截至今年6月,李嘉诚旗下经营港口、电讯及零售的和记黄埔有限公司,其资产负债率为43%,净负债占净资本(总资产减现金)的百分比为20%。 大陆公司则更激进。拿中国大陆首富王健林掌管的大连万达商业地产股份有限公司来说,截至6月30日,其总资产负债率达76%,净债务占净资本比为38%。
Mr. Li's empire can afford to take on more debt. His ports, electricity and telecom businesses have relatively low operational risks, and are hardly affected by economic cycles, because people have to have utilities even in a downturn. The companies also generate a lot of cash, which helps pay down debt quickly.
李嘉诚的生意能负担起更大规模的债务。港口、电力和电讯业务的经营风险较低,并且几乎不受经济周期的影响──经济不好,电费和电话费还是要付的。这些业务可产生大量资金,能快速缩减负债规模。
Wanda's real-estate business is much more cyclical, because 83% of revenue comes from property sales rather than leasing retail space, which generates a steadier cash flow. The company had negative operating cash flow in the first six months of 2013, requiring it to tap external funding to meet its financial needs and obligations, according to the prospectus of a recent bond offering.
而万达的房地产业务受经济周期的影响要大得多,因为其83%的收入来自房地产销售,而非现金流更加稳定的租赁业务。根据万达近期的债券募集说明书,去年上半年和今年上半年,公司的营运现金流均为负值,需筹集外部资金以满足其财务需求。
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