企业管治
<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="governance">governance</span> 企业管治 <span word="Nasty">Nasty</span> <span word="medicine">medicine</span> 一剂苦药 <span word="The">The</span> <span word="return">return</span> <span word="of">of</span> <span word="the">the</span> <span word="poison">poison</span>-<span word="pill">pill</span> <span word="defence">defence</span> 毒丸防御重出江湖 <span word="POISON">POISON</span> <span word="pills">pills</span> <span word="are">are</span> <span word="again">again</span> <span word="being">being</span> <span word="dispensed">dispensed</span> <span word="bycorporate">bycorporate</span> <span word="America">America</span> <span word="with">with</span> <span word="all">all</span> <span word="the">the</span> <span word="enthusiasm">enthusiasm</span> <span word="of">of</span> <span word="anexterminator">anexterminator</span> <span word="in">in</span> <span word="a">a</span> <span word="rat">rat</span>-<span word="infested">infested</span> <span word="basement">basement</span>. <span word="The">The</span> <span word="metaphorical">metaphorical</span> <span word="rodents">rodents</span> <span word="nowadays">nowadays</span> <span word="are">are</span> <span word="not">not</span> <span word="justhostile">justhostile</span> <span word="biddersthe">biddersthe</span> <span word="pests">pests</span> <span word="that">that</span> <span word="the">the</span> <span word="poison">poison</span>-<span word="pill">pill</span> <span word="defence">defence</span> <span word="was">was</span> <span word="designed">designed</span> <span word="to">to</span> <span word="exterminate">exterminate</span>, <span word="backin">backin</span> <span word="the">the</span> 1980<span word="sbut">sbut</span> <span word="in">in</span> <span word="some">some</span> <span word="cases">cases</span> <span word="shareholders">shareholders</span> <span word="simply">simply</span> <span word="trying">trying</span> <span word="to">to</span> <span word="change">change</span> <span word="the">the</span> <span word="way">way</span> <span word="companies">companies</span> <span word="arerun">arerun</span>. 在束手无策的鼠患下，美国公司再次祭出了毒丸这项的杀招。在上世纪80年代，老鼠仅表示资本市场上的恶意收购者，而这也是毒丸防御系统最初的针对目标。但在如今的某些情况下，毒丸所对付的对象也转向了一些试图改变公司营运方针的股东。 <span word="In">In</span> <span word="a">a</span> <span word="typical">typical</span> <span word="poison">poison</span>-<span word="pill">pill</span> <span word="scheme">scheme</span>, <span word="the">the</span> <span word="board">board</span> <span word="of">of</span> <span word="a">a</span> <span word="company">company</span> <span word="makes">makes</span> <span word="a">a</span> <span word="rule">rule</span> <span word="that">that</span> <span word="if">if</span> <span word="anyone">anyone</span> <span word="buysmore">buysmore</span> <span word="than">than</span> <span word="a">a</span> <span word="certain">certain</span> <span word="percentage">percentage</span> <span word="of">of</span> <span word="its">its</span> <span word="shares">shares</span>, <span word="it">it</span> <span word="will">will</span> <span word="issue">issue</span> <span word="lots">lots</span> <span word="of">of</span> <span word="stock">stock</span> <span word="to">to</span> <span word="all">all</span> <span word="othershareholders">othershareholders</span>, <span word="dramatically">dramatically</span> <span word="reducing">reducing</span> <span word="the">the</span> <span word="first">first</span> <span word="investor">investor</span> <span word="s">s</span> <span word="stake">stake</span>. <span word="In">In</span> <span word="Britain">Britain</span>, <span word="which">which</span> <span word="has">has</span> <span word="longtaken">longtaken</span> <span word="a">a</span> <span word="more">more</span> <span word="positive">positive</span> <span word="view">view</span> <span word="of">of</span> <span