1、Good is good, but better carries it.精益求精，善益求善。Lex專欄：三星的家族基因-Lex_Samsung:LeegenesNeverforget:Samsungisafamilybusiness.BeforethehospitalisationlastmonthofchairmanLeeKun-hee,restructuringnewsaboutthegroupwasalreadytricklingout.Sincethen,thetricklehasbecomeaflood.OnTuesday,SamsungEverlandannouncedlistin

2、gplanswhileSamsungElectronicscompletedthepurchaseofsharesinassociatesCheilIndustriesandSamsungSDI,siblingswhichmergedthisyear.別忘了：三星(Samsung)是一間家族企業(yè)。在其董事長李健熙(LeeKun-hee)上月住院之前，關(guān)于該集團(tuán)重組的消息就已點(diǎn)點(diǎn)滴滴地傳出。自那以來，涓涓細(xì)流變成了一股洪流。本周二，三星愛寶樂園(SamsungEverland)宣布上市計(jì)劃，而三星電子(SamsungElectronics)完成了對已在今年合并的聯(lián)營公司三星第一毛織(CheilI

3、ndustries)和三星SDI股票的收購。ReorganisingKoreasunwieldychaebol,orconglomerates,isnothingnew.Thelate-1990sAsianfinancialcrisispushedthechaeboltoputtheirhousesinorder.Butinvestorsstillawaitgreaterswayovermanagementandinvestor-friendlyusesofsurpluscashtodrivevaluationstowardsthoseofinternationalpeers(Samsungt

4、radesateighttimesforwardearnings).對大而無當(dāng)?shù)捻n國財(cái)閥(Chaebol)進(jìn)行重組并非新鮮事。90年代末的亞洲金融危機(jī)，就曾迫使韓國財(cái)閥改組業(yè)務(wù)。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(jià)的預(yù)期市盈率是8倍）。“Restructuring”mightimplythatSamsungsstructurewillbecomecleaner.Thatisunlikely.Thesharepurchases,aswellastheproposedlistingsofSamsungSDS(

5、technologylogistics)andSamsungEverland(construction,golfcourses,fashion),areaboutthefamily.AsoneKoreanbrokerdelicatelyputsit,“capitalraised.willprobablybeusedtopayinheritancetaxorstrengthenownershipofaffiliatesoverwhichthefamilyneedstogaingreatercontrol”.(ThebrokerratesSamsungElectronicsabuy,ofcours

6、e).“重組”也許暗示著三星將在結(jié)構(gòu)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(shí)尚）的上市計(jì)劃，都是出于家族的需要。正如韓國一家經(jīng)紀(jì)商所細(xì)膩描述的：“募集的資金很可能被用于支付遺產(chǎn)稅，或者被用來加強(qiáng)對附屬公司的所有權(quán)家族需要對此擁有更大的控制。”（這家經(jīng)紀(jì)商對三星電子的股票評級當(dāng)然是“買入”。）Whatdoesthismeanbeyondtheclan?Intheshortrun,notalot.Reshufflingofcompanyholdingsstillleavesoutsideinvestorswithoutameaning

7、fulsay.Listingprivatefamilycompaniessuggestsaccountabilitybutisoftendesignedtoachievethereverse.Inthelongrun,however,interestsmayconverge.Familycashrequirementscouldspurincreasedpayoutstoallshareholders.Thedesiretomaintaincontrolmaydrivebuybacks,deployingcashpilesthathavebuiltatSamsungElectronics($60bn)andothergroupcompanies.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(chǎn)進(jìn)行洗牌，仍然沒有留給外部投資者任何實(shí)質(zhì)發(fā)言權(quán)。將家族私有的企業(yè)上市，貌似要建立問責(zé)機(jī)制，但往往是為了達(dá)到相反的目的。然而從長遠(yuǎn)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(qū)動股票回購，動用三星電子（600億美元）和集團(tuán)其它成員公司積累的現(xiàn)金。Thetimethistakesislikelytobemeasu