultationandmediationarestillalwayspossible.F.Nowrulingsareautomaticallyadoptedunlessthereisaconsensustorejectaruling—anycountrywantingtoblockarulinghastopersuadeallotherWTOmembersincludingitsadversaryinthecasetoshareitsview.III.E-CTranslation
1.ThesuccessoftheWTOdisputesystemhasledtochargesthatitisworkingtoowell.Thecrudeversionofthesecriticismsisthatitiswrongforsovereigngovernmentstoallowfacelessbureaucratstopassjudgmentontheirlawsandtocallintoquestiondemocraticdomesticdecision-making.ThemoresophisticatedcriticismisthattheAppellateBodyhasbeentooactivistandhasgonetoofar.
2.OneimportanttaskoftheWTOisitsroleinsettlingtradedisputesbetweencountries.CountriesmayappealtotheWTO’sdisputesettlementmechanismDSMwhentheybelievethatanothercountry’slawsinfringeuponfreetrade.Thedisputesettlementsystemgivesthesecountriestheabilitytoseekabindingsettlementtoatradedispute;onethatforcesthedefendingnationtocompensatetheplaintiffcountrychangeitsdomesticlawsinordertocomplywiththeWTO’sdecisionorrisktraderetaliation.IV.KeytoExercises
1.ExerciseII.1D2B3A4C5F6E
2.ExerciseIII
1.WTO争端机制的成功引起了一些指控,说该机制好得过了头有的直截了当地批评各主权政府不该容许那些不知名的官僚们审查他们的法律并任凭他们质疑国内的民主决策而更为圆滑一点的批评者指出上诉受理机构过于激进、行动过火
2.世贸组织的一个重要任务是解决国家之间的贸易争端当成员国确定另一国的法律违反了自由贸易时,可向世贸组织的争端解决机制提出申诉争端解决机制给予这些国家针对贸易争端寻求约束性索偿的权力约束性赔偿促使被告国补偿原告国、改变其国内法以保持与WTO决议一致,否则的话可能会遭受贸易报复8NewcomerssignEUmembershiptreatiesThe10countriesjoiningtheEuropeanUnionearlythisweekdidsoatatimewhenthegroupwasrarelymoredividedtornbydisagreementsoverEuropeanintegrationandIraq.ButthosedivisionsarenowhereneardeepenoughfornewcomerstoreconsiderentryandtheybegangatheringinAthensonTuesdaytosigntreatiesonjoininginMay
2004.InanencouragingsignHungarysparliamentoverwhelminglyapprovedjoiningtheEU.1________Ihopeeverycitizenfeelslikeawinnerin2004ayearwhichwillinaugurateanewandhappiereraparliamentaryspeakerKatalinSzilisaid.SloveniaandMaltaalsoapprovedaccessionandtheothersevencandidates--PolandtheCzechRepublicSlovakiaLatviaLithuaniaEstoniaandCyprus--followedsoon.ThetreatysigningsinAthenscappedadecadeoftoughreformsaftermanyofthenewsignatoriesshedcommunistrule.The10joiningnationsbring75millionpeopleintotheEU--raisingitspopulationto450million.2________OfficialsfromanothercountryseekingentryTurkeypromisedTuesdaytomakethenecessaryreformstobeginnegotiationsby2004onbecomingamember.TurkishForeignMinisterAbdullahGulsaidhisgovernmentwascommittedtoimplementingmorepoliticalandeconomicreformstobolsteritsbid.Turkeystillhadalotofworktodotomeetthebasicpoliticalcriteriaforentrytalks.3________TheEUhasputsafetymeasuresintotheaccessiontreatiesincludinga10-yearcaponfarmsubsidiesandanemergencybrakeontradefromtheeastifitfloodswestwardinexceptionalquantities.4________“Thenewmembersnowsendtwo-thirdsoftheirexportstotheEU.Thesesharesareunlikelytorisemuchfurther”KatinkaBaryschchiefeconomistattheLondon-basedCenterforEuropeanReformsaidinarecentnewsletter.5________AstheEUpreparestoopenitseasterndoorsquestionslingerovertheEUsreadinessfortheexpansion.A105-memberpanelofrepresentativesofEUgovernmentslegislaturesandinstitutionsfacesaJunedeadlinefordraftingaconstitutionfortheexpandedUnion.6________A.Economistsnowseelittlenegativeeconomicimpactonthecurrentmembers.B.HoweveritremainsdividedoverhowtosharepowerbetweennationalcapitalsandtheEUscentralinstitutions.C.Itincludessuchtoughjobsasmeetingbasichumanrightsstandardssettingupafairjudicialsystemandmaintainingaciviliancontrolledmilitary.D.TheEUheadofficeestimatesexpansionwillboosttheEUsgrossdomesticproductbyabout
0.5percent.E.Thenewcomerswealthrangesfrombarely29percentoftheEUaverageinLithuaniato85percentinCyprus.F.Tuesdays365-1votewasmostlyformalbutitreflectsthatthebenefitsofjoiningthe15-nationblocfaroutweighthedisadvantagesforthe10mostlyeasternEuropeancandidates.III.E-CTranslation:
1.EUenlargementislikelytofurtherenhancetradeandcapitalflowsandaccelerategrowthparticularlyforthedevelopingcountrycandidates.GreecePortugalSpainandparticularlyIrelandexperiencedafurtheraccelerationofeconomicgrowthafterjoiningtheEU.AlthoughittakestimepreviousenlargementshaveshownthattheincomegapbetweenEUmembersandpoorercandidatecountriestendedtonarrow.SuchexamplesportendafavorableeconomicfuturefortheEuropeancontinent.
