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中国位居亚洲最佳高管榜首
《机构投资者》(Institutional Investor)对分析师进行的调查显示，中国内地或香港公司的高管在各自行业的最佳高管投票中最多。亚博赞助欧冠
从锁定排名
亚洲公司似乎处于有利地位，能够安然度过全球经济的动荡。当美国和欧洲的高管们正在努力应对增长缓慢或彻底衰退时，大多数亚洲高管仍可以指望国内经济强劲增长。然而，即使是这些企业的领导人也面临着许多挑战。想想中国的联想集团(Lenovo Group)。自从2005年收购IBM公司(IBM Corp.)的个人电脑业务以来，这家总部位于北京的公司已成长为全球第二大个人电脑制造商，并有望超过惠普公司(Hewlett-Packard Co.)。但该公司首席执行长杨元庆却一点也不觉得安全。杨致远表示:“个人电脑对数百万人和企业的数字生活至关重要亚博赞助欧冠．但他担心，个人电脑将被智能手机、平板电脑和智能电视所取代。他表示:“联想必须做好准备，在所有这些屏幕上展开竞争。”有鉴于此,联想已经在过去的两年里推出了智能手机,现在中国市场9.2%的份额,以及两个平板电脑,一个基于android系统的模型,有48.7%的市场份额和更昂贵的商业模式,有17.2%,根据最近的公司介绍。今年5月，该公司在中国推出了一款智能电视。
“我们已经为这种技术转变准备了好几年，”杨说。他表示，在决心扩大国内市场份额的同时，联想还将继续扩大其在新兴市场的个人电脑业务。根据研究公司国际数据公司(International Data Corp.)和公司内部数据，联想在新兴市场的市场份额去年上升了1.5个百分点，达到7.2%。如此大胆的策略让47岁的杨致远成为了分析师和投资者的宠儿。在2012年的全亚洲高管团队评选中，他被卖方分析师评为技术/硬件部门首席执行官第一名，被买方分析师评为第二名。这是该地区(日本除外)首席执行官、首席财务官、投资者关系团队和专业人士的第二份年度排名。
像杨一样，全年亚洲行政团队的其他成员必须看起来越来越接近家庭，因为西部凹痕出口存在的问题。然而，他们在家里的竞争对手面临更激烈的竞争，因为来自地区内部的竞争对手 - 没有 - 寻求利用亚洲的活力。“在未来五年内，对外产品的依赖将逐步下降，亚洲经济将在中产阶级的成长随着中产阶级的成长，亚洲经济将依赖于该地区本身，”台北的花旗集团负责人经济学家郑成峰说。国际货币基金组织预测，发展亚洲今年将增长7.3％，远远超过全球平均水平3.5％，但从去年的7.8％下降。该地区最大经济体的增长预计2012年的速度将从2011年的9.2％放缓至8.2％，但其他国家可能做得更好，全球放缓。The IMF projects that Indonesia, Malaysia, the Philippines, Thailand and Vietnam will grow by 5.4 percent, on average, up from 4.5 percent in 2011. Investors should focus on the fact that the Philippines’ growth prospects are much brighter than those in the West, says David Nicol, CFO of Metro Pacific Investments Corp., a Manila-based infrastructure company that owns road, water and electric power companies and six hospitals. “The essence of what is different here is that the opportunity is still significant and unexplored,” says Nicol, voted best CFO in the Conglomerates segment by sell-side analysts. “The Philippines has historically underspent on infrastructure. It now finds itself at a point where Moody’s is disposed to favor the country. And we only pick the best projects.” Yet corruption and uneven economic development still pose significant business — and perception — risks in the archipelago nation of 103 million people. Some 40 percent of Metro Pacific’s investors come from abroad, mostly from Europe and the U.S., and investors often ask about the impact of presidential administration changes and the professionalism of local regulators, says Albert Pulido, head of investor relations for the company. “You don’t have to sell Germany or the U.K.,” says Pulido, who ties for the most sell-side votes for top IR manager in the Conglomerates segment. But, he notes, “here we have to sell the country. We try to be upbeat, yes, but also factual. You lay out the pitfalls, so [investors] don’t think you’re being overly optimistic.” Asia’s good economic health poses challenges as well as opportunities for many companies. Piyush Gupta, CEO of Singapore’s DBS Group Holdings, believes the region’s consumers will increasingly share the fruits of growth with producers. “Asia in the next ten or 20 years is going to be a lot different from the last 20,” says the 52-year-old CEO, ranked No. 3 in Banks by buy-side analysts. Gupta notes that most Asian banks have stronger capital and liquidity positions than their Western counterparts, which should help them win customers from retreating rivals. But he cautions that growth could bring problems if banks aren’t careful. “We need to become more thoughtful about