中国官方鼓励上市企业自救

 　　Four Chinese regulatory agencies have issued a joint¹ statement “encouraging” listed companies to hand out more dividends², buy back their own shares and carry out more mergers³ and corporate⁴ restructurings to boost slumping⁵ share prices.

　　中国四家监管机构联合发布通知，“鼓励”上市公司派发更多股息，回购股票，并进行更多并购和公司重组，以提振低迷的股价。

　　The statement from the finance ministry⁶ and the regulators in charge of securities, banking⁷ and state-owned assets was issued after Beijing’s decision to end its large-scale but unsuccessful programme of direct stock purchases.

　　财政部会同证券、银行和国有资产监管机构发布《关于鼓励上市公司兼并重组、现金分红及回购股份的通知》之前，北京方面决定结束其大规模但未能成功的直接购股计划。

　　State-owned funds and financial institutions have spent more than $200bn since early July trying to prop⁸ up the market but benchmark indices have still fallen 40 per cent from their peak of early June.

　　自7月初以来，国有基金和金融机构支出了2000多亿美元试图救市，但基准股指仍从6月初达到的峰值下降了40%。

　　The government has decided⁹ to abandon these share purchases and concentrate instead on boosting the slowing real economy, “improving the quality of the equity¹⁰ market” and arresting people deemed to be manipulating the market.

　　政府决定放弃购买股票，转而集中精力提振不断放缓的实体经济，提升资本市场质量，同时抓捕那些被视为操纵市场的人。

　　In their statement, the four agencies pledged to step up the restructuring and mergers of listed state enterprises to make them more attractive to investors¹¹.

　　四家监管机构在《通知》中承诺推进上市国有企业的兼并重组，使其对投资者更具吸引力。

　　They said state-owned banks would be urged to provide low-interest, long-term loans to help listed companies conduct more mergers and acquisitions at home and abroad.

　　它们表示，将敦促国有银行提供低息、长期贷款，以帮助上市公司在国内外进行更多并购。

　　The statement also said the agencies would “actively encourage” listed companies to issue more cash dividends, a practice that is relatively¹² rare among companies listed on mainland Chinese stock exchanges.

　　《通知》还表示，它们将“积极鼓励”上市公司派发更多现金股息，这种做法在中国内地上市企业中比较少见。

　　The agencies will facilitate share buybacks by listed companies through regulatory measures that, analysts¹⁴ said, could include tax breaks. Buybacks would take place when share prices fall below net asset value.

　　这些机构将通过监管措施（分析师们表示可能包括税收优惠）便利上市公司回购股票。在股价跌至低于每股净资产时，鼓励上市公司回购股票。

　　Such measures would be aimed at helping¹⁵ companies issue bonds or preferred stock so they could raise money to buy back their own shares.

　　这些措施将旨在帮助企业发行债券或优先股，以便他们筹集资金回购股票。

　　Even after the falls in recent months, China’s benchmark index is up more than 40 per cent from a year ago and most analysts say Chinese shares are still overvalued.

　　即使在近几个月下跌后，中国的基准股指仍比一年前高出40%以上。大多数分析师称，中国股票仍被高估。

　　Since most listed companies in China are still trading at rich valuations and few are trading below their net asset value, any share buybacks are likely to be a long time in the future.

　　由于中国大多数上市公司的估值仍偏高，同时几乎没有一家上市公司的股价低于每股净资产，因此任何股票回购都很可能是遥远未来的事情。

　　Du Changchun, an analyst¹³ at Northeast Securities, said: “This is only a guiding document that says the government supports and encourages these measures. It is not a directive so it will not necessarily have an [immediate] effect. From the perspective of the listed companies, whether or not they will be able to implement¹⁶ it really just depends on their individual considerations.”