2.MAYDAYistraditionallyaworkersholiday.Butthisyearitalsomarkswhatshouldbethebiggestdayinthe50-yearstoryoftheEuropeanproject.TennewcountriesmostlyfromcentralEuropearejoiningtheEuropeanUnion.ForthemMay1stusedtomeanforcedjollityandendlessmilitaryparades.ThisyeartheywillbeguestsofhonouratajamboreeattendedbyalltheEuropeanheadsofgovernmentinDublinsinceIrelandholdstherotatingEUpresidency.IV.KeytoExercises
1.ExerciseII1F2E3C4A5D6B
2.ExerciseIII
1.参考答案欧盟的扩展将很可能进一步加强贸易和资本流通,加速发展步伐,尤其对于发展中欧盟候选国来说希腊、葡萄牙、西班牙,特别是爱尔兰曾在加入欧盟后经济发展大大加速尽管还需要时间,但此前的扩展经验表明欧盟成员国与相对贫困的候选国之间的收入差距趋于缩小这些例子预示着欧洲大陆美好的经济前景
2.“五一”节是一个传统的劳动节但今年的“五一”却标志着五十年欧洲计划中最隆重的一天另有十个国家,大多数为中欧国家,将加入欧盟的行列对于他们来说,“五一”节过去意味着强装狂欢和没完没了的军事检阅今年,他们将成为在都柏林举行的(因为爱尔兰持此届欧盟轮值主席席位)所有欧洲政府首脑都参加的盛大聚会的贵宾9VCsPutStartupsinaSharperFocusAgrowingnumberofVCfirmsnowspecializeinfundinglife-sciencesoutfitsmostlyasawayofdifferentiatingthemselvesinthecompetitionforthebestcompanies.Thereareevenfundsthatspecializewithintheindustry.1________ThefoundersofthesespecialtyfundstendtohavebeenindustryanalystsandscientistswhoonceworkedforVCfirmswithmoregeneralinterestswheretheyhelpedassesslife-sciencesstartups.BybeingabletospeakthelanguageofthescientistswhooftenheadlifesciencesstartupsspecialtyVCshaveaheadstartinwinningtheconfidenceofthoseoutfitsfounders.2________PositioningthemselvesasindustryexpertsthespecialtyVCsalsoenjoyaleg-upinmarketingthemselvestothepensionfundandotherinstitutionsthatprovideinvestmentcapital.3________LONGERCYCLES.Inadditionthespecialtyfirmsarguethattheyarebestpositionedtopickwinners.Theypointoutquiterightlythatbeingabletoanticipateinadvancehowlifesciencescompaniesdifferintheirdevelopmentfromotherkindsofventuresenablesthefirmstostructurefinancingtomaximizethechancesofsuccess.4_____5_____OneVCfirmspecializinginlifesciencesmightdistributestockimmediatelyafteracompanygoespublicwhileanotherVCoutfitspecializinginsoftwarecompaniesmaymakesuchadistributionninemonthstoayearafteranIPO.Thereasonbehindsuchdifferences:life-sciencesstockmaylanguishforseveralyearsafteranIPOasthelengthyFDAapprovalprocessunfolds.6________A.Forexampleonefirmtargetsmedical-imagingventures.B.TheVCsarguethataccesstokeyuniversityfacultyandanunderstandingoftheFoodDrugAdministrationsFDAapprovalprocessenablethemtogainaccesstothelikeliestbigwinnersinlifesciences.C.MoreoverthespecialistVCscanthenofferopportunitiesthatmightnotbeasreadilyavailablethroughmoregeneralizedfirms--connectionstodistributorsvendorsspecialtyconsultantsstrategic-partneringcandidateseventomanagement-teamcandidates.D.Bycontrastasoftwareplayerwellbeexpectedtoincreaseoverthefirstyearasitusespublicfundstoexpandmanufacturinganddistributionhikesalesandprofitsandattractagrowingfollowingtothestock.E.Forexamplelife-sciencecompaniestypicallyhaveamuchlongerdevelopmentcycleandadifferentrangeofintellectual-propertyissuesthansoftwarecompanies.F.ThedifferinggrowthcyclesinfluenceVCsinvestmentstrategies.III.E-CTranslation:
1.AlthoughEuropeisontherighttracktocreatetherightcultureforventurecapitaltherearestillsomeobstaclesthatneedtoberemoved.EntrepreneurshipisbecomingmorewidespreadbuttoleranceforrisktakingisfarlowerthanintheUSasformingstart-upscomestoamuchgreaterpersonalandsocialcost.“Thereisnoshortageofmoneyorgoodideas”saysTimDuffy“theproblemistoconvincepeopletotakerisks.”AndregionaldifferencesmeanEuropelacksabigdomesticmarketsuchastheUSwiththeconsequencethatcompaniesfinditmoredifficulttobecomeworldwideleadersintheglobalmarket.“Europedoesnothaveyettheframeofreferencetobuildworldwideleadersintheglobalmarket”concludesArchambeau.
