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2016年商务英语BEC初级强化训练题
1. Questions on the text:
1) What are the latest developments in private equity in recent years?
Compared to the 1980s, the targets of today’s private equity groups are much bigger in size. In recent years, the private equity industry has raised record money and its share of mergers and acquisitions has grown massively. The industry has also become a byword for money-making skills but its wealth has also brought many enemies.
2) According to the article, what are the main inconveniences for a company to be a publicly quoted company?
The main inconveniences for a publicly quoted company include: its executives have to face intrusive media coverage; it has to obey strict and long corporate-governance codes; it also has to face the threats of activist investors and short sellers and the scrutiny by some politicians.
3) What are the main reasons for a company to get listed on a stockmarket?
Traditionally there are three main reasons to get a company’s share listed on a stockmarket. The first is to raise capital, either to expand the business or to allow the founders to realise their wealth. The second is to help retain staff, who can be offered share options as an incentive to stay and work hard. The third involves prestige; customers, suppliers and potential employees may be reassured (and attracted) by the apparent seal of approval given by a public listing. Meanwhile, being publicly listed gives a company better access to fund investors and retail investors.
4) Why are companies in the Anglo-Saxon economies reluctant to borrow from banks?
Companies in the Anglo-Saxon economies were reluctant to borrow from banks because their often felt nervous about the possibility of the sudden withdrawal of credit from the banks, due to a change in lending policy, new management or an economic downturn.
5) According to the article, what are the main sources for today’s companies to raise money (including equity capital and debt)?
Nowadays the main sources for companies to raise money are: first, equity market; second, banks, though much less important than they used to be; third, bond market; fourth, private equity.
6) How do private-equity firms respond to the problems identified by Professor Jensen with regard to public companies?
Professor Jensen argued that the structure of a public company creates an inherent conflict between investors and the managers they hire to run the business, particularly with regard to the use of free cash flow. He also argued that borrowing imposed discipline on executives. Private-equity firms have applied his argument in practice by gearing up the balance sheets of companies they buy with more debt than public firms are willing to accept. Though private equity firms, in the process, often have a bad reputation for relentlessly cutting unprofitable operations and shedding jobs, academic studies suggest that they create jobs rather than destroy them.
7) What are the similarities and differences between today’s private-equity firms and the conglomerates of the 1970s and 1980s?
Similarities between today’s private-equity firms and the conglomerates of the 1970s and 1980s are: first, both of them use their financial power to construct diverse industrial empires; second, both claim that they could improve the companies they owned through superior management. The differences are: first, the conglomerates used highly rated shares to buy companies while private-equity firms use borrowed money; second, the conglomerates used to make ever-bigger acquisitions continuously to expand while private-equity firms claim to sell regularly their portfolio companies or business for profit.
8) What make it impossible for the private-equity model to become the norm for companies?
There are several reasons: first, what might be logical for an individual company might not be best for the economy overall. If all companies were to substitute debt for equity on the scale that private-equity firms have, there would be an increase in the cost of debt. That would lead to lower equity returns; second, since private-equity firms need an exit route to sell their investments, a public market will be needed in the end for someone to realise their profit; third, a bigger role for private equity might make the economy more vulnerable because in a world where most companies carried private-equity-style debt levels, companies would be much more vulnerable and recessions might become much more frequent and consequently monetary policy would become more difficult, and even government revenues might be affected.
9) According to the article, what factors have helped the development of private-equity firms since 2003?
Those factors are: low interest rates, lots of liquidity and rising asset prices
10) What are the signs showing that private-equity firms may now face the peak of the cycle?
Those signs are: first, bond yields have been rising, making takeovers more expensive; second, the high level of corporate profits suggests that it could be difficult for private-equity firms to wring more money out of these companies; third, the relentless campaign against private-equity tax privileges may lead to government actions against the interests of private-equity firms; last, more and more private-equity deals often leads to more competition and thus lower returns.
2. Fill in each blank of the following sentences with one of the phrases in the list given below:
1) The journey usually takes six weeks but you should allow for delays caused by bad weather.
2) A popular bicycle rental scheme in Paris that has transformed travel in the city has run into problems just 18 months after its successful launch.
3) China’s import as a proportion of total trade has substantially increased in recent years as it’s been pursuing a more balanced trade.
4) A growing pile of evidence shows that skimping on sleep promotes weight gain.
5) Such a move would put the bank in danger of going bust.
6) We have turned down four applicants already.
7) When you're cooking, you should keep all the ingredients close at hand.
8) She wrote to him in the belief that he would help her.
9) Dr. Cong will continue to lead the company as its CEO and hold a stake in it for three years.
10) A lot of questions were being asked at the conference today and surprisingly the officials answered them in spades.
11) In the absence of outside leadership, we have created these guidelines in order to respond timely and effectively.
12) With the joining of South Africa, the Bric club of influential emerging economies is now in pursuit of a common market among them.
