奥巴马获胜对美国商界有何影响？

Corporate America never was among those chanting 'four more years.'

美国商界从未跟人们一起欢呼“再来四年。

Some business leaders had backed Mitt Romney hoping the Republican would pursue lighter regulation and business-friendly changes to the tax code. After President Barack Obama's victory, CEOs say they are looking for a softening of the standoff between Congress and the president that characterized much of his first term in office.

一些商界领袖支持罗姆尼(Mitt Romney)，寄希望于共和党能够放松监管、推行对企业有利的税改。现任总统奥巴马(Barack Obama)获胜后，企业CEO们说，他们希望国会与总统之间的对立能够缓和。奥巴马第一届任期内，这种对立十分明显。

Here is a rundown of what a number of key industries may see during President Obama's second term:

以下列举了几个重要行业在奥巴马第二个任期内可能遭遇的情况：

Health Care

医疗

President Obama's re-election means the complex health-care overhaul -- with its coverage-expanding benefits and new costs for the industry -- is here to stay. But questions remain on how the law would be implemented.

奥巴马再度当选意味着复杂的医疗改革──扩大医保覆盖范围，同时为整个行业增加新的成本──将会继续。但医改法律如何实施仍然是个问题。

Hospital companies such as HCA Holdings Inc. are expected to benefit when a projected 30 million Americans gain health coverage starting in 2014, which should lessen the burden hospitals bear from indigent patients. HCA surged 9% to $33.85 in 4 p.m. New York trading on Wednesday.

2014年起，预计有3,000万美国人将获得医疗保险，从而减轻医院因贫困患者而背负的负担，HCA Holdings Inc.之类的医疗公司预计将会受益。HCA周三在纽约收盘飙升9%，至33.85美元。

Managed-care companies also expect to benefit by gaining millions of new customers. But health insurers also face new challenges by 2014 with health-insurance marketplaces called exchanges. It is also unclear exactly how these will work.

健康管理医疗公司预计也将因新增数百万客户而受益。但到2014年医疗保险商还将面临新问题，那就是名为“医保交易所的医保市常这类市场究竟如何运作也不清楚。

'There are still a lot of regulations to be proffered,' Mark T. Bertolini, chief executive of Aetna Inc., said in an interview. 'Now we'll see a flood of those coming out in the next three months.'

安泰保险公司(Aetna Inc.)首席执行长贝托里尼(Mark T. Bertolini)接受采访时说，还有很多规章制度需要确定，未来三个月我们会看到一大堆规章制度推出。

Another looming challenge: new fees that take effect starting in 2014. Insurers have said they would be incorporating these into premiums. One tax starts out at $8 billion total that year and ramps up in future years. Another charge, tabbed at $25 billion over three years, is supposed to help defray the risk of covering high-cost consumers.

另一个即将到来的挑战是自2014年起生效的新费用。保险商们已经表示，将把这些费用纳入保费中。一项新税将从2014年起征收，总额80亿美元，未来几年将逐步增加。另一项收费计划三年征收250亿美元，旨在帮助补偿为高成本客户提供医保的风险。

Medical-device companies such as Medtronic Inc. and Boston Scientific Corp. have been battling to try to do away with a 2.3% excise tax on revenue scheduled to start Jan. 1.

美敦力公司(Medtronic Inc.)和波士顿科学公司(Boston Scientific Corp.)等医疗设备公司一直在极力试图取消一项定于明年1月1日起征收的2.3%的特许营业税。

Jon Kamp / Anna Wilde Mathews

Jon Kamp / Anna Wilde Mathews

Energy

能源

Drilling won't slow, but the energy industry expects President Obama's re-election will mean a continuation of tighter environmental regulations and higher costs.

钻探活动不会减缓，但能源行业预计奥巴马再度当选意味着更为严格的环境监管规定和更高的成本将会延续。

The Environmental Protection Agency is already developing tougher regulations on hydraulic fracking, related water use and air pollution emissions.

美国国家环境保护局(Environmental Protection Agency)已经在就水力压裂技术、相关用水和空气污染排放问题出台更严格的监管规定。

'It is our bet that we will witness more stringent regulation and greater friction -- permitting challenges, environmental hurdles -- in the system in order to appease the winning coalition,' energy research firm Simmons & Co. said in a note on Wednesday.

