★以下是英語(yǔ)資源頻道為大家整理的《雙語(yǔ)新聞：股票回購(gòu)狂潮會(huì)在今年終結(jié)嗎》，供大家參考。
Many forces have fueled the bull market we have witnessed over the past six years, but share repurchases are at the top of the list. Driven by low interest rates and an economy rife with uncertainty, Corporate America is awash with cash. Rather than spend that money on internal investments that might not pan out, companies have instead decided to return that money to shareholders by buying their own stock.
我們?cè)谶^(guò)去六年看到的牛市是在多種力量作用下形成的，但股票回購(gòu)是其中最重要的因素。由于低利率和充滿不確定感的經(jīng)濟(jì)環(huán)境，美國(guó)公司手握大量現(xiàn)金。各大公司覺(jué)得，與其把錢花在未必能成功的內(nèi)部投資上，還不如通過(guò)回購(gòu)股票來(lái)回饋股東。
股票回購(gòu)狂潮會(huì)在今年終結(jié)嗎
The debate over whether it’s better for firms to send money to shareholders in the form of buybacks or in the form of dividends has gone on for decades. But we can all agree that companies ramping up their share repurchasing has buoyed stock prices. This chart from Bianco Research shows how buybacks have soared since the end of the recession and are now close to all-time highs:
回購(gòu)股票和支付股息，究竟哪一種是更好的回饋方式？這個(gè)爭(zhēng)論已經(jīng)持續(xù)了好幾十年。但我們都同意，各大公司一窩蜂地回購(gòu)股票，已經(jīng)顯著地提振了股價(jià)。這張由研究公司Bianco Research制作的圖表，為我們展示了回購(gòu)股票是如何導(dǎo)致股價(jià)在經(jīng)濟(jì)衰退結(jié)束后持續(xù)飆升，如今已接近歷史點(diǎn)的。
You can view this trend as a good sign or a worrying one. On the one hand, companies should only buy their shares when they are confident that the stock has a lot of room to grow, as buying overpriced shares is a terrible use of shareholder money. But, as Will Becker, an analyst with Behind the Numbers, puts in his latest report to clients, history shows that executives and directors plan buybacks at the worst times. He writes:
這一趨勢(shì)既可以被解讀為好的跡象，也可以被看作一種令人擔(dān)憂的狀況。一方面，一家公司只應(yīng)該在非常確定自己的股票有很大漲幅空間時(shí)回購(gòu)股票，因?yàn)橘?gòu)買價(jià)格過(guò)高的股票可不是利用股東金錢的明智方式。但正如Behind the Numbers公司分析師比爾?貝克爾最近為客戶撰寫(xiě)的報(bào)告所指出的那樣，歷史顯示高管和董事們往往會(huì)選擇最差的回購(gòu)時(shí)機(jī)。他寫(xiě)道：
Buybacks are typically initiated in good times when stock prices are high…. Corporations end up purchasing their own stock at inflated prices, only to have many of these same shares then redeemed by management as compensation committees increasingly hand out these perks in good times.
回購(gòu)?fù)l(fā)生在經(jīng)濟(jì)景氣，股價(jià)已經(jīng)很高的時(shí)候。公司最終會(huì)以虛高的價(jià)格買回自己的股票，但鑒于越來(lái)越多的薪酬委員會(huì)在經(jīng)濟(jì)景氣時(shí)分發(fā)這些紅利，所以這些股票有很大一部分最終只是被管理層贖回了。
Nevertheless, it appears that Corporate America plans to stick to its buyback strategy. Goldman Sachs equity strategist David Kosten says that share repurchases will increase by 18% this year, to more than $700 billion. Becker, however, thinks there’s reason to believe that 2015, at least for some companies, might be the year the good ship buyback finally runs ashore.
然而，美國(guó)公司似乎仍然計(jì)劃堅(jiān)持回購(gòu)策略。高盛公司證券策略師大衛(wèi)?科斯滕表示，今年股票回購(gòu)的價(jià)值還將增長(zhǎng)18%，達(dá)到7000億美元以上。不過(guò)貝克爾認(rèn)為，有理由相信2015年至少會(huì)有一些公司的美好回購(gòu)計(jì)劃最終擱淺。
Writes Becker, “Frankly we believe free cash flow for many of these companies could soon encounter a number of headwinds, thereby making it more difficult for them to expand their buyback programs.”
貝克爾寫(xiě)道：“坦白說(shuō)，我們認(rèn)為許多公司的現(xiàn)金流很快就將遭遇困境，這會(huì)讓他們擴(kuò)大回購(gòu)的舉動(dòng)變得十分艱難?！?
