【单选题】This letter is in regard to the window glass business between our firm and the China National Light industrial Products Import & Export Corporation, Daren Branch and the Daren Window Glass Factory.
1. Our two sides sincerely worked in the past and the window glass business has already been done successfully. However, the quantity of products doesn't meet our requirements. This company wants to develop the trade and business further in this line. We now expect to begin working with all the other branches and window glass factories on the same basis ,i. e. compensation trade.
2. For the U. S. A. market, we require very large quantities of small cut sizes. Therefore, we are asking your prompt assistance to help us out in expanding glass-cutting business. We would highly appreciate it if you take this matter into consideration. We are certain that ,with your prompt cooperation, our purchases of Chinese window glass for sale in the U. S. A. market will very quickly increase to a large and substantial volume. With the establishment of diplomatic relations between our two countries ,the time is now right for a very quick and large increase in trade between us.
3. For your information, we are doing everything possible to cooperate in achieving our mutual goal of making the window glass business a very large one. We have offered to purchase various equipment for your Dairen factory which will increase its products, improve quality and raise its efficiency. We have offered to accept payment for this machinery in the form of buy-back of glass. We have also cooperated with the factory in making suggestions for better efficient packing and containerization. The factory has been very cooperative and receptive to our ideas. As we want to begin our business with the other branches too ,we plan to offer the same suggestions and proposals to purchase machinery for them.
4. From this letter, you can see that we are very sincere in our desire for a long-term relationship between our two countries and our firm and the various branches of the China National Light industrial Products Import and Export Corporation, Window Glass Departments .
During our next visit to China, we will discuss the appointment of our firm as the exclusive agent for Chinese Window Glass in the U. S. A. market. Since we have discussed this question in the past ,we expect that the official appointment of our firm as the exclusive agent will be made during our next trip.
Thank you for your prompt attention to the above. Best regards.
Sincerely yours ,
Norman Goldstein
Associates , INC
Questions 13-16
. For questions 13-16 ,choose the correct title for each paragraph from the box below.
. For each paragraph(1-4) mark one letter (A-G) on your Answer Sheet.
. Do not mark any letter twice.
13. Paragraph 1.......... .
14. Paragraph 2..........
15. Paragraph 3. .........
16. Paragraph 4..... . . .. .
A Our hope for a long-term relationship
B Our successful cooperation in the past
C The diplomatic relations between our two countries
D Our wish to increase the quantity of products
E Our need of help in glass-cutting
F Our goal to make the window glass business large
G Improvement of equipment in Chinese factories
Questions l7-20
. Using the information in the test ,complete each sentence 17-20 ,with a phrase from the list below (A-G).
. For each sentence(17-20) mark one letter (A-G) on your Answer Sheet.
. Do not mark any letter twice.
17. When we visit your country again next time ,we hope you'11. . . . . .
18. On the basis of compensation trade ,we are going to. . . . . .
19. In order to enlarge our window glass business, we're doing our best to. . . . . .
20. To other branches that have business with us, we'll. . . . . .
A take this problem into consideration.
B develop and expand the trade and business further.
C make our company the sole agent in China.
D offer to buy equipment for them.
E accept payment for this equipment.
F start cooperation with other branches and factories.
G cooperate with you and realize our common dream.
1. Our two sides sincerely worked in the past and the window glass business has already been done successfully. However, the quantity of products doesn't meet our requirements. This company wants to develop the trade and business further in this line. We now expect to begin working with all the other branches and window glass factories on the same basis ,i. e. compensation trade.
2. For the U. S. A. market, we require very large quantities of small cut sizes. Therefore, we are asking your prompt assistance to help us out in expanding glass-cutting business. We would highly appreciate it if you take this matter into consideration. We are certain that ,with your prompt cooperation, our purchases of Chinese window glass for sale in the U. S. A. market will very quickly increase to a large and substantial volume. With the establishment of diplomatic relations between our two countries ,the time is now right for a very quick and large increase in trade between us.
3. For your information, we are doing everything possible to cooperate in achieving our mutual goal of making the window glass business a very large one. We have offered to purchase various equipment for your Dairen factory which will increase its products, improve quality and raise its efficiency. We have offered to accept payment for this machinery in the form of buy-back of glass. We have also cooperated with the factory in making suggestions for better efficient packing and containerization. The factory has been very cooperative and receptive to our ideas. As we want to begin our business with the other branches too ,we plan to offer the same suggestions and proposals to purchase machinery for them.