能源研究公司Simmons & Co.在周三的一份报告中说，我们确信将看到更为严格的监管和更大的摩擦──许可方面的挑战、环保障碍等──以取悦获胜的联盟。

Of course, the Obama administration put new offshore drilling safety rules in place following the 2010 Deepwater Horizon disaster. And off-shore drilling has rebounded and even expanded. What's more Mr. Obama is expected to give his approval to extending a portion of the Keystone XL oil pipeline from Canada to U.S. oil refineries.

当然，2010年“深水地平线(Deepwater Horizon)钻井平台灾难事故之后，奥巴马政府出台了新的近海钻探安全规定。近海钻探已经恢复，甚至有所增加。此外，预计奥巴马还将同意扩建从加拿大到美国炼油厂的Keystone XL输油管线。

President Obama promised to take away some tax incentives from the energy industry during the campaign, but getting higher energy company taxes through a politically divided Congress may not be easy.

奥巴马在竞选时承诺要取消能源行业的部分税收优惠，但让分裂的国会通过对能源公司加税的法案可能并非易事。

Renewable energy projects, a priority during the president's first term, will likely remain a focus, though additional stimulus money for solar or electric-car batteries is considered highly unlikely.

可再生能源项目是奥巴马第一届任期内的重要任务，未来可能仍然是焦点所在，但为太阳能或电动汽车电池行业提供更多的刺激资金则被认为可能性很校

Tom Fowler

Tom Fowler

Agriculture

农业

Mr. Obama's re-election likely means four more years of policies that have benefited agribusiness. Those include support for corn-based ethanol and free-trade agreements that have expanded agricultural exports. In 2011, Congress passed a trade deal with South Korea providing greater access for U.S. pork and grain exporters, a significant win for the industry.

奥巴马成功连任可能意味着今后四年还将延续对农业企业有利的政策。这些政策包括鼓励玉米基乙醇的生产以及扩大农业出口的自由贸易协定。2011年，美国国会通过了一项与韩国签署的贸易协定，以便美国猪肉和粮食出口企业扩大对韩国的出口，这是美国农业获得的一个巨大胜利。

The second term, however, is also expected to present some challenges for the industry. The administration has already been criticized in the Farm Belt for its tougher line on environmental regulations, and it is seen as less friendly to mergers that could further concentrate segments such as meat processing.

但外界预计奥巴马的第二个任期也会对美国农业构成一些挑战。美国农业带的多个州已经对奥巴马政府在环保监管问题上较为强硬的立场提出批评。外界认为奥巴马政府对可以进一步整合肉类加工等行业的并购活动持较不友好的态度。

The Obama administration aided farmers by supporting regulations that require refineries to mix billions of gallons of ethanol into their gasoline each year. The mandate has been a boon for corn growers.

通过支持那些要求炼油厂每年在汽油中混入数十亿加仑乙醇的监管规定，奥巴马政府帮助了美国农户。这项规定给美国玉米种植户带来了实惠。

Some U.S. lawmakers and companies such as Smithfield Foods Inc., the world's largest pork processor, have called for an overhaul of the rules on the grounds that they drive up the cost of animal feed and other food products. But Obama may have come out of the election even friendlier to corn growers.

一些美国国会议员和全球最大的猪肉加工企业Smithfield Foods Inc.等公司呼吁对上述规定进行彻底改革，他们的理由是这种做法推高了动物饲料和其它粮食产品的成本。但成功赢得大选的奥巴马可能会对玉米种植户更加友好。

The Obama administration is 'a big supporter of corn ethanol,' said Bruce Babcock, an agricultural economist at Iowa State University. 'Iowa, Minnesota, Illinois . . . They are all big corn-growing states and they went for Obama.'

艾奥瓦州立大学(Iowa State University)农业经济学家巴布科克(Bruce Babcock)说，奥巴马政府是玉米乙醇的大力支持者。艾奥瓦州、明尼苏达州、伊利诺伊州……这些都是玉米种植量很大的州，它们在此次大选中全都倒向了奥巴马。

David Kesmodel / Bill Tomson

David Kesmodel / Bill Tomson

Manufacturing

制造业

Big employers like Honeywell International Co. and United Technologies Corp. hope for an end to the uncertainty that has left customers reluctant to expand capital investments in equipment like gas power generators, medical equipment, avionics equipment and air-conditioning compressors.

