Today is last Friday of May, Vienna Stock Exchange entrance, now is the sea of people. 今天是5月份的最后一个星期五,维也纳证券交易所门口,现在已经是人山人海。 «Austria Benefits Securities Control law» has clearly stipulated, the listed company must three months announce financial statement a time, the time is the times moon/month. 《奥地利证券管理法》有明确规定,上市公司必须三个月公布一次的财务报表,时间就是次月。 Because the listing time is different, announced that the cycle of report form is also different, every month some end many enterprise announcement financial statements. 因为企业上市时间不同,公布报表的周期也不尽相同,每个月末都有不少企业公布财务报表。 Chooses Friday, that is Saturday and Sunday stock market closes, can leave behind the reaction time to the market, so as to avoid the investor is spur-of-the-moment, sell-off altogether. 选星期五,那是周六和周日股市休市,可以给市场留下反应时间,免得股民一时冲动,一股脑的抛售。 If the good news, naturally do not wait till the end of the month, can announce to the public momentarily. 如果是好消息,自然不要等到月末,随时都可以对外公布。 The financial statement of enterprise, the financial newspaper will also publish, was only compared with the time of exchange announcement late one several hours, the ordinary period did not have so many people. 企业的财务报表,财经报纸也会刊登,只是比交易所公布的时间晚了一几个小时,平常时期是没有这么多人的。 Now obviously is the exception, the entire Europe was striking in the past several months, has the corporate performance of strike naturally , in everyone has a mind to prepare. 现在显然是例外,过去的几个月里全欧洲都在罢工,发生罢工的企业业绩自然好不了,所有人都有心里准备。 Maldonado is also one in investor, the ordinary period he did not look the securities announced that in any case was Fridays even yes, in time still without enough time. 马尔多纳多也是投资者中的一员,平常时期他是不看证券所公示的,反正都是周五即便是看了,时间上也来不及。 Today is an exception, he holds in the stock most reaches may the son textile mill probably announce the financial statement. In the heart deep place, Maldonado has reached in the hope may the son textile mill little owe a little. 今天是个例外,他持有股份中最多的达可儿纺织厂要公布财务报表。在内心深处,马尔多纳多已经在期盼达可儿纺织厂少亏一点儿。 Without the means that he had been locked. Erupts to start from strike, reaching the stock price that may the son textile mill declines, and many of underselling, bought up few. 没办法,他已经被套牢了。从罢工事件爆发开始,达可儿纺织厂的股价就一路走低,并且还是抛售的多,买入的少。 The stock price has not fallen, that is reaches may the son textile mill big enterprise has lots of assets, has the necessary industry chain, risk tolerance, the investors have the confidence. 股价没有跌到底,那是达可儿纺织厂家大业大,拥有配套的产业链,抗风险能力强,投资者们还怀有信心。 Looks at the crowded crowd, Maldonado decisive enters faces each other in the cafe that to wait. Just entered three buildings, heard some people to call. 看着拥挤的人群,马尔多纳多果断的进入对门的咖啡厅中等候。刚进入三楼,就听到有人招呼。 „Maldonado, here!” “马尔多纳多,这边！” Maldonado walked accordingly: „You came, it seems like today's result was less optimistic.” 马尔多纳多应声走了过去:“你们都来了,看来今天的结果不容乐观了。” Several people were to play the old friend of stock understanding, had mixed for many years in this industry, only then without favoring market, everyone will gather waits for the enterprise to announce the financial statement here. 几人是玩股票认识的老朋友了,在这个行业中已经混了好些年,只有在不看好市场的情况下,大家才会聚集在这里等企业公布财务报表。 A baldheaded middle-aged man complained: „Damn, you cannot say of pleasant to hear? That feared that is deceives, compared with such direct good.” 一名秃顶中年男子抱怨道:“该死的,你就不能说点儿好听的么？那怕是糊弄一下,也比这么直接的好。” Maldonado shrugs: „Considered as finished, Karran. Must deceive you, that is not easy. If favors now the stock market, today you will not appear here.” 马尔多纳多耸了耸肩:“算了了,卡伦。要糊弄你,那可不容易。要是看好今股市,今天你也不会出现在这里了。” Obviously, two people are very ripe, speech unusual optional. 显然,两人已经很熟了,说话非常的随意。 On the private investor as the stock market, they are also only in the surface seem like the scenery, is actually with trepidation every day, the slightest sign of trouble does not dare to relax. 作为股市上散户,他们也只是表面上看起来风光,实则每天都在提心吊胆,一点儿风吹草动都不敢放松。 Looked that several people of sending border lines know, usually worries a lot. 