Change Isn't Easy For Japan Inc.
日本电器巨头们亏损不断加大的消息没什么可奇怪的。要是低迷真能促使日本公司进行拖延已久的重组的话，倒是真的会令人意外。Getty Images日立在08年消费电子展上展出的超薄液晶电视目前已经发布预期的日本八大消费品和工业公司预计，截至3月份的当前财年总计亏损将超过240亿美元。松下电器(Panasonic)也位列其中，该公司周三发布业绩预警，称亏损可能达42亿美元。当然，它们可以怪罪于全球经济急剧下滑和日圆走强，但这些问题只不过是暴露出了日本公司的深层问题：笨拙的企业结构对日益商品化的产品线抱残守缺以及将问题推到将来解决的习惯。日立(Hitachi)目前拥有900家运营部门；公司表示，打算将这一数字减少到600家，以避免进一步亏损。平板电视是令日立大出血的主要部门。这个市场拥挤了众多品牌和低成本竞争对手。到今年3月，日立生产电视和电器的部门就将在四年内亏损将近35亿美元；但日立仍重申将致力于电视业务的发展。在NEC东芝(Toshiba)松下(Panasonic)或索尼(Sony)，上述问题同样明显，只不过对它们来说，问题部门是半导体或硬盘，而不是平板电视。尽管这些公司在重组时仍有足够资源东山再起，但这也越来越难让人感到轻松。评级机构已经下调了东芝的信用评级，并警告可能下调日立和NEC的评级。东芝第三财季的债务与股东权益比率已经飙升到了267%。高盛(Goldman Sachs)表示，东芝可能需要大规模发股融资，下一财年将到期的将近7.8亿美元债券是其中原因之一。日立公司也有11亿美元债券将于10月份到期，而旗下的芯片制造合资企业可能需要资金。这个合资企业是日立此前剥离亏损部门的结果，今年这家企业将耗费12亿美元。不要指望这些问题会促使日本公司锐意改革。对日本公司而言，变革不是件容易的事。公司管理人士不愿意放弃在他们前任手下运营失败的企业，股东也很少提出要求。虽然已经宣布裁员，但削减正式职位（而非临时工）在日本很难实施。日本政府也冒险提供救助，计划为公司提供没有附带苛刻条件的资金援助。这笔资金当然会发挥作用。但日本公司最不需要的就是维持现状的借口。James Simms相关阅读索尼沉疴难救治 2009-01-28日本考虑向企业提供公共资金 2009-01-28中国增长放缓在亚洲产生连锁反应 2009-01-23本田汽车减少日本国内汽车产量 2009-01-19 本文涉及股票或公司document.write (truthmeter('2009年02月05日10:57', '0992.HK'));联想集团有限公司（简称：联想集团）英文名称：Lenovo Group Ltd.总部地点：中国大陆上市地点：香港交易所股票代码：0992document.write (truthmeter('2009年02月05日10:57', 'HIT'));日立公司英文名称：Hitachi Ltd. (ADS)总部地点：日本上市地点：纽约证交所股票代码：HITdocument.write (truthmeter('2009年02月05日10:57', 'PC'));Panasonic Corp. (ads)总部地点：日本上市地点：纽约证交所股票代码：PCdocument.write (truthmeter('2009年02月05日10:57', 'PC'));Panasonic Corp. (ads)总部地点：日本上市地点：纽约证交所股票代码：PCdocument.write (truthmeter('2009年02月05日10:57', 'LNVGY'));Lenovo Group Ltd. (ads)总部地点：中国大陆上市地点：美国场外交易粉单市场(Pink Sheet)股票代码：LNVGYdocument.write (truthmeter('2009年02月05日10:57', '6752.TO'));松下电器产业公司英文名称：Panasonic Corp.总部地点：日本上市地点：东京证交所股票代码：6752document.write (truthmeter('2009年02月05日10:57', '6501.TO'));Hitachi Ltd.总部地点：日本上市地点：东京证交所股票代码：6501document.write (truthmeter('2009年02月05日10:57', '6502.TO'));东芝公司英文名称：Toshiba Corp.总部地点：日本上市地点：东京证交所股票代码：6502
Mounting losses at Japan's electronics conglomerates are hardly surprising. What would surprise is if their downturn inspired a long-overdue cleanup.The eight large consumer and industrial companies that have issued forecasts expect more than $24 billion in losses in the year ending in March. That includes Panasonic, which Wednesday warned it will lose as much as $4.2 billion.The slumping global economy and strong yen get blamed, but these are only exposing Japan Inc.'s ingrained flaws: unwieldy corporate structures, dogged loyalty to increasingly commoditized business lines and a history of punting problems into the future.Hitachi has 900 operating units, which it now says it will cut to 600 to stem its bleeding.A big money-loser at Hitachi is flat-panel televisions, a market crowded with both brand-name and low-cost rivals. By March, the unit that makes TVs and appliances will have lost nearly $3.5 billion over four years, but Hitachi just reiterated its commitment to the TV business.Swap the words flat-panel with semiconductor or hard disk-drive, and Hitachi with NEC, Toshiba, Panasonic or Sony, and the breadth of the problem is evident.That the companies still have resources to fall back on as they restructure offers dwindling comfort.Ratings firms have downgraded Toshiba's credit rating and warned they might do the same to Hitachi and NEC.At Toshiba, debt-to-equity skyrocketed to 267% in the fiscal third quarter. The company might need 