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Unit 2Agency,Warm-up Activities,I. Pair works What do you know about agency? Think about the main functions of agency and talk with your partner.,II. Group work Work in small groups and discuss the agencies that you meet in your daily life. IIIThink about and then make a list of the different agencies you know in the world today.,Background Information,In law, a relationship in which one party (the agent) acts on behalf of and under the control of another (the principal) in dealing with third parties. It has its roots in ancient servant-master relations. Agency becomes a legal issue when the agent injures or wrongs a third party. In Anglo-American law, principals are bound by and liable for the acts of such agents as stockbrokers, business agents, contractors, real-estate agents, lawyers, union representatives, managing partners, and private detectives.,A consensual relationship created by contract or by law where one party, the principal, grants authority for another party, the agent, to act on behalf of and under the control of the principal to deal with a third party. An agency relationship is fiduciary in nature, and the actions and words of an agent exchanged with a third party bind the principal. An agreement creating an agency relationship may be express or implied, and both the agent and principal may be either an individual or an entity, such as a corporation or partnership.,Under the law of agency, if a person is injured in a traffic accident with a delivery truck, the truck drivers employer may be liable to the injured person even if the employer was not directly responsible for the accident. That is because the employer and the driver are in a relationship known as principal-agent, in which the driver, as the agent, is authorized to act on behalf of the employer, who is the principal. The law of agency allows one person to employ another to do her or his work, sell her or his goods, and acquire property on her or his behalf as if the employer were present and acting in person. The principal may authorize the agent to perform a variety of tasks or may restrict the agent to specific functions, but regardless of the amount, or scope, of authority given to the agent, the agent represents the principal and is subject to the principals control. More important, the principal is liable for the consequences of acts that the agent has been directed to perform.,Notes of Text 1.transaction costs: the cost incurred in making an economic exchange (restated: the cost of participating in a market) 交易成本 2.popular sovereignty: the principle that the legitimacy of the state is created and sustained by the will or consent of its people, who are the source of all political power 人民主权论 3.marginal benefits: the additional satisfaction or utility that a person receives from consuming an additional unit of a good or service. A persons marginal benefit is the maximum amount they are willing to pay to consume that additional unit of a good or service. 边际效益,Text Analysis,1.Enforcing such contracts will involve transaction costs (often referred to as agency costs), and these costs may sometimes be very high indeed. 履行这些合同将包括交易成本（通常称为代理成本），这些成本有时可能很高。 enforce vt. 实施，执行；强迫，强制 例：We recommend that you enforce this practice rigidly. 我们建议您严格执行这个实践。 Gossip or the fear of gossip may in this way serve to enforce the social norms that are necessary for any group to exist. 闲话或者对闲话的担心以此方式来执行某些社会准则，这些准则对任何一个群体的存在都是必需的。,Phrase: enforce vt实施；强迫；实行；强制 enforce upon强迫 Enforce restriction强化约束；巩固约束；强化束缚 enforce silence强令安静 to enforce执行 Enforce Temperature强加温度 Strictly Enforce严格执行；厉行 Enforce Security强制安全性 Enforce Its严令,involve vt. 包含；牵涉；使陷于；潜心于 例：However, the use of these materials does involve some inherent questions. 然而，对这些材料的使用涉及了一些固有的问题。 But there is a simple way of dismissing such unwanted thoughts which does not involve fighting them at all. 但是有一个根本不用涉及“与它们斗争”的消除这种不必要的想法的简单的方法。 