Wine Translation 酒意酒译

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Financial Translation 財經翻译

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with Thanks

Book Translation 書本翻譯

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for Authors, Publishers, Web Hosts, eBook Indies, Organizations, Companies, Businesses, Governments & Any

欢迎：作家，出版社，站主，电纸书新贵，各类写手，机构，企业，商家，政府及其他出书人

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Most Expensive Hotels 全球最贵酒店

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Favourite Suites 最爱酒店套房

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Farmhouse Living 突斯卡尼農居

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Farmhouse Living in Tuscany

突斯卡尼的農家生活

Driving from the Florence airport to the small town of Casole d’Elsa in the heart of Tuscany feels like traveling deep into a landscape painting of rolling hills dotted with cypress trees and stone farmhouses. My perch for the week is a traditional stone casele (farmhouse) named Pulcinello (after one of the original farms on the estate), one of 28 farmhouses that have been restored at Castello di Casole, a resident/hotel property and working farm sprawled over 4,200 acres about 16 miles west of Siena.

從(Florence)佛羅倫斯機場開車前往(Tuscany)突斯卡尼的心臟地帶(Casole d’Elsa)愛紗小鎮的途中，就像深入到點綴著絲柏木和石頭農舍，到處都是連綿起伏的丘陵的山水畫中。我要棲息一個星期的落腳處是一個傳統的石屋鄉(農舍)，名為(Pulcinello)普基納羅(以這個地方的其中一個原始農場命名)，住在28棟農舍裡的其中一棟，在Castello di Casole這個地方被修復成民宿，有一個實用的農場，佔地超過4200英畝，位於(Siena)西雅娜以西16英哩的地方。

Crowning this spectacular countryside is an imposing 12th century castle where the new Hotel Castello will feature 41 luxurious suites when it opens next spring. Once the home of the noble Bargagli family of Siena, and later a hideaway for Italian celebrities, the hotel’s architects and artisans have rebuilt much of the property using reclaimed materials—ceramic tile, wood beams, and terracotta—from the original estate.

這個景色壯觀的郊外山區最有看頭的景點是一棟12世紀的古堡，已經改裝成(Castello)卡斯特羅古堡酒店，有41間豪華套房，預定在下一個秋季開幕。這裡曾經是(Siena)西雅娜的貴族Bargagli一家人的住所，後來還一度成了意大利名人們避風頭之處，這家酒店的設計師和工匠們還就地取材，用當地找來的舊建材如瓷磚，木梁和土陶去整修古堡內外。

During a tour, I walk along vineyards of Cabernet and Sangiovese grapes harvested for the Castello’s wines, and groves of olives pressed for the house olive oil, both of which are stocked in my farmhouse. I spot wild fennel and rosemary—ingredients that flavor several of the delicious meals I eat during my visit. The land surrounding the farmhouses looks untouched, with no development as far as the eye can see. Every now and then a small town rises on the horizon and beckons exploration.

在參觀的過程中，我經過長滿了(Cabernet)赤霞珠和Sangiovese紫葡萄的葡萄園，準備用來釀製(Castello)卡斯特羅酒，還有屋子從周圍的橄欖樹摘下的橄欖籽，準備用來做橄欖油，也跟葡萄一起儲存在我住的農舍。我還看見了野生茴香和迷迭香這兩種我在參觀時吃到的美食調味料。屋子周圍的土地原封不動，沒見到有開發過的痕跡，還不時會在地平線的遠處浮起一座小鎮，向人招手前往探訪。

Back at Pulcinello, my roomy bedroom has windows with more views of the endless verdant hills. Several of the Castello’’s farmhouses are available to rent (others you can purchase) and feature large stone fireplaces, unexpected, contemporary bathrooms with sunken tubs, glass-tiled, infinity-edge plunge pools overlooking the valley, and state-of-the-art kitchens equipped with Gianfranco Ballerini refrigerators. Friendly, attentive governantes (housekeepers) service each villa and are available to prepare breakfast (made-to-order eggs, croissants, salami, fresh fruit) or an alfresco lunch to enjoy on the farmhouse terrace. But even better is a hands-on cooking class in the kitchen with personal chef Lisa Banchieri, who taught a group of us how to make porcini and sausage risotto, eggplant bruschetta, and a tender wild boar (cinghiale) served with a subtle chocolate sauce.

在(Pulcinello)普基納羅時，我的寬敞臥室有很多窗口，窗外都是一望無際的青翠山丘，(Castello)卡斯特羅的一些農舍都可供出租(有些還能買到)，特徵是有大的石頭壁爐，意想不到很現代化的浴室，有陷入式的浴缸，玻璃瓷磚，無邊水池望向整個山谷，設計先進的廚房，配有Gianfranco Ballerini的名牌冰箱。每一個別墅都有友善殷勤的管理員(管家)在為客人服務，包括準備早餐(客人點制的雞蛋，牛角麵包，香腸和新鮮水果)，在農舍的露台上享受戶外午餐的滋味。更甚的是還能在廚房裡跟私人廚師Lisa Banchieri上烹飪課動手做美食，教導一群人如何製作牛桿菌蘑菇加香腸燴飯，茄子烤麵包，溫烤的野豬肉(cinghiale豬種)配上精緻的巧克力醬。

In Tuscany, dishes aren’t complicated. They’re made with fresh vegetables, and flavored with a drizzle of olive oil. One night our governantes topped one homemade pizza after another with zucchini, paper-thin slices of prosciutto, caramelized onions, and cooked them in the farmhouse’s outdoor wood oven. The number of pizzas made and eaten reminded me of a scene from I Love Lucy.

突斯卡尼的菜餚並不複雜，都用新鮮蔬菜撒一些橄欖油當調味料。有一天晚上，我們的管理員不斷給自製的比薩餅加料，有西葫蘆(zucchini)，紙片般薄的火腿(prosciutto)，焦糖洋蔥，在農舍的戶外木烤箱上烤比薩餅，那幾片做出來吃進去的比薩餅讓我想起了(I Love Lucy)我愛露西(靈犬)這部電視劇裡的一幕。

Florence, Siena, and San Gimignano are a short drive from Castello di Casole, and the staff concierge will help you arrange a tour of the Uffizi, a personal shopping experience to hunt for handmade leather goods, or suggest local osterias for dinner. But the activities back at the property are just as appealing, and include bicycling to nearby hill towns such as Mensano and Radicondoli, taking an Italian language or ceramic class, and walking along scenic footpaths with the resident game warden to spot pheasant, deer, and boar. And if you’d rather just lounge by the pool with a glass of Chianti, life doesn’t get much better than being in your own farmhouse for the week and soaking in the country lifestyle that is Tuscany.

從Castello di Casole到佛羅倫斯，(Siena)西雅娜和San Gimignano的車程不遠，酒店的禮賓員會協助安排遊覽Uffizi去體驗很私人的購物經驗，尋找手作的皮革品，或者找一間當地的小客棧去吃晚餐。但是，回到農場的活動也一樣很吸引人，可以騎腳踏車到附近的山鎮如Mensano和Radicondoli去上意大利語言課或陶瓷製作課，走在風景秀麗的羊腸小徑，跟當地的遊玩舍監一起尋找野雞，鹿和野豬。如果你只是想要在泳池邊偷懶喝一杯(Chianti)激昂地產的美酒，倒不如來這裡待在一棟屬於你自己的農舍裡一個星期，完全沉浸在突斯卡尼的鄉村生活中。

 

by Susan O’Keefe, an associate editor for National Geographic Traveller magazine.

原文作者：蘇珊·奧基夫，她是國家地理旅行者雜誌的副主編。

 

—— END ——

 

Source > National Geographic Traveller 國家地理雜誌旅人版

Translated by > BlogHost :- hkTan

Word Count > approx. 580 words in English

 

Futuristic Building 未来式建筑

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Glass Home 玻璃屋

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DIY Homes 組裝屋

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Urban Genghis Khan 城及似漢

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 The Urban Clan of Genghis Khan

成吉思汗的城市宗族

An influx of nomads has turned the Mongolian capital upside down.

蒙古的首都被湧入的牧民們弄翻了天

Not long ago a young Mongolian livestock herder named Ochkhuu Genen loaded what was left of his life into a borrowed Chinese pickup truck and moved it to Ulaanbaatar, Mongolia’s sprawling capital. Slender and dignified, Ochkhuu gave no outward sign of turmoil as he buried himself in the mechanics of packing, lifting, unpacking, and assembling. He may have been disappointed in himself, even shaken, but outwardly he was as smooth and focused as a socket wrench.

不久前，一位名叫(Ochkhuu Genen)鷗之谷哥能的年輕蒙古牲畜牧民開了一輛跟人家借來的卡車，載滿了僅存的家當進入烏蘭巴托這個蒙古的大都會。瘦削又躊躇滿志的他沒顯露出歷盡滄桑的模樣，只知道埋頭苦幹，機械式地裝貨，卸貨，搬上搬下地打點家當。或許他已經對自己灰心，甚至信心動搖，但是表面上還是一副事事順利，專注得像一個套筒扳手的樣子。

Within hours of arriving, Ochkhuu had pitched his ger—the nomad’s traditional round dwelling—on a small, fenced plot of bare ground he’d rented on the outskirts of the city. Around it were thousands of other plots, each with a ger in the middle, jammed together on the slopes overlooking Ulaanbaatar. Once his stovepipe was raised and the stakes driven in, he opened the low wooden door for his wife, Norvoo; their baby boy, Ulaka; and their six-year-old daughter, Anuka.

在抵達的幾小時內，鷗之谷就在城市邊緣一塊圍起來的空地上架起了他的蒙古包—傳統的圓形牧民之家，周圍還有成千上萬的區塊，每一個區塊中央都有一個蒙古包，全部在斜坡上擠在一起俯瞰烏蘭巴托市。他的炊管和木材一運到，他立刻打開低矮的木門迎接他的妻子(Norvoo)諾母和出生不久的小兒子(Ulaka)烏拉卡，還有六歲小女兒(Anuka)阿奴卡。

Norvoo also took comfort in the task at hand. She put aside her worries long enough to make sure their ger was as cozy as it had been in the countryside: linoleum floor, cast-iron stove, and cots around the edges, with family pictures neatly pinned to the wall and a small television on a wooden table.

諾母專注在手頭上的工作，暫時把她的顧慮拋開，確保他們的蒙古包可以跟草原上的一樣舒適：有油氈地板，鐵爐，周邊圍起了護套，家庭照整齊地釘在牆上，木桌上有一台小電視機。

Outside their door, however, the view was starkly different from what it had been on the steppe an hour southwest of the capital, where they’d raised their livestock next to the ger of Norvoo’s parents. Here, in place of rolling grasslands, there was a seven-foot-high wooden fence a few feet away. And in place of Ochkhuu’s cherished livestock—the horses and cattle and sheep—there was only the landlord’s dog, a black and brown mongrel staked in the yard, who barked himself hoarse at the least provocation.

然而，門外的景觀跟他們在一小時前在首都西南方的草原舉目所見的完全不一樣，蒙古包旁邊就是諾母的父母親的家，外面就是他們的牧場。在這裡取代一望無際的草地的卻是幾尺外的七尺高木柵欄，取代鷗之谷最珍惜的牲畜—牛，羊馬的是房東的狗，是整個院內一條黑與棕毛相間的雜種狗，有一點風吹草動就吠得聲嘶力竭。

There was plenty of provocation just beyond the fence, in the ramshackle slums, or ger districts, where about 60 percent of Ulaanbaatar’s 1.2 million people live without paved roads, sanitation, or running water. As in other urban slums, the ger districts are high in crime, alcoholism, poverty, and despair, which is why many people here do the unthinkable, for a herder: They lock their gates at night.

圍欄外面，破爛的貧民窟裡，或者蒙古包的區域裡都有很多騷動，120萬的烏蘭巴托人民當中有大約百分之六十的人住在沒有平坦的道路，沒有衛生排管也沒有自來水的地方。就跟其他城市的貧民窟一樣，蒙古包社區裡的犯罪，酗酒，貧窮和絕望情緒都很普遍，因此，這裡的人在做一件其他牧民都無法想像的事，就是在晚上鎖住柵門。

“We step outside the ger and all we can see is that fence,” Ochkhuu said. “It’s like living in a box.”

鷗之谷說：“我們一踏出蒙古包就只能見到圍欄，就像住在盒子裡那樣。”

Nomads were never meant to live in a box, but Ochkhuu and Norvoo weren’t there by choice. During the winter of 2009-2010, most of the couple’s livestock either froze or starved to death during a white dzud, a devastating period of snow, ice, and bitter cold that follows a summer drought; it lasted more than four months. By the time the weather broke, the couple’s herd of 350 animals had been cut to 90. Across Mongolia some eight million animals—cows, yaks, camels, horses, goats, and sheep—died that winter.

游牧民族從來都沒想過要住在盒子裡，但是鷗之谷和諾母也不曾想過要這樣子住。在2009到2010年間的冬天，多數夫婦的牲畜在連續肆虐幾年的白色暴風雪中不是凍死就是餓死，嚴寒過後接踵而來的是乾旱的夏季，為期長達四個月。當天氣好轉時，這對夫婦的350頭牲畜死到只剩下90頭。整個蒙古有將近八百萬只動物—牛，犛牛，駱駝，馬，山羊，綿羊—都在冬季一命嗚呼。

“After that, I just couldn’t see our future in the countryside any more,” Ochkhuu said quietly. “So we decided to sell what was left of our herd and make a new life.”

鷗之谷平靜地說：“過後我再也看不到這個農村還有什麼前途可言，因此我們決定變賣所有牲畜開展新的生活。”

It was also a clear-eyed calculation to improve the lives of their children. Ochkhuu and Norvoo feel no great affinity for city life, but they see its advantages. In the countryside they were far removed from nurses and schools, but here they can get free medical care for their infant son, and Anuka can attend a public school.

這也是為了改善孩子們的生活所作的明智打算，雖然鷗之谷和諾母並不嚮往城市生活，但他們看到了許多好處。在農村裡，他們的家遠離學校和醫療設備，在這裡他們可以讓小兒子得到免費的醫療，阿奴卡也可以到公立學校上學。

There are more than half a million Ochkhuus and Norvoos living these days in UB, as Mongolians call Ulaanbaatar. Many have been driven from the steppe by bad winters, bad luck, and bad prospects. And now that Mongolia’s coal, gold, and copper mines are attracting billions in foreign investment, they also have flooded into UB in search of job prospects created by the economic upsurge from mining money.

現在有超過50萬個鷗之谷和諾母這樣的家庭住在烏蘭巴托，蒙古人簡稱為UB。很多人都被荒原的惡劣冬天，壞運氣和前途堪憂的現實逼得離家出走。而且，蒙古的煤炭，黃金和銅礦資源正吸引數十億元計的外來投資，許多人都湧入UB找工作，從經濟起飛中賺到採礦的錢。

Beyond the downtown high-rises, UB often feels like a frontier town run amok, strewn lengthwise along a river valley like gravel left behind by a flash flood. Founded in 1639 as a movable Buddhist monastic center and trading post, the settlement took root in its present location in 1778. The town was laid out along one major thoroughfare, which runs along the base of a low mountain. Today that road goes by the name Peace Avenue, and it’s still the only direct way to get from one side of town to the other. From daybreak to nightfall, it’s jammed with traffic. Driving it is like getting on a conveyor belt that inches past crumbling Soviet-era apartment blocks, side streets that run promisingly for 50 yards and then end at a barricade, unexplained piles of rusted iron and concrete, and office buildings so clumsily situated and hidden from view that no taxi driver can find them.

除了市區中的高樓大廈，UB看起來就像是一座脫序的邊陲小鎮，在洪水過後沿著河谷四處散落的礫石堆。這個地方在1639年成為一個移動式的佛教寺院中心和貿易站，人們在1778年開始定居在現在的地點。這個市鎮位於低矮山腳下一條主要幹道，今天這條路就叫(Peace Avenue)太平大道，仍舊是唯一一條貫穿整個市鎮的通道，從早到晚都塞車。在這條路上行車就像是在一條輸送帶上寸步移動經過蘇俄時代那些遙遙欲墜的公寓樓，每一條支路走了大約50碼遠就會被不得其解的一堆鏽鐵和混泥土堵住，辦公樓也七零八落地建，躲到連出租車司機都找不到。

Add to this a flood of nomads, many of them recent arrivals whose skill set doesn’t include city driving, crossing a busy road, or the subtleties of social interaction in an urban environment, and you’ve got a heady mix. It’s not unusual to be waiting in line at a kiosk and have some gnarled tree trunk of a man in herder clothes—steppe boots, felt hat, and the traditional wraparound del—stomp to the front of the line, shouldering customers out of the way like a hockey player, just to see what the place is selling. If there are other herders in line, he gets pushed back just as hard. There are no fights, no hard feelings. That’s just the way it goes.

再加上剛湧進來的牧民們，很多人還沒能掌握在城市中開車，過馬路，或者在城市環境中跟人互動細緻的社交技巧，你就會感覺混亂到摸不著頭腦。很多事並不是非比尋常的，比如說，在售賣亭前排長龍時，忽然間會有穿著牧民服裝—草原靴，氈帽，傳統罩衫—像樹幹那麼粗壯的男人大剌剌地一個箭步跨到前線，像曲棍球選手那樣推開所有顧客，只為了看看前面在賣什麼東西。如果也有其他牧民在排隊，他也一樣會被狠狠地推開，沒人打架，沒人鬧情緒，社交方式就是這樣。

“These people are completely free,” says Baabar, a prominent publisher and historian who writes often about Mongolia’s national character. “Even if they’ve been in UB for years, their mentality is still nomadic. They do exactly what they want to do, when they want to do it. Watch people crossing the road. They just lurch out into traffic without batting an eye. It doesn’t occur to them to compromise, even with a speeding automobile. We’re a nation of rugged individuals, with no regard for rules.”

(Babaar)八把這位書寫很多蒙古的國民性格的著名出版商兼歷史學家說：“這些人都是完全自由的，就算他們在UB生活多年，他們的心態還是屬於游牧民族的，他們就做他們想要做的事，什麼時候想做就做。看看那些過馬路的人，眼都不眨一下就走入車陣中，不需要妥協，車跑得再快也不讓。我們是一個粗人的國家，沒有規矩可言。”

Early one Saturday morning Ochkhuu, Norvoo, and their kids returned to the country for a weekend at Norvoo’s parents’ home to prepare their farm for winter. Ochkhuu helped Norvoo’s father, Jaya, cut hay for eight hours, and by Sunday night they had moved enough hay to the barn to keep his animals alive through the winter, even a dzud. Jaya too had lost huge numbers of animals during the last dzud—his herd had dropped from more than a thousand to 300 animals—but he was determined to make a comeback, banking on decades of experience as a herder both during and after communism, which he rather misses.

某一天的星期六早晨，鷗之谷和諾母帶著孩子回到諾母的娘家過週末，幫忙準備過冬。鷗之谷幫諾母的父親(Jaya)家雅割草八個小時，到了星期天晚上他們就收集到足夠的乾草在穀棚內讓牲畜們存活，那怕是暴風雪來襲。在上一次的暴風雪中，家雅也損失了大量牲畜，從一千多頭銳減到剩下300多頭，但他決定東山再起，憑他在共產制度前後幾十年累計出來的牧民經驗，他不放棄。

“There were bad things, of course. I hated being told what to do by bureaucrats. But communism protected us from disasters like last winter,” he said. “Even if you lost all your animals, you wouldn’t starve to death.”

他說：“當然會有壞事，我很討厭那些官僚來告訴我怎麼做，但是共產制度也在災難期間保護我們，就像上一個冬天那樣，即使你失去所有的牲畜，你還是不會餓死。”

Although they supported Ochkhuu and Norvoo’s decision to move, Jaya and his wife, Chantsal, often said how lonely they were without them next door. But moving to UB was out of the question. “I wouldn’t last a week in that city,” Jaya scowled. “Too much noise, too much jangling and banging. I’d get sick and die.”

雖然他們都支持鷗之谷和諾母要搬家的決定，家雅和他老婆(Chantsal)張茶經常抱怨沒有他們在隔壁會感到孤單，對他們來說，搬去UB是完全不考慮的事。家雅皺著眉頭說：“我無法在那個城市待上一個星期，太嘈雜，太多噪音，我會病死。”

Men like Jaya and Ochkhuu are authentic livestock herders, unlike others who failed during the dzud, said historian Baabar. After the collapse of communism, when many Soviet-era factories closed down, thousands of people left UB to reclaim their pastoral roots. But “they’d forgotten everything they knew about being nomads, how to raise livestock, how to survive these tough winters,” he said. The pity, says Baabar, is that they are also not fit to compete in the city.

