再看巴西股市
关键词： 巴西,股市A second look
再看巴西股市
translated by Wang Yi
Apr 4th 2007 | SÃO PAULO
From The Economist print edition
Lula, champion of equality, has been good for equities
卢拉， 平等的拥护者，得益的股票
WHEN Luiz Inácio Lula da Silva led Brazilian workers in a demonstration in front of the São Paulo stock exchange a decade ago, angry exchange members marched into the street to confront the fiery union leader. Three months into Lula's second term as president, though, financial leaders admit their early fears were overblown. “Surprisingly, we have never had a government so committed to the capital markets as we have right now,” says Gilberto Mifano, chief executive of the exchange.
十年前，当Luiz Inácio Lula da Silva领导巴西工人在圣保罗证券交易所前进行示威游行的时候，愤怒的证交所会员冲入街道，与联盟领导人发生了激烈的对峙。尽管财政部的领导人承认他们早期的担心有点小题大做，卢拉连任总统已有三月。“出乎意料的是，现在的政府非常重视资本市场，而以前从来没有过这样”，证交所首席执行官Gilberto Mifano这样说道。
Just as Lula has won over the traders, so the São Paulo exchange, known as Bovespa, has calmed the doubts of international investors in recent years. Long buffeted by rampant inflation, soaring interest rates and extreme volatility, share prices on Latin America's largest stockmarket have doubled in the past three years, according to the leading market index. As an expression of confidence in the future, members will vote on a plan to float the exchange itself later this year.
就像卢拉得到了商人们的支持，而人们熟知的Bovespa证交所，或称为圣保罗证交所也一样获得了支持，在近些年里消除了国际投资者的疑虑。尽管失控的通货膨胀引起股市长期振荡，利率的飙升和大幅波动，但根据主要市场指数，在过去的三年间拉丁美洲最大的证券市场股价翻了一倍。为了表达对未来的信心，成员们会在今年晚些时候投票支持一个使证交所自身上市计划。
If it does offer itself to the public, Bovespa will have some impressive numbers to tout. Market capitalisation rose by 37% in 2006, to 1.54 trillion reais ($723 billion). Initial public offerings (IPOs), non-existent for years, began to rise in 2004 and jumped to 26 last year, more than any other emerging-market exchange except Shanghai and Hong Kong. In the first two months of this year, Bovespa surpassed Hong Kong in total capital raised.
如果确实这样做的话，Bovespa证交所将会有很多令人印象深刻的数字得以自夸。2006年总市值上升37%，达到15400亿雷瓦尔（7230亿美元）。消失有些年头的首次公开募股从2004年开始增长，去年达到了26次，成为除去上海和香港在26年中增长最快的新兴市场。在今年的头两月里，Bovespa证交所总资金增长超过了香港。
What lies behind these figures? Despite the anti-business vitriol of Latin American leaders like Venezuela's Hugo Chávez, foreign investors are learning to distinguish Brazil from its more radical neighbours. Foreigners now account for about 35% of trading on Bovespa, up from 25% two years ago. They snapped up 75% of recent IPOs.
那这些数字背后的含义是？尽管像委内瑞拉总统乌戈.查韦斯一样拉丁美洲领导人抛出反商业的刻薄言论，外国投资者学着把巴西和它那更为激进的邻国做出区分。外资交易从两年前占Bovespa交易所25%提升到现在的35%。他们抢购了现在75%的首次公开募股。
Outside investors have benefited as the grip of insiders has loosened. After a rocky start, a new market launched in 2000—the Novo Mercado—has led to greater shareholder democracy, ending an era of old-style corporate governance in which investors with small financial stakes monopolised voting rights in companies.
内部股东放松了对公司的控制,外部投资者因此受益。2000年新成立的Nove Mercado股市，经历了困难重重的开始阶段后，开创了一个更好的股东民主制度，结束了长时间陈旧的公司管理----公司里只要拥有少额金融股份就能垄断公司的投票权。
The economy is in better shape too, thanks to tamer inflation and lower interest rates. A country prone to sharp devaluations of the currency must now cope with the real's strength: it has gained about 4.2% against the dollar this year.