4. From this letter, you can see that we are very sincere in our desire for a long-term relationship between our two countries and our firm and the various branches of the China National Light industrial Products Import and Export Corporation, Window Glass Departments .
During our next visit to China, we will discuss the appointment of our firm as the exclusive agent for Chinese Window Glass in the U. S. A. market. Since we have discussed this question in the past ,we expect that the official appointment of our firm as the exclusive agent will be made during our next trip.
Thank you for your prompt attention to the above. Best regards.
Sincerely yours ,
Norman Goldstein
Associates , INC
Questions 13-16
. For questions 13-16 ,choose the correct title for each paragraph from the box below.
. For each paragraph(1-4) mark one letter (A-G) on your Answer Sheet.
. Do not mark any letter twice.
13. Paragraph 1.......... .
14. Paragraph 2..........
15. Paragraph 3. .........
16. Paragraph 4..... . . .. .
A Our hope for a long-term relationship
B Our successful cooperation in the past
C The diplomatic relations between our two countries
D Our wish to increase the quantity of products
E Our need of help in glass-cutting
F Our goal to make the window glass business large
G Improvement of equipment in Chinese factories
Questions l7-20
. Using the information in the test ,complete each sentence 17-20 ,with a phrase from the list below (A-G).
. For each sentence(17-20) mark one letter (A-G) on your Answer Sheet.
. Do not mark any letter twice.
17. When we visit your country again next time ,we hope you'11. . . . . .
18. On the basis of compensation trade ,we are going to. . . . . .
19. In order to enlarge our window glass business, we're doing our best to. . . . . .
20. To other branches that have business with us, we'll. . . . . .
A take this problem into consideration.
B develop and expand the trade and business further.
C make our company the sole agent in China.
D offer to buy equipment for them.
E accept payment for this equipment.
F start cooperation with other branches and factories.
G cooperate with you and realize our common dream.
【分析解答题】While new car sales in Japan are predicted to rise up by. . . up. . .
5 per cent next year, 1990's record of 5.1 million won't be exceeded. . . √. . .
WORLD NEW CAR SALES
36. New car sales fell down last year to a six-year low, but demand
37. is forecast to begin a sustained period of growth in 1994 and
38. rose to record levels through out the second half years of the 1990s
39. The short-term recovery is being driven chiefly by a strong rise in the demand
40. in North America ,where new car sales are forecast to increase
by 11 percent to 10. 46 million this year ,as well by the continuing
expansion of demand in the Asia-Pacific region.
5 per cent next year, 1990's record of 5.1 million won't be exceeded. . . √. . .
WORLD NEW CAR SALES
36. New car sales fell down last year to a six-year low, but demand
37. is forecast to begin a sustained period of growth in 1994 and
38. rose to record levels through out the second half years of the 1990s
39. The short-term recovery is being driven chiefly by a strong rise in the demand
40. in North America ,where new car sales are forecast to increase
by 11 percent to 10. 46 million this year ,as well by the continuing
expansion of demand in the Asia-Pacific region.
【单选题】thrEE miDDling mining FirmsBEt on sCAlE AnD sCArCity
in mAy priCEs For CoppEr, niCkEl AnD othEr mEtAls rosE to rECorD lEvEls, Although thEy hAvE sinCE FAllEn A Bit. now thrEE mining Firms ArE proposing thE most ExpEnsivE mErgEr in thE inDustry’s history. thE $40 Billion DEAl, in whiCh AnAmEriCAn CompAny, phElpsDoDgE, plAns to tAkE ovEr twoCAnADiAn onEs, inCo AnD FAlConBriDgE, woulD CrEAtE thE worlD’s BiggEst proDuCEr oF niCkEl, thE numBEr two in CoppEr, AnD thE FiFth-rAnkED mining Firm ovErAll. thE rECorDs mAy not stop thErE: two othEr mining Firms, xstrAtA AnD tECkCominCo, hAD prEviously BiD For FAlConBriDgE AnD inCo rEspECtivEly, AnD CoulD mAkE FurthEr oFFErs.
