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商务英语阅读3

商务英语阅读3
商务英语阅读3

第3课

主课文译文

国界与壁垒

欧元真的能够使欧盟成为单一商业市场吗?

欧元的深刻影响已清晰可见,1月1日之后,其更为深远的影响也将显露出来。然而,欧元本身的作用仅此而已。在欧洲建立一个真正的单一市场是一项更大的工程,尽管欧元在其中扮演着主要的角色,但最好还是将其看作是该工程的组成部分。许多单一货币对经济及商业产生何种影响的学术研究,恰好支持了上述观点。加州大学伯克利分校的经济学家安德鲁·罗斯(Andrew Rose)主持的一项实用系列研究显示:由于单一货币的出现,欧洲境内贸易量会很快增加一倍甚至两倍。倘若果真如此,欧洲将给众多对欧洲前景持悲观态度的人士以极大惊喜,因为这些人总是发出感慨,美国十年间非同寻常的经济发展让欧洲望尘莫及,使欧洲落后于美国十年之久。

然而,另一项重要的系列研究向人们揭示了为什么某种单一因素的改变,例如单一货币的引入,所产生的效果与最初的期望值存在差距。枫丹白露商学院(Insead)为法国名牌商学院,该院经济学家萨布玛尼·兰格(Subramanian Rangan)对全球化以及全球化对国际大型跨国公司的价格政策及货物来源进行了研究。他指出,象欧洲这样如此之大的地区,在实现经济一体化的进程中,关键的问题是要搞清楚国与国之间的边界会带来什么样的影响。他说:“当人们谈到一体化的时候,一定存在着一个将何种事物一体化的问题。而国与国边界造成的差异根深蒂固,不可能仅仅将诸多差异之一排除而使问题得到全面解决。”

这一论述很重要,因为该论述解释了为什么不能不顾其他经济因素而孤立地去看待欧元。在由国界造成的诸多差异中,兰格先生列出如下内容:

z行政管理规则及其标准;

z社会及宗教现状;

z发展潜力,包括地理状况及自然资源;

z经济发展状况及基础设施;另外还包括:

z信息方面的差异,其中也包括语言。

商业活动运作的环境均受到以上这些因素的影响。虽然由不同货币造成的现有障碍将随着单一货币重要作用的发挥而得以消除,但欧元本身不会在其他方面带来多大变化。欧洲各国之间的不同货币体现了不同国家国民经济的管理特征,虽然这些货币将不复存在,但各国经济管理方面的差别将不会随着不同货币的消失而消失。

这一分析甚至使人们在看待欧元如何影响价格透明度的问题上也有了新的视角。诚然,单一货币将使消费者在对比价格时更加容易,但这样的变化离不开如下事实:欧洲目前存在着不同的消费群体,他们大多购买由不同材料生产、有着不同商标及包装的产品。看来,在价格趋同之前,需要趋同的事情还有许多。

兰格先生也预测,情况确实如此。虽然欧元区的价格势必要趋同,但趋同的速度要比许多人的想象慢得多。不仅如此,这种趋同也主要体现在消费者错误选购商品代价相对较低的领域。

兰格说:“如果可以选择,没有人会请最廉价的律师。”如果错误选购了大件商品,如汽车和房产,挽回损失并不那么容易;而在卫生保健和医药方面消费不当,其损失将无法挽回。

为了搞清楚兰格先生的观点,我们来看一看欧元本身。欧元是欧洲的货币,然而,迄今为止单一货币市场真的出现了吗?只要简单看一下银行体系,或是了解一下宏观金融服务业的情况,人们就会清楚地认识到,该目标还远未达到。在欧洲取得的某些显著成就中,欧元确实起到了促进作用,但也有明显失误的地方,还有许多差距尚未填补。

以欧元标价的资本市场的建立便是成就之一。这一市场三年前白手起家,迄今已成为世界上最主要的资本市场之一。欧元已使汇率风险不复存在,欧洲货币及债券市场由于过去多种货币共存呈分割状态,如今,欧元的诞生已使这一问题得到解决。

