3The Venture Capital Cycle. Paul A. Gompers and Jose Lerner. The MIT Press, Cambridge, Massachusetts

How Berlin has become a centre for European venture capital （柏林是如何成为欧洲风险投资中⼼的）For Brits of a certain age and inclination, Berlin is a city that is forever linked with David Bowie. When he lived there in the late 1970s, Bowie’s life was in flux. He was estranged from his wife, splitting from his management and trying to slough off rock-star excess. Berlin was similarly unsettled: a refuge for artists, misfits and draft-dodgers on the front line of the Cold War. Bowie lived anonymously above a car-parts store. He did some of his best work there. 对于⼀定的年纪和爱好的英国⼈来说，柏林是⼀个永远与⼤卫·鲍伊相连的城市。

当他在1970年后期居住在柏林的时候，鲍伊的⽣活⼀直在变化。

他与妻⼦决裂，同经纪⼈分解，并且尝试放弃摇滚明星的⾝份。

柏林也同样在动荡中：⼀个艺术家、不善于⽣活的⼈，从冷战前线逃兵役的⼈的避难所。

鲍伊化名⽣活在⼀个汽车零件商店。

他在那⾥创作出⼀部分他最好的作品。

The block of flats where Bowie lived with Iggy Pop, another celebrated rock star, still stands. Berlin remains an edgy, in-between sort of place—it is Germany’s capital, but is not quite German. And it remains a place where people go to try something new. It now vies with London and Paris as Europe’s leading hub for technology startups.鲍伊和另外⼀个摇滚明星伊基·波普住的公寓房间，仍然还在。

□财会月刊·全国优秀经济期刊□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□与其他行业相比，跨地域的大型装饰公司在组织装饰工程施工时，选择材料的难度很大，不可能将所有材料都从母公司带到施工现场，这样做一方面运输成本太高，另一方面不同地区对不同材料的品质要求不一样，因而大量的材料需要在施工所在地区选择采购。

面对日益加剧的市场竞争和多变的市场环境，如何结合装饰行业自身的特点，在确保装饰工程质量的前提下，降低采购成本是提高装饰企业市场竞争力的关键。

合理选择装饰材料销售商是解决此问题的有效手段之一。

关于制造业供应链的组建以及供应商的选择问题，已经有很多学者进行了相关的研究，如层次分析法、虚拟供应链的组建、供应链合作伙伴的选择等，这些研究主要是在制造业的领域进行的，而装饰工程领域这方面的研究比较少见，装饰工程领域很有自身的特点，一是装饰工程产品单一，二是装饰工程受环境影响较大（如天气影响、地域差异等），制造业领域的成果一般不能直接应用于装饰工程领域。

另外为了达到装饰效果的最佳以及最大限度的满足客户的要求，需要考虑多材料的综合性能指标。

因此，本文基于装饰工程采购的实际需求，结合制造业供应商选择的思想，建立了适合多装饰材料销售商选择的改进蚁群算法，并详细阐述了算法的求解过程。

一、模型建立1.评价指标的确定。

在一般供应商评价指标的确定上，国内外都做过大量的研究。

本文根据装饰企业的特点，选取装饰材料的价格（P ）、材料质量（Q ）、售后服务（S ）、品牌效应（装饰效果）（X ）、资金占用（F ）、交货期（T ）6项作为评价指标。

其中，产品价格、产品质量、资金占用、交货期为定量指标，售后服务、品牌效果为定性指标。

装饰材料的价格是指材料运送到施工现场的总成本。

质量是销售商的材料满足装饰企业需求的程度，用合格率表示。

售后服务是指销售商对其销售的材料售后维护的能力，能力越大服务响应的速度越快，质量越好。

公司理财习题答案第十四章Chapter 14: Long-Term Financing: An Introduction14.1 a. C om m on Stock A ccountPar V alue$135,430$267,715 shares ==b. Net capital from the sale of shares = Common Stock + Capital SurplusNet capital = $135,430 + $203,145 = $338,575Therefore, the average price is $338,575 / 67,715 = $5 per shareAlternate solution:Average price = Par value + Average capital surplus= $2 + $203,145 / 67,715= $5 per sharec. Book value = Assets - Liabilities = Equity= Common stock + Capital surplus + Retained earnings= $2,708,600Therefore, book value per share is $2,708,600 / 67,715= $40.14.2 a. Common stock = (Shares outstanding ) x (Par value)= 500 x $1= $500Total = $150,500b.Common stock (1500 shares outstanding, $1 par) $1,500Capital surplus* 79,000Retained earnings 100,000Total $180,500* Capital Surplus = Old surplus + Surplus on sale= $50,000 + ($30 - $1) x 1,000=$79,00014.3 a. Shareholders’ equityCommon stock ($5 par value; authorized 500,000shares; issued and outstanding 325,000 shares)$1,625,000 Capital in excess of par* 195,000Retained earnings** 3,794,600Total $5,614,600*Capital surplus = 12% of Common Stock= (0.12) ($1,625,000)= $195,000**Retained earnings = Old retained earnings + Net income - Dividends= $3,545,000 + $260,000 - ($260,000)(0.04)= 3,794,600b. Shareholders’ equity$1,750,000Common stock ($5 par value; authorized 500,000shares; issued and outstanding 350,000 shares)Capital in excess of par* 170,000Retained earnings 3,794,600Total $5,714,600*Capital surplus is reduced by the below par sale, i.e. $195,000 - ($1)(25,000) =$170,00014.4 a. Under straight voting, one share equals one vote. Thus, to ensure the election of onedirector you must hold a majority of the shares. Since two million shares areoutstanding, you must hold more than 1,000,000 shares to have a majority of votes.b. Cumulative voting is often more easily understood through a story. Remember thatyour goal is to elect one board member of the seven who will be chosen today.Suppose the firm has 28 shares outstanding. You own 4 of the shares and one otherperson owns the remaining 24 shares. Under cumulative voting, the total number ofvotes equals the number of shares times the number of directors being elected,(28)(7) = 196. Therefore, you have 28 votes and the other stockholder has 168 votes.Also, suppose the other shareholder does not wish to have your favorite candidateon the board. If that is true, the best you can do to try to ensure electing onemember is to place all of your votes on your favorite candidate. To keep yourcandidate off the board, the other shareholder must have enough votes to elect allseven members who will be chosen. If the other shareholder splits her votes evenlyacross her seven favorite candidates, then eight people, your one favorite and herseven favorites, will all have the same number of votes. There will be a tie! If shedoes not split her votes evenly (for example 29 28 28 28 28 28 27) then yourcandidate will win a seat. To avoid a tie and assure your candidate of victory, youmust have 29 votes which means you must own more than 4 shares.Notice what happened. If seven board members will be elected and you want to becertain that one of your favorite candidates will win, you must have more than one-eighth of the shares. That is, the percentage of the shares you must have to win ismore than1.(The num ber of m em bers being elected The num ber you w ant to select)Also notice that the number of shares you need does not change if more than oneperson owns the remaining shares. If several people owned the remaining 168shares they could form a coalition and vote together.Thus, in the Unicorn election, you will need more than 1/(7+1) = 12.5% of theshares to elect one board member. You will need more than (2,000,000) (0.125) =250,000 shares.Cumulative voting can be viewed more rigorously. Use the facts from the Unicornelection. Under cumulative voting, the total number of votes equals the number of公司理财习题答案第十四章shares times the number of directors being elected, 2,000,000 x 7 = 14,000,000. Let x be the number of shares you need. The number of shares necessary is7x14,000,0007x7x250,000.>-==>> You will need more than 250,000 shares.14.5 She can be certain to have one of her candidate friends be elected under the cumulativevoting rule. The lowest percentage of shares she needs to own to elect at least one out of 6candidates is higher than 1/7 = 14.3%. Her current ownership of 17.3% is more thanenough to ensure one seat. If the voting rule is staggered as described in the question, shewould need to own more than 1/4=25% of the shares to elect one out of the three candidatesfor certain. In this case, she will not have enough shares.14.6 a. You currently own 120 shares or 28.57% of the outstanding shares. You need to control 1/3 of the votes, which requires 140 shares. You need just over 20 additionalshares to elect yourself to the board.b. You need just over 25% of the shares, which is 250,000 shares. At $5 a share it willcost you $2,500,000 to guarantee yourself a seat on the board.14.7 The differences between preferred stock and debt are:a. The dividends of preferred stock cannot be deducted as interest expenses whendetermining taxable corporate income. From the individual investor’s point of view,preferred dividends are ordinary income for tax purposes. From corporate investors,80% of the amount they receive as dividends from preferred stock are exempt fromincome taxes.b. In liquidation, the seniority of preferred stock follows that of the debt and leads thatof the common stock.c. There is no legal obligation for firms to pay out preferred dividends as opposed tothe obligated payment of interest on bonds. Therefore, firms cannot be forced intodefault if a preferred stock dividend is not paid in a given year. Preferred dividendscan be cumulative or non-cumulative, and they can also be deferred indefinitely.14.8 Some firms can benefit from issuing preferred stock. The reasons can be:a. Public utilities can pass the tax disadvantage of issuing preferred stock on to theircustomers, so there is substantial amount of straight preferred stock issued byutilities.b. Firms reporting losses to the IRS already don’t have positive income for taxdeduction, so they are not affected by the tax disadvantage of dividend vs. interestpayment. They may be willing to issue preferred stock.c. Firms that issue preferred stock can avoid the threat of bankruptcy that exists withdebt financing because preferred dividends are not legal obligation as interestpayment on corporate debt.14.9 a. The return on non-convertible preferred stock is lower than the return on corporatebond for two reasons:i. Corporate investors receive 80% tax deductibility on dividends if they hold thestock. Therefore, they are willing to pay more for the stock; that lowers its return.ii. Issuing corporations are willing and able to offer higher returns on debt since theinterest on the debt reduces their tax liabilities. Preferred dividends are paid outof net income, hence they provide no tax shield.b. Corporate investors are the primary holders of preferred stock since, unlikeindividual investors, they can deduct 80% of the dividend when computing their taxliability. Therefore, they are willing to accept the lower return which the stockgenerates.14.10 The following table summarizes the main difference between debt and equity.Debt EquityRepayment is an obligation of the firm Yes NoGrants ownership of the firm No YesProvides a tax shield Yes NoLiquidation will result if not paid Yes NoCompanies often issue hybrid securities because of the potential tax shield and thebankruptcy advantage. If the IRS accepts the security as debt, the firm can use it as a tax shield. If the security maintains the bankruptcy and ownership advantages of equity, the firm has the best of both worlds.14.11 The trends in long-term financing in the United States were presented in the text. If CableCompany follows the trends, it will probably use 80% internal financing, net income of the project plus depreciation less dividends, and 20% external financing, long term debt and equity.。

