商務(wù)英語閱讀(第二版)王關(guān)富Unit13privateequity課后答案商務(wù)英語閱讀(第二版)王關(guān)富Unit13privateequity課后答案商務(wù)英語閱讀(第二版)王關(guān)富Unit13privateequity課后答案資料僅供參考文件編號：2022年4月商務(wù)英語閱讀(第二版)王關(guān)富Unit13privateequity課后答案版本號：A修改號：1頁次：1.0審核：批準(zhǔn):發(fā)布日期： Unit13TheBusinessofMakingMoneyExercises1.Questionsonthetext:Whatarethelatestdevelopmentsinprivateequityinrecentyears?Comparedtothe1980s,thetargetsoftoday’sprivateequitygroupsaremuchbiggerinsize.Inrecentyears,theprivateequityindustryhasraisedrecordmoneyanditsshareofmergersandacquisitionshasgrownmassively.Theindustryhasalsobecomeabywordformoney-makingskillsbutitswealthhasalsobroughtmanyenemies.Accordingtothearticle,whatarethemaininconveniencesforacompanytobeapubliclyquotedcompany

Themaininconveniencesforapubliclyquotedcompanyinclude:itsexecutiveshavetofaceintrusivemediacoverage;ithastoobeystrictandlongcorporate-governancecodes;italsohastofacethethreatsofactivistinvestorsandshortsellersandthescrutinybysomepoliticians.Whatarethemainreasonsforacompanytogetlistedonastockmarket

Traditionallytherearethreemainreasonstogetacompany’ssharelistedonastockmarket.Thefirstistoraisecapital,eithertoexpandthebusinessortoallowthefounderstorealisetheirwealth.Thesecondistohelpretainstaff,whocanbeofferedshareoptionsasanincentivetostayandworkhard.Thethirdinvolvesprestige;customers,suppliersandpotentialemployeesmaybereassured(andattracted)bytheapparentsealofapprovalgivenbyapubliclisting.Meanwhile,beingpubliclylistedgivesacompanybetteraccesstofundinvestorsandretailinvestors.WhyarecompaniesintheAnglo-Saxoneconomiesreluctanttoborrowfrombanks?

CompaniesintheAnglo-Saxoneconomieswerereluctanttoborrowfrombanksbecausetheiroftenfeltnervousaboutthepossibilityofthesuddenwithdrawalofcreditfromthebanks,duetoachangeinlendingpolicy,newmanagementoraneconomicdownturn.Accordingtothearticle,whatarethemainsourcesfortoday’scompaniestoraisemoney(includingequitycapitalanddebt)

Nowadaysthemainsourcesforcompaniestoraisemoneyare:first,equitymarket;second,banks,thoughmuchlessimportantthantheyusedtobe;third,bondmarket;fourth,privateequity.Howdoprivate-equityfirmsrespondtotheproblemsidentifiedbyProfessorJensenwithregardtopubliccompanies?

ProfessorJensenarguedthatthestructureofapubliccompanycreatesaninherentconflictbetweeninvestorsandthemanagerstheyhiretorunthebusiness,particularlywithregardtotheuseoffreecashflow.Healsoarguedthatborrowingimposeddisciplineonexecutives.Private-equityfirmshaveappliedhisargumentinpracticebygearingupthebalancesheetsofcompaniestheybuywithmoredebtthanpublicfirmsarewillingtoaccept.Thoughprivateequityfirms,intheprocess,oftenhaveabadreputationforrelentlesslycuttingunprofitableoperationsandsheddingjobs,academicstudiessuggestthattheycreatejobsratherthandestroythem.Whatarethesimilaritiesanddifferencesbetweentoday’sprivate-equityfirmsandtheconglomeratesofthe1970sand1980s

Similaritiesbetweentoday’sprivate-equityfirmsandtheconglomeratesofthe1970sand1980sare:first,bothofthemusetheirfinancialpowertoconstructdiverseindustrialempires;second,bothclaimthattheycouldimprovethecompaniestheyownedthroughsuperiormanagement.Thedifferencesare:first,theconglomeratesusedhighlyratedsharestobuycompanieswhileprivate-equityfirmsuseborrowedmoney;second,theconglomeratesusedtomakeever-biggeracquisitionscontinuouslytoexpandwhileprivate-equityfirmsclaimtosellregularlytheirportfoliocompaniesorbusinessforprofit.Whatmakeitimpossiblefortheprivate-equitymodeltobecomethenormforcompanies?

