自今年1月指数编制公司MSCI公司警告可能降级印尼股市以来，印尼一些最大公司背后的最富有的人士集体损失了近570亿美元，导致股市出现剧烈抛售。
The richest people behind some of Indonesia’s biggest companies have collectively lost nearly $57 billion since index compiler MSCI Inc. warned of a possible downgrade of the nation’s equity market in January, leading to a dramatic stock selloff.
据彭博亿万富翁指数显示，截至10月22日，五位大亨或其家庭成员的财富合计下降至716亿美元。他们过去四年的财富增幅已全部抹去。印尼主要股票指数今年下跌38%，是彭博追踪的90多个指数中表现最差的。
Five tycoons or their family members saw their fortunes decline to a combined $71.6 billion as of Oct. 22, according to the Bloomberg Billionaires Index. They have seen all of their wealth gains from the last four years erased. Indonesia’s main equity gauge has tumbled 38% this year, the worst performer among the more than 90 indexes tracked by Bloomberg.
财富的毁灭性损失表明，印尼股市相关财富在MSCI审查之后如何迅速膨胀又迅速崩溃。MSCI警告称，该国新兴市场地位岌岌可危，引发被剔除全球指数的可能性，并加剧了外资外流的担忧。
The destruction in wealth shows how quickly fortunes based on Indonesia’s stock market have ballooned and then crumpled in the wake of the MSCI review. MSCI warned that the country’s emerging-market status was in jeopardy, raising the prospect of a removal from global indexes and stoking fears of foreign capital flight.
“他们的大部分财富是纸面财富，”德兰大学印度尼西亚分校金融与商业分析讲师雷恩达·赫雷斯纳·布拉赫马纳（Rayenda Khresna Brahmana）表示，他泛指印尼顶级大亨。他补充说，如果印尼在提高市场透明度方面没有取得足够进展，该国理应获得所谓的独立市场标签。
“Most of their wealth is paper wealth,” said Rayenda Khresna Brahmana, a lecturer in finance and business analytics at Deakin University Lancaster University Indonesia, referring broadly to the nation’s top tycoons. Indonesia deserves the so-called standalone-market label if it doesn’t make sufficient progress in improving market transparency, he added.
领跑这场财富崩盘的是石化公司PT Barito Pacific的创始人普拉乔戈·潘格斯图（Prajogo Pangestu）。自1月27日MSCI首次警告可能降级以来，他的财富已损失超过60%。他仍是印尼第二富有的人，净资产约为150亿美元。本月，印尼对包括潘格斯图关联的能源公司PT Barito Renewables Energy和PT Petrindo Jaya Kreasi在内的多家公司处以约1.17亿美元的罚款，理由是其涉嫌操纵市场行为。
Leading the wealth rout is Prajogo Pangestu, the founder of petrochemical company PT Barito Pacific. He has lost more than 60% of his wealth since Jan. 27, when MSCI first warned of a possible downgrade. He remains the nation’s second-richest person with a roughly $15 billion net worth. Indonesia this month slapped fines of about $117 million to companies including Pangestu-affiliated energy companies PT Barito Renewables Energy and PT Petrindo Jaya Kreasi for what it deemed manipulative market practices.
Barito Pacific的一位发言人引用Barito Renewares的一份声明称，该公司尊重印度尼西亚监管机构的决定，但未对Pangestu财富的变化发表评论。Pangestu家族办公室的一位代表未回应置评请求。
A spokesperson for Barito Pacific referred to a Barito Renewables statement saying the company respected the Indonesian regulator’s decision, but didn’t comment on changes in Pangestu’s wealth. A representative for Pangestu’s family office didn’t respond to a request for comment.
香烟制造商Djarum Group的控制人、PT Bank Central Asia的主要股东Budi Hartono的财富下降了超过50亿美元，净资产下降了31%。Hartono家族的其他成员损失了约50亿美元。
Budi Hartono, the controller of cigarette manufacturer Djarum Group and a top shareholder of PT Bank Central Asia, has seen his wealth drop by more than $5 billion, marking a 31% decline in net worth. The rest of the Hartono family lost about $5 billion.
