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2017年11月20日 13:55:26    日报  参与评论()人

西安治疗急性前列腺炎医院西安感染性龟头炎In 2005, when Carol Loomis wrote one of her signature, exhaustive articles for Fortune, this one about Hewlett-Packard CEO Carly Fiorina’s troubled acquisition of Compaq, she ed a Wall Street analyst who predicted that HP HP -5.89% would one day be split up.2005年,卡罗尔·卢米斯为《财富》杂志(Fortune)撰写了一篇惠普公司(HP)首席执行官卡莉o菲奥莉娜收购康柏公司(Compaq)的计划陷于困境的详尽报道。在这篇堪称其代表作的文章中,她援引了一位华尔街分析师的预测:惠普终有一日会被拆分。That analyst, Steven Milunovich, left the research business for a time. But he’s back at it again, now working at UBS, where he covers enterprise technology companies—that is, companies that sell technology to other companies as opposed to consumers. Milunovich is still paying careful attention to HP, which announced last week that it is splitting its consumer PC and printer businesses (to be called HP Inc) from its enterprise hardware and software lines (to be known as Hewlett-Packard Enterprise).这位名叫史蒂芬o米卢诺维奇的分析师一度离开研究领域。但他如今又回来了。目前,米卢诺维奇供职于瑞银集团(UBS),负责追踪企业级科技公司,也就是那些将技术卖给其他公司,而不是消费者的公司。他仍然密切注意惠普的动向。该公司上周宣布了一项分拆计划:惠普将一分为二,一个是专注从事消费PC和打印机业务的惠普公司(HP Inc),另一个是从事企业级硬件和软件业务的惠普企业公司(Hewlett-Packard Enterprise)。Reaction to the spin-off, beyond general praise for spin-offs, has been tepid. Writing in The New York Times over the weekend, James Stewart walks through HP’s generally weak prospects on both sides of its house. In his weekly “Monday Note,” Jean-Louis Gassée provides outstanding historical commentary on HP’s culture, calling the company today a “tired conglomeration.”企业分拆通常能够赢得一片喝声,但这一次,各方的反映一直不温不火。詹姆斯o斯图尔特上周末发表于《纽约时报》(The New York Times)的文章,总体上看淡这两家公司的发展前景。在每周更新一次的客《周一观察》(Monday Note)中,让-路易斯o盖瑟从历史的角度,对惠普的文化进行了一番精,声称这家公司如今是一个“疲惫的混合体”As for Milunovich, he finds some reasons for guarded optimism about HP. I reached him at his desk in New York last week. Below is an edited version of our conversation.米卢诺维奇则发现了一些让他对惠普保持谨慎乐观的原因。上周,我来到他的纽约办公室。以下是经过编辑的对话内容:I wrote in an essay on the day the split was announced that HP didn’t much matter anymore, at least not the way it used to. Do you agree?我在拆分宣布的当天写了一篇文章,说惠普不再是一家举足轻重的公司,至少没有过去那般重要。你同意吗?HP’s obviously lost a lot of luster. It’s not the company it once was. But it is one of the largest consumer computing companies. Clearly Apple AAPL -0.91% has surpassed it. But HP is very close to being the number-one PC company globally. They are the premier printing company. Where they have faded is on the enterprise side, and the innovation halo they once had is long gone. But I wouldn’t say it doesn’t matter. I think that’s a bit of an exaggeration.惠普的招牌显然有点褪色。它已经不是过去那个惠普了。但惠普仍然是世界上最大的消费计算公司之一。当然目前苹果(Apple)已经超越它了。不过,惠普距离全球头号PC厂商的位置非常接近。它依然是一家卓越的打印机公司。尽管它在企业级市场名声渐暗,曾经拥有的创新光环早已逝去。但我不会说,惠普现在无足轻重。我认为,这种看法有点夸张了。Talk about your 2005 prediction.说说你2005年的预测。I apparently predicted that printers would be peeled off from PCs. I’ve always been a big believer in focus. It’s the most powerful factor in business. In the case of HP we always felt it was difficult being the premier consumer and enterprise company. Microsoft MSFT -0.86% clearly has had similar issues. In HP’s case there’s no silver bullet. No one unit is being held back. But it doesn’t encourage focus. I would argue that they should have done this years ago.