外文翻譯--美國股票市場價(jià)格的波動(dòng)

1、<p>　　2200單詞，12500英文字符,3800漢字</p><p>　　本科畢業(yè)論文外文資料翻譯</p><p>　　系 別： 經(jīng)濟(jì)系 </p><p>　　專 業(yè)： 會(huì)計(jì)學(xué) </p><p>　　姓 名： </p><

2、p>　　學(xué) 號(hào)： </p><p><b>　　年 月 日</b></p><p><b>　　外文原文</b></p><p>　　Fluctuations in stock market prices in the United States</p><

3、p>　　Sir John Templeton John once pointed out: "people always pay too much attention to short-term performance in front of." Seems to be in Europe, the whole market has made the same mistake.</p><p

4、>　　在我們看來，隨著危機(jī)的展開，投資者逃離歐洲，恰恰可能會(huì)錯(cuò)過潛在的機(jī)會(huì)——以便宜的價(jià)格擁有優(yōu)質(zhì)企業(yè)。哪怕是根據(jù)鄧普頓環(huán)球股票集團(tuán)嚴(yán)謹(jǐn)?shù)姆治鲞^程，在我們看來，目前世界各地仍然有許多的投資機(jī)會(huì)。這樣的投資機(jī)會(huì)遍布在各個(gè)行業(yè)。</p><p>　　In our opinion, as the crisis unfolded, investors fled Europe, it may miss the pot

5、ential opportunities -- at a cheap price with high quality enterprises. Even according to the analysis process of rigorous Templeton Global Equity Group, in our opinion, at present all over the world, there are still man

6、y investment opportunities. Such investment opportunities in various industries throughout.</p><p>　　In the United States, one of the main purpose of the investors in the stock market is to share out bonus,

7、stock investment has become another form of savings. According to the data provided by the s&p - the dow Jones industrial average, the public company common stock dividend amount in the first quarter of this year net

8、 gain of $14.5 billion, increased 12%. At the same time, a total of 994 companies raised dividends in the first quarter, up 39% from a year earlier, in the same period last year </p><p>　　The oldest stock pr

9、ice index, the dow as America is a barometer of the economy, is an indicator of world markets. From the initial 12 stocks, the 1916 and 1928 increased stocks. At present, the dow 30 stocks across food, financial, aerospa

10、ce, machinery, chemical industry, electronics, automobile manufacturing, petroleum, pharmaceutical, software such as the industry combination, despite being in the algorithm of the weighted average price is not balanced,

11、 but overall, the changes of the dow 30 s</p><p>　　But the short-term volatility is inevitable, although the dow and s&p index hit a record high, but by no means can rest easy, triumph. In the first quar

12、ter of this year, according to barclays, U.S. stocks average daily trading volume of 6.5 billion shares than the same period last year decreased by 6%. In addition, the drop shows investors commodity prices on the global

13、 economic growth is not very confident.</p><p>　　For U.S. stocks trend in the future, the market participants is generally believed that U.S. stock earnings season will become the vane of the recent stock ma

14、rket. Due to the large gains, U.S. stocks in the short term or the appropriate callback. However, even if the fed's exit of quantitative easing, the U.S. stock market will fall, but never collapse.</p><p&g

15、t;　　For the future trend of stocks, market participants generally believe that the U.S. stockearnings season will become the recent trend of the stock market barometer. Because of&

16、#160;the cumulative increase is too large, stocks in the short term or the appropriate callback. However,even if the Fed's quantitative easing exit, USA stocks will declin

17、e, but will not collapse.</p><p>　　總體上來說，歐洲股市目前的整體平均股息收益率大于4%，這大約是10年期美國國債、歐洲證券和日本政府債券的兩倍。目前歐洲地區(qū)有著歷史上最高的“風(fēng)險(xiǎn)溢酬”，這些公司的債券和政府的債券之間有著很多的利差，但他們的基本面實(shí)際上相當(dāng)堅(jiān)挺。</p><p>　　Generally speaking,

18、the European stock market overall average dividend yield at the rate of more than 4%, which is about two times the 10 year American bonds, the European Securities and Japanese government bonds. At present, the European r

