一、business and businesses商业和公司
A business,company,or firm is an organization that sells goods or
services .A business may also be referred to formally as a
concern.Business is the production,buying,and selling of goods and
A business may be referred to approvingly as an enterprise to
emphasize its adventurous, risk-taking qualities, and business in
general may be referred to in the same way, for example in
combinations such as free enterprise and private enterprise.
Business is also referred to as commerce. This word, and its
related adjective commercial, are often used to distinguish the
business sphere from other areas such as government or the arts, or
to distinguish it from nonmoney-making activities.
Business 商业；生意；公司 Company 公司；商号
Firm (合伙的)商号；商行 Concern
Commerce 商业； 商务 Commercial
Enterprise 企事业单位 Free Enterprise 自由企业
Private Enterprise 私人企业
二、From multinationals to small firms
Large companies are referred to as corporations, especially in
the United States. Corporate is used to describe things relating to
a corporation, or to corporations in general, in expressions like
the ones in the next exercise. Large companies operating in many
countries are multinationals.
Big business can refer to large business organizations or to any
business activity that makes a lot of money. Small companies are
referred to as small businesses or small firms.
Unlike some languages, English does not have an everyday term for
small and medium-sized companies, apart from this rather clumsy
Corporation 大公司；股份有限公司 Corporate 法人；团体
Multinational 跨国的；多国的 Big business
Small and medium sized companies?#34892;?#35268;模的公司
Small business 小公司 Small firm 小公司
三、Industries and sectors 工业及其部门
Businesses may be classified according to which industry they are
in: for example construction, oil, banking, food.
Sector is sometimes used to mean industry in the same way,
particularly by specialists such as financial journalists, but it is
more often used to talk about different parts of the economy in
combinations such as public sector and private sector, or about
types of business in expressions like service sector and
Industry 工业；产业 Sector 部门；部分
Public sector 公共部门 Private sector 私营部门
manufacturing sector 制造部门 Service sector 服务部门
四、Public sector and private 公共部门和私营部门
When a private company is bought by the state and brought into
the public sector, it is nationalized in a process of
nationalization. A nationalized company is state-owned. When the
state returns a company to the private sector in a sell-off, it is
privatized. This is privatization.
The first to be sold off in a privatization program are often the
companies responsible for the public supply of electricity, water
and gas: the utilities.
Nationalized 国有化的 Nationalization 国有化
Privatized 私有化的 Privatization 私有化
State-owned 国有的 Sell off 廉价出清
If Company A owns shares or equity in Company B, A has or holds a
stake, holding or shareholding in B. If A owns less than half the
shares in B, it has a minority stake in B.
If A owns more than half the shares in B, it has a majority stake
or controlling stake in B. If you have shares in a company you are a
Shares/stake 份额；股份 Equity 股份；产权；普通股票
Holding 持有；股票额 Shareholding 持有股?#31508;?/p>
Shareholder 股东 Hold a stake 持有份额
Majority stake 大股东（50%以上） Controlling stake
Minority stake 小股东
一、Parents and sisters 母公司和姐妹公司
A holding or holding company is one that holds stakes in one or
more subsidiaries. If it owns all the shares in a subsidiary, the
subsidiary is a wholly-owned one.
A holding company's relationship to its subsidiaries is that of
parent company, and the subsidiaries relationship to each other is
that of sister companies. A holding and its subsidiaries form a
A conglomerate is a group containing a lot of different companies
in different businesses. Journalists also refer to large groups as
Holding company 控股公司 Subsidiary 子公司
Wholly-owned subsidiary 全资子公司 Parent company 母公司
Sister company 姐妹公司 Group 集团公司
Conglomerate 联合大企业 Giant
二、Predators,raiders,and white knights
The takeover process is often described in terms of one animal
hunting another: a company or individual seeking to take over
another company may be referred to as a predator, and the target
company as the prey. Predators are also referred to as raiders or
A company wishing to resist, ward off, or fend off being taken
over has a number of options. It may devise plans that give existing
shareholders special rights, or it may make itself less attractive
to bidders by selling off a valuable part of the company, or holding
on to an unattractive one. Actions like these are poison pills.
