标题: OG Verbal 关于一段文章的细致分析请教 [打印本页] 作者: DmsCyyS 时间: 2011-8-31 06:35 标题: OG Verbal 关于一段文章的细致分析请教
Findings from several studies on 为何公司搞合并？
corporate mergers and acquisitions
during the 1970’s and 1980’s raise
Line questions about why firms initiate and
(5) consummate such transactions. One 后果1，收购公司不能维持被购
study showed, for example, that acquir- 公司的利润。
ing firms were on average unable to
maintain acquired firms’ pre-merger
levels of profitability. A second study 后果2，收购后的收益不能弥
(10) concluded that post-acquisition gains 补收购成本。
to most acquiring firms were not ade-
quate to cover the premiums paid
to obtain acquired firms. A third 后果3，收购公司股价上升放缓
demonstrated that, following the
(15) announcement of a prospective
merger, the stock of the prospective
acquiring firm tends to increase in
value much less than does that of
the firm for which it bids. Yet merg- 但收购仍然普遍，说为了经济。
(20) ers and acquisitions remain common,
and bidders continue to assert that
their objectives are economic ones.
Acquisitions may well have the desir- 收购可能优化国家资源，但其
able effect of channeling a nation’s 实是执行者出于自身或公司利
(25) resources efficiently from less to 益。
more efficient sectors of its economy,
but the individual acquisitions execu-
tives arranging these deals must see
them as advancing either their own or
(30) their companies’ private economic
interests. It seems that factors hav- 似乎收购原因是一些非经济
ing little to do with corporate economic 利益因素。
interests explain acquisitions. These
factors may include the incentive 因素列举。
(35) compensation of executives, lack
of monitoring by boards of directors,
and managerial error in estimating the
value of firms targeted for acquisition.
Alternatively, the acquisition acts of 或者是经理们相互效仿。
(40) bidders may derive from modeling:
a manager does what other man-
agers do.
如果是因为经济利益的话，但你怎么解释这题？
The author of the passage mentions the effect of acquisitions on national economiesmost probably in order to
(A) provide an explanation for themergers and acquisitions of the 1970s and 1980soverlooked by the findings discussed in the passage
(B) suggest that national economic interests played an important role in themergers and acquisitions of the 1970s and 1980s
(C) support a noneconomic explanation for the mergers and acquisitions of the 1970s and 1980s that was cited earlier in the passage
(D) cite and point out the inadequacy of one possible explanation for the prevalence of mergers and acquisitions during the 1970s and 1980s
(E) explain how modeling affected the decisions made bymanagers involved inmergers and acquisitions during the 1970s and 1980s
答案选D，OG的解释是反驳投资者们说企业并购是因为经济利益的说法（L16-17）。并且23行说并购是因为企业或个人的经济利益，24行又说和企业的经济利益无关？作者: ChinaHawk 时间: 2011-9-1 21:00
Acquisitions may well have the desirable effect of channeling a nation’s resources efficiently from less to more efficient sectors of its economy, but the individual acquisitions executives arranging these deals must see them as advancing either their own or their companies’ private economic interests. 这段话可不可以这样理解呢：收购的客观作用是可以优化经济资源配置，但是对于公司的决策者而言，他们并购的出发点，肯定是要么为了个人经济利益，要么是为了公司的经济利益。下文也提到了It seems that factors having little to do with corporate economic interests explain acquisitions. These factors may include the incentive compensation of executives, lack of monitoring by boards of directors, and managerial error in estimating the value of firms targeted for acquisition.
因此，正确答案是D，The author of the passage mentions the effect of acquisitions on national economies most probably in order to cite and point out the inadequacy of one possible explanation for the prevalence of mergers and acquisitions during the 1970s and 1980s. 实际上，作者提出优化经济资源配置，只是在讲述一个inadequate possible explanation，作者真正想说的陈述的原因应是It seems that factors having little to do with corporate economic interests explain acquisitions.
我对这篇文章的感觉是好像是经过改编的，但是改编的时候删减的内容过多，导致从25行到35行缺少自然的过渡。前面说要么是为了个人利益要么为了公司利益，然后紧接着突然说seems that factors having little to do with corporate economic interests explain acquisitions. 个人觉得有点突兀。
我是第一次发帖，还没有着手准备考GMAT。以上如理解有误的地方，大家见谅啊。作者: DmsCyyS 时间: 2011-9-2 21:19
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