长春哪里做人流安全
时间:2019年09月23日 16:20:23

Buiness商业Indian firms abroad印度公司在海外Under the radar默默无闻Godrej, an Indian conglomerate, goes global its own way 高德瑞治,一家印度大型联合企业,用其特有的方式走向全球THE world is used to big Indian firms planting flags in foreign fields.这个世界正在习惯于大型印度公司在异地安营扎寨。Now the subcontinents medium-sized firms are venturing abroad, too, and often proving quicker and nimbler than their peers in other emerging economies.现在这个南亚次大陆的中型规模的公司也正在向外国市场进军,并且经常比其他新兴经济体国家的竞争对手显得更为快速与敏捷。Take the Godrej Group, a family-controlled conglomerate based in Mumbai.就如高德瑞治集团,一家在孟买建立的家族掌控的大型联合企业为例。The firm began as a lockmaker in 1897.这个公司在1897年是作为一家锁制造商起家的。While the Indian economy was closed it could not expand abroad much, so it diversified wildly: into soap, typewriters, forklift trucks, animal feed and talcum powder.因为当时印度经济很封闭,公司不能过多地在境外发展,因此公司经营范围扩展得非常广阔:肥皂、打印机、铲车、动物饲料、爽身粉都有涉及。When India opened up in the 1990s, it had to become less jumbled and to shape up, says Adi Godrej, the chairman.当印度在20世纪90年代经济对外开放的时候,高德瑞治必须减少混乱的营运方式并进行改进,就像安迪?高德瑞治主席所说:We put our thinking caps on.我们戴上了思想者的帽子。After a false start experimenting with joint ventures with foreign firms, the group has settled on having clearly defined divisions,typically fully controlled.继一次与外国公司错误的合资计划,该集团已经在有分歧的部分达成了一致,是典型的完全控制。Together they have sales of .3 billion, with the largest being Godrej Consumer Products, a sort of mini-Unilever that cranks out soap, detergent, hair products and weapons for waging war on creepy-crawlies.将最大的高德瑞治消费产品,例如大量制造的肥皂、洗衣、护发产品以及杀虫剂这种类似小型联合利华的产品,总共算下来公司有33亿美元的市值。这一部分已经在海外进行了短暂的尝试。This unit has led the foray overseas, with deals in Nigeria, Indonesia, Argentina, Britain and South Africa since late 2005.从2005年末算起,该公司就与尼日利亚、印度尼西亚、阿根廷、英国及南非有贸易往来。It has spent about billion, says Mr Godrej, and now makes about a third of its sales outside India.高德瑞治先生说,现在已经花费了大概10亿美元,并且现在做成了在印度以外的大约三分之一的买卖。In June it announced the acquisition of Darling Group, which sells hair extensions in 14 countries in Africa.在六月份,公司宣布收购达令公司,这是一个在非洲14个国家销售头发相关产品的公司。If a Western firm did this, it might be clobbered by fund managers for being too thinly sp.如果一个西方公司这样做,他也许会因为太草率地扩张公司而被基金经理批评。Indian investors have been more open-minded: Godrej Consumers shares have more than tripled since the end of 2007, valuing the firm at .2 billion.印度投资者思想已经变得开放起来:高德瑞治消费者的股份已经是2007年底的三倍多,公司市值32亿美元。Mr Godrej says the key is to pick niche products with sizeable local market shares which pass under the radar of big global rivals.高德瑞治先生认为关键就是在躲过大的全球对手监控下用相当大的当地市场份额来选择产品用户群。Aware of its limited pool of managers and knowledge of new countries, Godrej grants the acquired firms autonomy.了解到在新国家的管理者和知识领域的空缺,高德瑞治准予了获得公司的自主权。Its financial disclosure is surprisingly poor, but the deals have all boosted earnings, it says, and more are likely.该公司财务状况公开结果是异常不好的,但交易已经促进了收益,确实,并且很有可能就是这样的。Godrej will eventually face a universal problem: how to marry ambition with family control.高德瑞治最终将要面对一个普遍的问题:怎样将志向与家族控制结合在一起。Two big holding companies sit above Godrej Consumer.两家大型控股公司摆在高德瑞治消费者面前。Such fiddly holding chains can cause problems if the family is unwilling or unable to fund new investments or accept the alternative of losing control.如果家族不愿意或者无能力去建立新的投资项目或者接受失去控制权的选择,这样繁琐的控股程序会引来麻烦。Godrej may be different, though.虽然高德瑞治也许不同。The holding companies are not mere shells, but maintain profitable operations in their own right, have manageable debt and are sitting on a vast plot of land in Mumbai that could eventually be worth billions of dollars.控股公司并不仅仅是一个空壳,但为了他们个人的利益维持有益的运转,拥有易控制的债务和孟买的一大片土地,这些最终都会价值数十亿美元。So the family probably has the resources to fund expansion without resorting to financial engineering.所以家族大概有用于扩张基金的资源,而不需要采取金融工具的手段。All thats left is for them to agree with one another.他们唯一能做的就是互相认可。Today Mr Godrej supervises the firm peacefully along with his brother and cousin, while employing a cadre of professional managers.今天高德瑞治先生雇佣了一个专业的管理骨干队伍,与他的兄弟一起稳定地管理公司。The next generation is making its way up the ladder.下一个时代就是朝这个路继续向下走。By tradition all family members on the payroll are expected to meet for lunch on Thursdays.按照传统,所有在公司的家庭成员都应该周四的时候一起吃午饭。Its likely they will be more jet-lagged and stressed than in the past, but with luck there wont be any food fights for a while.这很可能会使他们更加因为时差和压力的原因而比以前更感到疲倦,不过幸运的是再也不会有食物引发的战争了。 点击此处下载本期经济学人讲解PDF与音频字幕 /201303/228522

