【正文】
? Mergers and acquisitions 兼并與收購 Multinational enterprises ? The multinational enterprise, MNE, is an enterprise with a global approach to marketing and production that integrates both domestic and foreign markets. ? The advent of the MNE was a response to the rising tide of trade barriers (貿(mào)易壁壘 ) and experimentation with economic integration (經(jīng)濟(jì)一體化 ) after World War I. ? Foreign production through direct foreign investment became a way of circumventing (規(guī)避 ) trade barriers and marketing behind tariff walls to expanding, integrated markets. Key Business Terms ? Comparative advantage/disadvantage ? Absolute advantage ? Massproduce ? Take protectionist measures ? balance of payments ? Cartel ? Foreign exchange ? Commodity futures trading ? Commodity exchanges ? Hedging ? Future delivery ? Tangible vs. intangible goods ? Franchising ? Licensing ? Economies of scale ? Direct vs. indirect/portfolio investment ? Equity interest ? Bond ? Circumvent trade barriers ? Economic integration ? Mergers and acquisitions Translation Assignment (Unit 1) ? As financial markets around the world have bee increasingly integrated in recent years, international portfolio investments have bee popular with investors as a vehicle of diversification, further hastening the process of international financial integration. (P13) ? The parative advantage principle is the basis of specialization into trades and occupations. At the same time, plete specialization may never occur even it is economically advantageous. One impediment to the free flow of goods between nations is the possible introduction of artificial barriers to trade, such as tariffs or quotas. ? The relative size of trade is often measured by paring the size of a country?s exports with its gross domestic product (GDP). Increases in the export/GDP ratio indicate that a higher percentage of the output of final goods and services produced within a country?s borders is being sold abroad. Such increase indicates a greater international interdependence and a more plex international trade work enpassing not only final consumption goods but also capital goods, intermediate goods, primary goods, and mercial services. Listening Exercise