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近两年来，我国电信行业发生了巨大变化，时下 流行的分拆、重组、整合等一系列词汇，对我们来说 已不再陌生。面对竞争日趋激烈的全球化经济，独特 的管理将是帮助企业脱颖而出的法宝。本期刊登的文 章，是由世界较有名望的麦肯锡中国公司提供（方柏 林翻译）的。事业要有大的发展企业必须要经过大的 变化，分离出来的企业走向大相径庭，虽有大量领先 者，但落伍者也不胜枚举。分离出来的企业到底应采 取哪种方式进行组织改造最为合适？最能给分离的母 公司和股东带来最大的收益？本文通过实例，分析了 那些国外公司在重组中组织挑战的应付策略，以及如 何最大限度地实现股东价值的有效办法。──编者
In the past two years, tremendous changes have taken place in China's telecom industry. Nowadays, a series of popular terms such as spin-off, reorganization and integration are no longer strangers to us. Faced with an increasingly competitive global economy, unique management will be a magic weapon to help businesses stand out. This issue of the article is provided by the more prestigious McKinsey & Company in China (translated by Fang Berlin). There must be big changes in the development of enterprises. Enterprises that are separated from each other are going very differently. Although there are a large number of leaders, those who are laggards can not but enumerate. In the end, what kind of method should be taken to reform the company? Most able to separate the parent company and shareholders bring the greatest benefits? Through examples, this paper analyzes the coping strategies of those foreign companies that organize challenges in reorganization and how to maximize the value of shareholders. ── Editor