公司理财习题答案第十九章Chapter 19: Issuing Equity Securities to the Public19.1 a. A general cash offer is a public issue of a security that is sold to all interestedinvestors. A general cash offer is not restricted to current stockholders.b. A rights offer is an issuance that gives the current stockholders the opportunity tomaintain a proportionate ownership of the company. The shares are offered to thecurrent shareholders before they are offered to the general public.c. A registration statement is the filing with the SEC, which discloses all pertinentinformation concerning the corporation that wants to make a public offering.d. A prospectus is the legal document that must be given to every investor whocontemplates purchasing registered securities in a public offering. The prospectusdescribes the details of the company and the particular issue.e. An initial public offering (IPO) is the original sale of a company’s securities to thepublic. An IPO is also called an unseasoned issue.f. A seasoned new issue is a new issue of stock after the company’s securities havepreviously been publicly traded.g. Shelf registration is an SEC procedure, which allows a firm to file a masterregistration statement summarizing the planned financing for a two year period.The firm files short forms whenever it wishes to sell any of the approved masterregistration securities during the two year period.19.2 a. The Securities Exchange Act of 1933 regulates the trading of new, unseasonedsecurities.b. The Securities Exchange Act of 1934 regulates the trading of seasoned securities.This act regulates trading in what is called the secondary market.19.3 Competitive offer and negotiated offer are two methods to select investment bankers forunderwriting. Under the competitive offers, the issuing firm can award its securities to the underwriter with the highest bid, which in turn implies the lowest cost. On the other hand, in negotiated deals, underwriter gains much information about the issuing firm throughnegotiation, which helps increase the possibility of a successful offering.19.4 a. Firm commitment underwriting is an underwriting in which an investment bankingfirm commits to buy the entire issue. It will then sell the shares to the public. Theinvestment banking firm assumes all financial responsibility for any unsold shares.b. A syndicate is a group of investment banking companies that agree to cooperate in ajoint venture to underwrite an offering of securities.c. The spread is the difference between the underwriter’s buying price and the offeringprice. The spread is a fee for the services of the underwriting syndicate.d. Best efforts underwriting is an offering in which the underwriter agrees to distributeas much of the offering as possible. Any unsold portions of the offering are returnedto the issuing firm.19.5 a. The risk in a firm commitment underwriting is borne by the underwriter(s). Thesyndicate agrees to purchase all of an offering. Then they sell as much of it aspossible. Any unsold shares remain the responsibility of the underwriter(s). Therisk that the security’s price may become unfavorable also lies with theunderwriter(s).b. The issuing firm bears the risk in a best efforts underwriting. The underwriter(s)agrees to make its best effort to sell the securities for the firm. Any unsoldsecurities are the responsibility of the firm.19.6 In general, the new price per share after the offering is:P = (market value + proceeds from offering) / total number of sharesi. At $40 P = ($400,000 + ($40 x 5,000)) / 15,000 =$40ii. At $20 P = ($400,000 + ($20 x 5,000)) / 15,000 = $33.33iii. At $10 P = ($400,000 + ($10 x 5,000)) / 15,000 = $3019.7 The poor performance result should not surprise the professor. Since he subscribed to everyinitial public offering, he was bound to get fewer superior performers and more poorperformers. Financial analysts studied the companies and separated the bad prospects from the good ones. The analysts invested in only the good prospects. These issues becameoversubscribed. Since these good prospects were oversubscribed, the professor received a limited amount of stock from them. The poor prospects were probably under-subscribed, so he received as much of their stock as he desired. The result was that his performance was below average because the weight on the poor performers in his portfolio was greater than the weight on the superio r performers. This result is called the winner’s curse. The professor “won” the shares, but his bane was that the shares he “won” were poorperformers.19.8 There are two possible reasons for stock price drops on the announcement of a new equityissue:i. M anagement may attempt to issue new shares of stock when the stock is over-valued, that is, the intrinsic value is lower than the market price. The price drop isthe result of the downward adjustment of the overvaluation.ii. W ith the increase of financial distress possibility, the firm is more likely to raise capital through equity than debt. The market price drops because it interprets theequity issue announcement as bad news.19.9 The costs of new issues include underwriter’s spread, direct and indirect expenses, negativeabnormal returns associated with the equity offer announcement, under-pricing, and green-shoe option.19.10 a. $12,000,000/$15 = 800,000b. 2,400,000/800,000 = 3c. The shareholders must remit $15 and three rights for each share of new stock theywish to purchase.19.11 a. In general, the ex-rights price isP = (Market value + Proceeds from offering) / Total number of sharesP = ($25 x 100,000 + $20 x 10,000) / (100,000 + 10,000) = $24.55b. The value of a right is the difference between the rights-on price of the stock andthe ex-rights price of the stock. The value of a right is $0.45 (=$25 - $24.55).Alternative solution:The value of a right can also be computed as:(Ex-rights price - Subscription price) / Number of rights required to buy a share ofstockValue of a right = ($24.55 - $20) / 10 = $0.45c. The market value of the firm after the issue is the number of shares times the ex-rights price.Value = 110,000 x $24.55 $2,700,000 (Note that the exact ex-rights price is$24.5454.)公司理财习题答案第十九章d. The most important reason to offer rights is to reduce issuance costs. Also, rightsofferings do not dilute ownership and they provide shareholders with moreflexibility. Shareholders can either exercise or sell their rights.19.12 The value of a right = $50 - $45 = $5The number of new shares = $5,000,000 / $25 = 200,000The number of rights / share = ($45 - $25) / $5 = 4The number of old shares = 200,000 x 4 = 800,00019.13 a. Assume you hold three shares of the company’s stock. The value of your holdingsbefore you exercise your rights is 3 x $45 = $135. When you exercise, you mustremit the three rights you receive for owning three shares, and ten dollars. You haveincreased your equity investment by $10. The value of your holdings is $135 + $10= $145. After exercise, you own four shares of stock. Thus, the price per share ofyour stock is $145 / 4 = $36.25.b. The value of a right is the difference between the rights-on price of the stock andthe ex-rights price of the stock. The value of a right is $8.75 (=$45 - $36.25).c. The price drop will occur on the ex-rights date. Although the ex-rights date isneither the expiration date nor the date on which the rights are first exercisable, it isthe day that the price will drop. If you purchase the stock before the ex-rights date,you will receive the rights. If you purchase the stock on or after the ex-rights date,you will not receive the rights. Since rights have value, the stockholder receivingthe rights must pay for them. The stock price drop on the ex-rights day is similar tothe stock price drop on an ex-dividend day.19.14 a. Stock price (ex-right) = (13+2) / (1+0.5) = $10Subscription price = 2 / 0.5 = $4Right’s price = 13-10 = $3= (10-4) / 2 = $3b. Stock price (ex-right) = (13+2) / (1+0.25) = $12Subscription price = 2 / 0.25 = $8Right’s price = 13-12 = $1= (12-8) / 4 = $1c. The stockholders’ wealth is the same between the two arrangements.19.15 If the interest of management is to increase the wealth of the current shareholders, a rightsoffering may be preferable because issuing costs as a percentage of capital raised is lower for rights offerings. Management does not have to worry about underpricing becauseshareholders get the rights, which are worth something. Rights offerings also preventexisting shareholders from losing proportionate ownership control. Finally, whether the shareholders exercise or sell their rights, they are the only beneficiaries.19.16 Reasons for shelf registration include:i. Flexibility in raising money only when necessary without incurring additional issuancecosts.ii. As Bhagat, Marr and Thompson showed, shelf registration is less costly than conventional underwritten issues.iii. Issuance of securities is greatly simplified.19.17 Suppliers of venture capital can include:i. Wealthy families / individuals.ii. Investment funds provided by a number of private partnerships and corporations.iii. Venture capital subsidiaries established by large industrial or financial corporations.iv. “Angels” in an informal venture capital market.19.18 The proceeds from IPO are used to:i. exchange inside equity ownership for outside equity ownershipii. finance the present and future operations of the IPO firms.19.19 Basic empirical regularities in IPOs include:i. underpricing of the offer price,ii. best-efforts offerings are generally used for small IPOs and firm-commitment offerings are generally used for large IPOs,iii. the underwriter price stabilization of the after market and,iv. that issuing costs are higher in negotiated deals than in competitive ones.。

venture capital英文解释Venture capital is a form of financing that is provided by investors to startups and small businesses that are considered to have high growth potential. This type of funding is usually provided in exchange for equity in the company. Venture capital is often used by entrepreneurs who are looking to scale up their businesses, launch new products, or enter new markets.In order to secure venture capital funding, a company typically needs to have a solid business plan and a strong management team in place. Investors who provide venture capital are looking for companies that have the potential to achieve significant growth and profitability in a relatively short period of time. They are willing to take on a high level of risk in exchange for the potential for high returns on their investment.Venture capital is different from traditional forms of financing, such as bank loans or grants, in that it typically involves a higher level of risk and a longer timeframe for a return on investment. Venture capital investors are typically looking for companies in sectors that are considered to be high-growth, such as technology, biotech, and clean energy.One of the key advantages of venture capital funding is that it can provide startups and small businesses with the capital they need to grow and expand their operations. In addition to providing funding, venture capital investors often provide valuable expertise and connections that can help the company succeed.However, venture capital funding also comes with some drawbacks. For example, investors may require a significant equity stake in the company, which can dilute the ownership of the founders. In addition, venture capital investors often have a say in the strategic direction of the company, which can lead to conflicts with the founders.Overall, venture capital is a valuable source of funding for startups and small businesses that have the potential for high growth. By providing capital and expertise, venture capital investors can help these companies achieve their full potential and become successful businesses.。

The One Thing Successful People Don't Do (And 9 Famous Examples)成功人士都不会做的一件事In the months leading up to the launch of my book, The 7 Non-Negotiables of Winning, I’ve talked a lot about winning—but I’ve talked a lot about failing, too. Learning how to fail productively—to “Fail Up”—is one of the greatest secrets to full-on success.在我还有几个月就要出版的新书：《胜利的7个原则》（The 7 Non-Negotiables of Winning）中，我谈了很多有关成功——以及失败——的内容。

学会如何有成果地失败——“失败是成功之母”——这是取得最大成功的最重要秘诀之一。

And in that vein, I was impressed with a recent article by business author Bernard Marr. He pointed out that there is one single thing that all “radically successful” people have in common: They have a ferocious drive and hunger for success that makes them never give up.在这个方面，我对商业作者伯纳德·马尔（Bernard Marr）最近发表的一篇文章印象深刻。

他指出，所有“取得了巨大成功”的人士都拥有一个共同的特征。

他们都有着强大的动力，对成功的渴望让他们永不放弃。

Unit 2EntrepreneurshipUnit NavigationEntrepreneurs are believed to be the key drivers of tomorrow’s innovations and integral to creating a thriving economy. What is entrepreneurship? What does it mean to be an entrepreneur? How can entrepreneurs make the world a better place? In this unit, you’ll watch videos on how some of the world’s most successful entrepreneurs started up their businesses and rose to success, listen to a talk on how to make a venture capital (VC) pitch, and touch on social entrepreneurship by watching a video about a social enterprise addressing social problems through business-based solutions. Moreover, through various listening, viewing, reading and speaking activities, you’ll reinforce and practice the note-taking skill of word maps, the discussion skill of supporting your ideas by paraphrasing and quoting others during a discussion, and the presentation skill of explaining a method or a process.About the QuotationThe truth is that entrepreneurship is more like a roller coaster ride than a cruise.—Vivek Wadhwa (American technology entrepreneur & academic)The quotation indicates that the process of starting and running a business is never a smooth journey, but rather, it’s full of ups and downs. Along with opportunities and achievements, there are high pressure, risks, challenges, setbacks and failures. It is a rewarding but incredibly challenging journey.The author of the quotation is Vivek Wadhwa, who is a Fellow at Arthur & Toni Rembe Rock Center for Corporate Governance, Stanford University. In 2012, the U.S. Government awarded Wadhwa distinguished recognition as an “Outstanding American by Choice”.Unit GoalsIn this unit, you will✓pick up useful words and expressions related to entrepreneurship;✓develop your own thinking about entrepreneurship;✓learn to use word maps in note-taking;✓learn to support your ideas by paraphrasing and quoting others during a discussion;✓learn to explain a method or a process in presentations.Background Information1. EntrepreneurshipEntrepreneurship is the process of starting a business or other organization.The entrepreneur develops a business plan, acquires the human and other required resources, and is fully responsible for the success or failure of the business.In recent years, “entrepreneurship”has been extended from its origins in for- profit businesses to include social entrepreneurship and the concept of the political entrepreneur. Entrepreneurs are leaders willing to take risk and exercise initiative, taking advantage of market opportunities by planning, organizing, and deploying resources, often by creating new or improving existing products. More recently, the term entrepreneurship has been extended to include a specific mindset resulting in entrepreneurial initiatives.According to Paul Reynolds, founder of the Global Entrepreneurship Monitor, “Participating in a new business creation is a common activity among U.S. workers over the course of their careers.” In recent years, entrepreneurship has been claimed as a major driver of economic growth in both the United States and Western Europe.2. Social EntrepreneurshipSocial entrepreneurship is the attempt to draw upon business techniques to find solutions to social problems. Entrepreneurship becomes a social endeavor when it transforms social capital in a way that affects society positively. It is viewed as advantageous because the success of social entrepreneurship depends on many factors related to social impact that traditional corporate businesses do not prioritize. Social entrepreneurs recognize immediate social problems, but also seek to understand the broader context of an issue that crosses disciplines, fields, and theories. Gaining a larger understanding of how an issue relates to society allows social entrepreneurs to develop innovative solutions and mobilize available resources to affect the greater global society.Lead-in MaterialI. Purposes1. To encourage students to focus on entrepreneurship and arouse their interest by discussing it.2. To introduce students to the fundamentals of being an entrepreneur.Task 1Directions: Watch a clip from the movie Jobs and answer the following questions.1. As shown in the movie, Steve Jobs and Steve Wozniak had an argument on developing personal computers. How different were their views about personal computers? ............................................................................................................................................................................................................................................................................................................................ .2. How did Steve Jobs start his business? .............................................................................................................................................................. .............................................................................................................................................................. .Key:1. They have different visions for the personal computer. Wozniak thought that computers were just for hobbyists while Jobs was convinced that personal computers would bring in a new Industrial Revolution that would put a computer in the hands of everyday people.2. He developed a partnership with Wozniak, landed an order at a local computer parts shop and started up their business in his family’s garage. Due to a tight deadline for delivery and a lack of available help, he also recruited Daniel Kottke, Bill Fernandez and Chris Espinosa to the Apple team.Task 2Directions: Look at the word cloud below. Then work in pairs and discuss the following questions.1. What do you think the word “entrepreneur” means? .............................................................................................................................................................. ..............................................................................................................................................................2. What does it take to be an entrepreneur? .............................................................................................................................................................. ..............................................................................................................................................................Keys:1. The answers can vary. The following definitions are for the teacher’s reference.(1) An entrepreneur is someone who organizes and operates a business or businesses, taking ongreater than normal financial risks in order to do so.(2) An entrepreneur is a person who organizes and manages a business undertaking, assumingthe risk for the sake of profit.(3) An entrepreneur is a person who always searches for change, responds to it, and exploits itas an opportunity.(4) Entrepreneurs are innovators who use a process of shattering the status quo of themarketplace by introducing new products and services.2. The answers can vary. The following are for the teacher’s reference.(1) The will and willingness to learn concrete skills that increase the odds of entrepreneurialsuccess, such as management, sales, and product conception.(2) Creativity, innovation, insight and foresight.(3) Focusing your time and action on achieving your target.(4) Having the mental courage to take calculated risks.(5) Building a “dream team”that combines the talents you need for your new company togrow and thrive.II. Notes1.Introduction to the MovieJobs is a 2013 American biographical drama film inspired by the life of Steve Jobs, from 1974 while he was a student at Reed College to the introduction of the iPod in 2001. Jobs received mixed to negative reviews from critics. In a 2013 interview, original Apple employee Bill Fernandez described the film as “the biggest, flashiest piece of fan fiction that there’s been to date.”2. Introduction to the Selected SceneSteve Jobs develops a partnership with his friend Steve Wozniak after he sees that Wozniak has built a personal computer. They name their new company Apple Computer. Wozniak gives a demonstration of the Apple I at the Homebrew Computer Club. Jobs is later approached by Paul Terrell who shows interest in the Apple I. Jobs makes a deal with Paul. Knowing that he and Woz will need a studio to build the ordered computers, Jobs convinces his father Paul to allow them to use the family garage (set up as a carpentry/tool center) for his new company. Realizing that they cannot build these computers alone, Jobs also recruits Daniel Kottke, Bill Fernandez, and Chris Espinosa to the Apple team.3. ... the Sex Pistols have potential. This is the wheel. It is the Industrial Revolution. No more decks, no more mainframes.The Sex Pistols can be said to have potential. But this (the personal computer) is much more than that. It is like the Industrial Revolution happening all over again. With it, we won’t need decks or mainframes any more. 性手枪乐队算潜力股，但这则像轮子，能推动一场行业革命。

