✖


Jump to content

Конгломерат (компания)

(Перенаправлено из конгломерата )

«Конгломерация» перенаправляет здесь. Для других видов использования см. Конгломерат .
Эта статья является частью серии на
Корпоративное право
По юрисдикции
Общие корпоративные формы
Корпоративные формы
по юрисдикции
Доктрины
Связанные области
Business administration
Management of a business
Accounting
Business entity (list)
Corporate governance
Corporate law
Corporate title
Economics
Finance
Types of management
Organization
Trade

Конгломерат - это ( / k ə ŋ ɡ ɡ l ɒ m ə t r ə / ) тип многоотраслевой компании , которая состоит из нескольких различных и не связанных деловых организаций , которые работают в различных отраслях. Конгломерат обычно имеет материнскую компанию , которая владеет и контролирует многие дочерние компании , которые юридически независимы, но финансово и стратегически зависят от материнской компании. Конгломераты часто являются крупными и многонациональными корпорациями , которые имеют глобальное присутствие и диверсифицированный портфель продуктов и услуг. Конгломераты могут быть сформированы с помощью слияний и поглощений , побочных продуктов или совместных предприятий .

Conglomerates are common in many countries and sectors, such as media, banking, energy, mining, manufacturing, retail, defense, and transportation. This type of organization aims to achieve economies of scale, market power, risk diversification, and financial synergy. However, they also face challenges such as complexity, bureaucracy, agency problems, and regulation.[1]

The popularity of conglomerates has varied over time and across regions. In the United States, conglomerates became popular in the 1960s as a form of economic bubble driven by low interest rates and leveraged buyouts.[2] However, many of them collapsed or were broken up in the 1980s due to poor performance, accounting scandals, and antitrust regulation.[3] In contrast, conglomerates have remained prevalent in Asia, especially in China, Japan, South Korea, and India. In mainland China, many state-affiliated enterprises have gone through high value mergers and acquisitions, resulting in some of the highest value business transactions of all time. These conglomerates have strong ties with the government and preferential policies and access to capital.[1]

United States

[edit]

The conglomerate fad of the 1960s

[edit]

During the 1960s, the United States was caught up in a "conglomerate fad" which turned out to be a form of an economic bubble.[4]

Due to a combination of low interest rates and a repeating bear-bull market, conglomerates were able to buy smaller companies in leveraged buyouts (sometimes at temporarily deflated values).[5] Famous examples from the 1960s include Gulf and Western Industries,[6] Ling-Temco-Vought,[6] ITT Corporation,[6] Litton Industries,[6] Textron,[6] and Teledyne.[6] The trick was to look for acquisition targets with solid earnings and much lower price–earnings ratios than the acquirer.[7][8] The conglomerate would make a tender offer to the target's shareholders at a princely premium to the target's current stock price. Upon obtaining shareholder approval, the conglomerate usually settled the transaction in something other than cash, like debentures, bonds, warrants or convertible debentures (issuing the latter two would effectively dilute its shareholders down the road, but many shareholders at the time were not thinking that far ahead).[9] The conglomerate would then add the target's earnings to its earnings, thereby increasing the conglomerate's overall earnings per share.[8] In finance jargon, the transaction was "accretive to earnings."[7]

The relatively lax accounting standards of the time meant that accountants were often able to get away with creative mathematics in calculating the conglomerate's post-acquisition consolidated earnings numbers.[10] In turn, the price of the conglomerate's stock would go up, thereby re-establishing its previous price-earnings ratio, and then it could repeat the whole process with a new target.[8][10] In plain English, conglomerates were using rapid acquisitions to create the illusion of rapid growth.[8] In 1968, the peak year of the conglomerate fad, U.S. corporations completed a record number of mergers: approximately 4,500.[11] In that year, at least 26 of the country's 500 largest corporations were acquired, of which 12 had assets above $250 million.[11]

