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2020年02月24日 01:07:04
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Technology firms科技公司Status shift地位逆转Investors have unfriended some high-tech stars投资者对一些高科技明星公司的态度已不再友好GOOGLE splashed out an undisclosed sum of money on April 14th to buy Titan Aerospace, whose solar-powered drones it plans to use to help deliver wireless internet access to remote parts of the world. Like Googles new drones, which can reach impressive heights, tech shares soared in the early part of this year. Then in March a sell-off began that battered the stocks of many Silicon Valley stars. The tech-heavy NASDAQ stockmarket index steadied somewhat early this week, and shares in older tech firms like HP and IBM, which are traded on the main market, have done well. But investors and companies are still jittery.4月14日,谷歌投出一笔数额尚未公开的资金用以收购泰坦航空,计划借助后者的太阳能无人机来为世界上偏远地区提供无线网络接入务。就像谷歌的新无人机能攀爬到惊人高度,今年年初科技股价格出现了激增。接着在3月份股价开始出现下跌,这打击了许多硅谷明星企业的股票。本周早些时候,以科技股著称的纳斯达克股票市场指数比较稳定,像惠普和IBM这种在主板交易的老牌科技公司的股票表现不错。但投资者和企业仍然战战兢兢。Those worried that a new internet bubble pumped up by wild dreams and unabashed greed is now deflating will be watching closely to see whether tech firms latest results give further cause for alarm. On April 15th Yahoo published its quarterly earnings, which showed a tiny increase in revenue after excluding the cost of fees paid to its partner websites. Its shares rose on the news. Google was due to report its results the next day, after The Economistwent to press.有些人担心,由狂野的梦想和毫不掩饰的贪婪所催生的新一轮网络泡沫正在破裂,这些人将密切关注科技公司最近的经营结果是否会进一步引起恐慌。4月15日,雅虎发布了季度收益,数字中显示出,剔除掉付给合作网站的费用后,其收入有着微幅增长。消息发布后雅虎股价有所上涨。4月16日本刊付印后,谷歌也应该发布了其经营结果。It is not just web firms whose performance is under the microscope. Shares in biotech companies, which adapt and exploit processes found in living organisms to create drugs and other useful products, have also taken a beating. Having risen by 60% last year, the NASDAQ biotech index has fallen by 18% since the middle of March. On April 4th alone investors pulled 372m out of the multi-billion-dollar iShares NASDAQ Biotechnology exchange-traded fund—the biggest one-day withdrawal since the funds creation in 2001.并非只有网络公司的表现被置于了显微镜下。那些利用活体器官中发现的突起来生产药物或其他有用产品的生物技术公司,其股票也已遭受了打击。纳斯达克生物技术指数去年上涨了60%,但今年自3月中旬以来已经下跌了18%。4月4日,个体的投资者们从拥有几十亿美元的iShares纳斯达克生物技术交易所交易基金中撤出了3.72亿美元,这是自2001年改基金成立以来最大的单日撤资。Other firms developing novel technologies have suffered sagging share prices, too. Tesla Motors, whose snazzy electric vehicles are a must-have in Silicon Valley, had a 350% run-up in its shares last year. This year they kept rising, reaching 240 in mid-March, by which time the market capitalisation of Tesla, which sold only 23,000 cars last year, was more than half that of GM, which sold almost 10m. They then started to slip, and on April 15th they closed at 194, as investors continued to debate the wisdom of the firms plans to invest 5 billion in a huge battery-making factory.其他发展新科技的公司同样遭遇了股价低迷。特斯拉汽车公司生产的时髦电动汽车是硅谷的必备品,去年该公司的股价上涨了350%,今年其股价仍保持上涨势头,截至3月中旬已达每股240美元,当时,特斯拉公司的市值超过了通用汽车市值的一半—前者去年仅销售了23,000辆汽车,而后者去年销售了近1000万辆。