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抚顺市矿务局西露天矿职工医院泌尿系统在线咨询新宾满族自治县第二人民医院治疗膀胱炎多少钱Business商业报道Veolias boardroom battle威立雅集团的董事会斗争Plumbing the depths政界涉商之深What a row over a water company says about French capitalism.从一家水务公司总经理的连续更替来看法国的资本主义。EVEN by the standards of French business, from which politics is rarely absent, it was an outrageous plan.即便是按照法国商业的惯例,即鲜有政不涉商的标准来看,威立雅集团的打算也是极其过分的。This week news emerged of a plot to oust Antoine Frerot, chief executive of Veolia, a private water and waste group, and replace him with Jean-Louis Borloo, a politician and former energy minister.本周,风言威立雅水务集团密谋用前能源部长,政客让路易·洛取代现任总经理安东尼 弗雷罗的消息四起。Civil servants regularly take the top job at blue-chip French firms.在法国,公务人员担任蓝筹股公司高管也算常事。But Mr Borloo, who has no experience running a business, seemed singularly unqualified to run an unprofitable company which needs deep restructuring.但是由丝毫没有商业经验的洛似乎绝不可以胜任掌管一家需要深度重组的亏损公司。Mr Borloo is a friend of Henri Proglio, who was Veolias chief executive from 2003 until .洛是亨利 布格洛的好友,后者2003至09年曾任威立雅集团的总经理一职。Mr Proglio then handed the job to Mr Frerot, his chosen successor, and became chief executive of Electricite de France, a utility.之后接替布格洛的是其亲自挑选的继任人弗雷罗,而布格洛到公用事业公司法国电力担任总经理。For a year after becoming boss of EDF, Mr Proglio stayed on as Veolias chairman, collecting two big pay packages.在布格洛掌管法国电力一年之后,他仍保有威立雅集团的董事长头衔,同时拿着两大公司的薪酬。After a corporate-governance storm, he stepped down as chairman of Veolia in 2010 but kept a seat on its board.在企业治理风暴之后布格洛才辞掉威立雅集团董事长一职但仍拥有董事席位。The origin of this weeks row is Mr Frerots plan to restructure Veolia, one of Frances largest private-sector employers.本周传言的起因是,威立雅集团,这家法国头号私营公司的主管弗雷罗计划对公司进行重组而引发的。The firms shares have fallen by 60% in the past 12 months, as it has struggled with tumbling profits and high debt.威立雅集团由于利益下滑和重债缠身,去年一年股价下跌了60%。Instead of following the path set out by his former boss, Mr Frerot announced last December that he would take an axe to Mr Proglios empire,弗雷罗去年十二月宣称将放弃前任的既定方案,which spanned 77 countries and 250 varieties of business, and turn Veolia into something resembling a modern, focused company.对这家涉及77个国家,250种商业活动的公司进行大刀阔斧的改革,使之成为一家现代化的、有主要项目的公司。He announced a sale of assets worth 5 billion and a retreat to 40 markets, as well as an overhaul of the companys culture.弗雷罗还宣布将出售价值50亿欧元的资产,退出40个市场,并重建企业文化。It was entirely clear that something radical needed to be done to focus the business, says Per Lekander, an analyst with UBS, an investment bank, in Paris.非常明显,发展重点项目肯定需要做一些出格的事情,位于巴黎的投行瑞银集团的分析师佩尔·莱坎德如是所说。But Mr Frerots rebellion has infuriated Mr Proglio, who has reportedly been briefing fellow board members of Veolia that they need to replace him.不过弗雷罗的离经叛道激怒了布格洛,据报道布格洛已与董事会的其他成员碰头商讨要替换弗雷罗。Mr Borloo has denied that he wants to become Veolias chief executive, but has admitted meeting board members.布格洛否认他想担任总经理一职,但承认了与董事们会面。Nicolas Sarkozy, Frances president, was obliged to deny any involvement in the plan to replace Mr Frerot.法国总统萨科奇被迫否认参与了密谋替换弗雷罗一事。