Text 3_新浪教育

Text 3

http://www.sina.com.cn 2006/09/25 19:58 东方飞龙

　　Text 3

　　 The apparent purpose of allowing the government to invest the trust fund is to take advantage of the higher returns from private capital markets. There is strong evidence,though,that the governments investment policy substantially could undercut the returns it otherwise might expect to receive.High capit

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al market returns in the U.S. are derived from the high productivity of capital and the efficiency of the markets.Investment of the Social Security trust fund in private capital markets will hurt both of these sources of American economic performance;capital will be less productive and markets will be less efficient.

　　A 1994 study by the World Bank of governmentmanaged pension fund investments around the world found that they generally earned lower annual returns than privately managed pension investments.It showed that governments generally pursued one of two policies for their invesments,both fundamentally flawed.

　　One was to invest heavily in government securities,which earn much lower returns than,for example,stocks.There are two reasons for this policy.First,there is a cautionary search for safe investments because governments fear the political reaction if a more aggressive investment policy were to lead to adverse results. Second,buying up government debt allows the government to defer the cosequesces of its own overspending.Indeed,there is evidence that the power to shift government debt into pension funds actually may induce them to spend and borrow more.Borrowing from the pension fund is less transparent than doing so from the open capital market.In many cases,such borrowing is not even reported as public debt, and the interest rate may be lower.

　　This already is occurring with the Social Security trust fund.The current surplus is used to purchase Federal Treasury obligations that are credited to the Social Security trust fund.The government then utilizes the money it has borrowed from the trust fund to meet current operating expenses.

　　The other investment policy pursued by governmentcontrolled pension funds is to invest in governmentsupported projects,such as stateowned enterprises or public housing.Again,the result often is extremely low rates of return.In fact,such investments frequently lose money. Moreover,government investment leads to greater government involvement in the economy that could,in turn,lead to policies that slow economic growth and reduce the return on capital for all investors,including the government itself.［390 words］

　　1. According to the author,government investment of the Social Security trust fund(此题与2006年第22题相仿)

　　［A］ will result in higher returns from private capital markets.

　　［B］ can have a negative effect on the efficiency of the markets.

　　［C］ will give an impetus to economic development.

　　［D］ can promote productivity of capital.

　　2. A 1994 study by the World Bank of governmentmanaged pension fund investments

　　［A］ met the expectation of the higher annual returns.

　　［B］ excluded the possibility of a more aggressive investment.

　　［C］ felled short of the governments anticipation.

　　［D］ failed to reflect the true state of economy.

　　3. From the last paragraph,we learn that(此题与2006年大纲样题第21题相仿)

　　［A］ investments in governmentsupported projects often earn high annual returns.

　　［B］ greater government involvement in the economy could impede economic growth.

　　［C］ business investments in public housing frequently lose money.

　　［D］ the investment policy pursued by governmentcontrolled pension funds is fundamentally profitable.

　　4. What tone did the author adopt in this passage?(此题与2002年第55题相仿)

　　［A］ Satire. ［B］ Exposure.

　　［C］ Attack. ［D］ Criticism.

　　5. By saying that “which earn much lower returns than, for example，stocks” (Line 1, Paragraph 3), the author means that(此题与2006年大纲样题第22题相仿)

　　［A］ One would earn more money if he had invested in government securities.

　　［B］ One would earn more money if he had invested in stocks.

　　［C］ Government securities will yield less profit than stocks.

　　［D］ Government securities will be levied less tax than stocks.

　　-核心及超纲词汇

　　1.investv.投资

　　2.trust fund信用基金

　　3.pensionn.

养老金，抚恤金［同义］ allowance(from a government for past services), annuity

　　4.cautionarya.给予劝告或警告的

　　5.surplusn.过剩，盈余［同义］ excess,

　　remainder, remains ［反义］ deficiency,

　　shortage

　　-全文精译

　　政府的投资目的

　　允许政府进行信贷投资(trust fund)的目的是利用私人

资本市场的高额投资回报。然而有力的(strong)证据表明：政府的投资政策实质上(substantially)可能减少它原本预期获得的投资回报。在美国，资本市场的高额投资回报源于高资本效能和高市场效率。将社会保障信托基金投资与私人资本市场会降低这两个资源的经济效益，资本效能和市场效率就

　　会降低。

　　1994年，世界银行对全世界政府管理的养老基金投资进行了研究表明，其投资回报低于私人管理的相应投资的回报。这表明，政府只贯彻了两项投资政策中的一项，而两者都有缺陷(flaw)。

　　其中之一是对政府债券大力投资，其回报远低于对股市之类的投资。这一策略的制定有两个原因。首先是小心(cautionary)寻求投资安全性。政府担心激进的(aggressive)投资政策一旦导致相反结果会引发政治反应(political reaction)。第二，尽可能收购

政府债务可使政府延缓其超支造成的后果。甚至还有证据表明，把政府债务转化为养老基金会促使政府借用更多的钱、花更多的钱。借用养老基金远不及从公开的资本市场借用资金透明(transparent)。在许多情况下，这种借用甚至不被作为政府债务进行公布，并且其利率也较低。

　　社会保障信托基金的情况正是如此。盈余资金(surplus)被用来购买记入社会保障信托基金贷方的联邦财政债务。政府然后用这些借来的钱支付运作费用。

　　以政府管理的养老基金进行的第二项投资策略是对政府支持的项目投资，如对国企(stateowned enterprises)或公众住房(public housing)的投资。这种投资的结果还是回报率很低。事实上，这种投资经常赔钱。然而，政府投资导致政府更多地干预经济，这又可能反过来导致相应政策的制定，这种政策进而会减慢经济增长，降低包括政府本身在内的所有投资者的资本回报。

　　-答案详解

　　1. 【正确答案】［B］ can have a negative effect on the efficiency of the markets.

　　【本题考点】细节判断题。

　　【试题精解】根据第一段最后两句：High capital market...will be less efficient.可知：高的资本市场返回源于高的资本效能和高的市场效率，将社会保障信托基金投资于私人资本市场会降低资本效能和市场效率，从而阻碍经济的发展。所以排除了其他的选择项。

　　【考点出处】第一段最后两句。

　　2. 【正确答案】［C］ felled short of the governments anticipation.

　　【本题考点】推理暗示题。

　　【试题精解】世界银行的研究结果表明，政府管理的养老基金投资每年的资金返回低于私人管理的养老金投资的资金返回。因此没有达到政府的预期目标。

　　【考点出处】根据第二段中的表述，［A］项与之不符，［B］、［D］项文中未提，［C］项与文意一致。

　　3. 【正确答案】［B］ greater government involvement in the economy could impede economic growth.

　　【本题考点】细节判断题。

　　【试题精解】参考末段 Moreover,government investment leads to greater government involvement in the economy that could,in turn,lead to policies that slow economic growth...;impede 意为“妨碍，阻止”。

　　【考点出处】［A］项与末段第一句意思相悖，第二句说是极低的回报率，而［C］项说会赔钱，故［C］项错误，［D］项夸大其词。故选［B］。

　　4. 【正确答案】［D］ Criticism.

　　【本题考点】语义归纳题。

　　【试题精解】批评。文章作者的语气明显是在批评政府所采取的社会保障基金投资政策。［A］讽刺；［B］揭露；［C］抨击。

　　【考点出处】纵观全文，作者持批评态度，故选［D］。

　　5. 【正确答案】［C］ Government securities will yield less profit than stocks.

　　【本题考点】词语释义题。

　　【试题精解】首先，which应该指代“government securities”; returns此处的意思应该是profit, 显然［C］为正确答案。

　　【考点出处】第三段首句。