英语翻译How does the stock market affect business investment?The

英语翻译
How does the stock market affect business investment?There are three direct effects.One is that the market has traditionally served as a general barometer of the expectations of the business-minded community as a whole.We say “Business-minded” rather than “business” because the demand for,and supply of,securities mainly comes from securities dealers,stockbrokers,and the investing public,rather than from nonfinancial business enterprises themselves.When the market is buoyant,it has been a signal to business that the “business climate” is favorable,and the effect on what Keynes called the “animal spirits” of executives has been to encourage them to go ahead with expansion plans.When the market is falling,on the other hand,spirits tend to be dampened,and executives may think twice before embarking on an expansion program in the face of general pessimism.
This traditional relationship is,however,greatly lessened by the growing power of government to influence the trend of economic events.Business once looked to the market as the key signal for the future.Today it looks to Washington.Hence,during the past decade when the stock market ahs shown wide swings,business investment in plant and equipment has remained basically steady.This reflects the feelings of corporate managers that government policy will keep the economy growing,whatever “the market” may think of events.
A second direct effect of the stock market on investment has to do with the ease of issuing new securities.One of the ways in which investment is financed is through the issuance of new stocks or bonds whose proceeds will purchase plant and equipment.When the market is rising,it is much easier to float a new issue than when prices are falling.This is particularly true for certain businesses—public utilities,for example—that depend heavily on stock issues for new capital rather than on retained earnings.
Finally,when the market is very low,companies with large retained earnings may be tempted to buy up other companies,rather than use their funds for capital expenditure.Financial investment,in other words,may take the place of real investment.This helps successful companies grow,but does not directly provide growth for the economy as a whole.

如何影响股市,商业投资?有三个直接的影响.其一是,市场历来是对公司的期望一般晴雨表头脑整个社会.我们说“在商言商”,而非“业务”,因为需求和供给,证券交易商主要来自证券,股票经纪来了,和投资大众,而不是从企业自身的非金融业务.当市场环境好,它一直是企业的信号,即“商业环境”是有利,对凯恩斯所谓的“动物精神的管理人员”的效果是鼓励她们到未来的扩展计划.当市场正在下降,另一方面,精神往往是打击,管理层可能会认为,在之前普遍悲观的扩张计划开始面对两次.
这种传统的关系,但是,大大减少了政府的影响力日益强大的经济事件的趋势.业务一旦期待市场作为未来的关键信号.今天,它看起来华盛顿.因此,在过去十年中,当股票市场翰凯显示大幅波动,企业在厂房和设备的投资一直保持基本稳定.这反映了公司经理的感情,政府的政策将保持经济增长,不管“市场”可能认为事件.
第二,对投资股市的直接效果是与新证券发行缓解.在其中的投资是资金的方式之一是通过新的股票或债券,其收益将购买厂房及设备的发放.当市场在上升,这是非常容易浮动一个新的问题时比价格下降.这是尤其如此,某些企业,公共事业,例如,依赖于新的资本存量的问题,而不是大量留存收益.
最后,当市场非常低,与大公司的留存收益可能受到诱惑,收购其他公司,而不是用于资本开支的资金.金融投资,换言之,可采取实际投资地点.这有助于成功的企业成长,但不直接提供整体的经济增长.