The 1960s heyday of conglomerates may be over, but there are plenty of companies like ITT Corp. that make it their business to be involved in all sorts of unrelated activities.

　　大企業(yè)集團(tuán)像上世紀(jì)60年代那樣的全盛期可能結(jié)束了，但目前仍存在大量像ITT Corp.一樣的公司，它們將涉足各式各樣彼此不相干的商業(yè)活動(dòng)當(dāng)成了自己的工作。

　　Those conglomerates range from General Electric Co. (jet engines, washing machines, loans to medium-size companies) to DuPont Co. (seeds, Kevlar, countertops) to Warren Buffett's Berkshire Hathaway Inc. (machine parts, neon signs, Ginsu knives). But not all conglomerates are under the same sort of pressure as ITT to break up, and many are flush with cash and hunting for acquisitions.

　　無(wú)論是生產(chǎn)飛機(jī)發(fā)動(dòng)機(jī)、洗衣機(jī)并向中型企業(yè)放貸的通用電氣(General Electric Co.)，還是生產(chǎn)種子、凱夫拉爾合成纖維以及廚房操作臺(tái)的杜邦公司(DuPont Co.)，抑或是沃倫?巴菲特(Warren Buffett)出產(chǎn)機(jī)器零部件、霓虹燈和金廚刀具的伯克希爾哈撒韋公司(Berkshire Hathaway Inc.)，全都屬于這類(lèi)企業(yè)。但并非所有的大企業(yè)集團(tuán)都像ITT那樣面臨分拆壓力，許多這類(lèi)企業(yè)手頭都有充裕的現(xiàn)金，正在四處搜尋收購(gòu)目標(biāo)。

　　Conglomerates 'aren't going to go away,' said Wayne Titche, chief investment officer at AMBS Investment Counsel LLC, though he noted company-specific considerations could spur some to significantly adjust their lines of business.

　　投資咨詢(xún)公司AMBS Investment Counsel LLC的首席投資長(zhǎng)提徹(Wayne Titche)說(shuō)，大企業(yè)集團(tuán)不會(huì)消亡，但他也指出，一些大企業(yè)集團(tuán)出于公司自身利益考慮可能會(huì)大幅調(diào)整其業(yè)務(wù)布局。

　　GE had long been a target of investors and analysts who figured its pieces were worth more apart and pushed for some sort of division.

　　通用電氣曾一直是一些投資者和分析師鼓動(dòng)分拆的目標(biāo)，他們認(rèn)為，通用電氣的一些業(yè)務(wù)如果獨(dú)立出來(lái)會(huì)更值錢(qián)，因此敦促這家公司進(jìn)行某種形式的分拆。

　　That pressure has dissipated as GE has worked to better focus its operations around its industrial businesses. GE is shrinking GE Capital and is selling control of its NBC Universal media assets.

　　但隨著通用電氣開(kāi)始致力于更好地將旗下業(yè)務(wù)集中在工業(yè)部門(mén)周?chē)?，這種壓力已經(jīng)消散。該公司目前正在縮減通用金融(GE Capital)的規(guī)模，并將出售旗下媒體資產(chǎn)NBC Universal的控股權(quán)。

　　GE said Wednesday a breakup is out of the question. Chief Executive Jeff Immelt said at the company's investor meeting last month that he considers GE's portfolio of assets to be the best since he took charge in September 2001.

　　通用電氣周三說(shuō)，將公司分拆是不可能的。該公司首席執(zhí)行長(zhǎng)伊梅爾特(Jeff Immelt)在公司上個(gè)月舉行的投資者大會(huì)上說(shuō)，他認(rèn)為通用電氣目前的資產(chǎn)分布狀況是他2001年9月就任以來(lái)最佳的。

　　Conglomerates blossomed five decades ago, when favorable interest rates made it relatively easy to boost revenue and stock prices with serial acquisitions. But they fell out of favor when the stock increases slowed and investors began to question whether promised efficiencies would materialize.