我当时预测说,打印机业务将从PC业务中剥离。我一直非常信奉“聚焦”(focus)。它是影响企业发展的最强大的因素。我们总是觉得,惠普要想同时成为一流的消费技术和企业技术公司,的确很有难度。微软(Microsoft)显然也有过类似的问题。就惠普的情况而言,没有一劳永逸的高招。该公司目前还没有收缩任何一个部门。但这不利于激励“聚焦”。我认为他们早在几年前就该做这件事了。As you note, HP isn’t separating printers and PCs, meaning the Compaq acquisition is remaining somewhat intact.正如你所说,惠普并没有把打印机和PC业务分离开来,这意味着早年收购的康柏资产基本上原封未动。I’d argue that the Compaq acquisition wasn’t so bad. If you were going to try to be a major computer company, the Compaq deal made some sense. It’s not unlike the rumored EMC EMC -1.57% and HP combination currently [rumored], which could make some sense. Back then HP was weak in x86 systems [a type of computing based on Intel processors] and storage. Compaq gave them both. Clearly they would not be in the market position they are in today if they hadn’t done that acquisition.我认为,对康柏的收购并没有那么糟糕。如果你试图成为一家大型电脑公司,收购康柏顺理成章。这跟目前传说中的EMC和惠普合并一案并没有什么区别,都是讲得通的。当时,惠普在x86系统(一种基于英特尔处理器的计算程序)和存储器方面的技术比较薄弱。康柏给了他们这两项技术。显然,要是当初没有收购康柏,惠普就不可能拥有如今的市场地位。What is your assessment of HP’s management?你对惠普的管理层有何评价?They’ve lost so much talent over the years. I don’t think it can ever be what it once was. But I do believe CEO Meg Whitman has made improvements. We did a conference call recently with Mohamad Ali, HP’s chief strategist. Meg has brought to HP this “Playing to Win” approach, which Procter amp; Gamble PG -1.56% uses. She learned it there because [Pamp;G CEO] A.G. Lafley used it in the 2000s. They have this strategic framework. I had never heard boo about this. It’s nine to 12 months old. I heard she had an offsite with the top 100 or so managers at HP. And she said, “I want you all to this book. I’m going to test you on it.” The flight attendants noticed. They wanted to know why everybody on this flight to Las Vegas was ing the same book. It gives you a sense of the discipline there.这些年来,他们失去了很多人才。我认为,惠普的管理已经无法企及昔日的水平。但我的确相信,CEO梅格o惠特曼已经做了一些改进。最近,我们跟惠普首席战略官穆罕默德o阿里进行了一场电话会议。梅格给惠普引入了宝洁公司(Procter amp; Gamble)率先使用的“为胜利而战”(Playing to Win)战略。她是在那里学到的,因为宝洁CEO雷富礼曾经在2000年代使用过这种方式。他们拥有这样的战略框架。我还没有听说过有人对这种理念不屑一顾。它已经被应用了大约9到12个月。我听说,她和惠普的约100名高层在异地开了一个会。她说,“我希望大家都来阅读这本书。我会考考你们对它的理解程度。”飞机上的空注意到了。她们想知道在这趟飞往的航班上,为什么每位乘客都在阅读同一本书。由此可见,惠普管理层还是很有纪律意识的。HP has been talking a lot about the cloud lately, but I don’t have a sense of how its cloud computing strategy is different from the competition, several of whom have been at it longer than HP.惠普最近一直在谈论云计算,但我并没有感觉到它的云计算战略跟竞争对手有什么不同之处,不少竞争对手进入这一领域的时间都要比惠普更长一些。In general, observers are unclear. We talked recently to Bill Veghte [the head of HP’s enterprise group and a longtime Microsoft executive]. They’ve had three different management teams running their cloud strategy. The IT has been rebranded as Helion. It has several features, many of which aren’t available yet. So, for HP, that is a work in progress.总体而言,观察家们还不清楚。我们最近采访了比尔o维迪(惠普企业技术事业部负责人,曾长期担任微软高管)。他们目前有三个不同的管理团队在运营其云技术战略。这项信息技术业务的名称已经被改为Helion。它有好几个特色,其中有不少还没有对外公布。