作为一贯政策，Hartono家族不对第三方净资产估计发表评论，包括根据彭博亿万富翁指数得出的估计，家族代表Mutiara Diah Asmara表示。
As a matter of policy, the Hartono family doesn’t comment on third-party net worth estimates, including those derived from the Bloomberg Billionaires Index, said Mutiara Diah Asmara, a representative for the family.
另一位面临损失的是煤炭大亨Low Tuck Kwong，其净资产下降了54%，降至约100亿美元。此次下跌发生在本月Low及其女儿Elaine以大幅折价出售PT Bayan Resources约30%股权之后。
Also staring at losses is coal magnate Low Tuck Kwong, whose net worth fell 54% to about $10 billion. The decline follows a sale this month by Low and his daughter Elaine of a roughly 30% stake in PT Bayan Resources at a steep discount.
这笔煤炭交易的影响直击MSCI可能降级市场的核心：雅加达许多股票的流通股有限，以及由此可能引发的巨大财富波动。Bayan Resources和Low Tuck Kwong基金会未回应置评请求。
The coal transaction’s optics strike at the core of MSCI’s potential market downgrade: the limited free float of many stocks in Jakarta and the big swings in wealth this can cause. Bayan Resources and the Low Tuck Kwong Foundation didn’t respond to requests for comment.
“纸面财富的膨胀并非印度尼西亚特有，但在印度尼西亚语境下至关重要，因为其政治经济运作方式使得纸面财富可能转化为真正的经济实力，”墨尔本大学政治社会学教授Vedi Hadiz表示。他补充说，Bayan案例很有意思，因为它暴露了标价财富与他人可能为构成这些财富的股份支付的价格之间的差距。
“Inflation of paper wealth is not unique to Indonesia, but it matters greatly in the Indonesian context because of the way its political economy works, where paper wealth can potentially translate into real economic power,” said Vedi Hadiz, a professor who researches political sociology at the University of Melbourne. He added the Bayan case is interesting because it exposes the gap between quoted wealth and what others may pay for the shares that make up those riches.
另一位亿万富翁苏坎托·塔诺托（Sukanto Tanoto）受损较小，未计入损失统计，因为他的财富主要来自私人持有的制造业集团皇家金鹰（Royal Golden Eagle）。RGE在印度尼西亚拥有广泛的木材和棕榈油业务，并参与生产了海飞丝（Head & Shoulders）洗发水等家居产品。皇家金鹰拒绝置评。
Sukanto Tanoto, another billionaire, took a smaller hit and is not included in the tally of losses since his wealth is mainly derived from privately held manufacturing conglomerate Royal Golden Eagle. RGE maintains extensive timber and palm oil businesses in Indonesia and has helped make household products including Head & Shoulders shampoo. Royal Golden Eagle declined to comment.
交易应用程序Pluang的研究主管贾森·戈扎利（Jason Gozali）表示，MSCI事件对一个股票市场来说是一次警示，该市场中股票稀缺性和有限的自由流通股在公司估值中超越了业务基本面。他补充说，交易所将高度集中所有权的公司从基准指数中剔除的努力，将为蓝筹股脱颖而出铺平道路。
The MSCI episode is a wake-up call for a stock market where share scarcity and limited free floats trump business fundamentals in valuing companies, said Jason Gozali, head of research at trading application Pluang. The stock exchange’s efforts to remove companies with highly concentrated ownership from the benchmark index would pave the way for blue-chip stocks to shine, he added.
该指数提供商正在考虑对印度尼西亚实施实际上的双重降级，跳过新兴市场地位，将这个东南亚国家降至独立市场地位。
The index provider is weighing what would effectively be a double downgrade for Indonesia, bypassing frontier status and relegating the Southeast Asian nation to standalone-market status.
“MSCI的情况是对市场结构的表述，而不是对印度尼西亚经济的表述，”戈扎利说。
“The MSCI situation is a statement of market structure, but not a statement of Indonesia’s economy,” Gozali said.