BEC阅读精选及解析整合

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BEC阅读精选及解析1

1 A cautious approach can be used when calculating what a company is worth.

2 Consider personnel issues so that you have sufficient resources to fulfill your objectives.

3 In order to know if you can make a return on your investment, assess how you can add to the company you are buying.

4 Providing sufficient support for staff during the acquisition process can have a favourable outcome.

5 Take into account your long-term requirements to ensure you have the resources you need.

6 Even after investing some effort in the acquisition, it may still be necessary to withdraw.

7 Terms initially negotiated can be changed after the acquisition.

Mergers and Acquisitions

As Finance Director of plastics manufacturer VKT, Yvonne Maynart has overseen many successful takeovers

A

It is essential to build up a team to handle the acquisition so that your existing business can continue uninterrupted during the deal. It also helps to operate with spare capacity so that you can transfer people during the initial stages. A key person should be driving the acquisition process forward, although one person alone cannot assume responsibility for a large deal. It is clearly vital to do thorough research when identifying potential targets - but do not be afraid to walk away from a deal if you become aware of serious difficulties with a company you are targeting.

B

To decide on the value of any target business, you must first determine what contribution your acquisition can make to it. For example, you may be able to increase revenue through a more focused management team, or improve margins through greater purchasing power and lower costs. At VKT, we base our valuations on conservative assumptions - we also add in the risk element. This approach may be best, and it's worth remembering that with listed companies, shareholders tend to have higher risk/reward expectations.

C

Developing relationships with finance providers is a key part of the finance director's role. It is important to draw up a good business plan to ensure backing from lenders in the early stages of the acquisition. Your loan application needs to be supported by detailed profit and cashflow projections. Make sure you factor in sufficient finance to let the business develop over time, and allow for reinvestment. Here at VKT, we usually finance acquisitions with bank debt in the form of a 364-day loan, which can then be refinanced at a lower interest rate later.

D

If an acquisition is large, it can take years for companies to integrate. At VICT, we monitor all acquisitions closely for at least two years, and the most important lesson I've learned is that a deal is only good if it is beneficial for both vendor and acquirer. Change causes confusion, so it needs to be handled carefully. In order to protect profits and grow the business, you need to minimise the impact of change and help the people affected feel comfortable about it. When this is done properly, it can really boost morale.

这篇文章是关于收购的一些建议。一位专家针对收购可能出现的情况给出了自己的看法。A段是说要专门建立一个团队来处理收购事宜，要有一个关键的人来推动收购的进行。同时还要对潜在的目标进行深入研究，如果发现了问题便及时抽身。B段是讲要想评估目标收购企业的价值，首先得决定你的收购能为它做出什么样的贡献。可以通过一个更加专注的管理团队来提高收益，也可以通过提高购买力和降低成本来改进利润。C段讲的是要和资金提供方建立良好的关系，并谈到了资金借贷方面的一些情况。D段是讲收购进行后的一些影响。对于出现的相关变化，要妥善处理。处理的好的话会提高士气。

第一题，当计算一个公司的价值时可以采用谨慎的方法。B段是和评估企业价值相关的内容，所以答案在B段中找。是原文的这么一句：we base our valuations on conservative assumptions。我们的价值评估是建立在保守的假设基础之上的。这里的conservative对应于cautious，base our valuations也就是计算公司的价值。

第二题，考虑人员问题(personnel issues)使得你有足够的资源来达成目标。A段是讲收购中的人员问题的，但答案不是那么明显。主要是要理解A段开头的两句话：It is essential to build up a team to handle the acquisition so that your existing business can continue uninterrupted during the deal. It also helps to operate with spare capacity so that you can transfer people during the initial stages。有必要建立一个团队来处理收购使得在交易期间现行的商业可以不间断的继续。它也帮助处理闲置生产能力于是你可以在初始阶段转移人员。说到底，这句话的意思就是要合理的安排人员，从而充分利用资源来实现目标。这题需要深入理解。

第三题，要想知道你能从投资上获得多少回报，评估你能给购买的公司增加什么。这一题答案很明显，B段的第一句话：To decide on the value of any target business, you must first determine what contribution your acquisition can make to it.同样的意思。

