【转载】国外的文章《Barron's》

gwjo

申明原文是别人的翻译，我的英文不行。
大家看看。
China's heavy-duty market intervention risks taking things too far.

After monetary policy easing earlier this week failed to lift markets, Beijing has acted more directly to boost shares: cutting stamp duty, getting a state investment fund to buy stock in the country's top three banks, and instructing state-owned companies to buy back some of their shares.


When even a government in as avowedly free market a nation as the U.S. is busily nationalizing financial institutions, it's hardly surprising a country like China follows suit.

But this is nanny-state action designed to placate investors who naively parked their money in stocks a few years ago and sat back, expecting the good times to keep rolling.

Short-term, the measures have had their desired effect, with the Shanghai market up 9.5% Friday after plummeting 9% this week.

Longer-term, this solves nothing, either for the broad outlook for China's equity markets, or the Chinese government's hopes to edge towards a more market-driven economy.

Share buybacks may remove some immediate concern about a potential flood of previously non-tradable shares onto the market. But those are still going to have to come to light at some point.

And stamp duty cuts have only provided short term relief previously -- since the last one, in April, the market has fallen by a third.

When the gloss wears off -- and it will -- local retail investors will again turn to the government for more intervention, instead of investing in line with companies' fundamentals.

This mess is largely of Beijing's own making.

It encouraged its people think the markets were a one-way bet, failed to spread the word about the perils of markets, and stood by as a bubble inevitably followed.

Chinese officials would do well to read up on the history of moral hazard and use fiscal and other measures to underpin confidence in stocks and the economy. Because creating an artificial market will only lead to more pain.

中国重拳出击欲提振市场，但却有过犹不及的风险。本周早些时候出台的货币政策未能起到提振作用后，中国政府采取了更为直接的措施来推高股市：下调印花税、让政府投资基金买进中国三大银行的股票，同时支持央企回购上市公司股份。连最推崇自由市场的美国政府都在忙着对金融机构国有化，在这种情况下，中国亦步亦趋也就不足为奇了。但政府出台这个政策就像保姆，意在安抚投资者，他们几年前傻乎乎地把钱投入股市，然后就一劳永逸，以为大好时光会一直持续下去。从短期看，中国政府的举措已经收到了预期的效果，沪市在本周暴跌9%之后于周五上涨9.5%。但长远看来，这些举措没有解决任何问题，不管从中国证券市场的基本面前景来说，还是从中国政府希望经济朝市场驱动型发展的愿望来说。股份回购可能会消除投资者眼前对“大小非”可能涌入市场的担忧。但这些股份将来某个时候还是得进入市场。此前的印花税下调也只是在短期内有所缓解──自今年4月上一次印花税下调以来，股市已经跌去三分之一。当这些措施造成的表面效应消退──也必将如此──中国的散户投资者又会再次指望政府进行更多干预，而不是根据公司的基本面进行投资。股市的混乱状况很大程度上是中国政府自己一手造成的。中国政府鼓励其民众相信股市会只涨不跌，而未能宣传市场的风险，同时在随后无可避免地出现泡沫时袖手旁观。中国政府官员得好好研究一下道德风险的历史，并运用财政及其他措施来支撑股市人气及经济发展。因为营造一个虚假的市场只会带来更多的痛苦。
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翻译

thbeforedo

真的。。。偶不懂

ekaiser

股市还是后劲不足