翻译硕士考研者，在暑期阶段需要看双语阅读文章，来提升阅读水平和翻译能力。下面，北京文都考研网为助力翻译硕士学子们在备考上一臂之力，整理了MTI双语阅读精选文章:价值观投资渐成气候，供考生参考。
2020考研MTI双语阅读精选:价值观投资渐成气候
IMPACT investing, or investing according to your values, seems a nice idea. But it is hard to turn boutique products into mass-market ones without diluting their virtues. Impact Shares, a non-profit money manager, thinks it has a solution: exchange-traded funds (ETFs) developed with charities and non-profits. “Non-profits, with their long history of fighting for social causes, are much better equipped to determine good corporate citizenry than the asset managers who currently make those calls,” says Ethan Powell, its founder.
影响力投资，或者价值观投资，这种观点似乎不错。不过，将时尚精品转变为大众产品势必削减其品质。“影响力股份”是一家非盈利性资产管理机构，对此提出一个办法：由慈善机构及非盈利性发起的“交易型开放基金”。该机构创始人伊桑鲍威尔说：“非营利组织一直以来为社会公益事业奋斗，比当前那些有话语权的资产管理机构更有资格去判定优秀的企业品质。”
Impact Shares hopes to ride two big trends: a shift over the past decade in investing from active (stock-picking) to passive (index-based), and investors’ growing desire to put their money where their values are. Each of the new ETFs houses a basket of around 200 stocks that score well on criteria set by a non-profit in the relevant field. The first, which started trading in July, focuses on empowering minorities and was created with the National Association for the Advancement of Coloured People (NAACP), an American civil-rights group.
影响力股份希望能够实现两大趋势：转变过去十年的(选股)主动投资为(基于指数)被动投资; 投资者价值观投资意愿逐渐增强。每个新的交易型基金大约200只股票; 这些股票在相关的非营利机构所的标准中有很高得分。第一股基金由美国民权组织全国有色人种促进协会(NAACP)创建，专注于为少数民族赋能，于7月开始入场交易。
A second launched late last month, focusing on female empowerment and trading on the New York Stock Exchange under the ticker WOMN. It was developed with the YWCA, another non-profit. A third, which will invest in the world’s least developed countries, is being created with the UN Capital Development Fund. More will follow.
第二股基金在上个月底推出，专注于女性赋权，股票代码为WOMN，在纽约证券交易所交易。 它是与另一个非盈利组织基督教女青年会(YWCA)共同发起。 第三股基金将与联合国资本发展基金合作，向世界上最不发达国家投资。后续会有更多类似交易基金面市。
These ETFs have more complex selection criteria than other funds. That makes them more costly to produce. WOMN’s annual fees of 0.75% of assets under management, compared with 0.2% for SHE, State Street’s gender-diversity ETF, are partly because it has 19 selection criteria, some of which are hard to monitor, such as policies on parental leave. SHE uses just three, all relating to the number of women in leadership roles. The higher fees are also because the charities involved will receive whatever is left over after the money managers’ costs. Impact Shares estimates that the YWCA will get up to 0.5% of money raised.
与其他基金相比，这些交易型基金的选择标准更为复杂，也导致发行成本更高。WOMN每年的管理费用达到管理资产的0.75%，相比之下，道富银行发行的性别多样性交易基金SHE的相关费用仅达到0.2%。一个原因是WOMN有19个选股标准，其中一些标准很难测控，如产假政策。而SHE只有三个标准，都与担任领导职务的女性人数有关。另外，除去资产管理费用，剩下的资金都归相关的慈善机构所有，这也是高成本原因之一。影响力股份估计YWCA的管理费最高将占到所筹集资金的0.5%。
Investors may regard higher costs as a fair exchange for knowing that charities get some of their money and that the ETFs are aligned with their values. They may also hope that higher returns will offset at least some of the costs. Good corporate citizenry can sometimes predict performance.
在了解到慈善机构分得资金以及交易型基金与他们的价值观相匹配时，可能会认为高管理费是合理的。他们也有可能希望获得高回报，以此来抵消一部分成本。优秀的企业品质有时能预测好的业绩。
In July the founder of Papa John’s, a pizza chain, stepped down after admitting to using a racist slur. The share price suffered. Impact Shares had already excluded the company from the index created with NAACP, since it had scored poorly on the non-profit’s measures. By contrast, after an employee of Starbucks called police to remove two black customers from one of its coffee shops in April, the firm’s CEO made a speedy public apology and arranged staff training. Shares quickly recovered. It had made the index with flying colours.
7月，披萨连锁店棒约翰的创始人承认种族歧视的行为并因此辞职。该公司的股价因此受到影响。此前，由于该公司在非盈利测算法中的得分不高，影响力股份已将其从与全国有色人种促进协会共同创建的指数上撤除。 相比之下，在4月，由于一星巴克员工报警要求赶走店里的两名黑人顾客，该公司首席执行官迅速公开道歉并组织员工培训。星巴克的股票迅速反弹。这事件为该指数的表现出色。
For the non-profits, the benefits go beyond the extra cash. The products raise awareness of the social problems they focus on and may prod corporate America to act, says Dorri McWhorter of the YWCA. Non-profits working with Impact Shares have been approached by firms wanting to know how they can improve. The effect may be felt beyond public markets. Ms McWhorter says she has heard from a venture-capital fund keen to use the YWCA criteria to screen potential investments.
对于非营利组织来说，收益不只是获得更多的资金。基督教女青年会的多瑞·克麦克沃特表示，这些指数产品增强人们对他们所关注的社会问题的认识，并且刺激美国企业采取行动做出改变。还有很多希望想要改进企业联系与影响力股份合作的非盈利性机构。这种效应可能超出公共市场的范围。麦克沃特表示还曾收到过一家风险投资基金的来信。这家投资机构热衷于用基督教女青年会标准来筛选潜在投资。
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