Francois Hollande, the Socialist candidate in the presidential election this spring, denounced the plot.参加今年春季总统大选的社会党候选人弗朗索瓦·奥朗德谴责了这个阴谋。Mr Frerot should keep his job, at least for now; Mr Sarkozy cannot risk more controversy so soon before the election.他认为至少当前应该让弗雷罗继续工作。大选临近,萨科奇也不敢再惹争议。Nonetheless, the affair should worry shareholders in big French companies.事尽如此,此事还是让持有法国大公司股票的股东们人心惶惶。The practice of parachuting political figures to the top of important firms is thriving, despite hopes that it was on the way out.尽管只是希望有条出路,但往大公司的高管职位上空降政治人物的活动还是很流行的。Most recently, Alexandre de Juniac, a chief of staff to Christine Lagarde when she was finance minister, took charge at Air France in spite of having no operating experience of the airline business.最近,曾在拉杰德任财长时担任其幕僚长的亚历山大·德 朱尼亚克,在毫无航空业管理经验的情况下掌管起了法航。France Inc continues to be influenced by a small network of politically connected power brokers. Mr Proglios continuing sway over Veolia is merely an extreme example.法国公司继续被一小撮有着政治纽带的权力经纪人所影响着。而布格洛对威立雅集团持续不断的影响仅仅只是个特例。 /201305/241923抚顺曙光男科医院治疗前列腺疾病多少钱 The actual mental and physical consequences of working too much are less well known.很少有人知晓过度劳作对人身心的真正影响。According to a good amount of research, overworking, which is typically defined as working morethan fifty hours per week, is strongly linked to reduced physical well-being and also to mentaldisorders such as depression.大量研究表明,过劳,通常定义为每周工作超过50个小时,与身体健康状况下降和像抑郁症这样的精神障碍息息相关。Now, the science here is not exact.目前,在这个问题上科学还不精确。Working fifty or more hours a week may suit some people just fine, and even lead to better mental and physical fitness.有些人也许适于每周工作50个小时或更多时间,这甚至会使其身心更加健康。It depends on the person in question,and also the type of work involved.这取决于个人和所从事的工作类型。The scientists have recognized a phenomenon called the Theory of Time Allocation which,basically, suggests that the more money you make, the more likely you are to work more.但是,科学家们还是识别出一种名为时间分配理论的现象,基本上,该理论表明,你钱挣得越多,极有可能你工作得越多。In other words, with more money at stake, youre more likely to see time spent not working as a wasted opportunity.也就是说,越想挣更多的钱,你越觉得不把时间花在工作上就是在坐失良机。Even if youre aware that working too much may have negative consequences, it can be difficult to break the cycle.即使你意识到过度工作可能会造成严重后果,但要打破这个怪圈却很难。At that point working becomes something like an addiction.从这点上看,工作有了上瘾的意味。Theres no easy solution to this problem.要解决这个问题不易。Like many addictions, workaholism can be tough to overcome.正如许多“瘾君子”那样,克“工作成瘾”是很难的。The first step, experts say, is to recognize and understand the problem.专家表示,第一步要认识并理解这个问题。And then,sometimes with the aid of professional help, take steps to beat it.然后,有些时候,在专业的帮助下,逐步去克。 /201403/282103Science and technology科学技术Epigenetics and health表观遗传学与健康Grandmas curse祖母的诅咒Some of the effects of smoking may be passed from grandmother to grandchild祖母吸烟产生的影响可以会遗传至孙子或孙女Think of your grandchildren!想想你的孙辈吧!ONE of biologys hottest topics is epigenetics.当今生物学最热的话题之一是表观遗传学,The term itself covers a multitude of sins.这个术语本身就涵盖了许多宗罪。