19、egion has the highest in the history of the "risk premium", there are a lot of these spreads between corporate bonds and government bonds, but they are actually quite strong fundamentals.</p><p>　　

20、根據(jù)我們計(jì)算，大概超過六成的歐洲公司，他們的銷售是面向全球市場，嚴(yán)格意義上說，不少企業(yè)只是總部在歐洲，而實(shí)際上業(yè)務(wù)遍布全球。從長期看，這些多元化的歐洲跨國公司的長期前景，和他們國內(nèi)的宏觀經(jīng)濟(jì)前景相關(guān)度低很多。</p><p>　　According to our calculations, probably more than six of European companies, their sales are

21、for the global market, strictly speaking, a lot of companies are based in Europe, but in fact business all over the world. In the long term, the long-term prospects of these diverse European Multi-National Corporation, a

22、nd the macroeconomic outlook for their domestic correlation is much lower.</p><p>　　作為一個(gè)全球投資者，鄧普頓環(huán)球股票投資團(tuán)隊(duì)擁有大量的歐洲銀行，歐洲制藥公司和歐洲電信公司，這些歐洲公司在發(fā)展中國家大量發(fā)展業(yè)務(wù)，特別是我們基金持有的那些標(biāo)的，大約有超過三分之一的收入來自新興市場。鑒于歐洲股市的低廉估值，以及那些著名公司在全球不同

23、市場銷售領(lǐng)先產(chǎn)品和服務(wù)的優(yōu)勢，我們相信歐洲股市之間仍然是世界上最有吸引力的地區(qū)，當(dāng)然這是從一個(gè)長期的投資期限來看。</p><p>　　As a global investor, Templeton Global Equity team has a large number of European banks, European pharmaceutical companies and the European

24、telecommunications company, the business development of a large number of European companies in developing countries, especially the US held by the fund of the object, there are about more than 1/3 of its revenue from em

25、erging markets. In view of the low valuation of European stock markets, as well as those of famous companies in the leading edge products an</p><p>　　歐洲股市，根據(jù)我們在4月的分析，是全球主要經(jīng)濟(jì)體中最便宜的，而且相比美國股市的以往任何時(shí)候都有近三分之一的優(yōu)惠折扣

26、。在我們理念來說，這是個(gè)明顯的機(jī)會(huì)。</p><p>　　The European stock market in April, according to our analysis, is the most expensive of the world's major economies, and compared USA stock market ever nearly 1/3 discount. In

27、 our concept, this is a significant opportunity.</p><p>　　盡管當(dāng)前所有人的關(guān)注重點(diǎn)是希臘什么地方出了錯(cuò)，但根據(jù)我們的經(jīng)驗(yàn)，這可能是投資的最佳時(shí)機(jī)之一，這樣的機(jī)會(huì)在2011年9月的“大恐慌”中曾經(jīng)出現(xiàn)。當(dāng)時(shí)，對歐洲經(jīng)濟(jì)的恐慌引發(fā)了巨大的拋售，同時(shí)提供了更有吸引力的投資機(jī)會(huì)。</p><p>　　Although the focus

28、of current owner is Greece what went wrong, but according to our experience, this is probably one of the best investment opportunity, this opportunity has appeared in the 2011 September "panic". At that time, t

29、he European economic panic triggered a huge sell-off, while providing a more attractive investment opportunities.</p><p>　　例如，在9月恐慌中，愛爾蘭提出有吸引力的解決方案。盡管處在歐元區(qū)國家債務(wù)危機(jī)的最前沿，愛爾蘭已經(jīng)是恢復(fù)得最快的國家。這個(gè)國家一直積極解決前面的問題，而且他們已經(jīng)成功地滿

30、足了每一個(gè)利益相關(guān)者，尤其是三駕馬車要求的經(jīng)濟(jì)指標(biāo)(三駕馬車是指歐洲聯(lián)盟、歐洲中央銀行和國際貨幣基金組織).</p><p>　　For example, in the panic of September, Ireland proposed attractive solutions. In spite of the national debt crisis in the euro zone to the for

31、efront, Ireland is the resumption of the fastest growing countries. The country has been actively solve the above problem, and they have successfully met every stakeholder, especially the economic index of three carriage