3. Match the terms in column A with the explanations in column B:
A B
1) corporate governance a) An investor who attempts to force a corporation to make changes in management, board structure,investment policies, use of retained earnings, or other practices, often by introducing shareholder proposals or putting forward alternative directors. 6
2) bridge financing b) An interest group that endeavors to influence public policy and especially governmental legislation, regarding its particular concerns and priorities. 8
3) trade union c) A privilege, sold by one party to another, that gives the buyer the right, but not the obligation, to buy or sell a stock at an agreed-upon price within a certain period or on a specific date. 10
4) stakeholder d) A method of financing, used by companies before their IPO, to obtain necessary cash for the maintenance of operations. 2
5) short seller e) The set of processes, customs, policies, laws, and institutions affecting the way a corporation (or company) is directed, administered or controlled. 1
6) activist investor f) An organization of workers that have banded together to achieve common goals such as higher wages or better working conditions. 3
7) venture capital g) The process of buying an undervalued company
with the intent to sell off its assets for a profit. 9
8) pressure group h) An investor who sells a commodity, currency, or security which he or she does not own at the time of sale. 5
9) asset stripping i) Money provided by investors to startup firms and small businesses with perceived long-term growth potential. 7
10) stock option j) Person, group, or organization that has direct or indirect stake in an organization because it can affect or be affected by the organization's actions,objectives, and policies. 4
4. Translate the following into Chinese:
出于几个原因，上市的前景对私募股权投资公司而言具有相当的吸引力。对创始人和其他高级合伙人来说，上市提供了一个契机，既可以实现他们所创造的企业的一部分价值，又能成为资本的另一个来源，使他们能为其公司提供资金。
对公司而言，上市为新职位引进高级人才提供了“通货”，甚至还能在未来的收购中使用这一“通货”。
对投资者而言，上市是一个机会，让他们能够加入到私募股权投资公司源源不断的钱流之中，而过去他们对此只能无奈地挑刺和眼红。现如今他们不仅能投资基金，还能直接投资于私募股权投资公司本身。
然而，这些公司可不是标准的上市公司。私募股权投资公司的价值在于他们能够迅速而有力地改善证券投资公司的状况，向管理层提供大笔的股权激励薪酬，并且实施高度专一的公司治理和监督。而这一切只有在没有公开市场的关注和审视之下才能实现。
因此，即便已经上市，这些公司仍然竭其所能尽力为其证券投资公司保持“黑匣”的状态。因此，与其他上市公司相比，它们向投资者披露的信息更少，在公司治理和信托方面所作的承诺更有限。
经济景气时，市场信任私募股权经理们，相信他们知道用“黑匣”式投资方式要达到的目的。这时债权融资更加容易，而估值会随之迅速上升，同时早期的回报激发了巨额的筹资水平，这一切在第一批私募股权投资公司上市时达到了顶峰。
不过，在如今的经济背景下，投资者惶然不安，同时信任不足使上市的私募股权投资公司的股票变得十分脆弱。即便是在经济平稳时期，不管是投资者还是分析师都没有充分的把握预测这些公司的收入和现金流程度。在目前的环境下，由于人们对任何一种信息披露和透明度不足的交易模式缺乏了解和信心，因此它们不可能成为上市股票市场支持的解决方案，即使它们以前具备竞争优势。
5. Fill in each of the following gaps with one of the sentences given below:
1) For many, buying shares is about making a quick profit, not investing for the long-term.
2) Banks remain reluctant to lend.
3) Their rise was partly driven by the conclusion that equity markets were not the most efficient means of raising capital.
4) The approach was simple.
5) After about five years, during which time debt would have been paid off and profits lifted, the company would either be floated or sold directly to a new buyer.
Supplementary Reading
How Long Can U.S. Stocks Keep Their Edge?
1. Which one of the following statements about the Templeton Growth fund is NOT true?
A. It was started by John Templeton.
B. It can invest in foreign companies.
C. It has always preferred U.S. Stocks since its launch. ∨
D. Many of its top holdings are U.S. companies.
2. According to the article, the decline of euro __________ U.S. Stocks.
A. has no impact on
B. is good news for ∨
C. reduced the domestic attractiveness of
D. has nothing to do with
3. Which one of the following statements is NOT the reason cited by mutual funds to invest in U.S. Stocks?
A. Many U.S. companies are successful global companies.
B. The U.S. economy is in great shape. ∨
C. The outlook for major international markets is rather mixed.
D. U.S. companies are quite profitable.
4. According to the money managers cited in the article, emerging markets _________.
A. usually have very low valuation of good quality companies.
B. have negative returns for equity funds.
C. have attracted a lot of capital flows in recent years. ∨
D. will continue bringing huge profits to investors.
5. When Mr. Kinniry of the Vanguard Group said “that discount has now been closed”, “that discount” refers to_________.
A. the price differences between different U.S. Stocks.
B. the difference in price-to-earnings multiples between different emerging-market stocks.
C. the price differences between different emerging-market stocks.
D. the difference in price-to-earnings multiples between emerging-market stocks and developed-market stocks. ∨
6. Blue-chip companies __________.
A. are companies that use the blue color as their symbols.
B. use blue chip in their computers.
C. refer to companies operating exclusively in the U.S. market.
D. usually refer to big, strong and highly profitable companies. ∨
7. According to the article, __________ have had better performance over the last decade.
A. value funds ∨
B. growth funds
C. large-company growth funds
D. domestic growth funds
8. If money managers do according to John Templeton’s comments on bull markets, they should leave when the markets show signs of __________.
A. pessimism
B. optimism
C. euphoria ∨
D. skepticism
9. Among the different funds mentioned in the article, __________ is the biggest one in terms of the money under its management.
A. the Templeton Growth fund ∨
B. Janus Global Research fund
C. Oakmark International fund
D. T. Rowe Price Blue Chip Growth fund
10. From the article, it can be inferred that __________.
A. U.S. Stocks will continue to underperform.
B. The U.S. stock markets are in the phase of euphoria.
C. U.S. multinational companies are likely to win the favor of investors. ∨
D. small companies in emerging markets will attract a lot of investors.
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