which clients to bring on,” Gupta says. “What we don’t want are people who are being exited by other banks winding up with us, and we in turn wind up with an adverse selection of customers.” DBS has posted nine straight quarters of earnings growth, with more than 3 billion Singapore dollars ($2.34 billion) in net income for 2011 — the highest ever for a Singaporean bank — but it is taking nothing for granted. The bank now stress-tests its portfolio to guard against deterioration. Gupta also emphasizes DBS’s conservative approach to dealing with problem loans. Borrowers are still current on their payments on 37 percent of the loans that DBS classifies as nonperforming, which total 1.3 percent of its overall portfolio, and the bank holds loan-loss provisions equal to 128 percent of nonperformers. During the past decade Southeast Asian banks, on average, have classified 5 percent of their loans as nonperforming and maintained provisions equal to 56 percent of those, according to a study last April by the Bank for International Settlements. DBS has also recently improved its liquidity, with deposits growing almost twice as fast as loans in the first quarter of 2012. The bank has increased its income from wealth management, a relatively stable and low-risk business, by 66 percent during the past two years. Asian companies dependent on global markets are having to adjust quickly to today’s tough business climate. At Infosys, CEO Sarojini Shibulal found that some of the Bangalore, India–based software services provider’s offerings were becoming commoditized, while turmoil in the euro zone was hurting many of the group’s key customers in financial industries. In response, Shibulal, voted the No. 2 chief executive in the Technology/IT Services & Software segment by buy-side analysts and No. 3 by sell-side analysts, has shifted gears to focus more of the company’s efforts on high-margin work like IT consulting and less on such low-margin undertakings as application maintenance. “We are not able to differentiate in some parts of our business, and our clients are looking for higher and higher value,” says Shibulal, an Infosys co-founder who has spent more than 15 years abroad to learn what clients want. To meet the growing demand for increasingly sophisticated IT help, particularly among infrastructure and finance clients, Infosys increased its staff by 16 percent — fully 45,000 people — in 2011. “I’m not afraid of change,” Shibulal asserts. “I take risks.” Uncertainty has Lora Ho, CFO of Taiwan Semiconductor Manufacturing Co., spending much of her time analyzing all manner of variables that could impact use of its annual chip-manufacturing capacity of 13.2 million 8-inch equivalent wafers. The 57-year-old CFO, whom buy-side analysts voted No. 1 in Technology/Semiconductors, notes that the company’s products have both short life cycles and heavy capital needs. “You need to react very fast to environment changes,” she says. “If the timing window is wrong, it can be wrong for a long time.” Since Ho joined the chip maker, in 1999, it has compiled in-house forecasts every week — unusually frequent for the industry — which it then uses for quarterly investor guidance on orders, inventory and customer demand. Ho says Taiwan Semiconductor has since changed its forecasts only twice: in late 2008 and early 2009, in the midst of the severe global recession.