32、s (the three carriages refers to the European Union, the European Central Bank and the International Monetary Fund).</p><p>　　愛爾蘭的經(jīng)濟(jì)在我們看來依然非常有競爭力，金融危機(jī)后，他們開始扭轉(zhuǎn)曾經(jīng)導(dǎo)致他們信貸過度繁榮的那些低價(jià)競爭優(yōu)勢 ，我們認(rèn)為這樣的轉(zhuǎn)型非常重要。坦率地說，我們?nèi)栽趯ふ以?/p>

33、這個(gè)經(jīng)濟(jì)體中非常有吸引力的投資機(jī)會(huì)，但也許最重要的發(fā)現(xiàn)是在愛爾蘭有著政治和社會(huì)的共識(shí)——做正確的事，并采取必要步驟，以改善其債務(wù)狀況和促進(jìn)經(jīng)濟(jì)增長。</p><p>　　The Irish economy in our view is still very competitive, after the financial crisis, they began to reverse those low price

34、competitive advantage they have led to the credit boom, we believe that this transformation is very important. Frankly, we are still looking at the economy very attractive investment opportunities, but perhaps the most i

35、mportant finding in Ireland has a political and social consensus -- the right thing to do, and take the necessary steps to improve its debt situation, and pr</p><p>　　歐洲政策制定者已經(jīng)開始認(rèn)識(shí)到，危機(jī)的解決需要一個(gè)可信的政治示范，以穩(wěn)定市場，恢復(fù)

36、投資者的信心。在過去的一年中，歐洲央行已兩次削減利率，表現(xiàn)出對希臘有序的減債措施，強(qiáng)化該地區(qū)的危機(jī)防火墻，并通過長期的再融資操作(LTRO)，注入超過1萬億歐元流動(dòng)資金到銀行體系。歐洲的幾個(gè)主要債權(quán)國，以德國為首，也有意識(shí)放松政策態(tài)度，他們的意志是幫助那些經(jīng)濟(jì)冒著火花，隨時(shí)可能引爆的國家平穩(wěn)過渡，同時(shí)幫助恢復(fù)該地區(qū)一些經(jīng)濟(jì)困難經(jīng)濟(jì)體的公信力。</p><p>　　European policy makers ha

37、ve begun to recognize the crisis, to address the need for a credible political demonstration, in order to stabilize the market, to restore investor confidence. In the past year, the European Central Bank has cut interest

38、 rates two times, showing the Greek orderly debt reduction measures, strengthen the crisis firewall in the region, and through long-term refinancing operations (LTRO), injected more than 1 trillion euros of liquidity to

39、the banking system. Several major c</p><p>　　盡管法國和希臘的選舉導(dǎo)致了一些不確定性，尤其是歐洲的補(bǔ)救措施——緊縮開支仍將在未來具有爭議。但我們相信，總的趨勢將不變——改革。該地區(qū)各國政府開始解決結(jié)構(gòu)性的生產(chǎn)效率低下，比如勞動(dòng)力市場的過度保護(hù)和不可持續(xù)的福利項(xiàng)目。值得注意的是，我們對銀行保持著密切關(guān)注，我們的金融行業(yè)分析員一直監(jiān)視我們選擇的行業(yè)，長期潛在的風(fēng)險(xiǎn)和回報(bào)特

40、征。</p><p>　　Although the elections in France and Greece has led to some uncertainty, especially European remedies -- austerity will still controversial in the future. But we believe, the overall trend will b

41、e unchanged -- reform. Governments in the region to solve the low production efficiency of structural, such as the excessive protection of the labor market and unsustainable welfare projects. It is worth noting that, our

42、 bank maintained close attention, our financial industry analysts have been monitorin</p><p>　　Until recently, it was not uncommon for Chinese companies to be invoked as bogeymen in certain circles. The narr

43、ative went something like this:</p><p>　　Western companies are more accountable than Chinese companies – via tort suits, civil society pressure, government regulation, and non-judicial accountability mechani

44、sms such as the OECD Guidelines, to name a few.  Although Western companies’ operations do create negative social, environmental and human rights impacts, it could be worse. Be thankful that they are operating in di

45、fficult environments such as Sudan, because in their absence, Chinese companies will fill the vacuum, and operate unacc</p><p>　　This may be poised to change. Recently, the Chinese government announced&

46、#160;“that all major industrial projects must pass a ‘social risk assessment’ before they begin.” The decision was evidently prompted by protests associated with negative environmental impacts of large-scale in

47、dustrial and infrastructure projects. Although the nature, scope, and outcome of the risk assessment process remain unclear, it is clear that improved transparency and public involvement will be part of the process.

