2023考研英語閱讀金色降落傘

　　Golden parachutes

　　金色降落傘

　　Rip-cord economics

　　打開經(jīng)濟(jì)降落傘

　　Pay-offs for the boss need to be better designed

　　企業(yè)老板薪酬結(jié)構(gòu)須改善

　　RICH rewards for departing bosses are not popular.

　　離職的老板還領(lǐng)著厚餉總讓人難以接受。

　　After Sir Fred Goodwin led Royal Bank of Scotland into a ditch and dumped the bill on Britishtaxpayers, he left with a pension of over ￡700,000 a year.

　　弗雷德?古德溫爵士把蘇格蘭皇家銀行推進(jìn)深坑，繼而用英國納稅人的真金白銀買單走人之后，居然每年還享有70萬英鎊的退休金。

　　The Sun, a tabloid, said he had screwed the nation.

　　英國小報(bào)太陽報(bào)直陳其把整個(gè)國家都搞砸了。

　　Yet golden parachutes have their uses.

　　不過金色降落傘條款也并非一無是處。

　　If well-designed, they align the boss s interests moreclosely with those of shareholders.

　　如果妥善擬備該等條款，老板的利益會(huì)更緊密地和股東利益協(xié)調(diào)一致。

　　Suppose, for example, a takeover is brewing.

　　例如，在擬收購的項(xiàng)目中，該等條款的作用就可見一斑。

　　Takeovers are usually lucrative for shareholders of the target firm:

　　對于目標(biāo)公司的股東而言，收購?fù)ǔ?huì)帶來豐厚回報(bào)：

　　in America between 1990 and 2008, they have received a median premium of 35%. But theboss s interests are quite different.

　　在美國1990年至2008年間的收購項(xiàng)目中，目標(biāo)公司股東的收益溢價(jià)中值為35%。

　　If the firm is acquired, he is likely to be fired.

　　但老板的權(quán)益相去甚遠(yuǎn);如果公司最終被收購，其可能官位難保。

　　A golden parachute can persuade the boss not to obstruct a takeover.

　　妥善的金色降落傘條款可促使老板不為收購設(shè)置障礙。

　　But their notoriety dissuades firms from using them.

　　但鑒于該條款通常不受歡迎，公司不太會(huì)動(dòng)用。

　　Dirk Jenter of Stanford University and Katharina Lewellen of Tuck Business School find thatgolden parachutes are rarer and stingier than they should be.

　　斯坦福大學(xué)的德克?珍特和塔克商學(xué)院的卡特琳娜?盧埃林研究認(rèn)為：金色降落傘條款不應(yīng)該像現(xiàn)在這般罕見且苛刻。

　　To test whether bosses block takeovers, they looked at what happens when they are nearingretirement, and therefore have no future career to sacrifice.

　　為核查企業(yè)老板是否會(huì)因其自身原因選擇阻礙收購，這兩位學(xué)者研究了臨近退休的老板會(huì)如何處理收購項(xiàng)目。

　　Using data on American public firms from 1992 to 2008, they found that companies with aboss aged 65 or over were 50% more likely to be taken over.

　　他們分析了1992年至2008年美國上市公司的數(shù)據(jù)，結(jié)果顯示：老板年齡在65歲以上的公司被收購的可能性高出50%。

　　Another paper, by Eliezer Fich and Ralph Walkling of Drexel University and Anh Tran of CassBusiness School,

　　德雷塞爾大學(xué)的埃利澤?芬奇、拉爾夫?沃克林與卡斯商學(xué)院的陳安在一篇共同發(fā)表的論文中指出：

　　found that when golden parachutes are larger, proposed mergers are more likely to becompleted,

　　如果金色降落傘的力度增強(qiáng)，擬合并項(xiàng)目達(dá)成的可能性更大，

　　but buyers pay less for the shares of the target firm.

　　但買方就目標(biāo)公司股份所支付的對價(jià)則減少。

　　The data from Mr Jenter and Ms Lewellen show that when the boss of the target firm is old,buyers pay an average premium of 26%.