歷史學家八把說，家雅和鷗之谷這類人都是地道的牲畜牧民，不像其他在暴風雪中失敗的人。在共產主義瓦解後，許多蘇俄時代的工廠倒閉，成千上萬人離開UB去找回他們的田園之根。他說：“但是他們已經忘了如何當一個牧民，怎麼飼養牲畜，怎麼度過嚴冬。”八把說，可惜的是，他們也無法在城市中跟人家競爭。

All this comes at a time when Mongolia, communist until 1990, is seeking to reassert itself between the two powers next door, Russia and China, that have pushed it around for centuries. Nationalism—even xenophobia—is on the rise, and foreigners are increasingly blamed for Mongolia’s problems in the same breath as local and national politicians, who are widely considered, with justification, as deeply corrupt.

這些事都發生在1990，當蒙古的共產主義要在俄國和中國這兩強之間尋找自己的定位，自己已經被這兩個鄰居推擠了一個世紀。民族主義，甚至是排外情緒正在抬頭，外國人也跟當地的政治家一樣，一再被指責給蒙古帶來諸多問題，不需要證實也普遍地認為這些人都腐敗貪污得很。

Visiting Chinese businessmen, accused of enriching themselves at Mongolia’s expense, no longer venture out after dark on the streets of the capital for fear of being attacked by young guys in black leather channeling Genghis Khan, who is back in vogue as a symbol of Mongolian pride. Banned during Soviet times, images of Genghis are everywhere you look today, from vodka labels and playing cards to the colossal, 131-foot steel statue of the conqueror on horseback that rises from the steppe an hour east of UB to cast the mother of all dirty looks toward China.

到訪的中國人被指責消費蒙古來利益自己，在晚上不敢上街，擔心被那些穿黑色皮革衣喊成吉思汗口號的年輕人攻擊，這種形象又成了蒙古的自豪象徵。在蘇俄時代，被禁止的成吉思汗畫像在今天到處都可以見到，從伏加酒的標籤到橋牌都有，還有那個騎在馬背上有131尺高的征服者鋼雕，在離UB以東一小時路程的草原上平地而起，睥睨傲視著中國。

He’s not the only one looking in that direction. By many estimates, Mongolia is sitting on a trillion dollars’ worth of recoverable coal, copper, and gold, much of it concentrated near the Chinese border around Oyu Tolgoi, or Turquoise Hill. There Ivanhoe Mines, the Canadian mining giant, is tapping the world’s largest undeveloped copper and gold deposit in partnership with Rio Tinto, an Anglo-Australian company, and the Mongolian government, which holds a 34 percent share of the project, potentially adding billions of dollars to the national economy.

他也不是唯一望向中國方向的人，多項探測估計蒙古國正坐擁價值數兆元可開採的煤，銅和黃金，大部份集中在(Oyu Tolgoi)奧友多軌或(Turquoise Hill)綠松石山這個靠近中國邊界的地方。加拿大的礦產大霸Ivanhoe Mines正在那裡跟英國澳洲的Rio Tinto公司聯手開採世界最大還未開發的銅與黃金寶地，蒙古政府佔了這個項目34%的股份，給全國經濟注入了幾十億元的產值。

How much of that will migrate 340 miles north and into the pockets of ordinary people such as Ochkhuu is an open question. Experts at the World Bank and the United Nations are urging Mongolia to invest that money in infrastructure, training, and growing the economy, although the current government, led by Prime Minister Sukhbaatar Batbold, took a more direct approach, pledging to grant every man, woman, and child a payment of about $1,200 from the mining windfall.

這些產值如何轉移到340英哩以北進入類似鷗之谷這些普通百姓的口袋裡還是個懸而未決的問題。世界銀行和聯合國的專家敦促蒙古政府把錢投資在基礎設施，培訓和促進經濟成長上。目前由總理(Sukhbaatar Batbold)蘇赫巴托爾巴特包勒德領導的政府做法更直接，承諾從採礦賺到的錢撥出約1200元給每一個成年男女和小孩。

Ochkhuu doesn’t believe he’ll ever see that money. But in the meantime, he needs to work. At first he tried his hand as an entrepreneur, having identified what he thought was a need in the community. He and a partner rented a room at a local hotel and then marketed it to ger dwellers, who lack running water, as a place to take a shower or a bath. He went door-to-door looking for customers. There were very few takers. Ochkhuu lost more than $200 on the deal, a sizable chunk of his savings.

鷗之谷不相信他會看到這些錢，但是，現在他還得工作，他先嘗試當個企業家，在社區裡找到他認為有需求的生意來做，他跟合夥人在一家旅館內租了一間房再轉租給缺水的蒙古包居民洗澡。他挨家挨戶地找客戶，但沒多少人要。鷗之谷損失了200多元，耗掉了他的大部份儲蓄。

Now he’s thinking of buying a used car and turning it into a taxi. He’d need to borrow the money, but he’d make a pretty good living, and the freedom of driving and being his own boss appeals to him. More important, he’d be able to drive his daughter to and from school.

現在他想要買一輛舊車當出租車，需要借錢，想到可以賺點錢過日子又可以開車自己當老闆就很合心意。最重要的是，他可以開車接送女兒上學放學。

“We may not be able to raise our animals in UB,” he went on. “But it’s a good place to raise our children.”

他接著說：“我們或許無法在UB養牛羊，但這卻是一個栽培孩子的好地方。”

Passing through the fence into his yard, Ochkhuu drags the wooden gate behind him until the latch clicks.

走過圍欄進入自己的院子裡時，鷗之谷拖著身後的木門直到鎖卡閂上。

“God, I miss my horses,” he says.

他說：“上帝，我很想念我的馬。”

 

By Don Belt

Photograph by Mark Leong

原文：唐貝；摄影：梁馬克

 

—— END ——

 

Source > National Geography Magazine 國家地理雜誌

Translated by > BlogHost :- hkTan

Word Count > approx.1820 words in English

 

Asia New Resorts 亚洲最新度假村

Simplified Chinese | 简体中文

Click to browse slides 点击看图文译本

Best New Hotels 最佳新進飯店

Traditional Chinese | 繁體中文

Click to browse slides 點擊看圖文譯本

Best Projects 最佳建案

Simplified Chinese | 简体中文

Click to browse archi-building slildes 点击看建筑图文

Grand Central Station 中央大車站

Traditional Chinese | 繁體中文

Click to browse train station slides 點擊看車站圖文

Wine Label 酒标

Wine Label  酒 标

A bottle of wine from Coteaux du Layon: Clos des Bois Sélection de Grains Nobles 1994 by Jo Pithon
这是一瓶产自(法国)拉嗡山坡(Coteaux du Layon)酒庄的葡萄酒：墙内酒庄特选木桶之贵腐菌浓缩甜谷类。1994年收成，由Jo Pithon酿制。

Wine labels are important sources of information for consumers since they tell the type and origin of the wine. The label is often the only resource a buyer has for evaluating the wine before purchasing it. Certain information is ordinarily included in the wine label, such as the country of origin, quality, type of wine, alcoholic degree, producer, bottler, or importer.

酒标对消费者来说是重要的信息来源，显示葡萄酒的类别和原产地，通常也是买家在购买前可以辨别评估的唯一信息来源。有一些信息是基本会出现在酒标里的，包括原产国，品质，葡萄酒类，酒精浓度，造酒厂，瓶装厂或进口商。

 

Contents  目录

1. Information provided  信息提供

1.1 Label design  酒标设计

1.2 Differences by country  国与国的差别

1.3 Importance of labels in different types of wine  酒标对不同酒类的重要性

1.4 Bottler and importer information  瓶装厂与进口商信息

1.5 Misleading information  误导性信息

1.6 Accessibility  取得

2. Neck and back labels  瓶颈与瓶背的酒标

3. Wine laws  葡萄酒法律

3.1 Allergen warnings  过敏原警示

4. Collecting  珍藏

5. Personalisation  个性化

6. See also  参阅

 

Information Provided  信息提供

A wine label for a wine from Vouvray with a scratch and sniff sticker affixed to draw the consumer’s attention.
这是来自阿芙蕊(Vouvray)酒庄的葡萄酒酒标，右上角贴了一张可手刮嗅味的贴纸来吸引买家注意。

Label design  酒标设计

Some wineries place great importance on the label design while others do not. There are wineries that have not changed their label’s design in over 60 years, as in the case of Château Simone, while others hire designers every year to change it. Labels may include images of works by Picasso, Chagall, and other artists, and these may be collector’s pieces. The elegance of the label does not determine the wine’s quality. Instead, it is the information contained within the label that can provide consumers with such knowledge.

有些葡萄酒厂很重视酒标设计而其他人却不重视，也有酒厂在过去60年来都未曾改变过设计，如西梦酒堡(Chateau Simone)，有些则每年都要请设计师重新设计。酒标里的图片可能会采用毕卡索，夏加尔和其他艺术家的作品，这些也可能都是收藏家的珍藏品。但是，酒标的优雅外观不等于葡萄酒的品质，反而是酒标里提供的信息让消费者知道更多品质的信息。

Most New World consumers, and increasingly European consumers, prefer to purchase wine with varietal labels and/or with brand name labels. A recent study of younger wine drinkers in the U.S. found that they perceived labels with châteaux on them to be stuffy or old-fashioned. Producers often attempt to make selecting and purchasing wine easy and non-intimidating by making their labels playful and inviting. The financial success of New World wine attributed to striking label designs has led some European producers to follow suit, as in the case of the redesign of Mouton Cadet.

大部分新世代(新世界)的消费者以及越来越多的欧洲消费者们喜欢买贴上不同葡萄品种酒标的葡萄酒亦或名牌酒标。最近在美国进行对年轻一代饮酒人的调查发现，他们认为酒标上有酒堡的字眼是沉闷与老套的，因此，造酒厂通常都会把酒标设计得有趣也诱人，方便这些人选购，又没有压力。新世代葡萄酒的成功生财要归功于炫目的酒标设计，也迫使一些老牌的欧洲酒厂纷纷仿效，比如“木头军官”（Mouton Cadet）的重新设计。

 

Differences by country  国与国的差别

Wine classification systems differ by country. Wines can be classified by region and area only. For example, there are 151 châteaux in Bordeaux with “Figeac” and 22 estates in Burgundy with “Corton” on their labels. In Burgundy, there are 110 appellations in an area only one-fifth the size of Bordeaux. Complicating the system is the fact that it is common for villages to append the name of their most famous vineyard to that of the village.

每个国家的葡萄酒级别也不同，可以只用区域和地方来分级，比方说，法国的波尔多(Bordeaux)就有151个酒庄在酒标上有飞甲客(Figeac)这个字眼，在勃艮地(Burgundy)的22个庄园在他们的酒标上就有柯度(Corton)这个字。法国的勃艮地只占波尔多五分之一的某个地区就有110个原产地。系统搞得更复杂的做法就是，这些村庄的人都习惯以村庄地名来为他们最著名的葡萄庄园取名。

In Spain and Portugal, the authenticity of the wine is guaranteed by a seal on the label or a band over the cork under the capsule. This is promulgated by the growers’ association in each area.

在西班牙和葡萄牙，葡萄酒的正宗身份是在酒标上加盖一个密封印章或者在铝盖下的软木塞上加贴一张贴纸，这是每个地区的种植者公会公布推广的做法。

German wine labels are particularly noted for the detail that they can provide in determining quality and style of the wine.

德国酒标比较特别的地方在于细节，提供可以确定葡萄酒品质与类型的信息。

Almost every New World wine is labelled by grape variety and geographic origin. Semi-generic designations were once quite common in countries such as Australia and the USA, but the wine authorities in areas such as Champagne have not been afraid to bring lawsuits against the use of their names outside their region, and semi-generic names are falling out of use.

几乎每一个新世代葡萄酒都以葡萄酒品种和原产地名来贴标签。有一个时期，半通用称谓在诸如澳洲和美国很盛行，但是，一些地方如法国香槟(Champagne) 的葡萄酒当局就会毫不犹豫起诉这个区域以外任何使用香槟这个地名的商家，而半通用的名称当然就不能再用。

Wines whose label does not indicate the name of the winery or the winemaker are referred to as “cleanskin” wine, particularly in Australia.

葡萄酒的酒标上如果没有显示酒厂或酿酒者的名字就叫做“无印”(无牌)葡萄酒，在澳大利亚尤其普遍。

Degree of sweetness information is particularly inconsistent, with some countries’ manufacturers always indicating it in standardized fashion in their language (brut, dolce, etc.), some traditionally not mentioning it at all or referring to it informally and vaguely in a rear-label description, and yet other countries’ regulators requiring such information to be included (commonly on a secondary label) even when such information has to be added by the importer. In certain cases of conflicting regulations, a wine may, for example, even be labelled “sweet” by a manufacturer, but also “semi-sweet” (as per a different law) in the local language translation on a supplementary label mandated by the jurisdiction where it is sold.

甜度的信息也很不一致，一些国家的制造商一直都以标准模式用他们的语言去显示甜度(如极干，微甜之类)，有些传统就只字不提，或者在标签背后非正式和模棱两可地交代，而其他国家的监管机构就要求出示这些信息(通常都在次要的酒标上)，即便是要由进口商来加入这些信息。在一些有矛盾的规则案例中，比方说，制造商可以标明一种葡萄酒是“甜”的，但是在出售地点的法律却规定要在附加的酒标上显示当地语言翻译成的“半甜”(以不同地方法律的定义为准)。

 

Importance of labels in different types of wine  酒标对不同葡萄酒类的重要性

The information contained in labels is important to determine the quality of the wine. For example, great importance needs to be attached to vintage dates when there are differences in climate. The taste and quality of the wine can change from year to year depending on the climate. Knowing the vintage is specially important when buying fine wines because the quality of the wine can vary from year to year due to climatic differences. The quickest way to determine the quality of the year is to use a wine chart.

酒标里的信息很重要，可以用来确定葡萄酒的品质，比方说，气候的不同使到收成期更显得重要，因为葡萄酒的味道和品质会根据气候的差别每年都在变。购买葡萄酒时要知道收成年份会特别重要是因为产区气候的不同会导致葡萄酒的品质每年都不一样，确定年份的品质最快的办法就是使用葡萄酒年份表来查。

Vintage dates may not be important, for example, there are no vintage dates on bottles of sherry. On the other hand, wines may or may not have vintages. Champagne is usually a blend from more than one year and only sometimes sold as a vintage wine. Also, Port is only sold with a vintage in years of exceptional quality.

收成日期也不一定重要，比如说，强化雪丽酒(Sherry)的酒瓶上就没注明收成年份。另一方面，葡萄酒可以有或者没有年份。香槟酒通常都混合了收成超过一年的葡萄，有时候也只卖有年份的老酒，比如葡特酒(Port—葡萄牙强化酒或葡萄牙特优酒)这种只卖有年份品质特优的酒。

 

Bottler and importer information  瓶装厂与进口商信息

A wine label may include the producer, the bottler and the merchant’s names. The bottler’s name must always be included in the label. The importer’s name must be included in the label only for countries outside the Common Market. While it is not necessary for a wine to be bottled at its place of origin, it is obligatory for classed growth claret and vintage port to be bottled in Bordeaux and Oporto. Also, bottling of Alsace must be done within the appellation. Thus, it is important to look for terms such as mis en bouteille au château or mis au domaine because they tell you the wine is estate bottled.

酒标上会注明厂商，瓶装厂以及酒商的名字，瓶装厂的名字是一定要有的，在欧洲共同市场以外的国家就必须打印进口商的名字。葡萄酒虽然不必在原产地装瓶，但是定级种植的红葡萄酒(Claret)以及有年份的葡特酒(Port)就必须在法国的波尔多(Bordeaux)和葡萄牙的奥葡多(Oporto)装瓶。另外，阿萨斯(Alsace)也必须在原产地装瓶。因此，重要的是，你必须在酒标上找到像“酒堡内装酒”(mis en bouteille au château)或“酒庄内装酒”(mis au domaine)的字(法文)，才能知道葡萄酒是在哪一个庄园里装瓶。

 

Misleading information  误导性信息

Labels may include terms that may be perceived as misleading. The term Blanc de blancs may be included in a label. This term means “white wine made from white grapes”. The fact is that white wines are predominantly made from white grapes, with the exception of many sparkling wines, the common use of the red Pinot noir in Champagne wines being a typical example.

酒标里的一些术语也有可能会有误导性，“白中之白”(Blanc de blancs)这个字就也会出现在酒标里，这个术语的意思是“用白葡萄酿制的白葡萄酒”。事实上，白葡萄是酿制白葡萄酒的主要材料，但却不用来酿制多种起泡葡萄酒，典型的例子如普遍使用黑比诺红葡萄酿制的香槟酒。

Although the word château is most associated with Bordeaux, it does not mean that the wine does come from Bordeaux, and there may not be any kind of building – let alone a château – associated with the vineyard. The name château can even be included in wines from Australia or California. Labels of Vin de pays never include the word château.

虽然酒堡(château)这个字都跟波尔多(Bordeaux)关系密切，但不表示葡萄酒就是出自波尔多，而且不一定会有任何建筑，连古堡都没有，仍旧是一个葡萄园。酒堡这个字甚至出现在澳大利亚或加利福尼亚的酒标上，而地区餐酒(Vin de Pays)的酒标就没有酒堡(或酒庄)这个字。

Cru, a word used to classify wines can mean different things. For example, in the Médoc part of Bordeaux, this terms means the château is one of the classified growths in the regions. In Saint-Émilion, the term cru is of little importance because it bears little relation to quality. For Provence the term cru classé is included only for historical reasons. On the other hand, the use of the term cru in Switzerland has no foundation and it is included at the producer’s discretion.

等级(Cru)这个字是用来给葡萄酒分级的字，但也可以有不同的意思，比方说，在波尔多的梅铎(Médoc) ，这个术语是指这个酒庄是这个区域的其中一个定级种植园。在聖爱美浓(Saint-Émilion)，等级这个字就不重要，因为跟品质没什么关联。在普罗旺斯(Provence)，特级种植园(cru classé)这个术语只为了历史的因素而采用。另一方面，等级这个字在瑞士就没有基础，要不要用由酒厂酌量决定。

 

Accessibility  取得

A wine label from Lazarus Wines printed in Braille. Wines from this vineyard are grown, cultivated, and produced by blind employees.
这是印有盲文酒标的拉萨鲁斯(Lazarus)葡萄酒，这个葡萄园的葡萄都由盲人员工种植，栽培和生产。

 

To better reach the market of blind or sight-impaired wine consumers, labels have appeared printed in Braille. Currently the only known winemaker who has taken the initiative to print all their labels in Braille is Chapoutier winery in France, who began the practice in 1996. Other wineries in a number of countries have followed Chapoutier’s lead and have braille available on at least some of their bottles.

为了开发盲眼或视力受损的消费群市场，酒标就以盲文(点字)打印。目前已知唯一用这种印法的造酒厂是法国的沙普迪亚(Chapoutier)酒厂，从1996年起就开始这么做。一些国家的酒厂也仿效沙普迪亚的做法，在他们的一些酒瓶上提供盲文的酒标。

 

Neck and Back Labels  瓶颈与瓶背的酒标

Neck and/or back labels may appear on a bottle. The neck label may include the vintage date and the back label usually gives extra (and usually optional) information about the wine. Government required warnings are usually found in the back label, as well as UPCs. For example, the United States requires alcoholic beverages to include a warning regarding the consumption of alcohol during pregnancy. The label also has to mention the possibility of a reduced ability to drive while intoxicated. Wine labels in the United States must also disclose that the wine contains sulfites.

酒瓶上也会贴有瓶颈亦或瓶背的酒标。瓶颈的酒标上会注明年份，瓶背的酒标通常都会(也只是选择之一)提供额外的信息。官方要求的警示语会出现在瓶背的酒标上，也在通用产品代码(UPC)上出现。比方说，美国政府要求酒精饮料都要警示怀孕期间喝酒会有危险，酒标也必须声明酒后开车的危险，美国的酒标也必须披露葡萄酒是否内含亚硫酸盐。

 

Wine Laws  葡萄酒法律

There are different reasons for wine laws. Labelling regulations can be intended to prevent wine from sounding better than it is. Also, it is illegal to say that a wine is made from one grape when it is actually from another.

葡萄酒法律的订立有各种不同的原因，酒标的法规是要防止言过其实，而且，要说葡萄酒是用某一种葡萄酿制，其实是另外一种，这也是合法的。

The label must also include the name and address of the bottler of the wine. If the producer is not the bottler, the bottle will say that the wine was bottled by X bottled for Y producer. Table wines may carry the name of the bottler and the postal code. The label must also include the country of origin.

酒标必须列明葡萄酒装瓶厂的名字和地址。如果造酒厂不是装酒厂，酒标上就会说明这瓶酒是X装瓶厂为Y造酒厂装的。佐餐葡萄酒的酒标也可以附上装瓶厂的名字和邮政编码，酒标还得注明原产国。

The size of the font is also regulated for mandatory information. Alcohol content must be included in the label, with some jurisdictions also requiring brief nutritional data, such as caloric value, carbohydrate/sugar content, etc. In Australia and the United States a wine label must also mention that it has sulfites in certain circumstances.