'large-scale' equity financing, partly because of nearly $780 million in bonds due in the year ahead, Goldman Sachs says.At Hitachi, $1.1 billion in bonds will mature in October, while the company's chip-making joint venture may need funds.A result of previous efforts to offload a money-losing business, that venture will cost Hitachi $1.2 billion this year.Don't bet on any of this to inspire substantial reform. Change doesn't come easy to corporate Japan.Executives are reluctant to scuttle their predecessors' failed ventures, and shareholders make few demands.Job cuts have been announced, but cutting permanent positions, rather than temporary ones, is difficult to do in Japan.Japan's government, for its part, risks enabling the companies to muddle through with a plan to give them public funds without tough preconditions.The money, of course, will be useful. But what Japan Inc. doesn't need is an excuse to perpetuate the status quo.James Simms
Mounting losses at Japan's electronics conglomerates are hardly surprising. What would surprise is if their downturn inspired a long-overdue cleanup.The eight large consumer and industrial companies that have issued forecasts expect more than $24 billion in losses in the year ending in March. That includes Panasonic, which Wednesday warned it will lose as much as $4.2 billion.The slumping global economy and strong yen get blamed, but these are only exposing Japan Inc.'s ingrained flaws: unwieldy corporate structures, dogged loyalty to increasingly commoditized business lines and a history of punting problems into the future.Hitachi has 900 operating units, which it now says it will cut to 600 to stem its bleeding.A big money-loser at Hitachi is flat-panel televisions, a market crowded with both brand-name and low-cost rivals. By March, the unit that makes TVs and appliances will have lost nearly $3.5 billion over four years, but Hitachi just reiterated its commitment to the TV business.Swap the words flat-panel with semiconductor or hard disk-drive, and Hitachi with NEC, Toshiba, Panasonic or Sony, and the breadth of the problem is evident.That the companies still have resources to fall back on as they restructure offers dwindling comfort.Ratings firms have downgraded Toshiba's credit rating and warned they might do the same to Hitachi and NEC.At Toshiba, debt-to-equity skyrocketed to 267% in the fiscal third quarter. The company might need 'large-scale' equity financing, partly because of nearly $780 million in bonds due in the year ahead, Goldman Sachs says.At Hitachi, $1.1 billion in bonds will mature in October, while the company's chip-making joint venture may need funds.A result of previous efforts to offload a money-losing business, that venture will cost Hitachi $1.2 billion this year.Don't bet on any of this to inspire substantial reform. Change doesn't come easy to corporate Japan.Executives are reluctant to scuttle their predecessors' failed ventures, and shareholders make few demands.Job cuts have been announced, but cutting permanent positions, rather than temporary ones, is difficult to do in Japan.Japan's government, for its part, risks enabling the companies to muddle through with a plan to give them public funds without tough preconditions.The money, of course, will be useful. But what Japan Inc. doesn't need is an excuse to perpetuate the status quo.James Simms