Strictly speaking, it refers to the regulation of gene expression by the chemical modification of DNA, or of the histone proteins in which DNA is usually wrapped.严格来说,表观遗传学研究的是DNA或含有DNA的组蛋白化学改性中的基因表达调控现象。This modification is either the addition of methyl groups to the DNA or of acetyl groups to the histones.这种改性或者是甲基增至DNA中,或者是乙酰基增加到组蛋白中。Methylation switches genes off.甲基化作用关闭基因,Acetylation switches them on.乙酰化作用启动基因。Since, in a multicellular organism, different cells need different genes to be active, such regulation is vital.由于在多细胞有机体中,不同的细胞需要借助不同的基因以激活自身,所以这种调控至关重要。What has got a lot of people excited, though, is the idea that epigenetic switches might be transmitted down the generations.但令人兴奋的是,有观点认为,表观遗传现象中的基因表达调控功能有可能世代相传。Some see this as contrary to Darwinism, since it would permit characteristics acquired during an organisms lifetime to be passed on to its offspring, as suggested by a rival theory of evolution put forward by Jean-Baptiste Lamarck.有些人将之视为对达尔文学说的反,因为这将允许有机体存活期间所获得的特征遗传给后代,正如法国著名生物学家让巴蒂斯特拉马克所提出的与进化论相对的学说。This is an exaggeration.这种想法有些夸张了。The DNA sequence itself is not being permanently altered.基因序列不会一直变化,Even those epigenetic changes that are inherited seem to be subsequently reversible.甚至那些表观遗传学意义上的变化遗传给下一代后,似乎仍然存在可逆性。But the idea that acquired characteristics can be inherited at all is still an important and novel one, and a worrying example of the phenomenon has been published this week in BioMed Central Medicine.但是,因表观遗传现象所获得的特征完全可以遗传的观点仍然新颖且重要。本周,BioMed Central Medicine刊出了一项研究,可例这一现象,其结果令人担忧。The study in question, by Virender Rehan of the Los Angeles Biomedical Research Institute, and his colleagues, was of the intergenerational effects of nicotine.该项研究是由洛杉矶生物医学研究所的Virender Rehan和他的同事们开展的,研究的是尼古丁的代际影响。It was done in rats, but a rats physiology is sufficiently similar to a humans to suspect the same thing may be true in Homo sapiens.研究人员虽然在大鼠身上进行实验,但因为大鼠的生理机能与人类十分相像,所以研究人员怀疑对于大鼠的研究结果可能同样适用于智人。In a nutshell, Dr Rehan showed that if pregnant rats are exposed to nicotine, not only will their offspring develop the asthma induced by this drug, so will the offspring of those offspring.简而言之,Rehan士想说明的是,如果大鼠怀时接触尼古丁,不仅下一代会因此患上哮喘,第三代也会深受其害。Dr Rehan and his team injected their rats with nicotine when they were six days pregnant.Rehan士和他的团队在大鼠怀的第六天为其注射尼古丁。They then allowed them to give birth and raised the pups to the age of three weeks, before some were examined.大鼠的后代出生后,由母鼠养育三周。The rest were allowed to mature and breed, and their own offspring were similarly examined.然后研究人员选取一部分后代进行检查,其余的第二代大鼠继续生长繁殖,最后研究人员对第三代大鼠进行类似的检验。There was, however, no further administration of nicotine.但是,第二代大鼠在妊娠期间,不再被注射尼古丁。The pups of the treated mothers had asthmatic lungs.检测发现,被注射尼古丁的母鼠所繁殖的第二代大鼠肺部有哮喘病变。The organs airways were constricted,大鼠肺部的气道处于收缩状态。and molecular analysis showed abnormally high levels of fibronectin and collagen—which would stiffen the lung tissue—and also high levels of receptor molecules for nicotine.经过分子分析发现,大鼠肺部的纤维连接蛋白和胶原蛋白含量异常升高,这将导致肺组织硬化;同时尼古丁受体分子增加。That was expected, since the developing embryos were exposed to the nicotine when their mothers were treated.