风险投资基金经济原理When I write about venture fund returns, there are always comm ents and questions that lead me to believe that the economics of a venture fund are not well understood. And since most of the r eaders and commenters on this blog are people who work in the startup ecosystem, I think its important that the economics are better understood.The first thing I'd like to tackle is how returns are calculated and why the reported returns are often higher than people might thi nk.Unlike hedge funds or other investments you might be familiar wi th, venture funds do not call all of the committed capital upfront. If you commit $1mm to a venture fund, you will receive capital calls about once a quarter for anywhere from 3% of your commit ment to 10% of your commitment. That is because it takes time for a venture firm to put the money to work and they'd rather le ave it in your bank account than have in in their bank account. And because venture investments are generally made in a numbe r of rounds staged out over a three to six year period, even whe n the venture firm finds an investment, the amount they invest i n the company upfront is a percentage of what they will eventual ly put to work.So the money flows into venture funds slowly.The money also flows out slowly. When a company is sold, the p roceeds are distributed. There are some situations when the mon ey is not distributed, but they are not that common and it's not useful to dwell on them right now. Venture investments require l ong hold periods, typically five to seven years. So it's common fo r a venture fund to have to wait five or six years to make its fir st distribution. Most venture funds have a ten year life and are o ften extended a few more years to get all the distributions out. The low end of acceptable performance for a venture fund is to r eturn two times invested capital to its limited partners (investors). If you put all the money in day one and waited ten years to ge t 2x back, that wouldn't be a particularly interesting rate of retur n. It's 8% to be exact, not the kind of return an investor would think is acceptable for a ten year illiquid investment.But if you map out the cash flows that I described in this post, t hey look something like this:So, if you invest $1mm into a ten year fund and get back $2mm, you will likely be earning something closer to 13% than 8% just because the $1mm wasn't tied up in the fund for the entire ten years.I'd like to make a couple points about this to be clear.First, as I said before, I think getting 2x invested capital back is the absolute low end of acceptable performance in a venture fun d and I sure hope and expect we can do better for our investors. But I needed to use a simple number and so I went with 2x. Second, these cash flows are conservative in my mind. Our 2004 fund has called about 65% of committed capital about four year s into its history. This model shows 75% called after four years. So, money can often be called even more slowly than I showed. And waiting for years 8, 9, and 10 to get your distributions is als o very conservative. Our 2004 fund returned about 40% of com mitted capital in its first three years which is likely to happen wh en you get some companies sold early on in their development. And we are seeing more of that kind of thing these days.If you model capital being called over a slower pace and distribut ions coming back earlier, you could theoretically get to annual re turns of over 40% for a fund that only delivers 2x on committed capital.Of course, annual rates of return are not the only measure that i nvestors look for in a fund. They want to get the highest absolut e returns they can get. And 2x is just not that exciting. I think 3 x or better is what it takes to deliver top tier performance in the venture capital business and that's what we shoot for.Gross and Net ReturnThe returns venture firms get on their investments are called "gr oss returns". I didn't mention them in my post yesterday becaus e I wanted to focus on the "net" returns to the LPs. I said 2x wa s the lowest attractive return on a venture fund and I meant net to the LPs. That means if you invest a dollar in the fund, you g et two dollars back.However, the fund has to get a lot more than $2 back on its inv estments to get its investors $2 back. That's because before the investors get their money back, the fund takes a management fe e. And if there are profits, the managers of the fund take a carried interest on the profits. Our fund takes 20% and that is the ca rried interest that most funds take. However, there are funds tha t charge 25% or even 30% carried interest fees. Some think the best funds charge the highest carried interest fees. Market theor y would suggest that is true. But I am not sure that it is. I think we have a very good firm and we charge a standard carry. But that's for another day, if at all. It's a tricky subject to talk abou t.The management fees don't go directly to the fund managers. Th ey pay for the costs of running the business. On small funds, tha t's about all they pay for. On big funds, the management fees ca n get large enough to pay very significant salaries to the fund m anagers. Management fees are all over the map but range from 1.5% per year for large funds to 2.5% per year for smaller fund s. And they typically tail off after the first five years to much low er percentages to reflect that the work of putting the fund to wo rk is largely over.The carried interest is only paid on gains. So if they fund makes no money, no carried interest is paid. But if the gains are large, the carry will be large too.Back in 2003, when Brad and I started Union Square Ventures, we built a model of our fund to show how we thought the fund e conomics could work. At that time, we planned a $100mm fund. We ultimately raised a $125mm fund. But the model I am going to talk about is based on a $100mm fund.Here are the base assumptions we made in our model:I am not going to address all those assumptions in this post but if you have questions, post them in the comments and I will res pond to them.This model is basically our game plan. Some things changed in o ur execution of the fund, namely we raised $125mm, and we inv ested even less in the initial investment of "concept" investments, and we did more rounds for those really early stage companies. So we did 21 investments instead of 15 and we did more round s of smaller amounts. But even though those seem like big chan ges, they did not effect the main drivers of fund capital allocatio n very much. It looks like the average investment amount will co me in close to what we modeled and it looks like the capital allocation between seed, first round, and later stage investments will come in pretty close. Right now we are doing much better than 1/3, 1/3, 1/3 hit rate, but let's wait until it's all over to see how that comes out. You just never know in the venture business. Here's what this $100mm venture fund model produces:Total Management Fees: $20mmTotal Invested Dollars: $80mmTotal Proceeds on Investments: $322mmTotal Gain on Investments: $242mmGROSS Multiple: 4x ($322mm/$80mm)GROSS IRR: 39.2%Multiple Incl Mgmt Fees: 3.2xGain Incl Mgmt Fees: $222mmIRR Incl Mgmt Fees: 32.9%Carried Interest Fees: $44mm (20% of $222mm)NET Multiple: 2.56xNET IRR: 28.6%So to make it really simple, a fund needs to get 4x (in this case $322mm on $80mm of invested captial) on its investments to g enerate 2.5x in distributions to its limited partners.Paul Margolis of Longworth Ventures did a post a year and half a go on this topic and came up with similar numbers (although the difference between gross and net in his post are lower than min e).The differences between gross returns and net returns are large i n the venture and private equity business and it's important to u nderstand them and be clear about what numbers you are using when you talk about returns.If you looked closely at the model and the assumptions in my la st post on this topic, you'll note that I assume an early stage ve nture fund will lose money on 1/3 of its investments, breakeven to make a little bit on 1/3 of its investments, and will make goo d money (5-10x) on only 1/3 of its investments.What that means is that 1/3 of your investments will produce all of the proceeds as the breakeven to make a little bit deals simp le go to cover the losers. But that is a hypothetical model. It's a ctually even more stark than that.Every really good venture fund I have been involved in or have witnessed has had one or more investments that paid off so larg e that one deal single handedly returned the entire fund.Let's take the hypothetical $100mm venture fund that I modeled out in the previous post. The average investment in that fund is $5.3mm. If the fund invested that much in one company over a number of years and owns 20% of the business and the busines s is sold for $500mm, then the fund's 20% is worth $100mm. It' s a 20x multiple on the investment. Not a common occurrence, b ut it happens in this business.When that $100mm is distributed, one deal has returned the enti re fund. That is huge because then the other winners will typicall y collectively return from one times the fund's value to three tim es the fund's value. After carried interest fees, that gets you to t he 1.5x to 3x NET to LPs I talked about in my first post on this topic.When I look at a venture portfolio that is fully constructed, but n ot yet fully invested (like our 2004 fund is right now), I like to l ook for the deals that can return the fund. I think we have six o r seven. That doesn't mean that those six or seven are the best deals in our portfolio right now. A few of them could be complete busts. But we have six or seven deals that sitting here today I can honestly construct a scenario where they will return the entir e fund when they are sold. I hope that one or two will actually d o it.Because if we can get that kind of hit, it will make the rest a lot easier. As many have pointed out in the comments to the first t wo posts on this topic, venture investing is a hard way to make money. We need some big wins to make the model work.Some will read this and suggest that our business is all about sw inging for the fences. But I don't think so. There are hitters in b aseball, the best hitters in fact, that hit balls out of the park whe n they are just trying to make good contact. That's how you hav e to do it in the venture business. You try to make 20 great inv estments and you work with them closely in hopes that four year s in you have six or seven that have home run potential, and aft er ten years, you maybe hit one or two out of the park. If you t ry to hit every one out of the park day one, you'll strike out way too much and the fund won't work out very well.。