例如,银行间无抵押资金市场实际上已遍及欧洲,各大银行可以顺利地将流动资金注入较小的国有银行。而有抵押市场则逊色一筹,这主要是因为其本身的存在就已形成了深层结构方面的问题,这些问题致使抵押品的转让遇到困难。但随着问题不断得到解决,有抵押市场发展到一定阶段将比无抵押市场发展更快。

欧洲债券市场总体上也很成功,部分原因是,在欧洲债券市场建立之前,其清算和结算基础结构的一体化就已经实现。在公司市场方面,诸如飞利浦公司等国际知名企业均已发行了大量基准债券。甚至几个名不见经传的小公司,例如Ducati公司,也成功地发行了债券。飞利浦公司首席财务官简·霍门(Jan Hommen)说,市场正日趋完善并不断细化。霍门的这番话是有所指的,在今年的两笔不同交易中,他轻松筹集到了42.5亿欧元。

观察家们说,与最初人们的期望不同,现在能够通过发行债券筹措资金的中型公司越来越少。在更多公司能够以此种方式筹措资金以前,另一种筹资的方式,即银行贷款发放体系,将继续造成资金发放错位的问题。这一批评是中肯的。然而,欧洲债券市场已表现出自身的能力,将可作为除银行债务以外的另一种筹资选择长期发挥作用,而银行债务一直主导着欧洲金融媒介。今年初,欧洲债券市场向电信债券发行人提供了大量流动资金,这是因为人们对电信业股权投资已经失去热情。从那时起,债券发行也呈现枯竭状态,但不管怎样,这是一种进步。

以上这些成功由于欧洲股票市场一体化进程不够顺利,因而也打了折扣。虽然越来越多的股票以欧元报价,股票交易所之间的兼并也时有发生,但股票市场深层结构仍呈现分割状态。其中的一个原因是,作为一种金融工具,股票与债券相比更为复杂。另一个更重要的原因是,地方上的既得利益者阻碍了证券市场一体化的进程。

我们来看一下欧洲清算及结算体系的竞争对手情况。理想的情况是,在所有的证券交易中,欧洲应有一个主要的交易对手,这样既可以提高结算的效率,又可以尽量减少抵押品的转让。目前看来,这种可能性并不大。而原则上可行的是,让欧元区内几家证券市场共存,每家市场拥有各自的交易汇率、清算机制、结算体系以及存储票据。

何时开盘?

由于单一市场的建立只是个时间早晚问题,每一个体市场在同欧元区内其他市场交易时,彼

此之间的配合应该是无懈可击的。从微观上说,这就需要各交易所和各体系之间拥有统一的清算及结算周期。从目前的情况看,这一目标的实现仍遥遥无期,现在各交易所的开盘、封盘时间均不同,其清算的截止期限也不大相同,投资者对此应时刻提高警惕。

观察家们声称,最初看似相对简单的改革最后变为一场噩梦。其原因是,每个国家都不愿意自动消除壁垒,那样做会使自己在整个金融体系中处于不利地位。欧洲委员会于1999年颁布了旨在2005年底完成的金融服务行动计划,从那以后就一直稳步推进该计划全部42项措施的执行。亚历山大·兰姆法罗斯(Alexandre Lamfalussy)原为中央银行负责人,由他主持的委员会于今年2月发表了一份报告,该报告在3月份斯德哥尔摩召开的高峰会议上得到了认可。高峰会认为,报告为进一步实现资本市场一体化奠定了理性基础。由于种种原因,后来几乎无任何进展。既使是如此简单的改革都需要每个国家制定出新的法律,因此,政治干预的空间依然相当广阔;国家越大,障碍也就越大。

一个更为根本性的问题是,欧元尖锐地揭示了有关证券法律概念中的一些不一致内容。在美国和英国,依照法律规定有两种形式的所有权。第一种所有权在欧洲大陆也同时存在,被称为完全所有权。第二种所有权是欧洲所没有的,被称为受益性所有权。这一概念导致了存储票据的产生,使有价证券失去了其“物质形态”。如果你在美国购买股票,你所购买的只是所指定股票的追索权,而不是股票本身。相比之下,在欧洲你可以直接购买有价证券,这些证券就在你的名下。比如说在美国,如果个人持有通用电器公司的股票,这些股票就可能由资金管理人汇总为所谓的“总合帐户”,这样做可以使管理和交易更加有效。而在欧洲,每个帐户均为独立帐户。

