2023考研英語(yǔ)閱讀雙重股份結(jié)構(gòu)
Dual-class share structures
雙重股份結(jié)構(gòu)
The cost of control
控制的成本
The trouble with non-voting shares
沒(méi)有表決權(quán)的股票帶來(lái)的麻煩
SHAREHOLDERS in News Corporation have only themselves to blame.
資訊集團(tuán)的股東只能怪他們自己。
When they entrusted Rupert Murdoch with their money, they knew he would not let them tellhim what to do with it.
當(dāng)初他們信任魯伯特默多克，把自己的錢(qián)交給他時(shí)并沒(méi)指望默多克會(huì)按照他們的意愿投資。
The Murdoch family owns about 12% of the company but controls almost 40% of the votes,through a special class of shares which have superior voting rights.
默多克家族擁有公司12%的股份，不過(guò)通過(guò)一個(gè)特設(shè)的控股階層該階層有優(yōu)先投票權(quán)掌控著40%的選票。
Such dual-class share structures are quite common,especially at media firms.
如此這般的雙重階級(jí)股份結(jié)構(gòu)很普遍，尤其是在多媒體行業(yè)。
They can shield managers from stockmarket short-termism and hostile takeovers. But theycause problems, too.
這樣經(jīng)理人能避開(kāi)短期證券交易和不懷好意的接管，但問(wèn)題也是有的。
Two studies of American firms by Paul Gompers, Joy Ishii and Andrew Metrick, covering theyears from 1994 to 2002, found that dual-class firms perform worse than comparablefirms where all shares confer equal voting rights.
1994年到2002年，從Paul Gompers，Joy Ishii 和 Andrew Metrick主持的兩個(gè)關(guān)于美國(guó)公司的研究發(fā)現(xiàn)雙重結(jié)構(gòu)的公司比那些實(shí)行平等投票的企業(yè)，表現(xiàn)要糟糕。
Dual-class firms are fonder of debt than equity, to prevent the dilution of controllingstakes.
雙重階級(jí)公司比起普通股更熱衷債權(quán)，以防止所控股被削弱。
Yet surprisingly, their shares do not trade at a big discount on stockmarkets.
但讓人驚訝的是，他們的股票并未在證券市場(chǎng)受到賤價(jià)售賣的待遇。
A study by Chad Zutter and Scott Smart found that dual-class initial public offeringsachieved only slightly lower price-earnings and price-sales ratios than comparablesingle-class IPOs.
由Chad Zutter和Scott Smart所做的一項(xiàng)調(diào)查發(fā)現(xiàn)，雙階級(jí)公司首次公開(kāi)發(fā)售的股份，比起單階級(jí)公司，本益比和營(yíng)收比只稍微低了一點(diǎn)點(diǎn)。
Nor does this strange ownership model show any sign of going out of fashion.
這種陌生的所有權(quán)形式也沒(méi)顯露出任何過(guò)時(shí)的信號(hào)。
There were 12 dual-class IPOs in America last year, not far from the norm for the nine-yearperiod in the 1990s studied by Mr Zutter and Mr Smart.
根據(jù)Zutter 先生和 Smart先生的調(diào)查，去年在美國(guó)首次公開(kāi)發(fā)行股票的公司里有12家是雙級(jí)公司，與90年代的九年階段標(biāo)準(zhǔn)差不多。
Dual-class structures are not just a way for press barons to keep their hands on the hatchetwith which they threaten governments.
雙階級(jí)結(jié)構(gòu)不僅是報(bào)業(yè)巨頭依之拿捏政府的厲斧。
Internet firms love them, too, since they allow founders brimming with self-belief to raisecash without surrendering control.
因特網(wǎng)公司也愛(ài)他們，因?yàn)檫@種形式能使公司的創(chuàng)始人放手集資而不必顧及周遭的控制。
Google s IPO in 2004 involved two classes of share.
谷歌2004年首次公開(kāi)發(fā)行股票是有兩級(jí)股票，
LinkedIn followed suit this year.
今年LinkedIn也隨之仿效。
The IPO filings of Zynga and Groupon would also grant managers control over votingrights.
