2022年在職研究生英語閱讀理解模擬專項練習(2)新

千里之行，始于足下讓知識帶有溫度。第第2頁/共2頁精品文檔推薦2022年在職研究生英語閱讀理解模擬專項練習(2)Lastmonth,Sweden'sEricssondroppedabombshell(令人大吃一驚之事),admittingtherewouldbenoprofitthisyear,another17,000jobsweregoingoutanditneeded3bncashfrominvestorsintheformofarightsissue(增股)，Itwasatthispointthatmutterings(輕聲低語)re-emergedabouttheextremelyslopingvotingrightsofshareholders.

Ericsson(愛立信公司)hastwoclassesofshares.TheB-sharesaretheonesthepublicown,buttheA-investor,theholdingcompanyoftheWallenbergfamily,anditssupporterIndustrivarden,linkedtothebankSvenskaHandelsbanken.Thechancesoftheotherinvestorsgangingupandvotingdowntheheavyrightsissuelookslim.

EricssonisbynomeansEurope’sonlyexampleofaninequitablesharestructure,althoughitisanextremeone.ShareholderdemocracyincontinentalEuropeisatthestagepoliticaldemocracywasinBritainabout1,800,withrottentownsandalltherest.Itwouldbeunfairtosaythereisnodemocracy,butthereismuchscopeforimprovement.

Defenderssayitbringsvaluablestabilitytotheinvestorbase.Thismaybetrue,butitalsoprotectsmanagementsfromnecessarycriticism.ItisEurope’sattempttohaveitscakeandeatit.Companiesarefloatedinordertotapthepublicforcash,buttheideathatthesenewshareholdersarenowtheownersofthecompanyisnotfullytaken.

Thedual-sharesystemisnottheonlywayinwhichshareholderdemocracyisavoided.Another,popularinItaly,is“Chineseboxes”，whereacompanyiscontrolledbyantheraboveit,whichinturniscontrolledbyathird,andsoon.Athirdisthe“goldenshare”,wherethegovernmentretainsatoken(象征性的)sharethatneverthelesscarriesthepoweroftotalveto(全面拒絕)overcompanyactions.

Whiledualormultiplestructuresareaparticularlyvisibleexampleofanti-democraticpractice,theydonotmeanyoushouldnotbuytheshares.Intheory,theyshouldbecheapertoreflectthelackofvotingrights.

AnexamplethisweekcamefromGermanTVbroadcasterProSiebenSat.Ithadplannedtoconvertits“preferred”sharesintocommonstockthatwouldcarryvotingrights,butitsmainshareholder,KirchMedia,withdrewsupport.ProSieben’ssharesimmediatelyfeel20percent,demonstratingthediscountyougetforthelackofrights.

Untillastyear,GermansoftwarecompanySAPhadtwoclassesofshare.Thenon-votingsharesalsotradedabout20percentcheaper,althoughcalculationsofthediscountneededtotakeinthefactthevotingsharesyieldedalowerdividend.

1.Ericsson’sbombshellwillledtothefollowingfactsexcept______

A.noprofitinthisyear

B.17,000jobsweregoing

C.3bncashwasneeded

D.somemutteringsre-emerged

2.WhichofthefollowingstatementisTRUE?

A.AllofthecompanieslikeEricssonarenotequitabletosharestructure.

B.Votingrightsofshareholders

C.Newshareholderswillownthecompany.

D.Dual-systemandChineseboxesmakethegovernmenthavethepoweroftotalveto.

3.Whatisthemeaningofword“they”inline2paragraph6?

A.Dualstructure

B.Multiplestructure

C.Antidemocraticpractice.

D.Dualormultiplestructures.

4.TheexampleaboutProSiebenSattellus_______

A.Ericsson’ssharefell20percent.

B.Preferredsharesarelessvaluablethancommonshares.

C.Thelackofvotingrightssometimesmakesshareholder’sinterestdecrease.

D.Weshouldnotbuyanysharesbecauseofthelackofrights.

5.Whatdoyouthinkthebesttitleofthearti