字体的大小也是受管制的必要信息。酒精成分必须在酒标里注明，一些地方的法律还要求加入一些简短的营养数据如热值(卡路里指数)，碳水化合物/糖含量等等。澳大利亚和美国的葡萄酒酒标必须说明在某些情况之下内含亚硫酸盐。

Regulations may permit table wines to be labelled with only the colour and flavour, and no indication of quality. The use of words such as Cuvée and grand vin in labels is controlled. As mentioned above, a vin de pays must never be from a château, but from a domaine.

法规也许会准许佐餐葡萄酒在酒标上只注明颜色和味道，不指出品质。酒标里用的字眼如“大量酿制葡萄酒”(Cuvée)和(波尔多)“一级酒”(grand vin)就受到管制。如上所述，地区餐酒不可能是产自酒堡，而只是出自一般酒庄。

 

Allergen warnings  过敏原警示

New Zealand and Australian labelling regulations have required an allergen warning to appear on wine labels since 2002 due to the use of egg whites, milk, and isinglass in the fining and clarifying of the wine. The United States is considering similar requirements. Winemakers in the U.S. have been resistant to this requirement because the decision to put a wine through a fining process normally occurs after the labels have been ordered, which could lead to allergen warnings on wines that have had no exposure to allergens. Wine labels from the member states of the European Union must also disclose after 30 June 2012 that the wine was treated with casein and ovalbumin, derived from milk and egg respectively, used as fining agents in the winemaking.

新西兰和澳大利亚的酒标法规要求从2002年起。酒标上要打印过敏原的警示语，那是因为酿酒过程中使用了蛋清(蛋白)，牛奶和鱼胶来澄清杂质让葡萄酒变透明。美国政府也考虑类似规定，但是美国的酒厂很抗拒这项官方要求，因为决定让葡萄酒进入澄清过程时，酒标通常已经预订好了，而且葡萄酒本身并没有接触到过敏原，却还要贴上有过敏原警示语的酒标。欧盟会员国的酒标也必须在2012年6月30日之前披露葡萄酒是否有用到酪蛋白和卵清蛋白来处理，分别从牛奶和鸡蛋提取出来，拿来当酿酒用的澄清剂。

 

Collecting  珍藏

Wine labels have long been collected. This can turn into a full-fledged hobby, with collections organized by theme, country, or region. For others, saving labels may be part of maintaining a wine tasting-notes journal, or just simply to remember a particular wine.

葡萄酒酒标一直都有人在收藏，还演变成一个全面性的嗜好，以主题，国家或区域来分类。对一些人来说，收藏酒标可能只是保存品酒笔记的日志，或者只是为了记住某一种葡萄酒。

While labels were once easily steamed off, recent automatic bottling and labeling processes at wineries have led to the use of stronger glues. Removing these labels is often difficult and may result in considerable damage to the label. A recent, though by no means universal, innovation to bypass this problem is the use of bottles that come with the ability to tear off a small part of the label in order to remind the drinker of the name and bearing of the wine.

虽然酒标曾经一度很容易就可以用蒸汽除下来，但是酒厂采用最新的自动化装瓶以及贴标签过程使用粘性更强的胶水，要完好地除下标签纸都很困难，可能会严重损坏贴纸。最新的发明，虽然还不是全部人在用的解决办法就是使用可以除下一小部分酒标的酒瓶，方便提醒酒客那种葡萄酒的名字和内容。

If full label removal is desired, a common approach involves putting hot water inside the bottle which makes the hold of the glue weaker. A knife can then be used to remove the label from one side by lifting it off with even pressure.

如果真的需要除下整张标签，常见的做法是给酒瓶装热水去软化胶水，然后就可以用刀片塞入酒标的尖角，再用平均力度掀开来。

Commercial label removal kits apply a strong, transparent sticker over the label surface. The goal is to carefully pull off the sticker and literally tear the front design of the label away from the glued back. In practice, varying degrees of success are encountered and extensive damage to the label can occur.

商用的标签纸移除工具是使用强力的透明粘纸压在酒标表面，目标是要小心扯下粘纸，同时连表层的酒标也一起扯下来，让粘胶继续贴在酒瓶上。不过，实践的成功率不一，也会严重损坏酒标纸。

 

Personalisation  个性化

Creating custom wine labels has gained popularity over the years, with people needing labels for wedding favours, holiday gifts, and promotional campaigns. This is often carried out by specialist companies to avoid any breaches of wine law.

制作客制化(自定义)的酒标已经成为近年来的风潮，有些人需要特别设计的酒标当成结婚贺礼，假日礼物和搞促销，通常都要由专门公司来制作以避免抵触到葡萄酒法律。

The increase in home wine making has contributed significantly, with hundreds of thousands of people around the world making their own wine instead of buying it. These people often make their own labels as well, or use online label companies. Homemade labels range from ink jet printing on copy paper and adhered with milk, to high quality designs printed on expensive label stock and printed with laser printers.

在家自制的酿酒法也逐渐风行，增加对酒标的需求，因为全世界都有成千上万的人自己酿酒而不是去买。这些人通常都自行设计酒标，或者使用线上的酒标设计服务。自制的酒标可以简单如喷墨打印在纸上再涂浆糊来贴，甚至是用高素质设计打印在昂贵的现成标签纸上，还是用激光打印机来印。

 

See also  参阅

• International variety  国际品种

—— END ——

 

Source > Wikipedia at http://en.wikipedia.org/wiki/Wine_label

Translated by > BlogHost – hkTan

Word Count > approx.2022 words in English

 

Wine Law 葡萄酒法律

Wine Law  葡 萄 酒 法 律

 

Wine laws are legislation regulating various aspects of production and sales of wine. The purpose of wine laws includes combating wine fraud, by means of regulated protected designations of origin, labelling practices and classification of wine, as well as regulating allowed additives and procedures in winemaking and viticulture. Legislation affecting all kinds of alcohol beverages, such as the legal drinking age and licensing practices related to distribution and sales, are usually not considered wine laws.

葡萄酒法律是監管生產與銷售葡萄酒各個方面的立法。葡萄酒法律的目的是打擊葡萄酒欺詐手段，通過管制受保護的原產地名銜，注明葡萄酒的標籤規則與級別，以及管制釀酒和葡萄栽培法的過程與准許的添加劑的辦法去監管。影響所有酒精飲料的立法如法定的飲酒年齡以及跟分銷與銷售有關的執照通常都不算是葡萄酒法律。

Wine is regulated by regional, state, and local laws. The laws and their relative rigidity differ for New World and Old World wines. Old World wines tend to have more stringent regulations than New World wines. Various wine laws, however, may include appellation-based regulations that cover boundaries as well as permitted grape varieties and winemaking practice-such as the French Appellation d’origine contrôlée (AOC), Italian Denominazione di origine controllata (DOC), Spanish Denominación de Origen (DO) and Portuguese Denominação de Origem Controlada (DOC). In some New World wine regions, such as the United States and Australia, the wine laws of the appellation systems (American Viticultural Area (AVA) and Australian Geographical Indication (GIs)) only pertain to boundary specifics and guaranteeing that a certain percentage of grapes come from the area listed on the wine label.

葡萄酒受到區域，州和當地法律的管制，這些法律與其相對僵硬的條例對新世界(世代)和舊世界(世代)的酒都有所不同。然而，各種葡萄酒法律可以包括以產區為本的法規，涵蓋了產區範圍，獲准的葡萄品種以及釀酒法如法國優良受管原產區的d’origine contrôlée(AOC)，意大利最優質受管原產區的Denominazione di origine controllata(DOC)，西班牙原產區的Denominación de Origen(DO)和葡萄牙受管原產區的Denominação de Origem Controlada(DOC)。在一些新世代葡萄酒的區域如美國和澳洲的產區系統(美國葡萄栽培園區(AVA)和澳洲地理迹象(GIs))的葡萄酒法律只涵蓋範圍的細則以及保證某個百分比的葡萄酒是產自酒標上列明的產區。

Some wine laws are established by local governments and are specific to that wine region, such as the 1954 municipal decree in the village of Châteauneuf-du-Pape that banned the overhead flying, landing or taking off of aviation in the commune which could negatively affect the region’s vineyards and wine production.

有些葡萄酒法律是當地政府制定的，而且只針對該葡萄酒生產區域而定，譬如Châteauneuf-du-Pape村在1954年頒佈的市政法令就禁止在該社區的航空活動，不得飛過，降落和起飛，因為會影響這個區域的葡萄園和產品的品質。

 

Contents  目錄

1. History  歷史

2. Comparative wine laws  可比較的葡萄酒法律

2.1 European Union  歐盟

2.2 United States  美國

3. See also  參閱

 

History  歷史

The oldest known wine laws were created by the Roman emperor Domitian, who c. 92 issued an edict that banned the plantings of any new vineyards in Italy and ordered the uprooting of half of the vineyards in Roman provinces. The purpose of the edict was to improve the food supply of Roman cities by increasing the production of cereals. There is evidence to suggest that Domitian’s edict was largely ignored in the Roman provinces. Domitian’s edict, while probably not followed to any greater extent, stayed in effect for 188 years until Emperor Probus repealed the measure in 280.

已知最古老的葡萄酒法律是由羅馬皇帝圖米斯燕(Domitian)開創的，他在公元92年下詔公告，禁止在意大利開墾任何新葡萄園，還下令銷毀羅馬省裡半數的葡萄園。這個諭旨的目的是要改善羅馬各城市的食物供應，增加穀物的產量。有證據顯示圖米斯燕的諭旨在大部份羅馬省份裡被當成耳邊風。雖然他的諭旨可能沒多少人要遵守，但還是維持有效188年，直到普羅卜司(Probus)在280年废除這項措施。

In the Holy Roman Empire, the oldest wine law was created by the Reichstag 1498 to combat wine fraud.

神聖羅馬帝國最早的葡萄酒法律是雷伊徹斯特(Reigchstag)在1498年訂立來對付葡萄酒欺詐行為。

In the wake of the Great French Wine Blight, which led to much wine fraud to supplement diminishing supply, wine laws were created in France to combat fraud. The French wine legislation later evolved to the AOC system, and inspired common European Union regulations.

在“法國葡萄酒大枯萎”期間，爲了填補日益減少的供應量，就出現很多造假的欺詐案，因此才在法國訂立葡萄酒法律來打擊欺詐行為。後來，法國的葡萄酒法規演變成公認優良產區(AOC)系統，也催生出共通的歐盟法規。

 

Comparative Wine Laws  可比較的葡萄酒法律

European Union  歐盟

In the European Union (EU), much of the wine law is common to all countries through the European Union wine regulations which is a part of the Common Agricultural Policy (CAP). The CAP Wine Regime consists of a set of rules that govern the wine sector, with the aim of achieving a balanced and open market. The principal features are rules governing production, oenological practices and processes, classification of wines, a range of structural and support measures, detailed rules governing the description and labeling of wines, and imports from non-EU countries.

歐盟(EU)的大部份葡萄酒法律對所有國家都通用，歐盟的葡萄酒法規就是”共同農業政策”(CAP)中的一部份。”CAP葡萄酒制度”有一套規則來管制葡萄酒行業，目標是要建立起一個平衡與開放的市場，主要特點有管制生產的規則，釀酒做法與程序，葡萄酒級別，一連串結構性與支援措施，管制描述葡萄酒與酒標的規則細節，以及來自非歐盟國家的進口。

In addition to regulations that apply to all EU members, each EU country has its own framework of laws which govern aspects of winemaking such as the percentage of a grape to be included in a wine labeled with that variety name. For instance, in France wine professionals acribe to the Appellation d’Origine Contrôlée (AOC) system, which guarantees the origin of wine and other food products, such as cheese.

除了適用於所有歐盟成員國的法規以外，每個歐盟國都有自己的一套法律架構來管制制酒的各個方面，譬如酒標上注明的葡萄酒品種名稱需要有多少百分比的葡萄在內。舉例說，遵守“受管優質原產區”(AOC) 系統的法國葡萄酒專業業者就保證葡萄酒的原產正宗，也保證其他食物如奶酪的原產品質。

 

United States  美國

In the United States, the wine laws are more flexible than European standards in regards to regulations on what viticultural and winemaking practice are allowed in each wine region. The Bureau of Alcohol, Tobacco, Firearms and Explosives (BATF) defines and approves applications for regions to become American Viticultural Areas. This system was established in 1978 with the Augusta AVA in Missouri designated as the first recognized AVA on June 20, 1980. A sizable portion of American wine laws relate to wine labelling practices and include the stipulations that if an AVA name appears on the label that at least 85% of grapes used to produce the wine must come from that AVA. In addition to AVAs, every American state and county can produce wine and label it under their state/county wide appellation provided at least 75% of the grapes come from that area. The state of California and Texas have wine laws increasing the requirement to 100% and 85%, respectively, for use of a state-wide appellation on the wine label.

美國的葡萄酒法律就比歐洲的標準靈活得多，特別是每一個葡萄酒產區可准許哪一種釀酒與制酒做法的規定。美國煙酒槍械與爆炸物管理局(BATF)為“美國葡萄栽培園區”(AVA)定義，也批准這些地區的申請，這套系統在1978年建立，密蘇裡州(Missouri)的奧古斯塔(Augusta)AVA在1980年6月20日被指定為第一個公認的“美國葡萄栽培園區”。美國的葡萄酒法律有很多篇章都跟葡萄酒標籤有關，還明文規定說，如果AVA的名字在酒標上出現，那麼釀製出這瓶葡萄酒的葡萄要有至少85%是來自那個葡萄園區。除了AVA以外，每一個美國的州和郡(省和縣)可以給自家生產的葡萄酒貼上那個州/郡的原產地酒標，只要有至少75%的葡萄是產自那個產區就行。加利福尼亞州(California)和德克薩斯州(Texas)的葡萄酒法律甚至把要求提高到100%和85%，作為整個州的原產地酒標。

The appearance of grape variety (or varietal) and vintage year is also regulated by US wine labeling laws with requirements of at least 75% for the grape variety and 95% being harvested in that vintage year for either to appear on the wine label. The state of Oregon has increased the restriction for grape variety to 90%, with exception of Cabernet Sauvignon which under Oregon wine laws can have a minimum 75%. Additionally, all US wine must include the Surgeon General warning about dangers associated with alcohol consumption and a warning about the possible use of sulfites. Several wineries and importers have had conflicts with the BATF over these labeling requirements, one notable example being the importer Kermit Lynch. The criticism is typically centered on the absence of inclusion about the potential positive aspects of moderate wine consumption (such as the so-called “French paradox”) and that many wineries are forced to label their wines as “containing sulfites” when the decision to use sulfites are normally not made until long after wine labels have been ordered and the finished wine may contain no sulfites at all.

葡萄品種和收成年份的顯示也受到美國葡萄酒標籤法律的管制，要求至少有75%該品種的葡萄成份以及至少95%在那一年收成才能出現在酒標上。俄勒岡州(Oregon)把葡萄品種的要求提高到90%，除了赤霞珠(Cabernet Sauvignon)這個品種例外，俄勒岡州的葡萄酒法律允許這種酒只需至少75%就行。此外，所有美國葡萄酒標籤上必須加“外科總監”(公共健康總發言人)對喝酒精的警告字句，以及警告可能有用到的亞硫酸鹽。一些酒廠和進口商在標籤要求上跟BATF針鋒相對，比較突出的例子是Kermit Lynch進口商。批評通常都圍繞在沒考慮到適度喝酒的潛在好處上(比如所謂的“法國人悖論”)，而且很多酒廠都被迫在他們的酒標上聲明“內含亞硫酸鹽”，因為成酒可能完全不含任何亞硫酸鹽，而且一般上都是在酒標已經預訂多時之後才來決定要加這個字眼。

 

See also  參閱

• Alcohol law  酒精法

 

—— END ——

 

Source >Wikipedia at http://en.wikipedia.org/wiki/Wine_law

Translated by > BlogHost – hkTan

Word Count > approx.977 words in English

 

Securities 证券

Securities  证 券

 

A security or financial instrument is a tradable asset of any kind. Securities are broadly categorized into:

证券或金融工具是一种可以交易的任何资产。证券大致上可分为：

• debt securities (such as banknotes, bonds and debentures),
• equity securities, e.g., common stocks; and,
• derivative contracts, such as forwards, futures, options and swaps.

• 债务证券 (如钞票，债券和债权证)，
• 股权证券，例如普通股票；以及
• 衍生品合约，有远期，期货，期权和掉期。

The company or other entity issuing the security is called the issuer. A country’s regulatory structure determines what qualifies as a security. For example, private investment pools may have some features of securities, but they may not be registered or regulated as such if they meet various restrictions.

公司或其他发行证券的个体就叫做发行人。一个国家的监管结构决定了证券的资格，比如说，私人投资池或许会有一些证券的特点，但是他们可能不注册或不受监管，除非他们符合一些管制要求。

Securities may be represented by a certificate or, more typically, “non-certificated”, that is in electronic or “book entry” only form. Certificates may be bearer, meaning they entitle the holder to rights under the security merely by holding the security, or registered, meaning they entitle the holder to rights only if he appears on a security register maintained by the issuer or an intermediary. They include shares of corporate stock or mutual funds, bonds issued by corporations or governmental agencies, stock options or other options, limited partnership units, and various other formal investment instruments that are negotiable and fungible.

证券的形式可以是一纸证书，或者是更典型的“无凭证”，就只是电子或“帐面纪录”的形式。证书可以是相等于(不记名)持票人，意思就是只需持有证券的证书就等于持有该证券的股权；也可以是注册记名的，意思是说如果持有人能出现在发行人或中介机构掌管的证券登记处就算是拥有证券的权益。这些证券包括公司股票或共同基金，企业或政府机构发行的债券，股票期权或其他期权，有限合伙单位以及其他可转让可互换对销的正规投资工具。

 

Contents  目录

1. Classification  分类

1.1 New capital  新资本

1.2 Repackaging  重新包装

1.3 Type of holder  持有人类型

1.3.1 Investment  投资

1.3.2 Collateral  抵押品

2. Debt and equity  债务与股权

2.1 Debt  债务

2.2 Equity  股权

2.3 Hybrid  混合

3. The securities markets  证券市场

3.1 Primary and secondary market  初级与二级市场

3.2 Public offer and private placement  公开招股和私募配售

3.3 Listing and OTC dealing  上市与场外交易

3.4 Market  市场

4. Physical nature of securities  证券的实体本质

4.1 Certificated securities  凭证证券

4.2 DRS securities  直接登记系统证券

4.2.1 Bearer securities  不记名证券

4.2.2 Registered securities  记名证券

4.3 Non-certificated securities and global certificates

无凭证证券和全球通用凭证

4.3.1 Non-certificated securities  无凭证证券

4.3.2 Global certificates, book entry interests, depositories

全球通用凭证，帐纪录利益，存管处

4.3.3 Other depositories: Euroclear and Clearstream

其他存管处：欧洲结算系统与结算流

4.4 Divided and undivided security  已分与未分证券

4.5 Fungible and non-fungible security  可互换与不可互换证券

5. Regulation  监管

6. See also  另见

7. Notes  注

8. Glossaries  术语录

 

Classification  分类

Securities may be classified according to many categories or classification systems:

证券可以根据许多类别或级别系统来分类：

• Currency of denomination
• Ownership rights
• Terms to maturity
• Degree of liquidity
• Income payments
• Tax treatment
• Credit rating
• Industrial sector or “industry”. (“Sector” often refers to a higher level or broader category, such as Consumer Discretionary, whereas “industry” often refers to a lower level classification, such as Consumer Appliances. See Industry for a discussion of some classification systems.)
• Region or country (such as country of incorporation, country of principal sales/market of its products or services, or country in which the principal securities exchange where it trades is located)
• Market capitalization
• State (typically for municipal or “tax-free” bonds in the U.S.)

• 货币面值
• 所有权
• 期满期限
• 套现程度
• 收入支付
• 税务处理
• 信贷评级
• 行业业界或“行业”(“业界”通常都指更高水平或更广泛的范畴，如“非必需消费品”，而“行业”通常都指较低层次的级别，如“家用电器”。见“行业”一文讨论的一些级别系统)
• 区域或国家 (如公司注册国，产品与服务的原销售/市场国，或者原证券在交易所买卖的国家)
• 市值
• 州 (典型如美国的市政府或“免税”债券)

New capital  新资本

Securities are the traditional way that commercial enterprises raise new capital. These may be an attractive alternative to bank loans depending on their pricing and market demand for particular characteristics. Another disadvantage of bank loans as a source of financing is that the bank may seek a measure of protection against default by the borrower via extensive financial covenants. Through securities, capital is provided by investors who purchase the securities upon their initial issuance. In a similar way, a government may issue securities to when it needs to increase government debt.

