2022年考研英语二|外刊英语阅读-在艰难时期管理美国企业：容不得犯错（二）

考研人数逐年增加，竞争之激烈使得我们不得不加急复习的日程。众所周知，阅读理解占据了考研英语二100分试卷的一半分值，而考研英语阅读文章大多来自英美国家的主流报刊杂志，所以如果能在日常就多多阅读这些文章，对以后读懂文章做对题目来说会大有裨益。

 学习步骤如下：

1.不看汉语译文自己看一遍短文做理解

2.看汉语译文比对自己理解的意思与之出入

3.强化记忆重点单词（以记忆其汉语意思为主）

Managing American business in hard times:

No margin for error

A guide to running a company in a period of stagflation.

（2）

Today’s executives may think of themselves as battle-hardened—they have experienced a financial crisis and a pandemic. However, the stagflationary challenge requires a different toolkit that borrows from the past and also involves new tricks.

The primary task for any management team is to defend margins and cashflow, which investors favour over revenue growth when things get uncertain. That will require fighting harder down in the trenches of the income statement.

Although a rise in margins as inflation first picked up last year led politicians to denounce corporate “greedflation”, after-tax profits in fact tend to come down as a share of GDP when price rises persist, based on the experience of all American firms since 1950.

To create shareholder value in this environment companies must increase their cashflows in real terms.That means a combination of cutting expenses and passing cost inflation on to customers without reducing sales volumes.

短文翻译

在艰难时期管理美国企业：容不得犯错

在滞胀时期经营公司的指南

（2）

今天的高管可能认为自己身经百战--他们经历了一场金融危机和一场疫情。然而，应对滞胀挑战需要一套不同的工具，一套既借鉴过去，也包含新技巧的工具。

任何管理团队的首要任务都是保护利润和现金流，当形势变得不明朗时，投资者更喜欢利润和现金流，而不是收入增长。这将需要在损益表的战壕中更加努力地战斗。

尽管在去年通胀首次抬头时，利润率因此上升，引发政界人士谴责企业“贪婪膨胀”，但实际上，根据1950年以来所有美国公司的经验，当价格持续上涨时，税后利润占国内生产总值的比例往往会下降。

为了在这种环境下创造股东价值，企业必须增加实际现金流。这意味着在不减少销量的情况下，既要削减开支，又要将成本膨胀转嫁给客户。

重点单词

stagflation [stæɡˈfleɪʃn]

n.滞涨 (高通胀与低就业率或经济低迷并存)

executive [ɪɡˈzekjətɪv]

n.经理，管理人员

financial crisis

经济危机

However, the stagflationary challenge requires a different toolkit （that borrows from the past and also involves new tricks.）

括号部分为定语从句，修饰前面的名词toolkit(一套工具）

翻译：然而，应对滞胀挑战需要一套不同的工具，一套既借鉴过去，也包含新技巧的工具。

margin

*margin only means the difference between the selling price and the buying price.(指毛利润)

income statement

收益表，损益表

politician [ˌpɒləˈtɪʃn]

n.政客

denounce [dɪˈnaʊns]

v. 谴责

greedflation

（合成词）贪婪膨胀

share

n.比例，份额

persist [pəˈsɪst]

v.坚持，持续

in real terms

实际地

cut expenses

削减开支

cost inflation

成本膨胀