看几人的发际线就知道,平常没有少操心。 Nearby old man referred to opposite exchange: „Seemed like the announcement.” 旁边一名老者指了指对面的交易所:“似乎是公布了。” As the old investor, they have one to wrap/sets of oneself judging method. For example now, others still push below, they looked here the response of crowd knew. 作为老股民,他们自有一套自己的判别方法。就比如说现在,其他人还在下面挤,他们在这里看人群的反应就知道了。 Karran put down the coffee in hand, helpless saying: „Really is the bad news, Maldonado has saying that your mouth is really smelly!” 卡伦放下了手中的咖啡,无奈的说道:“果然是坏消息,马尔多纳多不得不说你的嘴真臭！” A Maldonado face is bitter and astringent: „I do not think that , I must go to confirm now, this bad news actually bad, who together?” 马尔多纳多一脸苦涩:“我也不想的,现在我要去下面确认一下,这个坏消息究竟有多坏,有谁一起的么？” Several people look at each other, the old man says: „Wait a minute, the stock market has been suspended again now, under person of so many, does not miss this time.” 几人相视一眼,老者开口说道:“再等一会儿吧,现在股市已经停盘,下边人那么多,也不差这点儿功夫。” The time, the coffee on table is in a hurry cool. Saw the following crowd to disperse similarly, several talents go downstairs. 时间匆匆而过,桌上的咖啡都已经凉了。见下面的人群散得差不多了,几人才下了楼。 At this time, they discovered appeared , was not only their these private investors, some in circle „great person”. Obviously, the person of attention enterprise financial statement is not infrequent. 这个时候,他们发现一起出现的不光是他们这些散户,还有圈内的一些“大人物”。显然,关注企业财报的人不在少数。 With the disturbed mood, Maldonado examined reached the report form that may the son textile mill, looks above specially labelling „lost money 1.248 million”, his two eyes shut, was also unable to continue watching again. 怀着忐忑的心情,马尔多纳多查看了达可儿纺织厂的报表,看着上面特别标注的“亏损124.8万”,他两眼一闭,再也看不下去了。 The reason is unimportant, the loss of this astronomical figures, has far exceeded his expectation at heart, is only left over a thought „to shear the meat stop-loss” at heart. 原因已经不重要,这个天文数字的亏损,已经远远超出了他的心里预期,心里只剩下一个念头“割肉止损”。 Reached the profit that last year may son textile mill one year, is less than 1.5 million aegises. Now this loss, has been able to announce that this year reached may the son textile mill level the loss unable to achieve. 要知道,去年达可儿纺织厂一年的利润,都不到150万神盾。现在这笔亏损,已经可以宣布今年达可儿纺织厂抹平亏损都做不到了。 Maldonado has heard some people to curse, denouncing severely reaches may the son textile mill management be the brain is remnant, the adjustment cannot. 马尔多纳多已经听到有人在咒骂,痛斥达可儿纺织厂管理层是脑残,连变通都不会。 ...... …… If some choices, Ranno did not want to announce the financial statement at this time. However does not have the means that had not announced on time the financial statement not only need be fined, will also welcome the investigation of supervisory department. 如果有的选择,老兰诺也不愿意这个时候公布财务报表。但是没有办法,没有按时公布财报不但要被罚款,还会迎来监管部门的调查。 Few enterprises can withstand, reaching may the son textile mill be no exception, to find out a thing casually, may give the enterprise to strike fatally. 没有几家企业经得起查,达可儿纺织厂也不例外,随便查出点儿东西,都有可能给企业致命一击。 Now the outside world stared at their vision is too many, a little small issue might enlargement, even Ranno did not dare the financial statement fabrication. 现在外界盯着他们的目光太多了,一点儿小问题都有可能放大化,甚至老兰诺都不敢财务报表造假。 Struck continuously for a month, if the enterprise does not have the loss, cannot be justified. 连续罢工了一个多月,要是企业不出现亏损,都说不过去。 Quantity of delivery many, the deals and tax amount, these data can check, wants to create a false impression is not easy. 出货量多少、交易总额、纳税额数额,这些数据都是可以查的,想要造假可不容易。 Theoretically a cargo of aegis, can sell 10,000 aegises, is the law permits, is only the enterprise must according to the volume of trade tax payment. 理论上一神盾的货物,也可以卖一万神盾,都是法律允许的,只是企业是要按交易额纳税。 The far ultra market price finalized, the commodity turned into the luxury goods, needs to pay is the luxury tax. This tax rate be much higher than the ordinary tax revenue. 远超市场价格成交,商品就变成了奢侈品,需要缴纳的就是奢侈品税。这个税率要比普通税收高得多。 