练习题二：Part A: Multiple Choice1. In the 2-factor, 2 good Heckscher-Ohlin model, the two countries differ inA) tastes.B) military capabilities.C) size.D) relative availabilities of factors of production.E) labor productivities.2.The slope of a countryʹs PPF reflectsA) the opportunity cost of product S in terms of product T.B) the opportunity cost of T in terms of money prices.C) the opportunity cost of S or T in terms of S.D) Both A and B.E) Both A and C.3. According to the Heckscher-Ohlin model, the source of comparative advantage is a countryʹsA) technology.B) advertising.C) human capital.D) factor endowments.E) Both A and B.4. If Australia has relatively more land per worker, and Belgium has relatively more capital per worker, then if trade were to open up between these two countries,A) the relative price of the capital-intensive product would rise in Australia.B) the world price of the land-intensive product would be higher than it had been in Belgium.C) the world price of the land intensive product would be higher than it had been in Australia.D) the relative price of the land intensive product would rise in Belgium.E) None of the above.5. The Heckscher-Ohlin model predicts all of the following exceptA) which country will export which product.B) which factor of production within each country will gain from trade.C) the volume of trade.D) that wages will tend to become equal in both trading countries.E) None of the above.6. External economies of scale arise when the cost per unitA) rises as the industry grows larger.B) falls as the industry grows larger rises as the average firm grows larger.C) falls as the average firm grows larger.D) remains constant.E) None of the above.7. External economies of scaleA) may be associated with a perfectly competitive industry.B) cannot be associated with a perfectly competitive industry.C) tends to result in one huge monopoly.D) tends to result in large profits for each firm.E) None of the above.8. The simultaneous export and import of widgets by the United States is an example ofA) increasing returns to scale.B) imperfect competition.C) intra-industry trade.D) inter-industry trade.E) None of the above.9. Intra-industry trade can be explained in part byA) transportation costs within and between countries.B) problems of data aggregation and categorization.C) increasing returns to scale.D) A ll of the above.E) None of the above.10. Intra-industry trade will tend to dominate trade flows when which of the following exist s?A) large differences between relative country factor availabilitiesB) small differences between relative country factor availabilitiesC) homogeneous products that cannot be differentiatedD) constant cost industriesE) None of the above.11. The larger the number of firms in a monopolistic competition situation,A) the larger are that countryʹs exports.B) the higher is the price charged.C) the fewer varieties are sold.D) the lower is the price charged.E) None of the above.12. The larger the number of firms in a monopolistic competition situation,A) the larger are that countryʹs exports.B) the higher is the price charged.C) the fewer varieties are sold.D) the lower is the price charged.E) None of the above.DADCC BACDB DDPart B：Short Questions1.ʹThe H.O. model remains useful as a way to predict the income distribution effects of trade.ʹDiscuss.Answer: T he Stolper-Samuelson theorem, one of the basic theorems arising from theHeckscher-Ohlin model yields an elegant demonstration of the fact that changes in product prices (such as will occur when trade is expanded or curtailed) telescopes its effects onto factor prices, so that not only do relative factor returns mirror product prices, but that actual returns to factors may either rise or fall in real terms. Hence, as a policy framework, the disproportionate effect trade may have on real incomes of sectors, such as skilled-labor is quite useful both theoretically and practically (or polemically)2.International trade leads to complete equalization of factor prices. Discuss.T his statement is typically ʹtrue . . . but.ʹ Under a strict and limited set of assumptions, such as the original Heckscher-Ohlin model which excludes country specific technologies; non- homothetic tastes; factor intensity reversals; large country differences in (relative) factor abundances, more factors than goods, and an equilibrium solution within the ʹcone of specializationʹ; then it may be demonstrated that internal consistency demands that the above stated sentence is ʹtrue.ʹ However, the minute one relaxes any of the above listed assumptions one may easily identify solutions, which contradict the factor price equalization theorem.3.If a scale economy is the dominant technological factor defining or establishing comparativeadvantage, then the underlying facts explaining why a particular country dominates world markets in some product may be pure chance, or historical accident. Explain, and compare this with the answer you would give for the Heckscher-Ohlin model of comparative advantage.T his statement is true, since the reason the seller is a monopolist may be that it happened to have been the first to produce this product in this country. It may have no connection to any supply or demand related factors; nor to any natural or man-made availability. This is all exactly the opposite of the Heckscher-Ohlin Neo-Classical modelʹs explanation of the determinants of comparative advantage.。