Many forces have fueled the bull market we have witnessed over the past six years, but share repurchases are at the top of the list. Driven by low interest rates and an economy rife with uncertainty, Corporate America is awash with cash. Rather than spend that money on internal investments that might not pan out, companies have instead decided to return that money to shareholders by buying their own stock.
我們?cè)谶^(guò)去六年看到的牛市是在多種力量作用下形成的，但股票回購(gòu)是其中最重要的因素。由于低利率和充滿不確定感的經(jīng)濟(jì)環(huán)境，美國(guó)公司手握大量現(xiàn)金。各大公司覺(jué)得，與其把錢花在未必能成功的內(nèi)部投資上，還不如通過(guò)回購(gòu)股票來(lái)回饋股東。
股票回購(gòu)狂潮會(huì)在今年終結(jié)嗎
The debate over whether it’s better for firms to send money to shareholders in the form of buybacks or in the form of dividends has gone on for decades. But we can all agree that companies ramping up their share repurchasing has buoyed stock prices. This chart from Bianco Research shows how buybacks have soared since the end of the recession and are now close to all-time highs:
回購(gòu)股票和支付股息，究竟哪一種是更好的回饋方式？這個(gè)爭(zhēng)論已經(jīng)持續(xù)了好幾十年。但我們都同意，各大公司一窩蜂地回購(gòu)股票，已經(jīng)顯著地提振了股價(jià)。這張由研究公司Bianco Research制作的圖表，為我們展示了回購(gòu)股票是如何導(dǎo)致股價(jià)在經(jīng)濟(jì)衰退結(jié)束后持續(xù)飆升，如今已接近歷史點(diǎn)的。
You can view this trend as a good sign or a worrying one. On the one hand, companies should only buy their shares when they are confident that the stock has a lot of room to grow, as buying overpriced shares is a terrible use of shareholder money. But, as Will Becker, an analyst with Behind the Numbers, puts in his latest report to clients, history shows that executives and directors plan buybacks at the worst times. He writes:
這一趨勢(shì)既可以被解讀為好的跡象，也可以被看作一種令人擔(dān)憂的狀況。一方面，一家公司只應(yīng)該在非常確定自己的股票有很大漲幅空間時(shí)回購(gòu)股票，因?yàn)橘?gòu)買價(jià)格過(guò)高的股票可不是利用股東金錢的明智方式。但正如Behind the Numbers公司分析師比爾?貝克爾最近為客戶撰寫(xiě)的報(bào)告所指出的那樣，歷史顯示高管和董事們往往會(huì)選擇最差的回購(gòu)時(shí)機(jī)。他寫(xiě)道：
Buybacks are typically initiated in good times when stock prices are high…. Corporations end up purchasing their own stock at inflated prices, only to have many of these same shares then redeemed by management as compensation committees increasingly hand out these perks in good times.
回購(gòu)?fù)l(fā)生在經(jīng)濟(jì)景氣，股價(jià)已經(jīng)很高的時(shí)候。公司最終會(huì)以虛高的價(jià)格買回自己的股票，但鑒于越來(lái)越多的薪酬委員會(huì)在經(jīng)濟(jì)景氣時(shí)分發(fā)這些紅利，所以這些股票有很大一部分最終只是被管理層贖回了。
Nevertheless, it appears that Corporate America plans to stick to its buyback strategy. Goldman Sachs equity strategist David Kosten says that share repurchases will increase by 18% this year, to more than $700 billion. Becker, however, thinks there’s reason to believe that 2015, at least for some companies, might be the year the good ship buyback finally runs ashore.
然而，美國(guó)公司似乎仍然計(jì)劃堅(jiān)持回購(gòu)策略。高盛公司證券策略師大衛(wèi)?科斯滕表示，今年股票回購(gòu)的價(jià)值還將增長(zhǎng)18%，達(dá)到7000億美元以上。不過(guò)貝克爾認(rèn)為，有理由相信2015年至少會(huì)有一些公司的美好回購(gòu)計(jì)劃最終擱淺。
Writes Becker, “Frankly we believe free cash flow for many of these companies could soon encounter a number of headwinds, thereby making it more difficult for them to expand their buyback programs.”
貝克爾寫(xiě)道：“坦白說(shuō)，我們認(rèn)為許多公司的現(xiàn)金流很快就將遭遇困境，這會(huì)讓他們擴(kuò)大回購(gòu)的舉動(dòng)變得十分艱難?！?