　　珍特與盧埃林的統(tǒng)計(jì)數(shù)據(jù)顯示：如果目標(biāo)公司的老板年屆退休，買方支付的平均溢價(jià)為26%;

　　For younger bosses, the premium is 33%.

　　而對于老板年齡較輕的公司，則為33%。

　　This makes sense. If younger bosses are more reluctant to sell, it will cost more toovercome their objections.

　　這就說明了問題所在：年輕的老板相對不太愿意售出其公司，所以買方須支付更高溢價(jià)以平息其反對意見。

　　So boards must strike a balance.

　　所以，董事會(huì)必須尋求一種平衡。

　　If the boss s golden parachute is too miserly, he may block a deal that would benefitshareholders.

　　若金色降落傘條款對企業(yè)老板過于不利，其可能會(huì)干預(yù)對股東有利的交易;

　　If it is too generous, he may fail to negotiate hard with potential buyers.

　　反之，若金色降落傘條款對其過于優(yōu)厚，其可能不愿盡心盡力與擬收購方談判。

　　As with real parachutes, poor design can have serious consequences.

　　跟真正的降落傘一樣，劣質(zhì)的金色降落傘所帶來的后果可能不堪設(shè)想。

　　詞語解釋

　　1.parachute n.降落傘;緩降物

　　The parachute puffed all around.

　　降落傘噗地張開了。

　　2.pension n.養(yǎng)老金;退休金;撫恤金

　　He s got nothing beyond his state pension.

　　除了國家發(fā)的養(yǎng)老金，他一無所有。

　　3.screw v.擰緊;擰;壓榨

　　One of the screws is loose.

　　一只螺絲松了。

　　4.align v.使結(jié)盟;使一致;使成一行

　　Our company should align ourselves with theirs.

　　我們的公司必須與他們的公司合作。

　　5.lucrative a.合算的;獲利的

　　There is a lucrative black market in car fittings.

　　有一個(gè)能賺錢的汽車配件黑市。

　　Golden parachutes

　　金色降落傘

　　Rip-cord economics

　　打開經(jīng)濟(jì)降落傘

　　Pay-offs for the boss need to be better designed

　　企業(yè)老板薪酬結(jié)構(gòu)須改善

　　RICH rewards for departing bosses are not popular.

　　離職的老板還領(lǐng)著厚餉總讓人難以接受。

　　After Sir Fred Goodwin led Royal Bank of Scotland into a ditch and dumped the bill on Britishtaxpayers, he left with a pension of over ￡700,000 a year.

　　弗雷德?古德溫爵士把蘇格蘭皇家銀行推進(jìn)深坑，繼而用英國納稅人的真金白銀買單走人之后，居然每年還享有70萬英鎊的退休金。

　　The Sun, a tabloid, said he had screwed the nation.

　　英國小報(bào)太陽報(bào)直陳其把整個(gè)國家都搞砸了。

　　Yet golden parachutes have their uses.

　　不過金色降落傘條款也并非一無是處。

　　If well-designed, they align the boss s interests moreclosely with those of shareholders.

　　如果妥善擬備該等條款，老板的利益會(huì)更緊密地和股東利益協(xié)調(diào)一致。

　　Suppose, for example, a takeover is brewing.

　　例如，在擬收購的項(xiàng)目中，該等條款的作用就可見一斑。

　　Takeovers are usually lucrative for shareholders of the target firm:

　　對于目標(biāo)公司的股東而言，收購?fù)ǔ?huì)帶來豐厚回報(bào)：

　　in America between 1990 and 2008, they have received a median premium of 35%. But theboss s interests are quite different.

　　在美國1990年至2008年間的收購項(xiàng)目中，目標(biāo)公司股東的收益溢價(jià)中值為35%。

　　If the firm is acquired, he is likely to be fired.

　　但老板的權(quán)益相去甚遠(yuǎn);如果公司最終被收購，其可能官位難保。

　　A golden parachute can persuade the boss not to obstruct a takeover.

