It is a $29bn org chart. If Googleexecutives mappedout their new corporate structure on something asantediluvian as a white board, they could stick a goldframe around it.

這是一張價(jià)值290億美元的組織架構(gòu)圖。如果谷歌(Google)高管在傳統(tǒng)的白板上畫出新的企業(yè)架構(gòu)，他們可以裱一個(gè)金框。

Google’s shares rose by that amount, or 7 per cent,in after-hours trading on Monday when the companyrevealed it was creating a new holding company calledAlphabet, with subsidiaries ranging from the core search and advertising business to Nest,which makes thermostats, Fiber, the high-speed internet provider, and Calico, the biotechcompany.

谷歌的市值在周一盤后交易期間上漲了上述金額，股價(jià)漲幅為7%，此前谷歌宣布將創(chuàng)建一家名為Alphabet的全新控股公司，其子公司包括核心的搜索和廣告業(yè)務(wù)(即谷歌)、調(diào)溫器制造商N(yùn)est、高速互聯(lián)網(wǎng)提供商Fiber以及生物技術(shù)公司Calico。

At first sight, this is absurd. The balance sheet and cash flows will be unchanged. Larry Page,chief executive, calls it “cleaner. The risk is it creates a mess, particularly in human resources.Even the top team is not exactly streamlined. Mr Page, Sergey Brin and Eric Schmidt movefrom Google to Alphabet, but Sundar Pichai moves from head of Google products to becomechief executive of Google, and Ruth Porat, chief financial officer, will be CFO of both Alphabetand Google.

乍一看，此舉非常荒謬。資產(chǎn)負(fù)債表以及現(xiàn)金流都不會(huì)改變。首席執(zhí)行官拉里槧吉(Larry Page)稱其“更干凈。風(fēng)險(xiǎn)在于，此舉制造了混亂，特別是在人力資源方面。就連最高層團(tuán)隊(duì)也并未真的精簡(jiǎn)。佩吉、謝爾蓋布林(Sergey Brin)以及埃里克施密特(Eric Schmidt)從谷歌移至Alphabet，但是桑德爾皮查伊(SundarPichai)從谷歌產(chǎn)品主管升任谷歌首席執(zhí)行官，而首席財(cái)務(wù)官露絲波拉特(Ruth Porat)將成為Alphabet和谷歌兩家的CFO。

Further down the organisation, life gets more compartmentalised. It is not obvious thatworking in a silo at Company XYZ, “an Alphabet subsidiary, is as attractive as working oncomplex issues across today’s Google.

在組織的中下層，日子變得更加部門化。尚不清楚在某家“Alphabet子公司的小天地工作會(huì)不會(huì)像在眼下的谷歌解決復(fù)雜問題一樣具有吸引力。

There could be benefits to disclosures. At the moment, Google’s are paltry for a $487bncompany, with barely any breakdown between lines of business. But the board has stoppedshort of giving each independent company its own public financials. Each apart from Google,will be contained in the same “non-Google revenue line. That is hardly a revolution intransparency.

此舉可能對(duì)披露有好處。目前，對(duì)于一家市值4870億美元的公司，谷歌披露的內(nèi)容實(shí)在不算多，基本上沒有按業(yè)務(wù)部門劃分的具體細(xì)節(jié)。但董事會(huì)并沒有授權(quán)每一家獨(dú)立公司公開財(cái)務(wù)。除谷歌以外，各子公司都將被納入“非谷歌營(yíng)收線。這很難說(shuō)是透明度方面的一場(chǎng)革命。

There is one big advantage. The core Google business may have been relegated to justanother subsidiary and it may have lost Mr Page as day-to-day chief executive. But he hasseemed more interested in new projects for some time. With a more dedicated managementteam, the performance of Google could improve. And with separated financials, the marketcan finally see what are already reputed to be fearsome margins.

此次重組有個(gè)重大優(yōu)勢(shì)。核心的谷歌業(yè)務(wù)或許已被降格為又一家子公司，其日常CEO或許可能不再是佩奇。但他貌似對(duì)新項(xiàng)目更感興趣已經(jīng)有一段時(shí)間了。有了一個(gè)更專注的管理團(tuán)隊(duì)，谷歌的表現(xiàn)可能會(huì)有起色。同時(shí)，借助分立的財(cái)報(bào)，市場(chǎng)有望終于看到據(jù)稱非常高的利潤(rùn)率。

It is a $29bn org chart. If Googleexecutives mappedout their new corporate structure on something asantediluvian as a white board, they could stick a goldframe around it.