因此,对于惠普来说,这还是一个在不断改进的半成品。Toward the end of her article almost a decade ago, Carol Loomis asked Carly Fiorina who the leading technology company of the day was. Fiorina responded that there was no one company, but in retrospect Apple exerted far more than its fair share of leadership. What would your answer be today?在大约10年前那篇文章的结尾,卡罗尔o卢米斯问卡莉o菲奥莉娜,哪家公司当时处于领导地位。菲奥莉娜回答说,没有这样的公司。但现在回想起来,苹果公司的领先优势显然要比她想象的大得多。你现在如何回答这个问题?Apple today is clearly the world’s leading consumer tech company. And IBM is the leading enterprise company. But Microsoft, Oracle, and HP aren’t far behind. The HP Inc company is probably pretty close to half consumer and half enterprise. There’s still the question of how HP fits in. I think the split is to better position the enterprise side. They are vulnerable there. Their cloud strategy is unclear to people.苹果现在当然是全球领先的消费技术公司。IBM则是全球领先的企业技术公司。不过,微软、甲骨文(Oracle)和惠普也并没有被远远抛在后面。分拆后成立的惠普Inc公司,可能非常接近成为一家消费技术和企业技术各占据一半的公司。惠普如何协调如此多业务这一问题依然存在。我认为,此次拆分是为了更好地定位企业技术业务。他们在这方面比较脆弱。人们还看不清楚该公司的云战略。Last question: How about you? What’s different today from your previous stint as an analyst?最后一个问题:你最近怎么样?如今的工作跟以前的分析师工作有什么不同?It’s very similar to the early ’90s. We’re going through one of those disruptive periods when everything is changing. The lesson for investors is this: Get out of the incumbents and focus on the pure-plays. Going out to Silicon Valley is even more depressing than it was in the 1990s, with new players saying they are going to destroy the incumbents. It’s depressing because my clients own the companies that are under attack. But EMC and IBM—and even HP—are not going away quickly.当下与上世纪90年代初非常类似。我们正在再次经历一个破坏性时期,一切都在改变。投资者应该汲取的教训是:离开正占据主导地位的企业,专注于单一业务公司。硅谷现在的氛围甚至比上世纪90年代更加压抑,各路新公司都说,他们要摧毁在位者。我说那里令人沮丧,是因为我的客户拥有的公司正在遭受攻击。但EMC、IBM,甚至包括惠普,并没有迅速地消失。 /201410/336503西安哪里切包皮好 Apple AAPL -0.87% seems incapable of doing wrong. It’s a huge company delivering tech products to the masses (and with 10 million iPhone 6s sold in just three days, we do mean masses). But it is, in fact, fallible.作为一家向广大群众提供科技产品的大公司(鉴于iPhone 6开售三天之内就卖出了1000万台,说“广大群众”是名至实归),苹果(Apple)似乎是一家不可能犯错的公司。但事实上,苹果也会犯错。Today, the tech giant hammered that point home with two gaffes: Bendgate and updategate, as reported by Fortune.Bendgate centers on the new iPhone 6 Plus, which is so thin that it can be warped or broken if sat on. Updategate is revolves around the latest update to Apple iOS and the fact that it can cause phones to lose cellular service and disable their fingerprint unlocking system.就在最近几天,苹果又爆出了“掰弯门”和“升级门”。“掰弯门”主要集中在iPhone 6 Plus上,超薄设计导致这款手机很容易被一屁股坐弯或坐坏。“升级门”则主要围绕iOS系统的最新一次升级,它可能导致iPhone无法使用蜂窝务和指纹解锁系统。Of course, over the years, Apple has messed up a number of times, both small and large. Here are a few of those tech and retail-related errors:当然,多年以来,苹果也大大小小地犯过不少其它错误,以下就是其中与技术和零售有关的一些错误: /201409/332274西安最好的膀胱炎医院

