13. The Stock Market and Investment视频课堂
杭州服装培训学校
How does the stock market affect business investment? There are three direct effects. One is that the market has traditionally rved as a general barometer of the expectations of the business-minded community as a whole①. We say "Business- minded" rather than "business" becau the demand for, and supply of, curities②mainly comes from curities dealers, stockbrokers, and the investing public, rather than from nonfinancial business enterpris themlves. When the market is buoyant, it has been a signal to business that the "business climate" is favorable, and the effect on what Keynes called the "animal spirits"③of executives has been to encourage them to go ahead with expansion plans. When the market is falling, on the other hand, spirits tend to be dampened, and executives may think twice before embarking on an expansion program④in the face of general pessimism.
This traditional relationship is, however, greatly lesned by the growing power of government to influence the trend of economic events. Business once looked to the market as the key signal for the future. Today it looks to Washington⑤Hence, during the past decade when the stock market has show
n wide swings, business investment⑥in plant and equipment has remained basically steady. This reflects the feelings of corporate managers that government policy will keep the economy growing, whatever "the market" may think of events.
A cond direct effect of the stock market on investment has to do with the ea of issuing new curities. One of the ways in which investment is financed is through the issuance of new stocks or bonds who proceeds will purcha plant and equipment. When the market is rising, it is much easier to float a new issue⑦than when prices are falling. This is particularly true for certain business—public utilities, for example—that depend heavily on stock issues for new capital rather than on retained earnings.
Finally, when the market is very low, companies with large retained earnings may be tempted to buy up other companies, rather than u their funds for capital expenditure⑧. Financial investment, in other words, may take the place of real investment. This helps successful companies grow, but does not directly provide growth for the economy as a whole.
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From Economics Explained by Heilbroner 【参考译文】
股票市场是怎么影响商业投资的呢？有三种直接的影响。第一，股市向来被当作预测一般投资人心理的气象台①。这里用“投资人”而不说“商界”，因为证券买卖的双方②大都是证券商、交易员以及投资大众，不一定是来自商界。股市如果表现良好就表示“商业气候”良好；如凯因斯所言，群情高亢之下③主管会受到鼓舞去扩展业务。如果股市表现不佳，情绪就会普遍低迷，主管进行扩张④之前就会再三犹豫。
然而由于政府对经济动向的影响力日益增大，前述那种传统的影响已经大为减弱。过去商界将股市视为预测未来的指标，今天这个指标被政府⑤取代了。因此过去几十年来，不管股市怎么大起大落，商界在工厂及设备投资上⑥大致都保持稳定。这代表企业主管对政府的
的英文
finance是什么意思政策有信心，觉得无论股市表现得怎么样，政策仍会使经济保持成长。艺术留学研究生
股市对投资的第二种影响来自新证券的上市。购买新工厂和设备时，可发放新股票或债券来筹措资金。股价指数上升时要比下跌时容易让新的股票上市⑦。对那些大量依赖售股筹资而非储备基金的事业尤其如此，公共事业就是一例。
最后还有一种影响。股市低迷之际，储备基金充足的公司可能会想去并购其他公司，而不把基金花在建设⑧之上。换言之，公司会做金融性投资而不做实质的投资。业绩良好的公司当然会因此而扩张，但整体的经济却不会直接因此而成长。
(赖志伟译) 【翻译要点】
leslie是什么意思①Business-minded community在这里指的主要是金融机构和个体投资人，所以可译为“投资人”或“关注商业的群体”。barometer of the expectations中barometer虽为比喻形象，但较常见，可译为“晴雨表”“气象台”等。另外，of可灵活处理，根据barometer 和expectations之间的关系，可将其处理为“反映”。
②demand for和supply of表示一种供求关系，也可将其意译，处理为“买卖双方”。
③animal spirits原指“精力充沛”。在经济学中，指投资者对实施新的投资项目的信心，在这里可以理解为“投资士气”。
④to go ahead with expansion plans和embarking on an expansion program意思相同，只是表达不同，可将其译为“实施扩张”，进行两方面的对比。
⑤根据语境和上下文，此处的Washington应指代government，所以应译为“政府”。
measures⑥business既可指商业，也可指企业或商界，根据上下文理解，此处应为后者。所以business investment应指企业或商界的投资。
jui⑦float a new issue在经济学领域一般理解为“让新的股票上市”。
expert什么意思⑧capital expenditure即可指资本支出，又可指基本建设支出，也就是用于固定资产如厂房、机器设备等的支出。所以，此处可译为“资本支出”或更直接的“建设支出”。
