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2019年10月23日 10:03:46 | 作者:百姓知识 | 来源:新华社
Business.商业。Corporate transparency.公司透明度。Measuring mud.度量一团烂泥。How transparent are the worlds biggest listed companies?世界最大的上市公司们的透明度如何?ARE you cheating on your spouse? If so, please stand up and declare it. Total silence? What virtuous ers The Economist has.你有欺骗你的伴侣吗?如果有,请站出来,(大声)承认你的所作所为。一言不发?《经济学家》的读者们都是这样的品德高尚啊。Trying to measure corruption is a bit like surveying adultery. Those who indulge in it are unlikely to admit it. So when surveying big companies, Transparency International (TI), an anti-corruption watchdog, asks a different question: how transparent are you?尝试去估量(组织机构的)贪腐的程度深浅,看起来有点像是调查(人们的)通奸的情况如何。那些在这方面放纵自己的人们不太可能承认自己的行为。所以当透明国际,一个反腐败检查组织,在调查大公司的透明度时,问了一个不太一样的问题:你们有多透明?Its latest survey, ;Transparency in Corporate Reporting;, looks at the worlds 105 biggest listed firms. It measures three things. First, a companys internal rules and procedures to prevent corruption. Second, the transparency of its organisational structure. Third, TI asks whether a firm publishes detailed financial information about its activities in every country where it operates, including how much it pays in taxes and royalties to each government.该组织去年的调查工作,;公司报表中的透明度;,涉及了全球105家最大的上市公司。调查衡量了三项指标。首先,公司内部杜绝贪腐规定与程序。其次,公司的组织结构透明度。再次,透明国际询问他们是否在每一个有自己公司运营的国家,都公开了,关于各项经济活动的详细财务报告,其中的信息包括公司付了多少税费和;使用费;给当地政府。Most firms in the sample have strict rules barring bribery. The average score on this count was 69%, up from 47% in , the last time TI conducted a similar exercise. Many firms also disclose ample details about which holding company owns which subsidiary, and so forth. Of the 105 companies, 45 scored a perfect 100% for organisational transparency.抽样样本中,大多数公司都有严格的规定,以用来禁绝行贿受贿。在这方面的平均得分是69%,较年,上一次透明国际进行同类调查时的数字——47%,上涨了不少。很多公司也披露了大量的,关与母公司与子公司控股情况等等方面的详细信息。而在105家公司中,有45家在组织结构透明度中得到了完美的100分。On the third measure, however, most firms remained tight-lipped. This does not mean they have done anything illegal. Suppose a mining firm pays m to a government for a licence to dig. The fee may be legitimate, but the government may wish to keep it secret, to make it easier to embezzle. A company that is completely transparent may find it hard to win any more contracts from dodgy governments, which, alas, control a lot of the worlds natural resources. Statoil, Norways state-controlled oil-and-gas firm, was by far the best performer (see table), yet it scored only 50% on this measure. More than a third of firms scored zero; the average was a meagre 4%.尽管如此,对第三项调查,多数公司三缄其口。这并不意味着它们做了什么违法的事情。假设一个矿业公司为获得一张开采通行而付给当地政府1000万美元,此费用或许是正当合法的,但是该政府也许希望对此秘而不宣,以方便日后挪用。一个完全透明的公司,会发现很难从那些滑头的政府手中赢得更多的合约,可惜的是,后者掌控着全球大量的自然资源。挪威国有控股的石油天然气公司,Statoil是至今为止,在此项调查中表现做好的,但是在此项标准上,它也只得到了50%。三分之一以上的公司得了零分;而平均分是微不足道的4%。Campaigners have long complained that money from oil and minerals props up predatory governments, and lobbied firms to publish what they pay. Big Western miners and drillers have taken heed: the top five on TIs list are all involved in natural resources. Many firms, however, are reluctant to answer probing questions from Western busybodies: Gazprom, Russias state-owned gas giant, scores zero on the first and third measures.那些以权谋私的政府是靠着源自原油和矿产的资金来维系生存的,政治运动家们对此抱怨已久,他们也一直在游说公司们公开付的各项费用。而西方采矿大亨和石油巨头对此都很注意:透明国际在此项列表中的前五名都涉及自然资源产业。但是,然而,面对国际透明度这个西方好事者的刨根问底,许多公司都不愿回应:俄气,俄罗斯国有天然气巨子,在第一和第三项标注上都是零分。TIs calculations are open to challenge. Do Amazon, Google and Berkshire Hathaway deserve to be ranked near the bottom? Probably not. These firms may not disclose as much as TI would like, but they are not in businesses where one is ever asked to bribe a cabinet minister to win a mining concession. TI does a good job of focusing attention on a serious problem. But like The Economists adultery survey, its results should be taken with a handful of salt.透明国际的计算标准令人质疑的。亚马逊、谷歌以及伯克希尔?哈撒韦(CEO:巴菲特),这些公司都该排名垫底吗?可能不该。这些公司或许不会如透明国际希望的那样,披露自己的信息,但是,它们也不在那些;腐败高发;行业中,在那些行业中,人们总会被(客观情况)要求着,为赢得开采特权,而去向内阁总理行贿。透明国际在将注意力集中在严重的问题这方面,做得很好。但是就像是《经济学家》的通奸调查,它的结论不能全信(;应该添把盐进去,才对;)。 /201209/197561