Or it may persuade a friendly partner, a white knight, to take a
stake in the company, thus preventing a complete takeover by a
hostile bidder. Bidders may agree to withdraw their bid if paid
enough money for the shares they hold in the target company. This is
Predator 掠夺者(恶意吞并其它企业) Prey 猎物(被恶意并购的企业)
Raider 掠夺者(恶意并购其它企业) Corporate raider
Fend off a bid 阻止收购 Ward off a bid 阻止收购
三、Leveraged buy-outs and junk bonds
In a leveraged buyout, or LBO, a company is acquired by a group
of investors, often financed by heavy borrowing. The debt is then
paid out of the target company's operating revenues or by selling
The borrowing involved in LBOs is often high- risk debt called
LBOs financed by junk were frequent in the 1980s and after an
absence following the excesses of that period, they are now
Leveraged buy-out 杠杠收购 LBO = Leveraged buy-out
Junk bonds 高风险债券
四、Joint ventures and alliances 合资与联盟
Two or more companies may decide to work together by setting up a
joint venture or alliance in which each holds a stake.
Joint venture 合资企业 Alliance 企业联盟
When two companies combine, usually voluntarily, they merge in a
Mergers 兼并 Merger 兼并
A group containing many types of business is diversified. A
group's basic business activity, perhaps the one it originally
started with, is its core business. Separate business activities may
be viewed as profit centers, each responsible for generating profit.
Businesses are often encouraged to concentrate or focus on their
core activities and to sell off, spin off, or dispose of
non-essential assets. These assets are often referred to as non-core
A sale of assets in this way is referred to as a sell-off,
spin-off, or disposal. A spin-off can also refer to a business that
has been spun off.
Diversified 多样化；多角化 Core business 核心经营
Profit center 利润?#34892;?Focus 集中经营
Assets 资产；基金 Non-core assets 空心资本
Sell off ?#36164;?Spin off 剥离；拆分
Dispose of 处理；变卖 Disposal 处理；变卖
二、Management buy-outs 管理层收购
When a group is restructured, the managers of a business that is
to be sold off may want to buy it themselves in a management buy-out
or MBO, usually in combination with an organization providing
finance in the form of venture capital.
Management buyout = MBO 管理层收购 Venture capital 风险投资
三、Entrepreneurs and tycoons 企业家和金融巨头
An entrepreneur （企业家） is usually someone who builds up
a company from nothing: a start-up （新创）company.
Entrepreneurs may one day become tycoons（实业界/金融界巨头）,
magnates（产业大王）or moguls（工商巨擘）: rich and
successful people with power and influence who head big
organizations, usually ones they have built up themselves and in
which they have a large personal stake.
四、Managers and executives 经理和董事
A manager is someone in a position of responsibility in an
organization. An executive（总经理；董事） is usually a
manager at quite a high level. Executives are also execs, an
informal expression. People at the head of an organization are
senior executives（高级董事/主管） or senior managers（高层管理者/总经理）,
top executives（高层领导者）or top managers（总经理）.
五、Ladies and gentlemen of the board 董事会成员
The people legally responsible for a company are its board or
board of directors（理事会/董事会）.
In the US,the head of a company may have the title president(总裁/董事长).
Again, the responsibilities of this post vary from company to
company, and the post may be combined with another.
In the US, a senior manager in charge of a function may have the
title vice-president（副总裁/副董事长） and may be on the
board. One vice president may have responsibility for running the
company, or maybe not, as the last example below indicates only too
Executive directors（执行董事） on a board are high level
managers of the company. Other directors are non-executive directors（非常务董事）,
perhaps bringing their knowledge and experience to several company
Headhunters（猎头者） are specialist consultants who search
for highlevel, often board-level, executives and try to persuade
them to leave their current job in order to go to work in another
company. Managers found in this way are headhunted in a process of
Executives may be persuaded to move company by the promise of a
golden hello（见面礼）:a large sum of money or some other
financial enticement offered by the company they move to.
二、Executive pay 主管人员的收入
When talking about executive pay, compensation（薪水）can
refer, confusingly, to two different things:
* what top executives get for running a company.