但接着特斯拉的股价开始下滑,4月15日时跌至每股194美元左右,原因在于投资者们不断争论该公司向一家大型电池生产企业投资50亿美元的计划是否够聪明。The shares of social-media companies have been especially badly hit, faring worse than both the NASDAQ and the broader Samp;P 500 index. This partly reflects concern over their ability to keep growing. Twitter has seen its share price fall from a high of just over 73 in December to around 46, as investors have fretted about falling advertising rates and levels of user engagement at the firm.社交媒体公司的股价受到了特别严重的打击,比纳斯达克指数和覆盖面更广的标准普尔500指数都要更糟。这部分反映了市场对这些公司能力的关注在持续增加。由于投资者已对其广告价格和用户参与水平的下降表示担忧,Twitter的股价从12月的73美元多的的高峰跌落到46美元左右。Say you want a revolution你说你想带来一场革命Questions have also been raised about Facebooks ability to keep growing strongly. “Social networks promised marketers a revolution, but what they have delivered is just boring traditional ads,” argues Nate Elliott of Forrester, a research outfit. That judgment may be a little harsh, but Facebook is certainly casting around for new sources of revenue. Among other things, it is trying to become a “Facebank” that offers services such as electronic money and international payments: it was reported this week that the firm was seeking a licence for such activities in Ireland.投资者同样在质疑Facebook保持强劲增长的能力。市场调研机构福雷斯特公司的内特·艾略特质疑道:“社交网络曾向卖家们承诺会带来一场革命,但它们所提供的只是乏味的传统广告。”这一论断可能有点刺耳,但Facebook确实正在寻找新的收入来源。除了其他手段,Facebook正在努力成为一家能提供诸如电子货币和国际付相关务的“脸谱”,据报道,本周该公司正在争取获得在爱尔兰从事这类活动的许可。Shares in some Asian web companies, such as Tencent of China, have fallen, too. But the news is not all bad. Yahoo, which has a stake in Alibaba, a giant e-commerce company, reported that the Chinese firms revenue soared in the last quarter of 2013. Alibaba is planning to list its shares in America this year.诸如中国的腾讯等一些亚洲网络公司的股票也在下跌,但情况并没那么坏。在电商巨头阿里巴巴中持有股份的雅虎发表报告说,2013年最后一个季度中,中国公司的收入有显著增长。今年阿里巴巴正在计划在美国上市。There are plenty of other tech firms queuing to stage an IPO. Those looking for evidence of a bubble should keep an eye on upcoming listings for firms such as Box, a business founded in 2005 that has made a name for itself in online file-sharing and storage. Like Twitter it has significant revenues, but is not yet in profit. They should also keep a close eye on venture capitalists. American funds raised almost 9 billion in the first quarter of the year, the most since the last quarter of 2007. But plenty of venture money is now pouring into me-too firms and deals with crazy price tags. Recent events may have taken some air out of a tech bubble in the public markets, but financiers are still busy pumping one up behind the scenes.还有其他许多家科技公司正在排队等待IPO。那些寻找泡沫据的人应该留意一下像Box这种即将上市的公司。Box像Twitter一样,有着巨额的收入,但尚未实现可观的利润。那些人还应该密切关注风险投资家的动向。今年第一季度,美国各基金筹措了近90亿美元,是自2007年最后一季度以来的最大值。但是现在大量的风险资金正在涌向山寨公司,并挂出疯狂的价码。近期的一些时间可能已经把公开市场的科技泡沫中抽出了一些空气,但金融家们仍在幕后忙着给这些泡沫注气。 /201404/293870赣州赣县人民医院男科医院Business商业报道Carmakers汽车制造商Revenge of the petrolheads燃油车赢得先机Fossil-fuel cars are getting much cleaner, making life hard for green ones燃油汽车越来越环保了,环保汽车日子难过了THE Chevrolet Volt, a compact, petrol-electric hybrid launched by GM a year ago,雪佛兰新款车型沃蓝达结构紧凑,是由通用汽车公司在一年前推出的一款混合动力车,was aly selling poorly before it emerged last month that its batteries had caught fire in crash tests.