soAring CommoDitiEs priCEs hAvE lEFt mining Firms Flush with CAsh AnD kEEn to ExpAnD、onE wAy woulD BE to sEArCh For morE mEtAl in thE grounD, instEAD oF on thE stoCkmArkEt.But orgAniC growth is ExpEnsivE At thE momEnt: As Firms rush to inCrEAsE thEir output to tAkE ADvAntAgE oF high priCEs, EvEry ConCEivABlE input, From EnginEErs to mining truCks’ hugE tyrEs,thosE shArEs is in DEspErAtEly short supply.DEvEloping nEw minEs is Also slow. mining ExECutivEs worry, thAt projECts thAt gEt thE go-AhEAD whEn priCEs ArE high will not look so AttrACtivE whEn thE nExt rECEssion ComEs.
thAt CoulD BE truE oF thE proposED mErgEr too. phElpsDoDgE oFFErED A prEmium oF 23% ovEr thE priCE oF inCo’s shArEs AnD 12% ovEr FAlConBriDgE’s. thosE shArEs, in turn, hAvE BEEn rising For sEvErAl yEArs Along with thE Firms’ wArEs—niCkEl, For thE most pArt, At inCo, AnD niCkEl AnD CoppEr At FAlConBriDgE.
thE BossEs oF thE Firms insist thAt thE mArk-up is justiFiED, For sEvErAl rEAsons. For onE thing, thEy rECkon thEy CAn squEEzE sAvings oF $900m A yEAr out oF thE ComBinED Entity By 2008, By shAring EquipmEnt AnD pErsonnEl Among ADjACEnt minEs. For ExAmplE, AnD pooling thEir mArkEting stAFF. morE importAntly, thEy ArguE thAt thE sizE AnD DivErsity oF thE nEw CompArty will mAkE it lEss vulnErABlE to mining’s pAinFul CyClEs, AnD so morE ArtrACtivE to invEstors.
thE BiggEst AnD most DivErsiFiED mining CompAniEs, suCh AsBhpBilliton AnD rio tinto, Do BoAst highEr shArE vAluAtions. thEy proDuCE EvErything From Aluminium to zirCon. AnD so ArE lEss susCEptiBlE to FluCtuAtions in thE priCE oF Any pArtiCulAr mEtAl.By thE sAmE logiC, thE morE minEs A Firm is running or DEvEloping, AnD thE morE CountriEs it opErAtEs in. thE lEss risk EACh inDiviDuAl projECt posEs to proFits. thE mErgED trio will CErtAinly hAvE A BroADEr gEogrAphiCAl sprEAD, with minEs in FivE ContinEnts.But its mAin projECts, in stABlE plACEs likE thE unitED stAtEs.CAnADA AnDChilE, nEvEr sEEmED thAt risky in thE First plACE. FurthErmorE, DEspitE hAving siDElinEs in CoBAlt AnD molyBDEnum, thE nEw Firm’s FortunEs will DEpEnD ChiEFly on thE priCE oF CoppEr AnD niCkEl—two oF most volAtilE mEtAls in rECEnt yEArs.
somE AnAlysts muttEr thAt phElpsDoDgE EmBArkED on thE mErgEr ChiEFly to sAvE itsElF From BEing tAkEn ovEr. invEstors sEEm to shArE thEir DouBts: phElpsDoDgE’s shArEs FEll By 8% AFtEr it AnnounCED thE DEAl, DEspitE A simultAnEous plEDgE to spEnD $5 Billion on A shArE Buy-BACk sChEmE onCE thE mErgEr is ConCluDED、
on thE othEr hAnD, thE priCE oF niCkEl AnD CoppEr jumpED on thE nEws. trADErs sEEm to hAvE AssumED thAt thE CompAniEs woulD hAvE ContEmplAtED suCh An ExpEnsivE DEAl only iF thEy thought thAt mEtAls woulD rEmAin in short supply For somE timE. thE morE monEy thAt mining Firms spEnD Buying onE AnothEr, rAthEr thAn Exploring AnD DEvEloping nEw minEs, thE likEliEr thAt is.
thE Author suggEsts thAt iF thE priCEs oF thE mEtAl FAll,A.thE Firms will suDDEnly hAvE plEnty oF monEy For A short timE
B.it will BE DiFFiCult For thE Firms to grow lArgEr in sizE.
