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GE Breakup Spurs Questions About Conglomerate Model’s Future<blockquote>通用电气分拆引发了人们对企业集团模式未来的质疑</blockquote>

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Electric Co.’s breakup raises the question of how many remaining conglomerates will be able to avoid the same fate.</p><p><blockquote>（彭博社）——通用电气公司的分拆引发了一个问题，即有多少剩余的企业集团能够避免同样的命运。</blockquote></p><p> GE, an iconic business built over decades by executives such as Jack Welch, is set to be dismantled in Chief Executive Officer Larry Culp’s most dramatic move. The debate over the conglomerate structure casts a spotlight on businesses such as Warren Buffett’s Berkshire Hathaway Inc., which has spent years arguing why its particular brand of conglomerate works.</p><p><blockquote>通用电气是杰克·韦尔奇(Jack Welch)等高管数十年来打造的标志性企业，首席执行官拉里·卡尔普(Larry Culp)将采取最引人注目的举措予以解散。关于企业集团结构的争论让人们关注沃伦·巴菲特(Warren Buffett)的伯克希尔·哈撒韦公司(Berkshire Hathaway Inc.)等企业，该公司多年来一直在争论其特定品牌的企业集团为何有效。</blockquote></p><p> Conglomerates, once considered a way to bring multiple companies together to reap the benefits of synergies, size and breadth, have fallen out of favor. Buffett himself has conceded that conglomerates have “earned their terrible reputation” over the years, and GE’s Culp said Tuesday that focus is more beneficial than the often “illusory” benefit of synergies. The days of the traditional industrial conglomerate could be numbered even as technology behemoths increasingly adopt a somewhat similar complex model.</p><p><blockquote>企业集团曾经被认为是将多家公司聚集在一起以获得协同效应、规模和广度的好处的一种方式，但现在已经失宠了。巴菲特本人也承认，企业集团多年来“赢得了糟糕的声誉”，通用电气的卡尔普周二表示，专注比协同效应通常“虚幻”的好处更有益。尽管科技巨头越来越多地采用某种类似的复杂模式，但传统工业集团的日子可能已经屈指可数了。</blockquote></p><p> “I don’t know how many fundamentally industrial companies are going to continue to use this particular kind of structure,” said Kathryn Rudie Harrigan, Columbia Business School’s Henry R. Kravis professor of business leadership. “Because it sort of begs the question of what, if anything, is added by putting them all in the same corporate family.”</p><p><blockquote>哥伦比亚商学院亨利·R·克拉维斯商业领导力教授凯瑟琳·鲁迪·哈里根(Kathryn Rudie Harrigan)表示：“我不知道有多少基础工业公司会继续使用这种特殊的结构。”“因为这在某种程度上回避了一个问题：将它们都放在同一个公司大家庭中会增加什么（如果有的话）。”</blockquote></p><p> Over the past five years, investors have been less enthusiastic about some conglomerates than the broader market. GE, notably, has lost 51% in that timespan, while Berkshire has risen 90%, holding company Loews Corp. has gained 34% and industrial and consumer-goods giant 3M Co. has increased just 6.4%. The S&amp;P 500, meanwhile, has soared 117%.</p><p><blockquote>过去五年，投资者对一些企业集团的热情不如大盘。值得注意的是，通用电气在此期间下跌了51%，而伯克希尔哈撒韦公司上涨了90%，控股公司Loews Corp.上涨了34%，工业和消费品巨头3M Co.仅上涨了6.4%。与此同时，标普500飙升了117%。</blockquote></p><p> Some breakups have benefited the remaining businesses. Famously, Culp’s alma mater, Danaher Corp., has split off businesses in recent years. Its stock has outperformed the broader market over the past five years, climbing 273%.</p><p><blockquote>一些分拆让剩下的企业受益。众所周知，卡尔普的母校丹纳赫公司近年来已经分拆了业务。过去五年，其股价表现优于大盘，上涨了273%。</blockquote></p><p> “We believe the pendulum is still swinging towards the ‘urge to demerge’ trend,” RBC Capital Markets’ Deane Dray said in a note to clients Tuesday. “GE’s announcement today could embolden the boards of several other multi-industry companies to move ahead on more aggressive portfolio simplification moves, including Emerson, Roper Technologies and 3M.”</p><p><blockquote>加拿大皇家银行资本市场的迪恩·德雷(Deane Dray)在周二给客户的一份报告中表示：“我们认为钟摆仍在朝着‘分拆冲动’趋势摆动。”“通用电气今天的声明可能会鼓励其他几家多行业公司的董事会采取更积极的投资组合简化举措，包括艾默生、罗珀科技和3M。”</blockquote></p><p> GE rose 2.7% Tuesday after the breakup plans were announced. Its shares gained 29% this year through Tuesday.</p><p><blockquote>分拆计划宣布后，通用电气周二上涨2.7%。截至周二，其股价今年上涨了29%。</blockquote></p><p> Some conglomerate heads have staunchly defended their companies’ complex setups. Buffett wrote in an annual letter earlier this year that conglomerates have received a bad reputation because they’ve overpaid for mediocre businesses, with some businesses even using “imaginative” accounting maneuvers. Still, Berkshire’s 91-year-old CEO argued that his Omaha, Nebraska-based business differs from the “prototype” conglomerate, partly because it controls some businesses and owns non-controlling stakes in others.</p><p><blockquote>一些企业集团负责人坚定地捍卫其公司的复杂结构。巴菲特在今年早些时候的一封年度信中写道，企业集团名声不佳，因为它们为平庸的企业支付了过高的价格，一些企业甚至使用了“富有想象力”的会计策略。尽管如此，伯克希尔91岁的首席执行官辩称，他位于内布拉斯加州奥马哈的业务与“原型”企业集团不同，部分原因是它控制着一些业务，并拥有另一些业务的非控股股份。</blockquote></p><p> Loews CEO James Tisch, who has called his company -- which owns hotels, an insurer and even some energy operations -- “unabashedly a conglomerate,” has argued that he thinks the business can create the most value by being in multiple industries.</p><p><blockquote>Loews首席执行官詹姆斯·蒂施(James Tisch)称他的公司（该公司拥有酒店、一家保险公司甚至一些能源业务）为“毫不掩饰地成为一家企业集团”，他认为该公司可以通过涉足多个行业来创造最大价值。</blockquote></p><p> Berkshire, for its part, has been somewhat insulated from activist calls for a breakup partly because Buffett remains at the helm. But he disclosed earlier this year that his successor would likely be a key deputy, Greg Abel, if and when he steps down -- a reminder to investors that he’ll one day have to pass the reins. Part of the key to Berkshire’s ability to remain a conglomerate has been its decentralized management style, said David Kass of the University of Maryland.</p><p><blockquote>就伯克希尔而言，由于巴菲特仍在掌舵，伯克希尔在某种程度上与激进的评级绝缘。但他今年早些时候透露，如果他下台，他的继任者可能是一位重要的副手格雷格·阿贝尔，这提醒投资者，他有一天必须移交权力。