由于通涨缓解和更低的利率，经济的形式也变得更好。一个倾向于发生剧烈货币贬值的国家现在必须应对现实的强势：今年其货币兑美元上升了4.2%。
During the turbulent 1990s, Brazilian firms sought to float on exchanges abroad, calculating that a foreign listing would give them access to deeper pools of money and an implicit stamp of approval in the eyes of investors. Despite Brazil's progress since then, many big firms still feel the need to list elsewhere. Mr Mifano jokes that the New York Stock Exchange is Brazil's second biggest market, with 32 Brazilian firms listed. In 2002 Brazil's Congress voted to amend the constitution to exempt share trades from a widespread tax on transactions. This has helped Bovespa lure back some of the trades it lost as Brazilian companies listed abroad. But “liquidity is very easy to lose and not so easy to recover,” notes Mr Mifano.
在动荡的九十年代里，巴西公司寻求海外证交所上市，他们估算通过国外上市可以使他们获得更多的交易资金，改善他们在投资者眼中的印象。尽管巴西从那时起就这么做了，但很多大公司仍然觉得他们应该在别处上市。Mifano开玩笑说纽约证交所是巴西第二大市场，有32家巴西公司在其上市。2002年巴西议会投票修正宪法以免除普遍的股票交易的交易税。这个使得Bovespa证交所吸引回一些在海外上市的巴西公司。但是Mifano说道，“资金的流动性很容易丧失，但却不容易恢复”。
Brazil's exchange must also overcome scepticism on the buyer's side of the market. Individual Brazilians lack an equity culture. The vast majority, hobbled by poverty, will never own stocks, but many others with the means to do so also remain wary. They remember the days when the exchange had a reputation as a casino for the elite. Mr Mifano is eager to attract middle-class investors, but realistic about the difficulties. “As Brazilians, we forgot how and why to invest in equities,” he says.
巴西证交所还必须克服市场中买方所持的怀疑态度。而巴西人个体却没有购买股票的意识。绝大多数巴西人受贫穷所困，永远不会购买股票，但很多有能力购买股票的人仍然对购买股票相当谨慎。他们记得从前的证交所被称为精英阶级的赌场。Mifano虽然渴望吸引中产阶级来购买股票，但也很现实地面对困难。他说道，“作为巴西人，我们忘记了怎么投资股票，也忘记了为什么投资股票”。
再看巴西股市
translated by Wang Yi
Apr 4th 2007 | SÃO PAULO
From The Economist print edition
Lula, champion of equality, has been good for equities
卢拉， 平等的拥护者，得益的股票
WHEN Luiz Inácio Lula da Silva led Brazilian workers in a demonstration in front of the São Paulo stock exchange a decade ago, angry exchange members marched into the street to confront the fiery union leader. Three months into Lula's second term as president, though, financial leaders admit their early fears were overblown. “Surprisingly, we have never had a government so committed to the capital markets as we have right now,” says Gilberto Mifano, chief executive of the exchange.
十年前，当Luiz Inácio Lula da Silva领导巴西工人在圣保罗证券交易所前进行示威游行的时候，愤怒的证交所会员冲入街道，与联盟领导人发生了激烈的对峙。尽管财政部的领导人承认他们早期的担心有点小题大做，卢拉连任总统已有三月。“出乎意料的是，现在的政府非常重视资本市场，而以前从来没有过这样”，证交所首席执行官Gilberto Mifano这样说道。
Just as Lula has won over the traders, so the São Paulo exchange, known as Bovespa, has calmed the doubts of international investors in recent years. Long buffeted by rampant inflation, soaring interest rates and extreme volatility, share prices on Latin America's largest stockmarket have doubled in the past three years, according to the leading market index. As an expression of confidence in the future, members will vote on a plan to float the exchange itself later this year.
就像卢拉得到了商人们的支持，而人们熟知的Bovespa证交所，或称为圣保罗证交所也一样获得了支持，在近些年里消除了国际投资者的疑虑。尽管失控的通货膨胀引起股市长期振荡，利率的飙升和大幅波动，但根据主要市场指数，在过去的三年间拉丁美洲最大的证券市场股价翻了一倍。为了表达对未来的信心，成员们会在今年晚些时候投票支持一个使证交所自身上市计划。
If it does offer itself to the public, Bovespa will have some impressive numbers to tout. Market capitalisation rose by 37% in 2006, to 1.54 trillion reais ($723 billion). Initial public offerings (IPOs), non-existent for years, began to rise in 2004 and jumped to 26 last year, more than any other emerging-market exchange except Shanghai and Hong Kong. In the first two months of this year, Bovespa surpassed Hong Kong in total capital raised.