　　妥善的金色降落傘條款可促使老板不為收購設(shè)置障礙。

　　But their notoriety dissuades firms from using them.

　　但鑒于該條款通常不受歡迎，公司不太會(huì)動(dòng)用。

　　Dirk Jenter of Stanford University and Katharina Lewellen of Tuck Business School find thatgolden parachutes are rarer and stingier than they should be.

　　斯坦福大學(xué)的德克?珍特和塔克商學(xué)院的卡特琳娜?盧埃林研究認(rèn)為：金色降落傘條款不應(yīng)該像現(xiàn)在這般罕見且苛刻。

　　To test whether bosses block takeovers, they looked at what happens when they are nearingretirement, and therefore have no future career to sacrifice.

　　為核查企業(yè)老板是否會(huì)因其自身原因選擇阻礙收購，這兩位學(xué)者研究了臨近退休的老板會(huì)如何處理收購項(xiàng)目。

　　Using data on American public firms from 1992 to 2008, they found that companies with aboss aged 65 or over were 50% more likely to be taken over.

　　他們分析了1992年至2008年美國上市公司的數(shù)據(jù)，結(jié)果顯示：老板年齡在65歲以上的公司被收購的可能性高出50%。

　　Another paper, by Eliezer Fich and Ralph Walkling of Drexel University and Anh Tran of CassBusiness School,

　　德雷塞爾大學(xué)的埃利澤?芬奇、拉爾夫?沃克林與卡斯商學(xué)院的陳安在一篇共同發(fā)表的論文中指出：

　　found that when golden parachutes are larger, proposed mergers are more likely to becompleted,

　　如果金色降落傘的力度增強(qiáng)，擬合并項(xiàng)目達(dá)成的可能性更大，

　　but buyers pay less for the shares of the target firm.

　　但買方就目標(biāo)公司股份所支付的對價(jià)則減少。

　　The data from Mr Jenter and Ms Lewellen show that when the boss of the target firm is old,buyers pay an average premium of 26%.

　　珍特與盧埃林的統(tǒng)計(jì)數(shù)據(jù)顯示：如果目標(biāo)公司的老板年屆退休，買方支付的平均溢價(jià)為26%;

　　For younger bosses, the premium is 33%.

　　而對于老板年齡較輕的公司，則為33%。

　　This makes sense. If younger bosses are more reluctant to sell, it will cost more toovercome their objections.

　　這就說明了問題所在：年輕的老板相對不太愿意售出其公司，所以買方須支付更高溢價(jià)以平息其反對意見。

　　So boards must strike a balance.

　　所以，董事會(huì)必須尋求一種平衡。

　　If the boss s golden parachute is too miserly, he may block a deal that would benefitshareholders.

　　若金色降落傘條款對企業(yè)老板過于不利，其可能會(huì)干預(yù)對股東有利的交易;

　　If it is too generous, he may fail to negotiate hard with potential buyers.

　　反之，若金色降落傘條款對其過于優(yōu)厚，其可能不愿盡心盡力與擬收購方談判。

　　As with real parachutes, poor design can have serious consequences.

　　跟真正的降落傘一樣，劣質(zhì)的金色降落傘所帶來的后果可能不堪設(shè)想。

　　詞語解釋

　　1.parachute n.降落傘;緩降物

　　The parachute puffed all around.

　　降落傘噗地張開了。

　　2.pension n.養(yǎng)老金;退休金;撫恤金

　　He s got nothing beyond his state pension.

　　除了國家發(fā)的養(yǎng)老金，他一無所有。

　　3.screw v.擰緊;擰;壓榨

　　One of the screws is loose.

　　一只螺絲松了。

　　4.align v.使結(jié)盟;使一致;使成一行

　　Our company should align ourselves with theirs.

　　我們的公司必須與他們的公司合作。

　　5.lucrative a.合算的;獲利的

　　There is a lucrative black market in car fittings.

　　有一個(gè)能賺錢的汽車配件黑市。