영어번역사자격증 TCT1급2교시[경제경영]기출문제1

영어번역사자격증 TCT1급2교시[경제경영]기출문제1

 

영어번역사 TCT 1급 2교시 [경제경영] 기출문제1

 

※ 다음 3 문제 중 1문제를 선택하여 한국어로 번역하시오. [50점]

[문제 1]
After taking over as chief executive last year, James R. Cantalupo wanted to show
that the turnaround at McDonald's Corp.―and its new commitment not to waste money―
was real. So in September, he announced a 70% hike in the annual dividend, the
burger giant's biggest increase in 25years. The move committed McDonald's to
passing out an extra $200 million a year to shareholders, cash that otherwise might
have gone toward illconceived expansion schemes. "It was," says Chief Financial
Officer Matthew H.Paull, "a way of putting our money where our mouth is." Moves like
McDonald's have played out in scores of boardrooms over the past year. It's all part
of a huge shift in corporate finance that began in December, 2002, when the Bush
Administration began sounding out ways to cut taxes on dividends. Some 370
companies in the Standard& Poor's 500 stock index are now paying dividends, 19
more than in 2002. And last year these companies paid out $161 billion, up 8.8% from
the year before. This year, S&P expects payouts to rise by an additional 10.7%, the
biggest increase since 1989. Among the first-timers joining the dividend bandwagon:
Best Buy, Clear Channel Communications, Reebok International, and
Microsoft. "Dividends are now back in play," says Howard Silverblatt, equity market
analyst at S&P. The switch marks a sharp turning point after two decades in which
companies handed out less and less of their profits directly to shareholders. but that
period may have been an aberration, says Jeremy J. Siegel, professor of finance at
the Wharton School of the University of Pennsylvania. Over most of the past century "it
was considered essential to pay dividends," he says They enhance the credibility of
reported earnings and make executives think twice about how they use shareholders'
money. This year's jump in payouts shows that corporations not only are making more
money but also they're more confident they can keep the cash flowing, he says.
So why are dividends back in fashion? The biggest reason may simply be the surge in
corporate profits at the end of last year. So far, fourth-quarter earnings from continuing
operations at S&P 500 companies have leaped 28%, compared with the year-earlier
period. And the dividend-tax cut last year probably encouraged companies to share
more of those profits. The cut reduced government's slice of dividend payments to
15% from the 35% maximum federal rate on ordinary income.

 

 

 

 

 

 

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