1、1银行业竞争：速度为王 2009-12-04A special report on business and finance in BrazilSurvival of the quickest最速者生存Nov 12th 2009From The Economist print editionFrequent crises have made for strong banks and nimble financiers频繁发生危机已使银行更健全，金融业者思惟更敏捷BRAZILIAN businessmen often say that the countrys recent economic p
2、ast has strengthened companies, and especially banks. The argument goes like this: you need to be good, or at least inventive, to survive and make money when you have no idea whether inflation next year will be 50% or 500%. Bankers and finance directors have had to be particularly nimble. One exampl
3、e is Souza Cruz (a subsidiary of BAT), Brazils largest tobacco company, which in the days of high inflation did no better than break even on its cigarette sales. Its profits came from the interest on the cash it held between being paid by retailers and paying tax fortnightly. Companies used to opera
4、ting in such unusual circumstances flourished when life became more predictable.巴西商人经常说，巴西最近在经济上的经历增强了公司体质，尤其是银行业。类似说法包括贵公司必须体质更好（或至少具备创新能力）以存活下来，在意想不到的时机赚大钱，无论明年通货膨胀将是 50%或 500%。尤其，银行业者和金融主管的思惟必须更敏捷灵活。举一个例子，巴西最大烟草商 Souza Cruz（英美烟草 BAT 子公司）在高通膨期间，香烟销量甚至几乎与歇业时期一样。该公司却从零售商支付货款与隔周缴税之间的盈余现金衍生利息上获利。当景气转好
5、时，过去习惯于在非常时期经营的公司就发大财了。There is some truth to this argument, even though it brushes aside the fact that until the 1990s Brazilian companies did not have to worry about foreign competitors. No big companies went bust in the recent financial crisis, despite losses on foreign-exchange derivatives that
6、the Bank for International Settlements estimates at $25 billion. Moreover, no big banks wobbled, let alone had to be rescued, though there were some mergers.有一些事实可以支撑这个说法，即使该说法漠视在巴西公司企业在 1990 年代之前从不必担心外国竞争者的事实。尽管国际结算银行估计，最近金融海啸期间巴西外汇损失高达 250 亿美元，但没有任何一家大型企业破产。此外也没有一家大型银行财务不稳，遑论需要政府救援，但有发生一些合并。One re
7、ason was that a previous round of bank failures, in 1994, had 2already cleared out the bad ones. Until then banks made their profits by taking deposits from customers, lending the money to the government overnight and pocketing the difference. With inflation at several hundred per cent a year, many
8、banks balance-sheets were hard to decipher. When inflation came down, it became clear that a number of them were insolvent. These folded or merged with other banks, leaving only the stronger ones.理由之一是 1994 年前一波银行倒闭，已经清理了体质较差的银行。在那之前，这些银行藉由提领客户存款、一夜之间借钱给政府并装进别人的口袋来赚取利润。由于一年内通膨高达几个百分之七八百，很多银行资产负债表根本无
9、法判读。当通膨来临，很明显许多银行面临破产。这些银行纷纷倒闭或与其它银行合并，只留下体质较健全的银行。Brazils financial system got a further boost from reforms carried out when Arminio Fraga was governor of the central bank from 1999 until the start of 2003 (he is now at Gvea Investimentos, an investment firm). The countrys bank-settlement system no
10、w operates in real time, so all banks know their cash positions at any given moment and the central bank has an overall picture of what is happening. Before this system was introduced the central bank often ended up honouring the debts of banks that went bust, creating a dangerous incentive to be ca
11、reless. Both Mr Fraga and his successor as governor, Henrique Meirelles, have made sure that banks report what is going on in any off-balance-sheet vehicles they have funded. This has helped to keep under control the special investment vehicles, conduits and other mysterious creatures that have caus
12、ed so much damage in other countries.巴西金融体系在 Arminio Fraga 担任央行行长期间（1999 至 2003 年初）进行大刀阔斧改革并获得大幅提升，目前他担任投资公司 Gvea Investimentos 总裁。巴西的银行结算制度目前以实时方式运作，因此所有银行在任何时刻都能掌握自己的现金状况，而央行则掌控各银行实时情况的总图。这套制度引进之前，央行经常要收拾残局支付破产银行的债务，建立了危险诱因却不自知。Arminio Fraga 和下一任行长 Henrique Meirelles，确保各银行的报表在他们设立之不列入资产负债的任何平台上继续运