结果表明,母鼠被注射尼古丁后,其后代在胚胎发育时期就会受尼古丁的影响,这一结果正如预期。However, when the team did similar tests on the grand-offspring of the treated mothers, they got similar results.但是,当研究团队对第三代大鼠进行类似检查时,发现了同样的情况,Those grand-offspring had not been exposed to nicotine.即使这些第三代大鼠并没有接触尼古丁。The cause of the grand-offsprings asthma, Dr Rehan believes, is epigenetic modification.Rehan士认为,第三代大鼠的哮喘是表观遗传中的改性现象。Nicotine is not only affecting lung cells, but also affecting sex cells in ways that cause the lungs which ultimately develop from those cells to express their genes in the same abnormal ways.尼古丁不仅侵袭肺部细胞,还会影响生殖细胞,使得生殖细胞在发育器官时,在肺部异常表达基因,导致新发育的肺部同样受到尼古丁的不良影响。Exactly what those epigenetic changes are is hard to track down.表观遗传现象具体引起了哪种变化,目前难以获知。The team have started looking, but could find no clear pattern except that one form of nicotine-induced acetylation, that of H3 histones, could be blocked by a molecule called RGZ.研究团队已经开始研究这一问题,但目前只研究出一种明确的模式:尼古丁会引起H3组蛋白的乙酰化,This molecule is also known to protect lungs against the asthma-causing effects of nicotine.进而导致一种叫做RGZ的分子受到抑制,而目前已知RGZ分子可以保护肺脏,使其免受由尼古丁引起的哮喘。That suggests it is the acetylation of H3 histones rather than the methylation of DNA itself that is creating the effect.这表明由尼古丁引起的哮喘是源于H3组蛋白的乙酰化,而非DNA自身的甲基化作用。Which crucial genes these histones surround remains obscure.研究团队目前没有研究出这些受影响的组蛋白包含着哪些关键基因,Nor have the team yet found out whether the epigenetic effect they have discovered reaches further than grand-offspring.也没有发现表观遗传的影响是否会延续至第三代以下的后代。If it does, though, it suggests that epigenetics really might act like the biblical curse:然而,如果有研究表明后生效应会世代相传的话,这就表明表观遗传现象真真是有如圣经上的诅咒:that the sins of the fathers will be visited on the sons, even unto the third and fourth generations.父辈的罪孽,会降罪至他们的下一代身上,甚至会延续至第三代或者第四代。 /201401/271825抚顺市钢铁公司职工医院治疗早泄哪家医院最好

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抚顺不孕医院Business商业报道Losing its coast has not stopped Ethiopia developing its shipping失去海岸綫并未使埃塞俄比亚停止其海运的发展ETHIOPIA became landlocked in 1992,1992年,厄立特里亚国新成立,when its Red Sea coast was lost to the new state of Eritrea.从埃塞俄比亚手中取得红海海岸,使埃塞俄比亚变成了内陆国家。It lost access to its former ports soon afterwards.随后埃塞俄比亚失去了进入那些曾经属于它的港口的权力。Since the outbreak of a vicious two-year war between the two countries in 1998,后两国又爆发了一场持续两年的恶战,the Red Sea ports of Massawa and Assab have been off-limits to Ethiopian freight.马萨瓦和阿萨布在红海岸的港口均已禁止埃塞俄比亚进行货运。Instead, Ethiopia has to rely on Djibouti for imports and exports. That comes at a heavy price:相反的,埃塞俄比亚开始依赖吉布提国进行进出口的贸易。it costs more to truck a container from Djibouti to Addis Ababa, Ethiopias capital, than to ship the same container from China to Djibouti.然而这一举措带来了高昂的价格:同一个货物,从吉布提运输一个集装箱到亚的斯亚贝巴的成本,远比其从中国运到吉布提要高。But losing the coastline has not scuppered Ethiopias merchant fleet.失去海岸线并未使埃塞俄比亚的商船队遭到重创。The state-owned Ethiopian Shipping Lines has eight ships afloat and nine under construction in China.埃塞俄比亚本身拥有的运输线有8条货船处于运输状态,同时还有9条尚在中国建造中。That is modest compared with the armadas of the biggest shipping firms.