经济学人199:公司治理 不是煤老大

 　　Business

　　商业报道

　　Corporate¹ governance

　　公司治理

　　Not King Coal

　　不是煤老大

　　The Rothschild-Bakrie marriage hits the rocks

　　罗斯柴尔德与巴克利联姻遭遇危机

　　IN AN early episode of Sergeant² Bilko, a 1950s TV comedy, the eponymous hero rents an empty store.

　　上世纪五十年代的电视喜剧《毕尔克警长》中有这么一个情节，主人公毕尔克盘下了一个空店面，

　　His fellow soldiers, convinced that the army's smartest operator sees a business opportunity, beg to be made partners.

　　他的战友们坚信，这位军营中最聪明的指挥官看准了一个商机，苦苦要求与他一起干。

　　Not all do well out of the deal.

　　合作中遇到很多不快。

　　Nat Rothschild also has a name that inspires confidence among investors³. The scion⁴ of a European banking⁵ dynasty,

　　罗斯柴尔德在投资者中同样享有较高的信任度，这位是欧洲银行王朝的后裔。

　　Mr Rothschild raised ￡707m to create his own empty store, a London-listed cash shell named Vallar.

　　斥资7.07亿英镑也创立了他自己的一个空店面，伦敦上市的一个现金空壳Vallar，

　　He then used the cash to buy stakes in two coal-mining ventures in Indonesia associated with the Bakrie group, a family-owned conglomerate⁶.

　　之后他用这些资金购进印尼家族航母公司巴克利集团旗下两个矿业公司的股份。

　　Bumi PLC, the British-based company that emerged with Mr Rothschild as co-chairman, appealed to cautious punters who might otherwise have shied away from risky⁷ commodity bets in faraway places.

　　罗斯柴尔德先生也是英国布米能源的董事长，这家公司对那些不喜欢高风险的谨慎型投资者很有吸引力。

　　But the marriage of British finance and Indonesian business is on the rocks, and investors are sore.

　　但英国资金与印尼商机的联姻就要破裂，投资者苦不甘言。

　　On February 3rd the Bakrie family and Samin Tan, an Indonesian businessman, called on Bumi's shareholders⁸ to unseat Mr Rothschild from the board.

　　2月3日，巴克利家族和印尼商人萨门?汤呼吁Bumi公司的把罗斯柴尔德从董事长的位子下拉下来。

　　The move came after months of boardroom strife⁹, which began when the Bakries sold half of their stake to Mr Tan, to pay off debts.

　　董事会内部冲突已持续数月。此前巴克利为偿还债务，将其所持股份的一半出售给汤先生，于是起了争端。

　　It worsened last November when Mr Rothschild called for a radical¹⁰ ‘cleaning up' of the balance-sheet and corporate culture of Bumi's Indonesian affiliate¹¹.

　　去年11月，罗斯柴尔德先生要求对Bumi印尼分公司的资产负债和企业文化进行彻底清洗，冲突愈演愈烈。

　　Bumi's share price is down by two-fifths from a year ago.

　　股价也比一年前跌了五分之二。

　　Few in Indonesia were surprised by the clash.

　　在印尼，几乎没有人会对这场冲突感到大惊小怪。

　　The Bakries have commercial and political clout¹², and are used to getting their own way.

　　巴克利在商业上和政治上具有很大影响力，一向我行我素。

　　In Britain the spat¹³ has added to investors' concerns that a premium¹⁴ London listing is too easily awarded to companies that have controlling shareholders,

　　在英国，冲突加剧了投资者的担心，他们认为，对于控股公司以及不安定地区的风险经营，

　　as well as risky operations, in unstable¹⁵ places.

　　伦敦上市公司的回报太过容易。

　　Mining and oil companies account for some 30% of the value of London's stockmarket, about twice the global weighting.

　　矿业、石油公司占伦敦股市价值的30%左右，几乎是其他股市总和的两倍。

　　Some of them are established firms, such as BHP Billiton, BP and Shell, but they also include a newer breed of mining stocks,

　　它们中有些是实体性的公司，如必和必拓、英国石油和壳牌。

　　such as ENRC and Bumi, which are ostensibly British companies but the balance of power among shareholders lies elsewhere.

　　但也有一些是矿业股票的衍生公司，如欧亚资源和布米能源，它们表面上看是英国公司，但实际股份控制权在别处。

　　The clashes between Mr Rothschild and his Indonesian partners show that his model of bolting British governance standards onto a foreign firm is defective¹⁶, says a fund manager in London.

　　伦敦的一位基金管理人表示，罗斯柴尔德先生与其印尼合作伙伴的冲突表明，这种将英国公司的治理方法应用于外国公司的模式存在缺陷。

　　Fund managers who don't like the way a company is managed can in principle steer¹⁷ clear of it.

　　一般来说，不喜欢这种公司管理方式的基金管理人能够避开这样的公司，

　　But a company that qualifies for a London listing is also a candidate for inclusion in stockmarket indices,

　　但是一家公司有资格在伦敦上市，就有可能被用以计算工业。

　　such as the FTSE 100, an industry benchmark.

