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一、经济学人杂志双语文章摘要

在利率接近零的世界里,投资者似乎愿意投资任何有机会熬过疫情的公司。不管有没有这场新冠危机,有些钱反正都会化为乌有。而那些没白白烧掉的钱将巩固强大的企业,让它们与弱小企业的对比更加鲜明。

二、经济学人杂志双语文章中英对照翻译

A year of raising furiously 疯狂融资的一年

2020.12


Corporate balance-sheets 公司资产负债表
Companies have issued more debt and equity in 2020 than ever before. What now?
企业发债发股数量在2020年创下历史新高。接下来呢?

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IN MARCH THE corporate world found itself staring into the abyss, recalls Susie Scher. From her perch overseeing global capital markets at Goldman Sachs, a bank, she witnessed firms scrambling for money to keep going as the wheels of commerce ground to a halt amid the pandemic. Many investors panicked. Surely, the thinking went, public markets would freeze in the frigid fog of covid-19 uncertainty—and then stay frozen.
今年3月,整个企业界发觉自己正凝视着深渊,苏西·舍尔(Susie Scher)回忆说。这位高盛全球资本市场的负责人目睹了在商贸的车轮于疫情中渐渐停转之际,企业都在着急忙慌地筹措资金以求活下去。许多投资者惊慌失措。大家都以为公开市场肯定会在疫情不确定性的寒雾中冻结,然后长久冰封下去。
Instead, within weeks they began to thaw, then simmer, kindled by trillions of dollars in monetary and fiscal stimulus from governments desperate to avert an economic nuclear winter. In the past few months they have turned boiling hot.
事实却是,各国政府竭力要避免经济核冬天的出现,为此推出了数万亿美元的货币和财政刺激措施,结果市场在不过几周的时间里便开始解冻,随后开始加热,过去几个月里更是变得沸腾滚烫。
According to Refinitiv, a data provider, this year the world’s non-financial firms have raised an eye-popping $3.6trn in capital from public investors (see chart 1). Issuance of both investment-grade and riskier junk bonds set records, of $2.4trn and $426bn, respectively. So did the $538bn in secondary stock sales by listed stalwarts, which leapt by 70% from last year, reversing a recent trend to buy back shares rather than issue new ones.
数据供应商路孚特的数字显示,今年全球非金融企业从公众投资者手上募集的资本达到了令人瞠目的3.6万亿美元(见图表1)。投资级债券和风险较高的垃圾债券的发行量都创下了纪录,分别为2.4万亿和4260亿美元。已上市公司发行的新股也达到了5380亿美元,比去年跃升70%,扭转了近年企业倾向回购股票而非发行新股的趋势。
Initial public offerings (IPOs), too, are flirting with all-time highs, as startups hope to cash in on rich valuations lest stockmarkets lose their frothiness, and venture capitalists (VCs) patience with loss-making business models. VCs still plough three times as much into American startup stars as public investors do. But proceeds from listings are now growing faster than private funding rounds (see chart 2). And the boom is global in nature (see chart 3). On December 2nd JD Health, a Chinese online pharmacy, raked in $3.5bn in Hong Kong. A week later DoorDash, an American food-delivery darling, and Airbnb, a home-rental platform, both more or less matched it in New York.
IPO数量也接近历史高位,原因是创业公司担心股市泡沫破灭,也怕风险资本对亏损的商业模式失去耐性,赶着把高估值兑现。美国的明星创业公司所获得的风投仍然为上市融资额的三倍之多,但现在上市融资的增速已超过私人融资(见图表2)。而且这股热潮是全球性的(见图表3)。12月2日,中国线上药房京东健康在香港招股共融资35亿美元。一周后,美国外卖宠儿DoorDash和民宿平台爱彼迎在纽约上市,两者的融资规模都与京东健康大致相当。 
In a world of near-zero interest rates, it appears, investors will bankroll just about anyone with a shot at outliving covid-19. Some of that money will go up in smoke, with or without the corona-crisis. What does not get torched will bolster corporate haves, sharpening the contrast between them and the have-nots.
在利率接近零的世界里,投资者似乎愿意投资任何有机会熬过疫情的公司。不管有没有这场新冠危机,有些钱反正都会化为乌有。而那些没白白烧掉的钱将巩固强大的企业,让它们与弱小企业的对比更加鲜明。
