Экология. НОВ.2019_Сборник_контрольных_работ_для_заочников_ФЗО_1. Технологический университет
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Вариант 2 для направления подготовки 38.03.01 Экономика (Бух.учет)Прочитайте и письменно переведите текст на русский язык. THE OTHER CUSTOMS BARRIER CULTURAL RESEARCH AVOIDS BUSINESS BLUNDER Discovering cultural differences in business practices should be an integral part of conducting market research for new opportunities. Whether you are a new exporter or are exporting but looking for new markets, cultural factors play a very important role in determining the success of the venture. As markets open and the demand for American goods abroad increases, challenges beyond the traditional details of exporting now face firms doing business abroad. Doing business with international clients requires more than just an understanding of the myriad of international rules and regulations. A lack of knowledge about a customer's culture can lead to misunderstanding, frustration, potential embarrassment and even loss of business. As David A. Ricks writes in Blunders in International Business, "Cultural differences are the most significant and troublesome variables... the failure of managers to fully comprehend these disparities has led to most international business blunders." Savvy exporters are now not only expected to be familiar with country marketing reports but should also conduct research on their clients' culture and regional etiquette when preparing to enter new markets. The building of successful business relationships is a vital part of any venture, and such relationships rely heavily on an understanding of each partner's expectations and intentions. Export representatives will want to ensure that they make the best impression on potential clients. This means that in addition to understanding preconceived notions about American business practices, it is also important for the international representative to have at least a basic familiarity with the customs and practices of the country in which the company is considering conducting business. Gift giving, proper forms of address, appropriate dress, entertainment, holidays, business hours and sense of time, are just some cultural differences of which to be aware. Mastering international business etiquette and understanding foreign customs is imperative for success in exporting. Each culture has its own idiosyncrasies when it comes to social business relations and successful marketing strategies — what applies in one country often does not apply in another. Strategies that thrive in Japan will most likely fail in Hong Kong; therefore, not only is it important for new to export companies to be aware of the ramifications of cultural differences but also for already successful exporters contemplating expansion into new markets. (Плюхина З.А. Английский для бухгалтеров и аудиторов) II. Задайте к каждому абзацу 3 специальных вопроса. III. Найдите абзац, в котором выражена основная идея текста. IV. Напишите краткий план текста на английском языке. Вариант 1 для направления подготовки 38.03.01 Экономика (Экономика предприятий и организаций)Прочитайте и письменно переведите текст на русский язык. MERCHANT BANKS Barings, the oldest of the UK merchant banks, was founded in 1762. Originally a general merchant, Francis Baring diversified into financing the import and export of goods produced by small firms. The financing was done through bills of exchange. After confirming firms’ credit standings, Barings would charge a fee to guarantee (or ‘‘accept’’) merchants’ bills of exchange. The bills traded at a discount on the market. Small traders were given muchneeded liquidity. These banks were also known as ‘‘accepting houses’’ – a term employed until the early 1980s. They expanded into arranging loans for sovereigns and governments, underwriting, and advising on mergers and acquisitions. Financial reforms,28 including the Financial Services Act (1986), changed merchant banking. The reforms allowed financial firms to trade on the London Stock Exchange, without buying into member firms. Fixed commissions were abolished, and dual capacity dealing for all stocks was introduced. This change eliminated the distinction between ‘‘brokers’’ and ‘‘jobbers’’. Most stock exchange members acted as ‘‘market makers’’, making markets in a stock and brokers, buying and selling shares from the public. These changes made it attractive for banks to enter the stockbroking business, and most of the major banks (both clearing and merchant) purchased broking and jobbing firms or opted for organic growth in this area. The majority of the UK merchant banks began to offer the same range of services as US investment banks, namely, underwriting, mergers and acquisitions, trading (equities, fixed income, proprietary), asset or fund management, global custody and consultancy. As merchant banks became more like investment banks, the terms were used interchangeably and, in the new century, ‘‘merchant bank’’ has all but disappeared from the vocabulary. The UK’s financial regulator, the Financial Services Authority (FSA), has been more sanguine on the conflict of interest issue, even though many of the US investment banks that are party to the April 2003 agreement have extensive operations in London. In a July 2002 discussion paper, the FSA acknowledged the presence of US banks operating in London. The study also identifies a number of conflicts of interest, the main one being when the remuneration of research analysts is dependent on the corporate finance or equity brokerage parts of an investment bank, which generate revenues from underwriting and advisory or brokerage fees. There were no specific accusations of bias, and the FSA noted that institutional investors, who are well informed, are more dominant in the UK markets. However, the paper reports the results of a study by the FSA comparing recommendations on FTSE 100 companies made by firms acting as corporate broker/advisor to the subject company to those made by independent brokers with no such relationship. The main finding was that the firms acting as corporate brokers/advisors to the subject company made nearly twice as many buy recommendations as the independent brokers. Having identified potential conflicts of interest, the FSA noted that many are currently covered under Conduct of Business rules, Code of Market Conduct and insider trading laws. The paper concluded by suggesting four possible options: (1) the status quo; (2) all research reports from investment banks or related firms to be clearly labelled as advertising; (3) following the US route, though this option would require a far more prescriptive approach, which is at odds with the UK’s emphasis on principles; or (4) letting market forces do their job, because investors know who the client firms of investment banks are, and discount any reports coming from their research department. These options were put forward for further discussion, and in 2003 the FSA published a consultative paper (CP171, 2003). It appears the FSA will continue with a principles-based approach, but like the US authorities, recommends analysts should not be involved in any marketing activities undertaken by the investment bank, nor should the investment banking department influence the way analysts are paid. The FSA also suggests that analysts working for a bank underwriting a share issue for a firm should be banned from publishing any research on this firm. There are objections to the last proposal: it is argued that the analyst at the underwriting firm is the best informed about the firm about to go public, so stopping the publication of their reports will mean the market is missing out on a good source of information. Also, what if more than one bank is underwriting a rights issue? Unlike the USA, the banks will not be required to fund independent research. Nor will analysts be required to certify that any published report reflects their personal opinion. However, the FSA has announced plans to educate the public on the risk associated with stock market investments, which is in line with their statutory duties. (Шпетный К.И., Калмыкова Е.И., Захарова М.А., Казанчян К.П. Английский язык для экономистов) II. Задайте к каждому абзацу 3 специальных вопроса. III. Найдите абзац, в котором выражена основная идея текста. IV. Напишите краткий план текста на английском языке. |