OG48-15(business)

[agk99]

Passage 15(business)(problem)

Most large corporations in the United States were once run by individual capitalists who owned enough stock to dominate the board of directors and dictate(規定) company policy. Because putting such large amounts of stock on the market would only depress its value, they could not sell out for a quick profit and instead had to concentrate on improving the long-term productivity of their companies. Today, with few exceptions, the stock of large United States corporations is held by large institutions-pension funds, for example(例證法) and because these institutions are prohibited by antitrust laws from owning a majority of a company's stock and from(禁止影響決策) actively influencing a company's decision-making, they can enhance their wealth only by buying and selling stock in anticipation of fluctuations in its value. A minority(與過去的大股東對比，講的是機構投資人) shareholder is necessarily a short term trader. As a result, United States productivity is unlikely to improve unless shareholders and the managers of the companies in which they invest are encouraged to enhance long-term productivity (and hence long-term profitability), rather than simply to maximize short-term profits.
第一段嘗試比較新舊企業主人有何差異，舊的多是一人企業，老闆擁有最大量的股票，為避免影響市價，只有儘可能從長線著眼，而新的則是由機構法人所持有，但由於antitrust law的限制，所以不能大量擁有，只能靠短線買賣，因此除非是這些人被鼓勵提升長期生產力，否則美國企業不可能改善生產力。
Since the return of the old-style capitalist is unlikely, today's short-term traders must be remade(重新) into tomorrow's long-term capitalistic investors(作者意見出來，他呼籲機構投資人要重長線考量)(Solution出來). The legal-limits that now prevent financial institutions from acquiring a dominant shareholding position in a corporation should be removed(作者看法，要移除法令才有幫助), and such institutions encouraged to take a more active role in the operations of the companies in which they invest. In addition, any institution that holds twenty percent or more of a company's stock should be forced to give the public one day's notice of the intent to sell those shares. Unless the announced sale could be explained to the public on grounds other than anticipated future losses(如果有預期虧損，要賣股票前要先公告), the value of the stock would plummet(急速重挫) and, like the old-time capitalists, major investors could cut their losses only by helping to restore their companies' productivity. Such measures would force financial institutions to become capitalists whose success depends not on trading shares at the propitious(有利的) moment, but on increasing the productivity of the companies in which they invest.
第二段則是延續第一段有關生產力的問題，作者順勢提出一些解決方案，包括法規限制該儘速移除，另外，持有大比例的股權的投資人在出售股票時必須依法申報及說明。提一些方法，希望大股東能向古人好好學習

88. In the passage, the author is primarily concerned with doing which of the following?
(A) Comparing two different approaches to a problem
(B) Describing a problem and proposing a solution
(C) Defending an established method
(D) Presenting data and drawing conclusions from the data
(E) Comparing two different analyses of a current situation

*89. It can be inferred from the passage that which of the following is true of majority shareholders in a corporation?
(A) They make the corporation's operational management decisions.
(B) They are not allowed to own more than fifty percent of the corporation's stock.
(C) They cannot make quick profits by selling their stock in the corporation.
(D) They are more interested in profits than in productivity.
(E) They cannot sell any of their stock in the corporation without giving the public advance notice.
答案給C，注意，是問majority shareholders，所以定位要回第一段，選項D反而是重視生產而非短期利潤，這都是第一段

*90. According to the passage, the purpose of the requirement suggested in lines 30-33 would be which of the following?
(A) To encourage institutional stockholders to sell stock that they believe will decrease in value
(B) To discourage institutional stockholders from intervening in the operation of a company whose stock they own
(C) To discourage short-term profit-taking by institutional stockholders
(D) To encourage a company's employees to take an active role in the ownership of stock in the company(與D根本無關)
(E) To encourage investors to diversify their stock holdings
答案給C，做答小心，題目類型各式都有，重點就是說強制機構投資人效法古人，要把眼光放遠

91. The author suggests that which of the following is a true statement about people who typify the “old style capitalist" referred to in line 23?
(A) They now rely on outdated management techniques.
(B) They seldom engaged in short-term trading of the stock they owned.
(C) They did not influence the investment policies of the corporations in which they invested.
(D) They now play a much smaller role in the stock market as a result of antitrust legislation.
(E) They were primarily concerned with maximizing the short-term profitability of the corporations in which they owned stock.