The original spark that lit capital markets on fire was the $6.25bn in debt and equity that Carnival Cruise Lines secured in April, remembers Carlos Hernandez of JPMorgan Chase, a bank. Investors reasoned that cruises will one day set sail again—by which time some of Carnival’s flimsier rivals will have sunk. Other dominant firms have benefited from this logic. Boeing, part of a planemaking duopoly, sold $25bn in bonds this spring, even as its bestselling 737 MAX jetliner remained on the ground and the near-term future of travel up in the air. Many Chinese companies have taken to issuing perpetual bonds, which are never redeemed but pay interest for ever, to repair their balance-sheets.
摩根大通的卡洛斯·埃尔南德斯(Carlos Hernandez)回忆说,最初点燃资本市场火花的是嘉年华邮轮公司(Carnival Cruise Lines)在4月通过发行新债券和股票融资62.5亿美元。投资者的想法是,邮轮总有一天会再次起航,而到那时,嘉年华的一些弱小对手应该已被疫情击沉。其他行业霸主也受益于这一逻辑。飞机制造业双寡头之一的波音公司今年春天还是售出了250亿美元的债券,尽管它畅销的737 MAX喷气客机仍然停飞,航空旅行的短期前景也悬而未决。许多中国公司已开始通过发行永续债券(即永不赎回,一直支付利息)来修复资产负债表。
By the summer, notes Ms Scher, “rescue capital-raising” had given way to something less defensive. Investors’ ultraloose purse-strings allowed opportunistic firms to lock in historically low coupons. S&P Global, a rating agency, calculates that the average investment-grade bond issued this year paid interest of 2.6% amid the covid recession, down from 2.8% in 2019. Thanks to a boom in online shopping and cloud computing, Amazon, which is a leader in both areas, can now borrow at 1.5% for ten years, more cheaply than any American firm since at least 1980—and than some governments. Indebted giants like AT&T, a telecoms-and-entertainment group, are lengthening debt maturities. In November Saudi Aramco, an oil colossus, sold $2.3bn-worth of 50-year bonds, in spite of looming climate policies that may cripple its business of selling crude long before 2070.
舍尔指出,到夏天,“救援融资”已经让位给了不那么被动防御的做法。投资者的慷慨解囊让伺机而动的公司锁定了处于历史低位的息票利率。据评级机构标普全球计算,在疫情引发的经济衰退中,今年发行的投资级债券的平均利率为2.6%,低于2019年的2.8%。得益于网上购物和云计算的蓬勃发展,在这两方面都领先的亚马逊如今能以1.5%的利率发行十年期债券,借款成本至少比1980年以来的任何一家美国公司都要低——还低于一些政府。电信及娱乐集团AT&T这类负债累累的巨头正进行债务展期。11月,石油巨头沙特阿美发行了23亿美元的50年期债券,尽管日益迫近的气候政策可能远不必等到2070年就把它的原油销售业务击垮了。 
Even cheap debt, of course, must be rolled over and, perpetuities aside, eventually paid back. With stockmarket valuations propped up by loose monetary policy, and only a slim prospect of tightening, many firms opted to shore up their balance-sheets with new share issues. Danaher, a high-rolling industrial conglomerate, raised over $1.5bn by selling new stock just after its share price returned to its pre-pandemic highs in May; it has risen by 39% since. On December 8th Tesla, an electric-car maker whose market value has grown seven-fold this year, to $573bn, said it plans to issue $5bn-worth of shares.
当然,先不谈永续债券,就是成本低廉的债务也必须展期而最终偿还。宽松的货币政策推高了股市估值,而且这些政策未来收紧的机会不大,许多公司因而选择通过发行新股来支撑自己的资产负债表。向来挥霍的工业集团丹纳赫(Danaher)在5月股价刚回升至疫情前高点后就通过发行新股融资超过15亿美元,在那之后股价已上涨39%。电动汽车制造商特斯拉今年市值增长了七倍,达到5730亿美元,它在12月8日表示计划发行50亿美元的股票。
With shareholder payouts trimmed or suspended until the covid fog lifts, the cash held by the world’s 3,000 most valuable listed non-financial firms has exploded to $7.6trn, from $5.7trn last year (see chart 4). Even if you exclude America’s abnormally cash-rich technology giants—Apple, Microsoft, Amazon, Alphabet and Facebook—corporate balance-sheets are brimming with liquidity.