C.thE Firms will try to inCrEAsE thEir proDuCtion.
D.pEoplE will not FoCus on thE projECts thAt ArE givEn pErmission.
in mAy priCEs For CoppEr, niCkEl AnD othEr mEtAls rosE to rECorD lEvEls, Although thEy hAvE sinCE FAllEn A Bit. now thrEE mining Firms ArE proposing thE most ExpEnsivE mErgEr in thE inDustry’s history. thE $40 Billion DEAl, in whiCh AnAmEriCAn CompAny, phElpsDoDgE, plAns to tAkE ovEr twoCAnADiAn onEs, inCo AnD FAlConBriDgE, woulD CrEAtE thE worlD’s BiggEst proDuCEr oF niCkEl, thE numBEr two in CoppEr, AnD thE FiFth-rAnkED mining Firm ovErAll. thE rECorDs mAy not stop thErE: two othEr mining Firms, xstrAtA AnD tECkCominCo, hAD prEviously BiD For FAlConBriDgE AnD inCo rEspECtivEly, AnD CoulD mAkE FurthEr oFFErs.
soAring CommoDitiEs priCEs hAvE lEFt mining Firms Flush with CAsh AnD kEEn to ExpAnD、onE wAy woulD BE to sEArCh For morE mEtAl in thE grounD, instEAD oF on thE stoCkmArkEt.But orgAniC growth is ExpEnsivE At thE momEnt: As Firms rush to inCrEAsE thEir output to tAkE ADvAntAgE oF high priCEs, EvEry ConCEivABlE input, From EnginEErs to mining truCks’ hugE tyrEs,thosE shArEs is in DEspErAtEly short supply.DEvEloping nEw minEs is Also slow. mining ExECutivEs worry, thAt projECts thAt gEt thE go-AhEAD whEn priCEs ArE high will not look so AttrACtivE whEn thE nExt rECEssion ComEs.
thAt CoulD BE truE oF thE proposED mErgEr too. phElpsDoDgE oFFErED A prEmium oF 23% ovEr thE priCE oF inCo’s shArEs AnD 12% ovEr FAlConBriDgE’s. thosE shArEs, in turn, hAvE BEEn rising For sEvErAl yEArs Along with thE Firms’ wArEs—niCkEl, For thE most pArt, At inCo, AnD niCkEl AnD CoppEr At FAlConBriDgE.
thE BossEs oF thE Firms insist thAt thE mArk-up is justiFiED, For sEvErAl rEAsons. For onE thing, thEy rECkon thEy CAn squEEzE sAvings oF $900m A yEAr out oF thE ComBinED Entity By 2008, By shAring EquipmEnt AnD pErsonnEl Among ADjACEnt minEs. For ExAmplE, AnD pooling thEir mArkEting stAFF. morE importAntly, thEy ArguE thAt thE sizE AnD DivErsity oF thE nEw CompArty will mAkE it lEss vulnErABlE to mining’s pAinFul CyClEs, AnD so morE ArtrACtivE to invEstors.
thE BiggEst AnD most DivErsiFiED mining CompAniEs, suCh AsBhpBilliton AnD rio tinto, Do BoAst highEr shArE vAluAtions. thEy proDuCE EvErything From Aluminium to zirCon. AnD so ArE lEss susCEptiBlE to FluCtuAtions in thE priCE oF Any pArtiCulAr mEtAl.By thE sAmE logiC, thE morE minEs A Firm is running or DEvEloping, AnD thE morE CountriEs it opErAtEs in. thE lEss risk EACh inDiviDuAl projECt posEs to proFits. thE mErgED trio will CErtAinly hAvE A BroADEr gEogrAphiCAl sprEAD, with minEs in FivE ContinEnts.But its mAin projECts, in stABlE plACEs likE thE unitED stAtEs.CAnADA AnDChilE, nEvEr sEEmED thAt risky in thE First plACE. FurthErmorE, DEspitE hAving siDElinEs in CoBAlt AnD molyBDEnum, thE nEw Firm’s FortunEs will DEpEnD ChiEFly on thE priCE oF CoppEr AnD niCkEl—two oF most volAtilE mEtAls in rECEnt yEArs.