All this complex company reorganization had very real consequences for people who worked for companies that were either acquired by conglomerates or were seen as likely to be acquired by them. Acquisitions were a disorienting and demoralizing experience for executives at acquired companies—those who were not immediately laid off found themselves at the mercy of the conglomerate's executives in some other distant city.[12] Most conglomerates' headquarters were located on the West Coast or East Coast, while many of their acquisitions were located in the country's interior.[12] Many interior cities were devastated by repeatedly losing the headquarters of corporations to mergers, in which independent ventures were reduced to subsidiaries of conglomerates based in New York or Los Angeles.[12] Pittsburgh, for example, lost about a dozen.[12] The terror instilled by the mere prospect of such harsh consequences for executives and their home cities meant that fending off takeovers, real or imagined, was a constant distraction for executives at all corporations seen as choice acquisition targets during this era.[13]

The chain reaction of rapid growth through acquisitions could not last forever. When interest rates rose to offset rising inflation, conglomerate profits began to fall. The beginning of the end came in January 1968, when Litton shocked Wall Street by announcing a quarterly profit of only 21 cents per share, versus 63 cents for the previous year's quarter.[14] This was "just a decline in earnings of about 19 percent", not an actual loss or a corporate scandal, and "yet the stock was crushed, plummeting from $90 to $53".[4] It would take two more years before it was clear that the conglomerate fad was on its way out.[14] The stock market eventually figured out that the conglomerates' bloated and inefficient businesses were as cyclical as any others—indeed, it was that cyclical nature that had caused such businesses to be such undervalued acquisition targets in the first place[7]—and their descent put "the lie to the claim that diversification allowed them to ride out a downturn."[15] A major selloff of conglomerate shares ensued.[16] To keep going, many conglomerates were forced to shed the new businesses they had recently purchased, and by the mid-1970s most conglomerates had been reduced to shells.[17] The conglomerate fad was subsequently replaced by newer ideas like focusing on a company's core competency[18] and unlocking shareholder value (which often translate into spin-offs).[19]

Genuine diversification

[edit]

In other cases, conglomerates are formed for genuine interests of diversification rather than manipulation of paper return on investment. Companies with this orientation would only make acquisitions or start new branches in other sectors when they believed this would increase profitability or stability by sharing risks. Flush with cash during the 1980s, General Electric also moved into financing and financial services, which in 2005 accounted for about 45% of the company's net earnings. GE formerly owned a minority interest in NBCUniversal, which owns the NBC television network and several other cable networks. United Technologies was also a successful conglomerate until it was dismantled in the late 2010s.

Mutual funds

[edit]

With the spread of mutual funds (especially index funds since 1976), investors could more easily obtain diversification by owning a small slice of many companies in a fund rather than owning shares in a conglomerate. Another example of a successful conglomerate is Warren Buffett's Berkshire Hathaway, a holding company which used surplus capital from its insurance subsidiaries to invest in businesses across a variety of industries.

International

[edit]

The end of the First World War caused a brief economic crisis in Weimar Germany, permitting entrepreneurs to buy businesses at rock-bottom prices. The most successful, Hugo Stinnes, established the most powerful private economic conglomerate in 1920s Europe – Stinnes Enterprises – which embraced sectors as diverse as manufacturing, mining, shipbuilding, hotels, newspapers, and other enterprises.

The best-known British conglomerate was Hanson plc. It followed a rather different timescale than the U.S. examples mentioned above, as it was founded in 1964 and ceased to be a conglomerate when it split itself into four separate listed companies between 1995 and 1997.

In Hong Kong, some of the well-known conglomerates include Jardine Matheson (AD1824), Swire Group (AD1816), (British companies, one Scottish one English; companies that have a history of over 150 years and have business interests that span across four continents with a focus in Asia.) C K Hutchison Whampoa (now CK Hutchison Holdings), Sino Group, (both Asian-owned companies specialize business such as real estate and hospitality with a focus in Asia.)

In Japan, a different model of conglomerate, the keiretsu, evolved. Whereas the Western model of conglomerate consists of a single corporation with multiple subsidiaries controlled by that corporation, the companies in a keiretsu are linked by interlocking shareholdings and a central role of a bank. Mitsui, Mitsubishi, Sumitomo are some of Japan's best-known keiretsu, reaching from automobile manufacturing to the production of electronics such as televisions. While not a keiretsu, Sony is an example of a modern Japanese conglomerate with operations in consumer electronics, video games, the music industry, television and film production and distribution, financial services, and telecommunications.

