考研人數(shù)逐年增加，競爭之激烈使得我們不得不加急復習的日程。眾所周知，閱讀理解占據(jù)了考研英語二100分試卷的一半分值，而考研英語閱讀文章大多來自英美國家的主流報刊雜志，所以如果能在日常就多多閱讀這些文章，對以后讀懂文章做對題目來說會大有裨益。
學習步驟如下：
1.不看漢語譯文自己看一遍短文做理解
2.看漢語譯文比對自己理解的意思與之出入
3.強化記憶重點單詞（以記憶其漢語意思為主）
No margin for error
A guide to running a company in a period of stagflation.
（2）
Today’s executives may think of themselves as battle-hardened—they have experienced a financial crisis and a pandemic. However, the stagflationary challenge requires a different toolkit that borrows from the past and also involves new tricks.
The primary task for any management team is to defend margins and cashflow, which investors favour over revenue growth when things get uncertain. That will require fighting harder down in the trenches of the income statement.
Although a rise in margins as inflation first picked up last year led politicians to denounce corporate “greedflation”, after-tax profits in fact tend to come down as a share of GDP when price rises persist, based on the experience of all American firms since 1950.
To create shareholder value in this environment companies must increase their cashflows in real terms.That means a combination of cutting expenses and passing cost inflation on to customers without reducing sales volumes.
短文翻譯
在艱難時期管理美國企業(yè)：容不得犯錯
在滯脹時期經(jīng)營公司的指南
（2）
今天的高管可能認為自己身經(jīng)百戰(zhàn)--他們經(jīng)歷了一場金融危機和一場疫情。然而，應對滯脹挑戰(zhàn)需要一套不同的工具，一套既借鑒過去，也包含新技巧的工具。
任何管理團隊的首要任務都是保護利潤和現(xiàn)金流，當形勢變得不明朗時，投資者更喜歡利潤和現(xiàn)金流，而不是收入增長。這將需要在損益表的戰(zhàn)壕中更加努力地戰(zhàn)斗。
盡管在去年通脹首次抬頭時，利潤率因此上升，引發(fā)政界人士譴責企業(yè)“貪婪膨脹”，但實際上，根據(jù)1950年以來所有美國公司的經(jīng)驗，當價格持續(xù)上漲時，稅后利潤占國內(nèi)生產(chǎn)總值的比例往往會下降。
為了在這種環(huán)境下創(chuàng)造股東價值，企業(yè)必須增加實際現(xiàn)金流。這意味著在不減少銷量的情況下，既要削減開支，又要將成本膨脹轉(zhuǎn)嫁給客戶。
重點單詞
stagflation [st?ɡ?fle??n]
n.滯漲 (高通脹與低就業(yè)率或經(jīng)濟低迷并存)
executive [?ɡ?zekj?t?v]
n.經(jīng)理，管理人員
financial crisis
經(jīng)濟危機
However, the stagflationary challenge requires a different toolkit （that borrows from the past and also involves new tricks.）
括號部分為定語從句，修飾前面的名詞toolkit(一套工具）
翻譯：然而，應對滯脹挑戰(zhàn)需要一套不同的工具，一套既借鑒過去，也包含新技巧的工具。
margin
*margin only means the difference between the selling price and the buying price.(指毛利潤)
income statement
收益表，損益表
politician [?p?l??t??n]
n.政客
denounce [d??na?ns]
v. 譴責
greedflation
（合成詞）貪婪膨脹
share
n.比例，份額
persist [p??s?st]
v.堅持，持續(xù)
in real terms
實際地
cut expenses
削減開支
cost inflation
成本膨脹
