2021年经济学人 通用集团解体

Business

商业

General Electric -- Not so general

通用电气——不那么通用

An iconic conglomerate¹ breaks up

一家标志性的企业集团解体

Perhaps the most remarkable² characteristic of General Electric (GE) over its 129-year history has been how thoroughly³ it reflected the dominant⁴ characteristics of big American business.

通用电气（GE）在其129年的历史中最显著的特点或许是，它充分反映了美国大企业的主导特征。

Most of its history was a chronicle of boisterous⁵ expansion, then globalisation -- followed by painful restructuring away from the now-unloved conglomerate model.

它的大部分历史都是有关狂热扩张的大事纪，然后是全球化——之后就是艰难的重组，摆脱如今不受欢迎的企业集团模式。

On November 9th Lawrence Culp, its chief executive, announced that ge would split its remaining operations into three public companies.

11月9日，通用电气首席执行官劳伦斯·卡尔普宣布，通用电气将把剩余的业务拆分成三家上市公司。

Each of these entities⁶ will be large, essential and very modern.

这些企业中的每一个都将是庞大的、必不可少的、非常现代化的。

One will make jet engines, which GE reckons already power two-thirds of all commercial flights.

其中一家公司将生产喷气发动机，通用电气估计已经为三分之二的商业航班提供动力。

Its power business will provide the systems and turbines generating one-third of the world’s electricity.

其电力业务公司将提供系统和涡轮机，它们所产生的电力占全球的三分之一。

The health-care division will continue to be the backbone⁷ of modern hospitals.

医疗健康部分将继续作为现代医院的支柱。

Yet it speaks to GE’s remarkable role that this is a modest reach given its past sprawl⁸.

然而，考虑到通用电气过去的扩张，这只是一次保守的延伸，这说明了通用电气的非凡作用。

From the late-19th to the late-20th century its products lit dark streets; provided the toasters, fans, refrigerators, and televisions (along with the stations beamed to them), which transformed homes; delivered the locomotives that hauled trains; and then built a huge business financing all that and more.

从19世纪末到20世纪末，它的产品照亮了黑暗的街道；提供了烤面包机、风扇、冰箱和电视（以及向它们发送信号的电视台），改变了居住环境；交付了牵引火车的火车头；然后建立了一个庞大的企业，为所有这些以及更多的产品提供资金。

The ambition to be everything was enabled by the perception that it could manage anything.

想要涉及一切领域的野心来自于它认为自己能够搞定任何事情的想法。

The 21st century punctured⁹ that perception.

21世纪打破了这种认知。

Jack¹⁰ Welch, an acquisitive chief executive reputed to be a managerial genius, retired¹¹ in 2001 after receiving a mind-boggling $417m severance¹² package.

杰克·韦尔奇是一位占有欲极强的首席执行官，被誉为管理天才。2001年，他在收到令人难以置信的4.17亿美元遣散费后退休。

Ever-better results during his tenure¹³ beguiled¹⁴ investors¹⁵ and sent the share price soaring.

在他任职期间，公司业绩持续向好，吸引了投资者，并推动股价飙升。

But problems soon arose.

但问题很快就出现了。

The structure Welch left behind was in effect bailed¹⁶ out during the financial crisis.

韦尔奇留下的结构实际上在面对金融危机时毫无作用。

Losses at GE Capital, the sprawling¹⁷ financial unit he fostered, were blamed, though the company’s industrial core turned out to have plenty of problems, too.

他一手培育的庞大的金融部门通用金融的亏损被归咎于此，尽管最后发现公司的工业核心也出现了很多问题。

Recent years have been spent spitting out one notable business after another.

近些年来，成功企业层出不穷。

The timing¹⁸ of the break-up announcement was determined¹⁹ by the sale of a large aircraft-financing unit.

一家大型飞机融资部门的出售决定了此次拆分宣布的时机。

The transaction reduced debt by enough to provide the three soon-to-be independent companies with an investment-grade credit rating.

这笔交易减少的债务足以使这三家即将独立的公司获得投资级信用评级。

Mr Culp, the firm’s boss since 2018, speaks of the “illusory benefits of synergy” to be traded for the certain benefits of focus.

卡尔普自2018年以来一直是该公司的老板，他谈到了用“协同效应的虚幻好处”来换取专注的某些好处。

“A sharper purpose attracts and motivates people,” he says.

“一个更明确的目标能够吸引和激励人们，”他说。

Having boasted of its management nous, it now seems that poor management is what did it for a unified²⁰ GE.

通用电气曾吹嘘自己的管理智慧，但现在看来，正是糟糕的管理成就了统一的通用电气。

The contest to replace Welch was widely seen as pitting the best global executives against one another, with the losers hired to run other big firms.