In China, many of the country's conglomerates are state-owned enterprises, but there is a substantial number of private conglomerates. Notable conglomerates include BYD, CIMC, China Merchants Bank, Huawei, JXD, Meizu, Ping An Insurance, TCL, Tencent, TP-Link, ZTE, Legend Holdings, Dalian Wanda Group, China Poly Group, Beijing Enterprises, and Fosun International. Fosun is currently China's largest civilian-run conglomerate by revenue.[20]

In South Korea, the chaebol is a type of conglomerate owned and operated by a family. A chaebol is also inheritable, as most of the current presidents of chaebols succeeded their fathers or grandfathers. Some of the largest and most well-known Korean chaebols are Samsung, LG, Hyundai Kia and SK.

In India, family-owned enterprises became some of Asia's largest conglomerates, such as the Aditya Birla Group, Tata Group, Emami, Kirloskar Group, Larsen & Toubro, Mahindra Group, Bajaj Group, ITC Limited, Essar Group, Reliance Industries, Adani Group and the Bharti Enterprises.

In Brazil the most important conglomerates are J&F Investimentos, Odebrecht, Itaúsa, Camargo Corrêa, Votorantim Group, Andrade Gutierrez, and Queiroz Galvão.

In New Zealand, Fletcher Challenge was formed in 1981 from the merger of Fletcher Holdings, Challenge Corporation, and Tasman Pulp & Paper, in an attempt to create a New Zealand-based multi-national company. At the time, the newly merged company dealt in construction, building supplies, pulp and paper mills, forestry, and oil & gas. Following a series of bungled investments, the company demerged in the early 2000s to concentrate on building and construction.

In Pakistan, some of the examples are Adamjee Group, Dawood Hercules, House of Habib, Lakson Group and Nishat Group.

In the Philippines, the largest conglomerate of the country is the Ayala Corporation which focuses on malls, bank, real estate development, and telecommunications. The other big conglomerates in the Philippines included JG Summit Holdings, Lopez Holdings Corporation, ABS-CBN Corporation, GMA Network, Inc., MediaQuest Holdings, TV5 Network, Inc., SM Investments Corporation, Metro Pacific Investments Corporation, and San Miguel Corporation.

In the United States, some of the examples are The Walt Disney Company, Warner Bros. Discovery and The Trump Organization (see below).

In Canada, one of the examples is Hudson's Bay Company. Another such conglomerate is J.D. Irving, Limited, which controls a large portion of the economic activities as well as media in the Province of New Brunswick.

Advantages and disadvantages of conglomerates

[edit]

Advantages

[edit]
  • Diversification results in a reduction of investment risk. A downturn suffered by one subsidiary, for instance, can be counterbalanced by stability, or even expansion, in another division. For example, if Berkshire Hathaway's construction materials business has a good year, the profit might be offset by a bad year in its insurance business. This advantage is enhanced by the fact that the business cycle affects industries in different ways. Financial Conglomerates have very different compliance requirements from insurance or reinsurance solo entities or groups. There are very important opportunities that can be exploited, to increase shareholder value.
  • A conglomerate creates an internal capital market if the external one is not developed enough. Through the internal market, different parts of the conglomerate allocate capital more effectively.
  • A conglomerate can show earnings growth, by acquiring companies whose shares are more discounted than its own. In fact, Teledyne, GE, and Berkshire Hathaway have delivered high earnings growth for a time.[21]

Disadvantages

[edit]
  • The extra layers of management increase costs.[22]
  • Accounting disclosure is less useful information, many numbers are disclosed grouped, rather than separately for each business. The complexity of a conglomerate's accounts makes it harder for managers, investors, and regulators to analyze and makes it easier for management to hide issues.
  • Conglomerates can trade at a discount to the overall individual value of their businesses because investors can achieve diversification on their own simply by purchasing multiple stocks. The whole is often worth less than the sum of its parts.
  • Culture clashes can destroy value.[23][24]
  • Inertia prevents the development of innovation.[25]
  • Lack of focus, and inability to manage unrelated businesses equally well.[26]
  • Brand dilution where the brand loses its brand associations with a market segment, product area, or quality, price, or cachet.
  • Conglomerates more easily run the risk of being too big to fail.

