IAIH :: Volume #7

#688: They came

Eric opened material that Chris handed over to read. 艾瑞克翻开克里斯递过来的资料读了起来。 Compares achieves the more than 80 billion profit for the year to surpass 4 billion telecom industry jumbo AT&T in this time market value, another two tried to march the large-scale telecommunication company and situation in mobile communications market is well below. 相比于此时市值达到800多亿年利润超过40亿的电信行业巨无霸at-t,另外两家试图进军移动通信市场的大型电信公司和情况就远远不如了。 The predecessor was in 1984 telecommunication ridge settles a lawsuit from original AT&T the dismemberment by Bell Atlantic Corporation that came out, after ten years of development and conformity current market value is billion, but has actually been at the achievement doldrum in recent years, last year lost money 700 million 54 million USD. 的前身是1984年电信垄断案中从原at-t中被肢解出来的贝尔大西洋公司,经过十年的发展和整合目前的市值为0亿,不过最近几年却一直处于业绩低迷状态,去年更是亏损了7亿5400万美元。 Compares, non- Bell is the family background market value, only then 10.5 billion USD, but the operation condition actually by far feels better, 1994 profit for the year achieved 800 million 80 million, perhaps also received this good achievement stimulation to want across the country the layout wireless telecommunications network ambitiously, therefore got rid in a and b license plate auction process crazily, the wireless frequency spectrum license plate that finally attained has even surpassed the sum total of AT&T and two big telecommunication giants will therefore also undertake reaches the 1.5 billion USD frequency spectrum authorization expense, merely was only this disbursement, quite in maintained under the current good service condition two years of company net profit. 相比起来,非贝尔系出身的市值只有105亿美元,不过的运营状况却远远好过,1994年的年利润达到8亿8000万,或许也正是受到这种良好的业绩刺激野心勃勃地想要在全国范围内布局无线通讯网络,于是在a、b段牌照拍卖过程中疯狂出手,最终拿到的无线频谱牌照甚至超过了at-t和两大电信巨头的总和也因此将承担多达15亿美元的频谱授权费用,仅仅只是这笔支出,就相当于一直保持当前良好营运状态下两年时间的公司净利润。 Reads the material that Eric also almost understands why Chris just will say and will haul in the CDMA camp is not impossible. 将资料看完,艾瑞克也差不多明白克里斯刚刚为什么会说将和拉进dma阵营并不是不可能的。 Although these two companies are the giant enterprises of United States telecom industry, actually cannot compare with elder brother AT&T. 这两家公司虽然算是美国电信行业的巨头企业,却远不能跟老大哥at-t相比。 Because is more recent year several merger and acquisition behaviors, presently accumulated the 8.9 billion USD huge debt, is equal to 38% of company market value, this is also the primary cause of recent continuously loss, this frequency spectrum license plate auction increased about the 600 million USD debt disbursement for it. But it wants to complete the build of mobile communications network, and successful operation, next few years debt proportion likely over 50%. 因为最近一些年的几起并购行为,当前已经累计了89亿美元的巨额债务,相当于公司市值的38%,这也是最近几年连续亏损的主要原因,这次的频谱牌照拍卖又为它增加了6亿美元左右的债务支出。而它想要完成移动通信网络的搭建并且成功运营,未来几年的债务比例很可能将超过50%。 However situation also and not necessarily good, although its operation condition originally is splendid. But this company this time is oversized in the expansion step of mobile communication domain, huge fund that the 1.5 billion USD frequency spectrum license plate disbursement as well as the construction of next few years nationwide character mobile communications network will need. Even possibly makes it step onto the continual loss in future a long time the old route. 而的情况也并不见得有多好,虽然它原本的运营状况非常出色。但这家公司此次在移动通信领域的扩张步伐过大,15亿美元的频谱牌照支出以及未来几年全国性移动通信网络的建设所需要的巨额资金。甚至可能让它在未来很长一段时间走上连续亏损的老路。 Filthy rich AT&T can make to choose the GSM technology as its mobile communications network standard decision without hesitation, does not need to consider that completely GSM will possibly be eliminated and other factors by more advanced third-generation communication in the future. But financial situation very anxious, actually needs to consider cost element of the technical standard that they then choose carefully in communication network construction process. Although the CDMA technology cannot realize temporarily commercial, but tests to act according to enormous superiorities of certificate CDMA in the frequency spectrum capacity and on the network construction cost and other generations of digital communication technologies to GSM. 