Enter 2012, from Shandong heavy industries acquired Italy luxury yacht manufacturer, to buy world of concrete engineering machinery Sany first brand Putzmeister Ltd, and then to the national grid to buy the Portugal national energy company 25% shares, frequently staged m drama heralded enterprises in the overseas investment will another wave.
A few years ago from a few enterprises throw a stone to clear the road, now beginning to take shape of the" going out" collective choice in China, the internationalization of capital in a zigzag achieved good results. But at the same time, the high rate of failure and loss of frequent also exposed enterprises in the overseas investment of talent shortage, lack of risk prevention and control ability of multiple short board.
An interview with some members said, Chinese enterprises "going out" in a more clear and comprehensive strategy system, which requires both related to the further improvement of legislation, service support system is perfect, also need financing policies to escort the emperor convoy.
Merger
Another wave of overseas investment in China
The famous venture capital and private equity research branch of the research center data show,2011, Chinese enterprises overseas mergers and acquisitions were completed by110, compared with 2010growth of 93%; disclosure of merger and acquisition amount reachs 28099000000 dollar, grow 112.9% compared to the same period.
From the Ministry of Commerce statistics, as of the end of 2011, China's domestic investors in the global178 countries and regions set up foreign direct investment enterprises1.8, accumulative total realizes non-financial outward direct investment of $322000000000.
A surge in the number of the at the same time, the overseas investment of Chinese enterprises in recent years in the region, to the investment fields also appeared in structural change. From the regional perspective, the European sovereign debt crisis in Europe relative assets shrink, European capital of China 's strong demand, go up objectively to the European investment surge. " If you find this year the overseas investment of Chinese enterprises key words, it must be locked ' Europe '." A personage inside course of study points out.
Private equity investment fund Asia-Europe joint capital group recently released report shows, Europe has become China's largest overseas investment market. China to Europe from the investment of $4100000000 in 2010, increased to $10400000000 in 2011, the EU investment in China of all foreign investment in the proportion increased from 10% in 2010 to34% in 2011.
At the same time, the Chinese enterprises overseas investment field is more extensive, the energy acquisition target interest continued at the same time, the industrial, consumer goods, high-tech kind of interest are also on the rise. In the domestic industrial structure adjustment, the upgrading of consumption pull background, Chinese Enterprises Outbound mergers and acquisitions have gradually shifted from resources technology and brand, for the introduction of new technology or industry chain supplement. PwC data shows,2010 industrial products and consumer goods for Chinese overseas mergers and acquisitions of overseas mergers and acquisitions in 22%, rose to 35% in 2011.
In early 2011, China chemical industry group and the enterprise M akhteshim A Gan Industries Israel signed an agreement, to pay $2400000000 for a 60% stake, thus the crop protection technology in the domestic application;2011May, Fosun Group and the Greek fashion brand Folli Follie signed a memorandum of cooperation, to84588000 euros to buy9.5% of its equity;2011August, bright the group 's acquisition of M anassenFoods brand food company75% company.
Expert analysis, the international financial crisis, the world political and economic pattern is facing a profound adjustment. The global industrial structure upgrades pace is accelerated, the industrial revolution is pregnant, the transnational operation of Chinese enterprises a willingness and ability to rise ceaselessly, foreign investment and cooperation of the exterior development opportunity is ceaseless grow in quantity, internal conditions is increasingly complete. Development of the world economy, the international industry restructuring, China's enterprises to "go abroad" to create a favorable external environment. Chinese enterprises "going out" the pace will be faster.
Risk
The project reported losses exposure overseas investment multiple short board
China overseas investment transaction quantity and transaction amount to maintain significant growth, but notable is, Chinese enterprises overseas investment failure rate has been very high. This shows that the risk of overseas investment is huge, but also exposed the Chinese enterprises "going out" in the risk prevention, training, cultural communication, there are still many short board.
China Institute of international studies, the researcher Hua Liming said recently, since 2004China has a total of14 enterprises in overseas large losses,14 projects accumulated losses amounted to 95050000000 yuan. And this is just the tip of the iceberg, Chinese foreign investment real risks than are now exposed to much.
The eleven CPPCC session of five conference spokesman Zhao Qizheng said on March 2nd, Chinese enterprises "going out" although has been very successful examples, but on the whole, is still in the initial stage, because enterprises on the international market is also a lack of deep understanding and comprehensive grasp, to the international practice, common rules are not familiar with, is not very good with the local public diplomacy.
The Party Central in submitted to congress speech said, China's enterprises in the foreign investment strategy, tactics and techniques, have a lot of work to do. In recent years, some domestic enterprises to overseas investment enthusiasm rising, but if the strategy properly, whether overseas investment or internationalization will encounter obstacles.
" Overseas investment opportunities, but also contains a huge risk and challenge, and if we prevent and respond properly, will be in the overseas investment projects beginning to bury next hidden trouble, eventually leading to overseas investment increasing, the bigger loss." A member of the CPPCC National Committee, Council Chairman Wan Jifei said, in recent years, our country enterprise to invest in overseas frequently reported losses, have more very person loss high amounts to tens of billions of renminbi.
