譯文（字數 4350）：

新興巨頭如何占據世界

新興市場的許多商業巨頭如今面臨一個出乎意料的威脅：企業的迅猛壯大曾令它們贏得市場地位，但是在其所屬行業成熟或是所在的區域市場經歷像中國和印度那樣的經濟降溫時，企業的快速發展就變得難以為繼。

　　發展中國家的企業通常會過度注重增長，這導致它們在創新、運營及品牌管理等方面投入不足。因此，當經濟增速放緩，來自跨國企業的競爭升級，這些年收益達數十億的企業并沒有準備好應對新的競爭環境。在放緩的經濟環境下想繼續盈利，就需要保持效率并獲得新的市場競爭優勢，但它們缺乏實現這一切所需的管理工具和對應的公司架構。因此，一些曾經高速增長的企業，比如汽車制造商比亞迪和奇瑞，都經歷了硬著陸。

重要的是，新興市場企業的下一代接班人需要意識到這個教訓，并在初創期就開始培養企業這方面的能力——甚至在早期爭奪市場機會時就要這么做。中國有兩家公司做到了這點，一個是長城汽車——從籍籍無名一躍成為中國最成功的車企之一。另一個是家電制造商海爾，它花了30年時間，通過改革從一個制造低質量冰箱的本土企業，變成一個世界級的競爭者。

新興市場的企業必須調整戰略，注重培養能力，否則，它們注定要步奇瑞和比亞迪的后塵，被所在行業其他企業超越。

外文原文（字符數 12790）：

How Emerging  Giants  Can Take on the World

Many of today’s emerging giants face an existential threat they didn’t see coming: The headlong growth that put them on the map isn’t enough to sustain them when their industries mature or their geographic markets experience the kind of cool down that’s occurring right now in China and India. Companies in developing countries are often so focused on chasing growth that they fail to invest in improving their capabilities in areas such as innovation, operations, and brand management. So even if they have enormous reach and revenues in the billions, they’re unprepared when growth slows and competition from increasingly savvy developed-world multinationals   intensifes. They lack the tools—and the structure—to remain proftable in a slower economic environment by becoming efficient and gaining competitive advantage in new markets. Some, including the once high-fLying Chinese automakers BYD and Chery, have landed hard. It’s critical that the next generation of emerging-market corporations heed this lesson and develop enterprise capabilities from the very beginning—even as they battle for early advantage by seizing nascent business opportunities. Great Wall, which has seemingly emerged from nowhere to become one of China’s most successful automakers, and the appliance maker Haier, which in 30 years trans-formed itself from a local manufacturer of poor-quality refrigerators into a world class  competitor, have achieved this ambidexterity .Unless emerging- market companies can become capabilities-driven, they’re doomed to follow BYD and Chery —and may eventually fall victim to a shakeout in their industries.