证券是商业企业筹集新资本的传统做法，这些证券比起银行贷款更有吸引力，要看证券的定价与市场对某些特质的需求。银行贷款这个融资源的坏处是，银行为了保护自己避免借款人违约而附加一些融资契约。证券的资金是由投资者在首次发行时购买证券筹集而来，同样的，政府在需要举债时也可以发行证券来增加国库的钱。

Repackaging  重新包装

In recent decades, securities have been issued to repackage existing assets. In a traditional securitization, a financial institution may wish to remove assets from its balance sheet to achieve regulatory capital efficiencies (the informal ratio of output divided by capital expenditure) or to accelerate its receipt of cash flow from the original assets. Alternatively, an intermediary may wish to make a profit by acquiring financial assets and repackaging them in a way more attractive to investors. In other words, a basket of assets is typically contributed or placed into a separate legal entity such as a trust or SPV, which subsequently issues shares of equity interest to investors. This allows the sponsor entity to more easily raise capital for these assets as opposed to finding buyers to purchase directly such assets.

最近几十年来，人们都发行证券来重新包装现有资产。传统的证券化做法是金融机构可以把资产移出资产负债表达致监管资本的效率(销项除以资本开支的非正式比例)或者加速从现有资产中收取现金。另一方面，中介机构也可以收购金融资产重新包装到能够吸引投资者们投资去赚钱。换句话说，一篮子资产通常都会献出或置放在分隔开来的法人个体如信托或特定目的载具(SPV)，再发行权益的股份给投资者。这么做的话，赞助个体可以更轻易地为这些资产凑集资金，相对于到处找买家直接购买这些资产。

Type of holder  持有人类型

Investors in securities may be retail, i.e. members of the public investing other than by way of business. The greatest part of investment, in terms of volume, is wholesale, i.e. by financial institutions acting on their own account, or on behalf of clients. Important institutional investors include investment banks, insurance companies, pension funds and other managed funds.

证券的投资者可以是零售散户，也就是公众的个人投资而不是商家的名义。投资的绝大部分，以量来算是批发的，也就是金融机构用自己的钱或代替客户群去投资。主要的机构投资者包括投资银行，保险公司，养老基金和其他管理基金。

Investment  投资

The traditional economic function of the purchase of securities is investment, with the view to receiving income and/or achieving capital gain. Debt securities generally offer a higher rate of interest than bank deposits, and equities may offer the prospect of capital growth. Equity investment may also offer control of the business of the issuer. Debt holdings may also offer some measure of control to the investor if the company is a fledgling start-up or an old giant undergoing ‘restructuring’. In these cases, if interest payments are missed, the creditors may take control of the company and liquidate it to recover some of their investment.

购买证券的传统经济功能就是投资来获取收入亦或得到资本收益。债务证券的利息通常都比银行存款来得高，而且股权也可能提供资金增长的前景，股权投资或许还可以控制发行人的商务。如果公司只是刚起步的新手或进行“重组”的老巨头，持有债权也提供投资者一些控制公司的途径。在这些情况下，如果拖欠利息没还，债权人可以取得公司的控制权，然后变现去收回一些他们的投资。

Collateral  抵押品

The last decade has seen an enormous growth in the use of securities as collateral. Purchasing securities with borrowed money secured by other securities or cash itself is called “buying on margin”. Where A is owed a debt or other obligation by B, A may require B to deliver property rights in securities to A, either at inception (transfer of title) or only in default (non-transfer-of-title institutional). For institutional loans, property rights are not transferred but nevertheless enable A to satisfy its claims in the event that B fails to make good on its obligations to A or otherwise becomes insolvent. Collateral arrangements are divided into two broad categories, namely security interests and outright collateral transfers. Commonly, commercial banks, investment banks, government agencies and other institutional investors such as mutual funds are significant collateral takers as well as providers. In addition, private parties may utilize stocks or other securities as collateral for portfolio loans in securities lending scenarios.

过去十年拿证券当抵押品的做法很风行，用其他证券担保借钱或者用现金去买证券就叫做“保证金买入”。如果B欠A的债或者欠其他证券，A可以要求B转交证券的产权给A，不是在起始日(产权转让)时就是在违约(机构的非产权转让)的时候。机构贷款的产权虽然不会转让，但还是让A可以在B无法履行对A的承诺或者无力偿债时申索成功。抵押安排可分为两大类，就是证券利益与直接转移抵押品。普遍的是，商业银行，投资银行，政府机构和其他机构投资者如共同基金都是主要的承押人也是抵押人。此外，私户方可以拿股票或其他证券当投资组合的抵押品去借贷证券。

On the consumer level, loans against securities have grown into three distinct groups over the last decade:

1) Standard Institutional Loans, generally offering low loan-to-value with very strict call and coverage regimens, akin to standard margin loans;

2) Transfer-of-Title (ToT) Loans, typically provided by private parties where borrower ownership is completely extinguished save for the rights provided in the loan contract; and

3) Non-Transfer-of-Title Credit Line facilities where shares are not sold and they serve as assets in a standard lien-type line of cash credit.

Of the three, transfer-of-title loans have fallen into the very high-risk category as the number of providers has dwindled as regulators have launched an industry-wide crackdown on transfer-of-title structures where the private lender may sell or sell short the securities to fund the loan. (See sell short). Institutionally managed consumer securities-based loans, on the other hand, draw loan funds from the financial resources of the lending institution, not from the sale of the securities.

对消费者来说，过去三十年的证券贷款已经成长为三大类：

1)标准机构贷款，通常都提供低贷款与估值比率，有严格的追讨与权益保障规则，类似标准的保证金贷款；

2)产权转让(ToT)贷款，典型的是由私户方提供，借款人的产权拥有权完全转手，只剩下贷款合同里注明的权益，以及

3)非产权转让信贷额度融资工具，不卖股票，只当成是标准留置权类现金信贷额的资产。

这三种里面的产权转让贷款是高风险类，由于私家贷款人可以卖或卖空证券来资助贷款，监管机构就对这类贷款展开全面的的打压，导致供应户大量减少。(见“卖空”一文)。机构管理的消费者证券贷款在另一方面也从贷款机构的金融资源吸收贷款资金，而不是卖证券去得到资金。

 

Debt and equity  债务与股权

Securities are traditionally divided into debt securities and equities (see also derivatives).

传统的证券可分为债务证券和股权两种(另见衍生品一文)。

Debt  债务

Debt securities may be called debentures, bonds, deposits, notes or commercial paper depending on their maturity and certain other characteristics. The holder of a debt security is typically entitled to the payment of principal and interest, together with other contractual rights under the terms of the issue, such as the right to receive certain information. Debt securities are generally issued for a fixed term and redeemable by the issuer at the end of that term. Debt securities may be protected by collateral or may be unsecured, and, if they are unsecured, may be contractually “senior” to other unsecured debt meaning their holders would have a priority in a bankruptcy of the issuer. Debt that is not senior is “subordinated”.

债务证券业可以称作债权证，债券，存管券，票据或商业本票，根据各自的履约期和其他特定的特征而定。债务证券持有人通常都有权收取本金加利息，加上发行条款赋予的其他合约权利如获取某些讯息的权限。一般的债务证券都以固定期限发行，发行人可以在期满时赎回。债务证券可以有抵押品的保障或者不保障，如果是不担保的，可以立约比其他不担保债务“上级”，意思是说债权人在发行人破产时有申索的优先权，不是上级的债务就是“次级”的。

Corporate bonds represent the debt of commercial or industrial entities. Debentures have a long maturity, typically at least ten years, whereas notes have a shorter maturity. Commercial paper is a simple form of debt security that essentially represents a post-dated check with a maturity of not more than 270 days.

企业债券是工商个体的债务，债券证的履约期长，典型的至少十年，票据的履约期就短。商业本票是简单的证券债务，最基本的就是兑现期不超过270天的远期支票(期票)。

Money market instruments are short term debt instruments that may have characteristics of deposit accounts, such as certificates of deposit, Accelerated Return Notes (ARN), and certain bills of exchange. They are highly liquid and are sometimes referred to as “near cash”. Commercial paper is also often highly liquid.

货币市场的工具就是短期债务的工具，会有一些存款账户的特点，例如存单，加速回报票(ARN)以及某些汇票，都很容易变现(高度流通)，也称为“准货币”(类现金)。商业本票也都是高度流通的。

Euro debt securities are securities issued internationally outside their domestic market in a denomination different from that of the issuer’s domicile. They include eurobonds and euronotes. Eurobonds are characteristically underwritten, and not secured, and interest is paid gross. A euronote may take the form of euro-commercial paper (ECP) or euro-certificates of deposit.

欧债证券是在他们的国内市场外在国际间发行的证券，面值跟发行人的注册地不同。欧洲债券的特点是承销但不担保，利息以毛额(总计)来算。欧洲票据的形式可以是欧洲商业票据(ECP)或欧洲存单。

Government bonds are medium or long term debt securities issued by sovereign governments or their agencies. Typically they carry a lower rate of interest than corporate bonds, and serve as a source of finance for governments. U.S. federal government bonds are called treasuries. Because of their liquidity and perceived low risk, treasuries are used to manage the money supply in the open market operations of non-US central banks.

政府债券是中长期的债务证券，由主权政府或其附属机构发行，一般上，利息都比企业债券还低，被政府当成是融资来源之一。美国联邦政府的债券也叫国库券(国债)，由于容易变现，被认为风险低，国库券就用来控制在非美国央行的公开市场上运作的的货币供应。

Sub-sovereign government bonds, known in the U.S. as municipal bonds, represent the debt of state, provincial, territorial, municipal or other governmental units other than sovereign governments.

次主权政府债券在美国通称为市政债券，是除了主权政府以外，属于州，省，领地，市政府以及其他政府单位的债务。

Supranational bonds represent the debt of international organizations such as the World Bank, the International Monetary Fund, regional multilateral development banks and others.

超国家债券就是国际机构的债务，例如世界银行，国际货币基金组织，区域多边开发银行及其他。

Equity  股权

An equity security is a share of equity interest in an entity such as the capital stock of a company, trust or partnership. The most common form of equity interest is common stock, although preferred equity is also a form of capital stock. The holder of an equity is a shareholder, owning a share, or fractional part of the issuer. Unlike debt securities, which typically require regular payments (interest) to the holder, equity securities are not entitled to any payment. In bankruptcy, they share only in the residual interest of the issuer after all obligations have been paid out to creditors. However, equity generally entitles the holder to a pro rata portion of control of the company, meaning that a holder of a majority of the equity is usually entitled to control the issuer. Equity also enjoys the right to profits and capital gain, whereas holders of debt securities receive only interest and repayment of principal regardless of how well the issuer performs financially. Furthermore, debt securities do not have voting rights outside of bankruptcy. In other words, equity holders are entitled to the “upside” of the business and to control the business.

股权债券是某个个体的股权利益(权益)的股份，例如一家公司，信托或合伙关系的股本，最普遍的权益就是普通股，虽然优先股权也是一种股本。股权持有人就是股东，拥有股份或发行人的部分股份。跟债务证券不同的是，这种证券通常都要定期支付(利息)给持有人，而债务证券就没有这种权益。破产时，他们只能分到到发行人履约清还欠债权人的所有债务后的剩余利益。不过，股权也赋予持有人按比例控制公司的权益，也就是说股权的大户通常都有权控制发行人。股权也享有利润与资本收益的利益，而债务证券持有人只能收取本金加利息，不论发行人的财务业绩表现如何。此外，债务证券在公司破产后没有投票权，换句话说，股权持有人享有“上行”的业务以及控制运作中的业务。

Hybrid  混合型

Hybrid securities combine some of the characteristics of both debt and equity securities.

混合证券结合了债务和股权证券的一些特点。

Preference shares form an intermediate class of security between equities and debt. If the issuer is liquidated, they carry the right to receive interest and/or a return of capital in priority to ordinary shareholders. However, from a legal perspective, they are capital stock and therefore may entitle holders to some degree of control depending on whether they contain voting rights.

优先股形成了介于股权和债务之间的一种中间级别的证券。如果发行人被清盘，这类证券有权比普通股东优先分到利息亦或资本回报，然而，从法律观点来看，它们是股本，持有人就有权控制到某个程度，要看是否有附投票权。

Convertibles are bonds or preferred stock that can be converted, at the election of the holder of the convertibles, into the common stock of the issuing company. The convertibility, however, may be forced if the convertible is a callable bond, and the issuer calls the bond. The bondholder has about 1 month to convert it, or the company will call the bond by giving the holder the call price, which may be less than the value of the converted stock. This is referred to as a forced conversion.

可兑换品是可以转换的债券或优先股，从可兑换品持有人手上转换成发行公司的普通股。不过，如果是可召回的可兑换品，发行人也召回债券，可兑换性可能是强行的。债券持有人有大约一个月时间可以兑换，或者该公司会开出召回价给持有人去召回债券，价格可以少过兑换股票的价值，这就是所谓的强行转换。

Equity warrants are options issued by the company that allow the holder of the warrant to purchase a specific number of shares at a specified price within a specified time. They are often issued together with bonds or existing equities, and are, sometimes, detachable from them and separately tradable. When the holder of the warrant exercises it, he pays the money directly to the company, and the company issues new shares to the holder.

股权认股权证是公司发行的期权，权证持有人可以用指定价格在指定时间内购买一定数量的股份，通常都跟债券或现有股权一起发行，有时候也分隔出来另行买卖。当权证持有人行使期权，就直接付钱给该公司，该公司就发行新股给持有人。

Warrants, like other convertible securities, increases the number of shares outstanding, and are always accounted for in financial reports as fully diluted earnings per share, which assumes that all warrants and convertibles will be exercised.

权证也跟其他可兑换证券一样会增加流通股份的数量，一直都会在财务报告中审计为全面摊薄每股盈利，假设全部权证和可兑换品都完成交易。

 

The securities markets  证券市场

Primary and secondary market  初级与二级市场

Public securities markets are either primary or secondary markets. In the primary market, the money for the securities is received by the issuer of the securities from investors, typically in an initial public offering (IPO). In the secondary market, the securities are simply assets held by one investor selling them to another investor, with the money going from one investor to the other.

公共证券市场不是初级市场就是二级市场。在初级市场中，证券的钱是由证券发行人向投资者收取，在首次公开招股(IPO)时更是如此。在二级市场中，证券就只是一名投资者所持有的资产卖给另一名投资者，一名投资者交钱给另一名投资者。

An initial public offering is when a company issues public stock newly to investors, called an “IPO” for short. A company can later issue more new shares, or issue shares that have been previously registered in a shelf registration. These later new issues are also sold in the primary market, but they are not considered to be an IPO but are often called a “secondary offering”. Issuers usually retain investment banks to assist them in administering the IPO, obtaining SEC (or other regulatory body) approval of the offering filing, and selling the new issue. When the investment bank buys the entire new issue from the issuer at a discount to resell it at a mark-up, it is called a firm commitment underwriting. However, if the investment bank considers the risk too great for an underwriting, it may only assent to a best effort agreement, where the investment bank will simply do its best to sell the new issue.

首次公开招股是一家公司公开发行新股给投资者，简称IPO。过后这家公司还可以再发行更多新股，或者发行之前缓行注册的股份，这些随后而来的新股也在初级市场上出售，但不算是IPO，通称为“二级发行”。发行人通常都会委任投资银行协助他们处理IPO的行政工作，招股书获得证券管理委员会(SEC或其他监管机构)的批准，才能发售新股。投资银行跟发行人以折价买下所有新发行股份再加码转售的做法就叫做承诺包销。然而，如果投资银行认为包销的风险太大，就可能只接受尽力承销协议，投资银行就只是努力销售新发行股份罢了。

For the primary market to thrive, there must be a secondary market, or aftermarket that provides liquidity for the investment security—where holders of securities can sell them to other investors for cash. Otherwise, few people would purchase primary issues, and, thus, companies and governments would be restricted in raising equity capital (money) for their operations. Organized exchanges constitute the main secondary markets. Many smaller issues and most debt securities trade in the decentralized, dealer-based over-the-counter markets.

初级市场要蓬勃发展就少不了二级市场，或者盘後交易市场，提供投资证券的流通性，证券持有人可以卖给其他投资者换取现金，否则很少人要买初次发行的股份，这样的话，公司和政府要筹集股权资本来资助业务就会很局限。有组织的交易活动构成了主要的二级市场，众多较小型的发行以及大部分的债务证券都是分化的，在以经销商为主的场外交易市场里买卖。

In Europe, the principal trade organization for securities dealers is the International Capital Market Association. In the U.S., the principal trade organization for securities dealers is the Securities Industry and Financial Markets Association, which is the result of the merger of the Securities Industry Association and the Bond Market Association. The Financial Information Services Division of the Software and Information Industry Association (FISD/SIIA) represents a round-table of market data industry firms, referring to them as Consumers, Exchanges, and Vendors.In india the equivalent organisation is the securities exchange board of india(SEBI).

欧洲的主要证券经销商们的交易机构就是国际资本市场协会。美国的证券经销商们的交易机构是证券业与金融市场协会，是证券业协会和债券市场协会合并的结果。软件与信息产业协会的金融信息服务部(FISD/SIIA)是市场数据业者们的圆桌组织，业者们有消费者，交易所和供应商。印度的相等机构是印度证券交易局(SEBI)。

Public offer and private placement  公开招股与私募配售

In the primary markets, securities may be offered to the public in a public offer. Alternatively, they may be offered privately to a limited number of qualified persons in a private placement. Sometimes a combination of the two is used. The distinction between the two is important to securities regulation and company law. Privately placed securities are not publicly tradable and may only be bought and sold by sophisticated qualified investors. As a result, the secondary market is not nearly as liquid as it is for public (registered) securities.

证券可以在初级市场上公开招股卖给公众，或者也可以私下招募只卖给限量的合格人士，有时候也会两者兼行。这两者的差别在证券监管规则与公司法中是重点。私募证券不公开交易，只限经验老到合格的投资者去买卖，结果二级市场就不像公共(记名)证券那么流通。

Another category, sovereign bonds, is generally sold by auction to a specialized class of dealers.

另一个类别的主权债券通常都是通过拍卖方式卖给专业级别的经销商们。

Listing and OTC dealing  上市与场外交易

Securities are often listed in a stock exchange, an organized and officially recognized market on which securities can be bought and sold. Issuers may seek listings for their securities to attract investors, by ensuring there is a liquid and regulated market that investors can buy and sell securities in.

证券都在交易所挂牌，这是个有组织和官方认可买卖证券的市场。发行人要挂牌卖证券以便吸引投资者，确保这个投资者们买卖证券的市场流通也受到监管。

Growth in informal electronic trading systems has challenged the traditional business of stock exchanges. Large volumes of securities are also bought and sold “over the counter” (OTC). OTC dealing involves buyers and sellers dealing with each other by telephone or electronically on the basis of prices that are displayed electronically, usually by commercial information vendors such as SuperDerivatives, Reuters and Bloomberg.

非正式电子交易系统的成长挑战了传统的交易所经营方式，大量的证券也可以在“场外”(OTC柜台)交易。OTC交易就是买家和卖家用电话或电子报价在电子平台上交易，一般上都由商业信息供应商经营，例如超级衍生品，路透社和彭博社。

There are also eurosecurities, which are securities that are issued outside their domestic market into more than one jurisdiction. They are generally listed on the Luxembourg Stock Exchange or admitted to listing in London. The reasons for listing eurobonds include regulatory and tax considerations, as well as the investment restrictions.

还有欧洲证券，在他们的国内市场外超过一个法律管制区发行，通常都在卢森堡交易所或者伦敦交易所挂牌上市。欧洲债券挂牌的理由有考虑到监管与税务的条件，还有投资的限制。

Market  市场

London is the centre of the eurosecurities markets. There was a huge rise in the eurosecurities market in London in the early 1980s. Settlement of trades in eurosecurities is currently effected through two European computerized clearing/depositories called Euroclear (in Belgium) and Clearstream (formerly Cedelbank) in Luxembourg.

伦敦是欧洲债券市场的中心，在80年代初期伦敦的欧洲债券市场大量兴起。目前的欧洲证券交易结算是通过欧洲两家电脑化结算/存托处进行，称为欧洲结算系统(在比利时)以及位于卢森堡的欧洲结算流系统(前身为Cedelbank–世达库：世达国际结算系统或欧洲货币市场结算系统)。

The main market for Eurobonds is the EuroMTS, owned by Borsa Italiana and Euronext. There are ramp up market in Emergent countries, but it is growing slowly.

欧洲债券的主要市场是米兰股票交易所(Borsa Italiana)和泛欧交易所(Euronext)拥有的欧洲做股(预估供股应市)(EuroMTS)，这是一个新兴国家的爬升市场，但成长速度缓慢。

 

Physical nature of securities  证券的实体本质

Certificated securities  凭证证券

Securities that are represented in paper (physical) form are called certificated securities. They may be bearer or registered.

证券的纸张(实体)形式就叫做凭证证券，可以是不记名(持票)或记名(注册)的。

DRS securities  直接登记系统(DRS)证券

Securities may also be held in the Direct Registration System (DRS), which is a method of recording shares of stock in book-entry form. Book-entry means the company’s transfer agent maintains the shares on the owner’s behalf without the need for physical share certificates. Shares held in un-certificated book-entry form have the same rights and privileges as shares held in certificated form.