当股票贬值的时候

在这些法律问题细微差别的背后,有个不容回避的实际商业问题:当破产发生时,谁该拥有什么以及应遵守的顺序是什么?在独立帐户下,直接所有权的问题很容易澄清。而在盎格鲁撒克逊模式下,流动金融市场中抵押品不断在交易对手之间转让,此时所有权的问题就会有争议,特别是当两种法律体系交迭之时,争议尤为突出。每当在伦敦的资金管理人同法兰克福的资金管理人进行交易时,此种交迭便会发生。假设你以自己的股票作抵押,得到一笔贷款,然后想还清贷款,赎回股票。如果你的交易对手在你的股票被赎回之前破产了,这些股票应该算谁的?诸如此类的问题对于跨国界证券市场一体化进程均构成严重障碍,克服这些障碍绝非易事。既使英国加入了欧元,这些法律上的问题依然需要解决。

在资本市场一体化的过程中,很容易出现一些与欧洲的日常商务活动不协调的问题。事实上,欧洲缺少一个单一的货币市场,这对其经济已构成严重障碍,而这一点又对企业产生了直接的影响。建立单一市场困难重重,最能说明这一点的莫过于近期开展的有关跨国界小额汇款收费的争论,争论的一方是欧洲委员会和欧洲议会,另一方是欧洲的银行业。

三月份,欧洲委员会进行了一次秘密跨国界支付调查,将数额为100欧元的1,500份汇款寄往欧盟15国。其中7份汇款从未抵达收款人;在未抵达汇款中,只有5份返还给老了汇款人。欧洲委员会对此非常愤怒,这主要还不是因为汇款工作缺乏效率,而是因为汇款手续费高得不着边际。仅平均收取费用就达24欧元,一笔从希腊至丹麦的汇款手续费最高,居然差不多达到了61欧元。不仅如此,15%以上的汇款毫无理由地被实施了双向收费。也就是说,汇款人和收款人都需要付费。

最初,这一问题似乎是个纯学术问题,因为此类跨国界支付目前仅占欧元区内银行支付的1%。然而,经认真研究发现,它不仅影响到个人,也影响到了商业活动。如果一个小型企业欲向欧元区内另一国家的客户退款,则会发现银行手续费竟比退款还要多,可怜的客户不仅提不到款,而且还需拿出钱来给银行。那些想通过邮购方式购物的客户也不大可能用支票付款,因为卖方不愿意接受含税近25%的付款。

眼下摆在欧洲议会面前的法规如果数月之后得以通过,它将禁止银行对跨国界支付有任何歧视,要求银行对跨国界支付和国内支付收取同样的费用。在最近的一次会议上,欧洲委员会主席罗马诺·普罗迪(Romano Prodi)问道:“如果公民和公司只能在本国名义上或是以电子形式使用单一货币,那么单一货币还有何用?”欧洲内部市场专员Frits Bolkestein严厉指责各银行10年间没有采取任何措施,并责备他们仅仅按照自己的想法出台了现有的有关法规。他同时警告银行,不要采取将国内汇款收费提高的办法拉平收费价格标准。

欧洲议会坚决支持实行规范管理,同时也面临压力,因为也需要给银行一个采取让步措施的机会。一种可能性是,原先拟定的2003年1月实行规范管理的期限向后推迟,使银行有更多的时间着手解决这一问题。欧洲中央银行也赞成这种期限延长的做法,但不希望将支票也列入规范管理的范围。欧洲中央银行争辩说,此类做法不过是一种低效率支付机制运作方式,既使是国内支付都不该予以鼓励,更何况跨国界支付呢!

欧洲各国政府,也包括那些目前仍在欧元区以外的国家政府,都必须作出抉择,都必须决定是否真的要为欧洲单一金融市场的建立做出努力。如果情况如此,各国政府必须在政治上表现出相当强的意志力,并将这种意志力体现在若干领域里。特别应该体现在零售金融服务业之中,因为该业目前严重缺少的正是这种欧洲一体精神。如果做不到这一点,欧元所能够带来的潜在经济利益只能实现很少一部分,而最终的损失绝不仅仅是目前金融市场一体化进程的失败。

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