2017考博英语阅读题源经济学人文章每日精析（七十一）

2017考博英语阅读题源经济学人文章每日精析（七十一）

　　考博英语阅读大部分博士研究生招生院校都使用《经济学人》杂志文章作为题源，新东方在线考博频道为考博生们将其中的文章进行深度分析，希望能提高大家的考博英语阅读水平，读懂长难句。

　　Corporate activists in Germany: Stada and deliver

　　活跃的德国企业：史达德和拯救者

　　A putsch at a drugs firm is a sign of rising confidence among investors

　　药企改革标志着投资者热情高涨

　　putsch n.暴动

　　IT MADE an uncommonly inviting target for an activist. Stada, a German maker of generic drugs based near Frankfurt, had low revenues, high running costs and opaque accounting. It was valued lower than its peers and shunned by investors. And if its overpaid top managers were lacklustre, its supervisory board was fossilised: crammed with elderly doctors and pharmacists who did little to pep it up.对于改革活跃分子而言，史达德集团是个不可多得的目标。位于法兰克福周边的一家德国通用名药品生产公司史达德，收益低迷，运行成本高，财务核算不透明，市值估算低于同行。投资者对其绕道而行。并且如果高薪酬的高级管理层缺乏生气，监察理事会思维僵化，那么公司里免不了满是高年龄的博士和药剂师，无法给企业注入新的活力。

　　lacklustre adj.死气沉沉的Fossilize vt. 使…变成化石

　　Shareholders in Germany usually shy away from confronting such problems. But after arancorous 14-hour annual general meeting on August 26th, they voted out Stada’s chairman, Martin Abend. He went the way of the once-dominant chief executive, Hartmut Retzlaff, who quit in June (owing to an illness). As the board is rejigged, managers have rediscovered some ambition. They have promised to lift revenue to €2.6 billion ($2.9 billion) by 2019, from €2.1 billion last year.德国股东通常会对这些问题视而不见。但8月26日，经过长达14小时满怀不满的年度股东大会，股东们投票罢免了现任史达德董事长马丁.阿本德。前首席执行官哈特穆特·茨拉夫在6月因病辞职，而阿本德重蹈了他的覆辙。随着董事会的重组，管理层已重拾信心。他们承诺，到2019年公司收入将从去年的21亿欧元增至26亿欧元(29亿美元)。

　　rancorous adj. 满怀愤懑的

　　It is a big victory for a young, German-ledrejig investment firm, Active Ownership Capital (AOC), which has adopted the sort of aggressive style usually associated with American, British or Nordic funds, such as Cevian Capital of Sweden. AOC, which has a 7% stake in Stada, fought for a year to shake up the board. The scrap broke out into the open in May. “We have seen a type of proxy contest, a big change in composition of a board, that has never happened before,” says Alexander Georgieff of Georgieff Capital, a boutique investment bank.对于年轻的德国重组投资公司Active Ownership Capital来说，这是一场巨大的胜利，它的重组采用是一种较为激进的方式。此方式一半多见于美国基金，英国基金和以Cevian Capital of Sweden为代表的北欧基金。Active Ownership Capital现持有史达德公司7%的股份。AOC花费一年的时间来重组Stada的董事会。5月董事会重组完成。来自精品投资银行Georgieff Capital 的Alexander Georgieff 表示，“我们见证了一场代理权的争夺战，董事会内部进行了前所未有的变动。”

　　proxy adj. 代理权的

　　Only 27 German companies were subjected to (public) activist campaigns between 2010 and today, according to Activist Insight, which tracks such activity, compared with 147 in Britain. The number is surely rising. Cevian, especially, has made waves. A 10% stake it bought in Demag Cranes in 2010 roughly doubled in value by the time it helped an American buyer to take over the firm in 2011. (读者试译)It holds 16% of ThyssenKrupp, a huge, ill-run German steel and engineering conglomerate, which it hopes to shake up (and perhaps to break up). Cevian also bought a hefty stake in Bilfinger, a construction firm, though it is finding it hard to inspire an overhaul.据追踪这类事件的Activist Insight报道，从2010年到现在，英国有147家进行了此类运动，而相比之下德国只有27家。这个数字无疑仍还在增加。读者试译句，快来把你们的翻译或理解留言在文章下方吧。第二天会有解析哟。经营不善大型的德国钢铁工程集团蒂森克虏伯被其收购16%的股权。该集团未来有望重组(也有可能解体)尽管发现毕尔芬格尔公司很难进行全面改革，Cevian仍收购了这家建筑公司大量的股票。

　　Increased activism comes partly because ownership of German firms has changed. When banks and insurers held most stocks, they tended to leave sleepy boards alone; managers could decide whether or not to seek growth. Now foreign entities, notably pension funds, own over half of the shares in every firm listed on the DAX stockmarket index.活跃的企业改革越来越盛行，部分原因是由于许多德国公司所有权易主。银行和保险公司持有大部分股票，因此更容易抛开死气沉沉的董事会，由管理层直接决定是否寻求发展。如今外国实体，特别是养老基金，都持有DAX指数榜上有名的每家公司过半的股权。

　　Activism itself is on the rise globally. A report in August by JPMorgan Chase, a bank, counted more activist campaigns everywhere in the year to July, with Europe, which is late to the party, seeing the most dramatic increase. It totted up 99 campaigns by agitators there, up from 61 the year before. Perhaps the best-known foreign activist in Germany is Elliot, an American hedge fund known for buying large minority shares in firms targeted by others for takeover. In 2014 it sold a 25% stake it had built in a Stuttgart-based drugs firm, Celesio, for some $2 billion to an American buyer, McKesson, which distributes drugs. Another fund, Southeastern Asset Management, now has one of the largest shares in Adidas, a sportswear firm, and could do something similar. All these examples, and that of AOC, should encourage other investors—both local and foreign—to treat the “proxy season” of annual general meetings next spring as a chance to make their voices heard. Good news for everyone but the underperformers.活跃的企业改革在全球范围内有上升趋势。据英国摩根大通银行8月发布的一份报告显示，截止今年7月，各个地区活跃运动都增多了。虽然欧洲在这场盛宴中迟到了，但它却是最为活跃的分子。由活跃分子发起的此类运动由去年的61次增加到99次。也许德国最著名的外国活跃分子是一家美国对冲基金艾利奥特，因购买被其他公司看准收购的公司中的大部分少数股而闻名。在2014年，它将它持有的位于德国斯图加特塞拉西药店25%的股权，以20亿美元的价格出售给了美国销售药品企业麦克森。另一基金，运动服饰公司阿迪达斯最大的股东之一，东南资产管理公司，也可以这样做。包括Active Ownership Capital在内的所有改革活动都将会激励其他当地和外国投资者，抓住明年春季 “代理权争夺季”年度大会机会，以便吸引更多人注意。除了经营不善的公司以外，这对于每个人来说都是好消息。

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