经济学人75:股票研究经济学

 　　The economics of equity¹ research

　　股票研究经济学

　　Analyse this

　　分析分析

　　The old model of stockmarket research is changing

　　股市研究的旧模式正在改变。

　　Sep 21st 2013 |From the print edition

　　EQUITY research is meant to benefit both providers and recipients². It ought to help investors⁴ to allocate⁵ money more profitably. And the banks that give their clients free access to research hope that it will help them generate revenues from equity trading. But neither party is much satisfied by the conventional model.

　　股票研究本应发行者和股东双双受益。应该帮助投资者更有利润的分配资金。为客户提供免费研究报告的银行希望这会帮助客户从股权交易中去的收益。但是双方对常规的模式都不满意。

　　Start with the banks. A fall in trading revenues makes the economics of providing research less attractive. Between 2009 and 2013, total equity-trading commissions paid to brokers⁶ fell from $13.9 billion to $9.3 billion in America, and from euros 4.2 billion ($5.6 billion) to euros 3 billion in Europe, according to Greenwich Associates, a consultancy. The rise of passive investing and the spread of algorithmic trading have both reduced margins⁷ and dampened demand for research produced by and for humans.

　　交易收入的下降使得经济学研究逐渐丧失吸引力。这从银行开始。根据咨询机构Greenwich Associates的数据，在2009年到2013年之间，在美国总股本交易中支付给经纪人的佣金从139亿美元跌到了93亿美元，欧洲则从42亿欧元跌到了30亿欧元。被动投资的兴起以及算法交易的扩张都使得研究资料的利润率下降，需求也有所放缓。

　　Nomura recently slashed⁸ its equity-research division to focus on its electronic-trading business, Instinet. Other banks are also cutting back. Global sell-side research budgets fell from a 2007 peak of $8.2 billion to just $4.8 billion in 2013, according to Frost Consulting. Sector⁹ coverage¹⁰ has contracted: banks now concentrate on large-cap sectors¹¹ like oil, where trading volumes and revenue potential are higher.

　　野村最近缩减了其股票研究部门，将注意力集中于电子交易公司Instinet。其他银行也正在削减研究部门。根据弗罗斯特咨询公司的数据，全球出售方的研究经费已经从2007年峰值的82亿美元降到了2013年的48亿美元。研究数据的行业覆盖率叶缩减了，银行现在集中在像原油等大宗商品行业，这些行业的交易量和收益潜力较高。

　　Work has been shovelled¹² to cheaper places to save cash. Much of Citigroup’s American equity coverage is now produced in Buffalo¹³, New York. Deutsche Bank and J.P. Morgan have sent research work as far afield as India. Low-value-added tasks like data-crunching are not the only jobs being shipped out, claims Marc Vollenweider at Evalueserve, an outsourcing specialist. This process has its limits, however: client meetings still wholly happen face to face.

　　工作都转移到了成本更低的地方以节省现金。花旗银行的美国股票报道现在在纽约的布法罗发出。德意志银行和JP摩根已经将研究工作转移到了印度。专业外包公司Evalueserve的Marc Vollenweider表示，不仅仅是像数据运算这些低附加值的任务被转移。但是，这个过程也有其局限性，客户会议仍然全部为面对面会议。

　　The attitude of asset managers is also hardening. With research expenses “bundled” into commissions for executing trades, brokers tend to flood their clients with research reports in order to try to grab a larger slice of trading revenues. Asset managers leave most of them unread. A survey by Britain’s CFA Society found that only 22% of its members thought this model best serves the interests of investors.

　　资产管理公司的态度也在变硬。随着研究经费“捆绑”到执行交易的佣金中，经纪人往往给他们客户提供大量的研究报告，以此在交易收益中获得更大的比例。资产管理公司的这些材料大都没读过。英国CFA协会进行的一项调查发现，只有22%的成员认为这种模式最符合投资者的利益。

　　Independent research outfits¹⁴ offer an alternative. Though small, their share of the “research vote”, an estimate of market share produced by Greenwich Associates, has grown since 2011. They are untainted by the conflicts of interest that bedevil banks offering research on clients, and that led to a 2003 settlement enforcing stricter separation of investment banking¹⁵ and research in America. In Europe “commission sharing agreements” have grown in popularity since they were introduced in 2003. These unbundle brokers’ commissions into costs for executing trades and costs for research, which clients can use to buy services from third parties.