第四题，在收购过程中对员工提供足够的支持可以产生良好的结果。这题答案也稍显隐晦，答案是D段的后面几句：help the people affected feel comfortable about it. When this is done properly, it can really boost morale.帮助受影响的人感觉到舒服一些。当这些被妥善处理了，可以真正提升士气。

第五题，将长期的需要考虑在内以确保你得到所需要的资源。答案是C段的这么一句：Make sure you factor in sufficient finance to let the business develop over time, and allow for reinvestment.确保你将企业长时间发展所需要的充足的资金也纳入在内，并且允许再投资。这里的take into account对应于factor in，develop over time对应于long-time requirement。

第六题，即便是在对收购投入了大量的努力之后，也仍然可能有必要退出。答案是A段的最后一句：do not be afraid to walk away from a deal if you become aware of serious difficulties with a company you are targeting。如果你清楚了目标公司的严重困难，不要害怕从这桩交易上走开。这里的walk away from对应于withdraw。

第七题，原本协商好的条款在收购后可以改变。答案也有些隐晦，是C段的最后一句：we usually finance acquisitions with bank debt in the form of a 364-day loan, which can then be refinanced at a lower interest rate later.我们通常使用364天银行贷款利率来提供贷款，日后的再贷款可以用一个更低的利率。意思是一样的，但是需要适当理解才能做答。

疑似生词：

Spare capacity：When a business is operating at less than 100% capacity, it is said to have “spare capacity”。闲置生产能力。

Listed companies：a listed company is one whose shares may be bought and sold on a stock exchange.

上市公司。

e.g: Our shares are now listed and traded on the Toronto Stock Exchange.

Factor in:将….纳入、列入重要因素。

Withdraw(这词用法多，让人混淆，把常用的列出来)：

1、to take money out of a bank account, etc

e.g: You can use the card to withdraw money from cashpoints all over the world.

2、to stop giving or offering sth to sb

e.g: The drug was withdrawn from sale after a number of people suffered serious side effects.

3、to stop taking part in an activity or being a member of an organization

e.g: There have been calls for Britain to withdraw from the EU.

4、to say that you no longer believe that sth you previously said is true

e.g: The newspaper withdrew the allegations the next day.

BEC阅读精选及解析2

When two brands are better than one

Elena Alvarez takes a look at the effectiveness of marketing partnerships

In the corporate world, rivalry is more common than co-operation. But increasingly; companies have been setting aside their differences; the new idea is that two brand names are better than one. Sharing databases, strategies and communication systems can be the most effective means of attracting customers. (G )This partnership will give it access to the utility company's database of thousands of corporate clients, who will be offered special deals on all its products.

The philosophy behind such joint ventures is simple. In economically challenging times, marketing partnerships provide a cost-effective method of increasing brand awareness and sales. As one expert in the field puts it, 'Clever marketing partnerships allow brands to target the right people, cutting down the above-the-line spend.' (8) .....E....... It is better to simplify the

process and give them one focal point.

Recent research has indicated that marketing partnerships can be up to 27 per cent more productive than single company campaigns.(9) .......B..... In particular, it is ideal for bringing instant branding to companies that lack immediate consumer appeal.

One well-established UK phone manufacturer, ITB, was quick to realise this, and formed an alliance with 7a/fc a leading women's magazine. The phone company has benefited from the strong branding of the magazine, which has its customer base among professional women in their early 20s. (10) ....D........ This combined approach also offered ITB a quick route into image enhancement, and this is true of many other marketing partnership deals. To give another illustration, it is no coincidence that some well-known cartoon characters are currently enhancing the image of Nasco household cleaning products.(11).....F.......And, of course, this strategy should also guarantee that consumers' children insist on these products rather than rival brands.

However, while association with a powerful brand can give a significant boost to sales, being connected to a devalued brand can have a negative result. The problems of one brand inevitably impact on the other in a partnership.(12).....A.......A company may take years to recover from this sort of bad publicity. Indeed, there are numerous examples of disastrous marketing alliances. In such cases, not enough thought has been given to the partnership and the reasons behind it, and it has brought little value to either the customer or the companies involved.

A In such circumstances, the effects are frequently major and can be long-lasting.

B Some experts therefore predict that this style of marketing will take up an increasingly large proportion of many companies' total marketing budgets.

