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A. medium-term notes.
B. structured notes.
C. range notes.
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更多“Corporate debt securities that are offered continuously to investors by an agent of t”相关的问题
第1题
At the core of this debate is chairman Gerald Levin, 56, who took over from the late Steve Ross in the early 1990s. On the financial front, Levin is under pressure to raise the stock price and reduce the company's mountainous debt, which will increase to $ 17.3 billion after two new cable deals close. He has promised to sell off some of the property and restructure the company, but investors are waiting impatiently.
The flap over rap is not making life any easier for him. Levin has consistently defended the company's rap music on the grounds of expression. In 1992, when Time Warner was under fire for releasing Ice-T's violent rap song Cop Killer, Levin described rap as a lawful expression of street culture, which deserves an outlet. " The test of any democratic society, " he wrote in a Wall Street Journal column, " lies not in how well it can control expression but in whether it gives freedom of thought and expression the widest possible latitude, however disputable or irritating the results may sometimes be. We won't retreat when we face any threats. "
Levin would not comment on the debate last week, but there were signs that the chairman was backing off his hard-line stand, at least to some extent. During the discussion of rock singing verses at last month's stockholders' meeting, Levin asserted that "music is not the cause of society's ills" and even cited his son, a teacher in the Bronx, New York, who uses rap to communicate with students. But he talked as well about the "balanced struggle "between creative freedom and social responsibility, and he proclaimed that the company would launch a drive to develop standards for distribution and labeling of potentially objectionable music.
The 15-member Time Warner board is generally supportive of Levin and his corporate strategy. But insiders say some of them have shown their concerns in this matter. " Some of us have known for many, many years that the freedoms under the First Amendment are not totally unlimited , " says Luce. " I think it is perhaps the case that some people associated with the company have only recently come to realize this. "
An American senator criticized Time Warner for
A．its raising of the corporate stock price.
B．its self-examination of the soul.
C．its neglect of social responsibility.
D．its emphasis on creative freedom.
第2题
Some companies enable stockholders to share in the profits of the company. These payments of corporate profits to stockholders are called dividends. In addition to having a claim on company profits, stockholders are entitled to share in the sale of the company if it is dissolved. They may also vote in person or by proxy on a variety of corporate matters, including the most important matter of who should run the corporation. When the company issues new stock, stockholders have priority to buy a certain number of shares before they are offered for public sale. Stockholders also receive periodic reports, usually quarterly, that provide information regarding the corporation's business performance. Stocks generally are negotiable, which means stockholders have the right to assign or transfer their shares to another individual.
A stockholder is considered a business owner and has the protection of limited liability under United States laws. Limited liability means that a stockholder is not personally liable for the debts of the corporation. The most a stockholder can lose if the company fails is the amount of his or her investment -- what he or she originally paid for the stock. This arrangement differs from that of other forms of business organization, which are known as sole proprietorships and partnerships. These business owners are personally liable for the debts of their businesses.
Corporations have good reasons to issue stocks. They issue stock in order to finance their business activities. This method of raising funds is only available to business firms organized as corporations; it is not available to sole proprietorships and partnerships. The corporation can use the proceeds of a stock offering in a variety of ways. Depending on the type of company, this might involve increasing research and development operations, purchasing new equipment, opening new facilities or improving old ones, or hiring new employees.
An alternative to stock financing is debt financing or the sale of bonds, an interest-bearing loan. This alternative is also available to sole proprietorships and partnerships. With the issuance of a bond a company typically promises to make periodic interest payments to the lender or bondholder as well as pay back the amount of the bond when the term of the bond comes to an end. Thus bonds are evidence of loans while stocks are evidence of ownership. Stocks and bonds are collectively known as securities.
When a corporation first makes stock available for public purchase, it works with an investment banking firm to arrange an initial public offering (IPO). The investment bank acquires the first issue of stocks from the corporation at a negotiated price, and then makes the shares available for sale to its clients and other investors.
A corporation can only have one IPO -- the first time it makes stock available to the public. After its IPO, a company is said to be public. Public corporations that need additional financing for further business development may choose to issue more stock at a later time. This is called a subsequent, or follow-on, offering.
Some corporations may choose not to go public. In this case it is said to be a privately held corporation. A corporation may elect to remain private because it docs not want to share its profits, or it may not want to give up control to shareholders.
Most of the information reported in the daily news media about the buying and selling of stock refers to transactions involving previously issued stock. The daily buying and selling of stock rarely involv
A．Y
B．N
C．NG
第3题
Why Companies Now Favour Cash
A．Cheap and plentiful credit has powered the US economy for decades. But since the fi- nancial crisis of 2008， America has gone on a drastic debt diet. Just as families are pay- ing down credit-card debt and building up cash reserves， businesses large and small are learning to operate in an environment where cash once again is king. The economic shift has been dramatic; bank lending has dropped at a frightening rate. In 2009 the banking system notched （刻数） the largest decline in loans in the history of the Federal Deposit Insurance Corporation. Meanwhile， the amount of commercial and industrial loans has fallen 19 percent since the fall of 2008 —— back to the level of late 2006. Even the finan- cial sector has cut way back on debt.