word="hostile">hostile</span> <span word="bids">bids</span>, <span word="poison">poison</span> <span word="pills">pills</span> <span word="are">are</span> <span word="all">all</span> <span word="but">but</span> <span word="banned">banned</span>. <span word="In">In</span> <span word="America">America</span>, <span word="thecourts">thecourts</span> <span word="have">have</span> <span word="repeatedly">repeatedly</span> <span word="held">held</span> <span word="them">them</span> <span word="to">to</span> <span word="be">be</span> <span word="legal">legal</span>. <span word="But">But</span> <span word="they">they</span> <span word="had">had</span> <span word="become">become</span> <span word="scarcer">scarcer</span> <span word="in">in</span> <span word="recent">recent</span> <span word="years">years</span>,<span word="as">as</span> <span word="takeovers">takeovers</span> <span word="dried">dried</span> <span word="up">up</span> <span word="and">and</span> <span word="shareholders">shareholders</span> <span word="got">got</span> <span word="some">some</span> <span word="schemes">schemes</span> <span word="dismantled">dismantled</span>. <span word="Now">Now</span>, <span word="M">M</span> <span word="A">A</span> <span word="isbooming">isbooming</span>, <span word="activist">activist</span> <span word="investors">investors</span> <span word="are">are</span> <span word="back">back</span> <span word="on">on</span> <span word="the">the</span> <span word="warpath">warpath</span> <span word="and">and</span> <span word="defences">defences</span> <span word="are">are</span> <span word="being">being</span> <span word="rebuilt">rebuilt</span>. 在一般的情况下，实施毒丸防御的公司，由公司董事会事先通过一项股权摊薄条款，一旦出现收购者收购公司一定比例的股份，即触发该条款生效，使公司原有股东可以较低的价格获得公司大量股份，从而稀释收购方的股份。在英国，人们对待恶意收购的行为是比较积极的，因此毒丸防御成为了明令禁止的条款。而在美国，法院则三番五次地站出来为毒丸防御的合法性背书。但由于近年来收购案的减少以及公司股东们对阴谋的沉着应对，使用毒丸的情况也愈发罕见。如今，随着企业并购案的迅猛增长，活跃的投资者重返战场，这也意味着股东们的防御计划也得随之重启。 <span word="On">On</span> <span word="June">June</span> 28<span word="th">th</span> <span word="the">the</span> <span word="board">board</span> <span word="of">of</span> <span word="American">American</span> <span word="Apparel">Apparel</span>, <span word="a">a</span> <span word="clothing">clothing</span> <span word="retailer">retailer</span>, <span word="enacted">enacted</span> <span word="a">a</span> <span word="poison">poison</span>-<span word="pillscheme">pillscheme</span>. <span word="It">It</span> <span word="is">is</span> <span word="seeking">seeking</span> <span word="to">to</span> <span word="avert">avert</span> <span word="a">a</span> <span word="less">less</span>-<span word="than">than</span>-<span word="friendly">friendly</span> <span word="takeover">takeover</span> <span word="by">by</span> <span word="its">its</span> <span word="former">former</span> <span word="boss">boss</span>, <span word="DovCharney">DovCharney</span>, <span word="whom">whom</span> <span word="the">the</span> <span word="board">board</span> <span word="had">had</span> <span word="removed">removed</span> <span word="ten">ten</span> <span word="days">days</span> <span word="earlier">earlier</span> <span word="over">over</span> <span word="some">some</span> <span word="as">as</span>-<span word="yet">yet</span> <span word="unspecifiedallegations">unspecifiedallegations</span> <span word="of">of</span> <span word="misconduct">misconduct</span>. <span word="Mr">Mr</span> <span word="Charney">Charney</span> <span word="has">has</span> <span word="sealed">sealed</span> <span word="a">a</span> <span word="partnership">partnership</span> <span word="with">with</span> <span word="Standard">Standard</span> <span word="General">General</span>, <span word="ahedge">ahedge</span> <span word="fund">fund</span>, <span word="with">with</span> <span word="the">the</span> <span word="help">help</span> <span word="of">of</span> <span word="which">which</span> <span word="he">he</span> <span word="now">now</span> <span word="controls">controls</span> <span word="a">a</span> 43% <span word="stake">stake</span>. 