B.B to B (B2B) business to businessB toC (B2C) business to consum er巴黎证券交易所Paris Bourse把握大局grasp the overall situation白马王子Prince Charming白色行情表white sheet白色农业white agriculture (also called "white engineering agriculture"; It refers to microbiological agriculture and biological cell agriculture.)白手起家starting from scratch白雪公主Snow White摆架子put on airs摆谱儿put on airs; show off; keep up appearances拜年pay New Year call搬迁户relocated families半拉子工程uncompleted project棒球运动记者scribe傍大款(of a girl) find a sugar daddy; be a mistress for a rich m an; lean on a mo neybags包干到户work contracted to households包干制overall rationing system; schem e of paym ent partly in kind and partly in ca sh包工包料contract for labor and m aterials保持国民经济发展的良好势头maintain a good m omentum of growth in the national ec onomy保持国有股keep the State-held shares保健食品health-care food保理业务factoring business保税区the low-tax, tariff-free zone; bonded area保证重点支出ensure funding for priority areas保值储蓄inflation-proof bank savings报国计划的实施implementation of Dedicator's Project北欧投资银行Nordic Invest m ent Bank本本主义bookishness《本草纲目》Compendium of Materia Medica本垒打circuit clout, four-m aster, round trip本命年one's year of birth considered in relation to the 12 Terrestrial Branches奔小康strive for a relatively com fortable life苯鸟先飞 A slow sparrow should make an early start.蹦击bungee, bungee jumping逼上梁山be driven to drastic alternatives比较经济学comparative economics比上不足，比下有余worse off than som e, better off than m any; to fall short of the b est, but be better than the worst闭门羹given cold-shoulder边际报酬marginal return边缘科学boundary science变相涨价disguised inflation便携式电脑portable computer; laptop; notebook com puter标书bidding documents表演赛demonstration m atch剥夺冠军strip the gold medal of som ebody博彩（业）lottery industry博士生Ph.D candidate补缺选举by-election布达拉宫Potala Palace布雷顿森林体系Bretton Woods system不败记录clean record, spotless record不承诺放弃使用武器not undertake to renounce the use of force不打不成交No discord, no concord.不分上下的总统选举结果the neck-and-neck presidential election result《不见不散》Be there or be square.不可再生资源non-renewable resources不良贷款non-performing loan不夜城sleepless city, ever-bright city不正之风bad (harm ful) practice; unhealthy tendency步行天桥foot bridgeC.擦边球edge ball, touch ball擦网球net ball采取高姿态show m agnanimity菜篮子工程shopping basket program参政、议政participate in the m anagement of State affairs沧海桑田Seas change into m ulberry fields and mulberry fields change into seas--ti me brings great changes to the world.What was once the sea has now changed int o mulberry fields--the world is changi ng all the tim e.仓储式超市stockroom-style supermarket草根工业grass root industry (refers to village and township enterprises which take root am ong farmers and grow like wold grass)层层转包和违法分保multi-level contracting and illegal sub-contracting差额投票differential voting差额选举com petitive election茶道sado查房m ake/go the rounds of the wards拆东墙补西墙rob Peter to pay Paul拆迁户households or units relocated due to building demolition搀水股票water-down stocks (ordinary stocks that can be bought by persons inside a stock com pany or a business at a cost lower that their face value)禅dhyana产粮大省granary province产品结构product m ix产权明晰、权责明确、政企分开、科学管理clearly established ownership, well defined po wer and responsibility, separation of enterprise from administration, and scientific management产权制度、产权关系property relations; property order产销直接挂钩directly link production with m arketing产业的升级换代upgrading of industries产业结构升级upgrading of an industrial structure长二捆LM-2E长期共存、互相监督、肝胆相照、荣辱与共long-term coexistence, m utual supervision, si ncere treatm ent with each other and the sharing of weal or woe长线产品product in excessive supply畅通工程"Smooth Traffic Project"唱高调mouth high-sounding words超高速巨型计算机giant ultra-high-speed com puter超前消费overconsuming, excessive consum ption彻头彻尾的反动政治势力an out and out reactionary political force城市规划city's landscaping plan; urban planning城乡信用社credit corroborative in both urban and rural areas吃大锅饭egalitarian practice of "everybody eating from the same big pot"吃皇粮receive salaries, subsidies, or other supported from the government重复建设building redundant project; duplication of similar projects抽杀成功hit through筹备委员会preparatory committee出风头show off;in the limelight出口创汇能力capacity to earn foreign exchange through exports出口加工区export processing zones出口退税制度the system of refunding taxes on exported goods; export (tax) rebate 出口转内销domestic sales of commodities originally produced for exports出家pravrajana; cloister传销multilevel marketing窗口行业various service trades创建卫生城市：build a nationally advanced clean city创业园high-tech business incubator; pioneer park吹风会(advanced) briefing春蕾计划Spring Buds Program春运(passenger) transport during the Spring Festival《春秋》Spring and Autumn Annals磁悬浮列车Maglev train (magnetically levitated train), magnetic suspension train辞旧迎新bid farewell to the old and usher in the new; ring out the old year and ri ng in the new此地无银三百两 A guilty person gives himself away by consciously protesting his inn ocence.从粗放经济转变为集约经济shift from extensive econo m y to intensive econom y促进全球经济一体化foster integration with the global econom y存款保证金guaranty m oney for depositsD."达标"活动"target hitting" activities打白条issue IOU打黑crack down on speculation and profiteering打假crack down on counterfeit goods打破僵局break the deadlock打顺手find one's touch, get into gear, settle into a groove大包干all-round responsibility system大轰动blockbuster大力扣杀hammer大路货staple goods大满贯grand slam大开眼界open one's eyes; broaden one's horizon; be an eye-opener大款tycoon大排挡sidewalk snack booth; large stall大事化小，小事化了try first to m ake their mistake sound less serious and then to re duce it to nothing at all大胜white wash大腕top notch大卫教Branch Davidian大型电视系列片,长篇电视连续剧m axi-series大学生创业university students' innovative undertaking大要案major and serious criminal cases大专生junior college student大专文凭associate degree大藏经Tripitaka带薪分流assign redundant civil servants to other jobs while allowing them to retai n their original rank and benefits待岗await job assignment, post-waiting待业job-waiting代职function in an acting capacity单循环制single round-robin system党群关系Party-m asses relationship党政机关Party and government organizations捣浆糊give the runaround盗版VCD pirated VCD盗用公款embezzlement单刀赴会start a solo run倒票speculative reselling of tickets倒爷profiteer倒计时countdown等外品off-grade goods, rejects邓小平外交思想Deng Xiaoping's diplomatic thoughts低调low keyed (a m etaphor for taking a cautious and slow approach)第二产业secondary industry第三产业tertiary industry; service sector第一发球权first inning第一发球员first server第一双打first pair地方保护主义regional protectionism地方财政包干制system whereby local authorities take full responsibility for their fina nces地区差异regional disparity地热资源geothermal resources地市级城市prefecture-level city点子公司consultancy com pany电话号码升位upgrade telephone number电话会议teleconference电视直销TV hom e shopping电子商务认证e-business certification吊球drop shot吊销执照revoke license钉子户person or household who refuses to m ove and bargains for unreasonably hi gh compensation when the land is requisitioned for a construction project定向培训training for specific posts豆腐渣"工程jerry-built project毒枭drug trafficker独立核算工业企业independent accounting unit(enterprise)"渡假外交" holiday-m aking diplomacy短期债务floating debt断交信Dear John letter (from woman to m an)对冲基金hedge fund对外招商attract foreign invest m ent队长袖标(足球）skipper's armband多党合作制multi-party co-operation in exercising State power多任务小卫星small multi-m ission satellite (SMMS)夺冠take the crownE.恶性通货膨胀hyperinflation恶性循环vicious circle二板市场(创业板市场）second board on the country's stock m arket二次创业start a new undertaking二进宫to enter the palace a second tim e (people with a past criminal record again commits a crim e, and is convicted and put into a correctional institution)二流选手scrub, second-raterF.发案率incidence (of criminal cases)发烧友fancier; zealot; enthusiastic fan发展不平衡disparate development发展是硬道理Development is of overriding importance. / Development is the absolu te need.法治国家 a country under the rule of law法制国家 a state with an adequate legal system翻两番quadruple反败为胜bring about a com plete turnabout, pull out of the fire反不正当竞争法Law of the People's Republic of China Against Com petition by Inapp ropriate Means反腐倡廉com bat corruption and build a clean government防抱死系统ABS (anti-lock braking system)防洪工程flood-prevention project房管real estate m anagement放高球lob放下架子to relinquish haungty airs; to get off one's high horse; throw off one's air s放行单release permit飞毛腿（导弹）Scud missile飞行药检spot check非对称数字用户环路Asymmetrical Digital Subscriber Loop (ADSL)费改税transform administrative fees into taxes分拆上市 A subsidiary company of a corporation is listed on the stock m arket.分流reposition of redundant personnel分期付款installment paym ent分税制system of tax distribution（产品）分销subunderwriting, distribution粉领族pink-collar tribe (Women who play m ajor role in certain professions such as office workers, secretaries, m odels, airline hostesses, etc)风险投资venture capital; risk invest m ent疯牛病mad cow disease; bovine spongiform enceohalopathy (BSE)锋利扣杀razor-sharp smash封闭式基金close-ended fund封杀出局force out“封圣” canonization of "Saints"福利彩票welfare lotteries福利分房welfare-oriented public housing distribution system浮动工资floating wages; fluctuating wages扶贫poverty alleviation覆盖率coverage rate复式住宅duplex apart ment; com pound apart m ent (a type of residential housing that m aximizes usable space by increasing the number of the storey building)G.改制上市：An enterprise is re-organized according to m odern corporate system so t hat it will get listed on the stock market.感谢款待的信 a bread and butter letter (a letter sent as thanks for being treated w ell as someone's guest)干部队伍革命化、年轻化、知识化、专业化make the ranks of cadres m ore revolutionary, younger in average age, better educated and professionally m ore com petent港人治港Hong Kong people administering Hong Kong高层次、全方位的对话high-level and all-directional dialogue高产优质high yield and high quality高度自治high degree of autonom y高官会Senior Officials Meeting (SOM)高级商务师Certified Business Executive高架公路elevated highway; overhead road高科技板块high-tech sector高难度动作stunner, stunt高清晰度high definition高新技术产业开发区high and new technology industrial development zone(公路）隔离带median根本政治制度fundamental political system个人收入应税申报制度the system of the declaration of individual incom es for tax pa ym ent各大菜系major styles of cooking各尽所能let each person do his best; from each according to his ability"各就位" "On your m arks!"跟踪审计follow-up auditing恭喜发财May you be prosperous!; Wish you all the best!功夫不负有心人Everything com es to him who waits.工程公司engineering com pany工商局industrial and commercial bureau工薪阶层salariat; state em ployee; salaried person工业控制一体化integrated industrial control; industrial control of integration工业园区industrial park公费医疗medical services at state expense公告板服务Bulletin Board Service (BBS)公检法public security organs, procuratorial organs and people's courts公积金public accum ulation funds, public reserve funds公款吃喝recreational activities using public funds公司分立与解散separation and dissolution of a com pany公正、公平、公开just, fair and open公证财产notarize the properties共产党领导下的多党合作与政治协商multiparty cooperation and political consultation un der the leadership of Communist Party狗仔队dog packs; paparazzo (singular), paparazzi(plural) (It refers to those journali sts who are hunting the news of celebrities.)骨干企业key enterprise股本金equity capital关税壁垒custom s barrier; tariff wall光谷optical valley光机电一体化optical, m echanical and electronic integration光盘杂志CD-ROM m agazine光通讯photo-communication; optical communication广告电话直销direct response advertising广域网wide area network (WAN)皈依三宝becom e a Buddhist国产化率import substitution rate; localization rate of parts and components国防动员体制the m obilization for national defense国际惯例international common practice国际日期变更线International Date Line (IDL)《国际先驱论坛报》International Herald Tribune国家经济体制改革委员会the State Commission for Restructuring the Economic Syste ms国家普通话水平考试National Proficiency Test of Putonghua国家一级保护first-grade State protection国脚player of the national football team; footballer of the national team国库券treasury bonds国民党Kuomintang国民经济支柱产业pillar industries in national econom y国债专项资金special fund for treasury bond过度开垦excess reclam ationH.海湾战争综合症the complexities of the Gulf War函授大学correspondence university旱地滑雪场m ock skiing park汉字处理软件Chinese character processing software航母aircraft carrier豪赌unrestrained gambling好事不出门，恶事传千里Good news never goes beyond the gate, while bad news spr ead far and wide.好出风头的运动员exhibitionist, grandstander好莱坞大片Hollywood blockbuster"好球" "Strike"和服Kimono合理引导消费guide rational consumption合议庭collegiate bench核销cancel after verification黑店gangster inn黑客hacker黑社会Mafia-style organizations; gangland宏观调控macro-control红包（中）red paper containing money as a gift, (贬) bribe, kickback《红楼梦》A Dream in Red Mansions (The Story of the Stone)红帽子企业red cap enterprise (refers to the reputation a private enterprise enjoys by becoming attached to a governm ent depart m ent and doing business in the na me of a state-run or collective-run enterprise)红细胞生成素Erythropoietin (EPO)环太平洋地区Pacific Rim后防空虚leave the defense exposed呼啦圈hu la hoop胡子工程long-drawn-out project (a project which takes so long that young workers becom e bearded)虎父无犬子 A wise goose never lays a tam e egg.互动广告interactive advertisem ent户口管理制度domicile system, residence registration system户主head of a household护身法宝amulet华表ornamental column/cloud pillar/stele华盖canopy滑板车scooter"坏球" "Ball"还俗resume secular life, unfrock"黄、赌、毒" pornography, gambling and drug abuse and trafficking黄金时段prime tim e(吃)"皇粮" public grainfunds, goods, etc provided by the government; salary paid b y the state挥棒swing挥棒不中fan灰色收入incom e from moonlighting汇丰银行Hong Kong and Shang Hai Banking Corporation婚介所matrimonial agency婚外恋extram arital love活到老，学到老One is never too old to learn.火炬计划Torch Program (a plan to develop new and high technology)货币化monetization货币回笼withdrawal of currency from circulation货到付款cash on deliveryJ.机场建设费airport construction fee机构臃肿overstaffing in organizations (government)基本路线要管一百年The basic line must be followed unswervingly for a very long ti me to com e.基本国情fundamental realities of the country基层民主democracy at the grassroots level基层组织organizations at the grass-roots level基因工程genetic engineering积压产品overstocked commodities (inventories)绩优股blue chip激烈竞争cut-throat com petition吉尼斯世界记录Guinness (Book of Records)吉祥物mascot缉毒队narcotics squad缉私力量the forces engaged in the fight against sm uggling集体婚礼collective wedding cerem ony集中精力把经济建设搞上去go all out for economic developm ent计划单列市city specifically designated in the state plan计划生育责任制responsibility system of family planning计算机中央处理器central processing unit(CPU)记者席press box"既成事实" fait accom pli (noun)技术产权交易所technology equity m arket; technology property right exchange技术下乡spread technological knowledge to farm ers嘉宾distinguished guest, honored guest加班work extra shifts加密encrypt加强舆论监督ensure that the correct orientation is maintained in public opinion家庭联产承包责任制the household contract responsibility system家族企业family firm假唱lip-synch假动作deception, feint甲骨文inscriptions on oracle bones假日经济holiday econom y坚持统一，反对分裂，增加了解，化解歧见persist in reunification, oppose separation, inc rease understanding and iron out differences监督部门watchdog尖端产品highly sophisticated products剪彩cut the ribbon剪刀差the scissors gap between the prices of ... and ...减负alleviate burdens on sb.减速玻璃(汽车）decelerating glass减员增效downsizing for efficiency; cut payroll to im prove efficiency江南水乡the south of the lower reaches of the Yangze River讲诚信，反欺诈：honor credibility and oppose cheating脚踩两只船sit on the fence脚踏实地be down-to-earth侥幸球fluke教学法pedagogy; teaching m ethod教育部社政司Social Science Research and Ideological Work Depart m ent of the Minis try of Education接口interface街道企业neighborhood enterprise街心花园park at an intersection; garden in the city center节奏布鲁斯音乐（RMB音乐）rhythm blues解放生产力em ancipate the productive forces解放思想、实事求是的思想路线ideological line of em ancipating the mind and seeking t ruth from facts解困基金anti-poverty funds结售汇制度the system of exchange, settlem ent and sales戒毒所drug rehabilitation center戒急用忍overcom e impetuosity and exercise patience金本位gold standard金边债券gilt-edged bonds金刚经Vajracchedika-sutra金降落伞golden parachute金融电子化computerize financial services金税工程Golden Tax Project紧箍咒inhibiting m agic phrase紧密型企业集团tightly-knit groups of enterprises紧追cling to, shadow, thunder on one's trail近海渔业offshore fishery近水楼台先得月First com e, first served; A water-front pavilion gets the m oonlight fi rst--the advantage of being in a favored position.进出口商会cham ber of import and export trade进口渗透import penetration禁渔期closed fishing seasons禁止在任何地方、任何环境进行一切方式的释放核能的核武器试验保爆炸prohibit any nuclear weapon test explosion which releases nuclear energy at any place and in any envi ronment经常项目顺差favorable balance of current account, surplus of c urrent account经常性贷款commercial lending经常性支出running expenses经济林cash tree经济全球化economic globalization; economic integration经济失调指数misery index经济头脑commercially minded people; people with business sense经营管理高度科学化的现代化大企业modern big enterprise with highly scientific m anage ment system精简机构streamline government organs精品competitive products京剧票友Peking Opera fan京剧人物脸谱types of facial m ake-up in Beijing opera景泰蓝cloisonnｅ敬业精神professional dedication; professional ethics劲射power shot九五攻关State Key Task 95居委会neighborhood committee; residents' committee局域网local area network (LAN)举报电话informants' hot-line telephone拒载refuse to take passengers君子之交淡如水the friendship between gentlemen is as pure as crystal; a hedge be tween keeps friendship green竣工式com pletion cerem onyK.卡丁车kart开发一代，储存一带，预研一代(产品）to develop this generation of products while res earching on the next generation of products开放式基金open-ended fund开工不足enterprises running under their production capacity开工典礼commencem ent cerem ony开题报告opening speech; opening report看守政府, 看守内阁，过渡政府caretaker cabinet坎儿井karez抗美援朝战争War to Resist US Aggression and Aid Korea抗震棚quake-proof shelter考研take part in the entrance exam s for postgraduate schools科技成果转化为生产力transfer of scientific and technological achievem ents科技含量technology content科技是第一生产力Science and technology constitute a primary productive force.科教兴国rely on science and education to rejuvenate the nation科研攻关scientific research and tackle the key research project可持续发展sustainable development刻录机CD writer; disc-carving m achine空头支票accommodation note, lip service空中小姐air hostess; air stewardess控股公司holding com pany扣帽子put a label on跨世纪工程 a trans-century project跨越式发展great-leap-forward development快讯news flash; flash宽带接入broadband access宽带网broadband networks宽限期grace period亏损企业enterprises running in the red/under deficit困难职工the needyI.L.垃圾债券junk bond拉动经济增长fuel economic growth拉拉队cheering squad拉拉队长cheer-leader, rooter king拉关系try to curry favor with来电显示电话机caller ID telephone来料加工process m aterials supplied by clients; accept custom ers' materials for proc essing劳动合同制labor contract system老字号an old and famous shop or enterprise"篱笆墙" barriers/ blockage to inter-regional trading礼仪小姐ritual girl利改税substitution of tax paym ent for profit delivery利好因素wrinkle利基niche立体农业three-dimensional agriculture联合联络小组joint liaison group廉政建设construction of a clean and honest administration廉政、勤政、务实、高效政府an honest, diligent, pragmatic and efficient governm ent 廉洁奉公，以正治国(of an official) clean and devoted, and govern the state wi th his own example of uprightness联产承包责任制system of contracted responsibility linking remuneration to output; c ontract system with remuneration linked to output联合国会费the UN membership dues (fee)联合兼并conglomeration and merger of enterprises联合投标syndicated tender联想集团Legend Group练摊to be a vendor良性循环virtuous circle粮食收购部门(government's) grain procurement (purchasing) agencies粮油关系：grain and oil rationing registration两岸直航促进会Association for Promotion of Cross-Straits Direct Transportation两弹一艇A-bomb, H-bomb and nuclear-powered submarine"两个对等的政治实体" "two equal political entities两个文明一起抓place equal emphasis on material and ethical progress两手抓两手都要硬We must address ourselves to the problem of both m aterial and s piritual civilization(both m aterial as well as culture and ideological progress) witho ut any letup."两思"（致富思源，富而思进）to think of the source of getting rich and of m aking pr ogress after becoming affluence老少边穷地区former revolutionary base areas, areas inhabited by m inority nationalit ies, remote and border areas and poverty-stricken areas《聊斋志异》Strange Tales of a Lonely Studio猎头公司head-hunting company临时主教练caretaker coach领头羊bellwether留职停薪retain the job but suspend the salary留学咨询：consulting on the study abroad流动人口transient population(行业中的)龙头老大leading enterprise; flagship of the industry乱集资、乱摊派、乱收费unwarranted pooling of funds, arbitrary requisition of donatio ns and exaction of fees from enterprises乱收费、乱摊派、乱罚款arbitrary charges, fund-raising quotas and fines《论语》Analects of Confucius论文答辩(thesis) oral defense裸机：bare mobile phone绿地覆盖率forest coverage rate绿化afforestation绿色急救通道emergency green path绿色食品green foodM.马拉松式竞选活动campaignathon马路菜场入室工程the project to build indoor free m arket to accommodate street vegetable vendors马太效应the Matthew effect (A phenom enon in specific circles whereby one's acco mplishments and reputation tend to snowball, and those with m eager accom plishm ents have greater difficulty achieving accom plishments. )满意度degree of satisfaction盲流和倒流人员transient from the countryside帽子戏法hat trick冒充包装（销售）[指将劣质商品包装成外观像名优产品出售的做法] copycat packaging买一送一two-for-one offer, buy one get one free美声唱法bel canto美食节gourmet festival门前三包be responsible for general sanitation, green covering and keeping good so cial order in a designated area outside the unit building蒙古包(Mongolian) yurt蒙古大夫quack朦胧诗misty poetry民办教师citizen-m anaged teachers (teachers in rural citizen-m anaged or state-m an aged schools who do not receive the norm al remuneration from the government) 民工潮farmers' frenzied hunt for work in cities民进党Democratic Progressive Party民主党派、工商联与无党派人士non-Communist parties, federations of industry and co mmerce, personages without party affiliation民族凝聚力national cohesion民族委员会ethnic affairs commission民族文化大省 a province with rich ethnic culture明明白白消费（2000年保护消费者权益工作主题）transparent consum ption磨洋工dawdle along目标管理management by objectivesN.NASDAQ National Association of Securities Deal Automated Quotations纳米nanometer难得糊涂Where ignorance is bliss, it's folly to be wise.南水北调South-to-North water diversion南水北调工程divert water from the south to the north project男权主义思想male chauvinism囊括complete a sweep耐用消费品durable consum er item s (goods)闹情绪be disgruntled; be in a fit of pique内环路inner ring road内联企业enterprises with internal connections能官能民be ready to both serve as an offi cial and be one of the common people能进能出，能上能下competent to work both at the top and at the grass roots能进能出，能上能下,方谓好汉He who knows how to fight and how to retreat deserves to be called a brave m an.能上网的手机WAP phone内耗in-fighting泥菩萨like a clay Buddha fording the river-hardly able to save oneself; each one i s looking out for his own survival年同比year-on-year; on an annual basis年夜饭family reunion dinner扭转局面reverse the tide, turn the table农村剩余劳动力surplus rural labour (labourers)O.P.跑龙套utility m an, play a bit role, general handyman泡沫经济bubble econom y配股allot m ent of shares配套政策supporting policies棚户shacks; family that live in shacks碰钉子get snubbed碰头会brief meeting ( A brief, sm all-scale, informal m eeting with no fixed agenda, the m ain purpose of which is to exchange information.)疲软股票soft stock皮包公司bogus com pany啤酒肚beer belly票贩子scalper, ticket tout骗汇、逃汇、套汇obtain foreign currenc y and false pretenses, not turn over foreign currency owed to the governm ent and illegal arbitrage贫富悬殊polarization of rich and poor贫铀弹depleted uranium bomb平面设计师graphic designer瓶颈制约“bottleneck”restrictions扑网(体）rush-up, rushing普选制general election systemQ.期房forward delivery housing企业孵化器enterprise incubator企业文化corporate culture起跑器block洽谈会fair, m eeting千代田寿险公司（日本）Chiyoda Mutual Life Insurance Co.千禧婴儿millennium infant; m illennium baby强化班intensive training class抢跑false start, beat the gun亲民党People First Party勤工俭学part-work and part-study system; work-study program轻轨火车light rail train情感消费emotional consumption情有独钟show special preference (favor) to …区位商业location-based commerce屈体jackknife, pike圈外人士people out of the loop全方位外交multi-faceted diplomacy全国卫生城市National Hygienic City全民健身计划纲要outline of the nationwide body-building plan全能冠军all-around winner全球定位系统global positioning system(GPS)全球通global system for m obile communications全天候飞机all-weatehr aircraft拳头产品com petitive products; knock-out products; blockbuster裙带风nepotism; petticoat influence裙带关系networking through petticoat influence群言堂allow everybody to air his view; let everyone have his say; speak one's mi nd freelyR.燃油附加税bunker surcharge染指reap undeserved profit from; encroach upon绕圈子beat around the bush热岛效应tropical island effect人才流失brain drain人浮于事overstaffing人工智能artificial intelligence(AI)人海战术huge-crowd strategy人机交互human-computer interaction人际交往human communication人口负增长negative population growth (NPG)人均住房per-capita housing人类免疫缺陷病毒Human Immunodeficiency Virus(HIV)人情债debt of gratitude任意球free kick日本协力银行Japan Bank For International Cooperation (JBIC)融资渠道financing channels入水时水花很少clean entry软新闻soft newsS.360度环幕电影Circam ara三八红旗手wom an pace-setter三八线38th Parallel三步走战略the three-step developm ent strategy三大作风the Party's three important styles of work (integrating theory with practic e, forging close links with the m asses and practicing self-criticism)"三个代表" "three represents" theory (The Party should always represent the develo pm ent needs of China's advanced social productive forces, always represent the o nward direction of China's advanced culture, and always represent the fundam enta l interests of the largest m ember of the Chinese people.)三个有利于"three favorables" (whether it promotes the growth of the productive fo rces in a socialist society, increases the overall strength of the socialist state and raises the people's living standards《三国演义》The Romance of the Three Kingdoms三好学生merit student; three good student(good in study, attitude and health) "三讲"教育（讲学习、讲政治、讲正气）"three emphases" education (to stress theoretic al study, political awareness and good conduct)三角恋爱love triangle三角债chain debt三来一补企业the enterprises that process raw m aterials on clients' dem ands, assem ble parts for the clients and process according to the clients' sam ples; or engage i n com pensation trade.三连冠Three successive championships三民主义the Three People's Principles (Nationalism, Democracy and the People's Li velihood) put forward by Dr. Sun Yat-sen三通three direct links of trade, m ail, and air and shipping services across the Tai wan Straits三通一平"three supplies and one leveling"; supply of water, electricity and road an d leveled ground (conditions ready for further ec onomic development)三维电影three-dimensional m ovie三维动画片three-dim ensional animation三无企业three-no-enterprises (It refers to enterprises with no capital, no plant, an d no administrative structure.)三下乡 a program under which officials, doctors, scientist and college students go t o the countryside to spread scientific and literacy knowledge and offer medical ser vice to farm ers三资企业three kinds of foreign-invested enterprises or ventures: Sino-foreign joint ventures(中外合资企业), cooperative businesses （中外合作企业）and exclusively forei gn-owned enterprises in China（外商独资企业）三字经three-character scripture"扫黄"、"打非" eliminate pornography and illegal publications。

