<p>印尼证券交易所（IDX）首席执行官 <strong>伊曼·拉赫曼</strong> 于周五辞职，突显出投资者在本周市场突然暴跌后加深的焦虑，约 800 亿美元的股权价值在此次暴跌中蒸发。</p>
<p>拉赫曼的辞职被视为对 “近期市场状况” 的个人责任。在新闻发布会上，这位高管表示，他希望自己的决定能带来资本市场的改善。</p>
<h2>卖压的触发因素是什么？</h2>
<p>拉赫曼的辞职是在雅加达综合指数（JCI）出现剧烈抛售之后做出的，该基准指数在两个交易日内下跌超过 8%——这是几个月以来最大的多日跌幅——并在周三和周四触发了自动交易暂停。</p>
<p>此次暴跌是由于 <strong>MSCI Inc.</strong> 的意外警告，该全球指数编制公司指出印尼股票的 “可投资性” 和透明度问题。</p>
<p>“投资者强调，由于股权结构的不透明性以及可能的协调交易行为影响了适当的价格形成，基本的可投资性问题依然存在，” MSCI 在周二晚间表示。</p>
<p>MSCI 建议，除非解决结构性问题，否则印尼有被降级为 “前沿市场” 的风险。</p>
<p>MSCI 的基准指数被全球基金广泛用作资本配置的晴雨表。降级或减少印尼的指数权重可能迫使跟踪 MSCI 指数的基金进行系统性抛售，从而加剧市场压力。</p>
<h2>监管机构安抚投资者</h2>
<p>针对抛售和 MSCI 的批评，印尼监管机构已采取措施安抚投资者。</p>
<p>IDX 在周三表示，已认识到 MSCI 的反馈，并重申其增加印尼股票在 MSCI 指数中权重的承诺。</p>
<p>金融服务管理局（OJK）表示，将把上市公司的最低自由流通要求提高至 15%，以改善流动性和透明度。印尼政府还表示，将把养老金和保险公司在股市投资的限额从 8% 提高至 20%。</p>
<p>这些措施在周五稍微平息了市场，JCI 在该交易日上涨了 1.18%。</p>
<p>尽管如此，整体信心依然脆弱，印尼股票市场的动荡与该国在 <strong>普拉博沃·苏比安托</strong> 总统领导下的经济和财政方向的不确定性相伴而生。</p>
<p>投资者的不安通过外资流出增加得以体现，这种不安是由于政府收入减弱的同时计划扩大社会支出、印尼盾面临压力（该货币一直在接近历史低点交易），以及普拉博沃的侄子本周被确认担任副行长后对中央银行独立性的质疑再度浮现。</p>
<p><em>图片来源于 Shutterstock</em></p>

明晟

<p>印度尼西亚证券交易所首席执行官 Iman Rachman 因市场因 MSCI 对印度尼西亚股票的可投资性和透明度的担忧而引发的 800 亿美元市场损失而辞职。他的辞职旨在对市场状况承担责任。作为回应，印度尼西亚监管机构正在向投资者保证，承诺改善股票透明度并提高养老金基金的投资限额。尽管市场略有回升，但在普拉博沃·苏比安托总统任内，投资者信心仍然脆弱，面临更广泛的经济不确定性</p>

