What morals? China buying donkeys in Africa are objections

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Since time immemorial, long afraid to dream at night, strangers outside the Festival, cooked duck is afraid of flying.

This time, Germany two days before the sudden withdrawal of German enterprises have been issued to Chinese approval of the acquisition, caused an uproar, officials gave only a vague reason. However upright German media hand, withdrawing behind the "black hand" is the United States.

　　"Black hand"

According to German media reports, Germany Government to withdraw the proposed takeovers Aixtron's approval comes from the United States, United States using Aixtron equipment, China has expressed concerns for nuclear plans to manufacture chips: United States intelligence warns Germany Government, China will have Germany semiconductor chip maker Aixtron, which would give China a technology can be used for security purposes.

Oceans apart, security interference in Economic Affairs, United States is not the first time, they will not be the last time.

Shock at home and abroad last year LED takeovers in the Netherlands owned by Royal Philips Lumileds case, because United States obstruct stillborn. Said Netherlands Royal Philips company was founded more than 100 years ago in Netherlands, 11 years ago, it bought United States lighting manufacturer Lumileds Corporation. Last year, Philips Lumileds to slim sold, although with funding in hand, but the end result of United States on national security grounds is smothered. Netherlands company to buy it without pressure, the Chinese bid on national security, one of the trails we don't understand?

It is funny, and recently even enterprises buying donkeys in Africa there are people who can't bear to watch. Not long ago, CNN published an article entitled "Why buy donkey all over China," the article, the paper quoted a study on non-expert, suggest: demand too much in China, African countries should make good pipe, or resources will be exhausted. In this regard, I looked online only because "eating fire," and helpless reply.

The other side, in May this year, is the United States think tank Brookings Institute of China and US-China relations expert Dawei·daolaer said: the United States must be carrot and urged greater openness in China. If China can further open up the better. Because only in this way, international mergers and acquisitions in the best market conditions in the most effective manner. In some cases, the Chinese company acquisition United States companies. But in most cases, the merger is mainly carried out by those who want the Chinese business of United States companies.

Comics

　　"The reason"

International mergers and acquisitions should be a win-win thing with the host country, who want to "in the best market conditions in the most efficient manner", but one is takeovers in the strengthened review, argues that the Chinese market is not open on the other side, constantly urged China to open markets on various occasions even greater military transparency. Tell you they have no double standards, do you believe it?

In fact, in recent years, not only the United States, Western countries a review of Chinese are gradually strengthened. According to the United Kingdom by the financial times recently reported that Western resentment of the Chinese continue to intensify. Since the middle of 2015, totaling almost $ 40 billion of capital acquisition plan overwhelmingly rejected, equivalent to 14% of all the transactions announced during the past 16 months.

Both rejected due to interference, or independent rejected, reason is competition or security issues, which for security reasons was Chinese irresistible old terrier. Manpower and resources, not to mention the cost of all Boondoggle, to pay sky-high reverse breakup fee to the acquiree. Sister had visited the island out to sea failed did not take long for the enterprise, the people initially soft-spoken, but when it comes to merger was rejected on national security grounds, loss of dignity, even the table three times, hate still resounds.

Chinese acquisitions abroad is frustrated, demanding cooked duck ready to fly, and who is to blame?

And gallop over the years compared to American and European countries in the field of international investment, China is still young and inexperienced, also experienced by others in the international arena increasingly used and accepted process. The current global economic recovery is slow Western trade protectionism, but this process would be longer and more difficult.

Meanwhile, as China after the United States, the world's second-largest economy, strengthening national power, challenging the traditional hegemony in the eyes of nature. Think back to the end of 19th century, United States entered a period of rapid industrialization, increase in strength, gross domestic product ranks first in the world, "United States threat" appears to Europeans even called on to deal with the "United States evils". Working has become a conservative hegemony, grow ever more wary and fear, fear that with the expansion of economic influence of China, have more political clout. And as national security reasons for rejection is not only easy to force majeure factors, more perfect fig leaf of undermining free trade, although the end could only lead to a lose/lose.

Of course, it's also about a key phenomenon. Ago, in China and globalization think tank (CCG) the seminar, former Vice Minister of foreign trade and economic cooperation, Long Yongtu, China's Chief WTO negotiator, said in the current global system, in many areas there are no rules, only precedents, theory, no clear rules, such as investment. Therefore, States often occurs for a variety of reasons impeding foreign investment. Therefore, the Hangzhou G20 G20 global guiding principles is invaluable.