而Zynga和Groupon首次公開(kāi)發(fā)行股票的文件也給予了經(jīng)理人大于控制投票權(quán)的權(quán)力。
Investors who seek long-term gains may be happy to cede control if they think the boss is agenius.
如果覺(jué)得那個(gè)企業(yè)的老板是個(gè)天才，那些追求長(zhǎng)期盈利的投資者也許樂(lè)意放棄控制權(quán)。
It worked for the holders of B shares in Warren Buffett s Berkshire Hathaway.
手握Berkshire HathawayB型股票的投資者就是，該公司老板是Warren Buffett。
It once worked for investors in Mr Murdoch, too.
曾經(jīng)默多克先生的投資者也是，
But tech punters have not been so lucky.
不過(guò)那些看好技術(shù)的就沒(méi)這么好運(yùn)了。
The number of dual-class firms listed in America fell from 482 in 2000 to 362 in 2002 as thedotcom bubble burst.
網(wǎng)絡(luò)泡沫的破滅使美國(guó)的雙級(jí)公司數(shù)量從2000年的482家減到了2002年的362家。
If the current internet boom follows a similar path, News Corporation shareholders will notbe the only ones feeling second-class.
如果現(xiàn)今興旺的因特網(wǎng)產(chǎn)業(yè)也是如此，那么資訊集團(tuán)的股東將不會(huì)是唯一感到被看成二流的人。
詞語(yǔ)解釋
1.corporation n.公司;法人
He works for a large American corporation.
他為美國(guó)一家大型公司工作。
2.superior n.上級(jí);高手
He always does what his superiors tell him.
他惟上級(jí)之命是從。
3.structure n.結(jié)構(gòu);構(gòu)造
Can you analyze the structure of the sentence for me?
你能給我分析一下這個(gè)句子的結(jié)構(gòu)嗎?
4.perform v.執(zhí)行;履行
Every manager must perform some duties of a ceremonial nature.
每個(gè)管理者必須執(zhí)行一些禮儀性的任務(wù)。
5.dilution n.稀釋;沖淡
Cardiac output was measured by thermo dilution.
用熱稀釋法測(cè)定心輸出量。
Dual-class share structures
雙重股份結(jié)構(gòu)
The cost of control
控制的成本
The trouble with non-voting shares
沒(méi)有表決權(quán)的股票帶來(lái)的麻煩
SHAREHOLDERS in News Corporation have only themselves to blame.
資訊集團(tuán)的股東只能怪他們自己。
When they entrusted Rupert Murdoch with their money, they knew he would not let them tellhim what to do with it.
當(dāng)初他們信任魯伯特默多克，把自己的錢(qián)交給他時(shí)并沒(méi)指望默多克會(huì)按照他們的意愿投資。
The Murdoch family owns about 12% of the company but controls almost 40% of the votes,through a special class of shares which have superior voting rights.
默多克家族擁有公司12%的股份，不過(guò)通過(guò)一個(gè)特設(shè)的控股階層該階層有優(yōu)先投票權(quán)掌控著40%的選票。
Such dual-class share structures are quite common,especially at media firms.
如此這般的雙重階級(jí)股份結(jié)構(gòu)很普遍，尤其是在多媒體行業(yè)。
They can shield managers from stockmarket short-termism and hostile takeovers. But theycause problems, too.
這樣經(jīng)理人能避開(kāi)短期證券交易和不懷好意的接管，但問(wèn)題也是有的。
Two studies of American firms by Paul Gompers, Joy Ishii and Andrew Metrick, covering theyears from 1994 to 2002, found that dual-class firms perform worse than comparablefirms where all shares confer equal voting rights.
1994年到2002年，從Paul Gompers，Joy Ishii 和 Andrew Metrick主持的兩個(gè)關(guān)于美國(guó)公司的研究發(fā)現(xiàn)雙重結(jié)構(gòu)的公司比那些實(shí)行平等投票的企業(yè)，表現(xiàn)要糟糕。
Dual-class firms are fonder of debt than equity, to prevent the dilution of controllingstakes.
雙重階級(jí)公司比起普通股更熱衷債權(quán)，以防止所控股被削弱。
Yet surprisingly, their shares do not trade at a big discount on stockmarkets.