财大气粗的at-t可以毫不犹豫地做出选择gsm技术作为其移动通信网络标准的决定,完全不用考虑gsm将来可能被更加先进的第三代通信技术淘汰等因素。但财务状况非常紧张的和,却需要仔细斟酌他们接下来所选择的技术标准在通信网络建设过程中的成本因素。虽然dma技术暂时未能实现商用,但很多实验依据证明dma在频谱容量和网络建设成本上面相对于gsm等二代数字通信技术的巨大优势。 Chris and other Eric read off material patiently, said: „Besides CDMA factor, if Firefly expressed to the interest of telecom industry, and disburses Qualcomm publicly and will be big to the CDMA inclined possibility, because of along with further expansions of two corporate debt burdens. Then carries on debt financing or the share finance, they will gain the difficulty of fund significantly to promote, but on Firefly will have the rich fund that they will earnestly seek extremely, even if we will not provide the direct financial support to these two companies, they will also favor and have the Firefly powerful strength to be the backing Qualcomm to carry out the technical collaboration.” 克里斯耐心地等艾瑞克读完资料,说道:“除了dma本身的因素外,如果萤火虫表示出对电信行业的兴趣并且公开支出高通的话和会向dma倾斜的可能性非常大,因为随着两家公司债务负担的进一步扩大。接下来无论是进行债务融资还是股权融资,他们获取资金的难度都将大幅度提升,而萤火虫手上却拥有他们极度渴求的丰厚资金,哪怕我们并不向这两家公司提供直接的资金支持,他们也会倾向于和拥有萤火虫强大实力做后盾的高通进行技术合作。” Eric nodded, the body by sofa, the finger is stroking gently in the material in hand gently, actually has other thoughts at heart. 艾瑞克点了点头,身体靠在沙发上,手指轻轻在手中的资料上摩挲着,心里却产生出一些其他的念头。 Any country, the telecommunication industry is during certain giants' monopolies, if were not in 1984 that famous telecommunication counter- ridge settles a lawsuit. AT&T develops now, absolutely will be the United States market value highest company, even if initially were analyzed seven subsidiary companies. At this time the market value achieves more than 80 billion USD AT&T is United States is situated as before the first five business tycoons, but is situated the first General Electric market value also more than 90 billion USD. 无论是任何国家,电信产业都处于某些巨头的垄断之中,如果不是1984年那次著名的电信反垄断案。at-t发展到现在,绝对将是美国市值最高的公司,即使当初被拆分掉了七家子公司。此时市值达到800多亿美元的at-t依旧是美国排行前五的企业巨头,而排行第一的通用电气市值也才900多亿美元。 Although in United States, the monopoly of AT&T does not occur with the administrative support, even AT&T wants to further expand, will also receive the restriction of Federal Government anti- monopoly department, even if experienced a large-scale resolution, the AT&T reality monopoly condition is also very difficult to be broken, because of after AT&T of more than 100 years of development, has a perfect nationwide fixed telephone communication network. This network not only spends greatly, but also is not can complete for several years easily. The emerging enterprise wants to develop own telecommunication service, the majority of times even need to rent the communication link from the AT&T hand. In this case, the successor wants to pursue even surmounts AT&T, basically is impossible. 虽然在美国,at-t的这种垄断并不是在行政支持下发生的,甚至at-t想要进一步扩张,还会受到联邦正府反垄断部门的制约,但即使经历了一次大规模的拆分,at-t的现实垄断状态也很难被人打破,因为经过100多年发展的at-t,拥有一张完善的全国性固定电话通信网络。这张网络不但耗资巨大,而且也不是三年五载能够轻易建成的。很多新兴企业想要发展自己的电信业务,大部分时候甚至都需要从at-t手中租用通信线路。这种情况下,后来者想要追赶甚至超越at-t,基本上不可能。 However, in dozens years appeared the opportunity uncertain matters in the past, along with the arrival of new technical tide, presented two to affect the profession pattern the important opportunity, the mobile communication industry and rising of line broadband industry. Presently these two industries are at the stage of only starting, except for Eric this crossing over, nobody knows that what scale these two industries can develop to the future, but Eric is very clear, 20 years later, the mobile communication and any in line broadband these two big industries, will be far in excess of AT&T at this time depending on maintaining own monopolistic position fixed telephone service, even before the Eric rebirth, many families no longer has installed the fixed telephone, but the cell phone and wide band actually gradually become the people live must. 