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户县不孕不育收费好不好During the World Cup games, many of us broke away from the workday to catch the emotional matches. At my office, like at many other companies large and small, we played the games’ live streams from the ESPN app on a big projector. Sure enough, the lag has been bad, as demand has swamped the servers. WatchESPN was outright crashing during theU.S.-Germany game last month.世界杯期间,我们中的许多人都在工作日抽身去看那些令人激动的比赛。和许多大大小小的公司一样,我们公司也用大投影仪通过ESPN客户端来收看实况转播。延迟很厉害,这是一定的,原因是需求让务器不堪重负。上个月美德大战时,ESPN的务器干脆崩溃了。I’m guessing nobody is really surprised, given, as some might recall, the Oscars livestream crashed; HBO Go fizzled during the True Detective finale and Veronica Mars movie backers couldn’t get their free digital downloads on time.我猜没有人真的感到意外,因为可能还有人记得,奥斯卡颁奖典礼的网络直播就崩溃过;《真探》(True Detective)大结局时,HBO的客户端也不能正常使用;《美眉校探》(Veronica Mars)电影版的拥趸同样无法顺利进行免费下载。We’re used to these delays. The Internet literally can’t handle the amount of TV we watch; the idea behind “TV everywhere,” where television broadcasters provide viewers with access to online content via live or on-demand, may be impossible with our current infrastructure.我们对这样的延迟已经习以为常。互联网确实处理不了我们观看的大量电视节目;“电视无处不在”的意思是电视台以直播或点播的方式向观众提供在线内容,但现在的基础设施可能无法实现这样的想法。Netflix NFLX -1.00% takes up about 30% of home Internet bandwidth in North America, and data from Procera estimates that anywhere from 6% to 10% of the online streaming service’s subscribers watched at least one episode of House of Cards Season 2 in its first weekend. Yet House of Cards doesn’t have nearly as many viewers as a moderately successful TV show. A total of 4.6 million people watched the premiere of USA’s Suits, for example, which for a series, is an impressive but not gargantuan hit (but one of my personal favorites!). And that’s not even broadcast, it’s cable. A highly anticipated episode of How I Met Your Mother could pull in close to 11 million viewers.Given such viewership, it seems the Internet literally cannot handle television.奈飞(Netflix)占据了北美约30%的家用互联网带宽。网络数据统计机构Procera估算,《纸牌屋》(House of Cards)第二季播出的首个周末,6%-10%的奈飞用户至少观看了一集。不过,这样的观众规模还赶不上一般成功的电视节目。比如说,美国电视网(USA Network)的《金装律师》(Suits)首次播出时的观众人数为460万。这样的观众规模对一部电视连续剧来说已经很可观,但还算不上火爆异常(不过这是我最喜欢的电视剧之一)。此外,这部电视剧甚至没有以无线形式播出,只是进入了有线电视网络。《老爸老妈的浪漫史》(How I Met Your Mother)中备受期待的一集可以引来近1100万观众。考虑到这样的收视规模,互联网似乎真的没办法承载电视。Because it takes up that whopping 30% of home Internet bandwidth, Netflix is disrupting traditional “peering” structures whereby two or more networks, which are required to be connected at a hardware level, exchange traffic for free. The networks that Netflix connects to are sending significantly more traffic to their peering partners than they’re receiving in return. The extra traffic forces many of these last-mile providers to either spend money to upgrade their infrastructure, or their users will suffer from a degraded viewing experience.由于掌握了高达30%的家用互联网带宽,奈飞打破了传统的对等直联结构,也就是两个或多个网络在硬件层面连接在一起,免费交换数据。奈飞连接的网络向对等网络发送的数据远远超过了从对方那里接收的数据。这些多出来的数据迫使许多这样的“最后一哩”务供应商升级自己的基础设施,否则,用户的收视体验就会打折。Earlier this year, Comcast CMCSA -0.69% and Netflix signed a paid peering agreement designed to improve Netflix’s performance, but that doesn’t change the fact that we are consistently at the limits of bandwidth when it comes to streaming high-quality . Sure enough, a few months later, images of Netflix error messages blaming Verizon for slow bandwidth started going viral online.