GENIUS is said to have two forms. There are ordinary geniuses, whose achievements one can imagine others might have emulated, so long as they worked extremely hard and had a dollop of luck. Then there are extraordinary geniuses (Mark Kac, a mathematician, called them “magicians”) whose insights are so astonishing and run so counter to received wisdom that it is hard to imagine anyone else devising them. Einstein was one such genius. Paul Dirac, whose equations predicted the existence of antimatter and who died in 1984, was another. He was quite probably the best British theoretical physicist since Isaac Newton.人们说，天才有两种类型。

一种是普通的天才，他们所取得的成就毫不出乎别人的预料，人人都知道只需要艰苦的工作和一点运气，就能够做到他们的地步。

另一种是非同寻常的天才，数学家马克•卡茨称他们为“魔术家”。

他们的洞察力惊人，与大众的意向背道而驰；他们所获得的智慧是其他人根本无法想像到的。

爱因斯坦是这样的天才之一，保罗•狄拉克也是。

保罗•狄拉克于1984年逝世，他的方程预示了反物质的存在。

自艾萨克•牛顿之后，他也许是英国最伟大的理论物理学家了。

商务英语阅读名词解释Chapter11．global company : a company that integrates its international biz activities.2．Stable : the entire range of products a company has or produces3．Joint venture : a partnership that is formed by two or more parties cooperating in some special biz activities.4．Merger & acquisition : combining of two or more entities through the direct acquisition by the net assets of the other.5．Consumer market: an organized group of buyers and sellers of a particular product that are affected by its demand and supply.6．Distribution channel: all the organizations and people involved in the physical movement of goods and services from producer to consumer.7．Listed company : a company whose shares have been quoted by the Stock Exchange.8．Marketing savvy : understanding and knowledge of how goods and services are marketed.9．Industrial complex(工业生产基地) : a manufacturing area that consists of many different factories turning out different products.10. brand recognition : a product or products that has or have been recognized and appreciated by local consumers.11. specialty shop : an outlet that deals in or sells a particular line of products.12. household name : a brand, person, company, etc. that is known to all or very popular in a place.13. loss-maker : a biz that continually makes no profit.14. home country : the country on which a multinational corporation’s HQs is based.15. quota : a restriction on the quantity of imports of a particular product that a country impose.16. organizational culture : the common values, behavior patterns, institutions, and so on among employees of a corporation.17. market economy : an economy in which the market is used to determine resource allocation, prices, and investments.Chapter 21.new economy : a different form of economy that is mainly supported by IT sector andcharacterized by knowledge-based economy instead of manufacturing.bor force : all of the people in a country or in a region that are employed or are likely to beemployed in the future.3.bubble economy : an economy that primarily depends on banking, financial market and othertransient operation.4.venture capital : funds that are invested in new plants or hi-tech startups open to large risk ofloss. cycle : A period of time that a biz goes through consists of four stages---boom繁荣,recession衰退, depression萧条, recover复苏.6.stock market : a stock exchange that deals in stocks and shares.7.deregulation : the ending of the existing system of regulations, especially by the government.8.public offering : a nonexclusive issue to the general public either bonds or stock by a firm inorder to raise funds.9.bottleneck : difficulties or things that are more likely hinder normal production or preventsmooth economic development.rmation tech信息技术: all devices and knowledge that are required to manage any kindof data.11.Treasury bill短期国债：A short-term obligation of the U.S. Treasury, having a maturityperiod of one year or less and sold at a discount from face value.短期国库券：美国财政部发行的一种短期债券，一年或少于一年到期，以票面价值打折的形式出售.Treasury bond : 长期国债T-bonds have maturity’s greater than 10 years.T-note : 中期国债has maturity ranging from 2 to 5 years. plan : future actions to be taken by a company, concerning products, production, market,investment, etc.13.capital stock : The total amount of stock authorized for issued by a corporation, includingcommon and preferred stock. 股本(总额)：由一个公司授权发行的股票的总数额，包括普通股和优先股.14.product life cycle : a theory stating that certain kinds of products go through a cycle consistingof four stages, namely, introduction, growth, maturity and decline.15.junk bonds : an interest-bearing certificate of debt that promises to give a high yield but isissued by a company with low credit rating低信用等级.16．Seed money=seed capital启动资金: the initial equity capital used to start a new venture or biz.Chapter 31. liquidity : available cash or the capacity to obtain it on demand.2. exchange rate : the amount of one currency that can be bought with another.3. multinational company : a very large organization that owns companies in more than one country in order to obtain low-cost raw materials and make efficient use of a local workforce.4. benchmark : a standard by which something can be measured or judged.5. pricing policy : a plan or statement of prices set by an organization for its products and services.6. money market : the institutions and practices through with short-term funds are channeled to borrowers and entrepreneurs.7. capital market : a place where deals are made relating to long term investment needed by businesses and public authorities.8. collateral : property or an item of value acceptable as security for a loan or other obligation.担保物：被接受作为抵押或其他义务担保的财产9. counterparty : a term used to identify the “other” party in a two-party transaction.10. stock exchange: a market where stocks and shares are bought and sold under fixed rules, but at prices determined by supply & demand.11. retail : the sale of goods or commodities in small quantities directly to consumers.12. cheque : a printed form, used instead of money, to make payment from one’s bank account.13. economic integration : the integration of commercial & financial activities among countries through the abolishment/cancellation of economic discrimination.Chapter 41.Dow-Jones Industrial Average : an index of the share prices quoted on the New York StockExchange for a group of 30 leading industrial companies.2.Blue chip : a stock that sells at high price because of public confidence in its long record ofsteady earnings.3.Nasdaq : national association of securities dealers automated quotations4.social security社会保障: a government program that provides economic assistance topersons faced with unemployment, disability, or agedness, financed by assessment (税额) of employers and employees.5.tax deduction : an expense费用that a taxpayer is allowed to deduct from taxable income.6.reinsurance ：the purchase of insurance by an insurance company from another insurance(reinsurer) to provide it protection against large losses on cases it has already insured.7.policy :保单the printed legal document stating the terms of insurance contract that is issuedto the policyholder投保人by company.8.public relations : PR, the activity of keeping good relationships between an organization andthe people outside it.9.depression : a period of drastic decline in a national or international economy, characterizedby decreasing biz activity, falling prices, and unemployment. 萧条，不景气：国家（或国际）经济不景气的一段时期，其特征是商业活动减少、价格下降、失业10.media ：a means of mass communication, such as newspapers, magazines, radio, or television.11.recession: An extended decline in general business activity, typically three consecutivequarters of falling real gross national product.衰退：经济活动普遍而持续地衰败，尤指三个连续季度的社会总产品净值的下降Chapter 51．Sanction : the penalty for noncompliance specified in a law or decree.2．Trade deficit : imports minus exports of goods and services.3．Balance of trade 贸易支付差额the value of country’s exports minus the value of its imports.4．Downturn : a tendency downward, especially in biz or economic activity.5．Speculation投机: engagements in risky biz transactions on the chances of quick or considerable profit.6．Value added tax : an indirect tax imposed on consumption that is reflective of the incremental increases on the value of goods through the chain of production, from the raw material phase to final consumption.增值税是向消费征收的间接税，它反映了商品从原材料到最终消费的整个生产过程中的增加值。