Wan Jifei said the analysis, the main reason for the failure of investment lies in: first, investment decision-making error, fail to adequately consider the United States sub-loan crisis of the international economic situation change; second, process control, overseas investment beyond business ability boundary, finally only to compensate for the overseas domestic earning assets loss; third, supervision, decision question the responsibility loss; fourth, investment dispute settlement mode selection is improper; fifth, poor management and existing problems such as cultural differences.
A member of the CPPCC National Committee, the Ministry of Commerce of former Minister of assistant in the Yellow Sea on" Economic Information Daily" reporters" go" it is certainly a big direction, now the overall trend is good, but it in three aspects: firstly, and a missing is the overseas investment of Chinese enterprises in the scope is quite narrow, still is resource the sources of energy and financial, and these areas are often faced with many foreign limitation, some domestic enterprises will suffer great frustration. In addition, now China can adapt to the international management talent is still relatively small, this poses management problems. Finally, the Chinese enterprises "going out" process often to social responsibility concern degree insufficient.
It is understood, politics, economy, culture, environment and management and other areas of difference is in recent years the overseas investment of Chinese enterprises in the process of becoming more and more an important obstacle.
Branch of the Research Center for enterprise M & A analyst Chen Congwei attention, she says to the reporter, national language and culture barriers between, often make Chinese enterprises to foreign enterprises, government and media, correct and effective communication, which lead to the acquisition process is complicated, eventually led to the domestic enterprises to be frustrated. While even the success of mergers and acquisitions, language and cultural differences may also for the future establishment of a national employees of international business challenge.
Suggestion
Constructing the system of overseas investment strategy
An interview with some members said, enterprises "going out" in a more clear and comprehensive strategy system, which requires both related to the further improvement of legislation, service support system is perfect, also need financing policies to escort the emperor convoy.
The National People's Congress, Fosun Group Chairman Guo Guangchang said, in the overseas investment of China's enterprises in the process, various types of" the climate does not suit one." the bottleneck has appeared. At present, Chinese enterprises overseas investment challenges mainly lies in the choice of industry, talent reserves, brand identity, credit support, overseas communication etc.. Enterprises in the play to their initiative to overcome the difficulty at the same time, also need a country at the strategic level for enterprise overseas investment provides important guidance.
With the domestic investment experience, overseas investment itself is faced with a series of unique risks, including political risk, market risk, exchange rate risk, legal risk, commodity price shocks, exchange rate fluctuations, the sovereign debt crisis and regional conflicts, political situation is queasy intertwined, together with part of state enterprises in China Trade and investment protectionism is rising, which increased our country enterprise foreign investment and overseas business risk. Therefore, in the aspect of legislation for the enterprises "going out " to escort the Emperor convoy becomes extremely urgent.
The China Democratic National Construction Association in the submission of the" guide to encourage private enterprises" going out "strategy" is mentioned, China's foreign direct investment is not currently a programmatic, authoritative law, laws and regulations of the sound is difficult to adapt to the current development of overseas investment requirements, and become China's foreign direct investment in a healthy and orderly development. Restricting factors.
Wan Jifei also said, Chinese foreign investment laws of many, but at present foreign investment law terms such as", should be considered in the development of Chinese Foreign Investment Law" and related laws and regulations, overseas investment project approval, supervision, insurance, dispute resolution and other normative, protect and promote the healthy development of overseas investment.
In addition, talent training, investment information, assessment consulting, legal consultant, risk control, social service support system is not perfect, financing difficulty is restricting Chinese enterprises especially the private enterprises "going out " of the main factors.
Have suggested that, should further improve the policy service system, increase policy to support strength, on the basis of existing system innovation and tax system, through fiscal policy adjustment, strengthen enterprise financial strength, innovative financial service system, improve the policy financial institution on enterprises "going out" service, perfect enterprise "go" the credit guarantee system.
Wan Jifei thinks, this policy system should include risk early warning mechanism and the investment coordination mechanism. One should give full play to the government, business association, the establishment of overseas investment risk early warning mechanism. Monitoring and forecasting of overseas investment risk, risk analysis, alarm, control, treatment, to the enterprise timely guidance, in order to minimize risk. Two is the construction management and supervision, including service promotion and risk protection of overseas investment, coordination mechanism. As bilateral, multilateral and signed international agreements on investment protection, to submit the dispute to the arbitration agency for arbitration parties, in order to guarantee the safety and avoid the loss of overseas investment; to encourage the establishment of overseas investment insurance system, make full use of Chinese export credit insurance platform, solving the foreign investment financing problems, reduce the risk of overseas investment.
A member of the CPPCC National Committee, the State Council Development Research Center researcher Zhang Xiaoji on" economic reference Daily News" reporter said, the government and the society should be for the enterprise to create a relaxed atmosphere," to allow business failure, after all, not ever-victorious general." On the basis of this, the government should do everything in one's power to provide information, make some encouraging policies, and financing support.
