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硕士研究生英语考试阅读讲解【4】

2019-10-07

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The world is going through the biggest wave of mergers and acquisitions ever witnessed. The process sweeps from hyperactive America to Europe and reaches the emerging countries with unsurpassed might. Many in these countries are looking at this process and worrying: "Won't the wave of business concentration turn into an uncontrollable anti-competitive force?"

 

There's no question that the big are getting bigger and more powerful. Multinational corporations accounted for less than 20% of international trade in 1982. Today the figure is more than 25% and growing rapidly. International affiliates account for a fast-growing segment of production in economies that open up and welcome foreign investment. In Argentina, for instance, after the reforms of the early 1990s, multinationals went from 43% to almost 70% of the industrial production of the 200 largest firms. This phenomenon has created serious concerns over the role of smaller economic firms, of national businessmen and over the ultimate stability of the world economy.

 

I believe that the most important forces behind the massive M&A wave are the same that underlie the globalization process: falling transportation and communication costs, lower trade and investment barriers and enlarged markets that require enlarged operations capable of meeting customers' demands. All these are beneficial, not detrimental, to consumers. As productivity grows, the world's wealth increases.

 

Examples of benefits or costs of the current concentration wave are scanty. Yet it is hard to imagine that the merger of a few oil firms today could re-create the same threats to competition that were feared nearly a century ago in the U.S., when the Standard Oil trust was broken up. The mergers of telecom companies, such as WorldCom, hardly seem to bring higher prices for consumers or a reduction in the pace of technical progress. On the contrary, the price of communications is coming down fast. In cars, too, concentration is increasing-witness Daimler and Chrysler, Renault and Nissan-but it does not appear that consumers are being hurt.

 

Yet the fact remains that the merger movement must be watched. A few weeks ago, Alan Greenspan warned against the megamergers in the banking industry. Who is going to supervise, regulate and operate as lender of last resort with the gigantic banks that are being created? Won't multinationals shift production from one place to another when a nation gets too strict about infringements to fair competition? And should one country take upon itself the role of “defending competition” on issues that affect many other nations, as in the U S. vs. Microsoft case ?

 

33. What is the typical trend of businesses today?

[A] to take in more foreign funds.           [B] to invest more abroad.

[C] to combine and become bigger.              [D] to trade with more countries.

34. According to the author, one of the driving forces behind M&A wave is ______

[A] the greater customer demands.      [B] a surplus supply for the market.

[C] a growing productivity.             [D] the increase of the world's wealth.

35. From paragraph 4 we can infer that ______.

[A] the increasing concentration is certain to hurt consumers

[B] WorldCom serves as a good example of both benefits and costs

[C] the costs of the globalization process are enormous

[D] the Standard Oil trust might have threatened competition

36. Toward the new business wave, the writer's attitude can he said to be _______.

[A] optimistic                   [B] objective

[C] pessimistic                  [D] biased

文章结构总体分析

本文是关于企业兼并与收购的一篇文章。作者从目前的兼并与收购浪潮现象着手,分析其产生的原因及带来的影响。

第一段:首句提出世界正在经历一场兼并与收购浪潮,段尾以问句的方式提出文章主题:这种兼并是否会演变成一种无法控制的反竞争力量?

第二段:用数据证明了企业合并形式之一,即跨国公司贸易的增长。

第三段:解释了造成企业合并现象的原因。

第四段:分析了合并热潮的影响,认为它没有给消费和技术进步带来危害,还有可能使世界财富增长。该段论证中既进行推理也使用了例证。

第五段:第一句为本段主题,即:人们对这种兼并还需要加以注意。论证中使用较多反意疑问句以加强语气。

 

二、试题具体解析

 

33. What is the typical trend of businesses today?

[A] To take in more foreign funds.

[B] To invest more abroad.

[C] To combine and become bigger.

[D] To trade with more countries.

33.  当今企业发展的主要趋势是     

 

[A] 吸收更多外资

[B] 更多地向海外投资

[C] 合并并且变得更庞大

[D] 与更多国家做生意

 

   [答案] C

[解析] 本题考核的知识点是:事实细节题

文章第一段就指出,当今企业界出现的一个现象,即整个世界正在经历一场前所未有的(ever witnessed)兼并与收购浪潮(wave of mergers and acquisitions,或M&A wave )。这一并购之风从异常活跃的美国到达欧洲,并以不可比拟的威力(unsurpassed might)影响到新兴经济国家。接着第二段谈到跨国公司在世界范围内贸易的迅猛增长。因此,C选项即文中多次提到的mergers and acquisitions,是当今企业发展的主要趋势。其他三项都不符文意。

答题技巧:命题者的意图在于考核考生能否把握该段段落主旨句为首句,并且理解句中关键字眼mergers and acquisitions的意义。

 

34. According to the author, one of the driving forces behind M&A wave is     .

[A] the greater customer demands

[B] a surplus supply for the market

[C] a growing productivity

[D] the increase of the world’s wealth

34. 按照作者观点,推动合并和收购浪潮的动力之一是       

 

