主持人：

        欧洲和美国人对竞争和公司规模持悲观态度，普遍认为公司规模大了不好。在中国，情况恰好相反，您能谈谈吗？

        宁高宁：

        China is still a relatively young economy. In most sectors, the size of business is still very fragmented. To put all these fragmented business, to consolidate them and to organize them into large scale companies still happens in investment model today. We don’t see too many of too big companies as monopolies. We experience in a lot of sectors that consolidation creates value. If you visit china today and drink a beer, you’ll find the beer quality is dramatically improved, only because there are merely four beer companies today. But, twenty years ago, there were 1,000 beer companies. Now there’s still competition. Today, we’re in agricultural service business. Again this sector is fragmented: the size of farms is small; service companies are very small; so is the case with research, efficiency and other different kinds of things. We need sizable companies. Until today, the sector reorganizes or consolidate into a few, not monopoly, maybe oligopolies type of business where two or three companies still compete. These sizable business provide support to research and development.

        中国依然是一个新兴经济体，很多行业结构很分散。目前，将分散的小企业整合成大企业仍然是投资模式的一种。大企业并没有形成垄断，很多行业整合反而创造了价值。现在你来中国喝啤酒，会发现啤酒质量大大提高了，因为中国现在只有四家啤酒商，但20年前却有1000多家。当然，竞争依然存在。在农业服务领域，存在行业很分散、农场小、服务公司小、研究水平低、效率低等诸多问题。直至今天，这个行业通过重组和整合形成了几家寡头企业，但不是垄断企业，这两三家企业仍在竞争。企业规模大，就可以为研发提供支持。

        主持人：

        过去几十年里，人人都希望公司规模越大越好。我们谈论全球化，到达沃斯来开会，希望能更加融和。您在北美收购了一家大公司，既然我们现在谈到了自由贸易，谈到了自由贸易在当前政治局势下给社会带来的影响，如果您从长远角度考虑公司规模，有没有改变您之前的看法？

        宁高宁：

        it is very much up to what kind of market you want to focus on. If you focus on more North American or European market, you have to have that scale to cover that scale. So I don’t think any investment from company like us are driven by scale in the very beginning. We’ll be driven by market, natural resources, technology, brand, management, competiveness and other things. So it is a business model, you have to operate if you want to survive even only in China, because China is market relatively open today and you face competition all the time. You can’t really build a company in relatively small territory to be able to survive globally. It is a natural process, you have to go soon.

        这取决于你想聚焦哪个市场，如果想聚焦北美或欧洲市场，公司就需要大规模。但对于我们而言，投资最初的驱动力绝不是追求规模，我们是为了市场、资源、技术、品牌、管理、竞争力这些因素。这是个商业模式，想要在中国市场生存，就要遵循这个模式，因为中国市场已经相对开放，竞争无时无刻不在。公司规模小，无法进入全球市场。这是个自然的发展历程。

        主持人：

        在现在这样的环境下，您还可能去美国收购公司吗？

        宁高宁：

        you know what’s happening today. So there will be less investment going abroad. I think the Chinese are getting quite confused. On their thought, they are welcome to invest in other countries, but now they realize they are not welcomed all the time. So that’s ok. Chinese economy built up in the last three or four decades by welcoming investment from all over the world, so they got a natural mentality that investment would be welcomed anywhere in the world. It may not be the case today that we can see. But it is much about globalization issue, there are a lot of things we can talk about. But today is a market issue.

        当前的形势你是知道的，所以海外投资会减少。我认为中国人现在有点困惑，过去他们认为去其他国家投资是受欢迎的，但现在意识到自己并不是一直受到欢迎。在过去三四十年，中国经济的发展建立在吸纳世界各国投资的基础上，所以中国人很自然地认为其他国家也同样欢迎投资。但目前看来情况并不是这样的。这是个全球化的问题，有很多内容值得探讨，但今天我们讨论的是市场问题。

        主持人：

        最后一个问题是关于管理，多大规模算合适，多大规模算大？

        宁高宁：

        I think Mr. Schwarzman figured it out completely already. I want to add one point from my own experience. Today company can be bigger and easier to be managed by using digital technology. For two reasons, one is data, information, communication and everything becomes so easy. So you do not have to have these conferences, meetings all the time. The top management of every company in China get the Wechat type of group. You can continue to 24 hours meeting every day and it never stops. Secondly, because of that technology, you can easily build the eco-system with more synergy. In the past we tried to focus on one business. Today we can go and explore the next value chain. Only because technology brings us there. In particular, Google is an example. all Chinese company like Alibaba, Tencent are very big. It is kind of organic growth in two different areas because of technology.

        我认为刚才苏世民先生对这个问题阐述得非常透彻。我从自身经验出发，再补充一点。现在可以运用数字技术，用更简单的方法管理更大的公司。有两个原因：第一，数据让信息和沟通变得非常便利，所以不需要一直开会，几乎所有中国企业的高管层都有微信群；第二，技术可以打造生态系统，推动协同。过去我们常专注某项业务，现在我们可以向产业链上下游延伸，这都得益于技术。谷歌就是个例子，阿里巴巴、腾讯这些中国企业规模也都很大。正是因为技术，促进了这些公司的有机生长。