马里兰大学的大卫·卡斯表示，伯克希尔能够保持企业集团地位的部分关键在于其分散的管理风格。</blockquote></p><p> “The managers at Berkshire have almost complete independence in running their businesses. They don’t have to go through the red tape of corporate headquarters as GE has and most companies do,” said Kass, a professor of finance at the university’s Robert H. Smith School of Business. “As long as Buffett is there, the structure will stay the same. And after Warren Buffett is no longer there, it will probably be Greg Abel running the company, they’ve already pledged to maintain the culture.”</p><p><blockquote>伯克希尔大学罗伯特·H·史密斯商学院金融学教授卡斯表示：“伯克希尔的经理们在经营业务方面几乎完全独立。他们不必像通用电气和大多数公司那样通过公司总部的繁文缛节。”“只要巴菲特在，结构就会保持不变。沃伦·巴菲特不在后，很可能会由格雷格·阿贝尔来管理公司，他们已经承诺维持这种文化。”</blockquote></p><p> Many companies have naturally drifted toward wanting to integrate operations as they seek to gain scale and efficiency, said Omar Aguilar, a senior managing director and co-leader of the enterprise transformation practice at FTI Consulting Inc. But one of the keys to a conglomerate’s survival is whether they can keep increasing their earnings, he said. “If they continue growing,” Aguilar said, “I think they’re OK.”</p><p><blockquote>FTI Consulting Inc.高级董事总经理兼企业转型业务联席负责人奥马尔·阿吉拉尔(Omar Aguilar)表示，许多公司在寻求扩大规模和效率时，自然倾向于整合运营。但他表示，企业集团生存的关键之一是能否持续增加收入。“如果它们继续生长，”阿吉拉尔说，“我认为它们没问题。”</blockquote></p><p></p><p> Even if some industrial conglomerates continue to break up, there’s also a trend of tech giants expanding into various but distinct industries, and thus developing a conglomerate-like model, said Harrigan of Columbia University. Amazon.com Inc., for example, has moved beyond e-commerce into health care and grocery stores. The company benefits because it’s often targeting the same customer in its variety of businesses, she said.</p><p><blockquote>哥伦比亚大学的哈里根表示，即使一些工业集团继续解体，科技巨头也有向各种但不同的行业扩张的趋势，从而发展出类似集团的模式。例如，亚马逊公司已经超越了电子商务，进入了医疗保健和杂货店。她说，该公司受益是因为它在各种业务中经常针对同一客户。</blockquote></p><p> “For internet-enabled companies, those that are successful will probably end up becoming very complex by diversification,” she said. “They can get terrific customer-based synergies.”</p><p><blockquote>“对于互联网公司来说，那些成功的公司最终可能会因多元化而变得非常复杂，”她说。“他们可以获得出色的基于客户的协同效应。”</blockquote></p><p></p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>GE Breakup Spurs Questions About Conglomerate Model’s Future<blockquote>通用电气分拆引发了人们对企业集团模式未来的质疑</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGE Breakup Spurs Questions About Conglomerate Model’s Future<blockquote>通用电气分拆引发了人们对企业集团模式未来的质疑</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-11-10 22:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Bloomberg) -- General Electric Co.’s breakup raises the question of how many remaining conglomerates will be able to avoid the same fate.</p><p><blockquote>（彭博社）——通用电气公司的分拆引发了一个问题，即有多少剩余的企业集团能够避免同样的命运。</blockquote></p><p> GE, an iconic business built over decades by executives such as Jack Welch, is set to be dismantled in Chief Executive Officer Larry Culp’s most dramatic move. The debate over the conglomerate structure casts a spotlight on businesses such as Warren Buffett’s Berkshire Hathaway Inc., which has spent years arguing why its particular brand of conglomerate works.</p><p><blockquote>通用电气是杰克·韦尔奇(Jack Welch)等高管数十年来打造的标志性企业，首席执行官拉里·卡尔普(Larry Culp)将采取最引人注目的举措予以解散。关于企业集团结构的争论让人们关注沃伦·巴菲特(Warren Buffett)的伯克希尔·哈撒韦公司(Berkshire Hathaway Inc.)等企业，该公司多年来一直在争论其特定品牌的企业集团为何有效。</blockquote></p><p> Conglomerates, once considered a way to bring multiple companies together to reap the benefits of synergies, size and breadth, have fallen out of favor. Buffett himself has conceded that conglomerates have “earned their terrible reputation” over the years, and GE’s Culp said Tuesday that focus is more beneficial than the often “illusory” benefit of synergies. The days of the traditional industrial conglomerate could be numbered even as technology behemoths increasingly adopt a somewhat similar complex model.</p><p><blockquote>企业集团曾经被认为是将多家公司聚集在一起以获得协同效应、规模和广度的好处的一种方式，但现在已经失宠了。巴菲特本人也承认，企业集团多年来“赢得了糟糕的声誉”，通用电气的卡尔普周二表示，专注比协同效应通常“虚幻”的好处更有益。尽管科技巨头越来越多地采用某种类似的复杂模式，但传统工业集团的日子可能已经屈指可数了。</blockquote></p><p> “I don’t know how many fundamentally industrial companies are going to continue to use this particular kind of structure,” said Kathryn Rudie Harrigan, Columbia Business School’s Henry R. Kravis professor of business leadership. “Because it sort of begs the question of what, if anything, is added by putting them all in the same corporate family.”</p><p><blockquote>哥伦比亚商学院亨利·R·克拉维斯商业领导力教授凯瑟琳·鲁迪·哈里根(Kathryn Rudie Harrigan)表示：“我不知道有多少基础工业公司会继续使用这种特殊的结构。”“因为这在某种程度上回避了一个问题：将它们都放在同一个公司大家庭中会增加什么（如果有的话）。”</blockquote></p><p> Over the past five years, investors have been less enthusiastic about some conglomerates than the broader market. GE, notably, has lost 51% in that timespan, while Berkshire has risen 90%, holding company Loews Corp. has gained 34% and industrial and consumer-goods giant 3M Co. has increased just 6.4%. The S&amp;P 500, meanwhile, has soared 117%.</p><p><blockquote>过去五年，投资者对一些企业集团的热情不如大盘。值得注意的是，通用电气在此期间下跌了51%，而伯克希尔哈撒韦公司上涨了90%，控股公司Loews Corp.上涨了34%，工业和消费品巨头3M Co.仅上涨了6.4%。与此同时，标普500飙升了117%。</blockquote></p><p> Some breakups have benefited the remaining businesses. Famously, Culp’s alma mater, Danaher Corp., has split off businesses in recent years. Its stock has outperformed the broader market over the past five years, climbing 273%.</p><p><blockquote>一些分拆让剩下的企业受益。众所周知，卡尔普的母校丹纳赫公司近年来已经分拆了业务。