2005: Value conflicts between cross-country mergers and acquisitions
Wang Wei
In 2004, China's top ten M & A incidents actually had 7 pieces of multinational mergers and acquisitions! Just a few years ago, in the international stage, a silent Chinese entrepreneur suddenly worked, and several large acquisitions came to a global company giant. Huizhou's Human TCL Group has finally organized a series of mergers and acquisitions, and the two state-owned enterprises in Beijing and Shanghai are gaining vinegar, and the Lenovo Group sold by the computer is 20 years. In the package of the assets of the personal computer's nasali IBM, China Hanyan Group also organized the acquisition of the army to use nearly 60 million US dollars in cash to acquire world mining oligarchs. Western observers are surprisingly found that more and more Chinese companies are pointing them to petroleum, natural gas, coal mines, iron mines, steel mills, power generation companies, and various consumer product manufacturing industries. According to the statistics of the Ministry of Commerce, as of the end of 2003, China has accumulated $ 33 billion in more than 160 countries and regions, 7,477 companies. Although these sporadic mergers are still unspeakable in the global market, at least China's media and industry are excited to acquire adverse assets of multinational companies. Multinational mergers have become a topic of China and buy a world, in 2005, will provide a platform discussed and lost, or it may provide a sharp upgrade springboard.
Our question is that Chinese companies are really eligible to enter the M & A Olympics? How can the Global company go deep into our hinterland by mergers? How to lay out and how to get a recent M & A? What kind of value conflict will be formed in a row of multinational mergers? What challenges will national economic security and national risks? Perhaps we don't have enough lessons to answer, but cutting-edge observations and constant thinking will help to build the operational strategy of the Chinese company's mergers and acquisitions, which also help to grasp the different values of cross-country mergers and acquisitions.
Transnational mergers and acquisitions
Macroeconomic regulation has become the main melody of China 's economy in 2004. In just a short year, this "peaceful rise" is not exhausted, and the public opinion of "comprehensive overheating" has started, and for Chinese entrepreneur groups that have just been adapted to the entry of entry, sudden business cycles Some inexplicable. In the face of a series of tough landing measures such as China Silver Roots, Detects and Land Limits, Overseas Markets, which have high thresholds, have become a survival space that can be used by many business groups. Resources, energy, international brands, market channels, and any overseas acquisitions that can prevent anti-dumping means have become the preferred elected Chinese entrepreneurs, and the global chain has never been like today. It has been a guarantee for enterprise security or Mature sign. In particular, the large-scale state-owned enterprise group has obtained the guarantee of policy resources and systems in macro-regulation, the concentrated tilt of profits and the mission of protecting national economic security makes it impossible to expand, oil, natural gas, forest, all kinds of mineralization The support of the policy banks such as the acquisition goal, the huge national foreign exchange reserves and the national development banks make them more than the tiger. China's industrial integration market seems to have not been able to accommodate entrepreneurs' feelings, and there are strategic implementation of cross-country mergers and acquisitions in almost all industrial sectors. Even in the residential industry seems to be a regional industry that is inquiishing, there is actually a large government's large-scale enterprise to reach the residential community to develop into Russia.
The growth of China's economy has enabled industrial chains to launch in the global economy. Inadvertently, entrepreneurs' depends on industry clusters have greatly transcend all kinds of commercial barriers set by politicians. China's economic growth has driven trade, employment and economic recovery including the United States, Europe and Japan, which has promoted more and more trading partners to ignore the will of China and announced the acknowledgment of China's market economy status. Conversely, the economic index in the WTO includes more than 10,000 US dollars, more than 500 billion US dollars, the growth rate of more than 8% of the growth rate of more than 10 consecutive years, indeed enabled China to enter a big country with unprecedented global economy. . The enthusiasm of the development and transcendence of history is achieved in the M & A and sublimated in the transaction. In the past 80s, we also have the ability to wear overseas investment transnational mergers and acquisitions. Similarly, we will also face the bubbles of cross-country mergers and acquisitions?
