发布时间 : 星期四 文章《新编商务英语阅读教程》（第二版）练习参考答案更新完毕开始阅读d07ff52b0975f46526d3e1b7
的大幅变动，也看到了这一调整过程在较长的时期内发生。
Ⅲ.
Passage one
A financial market is a market where financial assets are exchanged (i.e., traded). Although the existence of a financial market is not a necessary condition for the creation and exchange of a financial asset, in most economies financial assets are created and subsequently traded in some type of financial market. The market in which a financial asset trades for immediate delivery is called the spot market or cash market. Financial markets provide the following economic functions:
First, the interactions of buyers and sellers in a financial market determine the price of the traded asset. Or, equivalently, they determine the required return on a financial asset. As the inducement for firms to acquire funds depends on the required return that investors demand, it is this feature of financial markets that signals how the funds in the economy should be allocated among financial assets. This is called the price discovery process. Second, financial markets provide a mechanism for an investor to sell a financial asset. Because of this feature, it is said that a financial market offers liquidity, an attractive feature when circumstances either force or motivate an investor to sell. If there were not liquidity, the owner would be forced to hold a debt instrument until it matures and an equity instrument until the company is either voluntarily or involuntarily liquidated. While all financial markets provide some form of liquidity, the degree of liquidity is one of the factors that characterize different markets.
The third economic function of a financial market is that it reduces the cost of transacting. There are two costs associated with transacting: search costs and information costs.
Passage two
The foreign exchange market provides the physical and institutional structure through which the money of one country is exchanged for that of another country, the rate of exchange between currencies is determined, and foreign exchange transactions are physically completed. Foreign exchange means the money of a foreign country; that is, foreign currency bank balances, banknotes, checks, and drafts. A foreign exchange transaction is an agreement between a buyer and seller that a fixed amount of one currency will be delivered for some other currency at a specified rate.
The foreign exchange market is the mechanism by which participants
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transfer purchasing power between countries, obtain or provide credit for international trade transactions, and minimize exposure to the risks of exchange rate changes. The foreign exchange market consists of two tiers: the interbank or wholesale market, and the client or retail market. Individual transactions in the interbank market are usually for large sums that are multiples of a million U.S. dollars or the equivalent value in other currencies. By contrast, contracts between a bank and its clients are usually for specific amounts.
Banks, and a few nonblank foreign exchange dealers, operate in both the interbank and client markets. They profit from buying foreign exchange at a bid price and reselling it at a slightly higher ask (also called offer) price. Competition among dealers worldwide narrows the spread between bid and ask and so contributes to making the foreign exchange market efficient in the same sense as in securities markets.
Importers and exporters, international portfolio investors, MNEs, tourists, and others use the foreign exchange market to facilitate execution of commercial or investment transactions. Their use of the foreign exchange market is necessary but nevertheless incidental to their underlying commercial or investment purpose. Some of these participants use the market to “hedge” foreign exchange risk.
Ⅳ.
Passage one
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Passage two
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Ⅴ.
1.C 2.A 3.D 4.E 5.B
Unit Four I.
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1. 战略规划B 2．战略家A
3．顾客忠诚度E 4．战略制定I 5．竞争优势G 6．广告效果L 7．核心竞争力F 8．员工士气H 9． 公司使命J 10．合资企业C 11．战略管理K 12．战略评估D
II.
Passage One
战略家组织企业收集、分析和整理信息。他们跟踪产业和竞争态势，建立预测模型并进行场景分析，评价公司和下属部门的绩效，评估正在出现的市场机会，识别经营威胁，提出创造性的行动计划。通常，在企业管理高层可能设置战略计划人员，他们经常提供支持服务工作或独立发挥作用，为企业决策提供颇有价值的依据。首席执行官是显而易见的最挑剔的管理者。所有对某一单位或部门负责的经理人员，无论是对盈亏结果负责，还是直接对某项业务的经营活动负责，都可以统称为战略管理者（或战略家）。
企业千差万别，战略家也因此各不相同。我们必须从战略制定、实施和评价三个不同阶段考察战略家之间的不同。战略家不选择某些类型的战略常常是因为他所坚持的经营哲学与众不同。战略家的差异主要表现在如下方面：态度、价值观、伦理道德、承担风险的意愿、社会责任感、对盈利的关注、对短期目标和长期目标的偏爱、管理风格。
Passage Two
在战略实施中非常重要的管理问题包括：确定年度目标，出台政策，配置资源，调整已有组织结构，重组或流程再造，修正薪酬与激励计划，将变革的阻力减小到最低程度，将管理人员与战略相匹配，开发战略支持性文化，调整生产与作业过程，开发有效的人力资源功能系统，如果需要，还有规模小型化等。当战略实施促使企业沿着一个全新重要方向前进时，管理的变革将变得非常重要。
企业全体人员都应尽早地、直接地参与战略实施决策。他们在战略实施中的作用以对战略制定活动的参与为基础。战略家切实就战略实施承担起个人职责，对管理人员和员工来说，是必要而有力的激励。很多时候，战略家因过于忙乱而不能积极支持战略实施。他们对战略实施关心不够，直接影响着企业的成功。企
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业制定目标与战略的依据，应当得到企业全体员工的充分理解，并在企业内部充分交流。企业的所有成员，都应当了解主要竞争对手的经营结果、产品、计划、行动和业绩状况。企业应当明确面临的主要外部机会与威胁，应当对管理人员和员工提出的问题做出回答。自上而下的信息传递，常常是得到内部成员自下而上支持的必要条件。
企业需要在各个方面高度关注竞争对手，以便收集并在企业内部广泛传播竞争情报。企业中的每一位员工，都应将自己的努力与行业领先企业的相应水平对比，从而将来自竞争对手的挑战分解到每个人身上。对企业战略家来说，这是一项极大的挑战。企业应该对管理者和雇员进行培训，确保他们拥有并保持成为世界领先水平的工作者所必需的技能。
III.
Passage One
Objectives, strategies, and policies have little chance of succeeding if employees and managers are not motivated to implement strategies once they are formulated. The motivating function of management includes at least four major components: leadership, group dynamics, communication, and organizational change. When managers and employees of a firm strive to achieve high levels of productivity, this indicates that the firm’s strategists are good leaders. Good leaders establish rapport with subordinates, empathize with their needs and concerns, set a good example, and are trustworthy and fair. Leadership includes developing a vision of the firm’s future and inspiring people to work hard to achieve that vision.
Communication, perhaps the most important word in management, is a major component in motivation. An organization's system of communication determines whether strategies can be implemented successfully. Good two-way communication is vital for gaining support for departmental and divisional objectives and policies. Top-down communication can encourage bottom-up communication. The strategic-management process becomes a lot easier when subordinates are encouraged to discuss their concerns, reveal their problems, provide recommendations, and give suggestions. A primary reason for instituting strategic management is to build and support effective communication networks throughout the firm.
Passage Two
Strategy evaluation is necessary for all sizes and kinds of organization. Strategy evaluation should initiate managerial questioning of expectations and assumptions, should trigger a review of objectives and values, and should stimulate creativity in generating alternative and formulating criteria of
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