48、</p><p>　　The purpose of China’s social risk assessment process is to defuse threats to social stability. Large-scale projects around the world continue to regularly face operational threats from public

49、 opposition. For example, construction of what is projected to be the world’s third largest hydroelectric dam, the Belo Monte Dam in Brazil, has been halted a number of times due to environmental and human righ

50、ts concerns, and most recently last week due to a labor dispute. Last September, the Burmese gover</p><p>　　Signs of a growing awareness of the importance of assessing and mitigating human rights impact

51、s in developing large-scale projects seem to be everywhere these days. Beginning with the publication of the Guiding Principles on Business and Human Rights in March 2011, many prominent institutions have updat

52、ed their approach to such impacts. As discussed previously on this blog, the OECD updated its Guidelines for Multinational Enterprises in May 2011, taking account of the growing consensus that cor</p>&l

53、t;p>　　Private equity firms are under increasing pressure, especially from their limited partners, to incorporate environmental, social, and governance ("ESG") factors into their investment and managemen

54、t processes. Limited partners expect private equity firms to integrate ESG criteria into due diligence practices, the management of existing portfolio companies, and communications to external stakeholders.</p>&l

55、t;p>　　Many private equity firms have signed on to industry guidelines including the United Nations Principles for Responsible Investment (“UNPRI”) and/or the Private Equity Growth Capital Council’s Guid

56、elines for Responsible Investment. Other firms have adopted their own policies. The UNPRI has a specific work stream on responsible investment and private equity and has published guidance for limited

57、 partners seeking to ensure that their general partners are working to identify and manage material ESG </p><p>　　In working with private equity clients, we have found the following steps to provide a useful

58、 framework for developing an approach to ESG considerations:</p><p>　　Adopting an ESG policy；</p><p>　　Formalizing firm-level ESG committees to develop the firm’s strategic approach to ESG facto

59、rs；</p><p>　　Evaluating internal training needs and begin to provide training on specific ESG topics, as needed, to relevant personnel；</p><p>　　Developing tools and guidance to support the inco

60、rporation of ESG factors into due diligence on proposed investments； </p><p>　　Developing tools and guidance to support the incorporation of ESG factors into engagement with, and management of, portfoli

61、o companies； </p><p>　　Developing strategies for communicating firm’s ESG initiatives to internal and external stakeholders. As private equity firms begin to incorporate ESG concerns into due diligence

62、processes for potential investments, ESG considerations may be formally incorporated into due diligence for all investments, or may be integrated into due diligence for a specific category of investments (i.e., investmen

63、ts of a certain size, or investments in particular sectors).  Such efforts can be supported through m</p><p>　　Private equity firms also have significant opportunities to integrate ESG factors into

64、 their management plans for portfolio companies. In their engagements with portfolio companies, firms can promote best practices, identify areas of concern, and monitor and track performance over time. Firms may engage d

65、irectly with the CEOs and Boards of Directors of portfolio companies to identify ESG risks and opportunities that can be addressed during the term of the investment.</p><p>　　Thinking proactively – for examp

66、le, asking how to work with local communities to ensure all stakeholders are satisfied – is preferable to, and in the long run, more cost-effective than, simply seeking to hold public dissatisfaction

67、at bay. Smart players should recognize this and incorporate forward-looking human rights policies into their global operations.</p><p>　　Finally, as private equity firms seek to demonstrate their efforts to

68、limited partners and other stakeholders, it is useful to have established metrics that can be used to report on performance improvements and value creation both at the firm-level and by portfolio companies.  &l

