2019考博英语阅读模拟练习题附详细答案解析（三）

2019考博英语阅读模拟练习题附详细答案解析（三）

　　考博英语阅读理解题型想要获得高分平日的练习必不可少，新东方在线考博频道为考博生们整理了100篇考博英语阅读理解模拟练习题，希望考博生们做题时注意时间，认真对待，题后有详细的答案解析。

　　Controled bleeding or cauterisation? That was the unappealing choice facing UBS, a Swiss bank which has been badly hurt by the carnage in America’s mortgage market. The bank opted for the latter. First it opened the wound, by announcing a hefty $10 billion write-down on its exposure to subprime-infected debt. UBS now expects a loss for the fourth quarter, which ends this month. Then came the hot iron: news of a series of measures to shore up the bank’s capital base, among them investments from sovereign-wealth funds in Singapore and the Middle East.

　　Bad news had been expected. UBS’s third-quarter write-down of over SFr4 billionin October looked overly optimistic compared with more aggressive markdowns at other banks such as Citigroup and Merrill Lynch. Steep falls in the market value of subprime debt since the end of the third quarter made it certain that UBS would take more pain, given its sizeable exposure to toxic collateralised-debt obligations (CDOs). Analysts at Citigroup were predicting in November that write-downs of up to SFr14 billion were possible.

　　Why then did this new batch of red ink still come as a shock? The answer lies not in the scale of the overall loss, more in UBS’s decision to take the hit in one go. The bank’s mark-to-model approach to valuing its subprime-related holdings had been based on payments data from the underlying mortgage loans. Although these data show a worsening in credit quality, the deterioration is slower than mark-to-market valuations, which have the effect of instantly crystallising all expected future losses.

　　Thanks to this gradualist approach, UBS had been expected to take write-downs in managed increments of SFr2 billion-3 billion over a period of several quarters. It now appears that the bank has incorporated market values into its model, sending its fourth-quarter write-downs into orbit. The change of approach may be on the advice of auditors and regulators but it is more likely to reflect a desire by UBS’s bosses to avoid months of speculation about the bank’s exposure, something that Marcel Rohner, the chief executive, described as “distracting”.

　　In a particular indignity for a bank long associated with conservatism, concerns about the level of UBS’s capital ratio had even started to surface. Hence the moves to strengthen its tier-one capital, an important measure of bank solidity, by SFr19.4 billion, a great deal more than the write-down. The majority of that money will come from sovereign-wealth funds, the white knights of choice for today’s bank in distress. Singapore’s GIC, which manages the city-state’s foreign reserves, has pledged to buy SFr11 billion-worth of convertible bonds in UBS; an unnamed Middle Eastern investor will put in a further SFr2 billion. UBS will also raise money by selling treasury shares, and save cash by issuing its 2007 dividend in the form of shares. Its capital ratio is expected to end up above 12% in the fourth quarter, a strong position.

　　Hopeful talk of lines being drawn under the subprime crisis has been a feature of banks’ quarterly reporting since September. Marrying bigger-than-expected write-downs with bigger-than-expected boosts to capital looks like the right treatment in this environment. But UBS still cannot be sure that its problems are over. Further deterioration in its subprime asset values is possible; the broader economic impact of the credit crunch is unclear; and the damage to the bank’s reputation cannot yet be quantified. The patient still needs watching.

　　1. The author uses the metaphor “hot iron” to imply that_____

　　[A] UBS again becomes a victim of America’s mortgage market.

　　[B] UBS’s capital base has obtained adequate financial support to digest its debt.

　　[C] those measures will forcefully stop UBS from further loss.

　　[D] good news from those measures would prevent UBS from bankruptcy.

　　2. Compared with the mark-to-market valuations, the mark-to-model approach could _____

　　[A] slow down the worsening in credit quality.

　　[B] present the effect of instantly crystallization of all expected future loss.

　　[C] show data against a worsening the credit quality.