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　　Self-examination

Of course, we had to confront the problems of its own. Chinese overseas mergers in recent years is the violent, radishes must wash the mud faster. China's Ministry of Commerce figures show that the first three quarters of this year, China's foreign direct investment last year, growth rates of up to 53.7%. Total overseas merger and acquisition of Chinese enterprises, 521, the actual transaction amount $ 67.44 billion, involving 18 industry categories from 67 countries and regions, 2015 annual amount has been exceeded (US $ 54.44 billion). China and the United States for $ 16.24 billion in China Enterprise deals country (region) of head of project 119 involving mergers and acquisitions. The amount is huge, it project, it is no wonder that the host country will feel that Chinese land.

This island live long-term attention to the China Academy of international trade and economic cooperation in the area of researcher Mei Xinyu. In his view, in recent years, overseas investment boom are too fanatical, premium several times the Chinese bidders, bids far higher than competitors, and the universal level, easily give rise to concerns of the host country, so just add blocked. Earlier acquisitions of Pirelli sold for as high as 23 times forward earnings, while Michelin's market was just 16 times earnings, Korea Kumho only 11 times.

In addition to the high bidder, said Mei Xinyu, investment objective uncertainty is a big mishap. Many Chinese do not have a long-term development plan, instead merger achieved, by contrast, foreign mergers and acquisitions generally takes several years to do strategic planning, investment objective and clear. Once again, this will inevitably deepened suspicion of the host country, is that Chinese takeovers for other political purposes.

But buying back assets abroad really worth it? For our technology and innovation can have much help? Is the case of acquisition of Pirelli, Pirelli, Provera said Pirelli family group Chief Executive Officer, founder, China's chemical industry is not familiar with this industry, Pirelli's leadership that their future will continue to lead the company's operations, "Pirelli's brain and heart are still in Italy."

Now, after a "market for technology" era, "spend money on technology" drive a lot of investment in corporate acquisitions. But in fact, the sea acquisitions may accelerate the expansion of enterprise scale, to occupy the international market, but it will not buy the core technology, much less achieve the leaping development of the domestic industry. Want core technologies, ultimately have to rely on independent innovation.

After all, foreigners fine! '

Finally, just wanted to say, in front of fancy crackdown could not block the pace of China's economic growth, and we have more long snack to look farther, spend your money wisely.

(Editors: Biao Guo UN832)
2016-10-30 04:56:02
Integrated

什么世道？中国在非洲买毛驴遭到非议

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　　古往今来，夜长怕梦多，节外怕生枝，煮熟的鸭子就怕飞。

　　这不，德国前两天突然撤回已经发放给中资的德企收购批准，引发一片哗然，官方只给了个模糊不清的理由了事。然而有耿直的德媒举手说，撤回的背后“黑手”是美国。

　　“黑手”

　　据德媒报道，德国政府撤回对中资收购Aixtron的批准源于美方的建议，美国表达了对中国可能利用Aixtron设备为核计划制造芯片的担忧：美国情报部门警告德国政府，现在中国将拥有德国半导体芯片制造商Aixtron，这会让中国获得可以用于安全目的的技术。

　　远隔重洋，以安全为由干涉他国经济事务，美国并不是第一次，相信也不会是最后一次。

　　去年震动国内外LED界的中资收购荷兰皇家飞利浦公司旗下Lumileds案，也因美国阻挠胎死腹中。话说荷兰皇家飞利浦公司一百多年前成立于荷兰，11年前收购了美国灯具制造商Lumileds公司。去年，飞利浦想要瘦身卖出Lumileds，虽与中资牵手，但终因美国以国家安全为由被扼杀。荷兰公司想收购就毫无压力，中资想收购就涉及国家安全，其中的道道欺负我们看不懂？

　　说来也是好笑，最近连中企购买非洲的驴子都有人看不下去。前不久，CNN刊发一篇题为“中国为啥满世界买驴子”的文章，文中引用一名研究中非问题专家的话暗示：中国的需求太大了，非洲这些国家要好好管管，不然资源会被耗光的。对此，我朝网友只能以因为“要吃火烧”等理由无奈回复。

　　另一边呢，今年5月，堪称美国智库的布鲁金斯研究所中国问题及美中关系专家大卫·道拉尔撰文指出：美国必须软硬兼施敦促中国更大程度开放。如果中国能进一步开放就更好了。因为只有这样，国际并购才能在最佳市场条件下以最有效的方式开展。在部分情况下，中国公司可以并购美国公司。但在多数情况下，并购应该主要还是由那些希望开展中国业务的美国公司实施。

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　　“理由”

　　开展国际并购本应是与东道国双赢的事，谁都想“在最佳市场条件下以最有效的方式开展”，但一面是对中资收购加强审查，另一面则认为中国市场不够开放，不断在各种场合敦促中方开放市场甚至提高军事透明度。跟你说自己没有双重标准，你信嘛？

