中國官方鼓勵上市企業自救
Four Chinese regulatory agencies have issued a joint statement “encouraging” listed companies to hand out more dividends, buy back their own shares and carry out more mergers and corporate restructurings to boost slumping share prices.
中國四家監管機構聯合釋出通知，“鼓勵”上市公司派發更多股息，回購股票，並進行更多併購和公司重組，以提振低迷的股價。
The statement from the finance ministry and the regulators in charge of securities, banking and state-owned assets was issued after Beijing’s decision to end its large-scale but unsuccessful programme of direct stock purchases.
財政部會同證券、銀行和國有資產監管機構釋出《關於鼓勵上市公司兼併重組、現金分紅及回購股份的通知》之前，北京方面決定結束其大規模但未能成功的直接購股計劃。
State-owned funds and financial institutions have spent more than $200bn since early July trying to prop up the market but benchmark indices have still fallen 40 per cent from their peak of early June.
自7月初以來，國有基金和金融機構支出了2000多億美元試圖救市，但基準股指仍從6月初達到的峰值下降了40%。
The government has decided to abandon these share purchases and concentrate instead on boosting the slowing real economy, “improving the quality of the equity market” and arresting people deemed to be manipulating the market.
政府決定放棄購買股票，轉而集中精力提振不斷放緩的實體經濟，提升資本市場質量，同時抓捕那些被視為操縱市場的人。
In their statement, the four agencies pledged to step up the restructuring and mergers of listed state enterprises to make them more attractive to investors.
四家監管機構在《通知》中承諾推進上市國有企業的兼併重組，使其對投資者更具吸引力。
They said state-owned banks would be urged to provide low-interest, long-term loans to help listed companies conduct more mergers and acquisitions at home and abroad.
它們表示，將敦促國有銀行提供低息、長期貸款，以幫助上市公司在國內外進行更多併購。
The statement also said the agencies would “actively encourage” listed companies to issue more cash dividends, a practice that is relatively rare among companies listed on mainland Chinese stock exchanges.
《通知》還表示，它們將“積極鼓勵”上市公司派發更多現金股息，這種做法在中國內地上市企業中比較少見。
The agencies will facilitate share buybacks by listed companies through regulatory measures that, analysts said, could include tax breaks. Buybacks would take place when share prices fall below net asset value.
這些機構將通過監管措施（分析師們表示可能包括稅收優惠）便利上市公司回購股票。在股價跌至低於每股淨資產時，鼓勵上市公司回購股票。
Such measures would be aimed at helping companies issue bonds or preferred stock so they could raise money to buy back their own shares.
這些措施將旨在幫助企業發行債券或優先股，以便他們籌集資金回購股票。
Even after the falls in recent months, China’s benchmark index is up more than 40 per cent from a year ago and most analysts say Chinese shares are still overvalued.
即使在近幾個月下跌後，中國的基準股指仍比一年前高出40%以上。大多數分析師稱，中國股票仍被高估。
Since most listed companies in China are still trading at rich valuations and few are trading below their net asset value, any share buybacks are likely to be a long time in the future.
由於中國大多數上市公司的估值仍偏高，同時幾乎沒有一家上市公司的股價低於每股淨資產，因此任何股票回購都很可能是遙遠未來的事情。
Du Changchun, an analyst at Northeast Securities, said: “This is only a guiding document that says the government supports and encourages these measures. It is not a directive so it will not necessarily have an [immediate] effect. From the perspective of the listed companies, whether or not they will be able to implement it really just depends on their individual considerations.”
東北證券(Northeast Securities)分析師杜長春表示：“這只是一個指導性檔案，上面寫著政府支援和鼓勵這些措施。它不是一個指令，所以它未必（立即）產生效果。從上市公司的視角看，能不能執行實際上完全取決於它們各自的考慮。”
On Tuesday Chinese stocks continued their slide, with the benchmark Shanghai Composite Index finishing the day down 1.23 per cent, having fallen nearly 5 per cent at one point in the morning.
週二中國股票延續跌勢，基準的上證綜指(Shanghai Composite Index)收盤跌1.23%，早盤一度下跌近5%。
