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1、高三英语培优外刊阅读班级:学号:姓名:外刊精选I从50页到700页,为什么企业上市招股书越来越长?1986年微软上市时的招股书只有50页,然而过了三十多年,在新上市公司的天价估值 背后,招股说明书已经膨胀到了洋洋洒洒几百页。为什么上市公司的招股书越来越长?是否 招股书页数越多,公司的市值就越高呢?IPO prospectuses: the long and longer of itGiven the sky-high valuations achieved by market newbies, it is fitting that their prospectuses achieve equa
2、lly ridiculous bulk. US-listed ride-hailing apps Didi and Uber both bombarded would-be investors with about 400 pages of information. Paytm, listing in India, this month bested the duo with a 500red herring”, as preliminary prospectuses are known.This is massive page inflation. Microsoft, going publ
3、ic in 1986, said all it needed to in 50 pages. A couple of decades later Google weighed in at 230.There is little correlation between a prospectuss girth and market capitalisation. In Europe, the document for a sub-150m company is on average only a third shorter than those valued at lbn-plus, says O
4、xera, a consultancy. Nor does it correlate with an extended spell as a private business: Microsoft spent just as long time in private hands as many of todays debutantes.Regulations, including provisions under Sarbanes-Oxley, only partly explain the verbosity. Likewise complexity. Some of the fodder
5、in todays prospectuses is kindergarten-simple. Pictures and flow charts padded out Meituan Dianpings 700 pages.For investors, more is not necessarily better.Standardisation discourages scrutiny. Companies have followed Googles lead in displaying their civic stripes but have added new, often unhelpfu
6、l, metrics. Time to cut prospectuses - and fantasy metrics - down to size.【词汇过关】请写出下面文单词在文章中的中文意思。1.IPO.prospectus pro* spektos n.given gi van prep.valuation , vaelju el J on n.newbie nju: bi n.fitting fl ti g adj.7上ulk |bA Ik n.bombard bo m ba: d v.would-be wu dbi adj.list ll st v.11.best best vt.n
7、flation I n flei J on n.debutante debju: to nt n.verbosity v3 : bD sati n.1ikewise lai kwai z adv.16.fodder fD dg n.17.standardisation ( stsendodal zel f on n.18.scrutiny skru: ti ni n.civic si vl k adj.stripe stral p n.21 .spell spel n.【词块学习】请从文章中找到下面中文相对应的文词块。.降低某物的尺寸或者重要性.二重奏,二人组;两个有共同点的人3比赛前量体重;
8、加入比赛.A和B之间的关联和有关联.在私人投资者手中.拉长以看起来更多或更好.跟随某人的做法拓展练习阅读理解In New York, Ma witnessed the Alibaba Group opening on the New York stock exchange with the largest initial public offering (IPO,新股发行)in American history.Alibaba, the worlds largest Internet commerce company makes China equal to the US in the rap
9、idly increasing global competition for technological innovation (仓ll新)and economic transformation, “ commented the South China Morning Post.It has also made Ma Chinas richest man with a fortune of around $25 billion (153 billion yuan), reported Reuters.Its reported that Mas rags toriches journey is
10、just as spectacular as his Internet empire.Ma failed the national college entrance exams twice before he was finally in Hangzhou Normal University on his third attempt and failed in finding a suitable job several times.Also, Mr Ma is a big believer in perseverance, which was proved in his English st
11、udy experience.However, it was his vision and goals that launched his career.During a short trip to the US as an interpreter in 1995, Mafirst experienced the Internet.He believed in the Internets business potential when few other Chinese people did.He started Alibaba in his Hangzhou apartment, with
12、17 friends and $60, 000 of funds.At the time, when ecommerce was unheard of in China,“LcaUecLmyselfLa blind man riding on the back ofLblind tigers, he once said, according to The Guardian.His unusual ideas earned him the nickname “Crazy Jack Ma”.Indeed, Ma is different.Although he is very thin and a
13、bout 160cm tall, Ma is yet animated and forceful, “ said The Guardian.He is funny, creative, and a compelling (弓| 人注 目的)speaker.Ma told Time magazine that he was “old fbr the Internet”.He started to slow down and looked around.According to The Wall Street Journal, Ma plans to open a tai chi club wit
14、h the actor Jet Li, build an entrepreneur (企业家)university in Hangzhou and continue to work on several environmental projects.What made him into ecommerce industry?A.His foresight and ambitions.B.His English learning experience.C.His belief in perseverance.D.His 17 friends and$60, 000 funds.What does
15、 the underlined sentence in Paragraph 5 mean?A.Ma is a blind man riding on a blind tiger. B.Ma knew little about ecommerce.C.Ma had no confidence in his business future. D.Ma had not enough money at that time. 39.What*s the personality of Ma Yun according to the passage?A.Determined and creative.B.F
16、unny and competitive.C.Rich and different.D.Attractive and believable.4O.Whafs the best title of the passage?A.The development of Alibaba GroupB.Ma Yuns personal lifeC.Ecommerce in ChinaD.Ma Yuns crazy success外刊精选答案【词汇过关】请写出下面文单词在文章中的中文意思。PO 首次公开募股(Initial Public Offering 的缩写).prospectus pro spektos
17、 n.招股说明书.given gi von prep.考虑到.valuation ( vaelju el f on n.估值.newbie nju: bi n.(刚开始从事某个活动或者某项工作的)新手.fitting fl ti g adj.合适的,恰当的.bulk bA Ik n.大尺寸,大数量.bombard bD m ba: d v.轰炸,炮击.would-be wu dbi adj.想成为人的.list 11 st v.(使)上市11.best best vt.打败某人nflation l n flel f on n.通货膨胀;页数的膨胀.debutante debju: tD nt
18、n.刚刚进入社交场合的年轻富家女子;新上市的公司.verbosity v3 : bD soti n.冗长.likewise lai kwal z adv.同样地16.fodder fDdan.素材,材料,喂动物的饲料17.standardisation ( staendodal zei f on n.标准化18.scrutiny skru: tl nin.仔细审查19.civic si vi k adj.公民的2O.stripe stral p n.绣在制服上的条纹标志21.spell spel n.一段时间【词块学习】请从文章中找到下面中文相对应的文词块。.cut sth. down to size降低某物的尺寸或者重要性.thedu。二重奏,二人组;两个有共同点的人.weigh in (at)比赛前量体重;加入比赛.correlation between A and B A 和 B 之间的关联.correlate with sth.和有关联n private hands在私人投资者手中.pad sth. out (用不必要的材料)拉长以看起来更多或更好.follo
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