6月28日，服装零售商美国服饰的董事层实施了毒丸防御计划。美国服饰正极力避免一场不太友好的收购，而其收购方正是该公司的前任老板多夫查尼。正是在十天前，多夫查尼由于一些至今仍未指明的不当行为被公司逐出了管理层。查尼先生已与基金公司<span word="Standard">Standard</span> <span word="General">General</span>达成了合作协议，而目前在后者的帮助下，他已经控制了美国服饰43%的股权。 <span word="The">The</span> <span word="previous">previous</span> <span word="day">day</span> <span word="a">a</span> <span word="lawsuit">lawsuit</span> <span word="over">over</span> <span word="the">the</span> <span word="poison">poison</span> <span word="pill">pill</span> <span word="adopted">adopted</span> <span word="by">by</span> <span word="Allergan">Allergan</span>, <span word="best">best</span> <span word="known">known</span> <span word="for">for</span> <span word="itsBotox">itsBotox</span> <span word="anti">anti</span>-<span word="wrinkle">wrinkle</span> <span word="treatment">treatment</span>, <span word="was">was</span> <span word="settled">settled</span> <span word="out">out</span> <span word="of">of</span> <span word="court">court</span>. <span word="It">It</span> <span word="had">had</span> <span word="been">been</span> <span word="brought">brought</span> <span word="by">by</span> <span word="PershingSquare">PershingSquare</span>, <span word="a">a</span> <span word="fund">fund</span> <span word="run">run</span> <span word="by">by</span> <span word="one">one</span> <span word="of">of</span> <span word="the">the</span> <span word="most">most</span> <span word="prominent">prominent</span> <span word="shareholder">shareholder</span> <span word="activists">activists</span>, <span word="Bill">Bill</span> <span word="Ackman">Ackman</span>. <span word="He">He</span> <span word="wonan">wonan</span> <span word="agreement">agreement</span> <span word="from">from</span> <span word="Allergan">Allergan</span> <span word="that">that</span> <span word="its">its</span> <span word="defences">defences</span> <span word="would">would</span> <span word="not">not</span> <span word="be">be</span> <span word="triggered">triggered</span> <span word="by">by</span> <span word="his">his</span> <span word="collaborationwith">collaborationwith</span> <span word="other">other</span> <span word="shareholders">shareholders</span> <span word="to">to</span> <span word="call">call</span> <span word="a">a</span> <span word="special">special</span> <span word="meeting">meeting</span> <span word="to">to</span> <span word="elect">elect</span> <span word="new">new</span> <span word="board">board</span> <span word="members">members</span>. 先前的一宗与肉毒素生厂商美国爱力根有关的毒丸防御案件当中，矛盾最终在庭外得到了解决。由活跃投资人威廉阿克曼执掌的资产管理公司潘兴广场对冲基金正是本案中的收购方。在与爱力根股东会面的特别会议中，阿克曼与其他股东的意见达成了一致，通过该会议选举出了新任的董事会成员，从而避免了一场毒丸防御战。 <span word="Pershing">Pershing</span> <span word="Square">Square</span>, <span word="which">which</span> <span word="has">has</span> <span word="just">just</span> <span word="less">less</span> <span word="than">than</span> <span word="the">the</span> 10% <span word="stake">stake</span> <span word="at">at</span> <span word="which">which</span> <span word="the">the</span> <span word="poison">poison</span> <span word="pill">pill</span> <span word="istriggered">istriggered</span>, <span word="has">has</span> <span word="teamed">teamed</span> <span word="up">up</span> <span word="with">with</span> <span word="Valeant">Valeant</span>, <span word="another">another</span> <span word="medical">medical</span> <span word="company">company</span>, <span word="to">to</span> <span word="bid">bid</span> <span word="for">for</span> <span word="Allergan">Allergan</span>. <span word="Itsdefences">Itsdefences</span> <span word="may">may</span> <span word="prevent">prevent</span> <span word="them">them</span> <span word="from">from</span> <span word="pursuing">pursuing</span> <span