Such investments generally involve a group of people who come together in a company or group of firms, pool their money and purchase parcels of land through a corporate structure. 这种投资一般涉及到在同一家公司的一群人，或者一组机构，把他们的钱放在一起，通过一个企业的结构形式购买一块块土地。,Phrase involve deeply深深卷入；使全神贯注；埋头于 involve doing包括做 Involve them吸引人们的参与 not involve并未涉及 involve imagination需发挥想像 involve affect影响到 involve implicate牵连 involve sacrifices意味着牺牲 involve vt使卷入；牵涉；涉及；包含,transaction n. 交易；事务；办理；会报，学报 例：They derived a benefit from that transaction. 他们从那笔交易中获利。 In this case, you should count the flow as one transaction. 在这种情况下，您应该将该流程计算成一个事务。 Rather than disclosing everything about you to every server or service, you disclose only what you need to disclose for the particular transaction. 而不是像所有的服务器或服务透露你的一切，你只需要为特定交易透露所需要的信息即可。 Phrase transaction cost 交易成本，交易费用 transaction processing 计事务处理 business transaction 商业交易；经经济业务 transaction volume 交易量 market transaction 市场交易 transaction data 事务数据 financial transaction 金融业务；财务交易，财务事项 connected transaction 关联交易,transaction tax 交易税 transaction services 事务处理服务；事务处理业务 exchange transaction 外汇交易 cash transaction 现金交易 commercial transaction 买卖，交易；商业行为 credit transaction n. 信贷交易 transaction value 成交价格；交易价 spot transaction 现货交易 futures transaction 期货交易；先物取引 transaction processing system 计事务处理系统 sales transaction 交易；销售事务 related party transaction 关联方交易；集团内交易；内幕交易,agency n. 代理，中介；代理处，经销处 例：The relief agency distributed food among the poor. 救援机构在穷人中分发食物。 The agency places about 4,000 young persons per annum. 该代理机构每年为4，000名年轻人安排工作。 The country health agency has dedicated one inspector to monitor conditions in nursing homes. 该国卫生机构已指定一名检查员监测各疗养院的情况。 Phrase news agency 通讯社；新闻通讯社 xinhua news agency 新华社 travel agency 旅行社 agency business 代理业务 advertising agency 广告公司；广告商,Text Analysis,2.Directors, managers and employees of business corporations are supposed to use their delegated authority to maximize the total financial returns from the business to its owners, the shareholders. 企业的董事、经理和员工应该使用他们的代理权限为他们的所有者即股东最大限度的从业务中获得收益。 be supposed to 应该；被期望 The cover be supposed to protect the machine from dust . 这个盖子会保护机器不进灰尘。 This part infers the Baise speech according to preceding text analysis to be supposed to be south the cassiabarktree the Cantonese Nanning yongxun piece. 这部分根据上文分析推断百色话应属桂南粤语邕浔片。 It would be absurd that, while in estimating all other things quality is considered as well as quantity, the estimation of pleasure should be supposed to depend on quantity alone. 在评价其他所有事物时一并考虑质量和数量，而评价快乐时却只依赖数量，这样的做法将会是荒诞的。,delegate vt. 委派为代表 n. 代表 例：They drafted him to serve as their delegate. 他们选派他作他们的代表。 Each delegate could then be invoked separately. 然后可以单独调用每个委托。 Should I delegate this task or just say no all together? 我应该把这个任务委托给别人，还是直接拒绝？,Phrase delegate to参加；的代表；委托给；加入 delegate trust转委信托；转委信讬 Chief Delegate首席代表 Generic Delegate泛型委托 Apostolic delegate宗座代表；教廷大使 Special Delegate稽查特派员 Delegate Chains委派链 Delegate Methods代表方法 delegate object委托对象,authority n. 权威；权力；当局 例：He disrespected all authority figures. 他蔑视所有权威人物。 They disclaimed the authority of the president. 他们不承认总统的权威。 Little by little he usurped his bosss authority. 他逐渐地篡夺老板的权力。 Phrase: competent authority 法主管当局，主管部门 authority on 有关的权威；的专家 local authority 地方当局；地方政权 administrative authority 行政当局 tax authority 税务机关 public authority 公共机关；政府当局 in authority 有权；持有权力的地位 judicial authority 司法机关,legal authority 法定权威 central authority 中央集权 monetary authority 货币当局；金融管理专员 port authority 港务局 approval authority 批准机关；核准权 regulatory authority 管理机构；制定规章的机构；执行机构 aviation authority 民航当局 have authority 管理；有管辖权 limits of authority 税收管理权和权限，权限 by the authority of 以的权力；得到许可 certificate authority 凭证管理中心；认证授权 authority control 权限控制；权威控制,maximize vt. 取最大值；对极为重视 vi. 尽可能广义地解释；达到最大值 例：But how do you build information services to maximize the flexibility and reuse of these services? 但是您如何构建信息服务以最大化这些服务的灵活性和重用呢？ The only catch is you have to know how to use it and how to maximize its potential once you have it. 