　　基准FTSE100等股市指数，

　　Low-cost funds that track such indices are obliged to buy these stocks whatever their merits.

　　追随这种指数的低成本基金不得不购买这种股票，不管它有没有投资价值。

　　And active fund managers can ill afford to steer clear of too many mining stocks or their portfolios¹⁸ might trail the overall market.

　　那些积极的基金管理人可能无法避开太多的矿业股或者矿业股组合，他们也许会追逐大市。

　　Set-ups like Bumi's seem designed to tap into this captive pool of capital.

　　布米能源等公司的组建似乎就是用来圈钱。

　　Ernest Bilko would admire the ingenuity¹⁹. But investors deserve better.

　　欧尼斯特·毕尔克也会对这种天才的做法羡慕不已。但投资者理应得到更高的回报。

1 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。

2 sergeant   

n.警官，中士

参考例句：

• His elder brother is a sergeant.他哥哥是个警官。
• How many stripes are there on the sleeve of a sergeant?陆军中士的袖子上有多少条纹？

3 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

4 scion   

n.嫩芽，子孙

参考例句：

• A place is cut in the root stock to accept the scion.砧木上切开一个小口,来接受接穗。
• Nabokov was the scion of an aristocratic family.纳博科夫是一个贵族家庭的阔少。

5 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。

6 conglomerate   

n.综合商社，多元化集团公司

参考例句：

• The firm has been taken over by an American conglomerate.该公司已被美国一企业集团接管。
• An American conglomerate holds a major share in the company.一家美国的大联合企业持有该公司的大部分股份。

7 risky   

adj.有风险的，冒险的

参考例句：

• It may be risky but we will chance it anyhow.这可能有危险，但我们无论如何要冒一冒险。
• He is well aware how risky this investment is.他心里对这项投资的风险十分清楚。

8 shareholders   

n.股东( shareholder的名词复数 )

参考例句：

• The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
• the company's fiduciary duty to its shareholders 公司对股东负有的受托责任

9 strife   

n.争吵，冲突，倾轧，竞争

参考例句：

• We do not intend to be drawn into the internal strife.我们不想卷入内乱之中。
• Money is a major cause of strife in many marriages.金钱是造成很多婚姻不和的一个主要原因。

10 radical   

n.激进份子，原子团，根号；adj.根本的，激进的，彻底的

参考例句：

• The patient got a radical cure in the hospital.病人在医院得到了根治。
• She is radical in her demands.她的要求十分偏激。

11 affiliate   

vt.使隶(附)属于；n.附属机构，分公司

参考例句：

• Our New York company has an affiliate in Los Angeles.我们的纽约公司在洛杉矶有一个下属企业。
• What is the difference between affiliate and regular membership?固定会员和附属会员之间的区别是什么？

12 clout   

n.用手猛击；权力，影响力

参考例句：

• The queen may have privilege but she has no real political clout.女王有特权，但无真正的政治影响力。
• He gave the little boy a clout on the head.他在那小男孩的头部打了一下。

13 spat   

n.口角，掌击；v.发出呼噜呼噜声

参考例句：

• Her parents always have spats.她的父母经常有些小的口角。
• There is only a spat between the brother and sister.那只是兄妹间的小吵小闹。

14 premium   

n.加付款；赠品；adj.高级的；售价高的

参考例句：

• You have to pay a premium for express delivery.寄快递你得付额外费用。
• Fresh water was at a premium after the reservoir was contaminated.在水库被污染之后，清水便因稀而贵了。

15 unstable   

adj.不稳定的，易变的

参考例句：

• This bookcase is too unstable to hold so many books.这书橱很不结实，装不了这么多书。
• The patient's condition was unstable.那患者的病情不稳定。

16 defective   

adj.有毛病的，有问题的，有瑕疵的

参考例句：

• The firm had received bad publicity over a defective product. 该公司因为一件次品而受到媒体攻击。
• If the goods prove defective, the customer has the right to compensation. 如果货品证明有缺陷， 顾客有权索赔。

17 steer   

vt.驾驶，为…操舵；引导；vi.驾驶

参考例句：

• If you push the car, I'll steer it.如果你来推车，我就来驾车。
• It's no use trying to steer the boy into a course of action that suits you.想说服这孩子按你的方式行事是徒劳的。

18 portfolios   

n.投资组合( portfolio的名词复数 )；（保险）业务量；（公司或机构提供的）系列产品；纸夹

参考例句：

• Price risk arises in non-trading portfolios, as well as in trading portfolios. 价格风险中出现的非贸易投资，以及在贸易投资组合。 来自互联网
• How do we fatten our portfolios and stay financially healthy? 我们怎样育肥我们的投资结构和维持财政健康呢？ 来自互联网

19 ingenuity   

n.别出心裁；善于发明创造

参考例句：

• The boy showed ingenuity in making toys.那个小男孩做玩具很有创造力。
• I admire your ingenuity and perseverance.我钦佩你的别出心裁和毅力。