somE AnAlysts muttEr thAt phElpsDoDgE EmBArkED on thE mErgEr ChiEFly to sAvE itsElF From BEing tAkEn ovEr. invEstors sEEm to shArE thEir DouBts: phElpsDoDgE’s shArEs FEll By 8% AFtEr it AnnounCED thE DEAl, DEspitE A simultAnEous plEDgE to spEnD $5 Billion on A shArE Buy-BACk sChEmE onCE thE mErgEr is ConCluDED、
on thE othEr hAnD, thE priCE oF niCkEl AnD CoppEr jumpED on thE nEws. trADErs sEEm to hAvE AssumED thAt thE CompAniEs woulD hAvE ContEmplAtED suCh An ExpEnsivE DEAl only iF thEy thought thAt mEtAls woulD rEmAin in short supply For somE timE. thE morE monEy thAt mining Firms spEnD Buying onE AnothEr, rAthEr thAn Exploring AnD DEvEloping nEw minEs, thE likEliEr thAt is.
thE Author suggEsts thAt iF thE priCEs oF thE mEtAl FAll,A.thE Firms will suDDEnly hAvE plEnty oF monEy For A short timE
B.it will BE DiFFiCult For thE Firms to grow lArgEr in sizE.
C.thE Firms will try to inCrEAsE thEir proDuCtion.
D.pEoplE will not FoCus on thE projECts thAt ArE givEn pErmission.
【单选题】
A、sChool oF BEhAviorAl EConomists hAs long ArguED thAt whEn it ComEs to monEy, pEoplE ArE inCApABlE oF ACting in thEir own BEst intErEst -- thAt DECisions rEsult From impulsE AnD ovErConFiDEnCE As muCh As From rEAson. smArt Folks, in othEr worDs, ArE just As likEly to soon pArt with thEir monEy As All thosE Fools.
thE truly BAD nEws is thAt smArt CompAniEs ArE just As pronE to mAkE tErriBlE DECisions For thE sAmE rEAson. tAkE onE oF thE BiggEst BusinEss DECisions oF All— mErgEr. rEsEArCh ConsistEntly shows thAt most mErgErs FAil in EvEry sEnsE oF thE worD, From FAlling stoCk priCEs to lowEr proFitABility AFtEr thE mErgEr. yEt, EvEn with suFFEring CApitAl mArkEts, A rECEnt hEwittAssoCiAtEs stuDy FounD thAt morE thAn hAlF oF thE 70 sEnior ExECutivEs AnD BoArD mEmBErs survEyED plAnnED to stEp up mErgEr ACtivity During thE nExt thrEE yEArs.
whyCAll it ExECutivE huBris.CEos ArE not DiFFErEnt From thE rEst oF us in thAt thEy FAll prEy to thE sElF-EnhAnCEmEnt BiAs: wE All likE to think wE ArE intElligEnt AnD EFFiCACious. so wE ovErEstimAtE our ABilitiEs. thAt’s why stuDiEs show thAt signiFiCAntly morE thAn hAlF oF All pEoplE BEliEvE thEy ArE ABovE AvErAgE -- in nEgotiAting ABility, EvEn in inComE, this ovErly optimistiC viEw is, oF CoursE, worsE ForCEos- AFAr All, thEy gEnErAlly ArE wAy ABovE AvErAgE.Btu thE rEsult is thE sAmE: BAD DECisions. onE stuDy, By BusinEss sChool proFEssors mAtthEw hAywArD AnDDonAlD hAmBriCk, showED thAt thE grEAtEr thE huBris oF thE ChiEF ExECutivE, thE morE A CompAny tEnDs to ovErpAy For ACquisitions.
