2009年5月9日 星期六

the underdog, capitalization, recapitalization

The government may be hoping that private investors will help recapitalize some of the nations biggest banks, but don't count on the Blackstone Group being one of them.


In the latest from DealBook's "Another View" series, Daniel Alpert of Westwood Capital offers his thoughts on how a government recapitalization of the nation's most important banks should be structured.

Go to Another View from DealBook»



underdog
Show phonetics
noun
1 the underdog a person or group of people with less power, money, etc. than the rest of society:
As a politician, her sympathy was always for the underdog in society.

2 [C usually singular] in a competition, the person or team considered to be the weakest and the least likely to win
(from Cambridge Advanced Learner's Dictionary)

The Technologist: Microsoft Plays The Underdog (By Steven Levy)

微軟是一家深知“雄踞榜首意義”的公司。微軟一直保持著Windows和Office的業界首位寶座,打退了眾多挑戰者。微軟當時就利用了高居榜首的優 勢。在一定程度上市場佔有率能夠相互抗衡時,位居第二、第三的公司仍能生存,但如果與位居第一的公司一旦來開距離,就會變成“無法奪取首位寶座的企業”, 而喪失市場競爭力。

  相對於谷歌的良好業績,雅虎已經不得不裁員1000人,兩者之間的差距正在不斷拉大。微軟08財年第二季度(07年10~12月)業績形勢良 好,純利潤比上年增長79.2%、達到47億700萬美元,不過拉動業績增長的依然是“Windows Vista”和“Office 2007”等成套軟體。而MSN和Windows Live等網路服務部門,微軟的發佈資料中幾乎沒有觸及。

  筆者認為,微軟提出收購方案的目的是趁著“主要業務”表現良好的時機,確保在有可能成為下一個大市場的網際網路領域的影響力。將微軟的銷售額 和利潤與谷歌相比就會發現,微軟是後者的近3倍。雖然兩公司在市值總額(Market Capitalization)方面極為接近,但擁有多種收益來源的微軟,其強大還是不容置疑的。


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capital (MONEY) Show phonetics
noun [U]
wealth, especially a large amount of money used for producing more wealth or for starting a new business:
She leaves her capital untouched in the bank and lives off the interest.
We've put £20 000 capital into the business, but we're unlikely to see any return for a few years.

capitalize, UK USUALLY capitalise Show phonetics
verb [T often passive]
to supply money to a business so that it can develop or operate as it should

capitalization, UK USUALLY capitalisation Show phonetics
noun [S or U]
the total value of a company's shares on a stock exchange

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