Finance and Economics;Funds of hedge funds;Going, going, gone?财经;综合基金;渐行渐去?An overdue wave of consolidation is hitting the funds-of-funds industry;迟到的兼并浪潮冲击着综合基金管理;“If one individual can serve as the embodiment of the hedge-fund industry—its entrepreneurial spirit, its youthful energy after decades of growth and its pursuit of the next great manager—it is Arpad “Arki” Busson.” So cooed the Financial Times in 2006. Now Mr Busson seems to have become the embodiment of his industrys struggles. On May 29th reports surfaced that Mr Busson is seeking to sell EIM, his fund of hedge funds, which manages 6.2 billion dollar, less than half of what it did in 2008.对冲基金这一行业极具创业精神,历经数十年的发展依然朝气蓬勃,而且始终积极寻找下一任出众的经理人。如果说某个人能体现出对冲基金的这些特点,那这个人非阿帕德·比松莫属。金融时报在2006年也有过这样的。如今比松先生摇身一变成为对冲基金坎坷发展的化身。5月29日有报道披露比松目前正与有关人士洽商出售其对冲基金EIM旗下的综合资金管理(FOF)部门,该部门经营着62亿美元的资产,不过这一数字与2008年相比萎缩了50%以上。Other funds of funds, which allocate investors money to a portfolio of different hedge funds, are also eyeing a sale. KKR, a private-equity firm, is in talks to buy Prisma Capital, a fund of funds. On May 21st Man Group, a listed hedge fund, announced it would buy FRM Holdings, an 8 billion dollar fund of funds, for up to 83m dollar. A small price tag, but some say Man is mad to pay even that.其他对不同对冲基金进行投资组合的综合基金也难逃被出售的命运。私募股本公司KKP正计划着收购替代投资管理公司Prisma Capital,全球知名的上市投资管理公司英仕曼集团5月21日也表示将以8300万美元的价格收购规模达80亿美元的FRM Holdings 。这个价钱并不高,但仍有些人说英仕曼付这笔钱简直是疯了。In return for extra fees, funds of funds are supposed to perform due diligence and select the best managers. But some of the industrys bright lights, including Mr Busson, put money with Bernard Madoff. Too many seem to have no clue how to select managers. Funds of funds have underperformed single-manager hedge funds in eight of the past ten years, according to Hedge Fund Research. Investors are voting with their feet. The sector still oversees 643.6 billion dollar but 184.2 billion dollar has flowed out since 2008.为了抵消额外花销,综合资金管理部门应该任用最出众的经理人并审慎经营。不过包括巴松在内,该行业的部分领军人物都把钱投给了庞氏骗局。他们中的很多人对于怎样挑选优秀的经理人毫无头绪。根据对冲基金研究会的数据,过去的十年中综合基金有八年的表现弱于单一管理基金。投资者会根据自身情况进行投资。综合基金仍然监管着6436亿美元,不过自2008年以来已经流失了1842亿美元。European funds of funds have been hardest hit. They catered more to rich individuals, the kind scared off by Mr Madoff, than American funds of funds. But they have been losing investors everywhere to direct investment, and to cheaper consultancy firms. In a sign of the times, Albourne Partners, a large consultancy, now advises on 300 billion dollar in hedge-fund allocations, up by 67% from 2008. Funds of funds have had to cut their fees to compete; some are trying to add value by focusing on niche strategies or small, unknown managers欧洲的综合基金管理公司已经遭到了最严重的打击。他们将目光转向被麦道夫的庞氏骗局吓跑的富有个体投资者,而不再是美国的综合基金管理公司。但他们在各地市场上的投资者或流向直接投资项目,或流向价格低廉的咨询公司。大型的咨询公司Albourne Partners突出体现了这一情况,该公司如今为3000亿美元的对冲基金项目提供咨询务,这一数字自2008年以来已增长了67%。综合基金管理公司需要降低收费标准以应对竞争,一些公司还采用利基战略或聘请不知名的经理人来增加价值。Optimists remain. In 2008 Protégé Partners made a 1m dollar bet with Warren Buffett that funds of funds could beat the stockmarket over a decade. At the end of last year, the fund of funds Protégé selected had fallen by 5.9%, compared with the 6.3% fall sustained by a mutual fund tracking the Samp;P 500. There are still six years to go before the winner is declared, but such modest outperformance suggests plenty of funds of funds will end up losers in the meantime.乐观主义者还是有的,2008年Protégé Partners以100万美元和巴菲特打赌,赌十年之内综合资金管理的盈利能力会比股票市场更强。去年年末,Protégé 公司选中的综合基金盈利下滑了5.9%,与之相比,盯住标普500的指数型基金的收益下滑了6.3%。尽管六年之后才能决出胜负,但综合基金如此微弱的优势预示着在此期间会有大量的综合基金败下阵来。 /201304/233495

But if you kept recycling urine by urinating and drinking it multiple times, wouldnrsquo;t those minerals eventually build up until the urine was no longer safe? Over several days, your urine would become saturated with minerals. And drinking it would really tax the kidneys, whose job it is to flush unwanted minerals and toxins from the body. Drink urine long enough and you may go into kidney failure. On a related note, you may have heard that in some cultures, urine is used as medicine. Therersquo;s no hard evidence that urine has any curative powers, which doesnrsquo;t mean it has none. But urologists tend to believe that whatever healthful powers drinking urine has would be negated by toxic buildup in the kidneys.但是,如果你一只排尿和并喝尿很多次,这些矿物最不会积累吗?那直到尿液不再安全?过一些天,你的尿液会变成饱和的矿物质。这时再喝会加重肾脏的负担,而肾脏的功能是排掉身体不需要的矿物质和毒素。如果长时间喝尿,你可能会肾功能衰竭。在一些相关的记录,你可能已经听说,在一些文化中尿可以当做药物。没有确凿的据明尿有任何疗效的功能能,但这并不意味着它没有治病的功能。但是,泌尿科医生往往认为健康的人无论喝什么样的尿都会在肾脏中积聚毒性。201201/168672

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