92. It can be inferred that the author makes which of the following assumptions about the businesses once controlled by individual capitalists?
(A) These businesses were less profitable than are businesses today.
(B) Improving long-term productivity led to increased profits.
(C) Each business had only a few stockholders.
(D) There was no short-term trading in the stock of these businesses.
(E) Institutions owned no stock in these companies.

93. The author suggests that the role of large institutions as stockholders differs from that of the “old-style capitalist” in part because large institutions
(A) invest in the stock of so many companies that they cannot focus attention on the affairs of any single corporation
(B) are prohibited by law from owning a majority of a corporation’s stock
(C) are influenced by brokers who advise against long-term ownership of stocks
(D) are able to put large amounts of stock on the market without depressing the stock’s value
(E) are attracted to the stocks of corporations that demonstrate long-term gains in productivity

*94. The primary function of the second paragraph of the passage is to
(A) identify problems
(B) warn of consequence
(C) explain effects
(D) evaluate solutions
(E) recommend actions
答案給E，是沒有錯，E比D更好，關鍵在於文章並沒有評估，而不過是單純的提方案

第一段可以直接讀完
Problem題型，以solution為主

[Grace]

Passage 15
Most large corporations in the United States were
once run by individual capitalists who owned enough
stock to dominate the board of directors and dictate (命令)
company policy. Because (因果關係) putting such large amounts of
(5) stock on the market would only depress its value, they
could not sell out for a quick profit and instead had to
concentrate on improving the long-term productivity of
their companies. Today (時間轉折), with few exceptions (=mostly), the stock
of large United States corporations is held by large
(10) institutions---pension funds (退休金), for example--and because
these institutions are prohibited by antitrust laws from
owning a majority of a company's stock and from
actively influencing a company's decision-making, they
can enhance their wealth only by buying and selling
(15) stock in anticipation(預期) of fluctuations in its value. A
minority shareholder is necessarily a short term (呼應long term productivity) trader.
As a result, United States productivity is unlikely to
improve unless shareholders and the managers of the
companies in which they invest are encouraged to
(20) enhance long-term productivity (and hence long-term
profitability), rather than simply to maximize short-
term profits.

總結: 作者以short-term trader與long-term productivity 做對比, 強調 long-term productivity 的重要性

考點預測
因果關係 * Own enough stock depress its valueconcentrate on long term productivity
* Antitrust law (prohibiton of majority of company stock and company decision making )buy and sell stock
*long term productivity long term profitablity
單一句子同時涵蓋兩個狀況 As a result, United States productivity is unlikely to improve unless shareholders and the managers of the companies in which they invest are encouraged to enhance long-term productivity (and hence long-term profitability), rather than simply to maximize short-term profits.
(Thesis Statement)
作者態度用詞 instead, rather than simply, only, necessarily,
轉折 時間轉折Today, ..



Since the return of the old-style capitalist is unlikely,
today's short-term traders must be remade into
(25) tomorrow's long-term capitalistic investors (取old-style caplitalist優點—long-term productivity, 去short-term trader 缺點—quick profit). The legal
limits (指antitrust law限制) that now prevent financial institutions from
acquiring a dominant shareholding position in a corpora-
tion should be removed, and such institutions encouraged
to take a more active role in the operations of the
(30) companies in which they invest. In addition, any institu-
tion that holds twenty percent or more of a company's
stock should be forced to give the public one day's
notice of the intent to sell those shares ( if not short term trader).
Unless the announced sale could be explained to the public on
(35) grounds other than anticipated future losses, the value of
the stock would plummet and, like the old-time capital-
ists, major investors could cut their losses only by
helping to restore their companies' productivity. Such
measures would force financial institutions to become
(40) capitalists whose success depends not on trading shares
at the propitious(適合的) moment, but on increasing the produc-
tivity of the companies in which they invest.

總結: 取old-style caplitalist優點—long-term productivity, 去short-term trader 缺點—quick profit,
得到 tomorrow's long-term capitalistic investors: 1. acquiring a dominant shareholding position
2. one day’s notice of selling stock

考點預測
因果關係 * remove legal limits+ one day’s notice of selling stocks old-style capitalists
*Without one day’s notice the value plummet
*One day’s noticeenhance companies productivity

單一句子同時涵蓋兩個狀況 Such measures would force financial institutions to become
capitalists whose success depends not on trading shares
at the propitious(適合的) moment, but on increasing the productivity of the companies in which they invest. (Conclusion)

作者態度用詞 should be forced to, should be removed, Unless…could be explained, would force