　　其实近些年，不仅美国，西方诸国对中资的审查都在逐步加强。据英国《金融时报》近期报道，西方对中资的抵触情绪不断加强。自2015年年中以来，总计近400亿美元的中资收购计划绝大部分遭到否决，相当于过去16个月期间宣布的全部交易的14%。

　　无论是因他国干涉而否决，还是自主否决，理由多是竞争或安全问题，其中安全理由更是令中资不可抗拒的老梗。且不说其间耗费的人力物力全部打了水漂，还动辄要向被收购方支付天价反向分手费。岛妹曾探访某出海并购失败没多久的企业，相关人士开始还温文尔雅，但一说到并购被以国家安全为由否决时，大失端庄，连拍了三次桌子，恨得牙痒痒。

　　中资海外并购屡屡受挫，费心费力煮熟的鸭子动不动就飞了，究竟怪谁？

　　与在国际投资领域驰骋多年的欧美发达国家相比，中国毕竟还是年轻，经验不足，在国际舞台上还需经历被别人逐渐习惯和接纳的过程。目前全球经济复苏缓慢，西方贸易保护主义抬头，这个过程恐怕会更久更艰难。

　　同时，随着中国成为仅次于美国的世界第二大经济体，国力不断走强，自然成为传统霸权眼中的挑战。回想19世纪末，美国进入高速工业化时期，实力大增，国内生产总值跃居世界首位，“美国威胁论”甚嚣尘上，欧洲人甚至呼吁联手对付“美国祸害”。如今创业维艰者已成为守成的霸权，自然更加提防与忌惮，生怕中国随着经济影响力的扩大，产生更大的政治影响力。而国家安全这样的否决理由，不但是简单好用的不可抗因素，更是破坏自由贸易的完美遮羞布，虽然最后只能导致双输。

　　当然，这还与一个关键现象有关。前阵子，在参加中国与全球化智库（CCG）的研讨会时，前外经贸部副部长、中国入世首席谈判代表龙永图就称，在当前的全球体系中，很多领域就没有规则，只有先例、理论等，没有清晰规则，比如投资领域。因此，就经常出现各国以各种理由阻挠外资投资的现象。因此，杭州G20上《G20全球投资指导原则》就显得弥足珍贵。

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　　自查

　　当然，我们也需正视自身的问题。近几年中资的海外并购浪潮堪称猛烈，萝卜快了难免不洗泥。中国商务部数据显示，中国今年前三季度对外直接投资超去年全年，增速高达53.7%。中国企业共实施海外并购项目521个，实际交易金额674.4亿美元，涉及67个国家和地区的18行业大类, 已经超过2015年全年的并购金额(544.4亿美元)。其中国和美国国以162.4亿美元居中国企业实际并购交易金额国家(地区)之首, 涉及并购项目119个。金额之巨，项目之多，难怪东道国会觉得中资去势汹汹。

　　对此，岛妹现场连线了长期关注此领域的中国商务部国际贸易经济合作研究院研究员梅新育 。他认为，近些年中企海外投资热潮过于狂热，中国竞购者动辄溢价数倍，出价远高于竞争对手和同行业普遍水平，很容易引起东道国担忧，所以才多加阻拦。比如此前中化收购倍耐力成交价高达23倍市盈率，而米其林给出的市场价只有16倍市盈率，韩国锦湖更只有11倍。

　　除了出价高，梅新育说，投资目的不明确更是一大硬伤。不少中资没有长远的发展规划，而是趁着并购浪潮一拥而上，相比之下，国外企业并购一般要花去数年做战略规划，投资目的明晰。这难免再次加深东道国的猜忌，认为中资收购是出于其他政治目的。

　　可是以高价收购回来的海外资产真的值嘛？对于我们的技术提升和创新究竟能起到多大的帮助？还是以中化收购倍耐力为例，倍耐力集团首席执行官、创始人皮雷利家族的普罗韦拉曾表示，中国化工并不熟悉这一行业，倍耐力的领导层确信自己未来还能继续主导公司的运营，“倍耐力的大脑和心脏仍留在意大利”。

　　如今，过了“市场换技术”的年代，“花钱买技术”驱动了不少企业出海收购投资。但事实上，出海收购可能加速扩大企业规模，占领国际市场，却不可能买来外国的核心技术，更无法实现国内产业的跨越式发展。想要核心技术，说到底还得依靠自主创新。

　　毕竟，老外精着呐！

　　最后只想说，眼前的花式打压不可能挡住中国经济成长的步伐，而我们自己也应该多长点心，把目光放得更远些，把钱花在刀刃上。

(责任编辑：郭彪 UN832)
2016-10-30 04:56:02
综合