证券业可以借由直接登记系统(DRS)去持有，这是一种在帐面上纪录股票股份的方法，帐面纪录是公司的转让代理代替证券拥有人保管股票的做法，不需要实体的股票证书。不登记账面纪录的股份跟记名(注册)股票一样享有同样的权益。

Bearer securities  不记名证券

Bearer securities are completely negotiable and entitle the holder to the rights under the security (e.g. to payment if it is a debt security, and voting if it is an equity security). They are transferred by delivering the instrument from person to person. In some cases, transfer is by endorsement, or signing the back of the instrument, and delivery.

不记名证券完全可以转让，持有人也享有证券应得的权益(比如说，如果是债务证券就可以收到股息，如果是股权证券就有投票权)，由一人把证券证书交付给另一人去转让，有些时候要靠背书或者在证券证书背后签名去转让。

Regulatory and fiscal authorities sometimes regard bearer securities negatively, as they may be used to facilitate the evasion of regulatory restrictions and tax. In the United Kingdom, for example, the issue of bearer securities was heavily restricted firstly by the Exchange Control Act 1947 until 1953. Bearer securities are very rare in the United States because of the negative tax implications they may have to the issuer and holder.

监管与财政当局有时候会认为不记名证券有负面作用，因为它们可以被用来逃税以及避开监管的管制。例子如英国发行的不记名证券就是从1947年起到1953年受到交易管制法令的严格限制。美国的不记名证券则很少见，因为对发行人和持有人来说都有负面的税务问题。

Registered securities  记名证券

In the case of registered securities, certificates bearing the name of the holder are issued, but these merely represent the securities. A person does not automatically acquire legal ownership by having possession of the certificate. Instead, the issuer (or its appointed agent) maintains a register in which details of the holder of the securities are entered and updated as appropriate. A transfer of registered securities is effected by amending the register.

以记名证券来说，发出的证书上有持有人的名字，但也只是一纸证券，手持证书不等于这个人就自动获得法定的拥有权，反而是发行人(或其委任代理)所保管的登记记录输入还更新持有人的详细资料的才算数。记名证券一转让，登记记录也跟着更新资料。

Non-certificated securities and global certificates  无凭证证券与全球通用凭证

Modern practice has developed to eliminate both the need for certificates and maintenance of a complete security register by the issuer. There are two general ways this has been accomplished.

现代的做法已经发展到不需要证书也不需要由发行人保存完整的证券登记，用两个普遍的做法去办。

Non-certificated securities  无凭证证券

In some jurisdictions, such as France, it is possible for issuers of that jurisdiction to maintain a legal record of their securities electronically.

在一些法制管辖范围内如法国，该法制区裡的发行人就可以用电子方式来保存证券的法定记录。

In the United States, the current “official” version of Article 8 of the Uniform Commercial Code permits non-certificated securities. However, the “official” UCC is a mere draft that must be enacted individually by each U.S. state. Though all 50 states (as well as the District of Columbia and the U.S. Virgin Islands) have enacted some form of Article 8, many of them still appear to use older versions of Article 8, including some that did not permit non-certificated securities.

美国目前的“官方版本”之“统一商业准则”(UCC)第八章允许无凭证证券，然而，“官方”的UCC只是一个草拟法案，还需每一个州政府去个别立法。虽然全部50个州(包括哥伦比亚特区以及美国维尔京群岛)都有订立类似第八章的法令，很多似乎还在沿用旧版的第八章，还有一些仍旧不准许无凭证证券。

Global certificates, book entry interests, depositories  全球通用凭证，帐面纪录利益，存管处

To facilitate the electronic transfer of interests in securities without dealing with inconsistent versions of Article 8, a system has developed whereby issuers deposit a single global certificate representing all the outstanding securities of a class or series with a universal depository. This depository is called The Depository Trust Company, or DTC. DTC’s parent, Depository Trust & Clearing Corporation (DTCC), is a non-profit cooperative owned by approximately thirty of the largest Wall Street players that typically act as brokers or dealers in securities. These thirty banks are called the DTC participants. DTC, through a legal nominee, owns each of the global securities on behalf of all the DTC participants.

为了促进证券利益的电子转让，不必受制于不一致的第八章版本，就发展出一套系统让发行人存寄单一的全球通用证书来表示所有某个级别或系列的流通证券都有一个通用的存管处。这个存管处就叫做存管信托公司(DTC)，其母公司是存管信托与结算法团(DTCC)，是一个非牟利合作社，由大约30家华尔街最大的业者所拥有，成员都是典型的受委托证券经纪人或经销商。这30家银行被称为DTC参与者，DTC也用合法代名人的名义代替所有DTC参与者拥有每一份全球证券。

All securities traded through DTC are in fact held, in electronic form, on the books of various intermediaries between the ultimate owner, e.g. a retail investor, and the DTC participants. For example, Mr. Smith may hold 100 shares of Coca Cola, Inc. in his brokerage account at local broker Jones & Co. brokers. In turn, Jones & Co. may hold 1000 shares of Coca Cola on behalf of Mr. Smith and nine other customers. These 1000 shares are held by Jones & Co. in an account with Goldman Sachs, a DTC participant, or in an account at another DTC participant. Goldman Sachs in turn may hold millions of Coca Cola shares on its books on behalf of hundreds of brokers similar to Jones & Co. Each day, the DTC participants settle their accounts with the other DTC participants and adjust the number of shares held on their books for the benefit of customers like Jones & Co. Ownership of securities in this fashion is called beneficial ownership. Each intermediary holds on behalf of someone beneath him in the chain. The ultimate owner is called the beneficial owner. This is also referred to as owning in “Street name”.

所有通过DTC交易的证券其实都是电子化的，记录在最终拥有人的中介机构之间，拥有人如零售投资者以及DTC参与者。举例说，史密斯先生在他的当地经纪人琼斯经纪行的账户中持有可口可乐公司的100股，而琼斯经纪行也可能持有属于史密斯先生和另外9位客户的可口可乐公司的1000股，琼斯经纪行也在高盛这个DTC参与者那裡持有这1000股的账户，或者在另一个DTC参与者那里有开账户。高盛的帐面上有好几千万属于好几百家类似琼斯经纪行的可口可乐股份，这种拥有证券的方式就叫实益拥有权，每一个中介机构都代替其他人持股形成一条链，最终拥有人就叫实益拥有人，也常被称为“街名”(待转名)拥有法。

Among brokerages and mutual fund companies, a large amount of mutual fund share transactions take place among intermediaries as opposed to shares being sold and redeemed directly with the transfer agent of the fund. Most of these intermediaries such as brokerage firms clear the shares electronically through the National Securities Clearing Corp. or “NSCC”, a subsidiary of DTCC.

在众多券商和共同基金公司当中，大部分共同基金的股票是通过中介机构在交易，相对于直接由基金的转让代理去卖和赎回的股票。大部分这类中介机构如券商是借由国家证券结算法团(NSCC)这个存管信托与结算法团(DTCC)的子公司用电子方式在结算股票。

Other depositories: Euroclear and Clearstream  其他存管处：欧洲结算系统与结算流

Besides DTC, two other large securities depositories exist, both in Europe: Euroclear and Clearstream.

除了存管信托与结算处(DTC)以外，另外两大证券存管处也在欧洲，分别是：欧洲结算系统以及结算流系统。

Divided and undivided security  已分与未分证券

The terms “divided” and “undivided” relate to the proprietary nature of a security.

“已分”与“未分”这个术语是指证券的所有权性质。

Each divided security constitutes a separate asset, which is legally distinct from each other security in the same issue. Pre-electronic bearer securities were divided. Each instrument constitutes the separate covenant of the issuer and is a separate debt.

每一个已分证券都有分隔的资产，在同一次发行中的每一个证券都有法律上的不同点。电子化之前的不记名证券都是已分的，每一个证书都有发行人的个别契约，也都是个别债务。

With undivided securities, the entire issue makes up one single asset, with each of the securities being a fractional part of this undivided whole. Shares in the secondary markets are always undivided. The issuer owes only one set of obligations to shareholders under its memorandum, articles of association and company law. A share represents an undivided fractional part of the issuing company. Registered debt securities also have this undivided nature.

未分证券的整个发行就形成了单一的资产，每一个证券都是整体未分证券裡的一小部分。二级市场的股份一直都是未分的，发行人只欠股东一套其组织大纲与章程和公司法要求的法律责任，一支股票就是发行公司未分的一小部分，而记名债务证券业就有这个未分的本质。

Fungible and non-fungible security  可互换与不可互换证券

The terms “fungible” and “non-fungible” are a feature of assets.

“互换”与“不可互换”这个术语是资产的特色之一。

If an asset is fungible, this means that if such an asset is lent, or placed with a custodian, it is customary for the borrower or custodian to be obliged at the end of the loan or custody arrangement to return assets equivalent to the original asset, rather than the specific identical asset. In other words, the redelivery of fungibles is equivalent and not in specie. In other words, if an owner of 100 shares of IBM transfers custody of those shares to another party to hold for a purpose, at the end of the arrangement, the holder need simply provide the owner with 100 shares of IBM identical to those received. Cash is also an example of a fungible asset. The exact currency notes received need not be segregated and returned to the owner.

如果一个资产是可互换的，就表示如果这个资产借出或者存寄在托管人手上，惯例就是借入人或托管人有责任要在贷款到期时或者根据托管安排退还相等于原资产的资产，而不是指定的相同资产。换句话说，重新交付的可互换品是相等的而不是以实物或硬币代替。也就是说，如果一名拥有IBM一百股的持有人转让这些托管的股票给另一人为某个目的而持有，这个安排的最后一步是持有人只需提供IBM一百股的拥有人跟他所收到的相同股票就行了。现金也是可互换资产的一个例子，收到的确切货币票据不需要分隔开来以便退还给拥有人。

Undivided securities are always fungible by logical necessity. Divided securities may or may not be fungible, depending on market practice. The clear trend is towards fungible arrangements.

未分证券一直都是可互换的，有其合理的必要，已分的证券可以是或者不是可互换的，悉视市场的做法，明显的趋势就是倾向于可互换的安排。

 

Regulation  監管

In the US, the public offer and sale of securities must be either registered pursuant to a registration statement that is filed with the U.S. Securities and Exchange Commission (SEC) or are offered and sold pursuant to an exemption therefrom. Dealing in securities is regulated by both federal authorities (SEC) and state securities departments. In addition, the brokerage industry is supposedly self policed by Self Regulatory Organizations (SROs), such as the Financial Industry Regulatory Authority (FINRA), formerly the National Association of Securities Dealers (or NASD) or the MSRB.

在美国，公开招股与出售证券必须向美国的证券交易委员会(SEC)提呈注册声明书注册存档，或者之后豁免再注册就可以要约和出售。证券的交易由联邦当局(SEC)和州政府的证券部门监管。此外，券商行业也应该由多个“自我监管组织”(SROs)来自我监督，例如美国金融业监管局(FINRA)，前身是全国(全美)证券交易商协会(NASD或MSRB)。

With respect to investment schemes that do not fall within the traditional categories of securities listed in the definition of a security (Sec. 2(a)(1) of the 33 act and Sec. 3(a)(10) of the 34 act) the US Courts have developed a broad definition for securities that must then be registered with the SEC. When determining if there is an “investment contract” that must be registered the courts look for an investment of money, a common enterprise and expectation of profits to come primarily from the efforts of others. See SEC v. W.J. Howey Co. and SEC v. Turner.”

对于那些法律释义中(第33法令第2条(a)(1)以及第34法令第3条(a)(10))不属于传统的证券分类的投资方案，美国法院为这些证券定下更广泛的定义，要求都必须到美国证券交易委员会注册。如果要判断某一张“投资合约”是否需要注册，法院要看到资金的投入，共同的企业和追求利润的动机主要都是来自他人的努力。见SEC诉W.J.Howey以及SEC诉Turner的案例。

 

See also  参阅

• Commercial Law  商业法
• Finance  财务 / 融资
• Financial markets  金融市场
• Financial regulation  金融监管
• History of private equity and venture capital  私募股本与创业资金的历史
• List of finance topics  财务主题列表
• Securities lending  证券借贷
• Securities regulation in the United States  美国的证券监管
• Settlement (finance)  结算 (财务)
• Single-stock futures  个股期货
• Stock market data systems  股票市场数据系统
• T2S  双目标证券 (泛欧证券结算系统)
• Toxic security  有毒证券 (套牢必亏卖不出)
• Trading account assets  交易账户资产

 

Notes  注

The United States Securities Exchange Act of 1934 defines a security as: “Any note, stock, treasury stock, bond, debenture, certificate of interest or participation in any profit-sharing agreement or in any oil, gas, or other mineral royalty or lease, any collateral trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit, for a security, any put, call, straddle, option, or group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or in general, any instrument commonly known as a “security”; or any certificate of interest or participation in, temporary or interim certificate for, receipt for, or warrant or right to subscribe to or purchase, any of the foregoing; but shall not include currency or any note, draft, bill of exchange, or banker’s acceptance which has a maturity at the time of issuance of not exceeding nine months, exclusive of days of grace, or any renewal thereof the maturity of which is likewise limited.”

1934年美国证券交易法定义的证券是：“任何票据(单子)，股票，库存股，债券，债券证，利益证书，或参与任何利润分享协议，或参与了石油，天然气或其他矿产开采权，或租约，任何抵押信托证书，筹组前证书，或订购，可转让股份，投资合同，投票信托证书，存单，以证券，任何认沽(卖权)，认购(买权)，跨式(马鞍)权证，期权，或组别(组合)，或证券指数(包括内附的任何利息或者以价值计息)，或任何认沽(卖出)期权，认购(买入)期权，跨式权证，期权，或特权的形式进入国家级证券交易所，跟外币有关，或一般的任何金融工具都通称为“证券”；或任何利益证书，或有参与，得到暂时或临时证书，得到收据，或权证(凭单)，或订购权或购买任何前述的金融工具；但不应包括货币或任何票据，凭票，汇票，或银行承兑汇票，发出时的履约(有效)期不超过九个月，不包括宽限期，或任何期满之后的更新期，也一样受到限制。”

 

Glossaries  术语录

Financial markets  金融市場

Public market  公開市場

• Exchange  交易所
• Securities  證券

Bond market  債券市場

• Bond valuation  債券股價
• Corporate bond  企業債券
• Fixed income  固定收益
• Government bond  政府債券
• High-yield debt  高收益債券
• Municipal bond  市府債券

Stock market  股票市場

• Common stock  普通股
• Preferred stock  優先股
• Registered share  記名股票
• Stock  股票
• Stock certificate  股票證書
• Stock exchange  股票交易所
• Voting share   投票份額

Derivatives market  衍生品市場

• Credit derivative  信貸衍生品
• Futures exchange  期貨交易所
• Hybrid security  混合證券
• Securitization  證券化

Over-the-counter  場外

• Forwards  遠期
• Options  期權
• Spot market  現貨市場
• Swaps  掉期

Foreign exchange  外匯

• Currency  貨幣
• Exchange rate  匯率

Other markets  其他市場

• Commodity market  商品市場
• Money market  貨幣市場
• Reinsurance market  再保市場
• Real estate market  房地產市場

Practical trading  實際買賣

• Clearing house  結算所
• Financial market participants  金融市場參與者
• Financial regulation  金融監管條例

Finance series  金融系列

• Banks and banking  銀行與銀行事務
• Corporate finance  企業融資
• Personal finance 個人理財
• Public finance  公共財政

—— END ——

 

Source > Wikipedia at http://en.wikipedia.org/wiki/Securities

Translated by > BlogHost — hkTan

Word Count > approx.4380 words in English

 

Closed-end Fund 封闭式基金

Closed-end Fund  封 闭 式 基 金

 

Closed-end funds (or closed-ended funds) are mutual funds with a fixed number of shares (or units). Unlike open-end funds, new shares/units in a closed-end fund are not created by managers to meet demand from investors. Instead, the shares can only be purchased (and sold) in the market. This is the original design of mutual fund which predates open-end mutual funds but offers the same actively managed pooled investments.

封闭式基金(或定额基金)是有固定股票数量(或单位)的共同基金。封闭式基金的新股/单位跟开放式基金不同，不是经办人为了迎合投资者需求推出的股票，而且只能在市场上购买(或出售)。这就是共同基金的原本设计，比开放式基金提前推出，却又能提供同样积极管理的汇集式投资。

Closed-end funds are usually listed on a recognised stock exchange and can be bought and sold on that exchange. The price per share is determined by the market and is usually different from the underlying value or net asset value (NAV) per share of the investments held by the fund. The price is said to be at a discount or premium to the NAV when it is below or above the NAV, respectively.

封闭式基金通常都在公认的交易所挂牌，可以在该交易所买和卖。每股单价由市场决定，通常都跟基金所持投资的相关价值或每股的资产净值(NAV)不同，价格会是低过NAV的折价或高过NAV的溢价。

A premium might be due to the market’s confidence in the investment managers’ ability to produce above-market returns. A discount might reflect the charges to be deducted from the fund in future by the managers.

溢价可能是因为市场对投资经理人取得高过市场回报的能力有信心，折价可能是反映出经理人日后要从基金扣除的费用。

In the United States, closed-end funds are referred to under the law as closed-end companies and they form one of four SEC recognized types of investment companies along with mutual funds, exchange-traded funds, and unit investment trusts. Other examples of closed-ended funds are investment trusts in the United Kingdom and listed investment companies in Australia.

美国法律下的封闭式基金是指封闭式公司，是证券交易委员会(SEC)公认的四种投资公司之一，另外三种是开放式基金，交易所买卖基金和单位投资信托。封闭式基金的其他例子有英国的投资信托以及澳大利亚的上市投资公司。

 

Contents  目录

1. Availability  现有

2. Distinguishing features  显著特色

3. Initial offering  首次招售

4. Exchange-traded  交易所买卖

5. Discounts and premiums  折价与溢价

6. Comparison with open-ended funds  与开放式基金比较

7. Examples  例子

8. See also  另见

9. External links 外部链接

 

Availability  现有

Closed end funds are typically traded on the major global stock exchanges. In the United States the New York Stock Exchange is dominant although the NASDAQ is in competition; in the United Kingdom the London Stock Exchange’s main market is home to the mainstream funds although AIM supports many small funds especially the Venture Capital Trusts; in Canada, the Toronto Stock Exchange lists many closed-end funds.

封闭式基金都在全球主要的证券交易所买卖，虽有纳斯达克(NASDAQ)的竞争，美国的纽约证券交易所仍旧是龙头老大；在英国，伦敦证券交易所是许多主流基金的主要交易市场，即便另项投资市场(AIM)也支援了许多小型基金的交易，尤其是“创业资金信托”；加拿大的多伦多证券交易所也有多个挂牌的封闭式基金。

Like their better-known open-ended cousins, closed-end funds are usually sponsored by a fund management company which will control how the fund is invested. They begin by soliciting money from investors in an initial offering, which may be public or limited. The investors are given shares corresponding to their initial investment. The fund managers pool the money and purchase securities or other assets. What exactly the fund manager can invest in depends on the fund’s charter, prospectus and the applicable government regulations. Some funds invest in stocks, others in bonds, and some in very specific things (for instance, tax-exempt bonds issued by the state of Florida in the USA).

正如广为人知的开放式堂兄弟，封闭式基金也一样得到基金管理公司的赞助，并控制基金的投资流向。首先，他们通过首次发售去招揽投资者，可以公开或半公开招售，投资者都会得到初步投资额的相应股份。基金经理人就这样筹资去购买证券或其他资产，基金经理人所能投资的项目将视基金宪章，招股章程和适用的政府规定而定。有些基金只投资股票，有些只买卖债券，有些只投在特定点名的目标上(比如说美国佛罗里达州政府发行的免税债券)。

 

Distinguishing features  显著特色

Some characteristics that distinguish a closed-end fund from an ordinary open-end mutual fund are that:

封闭式基金与普通的开放式共同基金不同的特征有：

• it is closed to new capital after it begins operating, and
• its shares (typically) trade on stock exchanges rather than being redeemed directly by the fund.
• its shares can therefore be traded at any time during market opening hours. An open-end fund can usually be traded only at a time of day specified by the managers, and the dealing price will usually not be known in advance.
• a CEF usually trades at a premium or discount to its Net Asset Value. An open-end fund trades at its Net Asset Value (to which sales charges may be added; and adjustments may be made for e.g. the frictional costs of purchasing or selling the underlying investments).
• in the United States, a closed-end company can own unlisted securities.

• 它在开始经营后，只限新资金投入；
• 它的股票(通常都)在交易所买卖而不是直接由该基金赎回；
• 它的股票随时都可以在交易开放时间内买卖，而开放式基金通常都只能在经理人指定的日子和时间内交易，而且交易价也都会提前通知；
• 封闭式基金(CEF)通常都会以“资产净值”的溢价或折价买卖，而开放式基金则是以“资产净值”作交易(附销售费和其他计量如买或卖相关投资的交易成本)；
• 在美国，封闭式公司可以拥有不挂牌的证券。

Another distinguishing feature of a closed-end fund is the common use of leverage or gearing to enhance returns. CEFs can raise additional investment capital by issuing auction rate securities, preferred stock, long-term debt, and/or reverse-repurchase agreements. In doing so, the fund manager hopes to earn a higher return with this excess invested capital.