Some cite the decreased cost of conglomerate stock (a phenomenon known as conglomerate discount) as evidential of these disadvantages, while other traders believe this tendency to be a market inefficiency, which undervalues the true strength of these stocks.[27]

Media conglomerates

[edit]
Further information: Media conglomerate and Concentration of media ownership

In her 1999 book No Logo, Naomi Klein provides several examples of mergers and acquisitions between media companies designed to create conglomerates to create synergy between them:

  • WarnerMedia included several tenuously linked businesses during the 1990s and 2000s, including Internet access, content, film, cable systems, and television. Their diverse portfolio of assets allowed for cross-promotion and economies of scale. However, the company has sold or spun off many of these businesses – including Warner Music Group, Warner Books, AOL, Time Warner Cable, and Time Inc. – since 2004.
  • Clear Channel Communications, a public company, at one point owned a variety of TV and radio stations and billboard operations, together with many concert venues across the US and a diverse portfolio of assets in the UK and other countries around the world. The concentration of bargaining power in this one entity allowed it to gain better deals for all of its business units. For example, the promise of playlisting (allegedly, sometimes, coupled with the threat of blacklisting) on its radio stations was used to secure better deals from artists performing in events organized by the entertainment division. These policies have been attacked as unfair and even monopolistic, but are a clear advantage of the conglomerate strategy. On December 21, 2005, Clear Channel completed the divestiture of Live Nation, and in 2007 the company divested their television stations to other firms, some of which Clear Channel holds a small interest in. Live Nation owns the events and concert venues previously owned by Clear Channel Communications.
  • Impact of conglomerates on the media: The four major media conglomerates in the United States are The Walt Disney Company, Comcast, Warner Bros. Discovery and Paramount Global. The Walt Disney Company is linked with the American Broadcasting Company (ABC), creating the largest media corporation, with revenue equal to roughly thirty six billion dollars. Since Walt Disney owns ABC, it controls its news and programming. Walt Disney also acquired most of Fox, for over $70 billion. When General Electric owned NBC, it did not allow negative reporting against General Electric on air (NBCUniversal is now owned by Comcast).[citation needed] Viacom merged with CBS in 2019 as ViacomCBS (now Paramount Global) after originally merged in 2000 with Viacom as the surviving company while also Viacom divested CBS in 2006 due to FCC regulations as the time.

Internet conglomerates

[edit]

Относительно новая разработка, интернет -конгломераты, такие как Alphabet , материнская компания Google [ 28 ] принадлежат к современной группе медиа -конгломератов и играют важную роль в различных отраслях, таких как управление брендами . В большинстве случаев интернет-конгломераты состоят из корпораций, которые владеют несколькими онлайн-проектами в Интернете или гибридном онлайн-офисе. Во многих случаях недавно присоединенные корпорации получают более высокую прибыль от инвестиций , доступа к деловым контактам и лучшие ставки по кредитам от различных банков. [ Цитация необходима ]

Продовольственные конгломераты

[ редактировать ]

Аналогично другим отраслям, которые многие компании могут быть названы конгломератами.

  • Группа Philip Morris , которая когда -то была материнской компанией Altria Group, Philip Morris International и Kraft Foods, имела ежегодный общий оборот 80 млрд. Долл. США. Хотя Phillip Morris International и Kraft Foods были развернуты в независимых компаниях.
  • Nestlé

Смотрите также

[ редактировать ]