2.MostoftheAmericanVCstargettheEuropeanmarketwithadedicatedfund.ForinstanceBenchmarkCapitalSiliconValleyventurecapitalfirmwhenitopeneditsdoorsinLondonlastyearlauncheda$750millionfundspecificallydedicatedtoinvestmentinEuropeantechnologystart-ups.
3.Venturecapitalcanfacilitatethegrowthofpromisingsmallcompaniesandthedevelopmentandintroductionofnewproductsandtechnologiesintothemarketplace.Itisanimportantsourceoffundsusedintheformationandexpansionofsmallhigh-techcompanies.Venturecapitalinvestmentstendtobelongtermandhighriskandhaveapotentialforlargepayoffstotheinvestor.IV.KeytoExercises
1.ExerciseII1A2C3B4E5F6D
2.ExerciseIII
1.尽管欧洲能够提供风险资本投资所需要的文化氛围,但仍有一些障碍需要克服创业精神被欧洲更多的国家的创业者所接受,但与美国人相比,欧洲人不大愿意承担风险,其原因是创办新企业会给个人和社会造成更大的损失“这里不缺金钱和好的投资设想”,TimDuffy说道“问题是如何让人们去承担风险”欧洲各国存在区域差异,这意味着欧洲缺乏像美国这样的一个广大的国内市场,其结果便是公司难以在全球市场中成为全球的领导者“欧洲尚不具备创建全球市场领导者的标准,”Archambeau结束时说道
2.大多数美国风险资本公司都以专项资金的形式投资于欧洲市场例如,一家位于硅谷名为BenchmarkCapital的风险资本公司,去年该公司在伦敦开业时投入了七亿五千万美元,专项用于投资欧洲新创立的科技公司
3.风险资本能够帮助具有发展前途的小公司得到快速增长,并且能够面对市场需求开发和引进新的产品和技术风险资本是用于小的高科技公司的创建和扩大规模所需资金的重要来源风险资本投资对投资者来说,一般投资期限长,风险高,但潜在的收益高10GunningfortheU.S.inTechnologyOncetheundisputedleaderAmericaisnowunderassaultfromcountriesworldwide.HowdidthishappenandwilltheU.S.beabletofightbackInthehistoryoftheU.S.technologyindustry2004willberememberedastheyearthatoutsourcinghithome.ConsultancyGartnerGroupfiguresthatU.S.techcompanieswillsend500000jobsoverseasthisyear--andindeedhardlyaweekgoesbywithoutamajorU.S.techoutfitannouncinganewRDcenterinAsia.1________ForhalfacenturyAmericahasreignedsupremeintechnology.U.S.researchinstitutionshavebeenthebestontheplanetandtheU.S.capital-formationmachinehasturnedtheirdiscoveriesintoonebreakthroughafteranotherintransistorscommunicationsgearcomputersandjustabouteveryotherkeyhigh-techfield.2Nowlifeatthetopsuddenlyseemsalotlesslonely.InfactalthoughtheU.S.isstilltheundisputedchampintechnologyoverallinahandfulofkeyareasitalreadyappearstobefallingsignificantlybehindforeigncompetitors.ONTHEVERGE.TheNordiccountriesleadtheworldindesigningandmakingcellphones.IsraeleasilycompeteswiththeU.S.forthetopspotininformation-securitytechnology.JapanisbeatingAmericainanumberofcrucialfieldsincludingopticalelectronicsroboticsandsemiconductor-makingequipment.3________Someofthiscompetitioncomescourtesyoftheindustrialdevelopmentpoliciesofforeigngovernments.UnliketheU.S.suchcountriesasChinaandSingaporearehappytoco-fundtechstartupsandofferthem5-or10-yeartaxholidays.4________TOOTIGHTAFOCUSWashingtonsprioritiesmaybeanotherfactormakingithardfortheU.S.tostayontop.UndertheBushAdministrationfederalspendingforscienceandtechnologyresearchanddevelopmenthavesoaredrisingtotheirhighestlevelin37yearsasapercentageofdomesticdiscretionaryspending.5AndinanycasetheDefenseDept.hasbeentheprimarybeneficiaryofU.S.budgetincreasesandithasspentmostofitsfundsonweaponsdevelopmentnotresearchaccordingtotheAmericanAssociationfortheAdvancementofScienceAAAS.6Whilethoseareworthyfieldssuchatightfocushasleftoutkeydisciplinessuchaschemistrymaterialsscienceandphysicswhichmayplayavitalroleinfutureeconomicandtechnologygrowth.7ItstruethatwerespendingmoremoneythaneveronresearchsaysKaiKoizumidirectoroftheAAASsRDBudgetPolicyProgram.Butformostdisciplinesthepictureisntrosy.A.AndEuropeanaircraftconsortiumAirbusIndustriesmarketshareshouldpassBoeingssometimethisyear.B.ButtheU.S.isfallingbehindothercountriesinpercapitaspendingonRD.C.OutsideofDefenseresearchfundinghaslargelybeenconcentratedonthelifesciencesandinfo-techresearch.D.ThegovernmentofSingaporewillpay35%ofthecostofnewventures--asmuchasseveralhundredmilliondollarssaysCurtCarlsontheCEOofSRIInternational.E.Asoutsourcinghasbeguntohithigh-salaryjobsinprogrammingandtechservicesthetrendisgivingrisetoawiderfear--thatU.S.dominanceinhightechisstartingtowane.F.PlayerssuchasIBMIntelHewlett-PackardTexasInstrumentsMicrosoftandGeneralElectrichaverisenfromthisculturetodominateworldmarketsintheirbusinesses.G.Materials-sciencebreakthroughshelpedspurthedevelopmentofthesemiconductorandthecomputerrevolutionthatfollowed.III.E-CTranslation:
1.WhenhebecameCEOheinheritedaseriesofobligatorycorporateeventsthathehassincetransformedintomeaningfulleversofleadership.Theseget-togethers--fromthemeetinginearlyJanuarywithGEstop500executivesinBocaRatonFla.tothemonthlysessionsinCroton-on-Hudson--allowhimtosetandabruptlychangethecorporationsagendatochallengeandtestthestrategiesandthepeoplethatpopulateeachofGEsdozendivisionsandtomakehisformidablepresenceandopinionsknowntoall.
2.Truthisitoftengetspulledperiod.Outsideoftheobvious--a$200million-plusacquisitionanewstrategicinitiativelikeSixSigmaorthenamingofatopexecutive--itsalmostimpossibletopredictwhenWelchwillswoopdown.HowdoeshedecidewhattoinvolvehimselfinItsthislaughsWelchputtinghisforefingertohisnose.Ismellit.Itrytopickoutwhatmatters.IV.KeytoExercises
1.ExerciseII1E2F3A4D5B6C7G
2.ExerciseIII
1.当他成为首席执行官以前,通用电气过去都要举行一系列例行公事的会议,接任后便将这些会议变成了实施领导意图的有力工具在这些会议上——包括一月初在佛州博卡.拉顿召开的500高级执行官会议和一月一度的哈得逊.克洛顿会议——他都能够制订并及时修订公司工作计划,检验工作策略,并考察分布在十几个部门的员工;他所到之处,都能引来敬畏的目光,他的思想深入人心
2.实际是,缰绳经常是勒得紧紧的只有那些摆在面上的事情可以预测,如2亿多美元的一宗收购、类似6Σ一样的新战略、或任命了一个新总裁,除此以外,你就根本无法预测韦尔奇什么时候下来视察什么事情过问,什么事情不过问,他是如何决定的呢?“是这样,”韦尔奇指着鼻子,笑着说,“我能嗅出来我用嗅觉区别哪个最重要”11Lastyearsheadlinesofferedgrimcommentaryontheprospectsforglobalintegration.1________TradeministersscaledbackplansfortheFreeTradeAreaoftheAmericasFTAAsidesteppingcontroversiesoverintellectualpropertyandinvestment.TheUnitedStatesandtheEuropeanUnionEUtradeddiplomaticblowsoverfreetradeandtheongoingwaronterrorism.WithintheEUtheGrowthandStabilityPactlimitingbudgetdeficitsintheeurozoneeffectivelycollapsedandpoliticalintegrationsputteredasEuropesleadersfailedtoreachconsensusonadraftconstitution.2________Beforeanyonerushestogivelastritestoglobalizationkeepinmindthatwevehearditallbefore.InthemonthsfollowingtheSeptember112001terroristattackspunditswerepredictingtheendofglobalizationasweknewit.Theporousbordersthatmadepossibletheunprecedentedglobalmovementofmoneygoodspeopleandideasweretobeencircledbybarbedwireandcheckpointsbringingtradeandtraveltoahalt.3________YetthisyearseditionoftheA.T.Kearney/ForeignPolicyGlobalizationIndexshowsthatglobalizationenduredin
2002.4________Butglobalizationinvolvesfarmorethantheupsanddownsofeconomiccycles.ThatswhytheA.T.Kearney/ForeignPolicyGlobalizationIndexusesseveralindicatorsspanningtradefinancepoliticalengagementinformationtechnologyitandpersonalcontacttodeterminetherankingsof62countries.Wefoundthatnoneconomicdriversofglobalintegrationfromtraveltotelephonetrafficremainedremarkablyresilientin2002whileaccesstotheInternetworldwidecontinuedtosurge.5________Globalizationsurvivedaperiodofconsiderablechallengesin2002:heightenedtravelalertsstringentnewsecuritymeasuresatairportsamajorstrikebydockworkersatthebusiestportintheUnitedStatesastringofhigh-profilecorporatescandalsindevelopedcountriesfinancialmarketfalloutfromArgentinaseconomicunravelingandjarringterroristattacksincountriessuchasIndonesiaandKenya.6________A.Thesevariableshelpedcompensatefortheweakeningofinternationaleconomictiesanddeepenedgloballinkagesoverall.B.SomedoomsayersevenpredictedaglobaleconomicandpoliticalunravelingsimilartotheeventsprecedingtheFirstWorldWar.C.Despiteallitstravailstheworldwasmore—notless—integratedattheendof2002thanithadeverbeenbefore.D.TheWorldTradeOrganizationWTOmeetinginCancúnMexicocollapsedwhendevelopingcountriesrevoltedoverindustrializedcountriesrefusaltoreduceagriculturalsubsidies.E.TobesureitwasadifficultyearforglobaleconomiclinkagesasadownturninforeigndirectinvestmentFDIandasharpdropinportfoliocapitalflowsledtothelowestlevelofeconomicintegrationsince
1998.F.AndtheUnitedNationsperhapsthemostvisiblesymbolofmultilateralcooperationappearedimmobilizedastherancorousdebateovermilitaryactioninIraqunfolded.III.E-CTranslation:
1.Thesefindingsshouldreinvigoratethedebateoverwhethercountriesarepoorandunequalbecauseofglobalizationorbecausetheyarenotglobalizedenough.MoreovereffortstoredressglobalinequalityshouldbetemperedwiththerecognitionthatmanycountrieswithskewedincomedistributionpatternsincludingBrazilandNigeriaalsohavelargepopulations.
2.InadditiontotheUnitedStatesandCanadaScandinaviancountriesalsorankamongtheworld’smostwirednations.Thirty-ninepercentofSweden’spopulationwasonlinein1998growingto44percentinmorerecentsurveys.FinlandandNorwayledinInternethostseachwithmorethan70serversper1000inhabitantsconnecteddirectlytotheWorldWideWeb.
3.Globalization–thegrowingintegrationofeconomiesandsocietiesaroundtheworld–hasbeenoneofthemosthotly-debatedtopicsininternationaleconomicsoverthepastfewyears.RapidgrowthandpovertyreductioninChinaIndiaandothercountriesthatwerepoor20yearsagohasbeenapositiveaspectofglobalization.Butglobalizationhasalsogeneratedsignificantinternationaloppositionoverconcernsthatithasincreasedinequalityandenvironmentaldegradation.IV.KeytoExercises
1.ExerciseII1D2F3B4E5A6C
2.ExerciseIII
1.这些研究结果会再次引起人们对一个国家的贫穷和不平等问题是否是因为全球化或者全球化的程度不够所造成的辩论然而,由于人们承认许多国家,包括巴西和尼日利亚这样的国家,不仅收入分配不均,而且人口众多,因此,铲除全球范围内的不平等所作出的努力将会受到削弱
2.除了美国和加拿大之外,斯堪的纳维亚国家也属于世界上网络覆盖率最高的国家1998年瑞典人的上网人数占总人口的39%,这一比例在最近的调查中增加到44%芬兰和挪威拥有互联网主机的数量世界领先,这两个国家每1000个居民拥有70多台联接万维网的服务器
3.在过去的几年中,全球化——世界经济和社会的日益一体化——成为国际经济中争论最多的话题之一20年前仍然非常贫穷的中国、印度和其他国家的飞速发展和富裕成为全球化积极效应的体现然而,由于人们对全球化带来的不平等和环境的恶化的关注,全球化也遭到国际社会的强烈反对12SupplyChainManagementEffectivevaluechainandsupplychainarethekeysforanenterprisessuccess.Intodayscompetitivebusinessenvironmentandeconomicpressurescompaniesneedtoeffectivelyreducecostandincreasevalue.ChainSupplyChainManagementSCMsolutionenablescompaniestoachievethisdualobjective.1________SupplyChainManagementmoduleenablesthesystemtocreateproductionandprocurementplansbasedondemandforecasting.2________Theforecastsconsistofanticipatedrequirementoveragiventimeframeforeachindependentrequirement.Theforecastperiodscanbesplitusingtimebucketssuchasdailyweeklyormonthly.Thedemandscouldbeeitherforecastbasedorforecastandsalesorderbased.ThesystemcreatesmasterdemandscheduleMDSandmasterproductionschedulesMPSforindependentrequirementsforagiventimeperiod.3________MRPexplodesthebillofmaterialofalltheindependentanddependentrequirementsandcalculatesthequantityrequireddaterequiredgeneratesworkordersandpurchaserequisitionsconsideringheleadtimesformanufacturingorprocurement.ThecapacityrequirementplanningCRPalsocanbedoneusinginputfromroutingforeachitem.ThesystemalsoallowsDistributionrequirementplanningDRPtherebyenablinginterorganizationalplanning.4________ChainwebbasedsolutionmakesaggregationofforecastsfromCompaniesCustomersSuppliersandHistoricDataveryflexibleandeffective.Chainenablesplanningforthewholeenterprisewithasingleplan.5________Theplanner’stimeisfreedupwhichcanbeveryeffectivelyusedinanalyzingtheplansuggestions.CapacityResourcePlanisinbuiltwithDemandorProductionScheduletoanalyzethecapacitybottlenecks.ChainSCMhelpsinschedulingofsalesorders.Thisaddsextremevaluetothecustomersasthepromiseddateisanalyzedwiththesupply-demandpictureandthescheduledateswillnotbemissedunlessthereisaBlackoutontheProductionfacility.ChainSCMhandlesreschedulingofallsalesordersorselectiveonesthroughLinearProgrammingLP.6________Optimizedconstrainedmodelisalsoavailable.TheSCMengineissameforallSCMmodelingandtheenginesaremultithreadedsomultipleenginescanrunatthesametime.A.Thismodulealsoallowscreationofcalendarsforworkscheduling.B.ChainSCMcanhandleMRPDRPandDRPwithconstrainedmodelonMaterialResourceorboth.C.Thisresultsinreducedmaintenanceaswellasverylessmanualinterventionforexecutionsofplan.D.UsingtheMPSsystemwecandomaterialrequirementplanningMRP.E.ChainSCMeffectivelyusesthewebtechnologiestobringallvaluechainssuchascompanycustomerssupplierscontractmanufacturersandfreightcarrierstogetherontheSCMexchange.F.ChainSCMhasefficientDemandSchedulemodelaggregatedfromforecastsandsalesorders.III.E-CTranslation:
1.WhatarethelessonswecanlearnfromthePCindustryFirstchangeinthearchitectureofcomputerscoincidedwithashiftinsupplychainstrategyandareorganizationoftheindustry.Seconde-commercecanleadtolowercostsenhancedserviceandhigherprofitmargins.Thecomputerindustryhasalreadyexperiencedthetypeofrevolutionarychangeotherindustriesarenowgoingthrough.
2.Technologicalinnovationopensthedoortonewbusinessmodelsandsuchmodelseventuallyleadmanagerstodevelopnewprocessesformatchingdemandwithsupply.Asaresultchangesoccurinthesupplychainthatleadtomajorshiftsinthecompetitivestructureofindustries.
3.DatacompiledbytheEuropeanVentureCapitalAssociationtrackventurecapitalactivityin17countries.In1996over5000separateinvestmentswererecordedwithtotaldisbursementsexceeding$
8.5billionand18-percentincreaseover
1995.TheUnitedKingdomleadsEuropeinboththenumberofventure-backedinvestmentsmadeandtheamountinvestedinU.K.companiesduring199633percentand44percentrespectively.FranceGermanyandtheNetherlandsfollowinthatorder.IV.KeytoExercises
1.ExerciseII1E2A3D4F5C6B
2.ExerciseIII
1.我们能够从个人电脑产业得到什么样的启示?第一,计算机设计的变化与供应链战略的改变和产业重组不谋而合第二,电子商务能够降低成本,提高服务质量和带来更高的利润电脑产业业已经历了其他产业即将经历的革命性的变革
2.科技创新为创建新型企业模式创造了机会,这种模式最终会使管理人员采用新的方法确保供给和需求的平衡由此,导致产业竞争性结构发生重大变化的供应链最终会发生变化
3.欧洲风险资本协会汇编的数据涵盖了17个国家的风险资本投资活动1996年有5000多种投资,投资总额超过85亿美元,比1995年上升18%在1996年间,英国在风险投资的数额和投资于英国公司的金额上居欧洲首位(分别是33%和44%)法国、德国和荷兰分别居于第
二、三和四位13WhyshouldcompanieschoosetomergeForthefirsttimeinhistoryacquisitionshavesurpassedIPOsnotonlyindollarvaluebutinnumbercompleted.FormanycompaniestheerraticnatureoftheIPOmarketisfartoorisky.1______Forthebuyerwiththemarketchangingsorapidlyproductdevelopmenthasbecomealuxurythatisnotalwaysaviableoption.2______Buyersaremorethanwillingtopaypremiumpricestogainmarketentryforaproductthatextendsordiversifiestheirproductline.Acquisitionscanalsoexpandcustomerbasesprovidingamoresolidoverallcorporatebusinessbase.Oneofthegreatestchallengesforstartupcompaniesishavingcapitalwhenyouneedit.WhileanIPOinitiallymayseemtogeneratelargeamountsofcashthefounderswhohaveoftenmortgagedalltheyhavetogetoffthegroundcannotcountonanIPOforprovidingpersonalcapitalresources.3______Ofthe724technologycompaniesthatwentpublicin1992orlaterandremainedindependent58percentweretradingatlessthantheirIPOpricesixyearslater.Withanacquisitionhoweverpartofthenegotiationcanincludeatleastpartialliquidityatthetimeoftransfer.4______Theycanconsumeanincredibleamountoftimeandmoneylegalandtaxcomplicationsandproblemswithmixingcorporatecultures.5______Interestinglythispercenthasremainedrelativelystableoverthepast40yearsinspiteofthegrowthofmergersasaviableoptionforbusinesses.Forthecorporateleadershipthewholeprocesscanbesooverwhelmingthatthebusinessdeteriorates.Storiesaboundaboutfoundersbeingdismissedandemployeesletgoafterthecompletionofthedealcorporateculturesfailingtomixandmarketsnotrespondingasexpected.6______A.Mergersarenotwithouttheirdownsides.B.Beingacquiredisoftenalucrativelong-termgrowthstrategyforasmallbusiness.C.MAhasessentiallybecomeanefficientmeanstoenteranewmarket.D.Thestressofputtingthistogetherinaviablemannercantakeitstolloneveryonefromthefounderondown.E.NotonlyisthereapersonallockuptimebutmanyIPOsexperienceadropinpriceaftertheearlyrush.F.Ithasbeenestimatedthatfully50percentneverachievetheinitialfinancialandmarketgoalsprojected.III.E-CTranslation:
1.Duringthego-go1990sWorldComsBernardJ.EbbersandTycoInternationalsL.DennisKozlowskiweretheheroesofanewbreedofgrowth-drivenCEOs.Unlikeotherchiefexecutiveswhoviewedmergersasacomplementtotheircorebusinessesthisnewgenerationvieweddealmakingasthecornerstoneitselfandthebasisformaintainingheadygrowthrates.AndwhileotherCEOsmightviewarisingstockpriceasanicerewardfortheirlabortoexecutiveslikeEbbersandKozlowskikeepingthestockpricehighwascriticaltotheirformulabecauseitgavethemthecurrencytokeeptheirspendingspreesgoing.
2.Butformanyofthego-godealmakersthefutureismoregrim.Theyarefacingatbestslowgrowthandatworsttheneedtostripawayattheirempirestoservicetheircrushingdebtloads.Eveninonce-hotSiliconValleywherecompaniessuchasCiscoSystemsJDSUniphaseandAribausedtheirstratosphericstockpricesasaconvenientcurrencytobuytherevenuesofothercompaniesmanyarefindingtheycannolongerusemergerstofueleasygrowth.IV.KeytoExercises
1.ExerciseII1B2C3E4A5F6D
2.ExerciseIII
1.在投机盛行的20世纪90年代,世界通讯公司的伯纳特·J·艾伯和泰科国际公司的L·丹尼斯·科兹罗夫斯基,成了追求增长的新一代总裁中的英雄这一新生代不同于其他的首席执行官,仅仅把并购视为公司核心业务的补充,恰恰相反,他们把并购交易本生视为基石,视为维持公司迅猛扩张的基础股票价格的上涨,在其他总裁看来,只是他们辛苦努力的优厚回报,而对于像艾伯与科兹罗夫斯基这类公司领导者而言,保持公司股票的高价位在他们的经营策略中是至关重要的,因为股票高价位才能使他们获得资金来维持并购狂潮
2.但对于很多乐于冒险而作并购交易的公司来说,前景颇为暗淡他们所面临的最好结局是缓慢增长,最坏的结局则是为了偿还巨大的债务及利息不得不眼巴巴看着自己一手创建的帝国分崩离析甚至在那一度红火的硅谷,如思科系统公司,光缆公司JDSU,和软件公司Ariba等,曾几何时,它们用自己的高的离谱的股票当作现金购买其他公司的营业额,以扩大规模,现在却发现他们再也不能利用兼并的办法来轻而易举地扩张了14Thecentralideaofamutualfundistoenableinvestorstopooltheirmoneyandplaceitunderprofessionalinvestmentmanagement.Themanagermakesthetradesrealizingagainorlossandcollectsthedividendorinterestincome.Theinvestmentproceedsarethenpassedalongtotheindividualinvestors.1________Thismeansthatattheendofeverydaytheinvestmentmanagementcompanysponsoringthefundissuesnewsharestoinvestorsandbuysbacksharesfrominvestorswishingtoleavethefund.Amutualfundcanalsobeaclosed-endfund.Thesponsorofaclosed-endfundregistersandissuesafixednumberofsharesattheinitialofferingsimilartoacommonstock.Investorsthencanbuyorsellthesesharesthroughastockexchange.Thesponsordoesnotredeemorissuesharesafteraclosed-endfundislaunchedsotheinvestormusttradethemthroughabroker.Mutualfundscaninvestinmanydifferentkindsofsecurities.2________Stockfundsforinstancecaninvestprimarilyinthesharesofaparticularindustrysuchashightechnologyorutilities.Theseareknownassectorfunds.Bondfundscanvaryaccordingtoriskhighyieldorjunkbondsinvestment-gradecorporatebondstypeofissuersgovernmentagenciescorporationsormunicipalitiesormaturityofthebondsshortorlongterm.BothstockandbondfundscaninvestinprimarilyUSsecuritiesdomesticfundsbothUSandforeignsecuritiesglobalfundsorprimarilyforeignsecuritiesinternationalfunds.Bylawmutualfundscannotinvestincommoditiesandtheirderivativesorinrealestate.HowevertheredoexistrealestateinvestmenttrustsorREITswhichinvestsolelyinrealestateormortgagesandmutualfundsareallowedtoholdsharesinREITs.Amutualfundmayrestrictitselfinotherways.3________Mostmutualfundsinvestmentportfoliosarecontinuallyadjustedunderthesupervisionofaprofessionalmanagerwhoforecaststhefutureperformanceofinvestmentsappropriateforthefundandchoosestheoneswhichheorshebelieveswillmostcloselymatchthefundsstatedinvestmentobjective.Thisiscalledactivemanagementincontrasttoindexinginwhichafundsassetsaremanagedtocloselyapproximatetheperformanceofaparticularpublishedindex.Becausethecompositionofanindexchangeslessfrequentlythantheconditionofthemarketanindexfundmanagermakesfewertradesonaveragethandoesanactivefundmanager.4________MutualfundsarecorporationsunderUSlawbuttheyaresubjecttoaspecialsetofregulatoryaccountingandtaxrules.Unlikemostothertypesofcorporationstheyarenottaxedontheirincomeaslongastheydistributesubstantiallyallofittotheirshareholders.5________Mutualfunddistributionsoftax-freemunicipalbondincomearealsotax-freetotheshareholder.Taxabledistributionscaneitherbeordinaryincomeorcapitalgainsdependingonhowthefundearnedit.Youcanbuymanymutualfundsdirectlyfromthefundsponsor.6________Somediscountbrokerswillsellno-loadfundssomeforaflattransactionfeesomefornofeeatall.Loadfundsaresoldthroughintermediariessuchasbrokersfinancialplannersandothertypesofregisteredrepresentativeswhochargeacommissionfortheirservices.A.Alsothetypeofincometheyearnisoftenunchangedasitpassesthroughtotheshareholders.B.Thesearecalledno-loadfundsbecausetheissuerdoesnotchargeasalescommission.C.Forthisreasonindexfundsgenerallyhavelowerexpensesthanactively-managedfundsandtypicallyincurfewercapitalgainswhichmustbepassedontoshareholders.D.Themostcommonarecashstockandbondsbuttherearehundredsofsub-categories.E.Mostmutualfundsareopen-endfunds.F.Theserestrictionspermissionsandpoliciesarefoundintheprospectuswhicheveryopen-endmutualfundmustmakeavailabletoapotentialinvestorbeforeacceptinghisorhermoney.III.E-CTranslation:
1.Theindustryrodeadecade-longbullmarketandaboomingretirementbusinesssowellthatitmanagedarecord$
7.5trillionofassets–nearlyasmuchasEurope’sannualgrossnationalproduct–bytheendof
2000.
2.SIGChiefExecutiveHildaOchoa-Brillembourgsaysbigbrand-namefundsareapotential“toxic-wastesite”forthebabyboomers’retirementhopes.“AllIseeintheirfutureisdownsideriskandverylittleupsidepotential”shesays.
3.BecauseittradeslikeastockwhosepricefluctuatesdailyanETFdoesnothaveitsnetassetvalueNAVcalculatedeverydaylikeamutualfund.ByowninganETFyougetthediversificationofanindexfundaswellastheabilitytosellshortbuyonmarginandpurchaseaslittleasoneshare.IV.KeytoExercises
1.ExerciseII1E2D3F4C5A6B
2.ExerciseIII
1.由于长达十年的牛市和退休金业务的繁荣,基金行业好不春风得意,到2000年之际,它所掌控的资金数量达到创纪录的75亿美元,几乎等于欧洲的年国民生产总值
2.SIG公司的首席执行官奥恰.布里伦伯说,对于婴儿潮期间降生的人的退休梦来说,大牌基金是个潜在的“有毒废料堆积场”她说“我看到的将来,只有下滑的危险,少有上升的潜质”
3.因为交易就像每天都上下波动的股票,ETF不像互助基金,每天都计算出净资产值通过拥有可交易型开放式基金,你拥有了多元化的指数基金,同时还可以做空、边际买进,且多少不限。