这一规模堪比世界上最大的海运线—西班牙无敌舰队。But having any sort of ocean-going capability is good for national pride.只要拥有任何程度上远航能力都可以提升民族自豪感。At ESLs Addis headquarters, complete with portholes and model ships, the outgoing boss, Ambachew Abraha, remembers proudly his days as an engineer aboard the freighter Queen of Sheba.在ESL艾缔思的总部,装饰有舷窗和模型船,ESL的总裁埃姆拜初 阿布拉哈自豪地回忆其在示巴女王货轮上作为一名工程师的日子。She was a real beauty, he says. With her I sailed to Rotterdam, Hull, Middlesborough.她是真正的美,他回忆道,我随她出航到鹿特丹港市,赫尔,米德尔斯堡。Mr Abraha was recently replaced as part of a shake-up of the company, which has seen a portfolio of state-owned transit and warehousing facilities added to it.阿布拉哈以国有运输和仓储设备等组合投资取代了部分公司的重大结构。The aim is to offset the high freight costs Ethiopian businesses pay by streamlining the entire transport process.目的是消除埃塞俄比亚商业中整个流水线运输过程付所付的高昂的运输成本。A new railway is planned from Djibouti to Addis,一条新的铁路运线将在吉布提到艾缔思,and dry ports inside Ethiopia will allow goods to pass more quickly out of Djibouti, cutting the price of storage and customs.以及埃塞俄比亚境内的各陆港之间建立,以便货物更快运离吉布提,从而减少减少仓储和海关费用。Last year ESL made a profit of m.上一年度ESL创造了4000万美金的利润。The new umbrella company looks likely to do even better.这个新的伞型运线公司看起来似乎做得更好。But a lot depends on Ethiopia getting more access to blue water.但是更多地依靠于埃塞俄比亚取得了更多通往海洋的道路。Its trade officials plan to do more business via the port of Berbera in Somaliland,ESL的贸易官员计划通过在索马里兰的柏培拉港口进行更多的贸易,a mostly unrecognised breakaway from Somalia, and with Port Sudan in Sudan.一条来源索马里的未知道路,以及苏丹的苏丹港。They are also cheered by a Kenyan plan to build a super-port at Lamu, a Swahili fishing-town near Kenyas border with Somalia.他们计划在拉姆建造超级港口,一个斯瓦西里渔镇,在肯尼亚靠索马里方向的边境附近,因此得到了肯尼亚人的热烈持。A new road and railway would connect Lamu with Ethiopia and head on to South Sudan and possibly Uganda.一条崭新的马路和铁路将连接拉姆和埃塞俄比亚,直通南苏丹,甚至乌干达。It might also reduce the risk of Ethiopian vessels being captured by Somali pirates.这也许将减少埃塞俄比亚遭到索马里海盗打劫的风险。They have so far escaped that fate, perhaps because the pirates fear that the Ethiopians would launch a swift and bloody reprisal.他们一直以来都不曾遭到这样的厄运,大概海盗们担心埃塞俄比亚会发起一场迅速血腥的报复。But for all shippers, the threat of Somali piracy has nonetheless pushed up insurance costs and forced vessels to make expensive detours.但是对于所有的运货商来说,索马里海盗的威胁依旧增加了保险成本,并且船只被迫地进行昂贵的绕道航行。ESL handles 45% of Ethiopias shipping.ESL占有了埃塞俄比亚45%的海运。Most of this is on the companys own vessels,大部分来自于公司自有的船只,but some space is bought from other shipping lines.仅一部分是从其他航线购买的。China is financing ESLs new vessels, which will have improved cranes and holds for handling more complex cargoes,中国提供了ESL的新货轮建造经费,这些货轮拥有先进的起重设备,并且可用于处理更加复杂的货物,such as the colossal turbines needed to build Ethiopias new hydroelectric dams.比如建造埃塞俄比亚新的水电站所需要的巨型涡轮。Many of ESLs ships leave Africa emptier than when they arrived, but that is changing.许多ESL的船只离开非洲时比他们刚到达时要空许多,但是这在改变。The shipping company hopes to increase its exports of coffee, grain, minerals, leather and textiles.航运公司希望增加其咖啡,粮食,矿产,皮革及防治的出口。Ethiopias maritime ambitions are not limited to ESL.