In contrast to the vulnerability of the Chinese company, the global company of the truly Tibetan dragon is quietly entering the village. First, since the enomndate, the global company can finally get rid of the Chinese government's package office and free love, they acquire the original joint venture partner or re-select the collaborator to carry out a round of foreign-funded mergers and acquisitions; second, in order to obtain the WTO The high point and the detour enter the Chinese market. In the circulation industry, the media industry, the financial industry is equally acquired to enter the mainland; the third, the large-scale state-owned enterprises with government monopoly are firmly grasped China's resource industry and industry chain High-end, such as finance, telecommunications, oil, highways, urban infrastructure, etc .; the four, using macro-control opportunities to fill our empty block, such as steel, aluminum, chemical, etc., maybe in the future, we are us The most important ring in the industrial value chain. Cross-country mergers and acquisitions have never been two-way channels. When our entrepreneurs are eager to try their unfamiliar international stage, they need to be awake, and the true battlefield of cross-border mergers and acquisitions is in China. The biggest value of Chinese companies is to win in the local economy is the main battlefield of the global economy. No matter how it is, the loss will become a victory of the scene. Compared with Japan's overseas mergers and acquisition climax, we are still in the stage of travel, and we can't talk about the threat from Chinese companies. M & A
In the multinational mergers and acquisitions of Chinese companies and global companies, we have experienced the total number of mergers and acquisitions, and also witnessed the value conflicts of the economic connection. A few cases of trial.
Commercial value and mission mergers are commercial, whether it is based on reduced cost, expanding market share, improving corporate value or transfer manufacturing plant, and acquisition is based on value analysis, global mergers and acquisitions do not change this In principle, there is no flat color. The transnational M & A motives of Chinese companies have different motives, but if they are legal approval, they must be famous. M & A can make any reason that makes it easy for national approval officials, such as national security needs, filling technology (management, management, variety, etc.), establish a complete industrial chain and so on. Under the belief in the economic rise, China's large state-owned enterprise groups have attracted four sides of the global market. The strategy and implementation of the mergers and acquisitions have no effective market constraints, even if hundreds of millions of dollars have acquired only water, it is just the necessary tuition. The system of state-owned enterprises leads to business considerations of M & A behavior to make factors located in political mission, managers' performance and even asset transfer, this is an important reason.
The preferential foreign policy of foreign concessions and domestic exports is always based on the inherent principles using open promotion reform, and failed to consider the development of China's economic growth from capital hunger and thirst to such environmental changes. In the M & A market, international capital still gains the government's preferences and special support. In terms of non-performing assets, state-owned enterprises transfer, property rights trading bidding, industrial opening and other areas, priority considering foreign capital, especially global 500 companies have become the hidden rules of officials at all levels. The author emphasized that local governments and departments and global companies have become a serious problem that disrupts the interests of the Chinese market process to prevent local enterprises. This is also a major reason for local enterprises to change into overseas transformation. If our preferential policies are inserted out of their own sons, can you expect foreign women to hunt?
Industrial value chain and individuals breakthrough in the global environment of the globalization is the competition of industrial value chains. It is a number of similar industrial cluster divided markets and established oligarch structures. As the design and continuous improvement of industry leaders, the design and continuous improvement of strategic positioning, product and services, manufacturing methods, marketing, value-added services, brands, upstream and downstream enterprises, resource outsourcing, industrial dependence, etc. Almost all matching factors, through the world M & A transactions to integrate industrial value chains. Our company is still killing the blood road singles, in accordance with its own industrial path and policy limitations to fill the task, brand, sales network, patented technology or financing pathway for the industrial system for self-centers in overseas industries. The special indicators become the direct motivation of our mergers and acquisitions. Short-term satisfaction often leads to path-dependent and long-term patch strategies, and constantly M & A transactions kidnapped themselves to form a rush downhill, it is difficult to extricate. The difference in corporate governance concept Global companies seek long-term industrial leadership and market influence, and we must coordinate corporate development and environmental development. Especially pay attention to local culture and employee interests in multinational investment. The connotation of corporate governance has also expanded the shareholders of shareholders and managers to stakeholders. The urgent job of Chinese companies in cross-country mergers and acquisitions tend to be closely related to their local development environment, and the legal awareness is weak, the authority of the manager, the capital operation is prejudice, the decision path, etc. have become huge business disorders. In particular, it is often improving the local market structure and leading to the rebound of the local market structure, and the Spanish burning shoes, Brazil strikes, Korean demonstrations will continue. We have a reason to set up, if it is not adjusted on corporate governance, similar to China Wenzhou Fry Group's malignant impact in the local residential market will be replicated in various industries or regions of the global economy.
Economic security and governance
Comprehensive access to the WTO will be achieved, and cross-border mergers will also form a short-selling potential between Chinese companies and global companies. In the past three years, we have experienced the impact of trade and open and firmly stand in the world with the identity of the Global Trade Giants. In the open era of the capital, do we have the same confidence and abilities? This depends on a variety of factors, at the same time, the overall marketization of China's enterprises, the fundamental factors such as core competitiveness, and the government regulation and governance ability is undoubtedly critical. As a merger industry, we pay attention to these changes in 2005:
1. Anti-monopoly law to absorb folk wisdom. The industry is thousands of waves for nearly ten years, and the anti-monopoly law is finally expected.
