考研英语2002年Text 4的答案如下：
【问题】
请根据以下文章内容回答问题。
【文章】
The world is going through the biggest wave of mergers and acquisitions ever 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 wondering: "Why do companies buy each other? What is driving this wave of merger fever?"
Many experts attribute the current wave of merger fever to the globalisation of markets. The worldwide flow of goods, services, technology, capital and people has led to the creation of a single world market. This has removed the geographical barriers to competition. As firms search for areas to expand into, new opportunities arise.
Certainly, the creation of a single world market has reduced barriers to competition. But it also means that firms must compete worldwide to keep the leading position in their industry. In order to do so, they need to find new ways of competing. In this global market, the only sure way of keeping ahead is to be first to market with a new or improved product.
With the growth of multinational corporations, the biggest single challenge to the national economy has been on the creation of jobs. An increasing number of jobs are being lost, particularly in the manufacturing sector. For example, the Japanese car industry is moving into Europe, taking tens of thousands of jobs with it. Faced with this challenge, many countries are becoming increasingly protectionist. Tariffs on imported goods have risen, not only against companies from countries that are regarded as our competitors but also against companies that work together with us.
Today, the new wave of "merger fever" has led to an unprecedented increase in the number of mergers and acquisitions. However, many of these mergers and acquisitions are of questionable value. They are often based on the desire of firms to be larger, or to achieve some other type of corporate prestige. It seems that the key to a successful merger is the integration of the newly merged entities. When a merger takes place, the usual pattern is for the company being taken over to continue operating, but under new management. The products and services of the company being taken over are presumed to be superior. However, when this new management takes over the company, it often finds that the products and services of the company being taken over are inferior. As a result, the newly merged entity often fails to achieve the desired results.
【答案】
1. Many experts attribute the current wave of merger fever to the globalisation of markets.
2. The key to a successful merger is the integration of the newly merged entities.
3. Many of these mergers and acquisitions are of questionable value.
4. The products and services of the company being taken over are presumed to be superior.
5. The newly merged entity often fails to achieve the desired results.
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