‘Superstars’: The dynamics of firms, sectors, and cities leading the global economy
“超级明星”：引领全球经济的公司、行业和城市的动态
Is there a superstar effect? McKinsey Global Institute research uncovers the dynamics of superstar firms, sectors, and cities in the global economy.
有超级明星效应吗？麦肯锡全球研究所（McKinsey Global Institute）的研究揭示了全球经济中巨星公司、行业和城市的动态。
There is much discussion about “superstar” firms and “superstar effects” in reaction to the rapid growth of very large global companies. This has been accompanied by a growing body of research examining various aspects and drivers of superstar effects in the economy. Yet questions remain, and much of the evidence is still inconclusive as well as incomplete. Our research aims to fill some of the empirical and data gaps, take a global perspective, and examine the issue beyond just firms.
关于“超级明星”公司和“超级明星效应”的讨论很多，这是为了应对全球非常大的公司的快速增长。与此同时，越来越多的研究机构开始研究经济中超级明星效应的各个方面和驱动因素。然而，问题依然存在，许多证据仍然没有定论，也不完整。我们的研究旨在填补一些经验和数据上的空白，从全球的角度出发，并不仅仅是从公司的角度来审视这个问题。
We assess the extent to which a superstar effect can be observed in the global economy in three arenas—firms, sectors, and cities—and inspect the dynamics, including churn and changing characteristics, in each of these arenas. We also examine what characteristics, similarities, differences, and linkages can be observed across firms, sectors, and cities and what economic effects and questions they raise for further research. At the same time, we draw some preliminary implications for leaders.
我们评估三个领域的公司、部门和城市在全球经济中可以观察到超级明星效应的程度，并检查每个领域的动态，包括客户流失和变化特征。我们还研究了企业、部门和城市之间可以观察到的特征、相似性、差异和联系，以及它们对进一步研究产生的经济影响和问题。同时，我们也对领导者提出了一些初步的启示。
We find superstars exist not only among firms but among sectors and cities as well, although the trend is most evident among cities and firms. Relative to peers, superstars share several common characteristics. In addition to capturing a greater share of income and pulling away from peers, superstars exhibit relatively higher levels of digitization; greater labor skill and innovation intensity; more connections to global flows of trade, finance, and services; and more intangible assets than do their peers. Yet there are some variations. We find a higher churn rate among superstar firms compared to cities, indicating higher levels of persistence among superstar cities.
我们发现，超级明星不仅存在于企业之间，而且存在于行业和城市之间，尽管这种趋势在城市和企业中最为明显。相对于同龄人，超级明星有几个共同的特点。除了获得更大的收入份额和远离同行外，超级明星还表现出相对更高的数字化水平；更高的劳动技能和创新强度；与全球贸易、金融和服务流动的联系；以及比同行更多的无形资产。但也有一些变化。我们发现，与城市相比，超级明星公司的流失率更高，表明超级明星城市的持续性更高。
1. We focus on economic profit for firms and extend our analysis to cities and sectors of economic activity
一。我们关注企业的经济利润，并将我们的分析扩展到城市和经济活动部门
Although a variety of definitions exist, we define superstar to mean a firm, sector, or city that has a substantially greater share of income than peers and is pulling away from those peers over time.
尽管存在各种各样的定义，但我们定义超级明星是指一个公司、部门或城市，其收入比同行大得多，并且随着时间的推移逐渐远离那些同行。