上个月它的电池在碰撞试验中起火,但在此之前它的销售很不理想。GM is likely to fall several thousand short of its target of selling 10,000 Volts this year.通用汽车对沃蓝达首年销售目标一万辆,预计可能要低售数千辆。Despite subsidies, electric cars and hybrids are shifting sluggishly.尽管有一定政府补贴,电动车和混合动力车的换代很缓慢。The Volts battery problem should be fairly easy to fix.沃蓝达的电池问题应该很容易解决。But the profusion of hybrid and all-electric cars now hitting the roads faces a far bigger challenge.但大量混合动力和电动汽车在其前进的道路上面临着更大的挑战。Petrol- and diesel-engined vehicles are becoming much more fuel-efficient.汽油和柴油动力车将变得更加省油。That means motorists will remain reluctant to pay a fat premium for a green car.这意味着驾驶者不愿多花钱来买绿色环保汽车。Reprints Between now and 2025 regulators in Europe,从现在到2025年,在欧美和其他地区的监管机构,America and elsewhere plan to impose ever greater curbs on cars emissions of carbon dioxide.对汽车的二氧化碳排放将出台更高限制的新标准。This is forcing carmakers to invest both in developing electrics and hybrids and in making the conventional engine cleaner.这迫使汽车制造商加大电动和混合动力汽车研发投入,或使传统发动机更高清洁。Ricardo, an engineering consultancy, and Sanford C.里卡多工程咨询公司,和Sanford C公司。Bernstein, an investment bank, have crunched a bunch of numbers on the technology race between conventional and green vehicles.投资Bernstein,汇总处理了传统和绿色汽车技术竞赛中的不少数据。They conclude that petrol and diesel cars will keep closing the emissions gap,他们得出结论说,汽油和柴油汽车的排放量将越来越接近,while hybrids and, especially, electrics, will be more expensive to own for years to come.而混合动力车、特别是电动车,将在今后几年更为昂贵。The internal-combustion engine will still be king of the road in the early 2020s, when only a fifth of cars sold in Europe will be hybrid or electric.在21世纪20年代初,燃油车仍将是路上行驶车辆的主宰,欧洲销售的汽车中只有五分之一是混合动力或电动的。Americas regulators are only now getting tough on fuel efficiency, so its cars are guzzling as much petrol as they did 20 years ago.因为美国监管局到现在才对汽车燃油效率的要求变的越来越严,所以美国的汽车和20年前的一样,依然是“油老虎”。However, in Europe, which got strict sooner and where fuel is heavily taxed, petrol and diesel vehicles have become much cleaner.但在欧洲燃油税很高,加油也得到了限制,汽油和柴油车已比以往干净多了。The average new car sold in Britain now does 52.5 miles per gallon, up from 40.6mpg ten years ago.现在英国出售的新车平均每加仑汽油跑52.5英里,比十年前40.6英里已经大大提高。Even so, says Neville Jackson of Ricardo, there remains much scope for improvement:即便如此,内维尔?杰克逊的里卡多说,仍然有很大的改进空间:petrol and diesel cars still typically use less than a fifth of the energy stored in their fuel to turn the wheels.汽油和柴油汽车通常只能将不到五分之一的燃料能量转换为车轮扭矩。Plenty more miles can be squeezed out of each gallon. It is simply a matter of cost.每加仑油事实上可以撑行驶更多的里程,这仅仅是一个成本问题。To meet a series of deadlines to cut emissions,要满足一系列减排标准的最后期限,carmakers are putting into their cheaper models all sorts of gear hither to mostly seen on pricey high-performance cars:汽车制造商正把过去用在高性能汽车上的配置使用到他们的廉价车型中:turbochargers and superchargers, fancy fuel-injection systems and valve trains; grilles with variable aerodynamics, and so on.涡轮增压器、增压机,花式燃油喷射系统和气阀机构;气动格栅,等等。Next year Ford will offer a new Focus compact car in Europe,明年福特将在欧洲亮出一个紧凑型轿车的新焦点。with a one-litre, three-cylinder engine that performs as well as the 1.6 litre, four-cylinder engine it replaces, yet uses about 20% less fuel.