thE Aphorism "priDE goEth BEForE A FAll" sEEms to holD truE in BusinEss too. whEn ExECutivEs ArE ConFrontED with thE AppAlling stAtistiCs, thEir First rEsponsE goEs somEthing likE this: "thAt mAy hAppEn to othEr CompAniEs, But not ours. this ACquisition will BE morE suCCEssFul. wE hAvE lEArnE
D、"
thE nExtCEo ChAllEngE is pErsuADing A possiBly rECAlCitrAnt BoArD oF DirECtors to lEt you pursuE your urgE to mErgE. huBris, AgAin, rEturns to CEntEr stAgE. you pAint A piCturE oF Doom AnD gloom thAt will rEsult iF you Don’t mErgE. tAkE A look At onE oF thE rAtionAlEs givEn For thE mErgEr oF hEwlEtt-pACkArD AnDCompAq, two CompAniEs with poor opErAting trACk rECorDs. thE ArgumEnt wAs thAt pCs wErE BEComing A CommoDity inDustry, ConsoliDAtion wAs inEvitABlE, AnD iF hp DiDn’t Do thE ConsoliDAting, it woulD soon BE onE oF thE ConsoliDAtE
D、hErE’s AnothEr vAriAnt oF thE sAmE rAtionAlE: iF you Don’t Buy thE tArgEt CompAny, your CompEtitor will -- AnD you’ll losE out. this gAmBit usEs thE inFluEnCE strAtEgy oF sCArCity -- wE wAnt whAt wE CAn’t hAvE, AnD wE FinD pArtiCulArly DEsirABlE Anything thAt wE mAy losE to somEonE ElsE.
hErE’s how to AvoiD huBris-FuElED mErgEr mAni
A、First, Follow thE ADAgE From mEDiCinE: ForgivE AnD rEmEmBEr. go BACk AnD EvAluAtE pAst mErgEr DECisions, ADmit whEn you wErE wrong, FigurE out why, AnD lEArn From it.
sEConD, BEwArE oF too muCh AgrEEmEnt in thE BoArD room. whEnAlFrED sloAn rAn gEnErAl motors, iF hE CoulDn’t FinD opposition to A DECision, hE’D postponE it. hE intErprEtED A lACk oF DissEnt As A lACk oF AnAlysis. FinD, EvEn EnCourAgE, pEoplE to DisAgrEE with you, so thAt All siDEs oF thE DECision ArE ExAminE
D、mostly, wE likE thosE who AgrEE with us.But As onE oF my CollEAguEs likEs to point out, iF two pEoplE AgrEE All thE timE, onE oF thEm is rEDunDAnt.
thE urgE to mErgE is still likE An ADDiCtion in mAny CompAniEs:Doing DEAls is muCh morE Fun AnD intErEsting thAn Fixing FunDAmEntAl proBlEms. so, As in DEAling with Any othEr ADDiCtion or tEmptAtion, mAyBE it is BEst to just sAy no.
thE writEr sAys thAt As FAr As mErgEr is ConCErnED,
A、most EnDED in FAilurE rEsulting From ovErConFiDEnCE.
B.mostCEos prEFErrED to givE up mErgErs.
C.CompAniEs ArE likEly to EArn thEir proFit in ACquisition.
D、CApitAl mArkEts BECAmE vulnErABlE BECAusE oF mErgEr.
A、sChool oF BEhAviorAl EConomists hAs long ArguED thAt whEn it ComEs to monEy, pEoplE ArE inCApABlE oF ACting in thEir own BEst intErEst -- thAt DECisions rEsult From impulsE AnD ovErConFiDEnCE As muCh As From rEAson. smArt Folks, in othEr worDs, ArE just As likEly to soon pArt with thEir monEy As All thosE Fools.
thE truly BAD nEws is thAt smArt CompAniEs ArE just As pronE to mAkE tErriBlE DECisions For thE sAmE rEAson. tAkE onE oF thE BiggEst BusinEss DECisions oF All— mErgEr. rEsEArCh ConsistEntly shows thAt most mErgErs FAil in EvEry sEnsE oF thE worD, From FAlling stoCk priCEs to lowEr proFitABility AFtEr thE mErgEr. yEt, EvEn with suFFEring CApitAl mArkEts, A rECEnt hEwittAssoCiAtEs stuDy FounD thAt morE thAn hAlF oF thE 70 sEnior ExECutivEs AnD BoArD mEmBErs survEyED plAnnED to stEp up mErgEr ACtivity During thE nExt thrEE yEArs.