13、转。这些有利于控管曾在其它国家造成严重伤害的特别投资平台、管道和其它神秘工具。This transparency extends to financial markets too. All fund managers must disclose the net asset value of their funds to Brazils Securities and Exchange Commission (CVM) daily, though with a 48-hour delay. At the end of every month funds must disclose what the
14、y were holding 90 days ago. Anyone can go to the CVMs website and look up these numbers. Fund managers may grumble about too much disclosure, but most are 3happy with the rules. Maria Helena Santana, who chairs the CVM, explains that they make it harder to pull off a scam of the sort run by Bernard
15、Madoff, whose pyramid scheme was hidden behind a veil of secrecy.此一透明制度亦延伸至金融市场。所有基金经理人每天必须向巴西证券交易委员会（CVM ）公开他们手上基金的净资产价值，但有 48 小时延迟。在每个月底，各檔基金必须公开他们 90 天以前的持股比例，任何人都可以去 CVM 的网站查阅这些数字。基金经理人虽然可能因公开太多而牢骚满腹，但大多数经理人都乐于接受法规约束。CVM 主席 Maria Helena Santana 阐述，他们会使Bernard Madoff 操作的诈骗手法（藏身在秘密面纱后的树状网）更难抽身。Cre
16、ated equal 建立公平制度Equity investors, for their part, have benefited from new rules for publicly traded companies brought in by the So Paulo stock exchange (Bovespa) in 2002. Big Brazilian companies used to be notorious for abusing shareholders with minority stakes. Under current guidelines, it is ille
17、gal to issue shares that pay out different amounts to different holders in the event of a takeover. Any disputes between shareholders are judged by the CVM. With these rules in place, foreigners have been happy to buy shares and Brazilian companies that were unable to borrow in capital markets are n
18、ow able to finance their expansion.适用于公开上市公司的新法规在 2002 年引进圣保罗股市（Bovespa）后，股票投资人亦因而获利。巴西大型企业过去因坑杀持股少数的小股东而臭名昭彰。根据现今规范，在收购过程配发不同股东不同股息比例的股票就是非法的。股东之间的任何争论由 CVM 裁判。由于这些法规到位，外资乐于购买巴西股票，过去在资本市场借不到钱的巴西企业，现在可以筹措资金大展鸿图。A boom in initial public offerings (IPOs) followed. At its height, in 2007, 80% of the mo
19、ney for IPOs came from foreign investors. This undoubtedly led to some excesses: at one point there were more listed housebuilders in Brazil than in America. But some of the companies that floated will do well. And the message conveyed by the new rulesthat better corporate governance allows people t
20、o make money by selling bits of their companies on the stock exchangehas been good for the family businesses that make up the bulk of Brazils medium-sized firms.首次公开售股（IPOs）的荣景接踵而至。极盛时期， 2007 年，八成左右的IPOs 资金来自外资。这无疑造成了某些过度现象 巴西股票上市的房屋营造商曾经一度比美国的还要多。但是，某些流通股票的公司反而业绩亮眼。并且，4新的法规传达出一种讯息更好的公司管理允许员工利用出售部分公
21、司持股在股市赚钱对于构成巴西中型企业绝大部分的家族企业而言绝对有益。ReutersPlenty to Celebrate很多事情值得庆祝Santander Brasils recent IPO was a test of whether investors appetite for Brazil had returned. It proved to be the worlds largest IPO this year, valuing the banks Brazilian subsidiary at more than the whole of Deutsche Bank worldwid
22、e. The government is so worried about foreign portfolio investors pushing up the value of the real that it imposed a 2% tax in October to discourage them. IPOs have a wider benefit because companies that want to float all or part of their stock need to get their accounts in order, pay their taxes an
23、d make sure their workers are not part of the black economy.Santander Brasil（土生金银行巴西子公司）最近一次 IPO 就是外资是否对于巴西恢复信心的测试。这次发行被证实为今年全球最大一笔 IPO，使得 Santander 银行巴西子公司资产超越了全球 Deutsche Bank（德意志银行）的总和。巴西政府非常担心外资持股投资人会让黑奥（巴西币）强劲升值，于是在今年十月征收 2%税金以阻挡外资进场。IPOs 拥有很大利益，想要流通全部或部分股票的公司需要按顺序建立自己的账户、支付自己的税款，并确保自己的员工不是逃税的黑
24、市经济之一。All this has brought sophistication and liquidity to Brazils financial markets. So Paulos futures and options market is one of the five largest in the world by volume traded. Well-developed markets have been good for consumers too. High interest rates, high inflation and dysfunctional courts o
25、nce made consumer credit rarer than snow. Thanks in part to a series of reforms carried out in Lulas first term, credit has grown steadily. Loans for bigger items, such as cars and apartments, have become available for the first time, thanks to a new law under which a lender remains the owner of the
