中国的公司治理标准不断恶化(下)
China has at least managed to maintain its score for enforcement at its 2014 level.
中国起码把执法方面的得分维持在了2014年的水平。
The ACGA accepts that China’s regulators have become more active.
ACGA承认，中国监管机构变得更加积极。
The China Securities Regulatory Commission investigated 71 cases of market manipulation in 2015, a near fourfold increase on 2014.
2015年，中国证监会(CSRC)调查了71起市场操纵案，几乎是2014年的四倍。
In the first half of 2016 it issued 109 sanctions in 88 general enforcement cases, many concerning insider trading and manipulation, an 85 per cent year-on-year rise, and levied fines totalling Rmb2.55bn ($377m), almost 20 times the level meted out in the first six months of 2015.
2016年上半年，中国证监会对88起案件（许多为内幕交易类案件和市场操纵类案件）作出109份处罚，较去年同期增长近85%，罚没款共计25.54亿元人民币（合3.77亿美元），几乎是去年同期的20倍。
The Shanghai Stock Exchange also issued 22 public reprimands and criticisms in the first half of 2016, a 150 per cent year-on-year rise, with its Shenzhen counterpart issuing 40 sanctions, a 40 per cent rise.
2016年上半年，上交所做出了22次公开谴责和通报批评的处分，比去年同期增加150%；深交所则做出了40次处分决定，同比增加40%。
Despite this, the ACGA said two factors prevented China from raising its enforcement score: insufficient resources for enforcement, with regulatory staff typically inexperienced and too thinly spread; and a lack of participation by investors, particularly domestic institutional investors, in voting and company engagement.
尽管如此，ACGA表示，两个因素妨碍了中国提高执法得分：一是执行资源不足，监管人员通常缺乏经验，太分散；二是在投票和公司参与方面，投资者、特别是国内机构投资者的参与力度不够。
Mr Smith argues that the clampdown on market manipulation ignored the fact that the biggest market manipulator is the Chinese government and the Chinese authorities, the so-called ‘national team’, which gobbled up a huge chunk of the market when stocks crashed in July 2015.
史密斯认为，打击市场操纵行为的措施忽视了一个事实，最大的市场操纵者是中国政府当局，即所谓的国家队——2015年7月股市大跌时，国家队吸纳了占整个市场相当大比例的股票。
These state-owned financial institutions owned 11.9 per cent of the market at the end of 2015, according to Financial Times analysis of data from Wind Information, a research firm, although this figure has since fallen.
英国《金融时报》对研究公司万得资讯(Wind Information)数据的分析显示，2015年底，这些国有金融机构的持股市值占到了股市总市值的11.9%，不过，这一比例之后已有所下降。
Overall, Mr Smith describes the Chinese financial system as crony entrepreneurialism with a high degree of state ownership (56 per cent by market capitalisation by his calculations) and strong government control even of companies purported to be run by entrepreneurs.
总体而言，史密斯将中国的金融体系描述为裙带企业，国有程度相当高（依照他的计算，占据市值的56%），并且政府甚至对声称是由企业家经营的公司实施强有力的控制。
The system is getting more arbitrary and more authoritarian.
体制越来越武断，越来越专制。
Minority shareholders are probably more right to be worried about China than anywhere else, he adds.
跟任何其他地区相比，中国的小股东很可能更有理由对政府感到担心，他接着说。
I think they will do everything they can to make it look as though the A-share market is suitable to be integrated into the MSCI [index].
我认为，他们将竭尽全力让A股市场看起来适合被纳入MSCI(指数）。
They talk a good game [but] there is a difference between rhetoric and reality.
他们说得很动听，（但）言辞和现实之间有差异。
Mr Smith fears the problem is much larger than China,
然而，史密斯担心，问题不只在于中国。
however, saying he would take issue with the ACGA’s view that governance is broadly improving in other Asian countries.
他说，他不认同ACGA关于其他亚洲国家的治理状况正在普遍改善的观点。
The very big picture is that the whole system has been moving in a much more authoritarian direction.
他表示，大形势是，整个系统一直在朝着更具威权主义色彩的方向演变。
It’s not just China, he says,
这并非仅仅是中国的情形。
pointing to developments in the likes of Turkey, Russia, Poland and South Korea.
他提到了土耳其、俄罗斯、波兰和韩国等国家出现的变化。
I think governance is getting much worse and the risks for minority investors generally are increasing; that is why I don’t particularly like emerging markets at the moment, Mr Smith says.
我认为，治理越来越糟糕，小股东的风险总体上在增加；这就是目前我不是特别喜欢新兴市场的原因，史密斯说。
Generally everywhere since the global financial crisis the idea that you move in a more liberal direction towards more dispersed control systems and minority investors having a lot of say has gone backwards pretty much everywhere.
总体说来，自从全球金融危机以来，在各个新兴市场，关于自由化程度提高、管控制度变得更为零散、少数股东拥有很大发言权的想法在各地都有所消退。
Governments are increasingly intervening in a way that disadvantages minority shareholders.
政府越来越多地以不利于小股东利益的方式进行干预。
I have been a big believer in indexation [via passive funds] but now is the time not to index EM portfolios.
我历来推崇指数化（通过被动型基金），但现在不是指数化投资于新兴市场组合的合适时机。
The index players have no choice [what stocks to buy], Mr Smith adds.
指数玩家（对于买什么股票）没有选择，史密斯接着说。
Great fall of China
中国得分大幅下滑
Corporate Governance Watch scores, 2010 to 2016 (%)
《公司治理观察》报告中各地区得分，2010年至2016年（单位：%）
2010 2012 2014 2016
2010 2012 2014 2016
Singapore 67 69 64 67
新加坡 67 69 64 67
Hong Kong 65 66 65 65
香港 65 66 65 65
Japan 57 55 60 63
日本 57 55 60 63
Taiwan 55 53 56 60
台湾 55 53 56 60
Thailand 55 58 58 58
泰国 55 58 58 58
Malaysia 52 55 58 56
马来西亚 52 55 58 56
India 49 51 54 55
印度 49 51 54 55
South Korea 45 49 49 52
韩国 45 49 49 52
China 49 45 45 43
中国 49 45 45 43
Philippines 37 41 40 38
菲律宾 37 41 40 38
Indonesia 40 37 39 36
印尼 40 37 39 36
Source: Asian Corporate Governance Association
资料来源：亚洲公司治理协会