今年早些时候,康卡斯特(Comcast)和奈飞签署了一份付费直联协议,旨在改善奈飞的节目播出效果,但这个举措并不能改变这样一个事实。那就是,播放高质量视频时我们对带宽的使用总是处于极限状态。可以肯定,几个月后奈飞指责威瑞森(Verizon)影响网速的报错信息截图就会像病毒一样在网上传播开来。I binge-watched the latest season of House of Cards.Even though my wife and I pay for an upgraded Verizon FiOS Internet package, every episode came through in painfully grainy quality. Every now and then, when the scenery barely moved, it would snap into much better focus, only to remind me how bad the viewing quality was. Obviously, as we later learned, the issue wasn’t Verizon to my house, but Netflix to Verizon.我一集不落地看了《纸牌屋》的最新一季。尽管我和我妻子购买了威瑞森的FiOS套餐升级版,每集的画质依然惨不忍睹。时不时地,每次画面基本定格的时候,清晰度就会明显上升,这只能让我想到画面质量究竟有多糟糕。就像我们后来了解到的那样,问题显然不是出在威瑞森到我们家这个环节,而是奈飞到威瑞森。The problem is potentially bigger: Cord-cutters like to talk about being free of the constraints of cable bundles, but the trend I’m seeing is that bandwidth deals could turn into bundles themselves. Imagine you move into a new neighborhood and have a choice of Internet service providers; before you select, you need to do some homework on who has deals in place with the content companies you like to watch over the Internet.问题可能会变得更严重:拒绝有线电视的人喜欢把摆脱有线电视套餐的束缚挂在嘴边,但我看到的趋势是,网络视频务本身也可能以套餐形式出现。想象一下,你搬了家,可以在一些网络务供应商之间进行选择;那么在你做出决定之前,你需要先考察一下,看看哪些网络公司可以提供你喜欢在线观看的视频内容。We truly want “TV everywhere.” Yet when most people talk about problems with Netflix and its ilk, they’re talking about concerns that their subscription rates are going to go up or that some studio is going to pull their favorite movies from on-demand streaming. With theAereo U.S. Supreme Court decision, cord-cutters are now quickly hunting down their next best options. But as long as these bandwidth problems are as glaring as they are (and getting worse) we’re not going to make the strides we need, and the industry won’t be able to deliver the experience that consumers are hungry for. And judging by the fact that Netflix more than doubled its Emmy nomination haul this year, I’d wager they (we) are pretty hungry.我们当然希望“电视无处不在”。然而,许多人谈到奈飞等公司的问题时担心的事情是收费上升,或者某些电影公司把他们最喜欢的电影撤出点播清单。随着美国最高法院裁定网络电视公司Aereo侵犯电视台版权,拒绝有线电视的消费者现在开始迅速寻找次优方案。但只要这些带宽问题一直这么突出(或者变得更糟),我们就没办法大步向前迈进,这个行业也就没办法为消费者提供他们渴望的那种体验。奈飞今年获得的艾美奖提名增加了一倍以上,我得说他们(也包括我们)的期待程度相当高。 /201407/312172 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.)和其他公司那里夺走了大量利润丰厚的智能手机业务,如今,三星电子面临着一个与苹果类似的惹人嫉妒的新挑战:公司积累的大量闲置现金。After a first quarter marked by a 42% rise in net profit, Samsung said its cash and cash equivalents grew to nearly billion at the end of March. After stripping out debt, Samsung#39;s net cash position is 31.2 trillion won, or .5 billion. Aly one of the biggest in Asia, Samsung#39;s cash pile is building at an eye-popping rate. Its net cash has nearly tripled over the last year alone.在第一季度录得42%的净利润增长之后,三星电子说,该公司的现金和现金等价物3月底时已经增长到了将近400亿美元。剔除债务后,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已经处于最高水平,目前仍以令人瞠目的速度增长。仅过去一年,三星电子的净现金就几乎增长了两倍。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,三星电子将使用这些钱进行收购,从而增强公司在软件和医疗设备等领域的实力。股东们可能会开始寻求更高的回报,方法是增加派息──目前不到股价的1%──或是股票回购。