C Successful marketing partnerships can consequently bring a financial advantage even to small and struggling companies such as these.

D In return, its partner enjoys a broader distribution platform from which to promote its brand.

E With only a finite number of consumers in any target market, there is no need to overwhelm prospects with competing messages from different organisations.

F These are fairly standard items, but clearly the company hopes to transform them by broadening the associations consumers have with the brand.

G For example, Profit Plus, a large UK financial services company, has recently joined forces with a leading supplier of electricity.

BEC阅读精选及解析3

Read the article below about the changing role of human resources departments.

The best person for the job

Employees can make a business succeed or fail, so the people who choose themhave a vital role to play.

Employees are a company's new ideas, its public face and its main asset. Hiring the right people is therefore a significant factor in a company's success.(0) G If the human resources department makes mistakes with hiring, keeping and dismissing staff, a business can disappear overnight. Many companies now realise that recruiting the best recruiters is the key to success.

Sarah Choi, Head of HR at Enco pic, believes that thinking commercially is a key quality in HR. Every decision an HR manager makes needs to be relevant to advancing the business. (8) ...C.....That's no longer the case. HR managers have to think more strategically these days. They continually need to think about the impact of their decisions on the bottom line. (9).....F... For example,a chief executive will expect the HR department to advise on everything from the headcount to whether to proceed with an acquisition.

Why do people go into HR in the first place? Choi has a ready answer. I think most people in the profession are attracted by a long-term goal.(10)....D......Nothing happens in the company which isn't affected by or doesn't impact on its employees, so the HR department is a crucial part of any business.

Not all operational managers agree. An informal survey of attitudes to HR departments that was carried out last year by a leading business journal received comments such as "What do they actually contribute?"(11).....A..... As Choi points out, salaries have never been higher and, in addition, HR managers often receive substantial annual bonuses.

Despite the financial rewards, HR managers often feel undervalued, and this is a major reason for many leaving their jobs.(12)...E......However, a lack of training and development is a more significant factor. These days, good professional development opportunities are considered an essential part of an attractive package,Choi explains.

A But rising levels of remuneration demonstrate that the profession's growing importance is widely recognised.

B At one time, a professional qualification was required in order to progress to the top of HR.

C Other departments and senior executives used to see HR managers as having a purely administrative role.

D Since it's one of the few areas where you can see the whole operation, it can lead to an influential role on the board.

E Being seen as someone who just ticks off other people's leave and sick days does not help build a sense of loyalty.

F They therefore need to be competent in many aspects of a company's operations.

G On the other hand, recruiting the wrong staff can lead to disaster.

这篇文章的标题有些misleading，“The best people for the job”，还以为是招人的标准。其实这篇文章是关于Human resource的，所以还是要适当关注文章前的说明：the article below about the changing role of human resources departments.

第八题，空格后面的“That's no longer the case”是很重要的提示。由于空格前面一直在强调commercial和business，所以在空缺的地方应该是和另一个方面相关的内容。选项C的administrative role正好满足这个要求。前后文意思搭配在一起完全吻合。

第九题，后面的for example的很关键，是对前面的补充说明。“For example,a chief executive will expect the HR department to advise on everything from the headcount to whether to proceed with an acquisition.”总裁希望人力资源经理对一切事情提出建议，从人数统计到是否进行收购。这种要求就需要人力资源经理具备很多才能。所以F的句子填在这里最合适。

第十题，答案稍微不那么明显，不过D句中的an influential role可以和第十题的空格后的a crucial part相对应，算是答案信号。要从整体上把握第三段，这里认为HR manager 的影响是全局的、长期的，所以D句的“see the whole operation”符合情况。

第十一题，理解前后文的意思，前面说过去的operational managers不那么认可HR manager的作用，后面指出HR managers挣得多，所以中间是转折的意思。A句的But是个信号，“上涨的薪酬水平意味着这个职位逐渐增加的重要性得到了广泛的认可。”意思和前后都吻合，所以是正确答案。

第十二题，空格前说HR managers觉得自己的作用被低估了，所以leaving。空格后一个However，所以空格处应该还是和leaving有关的，为什么离职。E句的意思是“被视作仅仅对别人的离开和生病的日子划勾的人是没法帮助建立忠诚感的。”填入此处正好。