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

怀疑始于上世纪七、八十年代，那是美国国际电话电报公司(ITT)和RJR纳比斯科(RJR Nabisco)等公司的时代。哈佛大学(Harvard University)教授迈克尔礠森(Michael Jensen)后来批评企业集团存在“数十亿非生产性的资本支出和组织效率低下现象，赞扬了企业朝着“更小、更集中、更高效的方向演变的趋势。

Big corporations remain prey to temptation. Boston Consulting Group found that theconglomerate discount is partly due to conservatism. They tend to invest heavily in theiroriginal businesses, which may be stagnant or in decline, while undervaluing newer divisionswith more potential. Microsoft, for example, suffered from trying to reinforce its Windowsfranchise.

大企业依然难抵挡诱惑。波士顿咨询集团发现，造成多元化企业折让的部分原因是保守。企业集团倾向于低看拥有更大潜力的新业务，而大举投资它们最初的业务，然而这些业务可能是停滞乃至下滑的。比如，微软(Microsoft)因试图强化其Windows操作系统授权业务而受挫。

Yet even investors who are suspicious of quoted conglomerates delegate capital allocation andmanagement oversight in private markets to informed insiders. Venture capital and privateequity funds are both forms of conglomerate — they invest capital in a broad portfolio ofbusinesses on behalf of outsiders who believe that such funds possess superior expertise.