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地板
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发表于 2014-2-26 21:47:27
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只看该作者
今天最后一篇阅读。看太久阅读大脑已经不工作了,看到这篇觉得有点难,文章看完题目完全做不出。重新分析在这里。
Findings from several studies on corporate mergers and acquisitions during the 1970's and 1980's raise questions about why firms initiate and consummate such transactions. One study showed, for example, that acquiring firms were on average unable to maintain acquired firms' pre-merger levels of profitability.(收购的公司普遍达不到被收购公司的盈利能力。) A second study concluded that post-acquisition gains to most acquiring firms were not adequate to cover the premiums paid to obtain acquired firms.(对于大多数收购者来说,收购后的收益不足以支付收购时的成本。) A third demonstrated that, following the announcement of a prospective merger, the stock of the prospective acquiring firm tends to increase in value much less than does that of the firm for which it bids. (收购者股票的预期增长远远低于其希望收购的公司)Yet mergers and acquisitions remain common, and bidders continue to assert that their objectives are economic ones. Acquisitions may well have the desirable effect of channeling a nation's resources efficiently from less to more efficient sectors of its economy, but the individual acquisitions executives arranging these deals must see them as advancing either their own or their companies' private economic interests. It seems that factors having little to do with corporate economic interests explain acquisitions. These factors may include the incentive compensation of executives, lack of monitoring by boards of directors, and managerial error in estimating the value of firms targeted for acquisition. Alternatively, the acquisition acts of bidders may derive from modeling: a manager does what other managers do. 最后argue,收购者想要收购的原因可能只是其它人也这么做。
总结了一下做不出的原因,一是文章理解不够,尤其是开始提出的三个原因,快速读下来很难准确理解,说到底还是阅读能力不够;二是没有把握到重点词带回原文,解决办法是逐字阅读,记得回顾文章大意。
文章都翻译了一遍居然题还做错好多... 错题如下
65. the findings cited in the passage suggest which of the following about the outcomes of corporate mergers and acquisitions with respect to acquiring firms?
a) they include a decrease in valued of many acquiring firms' stock.
b) they tend to be more beneficial for small firms than for large firms.
c) they do not fulfill the professed goals of most acquiring firms.
文中提到收购的三个问题,后又说收购者坚持他们是因为经济愿意。实则说明他们所宣称的目的没有达到。也就是选项中的'professed'与文中的'assert'对应。
d) they tend to be beneficial to such firms in the long term even though apparently deterimental in the short term.
d) they discourage many such firms from attempting to make subsequent bids and acquisitions.
67. the author of the passage mentions the effect of acquisitions on national economies most probably in order to
a) provide an explanation for the mergers and acquisitions of the 1970s and 1980s overlooked by the findings discussed in the passage
b) suggest that national economic interests played an important role in the mergers and acquisitions of the 1970s and 1980s
c) support a noneconomic explanation for the mergers and acquisitions of the 1970s and 1980s that was cited earlier in the passage
d) cite and point outh the inadequacy of one possible explanation for the prevalence of mergers and acquisitions during the 1970s and 1980s
文中提到对国家经济的影响并不用来作为解释。排除c。而是用来引出下文,对收购作出更合理的解释。
e) explain how modeling affacted the decisions made by managers involved in mergers and acquisitions during the 1970s and 1980s
68. according to the passage, during the 1970s and 1980s bidding firms differed from the firms for which they bid in that bidding firms
a) tended to be more profitable before a merger than after a merger 原文是收购与被收购的比较盈利能力
b) were more often concerned about the impact of acquisitions on national economies
c) were run by managers whose actions were modeled on those of other managers 很多管理者这样做,但文中并不存在这方面的比较
d) anticipated greater economic advantages form prospective mergers
e) experienced less of an increse in stock value when a prospective merger was announced
70. the author of the passage implies that which of the following is a possible partial explanation for acquisiton behavior during the 1970s and 1980s
a) managers wished to imitate other managers primarily because they saw how financially beneficial other firms' acquisitions were
b) managers miscalculated the value of firms that were to be acquired
c) lack of consensus within boards of directors resulted in their imposing conflicting goals on managers
d) total compensation packages for managers increased during that period
e) the value of bidding firms' stock increased significantly when prospective mergers were announced 文章只做比较,不能说明significantly
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