Theoretically so long as the enterprise is willing to put up the cash to clash the performance, turning losses into profit is simple. In the actual operation, such fool does not exist. The cost of fabrication was too high, went far beyond the withstanding limit of capitalist. 理论上只要企业舍得砸钱冲业绩,扭亏为盈非常简单。实际操作中,这样的傻子根本就不存在。造假成本太高,远远超过了资本家的承受极限。 Was reached the sad news influence that may the son textile mill serious losses, on Monday, Vienna Stock Exchange opening, welcomed sell-off. 受达可儿纺织厂严重亏损的噩耗影响,星期一,维也纳证券交易所一开盘,就迎来了抛售浪潮。 The exchange sees only throws the list, no one takes over a business, the stock price naturally is collapses to continue. Closes by afternoon, reaching may the son textile mill stock price fall 14.7%. 交易所只见抛单,根本就没有人接盘,股价自然是狂跌不止。截止到下午收盘,达可儿纺织厂股价下跌了百分之十四点七。 It seems like this decline range also to accept, since fact this is reaches may son textile mill strike erupt, the N th stock prices fall. 看起来这个跌幅还可以接受,实际上这已经是达可儿纺织厂罢工事件爆发以来,第n次股价下跌。 The stock price had arrived at the valley, after falls again, reaching the market value of being possible the son textile mill only then 63% of peak. 股价本身就已经到了谷底,再次下跌过后,达可儿纺织厂的市值只有巅峰时期的百分之六十三。 The stock price falls , is not only reaches may the son textile mill, the stock prices of all enterprises came under the influence, particularly presents the enterprise decline range of strike to be biggest. 股价下跌的不光是达可儿纺织厂,所有企业的股价都受到了影响,尤其是出现罢工的企业跌幅最大。 The investors think: And reaches in the strike enterprise may the son textile mill be the same, will have the serious losses. 投资者认为:发生罢工的企业和达可儿纺织厂一样,都会出现严重亏损。 In the market economy, is a slight move in one part that may affect the whole situation. Once the enterprise production were affected, the raw material supply of upstream, the marketing channel of downstream, no one must want to cultivate one's own moral worth. 在市场经济中,已经是牵一发而动全身。一旦企业生产受影响,上游的原材料供应,下游的销售渠道,谁也不要想独善其身。 The stock price falls will also infect, many high-performing enterprises were also hit by the unexpected misfortune. Closed by the same day, the bulk lots whole of Vienna Stock Exchange fell 4.2, in the market was wails one. 股价下跌也是会传染的,很多业绩良好的企业同样遭受了无妄之灾。截止到当天收盘,维也纳证券交易所的大盘整体下跌了4.2,市场上是哀嚎一声。 By the market unfavorable factor influence, in the following several days, Vienna Stock Market will continuously be presented the bloody collapse, many enterprise stocks fell the white vegetable price directly, the stock disaster arrived officially. 受市场不利因素影响,接下来的几天里,维也纳股市不断出现血崩,很多企业股票直接跌成了白菜价,股灾正式降临了。 Closes by Friday, Vienna Stock Exchange bulk lots fell 11.8%, in short five days of time, Austria Libyan Stock Market on evaporation over a hundred million aegises. 截止到周五收盘,维也纳证券交易所大盘下跌了百分之十一点八,短短的五天时间里,奥地利股市就蒸发上亿神盾。 The stock disaster came! 股灾来了！ Under the function of newspaper, Vienna erupted the news of disaster to spread over the entire continental Europe quickly, the investor of mind miraculous glow, first dumped the stock in hand. 在报纸的作用下,维也纳爆发股灾的消息很快就传遍了整个欧洲大陆,头脑灵光的投资者,第一时间就抛售了手中的股票。 With the development of economy, close of more and more various European countries economic liaison, the Austria advantage erupts a disaster until now, various European countries are unable to cultivate one's own moral worth. 随着经济的发展,时至今日欧洲各国经济联系的越来越紧密,奥地利爆发股灾,欧洲各国也无法独善其身。 Strange appeared, London, Paris, the stock market continuously presents the fix price for forward delivery, the buyer is few. How is the experts to promote, the stock market declines. 诡异的一幕出现了,无论是伦敦、还是巴黎,股市都不断出现抛盘,购买者却寥寥无几。任专家学者如何鼓吹,股市都一路走低。 „Bailout” becomes after „strike” another hot topic, however before „bailout”, but must solve the strike problem. “救市”成为了继“罢工”后的又一热门话题,然而在“救市”之前,还必须要解决罢工问题。 If the enterprise is unable to resume production, how can also guarantee the stock price? The capitalists were anxious, on the stock market those who have the qualifications to shear the wool is only few, sheep that most people were sheared the wool. 如果企业无法恢复生产,又如何能够保证股价呢？资本家们急了,有资格在股市上剪羊毛的只是极少数,大多数人都是被剪羊毛的羊。 