过去五年，其股价表现优于大盘，上涨了273%。</blockquote></p><p> “We believe the pendulum is still swinging towards the ‘urge to demerge’ trend,” RBC Capital Markets’ Deane Dray said in a note to clients Tuesday. “GE’s announcement today could embolden the boards of several other multi-industry companies to move ahead on more aggressive portfolio simplification moves, including Emerson, Roper Technologies and 3M.”</p><p><blockquote>加拿大皇家银行资本市场的迪恩·德雷(Deane Dray)在周二给客户的一份报告中表示：“我们认为钟摆仍在朝着‘分拆冲动’趋势摆动。”“通用电气今天的声明可能会鼓励其他几家多行业公司的董事会采取更积极的投资组合简化举措，包括艾默生、罗珀科技和3M。”</blockquote></p><p> GE rose 2.7% Tuesday after the breakup plans were announced. Its shares gained 29% this year through Tuesday.</p><p><blockquote>分拆计划宣布后，通用电气周二上涨2.7%。截至周二，其股价今年上涨了29%。</blockquote></p><p> Some conglomerate heads have staunchly defended their companies’ complex setups. Buffett wrote in an annual letter earlier this year that conglomerates have received a bad reputation because they’ve overpaid for mediocre businesses, with some businesses even using “imaginative” accounting maneuvers. Still, Berkshire’s 91-year-old CEO argued that his Omaha, Nebraska-based business differs from the “prototype” conglomerate, partly because it controls some businesses and owns non-controlling stakes in others.</p><p><blockquote>一些企业集团负责人坚定地捍卫其公司的复杂结构。巴菲特在今年早些时候的一封年度信中写道，企业集团名声不佳，因为它们为平庸的企业支付了过高的价格，一些企业甚至使用了“富有想象力”的会计策略。尽管如此，伯克希尔91岁的首席执行官辩称，他位于内布拉斯加州奥马哈的业务与“原型”企业集团不同，部分原因是它控制着一些业务，并拥有另一些业务的非控股股份。</blockquote></p><p> Loews CEO James Tisch, who has called his company -- which owns hotels, an insurer and even some energy operations -- “unabashedly a conglomerate,” has argued that he thinks the business can create the most value by being in multiple industries.</p><p><blockquote>Loews首席执行官詹姆斯·蒂施(James Tisch)称他的公司（该公司拥有酒店、一家保险公司甚至一些能源业务）为“毫不掩饰地成为一家企业集团”，他认为该公司可以通过涉足多个行业来创造最大价值。</blockquote></p><p> Berkshire, for its part, has been somewhat insulated from activist calls for a breakup partly because Buffett remains at the helm. But he disclosed earlier this year that his successor would likely be a key deputy, Greg Abel, if and when he steps down -- a reminder to investors that he’ll one day have to pass the reins. Part of the key to Berkshire’s ability to remain a conglomerate has been its decentralized management style, said David Kass of the University of Maryland.</p><p><blockquote>就伯克希尔而言，由于巴菲特仍在掌舵，伯克希尔在某种程度上与激进的评级绝缘。但他今年早些时候透露，如果他下台，他的继任者可能是一位重要的副手格雷格·阿贝尔，这提醒投资者，他有一天必须移交权力。马里兰大学的大卫·卡斯表示，伯克希尔能够保持企业集团地位的部分关键在于其分散的管理风格。</blockquote></p><p> “The managers at Berkshire have almost complete independence in running their businesses. They don’t have to go through the red tape of corporate headquarters as GE has and most companies do,” said Kass, a professor of finance at the university’s Robert H. Smith School of Business. “As long as Buffett is there, the structure will stay the same. And after Warren Buffett is no longer there, it will probably be Greg Abel running the company, they’ve already pledged to maintain the culture.”</p><p><blockquote>伯克希尔大学罗伯特·H·史密斯商学院金融学教授卡斯表示：“伯克希尔的经理们在经营业务方面几乎完全独立。他们不必像通用电气和大多数公司那样通过公司总部的繁文缛节。”“只要巴菲特在，结构就会保持不变。沃伦·巴菲特不在后，很可能会由格雷格·阿贝尔来管理公司，他们已经承诺维持这种文化。”</blockquote></p><p> Many companies have naturally drifted toward wanting to integrate operations as they seek to gain scale and efficiency, said Omar Aguilar, a senior managing director and co-leader of the enterprise transformation practice at FTI Consulting Inc. But one of the keys to a conglomerate’s survival is whether they can keep increasing their earnings, he said. “If they continue growing,” Aguilar said, “I think they’re OK.”</p><p><blockquote>FTI Consulting Inc.高级董事总经理兼企业转型业务联席负责人奥马尔·阿吉拉尔(Omar Aguilar)表示，许多公司在寻求扩大规模和效率时，自然倾向于整合运营。但他表示，企业集团生存的关键之一是能否持续增加收入。“如果它们继续生长，”阿吉拉尔说，“我认为它们没问题。”</blockquote></p><p></p><p> Even if some industrial conglomerates continue to break up, there’s also a trend of tech giants expanding into various but distinct industries, and thus developing a conglomerate-like model, said Harrigan of Columbia University. Amazon.com Inc., for example, has moved beyond e-commerce into health care and grocery stores. The company benefits because it’s often targeting the same customer in its variety of businesses, she said.</p><p><blockquote>哥伦比亚大学的哈里根表示，即使一些工业集团继续解体，科技巨头也有向各种但不同的行业扩张的趋势，从而发展出类似集团的模式。例如，亚马逊公司已经超越了电子商务，进入了医疗保健和杂货店。她说，该公司受益是因为它在各种业务中经常针对同一客户。</blockquote></p><p> “For internet-enabled companies, those that are successful will probably end up becoming very complex by diversification,” she said. “They can get terrific customer-based synergies.”</p><p><blockquote>“对于互联网公司来说，那些成功的公司最终可能会因多元化而变得非常复杂，”她说。“他们可以获得出色的基于客户的协同效应。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/ge-breakup-raises-questions-future-222816177.html\">Bloomberg</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GE":"GE航空航天"},"source_url":"https://finance.yahoo.com/news/ge-breakup-raises-questions-future-222816177.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115157487","content_text":"(Bloomberg) -- General Electric Co.’s breakup raises the question of how many remaining conglomerates will be able to avoid the same fate.\nGE, an iconic business built over decades by executives such as Jack Welch, is set to be dismantled in Chief Executive Officer Larry Culp’s most dramatic move. The debate over the conglomerate structure casts a spotlight on businesses such as Warren Buffett’s Berkshire Hathaway Inc., which has spent years arguing why its particular brand of conglomerate works.