2015考研英语阅读英文原刊《经济学人》：企业支出

　　2015考研英语复习正是强化复习阶段，考研英语阅读在考研英语中占了40分，所以考研英语阅读是英语科目中重要的一项。新东方名师范猛老师曾建议过考研生需要坚持每天泛读10-15分钟的英文原刊。强烈推荐了杂志《经济学人》.杂志中的文章也是考研英语的主要材料来源.希望考研考生认真阅读，快速提高考研英语阅读水平。

　　Corporate spending

　　企业支出

　　If they build it

　　如果他们建造了它

　　Capital expenditure around the world has beendisappointing

　　世界各地的资本支出一直令人失望

　　WHEN companies spend money on new plant andequipment, jobs and economic growth are the result. One of the aims of central banks' effortsto suppress interest rates is to encourage more such spending. But the latest survey fromStandard & Poor's, a rating agency, indicates that a boom is yet to materialise: in realterms, capital expenditure fell 1% in 2013, and is expected to decline again this year.

　　当公司把钱花在新工厂和新设备上时，就业和经济就会上涨。中央银行努力压低利率，其中一个目的就是鼓励更多这样的支出。但是从标准普尔，一家评级机构，最近的调查显示，这种繁荣还未成为现实：实际上，在2013年资本支出下降1%，预计今年还将再次下降。

　　Perhaps surprisingly, capex is falling in emerging markets, generally seen as the engine ofthe global economy. The emerging markets' share of global capex fell from 34% in 2011to 27% last year.

　　新兴市场中的资本支出通常本看作是全球经济的引擎，也许令人惊讶的是，这种资本支出正在下降。新兴市场的资本支出占全球资本支出的比例从2011年的34%下降到去年的27%。

　　The big investors have traditionally been mining and energy firms, accounting for 42% ofglobal capex in 2013. But spending in both industries has slowed sharply and is expected tofall this year. Companies may be losing the leeway to spend: capex has been higher than freecashflow in three of the last five years. In addition, the investment boom of the pastdecade may mean that the supply of minerals has caught up with demand.

　　大型投资者通常是矿产和能源公司，2013年这类公司的资本支出占全球资本支出的42%。但在这两个行业的的支出却大幅放缓，且预计今年还会下降。公司也许会失去花钱的余地：在过去的5年中，已经有3年的资本支出比自由现金流高 。此外，过去10年间的投资热潮也许意味着矿产的供给已经赶上需求。

　　Spending on research and development has been more robust than capex, rising 4.7% in realterms in both 2011 and 2012. But momentum appears to be slowing, despite an improvingeconomy: R&D grew just 2.6% last year.

　　研发支出比资本支出更加强健，在2011年和2012年都实际增长4.7%。尽管经济形势有所好转，但这一势头似乎正在放缓：去年研发支出仅增长2.6%。

　　Why haven't companies taken advantage of cheap finance and spent more? An obviousreason is that corporate revenue has not been growing very fast. Given that constraint,capex does not look so meagre. For global non-financial companies, the ratio of capex torevenues is close to its highest level in a decade. But that also means companies areunlikely to boost spending by much more. A survey of British firms suggests thatuncertainty about demand and the risk of weak returns are the main deterrents forexecutives deciding whether to increase capex.

　　为什么没有公司利用廉价融资而增加支出?一个显而易见的原因就是企业的收入没有迅速增长。考虑到这一约束，资本支出看起来并没有那么贫弱。对于全球非金融企业，资本支出与收入的比率接近10年来的最高水平。但这也意味着公司不太可能更多的刺激消费。对英国公司的调查表明，需求的不确定性和薄弱的风险回报是影响高管决定是否增加资本支出的主要妨碍。

　　It seems like a chicken-and-egg problem. Without a strong global recovery, companies willnot spend more. But if they do not spend more, there will not be a strong recovery.

　　这似乎是一个“鸡生蛋，还是蛋生鸡”的问题。没有强劲的全球经济复苏，企业将不会增加支出。但是如果他们不增加支出，就不会产生强劲的全球经济复苏。

　　词语解释

　　1.interest rate n.利率

　　Or you can extend the mortgage out and lowerthe interest rate.

　　或者我们也可以延长按揭期限，同时降低利率。

　　In the past, he has said he has got to worry aboutinterest rate risk as well.

　　他曾说过不得不担心利率风险。

　　2.expect to 期许

　　Fewer than half of executives polled recently by fortune said they expect to increase theirheadcount in 2012.

　　近期接受《财富》杂志(Fortune)采访的公司高管中只有不到一半的人表示，2012年预计将扩大员工招聘。

　　They expect to ship another 50,000 this month.

　　他们预计本月将再发货50,000只。

　　3.in addition 另外;除此之外

　　In addition, younger consumers do more activities using consumer electronics.

　　此外，年轻消费者在使用消费电子产品时更为活跃。

　　In addition, the established big internet impression generators would take a huge hit.

　　此外，老牌的大型互联网印象生产者将遭受重创。

　　4.corporate revenue 公司收入

　　Suppliers are not ranked on their total corporate revenue, since many have other lines ofbusiness, such as hardware.

　　排名是不考虑供应商公司的全部收入，因为很多公司还有其他的业务线，比如硬件收入。

　　Do economists have their heads in the clouds or does disappointing corporate revenuereally spell trouble as the fourth quarter moves into the home stretch?

　　在第四季度进入最后一程之际，是经济学家在胡思乱想，还是令人失望的公司收入确实预示着麻烦的出现?

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