封闭式基金(CEF)的另一显著特点是普遍运用杠杠作用或资本与负债比率来增加回报。CEF可以通过发行拍卖利率证券，优先股，长期债务亦/或反向回购协议来筹集额外资金，基金经理希望这么做可以用多出来的资金赚取更高回报。

When a fund leverages through the issuance of preferred stock, two types of shareholders are created: preferred stock shareholders and common stock shareholders.

当一个基金发行优先股起到杠杠倍数的作用时，就造就出两种股东来：优先股股东以及普通股股东。

Preferred stock shareholders benefit from expenses based on the total managed assets of the fund. Total managed assets include both the assets attributable to the purchase of stock by common shareholders and those attributable to the purchase of stock by preferred shareholders.

优先股股东从所有管理的基金资产中占到费用的便宜，管理的总资产包括普通股股东买股票得来的资产，以及优先股股东买股票得到的资产。

The expenses charged to the common shareholders are based on the common assets of the fund, rather than the total managed assets of the fund. The common shareholders’ returns are reduced more significantly than those of the preferred shareholders because the expenses are spread among a smaller asset base.

普通股股东要支付的费用是以基金的共同资产来算，而不是基金所管理的全部资产。普通股股东的回报会比优先股的股东少很多是因为有许多小资产的费用要付。

For the most part, closed-end fund companies report expense ratios based on the fund’s common assets only. However, the contractual management fees charged to the closed-end funds may be based on the common asset base or the total managed asset base.

多数时候，封闭式基金公司呈报的费用比率只算基金的共同资产，不过，合同制管理费算在封闭式基金的收费可以是以共同资产盘或全部管理的资产盘来算。

Long-term debt arrangements and reverse repurchase agreements are two additional ways to raise additional capital for the fund. Funds may use a combination of leveraging tactics or each individually. However, it is more common for the fund to use only one leveraging technique.

长期债务安排以及反向回购协议是为基金筹集更多资金的另外两个手段，基金可以结合各种杠杆策略来用或者逐个地使用投资策略。然而，基金比较常用一种杠杠技巧而已去投资。

Since stock in closed-end funds is traded like other stock, an investor trading them will pay a brokerage commission similar to that paid when trading other stocks (as opposed to commissions on open-ended mutual funds, where the commission will vary based on the share class chosen and the method of purchasing the fund). In other words, closed-end funds typically do not have sales-based share classes with different commission rates and annual fees. The main exception is loan-participation funds.

既然封闭式基金的股票也跟其他股票一样地买卖，用它们来交易的投资者也得支付跟其他股票交易类似的佣金(相对的，开放式基金的佣金会根据所选的股票级别和购买基金的方式来算)。换句话说，典型的封闭式基金没有以销售为主的股票级别来算出不同的佣金率和年费，主要的例外是贷款参与基金。

 

Initial offering  首次招售

Like a company going public, a closed-end fund will have an initial public offering of its shares at which it will sell, say, 10 million shares for $10 each. That will raise $100 million for the fund manager to invest. At that point, the fund’s 10 million shares will begin to trade on a secondary market, typically the NYSE or the AMEX for American closed-end funds. Any investor who subsequently wishes to buy or sell fund shares will do so on the secondary market. In normal circumstances, closed-end funds do not redeem their own shares. Nor, typically, do they sell more shares after the IPO (although they may issue preferred stock, in essence taking out a loan secured by the portfolio).

跟一家要上市的公司一样，封闭式基金也会推出首次公开发售的要约，比如说以每股十元出售一千万股，就可以筹集到一亿元供基金经理人去投资。这时候，基金的一千万股会开始在二级市场交易，典型的就是在纽约证券交易所(NYSE)和美国证券交易所(AMEX)交易的美国封闭式基金，随后想要买或卖基金股票的投资者就必须在二级市场上这么做。在正常的的情况之下，封闭式基金不会赎回自己的股份，典型的做法也不会在上市(IPO)之后出售更多股份(即便会发行优先股，最基本的做法还是用投资组合作担保去借贷)

 

Exchange-traded  交易所买卖

Closed-end fund shares are traded throughout market opening hours at whatever price the market will support. It may be possible to deal using advanced types of orders such as limit orders and stop orders. This is in contrast to some open-end funds which are only available for buying and selling at the close of business each day, at the calculated NAV, and for which orders must be placed in advance, before the NAV is known, and by simple buy or sell orders. Some funds require that orders be placed hours or days in advance, in order to simplify their administration, make it easier to match buyers with sellers, and eliminate the possibility of arbitrage (for example if the fund holds investments which are traded in other time zones).

封闭式基金的股票是在市场开放的时段内以任何市场会支持的价格作交易，有可能会用比较先进的订单类型如限价单和止蚀单(止价盘/止蚀令)来交易。这个做法跟一些开放式基金大不同，这些基金只能在每天营业结束前以算好的资产净值(NAV)来买和卖，而且必须在知道NAV之前下单，然后发出买或卖的简单指令。有些基金要求提前几个小时或几天下单以便简化内部的行政工作，也比较容易撮合匹配的买家和卖家，还能消除套利的机会(比如说，基金持有在其他时区交易的投资项)

Closed-end funds are traded on exchanges and in that respect they are like exchange-traded funds (ETFs), but there are important differences between these two kinds of security. The price of a closed-end fund is completely determined by the valuation of the market, and this price often diverges substantially from the NAV of the fund assets. In contrast, the market price of an ETF trades in a narrow range very close to its net asset value, because the structure of ETFs allows major market participants to redeem shares of an ETF for a “basket” of the fund’s underlying assets. This feature could in theory lead to potential arbitrage profits if the market price of the ETF were to diverge substantially from its NAV. The market prices of closed-end funds are often 10% to 20% higher or lower than their NAV, while the market price of an ETF is typically within 1% of its NAV. Since the market downturn of late 2008 a number of fixed income ETFs have traded at premiums of roughly 2% to 3% above their NAV.

封闭式基金都在交易所买卖，因此也像其他交易所买卖的基金(ETFs)，但是，这两种证券也有一些重要的不同点。封闭式基金的价格完全由市场的估价来决定，而且价格还跟基金资产的净值(NAV)相差甚远。相对的，ETF的价格是在很接近资产净值的小范围内交易，因为ETFs的架构允许主要的市场参与者用ETF的股票兑换“一篮子”的基金资产。理论上，这个特点是在ETF的市价偏离它的NAV相当多时会引出潜在的套利利润。通常，封闭式基金的市价都介于高或低于它们的NAV的10%到20%之间，而ETF的典型市价则维持在它的NAV的1%上下。2008年末的市场低迷导致一些固定收益的ETFs(定息组合股)以高出自己的资产净值大约2%到3%的溢价来交易。

 

Discounts and premiums  折价与溢价

As they are exchange-traded, the price of CEFs will be different from the NAV – an effect known as the closed-end fund puzzle. In particular, fund shares often trade at what look to be irrational prices because secondary market prices are often very much out of line with underlying portfolio values. A CEF can trade at a premium at some times, and a discount at other times. For example, Morgan Stanley Eastern Europe Fund (RNE) on the NYSE was trading at a premium of 39% in May 2006 and at a discount of 6% in October 2006. These huge swings are difficult to explain.

由于封闭式基金(CEFs)在交易所买卖，其价格就有别于资产净值，这个效果就叫做封闭式基金难题，尤其是经常以看似不理性的价格在交易的基金股票，因为二级市场的价格通常都跟相关组合的价值相差甚大。CEF时而以溢价交易，时而以折价交易。举例说，纽约证券交易所(NYSE)的摩根士丹利东欧基金(RNE)在2006年5月就以39%的溢价以及2006年10月以6%的折价在交易，这么大的摇摆很难解释。

US and other closed-end stock funds often have share prices that are 5% or more below the NAV. That is, if a fund has 10 million shares outstanding and its portfolio is worth $200 million, then each share represents a claim on assets worth $20 and you might expect that the market price of the fund’s shares on the secondary market would be around $20 but that is typically not the case. The shares may trade for only $19 or even only $17, i.e., a 5% or 15% discount to NAV.

美国和其他封闭式基金的一般价格都会少过NAV的5%或超过，也就是说，如果基金有一千万股在流通，而整个组合值两亿元，每一股就相等于价值20元的资产，你可能会假设二级市场的基金股票的市价大约是20元，但通常都不是这样，成交的股价可能只有19元或者低至17元而已，即是NAV的5%或15%折价。

The existence of discounts is puzzling since if a fund is trading at a discount, and if permitted by the rules or constitution of the fund, theoretically a well-capitalized investor could come along and buy up enough of the fund’s shares at the discounted price to gain control of the company and force the fund managers to liquidate the portfolio at its (higher) market value (although in reality, liquidity issues may make this difficult since the bid–offer spread will drastically widen as fewer and fewer shares are available in the market). Benjamin Graham claimed that an investor can hardly go wrong by buying such a fund with a 15% discount. However, the opposing view is that the fund may not liquidate in your timeframe and you may be forced to sell at an even worse discount; in any case, in the meantime the fund will have incurred costs and charges imposed by the managers. But like any investment, these discounts could simply represent the assessment of the marketplace that the investments in the fund may lose value.

折扣的现象让人摸不着头脑，既然基金是以折价交易，如果是基金的规则和宪章允准的，理论上一名资金雄厚的投资者可以入场用折扣价买下大量的基金股票取得公司的控制权，然后强迫基金经理人以(原本更高的)市值去变现整个投资组合(实际上，套现的问题让这个行动变得困难，因为买卖差价会大幅度地扩大差距，导致市场上的股票越来越少) 。Benjamin Graham认为，用15%折价买入这种基金的投资者很难出错，然而，相对的观点是，这个基金不一定能在你的时间表里变现，你可能会被迫以更低的折价脱售；无论如何，眼前这个基金已经累积出经理人附加的成本与费用。正如其他任何投资，这些折扣只是简单地反映出市场的评估，告诉你这个基金的投资可能会贬值。

Even stranger, funds very often trade at a substantial premium to NAV. Some of these premiums are extreme, with premiums of several hundred percent having been seen on occasion. Why anyone would pay $30 per share for a fund whose portfolio value per share is only $10 is not well understood, although irrational exuberance has been mentioned. One theory is that if the fund has a strong track record of performance, investors may speculate that the out-performance is due to good investment choices by the fund managers and that the fund managers will continue to make good choices in the future. Thus the premium represents the ability to instantly participate in the fruits of the fund manager’s decisions.

更怪的是，基金经常都以高出NAV许多的溢价在交易，有些溢价还高到离谱，还曾经出现溢价高出好几倍的状况。无法理解的是，为什么有人要付出每股30元的价格买一个每股的组合价值只有10元的基金，即便有人解释说是严重失去理性的做法。有一个理论是说，如果基金有很好的业绩记录，投资者可能会推测超强的表现是因为基金经理人的投资策略高明，他们应该会在将来继续作出好的投资决策，因此溢价也表示投资者可以立刻参与基金经理人的决策，分享他们的成果。

A great deal of academic ink has been spent trying to explain why closed-end fund share prices are not forced by arbitrageurs to be equal to underlying portfolio values. Though there are many strong opinions, the jury is still out. It is easier to understand in cases where the CEF is able to pick and choose assets, and arbitrageurs are not able to access information on the specific assets held until months later, but some funds are forced to replicate a specific index and still trade at a discount.

学术界已经花了大量笔墨要解释为什么封闭式基金的股价没有被套利者强迫要跟原有的组合价值相等，虽然大家都众说纷纭，各执其是，还是有定论。比较容易理解的状况是CEF可以东挑西选各种资产，而套利者却无法获取所持有特定资产的信息，而是要等多几个月才能知道，但是一些基金还是被迫复制特定的指数以折价交易。

 

Comparison with open-ended funds  与开放式基金比较

With open-end funds, the value is precisely equal to the NAV. So investing $1000 into the fund means buying shares that lay claim to $1000 worth of underlying assets (apart from sales charges and the fund’s investment costs). But buying a closed-end fund trading at a premium might mean buying $900 worth of assets for $1000.

开放式基金的价值就精准地等于NAV，因此投资在基金的1000元就等于买了相关资产也值1000元的股票(销售费用与基金的投资成本另计)。但是，用溢价交易的封闭式基金可以是用1000元买入价值900元的资产。

Some advantages of closed-end funds over their open-ended cousins are financial. CEFs do not have to deal with the expense of creating and redeeming shares, they tend to keep less cash in their portfolio, and they need not worry about market fluctuations to maintain their “performance record”. So if a stock drops irrationally, the closed-end fund may snap up a bargain, while open-ended funds might sell too early.

封闭式基金比起开放式基金这位兄弟的一些好处是财务方面的。CEF在创立与赎回股份时不必付费用，组合里的现金都存放得少，而且不必担心市场波动来维持他们的“业绩记录”。如果股价不合理地大跌，封闭式基金可以乘机捡到便宜，而开放式基金可能会过早出售。

Also, if there is a market panic, investors may sell en masse. Faced with a wave of sell orders and needing to raise money for redemptions, the manager of an open-ended fund may be forced to sell stocks he would rather keep, and keep stocks he would rather sell, because of liquidity concerns (selling too much of any one stock causes the price to drop disproportionately). Thus it may become overweight in the shares of lower perceived quality or underperforming companies for which there is little demand. But an investor pulling out of a closed-end fund must sell it on the market to another buyer, so the manager need not sell any of the underlying stock. The CEF’s price will likely drop more than the market does (severely punishing those who sell during the panic), but it is more likely to make a recovery when the intrinsically sound stocks rebound.

还有，如果出现市场恐慌的状况，投资者们可能会集体脱售。面临排山倒海而来的出售单，还得筹资去赎回，开放式基金的经理可能会被迫卖掉一些股票而不是持股，也保留一些股票而不是卖股，都因为有套现的考量(卖出太多任何一只股票会导致该股价跌破比例)，因此，那些没多少人要，被认为低质或表现不佳的公司的股票数量就有可能超重。但是，一名从封闭式基金退场的投资者必须在市场上转卖给另一名买家，经理人就不必卖出任何现有的股票。CEF的价格会跌得比市场的多(严惩那些在恐慌期间抛售的人)，不过在本质优良的股票价格回弹时更能复苏得快。

Because a closed-end fund is listed on the market, it must obey certain rules, such as filing reports with the listing authority and holding annual stockholder meetings. Thus stockholders can more easily find out about their fund and engage in shareholder activism, such as protest against poor management.

由于封闭式基金在市场上挂牌，就必须遵守一些条例，比如向挂牌当局提交报告书以及召开常年股东会议，这样股东们就可以更方便地了解他们的基金以及活跃地参与股东的活动，比如抗议不良管理。

 

Examples  例子

Among the biggest, long-running CEFs are:

规模最大，经营最久的封闭式基金有：

• Adams Express Company (NYSE:ADX)
• 亚当斯速递公司 (纽约证券交易所：代号为ADX)
• Foreign & Colonial Investment Trust plc (LSE:FRCL)
• 国外与殖民投资信托公司 (伦敦证券交易所：代号为FRCL)
• Witan Investment Trust plc (LSE:WTAN)
• Witan投资信托公司 (伦敦证券交易所：代号为WTAN)
• Scottish Mortgage Investment Trust (LSE:SMT)
• 苏格兰抵押贷款投资信托 (伦敦证券交易所：代号为SMT)
• Tri-Continental Corporation (NYSE:TY)
• 三大陆企业 (纽约证券交易所：代号为TY)
• Gabelli Equity Trust (NYSE:GAB)
• Gabelli股权信托 (纽约证券交易所：代号为GAB)
• General American Investors Company, Inc. (NYSE:GAM)
• 大众美国人投资者公司 (纽约证券交易所：代号为GAM)

 

See also  另见

• Collective investment schemes for generic information.
• 集体投资方案的通用信息
• Investment trust a United Kingdom closed-ended collective investment.
• 投资信托—大英王国的封闭式集体投资
• Mutual funds for United States information.
• 美国共同基金的信息
• Listed investment companies for Australia.
• 澳大利亚的上市投资公司

 

External Links  外部链接

Investment management  投资管理

Collective investment scheme structures  集体投资方案的结构

• Common contractual fund  共同合约基金
• Fond commun de placement  (法国) 共同基金
• Investment trust  投资信托
• Unit trust  单位信托
• Listed investment company 上市投资公司
• Mutual fund  共同基金 / 互助基金
• Open-ended investment company  开放式投资公司
• SICAV  (西班牙/法国/意大利) 可变/不定额 资金投资公司
• Real estate investment trust  房地产投资信托
• Unit investment trust  单位投资信托
• Exchange-traded fund  交易所买卖基金
• Offshore fund  离岸基金 / 境外基金
• Unitised insurance fund  单位化保险基金

Investment styles  投资式样

• Active or Passive management  积极或消极管理
• Value or Growth investing  价值或增长投资
• Hedge fund  对冲基金
• Socially responsible investing  社会道义投资 (对社会负责任的投资)
• Impact investing  冲击投资 (有影响投资)
• Fund of funds  基金中基金 (投资在基金的基金)
• Manager of managers  经理的经理
• Index fund  指数基金

Theory and terminology  理论与术语

• Efficient-market hypothesis  有效市场假说
• Net asset value  资产净值
• Open-end fund  开放式基金
• Closed-end fund  封闭式基金

Related topics  相关话题

• List of asset management firms  资产管理公司的名单
• Returns-based style analysis  以回报为本的分析方式
• Umbrella fund  伞子基金
• UCITS  可转让证券集体投资事业

 

—— END ——

 

Source > Wikipedia at http://en.wikipedia.org/wiki/Closed-end_fund

Translated by > BlogHost — hkTan

Word Count > approx. 2444 words in English

 

Financial Market 金融市場

Financial Market  金 融 市 場

 

A financial market is a market in which people and entities can trade financial securities, commodities, and other fungible items of value at low transaction costs and at prices that reflect supply and demand. Securities include stocks and bonds, and commodities include precious metals or agricultural goods.

金融市場是一個讓個人和個體可以進行金融證券，商品和其他可替代有價值物品的交易，價格反映供給與需求的市場。證券包括股票和債券，商品包括貴金屬和農產品。

There are both general markets (where many commodities are traded) and specialized markets (where only one commodity is traded). Markets work by placing many interested buyers and sellers, including households, firms, and government agencies, in one “place”, thus making it easier for them to find each other. An economy which relies primarily on interactions between buyers and sellers to allocate resources is known as a market economy in contrast either to a command economy or to a non-market economy such as a gift economy.

市場有分普通市場(大多數商品在這裡交易)與專營市場(只買賣一種商品)這兩種。市場集合了許多有意的買家和賣家，有家庭成員，公司，政府機構在同一個“地方”，方便這些人找對人。基本上靠買家和賣家的互動來分配資源的經濟體就叫市場經濟，相對于操控(計劃)經濟或非市場經濟如禮物經濟。

In finance, financial markets facilitate: 財經方面，金融市場促進了：

• The raising of capital (in the capital markets)
• The transfer of risk (in the derivatives markets)
• Price discovery
• Global transactions with integration of financial markets
• The transfer of liquidity (in the money markets)
• International trade (in the currency markets)

• (在資本市場中) 資金的籌集
• (在衍生市場中) 風險的轉移
• 價格的回穩
• 金融市場一體化的全球交易
• (在貨幣市場中) 流通性的轉移
• (在外匯市場中) 國際貿易

– and are used to match those who want capital to those who have it.

–也用來撮合匹配那些需要資金和有資本的人。

Typically a borrower issues a receipt to the lender promising to pay back the capital. These receipts are securities which may be freely bought or sold. In return for lending money to the borrower, the lender will expect some compensation in the form of interest or dividends. This return on investment is a necessary part of markets to ensure that funds are supplied to them.

一般上，借款人發出一張收據給貸款人承諾償還資金，這些收據就是可以自由買或賣的證券。貸款人借出款項給借款人時會要求一些利息或股息之類的補償，這種投資回報是市場中確保基金會給他們回報的必要做法。

 

Contents  目錄

1. Definition  定義

2. Types of financial markets  金融市場的類別

3. Raising capital 籌資

3.1 Lenders  貸款人

3.1.1 Individuals & Doubles  個人與多人

3.1.2 Companies 公司

3.2 Borrowers  借款人

4. Derivative products  衍生商品

5. Currency markets  貨幣市場

6. Analysis of financial markets  金融市場的分析

7. Financial market slang  金融市場的行話

8. Role (Financial system and the economy)  角色 (金融體系與經濟)

9. Functions of Financial Markets  金融市場的功能

10 Constituents of Financial Market  金融市場的組成

10.1 Based on market levels  以市場層次劃分

10.2 Based on security types  以證券種類劃分

11 See also  另見

12 External links  外部鏈接

 

Definition  定義

In economics, typically, the term market means the aggregate of possible buyers and sellers of a certain good or service and the transactions between them.