全亚洲行政团队的其他成员必须进行更大的调整。太平洋盆地运输，香港最大的干散货托运人，市场资本化63.1亿港元（81400万美元），我们试图通过持续出售许多船只来驾驶世界经济的低迷，曾经发货煤炭，粮食，金属和其他商品。现在，其210艘船船队的一半代替2007年之前拥有75％，太平洋盆地在2011年获得了3200万港元。这是较少数一年的69％，反映了全球经济疲软的影响，但安德鲁兄弟们，CFO自2003年以来，坚持不懈可能更糟。“我们幸运的是在全球金融危机之前出售大量船只，”澳大利多士在卖方分析师的交通队中最佳首席财务官投票最佳首席财务官。“现在我们希望将一些现金恢复到合适的时间购买船只。”全球贸易的放缓也影响了中国商人控股（国际）有限公司的国家控股公司和中国最大的公共集装箱港口运营商 - 近年来迅速扩大，成为世界上第四大港口运营商。但全球经济萧条导致2011年下半年跌倒的出货量，首席执行官胡建华说，第3号在交通局中，第3号。由于产能过剩，中国商人净利润汇在去年5.3％，即使收入攀升63％。 Hu, a former port engineering student in China who has worked for the Hong Kong–listed company since 2007 and led it since 2010, is responding by sharing resources across business units, expanding profitable ports and ensuring those operations are professionally managed. Other companies in the region find that advantages gained from strong government ties haven’t been enough to allay some investor concerns. Since opening its first casino in Macau in 2006, thanks to land and permits granted to it and just two other casino operators, Galaxy Entertainment Group’s revenues have gone straight up, from HK$13 billion in 2007 to HK$41 billion last year. In 2011, Galaxy opened a second, 550,000-square-meter (5.92 million-square-foot) casino and will add 450,000 more square meters to that by 2015. Even then Galaxy will still have 1 million square meters left to develop. “Macau is an oligopoly,” says CFO Robert Drake, a former investment banker with William Sword & Co., a New Jersey boutique. “We have very latent demand and very little supply.” Drake, ranked second-best CFO in the Gaming & Lodging segment by buy-side analysts, nonetheless says the company is considering diversifying into conventions. Currently, some 85 percent of its customers come from mainland China, Hong Kong and Taiwan, and some Western investors are nervous about Galaxy’s dependence on gaming. The CFO admits Western investors need to be “educated” about Macau’s potential. A similar desire to diversify has led Larsen & Toubro, the biggest construction and engineering company in India, to engage in foreign deal making, and not just in Asia. Its most recent transaction, the acquisition of U.K.-based Thalest in April for an undisclosed amount, will give L&T the capacity to make navigational and other control systems for naval and merchant ships. Thalest’s current customers include the Australian, British and U.S. navies. CFO R. Shankar Raman, who ties for No. 1 in Infrastructure, as voted by sell-side analysts, says the company is making these “conscious derisking” efforts to lessen its dependence on domestic markets. Even so, more than 90 percent of L&T’s business remains in India. And though Raman says many other Asian markets represent good opportunities, he expects stiff competition there. Also facing uncertainty is Ping An Insurance (Group) Co. of China. Thanks to favorable government policies and strong economic growth, the company has grown in the past decade from a small insurance carrier into a giant with assets of 2.3 trillion yuan ($364 billion) and more than ten subsidiaries involved in banking and investment services as well as insurance. Since he took the CFO job in 2010, Yao Bo notes, China has tightened monetary policy and regulations while the capital market has grown turbulent. The resulting “high need for flexibility,” says Yao, ranked top CFO in the Insurance segment by both the buy and sell sides, requires him to constantly test new strategies. Currently, Ping An is focusing on cross-selling products to existing customers and centralizing its back office to drive growth. In 2011 cross-selling accounted for 42.9 percent of the new credit cards issued by Ping An Bank, 42.9 percent of new retail deposits at the bank and 63.3 percent of the assets raised by the first fund of Ping An’s investment management subsidiary, Ping An UOB Fund Management Co.
“我们已经为这种技术转变准备了好几年，”杨说。他表示，在决心扩大国内市场份额的同时，联想还将继续扩大其在新兴市场的个人电脑业务。根据研究公司国际数据公司(International Data Corp.)和公司内部数据，联想在新兴市场的市场份额去年上升了1.5个百分点，达到7.2%。如此大胆的策略让47岁的杨致远成为了分析师和投资者的宠儿。在2012年的全亚洲高管团队评选中，他被卖方分析师评为技术/硬件部门首席执行官第一名，被买方分析师评为第二名。这是该地区(日本除外)首席执行官、首席财务官、投资者关系团队和专业人士的第二份年度排名。像杨一样，全年亚洲行政团队的其他成员必须看起来越来越接近家庭，因为西部凹痕出口存在的问题。然而，他们在家里的竞争对手面临更激烈的竞争，因为来自地区内部的竞争对手 - 没有 - 寻求利用亚洲的活力。“在未来五年内，对外产品的依赖将逐步下降，亚洲经济将在中产阶级的成长随着中产阶级的成长，亚洲经济将依赖于该地区本身，”台北的花旗集团负责人经济学家郑成峰说。国际货币基金组织预测，发展亚洲今年将增长7.3％，远远超过全球平均水平3.5％，但从去年的7.8％下降。该地区最大经济体的增长预计2012年的速度将从2011年的9.2％放缓至8.2％，但其他国家可能做得更好，全球放缓。