這是一張價(jià)值290億美元的組織架構(gòu)圖。如果谷歌(Google)高管在傳統(tǒng)的白板上畫出新的企業(yè)架構(gòu)，他們可以裱一個(gè)金框。

Google’s shares rose by that amount, or 7 per cent,in after-hours trading on Monday when the companyrevealed it was creating a new holding company calledAlphabet, with subsidiaries ranging from the core search and advertising business to Nest,which makes thermostats, Fiber, the high-speed internet provider, and Calico, the biotechcompany.

谷歌的市值在周一盤后交易期間上漲了上述金額，股價(jià)漲幅為7%，此前谷歌宣布將創(chuàng)建一家名為Alphabet的全新控股公司，其子公司包括核心的搜索和廣告業(yè)務(wù)(即谷歌)、調(diào)溫器制造商N(yùn)est、高速互聯(lián)網(wǎng)提供商Fiber以及生物技術(shù)公司Calico。

At first sight, this is absurd. The balance sheet and cash flows will be unchanged. Larry Page,chief executive, calls it “cleaner. The risk is it creates a mess, particularly in human resources.Even the top team is not exactly streamlined. Mr Page, Sergey Brin and Eric Schmidt movefrom Google to Alphabet, but Sundar Pichai moves from head of Google products to becomechief executive of Google, and Ruth Porat, chief financial officer, will be CFO of both Alphabetand Google.

乍一看，此舉非常荒謬。資產(chǎn)負(fù)債表以及現(xiàn)金流都不會(huì)改變。首席執(zhí)行官拉里槧吉(Larry Page)稱其“更干凈。風(fēng)險(xiǎn)在于，此舉制造了混亂，特別是在人力資源方面。就連最高層團(tuán)隊(duì)也并未真的精簡(jiǎn)。佩吉、謝爾蓋布林(Sergey Brin)以及埃里克施密特(Eric Schmidt)從谷歌移至Alphabet，但是桑德爾皮查伊(SundarPichai)從谷歌產(chǎn)品主管升任谷歌首席執(zhí)行官，而首席財(cái)務(wù)官露絲波拉特(Ruth Porat)將成為Alphabet和谷歌兩家的CFO。

Further down the organisation, life gets more compartmentalised. It is not obvious thatworking in a silo at Company XYZ, “an Alphabet subsidiary, is as attractive as working oncomplex issues across today’s Google.

在組織的中下層，日子變得更加部門化。尚不清楚在某家“Alphabet子公司的小天地工作會(huì)不會(huì)像在眼下的谷歌解決復(fù)雜問題一樣具有吸引力。

There could be benefits to disclosures. At the moment, Google’s are paltry for a $487bncompany, with barely any breakdown between lines of business. But the board has stoppedshort of giving each independent company its own public financials. Each apart from Google,will be contained in the same “non-Google revenue line. That is hardly a revolution intransparency.

此舉可能對(duì)披露有好處。目前，對(duì)于一家市值4870億美元的公司，谷歌披露的內(nèi)容實(shí)在不算多，基本上沒有按業(yè)務(wù)部門劃分的具體細(xì)節(jié)。但董事會(huì)并沒有授權(quán)每一家獨(dú)立公司公開財(cái)務(wù)。除谷歌以外，各子公司都將被納入“非谷歌營(yíng)收線。這很難說(shuō)是透明度方面的一場(chǎng)革命。

There is one big advantage. The core Google business may have been relegated to justanother subsidiary and it may have lost Mr Page as day-to-day chief executive. But he hasseemed more interested in new projects for some time. With a more dedicated managementteam, the performance of Google could improve. And with separated financials, the marketcan finally see what are already reputed to be fearsome margins.

此次重組有個(gè)重大優(yōu)勢(shì)。核心的谷歌業(yè)務(wù)或許已被降格為又一家子公司，其日常CEO或許可能不再是佩奇。但他貌似對(duì)新項(xiàng)目更感興趣已經(jīng)有一段時(shí)間了。有了一個(gè)更專注的管理團(tuán)隊(duì)，谷歌的表現(xiàn)可能會(huì)有起色。同時(shí)，借助分立的財(cái)報(bào)，市場(chǎng)有望終于看到據(jù)稱非常高的利潤(rùn)率。