After Anglo-Australian miner BHP Billiton made an eventually unsuccessful US$38.6 billion offer for agriculture-focused Potash Corp., deal makers began adding food options to their menus.

　　澳洲矿业公司必和必拓（BHP Billiton）提出以386亿美元收购主营农业的加拿大钾肥公司Potash Corp.遭到失败后，交易撮合者就开始关注农业企业。

　　In Asia, the result has been a rich diet of food company deals, with more expected─and raising a question about whether investors might eventually end up with indigestion.

　　在亚洲，这导致的结果就是涉及农业企业的交易数量非常多，超出了预期。这也提出了一个问题，即投资者最终能否消化数量众多的交易。

　　Higher prices in both raw and processed soft commodities─caused by growing Asian demand, erratic weather, and a global push toward biofuels─has led to a spate of food-focused merger deals and initial public offerings. Food quality concerns in China and fears of radioactive exposure in products in Japan amid the nation's ongoing nuclear crisis have added to the trend.

　　未加工和已经加工的软商品的价格都在走高。这导致围绕食品的并购交易和首次公开募股接连发生。不断增长的亚洲需求、气候反常以及全球争夺生物燃料都推高了软商品的价格。而中国的食品质量问题，以及担心日本还在持续的核危机会令该国食品受到辐射污染都助推了这一趋势。

　　"There is a very active deal environment in the global agribusiness and the commodity price environment is a key driver," said Russ Colaco, an executive director in Morgan Stanley's consumer investment banking team in New York. He added, " Higher prices are a catalyst for mergers to create greater scale and capital raising to strengthen balance sheets."

　　摩根士丹利驻纽约消费品业务投行团队的执行董事柯拉科（Russ Colaco）说，全球农业企业的交易非常活跃，大宗商品价格上涨是主要的推手。柯拉科又说，大宗商品价格走高促使各方通过并购做大规模，通过募集资金充实资产。

　　As a result, Asian agriculture-focused companies tend to be valued better than their other counterparts, though they still trail the surge in underlying food products. Between March 2010 and March 2011, for instance, global food commodity prices─including cereal, vegetable oils, meat, seafood, sugar, bananas, and oranges─as measured by the IMF's Commodity Food Price Index rose 32%. In that time, the valuations of Asia-Pacific Agricultural business rose 19% and traded at 3.70 times book value from 3.12 times in March last year, according to data provider CapitalIQ. They currently trade at 3.84 times book value. Meanwhile, valuations of the MSCI Asia Pacific Index have fallen 4%.

　　因此，尽管并未赶上基础农产品价格激增的行情，亚洲农业企业的估值还是比其它企业高。以2010年3月至2011年3月为例，按国际货币基金组织食品价格指数测算，全球主要食品类大宗商品的价格上涨了32%。这些食品包括谷物、植物油、肉类、海产品、糖、香蕉和柑橘。而据数据提供商CapitalIQ透露，同期亚太地区农业企业的估值上升了19%，市净率为3.70倍，高于去年3月3.12倍的水平。目前这些企业的估值为3.84倍（市净率）。同期MSCI亚太指数成分股公司的平均估值下降了4%。

　　Nine Asian agriculture companies that listed in the last 12 months trade at total enterprise value of 6.01 times to sales, compared with the 4.48 times the 235 agribusinesses that are already listed in Asia, according to CapitalIQ. Enterprise value combined market capitalization with net debt.

　　据CapitalIQ介绍，过去12个月亚洲地区新上市的九个农业企业其总企业价值/销售收入的倍数为6.01倍，高于此前已经上市的235家农业企业4.48倍的估值水平。企业价值等于总市值加上净负债。

　　"Overall, the nine Asian agricompanies that were listed in the last 12 months are valued higher than the total basket, suggesting better investor sentiment for recent IPOs," said Chris Rynning, chief executive officer of Beijing-based Origo Partners. In early March the private-equity firm bought a 21% stake for US$13 milion in privately owned rice producer China Rice, in the London-listed private equity firm's first foray outside clean-technology and natural resources in China.

　　总部位于北京的欧瑞集团（Origo Partners）的首席执行长林宁（Chris Rynning）说，总体上讲，过去12个月内上市的这九家亚洲农业企业的估值高于市场整体水平，这意味着投资者看好近期要公开上市募集资金的新股。3月初，作为私募基金的欧瑞集团以1,300万美元的价格收购了私人控股的大米厂商China Rice21%的股权，这是在伦敦上市的欧瑞集团首次涉足天然气和清洁技术之外的领域。

　　"The opportunity in agricommodities is that it's a high-growth sector, and yet competition is not so high and it's a less beaten investment path in China than internet companies, for instance, which trade on crazy valuations."

　　投资农产品大宗商品的机遇在于，这是一个高增长的行业，且竞争不是非常激烈。在中国市场，相比估值过高的互联网企业，投资农产品的人还不是非常多。