2018年翻译资格考试三级笔译模拟题：股权

　　汉译英

　　近年来，外国企业一直从它们本地的上市子公司手中买入畅销品牌，并将这些畅销品牌并入由于母公司100%控股的实体企业中。

　　所以，他们要么设立了不上市的全资子公司，要么增持现有关联方的股份，以获得总运营控制权。

　　鸿基集团采用平行的金字塔结构，而且控股公司在每个子公司的股权比例不超过30%，施先生在控股公司中的持股也不超过5%。

　　放给关联公司的贷款基本都不按市场条件的正常交易，收取的利率往往低于市场水平，并很少进行认真的资信调查。

　　参考译文

　　In recent years，foreign companies have been buying best-selling brands from their locally listed subsidiaries and moving them to entities that are 100%-owned by the far-off parent.

　　so they have set up wholly-owned，unlisted subsidiaries，or increaseed their stakes in existing affiliates，to gain total operating control。

　　not only was the Acer group to be flat，rather than pyramidal，but the holding company would own no more than 30% of each subsidiary，and Mr.Shih himself would control no more than 5%of the holding company.

　　Loans to related companies are rarely made on an arm's length basis，and tend to be granted at below-market rates，with scant credit vetting.

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