\nConglomerates, once considered a way to bring multiple companies together to reap the benefits of synergies, size and breadth, have fallen out of favor. Buffett himself has conceded that conglomerates have “earned their terrible reputation” over the years, and GE’s Culp said Tuesday that focus is more beneficial than the often “illusory” benefit of synergies. The days of the traditional industrial conglomerate could be numbered even as technology behemoths increasingly adopt a somewhat similar complex model.\n“I don’t know how many fundamentally industrial companies are going to continue to use this particular kind of structure,” said Kathryn Rudie Harrigan, Columbia Business School’s Henry R. Kravis professor of business leadership. “Because it sort of begs the question of what, if anything, is added by putting them all in the same corporate family.”\nOver the past five years, investors have been less enthusiastic about some conglomerates than the broader market. GE, notably, has lost 51% in that timespan, while Berkshire has risen 90%, holding company Loews Corp. has gained 34% and industrial and consumer-goods giant 3M Co. has increased just 6.4%. The S&P 500, meanwhile, has soared 117%.\nSome breakups have benefited the remaining businesses. Famously, Culp’s alma mater, Danaher Corp., has split off businesses in recent years. Its stock has outperformed the broader market over the past five years, climbing 273%.\n“We believe the pendulum is still swinging towards the ‘urge to demerge’ trend,” RBC Capital Markets’ Deane Dray said in a note to clients Tuesday. “GE’s announcement today could embolden the boards of several other multi-industry companies to move ahead on more aggressive portfolio simplification moves, including Emerson, Roper Technologies and 3M.”\nGE rose 2.7% Tuesday after the breakup plans were announced. Its shares gained 29% this year through Tuesday.\nSome conglomerate heads have staunchly defended their companies’ complex setups. Buffett wrote in an annual letter earlier this year that conglomerates have received a bad reputation because they’ve overpaid for mediocre businesses, with some businesses even using “imaginative” accounting maneuvers. Still, Berkshire’s 91-year-old CEO argued that his Omaha, Nebraska-based business differs from the “prototype” conglomerate, partly because it controls some businesses and owns non-controlling stakes in others.\nLoews CEO James Tisch, who has called his company -- which owns hotels, an insurer and even some energy operations -- “unabashedly a conglomerate,” has argued that he thinks the business can create the most value by being in multiple industries.\nBerkshire, for its part, has been somewhat insulated from activist calls for a breakup partly because Buffett remains at the helm. But he disclosed earlier this year that his successor would likely be a key deputy, Greg Abel, if and when he steps down -- a reminder to investors that he’ll one day have to pass the reins. Part of the key to Berkshire’s ability to remain a conglomerate has been its decentralized management style, said David Kass of the University of Maryland.\n“The managers at Berkshire have almost complete independence in running their businesses. They don’t have to go through the red tape of corporate headquarters as GE has and most companies do,” said Kass, a professor of finance at the university’s Robert H. Smith School of Business. “As long as Buffett is there, the structure will stay the same. And after Warren Buffett is no longer there, it will probably be Greg Abel running the company, they’ve already pledged to maintain the culture.”\nMany companies have naturally drifted toward wanting to integrate operations as they seek to gain scale and efficiency, said Omar Aguilar, a senior managing director and co-leader of the enterprise transformation practice at FTI Consulting Inc. But one of the keys to a conglomerate’s survival is whether they can keep increasing their earnings, he said. “If they continue growing,” Aguilar said, “I think they’re OK.”\nEven if some industrial conglomerates continue to break up, there’s also a trend of tech giants expanding into various but distinct industries, and thus developing a conglomerate-like model, said Harrigan of Columbia University. Amazon.com Inc., for example, has moved beyond e-commerce into health care and grocery stores. The company benefits because it’s often targeting the same customer in its variety of businesses, she said.\n“For internet-enabled companies, those that are successful will probably end up becoming very complex by diversification,” she said. “They can get terrific customer-based synergies.”","news_type":1,"symbols_score_info":{"GE":0.9}},"isVote":1,"tweetType":1,"viewCount":873,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":847718743,"gmtCreate":1636553860446,"gmtModify":1636556052374,"author":{"id":"4099654327872700","authorId":"4099654327872700","name":"Brit Jones","avatar":"https://static.tigerbbs.com/3c198a660893eabda86d883a3f261f72","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099654327872700","idStr":"4099654327872700"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/847718743","repostId":"2182036772","repostType":4,"isVote":1,"tweetType":1,"viewCount":991,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":847711023,"gmtCreate":1636553768136,"gmtModify":1636556046910,"author":{"id":"4099654327872700","authorId":"4099654327872700","name":"Brit