像霍尼韦尔(Honeywell International Co.)和联合技术公司(United Technologies Corp.)这样的大雇主希望不确定性能够消除。很多客户由于种种不确定性因素不愿扩大对设备的资本投资，这些设备包括燃气动力发电机、医疗设备、航空电子设备和空调压缩机等。

'I feel like for the last six months everybody has gone into the uncertainty cage,' said David Cote, chief executive of Honeywell. 'We're saying, let's see what happens.'

霍尼韦尔的首席执行长(CEO)科特(David Cote)说，我觉得过去六个月所有人都被不确定性困住了。我们总是在说，先看看会发生什么吧。

The macroeconomic landscape has started to show improvements. The U.S. housing sector is showing signs of life and rising transportation costs and wages overseas have led some companies to move production back to the U.S. from China. Until the fiscal situation is resolved, executives at industrial companies say economic recovery and hiring won't soon take off.

宏观经济环境已经开始显示出改善的迹象。美国房地产市场正在呈现出复苏的迹象，海外市场不断上升的运输和工资成本导致部分美国企业将生产从中国重新迁回美国。工业企业的高管说，在联邦财政问题得到解决之前，美国经济复苏的强度和就业状况不会很快得到提升。

David Farr, chief executive of Emerson Electric Co., which makes electrical and other equipment, said Tuesday that a new showdown would worsen already fragile business confidence. 'I'm very nervous about the fourth calendar quarter,' he said.

制造电气和其它设备的艾默生电气公司(Emerson Electric Co.)的CEO法尔(David Farr)周二表示，一次新的对决会令本已脆弱的商业信心再次恶化。他说他对今年四季度感到不安。

The election could also provide a boost to morale at unions, providing them hope that they can stop or slow down their loss of bargaining power and boost membership as the administration pushes incentives for job creation at home.

本次大选可能也会提振工会士气，并让他们充满希望，即他们不会（或不会那么快）失去谈判筹码，且工会会员的数量会得到增加，因为奥巴马政府力推在美国国内创造就业的激励机制。

Tougher environmental regulation expected by the energy industry could also benefit manufacturers able to supply newer and safer equipment. Manufacturers also plan to keep pushing the administration to help them on the export front.

能源行业预计政府将会推出更严格的环境监管规定，但这也有利于那些能够提供更新且更安全设备的制造企业。制造商还计划继续推动奥巴马政府在出口方面帮助它们。

Kate Linebaugh / James R. Hagerty

Kate Linebaugh / James R. Hagerty

Defense

国防工业

Huntingdon Ingalls Inc. Chief Executive Mike Petters summed up the challenge for military contractors during the summer when he noted that you can't cut 10% off a ship.

Huntingdon Ingalls Inc.的首席执行长彼得斯(Mike Petters)今年夏天概括了军事合同承包商所面临的挑战，当时他说，没人能把一艘船砍掉10%。

The Obama administration's immediate challenge is to convince a divided Congress to avoid sequestration, most likely by postponing it while lawmakers hammer out a deal on broader entitlement and tax policy.

奥巴马政府迫在眉睫的挑战是，它需要让内部两派意见争执不下的国会认识到需要避免出现国防开支大封存(sequestration)的局面，最有可能的变通措施预计是在国会议员们就应享权益和税收政策等更广泛的问题努力达成一项协议的过程中，暂时推迟这种大封存局面的到来。

The defense industry has adapted to existing pressure on spending and the new military priorities laid out in the administration's 2010 budget review by focusing on cutting costs and winning sales overseas.

美国国防工业已经适应了目前的削减国防开支压力以及奥巴马政府在2010年预算评估报告中所列出的那些新的军事优先重点，其应对之道是把工作重点放在削减成本以及扩大海外销售上。

The framework of Pentagon priorities is clear. It includes greater resources, mainly ships, for the Pacific region under the umbrella of a nimbler military able to deal with multiple, smaller threats backed by enhanced air power and electronic surveillance.