26、 asset acquired with the loan until the last repayment is made, whereas previously the money would have had to be chased up through the courts. 所有这些已经让巴西金融市场更加成熟和流动。以交易量而言，圣保罗期货市场排名全球五大期货市场之一，完善发展的市场也对于消费者有益。高利率、高通膨和功能不彰的法院一度使消费者贷款消失殆尽。部分归因于鲁拉总统第一任期进行的一连串改革，消费者融资已经稳定成长。大笔金额（例：汽车和5公寓）的贷款第一次可以提供，归因于一项
27、新法，出借人在收回最后一笔偿债之前仍是那笔贷款的资产拥有人，不像从前债务必须经由法院去追踪。Lulas first administration also introduced a new bankruptcy law that is credited with making it slightly easier to salvage something from companies that go under. There was room for improvement: a few years ago a World Bank study found that bankruptcy pr
28、oceedings in Brazil took an average of ten years and left creditors with just two cents in every dollar owed.鲁拉的第一任政府亦引进了新破产法，提供贷款使得抢救某些公司免于破产更为容易。还有需要改进的空间几年前，世界银行的一项研究发现破产程序在巴西平均要花十年工夫，而债权人仅能从每一美元的欠债拿回两美分。Yet for all this progress, two glaring problems with Brazils financial system remain. First,
29、credit is very expensive. Second, only the government will lend for long periods, and not to everyone.可是，由于全部这些发展使巴西金融制度留下两个耀眼问题。首先，融资非常昂贵。其次，只有政府可以办理长期借款，而且不是提供给每个人。Tax and lend 征税和放款Brazil has a hybrid retail banking system, with state-controlled and private-sector banks competing directly. It is
30、highly concentrated: Ita Unibanco, the largest private bank, is among the worlds 15 biggest on several measures and yet has almost no presence outside Brazil. Banco do Brasil, the largest state-controlled bank and one of the worlds oldest financial institutions, vies with it for the title of the cou
31、ntrys biggest bank. All told, credit from state-controlled banks makes up 37.6% of the total and has recently been growing.巴西拥有一套混合的零售金融制度，由国营银行与民营银行直接竞争。这是高度集中的巴西最大的民营银行 Ita Unibanco，从某些标准而言排名全球十五大银行之列，但在巴西以外几乎不存在。最大国营银行和全球最古老的金融机构之一 Banco do Brasil（巴西银行） ，与 Ita Unibanco 竞争巴西最大银行头衔。据说，国营银行的融资金额占总金额
32、 37.6%，并且最近还在成长。Despite their different owners, the state-controlled and the private banks seem to be behaving in a remarkably similar way. Aldemir Bendini, the chief executive of Banco do Brasil, talks enthusiastically about international expansion. The bank will soon open five agencies in America
33、to serve Brazilian expatriates. It also wants to help Brazilian multinationals abroad with local-currency financing. Meanwhile it will 6keep up its role as an instrument of public policy that does the bidding of the federal government, its biggest shareholder, and also look after the 22% of its shar
34、eholders who own traded stock. It looks like an incongruous mixture, but it appears to work. Ita Unibanco too is keen on expansion abroad, but makes so much money at home that it does not seem to be in a rush.尽管他们的所有人不同，但国营和民营银行在行为表现上却似乎非常相似。Banco do Brasil 首席执行长 Aldemir Bendini 热情地谈论在国际上的扩展业务。该银行不久
35、将在美国开设五家分行，提供给移居国外的巴西人，亦想要以当地货币融资协助在海外的巴西跨国企业。同时将保持身为公共政策执行工具的角色，替最大股东联邦政府进行国际招标作业，并且照顾持有上市交易股票比例22%的一般股东。虽然看起来像是不和谐的混合物，但 Banco do Brasil 似乎却工作。Ita Unibanco 亦对扩展国外业务有强烈兴趣，但在国内赚了太多钱，好像一点都不匆忙。In theory, all this should provide plenty of competition, with the two types of bank keeping each other hones
36、t and making sure that Brazilians have access to credit. In practice it does not quite work like that. Even though Ita alone has 25,000 cash points, more than 500 municipalities in Brazil lack even a single bank branch. The two kinds of bank compete most fiercely in the comparatively wealthy south a
37、nd south-east of the country. Banco do Brasil recently added to the geographical concentration by buying Nossa Caixa, a So Paulo state savings bank, and a large stake in Banco Votorantim, a private-sector bank. 理论上，这一切应该提供大量竞争力，让两种不同类型银行维持彼此诚实并确保巴西民众可以取得融资。实际上，却完全不是那么回事。虽然单就 Ita 银行而言就有 25,000 家分行，但巴
