【正文】 investment as of a specified ：一個(gè)公司或機(jī)構(gòu)在指定日期的資產(chǎn)、負(fù)債和所有者投資的列表說(shuō)明 Exercises Fill in the blanks with the proper words investment classes scales merged capable markets single difference specialization capital Exercises In the not so distant past, there was little ________ between financial and strategic investors. Investors of all colors sought to safeguard their ________ by taking over as many management functions as they could. Additionally, investments were small and shareholders few. A firm resembled a household and the number of people involved – in ownership and in management – was correspondingly limited. People invested in industries they were acquainted with first hand. Checkup Exercises As ________ grew, the ________ of industrial production (and of service provision) expanded. A ________investor (or a small group of investors) could no longer acmodate the needs even of a single firm. As knowledge increased and ________ ensued – it was no longer feasible or possible to micromanage a firm one invested in. Checkup Exercises Actually, separate businesses of money making and business management ________. An investor was expected to excel in obtaining high yields on his ________ – not in industrial management or in marketing. A manager was expected to manage, not to be ________ of personally tackling the various and varying tasks of the business that he managed. Checkup Exercises Thus, two ________ of investors emerged. One type supplied firms with capital. The other type supplied them with knowhow, technology, management skills, marketing techniques,。 媒介 (物 ) 2. offset: an agent, an element, or a thing that balances, counteracts, or pensates for something else. 抵消 。 conditional因事而定的：取決于尚未確定的條件或事件的；依條件而定的 eg. Such risks are contingent to the trade . 這種風(fēng)險(xiǎn)在經(jīng)商中是可能發(fā)生的。 Text : Language Points binge n. a period of excessive or uncontrolled indulgence無(wú)節(jié)制期 eg. Binge drinking, ready meals and a lack of exercise all take their toll. 酗酒、吃方便食品、缺乏鍛煉均對(duì)年輕人的健康造成了不良影響。 Text : Language Points speculator n. one that speculates投機(jī)者 eg. He is a speculator who hold up customers. 他是個(gè)向顧客索取高價(jià)的投機(jī)商人。 federalfunds market 聯(lián)邦基金市場(chǎng) Text : Language Points tradeoff n. an exchange of one thing in return for another, especially relinquishment of one benefit or advantage for another regarded as more desirable交易 ， 交換：以一物換取另一物 ， 尤指放棄一種利益或優(yōu)勢(shì)以換取另一種被認(rèn)為更有價(jià)值的物品 eg. This is a simple cost/benefit tradeoff. 這是一個(gè)簡(jiǎn)單的成本／收益權(quán)衡 。 Text : Language Points bad loan 呆帳 , 過(guò)期未還的貸款 convert v. to exchange (a security, for example) by substituting an equivalent of another form. 更換：將 （ 如一種證券 ） 兌換成另一形式的等價(jià)物 eg. The pany converted its assets into cash. 公司將資產(chǎn)轉(zhuǎn)化成現(xiàn)金 。 補(bǔ)償 eg. The gains offset the losses. 損益相抵。 Text : Language Points diversity n. a point or respect in which things differ. 差異 , 多樣性 eg. A diversity leads to prosperity. 窮則變，變則通 。 Text : Language Points macroeconomic n. 宏觀經(jīng)濟(jì) eg. The microeconomic and macroeconomic fluctuations might effect the loan. 微觀和宏觀經(jīng)濟(jì)的波動(dòng)也許會(huì)影響貸款的歸還 。 媒介 (物 ) eg. Conducts of intermediary institutions are being standardized to better serve foreign invested enterprises. 規(guī)范中介機(jī)構(gòu)的行為，引導(dǎo)中介機(jī)構(gòu)更好地為外商投資企業(yè)服務(wù)。s actions are based on the way they expect others to act. To the extent that people act in this way and that greaterfool speculating influences prices in financial markets, financial markets can serve as a source of economic disturbances rather than as mere transmitters. Text : EXAMPLE OF SPECULATIVE BINGES There are many cases in which markets clearly were on speculative binges. One of the earliest and most famous was the Dutch tulip market of the 1630s. The tulip was introduced into Holland in the middle of the 16th century from Constantinople. It immediately became a status symbol among the very rich, and then as it became a bit less rare, among the middle classes. Text : After 1630 the price of tulips reflected not only their stylishness, but also speculation. People began to gamble on price changes. As people began to join the speculation, trying to get in at low prices, prices took off and the market developed a life of its own. People bought tulips at ridiculous prices only because they thought other people would be willing to pay equally ridiculous prices. For example, a single bulb was exchanged for twelve acres of land. Another was sold for a carriage, two horses, and a substantial sum of cash. Text : The bulls―—those who expected rising prices—ruled the bulb market until 1636. The boom faded when enough Dutchmen began to wonder if tulip bulbs were really worth what they were being traded for, and decided to get out of the market while they were ahead. As this sentiment spread, the market peaked and began to fall. Speculative markets can crash almost instantly because once prices begin to fall, people realize that there is no fundamental reason for them to be so high. The prices of tulip bulbs fell until they reached a realistic value, which meant that a single bulb was almost worthless. Looking back at tulipmania, we have a tendency to think, That is a funny episode, but of no importance. People are smarter today. Text : Markets based on greaterfool psychology always collapse. Eventually the greatest fool is found, and once he is found, the process cannot continue. In many ways a speculative binge is like a chain letter. Everyone involved in a chain letter believes that he or she will get rich. But since all that is involved is a reshuffling of