全球公司净现金量排行榜：中国三大银行进入前四

西西

Twenty of the largest listed companies in the world are sitting on a combined cashpile of $570bn, demonstrating how some of the world’s biggest groups retain substantial firepower in the current downturn.
However, only 29 of the top 100 global companies by market value have net cash, according to analysis by the Financial Times. But those that do should be in a strong position in a severe downturn that is causing companies to scramble to conserve cash.
The list is led by four financial institutions with Warren Buffett’s Berkshire Hathawayat the top with $106bn in net cash, defined as cash and short-term investments or marketable securities minus debt. Strikingly, the next three positions are filled by Chinese banks with Bank of China, ICBC and China Construction Bank having $101bn, $89bn and $82bn, respectively, according to data from Bloomberg.
Executives and analysts are divided on what cash-rich companies are likely to do with their money. Some believe that with company valuations at a relative low compared with recent years the time is ripe for acquisitions.
But Philip Isherwood, European equity strategist at Dresdner Kleinwort, disagreed: “Obviously the banks are hoarding cash, so why shouldn’t the corporates?” He argued that acquisitions tended to be pro-cyclical and relied on the strength of the equity market. “It is all about confidence. Will banks remain cautious? Probably. Will corporates remain cautious? Probably too,” he added.
Berkshire is one of the exceptions, having already invested in blue chips such as General Electric and Goldman Sachs.
Some other cash-rich companies have looked to take advantage of the relatively low valuations by boosting share buybacks or trying to buy rivals. Microsoft has done both while Roche, the Swiss pharmaceuticals company, is currently bidding to take over Genentech.
However, investors, who were only recently crying out for cash to be returned to them through buy-backs, are now more ¬sanguine. “It is the understatement of the year to say I would rather have a company with a high net cash position than with debt, and we’re being more relaxed with managements in that situation,” said a leading European investor.


20家全球最大的上市企业所拥有的现金量总额为5700亿美元，展现出在当前这场衰退中，一些全球最大的企业集团是如何保持强大火力的。

然而，英国《金融时报》的分析显示，在以市值计全球最大的100家企业中，只有29家拥有净现金。但在这场导致各企业争相保有现金的严重衰退中，那些拥有净现金的企业应该说处于非常有利的地位。

位居这份名单前列的是四家金融机构。沃伦•巴菲特(Warren Buffett)的伯克希尔-哈撒韦(Berkshire Hathaway)以净现金量1060亿美元位居首位，净现金的定义是现金加上短期投资或有价证券减去债务。引人注目的是，接下来的三个位置都由中国的银行占据。彭博社(Bloomberg)的数据显示，中国银行(BoC)、中国工商银行(ICBC)和中国建设银行(CCB)的净现金量分别为1010亿美元、890亿美元和820亿美元。
对于现金充裕的企业会如何使用资金，企业高管和分析师们观点不一。有些人认为，由于公司估值处于近几年来相对较低的水平，进行企业收购的时机已经成熟。
但德利佳华(Dresdner Kleinwort)欧洲股票策略师菲利普•伊舍伍德(Philip Isherwood)不同意上述观点：“银行明显在囤积现金，为什么企业就不应这么做？”他认为，企业收购往往是顺周期性的、并且依赖于股市的强势。他补充说：“这完全是信心问题。银行会保持谨慎态度吗？很可能。企业呢？也很可能。”
伯克希尔是一个例外，它已投资于通用电气(General Electric)和高盛(Goldman Sachs)等蓝筹股。
其它一些现金充裕的企业则希望利用估值相对较低的机会，加大股票回购或设法收购竞争对手。微软(Microsoft)两者都已尝试，而瑞士医药企业罗氏公司(Roche)目前正在竞标收购基因技术公司(Genentech)。

不过，最近还在极力呼吁企业通过回购向他们返还现金的投资者，现在变得比较乐观。欧洲一位重量级投资者表示：“可以肯定地说，我宁愿拥有一家有着较高净现金头寸的企业，也不要一家背负债务的企业，前者的管理层现在更让我们放心。”