BEC中级真题解析 - 第四辑T1P2-

1、PART TWO Questions 8-12 Read the article below about possible reasons for acquiring a company. Choose the best sentence from the opposite page to fill each of the gaps. For each gap (8-12, mark one letter (A-G on your Answer Sheet. Do not use any letter more than once. There is an example at the beg

2、inning (0. Acquisition When should a company consider acquisition as a way forward? There are many circumstances in which a company may wish to take over another organisation through an acquisition. The need to keep up with a changing environment often dominates thinking about acquisitions. One comp

3、elling reason to develop by acquisition is the speed with which it allows the company to enter new product or market areas. (0.This is particularly true of e-commerce. The strength of competitors may influence a company to choose acquisition as a way forward. In markets that are static and where mar

4、ket shares of companies are reasonably steady, it can be difficult for a company to break into the market, since its presence may create excess capacity. (8. The same arguments also apply' when an established supplier in an industry acquires a competitor. This may either be to gain the competito

5、r's market share or, in some cases, to shut down its capacity in order to restore a situation where supply and demand are more balanced. There may be financial motives for acquisition. If the share value of a company is high, the motive may be to spot and acquire a firm with a low share value. (

6、9 .An extreme example is asset stripping, where the main motive for the acquisition is short-term gain by buying up undervalued assets and selling them on bit by bit. There may also be resource considerations. There may be a lack of resources or skills to compete successfully, so they must be acquir

7、ed. (10.It may also be that it has knowledge of a particular type of production system, business process or market need. In an international context, acquisition is often a means of gaining market knowledge. Sometimes there are reasons of cost efficiency which make acquisition look attractive. A cos

8、t efficiency could arise from the fact that an established company may already be very experienced and have achieved efficiencies which another company would find difficult to achieve quickly by internal means. (11.In consumer goods industries, cost efficiency is usually the reason for an acquisitio

9、n. Acquisition can also be driven by the expectations of key shareholders. Shareholders usually expect to see continuing growth, and acquisition may be a quick way to deliver this growth. But there are considerable dangers that an acquisition can lower share price rather than increase it.(12 . This

10、is more likely when the decision to acquire is speculative as opposed to str ategic. There are some shareholders who favour acquisition simply to bring a short-term boost to share value. A The necessary development and organisational learning would be too slow. B In the same way, an organisation can

11、 increase manufacturing opportunities. C Indeed, this is one of the major reasons for the more speculative acquisitions that take place. D It may be that the parent company may not have sufficient understanding of the acquired business, and this could remove value. E For example, a company may be ta

12、ken over for its research and development expertise. F If, however, the company enters by acquisition, the risk of reaction from industry rivals is reduced. G In some cases, a market is changing so fast that acquisition becomes the only way of successfully breaking into it. 从标题和副标题能知道这篇文章讲的是收购（acqui

13、sition）。具体说来是讲公司选择收购的原 因。全文一共八段，除了第一段是总的概括，后面七段一共说明了收购需要考虑的6个原因 （6 considerations）：几乎每段对应一个，而且非常直接。 第二段提到的原因是“keep up with a changing environment”，对应选项G里的“a market is changing so fast.” 第三段的原因是“The strength of competitors”。这里的competitors在选项F里替换成了rivals。 整个第三段是讲一个公司进入一个稳定市场的风险和困难。所以F 选项话锋一转，说“如果 收购的话

14、，对对手的行为作出反应的风险就降低了。” 第五段的原因是“financial motives”。最佳的收购时机当然是在一个公司股票价值处于低位的 时候。这种收购是有风险性的，也就是选项C所说的“more speculative acquisitions” 第六段的原因“resource considerations”，也就是为了获取某种资源或技术而进行收购，对应 的选项E里所说的“research and development expertise” 第七段的原因“cost efficiency”。是说收购现成的公司，需要花费的培养成本较少。那一段一 直在强调一个cost efficiency

15、,其实就是说收购现成的公司，不需要花费那么多的培养成本。 如果不收购，靠企业内部自己消化吸收的话，这个过程会非常的缓慢。也即是选项B所说 的“必要的发展和组织学习会很慢”。 第八段的原因“expectations of key shareholders”。选择GAP 12 的句子需要联系上下文，前后 讲的都是收购有风险，可能会使股价下跌。所以GAP 12应该填入一个负面的，即选项D的 “remove value”。 生词： asset stripping:资产剥离。指金融资本家买断公司后,不予改善扩张,而转卖部分求利润。 asset-stripping 资产倒卖 speculative：投机性的，风险性的 疑似难句： 1、A cost efficiency could ar ise fr