word="their">their</span> <span word="bid">bid</span> <span word="in">in</span> <span word="the">the</span> <span word="conventional">conventional</span> <span word="way">way</span>, <span word="by">by</span> <span word="continuingto">continuingto</span> <span word="buy">buy</span> <span word="shares">shares</span>. <span word="But">But</span> <span word="the">the</span> <span word="out">out</span>-<span word="of">of</span>-<span word="court">court</span> <span word="agreement">agreement</span> <span word="opens">opens</span> <span word="the">the</span> <span word="way">way</span> <span word="for">for</span> <span word="them">them</span> <span word="to">to</span> <span word="achieve">achieve</span> <span word="theirobjective">theirobjective</span> <span word="by">by</span> <span word="putting">putting</span> <span word="new">new</span> <span word="people">people</span> <span word="on">on</span> <span word="the">the</span> <span word="board">board</span> <span word="who">who</span> <span word="would">would</span> <span word="be">be</span> <span word="more">more</span> <span word="open">open</span> <span word="to">to</span> <span word="a">a</span> <span word="takeover">takeover</span>. 在潘兴广场的持股比例快到10%之际，爱力根的董事层便实施了毒药防御计划，而前者则随即与另一家医疗公司威朗合作，对后者进行收购。通过定向增发股份的传统方法或许能够阻止他们常规手段的收购，但对于利用庭外协议往董事会中插入新成员的方法，使得收购方能够在更开放的董事支持下达成控制的目标。 <span word="Earlier">Earlier</span> <span word="last">last</span> <span word="month">month</span> <span word="Family">Family</span> <span word="Dollar">Dollar</span>, <span word="a">a</span> <span word="discount">discount</span> <span word="retailer">retailer</span>, <span word="created">created</span> <span word="a">a</span> <span word="poison">poison</span> <span word="pill">pill</span> <span word="after">after</span> <span word="Carl">Carl</span> <span word="Icahn">Icahn</span>,<span word="another">another</span> <span word="activist">activist</span>, <span word="bought">bought</span> <span word="just">just</span> <span word="under">under</span> 10% <span word="of">of</span> <span word="its">its</span> <span word="shares">shares</span> <span word="amid">amid</span> <span word="speculation">speculation</span> <span word="that">that</span> <span word="he">he</span> <span word="was">was</span> <span word="planningto">planningto</span> <span word="engineer">engineer</span> <span word="a">a</span> <span word="merger">merger</span> <span word="with">with</span> <span word="Dollar">Dollar</span> <span word="General">General</span>, <span word="a">a</span> <span word="competitor">competitor</span>. <span word="And">And</span> <span word="News">News</span> <span word="Corporation">Corporation</span> <span word="renewed">renewed</span> <span word="itspoison">itspoison</span>-<span word="pill">pill</span> <span word="scheme">scheme</span>, <span word="allowing">allowing</span> <span word="Rupert">Rupert</span> <span word="Murdoch">Murdoch</span> <span word="and">and</span> <span word="his">his</span> <span word="family">family</span>, <span word="with">with</span> <span word="their">their</span> 39.4% <span word="stake">stake</span>, <span word="tofend">tofend</span> <span word="off">off</span> <span word="any">any</span> <span word="attempt">attempt</span> <span word="to">to</span> <span word="take">take</span> <span word="over">over</span> <span word="the">the</span> <span word="company">company</span> <span word="now">now</span> <span word="it">it</span> <span word="has">has</span> <span word="been">been</span> <span word="split">split</span> <span word="from">from</span> 21<span word="st">st</span> <span word="Century">Century</span> <span word="Fox">Fox</span>,<span word="its">its</span> <span word="former">former</span> <span word="entertainment">entertainment</span> <span word="arm">arm</span>. 在上月的早些时候，折扣零售商家庭美元在投资商卡尔伊坎购入不到10%的股权的情况下，便实施了毒丸防御计划。据猜测，伊坎正准备推动家庭美元与另一家竞争对手达乐公司进行合并。