在疫情的迷雾散去之前,股东派息纷纷被削减或暂停,全球市值最高的3000家上市非金融企业持有的现金从去年的5.7万亿美元激增至7.6万亿美元(见图表4)。即使不算上苹果、微软、亚马逊、Alphabet、Facebook这些现金异常充裕的美国科技巨头,其他公司的资产负债表也有充沛的流动性。
It is still too early to tell what firms will do with all that cash. The merger market is showing signs of life, though mostly as deals put on ice during the pandemic are being revived. Many companies will content themselves with maintaining liquidity, at least until a covid-19 vaccine becomes more widely available.
现在要判断企业会怎样利用这些现金还为时过早。并购市场呈现出复苏的势头,尽管这主要是因为在疫情中冻结的并购计划重新启动了。许多公司将满足于维持一定的流动性,至少在新冠疫苗广泛可得之前是这样。
Startups, for their part, will use IPO proceeds to blitzscale their way to profitability. The pandemic has made business models that might not have matured for years, such as digital health, suddenly viable. Many will fail. But for now giddy investors are pouring money into any firm whose IPO prospectus features the words “digital”, “cloud” or “health”. Headier still, “special purpose acquisition companies”, which go public with nothing but a promise to merge with a sexy startup later on, and which have raised $70bn in 2020, mostly on Wall Street, are shattering previous records.
至于创业公司,它们会利用IPO所得闪电扩张以实现盈利。这场疫情使得数字医疗这类原本可能等很多年都不会成熟的商业模式瞬间变得切实可行。许多公司最终会失败,但在目前,忘乎所以的投资者只要看见公司的招股书中带有“数字”、“云”或“健康”等字眼就要往里砸钱。更疯狂的是,只靠承诺日后将与某家大热创业公司合并而上市的“特殊目的收购公司”正在打破之前的记录,在2020年它们融资700亿美元,大部分是在华尔街。
Markets seem no more discerning in mainland China, where proceeds from listings hit $63bn, the most since 2010. Hong Kong added another $46bn. Shanghai’s STAR Market, a year-old technology board, welcomed its 200th member earlier this month, bringing its IPO haul to $44bn. In September demand for shares to be traded on the Hong Kong Stock Exchange by Nongfu Spring, a water-bottler, outstripped supply by 1,148 times. Even the authorities’ last-minute suspension of Ant Group’s record-breaking $40bn IPO in Hong Kong and Shanghai, after the fintech titan’s co-founder annoyed regulators, may not frighten other listers. And so long as geopolitical tensions between America and China persist, more Chinese firms with an American stock ticker may avail themselves of a Hong Kong one, observes Julien Begasse de Dhaem of Morgan Stanley, a bank.
中国大陆的市场也似乎同样来者不拒,上市融资额达到630亿美元,为2010年以来最高。香港市场也融资了460亿美元。上海证交所创立一年的科创板本月稍早时迎来了第200名成员,使其IPO总额达到440亿美元。瓶装水公司农夫山泉9月在香港证交所上市,获得了1148倍的超额认购。在蚂蚁集团的联合创始人惹恼监管机构之后,当局在最后一刻叫停了这家金融科技巨头在香港和上海创纪录的400亿美元IPO,但即便如此也未必会吓跑其他计划上市的公司。摩根士丹利的朱力安(Julien Begasse de Dhaem)认为,只要中美之间的地缘政治紧张持续,就可能有更多已在美国上市的中国公司选择在香港二次上市。
For now, capital is likely to keep flowing. Mr Hernandez says his bank’s pipeline of IPOs looks “the most robust in years”. The ten-year Treasury yield is below 1% and the spreads between American government and corporate bonds have narrowed to pre-pandemic levels. As a result, even riskier firms’ paper yields less than 5%, according to JPMorgan Chase. Investors expecting meaningful returns are therefore eyeing stocks. For the pandemic’s corporate winners, the choice between cheap debt and cheap equity is a win-win.
目前而言,资本很可能会继续涌动。埃尔南德斯表示,摩根大通手头的IPO项目储备看起来是“这么多年来最强健的”。十年期国债收益率低于1%,美国政府债券和企业债券之间的利差已经收窄到疫情前的水平。因此,据摩根大通的统计,即使是风险较高的公司债券的收益率也不到5%。期望获得可观回报的投资者于是都把目光投向了股票。对跑赢疫情的企业来说,廉价债务和廉价股票就是双赢。