你唯一必须知道的一点就是如何利用它，并在拥有这种能量后如何最大限度地发挥其潜力。 From a design perspective, our job is to maximize the value of every visitor, whether they love the content or hate it. 从设计角度来说，我们的任务是 最大化每个访问者的价值 ，不管他们对内容是爱还是恨。,Phrase maximize button最大化按钮 maximize profit利润最大化；追求最高利润；追求最大利润；追求利润最大化 Maximize Power极限攻击 maximize impact扩大战果 Disable maximize禁用窗口的最大化 Maximize Track音轨最大化 Maximize Spell极限法术 maximize profit利润最大化 Can maximize面板是否可以最大化,Text Analysis,3.Government officials, judges and politicians in countries embracing the concept of popular sovereignty are instructed to use the power granted them to make public policy decisions that further some reasonable concept of “the public interest” (usually conceived as the common interests of their constituents or of the countrys citizenry at large). 一个国家中信奉人民主权论的政府官员、法官、政治家被告知要使用赋予他们的权力制定能够进一步扩大公众利益的政策（通常被认为是绝大多数选民或公民的利益）。 embrace vt. 拥抱；信奉，皈依；包含 vi. 拥抱 n. 拥抱 例：Embrace it. 拥抱它。 Why not embrace that?. 为何不拥抱这个呢？ Embrace it.,Phrase abjure embrace发誓放弃；放弃；支持 embrace reflex抓抱反射；拥抱反射 abrogate embrace废除；支持 ANGELS EMBRACE天使的拥抱 Embrace Inconsistency拥抱不一致性；亲不同是谓大同 Loves Embrace拥抱爱；拥抱我 Holy Embrace神圣之拥；崇高之拥 Embrace Yourself拥抱自己 Natures Embrace拥抱自然,concept n. 观念，概念 例：But it illustrates the concept well. 但它很好地说明了概念。 A small baby has no concept of right and wrong. 婴儿没有是非概念。 We will explore this concept in the next section. 我们在接下来的部分探究这个概念。 Phrase concept formation心理 概念形成；心理 概念构成；心理 概念的形成；心理 理念形成 Concept design概念设计；构思设计；构想设计；初步设计 legal concept法制观念；法律概念；多个法律内容；法律 Basic Concept基本概念；本义；基础概念；第一节 concept album概念专辑；概念性专辑；概念唱片；观点专辑 concept learning概念学习；观点进修 Vague concept模糊概念 concept plan概念图则；概念规划；概念总蓝图；概念图 Accrual concept应计概念；应计观念；权责发生概念；权责发生制原则,sovereignty n. 主权；主权国家；君主；独立国 例：The superpower often tramples on the independence and sovereignty of other countries. 这个超级大国经常无视别国的独立和主权。 This is critical for the sovereignty of Iraq and Afghanistan. 这对于伊拉克和阿富汗的主权是至关重要的； We respect your sovereignty and the tremendous sacrifices you have made for your country. 我们尊重你们的主权，以及你们为自己的国家做出的重大牺牲。 Phrase popular sovereignty 人民主权论 territorial sovereignty 领土主权 consumer sovereignty 消费者主权,sovereignty n. 主权；主权国家；君主；独立国 例：The superpower often tramples on the independence and sovereignty of other countries. 这个超级大国经常无视别国的独立和主权。 This is critical for the sovereignty of Iraq and Afghanistan. 这对于伊拉克和阿富汗的主权是至关重要的； We respect your sovereignty and the tremendous sacrifices you have made for your country. 我们尊重你们的主权，以及你们为自己的国家做出的重大牺牲。 Phrase popular sovereignty 人民主权论 territorial sovereignty 领土主权 consumer sovereignty 消费者主权,grant vt. 授予；允许；承认 vi. 同意 n. 拨款；法 授予物 例：Grant and Lee are bracketed in history. 在历史上格兰特和李两人的名字总是被一起提及的。 You have to grant us control explicitly. 你们必须允许我们明确地控制。 You should grant them access only to the resources that they require. 您应该仅向用户授予它们所需的访问权限。 Phrase take for granted 认为理所当然 government grant 政府批地书，政府补助金 land grant 政府赠地；政府拨给大学或铁路之土地,conceive vt. 怀孕；构思；以为；持有 vi. 怀孕；设想；考虑 例：We cant conceive of living without a telephone. 我们简直设想不出没有电话人怎么活下去。 The doctor told her that she couldnt conceive again. 医生告诉她不能再怀孕了。 All women dont conceive the first time they have sex, as they should have unprotected sex at the right time of the month for pregnancy to occur. 所有女人都不会在第一次做爱的时候怀孕，因为他们要选择一个月中正确的时间做无防卫的性爱才能让怀孕发生。 Phrase Conceive elegance气质自造 conceive as认为 First Conceive先设想 Conceive outline构思 May Conceive可以设想 conceive of以为 elementary conceive初步设想,constituent n. 成分；选民；委托人 adj. 构成的；选举的 例：This process or activity is broken down into its constituent tasks. 这个过程或者活动被分解为若干个组成的任务。 At a lower level of decomposition it, too, could be described in terms of its constituent components. 在一个更低层级的分解中，它还可以进一步被描述为它自身的组成要素。 It also helps to show the ownership relationship between the identified major contributors and the constituent data types for each of the major contributors. 它还可以帮助显示标识的主要占用者和每个主要占用者的组成数据类型之间的所属关系。 Phrase constituent structure 句子结构；成分结构 chemical constituent 化学组分，化学成分 active constituent 活性组分 main constituent 主成分 constituent ratio 构成比，结构相对数,at large 详尽的；未被捕的，整个的 例：At large social or business events, your goal should be to make connections with two or three people, he says. 