五角大楼优先事项的框架是清晰的。其内容包括向太平洋地区增加军事资源，主要是加大舰船的部署力度，在那里形成一个机动能力更强的军事力量保护伞，它能够应对多重的中小规模威胁，而能力获得提升的空中力量以及电子监视能力将对此提供支持。

While the Obama budget would include a nominal rise in military spending, it still means continued pressure on the Army and the Marines, with the prospect of further reductions.

虽然根据奥巴马政府的预算案，美国的军事开支名义上会提高，但美国的陆军和海军仍然会持续面临压力，未来有可能进一步缩减规模。

Doug Cameron

Doug Cameron

Telecom

电信业

The deal-hungry telecom industry plans to move gingerly in the next four years. It doesn't mean it will give up on deals.

急于达成并购交易的电信业计划未来四年谨慎行事。但这并不意味着这一行业会放弃一些交易。

Case in point: Sprint Nextel Corp. is likely to continue evaluating acquisitions now that it has cash from Japan's Softbank Corp.

能充分说明这种情况的一个案例是：Sprint Nextel Corp.既然已经从日本的软银公司(Softbank Corp.)获得了资金，预计它会继续评估与软银间的并购事宜。

In a recent interview, Sprint Chief Executive Dan Hesse said he expected merger activity in the wireless industry to continue, arguing the industry needs just three carriers that can afford to maintain their networks and still experiment with new services. But the regulatory environment for mergers 'would most likely be friendlier' under a Republican administration, Mr. Hesse said.

Sprint的首席执行长赫西(Dan Hesse)近日在接受采访时说，他预计无线通讯行业的并购活动将会持续，他认为美国只需要三家无线通讯运营商就够了，这样运营商既承担得起网络维持成本，同时依然有动力尝试新的服务。但他说，如果换成共和党执政，美国在电信业合并方面的监管环境很有可能比目前更友好。

Big investments are already coming. On Wednesday, AT&T Inc. sent a message that it wouldn't shy away from spending more, making public a plan to spend $14 billion on modernizing and expanding its landline and wireless networks.

这一行业一些大的投资项目已经纷纷浮出水面。周四，美国电话电报公司(AT&T Inc.)表明它不会吝于增加支出，该公司公布了一项斥资140亿美元对其有线和无线通讯网络进行升级和扩建的计划。

But says AT&T CEO Randall Stephenson, the fiscal cliff must be addressed. 'It is serving as a real throttle on this country's growth right now,' he said of the potential for spending cuts and tax increases.

但AT&T的首席执行长斯蒂芬森(Randall Stephenson)说，“财政悬崖问题必须得到解决。他谈到美国政府可能实施的减支增税措施时说，对美国的经济增长而言，财政悬崖目前确实就像是一个节流阀。

Anton Troianovski

Anton Troianovski

Technology

科技行业

For technology companies, the president's second term brings hope an overhaul to the U.S. patent system would continue, and that Congress would push ahead with changes to tax and foreign-worker policies.

对科技企业来说，奥巴马的第二个总统任期给它们带来的希望有，对美国专利体系的改革将会持续下去，以及国会将推动税收政策以及外籍工人政策的改革。

The president's first term presented a mixed bag. Tech firms won a revision of the patent code that will award patents based on a 'first to file' system rather than the 'first to invent' approach as well as set up a process to review patents before they result in legal challenges.

奥巴马就任总统以来在这些方面的表现好坏参半。科技公司争取到了政府对专利法的修订，修订后的法律将基于“先申请原则授予专利，而不再像以往那样基于“先发明原则授予专利，新法还将建立一套专利评估程序，在专利导致法律挑战之前就对其进行评估。

They successfully squelched the Stop Online Piracy Act, or SOPA, which sought to give the U.S. attorney general the ability to cut off money and access to websites deemed to violate copyrights.

科技公司还成功遏制了《禁止网络盗版法》(Stop Online Piracy Act)的影响，该法曾希望让美国司法部长有权封杀被认定侵犯了版权的网站，并有权禁止资金汇向这些网站。

But they also face more sparring with regulators over online protections for children.

但在网络上的儿童保护这一问题上，科技公司也面临着与政府监管部门的更多争吵。

Companies such as Google Inc. also have been pressing for changes in immigration policies to let startup founders stay in the U.S. and bring in more technically savvy workers.

