[求助]OG11黄皮最后一篇文章，水平有限实在看不懂

kemo1293

OG最后一篇135～141：由于原文看来看去没感觉，导致后面的题目做得都非常郁闷，不知道是自己的金融知识匮乏还是怎么回事，感觉做这篇文章就是怎么也找不到做其他题目的那种感觉。希望哪位可以提点一下这篇文章究竟在说什么，逻辑关系是什么，见笑了。。。

附上原文：

The function of capital markets is to facilitate an exchange of funds among all participants, and yet in practice we find that certain participants are not on a par with others. Members of society have varying (5) 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.

For example, within minority communities, capital markets do not properly fulfill their functions; (10) they do not provide access to the aggregate flow of funds in the United States. The financial system does not generate the credit or investment vehicles needed for underwriting economic development in minority areas. The problem underlying this (15) dysfunction is found in a rationing mechanism affecting both the available alternatives for investment and the amount of financial resources. This creates a distributive mechanism penalizing members of minority groups because of their (20) 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 (25) system tends to increase the inequality of income distribution. And, in the United States economy, a greater inequality of income distribution leads to a greater concentration of capital in certain types of investments.

(30) Most traditional financial-market analysis studies ignore financial markets’ deficiencies in allocation because of analysts’ inherent preferences for the simple model of perfect competition. Conventional financial analysis pays limited attention to issues (35) of market structure and dynamics, relative costs of information, and problems of income distribution. Market participants are viewed as acting as entirely independent and homogeneous individuals with perfect foresight about capital-market behavior. (40) 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 (45) that transaction costs for various types of financial instruments (stocks, bonds, etc.) are equally known and equally divided among all community members.

vag_fish

   

The function of capital markets is to facilitate an exchange of funds among all participants, and yet in practice we find that certain participants
      are not on a par with others.(主题句, 开头就指出金融市场的不平等, not on a par就是关键词) Members of society have varying (5) 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(三个细节说明具体的不平等). For example, (以下是例子, 整段都在举例说明不平等的地方) within minority communities, capital markets do not properly fulfill their functions; (10) they do not provide access to the aggregate flow of funds in the United States. The financial system does not generate the credit or investment vehicles needed for underwriting economic development in minority areas. The problem underlying this (15) dysfunction is found in a rationing mechanism affecting both the available alternatives for investment and the amount of financial resources. This creates a distributive mechanism penalizing members of minority groups because of their (20) 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 (25) system tends to increase the inequality of income distribution. And, in the United States economy, a greater inequality of income distribution leads to a greater concentration of capital in certain types of investments.(最后给出本段结论: inequality 和greater concentration是关键词, 结论与开头呼应, 仍然强调不平等)

(30) Most traditional financial-market analysis studies ignore financial markets’ deficiencies in allocation because of analysts’ inherent preferences for the simple model of perfect competition. Conventional financial analysis pays limited attention to issues (35) of market structure and dynamics, relative costs of information, and problems of income distribution. Market participants are viewed as acting as entirely independent and homogeneous individuals with perfect foresight about capital-market behavior. (40) 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 (45) that transaction costs for various types of financial instruments (stocks, bonds, etc.)
       are equally known and equally divided among all community members(我记得这里出了一道细节题) (这段开始讲
      traditional 和
      Conventional的观点, 很显然, 普通的观点忽略了金融市场的不平等, 与作者的观点相反.所以,所有与这段有关的题目都要取非) (这篇文章跟一般的观点对比的文章正好相反, 把支持的观点放在前面, 反对的观点放在后面, 所以可能有点搞, 但是整个逻辑思路还是很清晰的, 希望有所帮助).

 

 

The function of capital markets is to facilitate an exchange of funds among all participants, and yet in practice we find that certain participants
      are not on a par with others.(主题句, 开头就指出金融市场的不平等, not on a par就是关键词) Members of society have varying (5) 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(三个细节说明具体的不平等). For example, (以下是例子, 整段都在举例说明不平等的地方) within minority communities, capital markets do not properly fulfill their functions; (10) they do not provide access to the aggregate flow of funds in the United States. The financial system does not generate the credit or investment vehicles needed for underwriting economic development in minority areas. The problem underlying this (15) dysfunction is found in a rationing mechanism affecting both the available alternatives for investment and the amount of financial resources. This creates a distributive mechanism penalizing members of minority groups because of their (20) 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 (25) system tends to increase the inequality of income distribution. And, in the United States economy, a greater inequality of income distribution leads to a greater concentration of capital in certain types of investments.(最后给出本段结论: inequality 和greater concentration是关键词, 结论与开头呼应, 仍然强调不平等)

(30) Most traditional financial-market analysis studies ignore financial markets’ deficiencies in allocation because of analysts’ inherent preferences for the simple model of perfect competition. Conventional financial analysis pays limited attention to issues (35) of market structure and dynamics, relative costs of information, and problems of income distribution. Market participants are viewed as acting as entirely independent and homogeneous individuals with perfect foresight about capital-market behavior. (40) 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 (45) that transaction costs for various types of financial instruments (stocks, bonds, etc.)
       are equally known and equally divided among all community members(我记得这里出了一道细节题) (这段开始讲
      traditional 和
      Conventional的观点, 很显然, 普通的观点忽略了金融市场的不平等, 与作者的观点相反.所以,所有与这段有关的题目都要取非) (这篇文章跟一般的观点对比的文章正好相反, 把支持的观点放在前面, 反对的观点放在后面, 所以可能有点搞, 但是整个逻辑思路还是很清晰的, 希望有所帮助).

 

 

[此贴子已经被作者于2008-8-21 16:25:37编辑过]

kemo1293

拜大牛。。。感激之情有如滔滔江水了。