听力原文:

Shareholder value
股东价值
Analyse this
分析股东价值
The enduring power of the biggest idea in business
商业中最持久的理念
WHAT is the most influential contemporary book about the world economy? An obvious choice is “Capital in the Twenty-First Century”, a 696-page analysis of inequality by Thomas Piketty, a French economist. There is another candidate: “Valuation”, a 825-page manual on corporate finance and shareholder value. Some 700,000 copies of it encumber the bookshelves of MBA students, investors and chief executives around the globe.

重点词汇：

1 enduring adj. 持久的；耐久的
2 contemporary n. 同时代的人；同时期的东西 adj. 当代的；同时代的；属于同一时期的
3 inequality n. 不平等；不同；不平均
4 valuation n. 评价，估价；计算
5 encumber vt. 阻塞；妨害；拖累； 大（或重）得难以移动；使负担沉重

听力原文:

Inequality and shareholder value are linked in the minds of many folk, who blame investors and managers for stagnant wages and financial crises. Ruthless corporations are a big theme in America’s election campaign. The near-collapse of Valeant, a drugs firm, seems to illustrate a toxic business culture. Its shares have fallen by 73% this year. It is restating its accounts and is in negotiations with its lenders and under investigation by regulators. Valeant describes itself as “bringing value to our shareholders”. While there is no indication of fraudulent or illegal practice, the company could end up joining a pantheon of corporate fiascos that includes Enron (which pledged to “create significant value for our shareholders”), Lehman Brothers, (“maximising shareholder value”) and MCI WorldCom (“a proven record of shareholder value creation”).

重点词汇：

1 stagnant (经济、社会等) 停滞不前的（表不满）
2 ruthlessadj. 无情的，残忍的　
3 restate 重申，重述
4 indication n. 指示，指出；迹象；象征
5 fraudulent adj. 欺骗性的；欺诈的
6 pantheon（统称某一领域的）名人，名流
7 fiasco惨败；可耻的失败；尴尬的结局
8 enron 安然
9 MCI WorldCom 美国世界通信公司（WorldCom，简称世通）

听力原文:

Yet the sixth edition of “Valuation”, published last year, a quarter of a century after the first, is a reminder of why shareholder value is still the most powerful idea in business and why many criticisms thrown at it are unfair. The origins of the doctrine lie in the 1950s and 1960s, when Franco Modigliani and Merton Miller, two scholars, showed that a firm’s value is independent of its capital structure and dividend policy. That inspired a new framework for analysis, popularised in the 1980s by Joel Stern, a consultant, Alfred Rappaport, another scholar, and McKinsey & Co, a consultancy, among others.

重点词汇：

1 origin 起源；源头；起因
2 doctrine 主义；学说；教义；信条
3 dividend policy 股息分配方针

听力原文:

Company analysis was antediluvian until then. Models were scribbled on paper covered in correction fluid. Profits were cheered, without much regard to the book-cooking done, risks taken and capital used to achieve them. The worth of a firm was estimated by placing its profits or book value on a multiple, whose value was best decided after a three-Martini lunch. “Valuation” and a few books like it, offered new tools. Cashflow, not easy-to-manipulate accounting profit, mattered. An activity only made sense if capital employed by it made a decent return, judged by its cashflow relative to a hurdle rate (the risk-adjusted return its providers of capital expected). Two newish spreadsheet programs, Lotus 123 and Microsoft Excel, let analysts forecast firms’ long-term cashflows and gauge their present value today.

重点词汇：

1 antediluvian n. 大洪水以前的人；年迈的人；不合时宜的人 adj. 大洪水前的；远古的；陈旧的；旧式的
2 scribbled n. 混纺纱线 v. 乱画；潦草地书写（scribble的过去分词） scribble
3 fluid n. 流体；液体 adj. 流动的；流畅的；不固定的 correction fluid 修正液
4 cook the book 篡改；伪造；捏造
5 book value（公司资产的）账面价值
6 manipulate vt. 操纵；操作；巧妙地处理；篡改
7 hurdle n. 障碍；栏；跳栏 vt. 克服 vi. 克服；跳过 hurdle rate 最低预期资本回收率;
8 gauge n. 计量器；标准尺寸；容量规格 vt. 测量；估计；给…定规格
9 newish 稍新的;
10 spreadsheet（计算机）电子表格程序

欢迎关注荔枝主播凤梨君 FM1098550

欢迎关注主播凤梨君 微信号fenglisama