设计1升三缸发动机,其性能可与1.6升四缸发动机相媲美,但可节省20%左右的燃料。Joe Bakaj, an engineer at Ford, says that even American buyers of the companys F-150 pickups,福特的工程师乔?拜卡杰说他们的车型F–150,who would normally scoff at anything with less than a V8 engine,美国的买手选择了V6发动机,are switching to a new V6 version that performs at least as well but drinks less fuel.以往这些人往往对小于V8的发动机不屑一顾,但至少现在改换到V6发动机能省下不少油耗。The analysis by Ricardo and Bernstein shows the carmakers are in a tight spot:里卡多和伯恩斯坦的分析显示,汽车制造商都在捏一把汗:given motorists aversion to the cost of electrics and hybrids,基于驾驶者购买电动混合动力汽车仍有较大的成本压力,the quickest route towards meeting the deadlines for cutting emissions is to invest heavily in cleaning up their petrol and diesel cars.他们必须以最快的路线在截止日期前达到排放标准,这意味着必须大量投入研制开发使汽油柴油车辆的排放更加清洁。But to squeak past the finishing line they will still need a small proportion of hybrids and electrics.即使勉强达到排放标准,他们仍然需要小比例的混合动力和电动汽车。So they will have to keep spending on designing these, without their reaching a level of sales that will make them profitable.因此他们只能持续投入设计这些混合动力和电动汽车,即便这些车型的销售规模达不到盈利水平。Stefanie Lang of Bernstein says this will force carmakers to work together on developing new technology:伯恩斯坦的斯黛芬尼?朗说,这将迫使汽车制造商共同开发新技术:Toyota, for example, has agreed to work with Ford on hybrid sport-utility vehicles and with BMW on both electric batteries and diesel engines.例如,丰田已同意与福特联合研制混合动力运动型多用途车,并和宝马联合研制电动电池和柴油发动机。Carmakers are also dabbling in battery leasing and car-sharing as they seek ways to persuade motorists that electric cars are affordable.汽车制造商也涉足电池租赁和汽车共享,因为他们必须设法说驾驶者:他们是负担得起电动汽车。Hybrids and electrics will be a drag on carmakers profits for years.复合动力和电驱动车辆将在今后几年拖低汽车制造商的利润。But they are a useful marketing tool.但它们是一个有用的营销工具。GM has found that adding the hybrid Volt to its model range is enticing into its showrooms the sort of young urban buyers who normally ignore Detroit-made cars.通用发现在车型中增加了沃蓝达后,那些通常对底特律汽车无视的都市年轻人也被吸引到GM的展室了。Many balk at the Volts ,000 price,但他们中不少人对其32,000美元的价格望而生畏,but some end up driving away in a petrol-engined car like the Cruze, costing around half as much.结果他们中一些人还是选择了汽油发动机车辆,比如科鲁兹,其价格只有沃蓝达的一半。 /201305/240976赣州哪家医院治疗面瘫好Buttonwood梧桐树专栏Sound the retreat鸣金收兵Profits in America may have peaked for this cycle美国公司的利润可能已达到本周期内的最高值ARE corporate profits at last running out of steam? The lead-up to the first-quarter results season on Wall Street was marked by an unusually large number of profit warnings, such as that from Chevron, an oil group. According to Morgan Stanley, an investment bank, earnings estimates for Samp;P 500 companies were revised down by 4.4 percentage points in the first quarter.公司的利润最终失去势头了么?即将到来的华尔街第一季度财报季中,包括石油集团雪福龙在内的异常多的盈利警告成为了显著特征。根据投行根史坦利的说法,第一季度标普500指数成分股公司的盈利预期被调低了4.4个百分点。As is the custom, having lowered the bar, companies will now beat those revised forecasts, allowing Wall Street analysts to proclaim a “successful” results reason. But when one removes the effect of exceptional items, American profits are now falling, not rising, according to data from MSCI.按照惯例,各公司降低了标准后,现在能击败了那些调低的预测值,并使得华尔街分析师们纷纷赞扬这个“成功的”财报季。