考題分析
文章development 88
對比 89 short-term trading vs. long term productivity, 91, 93
因果 90, 92 (assumption)

88. In the passage, the author is primarily concerned with doing which of the following?
(A) Comparing two different approaches to a problem
(B) Describing a problem and proposing a solution
(C) Defending an established method
(D) Presenting data and drawing conclusions from the data
(E) Comparing two different analyses of a current situation

89. It can be inferred from the passage that which of the following is true of majority shareholders in a corporation?
(A) They make the corporation's operational management decisions.
(B) They are not allowed to own more than fifty percent of the corporation's stock.
(C) They cannot make quick profits by selling their stock in the corporation. (L 14-15 minority shareholder vs. short-term trader)
(D) They are more interested in profits than in productivity.
(E) They cannot sell any of their stock in the corporation without giving the public advance notice.

90. According to the passage, the purpose of the requirement suggested in lines 30-33 would be which of the following?
(A) To encourage institutional stockholders to sell stock that they believe will decrease in value
(B) To discourage institutional stockholders from intervening in the operation of a company whose stock they own
(C) To discourage short-term profit-taking by institutional stockholders
(D) To encourage a company's employees to take an active role in the ownership of stock in the company
(E) To encourage investors to diversify their stock holdings

91. The author suggests that which of the following is a true statement about people who typify the “old style capitalist" referred to in line 23?
(A) They now rely on outdated management techniques.
(B) They seldom engaged in short-term trading of the stock they owned.
(C) They did not influence the investment policies of the corporations in which they invested.
(D) They now play a much smaller role in the stock market as a result of antitrust legislation. (large institution)
(E) They were primarily concerned with maximizing the short-term profitability of the corporations in which they owned stock.

92. It can be inferred that the author makes which of the following assumptions about the businesses once controlled by individual capitalists?
(A) These businesses were less profitable than are businesses today.
(B) Improving long-term productivity led to increased profits.
(C) Each business had only a few stockholders.
(D) There was no short-term trading in the stock of these businesses.
(E) Institutions owned no stock in these companies.

93. The author suggests that the role of large institutions as stockholders differs from that of the “old-style capitalist” in part because large institutions
(A) invest in the stock of so many companies that they cannot focus attention on the affairs of any single corporation
(B) are prohibited by law from owning a majority of a corporation’s stock
(C) are influenced by brokers who advise against long-term ownership of stocks
(D) are able to put large amounts of stock on the market without depressing the stock’s value
(E) are attracted to the stocks of corporations that demonstrate long-term gains in productivity

94. The primary function of the second paragraph of the passage is to
(A) identify problems (1st paragraph)
(B) warn of consequence
(C) explain effects
(D) evaluate solutions (imply solution已存在)
(E) recommend actions (建議)

[clelia]

我想請教一下#89
89. It can be inferred from the passage that which of the following is true of majority shareholders in a corporation?
(A) They make the corporation's operational management decisions.
(B) They are not allowed to own more than fifty percent of the corporation's stock.
(C) They cannot make quick profits by selling their stock in the corporation.
(D) They are more interested in profits than in productivity.
(E) They cannot sell any of their stock in the corporation without giving the public advance notice.

很疑惑。這裡的"majority shareholders"應該指的是old時候的idividual吧?
因為L11 Today,these institutions are prohibited by antitrust laws from owning a majority of a company's stock
所以現今被institution hold 住的那些stock應該不是"majority"的，不是嗎?

如果majority指的是old。定位到L1 Most large corporations in the United States were once run by individual capitalists who owned enough stock to dominate the board of directors and dictate company policy.
那麼選項A為什麼不能選呢??

還是說 dominate the board of directors and dictate company policy ≠corporation's operational management decisions.

請教一下囉~

[pcl12]

我覺得你說得沒錯,這兩者並不相等。可能是我們不懂公司的實際運作的關係,不過,
靜下心來認真想想主掌董事會.命令公司的攻策和處理公司的營運管理決策的確不大相同,
重點是"management"這個字眼,管理涉及到人,而制定政策大多以公司整體為考量,
較不涉及人的層面。
og上的意思也是差不多：The passage suggests, in lines 11-13,
that majority shareholders can actively influence a company's decision-making,
but it does not suggest that this influence is equal to the absolute authority suggested by the langeuage of this answer choice。還有另一句重點The passage also does not discuss the "operational management decisions" of corporations.

[clelia]

明白了~3Q:P