2014.05.30【英译中】 Stock market in China 中国的股市(13)

小草丫丫101 (小草丫丫) 路人甲
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发表于:2014-05-30 20:32 [只看楼主] [划词开启]


No overnight miracle has transformed Chinese companies. The quality of many of the 1,400 listed ones remains poor – though weak disclosure and accounting standards make the exact state of their finances near-impossible to determine. One-third of the market is accounted for by seven state-controlled banks, which have yet to prove they have outlived a ruinous history of mismanagement and fraud. New listings, meanwhile, are still decided by bureaucratic fiat.
中国的上市公司并没有在一夜之间奇迹地发生改变。不完善的信息披露和会计准则已经使得财务状况几乎不可能查明,而在这1400家上市公司中,许多企业仍然质量低劣。三分之一的市场份额是由7家国有控制下的银行占据,他们也也并未证明自己已经清理完了由于管理不善和金融欺诈所造成的坏账,于此同时,新股发行仍需审批。


The market itself remains a short-term speculators' paradise, driven by rumour, insider trading and share-ramping by a few big local figures. How else to explain that, as Fraser Howie of CLSA, a Hong Kong-based brokerage, points out, the most volatile shares are those of the biggest blue chip companies? Or that shares in China Life, floated this month at an already fancy price, doubled on their first day of trading?
谣言,内幕交易,一些庄家哄抬股价,这些注定让现在的市场仍是短期投机者的天堂,否则,正如香港经纪商里昂证券分析师弗雷泽豪伊所指出的那样,这个月,中国人寿上市,其发行价已经高得离谱,但在首个交易日中居然上涨一倍,这怎么来说呢?


Admittedly, China is seeking to clean up its markets, introducing regulations intended to discipline trading, increase transparency and improve corporate governance. However, they lack a solid legal basis and are at best unevenly enforced by an official regulator that has long been prey to special interests and land grabs by bureaucratic rivals.
无可否认,中国正在力求清理其市场,并且旨在推行规范制度来规范贸易,提高透明度和改善公司管理。但是,他们仍旧缺乏一个坚实的法律基础,而且被没有公平而言的的监管机构强迫着——长期以来,该监管机构都是各个特殊利益集团和各个官僚部门之间争夺势力的牺牲品。


Furthermore, more than half of China's listed companies by value belong to the state. So do almost all its, mostly shaky, brokerage houses. And so, it is widely believed, does much of the money in the market, where many big participants have close state links. To a large extent, China's stock market is a merry-go-round, rotating overvalued claims on state assets between different arms of the state. Effective regulation is frustrated, as is the markets' central role as a source of private capital.
此外,中国超过一半的上市公司的市值是归国家所有。大部分内地券商也是这样,摇摇欲坠。因而,大多数人也相信,大型市场参与者都与政府有密切的联系。在很大程度上讲,中国的股市其实就是一个旋转的木马,推动着估值过高的的国有资产所有权在不同政府间周旋。有效监管受阻,股市作为私人资本源泉的核心作用也不能实现。

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