尽管目前对于三星电子来说,还没有出现迫使苹果上个月宣布采取这两种措施的市场压力,投资者正在开始予以关注。#39;We will be asking them if they plan to keep all that cash,#39; said Willis Tsai, a San Francisco-based director in the equity research division at TIAA-CREF, which manages more than 0 million of Samsung shares, according to shareholder data from Samp;P Capital IQ. #39;When I see the company, it#39;ll probably be the first question I ask.#39;主流智能手机大比拼TIAA-CREF驻旧金山的股票研究部门的经理Willis Tsai说,我们将询问他们是否打算留下所有现金。根据标普资本智商公司(Samp;P Capital IQ)的股东数据,TIAA-CREF管理着市值超过4亿美元的三星电子股票。他说,如果我看到这家公司,这可能是我要问的第一个问题。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 #39;investments sustainable for areas like facilities, Ramp;D, and marketing that will help the company solidify or boost competitiveness#39; in respective business areas. The company declined to comment on any specific dividend payout, share buyback or acquisition plans in the future.三星电子上周发表了一份声明回应《华尔街日报》关于其现金策略的质疑,声明说,其现金管理方式是重点对设施、研发和营销等领域进行可持续的投资,从而巩固和提高公司在这些领域的竞争力。三星电子拒绝谈论任何具体的股息派发、股票回购或收购计划。The growth in Samsung#39;s cash reflects a dramatic shift in how it generates its profit. In the past, Samsung#39;s chip and components divisions -- underpinned by years of massive capital spending -- propelled the company#39;s earnings. Now, its huge profit comes largely from smartphones, which generate more cash because they don#39;t require as much capital investment.三星电子的现金增长反映了其利润产生方式的明显变化。过去,三星电子的芯片和零件部门推动了公司的盈利增长,这些部门多年以来受到了大规模资本出的持。如今,三星电子的大量利润主要来自智能手机,由于智能手机不需要那么多的资本投资,它们能够制造更多现金。The division containing the mobile business accounted for 74% of Samsung#39;s 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 world#39;s 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.三星电子用来建设更新和更大厂房的资本出通常高于竞争对手。在市场低迷期间,竞争者纷纷削减投资,这家世界顶尖的内存芯片制造商继续斥资数十亿美元进行投资,这帮助三星电子扩大了市场份额方面的领先优势,也使公司在价格谈判中拥有了更多讨价还价的权力。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,三星电子的资本出虽然仍远高于其竞争对手,但却没有太大变化。三星电子2012年的资本出为22.8万亿韩圆,与2011年基本持平。三星电子表示,今年的出仍将保持在这个水平。#39;The cash balloon never got that big because they were reinvesting it all, but now that#39;s starting to change,#39; said Mark Newman, a Hong Kong-based analyst for Sanford C. Bernstein., who estimates that Samsung#39;s cash may grow to 100 trillion won by the end of 2015. #39;It#39;s getting near the point where it#39;s more than enough.#39;美国投行Sanford C. Bernstein驻香港的分析师纽曼(Mark Newman)说,三星电子的现金规模从来没有像现在这么大,因为该公司以往会将手中的现金全部用于再投资,但是现在情况已经变了。纽曼估计,三星电子的现金储备到2015年底时可能增长到100万亿韩圆。纽曼说,它正在超出满足需要的水平。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.#39;s billion war chest and ahead of Toyota Motor Corp.#39;s .5 billion cash reserves, according to data from Samp;P Capital IQ, which excludes financial and energy companies,标普资本智商提供的数据显示,在三星电子刚刚结束的这个财年,该公司资产负债表上的现金和易变现券规的模,在不包括金融和能源企业的亚洲公司中排名第二,仅次于中国移动(China Mobile Ltd.)640亿美元的现金规模,超过了丰田汽车(Toyota Motor Corp.)275亿美元的现金储备。The stockpile is building rapidly in part because of Samsung#39;s conservative use of cash. The company#39;s 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, Samsung#39;s 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迅速增加的部分原因是该公司对现金的保守使用。