与此同时，和21世纪福克斯公司正式分家了的资讯集团正通过改变自身的毒丸防御计划，允许鲁伯特默多克和他的家族成员以合计39.4%的股份，与外来收购方进行对抗。 <span word="But">But</span> <span word="these">these</span> <span word="days">days</span> <span word="some">some</span> <span word="activists">activists</span> <span word="do">do</span> <span word="not">not</span> <span word="want">want</span> <span word="to">to</span> <span word="take">take</span> <span word="over">over</span> <span word="a">a</span> <span word="firm">firm</span>, <span word="just">just</span> <span word="to">to</span> <span word="create">create</span> <span word="a">a</span> <span word="sort">sort</span> <span word="of">of</span> <span word="loyalopposition">loyalopposition</span> <span word="to">to</span> <span word="the">the</span> <span word="board">board</span>, <span word="leaving">leaving</span> <span word="it">it</span> <span word="largely">largely</span> <span word="intact">intact</span> <span word="while">while</span> <span word="pressing">pressing</span> <span word="it">it</span> <span word="to">to</span> <span word="change">change</span> <span word="strategy">strategy</span>.<span word="Earlier">Earlier</span> <span word="this">this</span> <span word="year">year</span> <span word="Sotheby">Sotheby</span> <span word="s">s</span>, <span word="an">an</span> <span word="auction">auction</span> <span word="house">house</span> <span word="listed">listed</span> <span word="in">in</span> <span word="New">New</span> <span word="York">York</span>, <span word="adopted">adopted</span> <span word="a">a</span> <span word="poison">poison</span> <span word="pill">pill</span> <span word="to">to</span> <span word="fendoff">fendoff</span> <span word="attempts">attempts</span> <span word="by">by</span> <span word="Dan">Dan</span> <span word="Loeb">Loeb</span>, <span word="another">another</span> <span word="activist">activist</span>, <span word="to">to</span> <span word="win">win</span> <span word="representation">representation</span> <span word="on">on</span> <span word="the">the</span> <span word="board">board</span> <span word="and">and</span> <span word="shake">shake</span> <span word="upthe">upthe</span> <span word="firm">firm</span>. 但最近部分投资者并没有想要去控制一家公司，只是在董事会当中创造一种少数反对的因子，在保持管理层完整的情况下迫使公司改变自身的经营战略。而在今年的早些时候，纽约苏富比拍卖行接受了一项毒丸防御条款，以阻止激进投资者丹罗卜赢得董事会的席位，从而动摇公司的根基。 <span word="Mr">Mr</span> <span word="Loeb">Loeb</span> <span word="s">s</span> <span word="fund">fund</span>, <span word="Third">Third</span> <span word="Point">Point</span>, <span word="went">went</span> <span word="to">to</span> <span word="court">court</span> <span word="seeking">seeking</span> <span word="a">a</span> <span word="ruling">ruling</span> <span word="that">that</span> <span word="it">it</span> <span word="was">was</span> <span word="exempt">exempt</span> <span word="from">from</span> <span word="the">the</span> 10%<span word="trigger">trigger</span>, <span word="so">so</span> <span word="it">it</span> <span word="could">could</span> <span word="buy">buy</span> <span word="more">more</span> <span word="shares">shares</span>. <span word="In">In</span> <span word="May">May</span> <span word="a">a</span> <span word="judge">judge</span> <span word="in">in</span> <span word="Delaware">Delaware</span> <span word="rejected">rejected</span> <span word="its">its</span> <span word="request">request</span>,<span word="arguing">arguing</span> <span word="that">that</span> <span word="a">a</span> <span word="bigger">bigger</span> <span word="stake">stake</span> <span word="would">would</span> <span word="give">give</span> <span word="the">the</span> <span word="fund">fund</span> <span word="negative">negative</span> <span word="control">control</span> <span word="over">over</span> <span word="Sotheby">Sotheby</span> <span word="s">s</span>,<span word="whatever">whatever</span> <span word="that">that</span> <span word="may">may</span> <span word="mean">mean</span>, <span word="even">even</span> <span word="though">though</span> <span word="he">he</span> <span word="acknowledged">acknowledged</span> <span word="it">it</span> <span word="would">would</span> <span word="not">not</span> <span word="have">have</span> <span word="an">an</span> <span word="explicit">explicit</span> <span word="vetopower">vetopower</span>. <span word="Nevertheless">Nevertheless</span>, <span word="Sotheby">Sotheby</span> <span word="s">s</span> <span word="later">later</span> <span word="agreed">agreed</span> <span word="to">to</span> <span word="give">give</span> <span word="board">board</span> <span word="seats">seats</span> <span word="to">to</span> <span word="Mr">Mr</span> <span word="Loeb">Loeb</span> <span word="and">and</span> <span word="twocolleagues">twocolleagues</span>. 罗卜领军的避险基金第三点，向法院提起了诉讼，要求自身豁免10%的毒丸防御，进而购入更多的股份。在五月，一位特拉华州的法官回绝了该项请求。虽然法官明白罗卜并没有得到明确的否决权，但他认为更大份额的股权会令罗卜有能力对苏富比实施负面影响的控制，且不论这种控制的具体方式。尽管如此，罗卜最终还是为自己以及他的两位同事拿下了三个董事席位。 <span word="Despite">Despite</span> <span word="this">this</span> <span word="and">and</span> <span word="Mr">Mr</span> <span word="Ackman">Ackman</span> <span word="s">s</span> <span word="success">success</span> <span word="in">in</span> <span word="the">the</span> <span word="Allergan">Allergan</span> <span word="legal">legal</span> <span word="settlement">settlement</span>, <span word="the">the</span> <span word="ruling">ruling</span> <span word="overSotheby">overSotheby</span> <span word="s">s</span> <span word="suggests">suggests</span> <span word="that">that</span> <span word="poison">poison</span> <span word="pills">pills</span> <span word="may">may</span> <span word="be">be</span> <span word="used">used</span> <span word="to">to</span> <span word="hinder">hinder</span> <span word="not">not</span> <span word="just">just</span> <span word="full">full</span> <span word="takeovers">takeovers</span> <span word="butattempts">butattempts</span> <span word="by">by</span> <span word="activists">activists</span> <span word="to">to</span> <span word="force">force</span> <span word="a">a</span> <span word="change">change</span> <span word="in">in</span> <span word="strategy">strategy</span>. <span word="Lucian">Lucian</span> <span word="Bebchuk">Bebchuk</span>, <span word="a">a</span> <span word="Harvard">Harvard</span> <span word="law">law</span> <span word="professorand">professorand</span> <span word="campaigner">campaigner</span> <span word="for">for</span> <span word="corporate">corporate</span>-<span word="governance">governance</span> <span word="reforms">reforms</span>, <span word="calls">calls</span> <span word="this">this</span> <span word="pernicious">pernicious</span>: <span word="the">the</span> <span word="board">board</span> <span word="wouldbe">wouldbe</span> <span word="seeking">seeking</span> <span word="to">to</span> <span word="stifle">stifle</span> <span word="legitimate">legitimate</span> <span word="debate">debate</span> <span word="among">among</span> <span word="the">the</span> <span word="owners">owners</span> <span word="of">of</span> <span word="the">the</span> <span word="company">company</span> <span word="by">by</span> <span word="making">making</span> <span word="it">it</span> <span word="hardto">hardto</span> <span word="build">build</span> <span word="a">a</span> <span word="majority">majority</span> <span word="for">for</span> <span word="change">change</span>. <span word="Mr">Mr</span> <span word="Bebchuk">Bebchuk</span> <span word="was">was</span> <span word="an">an</span> <span word="author">author</span> <span word="of">of</span> <span word="a">a</span> <span word="study">study</span> <span word="that">that</span> <span word="examined">examined</span> <span word="theroughly">theroughly</span> 2,000 <span word="activist">activist</span> <span word="interventions">interventions</span> <span