译文（字数 4350）：

新兴巨头如何占据世界

新兴市场的许多商业巨头如今面临一个出乎意料的威胁：企业的迅猛壮大曾令它们赢得市场地位，但是在其所属行业成熟或是所在的区域市场经历像中国和印度那样的经济降温时，企业的快速发展就变得难以为继。

　　发展中国家的企业通常会过度注重增长，这导致它们在创新、运营及品牌管理等方面投入不足。因此，当经济增速放缓，来自跨国企业的竞争升级，这些年收益达数十亿的企业并没有准备好应对新的竞争环境。在放缓的经济环境下想继续盈利，就需要保持效率并获得新的市场竞争优势，但它们缺乏实现这一切所需的管理工具和对应的公司架构。因此，一些曾经高速增长的企业，比如汽车制造商比亚迪和奇瑞，都经历了硬着陆。

重要的是，新兴市场企业的下一代接班人需要意识到这个教训，并在初创期就开始培养企业这方面的能力——甚至在早期争夺市场机会时就要这么做。中国有两家公司做到了这点，一个是长城汽车——从籍籍无名一跃成为中国最成功的车企之一。另一个是家电制造商海尔，它花了30年时间，通过改革从一个制造低质量冰箱的本土企业，变成一个世界级的竞争者。

新兴市场的企业必须调整战略，注重培养能力，否则，它们注定要步奇瑞和比亚迪的后尘，被所在行业其他企业超越。

外文原文（字符数 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.