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经济学人:金融界的计算机革命(4)

来源:经济学人 编辑:Magi   可可英语APP下载 |  可可官方微信:ikekenet
  


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A final concern is corporate governance. For decades company boards have been voted in and out of office by fund managers on behalf of their clients. What if those shares are run by computers that are agnostic, or worse, have been programmed to pursue a narrow objective such as getting firms to pay a dividend at all costs? Of course humans could override this. For example, BlackRock, the biggest ETF firm, gives firms guidance on strategy and environmental policy. But that raises its own problem: if assets flow to a few big fund managers with economies of scale, they will have disproportionate voting power over the economy.

最后一个担忧是公司管理。几十年来,基金经理代表客户投票决定公司董事会的去留。如果这些股票是由不可知论的电脑操作的,或者更糟的是,这些电脑被设定为追求一个狭隘的目标,比如不惜一切代价让公司支付股息,那该怎么办? 当然,人类可以推翻这些。例如,最大的ETF公司黑石集团在战略和环境政策方面为企业提供指导。但这也带来了自身的问题:如果资产流向少数具有规模经济的大型基金管理公司,它们将对经济拥有不成比例的投票权。
Hey Siri, can you invest my life savings?
嘿,Siri,你能投资我的毕生积蓄吗?

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The greatest innovations in finance are unstoppable, but often lead to crises as they find their feet. In the 18th century the jointstock company created bubbles, before going on to make largescale business possible in the 19th century. Securitisation caused the subprime debacle, but is today an importa nt tool for laying off risk. The broad principles of market regulation are eternal: equal treatment of all customers, equal access to information and the promotion of competition. However, the computing revolution looks as if it will make today’s rules look horribly out of date. Human investors are about to discover that they are no longer the smartest guys in the room.

金融领域最伟大的创新是不可阻挡的,但站稳脚跟期间,往往会导致危机。在18世纪,联合股份公司制造了泡沫,然后在19世纪继续使大规模的商业活动成为可能。证券化导致了次贷危机,但如今是消除风险的重要工具。市场监管的广泛原则是永恒的:平等对待所有客户,平等获取信息和促进竞争。然而,计算机革命似乎会让今天的规则显得非常过时。人类投资者即将发现,他们不再是房间里最聪明的人。

译文由可可原创,仅供学习交流使用,未经许可请勿转载。

重点单词   查看全部解释    
guidance ['gaidəns]

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n. 引导,指导

 
scale [skeil]

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n. 鳞,刻度,衡量,数值范围
v. 依比例决

 
agnostic [æg'nɔstik]

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n. 不可知论者 adj. 不可知论的,不可知论者的

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corporate ['kɔ:pərit]

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adj. 社团的,法人的,共同的,全体的

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regulation [.regju'leiʃən]

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n. 规则,规章,管理
adj. 规定的,官方

 
competition [kɔmpi'tiʃən]

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n. 比赛,竞争,竞赛

 
eternal [i'tə:nəl]

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adj. 永久的,永恒的
n. 永恒的事

 
objective [əb'dʒektiv]

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adj. 客观的,目标的
n. 目标,目的;

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override [.əuvə'raid]

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vt. 弃绝,渺视,凌驾,过度负重 n. 给代理人的佣金

 
promotion [prə'məuʃən]

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n. 晋升,促进,提升

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