我分析的OG的最后一篇文章，分析好久，但是好像还是脉络不是很清楚，欢迎讨论

happywawa

我分析的OG11黄皮最后一篇文章，还是有点乱，请大家帮忙！

我贴上来不清楚，麻烦大家下word版来看看。谢谢

[此贴子已经被作者于2008-8-1 11:56:08编辑过]

happywawa

The function of capital markets is to facilitate an exchange of funds among all participants, and yet
            in practice
        （转折，表示理论和实际不同）we find that certain participants are not on a par with others. Members of society have varying degrees of market strength in terms of information they bring to a transaction, as well as of purchasing power and creditworthiness, as defined by lenders.

1^st
        提出一个理论：资本市场的功能是为所有参与投资交易的人提供方便。但是实际上，参与者是不等同的。社会成员在放贷者对他们在交易的市场信息能力，和购买力和信誉价值方面的定义是不同的。

语言现象：理论，and yet in practice。
        理论与实际不同。

The function of capital market…yet in practice…participants…on a par with…varying degree…

 

For example,（举例一般都是为了说明一个观点，个地方应该是说明上一段的观点，承上启下） within minority communities, capital markets do not properly fulfill their functions;（分号作用:后面内容为前面的解释）
            they not provide access to the aggregate flow of funds in the United States.
                The financial system（指capital market） does not generate the credit or investment vehicles needed for underwriting（
            給…保證）
        economic development in minority areas. The problem underlying this dysfunction（功能失调,指上一句的financial system does not…）
            is found in(解释原因) a rationing mechanism affecting both1. the available alternatives for investment and 2.the amount of financial resources. This
        （这个this指代哪个啊：problem? Rationing mechanism？还是financial system?）creates a distributive mechanism penalizing members of minority groups because of their socioeconomic differences from others. The existing system expresses definite socially based investment preferences that result from the previous allocation of income and
            that influence the allocation of resources for the present and future. The system tends to increase the inequality of income distribution. And（and提起最后一句，这句好像是总结句）, in the United States economy, a greater inequality of income distribution leads to a greater concentration of capital in certain types of investments.

2nd 举例－金融市场没有对少数民族提供便利。说明实际和理论的不同。
        实际是：金融系统没有对少数民族经济的发展提供保信用和促进机制。原因是R机制（我没有读懂，但是好像该是分配机制，往后看）对于可供选择的投资种类和投资总额的影响。现在的这个金融系统产生了惩罚少数民族的分配机制，由于少数民族的社会经济与其它（社会团体）的不同。这个系统容易增加收入分配的不平等。在美国经济中，更大的不平等的收入分配导致了在特定行业中更大的资金的集中。

语言现象：For example, 分号；they， the problem underlying.

这一段的结果：举例。排比financial system, 结论，对这个实际金融市场的总结。

For example, minority community, capital market do not(-), do not(-)→ financial market does not(-), problem underlying dysfunction(-) rationing mechanism 1. 2 。 distributive mechanism penalize(-),because of, different from ,→the existing system, investment preference that result from previous, influence for present and future, & this system increase inequality(-)→ greater inequality, greater concentration

以少数民族团体为例举例提出问题→总体上分析问题产生的原因，然后进一步说明少数民族团的具体原因→指出问题的根源→结论

举例提出问题→分析例子的问题→以例子说明实际这个金融系统的问题→提出结论

 

Most traditional（上一段是作者对financial system的总结，可以看作新观点，这个地方老观点，一般反驳老观点） financial-market analysis studies ignore(-)
        （反驳老观点）financial markets' deficiencies in allocation because of（指出老观点局限的原因）
                analysts' inherent preferences for the simple model of perfect competition. Conventional financial analysis pays
                limited(-)attention to issues of 1.market structure and dynamics, 2.relative costs of information, and 3.problems of income distribution.
        （列举，可能出题）Market participants
            are viewed as acting as entirely independent and homogeneous individuals with perfect foresight about capital-market behavior. Also, it is assumed that each individual in the community at large has the same access to the market and the same opportunity to transact and to express the preference appropriate to his or her individual interest. Moreover,
            it is assumed that transaction costs for various types of financial instruments (stocks, bonds, etc.) are equally known and equally divided among all community members.

3rd  反驳传统的金融市场研究和说明其局限性的原因。

Most traditional financial-market analysis studies, ignore (-), efficiencies(-), because of, simple model, limited(-), 1.2.3. Market participants acting, also same access and opportunity, moreover traction cost

 

本文的逻辑结构：（新老观点文章）

第一段：理论和实际不同。(OG: stating the function of capital markets and then pointing out 新觀點 that certain participants are not on a par with others)

第二段：举例说明-支持新的觀點
        实际是什么样，不同产生的原因。(OG: example to support 新觀點並argues that the existing system increase income inequality and the concentration of capital in certain types of investment)

第三段：传统的金融市场研究忽略了；分析传统金融的局限的原因。（OG: criticizes conventional financial-market analysis）

happywawa

Questions 135-141 refer to the passage above.