埃塞俄比亚的海事雄心并不只局限于ESL公司。A school for sailors has been set up at a university in the lakeside town of Bahir Dar.在巴希尔达镇的湖边,一所大学设立了培养水手的学院。It has ambitions to train 5,000 ships engineers and other officers for the worlds fleets within the next decade—providing low-cost competition for Sri Lankan and Filipino sailors.它立志于在未来十年为全世界的船只培养5000艘船只的工程师及其他方面的海事官员—与斯里兰卡和菲律宾的水手形成低成本的竞争。The government reckons these sailors could send home 0m a year in salaries.改过政府预计这些水手将每年从薪水中抽2500万美金寄回家。They would also return, as Mr Abraha has, with valuable skills and a hankering for the briny unusual in a landlocked country.他们将来也会回归,正如阿布拉哈一样,带着宝贵的技术,以及异于陆路国家的对于大海的追求。 点击此处下载本期经济学人讲解PDF与音频字幕 /201306/244482 Finance and economics财经商业High-yield bonds高利债券An appetite for junk来点垃圾Companies have taken advantage of investorsgrowing willingness to buy speculative bonds公司很好的利用了投资者日益高涨的购买投机性债券的意愿WHEN cash deposits pay virtually zero, investors have an incentive to take risks in search of higher returns.当存款利率近乎于零,投资者便会冒险寻求更高收益。That has been good news for the high-yield, or junk, bond market, where companies with poor credit ratings turn for finance.而这对于高利债券、或垃圾债券市场来说,无疑是个好消息,那些信用评级差的公司通常通过这种方式融资。Many companies can now borrow at rates that governments would have been pleased to achieve two decades ago.现在,许多公司可以以各国政府二十年前喜闻乐见的利率获得投资。Indeed, so low have borrowing costs fallen that some wags have dubbed the market the asset class formerly known as high-yield.诚然,借贷成本降至如此之低,甚至有人将其戏称为前高利债券。Until the hiatus related to the budget crisis inAmerica, companies were rushing to take advantage of this financing opportunity.直到此次美债违约,各家公司纷纷借助这股东风融资。In the first nine months of the year global high-yield-bond issuance reached 378.2 billion, up by 27% on the same period in 2012, according to Dealogic, a financial-data firm. Sprint,据金融数据公司迪罗基称,今年前九个月发现的高利债券达到了3782亿美元,同比增长27%。an American telecoms company, raised 6.5 billion in two simultaneous bond issues, the largest-ever junk financing.美国电信公司Sprint通过同步发行债券筹集到了65亿美元,这也是迄今为止最大的垃圾融资。Low rates will not last forever, so companies are keen to take advantage of what might be an historic opportunity.低利率不会持续太久,公司自然不会错过这次千载难逢的机会。And investors have been happy to take the extra yields on offer, given the positive returns achieved since .鉴于年后获得正收益,投资者也乐意出资获取额外收益。In America, the modern high-yield-bond market dates back to the 1980s. Until then, high-yield bonds were usually fallen angels—companies which previously had an investment-grade credit rating but had seen their finances suffer.美国现代高利债券起源于上世纪八十年代。在那之前,高利率债券通常都是落难天使—此前已获得投资信用评级的公司都遭遇过财务危机。But Michael Milken and his team at Drexel Burnham Lambert, an investment bank, discovered there was a market for high-yield debt from new issuers, often in connection with companies making takeover bids.但是,德瑞债券的迈克尔米尔肯为高利债券发行者发现了新的市场,而这通常和公司收购行动密不可分。The market is now huge.现在,这一市场前景广阔,A study by Russell, a consultancy, estimated its total size at 1.7 trillion.咨询公司Russell预计其总需求为1.7万亿。Almost half of all the corporate bonds rated by Standard amp; Poors are classed as speculative, a polite term for junk.