Finance and Economics;Funds of hedge funds;Going, going, gone?财经;综合基金;渐行渐去?An overdue wave of consolidation is hitting the funds-of-funds industry;迟到的兼并浪潮冲击着综合基金管理;“If one individual can serve as the embodiment of the hedge-fund industry—its entrepreneurial spirit, its youthful energy after decades of growth and its pursuit of the next great manager—it is Arpad “Arki” Busson.” So cooed the Financial Times in 2006. Now Mr Busson seems to have become the embodiment of his industrys struggles. On May 29th reports surfaced that Mr Busson is seeking to sell EIM, his fund of hedge funds, which manages 6.2 billion dollar, less than half of what it did in 2008.对冲基金这一行业极具创业精神,历经数十年的发展依然朝气蓬勃,而且始终积极寻找下一任出众的经理人。如果说某个人能体现出对冲基金的这些特点,那这个人非阿帕德·比松莫属。金融时报在2006年也有过这样的。如今比松先生摇身一变成为对冲基金坎坷发展的化身。5月29日有报道披露比松目前正与有关人士洽商出售其对冲基金EIM旗下的综合资金管理(FOF)部门,该部门经营着62亿美元的资产,不过这一数字与2008年相比萎缩了50%以上。Other funds of funds, which allocate investors money to a portfolio of different hedge funds, are also eyeing a sale. KKR, a private-equity firm, is in talks to buy Prisma Capital, a fund of funds. On May 21st Man Group, a listed hedge fund, announced it would buy FRM Holdings, an 8 billion dollar fund of funds, for up to 83m dollar. A small price tag, but some say Man is mad to pay even that.其他对不同对冲基金进行投资组合的综合基金也难逃被出售的命运。私募股本公司KKP正计划着收购替代投资管理公司Prisma Capital,全球知名的上市投资管理公司英仕曼集团5月21日也表示将以8300万美元的价格收购规模达80亿美元的FRM Holdings 。这个价钱并不高,但仍有些人说英仕曼付这笔钱简直是疯了。In return for extra fees, funds of funds are supposed to perform due diligence and select the best managers. But some of the industrys bright lights, including Mr Busson, put money with Bernard Madoff. Too many seem to have no clue how to select managers. Funds of funds have underperformed single-manager hedge funds in eight of the past ten years, according to Hedge Fund Research. Investors are voting with their feet. The sector still oversees 643.6 billion dollar but 184.2 billion dollar has flowed out since 2008.为了抵消额外花销,综合资金管理部门应该任用最出众的经理人并审慎经营。不过包括巴松在内,该行业的部分领军人物都把钱投给了庞氏骗局。他们中的很多人对于怎样挑选优秀的经理人毫无头绪。根据对冲基金研究会的数据,过去的十年中综合基金有八年的表现弱于单一管理基金。投资者会根据自身情况进行投资。综合基金仍然监管着6436亿美元,不过自2008年以来已经流失了1842亿美元。European funds of funds have been hardest hit. They catered more to rich individuals, the kind scared off by Mr Madoff, than American funds of funds. But they have been losing investors everywhere to direct investment, and to cheaper consultancy firms. In a sign of the times, Albourne Partners, a large consultancy, now advises on 300 billion dollar in hedge-fund allocations, up by 67% from 2008. Funds of funds have had to cut their fees to compete; some are trying to add value by focusing on niche strategies or small, unknown managers欧洲的综合基金管理公司已经遭到了最严重的打击。他们将目光转向被麦道夫的庞氏骗局吓跑的富有个体投资者,而不再是美国的综合基金管理公司。但他们在各地市场上的投资者或流向直接投资项目,或流向价格低廉的咨询公司。大型的咨询公司Albourne Partners突出体现了这一情况,该公司如今为3000亿美元的对冲基金项目提供咨询务,这一数字自2008年以来已增长了67%。综合基金管理公司需要降低收费标准以应对竞争,一些公司还采用利基战略或聘请不知名的经理人来增加价值。Optimists remain. In 2008 Protégé Partners made a 1m dollar bet with Warren Buffett that funds of funds could beat the stockmarket over a decade. At the end of last year, the fund of funds Protégé selected had fallen by 5.9%, compared with the 6.3% fall sustained by a mutual fund tracking the Samp;P 500. There are still six years to go before the winner is declared, but such modest outperformance suggests plenty of funds of funds will end up losers in the meantime.乐观主义者还是有的,2008年Protégé Partners以100万美元和巴菲特打赌,赌十年之内综合资金管理的盈利能力会比股票市场更强。去年年末,Protégé 公司选中的综合基金盈利下滑了5.9%,与之相比,盯住标普500的指数型基金的收益下滑了6.3%。尽管六年之后才能决出胜负,但综合基金如此微弱的优势预示着在此期间会有大量的综合基金败下阵来。 /201304/233495


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