美国德克萨斯州南卫理公会大学(Southern Methodist University)教授尼尔巴塔查里亚(NeilBhattacharya)在一项研究中发现,多元化企业比单一企业在经营上效率更高,前者在软件和生命科学等领域具有独特优势,因为企业管理者比股市更能准确判断哪些项目可能获得成功。
This is counterintuitive, given US investors’ liking for simplicity, and view of conglomerates asinefficient. Public conglomerates in the US are valued at discounts of 10 to 15 per cent tosingle-sector companies, according to Boston Consulting Group — though the discount islower in Europe, and Asian conglomerates often trade at a premium.
鉴于美国投资者喜欢简单的东西,并认为企业集团效率低下,巴塔查里亚教授的发现似乎与人们的直觉相反。根据波士顿咨询集团(Boston Consulting Group)的数据,在美国,上市企业集团的估值相对于单一企业会折让10%—15%,不过欧洲的这种估值差距要小一些,而亚洲的企业集团往往会溢价交易。
The suspicion originates in the 1970s and 1980s, the era of companies such as ITT and RJRNabisco. Michael Jensen, a Harvard professor, later criticised the “billions in unproductivecapital expenditures and organisational inefficiencies at conglomerates, praising the trendtoward “smaller, more focused, more efficient enterprises.
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