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来源:豆瓣信息    发布时间:2018年12月15日 12:35:52    编辑:admin         

听力原文:Shareholder value股东价值Analyse this分析股东价值The enduring power of the biggest idea in business商业中最持久的理念This breathed fresh life into an old idea—that shareholders had the whip hand. Technically, shareholders do not own a company: the firm is a legal person and a share represents a bundle of entitlements to dividends and voting powers. But a doctrine of “shareholder primacy” had been outlined in 1919, when a Michigan court observed that “a business corporation is organised and carried on primarily the profit of stockholders”. The new science of corporate finance revolutionised the pursuit of that goal. Managers realised that by working out where firms employed capital and using it more efficiently they could increase their value. Outsiders had a methodology with which to second-guess incompetent managers.重点词汇:1 whip n. 鞭子;抽打;车夫;[机] 搅拌器 vt. 抽打;煽动;搅打(蛋,奶油);彻底击败 vi. 抽打; 拍击 whip hand 配地位,执鞭之手 doctrine 主义;学说;教义;信条3 dividends n. [金融] 股息,股利;红利(dividend的复数形式) shareholder primacy 股东优先,股东至上5 outline 概述;略述 (mal) to make a remark 同义词 comment6 primarily 主要地;根本地 同义词chieflymainly7 revolutionize 彻底改变;完全变革8 methodology (从事某一活动的)方法,原则9 incompetent adj无能力的;不胜任的;不称职的 second-guess v. 事后批评(或品评);耍事后聪明,预言 Value cremation 价值的消亡 听力原文:Yet at this moment of ascendancy in the business world, shareholder value is under fierce attack beyond it, fuelled by a sense that Western economies are not delivering rising prosperity to most people. The criticism falls into two categories. The first is that shareholder value is a licence bad conduct, including skimping on investment, exorbitant pay, high leverage, silly takeovers, ing shenanigans and a craze share buy-backs, which are running at 0 billion a year in America.重点词汇:1 cremation n. 火葬;火化 ascendancy n. 优势;配地位(等于ascendency,ascendence)3 conduct n. 进行;行为;实施 vi. 导电;带领 vt. 管理;引导;表现 skimping 舍不得给;克扣;对…不够用心(skimp的现在分词形式)5 exorbitant adj. (要价等)过高的;(性格等)过分的;不在法律范围之内的6 leverage n. 手段,影响力;杠杆作用;杠杆效率 v. 利用;举债经营7 shenanigan n. 恶作剧;诡计 ing shenanigans 会计做假账8 craze n. 狂热 vt. 使发狂;使产生纹裂 vi. 发狂;产生纹裂听力原文:These things happen, but none has much to do with shareholder value. A premise of “Valuation” is that there is no free lunch. A firm’s worth is based on its long-term operating permance, not financial engineering. It cannot boost its value much by manipulating its capital structure. Optical changes to ing profits don’t matter; cashflow does (a lesson WorldCom and Enron ignored). Leverageboosts headline rates of return but, reciprocally, raises risks (as Lehman found). Buy-backs do not create value, just transfer it between shareholders. Takeovers make sense only if the value of synergies exceeds the premium paid (as Valeant discovered). Pay packages that reward boosts to earnings-per-share and short-term share-price pops are silly.重点词汇:1 premise 前提;假定 manipulating 操纵;假造;手动3 reciprocal 互惠的;相应的 synergy 协同作用,协同增效作用(人或公司共同协作所产生的效果优于各自单独行动的效果)5 premium n. 额外费用;奖金;保险费;(商)溢价 adj. 高价的;优质的6 earnings-per-share 每股收益7 short-term share-price 短期股价听力原文:Outbreaks of madness in markets tend to happen because people are breaking the rules of shareholder value, not enacting them. This is true of the internet bubble of 1999-00, the leveraged buy-out boom of - and the banking crash. That such fiascos occur is a failure of governance and human nature, not of an idea.重点词汇:1 enact vt. 颁布;制定法律;扮演 fiascos 彻底失败 惨败 大为丢脸的失败( fiasco的名词复数 )3 leveraged adj. 杠杆的;杠杆作用的 v. (美)杠杆式投机,举债经营(leverage的过去分词形式)听力原文:The second criticism is weightier: that firms should be run all stakeholders, not just shareholders. In a trite sense the goals of equity-holders and others are aligned. A firm that sufficiently annoys customers, counterparties and staff cannot stay in business. Some bosses, such as Paul Polman of Unilever, and Joe Kaeser at Siemens, say that pursuing social and financial objectives is consistent. But it is disingenuous to pretend conflicts do not arise. A firm with a loss-making factory cannot shut it without destroying jobs.The trouble is identifying a goal that could replace the pursuit of shareholder value. If firms had to promote employment they would be less productive and riskier borrowers, as China is discovering. The objective of maximising wealth is deeply embedded in the global savings system, with asset managers obliged to protect clients’ money. Asking firms to adopt objectives to solve inequality loads a giant problem on their shoulders.重点词汇:1 weightier 重大的(weighty的比较级) stakeholder参与人,参与方;权益关系者3 trite adj. 陈腐的;平庸的;老一套的 equity-holders 权益持有人5 consistent 与…一致的;相符的;符合的;不矛盾的6 disingenuous adj. 虚伪的;不诚实的;不老实的;狡猾的7 embeded v. 嵌入(embed的过去式和过去分词形式) adj. 嵌入式的;植入的;内含的欢迎关注荔枝主播凤梨君 FM18550欢迎关注主播凤梨君 微信号fenglisama 91。