人们普遍认为，韦尔奇的继任者之争是全球最优秀的高管之间的较量，而失败者则受雇去管理其他大公司。

But his successors struggled.

但他的继任者却步履维艰。

Jeffrey Immelt, Welch’s hand-picked replacement²¹, retired under a cloud in 2017.

韦尔奇亲手挑选的继任者杰弗里·伊梅尔特在2017年黯然退休。

John Flannery, once seen as a wizard behind the rise of the health-care division, took over but was fired after little more than a year.

约翰·弗兰纳里曾被视为医疗保健部门崛起背后的奇才，但他接任后不到一年就被解雇了。

Mr Culp was brought in from outside, a step last taken in the 19th century.

卡尔普先生是从外部引进的，上次采取这一步还是在19世纪。

During much of Welch’s tenure and its immediate²² aftermath GE was the most valuable company in the world, reaching a peak market value nearly five times its current $121bn.

在韦尔奇任内的大部分时间以及卸任后不久，通用电气一直是全球最有价值的公司，市值达到峰值，几乎是其目前市值1210亿美元的5倍。

It is tempting²³ to conclude that GE’s failure illustrates²⁴ the demise²⁵ of the conglomerate.

人们很容易得出这样的结论：通用电气的失败说明了企业集团结构的衰落。

That is refuted by the diversification²⁶ of today’s most valuable companies: tech firms that have branched out into driverless cars, cloud computing²⁷ and so on.

如今最有价值的公司的多元化趋势反驳了这一点：科技公司已经扩展到无人驾驶汽车、云计算等领域。

Rather, GE’s story reflects how even the most valuable American companies may be flawed -- and if flaws emerge, may be thoroughly transformed.

相反，通用电气的故事反映了，即使是最有价值的美国公司也可能存在缺陷——一旦缺陷出现，它就可能会彻底改变。

1 conglomerate   

n.综合商社，多元化集团公司

参考例句：

• The firm has been taken over by an American conglomerate.该公司已被美国一企业集团接管。
• An American conglomerate holds a major share in the company.一家美国的大联合企业持有该公司的大部分股份。

2 remarkable   

adj.显著的，异常的，非凡的，值得注意的

参考例句：

• She has made remarkable headway in her writing skills.她在写作技巧方面有了长足进步。
• These cars are remarkable for the quietness of their engines.这些汽车因发动机没有噪音而不同凡响。

3 thoroughly   

adv.完全地，彻底地，十足地

参考例句：

• The soil must be thoroughly turned over before planting.一定要先把土地深翻一遍再下种。
• The soldiers have been thoroughly instructed in the care of their weapons.士兵们都系统地接受过保护武器的训练。

4 dominant   

adj.支配的，统治的；占优势的；显性的；n.主因，要素，主要的人(或物)；显性基因

参考例句：

• The British were formerly dominant in India.英国人从前统治印度。
• She was a dominant figure in the French film industry.她在法国电影界是个举足轻重的人物。

5 boisterous   

adj.喧闹的，欢闹的

参考例句：

• I don't condescend to boisterous displays of it.我并不屈就于它热热闹闹的外表。
• The children tended to gather together quietly for a while before they broke into boisterous play.孩子们经常是先静静地聚集在一起，不一会就开始吵吵嚷嚷戏耍开了。

6 entities   

实体对像； 实体，独立存在体，实际存在物( entity的名词复数 )

参考例句：

• Our newspaper and our printing business form separate corporate entities. 我们的报纸和印刷业形成相对独立的企业实体。
• The North American continent is made up of three great structural entities. 北美大陆是由三个构造单元组成的。

7 backbone   

n.脊骨，脊柱，骨干；刚毅，骨气

参考例句：

• The Chinese people have backbone.中国人民有骨气。
• The backbone is an articulate structure.脊椎骨是一种关节相连的结构。

8 sprawl   

vi.躺卧，扩张，蔓延；vt.使蔓延；n.躺卧，蔓延

参考例句：

• In our garden,bushes are allowed to sprawl as they will.在我们园子里，灌木丛爱怎么蔓延就怎么蔓延。
• He is lying in a sprawl on the bed.他伸开四肢躺在床上。

9 punctured   

v.在（某物）上穿孔( puncture的过去式和过去分词 )；刺穿（某物）；削弱（某人的傲气、信心等）；泄某人的气

参考例句：

• Some glass on the road punctured my new tyre. 路上的玻璃刺破了我的新轮胎。 来自《简明英汉词典》
• A nail on the road punctured the tyre. 路上的钉子把车胎戳穿了。 来自《现代汉英综合大词典》

10 jack   

n.插座，千斤顶，男人；v.抬起，提醒，扛举；n.（Jake）杰克

参考例句：

• I am looking for the headphone jack.我正在找寻头戴式耳机插孔。
• He lifted the car with a jack to change the flat tyre.他用千斤顶把车顶起来换下瘪轮胎。