reported in the financing activity section of the accounting statement of cash flows. When Tyco received payments from customers, the cash inflows were reported as operating cash flows. Another method used by Tyco was to have acquired companies prepay operating expenses. In other words, the company acquired by Tyco would pay vendors for items not yet received. In one case, the payments totaled more than $50 million. When the acquired company was consolidated with Tyco, the prepayments reduced Tyco’s cash outflows, thus increasing the operating cash flows.Dynegy, the energy giant, was accused of engaging in a number of complex “round-trip trades.” The round-trip trades essentially involved the sale of natural resources to a counterparty, with the repurchase of the resources from the same party at the same price. In essence, Dynegy would sell an asset for $100, and immediately repurchase it from the buyer for $100. The problem arose with the treatment of the cash flows from the sale. Dynegy treated the cash from the sale of the asset as an operating cash flow, but classified the repurchase as an investing cash outflow. The total cash flows of the contracts traded by Dynegy in these round-trip trades totaled $300 million.Adelphia Communications was another company that apparently manipulated cash flows. In Adelphia’s case, the company capitalized the labor required to install cable. In other words, the company classified this labor expense as a fixed asset. While this practice is fairly common in the telecommunications industry, Adelphia capitalized a higher percentage of labor than is common. The effect of this classification was that the labor was treated as an investment cash flow, which increased the operating cash flow.In each of these examples, the companies were trying to boost operating cash flows by shifting cash flows to a different heading. The important thing to notice is that these movements don’t affect the total cash flow of the firm, which is why we recommend focusing on this number, not just operating cash flow.Summary and ConclusionsBesides introducing you to corporate accounting, the purpose of this chapter has been to teach you how to determine cash flow from the accounting statements of a typical company.1. Cash flow is generated by the firm and paid to creditors and shareholders. It can be classifiedas:1. Cash flow from operations.2. Cash flow from changes in fixed assets.3. Cash flow from changes in working capital.2. Calculations of cash flow are not difficult, but they require care and particular attention to detailin properly accounting for noncash expenses such as depreciation and deferred taxes. It is especially important that you do not confuse cash flow with changes in net working capital and net income.Concept Questions1. Liquidity True or false: All assets are liquid at some price. Explain.2. Accounting and Cash Flows Why might the revenue and cost figures shown on a standardincome statement not represent the actual cash inflows and outflows that occurred during a period?3. Accounting Statement of Cash Flows Looking at the accounting statement of cash flows,what does the bottom line number mean? How useful is this number for analyzing a company? 4. Cash Flows How do financial cash flows and the accounting statement of cash flows differ?Which is more useful for analyzing a company?5. Book Values versus Market Values Under standard accounting rules, it is possible for astockholders’ equity of Information Control Corp. one year ago:During the past year, Information Control issued 10 million shares of new stock at a total price of $43 million, and issued $10 million in new long-term debt. The company generated $9 million in net income and paid $2 million in dividends. Construct the current balance sheet reflecting the changes that occurred at Information Control Corp. during the year.8. Cash Flow to Creditors The 2009 balance sheet of Anna’s Tennis Shop, Inc., showed long-term debt of $1.34 million, and the 2010 balance sheet showed long-term debt of $1.39 million.The 2010 income statement showed an interest expense of $118,000. What was the firm’s cash flow to creditors during 2010?9. Cash Flow to Stockholders The 2009 balance sheet of Anna’s Tennis Shop, Inc., showed$430,000 in the common stock account and $2.6 million in the additional paid-in surplus account.The 2010 balance sheet showed $450,000 and $3.05 million in the same two accounts, respectively. If the company paid out $385,000 in cash dividends during 2010, what was the cash flow to stockholders for the year?10. Calculating Cash Flows Given the information for Anna’s Tennis Shop, Inc., in the previoustwo problems, suppose you also know that the firm’s net capital spending for 2010 was $875,000 and that the firm reduced its net working capital investment by $69,000. What was the firm’s 2010 operating cash flow, or OCF?INTERMEDIATE (Questions 11–24)11. Cash Flows Ritter Corporation’s accountants prepared the following financial statements foryear-end 2010:1. Explain the change in cash during 2010.2. Determine the change in net working capital in 2010.3. Determine the cash flow generated by the firm’s assets during 2010.12. Financial Cash Flows The Stancil Corporation provided the following current information:Determine the cash flows from the firm and the cash flows to investors of the firm.13. Building an Income Statement During the year, the Senbet Discount Tire Company hadgross sales of $1.2 million. The firm’s cost of goods sold and selling expenses were $450,000 and $225,000, respectively. Senbet also had notes payable of $900,000. These notes carried an interest rate of 9 percent. Depreciation was $110,000. Senbet’s tax rate was 35 percent.1. What was Senbet’s net income?2. What was Senbet’s operating cash flow?14. Calculating Total Cash Flows Schwert Corp. shows the following information on its 2010income statement: sales = $167,000; costs = $91,000; other expenses = $5,400; depreciation expense = $8,000; interest expense = $11,000; taxes = $18,060; dividends = $9,500. In addition, you’re told that the firm issued $7,250 in new equity during 2010 and redeemed $7,100 in outstanding long-term debt.1. What is the 2010 operating cash flow?2. What is the 2010 cash flow to creditors?3. What is the 2010 cash flow to stockholders?4. If net fixed assets increased by $22,400 during the year, what was the addition to networking capital (NWC)?15. Using Income Statements Given the following information for O’Hara Marine Co., calculatethe depreciation expense: sales = $43,000; costs = $27,500; addition to retained earnings = $5,300; dividends paid = $1,530; interest expense = $1,900; tax rate = 35 percent.1. What is owners’ equity for 2009 and 2010?2. What is the change in net working capital for 2010?3. In 2010, Weston Enterprises purchased $1,800 in new fixed assets. How much in fixedassets did Weston Enterprises sell? What is the cash flow from assets for the year? (The tax rate is 35 percent.)4. During 2010, Weston Enterprises raised $360 in new long-term debt. How much long-termdebt must Weston Enterprises have paid off during the year? What is the cash flow to creditors?Use the following information for Ingersoll, Inc., for Problems 23 and 24 (assume the tax rate is34 percent):23. Financial Statements Draw up an income statement and balance sheet for this company for2009 and 2010.24. Calculating Cash Flow For 2010, calculate the cash flow from assets, cash flow to creditors,and cash flow to stockholders.CHALLENGE (Questions 25–27)25. Cash Flows You are researching Time Manufacturing and have found the following accountingstatement of cash flows for the most recent year. You also know that the company paid $82 million in current taxes and had an interest expense of $43 million. Use the accounting statement of cash flows to construct the financial statement of cash flows.Nick has also provided the following information: During the year the company raised $118,000 in new long-term debt and retired $98,000 in long-term debt. The company also sold $11,000 in new stock and repurchased $40,000 in stock. The company purchased $786,000 in fixed assets and sold $139,000 in fixed assets.Angus has asked you to prepare the financial statement of cash flows and the accounting statement of cash flows. He has also asked you to answer the following questions:1. How would you describe Warf Computers’ cash flows?2. Which cash flow statement more accurately describes the cash flows at the company?3. In light of your previous answers, comment on Nick’s expansion plans.。