但是,在以往几十年中都显得机会渺茫的事情,随着新科技浪潮的到来,却出现了两个非常打破行业格局的重要契机,移动通信产业和网络宽带产业的崛起。当前这两种产业都处于刚刚起步的阶段,除了艾瑞克这个穿越者,没有人知道这两种产业将来能够发展到一种什么样的规模,但艾瑞克却十分清楚,20年后,移动通信和网络宽带这两大产业中的任何一个,都将远远超越at-t此时赖以维持自身垄断地位的固定电话业务,甚至在艾瑞克重生以前,很多家庭都已经不再安装固定电话,但手机和宽带却逐渐成为人们生活中的必须品。 Although recent section license plate auction, because that reason somewhat incredible lawsuit was delayed, indicates that the successor wants to enter the telecommunication industry, has layer on layer the profession barrier openly or covertly as before. But these barriers grasped Eric of huge capital regarding the hand are not being anything, with some web terminology of later generation, he does not need from the beginning to play like these new village trumpets, but can put up the cash to buy a good high-grade account number to enjoy the game pleasure directly, at this time his in the hand has two well ‚game account number’. 虽然最近段牌照拍卖因为那起理由有些荒诞的诉讼被拖延下来,预示着后来者想要进入电信产业,依旧存在着重重或明或暗的行业壁垒。但这些壁垒对于手中已经掌握着庞大资本的艾瑞克来说并不算什么,用后世的一些网游术语来说,他根本不用像那些新手村小号一样从头玩起,而是可以砸钱买一个不错的高等级账号直接享受游戏乐趣,并且,此时他手中就拥有两个不错的‘游戏账号’。 Eric regarding these two company future prospects for development knows some and as well as AT&T in the future is the three giants of United States telecommunication industry, he suspected that the condition of future should be three companies especially and causes to the layout that the mobile communication spares no effort now, but at this time United States other with strength suitable carrier such as BellSouth, Nortel and other companies, should be because has missed this important industrial transformation, gradually was eliminated by the market or by other enterprise annexation. 艾瑞克对于这两家公司将来的发展前景还是知道一些的和以及at-t在未来将是美国电信产业的三巨头,他猜想将来的这种状况应该是三家公司特别是和现在对移动通信不遗余力的布局导致的,而此时美国另外一些与和实力相当的电信企业诸如南方贝尔、北方电信等公司,也应该是因为错过了这次重要的产业变革,逐渐被市场淘汰或者被其他企业吞并。 Moreover, because the payment frequency spectrum license plate authorization expense and constructs the mobile communications network across the country to need the huge fund, now is to also buy stock the best opportunities in these two companies, Eric knows that this should also be the final time, missed was very perhaps difficult to have the opportunity again, because the arrival of new technical tide, in the next few years the NASDAQ index will start to rise dramatically crazily, only needs to circulation market release few stocks, can plan to take enough development funds, therefore was impossible to introduce the major stockholder who Firefly changed the company stockholder's rights pattern like this again, even, even if they wanted, in two company market values. In the situation of rising suddenly, Firefly could not take enough fund. 而且,因为支付频谱牌照授权费用和建设全国范围内的移动通信网络都需要庞大的资金,现在也是入股这两家公司的最佳时机,艾瑞克更知道,这应该也是最后时刻,错过了或许就很难再有机会,因为新科技浪潮的到来,当未来几年纳斯达克指数开始疯狂飙升时,无论是还是,只需要向流通市场发行少量股票,就可以筹取足够的发展资金,因此也根本不可能再引入萤火虫这样改变公司股权格局的大股东,甚至,即使他们愿意,在两家公司市值。暴涨的情况下,萤火虫也拿不出足够的资金了。 Chris sees Eric to fall into the thinking suddenly, waited for a while patiently, asked: „Eric, what are you thinking?” 克里斯见艾瑞克突然陷入思索,耐心地等待了一会儿,才问道:“艾瑞克,你在想什么？” Eric recovers, raised hand the material, asked straightforwardly: „Chris, you thought that with these two companies, which is easier to accept our investments?” 艾瑞克回过神来,扬了扬手中的资料,直截了当地问道:“克里斯,你觉得和这两家公司,哪一家更容易接受我们的投资？” Chris raised the eyebrow, just about to speaks, their nearby aircraft interphone drop drop made a sound several, Eric set out to press down the talking key to comply with one conveniently, inside spread the voice of manor gate guard: „Mr. Williams, Mr. Jacob and Mr. Salmasi arrived.”( To be continued.) 克里斯挑了挑眉,刚要说话,两人附近的通话器滴滴地响了几声,艾瑞克起身随手按下通话键应了一声,里面传出了庄园门卫的声音:“威廉姆斯先生,雅各布先生和萨尔玛西先生到了。”(未完待续。)
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