★英語資源頻道為大家整理的china daily雙語版：解讀三星的家族基因，供大家參考。更多閱讀請查看本站英語資源頻道。
Never forget: Samsung is a family business. Before the hospitalization last month of chairman Lee Kun-hee, restructuring news about the group was already trickling out. Since then, the trickle has become a flood. On Tuesday, Samsung Everland announced listing plans while Samsung Electronics completed the purchase of shares in associates Cheil Industries and Samsung SDI, siblings which merged this year.
別忘了：三星(Samsung)是一間家族企業(yè)。在其董事長李健熙(Lee Kun-hee)上月住院之前，關于該集團重組的消息就已點點滴滴地傳出。自那以來，涓涓細流變成了一股洪流。本周二，三星愛寶樂園(Samsung Everland)宣布上市計劃，而三星電子(Samsung Electronics)完成了對已在今年合并的聯(lián)營公司——三星第一毛織(Cheil Industries)和三星SDI——股票的收購。
Reorganizing Korea’s unwieldy chaebol, or conglomerates, is nothing new. The late-1990s Asian financial crisis pushed the chaebol to put their houses in order. But investors still await greater sway over management and investor-friendly uses of surplus cash to drive valuations towards those of international peers (Samsung trades at eight times forward earnings).
對大而無當?shù)捻n國財閥(Chaebol)進行重組并非新鮮事。90年代末的亞洲金融危機，就曾迫使韓國財閥改組業(yè)務。但投資者至今仍在期待獲得對管理層的更大支配力，期待企業(yè)以有益于投資者的方式使用盈余現(xiàn)金，從而推動估值接近全球競爭對手(三星股價的預期市盈率是8倍)。
“Restructuring” might imply that Samsung’s structure will become cleaner. That is unlikely. The share purchases, as well as the proposed listings of Samsung SDS (technology logistics) and Samsung Everland (construction, golf courses, fashion), are about the family. As one Korean broker delicately puts it, “capital raised . . . will probably be used to pay inheritance tax or strengthen ownership of affiliates over which the family needs to gain greater control”. (The broker rates Samsung Electronics a buy, of course).
“重組”也許暗示著三星將在結構上變得更簡潔。但這不太可能。上述股票收購，以及三星SDS(科技物流)和三星愛寶樂園(建筑、高爾夫球場和時尚)的上市計劃，都是出于家族的需要。正如韓國一家經(jīng)紀商所細膩描述的：“募集的資金……很可能被用于支付遺產稅，或者被用來加強對附屬公司的所有權——家族需要對此擁有更大的控制?！?這家經(jīng)紀商對三星電子的股票評級當然是“買入”。)
What does this mean beyond the clan? In the short run, not a lot. Reshuffling of company holdings still leaves outside investors without a meaningful say. Listing private family companies suggests accountability but is often designed to achieve the reverse. In the long run, however, interests may converge. Family cash requirements could spur increased payouts to all shareholders. The desire to maintain control may drive buybacks, deploying cash piles that have built at Samsung Electronics ($60bn) and other group companies.
在家族以外，重組意味著什么?從短期來看，沒什么太大意義。對公司所持資產進行洗牌，仍然沒有留給外部投資者任何實質發(fā)言權。將家族私有的企業(yè)上市，貌似要建立問責機制，但往往是為了達到相反的目的。然而從長遠來看，各方利益可能融合。家族的現(xiàn)金需求有望推動面向全體股東的更高股息。維持控制的欲望可能驅動股票回購，動用三星電子(600億美元)和集團其它成員公司積累的現(xiàn)金。
The time this takes is likely to be measured in generations, not years. Investors waiting for a re-rating had better settle in.
這一過程所需的時間，可能需要用世代(而非幾年)來衡量。等待股票重新評級的投資者，準備好長期堅持。
Never forget: Samsung is a family business. Before the hospitalization last month of chairman Lee Kun-hee, restructuring news about the group was already trickling out. Since then, the trickle has become a flood. On Tuesday, Samsung Everland announced listing plans while Samsung Electronics completed the purchase of shares in associates Cheil Industries and Samsung SDI, siblings which merged this year.
別忘了：三星(Samsung)是一間家族企業(yè)。在其董事長李健熙(Lee Kun-hee)上月住院之前，關于該集團重組的消息就已點點滴滴地傳出。自那以來，涓涓細流變成了一股洪流。本周二，三星愛寶樂園(Samsung Everland)宣布上市計劃，而三星電子(Samsung Electronics)完成了對已在今年合并的聯(lián)營公司——三星第一毛織(Cheil Industries)和三星SDI——股票的收購。
Reorganizing Korea’s unwieldy chaebol, or conglomerates, is nothing new. The late-1990s Asian financial crisis pushed the chaebol to put their houses in order. But investors still await greater sway over management and investor-friendly uses of surplus cash to drive valuations towards those of international peers (Samsung trades at eight times forward earnings).
對大而無當?shù)捻n國財閥(Chaebol)進行重組并非新鮮事。90年代末的亞洲金融危機，就曾迫使韓國財閥改組業(yè)務。但投資者至今仍在期待獲得對管理層的更大支配力，期待企業(yè)以有益于投資者的方式使用盈余現(xiàn)金，從而推動估值接近全球競爭對手(三星股價的預期市盈率是8倍)。
“Restructuring” might imply that Samsung’s structure will become cleaner. That is unlikely. The share purchases, as well as the proposed listings of Samsung SDS (technology logistics) and Samsung Everland (construction, golf courses, fashion), are about the family. As one Korean broker delicately puts it, “capital raised . . . will probably be used to pay inheritance tax or strengthen ownership of affiliates over which the family needs to gain greater control”. (The broker rates Samsung Electronics a buy, of course).
“重組”也許暗示著三星將在結構上變得更簡潔。但這不太可能。上述股票收購，以及三星SDS(科技物流)和三星愛寶樂園(建筑、高爾夫球場和時尚)的上市計劃，都是出于家族的需要。正如韓國一家經(jīng)紀商所細膩描述的：“募集的資金……很可能被用于支付遺產稅，或者被用來加強對附屬公司的所有權——家族需要對此擁有更大的控制?！?這家經(jīng)紀商對三星電子的股票評級當然是“買入”。)
What does this mean beyond the clan? In the short run, not a lot. Reshuffling of company holdings still leaves outside investors without a meaningful say. Listing private family companies suggests accountability but is often designed to achieve the reverse. In the long run, however, interests may converge. Family cash requirements could spur increased payouts to all shareholders. The desire to maintain control may drive buybacks, deploying cash piles that have built at Samsung Electronics ($60bn) and other group companies.
在家族以外，重組意味著什么?從短期來看，沒什么太大意義。對公司所持資產進行洗牌，仍然沒有留給外部投資者任何實質發(fā)言權。將家族私有的企業(yè)上市，貌似要建立問責機制，但往往是為了達到相反的目的。然而從長遠來看，各方利益可能融合。家族的現(xiàn)金需求有望推動面向全體股東的更高股息。維持控制的欲望可能驅動股票回購，動用三星電子(600億美元)和集團其它成員公司積累的現(xiàn)金。
The time this takes is likely to be measured in generations, not years. Investors waiting for a re-rating had better settle in.
這一過程所需的時間，可能需要用世代(而非幾年)來衡量。等待股票重新評級的投資者，準備好長期堅持。