但根据来自MSCI的数据,一旦排除掉那些例外事项的影响,美国公司的利润现在正在下滑,而非上升。In a sense, this is about time. The recovery in American corporate profits since the recession has been remarkable: they are close to a post-war high as a proportion of GDP. Bulls have a number of arguments why this is a lasting, not cyclical, phenomenon. Economic power has shifted from labour to capital thanks to globalisation, they say; companies can move production to parts of the world where wages are lower. But if that effect is so strong, why aren’t profits as high elsewhere? In Britain the return on corporate capital is below its post-1997 average.从某种意义上讲,现在确实到时候了。自经济衰退以来,美国公司的利润复苏取得了显著进展:其占GDP的比重已接近了二战之后的最高值。对行情持乐观态度的人们有着一大堆的理由来解释为何这是一种持续性现象,而非周期性现象。他们表示,全球化使得经济实力从劳动力转移到了资本;公司可以把生产转移到世界上那些工资更低的地区。但是,如果这种效应如此强烈,为何其他地区公司的利润没有这么高?英国的资本收益率已低于其1997年以后的平均水平。An alternative, but related, line of reasoning is that foreign profits have boosted the earnings of companies in the Samp;P 500, making the relationship with domestic GDP less relevant. America may still be running a trade deficit but its global champions, the argument runs, are raking in the money overseas. Research by Audit Analytics found that the amount of profits held abroad and not repatriated nearly doubled to 2.1 trillion between 2008 and 2013.另一种与此有关联的推测在于,国外利润提升了标普500指数成分股公司的总体收益,使得后者与国内GDP的相关性更低。美国可能仍存在贸易赤字,但是如本观点所说,其国际领军企业在海外赚了不少钱。Audit Analytics研究发现,2008-2013年间,海外获得且尚未汇回的利润数达到了2.1万亿美元,几乎翻了一番。But where will American multinationals make so much money in future? Not in either Europe or Japan, where the economies have barely grown in recent years. Emerging markets might seem more promising, but their economies have been slowing, as companies like Diageo, a drinks producer, and Cisco, a tech-components group, have reported. Several developing economies have seen their currencies fall sharply too. It seems unlikely that American multinationals are going to get a further spurt of profits from this source.但是,将来美国的跨国公司还能从哪儿赚到这么多钱呢?不会是欧洲或是日本,因为近些年它们的经济几乎没有增长。新兴市场可能看上去更有前景,但鉴于诸如饮料生产企业帝亚吉欧和技术元件集团思科等公司已经发布的数据,它们的经济也已放缓。一些发展中经济体也已目睹了本国货币大幅下降。似乎美国的跨国公司不可能再从这个源头得到进一步的井喷式利润增长。In any case, the global data do not bear out the overseas-profit argument. Just as in America, there have been regular disappointments. In 2012, according to Citibank, global profits growth was just 2%, compared with initial forecasts of 11%. At the start of 2013 profits were forecast to rise by 12%; the actual increase was 7%.无论如何,全球的数据并不持“海外利润”理论。正如在美国,也已出现了常见的令人失望的结果。根据花旗结论,2012年全球利润增长率仅为2%,相比之下,初步预测可是到了11%。2013年初,利润预测增长12%,但实际增长仅为7%。The stockmarket has been remarkably resilient in the face of these setbacks. In 2012 global equities rose by 13%; last year they managed 24%. In part, that is due to optimism about the economy’s future trajectory. The euro-zone crisis has disappeared from the headlines while the American economy has been showing signs of returning to healthy growth.面临着这些波折时,股市已表现出极强的弹性。2012年全球股票增长了13%;去年增长了24%。在某种程度上,这要归因于对经济未来发展轨迹的乐观情绪。欧元区金融危机已从新闻头条上消失,同时美国经济也已出现了回归健康增长的迹象。