Here in Hong Kong, ratings firms that normally ply their trade in credit markets are causing a stir in stocks.

　　評(píng)級(jí)公司顯身手的地方通常是信貸市場(chǎng)，而在香港，它們卻在股市上引起騷動(dòng)。

　　Earlier this month, Moody's Investors Service, a division of Moody's Corp., made news when it warned of governance and accounting 'red flags' at 61 rated Chinese companies. A day after the July 11 report was published, shares in some of the Hong Kong-listed firms Moody's highlighted plunged, with several posting double-digit percentage declines.

　　本月早些時(shí)候，穆迪公司(Moody's Corp.)旗下的穆迪投資者服務(wù)公司(Moody's Investors Service)對(duì)61家受評(píng)中資企業(yè)的公司治理和會(huì)計(jì)問(wèn)題發(fā)出“紅旗”警示，一時(shí)間成了不小的新聞事件。在警示報(bào)告于7月11日發(fā)布后的第二天，受穆迪投資者服務(wù)公司警告的部分在港上市中資公司的股價(jià)大跌，有幾家公司甚至出現(xiàn)了兩位數(shù)的跌幅。

　　A week later, rival ratings firm Fitch Ratings, a unit of Fimalac SA, published a report on governance risks at 35 Chinese companies that it rates. Both reports followed a decision several weeks ago by Standard & Poor's, a unit of McGraw-Hill Cos., to withdraw its ratings for debt issued by Hong Kong-listed Nine Dragons Paper, sending the shares of the company down 17% before trading was halted.

　　一周后，法國(guó)金融服務(wù)集團(tuán)Fimalac SA旗下子公司惠譽(yù)國(guó)際評(píng)級(jí)(Fitch Ratings)對(duì)35家受評(píng)中資企業(yè)的治理風(fēng)險(xiǎn)發(fā)布報(bào)告。在這兩個(gè)評(píng)級(jí)公司發(fā)布報(bào)告幾周前，麥格勞-希爾公司(McGraw-Hill Cos.)旗下子公司標(biāo)準(zhǔn)普爾公司(Standard & Poor's)決定撤銷(xiāo)其對(duì)香港上市企業(yè)玖龍紙業(yè)(控股)有限公司(Nine Dragons Paper)所發(fā)行公司債的評(píng)級(jí)，后者的股票因此暴跌17%，隨后停牌。

　　S&P criticized the company's 'aggressive debt-funded growth appetite' and complained of insufficient access to management. Nine Dragons disputed S&P's comments and said it was ready and willing to meet with S&P analysts.

　　標(biāo)普批評(píng)說(shuō)，玖龍紙業(yè)對(duì)于通過(guò)債務(wù)融資來(lái)推動(dòng)業(yè)務(wù)增長(zhǎng)有著過(guò)分的偏好，并抱怨說(shuō)無(wú)法與該公司管理層有足夠的接觸。玖龍紙業(yè)對(duì)標(biāo)普的評(píng)論提出異議，說(shuō)隨時(shí)可以并愿意與標(biāo)普的分析師見(jiàn)面。

　　The ratings companies are acting amid scrutiny over accounting practices and allegations of fraud at some overseas-listed Chinese businesses. Trade in U.S.-, Toronto- and Hong Kong-listed shares of some Chinese companies has been suspended recently, and the U.S. Securities and Exchange Commission has set up a group to investigate problems with a number of Chinese companies that trade on U.S. exchanges.

　　評(píng)級(jí)公司紛紛發(fā)布這類(lèi)報(bào)告的時(shí)候，一些在海外上市的中資公司正面臨對(duì)其會(huì)計(jì)實(shí)務(wù)的審查以及詐騙指控。一些在美國(guó)、多倫多和香港上市的中資公司最近遭停牌。美國(guó)證券交易委員會(huì)(U.S. Securities and Exchange Commission，簡(jiǎn)稱：SEC)已成立了調(diào)查組來(lái)調(diào)查多家在美上市中資公司的問(wèn)題。

　　Officials from the SEC and the Public Company Accounting Oversight Board, which oversees audit firms in the U.S., have met with China's Finance Ministry and the China Securities Regulatory Commission. Their hope is to negotiate a deal to allow U.S. examiners to inspect auditing firms based in China that audit U.S.-listed companies. So far, they have been unsuccessful.