在經濟學裡，市場這個名詞通常是指集合一群有意買賣特定商品或服務的買家和賣家以及他們之間的交易。

The term “market” is sometimes used for what are more strictly exchanges, organizations that facilitate the trade in financial securities, e.g., a stock exchange or commodity exchange. This may be a physical location (like the NYSE, BSE, NSE) or an electronic system (like NASDAQ). Much trading of stocks takes place on an exchange; still, corporate actions (merger, spinoff) are outside an exchange, while any two companies or people, for whatever reason, may agree to sell stock from the one to the other without using an exchange.

“市場”這個字眼有時候也用在只限於促進金融證券買賣的交易場所和機構，例如證券交易所或商品交易所，可能會是一個實體的場地(如紐約證券交易所(NYSE)，孟買證券交易所(BSE)，印度國家交易所(NSE)或者是一套電子系統(如納斯達克)。雖然多數證券都在交易所裡買賣，但是企業行動(合併，分拆)還是要在交易所場外進行，而任何兩家公司或任何人，不論他們有甚麼理由，都可以同意不通過交易所去賣股票給另一方。

Trading of currencies and bonds is largely on a bilateral basis, although some bonds trade on a stock exchange, and people are building electronic systems for these as well, similar to stock exchanges.

貨幣與債券主要是以雙邊的基礎去交易，雖然有些債券會在股票交易所買賣，還是有人去建立類似股票交易所的電子系統來買賣貨幣和債券。

Financial markets can be domestic or they can be international.

金融市場可以是國內的也可以是國際性的。

 

Types of financial markets  金融市場的類別

Within the financial sector, the term “financial markets” is often used to refer just to the markets that are used to raise finance: for long term finance, the Capital markets; for short term finance, the Money markets. Another common use of the term is as a catchall for all the markets in the financial sector, as per examples in the breakdown below.

在金融界裡，“金融市場”這個術語通常都指那些用來籌資的市場：長期融資的叫做資本市場；短期融資的叫貨幣市場。另一個常用這個術語的例子是形容所有在金融界裡的所有市場，如下列細分出來的例子。

Capital markets which consist of: 資本市場中有：

• Stock markets, which provide financing through the issuance of shares or common stock, and enable the subsequent trading thereof.
• Bond markets, which provide financing through the issuance of bonds, and enable the subsequent trading thereof.
• Commodity markets, which facilitate the trading of commodities.
• Money markets, which provide short term debt financing and investment.
• Derivatives markets, which provide instruments for the management of financial risk.
• Futures markets, which provide standardized forward contracts for trading products at some future date; see also forward market.
• Insurance markets, which facilitate the redistribution of various risks.
• Foreign exchange markets, which facilitate the trading of foreign exchange.

• 股票市場：發行股份或普通股來提供融資，接著進行交易。
• 債券市場：發行債券以提供融資，接著進行交易。
• 商品市場：促進商品的買賣。
• 貨幣市場：提供短期債務融資與投資機會。
• 衍生市場：提供管理金融風險的工具。
• 期貨市場：為那些以未來日期買賣的產品提供標準的遠期合同；另見“遠期市場”。
• 保險市場：促進各種風險的再分配。
• 外匯市場：促進外幣的買賣。

The capital markets may also be divided into primary markets and secondary markets. Newly formed (issued) securities are bought or sold in primary markets, such as during initial public offerings. Secondary markets allow investors to buy and sell existing securities. The transactions in primary markets exist between issuers and investors, while in secondary market transactions exist among investors.

資本市場也可以分為初級市場和二級市場。新組建(發行)的證券在初級市場上買或賣，比如在首次公開招股的期間發售，二級(二手)市場就允許投資者買賣現有的證券。初級市場的交易介於發行者與投資者雙方，而二級市場的交易就在投資者之間進行。

Liquidity is a crucial aspect of securities that are traded in secondary markets. Liquidity refers to the ease with which a security can be sold without a loss of value. Securities with an active secondary market mean that there are many buyers and sellers at a given point in time. Investors benefit from liquid securities because they can sell their assets whenever they want; an illiquid security may force the seller to get rid of their asset at a large discount.

流通性(變現/套現能力)是那些在二級市場上交易的證券的重要因素，流通性是指證券可以不必損失任何價值就可以輕易脫售。活躍的證券二級市場就是說任何時候都會有很多買家和賣家，投資者們從流通證券中獲益是因為他們隨時可以賣出他們的資產；而不流通的證券可能會迫使賣家要大打折扣才能拋售他們的資產。

The financial market is broadly divided into 2 types: 1) Capital Market and 2) Money market. The Capital market is subdivided into 1) primary market and 2) Secondary market.

大致上，金融市場可以分為兩大類：

1)資本市場

2)貨幣市場

資本市場又再分為：

1)初級市場

2)二級市場

 

Raising capital  籌資

Financial markets attract funds from investors and channel them to corporations—they thus allow corporations to finance their operations and achieve growth. Money markets allow firms to borrow funds on a short term basis, while capital markets allow corporations to gain long-term funding to support expansion.

金融市場吸引投資者的資金再導向企業，好讓這些企業有錢經營和成長。貨幣市場可以讓商家借到短期貸款，而資本市場則提供企業長期資金去擴展業務。

Without financial markets, borrowers would have difficulty finding lenders themselves. Intermediaries such as banks, Investment Banks, and Boutique Investment Banks can help in this process. Banks take deposits from those who have money to save. They can then lend money from this pool of deposited money to those who seek to borrow. Banks popularly lend money in the form of loans and mortgages.

如果沒有金融市場，借款人自己要找貸款人就會有困難，中介機構如銀行，投資銀行，小型投資銀行可以協助。銀行跟手上有錢要存的人收取存款，然後用這筆匯集的存款借給需要借錢的人，銀行最常借出的放貸形式是貸款和抵押。

More complex transactions than a simple bank deposit require markets where lenders and their agents can meet borrowers and their agents, and where existing borrowing or lending commitments can be sold on to other parties. A good example of a financial market is a stock exchange. A company can raise money by selling shares to investors and its existing shares can be bought or sold.

比起簡單的銀行存款複雜得多的交易就需要一個市場讓貸款人和他們的代表可以跟借款人和他們的代表面談，而且還可以出售這份借貸或貸款的承諾權責給其他方。金融市場的好例子就是股票交易所，一家公司可以出售股份給投資者去集資，自己手上的股票也可以買或賣。

The following table illustrates where financial markets fit in the relationship between lenders and borrowers:

Relationship between lenders and borrowers
Lenders	Financial Intermediaries	Financial Markets	Borrowers
Individuals Companies	Banks Insurance Companies Pension Funds Mutual Funds	Interbank Stock Exchange Money Market Bond Market Foreign Exchange	Individuals Companies Central Government Municipalities Public Corporations

下表列出了金融市場在各種借款人和貸款人的關係之間所處的位置：

借款人和貸款人的關係
貸款人	金融中介	金融市場	借款人
個人 公司	銀行 保險公司 養老基金 共同基金	銀行同業 證券交易所 貨幣市場 債券市場 外匯	個人 公司 中央政府 市政府 公共企業

 

Lenders  貸款人

Who have enough money to lend or to give someone money from own pocket at the condition of getting back the principal amount or with some interest or charge, is the Lender.

有錢借出，或者自掏腰包給人家錢，條件是要收回本金加一些利息或收費，這種人就叫貸款人。

Individuals & Doubles  個人或多人

Many individuals are not aware that they are lenders, but almost everybody does lend money in many ways. A person lends money when he or she:

很多人還不知道他們就是貸款人，但是幾乎每一個人都使用各種方式在貸款給人。一個人借出時是當他或她：

• puts money in a savings account at a bank;
• contributes to a pension plan;
• pays premiums to an insurance company;
• invests in government bonds; or
• invests in company shares.

• 把錢存入銀行的儲蓄帳戶裡；
• 付錢給養老金計劃；
• 支付保費給保險公司；
• 投資在政府債券；或者
• 投資買公司股票。

Companies  公司

Companies tend to be borrowers of capital. When companies have surplus cash that is not needed for a short period of time, they may seek to make money from their cash surplus by lending it via short term markets called money markets.

很多公司都是資金借款人，有些公司有現金盈餘，短期內不會用到，就可以利用短期借貸市場，也就是貨幣市場，借出多餘現金來賺錢。

There are a few companies that have very strong cash flows. These companies tend to be lenders rather than borrowers. Such companies may decide to return cash to surplus (e.g. via a share buyback.) Alternatively, they may seek to make more money on their cash by lending it (e.g. investing in bonds and stocks).

有少數公司的現金流很強勁雄厚，這些公司都成了貸款人而不借款人，這類公司也許會決定把現金歸入盈餘中存留(比如回購股份)。此外，他們也可以借出現金來賺錢(比如投資在債券和股票)。

 

Borrowers  借款人

• Individuals borrow money via bankers’ loans for short term needs or longer term mortgages to help finance a house purchase.
• Companies borrow money to aid short term or long term cash flows. They also borrow to fund modernization or future business expansion.
• Governments often find their spending requirements exceed their tax revenues. To make up this difference, they need to borrow. Governments also borrow on behalf of nationalized industries, municipalities, local authorities and other public sector bodies. In the UK, the total borrowing requirement is often referred to as the Public sector net cash requirement (PSNCR).

• 個人向銀行借錢應付短期需要或者長期抵押貸款去買房子。
• 公司借錢來應付短期或長期的現金流，也借錢來支付現代化或未來的業務擴展所需。
• 政府的開支需求通常都會超過稅收，爲了補缺，就需要借錢。政府也代替國有工業，市政府，當地政府部門和其他公共機構借錢。在英國，全部借款的要求通稱為公共部門凈現金需求(PSNCR)。

Governments borrow by issuing bonds. In the UK, the government also borrows from individuals by offering bank accounts and Premium Bonds. Government debt seems to be permanent. Indeed the debt seemingly expands rather than being paid off. One strategy used by governments to reduce the value of the debt is to influence inflation.

政府們都靠發行債券來借錢。在英國，政府也跟個人借錢，要約提供銀行帳戶和溢價債券。政府的債務似乎是永久性的，其實債務看似膨脹更多而不是還清。政府爲了減少債務所採取的一個策略就是影響通膨。

Municipalities and local authorities may borrow in their own name as well as receiving funding from national governments. In the UK, this would cover an authority like Hampshire County Council.

市政當局和當地政府可以用自己的名義借錢或者跟中央政府要錢，英國的漢普郡議會當局就可以這麼做。

Public Corporations typically include nationalized industries. These may include the postal services, railway companies and utility companies.

典型的公共企業都包括國有工業，如郵政服務，鐵道公司和水電公司。

Many borrowers have difficulty raising money locally. They need to borrow internationally with the aid of Foreign exchange markets.

很多借款人要在當地籌資都有困難，他們只好借用外匯市場在國際間籌資。

Borrowers having similar needs can form into a group of borrowers. They can also take an organizational form like Mutual Funds. They can provide mortgage on weight basis. The main advantage is that this lowers the cost of their borrowings.

有類似需要的借款人也可以組成一團，以共同(互助)基金這樣的機構形式來集資，以加權基準的做法提供抵押貸款，主要的好處是可以減低借貸成本。

 

Derivative products  衍生商品

During the 1980s and 1990s, a major growth sector in financial markets is the trade in so called derivative products, or derivatives for short.

在80年代和90年代期間，金融市場裡一直在成長的主要區塊是用所謂的衍生商品來交易，簡稱衍生品。

In the financial markets, stock prices, bond prices, currency rates, interest rates and dividends go up and down, creating risk. Derivative products are financial products which are used to control risk or paradoxically exploit risk. It is also called financial economics.

在金融市場裡，股價，債券價，匯率，利率和股息會上上下下，風險不斷。衍生商品就是用來控制風險或者反過來利用風險去圖利的金融產品，也叫做金融經濟學。

Derivative products or instruments help the issuers to gain an unusual profit from issuing the instruments. For using the help of these products a contract has to be made. Derivative contracts are mainly 3 types:

衍生商品或金融工具協助發行人利用這些工具獲取不尋常的利潤，要使用這些產品就得先有合約。衍生品合約主要有三種：

1. Future Contracts  期貨合約

2. Forward Contracts  遠期合約

3. Option Contracts  期權合約

 

Currency markets  貨幣市場

Seemingly, the most obvious buyers and sellers of currency are importers and exporters of goods. While this may have been true in the distant past, when international trade created the demand for currency markets, importers and exporters now represent only 1/32 of foreign exchange dealing, according to the Bank for International Settlements.

看來最顯眼的外匯買家和賣家就是貨品的出入口商了，很久以前或許真是如此，在國際貿易促進了對外匯市場的需求之後，根據“國際結算銀行”的統計，如今的出入口商只佔外匯交易量的32份之一而已。

The picture of foreign currency transactions today shows:

現今參與外匯交易的人有：

• Banks/Institutions  銀行 / 機構
• Speculators  投機客
• Government spending (for example, military bases abroad) 政府開支 (如海外軍事基地)
• Importers/Exporters  出入口商
• Tourists  遊客

 

Analysis of financial markets  金融市場的分析

Much effort has gone into the study of financial markets and how prices vary with time. Charles Dow, one of the founders of Dow Jones & Company and The Wall Street Journal, enunciated a set of ideas on the subject which are now called Dow Theory. This is the basis of the so-called technical analysis method of attempting to predict future changes. One of the tenets of “technical analysis” is that market trends give an indication of the future, at least in the short term. The claims of the technical analysts are disputed by many academics, who claim that the evidence points rather to the random walk hypothesis, which states that the next change is not correlated to the last change. In recent years the rise of algorithmic and high-frequency program trading has seen the adoption of momentum, ultra-short term moving average and other similar strategies which are based on technical as opposed to fundamental or theoretical concepts of market Behaviour.

很多人花很大精力在研究金融市場以及價格的變動。Charles Dows是道瓊斯公司以及華爾街日報的創辦人之一，他發表了同一個課題的一系列概念，現稱為道氏理論，成為所謂的技術分析法的基礎，嘗試預測未來的變化。“技術分析”的其中一個原理是市場趨勢會顯示未來，至少是短期內會出現的狀況。技術分析師們的主張也迎來許多學者的爭論，他們認為證據顯示出的反而是隨機漫步假說，也就是下一個轉變跟上一次變化沒關聯。近年來高頻程序交易的算法都採用以技術為本的動量，超短期移動平均數以及其他類似策略，相對於市場行為學的基本或理論概念。

The scale of changes in price over some unit of time is called the volatility. It was discovered by Benoît Mandelbrot that changes in prices do not follow a Gaussian distribution, but are rather modeled better by Lévy stable distributions. The scale of change, or volatility, depends on the length of the time unit to a power a bit more than 1/2. Large changes up or down are more likely than what one would calculate using a Gaussian distribution with an estimated standard deviation.

價格在某一些時間單位上的變動幅度就叫做波幅，Benoît Mandelbrot發現到價格的變動并沒有跟隨高斯分佈模式，而是符合模式較好的雷維穩定分佈法。改變的幅度或波幅取決於時間長度的0.5(二分之一)次方再稍微多一些，上或下的大變動比較有可能出現，使用高斯分佈模式那個估計標準偏差的算法就比較少見。

 

Financial market slang  金融市場的行話

Poison pill  毒藥 / 拼購阻撓

when a company issues more shares to prevent being bought out by another company, thereby increasing the number of outstanding shares to be bought by the hostile company making the bid to establish majority.

當一家公司發行更多股份來阻撓另一家公司的收購時，就也增加了在外流通被惡意公司買走的股份，足以累積多數股份出價收購。

Quant  寬特 / 量化分析師 (數量化研究分析技術的分析師)

a quantitative analyst with a PhD (and above) level of training in mathematics and statistical methods.

是在數理與統計學的培訓上擁有博士水平(或更高學位)的量化分析師。

Rocket scientist  火箭專家

a financial consultant at the zenith of mathematical and computer programming skill. They are able to invent derivatives of high complexity and construct sophisticated pricing models. They generally handle the most advanced computing techniques adopted by the financial markets since the early 1980s. Typically, they are physicists and engineers by training; rocket scientists do not necessarily build rockets for a living.

是數學與電腦程序編寫技術登峰造極的金融顧問，他們可以設計出高度複雜的衍生品以及建構出精密的定價模式，他們經常處理那些從80年代初開始就被金融市場採用的最先進電腦技巧。典型的專業背景都是物理學家和工程師，這類火箭專家也不必製造火箭來為生。

White Knight  白騎士

a friendly party in a takeover bid. Used to describe a party that buys the shares of one organization to help prevent against a hostile takeover of that organization by another party.

是出價收購的友善人士，用來形容購買一家公司股份的一方要協助阻止另一方的惡意收購同一家公司的股份。

round-tripping  軋平

smurfing 化整為零(洗黑錢)

a deliberate structuring of payments or transactions to conceal it from regulators or other parties, a type of money laundering that is often illegal.

這是一種處心積慮的付款或交易結構，用來掩飾意圖，不讓監管機構或其他有關方面發覺，是洗黑錢的一種辦法，通常都是非法的。

Spread  差價

the difference between the highest bid and the lowest offer.

最高出價和最低報價之間的差別

 

Role (Financial system and the economy)  角色 (金融體系與經濟)

One of the important requisite for the accelerated development of an economy is the existence of a dynamic financial market. A financial market helps the economy in the following manner:

經濟要加速發展的一個重要條件就是擁有一個動態有活力的金融市場，金融市場對經濟的助益如下：

Saving mobilization  存款動員

Obtaining funds from the savers or surplus units such as household individuals, business firms, public sector units, central government, state governments etc. is an important role played by financial markets.

從儲蓄者或手上有盈餘的單位如家庭成員，商家企業，公共部門單位，中央政府，地方政府等等獲得資金是金融市場在扮演的一個重要角色。

Investment  投資

Financial markets play a crucial role in arranging to invest funds thus collected in those units which are in need of the same.

金融扮演的一個關鍵性角色是安排資金的投放，把錢集合在需要這些資金的單位手上。

National Growth  國家增長

An important role played by financial market is that, they contributed to a nation’s growth by ensuring unfettered flow of surplus funds to deficit units. Flow of funds for productive purposes is also made possible.

金融市場扮演的一個重要角色就是確保剩餘資金能暢通無阻地流向欠缺的單位好讓國家建設有所增長，而資金也可以流向有生產力的作為。

Entrepreneurship growth  企業成長

Financial market contribute to the development of the entrepreneurial claw by making available the necessary financial resources.

金融市場為企業發展的雄心作出貢獻，提供所需的財務資源。

Industrial development  工業發展

The different components of financial markets help an accelerated growth of industrial and economic development of a country, thus contributing to raising the standard of living and the society of well-being.

金融市場的不同組件協助加速一個國家的工業與經濟成長，進而提升生活水平以及普羅大眾的福祉。

 

Functions of Financial Markets  金融市場的功能

Intermediary Functions 中介功能

The intermediary functions of a financial markets include the following:

金融市場的中介功能有以下幾點：

Transfer of Resources  資源的轉移

Financial markets facilitate the transfer of real economic resources from lenders to ultimate borrowers.

金融市場促進實體的經濟資源從貸款人轉交到最終借款人手上。

Enhancing income  提高收入

Financial markets allow lenders to earn interest or dividend on their surplus invisible funds, thus contributing to the enhancement of the individual and the national income.

金融市場讓貸款人可以利用過剩潛藏的資金去賺取利息或股息，為提升個人與國家的收入做出貢獻。

Productive usage  有效應用

Financial markets allow for the productive use of the funds borrowed. The enhancing the income and the gross national production.

金融市場讓借款更有效益地應用，提高收入與國民生產總值。

Capital Formation  資本組建

Financial markets provide a channel through which new savings flow to aid capital formation of a country.

金融市場提供一個管道方便新的存款流向可以協助組建國家的資本形態。

Price determination  價格定位

Financial markets allow for the determination of price of the traded financial assets through the interaction of buyers and sellers. They provide a sign for the allocation of funds in the economy based on the demand and supply through the mechanism called price discovery process.

金融市場讓買家和賣家通過買賣金融資產去確定價格，以需求和供給為本通過發現價格過程的機制呈現出資金分配的跡象。

Sale Mechanism  銷售機制

Financial markets provide a mechanism for selling of a financial asset by an investor so as to offer the benefit of marketability and liquidity of such assets.

金融市場提供投資者出售金融資產的機制，讓這些資產享有適銷性和流通性的好處。

Information  信息

The activities of the participants in the financial market result in the generation and the consequent dissemination of information to the various segments of the market. So as to reduce the cost of transaction of financial assets.