But it is also down to supportive monetary policy. Short-term interest rates have not budged for the past two years (in the developed world) and government-bond yields have been close to historic lows. Investors have accordingly turned to the stockmarket in search of higher returns. Low interest rates have also played their part in keeping profits high, by reducing borrowing costs and by encouraging companies to use their spare cash to buy back stock, thereby increasing earnings per share.但它同样是持性货币政策所起的作用。过去两年短期利率一直没有变化,政府债券收益率也接近了历史最低水平。投资者相应地转向股票市场寻求更高回报。低利率通过降低借款成本、鼓励公司使用闲置资金回购股票,在提升利润方面起到了一定作用,也由此提高了每股收益。However, buying back shares suggests a certain lack of imagination on the part of chief executives, or a lack of profitable projects to back. That remains an odd aspect of the profits boom: in theory, if the return on capital is high, one would expect a lot of capital to be invested. The resulting competition would eventually cause profits to fall. The process acts as a natural check on profits growth, but has yet to occur this cycle.然而,回购股票表明了首席执行官在一定程度上缺乏前景设想,或公司缺少需要持的盈利项目。利润丰厚的现象中仍存在一个奇怪之处:理论上,如果资本收益率很高,人们将期望能拥有大量可供投资的资本,由此导致的竞争将最终导致利润下滑。这一过程是对利润增长率的一种自然而然的检验,但本周期内尚未出现。Instead, chief executives are turning to that old device for boosting sluggish profits: takeovers. According to Thomson Reuters, the global value of mergers and acquisitions in the first quarter was 36% higher than in the same period of 2013. The right takeover can result in cost cuts through economies of scale—although in the long run, the academic evidence in favour of takeovers is mixed.相反地,首席执行官们正在转向“收购”这一陈旧手段来刺激缓慢增长的利润。根据汤森路透的结果,第一季度全球的并购价值比2013年同期高出了36%。适宜的收购能通过规模经济实现成本削减——但是长远来看,持收购的学术据比较混杂。A takeover boom is a classic signal of the final stages of a bull market, a sign that financial engineering has taken over from genuine business expansion. And that is hardly a surprise: the current rally is aly the fourth-largest and the fifth-longest-running since 1928.收购热潮是牛市最后阶段的一个典型信号,这一信号表明,金融运作已经接替了真正的业务扩张。而且这不奇怪:当前这已经是1928年以来第四次最大规模、第五次持续时间最长的反弹了。 /201405/295947赣州男子医院地址在哪

全南割包皮多少钱赣州治疗性功能障碍哪家医院最好Finance and economics财经商业Civil servants and austerity公务员与财政紧缩The times they arent a-changin不曾变革的时代Civil-service payrolls have held up surprisingly well一直以来,公务员的薪酬都出奇地好AFTER the party, the hangover.盛宴之后,宿醉来临。When debt-fuelled economic growth came to a crashing halt in the financial crisis of 2008, governments across much of the rich world sought to cut spending.在2008年的经济危机中,由债务推动的经济增长模式彻底崩溃,随后许多富裕经济体政府则力图缩减开。One obvious target was the states payroll.而其中一个明显的着手点便是公务员薪酬出。Leviathans minions are certainly costly.利维坦仆从们的耗费当然不菲。In the European Union public-sector wages and salaries take up about 10% of GDP.在欧盟国家当中,公共部门的薪水出大约占国民总收入的10%。The Initiative for Policy Dialogue, based at Columbia University, reckons that since 2010 almost 100 governments have set out plans to cut their payrolls.据哥伦比亚大学的政策对话倡议组织估计,自2010年以来,已有接近100个政府着手削减他们的公务员薪酬开。Some cuts may be savage.一些裁员计划或许能用残忍来形容。The headcount in many British government departments may fall by as much as 40% by 2019 from current levels, says a recent report from the Institute for Fiscal Studies, a think-tank.近期一篇来自英国政府智囊团财政研究院的报告表明,英国许多政府部门将于在2019年之前裁减目前总数40%的员工。