全文分为作者个人简介和正文两个部分：作者个人简介：Hello everyone, I am an author dedicated to creating and sharing high-quality document templates. In this era of information overload, accurate and efficient communication has become especially important. I firmly believe that good communication can build bridges between people, playing an indispensable role in academia, career, and daily life. Therefore, I decided to invest my knowledge and skills into creating valuable documents to help people find inspiration and direction when needed.正文：关于印象最深的电影或电视剧的英语作文全文共3篇示例，供读者参考篇1The Most Memorable Film: A Journey Through Time and EmotionsMovies and television shows have the incredible power to transport us into different worlds, evoke a myriad of emotions,and leave lasting impressions on our hearts and minds. Among the countless films and series I've watched over the years, one stands out as the most memorable and impactful – "Interstellar."Directed by the visionary Christopher Nolan, "Interstellar" is a cinematic masterpiece that seamlessly blends science fiction with profound human emotions. From the moment the iconic score by Hans Zimmer resonated through the theater, I knew I was in for an extraordinary experience.The film's premise revolves around a future where Earth is slowly becoming uninhabitable due to environmental catastrophes. A former NASA pilot, Cooper (played brilliantly by Matthew McConaughey), stumbles upon a secret NASA facility and is recruited for an interstellar mission to find a new home for humanity. What unfolds is a breathtaking journey through time and space, filled with mind-bending concepts, heart-wrenching sacrifices, and an unwavering determination to ensure the survival of the human race.One aspect of "Interstellar" that left an indelible mark on me was the portrayal of the father-daughter relationship between Cooper and his daughter, Murph (played by Mackenzie Foy and Jessica Chastain). Their bond, strained by Cooper's absence and the relentless passage of time, was a poignant reminder of thesacrifices parents make for their children's well-being. The emotional depth of their interactions, coupled with the film's exploration of the concept of relativity and time dilation, made for a profoundly moving experience.The film's visual effects were nothing short of breathtaking. From the stunning depiction of the wormhole and theawe-inspiring black hole Gargantua, to the meticulously crafted alien planets, each frame was a testament to the power of cinema to transport us to worlds beyond our wildest imaginations. The attention to scientific detail and the collaboration with renowned physicists like Kip Thorne added an extra layer of authenticity and wonder to the film's universe.Beyond its visual splendor, "Interstellar" delved into profound philosophical and existential questions about humanity's place in the universe, the nature of time, and the lengths we are willing to go to ensure our survival. The film challenged me to contemplate the complexities of human existence, the sacrifices we make for love, and the pursuit of knowledge and exploration.One scene that left an indelible mark on me was the sequence depicting Cooper's journey through the black hole and the subsequent encounter with the mysterious "Bulk Beings."The mind-bending visuals and the concept of higher dimensions were both captivating and thought-provoking, leaving me in awe of the film's ability to tackle complex scientific theories in a way that was accessible and emotionally resonant.Another aspect that made "Interstellar" truly memorable was the incredible performances by the ensemble cast. Matthew McConaughey's portrayal of Cooper was a tour de force, capturing the character's unwavering determination, his love for his family, and his willingness to sacrifice everything for the greater good. Anne Hathaway's performance as Dr. Amelia Brand was equally compelling, bringing depth and nuance to a character torn between her scientific curiosity and her own personal desires.Beyond the captivating storytelling and stunning visuals, "Interstellar" left me with a profound appreciation for the power of human perseverance and the indomitable spirit of exploration. The film's overarching message – that humanity's survival depends on our ability to adapt, overcome challenges, and venture into the unknown – resonated deeply with me.In a world where escapist entertainment often dominates the cinematic landscape, "Interstellar" stood out as a film that challenged viewers intellectually while simultaneously tugging attheir heartstrings. It was a rare blend of scientific curiosity, emotional depth, and breathtaking visual artistry, leaving an indelible mark on my psyche and solidifying its place as the most memorable film I have ever experienced.Even years after my initial viewing, the themes, characters, and visuals of "Interstellar" continue to linger in my mind. It is a film that I will undoubtedly revisit time and time again, each viewing revealing new layers and nuances that I had previously overlooked. In a way, "Interstellar" has become a personal touchstone, a reminder of the limitless potential of human creativity and the boundless wonders that await us in the vast expanse of the universe.As I reflect on the countless hours I've spent immersed in the world of cinema and television, "Interstellar" stands tall as the film that has left the most profound and lasting impact on me. It is a cinematic masterpiece that transcends the boundaries of genre, captivating audiences with its stunning visuals,thought-provoking themes, and unforgettable emotional resonance. For me, it is not just a film; it is a journey through time, space, and the depths of human emotion – a testament to the power of storytelling and the enduring allure of the silver screen.篇2My Most Memorable Screen ExperienceThere have been countless movies and TV shows that have captured my imagination and attention over the years. From epic fantasy adventures to gritty real-life dramas, the storytelling possibilities of the screen are limitless. However, one cinematic experience stands out as particularly formative and meaningful to me – Breaking Bad.On the surface, the premise of a mild-mannered high school chemistry teacher turning to cooking crystal meth seems bizarre, even absurd. But Breaking Bad quickly reveals itself as a profound character study and meditation on morality, ego, family, and the unexpected consequences that can spiral out from a single fateful choice. It hooked me from the first episode and never let go across its five iconic seasons.I vividly remember binge-watching the early seasons on a lazy summer break from school. I was utterly transfixed by the taut writing, brilliant cinematography, and committed performances – especially from Bryan Cranston as the unforgettable lead character Walter White. In those initial episodes, you can't help but sympathize with Walt's situation as a tragic underdog. Here is a enormously talented man of science who has contributed key research, yet is stuck in the humiliatingposition of working at a carwash to make ends meet after being diagnosed with terminal lung cancer. His pride and desire to provide for his family are palpable.Of course, Walt's decision to start manufacturing and selling meth is the first step down a very dark path. But the sheer craft and nuance in Walter White's character arc is what makes Breaking Bad so mesmerizing. We witness this socially inept man incrementally tap into an unnerving ability to lie, manipulate, and kill without remorse in order to gain status, wealth and power in Albuquerque's criminal underworld. What begins as justifiable desperation devolves into unadulterated hubris as his monstrous alter-ego "Heisenberg" takes over.Yet no matter how evil Walt becomes, you can't turn away because his portrayal remains so psychologically rich and human. Cranston's powerhouse performance allows glimpses of the good man's vulnerability and remnants of morality to bleed through the ruthlessness. His complex emotional dynamic with characters like his wife Skyler (played exquisitely by Anna Gunn), DEA agent brother-in-law Hank (Dean Norris), and partner Jesse Pinkman (Aaron Paul) creates captivating drama. Even as Walt descended into the most abhorrent acts, I kept watching to see if he could find redemption or if his fate would be darker still.On a technical level, Breaking Bad raised the bar for cinema-quality production on television. Vince Gilligan's writing team crafted razor-sharp dialogue and layered,thought-provoking narratives more akin to prestigious movies than standard episodic TV. The cinematography skillfully employed striking visuals, perspective tricks, and symbolic imagery to amplify the tension and thematic depth. One of my favorite examples was the use of teddy bear imagery - first as an ominous harbinger in the famous trunk scene cold open, then again as a chilling memorial to Walt's descent into immorality.While acclaimed for its visual achievements, Breaking Bad's sound design was equally brilliant in its restraint and ability to make scenes even more anxiety-inducing. The diegetic sound editing technique of remaining submerged in Walt and Jesse's subjective experience made every ticking minute on a meth cook feel like a taut race against time. The purposeful silence and natural ambience were utterly gripping compared to a traditional melodramatic score. Even specific song choices like the haunting melodic tones of "Horse with No Name" added existential profundity.Beyond its technical accomplishments, Breaking Bad touched profound philosophical and moral questions that havestuck with me long after watching the finale. To what lengths would I go to secure my family's future if facing terminal illness? Can someone born with innate talents for evil be redeemed? How far is too far once you cross over into a life of crime? Does the ability to continually justify one's actions as being for the greater good make someone more culpable or pitiable? The sheer depth of these questions and Breaking Bad's fearless exploration of moral relativity elevates it from pure entertainment into a bonafide work of art.While I've enjoyed many films and shows over the years, few have affected me as viscerally as Breaking Bad. Its potent atmosphere of dread and immaculate dramatization of one man's spiritual decline into darkness encouraged me to wrestle with profound existential quandaries. Yet at the end, I was left with the sense that the cycle of violence and greed is tragic and unending – that often the things we do for family and in desperation ironically end up destroying those very things we sought to protect. It's a brutal yet poignant truth that Walter White learns far too late.Breaking Bad represented the best in long-form storytelling, a true multimedia accomplishment in its blending of layered writing, immaculate performances, ingenious directing andproduction craft into a searing character portrait. More than just an engrossing crime drama, it transcended into a timeless modern Greek tragedy about morality, unhealthy obsession for power and respect, and a man's ill-fated quest to create a legacy no matter the human cost. It's simply one of the most innovative, daring and profound creative works I've had the pleasure to experience. Above all, it proved that television could be more than disposable entertainment – it could attain artistic heights on par with the greatest novels and films. And for that, Breaking Bad's impact on me and the medium itself will be eternal.篇3Here's an essay in a student's tone about the most memorable movie or TV show, written in English at approximately 2000 words:The Silver Screen's Lasting Impressions: A Cinematic JourneyAs a student navigating the whirlwind of academic demands and personal growth, I often find solace in the captivating world of cinema and television. Amidst the countless stories that have graced the silver screen, one particular narrative has left an indelible mark on my psyche, forever etched in the annals of my memory. This tale, woven with intricate threads of emotion,character development, and profound themes, has become a beacon of inspiration, shaping my perspectives and igniting a newfound appreciation for the art of storytelling.The film in question is "Interstellar," a masterpiece directed by the visionary Christopher Nolan. From the moment the opening credits rolled, I found myself enraptured by the sheer scale and ambition of this cinematic endeavor. Set against the backdrop of a dystopian future where Earth's resources are rapidly depleting, the film follows the journey of an former NASA pilot, Cooper, and his daughter, Murph, as they embark on an interstellar voyage to uncover the secrets of a newly discovered wormhole, which holds the key to humanity's survival.What initially captured my attention was the film's seamless blend of scientific authenticity and emotional resonance. Nolan's meticulous attention to detail, coupled with the guidance of renowned theoretical physicist Kip Thorne, resulted in a scientific narrative that felt both plausible and awe-inspiring. The depictions of black holes, gravitational lensing, and themind-bending concepts of relativity were not mere window dressings but integral components that propelled the story forward, challenging my understanding of the universe and igniting an insatiable curiosity within me.Yet, at its core, "Interstellar" is a poignant exploration of the human condition, delving into themes of sacrifice, love, and the unbreakable bonds that transcend space and time. The relationship between Cooper and Murph, portrayed with raw authenticity by Matthew McConaughey and Mackenzie Foy, served as the emotional anchor of the film. Their bond, forged through adversity and tested by the cruel hands of fate, resonated deeply with me, reminding me of the sacrifices parents make for their children and the unshakable faith that love can overcome even the most formidable obstacles.Moreover, the film's visual grandeur was nothing short of breathtaking. From the arid, dust-swept landscapes of a dying Earth to the mind-bending vistas of distant galaxies, each frame was a masterclass in cinematography. The stunning visuals, coupled with Hans Zimmer's haunting and emotionally charged score, created an immersive experience that transported me to realms far beyond the confines of the theater, leaving me in a state of awe and contemplation.But what truly resonated with me was the film's underlying message of perseverance and hope in the face of overwhelming adversity. Through Cooper's unwavering determination and Murph's relentless pursuit of scientific knowledge, "Interstellar"reminded me that even in the darkest of times, the human spirit can triumph, pushing the boundaries of what was once deemed impossible. This message struck a profound chord within me, inspiring me to approach challenges with renewed vigor and an unyielding belief in the power of human ingenuity.In the aftermath of this cinematic experience, I found myself grappling with existential questions and philosophical musings that had previously eluded me. The film's exploration of the nature of time, the implications of interdimensional travel, and the complexities of love and sacrifice left an indelible mark on my psyche, prompting me to delve deeper into the realms of science, philosophy, and the human condition.Furthermore, "Interstellar" ignited a newfound appreciation for the art of filmmaking within me. I marveled at the intricate weaving of narrative threads, the seamless integration of scientific concepts, and the masterful portrayal of human emotions. This realization inspired me to explore the world of cinema further, seeking out films that challengedconventional storytelling and pushed the boundaries of what was possible on the silver screen.In retrospect, "Interstellar" was more than just a film; it was a transformative experience that transcended mere entertainment.It was a catalyst for personal growth, igniting a burning desire for knowledge and a deeper understanding of the universe we inhabit. Its themes, visuals, and emotional resonance left an indelible imprint on my soul, forever shaping the way I perceive the world around me.As I continue my journey through life, I carry the lessons and inspirations derived from this cinematic masterpiece, using them as a guiding light to navigate the complexities and challenges that lie ahead. "Interstellar" has become a touchstone, a reminder that even in the face of seemingly insurmountable odds, the human spirit can soar, propelled by love, determination, and an unquenchable thirst for knowledge.In the grand tapestry of cinematic history, "Interstellar" stands tall as a testament to the power of storytelling, a work of art that transcends mere entertainment and leaves an indelible mark on the souls of those who witness its brilliance. It is a film that will forever remain etched in my memory, a cherished companion on my lifelong journey of self-discovery and personal growth.。

英语作文波士顿Boston is a fascinating city with a rich history, vibrant culture, and a strong sense of community. Located in the state of Massachusetts, Boston is one of the oldest cities in the United States and played a crucial role in the country's early history. Today, it is a thriving metropolis that offers a blend of historical sites, modern amenities, and a diverse population.One of the most iconic landmarks in Boston is the Freedom Trail, a 2.5-mile-long path that winds through the city and highlights 16 significant historical sites. Along the trail, visitors can explore famous landmarks such as the Massachusetts State House, the Paul Revere House, and the Old North Church. These sites offer a glimpse into the city's colonial past and provide valuable insights into the events that shaped American history.Beyond its historical significance, Boston is also known for its top-notch universities and colleges. The city is home to prestigious institutions such as Harvard University, MIT, and Boston University, which attract students from around the world. As a result, Boston has a thriving academic and research community, contributing to the city's reputation asa hub for innovation and intellectual pursuits.In addition to its educational institutions, Boston isalso celebrated for its cultural diversity and vibrant arts scene. The city hosts numerous art galleries, museums, and theaters, showcasing a wide range of artistic expression.From classical performances at the Boston Symphony Orchestrato cutting-edge contemporary art at the Institute of Contemporary Art, there is something for everyone to enjoy.One of the key aspects of Boston's charm is its strong sense of community. The city is known for its friendly locals, diverse neighborhoods, and a collective pride in its heritage.Whether it's cheering for the Red Sox at Fenway Park, attending the annual Boston Marathon, or participating in community events, Bostonians are deeply connected to their city and its traditions.One cannot discuss Boston without mentioning its culinary scene, which offers a delectable array of dining options. From upscale restaurants serving innovative cuisine to cozy neighborhood eateries dishing out comforting classics,there's no shortage of fantastic food to try. Seafood lovers will delight in the city's fresh catch, while those with a sweet tooth can indulge in Boston's famous cream pies and delectable pastries.As a bustling urban center, Boston also provides ample opportunities for shopping, entertainment, and outdoor activities. The city boasts an array of shops, boutiques, and markets, enabling visitors to find everything from high-end fashion to locally-made crafts. Meanwhile, the city's parksand waterfront areas offer tranquil escapes from the urban bustle, providing a chance to relax and soak in the natural beauty.In recent years, Boston has emerged as a thriving tech and innovation hub, attracting an influx of startups and tech companies. The city's strong ties to academia, coupled with a growing venture capital ecosystem, have positioned Boston as a leading center for technological advancement and entrepreneurship. This reputation has brought in a diverse range of professionals and innovators, further enriching the city's dynamic landscape.Boston's strong economy and job opportunities have contributed to a steady influx of new residents, leading to a growing and evolving city. Despite its rapid development, Boston has managed to preserve its historic charm while embracing modernity. The city's architectural marvels, such as the Boston Public Library and the Massachusetts StateHouse, stand as testaments to its heritage, blending seamlessly with sleek skyscrapers and contemporary structures.In conclusion, Boston is a city that seamlessly weaves together its rich history, diverse culture, and modern amenities. Whether one is captivated by its historical landmarks, charmed by its vibrant arts scene, or drawn to its bustling urban energy, Boston has something to offer for everyone. Its sense of community, intellectual vitality, and innovation make it a truly captivating destination worth exploring. Whether visiting for the first time or considering a long-term stay, Boston's allure is undeniable, leaving a lasting impression on all who experience its unique blend of old-world charm and new-world dynamism.。