Ссылки

[ редактировать ]
  1. ^ Jump up to: а беременный Чен, Джеймс (31 июля 2023 г.). «Конгломерат» . Инвесопедия . Получено 23 ноября 2023 года .
  2. ^ «Конгломерат бум: что это такое, как это работает, пример» . Инвесопедия . Получено 16 мая 2024 года .
  3. ^ Дэвис, Джеральд Ф.; Дикманн, Кристина А.; Тинсли, Кэтрин Х. (1994). «Упадок и падение фирмы конгломерата в 1980 -х годах: деинституционализация организационной формы» . Американский социологический обзор . 59 (4): 547–570. doi : 10.2307/2095931 . ISSN   0003-1224 . JSTOR   2095931 .
  4. ^ Jump up to: а беременный Карлайл, Тобиас Э. (2014). Глубокая ценность: почему активистские инвесторы и другие противопоставления борются за контроль за потерей корпораций . Хобокен, Нью -Джерси: Джон Вили и сыновья. п. 107. ISBN  9781118747964 Полем Получено 29 сентября 2020 года .
  5. ^ Гилмор, Николас (1 ноября 2018 г.). «Забытая история о том, как конгломераты 1960 -х годов сорвали американскую мечту» . Субботний вечерний пост . Индианаполис: Общество в субботу вечернее пост . Получено 28 сентября 2020 года .
  6. ^ Jump up to: а беременный в дюймовый и фон Голландия 1989 , с. 57–64, 81–86.
  7. ^ Jump up to: а беременный в Кокс, Дональд (2003). Новая реальность Уолл -стрит . Нью-Йорк: МакГроу-Хилл. п. 14. ISBN  9780071436311 Полем Получено 11 октября 2020 года .
  8. ^ Jump up to: а беременный в дюймовый Карлайл, Тобиас Э. (2014). Глубокая ценность: почему активистские инвесторы и другие противопоставления борются за контроль за потерей корпораций . Хобокен, Нью -Джерси: Джон Вили и сыновья. п. 102. ISBN  9781118747964 Полем Получено 29 сентября 2020 года .
  9. ^ Брукс, Джон (1973). Годы гости: драма и крушение финала бычьих 60-х годов Уолл-стрит . Нью -Йорк: Allworth Press. п. 161. ISBN  9780471357551 Полем Получено 28 сентября 2020 года .
  10. ^ Jump up to: а беременный Брукс, Джон (1973). Годы гости: драма и крушение финала бычьих 60-х годов Уолл-стрит . Нью -Йорк: Allworth Press. п. 158. ISBN  9780471357551 Полем Получено 28 сентября 2020 года .
  11. ^ Jump up to: а беременный Брукс, Джон (1973). Годы гости: драма и крушение финала бычьих 60-х годов Уолл-стрит . Нью -Йорк: Allworth Press. п. 154. ISBN  9780471357551 Полем Получено 28 сентября 2020 года .
  12. ^ Jump up to: а беременный в дюймовый Брукс, Джон (1973). Годы гости: драма и крушение финала бычьих 60-х годов Уолл-стрит . Нью -Йорк: Allworth Press. п. 177. ISBN  9780471357551 Полем Получено 28 сентября 2020 года .
  13. ^ Брукс, Джон (1973). Годы гости: драма и крушение финала бычьих 60-х годов Уолл-стрит . Нью -Йорк: Allworth Press. п. 175. ISBN  9780471357551 Полем Получено 28 сентября 2020 года .
  14. ^ Jump up to: а беременный Брукс, Джон (1973). Годы гости: драма и крушение финала бычьих 60-х годов Уолл-стрит . Нью -Йорк: Allworth Press. п. 181. ISBN  9780471357551 Полем Получено 28 сентября 2020 года .
  15. ^ Карлайл, Тобиас Э. (2014). Глубокая ценность: почему активистские инвесторы и другие противопоставления борются за контроль за потерей корпораций . Хобокен, Нью -Джерси: Джон Вили и сыновья. п. 106. ISBN  9781118747964 Полем Получено 29 сентября 2020 года .
  16. ^ Кокс, Дональд (2003). Новая реальность Уолл -стрит . Нью-Йорк: МакГроу-Хилл. п. 14. ISBN  9780071436311 Полем Получено 11 октября 2020 года .
  17. ^ «Hitachi Ltd - профиль компании; информация, описание бизнеса, история, справочная информация о Hitachi, Ltd» . Архивировано из оригинала 12 февраля 2010 года . Получено 25 августа 2010 года .
  18. ^ Шерман, Эндрю Дж. (2018). Слияния и поглощения от A до z (4 -е изд.). Нью -Йорк: Amacom Books. п. 155. ISBN  9780814439036 Полем Получено 19 июня 2024 года . Google Books неправильно указывает на то, что эта книга была написана Томасом Нельсоном, но первая страница этой работы указывает на то, что правильным автором является Эндрю Дж. Шерман.
  19. ^ Кристенсен, Клейтон . Рейнор, Майкл Э. (2003). Решение новатора: создание и поддержание успешного роста . Бостон: Гарвардский бизнес -обзор Press. п. 243. ISBN  9781422196571 Полем Получено 19 июня 2024 года .
  20. ^ Цуй, Энид (24 июня 2012 г.). «Китай конгломерат Фосун, чтобы обыскнуть сделки с фондом 1 млрд долларов» . Финансовые времена . Архивировано из оригинала 10 декабря 2022 года.
  21. ^ "Конгломераты: денежные коры или корпоративный хаос?" Полем Архивировано из оригинала 13 апреля 2009 года . Получено 28 мая 2009 г.
  22. ^ Dearbail Jordan и Robin Pagnamenta (25 сентября 2007 г.). «BP, чтобы лишить четыре уровня управления» . Время . Архивировано с оригинала 12 июня 2011 года.
  23. ^ «Культурное столкновение: риски слияний» . BBC News . 17 января 2000 года. Архивировано с оригинала 2 июня 2009 года.
  24. ^ Мишель С. Блай (2006). «Выживание пост-мергера« культурное столкновение »: может ли культурное лидерство уменьшить жертвы?». Лидерство . 2 (4): 395–426. doi : 10.1177/1742715006068937 . S2CID   146156535 .
  25. ^ «Инновации и инерция» . Центр предпринимательства Стэнфордского университета . Архивировано из оригинала 1 августа 2009 года.
  26. ^ «Конгломерат» . Архивировано из оригинала 11 августа 2009 года . Получено 28 мая 2009 г.
  27. ^ «Конгломерат скидка» . Архивировано с оригинала 30 марта 2015 года . Получено 31 марта 2015 года .
  28. ^ «G для Google» . Googleblog.blogspot.com . 10 августа 2015 года. Архивировано с оригинала 9 апреля 2018 года . Получено 2 мая 2018 года .

