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一个企业能否健康可持续发展,归根到底是由其资本回报率,而非经营规模决定的。企业家必须在纵向一体化和横向一体化这两种不同的生产方式之间找出最佳的组合方法,实现管理成本和交易成本之和的最小化。日益壮大的民营企业早已撑起中国经济的半壁江山。但综观民企整体,却还没有摆脱“野蛮生长”。而在金融海啸侵袭下,四面楚歌的民营企业,野蛮之路已至尽头。民营企业如何从野蛮生长转向文明生长?这已成为中国民企的中心问题。
Whether an enterprise can grow healthily and sustainably is ultimately determined by its return on capital rather than the scale of its operations. Entrepreneurs must find the best combination between the two different modes of production, vertical integration and horizontal integration, in order to minimize the sum of management costs and transaction costs. Growing private enterprises have long propped up half of China’s economy. However, overall private enterprises, but still not out of “brutal growth ”. In the wake of the financial tsunami, the beleaguered private-owned enterprises have come to an end at the barbarous road. How can private-owned enterprises shift from brutal growth to civilized growth? This has become a central issue for Chinese private enterprises.