　　独立研究团队是另一个选择。尽管规模很小，但是据Greenwich Associates的市场份额数据，他们的“研究选择”比例自2011年来有所增长。他们受到长期困扰银行给客户提供调查报告的利益冲突的影响，这导致了在2003年美国出台了针对投资银行和研究机构更严格的分离。在欧洲，“佣金分成协议”自从2003年引入以来，已经变得越来越流行。这些自由的经纪人的佣金用于执行交易和研究的花费，客户可以用来从第三方购买服务。

　　Independent providers do not have an answer to every problem: making research on smaller firms profitable is a perennial¹⁶ issue. But they do offer radically¹⁷ different services from the banks’ unimaginative valuation models. Bespoke¹⁸ services are in demand. Hedge funds now use research dollars to pay for ground surveillance on the progress of mining or oil projects in Africa, in order to value them better. Others take to the sky. RS Metrics, a satellite-intelligence provider, has reported strong demand from the financial sector for its aerial-imaging services. Some funds even hire former intelligence agents, from firms like Business Intelligence Advisors¹⁹, to test whether corporate²⁰ bosses are massaging²¹ the truth in investor³ meetings.

　　独立研究提供者不想回答所有问题：研究小公司获利是一个长期的问题。但是，他们确实提供区别于银行缺乏想象力的估值模型之外的完全不同的服务。定制服务是有需求的。现在，对冲基金运用研究资金支付非洲矿业或石油项目进展的地面监测，为了更好的对这些项目进行估值。其他采取空中监视。RS Metrics是一个卫星情报提供商，该公司表示金融公司对他们的空中成像服务需求强劲。一些基金甚至从类似商业情报顾问的公司雇佣了前情报人员考查公司老板们有没有在投资者会议上说实话。

　　Old-style research is not about to die. Big banks retain 56.2% of the “research vote” (smaller brokers take another large chunk). Bank bosses still value the support research analysts²² can give their profitable investment-banking and corporate-advisory businesses. But with budgets under pressure and competition growing, the market is becoming more efficient.

　　旧式研究不会消失。大银行的“研究选择”比例仍然在56.2%（稍小的经纪人占了剩下的比例）。银行老板仍人重视支持研究分析给自己投资银行和咨询公司业务带来利润。但是预算压力以及竞争的增加使得市场变得更有效率。

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 recipients   

adj.接受的；受领的；容纳的；愿意接受的n.收件人；接受者；受领者；接受器

参考例句：

• The recipients of the prizes had their names printed in the paper. 获奖者的姓名登在报上。 来自《简明英汉词典》
• The recipients of prizes had their names printed in the paper. 获奖者名单登在报上。 来自《现代英汉综合大词典》

3 investor   

n.投资者，投资人

参考例句：

• My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
• The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。

4 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

5 allocate   

vt.分配，分派；把…拨给；把…划归

参考例句：

• You must allocate the money carefully.你们必须谨慎地分配钱。
• They will allocate fund for housing.他们将拨出经费建房。

6 brokers   

n.（股票、外币等）经纪人( broker的名词复数 )；中间人；代理商；（订合同的）中人v.做掮客（或中人等）( broker的第三人称单数 )；作为权力经纪人进行谈判；以中间人等身份安排…

参考例句：

• The firm in question was Alsbery & Co., whiskey brokers. 那家公司叫阿尔斯伯里公司，经销威士忌。 来自英汉文学 - 嘉莉妹妹
• From time to time a telephone would ring in the brokers' offices. 那两排经纪人房间里不时响着叮令的电话。 来自子夜部分

