passage 13 有一句话看不懂

gerry3x

下题的答案包含I，请高手解释一下 I 是什么意思，而且I是如何反映出职员的实用主义的，谢谢

Based on information in the passage, which of the following would be indicative of the pragmatism of MESBIC staff members?

I.      A reluctance to invest in minority businesses that show marginal expectations of return on the investments

II.     A desire to invest in minority businesses that produce goods and services likely to be of use to the sponsoring company

III.   A belief that the minority business sector is best served by investing primarily in newly established businesses

(A) I only

(B) III only

(C) I and II only

(D) II and III only（C）

(E) I, II and III

    Passage 12 (12/63)

(This passage is excerpted from material published in 1980.)

Federal efforts to aid minority businesses began in the 1960’s when the Small Business Administration (SBA) began making federally guaranteed loans and government-sponsored management and technical assistance available to minority business enterprises. While this program enabled many minority entrepreneurs to form new businesses, the results were disappointing, since managerial inexperience, unfavorable locations, and capital shortages led to high failure rates. Even years after the program was implemented, minority business receipts were not quite two percent of the national economy’s total receipts.

Recently federal policymakers have adopted an approach intended to accelerate development of the minority business sector by moving away from directly aiding small minority enterprises and toward supporting larger, growth-oriented minority firms through intermediary companies. In this approach, large corporations participate in the development of successful and stable minority businesses by making use of government-sponsored venture capital. The capital is used by a participating company to establish a Minority Enterprise Small Business Investment Company or MESBIC. The MESBIC then provides capital and guidance to minority businesses that have potential to become future suppliers or customers of the sponsoring company.

MESBIC’s are the result of the belief that providing established firms with easier access to relevant management techniques and more job-specific experience, as well as substantial amounts of capital, gives those firms a greater opportunity to develop sound business foundations than does simply making general management experience and small amounts of capital available. Further, since potential markets for the minority businesses already exist through the sponsoring companies, the minority businesses face considerably less risk in terms of location and market fluctuation. Following early financial and operating problems, sponsoring corporations began to capitalize MESBIC’s far above the legal minimum of $500,000 in order to generate sufficient income and to sustain the quality of management needed. MESBIC’s are now emerging as increasingly important financing sources for minority enterprises.

Ironically, MESBIC staffs, which usually consist of Hispanic and Black professionals, tend to approach investments in minority firms more pragmatically than do many MESBIC directors, who are usually senior managers from sponsoring corporations. The latter often still think mainly in terms of the “social responsibility approach” and thus seem to prefer deals that are riskier and less attractive than normal investment criteria would warrant. Such differences in viewpoint have produced uneasiness among many minority staff members, who feel that minority entrepreneurs and businesses should be judged by established business considerations. These staff members believe their point of view is closer to the original philosophy of MESBIC’s and they are concerned that, unless a more prudent course is followed, MESBIC directors may revert to (revert t v.回复, 归还) policies likely to re-create the disappointing results of the original SBA approach.

醋醋妹妹

解释 I: 不愿意对投资回报小的少数民族企业做投资.

原文: Ironically, MESBIC staffs, which usually consist of Hispanic and Black professionals, tend to approach investments in minority firms more pragmatically than do many MESBIC directors, who are usually senior managers from sponsoring corporations. The latter often still think mainly in terms of the “social responsibility approach” and thus seem to prefer deals that are riskier and less attractive than normal investment criteria would warrant. Such differences in viewpoint...

-  文中兰字的sponsor观点正是与MESBIC staff的观点相反的. 这个相反可以从该句的前后文读出来.

-  那些sponsor选择了riskier and less attractive也就是说不保证投资回报(或者说回报小)的investment.

-  再把文章读下去. 那么更可以看出, staff是不赞成sponsor的观点的. 也就是说, staff更实际些, 更喜欢no risk and attractive的investment, 或者说是保证有回报的东西, 而不是marginal expectations of return on the investments.

gerry3x

哦谢谢，我将 marginal expectation of return 理解成边际投资回报了，原来marginal在这里是很少的，而不是经济学上讲的边际～～

Clair117

有没有NN可以解释一下II？答案是在 Such differences in viewpoint have produced uneasiness among many minority staff members, who feel that minority entrepreneurs and businesses should be judged by established business considerations. 这一句里面么？

可是这句到底想表达什么意思？be judged by established business considerations 的引申义怎么理解？谢谢啦