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The world is going through the biggest wave of mergers and acquisitions neve

游客2025-04-02  20
问题     The world is going through the biggest wave of mergers and acquisitions never witnessed. The process sweeps from hyperactive America to Europe and reaches the emerging countries with unsurpassed might. Many in these countries are looking at this process and worrying: "Won’t the wave of business concentration turn into an uncontrollable anti-competitive force?"
    There’s no question that the big are getting bigger and more powerful. Multinational corporations accounted for less than 20% of international trade in 1982. Today the figure is more than 25% and growing rapidly. International affiliates account for a fast-growing segment of production in economies that open up and welcome foreign investment. In Argentina, for instance, after the reforms of the early 1990s, multinationals went from 43% to almost 70% of the industrial production of the 200 largest firms. This phenomenon has created serious concerns over the role of smaller economic firms, of national businessmen and over the ultimate stability of the world economy.
    I believe that the most important forces behind the massive M&A wave are the same that underlie the globalization process: falling transportation and communication costs, lower trade and investment barriers and enlarged markets that require enlarged operations capable of meeting customer’s demands. All these are beneficial, not detrimental, to consumers. As productivity grows, the world’s wealth increases.
    Examples of benefits or costs of the current concentration wave are scanty. Yet it is hard to imagine that the merger of a few oil firms today could recreate the same threats to competition that were feared nearly a century ago in the U.S., when the Standard Oil trust was broken up. The mergers of telecom companies, such as WorldCom, hardly seem to bring higher prices for consumers or a reduction in the pace of technical progress. On the contrary, the price of communications is coming down fast. In cars, too, concentration is increasing — witness Daimler and Chrysler, Renault and Nissan — but it does not appear that consumers are being hurt.
    Yet the fact remains that the merger movement must be watched a few weeks ago, Alan Greenspan warned against the megamergers in the banking industry. Who is going to supervise, regulate and operate as lender of last resort with the gigantic banks that are being created? Won’t multinationals shift production from one place to another when a nation gets too strict about infringements to fair competition? And should one country take upon itself the role of "defending competition" on issues that affect many other nations, as in the U.S. vs. Microsoft case? [br] From Paragraph 4 we can infer that______.
选项 A、the increasing concentration is certain to hurt consumers
B、WorldCom serves as a good example of both benefits and costs
C、the costs of the globalization process are enormous
D、the Standard Oil trust might have threatened competition
答案 D
解析 本题可参照文章的第4段。从中可知，目前的这种合并是有利可图还是要付出代价，有关的实例不多；然而，很难想象，今天几家石油公司的合并会再现美国一个世纪以前标准石油托拉斯解体时对竞争所产生的同样的威胁：像世界电信这类电信公司的合并似乎不会给消费者带来更高的费用，或是减缓技术进步的速度；与之相反，通信费用正在急速下降；汽车行业的合并也在逐渐增加，但是，消费者的利益好像并没有受到损害。据此可知，美国的标准石油托拉斯曾经给竞争带来过威胁。D项与文章的意思相符，因此D项为正确答案。
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