　　东北证券(Northeast Securities)分析师杜长春表示：“这只是一个指导性文件，上面写着政府支持和鼓励这些措施。它不是一个指令，所以它未必（立即）产生效果。从上市公司的视角看，能不能执行实际上完全取决于它们各自的考虑。”

　　On Tuesday Chinese stocks continued their slide, with the benchmark Shanghai Composite Index finishing the day down 1.23 per cent, having fallen nearly 5 per cent at one point in the morning.

　　周二中国股票延续跌势，基准的上证综指(Shanghai Composite Index)收盘跌1.23%，早盘一度下跌近5%。

1 joint   

adj.联合的，共同的；n.关节，接合处；v.连接，贴合

参考例句：

• I had a bad fall,which put my shoulder out of joint.我重重地摔了一跤，肩膀脫臼了。
• We wrote a letter in joint names.我们联名写了封信。

2 dividends   

红利( dividend的名词复数 )； 股息； 被除数； （足球彩票的）彩金

参考例句：

• Nothing pays richer dividends than magnanimity. 没有什么比宽宏大量更能得到厚报。
• Their decision five years ago to computerise the company is now paying dividends. 五年前他们作出的使公司电脑化的决定现在正产生出效益。

3 mergers   

n.（两个公司的）合并( merger的名词复数 )

参考例句：

• Mergers fall into three categories: horizontal, vertical, and conglomerate. 合并分为以下三种：横向合并，纵向合并和混合合并。 来自辞典例句
• Many recent mergers are concentrated within specific industries, particularly in retailing, airlines and communications. 现代许多合并企业集中进行某些特定业务，在零售业、民航和通讯业中更是如此。 来自英汉非文学 - 政府文件

4 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。

5 slumping   

大幅度下降，暴跌( slump的现在分词 )； 沉重或突然地落下[倒下]

参考例句：

• Hong Kong's slumping economy also caused a rise in bankruptcy applications. 香港经济低迷，破产申请个案随之上升。
• And as with slumping, over-arching can also be a simple postural habit. 就像弯腰驼背，过度挺直也可能只是一种习惯性姿势。

6 ministry   

n.(政府的)部；牧师

参考例句：

• They sent a deputation to the ministry to complain.他们派了一个代表团到部里投诉。
• We probed the Air Ministry statements.我们调查了空军部的记录。

7 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

8 prop   

vt.支撑；n.支柱，支撑物；支持者，靠山

参考例句：

• A worker put a prop against the wall of the tunnel to keep it from falling.一名工人用东西支撑住隧道壁好使它不会倒塌。
• The government does not intend to prop up declining industries.政府无意扶持不景气的企业。

9 decided   

adj.决定了的，坚决的；明显的，明确的

参考例句：

• This gave them a decided advantage over their opponents.这使他们比对手具有明显的优势。
• There is a decided difference between British and Chinese way of greeting.英国人和中国人打招呼的方式有很明显的区别。

10 equity   

n.公正，公平，（无固定利息的）股票

参考例句：

• They shared the work of the house with equity.他们公平地分担家务。
• To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。

11 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

12 relatively   

adv.比较...地，相对地

参考例句：

• The rabbit is a relatively recent introduction in Australia.兔子是相对较新引入澳大利亚的物种。
• The operation was relatively painless.手术相对来说不痛。

13 analyst   

n.分析家，化验员；心理分析学家

参考例句：

• What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务？
• The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。

14 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

15 helping   

n.食物的一份&adj.帮助人的，辅助的

参考例句：

• The poor children regularly pony up for a second helping of my hamburger. 那些可怜的孩子们总是要求我把我的汉堡包再给他们一份。
• By doing this, they may at times be helping to restore competition. 这样一来, 他在某些时候,有助于竞争的加强。

16 implement   

n.(pl.)工具，器具；vt.实行，实施，执行

参考例句：

• Don't undertake a project unless you can implement it.不要承担一项计划，除非你能完成这项计划。
• The best implement for digging a garden is a spade.在花园里挖土的最好工具是铁锹。