* what they get on leaving a company.
Apart from salary, an executive's compensation package（工资袋）can
* bonuses: extra payments, sometimes, but not always, related to
the firm's performance.
* benefits（福利；津贴）and perks（额外津贴）ranging
from share options（优先股票权）, the right to buy the
company's shares at an advantageous price, to a chauffeur-driven
Remuneration（待遇）is also used to talk about executives'
salary and benefits.
三、Executive pay-offs 主管人员的?#37319;?#36153;
A compensation package for an executive leaving a company is also
known as a golden goodbye（黄金再见）, golden handshake（黄金握别）,
or golden parachute（黄金?#24503;洌?
Compensation for someone leaving a company may be referred to as
a compensation payment, compensation payoff, or compensation payout（赔偿金）.
These payments may form part of a severance package（解雇金）.
Severance payments can be the subject of complex negotiations
when an executive leaves, or is ousted（免职）: forced to leave.
When executives are ousted, people may talk about companies
giving them the golden boot（给被解职/离职的主管人员的补偿金）.
四、Numbers people 计算数值的人
Business organizations obviously need people who are good with
numbers and computers.
People refer, slightly offensively, to accountants and other
numerate specialists as bean-counters（数值计算专家/会计）
are people with advanced qualifications in mathematics and related
subjects recruited by financial institutions to work on new and
extremely complex financial products.
五、Management and labour 劳资双方
People working for a company are referred to as its workforce（?#25237;?#21147;）,
employees（雇工）, staff（职员）, of personnel（雇员）
and are on its payroll（工资发放名册）.
In some contexts, especially more conservative ones, employees
and workforce refer to those working on the shopfloor（车间）of
a factory actually making things. Similarly, staff is sometimes used
to refer only to managers and officebased workers.
This traditional division is also found in the expressions
white-collar（白领） and blue-collar（蓝领）.
Another traditional division is that between management（资方）and
一、Personnel or human resources? 职?#34987;?#26159;人力资源
The people working for an organization are, formally, its
personnel（职员/人事）. In large organizations, administration
of people is done by the personnel department（人事部）,
although this expression is now sometimes rejected. Companies talk
instead about their human resources（人力资源）or HR and human
resource management（人力资源管理） or HRM.
二、Hiring and firing 雇佣和解雇
Personnel departments are usually involved in finding new staff
and recruiting（招?#31119;﹖hem, hiring（雇佣)them, or taking them
on, in a process of recruitment. Someone recruited is a recruit（新进人员）,
or in American English only, a hire. They are also involved when
people are made to leave the organization, or fired（被解雇）.
These responsibilities are referred to, relatively informally, as
hiring and firing（雇佣和解雇）. If you leave a job
voluntarily, you quit（辞职）.
三、 Delayering and downsizing 延缓和精简编制
Middle managers（中程主管）are those in the hierarchy
between senior management and front-line managers（基层管理人员）
or line managers（生产线管理人员）, the people managing
Middle managers are now most often mentioned in the context of
re-engineering（流程再造）, delayering（延?#28023;? downsizing（精简编制）,
or rightsizing: all these expressions describe the recent trend for
companies to reduce the numbers of people they employ, often by
getting rid of layers of managers from the middle of the hierarchy.
An organization that has undergone this process is lean（精干的）and
its hierarchy flat（扁平的）
Organizations say that they are eliminating middle levels of
their hierarchies so as to empower（授权）ordinary workers and
This process of empowerment is designed to give them the
authority to make decisions that were previously taken by middle
五、Getting the sack 解雇
When people lose their jobs, they are dismissed（被开除） or
made redundant（被解雇）. When people are laid off（被辞退）like
this, commentators talk about the number of dismissals（裁员）or
The people left in an organisation after it has been downsized
often have more to do. Stress is a combination of tension and
anxiety often caused by overwork（工作过度）. working too
much. People say that they are under stress, stressed, or stressed
out when they are overworked. People who have been under so much
stress that they are unlikely to recover enough to do their jobs
properly again are described as burned out（筋疲力尽）, or in
British English only, burnt out.
Outplacement is when a company helps people it is making
redundant find new jobs in other organizations
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