TheAppleeffect苹果效应.docxVIP

The Apple effect苹果效应An iPopping phenomenoni疯现象What the rise of Apple’s share price says about the modern economy and the stockmarket对于当代经济和股票市场，一路上扬的苹果股价能给我们什么启示？Mar 24th 2012 | from the print editionSTEVE JOBS may be dead but his corporate creation goes from strength to strength. Apple’s shares have risen by nearly 50% this year, making the company the most highly valued on the American stockmarket, at more than $550 billion. This week investors waited agog to find out how much of its near $100 billion cash pile it would return to shareholders. (see article)斯蒂夫?乔布斯走了，但是他留下的公司倒是越长越大。今年，苹果的市值涨了接近50%左右，成了美国股市里市值最高的公司，规模超过5,500亿美金。本周，苹果的投资者们正在兴奋地等待公司会如何把它那堆大约1,000个亿美金的现金桩分给他们。（见另文）As a titan of the equity market, Apple is unusual. For much of the past 20 years, three companies have alternated in the role of the largest, by value, on the American stockmarket: Exxon Mobil, General Electric and Microsoft. The first two are very big companies by Apple standards. Exxon Mobil has annual revenues of $486 billion and GE employs 301,000 people; Apple had annual revenues of $108 billion in its last fiscal year and its workforce numbered just 60,000.在股市里，苹果可以说是一个与众不同的巨人。在此之前的20多年里，如果以市值来算的话，有三个公司称霸过美国的证券交易市场：埃克森美孚、通用电气和微软。以苹果做参照的话，前两个公司的规模是大得吓人的。埃克斯美孚有4,860亿的年收入，GE有301,000名员工；相比较下苹果的去年一整年的收入只有1,080亿，劳动力也只有60,000人。But Apple offers the kind of growth prospects that the shareholders of Exxon Mobil and GE can only dream of. Its sales in the latest quarter were almost double those of the previous year, and forecasts for 2013 revenues are nearly treble those recorded in 2010. It is the epitome of the modern company: short on physical capital but long on brainpower.但是，苹果却能创造出美孚和GE的股东想都不敢想的高增长前景。今年第一季度的销售额和去年同期相比几乎翻了一倍，而且预测2013年的收入将会是2010年的三倍左右。其实这就是现代公司的一种缩影：实体资本并不多，但是智力资本却非常强。Exxon Mobil’s spell at the top of the rankings illustrated the importance of energy resources at a time when rising demand from Asia caused the oil price to rise more than fivefold over the past decade. GE’s reign