在过去20年西方企业纷纷涌入新兴市场。现在,是算账的时候了。.docVIP

Western firms have piled into emerging markets in the past 20 years. Now comes the reckoning 西方企业纷纷涌入新兴市场在过去的20年。结账的时候到了 VODAFONE’S latest figures appear at first glance to vindicate the most powerful management idea of the past two decades: that firms should expand in fast-growing emerging economies. Sales at the mobile-phone company fell in the rich world while those in the developing world rose smartly. Corporate strategy is usually a contentious subject: there are fierce debates about how big, diversified and financially leveraged firms should be. But geography has seduced everyone. Vodafone is one of countless Western companies that have bet on the developing world. 沃达丰（Vodafone）的最新数据出现在第一个vindicate一瞥到最强大的管理理念二：过去几十年中，企业应该扩大在新兴经济体快速增长。在移动电话销售公司的毛皮而富世界在发展中世界的玫瑰更灵活。企业战略是一contentious通常是激烈辩论的主题有：如何大，应该和企业financially杠杆多元化。但安切洛蒂诱惑人的产物。沃达丰是一个有无数的西方公司是在发展中世界的赌注。 Look closer, however, and those figures contradict accepted wisdom. At market exchange rates Vodafone’s sales in the emerging world fell, reflecting the widespread currency depreciations in mid-2013, when America’s Federal Reserve signalled it would taper its bond purchases. This drag may linger: in January the lira and rand tumbled in Turkey and South Africa, two biggish markets for Vodafone. On longer-term measures things look cloudy, too. Over a decade Vodafone has invested more than $25 billion in Turkey and India. These operations made a paltry 1% return on capital last year. Vodafone has created a lot of value for its shareholders—but through its American investments, which it has sold to Verizon for a stonking price. 仔细一看，然而，这一数字与接受的智慧。以市场汇率计算沃达丰在新兴市场销售下降，反映在2013年广泛的货币贬值，当美国联储表示将锥其购买债券。这种阻力可能会持续：一月里拉和兰特下跌在土耳其和南非，沃达丰两大市场。长期措施东西看上去模糊不清，太。在十多年的沃达丰已经投资了超过25000000000美元的印度和土耳其。这些操作对资本不足1%回到去年。沃达丰股东的而是通过其美国的投资创造了很多价值，它卖给Verizon一个另人惊喜的价格。 This year Western firms’ giant bet on the emerging world will come under more scrutiny. Most multinationals are far more profitable in emerging markets than Vodafone. American