中國的公司治理標準不斷惡化(下)
China has at least managed to maintain its score for enforcement at its 2014 level.
中國起碼把執法方面的得分維持在了2014年的水平。
The ACGA accepts that China’s regulators have become more active.
ACGA承認，中國監管機構變得更加積極。
The China Securities Regulatory Commission investigated 71 cases of market manipulation in 2015, a near fourfold increase on 2014.
2015年，中國證監會(CSRC)調查了71起市場操縱案，幾乎是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，中國證監會對88起案件（許多爲內幕交易類案件和市場操縱類案件）作出109份處罰，較去年同期增長近85%，罰沒款共計25.54億元人民幣（合3.77億美元），幾乎是去年同期的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次公開譴責和通報批評的處分，比去年同期增加150%；深交所則做出了40次處分決定，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.
儘管如此，ACGA表示，兩個因素妨礙了中國提高執法得分：一是執行資源不足，監管人員通常缺乏經驗，太分散；二是在投票和公司參與方面，投資者、特別是國內機構投資者的參與力度不夠。
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.
史密斯認爲，打擊市場操縱行爲的措施忽視了一個事實，最大的市場操縱者是中國政府當局，即所謂的國家隊——2015年7月股市大跌時，國家隊吸納了佔整個市場相當大比例的股票。
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.
英國《金融時報》對研究公司萬得資訊(Wind Information)數據的分析顯示，2015年底，這些國有金融機構的持股市值佔到了股市總市值的11.9%，不過，這一比例之後已有所下降。
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.
總體而言，史密斯將中國的金融體系描述爲裙帶企業，國有程度相當高（依照他的計算，佔據市值的56%），並且政府甚至對聲稱是由企業家經營的公司實施強有力的控制。
The system is getting more arbitrary and more authoritarian.
體制越來越武斷，越來越專制。
Minority shareholders are probably more right to be worried about China than anywhere else, he adds.
跟任何其他地區相比，中國的小股東很可能更有理由對政府感到擔心，他接着說。
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].
我認爲，他們將竭盡全力讓A股市場看起來適合被納入MSCI(指數）。
They talk a good game [but] there is a difference between rhetoric and reality.
他們說得很動聽，（但）言辭和現實之間有差異。
Mr Smith fears the problem is much larger than China,
然而，史密斯擔心，問題不只在於中國。
however, saying he would take issue with the ACGA’s view that governance is broadly improving in other Asian countries.
他說，他不認同ACGA關於其他亞洲國家的治理狀況正在普遍改善的觀點。
The very big picture is that the whole system has been moving in a much more authoritarian direction.
他表示，大形勢是，整個系統一直在朝着更具威權主義色彩的方向演變。
It’s not just China, he says,
這並非僅僅是中國的情形。
pointing to developments in the likes of Turkey, Russia, Poland and South Korea.
他提到了土耳其、俄羅斯、波蘭和韓國等國家出現的變化。
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.
我認爲，治理越來越糟糕，小股東的風險總體上在增加；這就是目前我不是特別喜歡新興市場的原因，史密斯說。
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.
總體說來，自從全球金融危機以來，在各個新興市場，關於自由化程度提高、管控制度變得更爲零散、少數股東擁有很大發言權的想法在各地都有所消退。
Governments are increasingly intervening in a way that disadvantages minority shareholders.
政府越來越多地以不利於小股東利益的方式進行干預。
I have been a big believer in indexation [via passive funds] but now is the time not to index EM portfolios.
我歷來推崇指數化（通過被動型基金），但現在不是指數化投資於新興市場組合的合適時機。
The index players have no choice [what stocks to buy], Mr Smith adds.
指數玩家（對於買什麼股票）沒有選擇，史密斯接着說。
Great fall of China
中國得分大幅下滑
Corporate Governance Watch scores, 2010 to 2016 (%)
《公司治理觀察》報告中各地區得分，2010年至2016年（單位：%）
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
臺灣 55 53 56 60
Thailand 55 58 58 58
泰國 55 58 58 58
Malaysia 52 55 58 56
馬來西亞 52 55 58 56
India 49 51 54 55
印度 49 51 54 55
South Korea 45 49 49 52
韓國 45 49 49 52
China 49 45 45 43
中國 49 45 45 43
Philippines 37 41 40 38
菲律賓 37 41 40 38
Indonesia 40 37 39 36
印尼 40 37 39 36
Source: Asian Corporate Governance Association
資料來源：亞洲公司治理協會