[A] 顾客更大的需求

[B] 对市场的供给过分充裕

[C] 日益增长的生产率

[D] 世界财富的增长

 

[答案] A

[解析] 本题考核的知识点是:事实细节题

第三段剖析造成并购潮流的重要原因。它们和导致经济全球化过程的因素是一样的,如:交通运输成本的日趋下降、贸易和投资壁垒的降低和扩大了的市场以满足需要扩大运作而方能满足顾客的需求。显然,A选项即为上面提到的三个因素之一,为正确答案。B选项即市场供应过剩,应该是企业缩小生产的原因。其他C和D两项在文中均没有提及。

 

35. From paragraph 4 we can infer that     .

[A] the increasing concentration is certain to hurt consumers

[B] WorldCom serves as a good example of both benefits and costs

[C] the costs of the globalization process are enormous

[D] the Standard Oil trust might have threatened competition

35. 从第4段中,可以推断出     

 

[A] 日益增长的合并浪潮肯定会损害顾客的利益

[B] 世界通信公司是关于合并并且利弊兼有的一个很好的例子

[C] 全球化过程成本巨大

 

[D] 标准石油联合公司可能对竞争形成过威胁

 

[答案] D

[解析] 本题考核的知识点是:推理引申题

第四段首句提到,关于目前合并浪潮一定会带来利或弊的例子还不多见。第二句接着指出,但是目前数家石油公司的合并,是否会再次对竞争造成威胁却难以预料;100年前美国的标准石油联合公司(Standard Oil trust)被解散,就是因为当时人们担心它会对竞争构成威胁。由此可以推知D选项为正确答案。

从该段的电信业和汽车工业的例子可知,企业合并没有带来价格上涨或阻碍技术进步,因而消费者的利益也未受损害。所以A选项与本段最后一句话不符。文中举了世界通信公司的例子(本段第3句)只是说明合并并没有带来坏处,而不是B选项。C选项在文中根本未涉及。

 

36. Toward the new business wave, the   36. 作者对新出现的企业合并浪潮

writer’s attitude can he               的态度是       

said to be      .              

[A] optimistic            [A] 乐观的

[B] objective            [B] 客观的

[C] pessimistic            [C] 悲观的

[D] biased                              [D] 有偏见的

[答案] B

[解析] 本题考核的知识点是:作者态度题

在第三段最后两句中,作者明确指出“所有这些(推动合并的因素)对消费者来说都是有益而无害。随着生产力的提高,世界的财富亦随之增长。”第四段作者举例说明合并没有给消费和技术进步带来危害。到了第五段,作者开始提醒人们要避免它带来的不利影响。可见,作者提到合并浪潮可能产生的正反两方面的影响,就事论事,并且列举大量数字和事实进行说明。所以作者的态度应该是客观的,因此B选项为正确答案。

知识点补充:作者在文中一般使用带有褒贬色彩的词汇(尤其是形容词和动词),或者引用专业和权威人士的话去表明自己的态度。

全文翻译

世界正在经历一场从未见过的巨大的并购浪潮。这个浪潮从异常活跃的美国席卷到欧洲,并以不可比拟的威力影响到正在崛起的国家。这些国家的许多人看着这个浪潮,忧虑着:“企业合并的浪潮会不会产生一种无法控制的反竞争力量?”

 

无疑,大企业正在变得更大、更强。跨国公司在1982年只占有国际贸易不到20%的份额。目前,这个数字上升到25%,并且还在迅速上升。在那些对外开放并欢迎外资的国家的经济中,国际分公司在国民生产中形成一个快速增长的部门。例如,在阿根廷,经过90年代初的改革之后,跨国公司在200家大型企业的工业生产中从43%增加到几乎70%。这个现象使得人们非常担忧小型企业,民族资本的作用,也使得人们对世界经济的最终稳定产生了忧虑。

 

我认为,推动这次巨大的并购浪潮的最主要的力量,也是推动全球化进程的力量,就是运输与通讯费用的降低,贸易与投资障碍的减少,以及市场的扩大和为满足市场需求的生产的扩大。所有这些对消费者来说都有益而无害。随着生产力的提高,世界的财富也就增长了。

 

 目前这场合并浪潮的利与弊并无多少实例。但是很难想象当今的几个石油公司的合并能够重新造成100年前美国标准石油公司被解散时人们担心它对竞争造成的威胁。通讯公司的合并,如世界通讯公司,似乎没有给消费者带来更高的价格,或者滞缓了技术进步的速度。在汽车行业,合并也同样在增加,看看戴姆勒与克莱斯勒,雷诺与尼桑,但仿佛消费者并未受到伤害。

 

但是事实仍然是,合并运动必须受到严密监视。几星期以前,格林斯潘对银行业的大规模合并发出了警告。如果如此巨大的银行出现,谁来充当最终的借贷者,发挥监督、管理和运作的作用?当一个国家对破坏公平竞争的行为的处理过于严格时,跨国公司会不会把它们的产业从一个地方转到另一个地方?在事情将影响所有国家的情况下,一个国家是否应该独自担负起“保护竞争”的责任,如美国政府诉讼微软公司的案件?

 

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