69、t;/p><p>　　China’s proposed approach is a step in the right direction, but it still leaves a lot to be desired. China’s decision, as bold as it may be, is about avoiding project-stopping problems, and not neces

70、sarily about obtaining local buy-in.</p><p>　　Posted on November 20th, 2012</p><p><b>　　外文資料翻譯譯文</b></p><p>　　美國股票市場價(jià)格的波動(dòng)</p><p>　　約翰·鄧普頓爵士曾經(jīng)指出：“人們總是太過

71、于關(guān)注眼前的短期表現(xiàn)。”似乎面對歐洲，整個(gè)市場也在犯同樣的毛病。</p><p>　　在我們看來，隨著危機(jī)的展開，投資者逃離歐洲，恰恰可能會(huì)錯(cuò)過潛在的機(jī)會(huì)——以便宜的價(jià)格擁有優(yōu)質(zhì)企業(yè)。哪怕是根據(jù)鄧普頓環(huán)球股票集團(tuán)嚴(yán)謹(jǐn)?shù)姆治鲞^程，在我們看來，目前世界各地仍然有許多的投資機(jī)會(huì)。這樣的投資機(jī)會(huì)遍布在各個(gè)行業(yè)。</p><p>　　在美國，投資者進(jìn)入股市的主要目的之一就是為了分紅，股票投資儼然成為

72、民眾另外一種形式的儲(chǔ)蓄。根據(jù)標(biāo)普-道瓊斯指數(shù)提供的數(shù)據(jù)，美國上市公司今年第一季度普通股分紅金額凈增145億美元，增幅達(dá)到12%。與此同時(shí)，第一季度共有994家企業(yè)提高了分紅，同比增長39%，去年同期只有677家企業(yè)提高分紅。事實(shí)上，美股市場上的高分紅股也延續(xù)火爆行情 ，僅在去年第四季度，包括零售商沃爾瑪?shù)冗^百家美國上市公司宣布在年底派發(fā)特別股息，這些股票也立即得到投資者的熱捧。今年以來，股息率超過4%的輝瑞制藥累計(jì)大漲近17%，電信運(yùn)營

73、商AT&T股價(jià)累計(jì)上漲13%，沃爾瑪也上漲15%。去年3月，蘋果公司宣布斥資450億美元用于分紅和回購股票，這是該公司自1995年以來首次分紅。有分析人士表示，美國上市公司之所以愿意分紅，是因?yàn)榉旨t的環(huán)境已經(jīng)形成。大方的分紅能讓投資者對上市公司的現(xiàn)金流與未來的經(jīng)營水平抱以更大的信心。</p><p>　　道指作為美國最古老的股票價(jià)格指數(shù)，既是美國經(jīng)濟(jì)的晴雨表，又是世界股市的風(fēng)向標(biāo)。從最初的12只成分股，經(jīng)

74、1916年和1928年兩度增加成分股。目前，道指30只成分股橫跨食品、金融、航天、機(jī)械、化工、電子、汽車制造、石油、制藥、軟件等全行業(yè)組合，盡管被市場詬病價(jià)格加權(quán)平均數(shù)算法不夠平衡，但總體來說，道指30只成分股的變遷發(fā)展精準(zhǔn)展示了美國經(jīng)濟(jì)發(fā)展的推動(dòng)力量。此外，道指創(chuàng)新高只是體現(xiàn)出一個(gè)方向，而不是所有股票都在創(chuàng)新高，相反一些股票因不符合上市條件與規(guī)則而退市 ，一些股票價(jià)格依然處在歷史低位，這種優(yōu)勝劣汰機(jī)制的市場化運(yùn)作也成為美股創(chuàng)新高的原因

75、之一。</p><p>　　短期震蕩卻在所難免，雖然道指和標(biāo)普指數(shù)再創(chuàng)新高，但絕不是可以高枕無憂、歡呼勝利的時(shí)候。根據(jù)巴克萊的數(shù)據(jù)，今年第一季度美股平均65億股的日交易量比去年同期減少了6%。此外，大宗商品價(jià)格近期大跌顯示投資者對全球經(jīng)濟(jì)增長不是很有信心。</p><p>　　對于美股未來的走勢，市場人士普遍認(rèn)為，美股財(cái)報(bào)季將成為近期股市走勢的風(fēng)向標(biāo)。由于累計(jì)漲幅過大，美股短期內(nèi)或出現(xiàn)適當(dāng)

