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本文摘要:Having grabbed a big chunk of the profitable smartphone business from Apple Inc. and others, Samsung Electronics Co. now faces a new, enviable Apple-like challenge: a mammoth pile of unspent, accumulated cash.三星电子(Samsung Electronics Co.)从


Having grabbed a big chunk of the profitable smartphone business from Apple Inc. and others, Samsung Electronics Co. now faces a new, enviable Apple-like challenge: a mammoth pile of unspent, accumulated cash.三星电子(Samsung Electronics Co.)从苹果(Apple Inc.)和其他公司那里夺去了大量利润可观的智能手机业务,如今,三星电子面对着一个与苹果类似于的惹人妒忌的新挑战:公司累积的大量闲置现金。After a first quarter marked by a 42% rise in net profit, Samsung said its cash and cash equivalents grew to nearly $40 billion at the end of March. After stripping out debt, Samsungs net cash position is 31.2 trillion won, or $28.5 billion. Already one of the biggest in Asia, Samsungs cash pile is building at an eye-popping rate. Its net cash has nearly tripled over the last year alone.在第一季度袭港42%的净利润快速增长之后,三星电子说道,该公司的现金和现金等价物3月底时早已快速增长到了将近400亿美元。去除债务后,三星电子的净现金头寸为31.2万亿韩圆,即285亿美元。

三星电子的现金规模在亚洲早已正处于最低水平,目前仍以令人瞠目的速度快速增长。仅有过去一年,三星电子的净现金就完全快速增长了两倍。Analysts expect Samsung to use that money for acquisitions that will allow the company to beef up in certain areas like software and medical equipment. Shareholders are likely to start seeking higher returns, either through a boost in its dividend -- currently less than 1% of its share price -- or a share buyback. And while there is no sign yet of the market pressure that forced Apple to announce last month both such steps, investors are starting to notice.分析人士预计,三星电子将用于这些钱展开并购,从而强化公司在软件和医疗设备等领域的实力。股东们可能会开始谋求更高的报酬,方法是减少派息──目前将近股价的1%──或是股票买入。

尽管目前对于三星电子来说,还没经常出现被迫苹果上个月宣告采行这两种措施的市场压力,投资者正在开始不予注目。We will be asking them if they plan to keep all that cash, said Willis Tsai, a San Francisco-based director in the equity research division at TIAA-CREF, which manages more than $400 million of Samsung shares, according to shareholder data from SP Capital IQ. When I see the company, itll probably be the first question I ask.主流智能手机大比拼TIAA-CREF派驻旧金山的股票研究部门的经理Willis Tsai说道,我们将告知他们否想留给所有现金。根据标普资本智商公司(SP Capital IQ)的股东数据,TIAA-CREF管理着市值多达4亿美元的三星电子股票。他说道,如果我看见这家公司,这有可能是我要回答的第一个问题。

In response to a Wall Street Journal question about its cash strategy, Samsung issued a statement last week saying its cash reserves will be managed in a way that prioritizes investments sustainable for areas like facilities, RD, and marketing that will help the company solidify or boost competitiveness in respective business areas. The company declined to comment on any specific dividend payout, share buyback or acquisition plans in the future.三星电子上周公开发表了一份声明对此《华尔街日报》关于其现金策略的批评,声明说道,其现金管理方式是重点对设施、研发和营销等领域展开可持续的投资,从而稳固和提升公司在这些领域的竞争力。三星电子拒绝接受谈论任何明确的股息发放、股票买入或收购计划。

The growth in Samsungs cash reflects a dramatic shift in how it generates its profit. In the past, Samsungs chip and components divisions -- underpinned by years of massive capital spending -- propelled the companys earnings. Now, its huge profit comes largely from smartphones, which generate more cash because they dont require as much capital investment.三星电子的现金快速增长体现了其利润产生方式的显著变化。过去,三星电子的芯片和零件部门推展了公司的盈利快速增长,这些部门多年以来受到了大规模资本开支的反对。

如今,三星电子的大量利润主要来自智能手机,由于智能手机不必须那么多的资本投资,它们需要生产更加多现金。The division containing the mobile business accounted for 74% of Samsungs operating profit, with consumer electronics -- such as TVs -- and components -- such as chips -- making up the rest in the first quarter of 2013. Three years earlier in the same quarter, the mobile-phone segment accounted for 25% of operating profit, with semiconductors and LCDs comprising 56%.2013年第一季度,手机业务所在的部门对三星电子运营利润的贡献率为74%,公司其余的利润来自消费电子产品(如电视机)和零部件(如芯片)。