The IMF projects that Indonesia, Malaysia, the Philippines, Thailand and Vietnam will grow by 5.4 percent, on average, up from 4.5 percent in 2011. Investors should focus on the fact that the Philippines’ growth prospects are much brighter than those in the West, says David Nicol, CFO of Metro Pacific Investments Corp., a Manila-based infrastructure company that owns road, water and electric power companies and six hospitals. “The essence of what is different here is that the opportunity is still significant and unexplored,” says Nicol, voted best CFO in the Conglomerates segment by sell-side analysts. “The Philippines has historically underspent on infrastructure. It now finds itself at a point where Moody’s is disposed to favor the country. And we only pick the best projects.” Yet corruption and uneven economic development still pose significant business — and perception — risks in the archipelago nation of 103 million people. Some 40 percent of Metro Pacific’s investors come from abroad, mostly from Europe and the U.S., and investors often ask about the impact of presidential administration changes and the professionalism of local regulators, says Albert Pulido, head of investor relations for the company. “You don’t have to sell Germany or the U.K.,” says Pulido, who ties for the most sell-side votes for top IR manager in the Conglomerates segment. But, he notes, “here we have to sell the country. We try to be upbeat, yes, but also factual. You lay out the pitfalls, so [investors] don’t think you’re being overly optimistic.” Asia’s good economic health poses challenges as well as opportunities for many companies. Piyush Gupta, CEO of Singapore’s DBS Group Holdings, believes the region’s consumers will increasingly share the fruits of growth with producers. “Asia in the next ten or 20 years is going to be a lot different from the last 20,” says the 52-year-old CEO, ranked No. 3 in Banks by buy-side analysts. Gupta notes that most Asian banks have stronger capital and liquidity positions than their Western counterparts, which should help them win customers from retreating rivals. But he cautions that growth could bring problems if banks aren’t careful. “We need to become more thoughtful about which clients to bring on,” Gupta says. “What we don’t want are people who are being exited by other banks winding up with us, and we in turn wind up with an adverse selection of customers.” DBS has posted nine straight quarters of earnings growth, with more than 3 billion Singapore dollars ($2.34 billion) in net income for 2011 — the highest ever for a Singaporean bank — but it is taking nothing for granted. The bank now stress-tests its portfolio to guard against deterioration. Gupta also emphasizes DBS’s conservative approach to dealing with problem loans. Borrowers are still current on their payments on 37 percent of the loans that DBS classifies as nonperforming, which total 1.3 percent of its overall portfolio, and the bank holds loan-loss provisions equal to 128 percent of nonperformers. During the past decade Southeast Asian banks, on average, have classified 5 percent of their loans as nonperforming and maintained provisions equal to 56 percent of those, according to a study last April by the Bank for International Settlements. DBS has also recently improved its liquidity, with deposits growing almost twice as fast as loans in the first quarter of 2012. The bank has increased its income from wealth management, a relatively stable and low-risk business, by 66 percent during the past two years. Asian companies dependent on global markets are having to adjust quickly to today’s tough business climate. At Infosys, CEO Sarojini Shibulal found that some of the Bangalore, India–based software services provider’s offerings were becoming commoditized, while turmoil in the euro zone was hurting many of the group’s key customers in financial industries. In response, Shibulal, voted the No. 2 chief executive in the Technology/IT Services & Software segment by buy-side analysts and No. 3 by sell-side analysts, has shifted gears to focus more of the company’s efforts on high-margin work like IT consulting and less on such low-margin undertakings as application maintenance. “We are not able to differentiate in some parts of our business, and our clients are looking for higher and higher value,” says Shibulal, an Infosys co-founder who has spent more than 15 years abroad to learn what clients want. To meet the growing demand for increasingly sophisticated IT help, particularly among infrastructure and finance clients, Infosys increased its staff by 16 percent — fully 45,000 people — in 2011. “I’m not afraid of change,” Shibulal asserts. “I take risks.” Uncertainty has Lora Ho, CFO of Taiwan Semiconductor Manufacturing Co., spending much of her time analyzing all manner of variables that could impact use of its annual chip-manufacturing capacity of 13.2 million 8-inch equivalent wafers. The 57-year-old CFO, whom buy-side analysts voted No. 1 in Technology/Semiconductors, notes that the company’s products have both short life cycles and heavy capital needs. “You need to react very fast to environment changes,” she says. “If the timing window is wrong, it can be wrong for a long time.” Since Ho joined the chip maker, in 1999, it has compiled in-house forecasts every week — unusually frequent for the industry — which it then uses for quarterly investor guidance on orders, inventory and customer demand. Ho says Taiwan Semiconductor has since changed its forecasts only twice: in late 2008 and early 2009, in the midst of the severe global recession.