谷歌(Google Inc.)等科技企业迫切要求政府对移民政策做出调整，以允许初创企业的创办人留在美国并给美国带来更多通晓科技的就业者。

Media companies have had a mixed experience. Among sore points for broadcasters: a spectrum auction that would encourage TV stations to turn in their airwave licenses. Broadcasters see it as dismissive of the value of broadcast television.

媒体公司与政府监管部门打交道的体验好坏参半。广电企业在这方面的抱怨有：公开进行的无线频谱拍卖会促使电视台交还其电视经营牌照。广电企业说，这种拍卖会贬低广播电视行业的价值。

Traditional media companies also were disappointed by the collapse of SOPA and executives may push similar new legislation hoping Mr. Obama is more sympathetic.

传统型媒体公司还对《禁止网络盗版法》无法发挥作用感到失望，这些企业的高管们可能会推动通过内容与之类似的新法律，他们希望奥巴马对这一法律能够持更为赞同的态度。

Restaurants

餐馆

The president's policies have helped small businesses obtain loans to expand and recover from the recession over the past couple of years, but restaurant operators are anxious changing tax rates and new health-care legislation.

过去几年，奥巴马的政策曾帮助小型企业获得了扩张和从衰退中恢复所需的贷款，但是税率改革和新的医保法案让餐馆运营者非常不安。

Many of the nation's largest restaurant chains, such as McDonald's Corp. MCD -1.26%and Dunkin' Brands, are primarily operated by franchisees who have anywhere from a handful to a few hundred locations. As small-business owners, they complain excess regulations are squeezing their profits.

美国的许多大型餐饮连锁，比如麦当劳(McDonald's Corp.)和唐恩品牌公司(Dunkin' Brands)主要由特许经营者运营，他们拥有的店面数量从几间到数百间不等。作为小企业主，他们一直抱怨过多的监管挤压了他们的利润。

'There are a lot of issues restaurants face with regulation around health care, tax rates, immigration, credit- and debit-card interchange, and menu labeling,' said Scott DeFife, the National Restaurant Association's executive vice president of policy and government affairs. 'The pace of these regulations is likely to pick up now that the elections are over.'

美国国家餐馆协会（National Restaurant Association）负责政策和政府事务的执行副总裁德法夫(Scott DeFife)说，餐馆面临诸多监管问题，涉及医保、税率、移民、信用卡和借记卡交换以及菜单标签等方方面面。他说，随着大选结束，预计这些监管的步伐将加快。

Mr. Obama's health-care law, for instance, is expected to increase labor costs and prevent expansion among smaller franchisees.

例如，奥巴马的医保法案预计将提高劳动力成本，这将阻碍小型特许经营商的扩张。

'The law is going to take effect, so we will have to focus on the things within it that we can change─the aspects that will make this law so onerous,' the 30-hour threshold for full-time workers and some of the reporting requirements, said Judith Thorman, senior vice president for Government Relations for the International Franchise Association.

国际特许经营协会(International Franchise Association)负责政府关系的高级副总裁托尔曼(Judith Thorman)说，这部法律即将生效，所以我们将需要把注意力放在这部法律中我们能够改变的东西，那些使这部法律成为负担的东西，比如全职员工每周必须工作30小时以上，以及有关财务报告的一些要求。

Restaurant chains won't know how much the legislation will cost them until states set up the exchanges through which coverage can be purchased. But they believe it is going to hurt.

在各州建立起可供购买保险的医保交易所之前，餐饮连锁不会知道这部法律将会给他们带来多大的成本。但是他们相信这个成本会让人心痛。

McDonald's and Papa John's International Inc. PZZA -0.40%have said they expect their franchisees to take a hit as they are forced to offer more expensive health insurance or pay a government penalty.

麦当劳和棒约翰披萨连锁店(Papa John's International Inc.)表示，他们预计特许经销商将受到打击，因为他们被迫提供更昂贵的医疗保险或是支付政府罚款。

Darden Restaurants Inc., DRI -2.46%which owns Olive Garden and Red Lobster, is considering reduce its employee hours to minimize the impact. Other industry consultants expect food chains to raise their menu prices to offset the higher costs.