　　[D] accelerate the deterioration in credit quality.

　　3. The reason that Marcel Rohner thought the change of approach was “distracting” is _____

　　[A] this change was unexpected to take place in such a situation.

　　[B] this change was result of the advice of auditors and regulators.

　　[C] this change was not favorite to UBS’s speculation about the bank’s exposure.

　　[D] this change was taken to make people dispel their guess.

　　4. The phrase “the white knights” (Line 4, Paragraph 5) most probably means____

　　[A] rich people.

　　[B] wealthy saviors.

　　[C] generous investors.

　　[D] brave fighters.

　　5. The author’s attitude towards UBS’s future is______

　　[A] optimistic.

　　[B] pessimistic.

　　[C] uncertain.

　　[D] none of the above.

　　篇章分析：

　　本篇文章介绍了UBS银行目前面临的困境以及其解决困境的一系列措施。第一段讲述UBS银行面对困境时作了强行解决的选择;第二段讲述UBS目前面临的不好的因素;第三段第四段分析了其估值的方式;第五段讲述UBS解决资金困难的一系列措施;第六段分析UBS面临的一些问题。

　　词汇注释：

　　carnage n. 大屠杀, 残杀 hefty adj. 异常大的或相当多的

　　write-down n.[会计]账面价值的故意降低 shore up 支持

　　markdowns n. 削价 increment n.增加, 增量

　　distracting adj.转移注意力的 indignity n.轻蔑, 侮辱, 侮辱的行为

　　solidity n.可靠性 pledge vi.保证, 使发誓;抵押, 典当

　　boost n.增加;提高 crunch n. 危急情况，紧急状态

　　难句突破：

　　Then came the hot iron: news of a series of measures to shore up the bank’s capital base, among them investments from sovereign-wealth funds in Singapore and the Middle East.

　　[主体句式] Then came the hot iron.

　　[结构分析] 这是一个有复杂同位语的一个简单句。news of …是前面the hot iron的同位语，to shore up the bank’s capital base是不定式短语作定语修饰前面的measures, 而后面among them …也是用来修饰measures，具体介绍其中的一些措施。

　　[句子译文]紧接着就来了hot iron ：报道有一系列的措施来支持银行的资本基础，其中就有新加坡和中东的君主财富基金。

　　The change of approach may be on the advice of auditors and regulators but it is more likely to reflect a desire by UBS’s bosses to avoid months of speculation about the bank’s exposure, something that Marcel Rohner, the chief executive, described as “distracting”.

　　[主体句式] The change of approach may be… but …

　　[结构分析] 这是一个并列句，but 引导的分句比较复杂，to avoide …不定式短语作前面a desire的定语，而something that…是a desire的同位语，该同位语中又包含了一个定语从句。

　　[句子译文] 方法改变可能是审计员或调节员建议的，但更反映了UBS高层的不愿数月都预计银行曝光的意愿，这个被首席执行官Marcel Rohner形容为“转移注意力(的方案)”。

　　题目分析：

　　1. The author uses the metaphor “hot iron” to imply that_____1. 作者用“烙铁”这个比喻来暗示_____

　　[A] UBS again becomes a victim of America’s mortgage market.[A] UBS再次成为了美国抵押贷款市场的受害者。

　　[B] UBS’s capital base has obtained adequate financial support to digest is debt.[B] UBS的资本基础已经得到了足够的金融支持用以消化其债务。

　　[C] those measures will forcefully stop UBS from further loss.[C]这些措施会强行让UBS避免进一步的损失。

　　[D] good news from those measures would prevent UBS from bankruptcy.[D]这些措施带来的好消息会防止UBS破产。