他说，在重大的社会或商业活动中，你的目标是和两到三个人建立联系。 Rather, it should be reserved for those who use coercion or deception to gain their wealth by reducing the wealth of the community at large. 这个词应该用在那些使用强迫或欺诈的手段、以极大的减少公共财产来获得财富的人。 Some of the differences youll see if you try this example yourself are more precise layout of text and sharper characters at large font sizes and when zoomed. 如果试用一下这一例子的话，你会发现，在大文字尺寸方面和在缩放时，存在着更精确的文字布局和更清晰的字符这种差异。,Exercise:I. Answer the following questions according to the text:,1. What is the main topic of the passage? The topic of the passage is Agency Problem. 2. What do you know about agency problem? It also sometimes refers to as the principal-agent problem. The difficult but extremely important and recurrent organizational design problem of how organizations can structure incentives so that people (“agents”) who are placed in control over resources that are not their own with a contractual obligation to use these resources in the interests of some other person or group of people actually will perform this obligation as promisedinstead of using their delegated authority over other peoples resources to feather their own nests at the expense of those whose interests they are supposed to be serving (their “principals”).,3. What do directors, managers and employees use to maximize the total financial returns? Directors, managers and employees of business corporations are supposed to use their delegated authority to maximize the total financial returns from the business to its owners, the shareholders.,4. If agents are really to perform consistently in the manner they are supposed to do, what will they need to do? Yet if agents are really to perform consistently in the manner they are supposed to do (that is, in the interests of other people), they will need to be suitably motivated by some combination of material incentives, moral incentives, and/or coercive incentives that will make it seem worth their while to attend faithfully to their service obligations and fiduciary duties. 5. In order to accomplish the long-run best interests of agents, what will the principals need to do? In order to accomplish this, the principals need to be reasonably clever in setting up the initial rules of the game that are set in the employment contract, sufficiently vigilant in keeping track of their agents quality of performance over time, and willing to bear at least some minimum level of “agency costs” in order to provide the necessary incentives.,6.What are the techniques commonly used to overcome the agency problem? 1) profit-sharing bonuses, contingency fees, sales commissions, merit raises, executive stock options and various other contractually specified methods of setting the amount of the agents financial compensation in proportion to measurable results; 2) organizational hiring and promotion policies for people in responsible positions (agents) that emphasize identifying and selecting candidates whose reputation (based ideally on past performance) indicate they are “well-motivated”, “dedicated to the ethics of the profession”, and generally “of good character”i.e., people who feel a strong sense of moral obligation to do their best to do what they have promised to do, even when no one is likely to be watching;,3) institutional arrangements of accountability (such as boards of directors, auditing committees, inspector generals offices, professional society ethics committees, and government regulatory boards) for detecting and then punishing extreme dereliction of duty, either by simply firing and disgracing (or perhaps de-licensing) the unworthy agent or possibly by aggressively pursuing civil or criminal penalties through the courts; 4) arrangements such as elections whereby the recent performance of the agent may be periodically scrutinized by his or her principals and competing