word="at">at</span> <span word="companies">companies</span> <span word="between">between</span> 1994 <span word="and">and</span> 2007, <span word="which">which</span> <span word="found">found</span> <span word="thatthey">thatthey</span> <span word="typically">typically</span> <span word="led">led</span> <span word="to">to</span> <span word="an">an</span> <span word="improvement">improvement</span> <span word="in">in</span> <span word="the">the</span> <span word="companies">companies</span> <span word="operating">operating</span> <span word="performance">performance</span> <span word="in">in</span> <span word="thefollowing">thefollowing</span> <span word="five">five</span> <span word="years">years</span>. 除了上述案例以及阿克曼先生成功在爱力根公司达成的合法协议外，股东们对苏富比公司的控制表明，毒丸防御不仅仅在对抗全面收购的收购方，同时也在阻碍着投资方对公司经营战略的影响。哈佛法学院教授卢西恩拜伯切克，同时也是一位公司治理改革运动的倡导者，认为这样的情况是有害的：董事会通过对形成赞成改革群体的限制，从而扼杀了合法的公司内部改革争论。在拜伯切克先生之前的研究里，粗略地对大约2000位投资者在1994年至2007年间的公司事务干预进行统计，结果发现这些投资者显然都能带领公司在接下来的五年内实现运营表现的提升。 <span word="No">No</span> <span word="doubt">doubt</span> <span word="delighted">delighted</span> <span word="that">that</span> <span word="the">the</span> <span word="poison">poison</span> <span word="pill">pill</span> <span word="has">has</span> <span word="made">made</span> <span word="a">a</span> <span word="comeback">comeback</span>, <span word="Wachtell">Wachtell</span>, <span word="Lipton">Lipton</span>, <span word="Rosen">Rosen</span> <span word="Katz">Katz</span>, <span word="the">the</span> <span word="law">law</span> <span word="firm">firm</span> <span word="that">that</span> <span word="invented">invented</span> <span word="it">it</span>, <span word="has">has</span> <span word="also">also</span> <span word="been">been</span> <span word="seeking">seeking</span> <span word="to">to</span> <span word="make">make</span> <span word="things">things</span> <span word="harder">harder</span> <span word="stillfor">stillfor</span> <span word="activists">activists</span> <span word="by">by</span> <span word="proposing">proposing</span> <span word="a">a</span> <span word="rule">rule</span> <span word="that">that</span> <span word="anyone">anyone</span> <span word="building">building</span> <span word="a">a</span> <span word="stake">stake</span> <span word="of">of</span> 5% <span word="or">or</span> <span word="more">more</span> <span word="in">in</span> <span word="a">a</span> <span word="firm">firm</span> <span word="mustdisclose">mustdisclose</span> <span word="it">it</span> <span word="within">within</span> <span word="one">one</span> <span word="day">day</span>, <span word="not">not</span> <span word="ten">ten</span> <span word="as">as</span> <span word="now">now</span>. <span word="So">So</span> <span word="far">far</span> <span word="the">the</span> <span word="Securities">Securities</span> <span word="and">and</span> <span word="Exchange">Exchange</span> <span word="Commission">Commission</span> <span word="isshowing">isshowing</span> <span word="little">little</span> <span word="interest">interest</span>. <span word="Indeed">Indeed</span>, <span word="its">its</span> <span word="chairman">chairman</span>, <span word="Mary">Mary</span> <span word="Jo">Jo</span> <span word="White">White</span>, <span word="has">has</span> <span word="argued">argued</span> <span word="that">that</span> <span word="activists">activists</span> <span word="attempts">attempts</span> <span word="to">to</span> <span word="jog">jog</span> <span word="boards">boards</span> <span word="are">are</span> <span word="not">not</span> <span word="always">always</span> <span word="a">a</span> <span word="bad">bad</span> <span word="thing">thing</span>. 毫无疑问地，毒丸防御强势回归，而发明了这一条款的<span word="Wachtell">Wachtell</span>, <span word="Lipton">Lipton</span>, <span word="Rosen">Rosen</span> <span word="Katz">Katz</span>律师事务所也在持续地对外来投资者进行限制，该公司规定任何投资者只要持有股份达5%或者更多，那么这位投资者必须在一天内披露自己的身份，远比目前10%的行业标准要低。