76、回調(diào)。不過，即便美聯(lián)儲(chǔ)退出量化寬松政策，美國股市會(huì)下跌，但決不會(huì)崩盤。</p><p>　　總體上來說，歐洲股市目前的整體平均股息收益率大于4%，這大約是10年期美國國債、歐洲證券和日本政府債券的兩倍。目前歐洲地區(qū)有著歷史上最高的“風(fēng)險(xiǎn)溢酬”，這些公司的債券和政府的債券之間有著很多的利差，但他們的基本面實(shí)際上相當(dāng)堅(jiān)挺。</p><p>　　根據(jù)我們計(jì)算，大概超過六成的歐洲公司，他們的銷售是

77、面向全球市場，嚴(yán)格意義上說，不少企業(yè)只是總部在歐洲，而實(shí)際上業(yè)務(wù)遍布全球。從長期看，這些多元化的歐洲跨國公司的長期前景，和他們國內(nèi)的宏觀經(jīng)濟(jì)前景相關(guān)度低很多。</p><p>　　作為一個(gè)全球投資者，鄧普頓環(huán)球股票投資團(tuán)隊(duì)擁有大量的歐洲銀行，歐洲制藥公司和歐洲電信公司，這些歐洲公司在發(fā)展中國家大量發(fā)展業(yè)務(wù)，特別是我們基金持有的那些標(biāo)的，大約有超過三分之一的收入來自新興市場。鑒于歐洲股市的低廉估值，以及那些著名公司

78、在全球不同市場銷售領(lǐng)先產(chǎn)品和服務(wù)的優(yōu)勢，我們相信歐洲股市之間仍然是世界上最有吸引力的地區(qū)，當(dāng)然這是從一個(gè)長期的投資期限來看。</p><p>　　歐洲股市，根據(jù)我們在4月的分析，是全球主要經(jīng)濟(jì)體中最便宜的，而且相比美國股市的以往任何時(shí)候都有近三分之一的優(yōu)惠折扣。在我們理念來說，這是個(gè)明顯的機(jī)會(huì)。</p><p>　　盡管當(dāng)前所有人的關(guān)注重點(diǎn)是希臘什么地方出了錯(cuò)，但根據(jù)我們的經(jīng)驗(yàn)，這可能是投

79、資的最佳時(shí)機(jī)之一，這樣的機(jī)會(huì)在2011年9月的“大恐慌”中曾經(jīng)出現(xiàn)。當(dāng)時(shí)，對歐洲經(jīng)濟(jì)的恐慌引發(fā)了巨大的拋售，同時(shí)提供了更有吸引力的投資機(jī)會(huì)。</p><p>　　例如，在9月恐慌中，愛爾蘭提出有吸引力的解決方案。盡管處在歐元區(qū)國家債務(wù)危機(jī)的最前沿，愛爾蘭已經(jīng)是恢復(fù)得最快的國家。這個(gè)國家一直積極解決前面的問題，而且他們已經(jīng)成功地滿足了每一個(gè)利益相關(guān)者，尤其是三駕馬車要求的經(jīng)濟(jì)指標(biāo)(三駕馬車是指歐洲聯(lián)盟、歐洲中央銀行

80、和國際貨幣基金組織)。</p><p>　　愛爾蘭的經(jīng)濟(jì)在我們看來依然非常有競爭力，金融危機(jī)后，他們開始扭轉(zhuǎn)曾經(jīng)導(dǎo)致他們信貸過度繁榮的那些低價(jià)競爭優(yōu)勢 ，我們認(rèn)為這樣的轉(zhuǎn)型非常重要。坦率地說，我們?nèi)栽趯ふ以谶@個(gè)經(jīng)濟(jì)體中非常有吸引力的投資機(jī)會(huì)，但也許最重要的發(fā)現(xiàn)是在愛爾蘭有著政治和社會(huì)的共識(shí)——做正確的事，并采取必要步驟，以改善其債務(wù)狀況和促進(jìn)經(jīng)濟(jì)增長。</p><p>　　歐洲政策制定者已