标普公司发布的信用评级中超过半数公司债券均为投机性债券—垃圾债券的委婉说法。Part of this is down to fashion; companies have been urged to return spare cash to shareholders and to make their balance-sheets more efficient by taking advantage of the tax deductibility of interest payments.其中,部分债券已经流于形式,股东撤回公司闲钱,如此便可利用付息债券避税,从而使得资产负债表更加均衡。Another big boost to the market has been the broadening of its base beyondAmerica.高利债券膨胀的另一大原因是除美国市场之外,世界其他地区需求增加。According to Fraser Lundie, a high-yield-bond manager at Hermes,America comprised 89% of the market in 1998; now it forms just 57%.Europehas gone from 3% of the market to 27%.爱马仕高利债券经理弗雷泽伦迪表示,1998年美国国内发行的高利债券占全世界的89%,现在降至57%,而欧洲则由当初的3%增至27%。The rise of high-yield bonds has been handy for European companies in the wake of the financial crisis, as many banks have been seeking to shrink their balance-sheets, and have been less willing to offer loans.随着金融危机的爆发,高利债券发行量的增长对欧洲公司来说也极为便利,因为都减少贷款,平衡资产负债表。Historically, European companies have been much more dependent on bank finance than their American counterparts.从历史观点上说,相对于美国公司,欧洲公司对的依赖更强。They also used to be warier of seeing their bonds classed as junk.过去,欧洲公司甚至害怕其债券被评为垃圾级。Low rates have been good for the market in another way.从另一个层面来说,低利率对市场有利。They have enabled companies to refinance their debt cheaply, and so pushed back the nettlesome day when their finances will be squeezed by higher borrowing costs.因为这样公司可以以低成本获得再融资,当初借贷成本高不说,还很难获得通过,简直苦不堪言。A few years ago there was a worry that a lot of debt would need to be refinanced in 2012 and 2013; now the refinancing hump will not come until 2017 and 2018.几年前,人们担心过多债务会导致2012年、2013年时需要再融资;现在,在2017年、2018年之前再融资峰值是不会出现的。A long period of cheap finance makes it less likely that issuers will be forced to default in the short term, and the reduced likelihood of default makes it more attractive for investors to hold bonds.长期的低成本融资让债券发行方短期内违约的可能性大大降低,违约可能性的降低又会吸引更多投资者持有债券。In the wake of Lehmans collapse, the sp on junk bonds rose so far that it implied default on a scale not seen since the Great Depression.随着雷曼兄弟的破产,垃圾债券的差额大幅增长,这也就导致了大萧条后前所危机的违约浪潮。But after a brief spike to 13.7% in , the default rate on global high-yield bonds dropped steadily and was just 2.8% in September, according to Moodys, another ratings agency.但是,据评级公司穆迪称,年13.7%的违约高峰很快便平息;今年九月,全球高利率债券违约率仅为2.8%。But not all is sunny in the high-yield world.但是,高利债券市场并非总是风平浪静。Although the market has doubled or tripled in size since 2008, liquidity has diminished.尽管自2008年后高利债券市场规模已经增至原来的两至三倍,债券的流动性却降低了。Regulatory restrictions mean that banks no longer hold as much inventory in the form of bonds; since 2002, there has been a decline of almost three-quarters.监管限制让无法继续像以前那样持有太多债券形式的存货。自2002年来,所持债券已经减少了75%。PIMCO, a huge bond-fund manager, said in a recent report, We see reduced liquidity as an important secular trend. It is an unintended consequence of the deleveraging and re-regulation of banks globally. It will result in higher volatility in times of stress.近期,太平洋投资管理公司发布的一篇报道称,我们认为流动性的降低将会是一个重要的长期趋势,这是全球重新平衡、管理的副作用。