Библиография

[ редактировать ]
[ редактировать ]
Посмотрите на конгломерат в Wiktionary, свободный словарь.
Retrieved from "https://en.wikipedia.org/w/index.php?title=Conglomerate_(company)&oldid=1245776049"
Arc.Ask3.Ru: конец переведенного документа.
Arc.Ask3.Ru
Номер скриншота №: 4a63ae0d6a8446f62196e4f1c0c7158c__1726351980
URL1:https://arc.ask3.ru/arc/aa/4a/8c/4a63ae0d6a8446f62196e4f1c0c7158c.html
Заголовок, (Title) документа по адресу, URL1:
Conglomerate (company) - Wikipedia
Данный printscreen веб страницы (снимок веб страницы, скриншот веб страницы), визуально-программная копия документа расположенного по адресу URL1 и сохраненная в файл, имеет: квалифицированную, усовершенствованную (подтверждены: метки времени, валидность сертификата), открепленную ЭЦП (приложена к данному файлу), что может быть использовано для подтверждения содержания и факта существования документа в этот момент времени. Права на данный скриншот принадлежат администрации Ask3.ru, использование в качестве доказательства только с письменного разрешения правообладателя скриншота. Администрация Ask3.ru не несет ответственности за информацию размещенную на данном скриншоте. Права на прочие зарегистрированные элементы любого права, изображенные на снимках принадлежат их владельцам. Качество перевода предоставляется как есть. Любые претензии, иски не могут быть предъявлены. Если вы не согласны с любым пунктом перечисленным выше, вы не можете использовать данный сайт и информация размещенную на нем (сайте/странице), немедленно покиньте данный сайт. В случае нарушения любого пункта перечисленного выше, штраф 55! (Пятьдесят пять факториал, Денежную единицу (имеющую самостоятельную стоимость) можете выбрать самостоятельно, выплаичвается товарами в течение 7 дней с момента нарушения.)