81、經(jīng)開始認(rèn)識(shí)到，危機(jī)的解決需要一個(gè)可信的政治示范，以穩(wěn)定市場，恢復(fù)投資者的信心。在過去的一年中，歐洲央行已兩次削減利率，表現(xiàn)出對希臘有序的減債措施，強(qiáng)化該地區(qū)的危機(jī)防火墻，并通過長期的再融資操作(LTRO)，注入超過1萬億歐元流動(dòng)資金到銀行體系。歐洲的幾個(gè)主要債權(quán)國，以德國為首，也有意識(shí)放松政策態(tài)度，他們的意志是幫助那些經(jīng)濟(jì)冒著火花，隨時(shí)可能引爆的國家平穩(wěn)過渡，同時(shí)幫助恢復(fù)該地區(qū)一些經(jīng)濟(jì)困難經(jīng)濟(jì)體的公信力。</p><

82、p>　　盡管法國和希臘的選舉導(dǎo)致了一些不確定性，尤其是歐洲的補(bǔ)救措施——緊縮開支仍將在未來具有爭議。但我們相信，總的趨勢將不變——改革。該地區(qū)各國政府開始解決結(jié)構(gòu)性的生產(chǎn)效率低下，比如勞動(dòng)力市場的過度保護(hù)和不可持續(xù)的福利項(xiàng)目。值得注意的是，我們對銀行保持著密切關(guān)注，我們的金融行業(yè)分析員一直監(jiān)視我們選擇的行業(yè)，長期潛在的風(fēng)險(xiǎn)和回報(bào)特征。</p><p>　　直到最近，中國企業(yè)的作為在某些圈子里的精靈并不罕見。

83、故事是這樣的：</p><p>　　西方企業(yè)比中國企業(yè)更負(fù)責(zé)–通過侵權(quán)訴訟，公民社會(huì)的壓力，政府監(jiān)管，如經(jīng)合組織的準(zhǔn)則，非司法問責(zé)機(jī)制，等等。雖然西方國家的公司的業(yè)務(wù)也造成了負(fù)面的社會(huì)，環(huán)境和人權(quán)的影響，它可能會(huì)更糟。感謝他們在困難的環(huán)境中，如蘇丹的操作，因?yàn)樵谒麄內(nèi)毕那闆r下，中國企業(yè)將填補(bǔ)真空，而不去考慮人權(quán)的影響莫名其妙地操作。</p><p>　　這有可能被改變。最近，中國政府宣布

84、“所有重大工業(yè)項(xiàng)目必須在他們開始通過“社會(huì)風(fēng)險(xiǎn)評估”。“決定顯然是引起抗議與對環(huán)境的負(fù)面影響，大規(guī)模的工業(yè)和基礎(chǔ)設(shè)施項(xiàng)目。雖然性質(zhì)，范圍，和風(fēng)險(xiǎn)評估過程的結(jié)果仍不清楚，它是明確的，提高透明度和公眾參與度將是這個(gè)過程的組成部分。</p><p>　　中國社會(huì)風(fēng)險(xiǎn)評估過程的目的是化解社會(huì)穩(wěn)定的威脅。世界各地的大型項(xiàng)目繼續(xù)定期面對公眾的反對作戰(zhàn)的威脅。例如，什么將成為世界第三大水電建設(shè)，巴西貝羅蒙特大壩，已經(jīng)停止的次數(shù)

85、由于環(huán)境和人權(quán)問題，而最近的一次是上周因勞資糾紛。去年九月，緬甸政府停止密松大壩的建設(shè)，與中國電力投資公司共同開發(fā)，由于公眾的反對。</p><p>　　一個(gè)意識(shí)不斷的評估和開發(fā)大型項(xiàng)目減輕人權(quán)影響的重要性的跡象隨處可見，這些天。通過對商業(yè)和人權(quán)指導(dǎo)原則2011三月出版，許多著名的機(jī)構(gòu)已經(jīng)更新了他們的這種影響的方法。在這個(gè)博客之前討論的，經(jīng)濟(jì)合作與發(fā)展組織更新了2011五月跨國企業(yè)準(zhǔn)則，以不斷增長的共識(shí)，企業(yè)必須

