经济学人: 日本软银移动业务上市 (2)

 Even so, the Japanese public, bombarded by TV advertisements for the listing, has flocked to buy shares. 即便如此，由于电视上铺天盖地的上市宣传，日本民众纷纷购买该公司股票。

SoftBank benefits both from domestic investors²' lack of options and its own strong brand. 由于国内投资者的选择不多，且软银自身品牌强硬，该公司因为获益。

For them, putting in 1,500 yen³ and receiving a relatively⁴ high dividend⁵ payout, of around 5%, with no currency risk is an attractive proposition. 对他们来说，投入1500日元以及收获相对更高的股息支付率（约5%），且没有通货风险，这是一件吸引人的事情。

"Mrs Watanabe is looking at yield, not the fundamentals in the long term," “渡边太太期待的是收益而不是听那些长期的基本面分析，”

says Chris Lane, an analyst⁶ at Sanford C. Bernstein, a research firm, referring to the proverbial Japanese retail⁷ investor¹. 研究公司桑福德伯恩斯坦的克里斯·莱恩在谈及这位众所周知的日本小额投资者时说如是。

The IPO's attractions are equally clear for Masayoshi Son, SoftBank's founder⁸, 上市的吸引力对软银创始人孙正义一样清晰，

who is shifting his firm away from telecoms towards investing in tech entrepreneurs around the world. 他将自己的公司从电信行业转至投资世界各地的科技型企业家。

Through his Vision Fund, an investment vehicle financed in large part by Saudi Arabia's sovereignwealth fund, 通过他的愿景基金（一种投资手段，沙特阿拉伯的主权财富基金是其主要资助方）

he has bought stakes in companies such as Uber, WeWork and Arm (a British chip firm). 他购入了优步、WeWork以及Arm（一家英国芯片公司）等公司的股权。

The IPO is a way to take some cash out of a part of SoftBank that is not growing as swiftly and to put it into racier bets, while retaining control. 上市是从软银子公司取出一些现金并将这笔资金投入更加活跃赌注中，同时还能保留其控制权的一种方法。

Mr Son also hopes the sale may solve his main frustration⁹ since he veered¹⁰ away from telecoms to backing tech founders¹¹: 孙先生希望这笔资金可以解决他自电信业转向支持技术创始人以来所面对的主要困境：

that investors do not properly appreciate SoftBank's transformation¹² and that they therefore undervalue it. 投资人并不能正确理解软银的转型，以及他们因此低估了这一转型。

The company's shares have been trading at a hefty discount, of around 40%, to the value of its assets. 公司股票的交易价格（约40%）一直远低于其资产价值。

This discount arises in part because many telecoms-focused investors in the group 部分原因是因为集团内部很多专注电信的投资者

are not thrilled to see their cash being funnelled¹³ into risky¹⁴ and opaque¹⁵ tech investments at high prices. 看到他们的现金集中在高风险且不透明的高成本科技产业投资中，他们对此并不感兴趣。

Now these investors will be able to buy shares in a more predictable phone company while those with a higher risk appetite can stay with SoftBank. 现在这些投资者将能够购买一家可预测性更高的电话公司的股票，同时把更高的风险偏好留给软银。

Closing the discount depends on a number of factors, however. What happens to the group's high level of debt will be critical. 但要消除交易价格和资产价值之间的差距取决于很多因素。该集团高额债务的情况将是关键。

SoftBank has around 18trn yen of interestbearing debt, or over six times its operating earnings¹⁶, 软银有近18万亿日元的附息债务，是其营业收益的六倍多，

thanks partly to its acquisition of Sprint¹⁷, an American telecoms firm, for $20bn in 2012. 部分原因是因为该公司在2012年以200亿美元的价格收购了一家美国电信公司Sprint。

 

1 investor   

n.投资者，投资人

参考例句：

• My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
• The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。

2 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

3 yen   

n. 日元；热望

参考例句：

• He wanted to convert his dollars into Japanese yen.他想将美元换成日币。
• He has a yen to be alone in a boat.他渴望独自呆在一条船上。

4 relatively   

adv.比较...地，相对地

参考例句：

• The rabbit is a relatively recent introduction in Australia.兔子是相对较新引入澳大利亚的物种。
• The operation was relatively painless.手术相对来说不痛。

5 dividend   

n.红利，股息；回报，效益

参考例句：

• The company was forced to pass its dividend.该公司被迫到期不分红。
• The first quarter dividend has been increased by nearly 4 per cent.第一季度的股息增长了近 4%。

6 analyst   

n.分析家，化验员；心理分析学家

参考例句：

• What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务？
• The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。

7 retail   

v./n.零售；adv.以零售价格

参考例句：

• In this shop they retail tobacco and sweets.这家铺子零售香烟和糖果。
• These shoes retail at 10 yuan a pair.这些鞋子零卖10元一双。

8 Founder   

n.创始者，缔造者

参考例句：

• He was extolled as the founder of their Florentine school.他被称颂为佛罗伦萨画派的鼻祖。
• According to the old tradition,Romulus was the founder of Rome.按照古老的传说，罗穆卢斯是古罗马的建国者。

9 frustration   

n.挫折，失败，失效，落空

参考例句：

• He had to fight back tears of frustration.他不得不强忍住失意的泪水。
• He beat his hands on the steering wheel in frustration.他沮丧地用手打了几下方向盘。

10 veered   

v.（尤指交通工具）改变方向或路线( veer的过去式和过去分词 )；（指谈话内容、人的行为或观点）突然改变；（指风） （在北半球按顺时针方向、在南半球按逆时针方向）逐渐转向；风向顺时针转

参考例句：

• The bus veered onto the wrong side of the road. 公共汽车突然驶入了逆行道。
• The truck veered off the road and crashed into a tree. 卡车突然驶离公路撞上了一棵树。 来自《简明英汉词典》

11 founders   

n.创始人( founder的名词复数 )

参考例句：

• He was one of the founders of the university's medical faculty. 他是该大学医学院的创建人之一。 来自辞典例句
• The founders of our religion made this a cornerstone of morality. 我们宗教的创始人把这看作是道德的基石。 来自辞典例句

12 transformation   

n.变化；改造；转变

参考例句：

• Going to college brought about a dramatic transformation in her outlook.上大学使她的观念发生了巨大的变化。
• He was struggling to make the transformation from single man to responsible husband.他正在努力使自己由单身汉变为可靠的丈夫。

13 funnelled   

漏斗状的

参考例句：

• He secretly funnelled credit-card information to counterfeiters. 他偷偷地把信用卡信息传递给造假者。
• The water funnelled through the gorge and out onto the plain. 水穿过峡谷流到平原。

14 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。

15 opaque   

adj.不透光的；不反光的，不传导的；晦涩的

参考例句：

• The windows are of opaque glass.这些窗户装着不透明玻璃。
• Their intentions remained opaque.他们的意图仍然令人费解。

16 earnings   

n.工资收人；利润，利益，所得

参考例句：

• That old man lives on the earnings of his daughter.那个老人靠他女儿的收入维持生活。
• Last year there was a 20% decrease in his earnings.去年他的收入减少了20%。

17 sprint   

n.短距离赛跑；vi. 奋力而跑，冲刺；vt.全速跑过

参考例句：

• He put on a sprint to catch the bus.他全速奔跑以赶上公共汽车。
• The runner seemed to be rallied for a final sprint.这名赛跑者似乎在振作精神作最后的冲刺。