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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











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



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。



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