Thereareseveralreasons:first,whatmightbelogicalforanindividualcompanymightnotbebestfortheeconomyoverall.Ifallcompaniesweretosubstitutedebtforequityonthescalethatprivate-equityfirmshave,therewouldbeanincreaseinthecostofdebt.Thatwouldleadtolowerequityreturns;second,sinceprivate-equityfirmsneedanexitroutetoselltheirinvestments,apublicmarketwillbeneededintheendforsomeonetorealisetheirprofit;third,abiggerroleforprivateequitymightmaketheeconomymorevulnerablebecauseinaworldwheremostcompaniescarriedprivate-equity-styledebtlevels,companieswouldbemuchmorevulnerableandrecessionsmightbecomemuchmorefrequentandconsequentlymonetarypolicywouldbecomemoredifficult,andevengovernmentrevenuesmightbeaffected.Accordingtothearticle,whatfactorshavehelpedthedevelopmentofprivate-equityfirmssince2003?

Thosefactorsare:lowinterestrates,lotsofliquidityandrisingassetpricesWhatarethesignsshowingthatprivate-equityfirmsmaynowfacethepeakofthecycle

Thosesignsare:first,bondyieldshavebeenrising,makingtakeoversmoreexpensive;second,thehighlevelofcorporateprofitssuggeststhatitcouldbedifficultforprivate-equityfirmstowringmoremoneyoutofthesecompanies;third,therelentlesscampaignagainstprivate-equitytaxprivilegesmayleadtogovernmentactionsagainsttheinterestsofprivate-equityfirms;last,moreandmoreprivate-equitydealsoftenleadstomorecompetitionandthuslowerreturns.2. Fillineachblankofthefollowingsentenceswithoneofthephrasesinthelistgivenbelow:Thejourneyusuallytakessixweeksbutyoushouldallowfordelayscausedbybadweather.ApopularbicyclerentalschemeinParisthathastransformedtravelinthecityhasrunintoproblemsjust18monthsafteritssuccessfullaunch.China’simportasaproportionoftotaltradehassubstantiallyincreasedinrecentyearsasit’sbeenpursuingamorebalancedtrade.Agrowingpileofevidenceshowsthatskimpingonsleeppromotesweightgain.Suchamovewouldputthebankindangerofgoingbust.Wehaveturneddownfourapplicantsalready.Whenyou'recooking,youshouldkeepalltheingredientscloseathand.Shewrotetohiminthebeliefthathewouldhelpher.Dr.CongwillcontinuetoleadthecompanyasitsCEOandholdastakeinitforthreeyears.Alotofquestionswerebeingaskedattheconferencetodayandsurprisinglytheofficialsansweredtheminspades.Intheabsenceofoutsideleadership,wehavecreatedtheseguidelinesinordertorespondtimelyandeffectively.WiththejoiningofSouthAfrica,theBricclubofinfluentialemergingeconomiesisnowinpursuitofacommonmarketamongthem.3.MatchthetermsincolumnAwiththeexplanationsincolumnB: AB1) corporategovernance a)Aninvestorwhoattemptstoforceacorporationtomakechangesinmanagement,boardstructure,investmentpolicies,useofretainedearnings,orotherpractices,oftenbyintroducingshareholderproposalsorputtingforwardalternativedirectors.62) bridgefinancing b)Aninterestgroupthatendeavorstoinfluencepublicpolicyandespeciallygovernmentallegislation,regardingitsparticularconcernsandpriorities.83)tradeunion c)Aprivilege,soldbyonepartytoanother,thatgivesthebuyertheright,butnottheobligation,tobuyorsellastockatanagreed-uponpricewithinacertainperiodoronaspecificdate.104) stakeholder d)Amethodoffinancing,usedbycompaniesbefore theirIPO,toobtainnecessarycashforthemaintenanceofoperations.25) shortseller e)Thesetofprocesses,customs,policies,laws,and institutionsaffectingthewayacorporation(orcompany)isdirected,administeredorcontrolled.16)activistinvestor f) Anorganizationofworkersthathavebandedtogethertoachievecommongoalssuchashigherwagesorbetter\o"Workingconditions"workingconditions.37) venturecapital g)Theprocessofbuyinganundervaluedcompanywiththeintenttoselloffitsassetsforaprofit.98)pressuregroup h)Aninvestorwhosellsacommodity,currency,or securitywhichheorshedoesnotownatthetimeofsale.59) assetstripping i) Moneyprovidedbyinvestorstostartupfirmsand smallbusinesseswithperceivedlong-termgrowthpotential.710) stockoption j) Person,group,ororganizationthathasdirector indirectstakeinanorganizationbecauseitcanaffectorbeaffectedbytheorganization'sactions,objectives,andpolicies.4TranslatethefollowingintoChinese:出于幾個原因，上市的前景對私募股權(quán)投資公司而言具有相當(dāng)?shù)奈?。對?chuàng)始人和其他高級合伙人來說，上市提供了一個契機(jī)，既可以實現(xiàn)他們所創(chuàng)造的企業(yè)的一部分價值，又能成為資本的另一個來源，使他們能為其公司提供資金。對公司而言，上市為新職位引進(jìn)高級人才提供了“通貨”，甚至還能在未來的收購中使用這一“通貨”。對投資者而言，上市是一個機(jī)會，讓他們能夠加入到私募股權(quán)投資公司源源不斷的錢流之中，而過去他們對此只能無奈地挑刺和眼紅?，F(xiàn)如今他們不僅能投資基金，還能直接投資于私募股權(quán)投資公司本身。然而，這些公司可不是標(biāo)準(zhǔn)的上市公司。私募股權(quán)投資公司的價值在于他們能夠迅速而有力地改善證券投資公司的狀況，向管理層提供大筆的股權(quán)激勵薪酬，并且實施高度專一的公司治理和監(jiān)督。而這一切只有在沒有公開市場的關(guān)注和審視之下才能實現(xiàn)。因此，即便已經(jīng)上市，這些公司仍然竭其所能盡力為其證券投資公司保持“黑匣”的狀態(tài)。因此，與其他上市公司相比，它們向投資者披露的信息更少，在公司治理和信托方面所作的承諾更有限。經(jīng)濟(jì)景氣時，市場信任私募股權(quán)經(jīng)理們，相信他們知道用“黑匣”式投資方式要達(dá)到的目的。這時債權(quán)融資更加容易，而估值會隨之迅速上升，同時早期的回報激發(fā)了巨額的籌資水平，這一切在第一批私募股權(quán)投資公司上市時達(dá)到了頂峰。不過，在如今的經(jīng)濟(jì)背景下，投資者惶然不安，同時信任不足使上市的私募股權(quán)投資公司的股票變得十分脆弱。即便是在經(jīng)濟(jì)平穩(wěn)時期，不管是投資者還是分析師都沒有充分的把握預(yù)測這些公司的收入和現(xiàn)金流程度。在目前的環(huán)境下，由于人們對任何一種信息披露和透明度不足的交易模式缺乏了解和信心，因此它們不可能成為上市股票市場支持的解決方案，即使它們以前具備競爭優(yōu)勢。Fillineachofthefollowinggapswithoneofthesentencesgivenbelow:1) Formany,buyingsharesisaboutmakingaquickprofit,notinvestingforthelong-term.2) Banksremainreluctanttolend.3) Theirrisewaspartlydrivenbytheconclusionthatequitymarketswerenotthemostefficientmeansofraisingcapital.4) Theapproachwassimple.5) Afteraboutfiveyears,duringwhichtimedebtwouldhavebeenpaidoffandprofitslifted,thecompanywouldeitherbefloatedorsolddirectlytoanewbuyer.SupplementaryReadingHowLongCanU.S.WhichoneofthefollowingstatementsabouttheTempletonGrowthfundisNOTtrue