　　SEC和監(jiān)管美國(guó)審計(jì)機(jī)構(gòu)的美國(guó)上市公司會(huì)計(jì)監(jiān)管委員會(huì)(Public Company Accounting Oversight Board)的官員已和中國(guó)財(cái)政部及中國(guó)證券監(jiān)督管理委員會(huì)的相關(guān)官員舉行了會(huì)談。美國(guó)方面希望通過(guò)談判達(dá)成協(xié)議，允許美國(guó)審查人員能調(diào)查那些為在美上市中資企業(yè)提供審計(jì)服務(wù)的中國(guó)審計(jì)機(jī)構(gòu)。到目前為止，他們還沒(méi)能取得成功。

　　It isn't unheard of for credit-ratings firms to affect stock prices by highlighting specific problems at the companies whose debt they assess. But the July 11 Moody's report stood out by touching on broad issues affecting scores of companies, while not offering up any specific rating action─something that to many observers looked suspiciously like stock analysis.

　　評(píng)級(jí)公司影響公司股價(jià)的事情并非前所未聞，因?yàn)樵u(píng)級(jí)公司會(huì)對(duì)企業(yè)的債務(wù)進(jìn)行評(píng)估，它們通過(guò)強(qiáng)調(diào)這些企業(yè)明確存在的問(wèn)題就能影響后者的股價(jià)。不過(guò)穆迪投資者服務(wù)公司7月11日的警示報(bào)告卻與上述做法不同，它雖然廣泛談及了一系列會(huì)影響那61家中資公司債務(wù)評(píng)級(jí)的問(wèn)題，但卻未采取任何明確的評(píng)級(jí)行動(dòng)，在許多觀察人士看來(lái)，這種做法有類(lèi)似于股票分析的之嫌。

　　Some research teams that traditionally cover stocks weren't impressed. In a report titled “Overly moody?,” Australian investment firm Macquarie argued that ratings firms might unfairly tar a company for actions that bondholders find risky but equity investors encourage, such as spending large sums on equipment needed to boost productivity and profit. Also, Moody's framework for assessing risk “appears debatable in many cases,” Macquarie said.

　　一些專門(mén)從事股市研究的機(jī)構(gòu)對(duì)此不以為然。在一篇題為《過(guò)于情緒化了?》(Overly moody?)（譯者注：moody既有情緒化的意思，也與穆迪的英文Moody's諧音）的報(bào)告中，澳大利亞投資公司麥格理(Macquarie)說(shuō)，評(píng)級(jí)公司可能會(huì)因債券持有人認(rèn)為高風(fēng)險(xiǎn)而股權(quán)投資者鼓勵(lì)的舉措而不公平地批評(píng)一家公司，比如提高生產(chǎn)效率和利潤(rùn)所需的設(shè)備上的巨額支出。此外，麥格理說(shuō)，穆迪評(píng)估風(fēng)險(xiǎn)的系統(tǒng)看來(lái)在很多情況下值得商榷。

　　Steve Vickers, chairman of Asia investigations for FTI Consulting Inc., which has done more than 300 investigations into Chinese companies seeking to list overseas, questioned why Moody's hadn't done something sooner. He said the report was “nicely presented but lacking in depth, especially as it related to real-world risk factors.”

　　商業(yè)咨詢公司FTI Consulting Inc.亞洲調(diào)查部門(mén)董事長(zhǎng)維克斯(Steve Vickers)質(zhì)疑穆迪為何沒(méi)有早點(diǎn)采取措施。該公司對(duì)擬在海外上市的中國(guó)公司已經(jīng)進(jìn)行了300多起調(diào)查。他說(shuō)，該報(bào)告寫(xiě)的不錯(cuò)，不過(guò)缺乏深度，特別是有關(guān)實(shí)際風(fēng)險(xiǎn)因素方面。

　　The impact on stocks from the Moody's report was enough to attract interest from Hong Kong's market watchdog, the Securities and Futures Commission, which said it would “look into the matter,” but declined to comment further.