. Today, the size of the M & A scale and the industrial correlation is so huge, the larger M & A transactions are hundreds of billions of dollars and more than a large number of national economic outputs in developing countries, and the overall eliminates one or two strategic industries. Global M & A is no longer limited to business and law, but is directly related to the major strategies of industrial pattern change, social structure change, geopoliticality and even national economic security. The development of China's anti-monopoly law should exceed the benefits of departmental interests and government interests, and the views of the industry and the people are widely sought, absorb folk wisdom, avoiding the inertia of the government policy closed the door, providing a scientific development concept for the Chinese business community. Legal spirit text.
2. Structural Adjustment in China 's Capital Market. More than ten years of capital markets have created a strong power to China's economy. Under the support of the increasingly mature Chinese industrial system and enterprise groups, the capital market should have conditions to adjust their structure. Let 1400 listed companies that cannot fully circulate continue to high hemiplete, this market is a market that is paralyzed by blood transfusion to maintain life. It has been situated for many years. We look forward to the consist of the intention of enjoying superiority, and can be worked on earth, even if it fails, there is also a failure. The Chinese real life economy has long been unable to be fragile and sensitive in the imagination. Instead of making the global company's low-cost sweeping, why, the local investigates enjoy the last dinner of some market transitions.
3. The establishment of the National Economic Security Advisory Committee. The author called for many years, hoping that the Government should prepare for international experience to build agencies related to national economic security matters. In the process of rapid transition, our industrial planning department lost reliance with the dismisions of the traditional management ministries, and Chinese companies have no ability to form civilian industrial coordination agencies such as associations. In the face of such a huge economic market, our long-term strategy is often based on the analysis data and recommendations provided by the global company. In huge multinational mergers and acquisitions, the financial advisers of state-owned enterprises, investment banks, lawyers, accounting and assessments are also limited to global minorities. Task, our relying on intermediaries have a few decades of cooperation with our global competitors, thousands of flesh and blood! In addition, Chinese companies should pay attention to the attention of large-scale projects and M & A goals at home and abroad. 4. The Formation of China 's Overseas Investment Support System. Social hostility, legal conflict, regime changes, and commercial cultures, asset deprivation, corporate damage, strike, business discrimination, employee kidnapping, and even company expelled, national risks, national risks should become Chinese government and businesses Important concerns in the process of cross-country mergers or acquisitions or overseas investment. The US and Japan have established a government security system in overseas investment in the internationalization of corporate internationalization in the 1950s, and has effectively supported the global operation of their own enterprises. The Chinese government has conditional adjustment of government service functions for foreign-related sectors and overseas institutions, providing information, market coordination, investment guarantee, acquisition credit coordination, business support and even diplomatic assistance, etc.
China's economic security is based on adhering to globalization and marketization. It is built in an environment in cooperating with global companies. It is also based on Chinese entrepreneurs (including state-owned and private) to persist in innovation, through restructuring, merge And the efforts of industrial integration continue to improve the core competitiveness to establish a large industry in which the local industrial value chain of globally. The Chinese government uses the scientific development concept to adjust government functions, to create a stable standardized environment of Chinese entrepreneurs, effectively support entrepreneurial innovation and development in the domestic and foreign markets, and the author's opinion is a responsible government. It reflects the ability to govern.
2004-12-17
[reference]
In 2004, China's top ten M & A incident was selected:
Rank
In 2004, the top ten pauses in China
1
British HSBC
2
Lenovo Group acquires IBM's PC business
3
AB, SAB to buy Harbin Beer
4
SAIC Group acquires South Korea Shuanglong
5
Reorganization of Harbin Group and Harbin
6
Chaotian Beer and Ito Zhongchamber Society
Seduce
Huayuan Group acquired Beijing Medical Group, Lu Anti-Group
8
Bailian Group's listed company integration
9
CITIC Securities, Jihe Company disposes Guangfa Securities
10
Amazon 75 million US dollars acquired excellence
The 5th session of the Global M & A Research Center, the World Economic and Political Institute of the Chinese Academy of Social Sciences, hosted by the National Industry and Commerce M & A, and China M & A Trading Network.
Original address
http://www.blogchina.com/new/display/62467.html
