企业支出
<p> 2015复习正是强化复习阶段，在考研英语中占了40分，所以考研英语阅读是英语科目中重要的一项。名师老师曾建议过考研生需要坚持每天泛读10-15分钟的英文原刊。强烈推荐了杂志《经济学人》.杂志中的文章也是考研英语的主要材料来源.希望考研考生认真阅读，快速提高考研英语阅读水平。 <span word="Corporate">Corporate</span> <span word="spending">spending</span> 企业支出 <span word="If">If</span> <span word="they">they</span> <span word="build">build</span> <span word="it">it</span> 如果他们建造了它 <span word="Capital">Capital</span> <span word="expenditure">expenditure</span> <span word="around">around</span> <span word="the">the</span> <span word="world">world</span> <span word="has">has</span> <span word="beendisappointing">beendisappointing</span> 世界各地的资本支出一直令人失望 <span word="WHEN">WHEN</span> <span word="companies">companies</span> <span word="spend">spend</span> <span word="money">money</span> <span word="on">on</span> <span word="new">new</span> <span word="plant">plant</span> <span word="andequipment">andequipment</span>, <span word="jobs">jobs</span> <span word="and">and</span> <span word="economic">economic</span> <span word="growth">growth</span> <span word="are">are</span> <span word="the">the</span> <span word="result">result</span>. <span word="One">One</span> <span word="of">of</span> <span word="the">the</span> <span word="aims">aims</span> <span word="of">of</span> <span word="central">central</span> <span word="banks">banks</span> <span word="effortsto">effortsto</span> <span word="suppress">suppress</span> <span word="interest">interest</span> <span word="rates">rates</span> <span word="is">is</span> <span word="to">to</span> <span word="encourage">encourage</span> <span word="more">more</span> <span word="such">such</span> <span word="spending">spending</span>. <span word="But">But</span> <span word="the">the</span> <span word="latest">latest</span> <span word="survey">survey</span> <span word="fromStandard">fromStandard</span> <span word="Poor">Poor</span> <span word="s">s</span>, <span word="a">a</span> <span word="rating">rating</span> <span word="agency">agency</span>, <span word="indicates">indicates</span> <span word="that">that</span> <span word="a">a</span> <span word="boom">boom</span> <span word="is">is</span> <span word="yet">yet</span> <span word="to">to</span> <span word="materialise">materialise</span>: <span word="in">in</span> <span word="realterms">realterms</span>, <span word="capital">capital</span> <span word="expenditure">expenditure</span> <span word="fell">fell</span> 1% <span word="in">in</span> 2013, <span word="and">and</span> <span word="is">is</span> <span word="expected">expected</span> <span word="to">to</span> <span word="decline">decline</span> <span word="again">again</span> <span word="this">this</span> <span word="year">year</span>. 当公司把钱花在新工厂和新设备上时，就业和经济就会上涨。中央银行努力压低利率，其中一个目的就是鼓励更多这样的支出。但是从标准普尔，一家评级机构，最近的调查显示，这种繁荣还未成为现实：实际上，在2013年资本支出下降1%，预计今年还将再次下降。 <span word="Perhaps">Perhaps</span> <span word="surprisingly">surprisingly</span>, <span word="capex">capex</span> <span word="is">is</span> <span word="falling">falling</span> <span word="in">in</span> <span word="emerging">emerging</span> <span word="markets">markets</span>, <span word="generally">generally</span> <span word="seen">seen</span> <span word="as">as</span> <span word="the">the</span> <span word="engine">engine</span> <span word="ofthe">ofthe</span> <span word="global">global</span> <span word="economy">economy</span>. <span word="The">The</span> <span word="emerging">emerging</span> <span word="markets">markets</span> <span word="share">share</span> <span word="of">of</span> <span word="global">global</span> <span word="capex">capex</span> <span word="fell">fell</span> <span word="from">from</span> 34% <span word="in">in</span> 2011<span word="to">to</span> 27% <span word="last">last</span> <span word="year">year</span>. 新兴市场中的资本支出通常本看作是全球经济的引擎，也许令人惊讶的是，这种资本支出正在下降。新兴市场的资本支出占全球资本支出的比例从2011年的34%下降到去年的27%。 <span word="The">The</span> <span word="big">big</span> <span word="investors">investors</span> <span word="have">have</span> <span word="traditionally">traditionally</span> <span word="been">been</span> <span word="mining">mining</span> <span word="and">and</span> <span word="energy">energy</span> <span word="firms">firms</span>, <span word="accounting">accounting</span> <span word="for">for</span> 42% <span word="ofglobal">ofglobal</span> <span word="capex">capex</span> <span word="in">in</span> 2013. <span word="But">But</span> <span word="spending">spending</span> <span word="in">in</span> <span word="both">both</span> <span word="industries">industries</span> <span word="has">has</span> <span word="slowed">slowed</span> <span word="sharply">sharply</span> <span word="and">and</span> <span word="is">is</span> <span word="expected">expected</span> <span word="tofall">tofall</span> <span word="this">this</span> <span word="year">year</span>. <span word="Companies">Companies</span> <span word="may">may</span> <span word="be">be</span> <span word="losing">losing</span> <span word="the">the</span> <span word="leeway">leeway</span> <span word="to">to</span> <span word="spend">spend</span>: <span word="capex">capex</span> <span word="has">has</span> <span word="been">been</span> <span word="higher">higher</span> <span word="than">than</span> <span word="freecashflow">freecashflow</span> <span word="in">in</span> <span word="three">three</span> <span word="of">of</span> <span word="the">the</span> <span word="last">last</span> <span word="five">five</span> <span word="years">years</span>. <span word="In">In</span> <span word="addition">addition</span>, <span word="the">the</span> <span word="investment">investment</span> <span word="boom">boom</span> <span word="of">of</span> <span word="the">the</span> <span word="pastdecade">pastdecade</span> <span word="may">may</span> <span word="mean">mean</span> <span word="that">that</span> <span word="the">the</span> <span word="supply">supply</span> <span word="of">of</span> <span word="minerals">minerals</span> <span word="has">has</span> <span word="caught">caught</span> <span word="up">up</span> <span word="with">with</span> <span word="demand">demand</span>. 大型投资者通常是矿产和能源公司，2013年这类公司的资本支出占全球资本支出的42%。但在这两个行业的的支出却大幅放缓，且预计今年还会下降。公司也许会失去花钱的余地：在过去的5年中，已经有3年的资本支出比自由现金流高 。此外，过去10年间的投资热潮也许意味着矿产的供给已经赶上需求。 <span word="Spending">Spending</span> <span word="on">on</span> <span word="research">research</span> <span word="and">and</span> <span word="development">development</span> <span word="has">has</span> <span word="been">been</span> <span word="more">more</span> <span word="robust">robust</span> <span word="than">than</span> <span word="capex">capex</span>, <span word="rising">rising</span> 4.7% <span word="in">in</span> <span word="realterms">realterms</span> <span word="in">in</span> <span word="both">both</span> 2011 <span word="and">and</span> 2012. <span word="But">But</span> <span word="momentum">momentum</span> <span word="appears">appears</span> <span word="to">to</span> <span word="be">be</span> <span word="slowing">slowing</span>, <span word="despite">despite</span> <span word="an">an</span> <span word="improvingeconomy">improvingeconomy</span>: <span word="R">R</span> <span word="D">D</span> <span word="grew">grew</span> <span word="just">just</span> 2.6% <span word="last">last</span> <span word="year">year</span>. 研发支出比资本支出更加强健，在2011年和2012年都实际增长4.7%。尽管经济形势有所好转，但这一势头似乎正在放缓：去年研发支出仅增长2.6%。 <span word="Why">Why</span> <span word="haven">haven</span> <span word="t">t</span> <span word="companies">companies</span> <span word="taken">taken</span> <span word="advantage">advantage</span> <span word="of">of</span> <span word="cheap">cheap</span> <span word="finance">finance</span> <span word="and">and</span> <span word="spent">spent</span> <span word="more">more</span>? <span word="An">An</span> <span word="obviousreason">obviousreason</span> <span word="is">is</span> <span word="that">that</span> <span word="corporate">corporate</span> <span word="revenue">revenue</span> <span word="has">has</span> <span word="not">not</span> <span word="been">been</span> <span word="growing">growing</span> <span word="very">very</span> <span word="fast">fast</span>. <span word="Given">Given</span> <span word="that">that</span> <span word="constraint">constraint</span>,<span word="capex">capex</span> <span word="does">does</span> <span word="not">not</span> <span word="look">look</span> <span word="so">so</span> <span word="meagre">meagre</span>. <span word="For">For</span> <span word="global">global</span> <span word="non">non</span>-<span word="financial">financial</span> <span word="companies">companies</span>, <span word="the">the</span> <span word="ratio">ratio</span> <span word="of">of</span> <span word="capex">capex</span> <span word="torevenues">torevenues</span> <span word="is">is</span> <span word="close">close</span> <span word="to">to</span> <span word="its">its</span> <span word="highest">highest</span> <span word="level">level</span> <span word="in">in</span> <span word="a">a</span> <span word="decade">decade</span>. <span word="But">But</span> <span word="that">that</span> <span word="also">also</span> <span word="means">means</span> <span word="companies">companies</span> <span word="areunlikely">areunlikely</span> <span word="to">to</span> <span word="boost">boost</span> <span word="spending">spending</span> <span word="by">by</span> <span word="much">much</span> <span word="more">more</span>. <span word="A">A</span> <span word="survey">survey</span> <span word="of">of</span> <span word="British">British</span> <span word="firms">firms</span> <span word="suggests">suggests</span> <span word="thatuncertainty">thatuncertainty</span> <span word="about">about</span> <span word="demand">demand</span> <span word="and">and</span> <span word="the">the</span> <span word="risk">risk</span> <span word="of">of</span> <span word="weak">weak</span> <span word="returns">returns</span> <span word="are">are</span> <span word="the">the</span> <span word="main">main</span> <span word="deterrents">deterrents</span> <span word="forexecutives">forexecutives</span> <span word="deciding">deciding</span> <span word="whether">whether</span> <span word="to">to</span> <span word="increase">increase</span> <span word="capex">capex</span>. 为什么没有公司利用廉价融资而增加支出?一个显而易见的原因就是企业的收入没有迅速增长。考虑到这一约束，资本支出看起来并没有那么贫弱。对于全球非金融企业，资本支出与收入的比率接近10年来的最高水平。但这也意味着公司不太可能更多的刺激消费。对英国公司的调查表明，需求的不确定性和薄弱的风险回报是影响高管决定是否增加资本支出的主要妨碍。 <span word="It">It</span> <span word="seems">seems</span> <span word="like">like</span> <span word="a">a</span> <span word="chicken">chicken</span>-<span word="and">and</span>-<span word="egg">egg</span> <span word="problem">problem</span>. <span word="Without">Without</span> <span word="a">a</span> <span word="strong">strong</span> <span word="global">global</span> <span word="recovery">recovery</span>, <span word="companies">companies</span> <span word="willnot">willnot</span> <span word="spend">spend</span> <span word="more">more</span>. <span word="But">But</span> <span word="if">if</span> <span word="they">they</span> <span word="do">do</span> <span word="not">not</span> <span word="spend">spend</span> <span word="more">more</span>, <span word="there">there</span> <span word="will">will</span> <span word="not">not</span> <span word="be">be</span> <span word="a">a</span> <span word="strong">strong</span> <span word="recovery">recovery</span>. 这似乎是一个鸡生蛋，还是蛋生鸡的问题。没有强劲的全球经济复苏，企业将不会增加支出。但是如果他们不增加支出，就不会产生强劲的全球经济复苏。 词语解释 1.<span word="interest">interest</span> <span word="rate">rate</span> <span word="n">n</span>.利率 <span word="Or">Or</span> <span word="you">you</span> <span word="can">can</span> <span word="extend">extend</span> <span word="the">the</span> <span word="mortgage">mortgage</span> <span word="out">out</span> <span word="and">and</span> <span word="lowerthe">lowerthe</span> <span word="interest">interest</span> <span word="rate">rate</span>. 