After China joins World Trade Organization, foreign investment also began rapid growth.From $2700000000 in 2002 last year to increase to $16100000000.
From $2700000000 to $16100000000, this number is not surprising.What prompted the Chinese have so high investment growth?Chinese enterprises in the coming out process and what are the most worthy of study and explore the experience?How should undertake the strategy orientation and route choice?How to improve the efficiency and success rate of going out?
In “Chinese enterprises to go out” a series of reports of the two, this reporter interviewed the State Council Development Research Center of Foreign Economic Research Department Deputy Minister long Guoqiang and the national development and Reform Commission of Foreign Economic Research Institute, Zhang Yansheng, and our common concerns have been going out and coming out of China enterprises.
Going out is still at the experimental stage
Reporter: after China joins World Trade Organization, foreign investment also began rapid growth, rising from $2700000000 in 2002 to $16100000000 last year.Therefore, a lot of people think, the overseas investment of Chinese enterprises have entered the climax.The two of you agree or disagree with the opinion?
Long Guoqiang: can say, at present domestic and foreign environment are very supportive of Chinese enterprises to go out.But that doesn’t mean we have to “investment climax” stage.In the study, we found that, more and more enterprises begin to enhance awareness of investment, however, they present state are in the “test the water” stage, the real is not swim well.
Zhang Yansheng: China go situation, a bit like the 1979 at the beginning of reform and opening-up started investment stage, is in the exploration stage, test.For the growing Chinese transnational enterprise group, I think, this cannot be overestimated, but not overheated minds.
Reporter: in the Chinese enterprises in the process of globalization, Chinese enterprises to go out there and what the most worthy of study and explore the experience?
Long Guoqiang: enterprises go out just as in swimming, not to jump into the water, you will never learn.In recent years, Chinese enterprises to go out, despite many setbacks, but also gained a lot of experience.
A lot of enterprises by foreign investment enterprises in the global allocation of resources to expand the space, some resource enterprise has made the overseas resources development right, enhance the enterprise transnational management ability.
Some enterprises have gained international marketing channels.For example, TCL, through foreign investment, with the North American sales channels, more conducive to the development of enterprises.
Reporter: so, what enterprise of a few China into the global economy has been the most successful?Zhang Yansheng: in Chinese private enterprises active place, enterprise to go out of the pace is relatively fast, for example, Zhejiang, Fujian some enterprises, the production of products with comparative advantages, shoes, clothing, leather and so on, in Italy, France can be seen.
Secondly, is the strength of some state-owned enterprises, or after the restructuring of the joint-stock company, such as Haier, ZTE, Huawei and other well-known enterprises.They are around the world, Southeast Asia, Africa initiative, South Asia, Europe and the United States and other places can see their agents and distributors, some sales or even billions of dollars.They go out of the practice indicated that, China’s advantage is not only clothing, bags for this class of products.
Another is in our country at present a number of overseas project units, such as the construction enterprises such as the overseas project contracting, and banks of China in Africa, Latin America and other places to establish some new models, such as the Angola model, the Venezuelan mode, including in Algeria, $6500000000 in contracts, the more is the demand driven state part of the strategy, need to search the world for the sources of energy, resource supply, market development, for this, need policy banks and close coordination, cooperation between enterprises.
Cautious acquisitions “rotten apple”
Reporter: in Chinese enterprises foreign mergers and acquisitions, encountered a lot of failure.The current Chinese enterprises go out to face what difficulty and problem?What are the important lesson?Chinese enterprises have some common shortcomings and defects?How to improve?
Zhang Yansheng: the implementation of the strategy of going out of the difficult, first is the main overseas business management, financial management and risk management can realize internationalization.The second is whether talents localization, including domestic sent personnel to various treatment can localization.Once again, whether build in line with international standards of overseas state-owned assets as well as the internal management structure of the supervision system and mechanism.
In my opinion, to effectively solve the difficulty, also need a very long time, need a lot of Chinese enterprises in the practice gradually resolved.
Long Guoqiang: we discover when survey, a lot of foreign investment enterprises are lack of a research program.Some entrepreneurs with impulse, a racket head to investment, such investment has brought a lot of problems.
Chinese enterprises have not yet formed the full use of investment banking, consulting the agency to do a feasibility study habits.China’s enterprises must learn to make good use of crutches, in investment decision making process, mergers and acquisitions, understanding of each other, the experience of multinational corporations, global consulting experience, it is to spend money, but the money and the final loss ratio, or and obtained significant benefits ratio is very worth it.
Reporter: Chinese enterprises to go out, how should undertake the strategy orientation and route choice?How to improve the efficiency and success rate of going out?
Zhang Yansheng: the first is the enterprise cultural difficulties.Merger and acquisition is only obtained asset, realize Chinese enterprise culture and the local culture blend the more critical.Important is to integrate with each other, rather than being integrated.The 80′s of last century, Japan’s Toyota car company, American enterprise in mergers and acquisitions in the process, he encountered the nation, enterprise culture and local culture conflict.This point must pay attention.
Long Guoqiang: corporate mergers and acquisitions as acquisition of apple.A lot of enterprises through mergers and acquisitions to investment, merger and acquisition target is often encountered operating difficulties of enterprise.This is like buying to “rotten apple”, and the “rotten apple” to the relatively weak strength of enterprises, even rotten.
Therefore, the acquisition must grasp the opportunity, must advance through careful investigation and analysis.Domestic some enterprises overseas mergers and acquisitions, cling to low price, should take a sunset industry also acquired it, which is also how can continue to develop?
According to the investigation of many consulting firms, transnational merger and acquisition success rate is only about 30%.For example, recent Benz and Chrysler after 9 years of “marriage” and “divorce”, it did not put Chrysler integration, multinational experience less Chinese enterprise, integration of the challenge is more grim.