中国股市刚刚步入熊市领域，蓝筹指数较6月高点下跌逾20%。摩根士丹利警告，在触底前还可能再跌10%至15%。国家队资金火速入场抄底，但这种干预看起来更像是创可贴而非良方。
China’s stock market has just entered bear-market territory, with the blue-chip index down more than 20% from its June peak. Morgan Stanley is warning of another 10% to 15% decline before things bottom out. State-backed funds have rushed in to buy, but the intervention looks more like a Band-Aid than a cure.
痛苦早已蔓延至内地之外。外资投资者通过美股上市中概股、港股以及自2014年起开通的沪深港通机制（让全球投资者可经由香港券商直接买入内地股票）承受了损失。
The pain has spread well beyond the mainland. Foreign investors have taken hits through U.S.-listed Chinese stocks, Hong Kong-traded shares, and the Stock Connect programs that have let global investors since 2014 buy directly into mainland markets through Hong Kong brokers.
中国渴望外资。但一项新研究表明，中国企业未必愿意给外资投资者提供与本土股东相同的信息，使外资处于刻意制造的信息劣势。
China wants foreign capital. But a new study suggests that Chinese companies aren’t necessarily willing to give foreign investors the same information they provide to domestic shareholders, putting them at a deliberate information disadvantage.
该研究发表于《会计评论》（The Accounting Review）——一本专注于财务披露的权威学术期刊——利用机器学习工具，对比中国企业提交的年度报告中文版与英文版。
Published in The Accounting Review, a leading academic journal focused on financial disclosure, the study uses machine-learning tools to compare the Chinese- and English-language versions of annual reports filed by Chinese companies.