2011年下半年商务英语中级阅览(10)

??全球股市不坚决并非我国制造 周四再次提示我们，与通货紧缩或手机不一样，全球商场的不坚决并非我国制造。在我国国内股市暴降两天后，平平稳妥(Ping An Insurance)股价在上市首日大

??全球股市不坚决并非我国制造
　　周四再次提示我们，与通货紧缩或手机不一样，全球商场的不坚决并非我国制造。在我国国内股市暴降两天后，平平稳妥(Ping An Insurance)股价在上市首日大涨38%。
　　Thursday provided another reminder that global market movements - unlike, say, deflation or mobile handsets - are not made in China. Two days after the Chinese domestic equity market fell out of bed, Ping An Insurance shares leapt 38 per cent on their debut.
　　当然，安尽是在全球最大的商场上卖稳妥，但仅凭这一点，很难证明其市净率较全球稳妥业均匀水平高出三倍是合理的。实践上，我国境外出资者对平平稳妥的估值较其内地新股东低28%。许多两地上市的我国股市都存在令人瞠意图估值间隔。平平稳妥最大竞赛对手我国人寿(China Life)香港上市的股价就较内地低40%。汇丰(HSBC)持有平平稳妥的有些股权。
　　Sure, Ping An sells insurance in the world's biggest market, but that alone hardly justifies a price-to-book multiple that is four times the industry's global average. Indeed, investors outside China value shares in Ping An, which is partly owned by HSBC, at a 28 per cent discount to the new mainland shareholders. Yawning valuation gaps exist among many of China's dual-listed stocks. China Life, Ping An's bigger rival, is 40 per cent cheaper across the border in Hong Kong.
　　尽管当前以公民币计价的我国A股商场市值已达1.4万亿美元，但世界原则在这儿显着并不适用。股市生意首要取决于改变无常的商场人气：以我国国航(Air China)为例，因为商场需要不旺，该公司上一年夏日被逼削减了初度揭露发行(IPO)规划。规划性制约要素仍然存在。我国国内出资者的出资途径非常有限，因而，在商场行情好的时分，新股发行根柢上可以保证获得极高的超量认购率--还有高股价和惊人的首日涨幅。自2000年以来，我国内地IPO一向坚持着高水平的单日均匀酬谢率。Dealogic的数据闪现，本年迄今中止，我国内地IPO的首日均匀涨幅为70%，比较之下，邻近的香港和日本则别离只需22%和44%。
　　International norms clearly do not apply, even though China's domestic-currency "A" share market now has a capitalisation of US$1,400bn. Stocks trade largely on sentiment, which can turn on a dime: witness Air China, which was forced to scale back its IPO last summer due to tepid demand. Structural constraints persist. Domestic investors have few investment options, so in good times huge over-subscription rates are more or less guaranteed - along with top-dollar prices and impressive first-day pops. Since the start of the decade, Chinese IPOs have consistently produced high average one-day returns. So far this year the average pop is 70 per cent, compared with 22 per cent in neighbouring Hong Kong and 44 per cent in Japan, according to Dealogic.
　　一个靠人气推进的商场不断走高如同是一个典型的泡沫--即便经过周二的大幅回调，上海A股商场仍高于上一年年末的水平，曩昔12个月累计上涨114%。监管机构已宣告许多警告，并很可以采纳干与办法。但和泡沫相同，泡沫的决裂本质上只会触及国内商场。外国出资者在我国A股商场的出资额缺乏100亿美元，仅大致恰当于一笔中等规划的私家股本生意。与我国公司的股价比较，他们大约还有一些更急迫的作业需要担忧。
　　A sentiment-driven market spiralling higher - even after Tuesday's correction, the Shanghai "A" share market is in positive territory this year and up 114 per cent in the past 12 months - looks like a classic bubble. Regulators have warned as much, and may well intervene. But the bursting, like the bubble, will be essentially domestic. Foreigners have less than $10bn in the market, or about the same as in a mid-sized private equity deal, and should have more pressing things to fret about than Chinese share prices.
举荐信息.剑桥商务英语(BEC)中级阅览真题1.BEC商务英语高档范文（02）