三年前的一季度,手机业务对三星电子运营利润的贡献率为25%,半导体和液晶显示器的利润贡献率为56%。Samsung routinely outspends rivals on capital expenditures to build newer and bigger factories. During market downturns, when competitors would scale back on investment, the worlds top producer of memory chips would continue to spend billions of dollars -- allowing it to extend its market-share lead and give it scale to gain more bargaining power in price negotiations.三星电子用来建设改版和更大厂房的资本开支一般来说低于竞争对手。


在市场下滑期间,竞争者争相缩减投资,这家世界顶尖的内存芯片制造商之后耗资数十亿美元展开投资,这协助三星电子不断扩大了市场份额方面的领先优势,也使公司在价格谈判中享有了更好讨价还价的权力。But in recent years, Samsung has kept capital spending mostly flat -- albeit at levels far greater than its competition. Samsung spent 22.8 trillion won in capital expenditures in 2012. It was largely unchanged from 2011 and the company has said it would keep spending flat this year.但是最近几年,三星电子的资本开支虽然仍远高于其竞争对手,但却没过于大变化。三星电子2012年的资本开支为22.8万亿韩圆,与2011年基本持平。三星电子回应,今年的开支仍将维持在这个水平。

The cash balloon never got that big because they were reinvesting it all, but now thats starting to change, said Mark Newman, a Hong Kong-based analyst for Sanford C. Bernstein., who estimates that Samsungs cash may grow to 100 trillion won by the end of 2015. Its getting near the point where its more than enough.美国投行Sanford C. Bernstein派驻香港的分析师纽曼(Mark Newman)说道,三星电子的现金规模根本没像现在这么大,因为该公司以往不会将手中的现金全部用作再行投资,但是现在情况早已逆了。纽曼估算,三星电子的现金储备到2015年底时有可能快速增长到100万亿韩圆。纽曼说道,它正在远超过满足需要的水平。

Based on the amount of cash and liquid securities sitting on its balance sheet at the end of its most recent business year, Samsung has the second-biggest cash pile in Asia behind China Mobile Ltd.s $64 billion war chest and ahead of Toyota Motor Corp.s $27.5 billion cash reserves, according to data from SP Capital IQ, which excludes financial and energy companies,标普资本智商获取的数据表明,在三星电子刚完结的这个财年,该公司资产负债表上的现金和易所求证券规的模,在不还包括金融和能源企业的亚洲公司中名列第二,次于中国移动(China Mobile Ltd.)640亿美元的现金规模,多达了丰田汽车(Toyota Motor Corp.)275亿美元的现金储备。The stockpile is building rapidly in part because of Samsungs conservative use of cash. The companys latest annual dividend of 8,000 won translates to a fairly modest yield of 0.54% relative to its share price. As a percentage of net profit, Samsungs total dividend payout has decreased for five years in a row to 5% in 2012, from 15.8% in 2007.三星电子手中现金很快减少的部分原因是该公司对现金的激进用于。三星电子近期的年度股息为每股8,000韩圆,仅有相等于该公司股价的0.54%。

三星缴纳的股息总数与公司净利润的比率早已倒数五年上升,从2007年的15.8%上升到2012年的5%。In addition, Samsung hasnt bought back shares since 2007. Between 2004 and 2007, it bought back at least 1.8 trillion won, or $1.6 billion, of shares every year. The impetus for a share buyback may have diminished because Samsungs stock price has nearly tripled since the start of 2008.此外,三星自2007年以来仍然没买入过股票。

2004至2007年,三星每年最少买入了价值1.8万亿韩圆(合16亿美元)的股票。由于三星股价自2008年初以来下跌了近两倍,买入股票的动力有可能早已弱化。With regard to acquisitions, Samsung has gone for either relatively small companies or small stakes in larger companies. The last big deal it tried to pull off -- an acquisition of flash-memory supplier SanDisk Corp. for $5.85 billion in 2008 -- failed because the two parties couldnt agree on a price.在并购方面,三星的并购对象要么是规模比较较小的公司,要么是大公司的少数股权。

