经济学人:印度的非银行金融 (1)

 　　CAN a big financial firm's credit rating fall from AAA one month—good enough for pension funds and life insurers—to junk the next without causing a crash? 一个大型金融公司的信用评级在一个月内从AAA—对养老基金和寿险公司而言足够好了—降至垃圾水平，还能不破产么？

　　India's government decided¹ it did not want to find out. Last week it granted Infrastructure² Leasing and Financial Services (IL&FS), 印度政府决定不想去弄清楚这个问题。上周印度政府给基础设施租赁和金融服务有限公司（IL&FS）

　　one of India's biggest shadow banks, a parachute. Plenty are worrying that it will not be enough. 这个印度最大的影子银行之一提供帮助。很多人担心政府的帮助还是不够。

　　As recently as early September, IL&FS raised few concerns. A couple of weeks later it had defaulted on several payments to creditors³. 早在九月初，没什么人关注IL&FS。几周后，IL&FS拖欠了几位债权人的付款。

　　By the end of the month it had said it would raise 45bn rupees ($630m) of fresh capital through a rights issue from its owners, 截止月底，其表示公司所有者将配股筹集450亿卢比（6300万美元）新资金，

　　including the Life Insurance Corporation of India, a state-owned insurer. 公司所有者包括国有保险公司—印度人寿保险公司。

　　On October 1st the government forced out the board and appointed a new one. It was, in effect, a shadow-bank bail-out. 10月1日，政府迫使董事会辞职并任命了新的董事会。实际上，这是影子银行救市。

　　IL&FS is a very Indian beast. It was founded in 1987, with the support of state owned banks, to provide finance to local governments for infrastructure. IL&FS是一家非常印度式的强硬公司。在国有银行的支持下，该公司于1987年成立，为当地政府基础设施建设提供资金。

　　It has grown into a vast conglomerate⁴, with 169 group companies. 该公司旗下有169家集团公司，已经成长为了一家大型企业集团 。

　　It finances, builds and runs everything from toll⁵ roads to "smart cities", not just in India but abroad. 该公司资助、建立并运营一切事物，比如收费公路和“智能城市”，且不仅仅是在印度还在海外。

　　Though it is private, the projects it runs, and the roughly 40% of its equity⁶ that is owned by nationalised firms, 虽然是私有企业，但它的运营项目及其约40%的股权都由国有公司所有，

　　make it what Indian analysts⁷ call "quasi-sovereign". If it went bust⁸, projects across the country would stall, leaving taxpayers⁹ on the hook. 因此印度分析师称其为“半独立”。如果该公司破产，全国的项目将停滞不前，纳税人也会因此被套牢。

　　As India's state-owned banks have sought to repair their ropy balance-sheets, 当印度国有银行试图修复他们糟糕的资产负债表时，

　　IL&FS, which lends but does not take deposits, grew to satisfy demand for infrastructure finance. IL&FS这样有贷款却没有存款业务的公司已经成为了可以满足基础建设融资要求的公司了。

　　Its own debt nearly doubled from 2014 to 2018, to 910bn rupees. It used to borrow mainly from banks. 该公司的债务自2104年到2018年翻了一倍，至9100亿卢比。过去它主要从银行贷款。

　　Recently it has turned to the corporate-bond market. More than a third of its debt falls due within 12 months, up from a fifth a year ago. 近期，它已经开始转向企业债券市场。公司将在12个月内到期的债务量从一年前的五分之一增长为三分之一。

　　The problem is that most of its assets are long-term, illiquid projects. This year interest due overtook operating profit; hence the cash crunch¹⁰. 问题是公司大部分资产都是长期的非现金项目。今年的到期利息超过了营业利润；因此出现了现金危机。

1 decided   

adj.决定了的，坚决的；明显的，明确的

参考例句：

• This gave them a decided advantage over their opponents.这使他们比对手具有明显的优势。
• There is a decided difference between British and Chinese way of greeting.英国人和中国人打招呼的方式有很明显的区别。

2 infrastructure   

n.下部构造，下部组织，基础结构，基础设施

参考例句：

• We should step up the development of infrastructure for research.加强科学基础设施建设。
• We should strengthen cultural infrastructure and boost various types of popular culture.加强文化基础设施建设，发展各类群众文化。

3 creditors   

n.债权人，债主( creditor的名词复数 )

参考例句：

• They agreed to repay their creditors over a period of three years. 他们同意3年内向债主还清欠款。 来自《简明英汉词典》
• Creditors could obtain a writ for the arrest of their debtors. 债权人可以获得逮捕债务人的令状。 来自《简明英汉词典》

4 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。

5 toll   

n.过路(桥)费；损失，伤亡人数；v.敲(钟)

参考例句：

• The hailstone took a heavy toll of the crops in our village last night.昨晚那场冰雹损坏了我们村的庄稼。
• The war took a heavy toll of human life.这次战争夺去了许多人的生命。

6 equity   

n.公正，公平，（无固定利息的）股票

参考例句：

• They shared the work of the house with equity.他们公平地分担家务。
• To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。

7 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

8 bust   

vt.打破；vi.爆裂；n.半身像；胸部

参考例句：

• I dropped my camera on the pavement and bust it. 我把照相机掉在人行道上摔坏了。
• She has worked up a lump of clay into a bust.她把一块黏土精心制作成一个半身像。

9 taxpayers   

纳税人，纳税的机构( taxpayer的名词复数 )

参考例句：

• Finance for education comes from taxpayers. 教育经费来自纳税人。
• She was declaiming against the waste of the taxpayers' money. 她慷慨陈词猛烈抨击对纳税人金钱的浪费。

10 crunch   

n.关键时刻；艰难局面；v.发出碎裂声

参考例句：

• If it comes to the crunch they'll support us.关键时刻他们是会支持我们的。
• People who crunch nuts at the movies can be very annoying.看电影时嘎吱作声地嚼干果的人会使人十分讨厌。