Passage 8

For most of the 1990s, CEOs of Old Economy companies struggled to turn slow-moving organizations into nimbler, more flexible outfits. The truth is, real transformations are the exception rather than the rule. Changing the core values, the attitudes, and the fundamental relationships of a vast organization is overwhelmingly difficult.// Enron tumbled down. Enron didn't fail because of improper accounting or alleged corruption at the top. It also failed because of its entrepreneurial culture---- the very reason Enron attracted so much attention and acclaim. Too much emphasis on earnings growth and individual initiative, coupled with a shocking absence of the usual corporate checks and balances.// What constitutes entrepreneurial culture? In the narrow sense, it refers to some fundamental spirit and agglomerating force that come into being in the production and management practices of an enterprise, as well as the common values and norms of behavior shared by the whole staff.// In the broad sense, entrepreneurial culture also includes the culture of specific personnel in the enterprise, namely, the cultural psychological structure and cultural quality of the executives of the enterprise as well as the cultural behavior of the staff members.//

二十世纪九十年代的大部分时间里,旧经济公司的首席执行官们都在努力地将运作缓慢的公司朝着敏捷,更富有弹性的公司转型。但实际情况是,真正转型成功的公司是极个别的例子。 转变一家大型公司的核心理念,态度和基本关系极其困难。//安然栽了。安然的失败并不仅仅是因为公司做了假帐或者所谓的高层腐败,其失败的原因还应归咎于公司的企业文化,正是这种企业文化曾经使安然应人注目,备受青睐。过分强调收益的增长和个人的主动性,加上缺乏那种常规的公司制约平衡机制。//那么什么是企业文化?狭义上来说,它指的是企业在生产经营实践中行成的一种基本精神和凝聚力,以及全体职工共同具有的价值观念和行为准则。//从广义的角度上来说,企业文化还包括企业人员的文化,即企业领导人员的文化心理、文化素养以及员工的文化行为。//

Passage 9

A major appeal of investing in bonds is that they provide investors with a steady stream of income and guarantee the repayment of the loan in full at maturity. Bonds also appeal to investors because of their scope for capital appreciation. Take for instance a fall in interest rates, in this case bonds which were issued when interest rates were high will become increasingly valuable and as the bond price rises, this provides profit for bond sellers.// In addition, if interest rates had fallen significantly over a period of time, economic growth would be stimulated as lower borrowing costs and savings rates would encourage businesses to invest and households to consume. In such a low interest-rate environment, it may still be good for investors to consider investing some money in bonds because they will be able to achieve a higher return than cash deposits.// Equities and government bonds are well suited to some investors. Younger investors will benefit from equity capital growth because they are generally investing for the longer term and not unduly concerned with the lack of immediate yield. Investors concerned with avoiding risk will be prepared to accept the relatively low yields now available on government bonds.// But many investors fall somewhere between these two extremes. In recent years, financial markets have become increasingly polarized between growth and security. Investors looking for medium and low risk are increasingly turning to the corporate bond market as an alternative to equities and government bonds.//

债券吸引人的一大特点是让投资者有一笔有固定的收入,到期时能收回借出的资金。债券也有增值的机会,例如在利率下跌时,那些在利率高时发行的债券价格将会升高,让债券持有人有机会赚取利润。//此外,如果利率在过去一段时间里明显下跌,会刺激经济增长,因为较低的贷款成本和储蓄利率将鼓励商家投资,带动家庭消费。在这样的低利率环境下,投资人可以考虑把一些资金投资在债券上,因为投资者将取得高于现金存款的回报。//股票和政府债券非常适合某些投资者的胃口。年轻的投资者一般从股票的资本增值中获益,因为他们通常做长线投资,不太在意眼前的收益。想规避风险的投资者则愿意购买目前收益相对较低的政府债券。//但是很多人选择在股票和政府债券这两者之间进行金融投资。今年来金融市场的投资增值与投资安全日趋分化。那些只愿承受中低风险的投资人都转向公司债券。公司债券是股票和政府债券的理想替代品。// 

Passage 10

Silicon Valley is a magnet to which numerous talented engineers, scientists and entrepreneurs from overseas flock in search of fame and fast money and to participate enthusiastically in a technological revolution whose impact on mankind will surely surpass the epoch-making European Renaissance and Industrial Revolution of the bygone age.// The valley's professionals are among the most hardworking people anywhere. A 15-hour day and 7-day week is not uncommon, especially during the start-up stage. They would give up social life, and curtail their family life too, in order to pursue the pot of gold at the end of the rainbow. It is this single-minded pursuit of excellence, supported by strong ethos of teamwork and esprit de corps, that sustain them until their mission is accomplished.// Paper qualification, though useful, is not a be-all-and-end-all. More weight is given to a candidate's proven abilities and aptitude for the job. This is amply demonstrated by industry icons like Apple's Jobs and Wozniak and Microsoft's Gates, all college dropouts who might not have emerged in a qualification-conscious community.// While racial prejudice no doubt still exists in the United States, it is hardly discernible in the Valley. What counts most is one's vision and track record, and not one's nationality, skin color or creed. This, together with its multiracial society, informal lifestyle and agreeable climate, lures foreigners to its shores.//

硅谷犹如一块磁铁,把许许多多天资聪颖的工程师、科学家、企业家从世界各地吸引到这里。他们来此寻求功名,希望快速致富,积极投身于技术革命,而这场革命所带来的影响必将超 过昔日具有划时代意义的欧洲文艺复兴运动和产业革命。// 硅谷人的工作之勤奋,举世罕见。一天工作15 个小时,一周工作七天,这样的工作日程安排在硅谷却是司空见惯的现象,尤其在创业初期更是如此。硅谷人放弃社交生活,减少与家人一起生活的时间,努力去寻求事业彩虹尽头处的那一桶金。正是这种孜孜不求卓越的精神,加上优良的团队精神,支持着硅谷人的奋斗理念,他们不达目的绝不罢休。//在硅谷,文凭虽然有用,却不是一切,一纸定不了终身,硅谷更看重求职者的真才实学和岗位资质。最具有说服力的例子莫过于行业的偶像人物,如苹果公司的创始人乔布斯和沃茨尼亚克,微软的创始人盖茨,他们都是一些大学辍学者,在讲究学历的社会很可能永无出头之日。//毫无疑问,美国人虽然存在着宗族歧视,但这种现象在硅谷却难寻踪影。硅谷人最看中的是人才视野和成长历程,而不是国籍,肤色或宗教信仰。这种观念加上硅谷多宗族的社会、不拘礼仪的生活方式、舒适宜人的气候,使外国人近悦远来。//