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    [考博英語]2017考博英語閱讀題源經濟學人文章每日精析(七十一)_考博_旭晨教育

    2017 考博英語 閱讀題源經濟學人文章每日精析(七十一)

    考博英語閱讀大部分博士研究生招生院校都使用《經濟學人》雜志文章作為題源,旭晨教育考博頻道為考博生們將其中的文章進行深度分析,希望能提高大家的考博英語閱讀水平,讀懂長難句。

    Corporate activists in Germany: Stada and deliver

    活躍的德國企業:史達德和拯救者

    A putsch at a drugs firm is a sign of rising confidence among investors

    藥企改革標志著投資者熱情高漲

    putsch n.暴動

    IT MADE an uncommonly inviting target for an activist. Stada, a German maker of generic drugs based near Frankfurt, had low revenues, high running costs and opaque accounting. It was valued lower than its peers and shunned by investors. And if its overpaid top managers were lacklustre, its supervisory board was fossilised: crammed with elderly doctors and pharmacists who did little to pep it up.對于改革活躍分子而言,史達德集團是個不可多得的目標。位于法蘭克福周邊的一家德國通用名藥品生產公司史達德,收益低迷,運行成本高,財務核算不透明,市值估算低于同行。投資者對其繞道而行。并且如果高薪酬的高級管理層缺乏生氣,監察理事會思維僵化,那么公司里免不了滿是高年齡的博士和藥劑師,無法給企業注入新的活力。

    lacklustre adj.死氣沉沉的Fossilize vt. 使…變成化石

    Shareholders in Germany usually shy away from confronting such problems. But after arancorous 14-hour annual general meeting on August 26th, they voted out Stada’s chairman, Martin Abend. He went the way of the once-dominant chief executive, Hartmut Retzlaff, who quit in June (owing to an illness). As the board is rejigged, managers have rediscovered some ambition. They have promised to lift revenue to €2.6 billion ($2.9 billion) by 2019, from €2.1 billion last year.德國股東通常會對這些問題視而不見。但8月26日,經過長達14小時滿懷不滿的年度股東大會,股東們投票罷免了現任史達德董事長馬丁.阿本德。前首席執行官哈特穆特·茨拉夫在6月因病辭職,而阿本德重蹈了他的覆轍。隨著董事會的重組,管理層已重拾信心。他們承諾,到2019年公司收入將從去年的21億歐元增至26億歐元(29億美元)。

    rancorous adj. 滿懷憤懣的

    It is a big victory for a young, German-ledrejig investment firm, Active Ownership Capital (AOC), which has adopted the sort of aggressive style usually associated with American, British or Nordic funds, such as Cevian Capital of Sweden. AOC, which has a 7% stake in Stada, fought for a year to shake up the board. The scrap broke out into the open in May. “We have seen a type of proxy contest, a big change in composition of a board, that has never happened before,” says Alexander Georgieff of Georgieff Capital, a boutique investment bank.對于年輕的德國重組投資公司Active Ownership Capital來說,這是一場巨大的勝利,它的重組采用是一種較為激進的方式。此方式一半多見于美國基金,英國基金和以Cevian Capital of Sweden為代表的北歐基金。Active Ownership Capital現持有史達德公司7%的股份。AOC花費一年的時間來重組Stada的董事會。5月董事會重組完成。來自精品投資銀行Georgieff Capital 的Alexander Georgieff 表示,“我們見證了一場代理權的爭奪戰,董事會內部進行了前所未有的變動。”

    proxy adj. 代理權的

    Only 27 German companies were subjected to (public) activist campaigns between 2010 and today, according to Activist Insight, which tracks such activity, compared with 147 in Britain. The number is surely rising. Cevian, especially, has made waves. A 10% stake it bought in Demag Cranes in 2010 roughly doubled in value by the time it helped an American buyer to take over the firm in 2011. (讀者試譯)It holds 16% of ThyssenKrupp, a huge, ill-run German steel and engineering conglomerate, which it hopes to shake up (and perhaps to break up). Cevian also bought a hefty stake in Bilfinger, a construction firm, though it is finding it hard to inspire an overhaul.據追蹤這類事件的Activist Insight報道,從2010年到現在,英國有147家進行了此類運動,而相比之下德國只有27家。這個數字無疑仍還在增加。讀者試譯句,快來把你們的翻譯或理解留言在文章下方吧。第二天會有解析喲。經營不善大型的德國鋼鐵工程集團蒂森克虜伯被其收購16%的股權。該集團未來有望重組(也有可能解體)盡管發現畢爾芬格爾公司很難進行全面改革,Cevian仍收購了這家建筑公司大量的股票。

    Increased activism comes partly because ownership of German firms has changed. When banks and insurers held most stocks, they tended to leave sleepy boards alone; managers could decide whether or not to seek growth. Now foreign entities, notably pension funds, own over half of the shares in every firm listed on the DAX stockmarket index.活躍的企業改革越來越盛行,部分原因是由于許多德國公司所有權易主。銀行和保險公司持有大部分股票,因此更容易拋開死氣沉沉的董事會,由管理層直接決定是否尋求發展。如今外國實體,特別是養老基金,都持有DAX指數榜上有名的每家公司過半的股權。

    Activism itself is on the rise globally. A report in August by JPMorgan Chase, a bank, counted more activist campaigns everywhere in the year to July, with Europe, which is late to the party, seeing the most dramatic increase. It totted up 99 campaigns by agitators there, up from 61 the year before. Perhaps the best-known foreign activist in Germany is Elliot, an American hedge fund known for buying large minority shares in firms targeted by others for takeover. In 2014 it sold a 25% stake it had built in a Stuttgart-based drugs firm, Celesio, for some $2 billion to an American buyer, McKesson, which distributes drugs. Another fund, Southeastern Asset Management, now has one of the largest shares in Adidas, a sportswear firm, and could do something similar. All these examples, and that of AOC, should encourage other investors—both local and foreign—to treat the “proxy season” of annual general meetings next spring as a chance to make their voices heard. Good news for everyone but the underperformers.活躍的企業改革在全球范圍內有上升趨勢。據英國摩根大通銀行8月發布的一份報告顯示,截止今年7月,各個地區活躍運動都增多了。雖然歐洲在這場盛宴中遲到了,但它卻是最為活躍的分子。由活躍分子發起的此類運動由去年的61次增加到99次。也許德國最著名的外國活躍分子是一家美國對沖基金艾利奧特,因購買被其他公司看準收購的公司中的大部分少數股而聞名。在2014年,它將它持有的位于德國斯圖加特塞拉西藥店25%的股權,以20億美元的價格出售給了美國銷售藥品企業麥克森。另一基金,運動服飾公司阿迪達斯最大的股東之一,東南資產管理公司,也可以這樣做。包括Active Ownership Capital在內的所有改革活動都將會激勵其他當地和外國投資者,抓住明年春季 “代理權爭奪季”年度大會機會,以便吸引更多人注意。除了經營不善的公司以外,這對于每個人來說都是好消息。




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