中国明股实债判例威胁影子银行

 　　A court ruling in a fourth-tier Chinese city has exposed legal risks from investment in fake equity¹ by shadow banks, carrying potentially broad implications for the $2.6tn industry.

　　来自中国四线城市的一桩法院裁决暴露了影子银行明股实债投资的法律风险，该判决对这一规模2.6万亿美元的产业可能造成广泛影响。

　　Trusts have emerged as the biggest source of non-bank lending in recent years, with assets under management reaching Rmb18.2tn ($2.6tn) at the end of September.

　　近年来，信托公司已成为非银行贷款的最大来源，截至9月底所管理资产已达18.2万亿元人民币（合2.6万亿美元）。

　　That places trusts second only to commercial banks and ahead of insurance companies and securities brokerages.

　　信托公司的地位仅次于商业银行，排在保险公司和证券经济之前。

　　Some trust investments are classified as loans but a significant portion is instead labelled as equity.

　　部分信托投资被归类为贷款，但有很大一部分被标记为股权。

　　These deals typically involve an equity investment paired with a repurchase agreement, which requires the investee² to buy back its equity along with a fixed³ dividend⁴ at a specified⁵ date.

　　这些交易通常牵涉与回购协议配套的股权投资，协议要求投资对象在指定日期以固定股利回购其股票。

　　The repo essentially⁶ transforms the equity financing into a debt-like arrangement.

　　这种回购实质上是将股权融资转化成债务类安排。

　　The practice allows trusts to evade⁷ regulations intended to restrict lending to risky⁸ borrowers.

　　这一行径令信托得以规避旨在限制向高危借款人贷款的法规。

　　In Chinese, the practice is known colloquially⁹ as fake equity, real debt.

　　在中国，此做法俗称明股实债。

　　Analysts¹⁰ say fake equity is one reason China’s official debt statistics may fail to capture the full extent of credit growth in the country.

　　分析师表示假股权是中国官方债务统计数据或许没有充分反映国内信贷增长水平的原因之一。

　　In a little-noticed ruling last month, a district court in Wuxing district of Huzhou city, in east China’s prosperous Zhejiang district, rejected a claim by New China Trust that it should be treated as a debtholder in the bankruptcy¹² of a local property developer.

　　在上个月一桩不为人注意的判决中，浙江省湖州市吴兴区人民法院驳回了新华信托(New China Trust)的请求，新华信托申请在当地一家房地产开放商破产清算程序中应被视作债权人。

　　New China Trust invested Rmb225m in Huzhou Port Land Real Estate Company to finance a residential¹³ development called Triumphant¹⁴ Return International.

　　新华信托向湖州港城置业有限公司(Huzhou Port Land Real Estate Company)投资2.25亿元人民币，为凯旋国际(Triumphant Return International)社区项目提供资金。

　　The deal required Port Land to repay the equity plus dividends¹⁵ in three stages over 30 months, but the developer made only partial repayment¹⁶.

　　该交易要求港城置业在30个月内分三期偿还股本加股息，但这家开发商只偿还了部分债务。

　　In 2015 Port Land entered bankruptcy.

　　2015年港城置业进入破产程序。

　　In a bid to recover its money, New China Trust submitted itself to the bankruptcy administrator¹⁷ as a creditor¹⁸.

　　为了追回投资，新华信托向破产管理人提出自己应作为债权人。

　　This would have granted the trust seniority over equity holders¹⁹ in terms of recovering assets from Port Land.

　　这样在收回港城置业资产时，新华信托将比股东优先获得欠款。

　　But the administrator disagreed, deciding that New China was in fact an equity holder¹¹.

　　但管理人不同意，认为新华信托其实是股东。

　　In its recent judgment²⁰, the district court upheld that decision against a challenge from New China Trust.

　　当地法院在最近的判决中坚持这一决定，驳回了新华信托的请求。

　　The ruling could have a major impact on China’s trust industry.

　　该裁决可能对中国信托行业产生重大影响。

　　Growth of trust loans outstanding dropped from 62 per cent in 2013 to only 2 per cent last year, according to data from the China Trustee Association, due in part to tougher regulation.

　　根据中国信托业协会(China Trustee Association)的数据，由于监管加强的部分作用，信托贷款增长率从2013年的62%剧降到去年的2%。

　　But four other categories of trust investment, all of which potentially include fake equity deals, collectively grew 15 per cent last year.

　　但去年其他四类信托投资总体增长了15%，其中可能包括假股权交易。

　　New China has not said if it will appeal against the decision.

　　新华信托未表示是否会提出上诉。

　　If a higher court takes the opposite view — either in an appeal of this case or in a separate but similar case — the precedent²¹ could be reversed.

　　如果上级法院持相反意见——无论是对本案的上诉，还是对另一起相似案例——先前判决可以被撤销。

　　If the precedent stands, trusts could be forced to return to more traditional lending structures.

　　如果先前判决成立，信托公司可能被迫回到更传统的贷款结构。

　　That would probably lead to less overall lending, due to the tighter regulations.

　　由于监管规定收紧，这可能导致整体贷款减少。

　　Alternatively, trusts could continue with equity deals but they would face pressure to change how they deal with clients.

　　或者，信托公司可以继续股权交易，但它们将在压力下改变与客户打交道的方式。

　　Most trusts raise funds by selling high-yielding investment products to investors²², who perceive them as carrying the safety of a fixed-income product.