三星电子最新的年度股息为每股8,000韩圆,仅相当于该公司股价的0.54%。三星付的股息总数与公司净利润的比率已经连续五年下降,从2007年的15.8%下降到2012年的5%。In addition, Samsung hasn#39;t bought back shares since 2007. Between 2004 and 2007, it bought back at least 1.8 trillion won, or .6 billion, of shares every year. The impetus for a share buyback may have diminished because Samsung#39;s stock price has nearly tripled since the start of 2008.此外,三星自2007年以来一直没有回购过股票。2004至2007年,三星每年至少回购了价值1.8万亿韩圆(合16亿美元)的股票。由于三星股价自2008年初以来上涨了近两倍,回购股票的动力可能已经减弱。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 .85 billion in 2008 -- failed because the two parties couldn#39;t agree on a price.在收购方面,三星的收购对象要么是规模相对较小的公司,要么是大公司的少数股权。该公司最后一次尝试进行的大规模收购是在2008年试图以58.5亿美元收购闪存供应商SanDisk Corp.,该交易由于双方无法就价格达成一致而失败。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 0 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 6 million.研究公司Dealogic的数据显示,三星电子曾经完成过的最大规模海外收购交易是十多年前分两步收购了加州尔湾(Irvine)的AST Research Inc.,该交易总计为8.4亿美元。其最新的收购交易于今年3月宣布,三星称它将以大约1.06亿美元收购陷入困境的日本电子产品生产商夏普(Sharp Corp.) 3%的股份。Bernstein#39;s Mr. Newman said it is growing more likely that Samsung may look for a larger, multibillion-dollar acquisition in the near future. He didn#39;t 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,三星目前已更有可能在不久的将来寻求进行耗字数十亿美元的更大规模收购。他没有具体说明任何可能的目标。三星一直在通过一系列较小的收购行动来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回报股东。他说,根据三星的历史,其更有可能进行股票回购。Samsung still has time before its cash pile becomes an Apple-sized issue. Apple#39;s cash, cash equivalents and marketable securities reached 4.7 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 0 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变得像苹果公司的这一问题那般严重之前,三星还有时间。苹果的现金、现金等价物和适销券在3月底达到1,447亿美元。在投资者要求向股东返还更多现金的压力下,苹果上个月宣布其计划向投资者返还超过以前计划的现金。苹果采取了一系列行动,目的是在2015年底之前向股东返还1,000亿美元现金,这些行动包括扩大股票回购计划的规模以及增加季度股息。Apple and Samsung have totally different cash needs. While Samsung#39;s 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.苹果和三星有着截然不同的现金需求。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可能不是那么大,但它们仍在各自的行业占据领先地位,为保持这种竞争优势,三星电子依然需要在这两项业务上投入现金以用作资本出。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,运气也可能随时发生变化。三星只要看看曾经比自己规模更大的竞争对手松下(Panasonic Corp.)就知道了。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.在平板电视开始取代笨重的显像管电视时,松下在等离子显示屏上投入巨资。该公司修建了耗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不景气却使这些投资遭遇了损失。After losing more than 1.5 trillion yen, or .3 billion, over the last two years, Panasonic has seen its credit rating cut to below investment grade, or #39;junk#39; 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)下调至投资级以下,跌入“垃圾”级。Christopher Wong, a Singapore-based senior investment manager at Aberdeen Asset Management, said it is #39;not a bad thing#39; for Samsung to maintain a large cash balance because of the size of Samsung#39;s 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,由于三星年度资本开的规模和科技行业的周期性质,三星持有大量现金不是坏事。#39;We#39;re quite relaxed when it comes to the cash pile as long as it continues to find uses for the cash,#39; said Mr. Wong.他说,我们并不担心现金储备的问题,只要三星能继续为这些现金找到用途就行了。 /201305/239269西安割包皮哪个医院好西安手淫尿道炎

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