Jones","avatar":"https://static.tigerbbs.com/3c198a660893eabda86d883a3f261f72","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099654327872700","idStr":"4099654327872700"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/847711023","repostId":"1115157487","repostType":4,"repost":{"id":"1115157487","kind":"news","pubTimestamp":1636553544,"share":"https://www.laohu8.com/m/news/1115157487?lang=zh_CN&edition=full","pubTime":"2021-11-10 22:12","market":"us","language":"en","title":"GE Breakup Spurs Questions About Conglomerate Model’s Future<blockquote>通用电气分拆引发了人们对企业集团模式未来的质疑</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1115157487","media":"Bloomberg","summary":"(Bloomberg) -- General Electric Co.’s breakup raises the question of how many remaining conglomerate","content":"<p>(Bloomberg) -- General Electric Co.’s breakup raises the question of how many remaining conglomerates will be able to avoid the same fate.</p><p><blockquote>（彭博社）——通用电气公司的分拆引发了一个问题，即有多少剩余的企业集团能够避免同样的命运。</blockquote></p><p> GE, an iconic business built over decades by executives such as Jack Welch, is set to be dismantled in Chief Executive Officer Larry Culp’s most dramatic move. The debate over the conglomerate structure casts a spotlight on businesses such as Warren Buffett’s Berkshire Hathaway Inc., which has spent years arguing why its particular brand of conglomerate works.</p><p><blockquote>通用电气是杰克·韦尔奇(Jack Welch)等高管数十年来打造的标志性企业，首席执行官拉里·卡尔普(Larry Culp)将采取最引人注目的举措予以解散。关于企业集团结构的争论让人们关注沃伦·巴菲特(Warren Buffett)的伯克希尔·哈撒韦公司(Berkshire Hathaway Inc.)等企业，该公司多年来一直在争论其特定品牌的企业集团为何有效。</blockquote></p><p> Conglomerates, once considered a way to bring multiple companies together to reap the benefits of synergies, size and breadth, have fallen out of favor. Buffett himself has conceded that conglomerates have “earned their terrible reputation” over the years, and GE’s Culp said Tuesday that focus is more beneficial than the often “illusory” benefit of synergies. The days of the traditional industrial conglomerate could be numbered even as technology behemoths increasingly adopt a somewhat similar complex model.</p><p><blockquote>企业集团曾经被认为是将多家公司聚集在一起以获得协同效应、规模和广度的好处的一种方式，但现在已经失宠了。巴菲特本人也承认，企业集团多年来“赢得了糟糕的声誉”，通用电气的卡尔普周二表示，专注比协同效应通常“虚幻”的好处更有益。尽管科技巨头越来越多地采用某种类似的复杂模式，但传统工业集团的日子可能已经屈指可数了。</blockquote></p><p> “I don’t know how many fundamentally industrial companies are going to continue to use this particular kind of structure,” said Kathryn Rudie Harrigan, Columbia Business School’s Henry R. Kravis professor of business leadership. “Because it sort of begs the question of what, if anything, is added by putting them all in the same corporate family.”</p><p><blockquote>哥伦比亚商学院亨利·R·克拉维斯商业领导力教授凯瑟琳·鲁迪·哈里根(Kathryn Rudie Harrigan)表示：“我不知道有多少基础工业公司会继续使用这种特殊的结构。”“因为这在某种程度上回避了一个问题：将它们都放在同一个公司大家庭中会增加什么（如果有的话）。”</blockquote></p><p> Over the past five years, investors have been less enthusiastic about some conglomerates than the broader market. GE, notably, has lost 51% in that timespan, while Berkshire has risen 90%, holding company Loews Corp. has gained 34% and industrial and consumer-goods giant 3M Co. has increased just 6.4%. The S&amp;P 500, meanwhile, has soared 117%.</p><p><blockquote>过去五年，投资者对一些企业集团的热情不如大盘。值得注意的是，通用电气在此期间下跌了51%，而伯克希尔哈撒韦公司上涨了90%，控股公司Loews Corp.上涨了34%，工业和消费品巨头3M Co.仅上涨了6.4%。与此同时，标普500飙升了117%。</blockquote></p><p> Some breakups have benefited the remaining businesses. Famously, Culp’s alma mater, Danaher Corp., has split off businesses in recent years. Its stock has outperformed the broader market over the past five years, climbing 273%.</p><p><blockquote>一些分拆让剩下的企业受益。众所周知，卡尔普的母校丹纳赫公司近年来已经分拆了业务。过去五年，其股价表现优于大盘，上涨了273%。</blockquote></p><p> “We believe the pendulum is still swinging towards the ‘urge to demerge’ trend,” RBC Capital Markets’ Deane Dray said in a note to clients Tuesday. “GE’s announcement today could embolden the boards of several other multi-industry companies to move ahead on more aggressive portfolio simplification moves, including Emerson, Roper Technologies and 3M.”</p><p><blockquote>加拿大皇家银行资本市场的迪恩·德雷(Deane Dray)在周二给客户的一份报告中表示：“我们认为钟摆仍在朝着‘分拆冲动’趋势摆动。”“通用电气今天的声明可能会鼓励其他几家多行业公司的董事会采取更积极的投资组合简化举措，包括艾默生、罗珀科技和3M。”</blockquote></p><p> GE rose 2.7% Tuesday after the breakup plans were announced. Its shares gained 29% this year through Tuesday.</p><p><blockquote>分拆计划宣布后，通用电气周二上涨2.7%。截至周二，其股价今年上涨了29%。</blockquote></p><p> Some conglomerate heads have staunchly defended their companies’ complex setups. Buffett wrote in an annual letter earlier this year that conglomerates have received a bad reputation because they’ve overpaid for mediocre businesses, with some businesses even using “imaginative” accounting maneuvers. Still, Berkshire’s 91-year-old CEO argued that his Omaha, Nebraska-based business differs from the “prototype” conglomerate, partly because it controls some businesses and owns non-controlling stakes in others.</p><p><blockquote>一些企业集团负责人坚定地捍卫其公司的复杂结构。巴菲特在今年早些时候的一封年度信中写道，企业集团名声不佳，因为它们为平庸的企业支付了过高的价格，一些企业甚至使用了“富有想象力”的会计策略。尽管如此，伯克希尔91岁的首席执行官辩称，他位于内布拉斯加州奥马哈的业务与“原型”企业集团不同，部分原因是它控制着一些业务，并拥有另一些业务的非控股股份。</blockquote></p><p> Loews CEO James Tisch, who has called his company -- which owns hotels, an insurer and even some energy operations -- “unabashedly a conglomerate,” has argued that he thinks the business can create the most value by being in multiple industries.</p><p><blockquote>Loews首席执行官詹姆斯·蒂施(James Tisch)称他的公司（该公司拥有酒店、一家保险公司甚至一些能源业务）为“毫不掩饰地成为一家企业集团”，他认为该公司可以通过涉足多个行业来创造最大价值。