11 retired   

adj.隐退的，退休的，退役的

参考例句：

• The old man retired to the country for rest.这位老人下乡休息去了。
• Many retired people take up gardening as a hobby.许多退休的人都以从事园艺为嗜好。

12 severance   

n.离职金；切断

参考例句：

• Those laid off received their regular checks,plus vacation and severance pay.那些被裁的人都收到他们应得的薪金，再加上假期和解职的酬金。Kirchofer was terminated,effective immediately--without severance or warning.科奇弗被解雇了，立刻生效--而且没有辞退费或者警告。

13 tenure   

n.终身职位；任期；(土地)保有权，保有期

参考例句：

• He remained popular throughout his tenure of the office of mayor.他在担任市长的整个任期内都深得民心。
• Land tenure is a leading political issue in many parts of the world.土地的保有权在世界很多地区是主要的政治问题。

14 beguiled   

v.欺骗( beguile的过去式和过去分词 )；使陶醉；使高兴；消磨（时间等）

参考例句：

• She beguiled them into believing her version of events. 她哄骗他们相信了她叙述的事情。
• He beguiled me into signing this contract. 他诱骗我签订了这项合同。 来自《现代英汉综合大词典》

15 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

16 bailed   

保释，帮助脱离困境( bail的过去式和过去分词 )

参考例句：

• Fortunately the pilot bailed out before the plane crashed. 飞机坠毁之前，驾驶员幸运地跳伞了。
• Some water had been shipped and the cook bailed it out. 船里进了些水，厨师把水舀了出去。

17 sprawling   

adj.蔓生的，不规则地伸展的v.伸开四肢坐[躺]( sprawl的现在分词 )；蔓延；杂乱无序地拓展；四肢伸展坐着（或躺着）

参考例句：

• He was sprawling in an armchair in front of the TV. 他伸开手脚坐在电视机前的一张扶手椅上。
• a modern sprawling town 一座杂乱无序拓展的现代城镇

18 timing   

n.时间安排，时间选择

参考例句：

• The timing of the meeting is not convenient.会议的时间安排不合适。
• The timing of our statement is very opportune.我们发表声明选择的时机很恰当。

19 determined   

adj.坚定的；有决心的

参考例句：

• I have determined on going to Tibet after graduation.我已决定毕业后去西藏。
• He determined to view the rooms behind the office.他决定查看一下办公室后面的房间。

20 unified   

(unify 的过去式和过去分词)； 统一的； 统一标准的； 一元化的

参考例句：

• The teacher unified the answer of her pupil with hers. 老师核对了学生的答案。
• The First Emperor of Qin unified China in 221 B.C. 秦始皇于公元前221年统一中国。

21 replacement   

n.取代，替换，交换；替代品，代用品

参考例句：

• We are hard put to find a replacement for our assistant.我们很难找到一个人来代替我们的助手。
• They put all the students through the replacement examination.他们让所有的学生参加分班考试。

22 immediate   

adj.立即的；直接的，最接近的；紧靠的

参考例句：

• His immediate neighbours felt it their duty to call.他的近邻认为他们有责任去拜访。
• We declared ourselves for the immediate convocation of the meeting.我们主张立即召开这个会议。

23 tempting   

a.诱人的, 吸引人的

参考例句：

• It is tempting to idealize the past. 人都爱把过去的日子说得那么美好。
• It was a tempting offer. 这是个诱人的提议。

24 illustrates   

给…加插图( illustrate的第三人称单数 )； 说明； 表明； （用示例、图画等）说明

参考例句：

• This historical novel illustrates the breaking up of feudal society in microcosm. 这部历史小说是走向崩溃的封建社会的缩影。
• Alfred Adler, a famous doctor, had an experience which illustrates this. 阿尔弗莱德 - 阿德勒是一位著名的医生，他有过可以说明这点的经历。 来自中级百科部分

25 demise   

n.死亡；v.让渡，遗赠，转让

参考例句：

• He praised the union's aims but predicted its early demise.他赞扬协会的目标，但预期这一协会很快会消亡。
• The war brought about the industry's sudden demise.战争道致这个行业就这么突然垮了。

26 diversification   

n.变化，多样化；多种经营

参考例句：

• The seminar was to discuss diversification of agriculture. 该研讨会讨论的是农业多种经营。 来自辞典例句
• Firm diversification is increasingly achieved by the means of takeover and merger. 通过接管和兼并，厂商经营范围日益多样化。 来自辞典例句

27 computing   

n.计算

参考例句：

• to work in computing 从事信息处理
• Back in the dark ages of computing, in about 1980, they started a software company. 早在计算机尚未普及的时代（约1980年），他们就创办了软件公司。