Alphabet多元化架构为何受投资者欢迎_时事

Alphabet多元化架构为何受投资者欢迎

原则上，佩奇的这种想法相当奇怪。毕竟谷歌的技术所用到的在线拍卖和在线市场属于群体智慧，而不是人工筛选。为什么Alphabet这类拥有稳定的利益和市场主导地位的企业集团，在有效配置资本方面会胜过资本市场?难道只有当他自己是内部人时，他才会相信内幕消息?

But he is right. Conglomerates can outperform when they exploit their advantages and remaindisciplined rather than falling prey to empire-building. Their ability to build a cadre of skilledmanagers and to pick the right investment projects is strongest in research-intensive industriesthat invest in intellectual property, which is Alphabet’s territory.

但佩奇是正确的。如果企业集团能够利用优势并遵守行为准则，不因打造商业帝国而陷入困境，是可以胜过单一公司的。在专注于知识产权的研究密集型产业——这正是Alphabet的领域——企业集团最擅长建立起经验丰富的管理骨干队伍，以及挑选合适的投资项目。

Neil Bhattacharya, a professor at Southern Methodist University in Texas, found in a study thatmulti-business companies ran operations more efficiently than single-sector ones. They hadparticular advantages in areas such as software and life sciences because managers couldjudge more accurately than stock markets which projects were likely to succeed.