金融市場裡參與者的活動產生和散佈信息到市場的各個分區，以便減低買賣金融資產的成本。

Financial Functions  金融功能

• Providing the borrower with funds so as to enable them to carry out their investment plans.
• Providing the lenders with earning assets so as to enable them to earn wealth by deploying the assets in production debentures.
• Providing liquidity in the market so as to facilitate trading of funds.
• it provides liquidity to commercial bank
• it facilitate credit creation
• it promotes savings
• it promotes investment
• it facilitates balance economic growth

• 為借款人提供資金好讓他們能開展投資計劃。
• 為貸款人提供會賺錢的資產，好讓他們能把資產部署在有效益的債券證上去創造財富。
• 在市場上提供流通性促進基金的交易。
• 為商業銀行提供流通性。
• 促進信貸的創建。
• 推廣儲蓄。
• 推廣投資。
• 促進平衡的經濟增長。

 

Constituents of Financial Market  金融市場的組成

Based on market levels  以市場層次劃分

Primary market  初級市場

Primary market is a market for new issues or new financial claims. Hence it’s also called new issue market. The primary market deals with those securities which are issued to the public for the first time.

初級市場是讓新發行或者新的金融債權出售的市場，也叫做新發行市場。這個市場主要是處理首度公開對公眾發行的證券。

Secondary market  二級市場

It’s a market for secondary sale of securities. In other words, securities which have already passed through the new issue market are traded in this market. Generally, such securities are quoted in the stock exchange and it provides a continuous and regular market for buying and selling of securities.

這是個出售二手證券的市場。換句話說，那些已經通過新發行市場售出的證券都在這裡繼續轉手。一般來說，這類證券都在證券交易所開價，提供買家和賣家們一個可持續與規範的市場去交易。

 

Based on security types  以證券種類劃分

Money market  貨幣市場

Money market is a market for dealing with financial assets and securities which have a maturity period of up to one year. In other words, it’s a market for purely short term funds.

貨幣市場是處理資產與證券買賣的市場，履約期通常都不超過一年，換句話說，這就純粹是個短期資金的市場。

Capital market 資本市場

A capital market is a market for financial assets which have a long or indefinite maturity. Generally it deals with long term securities which have a maturity period of above one year. Capital market may be further divided in to: (a) industrial securities market (b) Govt. securities market and (c) long term loans market.

資本市場是金融資產的市場，履約期長或不定，通常都處理超過一年履約期的長期證券。資本市場可以再分為：(a)工業證券市場 (b)政府證券市場 (c)長期貸款市場。

Equity markets  股權市場

A market where ownership of securities are issued and subscribed is known as equity market. An example of a secondary equity market for shares is the Bombay stock exchange.

發行和認購證券權益的市場就叫做股權市場(或股本市場/股市，Share market：股票市場/股市)，股票的二級股權市場如孟買證券交易所。

Debt market  債務市場

The market where funds are borrowed and lent is known as debt market. Arrangements are made in such a way that the borrowers agree to pay the lender the original amount of the loan plus some specified amount of interest.

供資金借出和借入的市場就叫做債務市場，借貸安排是借款人同意償還貸款人借貸本金加指定的利息金額。

Derivative markets  衍生品市場

Financial service market  金融服務市場

A market that comprises participants such as commercial banks that provide various financial services like ATM. Credit cards. Credit rating, stock broking etc. is known as financial service market. Individuals and firms use financial services markets, to purchase services that enhance the working of debt and equity markets.

參與者包括商業銀行，提供各種金融服務如提款機，信用卡，信貸評級，證券經紀等等的市場就叫做金融服務市場，個人和商家在金融市場裡購買這些服務來促進債務與股權市場的運作。

Depository markets  存管市場

A depository market consist of depository institutions that accept deposit from individuals and firms and uses these funds to participate in the debt market, by giving loans or purchasing other debt instruments such as treasure bills.

存管市場裡的存管機構接收個人和商家的存款，把這些資金投入到債務市場中放貸或購買其他債務工具如國庫券。

Non-Depository market  非存管市場

Non-depository market carries out various functions in financial markets ranging from financial intermediary to selling, insurance etc. The various constituency in non-depositary markets are mutual funds, insurance companies, pension funds, brokerage firms etc.

非存管市場從事金融市場中的各項業務如金融中介，銷售，保險等等。組成非存管市場的不同組件有共同基金，保險公司，養老基金，證券公司等等。

 

See also  另見

• Finance capitalism  金融資本主義
• Financial crisis  金融危機
• Financial instrument  金融工具
• Financial market efficiency  金融市場效率
• Brownian Model of Financial Markets  布朗模式的金融市場
• Investment theory  投資理論
• Quantitative behavioral finance  行為量化金融學
• Slippage (finance)  滑脫 / 滑價 (金融)
• Stock investor  股票投資者
• Financial Market Theory of Development  金融市場發展的理論

 

Categories  分類

Financial markets  金融市場

Public market  公開市場

• Exchange  交易所
• Securities  證券

Bond market  債券市場

• Bond valuation  債券股價
• Corporate bond  企業債券
• Fixed income  固定收益
• Government bond  政府債券
• High-yield debt  高收益債券
• Municipal bond  市府債券

Stock market  股票市場

• Common stock  普通股
• Preferred stock  優先股
• Registered share  記名股票
• Stock  股票
• Stock certificate  股票證書
• Stock exchange  股票交易所
• Voting share   投票份額

Derivatives market  衍生品市場

• Credit derivative  信貸衍生品
• Futures exchange  期貨交易所
• Hybrid security  混合證券
• Securitization  證券化

Over-the-counter  場外

• Forwards  遠期
• Options  期權
• Spot market  現貨市場
• Swaps  掉期

Foreign exchange  外匯

• Currency  貨幣
• Exchange rate  匯率

Other markets  其他市場

• Commodity market  商品市場
• Money market  貨幣市場
• Reinsurance market  再保市場
• Real estate market  房地產市場

Practical trading  實際買賣

• Clearing house  結算所
• Financial market participants  金融市場參與者
• Financial regulation  金融監管

Finance series  金融系列

• Banks and banking  銀行與銀行事務
• Corporate finance  企業融資
• Personal finance  個人理財
• Public finance  公共財政

 

—— END ——

 

Source > Wikipedia at http://en.wikipedia.org/wiki/Financial_market

Translated by > BlogHost — hkTan

Word Count > approx.3100 words in English

 

Cloister 迴廊

Cloister 迴廊

A cloister (from Latin claustrum, “enclosure”) is a rectangular open space surrounded by covered walks or open galleries, with open arcades on the inner side, running along the walls of buildings and forming a quadrangle or garth. The attachment of a cloister to a cathedral or church, commonly against a warm southern flank, usually indicates that it is (or once was) part of a monastic foundation, “forming a continuous and solid architectural barrier… that effectively separates the world of the monks from that of the serfs and workmen, whose lives and works went on outside and around the cloister.”

廻廊(拉丁文claustrum，“围墙”)是一个被有盖走道或开放式走廊围绕的长方形开放空间，内侧有拱廊，沿着建筑物的墙壁形成一个四边形或中庭。大教堂或教堂里的迴廊通常都靠向建筑的南翼，就表示这是(曾经是)修道院的一部份地基，“形成了一道连续又坚固的建筑屏障。。。有效地把修道士跟农奴和工人们隔开来，让他们在迴廊外面和周围生活与工作。”

Cloistered (or claustral) life is also another name for the life of a monk or nun in the enclosed religious orders; the modern English term enclosure is used in contemporary Catholic church law to mean cloistered, and cloister is sometimes used as a metonymic synonym for monastery.

迴廊式(与世隔绝或遁世)的生活是修道士或修女在封闭的宗教教条下生活的另一个名称；现代英语里的围墙这个字在当代天主教堂的律法里使用的意思是与世隔绝，而迴廊有时候也被当成是修道院的转喻同义词来用。

Historically, the early medieval cloister had several antecedents, the peristyle court of the Greco-Roman domus, the atrium and its expanded version that served as forecourt to early Christian basilicas, and certain semi-galleried courts attached to the flanks of early Syrian churches. Walter Horn suggests that the earliest coenobitic communities, which were established in Egypt by Saint Pachomius, did not result in cloister construction, as there were no lay serfs attached to the community of monks, thus no separation within the walled community was required; Horn finds the earliest prototypical cloisters in some exceptional late fifth-century monastic churches in southern Syria, such as the Convent of Saints Sergios and Bacchos, at Umm-is-Surab (AD 489), and the colonnaded forecourt of the convent of Id-Dêr, but nothing similar appeared in the semieremitic Irish monasteries’ clustered roundhouses nor in the earliest Benedictine collective communities of the West.

史上早期的中世纪修道院有几个前例，比如希腊罗马豪宅里的列柱庭院，中庭以及延伸的设计版本，都成了早期基督教大会堂的前院圣殿，以及依附着早期叙利亚教堂侧翼而建的半长廊庭院。(Walter Horn)沃尔特霍恩认为，早期那些由(Saint Pachomius)圣巴绰米尔士在埃及成立的僧团社群并没有形成迴廊的格局，因为修道士的社区里并没有跟普通的农奴一起生活，因此就不需要围墙来隔开不同的社群；霍恩在叙利亚南部的教堂发现晚期第五世纪的修道院里的早期迴廊雏形有例外之处，比如位于Umm-is-Surab(公元489年)的(Saint Sergiois)圣瑟基尔和(Bacchos)巴绰士女修道院以及(Id-Der)爱德女修道院那些柱廊前院，但是又跟半隐士的爱尔兰修道院那些聚落式圆形屋或者早期西方本笃会的群居社群没有什么类似之处。

One of the earliest visual representations of the claustral plan is the Carolingian plan of St. Gall, a copy made at Reichenau of a scheme worked out at the two reforming synods held at Aachen, 816 and 817. Though cloisters served functions of quiet meditation or a study garden, the uses of the surrounding buildings in the St. Gall plan, each entered only through the covered porches, show how central the cloister was to the communal life: on the eastern side stood the calefactoria or warming room, the sole heated space, with above it the dormitory; on the south side the refectory, with above it the vestiarium (“vestiary”); on the west side the cellar for wines and beer with above it the larder.

其中一个迴廊平面图最早的视觉表现手法是(Saint Gall)圣高尔的卡洛林风格平面图，是在816年跟817年在德国(Aachen)亚琛市展开的一项计划，于两次宗教改革会议中制定，在有修院岛之称的(Reichenau)赖兴瑙岛上复制了一份。虽然迴廊是用来静思冥想或当作学习园地，但是圣高尔平面图里的周边建筑只能通过有盖的露台进入，其用途显示迴廊才是社群生活的中心点：东侧有一个暖炉或暖房，也是唯一的取暖处，上面就是宿舍；在食堂的南侧，上面有公共衣柜(“衣帽间”)；西侧就是啤酒和烈酒的酒窖，上面还有粮仓。

In the time of Charlemagne the requirements of a separate monastic community within an extended and scattered manorial estate created this “monastery within a monastery” in the form of the locked cloister, an architectural solution allowing the monks to perform their sacred tasks apart from the distractions of laymen and servants. Horn offers as early examples Abbot Gundeland’s “Altenmünster” of Lorsch abbey (765-74), as revealed in the excavations by Frederich Behn; Lorsch was adapted without substantial alteration from a Frankish nobleman’s villa rustica, in a tradition unbroken from late Roman times. Another early cloister, that of the abbey of Saint-Riquier (790-99), took a triangular shape, with chapels at the corners, in conscious representation of the Trinity. A square cloister sited against the flank of the abbey church were built at Inden (816) and the abbey of St. Wandrille at Fontenelle (823-33). At Fulda, a new cloister (819) was sited to the liturgical west of the church “in the Roman manner” familiar from the forecourt of Old St. Peter’s Basilica because it would be closer to the relics.

查理曼大帝时代要求在延伸或散落的庄园田地里要有隔离开来的修道院社群，就创造出了所谓的“修道院里的修道院”，是个上锁的迴廊，这个建筑设计的解决方案允许修道士能够不受一般百姓和仆人的干扰去做神圣的工作。霍恩提供了(Losch) 洛池隐修院(765-74) 里神父(Gundeland)甘得兰畫的“Altenmunster”区这个早期的例子，是由(Frederich Behn)斐得利赐倍恩挖掘出来发现的 ；(Lorsch) 洛池隐修院是从法兰克王国贵族的古别墅那里引用过来，并没有作什么实质的修改，延续了晚期罗马帝国时代的传统。另一个早期的迴廊是(Saint Riquier)圣利基尔(790-99)的隐修院，是三角形的，角头有小礼拜堂，有意借此表示三位一体的精神。在德国(Inden)应登隐修院教堂(819)以及法国(Fontenelle)枫得娜丽(823-33)的(Saint Wandrille)圣万德利隐修院的侧翼就建了四方形的迴廊。在德国(Fulda)富而达市，新的迴廊就以“罗马的做法”建在传统礼拜式教堂的西侧，跟旧的(St.Peter’s Basilica)圣彼得圣殿类似，因为这样才比较靠近圣物。

The hortus conclusus or “enclosed garden” of medieval times, whether secular or claustral, featured the essential well at the center, from which four paths divided the space into quadrants.

中世纪时期的围墙后花园或“封闭式花园”无论是世俗或遁世的，中心点都会有一口不可少的井，从这个点开出四条小径划分出四个区块。

The largest cloister in the world (12,000 m2/130,000 sq ft) is at the Certosa di Padula near Salerno in southern Italy.

世界上最大的迴廊(12000平方公尺/130000方英尺)就位于意大利南部(Selerno)萨莱诺省会附近的(Certosa di Padula)八堵拉修道院。

 

See Also 参阅

Peristyle 列柱
Quadrangle (architecture) 四角形 (建筑)
Siheyuan 四合院

 

Notes 註

^ Walter Horn, “On the Origins of the Medieval Cloister” Gesta 12.1/2 (1973:13-52) p. 13.

^ 沃尔特·霍恩，“中世纪迴廊的起源”Gesta 12.1 / 2(1973:13-52)13页。

^ Oxford Dictionary of Architecture and Landscape Architecture, s.v. “Cloister”

^ 建筑和景观设计的牛津词典，s.v.“迴廊”

^ The Code of Canon Law, Canon 667 ff. English translation copyright 1983 The Canon Law Society Trust

^ 教会律法守则，法规667 ff。英语翻译版权1983 教会律法协会信托

^ Cf. German Kloster. Cf。德国克洛斯特。

^ Horn 1973, eo. loc. gives these sources. 霍恩1973年，eo. loc. 提供这些来源。

^ The normal Syrian monastery plan was an open one, Horn observes.

^ 霍恩的观察发现，一般的叙利亚修道院布局都是开放式的。

^ Horn 1973, plans, figs 9 and 10 霍恩1973，平面图，图9和10

^ Horn pp 40ff. 霍恩pp 40ff。

^ When Lorsch was rebuilt on a neighboring site by Abbot Richbold (784-804) the cloister was made a perfect square, against the south flank of the new church, precisely as in the plan of St. Gall (Horn 1973:44, figs 43ab, 45).

^ 当神父Richbold(784-804)在隔邻的土地重建Lorsch修道院时，迴廊是完美的四方形，位于新教堂的南面，跟(St.Gall)圣高尔教堂的平面图完全一样(霍恩 1974:44，图43ab, 45)。

^ Horn 1973:43 and fig 42ab. 霍恩1973:43和图42ab。

^ Vita Eigili, the life of Abbot Eigil. 伊吉里传，神父伊吉里的一生。

 

External Links 外部链接

Photographs of cloisters in Spain, Portugal and England

西班牙，葡萄牙和英格兰的修道院照片

The Code of Canon Law, cf canons 667 ff.

教会法规守则，cf法规667 ff。

New Advent Encyclopaedia III ff. on “Nuns, properly so called

《新临百科全书三》里的 “所谓的修女”

“Cloister” in the New Advent encyclopaedia

《新临百科全书》里的“迴廊”

New Advent Encyclopaedia on “Religious Life

《新临百科全书》里的“宗教生活”

Photos and information on cloisters in France, Italy and Spain

在法国，意大利和西班牙的迴廊照片与资讯

“Order of the Stick” comic describing the spell “Cloister”

漫画“棒子的秩序”描述的“迴廊”魔咒

 

Categories 分類

Rooms, Spaces, and Architectural Elements  房间，空间，建筑设计元素

Public Areas 公共场所

Airport lounge 机场休息室

Auditorium 礼堂

Cafeteria 餐饮店

Classroom 课室

Changing room 更衣室

Conference hall 会议厅

Doctor’s office 医生办公室

Function hall 聚会厅

Mailroom 邮件室

Library 图书馆

Lobby 大厅

Office 办公室

Refectory 食堂 /饭厅

Restroom 洗手间 /卫生间

Security 保安 / 保全

Waiting room 等候室 / 候车室

Passages and Spaces 通道与空间

Alcove 壁龛

Atrium 中庭

Balcony 阳台

Breezeway 通风廊

Corridor 走廊

Deck 甲板

Elevator 电梯

Emergency exit 紧急出口

Escalator 自动扶梯

Entryway / Genkan 入口处 / 玄关

Foyer 前庭 / 堂前

Hallway 礼堂

Loft 阁楼

Loggia 走廊

Nook 小角落

Patio 天井

Pedway 高架走道

Pergola 绿荫廊道

Porch 露台

porte-cochère 前庭门廊

Portico 廊

Ramp 斜坡道

Secret passage 秘密通道

Skyway 天桥

Spear closet 矛头角

Stairway 楼梯

Terrace 天台

Veranda 走廊

Vestibule 前庭 / 门厅

Wheelchair ramp 轮椅坡道

Utility and Storage 工用与存储

Attic 顶楼

Basement 地下室

Box Room / Carport 箱室 / 车库

Cloakroom 衣帽间

Closet 橱柜

Electrical room 电气房

Equipment room 机房

Furnace room / Boiler room 炉房 / 锅炉房

Garage 车房

Janitorial closet 卫生柜 / 清洁橱

Laundry room / Utility room 洗衣房 / 工作间

Mechanical room / floor 机械房 / 层

Pantry 茶水处 / 杂物处

Root cellar 地窖

Semi-basement 半地下室

Studio 工作室

Server room 伺服器机房

Wardrobe 衣柜

Workshop 车间 / 工作室 / 工房

Vault 保险库

Wine cellar 酒窖

Wiring closet / Demarcation point 配线房 / 划界点

Shared Residential Rooms 共用住宅房间

Billiard room 桌球室

Bonus room 备用房

Common room 公共房

Common Room (university) 公共休息室 (大学)

Conversation pit 闲聊坑

Den 小窝

Dining room 餐室 / 饭厅

Drawing room 小客厅

Family room 家人聚合室

Great room 大厅

Hearth room 壁炉房 / 灶房

Home office 住家办公室

Kitchen 厨房

Kitchenette 小厨房

Library 图书馆

Living room / Lounge / Sitting room 客厅/ 休闲室 / 客厅

Man cave 人洞 / 私房

Media room or Home theater 媒体室或家庭影院

Mehmaan khana 小客厅

Recreation room 娱乐室 /康乐室

Shrines 神坛

Study 书室

Student lounge 学生休息室

Sunroom / Solarium 日光室 / 观景室

Private Rooms 私人房间

Bathroom / Toilet (room) 浴室 / 厕所 (间)

Bedroom / Guest room 卧室 / 客房

Boudoir 闺房

Cabinet 内阁

Jack and Jill bathroom 两房共用浴室

Nursery 托儿所

Safe room 安全房

State room 大堂 / 国宾厅

Suite 套房

Walk-in closet 步入式衣橱

Great House Areas 大房子区块

Ballroom 舞厅

Butler’s pantry 管家的杂物间

Buttery 酒窖

Drawing room 小客厅

Fainting room 慵懒室

Great chamber 主厅 / 主室

Great hall 大堂

Larder 贮藏室

Long gallery 长廊

Lumber room 暗房

Parlour 会客室

Root cellar 地窖

Salon 客厅

Saucery 调味处

Scullery 碗碟间

Servants’ hall 仆人厅

Servants’ quarters 佣人宿舍

Smoking room 吸烟室

Solar 太阳能

Spicery 香料间

Still room 酵房

Undercroft 贮藏室

Other Areas 其他区块

Barn 谷仓

Boathouse 船屋

Conservatory 暖房 / 温室

Gym 健身房

Loading dock 装卸码头

Moon gate 月亮门

Outhouse 厕所 / 外屋

Secondary suite 单房 / 附属屋

Shed 棚 / 小屋

Stable 马房

Storm cellar or Storm room 风暴地窖或避风室

Architectural Elements 建筑设计元素

Arch 拱

Ceiling 天花板

Colonnade 柱廊 / 列柱

Column 柱子

Courtyard 庭院

Fireplace 壁炉

Floor 地板

Gate 前门

Lighting 照明

Medaillon 圆雕

Ornament 点缀物

Swimming pool 游泳池

Vault 保险库

Wet bar 湿吧台

Roof 屋顶

Related Terms 相关术语

Building 建筑

Furniture 家具

House 房子

House plan 房子平面图

Rooms 房间

 

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Source > Wikipedia at http://en.wikipedia.org/wiki/Cloister

Translated by > BlogHost — hkTan

Word Count > Approx. 840 words in English