《今The Living Present节选文:李大钊 译:张培基Of all things in the world, I think, the present is the most precious, and also the most apt to slip through our fingers.我以为世间最可宝贵的就是“今”,最易丧失的也是“今”We, theree, treasure it all the more because of its transience.因为他最容易丧失,所以更觉得他可以宝贵Why is the present so precious? The following ation from the philosopher Emerson best serves an answer:;Make use of time if you love eternity; yesterday cannot be recalled; tomorrow cannot be assured; only today is yours.One today is worth two tomorrows.;为什么“今”最可宝贵呢?最好借哲人耶曼孙所说的话答这个疑问:“尔若爱千古,尔当爱现在昨日不能唤回来,明天还不确实,尔能确有把握的就是今日今日一天,当明日两天”Why is the present so easily lost? Because the universe as well as human life is changing non-stop all the time.为什么“今”最易丧失呢?因为宇宙大化刻刻流转,绝不停留Time never tarries with us a bit longer because we treasure and love it.时间这个东西,也不因为吾人贵他爱他稍稍在人间留恋It is hard to tell which moment in the ups and downs of life is our present or now.试问吾人说“今”说“现在”,茫茫百千万劫,究竟哪一刹那是吾人的“今”,是吾人的“现在”呢?What we call our present or now at one time will at the next be quickly gone and become the past.刚刚说他是“今”是“现在”,他早已风驰电掣的一般,已成“过去”了Isnt it a pity to unthinkingly idle away the present?吾人若要糊糊涂涂把他丢掉,岂不可惜? 6。

Good Eats第单元 美味佳肴;Well,; said Mel. ;Our loan has been approved.; ;That great news.; said her best friends Sarah. ;Now, we can open our own restaurant. Lets call it Good Eats!;“跟你说哦,”梅儿说“我们的贷款已经核准了”“真是好消息”她最好的朋友莎拉说道:“我们现在可以开一家自己的餐厅了,就叫它‘美味佳肴’吧!”Now that Mel and Sarah had the money their new place, they had a lot of work to do. First, they had to find a building to rent. Once they did that they started on the renovations. It took over four weeks and a lot of help from friends to get the restaurant y. Then Sarah dealt with all the paperwork and licenses.既然梅儿和莎拉开一家新店的钱已经有了,接下来要做的工作可多了他们必须先祖店面,等租到以后还要开始进行店面的修缮工作他们忙了四个多礼拜,加上很多朋友的帮忙,才总算把餐厅搞定接着莎拉处理了所有书面作业程序和执照事宜After six month of hard work and preparing it was y the grand opening. That night their friends came to the opening. Mel and Sarah served their best dishes.经过六个月的努力和准备,新店终于要隆重开幕了那天晚上,朋友们都来参加他们的开幕典礼,梅儿和莎拉则准备了最好的菜来招待大家At the end of the night, Mel and Sarah sat down admist the pile of dirty plates and empty glasses. ;Im proud of us, Sarah. Starting a new business is a big risk. Who knows if we will be successful in the long run or not? But I am glad we are taking the chance and doing something that we love.; ;Me too.;那晚活动结束后,梅儿和莎拉坐在一堆脏盘子和空杯子中间“我真替我们感到骄傲,莎拉开家新店要冒很大的险,谁晓得我们最后做不做得起来?不过我很高兴我们肯冒险去做我们喜欢的事情”“我也是”。

地点:中央公园咖啡馆人物:菲比,乔伊,莱斯利,莫妮卡,罗斯事件:咖啡馆来了一位新歌手,是菲比曾经的搭档莱斯利,但是她后来抛弃了菲比去写广告歌莱斯利这次来找菲比想和她重归于好,但是遭到了菲比的严词拒绝Phoebe: Actually I said she abandoned me to write jingles.Joey: Ah, anything we might of heard of?Leslie: Ah, yeah, umm. ;Home is never far away…;Monica, Ross, and Joey: ;Home is Home Star stew.;Leslie: Yeah, but, I dont do that anymore. I got kinda sick of it, and then I couldnt come up with anything good, so they fired me.Phoebe: Hmm, bummer.Leslie: Well, I yknow, I was just, umm, I was just thinking and just hoping, that umm, maybe youd want to get back together?Phoebe: No. But thanks.Leslie: Aw come on Phoebe, would you just think about it?Phoebe: Okay. No. But thanks.Leslie: Okay, ah, see ya Pheebs.Joey: Wow, that was kinda brutal.Phoebe: Well Okay, let this be alesson to all of you, all right. Once you, once you betray me, I become like the ice woman, you know. Im just very cold, hard, unyielding, yknow, nothing, nothing can penetrate this icy exterior. Can I have a tissue, please? 38536。