BEC中級(jí)閱讀材料：摩根士丹利

　　由于波動(dòng)的股市仍在繼續(xù)影響并購(gòu)交易，摩根士丹利(Morgan Stanley)已暫停出售所持中國(guó)券商中金公司(CICC)的股份。它告訴貝恩資本(Bain Capital)和TPG等參與競(jìng)購(gòu)的私人股本公司，它們的出價(jià)過(guò)低。

　　Morgan Stanley has put the sale of its stake in mainland brokerage China International Capital Corp on hold, telling private equity bidders including Bain Capital and TPG that their offers are too low as jittery equity markets continue to take a toll on deals.

　　中金公司的交易表明，潛在買(mǎi)家與賣(mài)家之間的預(yù)期通常會(huì)相差何其之遠(yuǎn)。

　　The CICC deal provides evidence of just how far apart the expectations of potential buyers and sellers generally remain.

　　由于可以獲得的借貸資金數(shù)額大幅減少，收購(gòu)公司不愿為新交易支付高價(jià)，而賣(mài)方仍然希望得到6個(gè)月之前可能拿到的金額。

　　With their access to vast sums of borrowed money curtailed, buy-out firms are reluctant to pay top price for new deals while sellers are still hoping to get as much as they would have received six months ago.

　　從中金公司交易程序啟動(dòng)伊始，相關(guān)私人股本公司的高管就表示擔(dān)心，自己也許會(huì)買(mǎi)在最高點(diǎn)。

　　From the beginning of the CICC process, executives from the private equity firms involved expressed concern that they might be buying at a peak.

　　摩根士丹利暫停拍賣(mài)所持中金公司34.3%股份，將使問(wèn)題復(fù)雜化，因?yàn)檫@家投行已計(jì)劃與上海的華鑫證券(Fortune Securities)達(dá)成新的伙伴關(guān)系。

　　Putting the auction for Morgan Stanley’s 34.3 per cent stake in the brokerage on hold will complicate matters as the bank had planned to seal a new partnership with Fortune Securities in Shanghai.

　　中國(guó)政府已經(jīng)告訴摩根士丹利，它在中國(guó)不能同時(shí)擁有兩家投行業(yè)務(wù)合資企業(yè)。摩根士丹利曾希望，所持中金公司股份可以為自己帶來(lái)至少10億美元資金。

　　Morgan Stanley, which hoped to get at least $1bn for its CICC stake, has been told by the government that it cannot simultaneously be in two separate investment banking ventures in China.

　　摩根士丹利在中金公司的主要合作伙伴中國(guó)建設(shè)銀行(CCB)已經(jīng)將所持股份轉(zhuǎn)讓給中投公司(CIC)。

　　China Construction Bank, Morgan Stanley’s principal partner in CICC, has transferred its stake to China Investment Corp.

　　去年12月，中投公司斥資50億美元收購(gòu)了摩根士丹利少數(shù)股權(quán)。這筆交易更多地被描述為對(duì)摩根士丹利的戰(zhàn)略投資，而不是救援融資。

　　CIC bought a $5bn minority stake in Morgan Stanley in December in a deal that was described more as a strategic investment for Morgan Stanley than as rescue finance.

　　當(dāng)摩根士丹利最初于1995年夏達(dá)成入股中金公司的交易時(shí)，中國(guó)市場(chǎng)還很沉靜，大部分利潤(rùn)來(lái)自中國(guó)政府債券的利息。

　　When the CICC deal was first sealed in the summer of 1995, Chinese markets were dormant and most of profits came from the interest earned on Chinese government bonds.

　　但是現(xiàn)在，中國(guó)企業(yè)正在全球四處并購(gòu)，更多公司準(zhǔn)備上市融資，國(guó)內(nèi)股市投資者人數(shù)與日俱增，全球其它國(guó)家和地區(qū)爭(zhēng)相尋找中國(guó)投資資金，價(jià)位合適的中國(guó)券商因此擁有極大的吸引力。

　　But now, Chinese firms are scouring the world for mergers and acquisitions, more companies are going public, the number of investors in the domestic stock market is growing by the day and the rest of the world is lining up in search of Chinese investment capital, making Chinese brokerages hugely attractive at the right price.

　　中金公司高管的薪酬，遠(yuǎn)遠(yuǎn)高于中信證券(Citic Securities)等其它大陸券商。

　　CICC executives are paid far more than their counterparts at other mainland brokerage firms such as Citic Securities.