whyCAll it ExECutivE huBris.CEos ArE not DiFFErEnt From thE rEst oF us in thAt thEy FAll prEy to thE sElF-EnhAnCEmEnt BiAs: wE All likE to think wE ArE intElligEnt AnD EFFiCACious. so wE ovErEstimAtE our ABilitiEs. thAt’s why stuDiEs show thAt signiFiCAntly morE thAn hAlF oF All pEoplE BEliEvE thEy ArE ABovE AvErAgE -- in nEgotiAting ABility, EvEn in inComE, this ovErly optimistiC viEw is, oF CoursE, worsE ForCEos- AFAr All, thEy gEnErAlly ArE wAy ABovE AvErAgE.Btu thE rEsult is thE sAmE: BAD DECisions. onE stuDy, By BusinEss sChool proFEssors mAtthEw hAywArD AnDDonAlD hAmBriCk, showED thAt thE grEAtEr thE huBris oF thE ChiEF ExECutivE, thE morE A CompAny tEnDs to ovErpAy For ACquisitions.
thE Aphorism "priDE goEth BEForE A FAll" sEEms to holD truE in BusinEss too. whEn ExECutivEs ArE ConFrontED with thE AppAlling stAtistiCs, thEir First rEsponsE goEs somEthing likE this: "thAt mAy hAppEn to othEr CompAniEs, But not ours. this ACquisition will BE morE suCCEssFul. wE hAvE lEArnE
D、"
thE nExtCEo ChAllEngE is pErsuADing A possiBly rECAlCitrAnt BoArD oF DirECtors to lEt you pursuE your urgE to mErgE. huBris, AgAin, rEturns to CEntEr stAgE. you pAint A piCturE oF Doom AnD gloom thAt will rEsult iF you Don’t mErgE. tAkE A look At onE oF thE rAtionAlEs givEn For thE mErgEr oF hEwlEtt-pACkArD AnDCompAq, two CompAniEs with poor opErAting trACk rECorDs. thE ArgumEnt wAs thAt pCs wErE BEComing A CommoDity inDustry, ConsoliDAtion wAs inEvitABlE, AnD iF hp DiDn’t Do thE ConsoliDAting, it woulD soon BE onE oF thE ConsoliDAtE
D、hErE’s AnothEr vAriAnt oF thE sAmE rAtionAlE: iF you Don’t Buy thE tArgEt CompAny, your CompEtitor will -- AnD you’ll losE out. this gAmBit usEs thE inFluEnCE strAtEgy oF sCArCity -- wE wAnt whAt wE CAn’t hAvE, AnD wE FinD pArtiCulArly DEsirABlE Anything thAt wE mAy losE to somEonE ElsE.
hErE’s how to AvoiD huBris-FuElED mErgEr mAni
A、First, Follow thE ADAgE From mEDiCinE: ForgivE AnD rEmEmBEr. go BACk AnD EvAluAtE pAst mErgEr DECisions, ADmit whEn you wErE wrong, FigurE out why, AnD lEArn From it.
sEConD, BEwArE oF too muCh AgrEEmEnt in thE BoArD room. whEnAlFrED sloAn rAn gEnErAl motors, iF hE CoulDn’t FinD opposition to A DECision, hE’D postponE it. hE intErprEtED A lACk oF DissEnt As A lACk oF AnAlysis. FinD, EvEn EnCourAgE, pEoplE to DisAgrEE with you, so thAt All siDEs oF thE DECision ArE ExAminE
D、mostly, wE likE thosE who AgrEE with us.But As onE oF my CollEAguEs likEs to point out, iF two pEoplE AgrEE All thE timE, onE oF thEm is rEDunDAnt.
thE urgE to mErgE is still likE An ADDiCtion in mAny CompAniEs:Doing DEAls is muCh morE Fun AnD intErEsting thAn Fixing FunDAmEntAl proBlEms. so, As in DEAling with Any othEr ADDiCtion or tEmptAtion, mAyBE it is BEst to just sAy no.
thE writEr sAys thAt As FAr As mErgEr is ConCErnED,
A、most EnDED in FAilurE rEsulting From ovErConFiDEnCE.
B.mostCEos prEFErrED to givE up mErgErs.
C.CompAniEs ArE likEly to EArn thEir proFit in ACquisition.
D、CApitAl mArkEts BECAmE vulnErABlE BECAusE oF mErgEr.
【单选题】
A.ExACtly
B.nEArly
C.rEAlly
D.ComplEtEly
A.ExACtly
B.nEArly
C.rEAlly
D.ComplEtEly
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