　　[答案]C

　　[难度系数] ☆☆☆

　　[分析] 细节题。作者将一系列的措施比喻为“烙铁”，而这些措施又是为UBS提供资金，是一些好的措施，这个比喻让人费解。但结合第一段的上下文就可以理解，文章第一段开头就摆出UBS面临的抉择，是有控制地流血还是灼伤，UBS选择了后者，先是将伤口裸露出来，接着就来了“烙铁”。前后联系可以想到，烙铁可以灼伤伤口，但可以让伤口马上止血，也就是让UBS可以避免进一步的损失。因此，答案C最为符合。

　　2. Compared with the mark-to-market valuations, the mark-to-model approach could _____2.与市场估量方法相比，模式方法可以_____

　　[A] slow down the worsening in credit quality. [A] 减缓信用质量的恶化。

　　[B] prevent the effect of crystallization of all expected future loss.[B] 防止所有未来有可能的损失。

　　[C] show data against a worsening of the credit quality.[C] 显示与信用质量恶化状况相反的数据。

　　[D] accelerate the deterioration in credit quality.[D] 加快信用质量的恶化。

　　[答案]A

　　[难度系数] ☆☆☆

　　[分析] 细节题。题干是关于mark-to-model估量方法的，这在文章第三段中有提及。关键的一句话就是，和mark-to-market方法相比，这种恶化要慢一些，因为市场方法可迅速估算出未来所有有可能的损失。要注意的是，which have the effect of instantly crystallising all expected future losses是修饰mark-to-market 方法的定语从句，这一点容易让读者混淆。

　　3. The reason that Marcel Rohner thought the change of approach was “distracting” is _____3.马塞尔认为这种转变是“转移注意力的”是因为_____

　　[A] this change was unexpected to take place in such a situation.[A]在当时情形下出现这种转变是出人意料的。

　　[B] this change was result of the advice of auditors and regulators.[B] 这种转变是审计员和调解员建议的。

　　[C] this change was not favorite to UBS’s speculation about the bank’s exposure.[C] 这种转变对于UBS银行曝光的猜测是不利的。

　　[D] this change was taken to make people dispel their guess.[D]采取这种转变是为了打消人们心中的猜测。

　　[答案]D

　　[难度系数] ☆☆

　　[分析] 推理题。题干中提到的转变是指UBS评估方法由模式方法转变为将市场结合进来的方法，Marcel认为这种转变是“转移注意力的”，由上文可知这种转变是UBS高层为了避免数月来对银行曝光的猜测。因此，所说的“转移注意力”是避免人们的各种猜测，那么答案D最为符合。另外需要注意的是C选项的内容只是对原文内容作了很小的巧妙修改，但意思却与原文相反。

　　4.The phrase “the white knights”(Line 4, Paragraph 5) most probably means____.4.短语“白色骑士”(第五段第四行)最有可能指_____。

　　[A] rich people.[A] 有钱人。

　　[B] wealthy saviors.[B] 富裕的救星。

　　[C] generous investors.[C] 慷慨的投资者。

　　[D] brave fighters.[D] 勇敢的斗士。

　　[答案]B

　　[难度系数] ☆☆

　　[分析] 猜词题。根据上下文，绝大部分的救助基金来自君主财产基金，这个基金对于许多身处困境的银行来说就是白衣骑士，可以推断“白衣骑士”可能代表救助他人的人，答案中B和C都有这层意思，根据其救助对象是身处困境的银行，且更侧重于危难时的救助，对银行来说仿佛就是救世主。因此，B更为符合题意。而C慷慨的投资者无法体现其资助的重要性。

　　5. The author’s attitude towards UBS’s future is______.5. 作者对于UBS未来的态度是_____

　　[A] optimistic. [A] 乐观的。

　　[B] pessimistic.[B] 悲观的。

　　[C] uncertain.[C] 不确定的。

　　[D] none of the above.[D] 以上都不是。

　　[答案]C

　　[难度系数] ☆☆☆☆

　　[分析] 态度题。这篇文章比较客观地描述了UBS目前的困境和其为了摆脱这个困境要解决的方法，作者虽然在前面几次都提到UBS得到了一些资助，有望转好。但文章最后一段提出UBS目前也面临众多问题，所以结局还有待观察。文章的最后一句明确表明了作者不确定的态度。