或者我们也可以延长按揭期限，同时降低利率。 <span word="In">In</span> <span word="the">the</span> <span word="past">past</span>, <span word="he">he</span> <span word="has">has</span> <span word="said">said</span> <span word="he">he</span> <span word="has">has</span> <span word="got">got</span> <span word="to">to</span> <span word="worry">worry</span> <span word="aboutinterest">aboutinterest</span> <span word="rate">rate</span> <span word="risk">risk</span> <span word="as">as</span> <span word="well">well</span>. 他曾说过不得不担心利率风险。 2.<span word="expect">expect</span> <span word="to">to</span> 期许 <span word="Fewer">Fewer</span> <span word="than">than</span> <span word="half">half</span> <span word="of">of</span> <span word="executives">executives</span> <span word="polled">polled</span> <span word="recently">recently</span> <span word="by">by</span> <span word="fortune">fortune</span> <span word="said">said</span> <span word="they">they</span> <span word="expect">expect</span> <span word="to">to</span> <span word="increase">increase</span> <span word="theirheadcount">theirheadcount</span> <span word="in">in</span> 2012. 近期接受《财富》杂志采访的公司高管中只有不到一半的人表示，2012年预计将扩大员工招聘。 <span word="They">They</span> <span word="expect">expect</span> <span word="to">to</span> <span word="ship">ship</span> <span word="another">another</span> 50,000 <span word="this">this</span> <span word="month">month</span>. 他们预计本月将再发货50,000只。 3.<span word="in">in</span> <span word="addition">addition</span> 另外;除此之外 <span word="In">In</span> <span word="addition">addition</span>, <span word="younger">younger</span> <span word="consumers">consumers</span> <span word="do">do</span> <span word="more">more</span> <span word="activities">activities</span> <span word="using">using</span> <span word="consumer">consumer</span> <span word="electronics">electronics</span>. 此外，年轻消费者在使用消费电子产品时更为活跃。 <span word="In">In</span> <span word="addition">addition</span>, <span word="the">the</span> <span word="established">established</span> <span word="big">big</span> <span word="internet">internet</span> <span word="impression">impression</span> <span word="generators">generators</span> <span word="would">would</span> <span word="take">take</span> <span word="a">a</span> <span word="huge">huge</span> <span word="hit">hit</span>. 此外，老牌的大型互联网印象生产者将遭受重创。 4.<span word="corporate">corporate</span> <span word="revenue">revenue</span> 公司收入 <span word="Suppliers">Suppliers</span> <span word="are">are</span> <span word="not">not</span> <span word="ranked">ranked</span> <span word="on">on</span> <span word="their">their</span> <span word="total">total</span> <span word="corporate">corporate</span> <span word="revenue">revenue</span>, <span word="since">since</span> <span word="many">many</span> <span word="have">have</span> <span word="other">other</span> <span word="lines">lines</span> <span word="ofbusiness">ofbusiness</span>, <span word="such">such</span> <span word="as">as</span> <span word="hardware">hardware</span>. 排名是不考虑供应商公司的全部收入，因为很多公司还有其他的业务线，比如硬件收入。 <span word="Do">Do</span> <span word="economists">economists</span> <span word="have">have</span> <span word="their">their</span> <span word="heads">heads</span> <span word="in">in</span> <span word="the">the</span> <span word="clouds">clouds</span> <span word="or">or</span> <span word="does">does</span> <span word="disappointing">disappointing</span> <span word="corporate">corporate</span> <span word="revenuereally">revenuereally</span> <span word="spell">spell</span> <span word="trouble">trouble</span> <span word="as">as</span> <span word="the">the</span> <span word="fourth">fourth</span> <span word="quarter">quarter</span> <span word="moves">moves</span> <span word="into">into</span> <span word="the">the</span> <span word="home">home</span> <span word="stretch">stretch</span>? 在第四季度进入最后一程之际，是经济学家在胡思乱想，还是令人失望的公司收入确实预示着麻烦的出现?</p>
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