B．Sorry about credit bubble， both companies and individuals spent and invested based on expectations of what they could borrow. Now they"re hoarding cash. The savings rate， near zero in 2007， rose to 3.3 percent in January. At the end of the September in 2009， the 376 members of the S&P 500 that aren"t utilities or financial firms had a record $820 billion in cash in their coffers （金库）， up more than 20 percent from the year be- fore， according to Standard & Poor"s.
C．The conventional wisdom holds that the tightening of credit is an obstacle to recovery. And for many businesses， especially small ones， the inability to pay off old debt or open new lines of credit can hinder expansion plans. But the economy isn"t fueled by debt alone. After all， in 2009， the economy experienced a sharp turn， from shrinking at a rate of 6.4 percent in the first quarter to growing at a rate of 5.9 percent in the fourth quarter —— all while private- sector credit reduced. More broadly， the embrace of cash could be beneficial. During the go- go years， it was common to hear theorists talk about the "discipline of debt".
D．On paper， high debt loads force managers （and homeowners） to make tough， swift decisions to stay solvent （有偿付能力的）. Break the contact， and you lose the company （or the house）. In reality， overextended （周转不灵的） borrowers are more likely to walk away from mortgages， or push companies into Chapter 11 bankruptcy protection. Amer- icans are now discovering that cash exerts a superior discipline. The real discipline of cash may be that it causes executives， consumers， and investors to think twice —— and to think about the long-term consequences —— before spending. The need for instant satis- faction is part of what created the current mess.
E. The ability to adapt rapidly remains one of America"s competitive advantages. And since the onset of the financial crisis， both consumers and businesses have embraced the new real- ity. After digging themselves out of $20，000 in debt in 2007， Susarmah Fater， her husband David —— a district manager at Staples —— and their four children did something radical: they became an all-cash household. "Bills like groceries， gas， and allowance are taken out every month and put into envelopes so that we know exactly where we are financially，" says Su- sannah. Consumer-oriented firms have pivoted （以……为中心旋转） rapidly to service new pay-as-you-go consumers like the Faters. ELayaway.com， based in Tallahassee， Fla.， and founded in 2005， offers its 75，000 customers the ability to buy products on installment plans （up to 13 months） from 1，000 merchants， including Apple and Amazon.com. The typical purchase is an electronics item with an average cost of $440 and a four-month payment term.
Cofounder Sergio Pinon notes the rise of a category of customers eLayaway calls "planners"，who pay for next winter"s snowblowers this summer.
F. Texas electricity provider First Choice Power in January launched a prepaid service called Control First. "In Texas， there are about a million households who have slim credit or no credit at all，" says company president Brian Hayduk. Without requiring a deposit or credit， customers are permitted to prepurchase a set amount of electricity —— say $100 per month.
The company installs a smart meter that lets people know how much they"ve used —— which spurs customers to manage their energy use more intelligently.
G. The rise of the cash economy has made businesses hesitant to make the type of capital expenditures they used to fund with debt —— big-ticket items like factories， expensive equipment， and new buildings. But it has made them more receptive to companies that offer efficiency and saving with little money down. At Boston-based EnerNOC， reve- nues nearly doubled last year. EnerNOC has two lines of business. On behalf of electric utilities， they supports companies that agree to reduce electricity use at times of peak demand in exchange for cash payments. And it installs submeters to measure buildings" energy consumption in microscopic detail， and then suggests ways to reduce demand.
"We sell the software and guarantee we"ll identify energy-savings opportunities worth twice what they pay us on an annual basis，" says CEO Tim Healy. "It"s very capital- light." In 2009 the number of company employees rose from about 330 to more than 400， and it projected revenue growth of $75 million （nearly 40 percent） in 2010.
H. Before the deluge， companies and investors chose the easy path of gaining returns by us- ing their balance sheet —— they"d borrow money to pay a dividend， or to purchase another company. But financial engineering has given way to business engineering. Kohlberg Kravis & Roberts， the huge leveraged-buyout firm that made profits through financial strategies during the credit boom， has built up a staff of in-house retail executives who work with com- panies" it owns， such as Dollar General and Toys "R" Us. Just as there are fewer no-money- down mortgages in the housing market， many of today"s buyouts are significantly less lever- aged. Since transactions that use less debt and more cash are less likely to go bankrupt， the greater use of cash is a basis for a more stable， more rational financial system. Stephen Ka- plan， a professor at the University of Chicago business school， notes that returns are poor for buyout fimds that make highly leveraged acquisitions during credit booms. When cheap debt is available on easy terms， "they do more marginal deals."
I. Of course， a fine line separates conservation from hoarding， and careful saving from miserliness （吝啬）. For many financial executives， the wholesale collapse of the credit markets in the fall of 2008 induced the same reaction that the anti-drug movie Scared Straight used to create among teenagers. "There"s a greater focus on liquidity and the preservation of cash for the unexpected than you had in the past，" says Seth Gardner， executive director of the Centre for Financial Excellence at Duke University"s Fuqua School of Business. Yet there are signs that corporate America is beginning to loosen the purse strings. Investment in equipment and software rebounded at an 18.4 percent an- nual rate in the fourth quarter of 2009. And S&P analyst Howard Silverblatt predicts that companies will start utilising their record cash piles on stock buybacks， dividends， and capital expenditures once they"re convinced the recovery is real.
People‘s traditional idea about the credit is that the tightening of it prevents the eco-nomic recovery.
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第9题
A.obtained
B. obtaining
C. obtain
