Why not have money to be willful? Tell me how several tech giants manage money.

155 billion dollars-this is Apple's total cash reserves as of the end of September 2014. Since the iphone and the ipad have been successful, Apple's accounts have been growing, up to a staggering number of years later today. Nor is Apple the only technology company that likes to coin coins in a piggy bank: Microsoft's cash reserves over $90 billion trillion over the same period, with more than $60 billion trillion in Google and Samsung. The total value of four companies is close to $400 billion trillion and will continue to grow over the next few years. Unlike concepts such as market capitalisation or fixed assets, cash reserves are the number of financial indicators that best reflects their actual ability to pay. In fact, the term used in the media is not strict enough, strictly speaking, this indicator is called cash and cash equivalents, including the enterprise's current, fixed deposit, a variety of short-term and long-term variable-current bonds. Typically, companies do not store the cash they receive in the form of demand deposits, but are mainly used to buy 0 of the financial products, such as US federal bonds. Because such financial products are easily convertible into cash when needed, and the odds of a big devaluation are low, they are also called cash equivalents. Apple, Microsoft, Google and Samsung are the four most profitable companies in the technology industry over the past decade. Apple's net profit last year was close to $40 billion trillion, with Microsoft and Samsung over 20 billion and Google accounting for more than 10 billion dollars. The important thing is that they have been keeping the annual billion-dollar level of profits for years, a necessary condition for them to accumulate huge sums of money. But making money does not necessarily make a fortune. Capital accumulation needs not only open source but also throttling. Qiao is a few also have the competition relations enterprise is called the industry's stingy ghost. On the one hand, each year received a soft, on the other hand, no big investment and no dividend returns to shareholders. Such behaviour has long been a big disappointment to their shareholders, who have taken various measures, including lawsuits to court, to force corporate management to pay dividends or to embark on a massive takeover. After the tireless efforts of shareholders, Apple in 2012 began a huge dividend and stock repurchase plan to return shareholders, so far has come up with nearly hundreds of billions of dollars, Microsoft's dividend plan began earlier, began in 2003, also has paid more than hundreds of billions of dollars. But these two companies, although the amount of dividend is large, but still not enough to reverse the trend of more and more capital reserves. Google is still skinflint, although Samsung has money but the amount is very small, insignificant. For shareholders, whether the dividend to the shareholders of the interests of the impact is not certain. In theory, if the company does not pay dividends and save the money, the share price will include this part of the deposit. The share price will also fall after the dividend, which is equivalent to transferring part of the value of the stock into the shareholder's own deposit account. If shareholders get this part of the dividend is not good investment channels, just put in the bank to eat interest, then dividends or not to the interests of shareholders have no effect. If shareholders get money and have better investment channels, they will obviously want the company to take the savingsTo repay the investors. The four companies have been widely blamed by investors for the money they have saved that have been invested in very low yields on US federal bonds. The industry's top giants, the technology industry's most powerful companies, the way to deal with astronomical income and the next door is not the culture of the nouveau riche old Wang almost-save up and enjoy the number on the Passbook! The average yield of nearly 400 billion dollars a year is just 1% to 2%, and it is not as good as the one-year deposit slip of a senior aunt upstairs. Dare to buy some companies to expand the business ah? Not to mention, they also occasionally buy something, such as Microsoft 8 billion U.S. dollars to buy Skype, Apple bought 3 billion dollars beats, Google 2 billion to win YouTube, Samsung 1 billion dollar injection ASML (lithography equipment manufacturers) or something. But these acquisitions, although are the industry's big list, but compared to several giants deposits are only small case, and a few years will have such a return, said it is not as good as China's Ali Tencent. No wonder the shareholders are so angry that they are rich and capricious, but they all have the money to learn the GE Lang Taiwan. Only a handful of companies that have taken such a conservative approach to fund management are indeed the leaders of the industry today. They invariably choose such a plan must have their own reasons, not their management really like the next door old Wang or upstairs aunt like not understand the financial knowledge. The classic textbook of financial management tells us that the efficiency of keeping huge cash reserves is very low, so what are the deep considerations of the four