经济学人410:企业支出

 　　Corporate¹ spending

　　企业支出

　　If they build it

　　如果他们建造了它

　　Capital expenditure² around the world has been disappointing

　　世界各地的资本支出一直令人失望

　　WHEN companies spend money on new plant and equipment, jobs and economic growth are the result. One of the aims of central banks' efforts to suppress interest rates is to encourage more such spending. But the latest survey from Standard & Poor's, a rating agency, indicates that a boom is yet to materialise: in real terms, capital expenditure fell 1% in 2013, and is expected to decline again this year.

　　当公司把钱花在新工厂和新设备上时，就业和经济就会上涨。中央银行努力压低利率，其中一个目的就是鼓励更多这样的支出。但是从标准普尔，一家评级机构，最近的调查显示，这种繁荣还未成为现实：实际上，在2013年资本支出下降1%，预计今年还将再次下降。

　　Perhaps surprisingly, capex is falling in emerging markets, generally seen as the engine of the global economy. The emerging markets' share of global capex fell from 34% in 2011 to 27% last year.

　　新兴市场中的资本支出通常本看作是全球经济的引擎，也许令人惊讶的是，这种资本支出正在下降。新兴市场的资本支出占全球资本支出的比例从2011年的34%下降到去年的27%。

　　企业支出.jpg

　　The big investors³ have traditionally been mining and energy firms, accounting⁴ for 42% of global capex in 2013. But spending in both industries has slowed sharply and is expected to fall this year. Companies may be losing the leeway to spend: capex has been higher than free cashflow in three of the last five years. In addition, the investment boom of the past decade may mean that the supply of minerals has caught up with demand.

　　大型投资者通常是矿产和能源公司，2013年这类公司的资本支出占全球资本支出的42%。但在这两个行业的的支出却大幅放缓，且预计今年还会下降。公司也许会失去花钱的余地：在过去的5年中，已经有3年的资本支出比自由现金流高 。此外，过去10年间的投资热潮也许意味着矿产的供给已经赶上需求。

　　Spending on research and development has been more robust⁵ than capex, rising 4.7% in real terms in both 2011 and 2012. But momentum⁶ appears to be slowing, despite an improving economy: R&D grew just 2.6% last year.

　　研发支出比资本支出更加强健，在2011年和2012年都实际增长4.7%。尽管经济形势有所好转，但这一势头似乎正在放缓：去年研发支出仅增长2.6%。

　　Why haven't companies taken advantage of cheap finance and spent more? An obvious reason is that corporate revenue has not been growing very fast. Given that constraint⁷, capex does not look so meagre. For global non-financial companies, the ratio of capex to revenues is close to its highest level in a decade. But that also means companies are unlikely to boost spending by much more. A survey of British firms suggests that uncertainty⁸ about demand and the risk of weak returns are the main deterrents⁹ for executives deciding whether to increase capex.

　　为什么没有公司利用廉价融资而增加支出？一个显而易见的原因就是企业的收入没有迅速增长。考虑到这一约束，资本支出看起来并没有那么贫弱。对于全球非金融企业，资本支出与收入的比率接近10年来的最高水平。但这也意味着公司不太可能更多的刺激消费。对英国公司的调查表明，需求的不确定性和薄弱的风险回报是影响高管决定是否增加资本支出的主要妨碍。

　　It seems like a chicken-and-egg problem. Without a strong global recovery, companies will not spend more. But if they do not spend more, there will not be a strong recovery.

　　这似乎是一个“鸡生蛋，还是蛋生鸡”的问题。没有强劲的全球经济复苏，企业将不会增加支出。但是如果他们不增加支出，就不会产生强劲的全球经济复苏。

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 expenditure   

n.(时间、劳力、金钱等)支出；使用，消耗

参考例句：

• The entry of all expenditure is necessary.有必要把一切开支入账。
• The monthly expenditure of our family is four hundred dollars altogether.我们一家的开销每月共计四百元。

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 accounting   

n.会计，会计学，借贷对照表

参考例句：

• A job fell vacant in the accounting department.财会部出现了一个空缺。
• There's an accounting error in this entry.这笔账目里有差错。

5 robust   

adj.强壮的，强健的，粗野的，需要体力的，浓的

参考例句：

• She is too tall and robust.她个子太高，身体太壮。
• China wants to keep growth robust to reduce poverty and avoid job losses,AP commented.美联社评论道，中国希望保持经济强势增长，以减少贫困和失业状况。

6 momentum   

n.动力，冲力，势头；动量

参考例句：

• We exploit the energy and momentum conservation laws in this way.我们就是这样利用能量和动量守恒定律的。
• The law of momentum conservation could supplant Newton's third law.动量守恒定律可以取代牛顿第三定律。

7 constraint   

n.(on)约束，限制；限制(或约束)性的事物

参考例句：

• The boy felt constraint in her presence.那男孩在她面前感到局促不安。
• The lack of capital is major constraint on activities in the informal sector.资本短缺也是影响非正规部门生产经营的一个重要制约因素。

8 uncertainty   

n.易变，靠不住，不确知，不确定的事物

参考例句：

• Her comments will add to the uncertainty of the situation.她的批评将会使局势更加不稳定。
• After six weeks of uncertainty,the strain was beginning to take its toll.6个星期的忐忑不安后，压力开始产生影响了。

9 deterrents   

制止物( deterrent的名词复数 )

参考例句：

• Whereas attractants, repellents, and many incitants are olfactory substances, stimulants, and deterrents are usually gustatory. 引诱剂，排斥剂还是其他的兴奋剂都是嗅觉物质，但刺激剂和阻抑剂常常是味觉物质。
• A lack of empathy for and knowledge of foreign business practices are deterrents to one's success. 投入不够以及对对外商业惯例知识的不足会对一个人成功造成很大的威胁。