过去几年，温吞吞的经济复苏势头已使得美国一些最大的公司囤积了越来越多的现金。这对数以百万计的失业者和股东来说都是一个棘手的问题。失业者们质疑为何美国企业界不把庞大的现金储备用来招募更多员工，而股东们则要求提高投资的回报率。

    但2012年的情况可能会有所不同。美国企业界已慢慢地意识到这一点，股东们今年有可能会迎来更高的派息。咨询机构凯投宏观（Capital Economics）的一份最新报告指出，即便美国企业界只派发10%的现金储备，也有望将年度可支配收入增加近2%。随着股东们口袋里的钱增多，即便他们存下大部分钱，这样的派息仍能使年度消费额增加1%。

    如果这些估算值的相信，它们对美国企业界显然是个提醒：真的该行动起来了。

    上个月，苹果公司（Apple）宣布将进行17年来的首次派息，促使一些人猜测其他科技公司是否会改变对现金储备的的看法。虽然思科（Cisco）、甲骨文（Oracle）和微软（Microsoft）都在派息，但它们仍是美国现金持有最多的公司。

    根据凯投宏观的数据，苹果公司因iPhone和iPad销售火爆而攒下了约970亿美元的现金，在美国公司现金储备排行榜上位居榜首。微软位居次席，约为520亿美元，思科第三，约470亿美元。谷歌（Google）位居第四，约450亿美元。随着苹果公司给股东派息，谷歌将成为唯一一家市值超1,000亿美元但不派息的科技公司。

    自从最近一轮经济衰退以来，对经济前景不确定的高管们攥紧了手头的现金。截至2011年底，现金水平从2009年年中经济衰退结束时的420亿美元增至了6,720亿美元。如果再算上短期投资，同期流动资产总额几乎翻了一番，达到了2.2万亿美元。

    确实，有太多现金可供分配。美国企业界显然不打算把所有现金都发掉。如果他们将2.2万亿美元全部派给股东，个人收入将增加近20%。

    没错，提高派息不一定适用于所有公司，但很难说会对高管造成什么损失。即便是以苹果公司的派息和回购计划来看，它对苹果的现金储备而言也只是九牛一毛。该计划预计未来三年每年将耗费苹果公司超过100亿美元，但苹果的现金进账一直很客观，仅去年年底假日期间的销售季，苹果公司每周的进账就有约10亿美元。

    For the past few years, a tepid economic recovery has caused America's biggest companies to hoard a growing stack of cash. It's a thorny issue. Not just to the millions of jobless who wonder why corporate America can't just use its plentiful cash reserves to hire more workers, but also to shareholders asking for higher returns on their investments.

    But 2012 could turn out differently. Companies have slowly come around, with shareholders likely to see higher payouts this year. Even if firms only paid out a modest 10% of their liquid assets, it could raise annual disposable income by nearly 2%, according to a new report by Capital Economics. With more money in shareholders' pockets, even if they naturally save a bulk of it, such a payout could still raise annual consumption by 1%.

    If you believe the estimates, then it's certainly a reminder that companies should really step up.

    Last month, Apple (AAPL) announced it would pay its first dividend in 17 years, leading some to speculate if others in the tech world might think differently about their cash reserves. Though Cisco (CSCO), Oracle (ORCL) and Microsoft (MSFT) pay dividends, the companies are still among the nation's biggest cash hoarders.

    Apple, with about $97 billion in cash amassed from huge demands for iPhones and iPads, ranks at the top of the list of U.S. corporations with lofty reserves, according to Capital Economics. Microsoft follows with approximately $52 billion and Cisco with about $47 billion. Google (GOOG) ranks fourth, with $45 billion. And now that Apple is giving its shareholders a payout, that makes Google the only tech company with a market value exceeding $100 billion that doesn't offer a dividend.

    Since the latest recession, executives uncertain about the economy have held onto their money. Cash levels at the end of 2011 rose to $672 billion from $42 billion at the end of the recession in mid-2009. If you include short-term investments, liquid assets nearly doubled to $2.2 trillion during the same period.

    Indeed, that's a lot of cash to go around. Companies obviously aren't going to pay out all their cash reserves. If they did return that $2.2 trillion to shareholders, personal incomes would rise by nearly 20%.

    It's true raising dividends might not work for every company, but it's hard to argue that it would exactly hurt executives. Even with Apple's plans to dole out dividends and provide stock buybacks, the move isn't expected to put a dent in Apple's coffers. The plan is expected to cost the company more than $10 billion a year over the next three years, while the company attracts a sizable sum of cash – about $1 billion a week in the last holiday season alone.    

    这当然有助于改变历来对现金使用持谨慎态度的硅谷高管们的心态。正如已故的苹果公司首席执行官史蒂夫•乔布斯拒绝派息一样，科技公司宁愿将现金留着用于可能的收购和其他投资。从某种角度而言，增加派息事实上说明公司可能对未来发展缺乏足够的规划。但在像今天这样的经济环境中，此类说法已经不再那么有说服力了，因为当前利率正处于历史低点，现金储备不太可能给公司带来太多的回报，但却仍在不断增长。

    说句公道话，美国企业界已经开始不那么把钱袋子攥得紧紧的了。标准普尔（Standard & Poor's）上周二报告，今年前三个月，净股息同比增长了27.6%，达到242亿美元。第一季度有677家公司提高了派息，较2011年同期的510家公司增长了32%。

    “第一季度股息情况非常不错，实际现金派息增长超过11%，期货走势预示股息率将达到历史新高，不管是否将苹果计算在内，”S&P Indices的高级指数分析师霍华德•希尔弗布拉特在一份声明中称。

    当然，他补充道，派息率仍处于历史低位。股息占净利润比率的历史平均值为52%，目前仍低于30%，接近低点。

    今年股息走向如何仍有待观察，但迄今为止，开局不错。或许随后，消费者支出就会出现小幅增长。

    译者：早稻米

    This certainly helps build the case for changing the mentality of Silicon Valley, where leadership has historically been cautious with their cash. And like the late Apple CEO Steve Jobs, who resisted giving dividends, tech companies would rather save cash for possible acquisitions and other investments. In a way, raising dividends might actually signal companies aren't planning enough for future growth. Such arguments become less convincing during economic environments like today's, since cash reserves keep rising and aren't likely returning much for companies at a time when interest rates are at record lows.

    To be fair, companies have started relaxing their purse strings. During the first three months this year, net dividend increased by 27.6% to $24.2 billion over the same period during the previous year, Standard & Poor's reported Tuesday. There were 677 dividend increases during the first quarter, a 32% rise compared with the 510 increases during the same period in 2011.

    "Dividends had another great quarter, with actual cash payments increasing over 11% and the forward indicated dividend rate reaching a new all-time high, with or without Apple," said Howard Silverblatt, S&P Indices' senior index analyst in a statement.

    To be sure, he adds, payout rates remain historically low. The percentage of net income paid out in dividends, which historically averages 52%, remains near its lows at under 30%.

    It remains to be seen where dividends go this year, but thus far they're off to a good start. Perhaps a small boost in consumer spending will come next.