商务英语阅读(第二版) 王关富 Unit13 private equity 课后答案.doc

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1、Unit13TheBusinessofMakingMoneyExercises1.Questionsonthetext:1)Whatarethelatestdevelopmentsinprivateequityinrecentyears?Comparedtothe1980s,thetargetsoftoday’sprivateequitygroupsaremuchbiggerinsize.Inrecentyears,theprivateequityindustryhasraisedrecordmoneyanditsshareofm

2、ergersandacquisitionshasgrownmassively.Theindustryhasalsobecomeabywordformoney-makingskillsbutitswealthhasalsobroughtmanyenemies.2)Accordingtothearticle,whatarethemaininconveniencesforacompanytobeapubliclyquotedcompany?Themaininconveniencesforapubliclyquotedcompanyinc

3、lude:itsexecutiveshavetofaceintrusivemediacoverage;ithastoobeystrictandlongcorporate-governancecodes;italsohastofacethethreatsofactivistinvestorsandshortsellersandthescrutinybysomepoliticians.3)Whatarethemainreasonsforacompanytogetlistedonastockmarket?Traditionallythe

4、rearethreemainreasonstogetacompany’ssharelistedonastockmarket.Thefirstistoraisecapital,eithertoexpandthebusinessortoallowthefounderstorealisetheirwealth.Thesecondistohelpretainstaff,whocanbeofferedshareoptionsasanincentivetostayandworkhard.Thethirdinvolvesprestige;cus

5、tomers,suppliersandpotentialemployeesmaybereassured(andattracted)bytheapparentsealofapprovalgivenbyapubliclisting.Meanwhile,beingpubliclylistedgivesacompanybetteraccesstofundinvestorsandretailinvestors.4)WhyarecompaniesintheAnglo-Saxoneconomiesreluctanttoborrowfromban

6、ks?CompaniesintheAnglo-Saxoneconomieswerereluctanttoborrowfrombanksbecausetheiroftenfeltnervousaboutthepossibilityofthesuddenwithdrawalofcreditfromthebanks,duetoachangeinlendingpolicy,newmanagementoraneconomicdownturn.5)Accordingtothearticle,whatarethemainsourcesforto

7、day’scompaniestoraisemoney(includingequitycapitalanddebt)?Nowadaysthemainsourcesforcompaniestoraisemoneyare:first,equitymarket;second,banks,thoughmuchlessimportantthantheyusedtobe;third,bondmarket;fourth,privateequity.6)Howdoprivate-equityfirmsrespondtotheproblemsiden

8、tifiedbyProfessorJensenwithregardtopubliccompanies?ProfessorJensenarguedthatthestructureofapubliccompanycreatesaninherentcon