To resume production as soon as possible, the capitalists also show special prowess. 为了尽快恢复生产,资本家们也是各显神通。 Some capitalist choices and workers negotiated and compromise ; Some capitalists choose the buy and being divided and demoralized ; Some capitalists make the goon arrest the family member directly, the force worker go to work ; And what is more offers a sacrifice to Gatling directly, the strafe strike crowd, by slaughters to force the worker to resume work bloody...... 有的资本家选择和工人谈判、妥协;有的资本家选择收买、分化瓦解;有的资本家直接让打手抓捕家属,强迫工人上班;更有甚者直接祭出加特林,扫射罢工人群,靠血腥屠戮逼迫工人复工…… All kinds of god operation, performs in continental Europe unceasingly, to the people bring the laughingstock at the same time, filled bloody. 五花八门的神操作,不断在欧洲大陆上演,给民众带来笑料的同时,也充满了血腥。 Where has the oppression, where has the resistance. Slaughters resumes work, continuous worker revolt that not only bloody brings. 哪里有压迫,哪里就有反抗。血腥屠戮带来的不仅仅只是复工,还有接连不断的工人起义。 Chaotic, thorough was chaotic, the entire continental Europe became a hopeless mess randomly. Various at sixes and sevens thought that seize the chance quickly to disseminate, suddenly god demon chaotic dance. 乱了、彻底乱了,整个欧洲大陆都乱成了一锅粥。各种乱七八糟的思想,趁机迅速传播,一时间神魔乱舞。 The Vienna palace, looks at the chaotic situation, Franz also has a headache. The morning that the Vienna government involves, the Austria advantage has not erupted the large-scale worker to revolt, but the stock disaster also enough received. 维也纳宫,看着纷乱的局势,弗朗茨也头疼不已。维也纳政府介入的早,奥地利没有爆发大规模工人起义,可是股灾也够受了。 Affected by the stock disaster, difficult position that many enterprises fall into underfunded. If can not arrive at the solution, might cause the new round economic crisis. 受股灾影响,很多企业陷入资金不足的困境。如果不得到解决,很可能会引发新一轮的经济危机。 If only underfunded also easy to do, can seek the bank loan. Enterprise that these underfunded, but also has a lot of problems. 如果只是资金不足还好办,可以寻求银行贷款。偏偏这些资金不足的企业,还存在着大量的问题。 For example: Disorderly management, strike does not have the solution and operation approach conservative and mechanical device obsolete...... 比如说:管理混乱、罢工事件没有解决、经营思路保守、机械设备老旧…… At sixes and sevens issue gathers in together, bank with natural obtaining conclusion: Risky business. 乱七八糟的问题汇聚在一起,银行跟自然的得出结论:高风险业务。 When the market quotation is good, the bank naturally does not mind the risky business. The high risk often also follows the high income, so long as the benefit is big enough, the bank is not the deficient venture spirit. 在市场行情好的时候,银行自然不介意高风险业务。高风险往往也伴随着高收益,只要利益足够大,银行是不缺乏冒险精神的。 The present situation is different, the stock disaster erupted, bank many businesses received involvement, most banks are cutting back the money market. 现在的情况不一样,股灾爆发了,银行很多业务都受到了牵连,大部分银行都在收缩银根。 Do not say that risky business, even the low-risk business loan, is very difficult to do. Does not have the loan of collateral, the bank not to meet. 不要说高风险业务,即便是低风险业务贷款,都很难做下来。没有抵押品的贷款,银行根本就不接。 Franz is also helpless, cannot clearly know the existing problem, but also lets bank loan? 弗朗茨也无能为力,总不能明知道存在问题,还让银行放款吧？ Then if plays, not at solution crisis, but extended the crisis burst time. 要是那么玩儿,不是在解决危机,而是把危机爆发时间延长了。 In the near term is really good to the economic development, but in the long run, that is dragging the national economy to go to hell together. 短期内确实对经济发展有好处,可长期来看,那就是在拖着全国经济一起下地狱。 Counts on these enterprise bath hot rebirths? Franz thought that might as well advance the reconstruction to consider as finished, the cost that at least needs to invest is lower, the social resource of consumption are less. 指望这些企业浴火重生？弗朗茨觉得不如推到重建算了,起码需要投入的成本更低,消耗的社会资源更少。 Superior win and inferior wash out is the market discipline, the market that Austria benefits is not infinite. While rescuing these enterprises, was sacrificing the interests of part of peer groups, broke the fairness principle essentially. 优胜劣汰是市场规律,奥地利的市场也不是无限的。在救这些企业的同时,也在牺牲一部分同类企业的利益,本质上就打破了公平性原则。 ...... ……