但讓人驚訝的是，他們的股票并未在證券市場(chǎng)受到賤價(jià)售賣的待遇。
A study by Chad Zutter and Scott Smart found that dual-class initial public offeringsachieved only slightly lower price-earnings and price-sales ratios than comparablesingle-class IPOs.
由Chad Zutter和Scott Smart所做的一項(xiàng)調(diào)查發(fā)現(xiàn)，雙階級(jí)公司首次公開(kāi)發(fā)售的股份，比起單階級(jí)公司，本益比和營(yíng)收比只稍微低了一點(diǎn)點(diǎn)。
Nor does this strange ownership model show any sign of going out of fashion.
這種陌生的所有權(quán)形式也沒(méi)顯露出任何過(guò)時(shí)的信號(hào)。
There were 12 dual-class IPOs in America last year, not far from the norm for the nine-yearperiod in the 1990s studied by Mr Zutter and Mr Smart.
根據(jù)Zutter 先生和 Smart先生的調(diào)查，去年在美國(guó)首次公開(kāi)發(fā)行股票的公司里有12家是雙級(jí)公司，與90年代的九年階段標(biāo)準(zhǔn)差不多。
Dual-class structures are not just a way for press barons to keep their hands on the hatchetwith which they threaten governments.
雙階級(jí)結(jié)構(gòu)不僅是報(bào)業(yè)巨頭依之拿捏政府的厲斧。
Internet firms love them, too, since they allow founders brimming with self-belief to raisecash without surrendering control.
因特網(wǎng)公司也愛(ài)他們，因?yàn)檫@種形式能使公司的創(chuàng)始人放手集資而不必顧及周遭的控制。
Google s IPO in 2004 involved two classes of share.
谷歌2004年首次公開(kāi)發(fā)行股票是有兩級(jí)股票，
LinkedIn followed suit this year.
今年LinkedIn也隨之仿效。
The IPO filings of Zynga and Groupon would also grant managers control over votingrights.
而Zynga和Groupon首次公開(kāi)發(fā)行股票的文件也給予了經(jīng)理人大于控制投票權(quán)的權(quán)力。
Investors who seek long-term gains may be happy to cede control if they think the boss is agenius.
如果覺(jué)得那個(gè)企業(yè)的老板是個(gè)天才，那些追求長(zhǎng)期盈利的投資者也許樂(lè)意放棄控制權(quán)。
It worked for the holders of B shares in Warren Buffett s Berkshire Hathaway.
手握Berkshire HathawayB型股票的投資者就是，該公司老板是Warren Buffett。
It once worked for investors in Mr Murdoch, too.
曾經(jīng)默多克先生的投資者也是，
But tech punters have not been so lucky.
不過(guò)那些看好技術(shù)的就沒(méi)這么好運(yùn)了。
The number of dual-class firms listed in America fell from 482 in 2000 to 362 in 2002 as thedotcom bubble burst.
網(wǎng)絡(luò)泡沫的破滅使美國(guó)的雙級(jí)公司數(shù)量從2000年的482家減到了2002年的362家。
If the current internet boom follows a similar path, News Corporation shareholders will notbe the only ones feeling second-class.
如果現(xiàn)今興旺的因特網(wǎng)產(chǎn)業(yè)也是如此，那么資訊集團(tuán)的股東將不會(huì)是唯一感到被看成二流的人。
詞語(yǔ)解釋
1.corporation n.公司;法人
He works for a large American corporation.
他為美國(guó)一家大型公司工作。
2.superior n.上級(jí);高手
He always does what his superiors tell him.
他惟上級(jí)之命是從。
3.structure n.結(jié)構(gòu);構(gòu)造
Can you analyze the structure of the sentence for me?
你能給我分析一下這個(gè)句子的結(jié)構(gòu)嗎?
4.perform v.執(zhí)行;履行
Every manager must perform some duties of a ceremonial nature.
每個(gè)管理者必須執(zhí)行一些禮儀性的任務(wù)。
5.dilution n.稀釋;沖淡
Cardiac output was measured by thermo dilution.
用熱稀釋法測(cè)定心輸出量。