　　大企業(yè)集團(tuán)這種企業(yè)形式興起于50年前，當(dāng)時(shí)有利的利率環(huán)境使得企業(yè)能夠相對(duì)容易地通過(guò)連續(xù)收購(gòu)來(lái)提振收入和股價(jià)。但當(dāng)股價(jià)增速放慢、投資者開(kāi)始對(duì)企業(yè)能否兌現(xiàn)其通過(guò)收購(gòu)提高經(jīng)營(yíng)效率的承諾提出質(zhì)疑時(shí)，這種企業(yè)形式也就失去了魅力。

　　Companies have since swung between diversifying through acquisitions and refocusing on core businesses via divestitures.

　　自那以來(lái)，企業(yè)一直在通過(guò)收購(gòu)實(shí)現(xiàn)業(yè)務(wù)多元化和通過(guò)分拆重新集中精力發(fā)展核心業(yè)務(wù)這兩條道路間左右搖擺。

　　Danaher Corp. last year spun off its tools business into a joint venture with Cooper Industries PLC. Emerson Electric Co. sold its electric-motors business. Tyco International Ltd. sold its metals processing and distribution business after announcing plans to spin off the unit to shareholders as a separate company.

　　Danaher Corp.去年將其工具業(yè)務(wù)分拆出去，將其注入一家Danaher與康珀工業(yè)公司(Cooper Industries PLC)成立的合資企業(yè)。艾默生電氣公司(Emerson Electric Co.)出售了其電動(dòng)機(jī)業(yè)務(wù)。泰科(Tyco International Ltd.)在宣布將其金屬加工和分銷(xiāo)子公司分拆出去作為一家獨(dú)立的公司給予股東的計(jì)劃后，出售了這家子公司。

　　Acquisitions, however, are expected to ramp up now that the recession-era cost cutting has left firms with plenty of cash and relatively little debt. Conglomerates' net debt to market capitalization is at an all-time average low of 11%, according to Citi Investment Research. Meanwhile, cash holdings at conglomerates amount to 8% of their combined market capitalization.

　　但現(xiàn)在，鑒于企業(yè)通過(guò)在本次經(jīng)濟(jì)衰退期的成本削減降低了債務(wù)負(fù)擔(dān)并積累了大量現(xiàn)金，業(yè)務(wù)收購(gòu)之風(fēng)預(yù)計(jì)又會(huì)卷土重來(lái)?；ㄆ焱顿Y研究(Citi Investment Research)的數(shù)據(jù)顯示，大企業(yè)集團(tuán)平均的凈債務(wù)與企業(yè)市值之比已經(jīng)降至11%的歷史低點(diǎn)。而大企業(yè)集團(tuán)的現(xiàn)金持有量則相當(dāng)于他們總市值的8%。

　　Under Buffett's control, Berkshire Hathaway has become a holding company for companies including Dairy Queen, the Burlington Northern Santa Fe railroad and Geico insurance. But Berkshire, unlike ITT and other conglomerates, has rarely faced questions about whether the businesses it owns are better together than they are apart.

　　在巴菲特的經(jīng)營(yíng)下，伯克希爾哈撒韋公司已經(jīng)變成了一家下轄乳品企業(yè)Dairy Queen、鐵路公司Burlington Northern Santa Fe和保險(xiǎn)公司Geico等不同行業(yè)企業(yè)的控股公司。但與ITT和其他大企業(yè)集團(tuán)不同，很少有人向伯克希爾哈撒韋公司質(zhì)疑說(shuō)，它旗下的各種業(yè)務(wù)聚攏在一起是否比各自獨(dú)立更好。

　　Jeff Matthews, founder of hedge fund Ram Partners and author of 'Pilgrimage to Warren Buffett's Omaha,' said it was largely because Berkshire stock has done so well--the 'Buffett premium' attributed to faith in the company's CEO.

　　對(duì)沖基金Ram Partners的創(chuàng)辦人馬休(Jeff Matthews)說(shuō)，這很大程度上是因?yàn)椴讼柟鲰f公司的股票表現(xiàn)太好了，人們將該公司股票的“巴菲特溢價(jià)”歸因于投資者對(duì)巴菲特的信心。馬休還撰有《去沃倫?巴菲特的奧馬哈朝圣》(Pilgrimage to Warren Buffett's Omaha)一書(shū)。

　　Buffett didn't respond to a request for comment left with an assistant Wednesday.

　　記者周三向巴菲特一名助手提出想請(qǐng)巴菲特發(fā)表相關(guān)評(píng)論，但巴菲特未予以回應(yīng)。