Relative to its 2012 level Italy plans to jettison 20% of public-administration managers by 2016.而意大利政府则计划于2016年之前裁减相当于2012年总量20%的公务员。However, aggregated data on public-sector headcounts offer some surprises.然而,公共部门员工的统计数据却有些出人意料。Whereas Britains public-sector workforce has aly contracted by 8% since 2007, in Germany and France the number has increased.自2007年起英国政府公务员人数已缩减了8%,与此相反的是德国与法国方面却在增加。More intriguing still is what has happened to compensation costs—the amount governments pay bureaucrats in wages and salaries, but not pensions.更耐人寻味的是官僚薪酬待遇变化情况,而不是津贴方面的问题。Of the 30 countries in a Eurostat database, half are spending more after inflation on public employees than they were in 2007, even in cases where headcount has fallen.据欧盟统计局的资料显示,有半数国家公务员薪酬开与2007年的水平相比有所提升。The euro zone as a whole spends only 1.7% less on government wages than it did six years ago.其中部分国家甚至已经着手削减了其公务员规模。以欧元区国家作为整体来统计,其公务员薪酬开仅比6年前减少了1.7%。Belgium spends 10% more, Luxembourg 24%.与此同时,比利时政府反而增加了10%,卢森堡增加了24%。And since 2007, 21 countries, including Cyprus, Italy and France, have not cut the proportion of GDP that they devote to public servants wages.自2007年以来,有21个国家仍未削减公务员薪酬,这其中包括塞浦路斯、意大利和法国。Finding explanations for dearer public payslips is tricky.要为日益高昂的政府工资单找理由,不是一件容易的事情。One reason might be wage drift—the automatic increases in salaries that can occur as civil servants are granted annual promotions in seniority, simply for having been in their jobs for another year.其中一个原因或许可以总结为工资浮动—这一机制确保了公务员薪酬随着职位的逐年提升而增加,而职位的提升往往并不需要什么理由,仅仅在自己的岗位上又待了一年的公务员便可获得提升。In 2012, for example, more than 600,000 staff from Britains National Health Service received rises averaging 3.5%, despite a pay freeze.例如,除了一次薪金冻结之外,英国国家医疗卫生务系统超过60万名员工,在2012年得到了平均3.5%的薪金涨幅。In 2010 Barack Obama also decided to freeze government pay, yet the median salary for federal employees climbed by over ,000 during the following two years.在2010年,美国总统奥巴马虽然同样地实施了薪金冻结,然而在其后的两年内,公务员薪酬中位数则突破了3000美元的大关。Wage drift could outweigh the effect of reduced headcount, which is likely to be concentrated in the lower echelons of the civil service.工资浮动机制的影响,可能远比裁减人员的作用更大,而这是由于政府的裁员计划主要面向低层公务员。Another possibility, suggests Alberto Alesina of Harvard University, is that governments simply failed to implement planned spending cuts.哈佛大学的艾尔波托?艾莱斯那表示还有另一种可能:简单地说,那就是政府没有去执行早已制定好的开削减计划。At the end of January Greeces highest administrative court ruled that pay reductions for the armed forces and emergency services were unconstitutional: the government now faces a heavy bill in back pay.在一月底,希腊最高行政法院宣布,政府对军队以及应急务部门的经费削减行为是违宪的:这意味着政府现在要面对的是堆积如山的欠薪账单。Portugals constitutional court also opposed the scrapping of Christmas bonuses for civil servants on similar grounds.同样地,葡萄牙宪法法庭也反对其政府取消相关部门公务员圣诞节奖金的计划。These data are worrisome.以上种种数据令人十分不安。The implicit trade-off of austerity was pain now, prosperity later.如今交由政府当局权衡的利弊是自己能否忍受开削减的痛苦,以换取将来的经济繁荣。Yet as growth in advanced economies picks up, many civil services seem no more streamlined than before.但随着发达国家经济增长复苏,许多公共务将愈发臃肿不堪。 /201403/279136赣州包皮过长的医院赣南医学院附属一院包皮手术哪家医院最好

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