7 margins   

边( margin的名词复数 )； 利润； 页边空白； 差数

参考例句：

• They have always had to make do with relatively small profit margins. 他们不得不经常设法应付较少的利润额。
• To create more space between the navigation items, add left and right margins to the links. 在每个项目间留更多的空隙，加左或者右的margins来定义链接。

8 slashed   

v.挥砍( slash的过去式和过去分词 )；鞭打；割破；削减

参考例句：

• Someone had slashed the tyres on my car. 有人把我的汽车轮胎割破了。
• He slashed the bark off the tree with his knife. 他用刀把树皮从树上砍下。 来自《简明英汉词典》

9 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

10 coverage   

n.报导，保险范围，保险额，范围，覆盖

参考例句：

• There's little coverage of foreign news in the newspaper.报纸上几乎没有国外新闻报道。
• This is an insurance policy with extensive coverage.这是一项承保范围广泛的保险。

11 sectors   

n.部门( sector的名词复数 )；领域；防御地区；扇形

参考例句：

• Berlin was divided into four sectors after the war. 战后柏林分成了4 个区。 来自《简明英汉词典》
• Industry and agriculture are the two important sectors of the national economy. 工业和农业是国民经济的两个重要部门。 来自《现代汉英综合大词典》

12 shovelled   

v.铲子( shovel的过去式和过去分词 )；锹；推土机、挖土机等的)铲；铲形部份

参考例句：

• They shovelled a path through the snow. 他们用铲子在积雪中铲出一条路。 来自《简明英汉词典》
• The hungry man greedily shovelled the food into his mouth. 那个饿汉贪婪地把食物投入口中。 来自辞典例句

13 buffalo   

n.(北美)野牛；(亚洲)水牛

参考例句：

• Asian buffalo isn't as wild as that of America's. 亚洲水牛比美洲水牛温顺些。
• The boots are made of buffalo hide. 这双靴子是由水牛皮制成的。

14 outfits   

n.全套装备( outfit的名词复数 )；一套服装；集体；组织v.装备，配置设备，供给服装( outfit的第三人称单数 )

参考例句：

• He jobbed out the contract to a number of small outfits. 他把承包工程分包给许多小单位。 来自辞典例句
• Some cyclists carry repair outfits because they may have a puncture. 有些骑自行车的人带修理工具，因为他们车胎可能小孔。 来自辞典例句

15 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。

16 perennial   

adj.终年的；长久的

参考例句：

• I wonder at her perennial youthfulness.我对她青春常驻感到惊讶。
• There's a perennial shortage of teachers with science qualifications.有理科教学资格的老师一直都很短缺。

17 radically   

ad.根本地，本质地

参考例句：

• I think we may have to rethink our policies fairly radically. 我认为我们可能要对我们的政策进行根本的反思。
• The health service must be radically reformed. 公共医疗卫生服务必须进行彻底改革。

18 bespoke   

adj.（产品）订做的；专做订货的v.预定( bespeak的过去式 )；订（货）；证明；预先请求

参考例句：

• His style of dressing bespoke great self-confidence. 他的衣着风格显得十分自信。
• The haberdasher presented a cap, saying,"Here is the cap your worship bespoke." 帽匠拿出一顶帽子来说：“这就是老爷您定做的那顶。” 来自辞典例句

19 advisors   

n.顾问，劝告者( advisor的名词复数 )；（指导大学新生学科问题等的）指导教授

参考例句：

• The governors felt that they were being strung along by their advisors. 地方长官感到他们一直在受顾问们的愚弄。 来自《现代汉英综合大词典》
• We will consult together with advisors about her education. 我们将一起和专家商议她的教育事宜。 来自互联网

20 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。

21 massaging   

按摩，推拿( massage的现在分词 )

参考例句：

• He watched the prisoner massaging his freed wrists. 他看着那个犯人不断揉搓着刚松开的两只手腕。
• Massaging your leg will ease the cramp. 推拿大腿可解除抽筋。

22 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。