38、西五百多个市镇甚至连一家分行都没有。两家银行在巴西最富裕的南部和东南部激烈竞争，Banco do Brasil 最近藉由并购圣保罗州营储蓄银行 Nossa Caixa 及民营银行 Banco Votorantim 的大半股份，来增加在地理上的集中性。The government has raised the limit for foreign participation in Banco do Brasil to 20% to attract more capital, but the state-controlled banks are not as well run as the priv
39、ate-sector ones, so the hoped-for competition has not materialised. The clearest sign of this is spreadsthe difference between a banks cost of borrowing and lending. The Institute for Industrial Development, a lobby group, calculates that average lending rates are 35% higher than deposit rates, agai
40、nst less than 10% in the other BRIC countries. The bankers lobby disputes these figures, but nobody thinks that banks spreads are thin. 巴西政府已将外资入股 Banco do Brasil 的比例限制提高至两成以吸引更多资7本，但国营银行并不像民营银行经营完善，因此期盼的竞争一直未具体化。银行扩张业务最明显的征兆银行存放款成本之间的价差。游说团体工业发展研究院计算，巴西平均放款利率较存款比率高出 35%，其它金砖国家则不及10%。虽然银行业者的游说团还在争吵这
41、些数字，但没人相信银行的扩张仍嫌不足。Among the things that make them fatter are a curious tax on bank funding that increases costs, and high reserve requirements which mean that banks must squeeze more revenue from what they are able to lend. Bad-loan provisions are high too, reflecting the fact that consumer credit
42、is concentrated among people who are already stretched. And a lot of credit is subsidised, which pushes up costs for the rest. 其中，银行在筹募资金过程巧立名目增税使放款成本提高让银行业者的油水更多，而高额准备金需求意味银行必须从他们的放款能力赚取更多收入。呆帐金额也水涨船高，反映了消费者融资集中在展延偿债期限者的事实。而且许多融资接受补助，抬高了其它项目的成本。Brazils banks have many things to recommend them; inde
43、ed they seem to exemplify what might happen if regulators elsewhere got their every wish. They are safe and their lending is well-capitalised and profitable. Two-thirds of Brazilian deposits are in local banks, which is unusually high for Latin America and a big change from the past, when anyone who
44、 had money kept it out of the country and in dollars. The banks also offer some things that would surprise American or European customers. Many ATMs provide a wide range of financial services, from dispensing cash to providing loans. Even so, for now credit is likely to remain too expensive for the
45、countrys good.巴西各银行做了很多事情使他们受到欢迎；假若其它地方的金管官员想要达成每一愿望，他们甚至可以举证未来可能发生的情况。巴西银行很安全且放款资本充足和有盈利。巴西三分之二的存款在地方银行，这对拉美国家而言是非常罕见的偏高，过去有钱人喜欢在国外以美元开户存款，现在已经发生了变化。银行亦提供一些令欧美客户惊讶的服务。很多自动提款机提供各种金融服务，从提领现金到提供借款。虽然如此，目前融资很可能对于巴西利益来说仍然太贵了。For companies trying to get credit, the problems are much the same. To make up
46、for the absence 8奥普拉.温芙蕾：结束脱口秀生涯 2009-12-04SchumpeterBrand royaltyNov 26th 2009From The Economist print editionOprah Winfreys brand has many years of life left in it yetIllustration by Brett RyderIT WAS one of the most tear-stained moments in the 24-year history of a show that specialises in tear-st
47、ained moments. On November 20th Oprah Winfrey announced that she will end her eponymous show in September 2011, 26 years after it first aired nationwide. She loves her show enough to know when it is time to say goodbye, she told her traumatised audience.这是 24 年的专注于打动人心的节目生涯中最令人热泪盈眶的时刻。11 月 20号，奥普拉.温
48、芙蕾宣布将于 2011 年结束她的同名脱口秀节目。该节目已在全国广播了 26 年。奥普拉告诉极度愕然的听众，她很爱她的节目，因此知道什么时候该说再见。The sound of ululation could be heard from sea to shining sea. For once the pundits sang the same song as “real Americans”as one of Ms Winfreys recent guests, Sarah Palin, likes to call them. They talked breathlessly about Ms
49、 Winfreys up-from-the-bootstraps achievementshow she came from nothing to amass a fortune of $2.3 billion and how she has viewers in more than 100 countriesand pronounced her retirement the end of an era. The New York Timess Gail Collins added that she wished politicians, from the 92-year-old Robert Byrd on down, would follow her example and quit while they are ahead.啜泣声从西海岸传到了东海岸。曾经，权威人士唱着同样的歌“真正的美国人”- 如温芙蕾女士的最近一位嘉宾，莎拉.佩林就喜欢这样称呼。他们谈论着温芙蕾女士靠自身奋斗一步一步取得的成就-她是怎样从一无所有到聚集了 23 亿美元的财富，拥有 100 多个国家的观众-并宣告她的退役是一个时代的结束。纽约时报的盖尔.科林斯补充说她想从政，从 92 岁的罗