companies? Looking back on history, we will find that the habit of the tech giants saving money began with Microsoft founder Gates. When he founded Microsoft, he insisted on not borrowing money, keeping enough cash in the company's accounts for a year, and arguing with his partners about it. Microsoft's success was the first to accumulate tens of billions of of billions of dollars. Later, Google, Apple and Samsung's financial strategy almost copied Microsoft's route. Unlike traditional manufacturing, technology enterprises are often the type of light assets and heavy expectations. Exxon Mobil controls a large number of wells, and ICBC has a few days ' deposits, and even the most-dominated tech companies tend to have only market share to prop up their share prices. But it industry is unpredictable, yesterday thunderclap name tomorrow may become the dust of history. No IT company can guarantee that it is always ahead of the times and not be swept away by the tide of change. In times of crisis, companies that lack the bulk of their assets are often hard to refinance, and the only thing that can be relied upon is a real capital reserve. When Apple was nearly bankrupt, Jobs had to borrow 150 million of dollars from his old rivals for the winter. At that time, Apple is also a veteran PC player, even 150 million of dollars are difficult to raise, can be seen the brutal reality. After the Apple comeback naturally will not repeat the same, now 150 billion dollars in hand, even in the face of the big crisis is emboldened. At that year Dec, Wang, Nokia, Motorola, and a Japanese company turned the boat upside down, thoughBrilliant when the arrogant, but the decline is bingbairushandao, a year or two loss on the deposit, then unable to turn over. On the other hand, it is difficult for it enterprises to carry out cross-sectoral operations, a high degree of concentration. Microsoft can do instant messaging, Apple can play headphones, but their involvement in car production is a hassle. It is true that huge sums of money can easily acquire some of the larger enterprises, but the acquisition of companies often difficult to integrate with the department, products, business strategy, corporate culture and other differences brought about by the friction will greatly deplete the energy of this part. The bigger the takeover, the harder and more expensive the integration will be. Sometimes it is better to pull a team into the market than to buy a mature company. When Microsoft tried to buy Yahoo in full cash to expand the market share of search engines, the fact that the acquisition failed was a great blessing to Microsoft; Samsung developed the semiconductor industry by its own gradual accumulation, and eventually become one of the major players in the industry; Apple decided not to acquire arm or AMD to master CPU research and development technology. Instead, they recruit people to develop their own secrets and gain the research and development capabilities that match their strongest rivals. Since spending huge sums of money to buy large companies is likely to outweigh the gains, it is better to keep the funds ready for future risks. Also, it is not easy to find a financial product that is so large that it can balance both income and security, so you have to choose federal bonds that have no revenue but absolutely safe channels to save. and rewarding investors by paying dividends or buying back shares is no easy option for these multinationals. Because of different tax policies, multinational companies tend to evade taxation by transferring income to lower-tax countries. Their capital reserves are often dispersed across countries, with a low percentage of their own. But the shareholder return policy needs to be remitted back to the country, a process that will be taxed heavily by the country's own classes. Apple is the most affected, and its annual profits are mostly left in other countries ' accounts. As a result, when Apple had to pay dividends and buy back, it also borrowed tens of billions of of billions of dollars in long-term debt to its banks, using low interest rates on local borrowing to reduce the cost of the return plan. Finally, higher capital flows have made it necessary to have high cash reserves. Apple's short-term liabilities, such as accounts payable, remain at $20 billion or 30 billion trillion a year, with Samsung selling and administration spending up to $ tens of billions of annually. If there is not enough money to prepare, suppliers may be worried about capital recovery when they supply raw materials for them. And now, even for a few months, the vendor will not care, do not be afraid to get the payment. Although multimedia and analysts agree that the management of the cash reserves of these tech companies is too inefficient, they have to say there are good reasons for their choice. A 11 or even 12-digit deposit, even if the yield is low, is definitely a worry of happiness. It is not possible for all businesses or individuals to be cautious and careful at the peak to prepare for the hard times ahead, at least because they have a lot less risk in their future. China's IT companies should also learn from the experience, do notOnly the immediate scenery, see the future of thorns everywhere. Money can be capricious, but with the money on the wayward I am afraid can not go long.