　　大多数信托公司通过向投资者出售高收益投资产品来筹集资金，而投资者认为信托公司承担着固定收益产品的安全。

　　If fake equity investors lack the seniority that creditors²³ enjoy, trusts would in principle have to communicate this increased risk investors.

　　如果假股权投资者缺乏债权人所享有的优先权，信托公司原则上必须与这一风险增加的投资者进行沟通。

1 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。

2 investee   

n.接受投资者

参考例句：

• Our investee banks are now well against the challenges ahead.受资助银行如今可以很好地防范未来的挑战。
• Besides selecting technological ventures for investment,the venture capital firms provide management advice to the investee companies.除甄选适宜投资的科技开发项目外，创业资金公司也为获得投资的公司提供管理意

3 fixed   

adj.固定的，不变的，准备好的；(计算机)固定的

参考例句：

• Have you two fixed on a date for the wedding yet?你们俩选定婚期了吗？
• Once the aim is fixed,we should not change it arbitrarily.目标一旦确定，我们就不应该随意改变。

4 dividend   

n.红利，股息；回报，效益

参考例句：

• The company was forced to pass its dividend.该公司被迫到期不分红。
• The first quarter dividend has been increased by nearly 4 per cent.第一季度的股息增长了近 4%。

5 specified   

adj.特定的

参考例句：

• The architect specified oak for the wood trim. 那位建筑师指定用橡木做木饰条。
• It is generated by some specified means. 这是由某些未加说明的方法产生的。

6 essentially   

adv.本质上，实质上，基本上

参考例句：

• Really great men are essentially modest.真正的伟人大都很谦虚。
• She is an essentially selfish person.她本质上是个自私自利的人。

7 evade   

vt.逃避，回避；避开，躲避

参考例句：

• He tried to evade the embarrassing question.他企图回避这令人难堪的问题。
• You are in charge of the job.How could you evade the issue?你是负责人，你怎么能对这个问题不置可否？

8 risky   

adj.有风险的，冒险的

参考例句：

• It may be risky but we will chance it anyhow.这可能有危险，但我们无论如何要冒一冒险。
• He is well aware how risky this investment is.他心里对这项投资的风险十分清楚。

9 colloquially   

adv.用白话，用通俗语

参考例句：

• For some little time the Jurymen hang about the Sol's Ams colloquially. 那些陪审员在太阳徽酒店里呆着，东拉西扯地谈了一会儿。 来自辞典例句
• This building is colloquially referred to as the barn. 这个建筑，用通俗的话来说就是一个谷仓。 来自互联网

10 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。

11 holder   

n.持有者，占有者；(台，架等)支持物

参考例句：

• The holder of the office of chairman is reponsible for arranging meetings.担任主席职位的人负责安排会议。
• That runner is the holder of the world record for the hundred-yard dash.那位运动员是一百码赛跑世界纪录的保持者。

12 bankruptcy   

n.破产；无偿付能力

参考例句：

• You will have to pull in if you want to escape bankruptcy.如果你想避免破产，就必须节省开支。
• His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。

13 residential   

adj.提供住宿的；居住的；住宅的

参考例句：

• The mayor inspected the residential section of the city.市长视察了该市的住宅区。
• The residential blocks were integrated with the rest of the college.住宿区与学院其他部分结合在了一起。

14 triumphant   

adj.胜利的，成功的；狂欢的，喜悦的

参考例句：

• The army made a triumphant entry into the enemy's capital.部队胜利地进入了敌方首都。
• There was a positively triumphant note in her voice.她的声音里带有一种极为得意的语气。

15 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。

16 repayment   

n.偿还，偿还款；报酬

参考例句：

• I am entitled to a repayment for the damaged goods.我有权利索取货物损坏赔偿金。
• The tax authorities have been harrying her for repayment.税务局一直在催她补交税款。

17 administrator   

n.经营管理者，行政官员

参考例句：

• The role of administrator absorbed much of Ben's energy.行政职务耗掉本很多精力。
• He has proved himself capable as administrator.他表现出管理才能。

18 creditor   

n.债仅人，债主，贷方

参考例句：

• The boss assigned his car to his creditor.那工头把自己的小汽车让与了债权人。
• I had to run away from my creditor whom I made a usurious loan.我借了高利贷不得不四处躲债。

19 holders   

支持物( holder的名词复数 )； 持有者； （支票等）持有人； 支托（或握持）…之物

参考例句：

• Slaves were mercilessly ground down by slave holders. 奴隶受奴隶主的残酷压迫。
• It is recognition of compassion's part that leads the up-holders of capital punishment to accuse the abolitionists of sentimentality in being more sorry for the murderer than for his victim. 正是对怜悯的作用有了认识，才使得死刑的提倡者指控主张废除死刑的人感情用事，同情谋杀犯胜过同情受害者。

20 judgment   

n.审判；判断力，识别力，看法，意见

参考例句：

• The chairman flatters himself on his judgment of people.主席自认为他审视人比别人高明。
• He's a man of excellent judgment.他眼力过人。

21 precedent   

n.先例，前例；惯例；adj.在前的，在先的

参考例句：

• Is there a precedent for what you want me to do?你要我做的事有前例可援吗？
• This is a wonderful achievement without precedent in Chinese history.这是中国历史上亘古未有的奇绩。

22 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

23 creditors   

n.债权人，债主( creditor的名词复数 )

参考例句：

• They agreed to repay their creditors over a period of three years. 他们同意3年内向债主还清欠款。 来自《简明英汉词典》
• Creditors could obtain a writ for the arrest of their debtors. 债权人可以获得逮捕债务人的令状。 来自《简明英汉词典》