　　穆迪報(bào)告對(duì)股市的影響足以吸引香港股市監(jiān)管機(jī)構(gòu)香港證監(jiān)會(huì)的關(guān)注。香港證監(jiān)會(huì)說(shuō)將調(diào)查此事，不過(guò)拒絕進(jìn)一步置評(píng)。

　　Moody's declined to comment on any issues related to the report.

　　穆迪拒絕就與本文有關(guān)的問(wèn)題置評(píng)。

　　Fitch also declined comment on its actions.

　　惠譽(yù)也拒絕就自己的做法置評(píng)。

　　An S&P spokesperson said, “I would like to point out that we require a certain level of interaction and information from the companies we rate, and in the case of Nine Dragons we determined that was no longer forthcoming. In line with our policy of full transparency, we therefore decided to withdraw the ratings after a final review, and communicated that to the market.”

　　標(biāo)準(zhǔn)普爾的發(fā)言人說(shuō)，我想指出的是，我們要求評(píng)級(jí)對(duì)象公司與我們有一定程度的交流，并提供一定的信息，至于玖龍紙業(yè)，我們確定交流和信息不再有。按照我們保持完全透明的政策，我們進(jìn)而決定在進(jìn)行最后一次評(píng)估后撤銷(xiāo)評(píng)級(jí)，并向市場(chǎng)公布了這一消息。

　　After the S&P decision on Nine Dragons, Hong Kong-based shareholder activist David Webb called on the SFC to prohibit credit-ratings companies it regulates from releasing price-sensitive announcements about listed companies during trading hours.

　　在標(biāo)準(zhǔn)普爾做出撤銷(xiāo)玖龍紙業(yè)評(píng)級(jí)的決定后，香港的股東維權(quán)人士大衛(wèi)•韋伯(David Webb)呼吁香港證監(jiān)會(huì)禁止所監(jiān)管的評(píng)級(jí)公司在交易時(shí)段就上市公司發(fā)布會(huì)影響股價(jià)的聲明。

　　In the wake of the Moody's report, Mr. Webb joked that perhaps the firm could rename itself “Moody Waters,” referring to the short-seller Muddy Waters, whose research alleging wrongdoing at some Chinese companies led to a major selloff of their shares. “I think this is just a ratings agency trying to be a bit more independent of the companies which pay it for ratings,” he said. Critics have accused ratings firms of being beholden to the companies that pay their fees to rate their debt.

　　在穆迪的報(bào)告出爐后，韋伯調(diào)侃道，或許穆迪可以更名為“Moody Waters”。此乃暗指賣(mài)空者M(jìn)uddy Waters，這家公司的研究報(bào)告聲稱一些中國(guó)公司存在違法行為，進(jìn)而引發(fā)了這些公司的股票遭大規(guī)模拋售。他說(shuō)，我認(rèn)為這只是一家評(píng)級(jí)機(jī)構(gòu)試圖從一定程度上撇清與向其交錢(qián)請(qǐng)其評(píng)級(jí)的公司的關(guān)系。批評(píng)人士指責(zé)評(píng)級(jí)公司對(duì)向其交錢(qián)請(qǐng)其對(duì)債務(wù)進(jìn)行評(píng)級(jí)的公司感恩戴德。

　　Several readers of the Moody's report offered praise. An analyst at a hedge fund in the U.S. applauded the company for its efforts, arguing “it is far better to be aware of the issues so that you can make an informed decision than be ignorant of them.”

　　數(shù)位閱讀過(guò)穆迪報(bào)告的人對(duì)報(bào)告表示贊許。美國(guó)一只對(duì)沖基金的一位分析師對(duì)穆迪此舉大加贊揚(yáng)，說(shuō)知曉問(wèn)題以便根據(jù)充分的信息做出決定遠(yuǎn)比忽視這些問(wèn)題要好。