86、對人權(quán)的影響積極。2012年九月，新的草案赤道原則發(fā)表，包括語言的自由，事先和知情同意。這是IFC績效標(biāo)準(zhǔn)2012一月更新，也需要自由，事先和知情同意，在某些情況下。</p><p>　　私人股本公司正在受到越來越大的壓力，尤其是來自有限合伙人，將環(huán)境，社會(huì)，和治理（“ESG”）為他們的投資和管理過程的因素。有限合伙人希望私人股本公司將ESG標(biāo)準(zhǔn)進(jìn)行盡職調(diào)查，現(xiàn)有的投資組合公司的管理，和通信的外部利益相關(guān)者。&l

87、t;/p><p>　　許多私人股本公司簽署了關(guān)于行業(yè)準(zhǔn)則，包括聯(lián)合國責(zé)任投資原則（“unpri”）和/或負(fù)責(zé)投資私人股本增長資本委員會(huì)的指南。其他公司都采用自己的政策。unpri具有特定的工作的流上負(fù)責(zé)任的投資和私人股本和已發(fā)布的指導(dǎo)有限合伙人尋求保證，他們一般都是工作伙伴的識(shí)別和管理風(fēng)險(xiǎn)的材料和他們的潛力和ESG目前投資組合公司相關(guān)的機(jī)會(huì)。</p><p>　　與私募基金客戶的工作，我們發(fā)現(xiàn)

88、以下步驟來開發(fā)一種ESG的思考方法提供了一個(gè)有用的框架：</p><p><b>　　?采用ESG政策；</b></p><p>　　?正式企業(yè)ESG委員會(huì)開發(fā)公司的戰(zhàn)略方針，ESG因素；</p><p>　　?評估內(nèi)部培訓(xùn)需求并開始提供具體的ESG議題，所需的培訓(xùn)，相關(guān)人員；</p><p>　　?開發(fā)工具和指導(dǎo)，支持

89、ESG因素納入到了投資由于勤奮；</p><p>　　?開發(fā)工具和指導(dǎo)，支持ESG因素納入到參與，管理，和投資組合公司；</p><p>　　?發(fā)展通信公司的ESG的舉措，內(nèi)部和外部利益相關(guān)者的策略。</p><p>　　私人股本公司開始將ESG關(guān)注潛在的投資盡職調(diào)查過程中，ESG因素可能被正式納入盡職調(diào)查的所有投資，或可以被集成到盡職調(diào)查的一個(gè)特定類別的投資（例如

90、，投資有一定規(guī)模，或投資在特定領(lǐng)域）。這種努力可以通過材料和培訓(xùn)，部門的具體問題提供指導(dǎo)支持。</p><p>　　私人股本公司也將ESG因素納入投資組合公司管理計(jì)劃的重大機(jī)遇。投資組合公司在其約定，公司可以促進(jìn)最佳實(shí)踐，確定問題區(qū)域，并監(jiān)督和跟蹤性能隨時(shí)間的。公司不得直接與首席執(zhí)行官和投資組合公司董事局確定ESG風(fēng)險(xiǎn)和機(jī)遇，可投資的期限內(nèi)解決。</p><p>　　思維主動(dòng)，如詢問如何與

91、當(dāng)?shù)厣鐓^(qū)合作，確保所有利益相關(guān)者滿意是優(yōu)選的，從長遠(yuǎn)來看，更符合成本效益比，只是尋求在海灣舉行的公眾的不滿。聰明的玩家應(yīng)該認(rèn)識(shí)到這點(diǎn)并將前瞻性的人權(quán)政策納入其全球業(yè)務(wù)。</p><p>　　最后，私人股本公司試圖證明他們的努力，有限合伙人和其他利益相關(guān)者的利益，它是有用的，所建立的指標(biāo)，可用于報(bào)告的性能改進(jìn)和創(chuàng)造價(jià)值，無論是在企業(yè)層面，由投資組合公司。</p><p>　　中國提出的方法是