</blockquote></p><p> Berkshire, for its part, has been somewhat insulated from activist calls for a breakup partly because Buffett remains at the helm. But he disclosed earlier this year that his successor would likely be a key deputy, Greg Abel, if and when he steps down -- a reminder to investors that he’ll one day have to pass the reins. Part of the key to Berkshire’s ability to remain a conglomerate has been its decentralized management style, said David Kass of the University of Maryland.</p><p><blockquote>就伯克希尔而言，由于巴菲特仍在掌舵，伯克希尔在某种程度上与激进的评级绝缘。但他今年早些时候透露，如果他下台，他的继任者可能是一位重要的副手格雷格·阿贝尔，这提醒投资者，他有一天必须移交权力。马里兰大学的大卫·卡斯表示，伯克希尔能够保持企业集团地位的部分关键在于其分散的管理风格。</blockquote></p><p> “The managers at Berkshire have almost complete independence in running their businesses. They don’t have to go through the red tape of corporate headquarters as GE has and most companies do,” said Kass, a professor of finance at the university’s Robert H. Smith School of Business. “As long as Buffett is there, the structure will stay the same. And after Warren Buffett is no longer there, it will probably be Greg Abel running the company, they’ve already pledged to maintain the culture.”</p><p><blockquote>伯克希尔大学罗伯特·H·史密斯商学院金融学教授卡斯表示：“伯克希尔的经理们在经营业务方面几乎完全独立。他们不必像通用电气和大多数公司那样通过公司总部的繁文缛节。”“只要巴菲特在，结构就会保持不变。沃伦·巴菲特不在后，很可能会由格雷格·阿贝尔来管理公司，他们已经承诺维持这种文化。”</blockquote></p><p> Many companies have naturally drifted toward wanting to integrate operations as they seek to gain scale and efficiency, said Omar Aguilar, a senior managing director and co-leader of the enterprise transformation practice at FTI Consulting Inc. But one of the keys to a conglomerate’s survival is whether they can keep increasing their earnings, he said. “If they continue growing,” Aguilar said, “I think they’re OK.”</p><p><blockquote>FTI Consulting Inc.高级董事总经理兼企业转型业务联席负责人奥马尔·阿吉拉尔(Omar Aguilar)表示，许多公司在寻求扩大规模和效率时，自然倾向于整合运营。但他表示，企业集团生存的关键之一是能否持续增加收入。“如果它们继续生长，”阿吉拉尔说，“我认为它们没问题。”</blockquote></p><p></p><p> Even if some industrial conglomerates continue to break up, there’s also a trend of tech giants expanding into various but distinct industries, and thus developing a conglomerate-like model, said Harrigan of Columbia University. Amazon.com Inc., for example, has moved beyond e-commerce into health care and grocery stores. The company benefits because it’s often targeting the same customer in its variety of businesses, she said.</p><p><blockquote>哥伦比亚大学的哈里根表示，即使一些工业集团继续解体，科技巨头也有向各种但不同的行业扩张的趋势，从而发展出类似集团的模式。例如，亚马逊公司已经超越了电子商务，进入了医疗保健和杂货店。她说，该公司受益是因为它在各种业务中经常针对同一客户。</blockquote></p><p> “For internet-enabled companies, those that are successful will probably end up becoming very complex by diversification,” she said. “They can get terrific customer-based synergies.”</p><p><blockquote>“对于互联网公司来说，那些成功的公司最终可能会因多元化而变得非常复杂，”她说。“他们可以获得出色的基于客户的协同效应。”</blockquote></p><p></p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>GE Breakup Spurs Questions About Conglomerate Model’s Future<blockquote>通用电气分拆引发了人们对企业集团模式未来的质疑</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGE Breakup Spurs Questions About Conglomerate Model’s Future<blockquote>通用电气分拆引发了人们对企业集团模式未来的质疑</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-11-10 22:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Bloomberg) -- General Electric Co.’s breakup raises the question of how many remaining conglomerates will be able to avoid the same fate.</p><p><blockquote>（彭博社）——通用电气公司的分拆引发了一个问题，即有多少剩余的企业集团能够避免同样的命运。</blockquote></p><p> GE, an iconic business built over decades by executives such as Jack Welch, is set to be dismantled in Chief Executive Officer Larry Culp’s most dramatic move. The debate over the conglomerate structure casts a spotlight on businesses such as Warren Buffett’s Berkshire Hathaway Inc., which has spent years arguing why its particular brand of conglomerate works.</p><p><blockquote>通用电气是杰克·韦尔奇(Jack Welch)等高管数十年来打造的标志性企业，首席执行官拉里·卡尔普(Larry Culp)将采取最引人注目的举措予以解散。关于企业集团结构的争论让人们关注沃伦·巴菲特(Warren Buffett)的伯克希尔·哈撒韦公司(Berkshire Hathaway Inc.)等企业，该公司多年来一直在争论其特定品牌的企业集团为何有效。</blockquote></p><p> Conglomerates, once considered a way to bring multiple companies together to reap the benefits of synergies, size and breadth, have fallen out of favor. Buffett himself has conceded that conglomerates have “earned their terrible reputation” over the years, and GE’s Culp said Tuesday that focus is more beneficial than the often “illusory” benefit of synergies. The days of the traditional industrial conglomerate could be numbered even as technology behemoths increasingly adopt a somewhat similar complex model.</p><p><blockquote>企业集团曾经被认为是将多家公司聚集在一起以获得协同效应、规模和广度的好处的一种方式，但现在已经失宠了。巴菲特本人也承认，企业集团多年来“赢得了糟糕的声誉”，通用电气的卡尔普周二表示，专注比协同效应通常“虚幻”的好处更有益。尽管科技巨头越来越多地采用某种类似的复杂模式，但传统工业集团的日子可能已经屈指可数了。</blockquote></p><p> “I don’t know how many fundamentally industrial companies are going to continue to use this particular kind of structure,” said Kathryn Rudie Harrigan, Columbia Business School’s Henry R. Kravis professor of business leadership. “Because it sort of begs the question of what, if anything, is added by putting them all in the same corporate family.”</p><p><blockquote>哥伦比亚商学院亨利·R·克拉维斯商业领导力教授凯瑟琳·鲁迪·哈里根(Kathryn Rudie Harrigan)表示：“我不知道有多少基础工业公司会继续使用这种特殊的结构。”“因为这在某种程度上回避了一个问题：将它们都放在同一个公司大家庭中会增加什么（如果有的话）。”</blockquote></p><p> Over the past five years, investors have been less enthusiastic about some conglomerates than the broader market. GE, notably, has lost 51% in that timespan, while Berkshire has risen 90%, holding company Loews Corp. has gained 34% and industrial and consumer-goods giant 3M Co. has increased just 6.4%. The S&amp;P 500, meanwhile, has soared 117%.