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中国高翻团队倾力之作

全文字数：1487字

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上期翻译答案

His critiquestems froman inherent feature in the technology: such neural networks are generally not interpretable, meaning human researchers cannot get access to the reasoning （a model uses） to solve a problem.

他的批评源于该技术的一个固有特征：这种神经网络通常是不可解释的，这意味着人类研究员无法获得用于解决问题的模型的内在机理。

1.critique: a detailed explanation of the problems of something such as a set of political ideas

《本期内容》

双语阅读

When capital is cheap, companiesoverdoit on M&A. Too many CEOs have fallen into the comfort zone of strategizing with bankers and external advisors, neglecting to build their internal capacity for innovation. Avoiding this trap requires a wholesale reinvention of a company’s governance, the goal of which is an integrated, internal innovation strategy where top-down and bottom-up innovation support one another.

当资本成本较低时，企业会大举进行收并购。很多企业的首席执行官掉入了与银行家和外部顾问制定的战略舒适区中，忽略了建立他们自身内部的创新力。避免这一陷阱需要对公司治理进行全面的重塑，其目标是形成整合的内部创新战略，自上而下和自下而上的创新可以形成相互支持。

For more than a decade, unprecedented amounts of cheap money have encouraged companies tooutsourceinnovation through M&A. In particular, leadership loses interest in internal innovation when interest rates are low because cheap money creates the illusion that acquisitions are easy. When funding is plentiful, executives can readily execute and justify deals, so they pour all their energy into buying companies instead of empowering internal R&D. But the more a company ignores internal innovation, the more aggressively it must acquire.

十多年前，前所未有的大量成本低廉的资金推动企业通过收并购的方式获取外部创新资源。当利率处于低点时，领导们尤其对创新丧失兴趣，因为成本低廉的资金会给人造成收购很容易的错觉。当资金充足时，高管们可以很容易地进行决策，也很容易证明交易的合理性，因此他们将所有的精力都投入到收购公司上，而不是批准内部研发。但一家公司越是忽视内部创新，它就必须越积极地进行收购。

As it buys more and more outside firms to boost its own innovative capacity, it simultaneously struggles to retain key R&D talent because its internal culture is no longer sufficiently supportive of innovation. I call this the financial control trap because itcedesinnovation to financial deal-making.

随着这些公司越来越多地通过外部收购来提高自身创新能力，它也在努力留住关键的研发人才，因为它的内部文化不再足够支持创新。我将其称为金融控制陷阱，因为它使创新让位给金融交易。

Even inflush times, this cycle eventually risks the company’s failure altogether, as time and money get spent without sustainably generating any new innovations. Now, as the era of low interest rates and cheap money ends, many companies urgently need a new approach to strategic governance.

即使是在鼎盛时期，这种循环最终也会让公司面临彻底失败的风险，因为时间和金钱都被大量消耗，但没有持续产生任何新的创新。现在，随着低利率和低资金成本时代的结束，很多公司迫切需要一种新的战略治理方法。

To escape the trap, companies must replace the top-down approach of M&A with a more inclusive and bottom-up approach to innovation. While M&A seems like a cheap way to become more innovative, the most important information for innovation comes from inside the firm — from those close to customers, clients, suppliers, and technologies. For that reason, effective innovation strategy is inclusive and bottom-up. The financial control trap ignores that truth; and by seeking innovation outside the firm, it weakens internal capabilities.

为了逃出这个陷阱，企业必须把自上而下的收并购换成更具包容性的自下而上的方法进行创新。 翻译划线句，长按文末小程序码打卡，答案下期公布~因此，有效的创新战略是具有包容性和自下而上的。财务控制陷阱忽视了这一事实；通过寻求公司外部的创新，它削弱了内部能力。

本文节选自：Harvard Business Review（哈佛商业评论）

发布时间：2022.9.21

作者：Bijan Khezri

原文标题：The Perils of Innovation by Acquisition

词汇积累

1.overdo

/ˌəʊvəˈduː/

vt.把……做得过分；使过于疲劳；对……表演过火；夸张

2. outsource

/ˌaʊtˈsɔːs/

vt.把……外包

3.cede

/siːd/

vt.放弃；割让（领土）

词组搭配

1.flush times 繁荣时期、鼎盛时期

写作句总结

To escape the trap, companies must replace the top-down approach of M&A with a more inclusive and bottom-up approach to innovation.

结构: To escape the trap, companies must replace … with a more inclusive and bottom-up approach to innovation.

为了逃出这个陷阱，企业必须把…换成更具包容性的自下而上的方法进行创新。

例句: To escape the trap, companies must replace the corporate governance mechanisms with a more inclusive and bottom-up approach to innovation.

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