每日一篇 | 《經濟學人》讀譯參考 Day676

TEXT 676

經濟學人:Wirecard:遷怒於人 (2)

Investors in Wirecard remained spooked until BaFin intervened on February 18th.The regulator cited Wirecard's "importance for the economy" and the "serious threat to market confidence" following the collapse in its share price.Wirecard processes payments for 250,000 merchants, including Aldi and Lidl, two of Germany's biggest retailers, and numerous airlines.The value of Wirecard rose by 16% after the regulator took action.

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譯文

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Wirecard的投資者驚魂未定，直到2月18日德國聯邦金融監管局介入。監管者引用稱Wirecard具有“經濟重要性”並且公司股價暴跌將“對市場信心造成嚴重威脅”。Wirecard爲250,000家公司處理支付業務，其中包括阿爾迪和利德連鎖超市（這兩個德國最大的零售商）以及很多航空公司。監管者採取行動後，Wirecard市值上漲16%。

The ban may have been a risky move. The regulator is meant to act in the public interest.This is the first time BaFin has used the measure to protect a single company.(In 2008, with the financial crisis in full swing, they restricted short-selling of 11 bank stocks.)

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禁令可能存在風險。監管者本意是爲公衆利益採取行動。這是德國聯邦金融監管局首次採取措施保護一家公司。（2008年，隨着金融危機全面展開，他們限制了11家銀行股票的賣空。）

Crispin Odey, a hedge-fund manager with short positions in Wirecard, has claimed that BaFin has opened the door to potential lawsuits.In his view, according to reports by Bloomberg, the regulator should have ensured that Wirecard's employees did not engage in any wrongdoing before it took action.Action might be justified if markets have been manipulated. Prosecutors in Munich say they are looking into possible violations of securities regulations.But the Financial Times has rejected allegations of unethical reporting or market manipulation as "baseless and false".

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譯文

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在Wirecard擁有空頭的對沖基金經理Crispin Odey聲稱德國聯邦金融監管局爲潛在的訴訟敞開了大門。根據《彭博》的報道，在他看來，監管者本應在採取行動前確保Wirecard的員工沒有參與任何違規行爲。如果市場受到操控，那麼採取行動是正當行爲。慕尼黑的檢察官稱他們正在調查可能違反證券監管法的行爲。但是《金融時報》否認了不道德報道或操縱市場的指控，並稱這些指控是“毫無根據且虛假的”。

Despite their unpopularity, short-sellers perform useful functions in markets.They help prevent bubbles from forming and are adept at rooting out malfeasance.Studies find that in the months before financial fraud at a company is revealed, short-selling of its stock tends to spike.Jim Chanos, a well-known short-seller, famously predicted the demise of Enron, an energy-trading firm that went bust in 2001.

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雖然不受歡迎，但是賣空者在市場中發揮着有益的功能。他們幫助防止泡沫的形成，也很擅長根除違法行爲。研究發現在該公司金融欺詐被披露前的幾個月內，其股票的賣空有急劇升值趨勢。知名賣空者Jim Chanos曾預測了安然公司的終結，該能源交易公司在2001年破產。

BaFin claims Wirecard had been the target of repeated "short attacks."But shortselling a company that is suspected of false accounting does not undermine markets— rather, it is a sign they are working.Making Mr Chanos give up his short position would not have saved Enron from bankruptcy, after all. He was the messenger, not the problem.

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德國聯邦金融監管局宣稱Wirecard是“賣空攻擊”的目標。但是做空一家涉嫌僞造賬目的公司不會破壞市場—更確切地說這是賣空者在起作用的跡象。畢竟讓Chanos放棄他的空頭不能使安然公司免於破產。他不過是傳信人，而非問題所在。

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註釋

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1.spook 驚嚇

Investors were spooked by slowing economies.

投資者們因經濟增長緩慢而變得緊張。

2.lawsuit 訴訟

The dispute culminated last week in a lawsuit against the government.