In other words, if investors ever lose their current enthusiasm for high-yield bonds, they will find it much harder, and probably costlier, to offload them.换句话说,如果投资者对高利债券的热情降低,他们便会发现想要抛售这些债券将会更加困难、或许还会付出更高代价。Meanwhile, the growing enthusiasm for high-yield bonds is likely to diminish the returns they offer.与此同时,随着人们对高利债券愈发热衷,其回报率也会相应降低。In the past investors typically bought junk bonds at a discount to their face value; they hoped that the profits on bonds that were repaid at maturity would offset the losses on the few issuers that defaulted.过去,投资者都是以折扣价买入垃圾债券,他们希望债券到期的收益能够抵消部分违约发行者带来的损失。Yet in May this year the average price of a high-yield bond reached 6% above face value, according to Mr Lundie.然而,据伦迪数据显示今年五月高利债券的平均价格超过了其面值的6%。Holding a bond until maturity will thus result in a capital loss, although investors may still profit from interest.尽管投资者仍可从利息中获利,但持有高利债券直至到期将会造成一定资本损失。Worse, many bonds—perhaps two-thirds or three-quarters of the market—have a call option attached to them that allows the issuer to repay the debt if it reaches a certain price.更糟糕的是许多债券—可能2/3或3/4的现行债券—都有看涨期权,如果债券达到一定价格,发行方可以偿还债务。That allows issuers to take advantage of growing optimism about their prospects to reissue bonds at lower interest.这也就使得发行方可以利用投资者不断高涨的乐观情绪,以更低的利率发行债券。Such call options skew the risk-reward trade-off.看涨期权让风险报酬交易失去了平衡。If a bond gets close to the callable price, it is unlikely to rise much further: who would bid 110 cents for a bond that can be redeemed at 104?如果某个债券接近可赎回价格,其价格也就不大可能会继续涨了:谁会愿意花110美分购买104美分就可以赎回的债券呢?On the other hand, if the company hits hard times, the bond could fall quite sharply in price. So investors face a limited upside and a big downside.另一方面,如果市场萧条,债券价格便会一落千丈。因此,对投资者来说此事弊大于利。That has tended to push investors towards ever riskier assets, such as CCC-rated bonds—the lowest category excluding those issuers that have aly defaulted.这回让投资者转向风险更大的债券,比如除违约债券以外的最低评级债券,CCC级债券。David Newman of Rogge Global Partners, a fund-management firm, reckons that such bonds are now probably overpriced, given the risks involved.来自资金管理公司Rogge Global Partners的大卫纽曼认为考虑到风险因素,这类债券目前可能定价过高。It is in the nature of the bond markets that, when conditions are good, investors get more relaxed about credit quality.债券市场的特性是当市场环境良好,投资者便会对信用质量更加放心。Some observers think that the risks of high-yield bonds are being systematically underestimated.部分观察人士认为,高利债券的风险被普遍低估。The sps paid by high-yield issuers are low relative to the historical average, although they are more than sufficient to compensate investors given the low level of defaults.尽管,考虑到低违约率,债券发行方更加确信可以让投资者收到回报;但是,同历史平均水平相比,现在高利债券发行方所付的利率更低。If central banks start raising interest rates to deal with a resurgence of inflation, or if the global economy slips back into recession, junk-bond investors may suffer a nasty shock. But for the moment they are enjoying the ride.如果央行为了规避通胀而开始提高利率,或者全球经济再度陷入萧条,垃圾债券投资者或许会损失惨重。但是,现在他们正享。 /201310/261375抚顺市妇幼保健院怎样预约抚顺包皮手术哪里做



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