聽力原文:

Shareholder value
股東價(jià)值
Analyse this
分析股東價(jià)值
The enduring power of the biggest idea in business
商業(yè)中最持久的理念
This breathed fresh life into an old idea—that shareholders had the whip hand. Technically, shareholders do not own a company: the firm is a legal person and a share represents a bundle of entitlements to dividends and voting powers. But a doctrine of “shareholder primacy” had been outlined in 1919, when a Michigan court observed that “a business corporation is organised and carried on primarily for the profit of stockholders”. The new science of corporate finance revolutionised the pursuit of that goal. Managers realised that by working out where firms employed capital and using it more efficiently they could increase their value. Outsiders had a methodology with which to second-guess incompetent managers.

重點(diǎn)詞匯：

1 whip n. 鞭子；抽打；車夫；[機(jī)] 攪拌器 vt. 抽打；煽動(dòng)；攪打（蛋，奶油）；徹底擊敗 vi. 抽打； 拍擊 whip hand 支配地位，執(zhí)鞭之手
2 doctrine 主義；學(xué)說；教義；信條
3 dividends n. [金融] 股息，股利；紅利（dividend的復(fù)數(shù)形式）
4 shareholder primacy 股東優(yōu)先，股東至上
5 outline 概述；略述 (formal) to make a remark 同義詞 comment
6 primarily 主要地；根本地 同義詞chiefly/mainly
7 revolutionize 徹底改變；完全變革
8 methodology （從事某一活動(dòng)的）方法，原則
9 incompetent adj無能力的；不勝任的；不稱職的
10 second-guess v. 事后批評(píng)（或品評(píng)）；耍事后聰明，預(yù)言 Value cremation 價(jià)值的消亡

聽力原文:

Yet at this moment of ascendancy in the business world, shareholder value is under fierce attack beyond it, fuelled by a sense that Western economies are not delivering rising prosperity to most people. The criticism falls into two categories. The first is that shareholder value is a licence for bad conduct, including skimping on investment, exorbitant pay, high leverage, silly takeovers, accounting shenanigans and a craze for share buy-backs, which are running at $600 billion a year in America.

重點(diǎn)詞匯：

1 cremation n. 火葬；火化
2 ascendancy n. 優(yōu)勢；支配地位（等于ascendency，ascendence）
3 conduct n. 進(jìn)行；行為；實(shí)施 vi. 導(dǎo)電；帶領(lǐng) vt. 管理；引導(dǎo)；表現(xiàn)
4 skimping 舍不得給；克扣；對(duì)…不夠用心（skimp的現(xiàn)在分詞形式）
5 exorbitant adj. （要價(jià)等）過高的；（性格等）過分的；不在法律范圍之內(nèi)的
6 leverage n. 手段，影響力；杠桿作用；杠桿效率 v. 利用；舉債經(jīng)營
7 shenanigan n. 惡作劇；詭計(jì) accounting shenanigans 會(huì)計(jì)做假賬
8 craze n. 狂熱 vt. 使發(fā)狂；使產(chǎn)生紋裂 vi. 發(fā)狂；產(chǎn)生紋裂

聽力原文:

These things happen, but none has much to do with shareholder value. A premise of “Valuation” is that there is no free lunch. A firm’s worth is based on its long-term operating performance, not financial engineering. It cannot boost its value much by manipulating its capital structure. Optical changes to accounting profits don’t matter; cashflow does (a lesson WorldCom and Enron ignored). Leverageboosts headline rates of return but, reciprocally, raises risks (as Lehman found). Buy-backs do not create value, just transfer it between shareholders. Takeovers make sense only if the value of synergies exceeds the premium paid (as Valeant discovered). Pay packages that reward boosts to earnings-per-share and short-term share-price pops are silly.

重點(diǎn)詞匯：

1 premise 前提；假定
2 manipulating 操縱；假造；手動(dòng)
3 reciprocal 互惠的；相應(yīng)的
4 synergy 協(xié)同作用，協(xié)同增效作用（人或公司共同協(xié)作所產(chǎn)生的效果優(yōu)于各自單獨(dú)行動(dòng)的效果）
5 premium n. 額外費(fèi)用；獎(jiǎng)金；保險(xiǎn)費(fèi);(商)溢價(jià) adj. 高價(jià)的；優(yōu)質(zhì)的
6 earnings-per-share 每股收益
7 short-term share-price 短期股價(jià)

聽力原文:

Outbreaks of madness in markets tend to happen because people are breaking the rules of shareholder value, not enacting them. This is true of the internet bubble of 1999-2000, the leveraged buy-out boom of 2004-08 and the banking crash. That such fiascos occur is a failure of governance and human nature, not of an idea.

重點(diǎn)詞匯：

1 enact vt. 頒布；制定法律；扮演
2 fiascos 徹底失敗 慘敗 大為丟臉的失敗（ fiasco的名詞復(fù)數(shù) ）
3 leveraged adj. 杠桿的；杠桿作用的 v. （美）杠桿式投機(jī)，舉債經(jīng)營（leverage的過去分詞形式）

聽力原文:

The second criticism is weightier: that firms should be run for all stakeholders, not just shareholders. In a trite sense the goals of equity-holders and others are aligned. A firm that sufficiently annoys customers, counterparties and staff cannot stay in business. Some bosses, such as Paul Polman of Unilever, and Joe Kaeser at Siemens, say that pursuing social and financial objectives is consistent. But it is disingenuous to pretend conflicts do not arise. A firm with a loss-making factory cannot shut it without destroying jobs.The trouble is identifying a goal that could replace the pursuit of shareholder value. If firms had to promote employment they would be less productive and riskier borrowers, as China is discovering. The objective of maximising wealth is deeply embedded in the global savings system, with asset managers obliged to protect clients’ money. Asking firms to adopt objectives to solve inequality loads a giant problem on their shoulders.

重點(diǎn)詞匯：

1 weightier 重大的（weighty的比較級(jí)）
2 stakeholder參與人，參與方；權(quán)益關(guān)系者
3 trite adj. 陳腐的；平庸的；老一套的
4 equity-holders 權(quán)益持有人
5 consistent 與…一致的；相符的；符合的；不矛盾的
6 disingenuous adj. 虛偽的；不誠實(shí)的；不老實(shí)的；狡猾的
7 embeded v. 嵌入（embed的過去式和過去分詞形式） adj. 嵌入式的；植入的；內(nèi)含的

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