</p><p><blockquote>过去五年，投资者对一些企业集团的热情不如大盘。值得注意的是，通用电气在此期间下跌了51%，而伯克希尔哈撒韦公司上涨了90%，控股公司Loews Corp.上涨了34%，工业和消费品巨头3M Co.仅上涨了6.4%。与此同时，标普500飙升了117%。</blockquote></p><p> Some breakups have benefited the remaining businesses. Famously, Culp’s alma mater, Danaher Corp., has split off businesses in recent years. Its stock has outperformed the broader market over the past five years, climbing 273%.</p><p><blockquote>一些分拆让剩下的企业受益。众所周知，卡尔普的母校丹纳赫公司近年来已经分拆了业务。过去五年，其股价表现优于大盘，上涨了273%。</blockquote></p><p> “We believe the pendulum is still swinging towards the ‘urge to demerge’ trend,” RBC Capital Markets’ Deane Dray said in a note to clients Tuesday. “GE’s announcement today could embolden the boards of several other multi-industry companies to move ahead on more aggressive portfolio simplification moves, including Emerson, Roper Technologies and 3M.”</p><p><blockquote>加拿大皇家银行资本市场的迪恩·德雷(Deane Dray)在周二给客户的一份报告中表示：“我们认为钟摆仍在朝着‘分拆冲动’趋势摆动。”“通用电气今天的声明可能会鼓励其他几家多行业公司的董事会采取更积极的投资组合简化举措，包括艾默生、罗珀科技和3M。”</blockquote></p><p> GE rose 2.7% Tuesday after the breakup plans were announced. Its shares gained 29% this year through Tuesday.</p><p><blockquote>分拆计划宣布后，通用电气周二上涨2.7%。截至周二，其股价今年上涨了29%。</blockquote></p><p> Some conglomerate heads have staunchly defended their companies’ complex setups. Buffett wrote in an annual letter earlier this year that conglomerates have received a bad reputation because they’ve overpaid for mediocre businesses, with some businesses even using “imaginative” accounting maneuvers. Still, Berkshire’s 91-year-old CEO argued that his Omaha, Nebraska-based business differs from the “prototype” conglomerate, partly because it controls some businesses and owns non-controlling stakes in others.</p><p><blockquote>一些企业集团负责人坚定地捍卫其公司的复杂结构。巴菲特在今年早些时候的一封年度信中写道，企业集团名声不佳，因为它们为平庸的企业支付了过高的价格，一些企业甚至使用了“富有想象力”的会计策略。尽管如此，伯克希尔91岁的首席执行官辩称，他位于内布拉斯加州奥马哈的业务与“原型”企业集团不同，部分原因是它控制着一些业务，并拥有另一些业务的非控股股份。</blockquote></p><p> Loews CEO James Tisch, who has called his company -- which owns hotels, an insurer and even some energy operations -- “unabashedly a conglomerate,” has argued that he thinks the business can create the most value by being in multiple industries.</p><p><blockquote>Loews首席执行官詹姆斯·蒂施(James Tisch)称他的公司（该公司拥有酒店、一家保险公司甚至一些能源业务）为“毫不掩饰地成为一家企业集团”，他认为该公司可以通过涉足多个行业来创造最大价值。</blockquote></p><p> Berkshire, for its part, has been somewhat insulated from activist calls for a breakup partly because Buffett remains at the helm. But he disclosed earlier this year that his successor would likely be a key deputy, Greg Abel, if and when he steps down -- a reminder to investors that he’ll one day have to pass the reins. Part of the key to Berkshire’s ability to remain a conglomerate has been its decentralized management style, said David Kass of the University of Maryland.</p><p><blockquote>就伯克希尔而言，由于巴菲特仍在掌舵，伯克希尔在某种程度上与激进的评级绝缘。但他今年早些时候透露，如果他下台，他的继任者可能是一位重要的副手格雷格·阿贝尔，这提醒投资者，他有一天必须移交权力。马里兰大学的大卫·卡斯表示，伯克希尔能够保持企业集团地位的部分关键在于其分散的管理风格。</blockquote></p><p> “The managers at Berkshire have almost complete independence in running their businesses. They don’t have to go through the red tape of corporate headquarters as GE has and most companies do,” said Kass, a professor of finance at the university’s Robert H. Smith School of Business. “As long as Buffett is there, the structure will stay the same. And after Warren Buffett is no longer there, it will probably be Greg Abel running the company, they’ve already pledged to maintain the culture.”</p><p><blockquote>伯克希尔大学罗伯特·H·史密斯商学院金融学教授卡斯表示：“伯克希尔的经理们在经营业务方面几乎完全独立。他们不必像通用电气和大多数公司那样通过公司总部的繁文缛节。”“只要巴菲特在，结构就会保持不变。沃伦·巴菲特不在后，很可能会由格雷格·阿贝尔来管理公司，他们已经承诺维持这种文化。”</blockquote></p><p> Many companies have naturally drifted toward wanting to integrate operations as they seek to gain scale and efficiency, said Omar Aguilar, a senior managing director and co-leader of the enterprise transformation practice at FTI Consulting Inc. But one of the keys to a conglomerate’s survival is whether they can keep increasing their earnings, he said. “If they continue growing,” Aguilar said, “I think they’re OK.”</p><p><blockquote>FTI Consulting Inc.高级董事总经理兼企业转型业务联席负责人奥马尔·阿吉拉尔(Omar Aguilar)表示，许多公司在寻求扩大规模和效率时，自然倾向于整合运营。但他表示，企业集团生存的关键之一是能否持续增加收入。“如果它们继续生长，”阿吉拉尔说，“我认为它们没问题。”</blockquote></p><p></p><p> Even if some industrial conglomerates continue to break up, there’s also a trend of tech giants expanding into various but distinct industries, and thus developing a conglomerate-like model, said Harrigan of Columbia University. Amazon.com Inc., for example, has moved beyond e-commerce into health care and grocery stores. The company benefits because it’s often targeting the same customer in its variety of businesses, she said.</p><p><blockquote>哥伦比亚大学的哈里根表示，即使一些工业集团继续解体，科技巨头也有向各种但不同的行业扩张的趋势，从而发展出类似集团的模式。例如，亚马逊公司已经超越了电子商务，进入了医疗保健和杂货店。她说，该公司受益是因为它在各种业务中经常针对同一客户。</blockquote></p><p> “For internet-enabled companies, those that are successful will probably end up becoming very complex by diversification,” she said. “They can get terrific customer-based synergies.”</p><p><blockquote>“对于互联网公司来说，那些成功的公司最终可能会因多元化而变得非常复杂，”她说。“他们可以获得出色的基于客户的协同效应。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/ge-breakup-raises-questions-future-222816177.html\">Bloomberg</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GE":"GE航空航天"},"source_url":"https://finance.yahoo.com/news/ge-breakup-raises-questions-future-222816177.