问题描述：
英语翻译
“Financial ecology” does not refer to the internal operation of the financial institutions.Instead ,it refers to the external environment,or the basic conditions for financial operations.The legal framework,including the laws and regulations that protect the interests of investors and depositors,the accounting standards and the bankruptcy law,is a key component of financial ecology.Concerted efforts from all sections of the society are needed to improve financial ecology.First,efforts should be made to improve the legislation and law enforcing system.Bankruptcy law is of utmost importance.With well-developed bankruptcy law,the lenders will be able to resort to legal procedures to protect their rights.Second,the reform of the corporate sector including the state-owned enterprises should be accelerated.third,steps need to be taken to establish and improve the social credit system.Fourth,the accounting,auditing and information disclosure standards should be improved.Fifth,the intermediary agencies need to improve thir services.
In a changed market environment,fund managers are taking an increasing amount of responsibility for their investments,raising the profile and importance of in-house research.”Post-september 11,no-one wants to rely on external research,” says Marino Valensise,head of fixed income at Baring Asset Management.
In this market,it is hard to know if your opinion is right or wrong,If you make a mistake,you at least want to know it was based on your view rather than some one else’s.Of course,we still speak to investment band analysts but the final decision has to be made in-house,” he adds.
Buy-side credit analysts are working much more closely with their in-house equity counterparts.At one major investor,channels of communication hace been opened between the two sides so that corporate investment is much more consistent.A bond investor overweight the equivalent stock,but the fund manager will have to justify the reasons for a contrary position.
Sell-side research is not the only area of influence that languishes.As one investor says,annual reports are designed for the population at large and hold little value for a professional investors want to form their own opinions.Issuers can make a difference.After price,the most important factors in a buy/sell decision are knowledge and understanding of the issuer.
“Financial ecology” does not refer to the internal operation of the financial institutions.Instead ,it refers to the external environment,or the basic conditions for financial operations.The legal framework,including the laws and regulations that protect the interests of investors and depositors,the accounting standards and the bankruptcy law,is a key component of financial ecology.Concerted efforts from all sections of the society are needed to improve financial ecology.First,efforts should be made to improve the legislation and law enforcing system.Bankruptcy law is of utmost importance.With well-developed bankruptcy law,the lenders will be able to resort to legal procedures to protect their rights.Second,the reform of the corporate sector including the state-owned enterprises should be accelerated.third,steps need to be taken to establish and improve the social credit system.Fourth,the accounting,auditing and information disclosure standards should be improved.Fifth,the intermediary agencies need to improve thir services.
In a changed market environment,fund managers are taking an increasing amount of responsibility for their investments,raising the profile and importance of in-house research.”Post-september 11,no-one wants to rely on external research,” says Marino Valensise,head of fixed income at Baring Asset Management.
In this market,it is hard to know if your opinion is right or wrong,If you make a mistake,you at least want to know it was based on your view rather than some one else’s.Of course,we still speak to investment band analysts but the final decision has to be made in-house,” he adds.
Buy-side credit analysts are working much more closely with their in-house equity counterparts.At one major investor,channels of communication hace been opened between the two sides so that corporate investment is much more consistent.A bond investor overweight the equivalent stock,but the fund manager will have to justify the reasons for a contrary position.
Sell-side research is not the only area of influence that languishes.As one investor says,annual reports are designed for the population at large and hold little value for a professional investors want to form their own opinions.Issuers can make a difference.After price,the most important factors in a buy/sell decision are knowledge and understanding of the issuer.
问题解答：
我来补答展开全文阅读