企業支出

　　2023復習正是強化復習階段，在考研英語中占了40分，所以考研英語閱讀是英語科目中重要的一項。名師老師曾建議過考研生需要堅持每天泛讀10-15分鐘的英文原刊。強烈推薦了雜志《經濟學人》.雜志中的文章也是考研英語的主要材料來源.希望考研考生認真閱讀，快速提高考研英語閱讀水平。 　　Corporate spending 　　企業支出 　　If they build it 　　如果他們建造了它 　　Capital expenditure around the world has beendisappointing 　　世界各地的資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 2023, and is expected to decline again this year. 　　當公司把錢花在新工廠和新設備上時，就業和經濟就會上漲。中央銀行努力壓低利率，其中一個目的就是鼓勵更多這樣的支出。但是從標準普爾，一家評級機構，最近的調查顯示，這種繁榮還未成為現實：實際上，在2023年資本支出下降1%，預計今年還將再次下降。 　　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. 　　新興市場中的資本支出通常本看作是全球經濟的引擎，也許令人驚訝的是，這種資本支出正在下降。新興市場的資本支出占全球資本支出的比例從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 2023. 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. 　　大型投資者通常是礦產和能源公司，2023年這類公司的資本支出占全球資本支出的42%。但在這兩個行業的的支出卻大幅放緩，且預計今年還會下降。公司也許會失去花錢的余地：在過去的5年中，已經有3年的資本支出比自由現金流高 。此外，過去10年間的投資熱潮也許意味著礦產的供給已經趕上需求。 　　Spending on research and development has been more robust than capex, rising 4.7% in realterms in both 2011 and 2023. But momentum appears to be slowing, despite an improvingeconomy: R D grew just 2.6% last year. 　　研發支出比資本支出更加強健，在2011年和2023年都實際增長4.7%。盡管經濟形勢有所好轉，但這一勢頭似乎正在放緩：去年研發支出僅增長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. 　　為什么沒有公司利用廉價融資而增加支出?一個顯而易見的原因就是企業的收入沒有迅速增長。考慮到這一約束，資本支出看起來并沒有那么貧弱。對于全球非金融企業，資本支出與收入的比率接近10年來的最高水平。但這也意味著公司不太可能更多的刺激消費。對英國公司的調查表明，需求的不確定性和薄弱的風險回報是影響高管決定是否增加資本支出的主要妨礙。 　　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. 　　這似乎是一個雞生蛋，還是蛋生雞的問題。沒有強勁的全球經濟復蘇，企業將不會增加支出。但是如果他們不增加支出，就不會產生強勁的全球經濟復蘇。 　　詞語解釋 　　1.interest rate n.利率 　　Or you can extend the mortgage out and lowerthe interest rate. 　　或者我們也可以延長按揭期限，同時降低利率。 　　In the past, he has said he has got to worry aboutinterest rate risk as well. 　　他曾說過不得不擔心利率風險。 　　2.expect to 期許 　　Fewer than half of executives polled recently by fortune said they expect to increase theirheadcount in 2023. 　　近期接受《財富》雜志采訪的公司高管中只有不到一半的人表示，2023年預計將擴大員工招聘。 　　They expect to ship another 50,000 this month. 　　他們預計本月將再發貨50,000只。 　　3.in addition 另外;除此之外 　　In addition, younger consumers do more activities using consumer electronics. 　　此外，年輕消費者在使用消費電子產品時更為活躍。 　　In addition, the established big internet impression generators would take a huge hit. 　　此外，老牌的大型互聯網印象生產者將遭受重創。 　　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. 　　排名是不考慮供應商公司的全部收入，因為很多公司還有其他的業務線，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? 　　在第四季度進入最后一程之際，是經濟學家在胡思亂想，還是令人失望的公司收入確實預示著麻煩的出現?

　　2023復習正是強化復習階段，在考研英語中占了40分，所以考研英語閱讀是英語科目中重要的一項。名師老師曾建議過考研生需要堅持每天泛讀10-15分鐘的英文原刊。強烈推薦了雜志《經濟學人》.雜志中的文章也是考研英語的主要材料來源.希望考研考生認真閱讀，快速提高考研英語閱讀水平。 　　Corporate spending 　　企業支出 　　If they build it 　　如果他們建造了它 　　Capital expenditure around the world has beendisappointing 　　世界各地的資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 2023, and is expected to decline again this year. 　　當公司把錢花在新工廠和新設備上時，就業和經濟就會上漲。中央銀行努力壓低利率，其中一個目的就是鼓勵更多這樣的支出。但是從標準普爾，一家評級機構，最近的調查顯示，這種繁榮還未成為現實：實際上，在2023年資本支出下降1%，預計今年還將再次下降。 　　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. 　　新興市場中的資本支出通常本看作是全球經濟的引擎，也許令人驚訝的是，這種資本支出正在下降。新興市場的資本支出占全球資本支出的比例從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 2023. 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. 　　大型投資者通常是礦產和能源公司，2023年這類公司的資本支出占全球資本支出的42%。但在這兩個行業的的支出卻大幅放緩，且預計今年還會下降。公司也許會失去花錢的余地：在過去的5年中，已經有3年的資本支出比自由現金流高 。此外，過去10年間的投資熱潮也許意味著礦產的供給已經趕上需求。 　　Spending on research and development has been more robust than capex, rising 4.7% in realterms in both 2011 and 2023. But momentum appears to be slowing, despite an improvingeconomy: R D grew just 2.6% last year. 　　研發支出比資本支出更加強健，在2011年和2023年都實際增長4.7%。盡管經濟形勢有所好轉，但這一勢頭似乎正在放緩：去年研發支出僅增長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. 　　為什么沒有公司利用廉價融資而增加支出?一個顯而易見的原因就是企業的收入沒有迅速增長。考慮到這一約束，資本支出看起來并沒有那么貧弱。對于全球非金融企業，資本支出與收入的比率接近10年來的最高水平。但這也意味著公司不太可能更多的刺激消費。對英國公司的調查表明，需求的不確定性和薄弱的風險回報是影響高管決定是否增加資本支出的主要妨礙。 　　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. 　　這似乎是一個雞生蛋，還是蛋生雞的問題。沒有強勁的全球經濟復蘇，企業將不會增加支出。但是如果他們不增加支出，就不會產生強勁的全球經濟復蘇。 　　詞語解釋 　　1.interest rate n.利率 　　Or you can extend the mortgage out and lowerthe interest rate. 　　或者我們也可以延長按揭期限，同時降低利率。 　　In the past, he has said he has got to worry aboutinterest rate risk as well. 　　他曾說過不得不擔心利率風險。 　　2.expect to 期許 　　Fewer than half of executives polled recently by fortune said they expect to increase theirheadcount in 2023. 　　近期接受《財富》雜志采訪的公司高管中只有不到一半的人表示，2023年預計將擴大員工招聘。 　　They expect to ship another 50,000 this month. 　　他們預計本月將再發貨50,000只。 　　3.in addition 另外;除此之外 　　In addition, younger consumers do more activities using consumer electronics. 　　此外，年輕消費者在使用消費電子產品時更為活躍。 　　In addition, the established big internet impression generators would take a huge hit. 　　此外，老牌的大型互聯網印象生產者將遭受重創。 　　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. 　　排名是不考慮供應商公司的全部收入，因為很多公司還有其他的業務線，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? 　　在第四季度進入最后一程之際，是經濟學家在胡思亂想，還是令人失望的公司收入確實預示著麻煩的出現?