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三、翻译园地-amount to, add up to, come to, bring to, reach, run into/to, run up to区别

(1) ①amount to意为“合计达到(某数量);到……之多”。
The British National Debt amounts to many thousands of millions of pounds. 英国国债达数十亿英镑。
The business done this year amounts to $200,000 as against $150,000 last year. 今年的营业额达到200000 美元,而去年为 150000美元。
②用于引申,可表示“有……价值;相当于,意味着,实际上是”。
This conversation amounts to a difference of opinion between us.

这次谈话意味着我们之间有分歧。
In his works, he displayed an originality amounting almost to genius.
在他的作品中,他显示出近乎天才的独创性。
His words amount to a refusal/a threat. 他的话等于是拒绝/威胁。
The land and economic reforms amount to revolution.
这场土地和经济改革实际上是革命。
③有时意为“取得……成就”,可与anything, little, much等连用。
Jim moves from job to job so often that I don't see how he can ever amount to 
much. 吉姆这么频繁地换了一个又一个工作,我不认为他怎么可能有大作为。
(2) add up to表示“总共有……;(加起来看)说明……;实际上是;意味着”,在此意义上可与amount to换用。
The separate numbers add up to 568. 各个数字加起来共计568。
Their actions added up to a deliberate flouting of the rules.
他们的行为实际上是对规章的蓄意蔑视。
His long answer just adds up to a refusal. 他冗长的回答实际上是拒绝。
(3) come to可作“合计(达到)……;有……之多;实际上是……”解。
The bill comes to $25. 账单达25美元。

What his explanation comes to is that we can expect no further help from him. 他的解释实际上是说我们不能指望他再提供什么帮助。
(4) bring to意为“使达到(某数量);使达到(某种情况或状态)”。
This last thing will bring the bill to over $50,000.
这最后一项将使账单达到50 000美元以上。
First bring the milk to the boil, and then add the powder.
先把牛奶煮开,然后把这粉末加进去。
(5) reach也可表示“达到(某数量)”。
The cost of the construction of the bridge reached $250,000.
该桥建设费用达250000美元。
The profit reached over a thousand dollars.
利润达到1000美元以上。
(6) run to/into有“达到(某个数量、长度等);出(多少) 版”之意。
The national debt runs into/to twelve figures. 国债高达12位数。
Months ran into years and still the book was not finished.
几个月过去了,几年过去了,这本书还是没有写完。
His new novel has already run to three impressions.

他的小说新作已经印了三次。
(7) run up to可表示“高达”。
Prices ran up to $2,000 per ton. 每吨价格高达2000美元。
The bill for the repairs might run up to $1,000.
修理费可能高达1000美元。

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