ItwasstartedbyJohnTempleton.Itcaninvestinforeigncompanies.IthasalwayspreferredU.S.Stockssinceitslaunch.∨ManyofitstopholdingsareU.S.companies.Accordingtothearticle,thedeclineofeuro__________U.S.Stocks.hasnoimpactonisgoodnewsfor∨reducedthedomesticattractivenessofhasnothingtodowithWhichoneofthefollowingstatementsisNOTthereasoncitedbymutualfundstoinvestinU.S.Stocks?

ManyU.S.companiesaresuccessfulglobalcompanies.TheU.S.economyisingreatshape.∨Theoutlookformajorinternationalmarketsisrathermixed.U.S.companiesarequiteprofitable.Accordingtothemoneymanagerscitedinthearticle,emergingmarkets_________.usuallyhaveverylowvaluationofgoodqualitycompanies.havenegativereturnsforequityfunds.haveattractedalotofcapitalflowsinrecentyears.∨willcontinuebringinghugeprofitstoinvestors.WhenMr.KinniryoftheVanguardGroupsaid“thatdiscounthasnowbeenclosed”,“thatdiscount”refersto_________.thepricedifferencesbetweendifferentU.S.Stocks.thedifferenceinprice-to-earningsmultiplesbetweendifferentemerging-marketstocks.thepric