2020年六級外刊閱讀：股票研究經(jīng)濟(jì)學(xué)

1、2020 年六級外刊閱讀：股票研究經(jīng)濟(jì)學(xué)The economics of equity research股票研究經(jīng)濟(jì)學(xué)Analyse this分析分析The old model of stockmarket research is changing 股市研究的舊模式正在改變。Sep 21st 2020 |From the print editionEQUITY research is meant to benefit both providers and recipients. It ought to help investors to allocate money more profitab

2、ly. And the banks that give their clients free access to research hope that it will help them generate revenues from equity trading. But neither party is much satisfied by the conventional model.股票研究本應(yīng)發(fā)行者和股東雙雙受益。應(yīng)該協(xié)助投資者更有利潤 的分配資金。為客戶提供免費(fèi)研究報(bào)告的銀行希望這會(huì)協(xié)助客戶從股 權(quán)交易中去的收益。但是雙方對常規(guī)的模式都不滿意。Start with the banks.

3、 A fall in trading revenues makes the economics of providing research less attractive. Between 2009 and 2020, total equity-trading commissions paid to brokers fell from $13.9 billion to $9.3 billion in America, and from euros 4.2 billion ($5.6 billion) to euros 3 billion in Europe, according to Gree

4、nwich Associates, a consultancy. The rise of passive investing and the spread of algorithmictrading have both reduced margins and dampened demand for research produced by and for humans.交易收入的下降使得經(jīng)濟(jì)學(xué)研究逐漸喪失吸引力。這從銀行開始。 根據(jù)咨詢機(jī)構(gòu) Greenwich Associates 的數(shù)據(jù)，在 2009 年到 2020 年之 間，在美國總股本交易中支付給經(jīng)紀(jì)人的傭金從 139 億美元跌到了 9

5、3 億美元，歐洲則從 42億歐元跌到了 30 億歐元。被動(dòng)投資的興起以及 算法交易的擴(kuò)張都使得研究資料的利潤率下降，需求也有所放緩。Nomura recently slashed its equity-research division to focus on its electronic-trading business, Instinet. Other banks are also cutting back. Global sell-side research budgets fell from a 2007 peak of $8.2 billion to just $4.8 billio

6、n in 2020, according to Frost Consulting. Sector coverage has contracted ： banks now concentrate on large-cap sectors like oil, where trading volumes and revenue potential are higher.野村最近縮減了其股票研究部門，將注意力集中于電子交易公司 Instinet 。其他銀行也正在削減研究部門。根據(jù)弗羅斯特咨詢公司的 數(shù)據(jù)，世界出售方的研究經(jīng)費(fèi)已經(jīng)從 2007年峰值的 82 億美元降到了 2020年的 48億美元。研究數(shù)

7、據(jù)的行業(yè)覆蓋率葉縮減了，銀行現(xiàn)在集中 在像原油等大宗商品行業(yè)，這些行業(yè)的交易量和收益潛力較高。Work has been shovelled to cheaper places to save cash. Much of Citigroup s American equity coverage is now produced in Buffalo, New York. Deutsche Bank and J.P. Morgan have sent research work as far afield as India. Low-value-added tasks like data-crun

8、ching are not the only jobs being shipped out, claims Marc Vollenweider at Evalueserve, an outsourcing specialist. This process has its limits, however： clientmeetings still wholly happen face to face.工作都轉(zhuǎn)移到了成本更低的地方以節(jié)省現(xiàn)金。花旗銀行的美國股 票報(bào)道現(xiàn)在在紐約的布法羅發(fā)出。德意志銀行和JP摩根已經(jīng)將研究工作轉(zhuǎn)移到了印度。專業(yè)外包公司 Evalueserve 的 Marc Volle

9、nweider 表示，不但僅是像數(shù)據(jù)運(yùn)算這些低附加值的任務(wù)被轉(zhuǎn)移。但是，這個(gè) 過程也有其局限性，客戶會(huì)議仍然全部為面對面會(huì)議。The attitude of asset managers is also hardening. With research expenses “bundled ” into commissions for executing trades, brokers tend to flood their clients with research reports in order to try to grab a larger slice of trading revenu

10、es. Asset managers leave most of them unread. A survey by Britain s CFA Society found that only 22% of its members thought this model best serves the interests of investors.資產(chǎn)管理公司的態(tài)度也在變硬。隨著研究經(jīng)費(fèi)“捆綁”到執(zhí)行交 易的傭金中，經(jīng)紀(jì)人往往給他們客戶提供大量的研究報(bào)告，以此在交 易收益中獲得更大的比例。資產(chǎn)管理公司的這些材料大都沒讀過。英 國CFA協(xié)會(huì)實(shí)行的一項(xiàng)調(diào)查發(fā)現(xiàn)，只有 22%勺成員認(rèn)為這種模式最符合 投

11、資者的利益。Independent research outfits offer an alternative. Though small, their share of the“research vote ”, an estimate ofmarket share produced by Greenwich Associates, has grown since 2020. They are untainted by the conflicts of interest that bedevil banks offering research on clients, and that led to a 2003 settlement enforcing stricter separation of investment banking and research in America. In Europe “commission sharing agreements ” have grown in popularity sin