全亚洲行政团队的其他成员必须进行更大的调整。太平洋盆地运输，香港最大的干散货托运人，市场资本化63.1亿港元（81400万美元），我们试图通过持续出售许多船只来驾驶世界经济的低迷，曾经发货煤炭，粮食，金属和其他商品。现在，其210艘船船队的一半代替2007年之前拥有75％，太平洋盆地在2011年获得了3200万港元。这是较少数一年的69％，反映了全球经济疲软的影响，但安德鲁兄弟们，CFO自2003年以来，坚持不懈可能更糟。“我们幸运的是在全球金融危机之前出售大量船只，”澳大利多士在卖方分析师的交通队中最佳首席财务官投票最佳首席财务官。“现在我们希望将一些现金恢复到合适的时间购买船只。”全球贸易的放缓也影响了中国商人控股（国际）有限公司的国家控股公司和中国最大的公共集装箱港口运营商 - 近年来迅速扩大，成为世界上第四大港口运营商。但全球经济萧条导致2011年下半年跌倒的出货量，首席执行官胡建华说，第3号在交通局中，第3号。由于产能过剩，中国商人净利润汇在去年5.3％，即使收入攀升63％。 Hu, a former port engineering student in China who has worked for the Hong Kong–listed company since 2007 and led it since 2010, is responding by sharing resources across business units, expanding profitable ports and ensuring those operations are professionally managed. Other companies in the region find that advantages gained from strong government ties haven’t been enough to allay some investor concerns. Since opening its first casino in Macau in 2006, thanks to land and permits granted to it and just two other casino operators, Galaxy Entertainment Group’s revenues have gone straight up, from HK$13 billion in 2007 to HK$41 billion last year. In 2011, Galaxy opened a second, 550,000-square-meter (5.92 million-square-foot) casino and will add 450,000 more square meters to that by 2015. Even then Galaxy will still have 1 million square meters left to develop. “Macau is an oligopoly,” says CFO Robert Drake, a former investment banker with William Sword & Co., a New Jersey boutique. “We have very latent demand and very little supply.” Drake, ranked second-best CFO in the Gaming & Lodging segment by buy-side analysts, nonetheless says the company is considering diversifying into conventions. Currently, some 85 percent of its customers come from mainland China, Hong Kong and Taiwan, and some Western investors are nervous about Galaxy’s dependence on gaming. The CFO admits Western investors need to be “educated” about Macau’s potential. A similar desire to diversify has led Larsen & Toubro, the biggest construction and engineering company in India, to engage in foreign deal making, and not just in Asia. Its most recent transaction, the acquisition of U.K.-based Thalest in April for an undisclosed amount, will give L&T the capacity to make navigational and other control systems for naval and merchant ships. Thalest’s current customers include the Australian, British and U.S. navies. CFO R. Shankar Raman, who ties for No. 1 in Infrastructure, as voted by sell-side analysts, says the company is making these “conscious derisking” efforts to lessen its dependence on domestic markets. Even so, more than 90 percent of L&T’s business remains in India. And though Raman says many other Asian markets represent good opportunities, he expects stiff competition there. Also facing uncertainty is Ping An Insurance (Group) Co. of China. Thanks to favorable government policies and strong economic growth, the company has grown in the past decade from a small insurance carrier into a giant with assets of 2.3 trillion yuan ($364 billion) and more than ten subsidiaries involved in banking and investment services as well as insurance. Since he took the CFO job in 2010, Yao Bo notes, China has tightened monetary policy and regulations while the capital market has grown turbulent. The resulting “high need for flexibility,” says Yao, ranked top CFO in the Insurance segment by both the buy and sell sides, requires him to constantly test new strategies. Currently, Ping An is focusing on cross-selling products to existing customers and centralizing its back office to drive growth. In 2011 cross-selling accounted for 42.9 percent of the new credit cards issued by Ping An Bank, 42.9 percent of new retail deposits at the bank and 63.3 percent of the assets raised by the first fund of Ping An’s investment management subsidiary, Ping An UOB Fund Management Co.
令人印象深刻的，但是这样的数字可能是，他需要继续创新以继续追逐赛道，姚明承认。全年亚洲行政团队的其他成员毫无疑问对自己努力挖掘该地区强劲增长的努力感到同样。•