135. The main point made by the passage is that

结构题。

(A)  financial markets provide for an optimum allocation of resources among all competing participants by balancing supply and demand。文章没有讨论Supply and demand的最优分配问题

(B)  the allocation of financial resources takes place among separate individual participants, each of whom has access to the market
        概括行的表述证像老理论的观点。和实际不同，也不是本文的中心。

 (C) the existence of certain factors adversely affecting members of minority groups shows that financial markets do not function as conventional theory says they function对的。正是文章的内容。本文分析了原因（certain factor）, 举例说明（shows that），反驳老理论（do not function as conventional theory）

(D)  investments in minority communities can be made by the use of various alternative financial instruments, such as stocks and bonds 这不是文章的内容。提到stock 和bond的地方是说交易成本的不同。细节非主题选项
        

(E)  since transaction costs for stocks, bonds, and other financial instruments are not equally apportioned among all minority-group members, the financial market is subject to criticism。细节非主题选项

选C

 

136. The passage states that traditional studies of the financial market overlook imbalances in the allocation of financial resources because

原文对于traditional study的论述就一句话：而其有表原因的标志词：because of analysts' inherent preferences for the simple model
            of perfect competition

(A)  an optimum allocation of resources is the final result of competition among participants

(B)  those performing the studies choose an oversimplified description of the influences on competition 正确的同意改写

(C)  such imbalances do not appear in the statistics usually compiled to measure the market's behavior

(D)  the analysts who study the market are unwilling to accept criticism of their methods as biased

(E)  socioeconomic differences form the basis of a rationing mechanism that puts minority groups at a disadvantage

选B

 

137.The author's main point is argued by

作者观点题

我觉得主题目挺难理解的，1)作者的主要观点是被…表明的？这个被动态像是作者的观点被…反驳争论了一样。

 (A) giving examples that support a conventional generalization（只有一个例子,samples错且反驳传统的不是支持）

(B) showing that the view opposite to the author's is self-contradictory（没有自相矛盾）

(Ｃ) criticizing the presuppositions of a proposed plan没有提出Plan所错

(Ｄ)showing that omissions in a theoretical description make it inapplicable in certain cases該理論忽略少數民族的資訊成本等跟一般人不一樣的事實,以至於在某些cases是不可行的

(E) demonstrating that an alternative hypothesis more closely fits the data（没有假设）

选D

 

138. A difference in which of the following would be an example of inequality in transaction costs as alluded to in lines 44－48?

原文：Moreover, it is assumed that transaction costs for various types of financial instruments (stocks, bonds, etc.) are equally known and equally divided among all community members.

OG: transaction costs是buying or selling financial instruments such as stocks. Inequality arises if transaction costs are not equlally known and equally divided among all community members.

(A)           Maximum amounts of loans extended by a bank to businesses in different areas. （不是transaction cost）
        

(B)    Fees charged to large and small investors for purchasing stocks

(C)     Prices of similar goods offered in large and small stores in an area
        （不是transaction cost）

(D)    Stipends
            (津貼) paid to different attorneys for preparing legal suits for damages（不是transaction cost）

(E) Exchange rates in dollars for currencies of different countries（不是transaction cost）

选B

 

139．Which of the following can be inferred about minority communities on the basis of the passage?

记住核心观点：实践和理论不同。

 (A)       They provide a significant portion of the funds that become available for investment in the financial market. 反 (未提)

(B)  They are penalized by the tax system, which increases the inequality of the distribution of income between investors and wage earners. 文章没有提过Tax system。

(C)  They do not receive the share of the amount of funds available for investment that would be expected according to traditional financial-market analysis. 正确
        (Traditional analysis suggests that funds are exchanged among all participants, but minority groups do not have the same access or receive the same funds that majority groups do)

(D)  They are not granted governmental subsidies to assist in underwriting the cost of economic development.文没有提到governmental subsidies。

(E)  They provide the same access to alternative sources of credit to finance businesses as do majority communities. 反

选C

 

140.       According to the passage, a questionable assumption of the conventional theory about the operation of financial markets is that

最后一段三方面对于conventional theory的assume的论述。排比

(A)  creditworthiness as determined by lenders is a factor determining market access。第一段的内容。排

(B)  market structure and market dynamics depend on income distribution. 反
        (原文說market structure, market dynamics, income distribution是被忽略的)

(C)  a scarcity of alternative sources of funds would result from taking socioeconomic factors into consideration 没有论述这个意思

(D)  those who engage in financial-market transactions are perfectly well informed about the market 正确
        原文：perfect foresight about capital-market
        (且作者第1段有提到新的觀點︰people have varying degrees of market strength in terns of information)

(E)  inequalities in income distribution are increased by the functioning of the financial market 反（The conventional theory pays little attention to income distribution）

选D

 

141.According to the passage, analysts have conventionally tended to view those who participate in financial markets as

 “…Also, it is assumed that each individual in the community at large has the same access to the market and the same opportunity to transact and to express the preference appropriate to his or her individual interest.” 排比部分

(A)    judging investment preferences in terms of the good of society as a whole

(B)    influencing the allocation of funds through prior ownership of certain kinds of assets

(C)    varying in market power with respect to one another

(D)    basing judgments about future events mainly on chance

(E)     having equal opportunities to engage in transactions

选E

 

我又重新编辑了，贴上来！
                这次重新编辑好像清楚了很多。想起毛主席说的：读书要先把书读厚，再把书读薄。

 

还是有问题。第二段我画红的那个this指什么？

 

欢迎讨论！

happywawa

Benzine能解释清楚些吗？ this不是指代前面出现的内容吗？ 难道是泛指？ 昏！