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115157487","content_text":"(Bloomberg) -- General Electric Co.’s breakup raises the question of how many remaining conglomerates will be able to avoid the same fate.\nGE, an iconic business built over decades by executives such as Jack Welch, is set to be dismantled in Chief Executive Officer Larry Culp’s most dramatic move. The debate over the conglomerate structure casts a spotlight on businesses such as Warren Buffett’s Berkshire Hathaway Inc., which has spent years arguing why its particular brand of conglomerate works.\nConglomerates, once considered a way to bring multiple companies together to reap the benefits of synergies, size and breadth, have fallen out of favor. Buffett himself has conceded that conglomerates have “earned their terrible reputation” over the years, and GE’s Culp said Tuesday that focus is more beneficial than the often “illusory” benefit of synergies. The days of the traditional industrial conglomerate could be numbered even as technology behemoths increasingly adopt a somewhat similar complex model.\n“I don’t know how many fundamentally industrial companies are going to continue to use this particular kind of structure,” said Kathryn Rudie Harrigan, Columbia Business School’s Henry R. Kravis professor of business leadership. “Because it sort of begs the question of what, if anything, is added by putting them all in the same corporate family.”\nOver the past five years, investors have been less enthusiastic about some conglomerates than the broader market. GE, notably, has lost 51% in that timespan, while Berkshire has risen 90%, holding company Loews Corp. has gained 34% and industrial and consumer-goods giant 3M Co. has increased just 6.4%. The S&P 500, meanwhile, has soared 117%.\nSome breakups have benefited the remaining businesses. Famously, Culp’s alma mater, Danaher Corp., has split off businesses in recent years. Its stock has outperformed the broader market over the past five years, climbing 273%.\n“We believe the pendulum is still swinging towards the ‘urge to demerge’ trend,” RBC Capital Markets’ Deane Dray said in a note to clients Tuesday. “GE’s announcement today could embolden the boards of several other multi-industry companies to move ahead on more aggressive portfolio simplification moves, including Emerson, Roper Technologies and 3M.”\nGE rose 2.7% Tuesday after the breakup plans were announced. Its shares gained 29% this year through Tuesday.\nSome conglomerate heads have staunchly defended their companies’ complex setups. Buffett wrote in an annual letter earlier this year that conglomerates have received a bad reputation because they’ve overpaid for mediocre businesses, with some businesses even using “imaginative” accounting maneuvers. Still, Berkshire’s 91-year-old CEO argued that his Omaha, Nebraska-based business differs from the “prototype” conglomerate, partly because it controls some businesses and owns non-controlling stakes in others.\nLoews CEO James Tisch, who has called his company -- which owns hotels, an insurer and even some energy operations -- “unabashedly a conglomerate,” has argued that he thinks the business can create the most value by being in multiple industries.\nBerkshire, for its part, has been somewhat insulated from activist calls for a breakup partly because Buffett remains at the helm. But he disclosed earlier this year that his successor would likely be a key deputy, Greg Abel, if and when he steps down -- a reminder to investors that he’ll one day have to pass the reins. Part of the key to Berkshire’s ability to remain a conglomerate has been its decentralized management style, said David Kass of the University of Maryland.\n“The managers at Berkshire have almost complete independence in running their businesses. They don’t have to go through the red tape of corporate headquarters as GE has and most companies do,” said Kass, a professor of finance at the university’s Robert H. Smith School of Business. “As long as Buffett is there, the structure will stay the same. And after Warren Buffett is no longer there, it will probably be Greg Abel running the company, they’ve already pledged to maintain the culture.”\nMany companies have naturally drifted toward wanting to integrate operations as they seek to gain scale and efficiency, said Omar Aguilar, a senior managing director and co-leader of the enterprise transformation practice at FTI Consulting Inc. But one of the keys to a conglomerate’s survival is whether they can keep increasing their earnings, he said. “If they continue growing,” Aguilar said, “I think they’re OK.”\nEven if some industrial conglomerates continue to break up, there’s also a trend of tech giants expanding into various but distinct industries, and thus developing a conglomerate-like model, said Harrigan of Columbia University. Amazon.com Inc., for example, has moved beyond e-commerce into health care and grocery stores. The company benefits because it’s often targeting the same customer in its variety of businesses, she said.\n“For internet-enabled companies, those that are successful will probably end up becoming very complex by diversification,” she said. “They can get terrific customer-based synergies.”","news_type":1,"symbols_score_info":{"GE":0.9}},"isVote":1,"tweetType":1,"viewCount":873,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}