该公司最后一次尝试展开的大规模并购是在2008年企图以58.5亿美元并购存储器供应商SanDisk Corp.,该交易由于双方无法就价格达成协议完全一致而告终。According to research firm Dealogic, the biggest overseas deal Samsung Electronics has ever completed is a two-part acquisition of Irvine, Calif.-based AST Research Inc. for a total of $840 million, more than a decade ago. Its most recent deal, announced in March, was an acquisition of a 3% stake in struggling Japanese electronics manufacturer Sharp Corp. for about $106 million.研究公司Dealogic的数据表明,三星电子曾多次已完成过的最大规模海外并购交易是十多年前分两步并购了加州尔湾(Irvine)的AST Research Inc.,该交易总计为8.4亿美元。

其近期的并购交易于今年3月宣告,三星称之为它将以约1.06亿美元并购陷入困境的日本电子产品生产商夏普(Sharp Corp.) 3%的股份。Bernsteins Mr. Newman said it is growing more likely that Samsung may look for a larger, multibillion-dollar acquisition in the near future. He didnt specify any potential targets. One area where the company has been expanding its reach through a series of smaller acquisitions is medical equipment.Bernstein的纽曼说道,三星目前已更加有可能在旋即的将来谋求展开耗字数十亿美元的更加大规模并购。他没明确解释任何有可能的目标。

三星仍然在通过一系列较小的并购行动来不断扩大影响力的一个领域是医疗设备。Mr. Newman expects the company to perform some kind of return to shareholders within the next two to three years. Based on its history, the company is more likely to do a share buyback, he said.纽曼预计,三星未来两到三年可能会以某种形式报酬股东。他说道,根据三星的历史,其更加有可能展开股票买入。


Samsung still has time before its cash pile becomes an Apple-sized issue. Apples cash, cash equivalents and marketable securities reached $144.7 billion at the end of March. Under pressure from investors to return more cash to shareholders, Apple announced last month that it plans to return more cash to investors than previously planned. In a series of moves aimed at returning $100 billion in cash to shareholders by the end of 2015, Apple increased the size of its share repurchase program and raised quarterly dividends.在三星的现金储备问题显得像苹果公司的这一问题那般相当严重之前,三星还有时间。苹果的现金、现金等价物和适销证券在3月底超过1,447亿美元。在投资者拒绝向股东归还更加多现金的压力下,苹果上个月宣告其计划向投资者归还多达以前计划的现金。

苹果采行了一系列行动,目的是在2015年底之前向股东归还1,000亿美元现金,这些行动还包括不断扩大股票买入计划的规模以及减少季度股息。Apple and Samsung have totally different cash needs. While Samsungs memory and panel businesses may not be as critical to current earnings, they are still leading their respective industries and they will continue to require cash for capital spending to stay ahead of the competition.苹果和三星具有截然不同的现金市场需求。

虽然三星的存储器和面板业务对该公司当前利润的贡献率有可能不是那么大,但它们仍在各自的行业占有领先地位,为维持这种竞争优势,三星电子仍然必须在这两项业务上投放现金以用于资本开支。Also, fortunes can change quickly in the technology industry. Samsung only needs to look to its once-bigger rival Panasonic Corp.同时,在科技行业,运气也有可能随时发生变化。三星只要想到曾多次比自己规模更大的竞争对手松下(Panasonic Corp.)就告诉了。When flat-panel televisions started to replace bulky cathode-ray tube TV models, Panasonic invested heavily in plasma displays. It built several billion-dollar factories to churn out the displays, only to see those investments suffer during a prolonged downturn.在平板电视开始代替轻巧的显像管电视时,松下在等离子显示屏上投放巨资。

该公司修筑了斥资数十亿美元的工厂以生产显示器,但等离子显示屏行业旷日持久的萧条却使这些投资遭遇了损失。After losing more than 1.5 trillion yen, or $15.3 billion, over the last two years, Panasonic has seen its credit rating cut to below investment grade, or junk status, by rating agency Fitch in November.过去两年亏损逾1.5万亿日圆(合153亿美元)之后,松下的信用评级在去年11月被评级机构惠誉(Fitch)上调至投资级以下,跌落“垃圾”级。

Christopher Wong, a Singapore-based senior investment manager at Aberdeen Asset Management, said it is not a bad thing for Samsung to maintain a large cash balance because of the size of Samsungs annual capital expenditures and the cyclical nature of the technology industry.新加坡安本资产管理公司(Aberdeen Asset Management)的高级投资经理Christopher Wong说道,由于三星年度资本支出的规模和科技行业的周期性质,三星持有人大量现金不是坏事。Were quite relaxed when it comes to the cash pile as long as it continues to find uses for the cash, said Mr. Wong.他说道,我们并不担忧现金储备的问题,只要三星能之后为这些现金寻找用途就行了。



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