candidates for the job may be allowed to make their case for replacing the incumbent agent by revealing his or her shortcomings and showing how performance might be improved through a change in command.,7. Can agency problems be solved 100% in a world? And why? The agency problem can never be 100% solved in a world where virtually everyone has a healthy regard for their own self-interest and the relevant information for evaluating performance is imperfect, costly to obtain and unequally distributed between the agent and his principals.,8.What will rational principals pursue? Rational principals will only pursue the available techniques for control to the point that the marginal increment in “agency costs” rise to equal the marginal benefits to them of the additional increment in “faithfulness” that they produce. (That is to say, sometimes it is cheaper for principals to endure a certain amount of dereliction of duty by their agents than it is to pay for the precautions needed to prevent or punish it.),9.What are the two important tasks of the academic disciplines of business administration and public administration? Two of the important tasks of the academic disciplines of business administration and public administration are to identify, and then to devise cheaper substitutes or remedies for, organizational arrangements that are characterized by costly agency problems.,Word PracticeFill in the blanks with appropriate words from the text. The initial letter of each word has been supplied for you.,1. I dont think this is a d_ of duty. 2. Her request for money was turned down by the t_. 3. A fire in our warehouse was a c_ that we had not expected. 4. The senator a_ himself with the critics of the proposed reforms. 5. He defeated the i_ governor by a large plurality.,1. dereliction 2. trustees 3. contingency 4. aligned 5. incumbent,6. The custom will never receive the s_ of tradition. 7. MPs may lack the necessary expertise to s_ legislation effectively. 8. S_ will be voting on the merger of the companies. 9. I took the p_ of locking money in the safe. 10. The doctor gave her an injection to a_ the pain.,6. sanction 7. scrutinize 8. Shareholders 9. precaution 10. alleviate,Fill in the blanks with the appropriate words or phrases given in the box. Change the forms where necessary.,refer to in control instead of be supposed to on behalf of in the interest of combination of the more.the more in order to set up do ones best rather than 1.Does your remark _ all of us? 2.The crowd _ a shout as the winner neared the post. 3._ they talked, _ they disagreed.,1. refer to 2. set up 3. The morethe more,4.The conclusion of this agreement is _ both side. 5.Taking exercise every day makes him look younger _ older. 6.Most people have to work _ live. 7.The show _ be good. 8.They thus increased their annual grain production _ diminished it. 9.At the airport he read an address of welcome _ the association. 10.Who is _ here?,4. in the interest of 5. instead of 6. in order to 7. is supposed to 8. rather than 9. on behalf of 10. in control,TranslationTranslate the following sentences into English:,1. 受托人为了个人利益挪用金钱是不合法的。 2. 这个国家的气候得天独厚。 3. 紧急事件响应是政府的基本职责。 4. 他得学会如何在这漫长的黑夜里保持警觉。 5. 这对于完善我国独立监管组织具有重要实践意义。 1. It is illegal for a fiduciary to misappropriate money for personal gain. 2. This country is favorably endowed climatically. 3. Emergency response is the basic accountability of the government. 4. He has to learn how to remain vigilant through these long nights. 5. This is important to consummate our independent regulatory organization.,V. Reading comprehensionRead the text carefully, and choose the best answer.,No one knows when the first calendar was developed. But it seems possible that it was based on lunar months. When people started farming, the sages of the tribes became very important. They studied the sky and gathered enough information to be able to predict when the seas
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