到目前为止，美国证券交易委员会对这样条款反应冷淡。实际上，委员会主席玛丽乔怀特早已强调投资者积极想要跻身董事会的情况，并不总是一件坏事。 词语解释 1.<span word="design">design</span> <span word="to">to</span> 用于设计 <span word="We">We</span> <span word="can">can</span> <span word="use">use</span> <span word="design">design</span> <span word="to">to</span> <span word="make">make</span> <span word="a">a</span> <span word="website">website</span> <span word="unique">unique</span> <span word="andmore">andmore</span> <span word="memorable">memorable</span>. 我们能用设计使一个网站独一无二且更易记住。 <span word="Note">Note</span>:<span word="marriott">marriott</span> <span word="has">has</span> <span word="recently">recently</span> <span word="changed">changed</span> <span word="their">their</span> <span word="design">design</span> <span word="tobe">tobe</span> <span word="more">more</span> <span word="like">like</span> <span word="westin">westin</span>. 注:<span word="marriott">marriott</span>近期将他们的设计改得更类似于<span word="westin">westin</span>的方式。 2.<span word="dry">dry</span> <span word="up">up</span> 枯竭 <span word="Emerging">Emerging</span> <span word="economies">economies</span> <span word="are">are</span> <span word="usually">usually</span> <span word="the">the</span> <span word="first">first</span> <span word="to">to</span> <span word="drop">drop</span> <span word="when">when</span> <span word="international">international</span> <span word="capital">capital</span> <span word="flows">flows</span> <span word="dry">dry</span> <span word="up">up</span>. 当国际资本流动枯竭时，新兴经济体往往率先受到冲击。 <span word="One">One</span> <span word="is">is</span> <span word="listlessness">listlessness</span> <span word="and">and</span> <span word="drift">drift</span>, <span word="as">as</span> <span word="discipline">discipline</span> <span word="crumbles">crumbles</span>, <span word="morale">morale</span> <span word="plummets">plummets</span> <span word="and">and</span> <span word="ideas">ideas</span> <span word="dry">dry</span> <span word="up">up</span>. 其一是由于纪律瓦解、士气下降、思想枯竭而引起的迟缓低迷。 3.<span word="known">known</span> <span word="for">for</span> 以而闻名 <span word="Paris">Paris</span> <span word="has">has</span> <span word="long">long</span> <span word="been">been</span> <span word="known">known</span> <span word="for">for</span> <span word="stylish">stylish</span> <span word="people">people</span>, <span word="delicious">delicious</span> <span word="cuisine">cuisine</span> <span word="and">and</span> <span word="universal">universal</span> <span word="health">health</span> <span word="care">care</span>. 巴黎一直因时尚、美食和全民医保制度而闻名于世。 <span word="Much">Much</span> <span word="like">like</span> <span word="jeeps">jeeps</span> <span word="are">are</span> <span word="synonymous">synonymous</span> <span word="with">with</span> <span word="off">off</span>-<span word="roading">roading</span>, <span word="porsche">porsche</span> <span word="cars">cars</span> <span word="are">are</span> <span word="known">known</span> <span word="for">for</span> <span word="a">a</span> <span word="singularpurpose">singularpurpose</span>: <span word="driving">driving</span> <span word="fast">fast</span>. 就像<span word="Jeep">Jeep</span>是越野车的同义词一样，保时捷广为人知的一项功能就是飙车。 4.<span word="team">team</span> <span word="up">up</span> 结成一队，合作，协作 <span word="Get">Get</span> <span word="your">your</span> <span word="team">team</span> <span word="up">up</span> <span word="on">on</span> <span word="that">that</span> <span word="garbage">garbage</span> <span word="truck">truck</span>! <span word="Move">Move</span>! 把你那队人带到那垃圾车上快走! <span word="He">He</span> <span word="didn">didn</span> <span word="t">t</span> <span word="want">want</span> <span word="to">to</span> <span word="team">team</span> <span word="up">up</span> <span word="with">with</span> <span word="anybody">anybody</span>. 他不想与任何人合作。</p>
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