Darden Restaurants Inc.旗下拥有Olive Garden和Red Lobster，该公司正在考虑缩短员工的工作时间，尽量减小这部法律的影响。另外的一些产业咨询师预计，食品连锁店将提高菜品价格，抵消成本的增加。

Annie Gasparro

Annie Gasparro

Autos

汽车行业

It's hard to name an industry that has benefitted more under President Obama than the U.S. auto industry, and it may well be the same during his second term, too.

从奥巴马政府获益最多的就要数汽车行业了，这一点在奥巴马的第二任期可能也是如此。

Mr. Obama's bailout of General Motors Co. GM -4.43%and Chrysler Group LLC saved those companies from collapse. Other initiatives by the administration helped stabilize parts suppliers, steadied banks and other lenders to auto dealers and consumers, and juiced auto sales with cash-for-clunkers rebates. This helped the industry weather the recession of 2010 and 2010.

奥巴马对通用汽车(General Motors Co.)和克莱斯勒集团(Chrysler Group LLC)的救助令这些公司免于崩溃。奥巴马政府的其他行动帮助稳定了零件供应商以及银行和其他向汽车经销商和消费者提供贷款的机构，并通过“旧车换现金计划提振了汽车销售。这帮助汽车产业度过了2010和2010年的衰退。

The U.S. industry's recovery wasn't solely the result of government intervention. Ford Motor Co. F -3.15%turned around mostly on its own. Many companies in addition to GM and Chrysler made tough decisions to downsize. Outside factors helped, too. An earthquake in Japan hobbled Toyota Motor Corp. 7203.TO -1.23%and Honda Motor Co. 7267.TO -3.02%in 2011. The strong yen and euro make it attractive to make cars in the U.S.

美国汽车产业的复苏并不完全是政府干预的结果。福特汽车(Ford Motor Co.)的业务出现好转主要还是凭借自己的力量。除了通用和克莱斯勒，还有许多公司都做出了裁员的艰难决定。一些外部因素起到了帮助作用。2011年日本地震妨碍了丰田(Toyota Motor Corp.)和本田汽车(Honda Motor Co.)。日圆和欧元的走强使得在美国进行汽车生产具有了吸引力。

And not all of the government's efforts have paid off. Hundreds of millions of dollars in aid for electric-car and battery makers haven't panned out as the president had hoped.

并非政府所有的努力都有回报。对电动汽车和电池制造商上亿美元的投资没有产生奥巴马预期的效果。

But what remains today is a lean, growing and profitable U.S. auto industry. Both the Detroit auto makers and many of their foreign-owned rivals are investing in their U.S. plants, adding jobs and increasing output. Over the next four years, Democrats and Mr. Obama are sure to claim credit, deserved or not, for having put the industry back on its feet.

但是，如今的美国汽车业人员精简、不断增长，而且还能盈利。底特律的汽车制造商和许多外国竞争者正在为他们在美国的工厂投资，增加就业岗位和产量。未来四年，民主党人和奥巴马一定会把让汽车业重新站稳脚的功劳归到自己身上，无论事实是否如此。

The outlook is favorable, too. Auto makers are on track to sell about 14.5 million cars and light trucks this year, about a 14% rise. Next year, sales are expected to climb beyond 15 million next year, lifted by the slow but steady improvements in home values, employment and consumer confidence. And with sales up and costs down, auto makers are reporting record or near record profits in North America.

汽车业的前景也十分乐观。汽车制造商今年将销售约1,450万辆汽车和轻型卡车，同比增长约14%。明年，房地产价格、就业和消费者信心缓慢而稳步的提升将提振汽车销量，预计销量将达到1,500万辆以上。随着销量上升和成本下降，汽车制造商的利润将接近或创下历史新高。

Now that the election is over, one visible remnant of the Obama bailout is likely to disappear soon─the Treasury's remaining 26% stake in GM. The Obama administration was leery of selling the stake at a loss before the election. Now it has no reason not to comply with the company's pleas to cash out.

既然选举已经结束，奥巴马的救助计划遗留的一个显而易见的问题可能会很快消失──财政部在通用汽车剩余的26%股份。奥巴马政府不愿在大选之前亏本出售股份。不过现在，他没有理由不满足通用汽车的请求将这些股份套现。