<p>The CEO of the <strong>Indonesia Stock Exchange</strong> (IDX), <strong>Iman Rachman</strong>, resigned on Friday, underscoring deepening investor anxiety after a sudden market plunge wiped out about $80 billion in equity value this week.</p>
<div class="lb-trans"><p>印尼证券交易所（IDX）首席执行官 <strong>伊曼·拉赫曼</strong> 于周五辞职，突显出投资者在本周市场突然暴跌后加深的焦虑，约 800 亿美元的股权价值在此次暴跌中蒸发。</p>
</div><p>Rachman’s exit is framed as a personal act of accountability for the “recent market condition.” At a press conference, the executive said he hoped his decision would lead to improvements in the capital market.</p>
<div class="lb-trans"><p>拉赫曼的辞职被视为对 “近期市场状况” 的个人责任。在新闻发布会上，这位高管表示，他希望自己的决定能带来资本市场的改善。</p>
</div><h2>What Triggered The Sell-Off?</h2>
<div class="lb-trans"><h2>卖压的触发因素是什么？</h2>
</div><p>Rachman’s resignation came in the wake of a sharp sell-off on the Jakarta Composite Index (JCI) that saw the benchmark index fall more than 8% over two sessions — its biggest multi-day drop in months — and triggered automatic trading halts on Wednesday and Thursday.</p>
<div class="lb-trans"><p>拉赫曼的辞职是在雅加达综合指数（JCI）出现剧烈抛售之后做出的，该基准指数在两个交易日内下跌超过 8%——这是几个月以来最大的多日跌幅——并在周三和周四触发了自动交易暂停。</p>
</div><p>That rout was sparked by a surprise warning from <strong>MSCI Inc.,</strong> the influential global index compiler, which flagged “investability” and transparency concerns in Indonesian equities.</p>
<div class="lb-trans"><p>此次暴跌是由于 <strong>MSCI Inc.</strong> 的意外警告，该全球指数编制公司指出印尼股票的 “可投资性” 和透明度问题。</p>
</div><p>“Investors highlighted that fundamental investability issues persist due to ongoing opacity in shareholding structures and concerns about possible coordinated trading behaviour that undermines proper price formation,” MSCI said late Tuesday.</p>
<div class="lb-trans"><p>“投资者强调，由于股权结构的不透明性以及可能的协调交易行为影响了适当的价格形成，基本的可投资性问题依然存在，” MSCI 在周二晚间表示。</p>
</div><p>MSCI suggested Indonesia risks being downgraded from &#34;emerging market&#34; to &#34;frontier market&#34; status unless structural issues are addressed.</p>
<div class="lb-trans"><p>MSCI 建议，除非解决结构性问题，否则印尼有被降级为 “前沿市场” 的风险。</p>
</div><p>MSCI's benchmarks are widely used by global funds as a barometer for where to allocate capital. A downgrade or reduction in Indonesia’s index weighting could force systematic selling by funds that track MSCI indices, amplifying market stress.</p>
<div class="lb-trans"><p>MSCI 的基准指数被全球基金广泛用作资本配置的晴雨表。降级或减少印尼的指数权重可能迫使跟踪 MSCI 指数的基金进行系统性抛售，从而加剧市场压力。</p>
</div><h2>Regulators Reassure Investors</h2>
<div class="lb-trans"><h2>监管机构安抚投资者</h2>
</div><p>In response to the sell-off and MSCI's criticisms, Indonesian regulators have moved to reassure investors.</p>
<div class="lb-trans"><p>针对抛售和 MSCI 的批评，印尼监管机构已采取措施安抚投资者。</p>
</div><p>The IDX had said on Wednesday that it recognised MSCI’s feedback and reaffirmed its commitment to increase the weighting of Indonesian equities in the MSCI indexes.</p>
<div class="lb-trans"><p>IDX 在周三表示，已认识到 MSCI 的反馈，并重申其增加印尼股票在 MSCI 指数中权重的承诺。</p>
</div><p>The Financial Services Authority (OJK) said it would raise the minimum free-float requirement for listed companies to 15% to improve liquidity and transparency. The Indonesian government also said it would increase the limit for pension funds and insurers to invest in the stock market from 8% to 20% of their assets.</p>
<div class="lb-trans"><p>金融服务管理局（OJK）表示，将把上市公司的最低自由流通要求提高至 15%，以改善流动性和透明度。印尼政府还表示，将把养老金和保险公司在股市投资的限额从 8% 提高至 20%。</p>
</div><p>These measures helped calm markets slightly on Friday, with the JCI trading 1.18% higher in the session.</p>
<div class="lb-trans"><p>这些措施在周五稍微平息了市场，JCI 在该交易日上涨了 1.18%。</p>
</div><p>Still, overall confidence remains fragile, with the turmoil in Indonesian equities unfolding against broader uncertainty over the country's economic and fiscal direction under President <strong>Prabowo Subianto</strong>.</p>
<div class="lb-trans"><p>尽管如此，整体信心依然脆弱，印尼股票市场的动荡与该国在 <strong>普拉博沃·苏比安托</strong> 总统领导下的经济和财政方向的不确定性相伴而生。</p>
</div><p>Investor unease, reflected by the uptick in foreign capital outflows, has been fueled by plans to expand social spending even as government revenues weaken, pressure on the rupiah, which has been trading near record lows, and renewed questions about central bank independence after Prabowo's nephew was confirmed as deputy governor this week.</p>
<div class="lb-trans"><p>投资者的不安通过外资流出增加得以体现，这种不安是由于政府收入减弱的同时计划扩大社会支出、印尼盾面临压力（该货币一直在接近历史低点交易），以及普拉博沃的侄子本周被确认担任副行长后对中央银行独立性的质疑再度浮现。</p>
</div><p><em>Image via Shutterstock</em></p>
<div class="lb-trans"><p><em>图片来源于 Shutterstock</em></p>
</div>

印尼证券交易所首席执行官在市场暴跌 800 亿美元后辞职——究竟发生了什么？