2019年经济学人 敦促合并(1)

 

So much for the sepulchral¹ calm of a German Sunday.

德国周天阴森的平静就到此为止了。

On March 17th, after months of prodding² from the German government and chatter³ in the financial press,

3月17日，在德国政府的督促以及金融媒体的喋喋不休下，

Commerzbank and Deutsche Bank, Germany's two largest listed lenders, said that they would begin exploring a merger⁵.

德国商业银行和德意志银行，德国最大的两家上市贷方表示他们将开始寻求合并。

A deal, both banks are at pains to add, is far from certain. If it happens, it would create Europe's third-biggest bank by assets,

这两家银行费尽心思添加的一项交易还远不能确定下来。如果合并，这将成为欧洲资产规模第三大的银行，

behind Britain's HSBC (which does most of its business in Asia) and France's BNP Paribas.

仅此于英国的汇丰银行（其主要业务在亚洲）以及法国的法国巴黎银行。

It would also join together two chronic⁶ underperformers. Last year Deutsche's return on equity⁷, a puny⁸ 0.4%, was its first positive figure for four years.

这也将是两家习惯性表现欠佳者的结合。去年，德意志银行的净资产收益率（仅为0.4%）是四年来首个正数。

Commerzbank's has bettered last year's anaemic 3% only once since 2011.

自2011年来，德国商业银行的净资产收益率高于去年的3%，但也只有这一次。

Combining two struggling banks looks like an improbable method of creating the robust⁹ "national champion" of which German ministers have been dreaming.

将两家苦苦挣扎的公司合并就像是一种不可行方法，用于创造德国部长们一直梦寐以求的强健“全国冠军”。

Years of ultra-low interest rates and an overcrowded banking¹⁰ market—

多年的超低利率和过于拥挤的银行市场—

most of which is served by public-sector and co-operative lenders—have sapped profitability,

大部分由国营部门和合作贷方提供服务—已经削弱了盈利能力，

even though both Commerzbank and Deutsche Bank are well capitalised and amply liquid. A merger is unlikely to change that.

虽然德国商业银行和德意志银行资本雄厚且资金流动充足。一次合并不可能改变。

Encouragement from Berlin alone is not—or should not be—reason to merge⁴,

仅仅是来来自政府的鼓励不是—或是不应该是—合并的理由，

although the government is Commerzbank's biggest shareholder¹¹, with 15%.

虽然政府是德国商业银行最大的股东，持股15%。

The right gauge¹² is what all the shareholders¹³ of both banks would stand to lose or gain.

正确的测量标准是两家银行的股东将得到或失去什么。

You might suppose that Deutsche's should be keen on a fresh start. Its fall from grace since the financial crisis is a cautionary tale often told:

你可能认为德意志银行应该渴望一个新的开始。它自金融危机以来的失宠成了老生常谈的警世故事：

its share price has fallen by 90% since 2007; not until 2015 did it accept that its global moneymaking machine, aka its investment bank, was kaputt;

自2007年起其股价下跌90%；直到2015年它才接受了其全球赚钱机器，也称投资银行，崩溃的事实；

it is on its fourth chief executive in as many years; and so on.

它在四年里换了三个总裁等等。

But its smaller neighbour may have the better (or rather, less bad) end of the bargain.

但其较小的邻居或许能在该交易中获得更好的（更精确地说是没那么糟糕的）结果。

To both banks, a merger brings the promise of scale, especially in retail¹⁴ banking.

对两家银行来说，一次合并带来了规模的承诺，尤其是在小额银行业务方面。

Deutsche's share of the German market— adding its upmarket "blue" Deutsche Bank brand to the more basic Postbank—is around 11%,

德意志银行占德国市场份额—将其高端‘蓝色’德意志银行品牌添加到更基础的邮政银行—约为11%，

according to Autonomous¹⁵ Research; Commerzbank's is 8%.

独立调查机构 Autonomous Research表示，德国商业银行为8%。

With one-fifth of the market, a combined entity¹⁶ would be by far the biggest in Germany, maybe enough to exert some pricing power.

有了五分之一的市场份额，到目前为止一个合并实体将成为德国最大的实体，或许大到足以运用一些定价权。

1 sepulchral   

adj.坟墓的，阴深的

参考例句：

• He made his way along the sepulchral corridors.他沿着阴森森的走廊走着。
• There was a rather sepulchral atmosphere in the room.房间里有一种颇为阴沉的气氛。

2 prodding   

v.刺，戳( prod的现在分词 )；刺激；促使；（用手指或尖物）戳

参考例句：

• He needed no prodding. 他不用督促。
• The boy is prodding the animal with a needle. 那男孩正用一根针刺那动物。 来自《现代英汉综合大词典》

3 chatter   

vi.／n.喋喋不休；短促尖叫；(牙齿)打战

参考例句：

• Her continuous chatter vexes me.她的喋喋不休使我烦透了。
• I've had enough of their continual chatter.我已厌烦了他们喋喋不休的闲谈。

4 merge   

v.(使)结合，(使)合并，(使)合为一体

参考例句：

• I can merge my two small businesses into a large one.我可以将我的两家小商店合并为一家大商行。
• The directors have decided to merge the two small firms together.董事们已决定把这两家小商号归并起来。

5 merger   

n.企业合并，并吞

参考例句：

• Acceptance of the offer is the first step to a merger.对这项提议的赞同是合并的第一步。
• Shareholders will be voting on the merger of the companies.股东们将投票表决公司合并问题。

6 chronic   

adj.(疾病)长期未愈的，慢性的；极坏的

参考例句：

• Famine differs from chronic malnutrition.饥荒不同于慢性营养不良。
• Chronic poisoning may lead to death from inanition.慢性中毒也可能由虚弱导致死亡。

7 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。

8 puny   

adj.微不足道的，弱小的

参考例句：

• The resources at the central banks' disposal are simply too puny.中央银行掌握的资金实在太少了。
• Antonio was a puny lad,and not strong enough to work.安东尼奥是个瘦小的小家伙，身体还不壮，还不能干活。

9 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。

10 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。

11 shareholder   

n.股东，股票持有人

参考例句：

• The account department have prepare a financial statement for the shareholder.财务部为股东准备了一份财务报表。
• A shareholder may transfer his shares in accordance with the law.股东持有的股份可以依法转让。

12 gauge   

v.精确计量；估计；n.标准度量；计量器

参考例句：

• Can you gauge what her reaction is likely to be?你能揣测她的反应可能是什么吗？
• It's difficult to gauge one's character.要判断一个人的品格是很困难的。

13 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

14 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。

15 autonomous   

adj.自治的；独立的

参考例句：

• They proudly declared themselves part of a new autonomous province.他们自豪地宣布成为新自治省的一部分。
• This is a matter that comes within the jurisdiction of the autonomous region.这件事是属于自治区权限以内的事务。

16 entity   

n.实体，独立存在体，实际存在物

参考例句：

• The country is no longer one political entity.这个国家不再是一个统一的政治实体了。
• As a separate legal entity,the corporation must pay taxes.作为一个独立的法律实体，公司必须纳税。