如果确实这样做的话，Bovespa证交所将会有很多令人印象深刻的数字得以自夸。2006年总市值上升37%，达到15400亿雷瓦尔（7230亿美元）。消失有些年头的首次公开募股从2004年开始增长，去年达到了26次，成为除去上海和香港在26年中增长最快的新兴市场。在今年的头两月里，Bovespa证交所总资金增长超过了香港。
What lies behind these figures? Despite the anti-business vitriol of Latin American leaders like Venezuela's Hugo Chávez, foreign investors are learning to distinguish Brazil from its more radical neighbours. Foreigners now account for about 35% of trading on Bovespa, up from 25% two years ago. They snapped up 75% of recent IPOs.
那这些数字背后的含义是？尽管像委内瑞拉总统乌戈.查韦斯一样拉丁美洲领导人抛出反商业的刻薄言论，外国投资者学着把巴西和它那更为激进的邻国做出区分。外资交易从两年前占Bovespa交易所25%提升到现在的35%。他们抢购了现在75%的首次公开募股。
Outside investors have benefited as the grip of insiders has loosened. After a rocky start, a new market launched in 2000—the Novo Mercado—has led to greater shareholder democracy, ending an era of old-style corporate governance in which investors with small financial stakes monopolised voting rights in companies.
内部股东放松了对公司的控制,外部投资者因此受益。2000年新成立的Nove Mercado股市，经历了困难重重的开始阶段后，开创了一个更好的股东民主制度，结束了长时间陈旧的公司管理----公司里只要拥有少额金融股份就能垄断公司的投票权。
The economy is in better shape too, thanks to tamer inflation and lower interest rates. A country prone to sharp devaluations of the currency must now cope with the real's strength: it has gained about 4.2% against the dollar this year.
由于通涨缓解和更低的利率，经济的形式也变得更好。一个倾向于发生剧烈货币贬值的国家现在必须应对现实的强势：今年其货币兑美元上升了4.2%。
During the turbulent 1990s, Brazilian firms sought to float on exchanges abroad, calculating that a foreign listing would give them access to deeper pools of money and an implicit stamp of approval in the eyes of investors. Despite Brazil's progress since then, many big firms still feel the need to list elsewhere. Mr Mifano jokes that the New York Stock Exchange is Brazil's second biggest market, with 32 Brazilian firms listed. In 2002 Brazil's Congress voted to amend the constitution to exempt share trades from a widespread tax on transactions. This has helped Bovespa lure back some of the trades it lost as Brazilian companies listed abroad. But “liquidity is very easy to lose and not so easy to recover,” notes Mr Mifano.
在动荡的九十年代里，巴西公司寻求海外证交所上市，他们估算通过国外上市可以使他们获得更多的交易资金，改善他们在投资者眼中的印象。尽管巴西从那时起就这么做了，但很多大公司仍然觉得他们应该在别处上市。Mifano开玩笑说纽约证交所是巴西第二大市场，有32家巴西公司在其上市。2002年巴西议会投票修正宪法以免除普遍的股票交易的交易税。这个使得Bovespa证交所吸引回一些在海外上市的巴西公司。但是Mifano说道，“资金的流动性很容易丧失，但却不容易恢复”。
Brazil's exchange must also overcome scepticism on the buyer's side of the market. Individual Brazilians lack an equity culture. The vast majority, hobbled by poverty, will never own stocks, but many others with the means to do so also remain wary. They remember the days when the exchange had a reputation as a casino for the elite. Mr Mifano is eager to attract middle-class investors, but realistic about the difficulties. “As Brazilians, we forgot how and why to invest in equities,” he says.
巴西证交所还必须克服市场中买方所持的怀疑态度。而巴西人个体却没有购买股票的意识。绝大多数巴西人受贫穷所困，永远不会购买股票，但很多有能力购买股票的人仍然对购买股票相当谨慎。他们记得从前的证交所被称为精英阶级的赌场。Mifano虽然渴望吸引中产阶级来购买股票，但也很现实地面对困难。他说道，“作为巴西人，我们忘记了怎么投资股票，也忘记了为什么投资股票”。
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