2021年经济学人 中国股市--清理尸骸(1)

China's stockmarket

中国股市

Bring out your dead

清理尸骸

China wants to clear the dross¹ from its stock exchanges

中国想要清除其证券交易所里的糟粕

Like many Chinese companies on the stockmarket, Gangtai Holding, a jewellery-to-property conglomerate², flaunts³ its listing. It displays its ticker number, 600687, prominently on its website and in its ads. But not for much longer. On January 7th Gangtai began a 30-day period almost certain to end with its ejection from the Shanghai Stock Exchange. It is one of a growing number of Chinese companies to face delisting at home.

和股市里的很多中国公司一样，业务范围从珠宝到地产的企业集团刚泰控股也在炫耀自己上市公司的地位。它将其股票代码600687展示在官网和广告的显著位置。但好景不长。1月7日，刚泰进入了为期30天的退市整理期，几乎可以肯定的是，在这之后它会被踢出上海证券交易所。除了刚泰之外，还有越来越多的中国公司在国内面临退市。

In recent months all the delisting talk has been about the removal—or not—of Chinese companies from American exchanges (see Business section). Within China, though, a potentially more important kind of delisting is on the agenda: regulators have made it easier to strip lousy firms of their listing status. It is the latest in an array of reforms aimed at modernising the stockmarket, long seen more as a casino than an efficient allocator⁴ of capital.

近几个月以来，所有关于退市的言论说的都是中国公司是否会被踢出美国交易所。不过，在中国国内，一种或许更为重要的退市正提上日程：监管机构已经把劣质公司上市身份的撤销变得更加容易。这是一系列股市现代化改革措施中最新出台的一项。长期以来人们更多地将股市视为赌场，而非资本的有效配置渠道。

Delistings are a staple⁵ of healthy stock exchanges, a mechanism⁶ for clearing out the dross. In America a few dozen companies are typically forced off its exchanges every year, often because of low market values. In the early 2000s, after the dotcom bust⁷, annual delistings climbed to nearly 400. China, by contrast, has averaged seven delistings a year over the past decade, despite having more than 4,000 listed companies, nearly as many as America.

退市是一种清理糟粕的机制，在健康的证券交易所里很常见。美国每年通常都会有几十家公司往往因市值过低而被迫退市。21世纪初，在互联网泡沫破裂后，每年退市的公司攀升至近400家。相比之下，尽管中国的上市公司有超过4000家，几乎和美国一样多，但过去10年平均每年只有七家上市公司退市。

Delistings have been so infrequent in China mainly because, relative to demand, listings themselves were hard to come by. "Even if a company is nearly bankrupt, the shell value of being listed is really high. Just by staying alive it can find a buyer," says Lu Fangzhou of the University of Hong Kong. This has made for perverse⁸ incentives⁹. Listed firms in financial trouble in China are classified as "special treatment", abbreviated¹⁰ to ST before their ticker name, to warn off investors¹¹. Instead, however, it is often an invitation to bid up their prices, as buyers might emerge. ST stocks are volatile¹², but their returns have occasionally beaten the overall market.

退市的情况之所以在中国很少见是因为相对于需求而言上市本身就很难得。“即便一家公司濒临破产，上市的空壳价值也非常高。只要能活下去，就能找到买家。”来自香港大学的卢方舟说。这就产生了反向激励。在中国，陷入财政困境的上市公司会被列为“特殊处理”，并在其股票名称之前冠以缩写ST以警告投资者。不过，因为可能会出现卖家，所以通常情况下这反而会使它们的价格被推高。ST股票波动较大，但其回报有时会超过整体市场。

1 dross   

n.渣滓；无用之物

参考例句：

• Caroline felt the value of the true ore,and knew the deception of the flashy dross.卡罗琳辨别出了真金的价值，知道那种炫耀的铁渣只有迷惑人的外表。
• The best players go off to the big clubs,leaving us the dross.最好的队员都投奔大俱乐部去了，就只给我们剩下些不中用的人。

2 conglomerate   

n.综合商社，多元化集团公司

参考例句：

• The firm has been taken over by an American conglomerate.该公司已被美国一企业集团接管。
• An American conglomerate holds a major share in the company.一家美国的大联合企业持有该公司的大部分股份。

3 flaunts   

v.炫耀，夸耀( flaunt的第三人称单数 )；有什么能耐就施展出来

参考例句：

• He flaunts his queer style as a savage might flaunt a top-hat retrieved from somebody's dustbin. 他对自己那种怪异的文体加以夸耀这恰似一个野人从别人的垃圾箱里捡出一顶礼帽时那种洋洋得意的样子。 来自辞典例句
• He is a drug addict who flaunts his addiction and refuses to get treatment. 他嗜药，并以此为荣甚至拒绝治疗。 来自电影对白

4 allocator   

n.分配算符

参考例句：

• Dynamic Storage Allocator complete source code can be used directly.动态存储分配器完整的源代码可以直接使用。

5 staple   

n.主要产物，常用品，主要要素，原料，订书钉，钩环；adj.主要的，重要的；vt.分类

参考例句：

• Tea is the staple crop here.本地产品以茶叶为大宗。
• Potatoes are the staple of their diet.土豆是他们的主要食品。

6 mechanism   

n.机械装置；机构，结构

参考例句：

• The bones and muscles are parts of the mechanism of the body.骨骼和肌肉是人体的组成部件。
• The mechanism of the machine is very complicated.这台机器的结构是非常复杂的。

7 bust   

vt.打破；vi.爆裂；n.半身像；胸部

参考例句：

• I dropped my camera on the pavement and bust it. 我把照相机掉在人行道上摔坏了。
• She has worked up a lump of clay into a bust.她把一块黏土精心制作成一个半身像。

8 perverse   

adj.刚愎的；坚持错误的，行为反常的

参考例句：

• It would be perverse to stop this healthy trend.阻止这种健康发展的趋势是没有道理的。
• She gets a perverse satisfaction from making other people embarrassed.她有一种不正常的心态，以使别人难堪来取乐。

9 incentives   

激励某人做某事的事物( incentive的名词复数 )； 刺激； 诱因； 动机

参考例句：

• tax incentives to encourage savings 鼓励储蓄的税收措施
• Furthermore, subsidies provide incentives only for investments in equipment. 更有甚者，提供津贴仅是为鼓励增添设备的投资。 来自英汉非文学 - 环境法 - 环境法

10 abbreviated   

adj. 简短的，省略的 动词abbreviate的过去式和过去分词

参考例句：

• He abbreviated so much that it was hard to understand his article. 他的文章缩写词使用太多，令人费解。
• The United States of America is commonly abbreviated to U.S.A.. 美利坚合众国常被缩略为U.S.A.。

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 volatile   

adj.反复无常的，挥发性的，稍纵即逝的，脾气火爆的；n.挥发性物质

参考例句：

• With the markets being so volatile,investments are at great risk.由于市场那么变化不定，投资冒着很大的风险。
• His character was weak and volatile.他这个人意志薄弱，喜怒无常。