　　参考译文：

　　有控制地流血还是灼伤?这是UBS，一家因美国抵押信贷市场受到重挫的瑞士银行所要面对的尴尬选择。而这家银行选择了后者——先是在公开次级感染债务之际宣布高达100亿资产价值缩水，从而裸露出伤口。UBS目前预计第四季度也将亏损，本月就能见分晓。紧接着就传来了热点议题：报道有一系列的措施来支持银行的资本基础，其中就有新加坡和中东的君主财富基金。

　　也应该会有些坏消息。十月，UBS四分之三的资产价值缩水超过40亿瑞士法郎，这与其他银行(如Citigroup 和 Merrill Lynch)更为严重的状况相比而言还是较为乐观的。第三季度末次级债市场价值的急剧下落使得UBS将会面临更多的苦痛，尤其是它相当大的一部分资产都受到抵押的影响。Citigroup分析师在11月预言可能会有140亿瑞士法郎的损失。

　　那么为什么这次新的一组赤字还是让人们大吃一惊呢?答案并不是因为总亏损的规模，而是UBS决定一次性地承担损失。银行估量其与次级债相关的股票所用的按模型定价方法是基于第一担保抵押贷款的支付数据上的。尽管这些数据显示信用有所降低，但比起用按市值计价的估量方式其恶化速度要慢一些，具有迅速明确所有未来损失的作用。

　　正是由于采取了这个缓和的方式，UBS可望在几个季度内将资产账面价值增长控制在20到30亿瑞士法郎。目前显示出该银行已经将市场价值纳入其模式中，从而将第四季度的资产账面价值控制在一定范围内。方法改变可能是审计员或调节员建议的，但更反映了UBS高层要避免数月来对银行曝光的猜测——这被首席执行官Marcel Rohner形容为“转移注意力(的方案)”。

　　一个长期以保守见称的银行如今却受到这种侮辱，对于UBS的资金率的担心也就逐渐出现了。因此就采取措施加强了第一层资金约194亿瑞士法郎，该数额比资产账面损失要多许多，这是增加银行信用的重要方法。资金大部分来源于君主资产基金，这是当今处于困境的银行的白衣骑士。新加坡GIC掌握着这个城市国家的外汇储备，它承诺要购买UBS110亿瑞士法郎的可转债。一个匿名的中东投资者又投入了20亿瑞士法郎。UBS也会售卖债券、以股票的形式发行2007的红利来募集现金。其资本率有望在第四季度达到12%多，这样处境就很不错了。

　　从九月份以来，银行季度报告会的一大特色就是讨论将额度控制在次级风险之下。把比预期大的资产账面降低程度和比预期大的资本增加相结合好像是这种氛围下的一个正确处理方案。但是UBS还是不能确保问题都已解决。有可能出现次级资产价值的继续恶化，而且信用创伤引起的更广阔范围内的经济冲击也不很明确，还有对公司名誉的损害程度也还没有确定。病情还有待观察。

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　　考博英语是各博士研究生招生院校初试必考科目，也是复试分数线的其中一项，所以考博英语应该引起大家的重视。考博英语的复习大家还是要先了解所要报考的研究生院考博英语题型(各院校考试题型难度不同)，根据题型及自己的薄弱环节有针对性的复习。

　　考博英语是一项选拔性考试，尤其大多数考生早已脱离学习环境，单是靠平日复习背诵单词、做做习题，想要通过考博英语考试还是有一定难度。新东方在线2019通用考博英语签约全程班【直播+录播】的形式，名师授课，备考全程陪伴，科学分段学习，贴心的分题型课程设置，全方位真题讲练，服务于教学紧密结合，协议免费重读。力求让考博生顺利高分通过考博英语初试！

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