“走出去”戰(zhàn)略下，中國集流對外投資【外文翻譯】

1、<p><b>　　外文翻譯</b></p><p><b>　　原文</b></p><p>　　Outward investment by china gathering stream under the go global strategy</p><p>　　Material Source: The Ba

2、nk of Tokyo-Mitsubishi UFJ, Ltd. Economic Research Office </p><p>　　Author: Yoko Hagiwara</p><p>　　Although China is one of the nations accepting much direct inve

3、stment, in recent years it is obviously expanding its presence in outward direct investment under the government's go global strategy. In 2005, in addition to the increasing pace of the investing amount, which was US

4、$12.3 billion for a single year that was 2.2 times of that of the previous year, and which reached US$57.2 billion in accumulating totals, projects drawing worldwide attention, such as large-scale resource purchases and

5、M</p><p>　　1. Development of the go global strategy </p><p>　?。?） Background of the go global strategy</p><p>　　While the Chinese government had promoted accepting investment from a

6、broad, due to a capital shortage, it had strictly controlled outward investment. However, in 1999 it announced the go global strategy and turned its policy to the direction, rather promoting outward investment positively

7、. After that, the policy to promote outward investment and to establish a supporting system was included in the 10th five-year plan (2001-2005). The first aim of the strategy is the development of resources insu</p>

8、;<p>　　Moreover, in recent years the factors to enhance the expansion of outward investment increased, by growth acceleration led by exports and investment. The vast amount of money inflow accompanied with the cur

9、rent surplus and the expansion of inward direct investment causes negative effects, such as the pressure for yuan appreciation and the domestic excess liquidity. Therefore, the expansion of outward investment is seen imp

10、ortantly as one of the ways to alleviate them. Also, the necessity to shif</p><p>　?。?） Strengthened the go global strategy</p><p>　　Firstly, the policies based on the go global strategy include

11、 the deregulation of outward investment. An outward investment needs an authorization of the project itself by the Ministry of Commerce, and an authorization in the foreign currency administration by the State Administra

12、tion of Foreign Exchange (SAFE). In the foreign currency administration, 6 provinces and municipalities of Guangdong, Shanghai, etc., were designated as the trial regions, and the authorization power for the project of &

13、lt;/p><p>　　Secondly, mainly in the Ministry of Commerce, the support system of outward investment is being expanded. The Ministry of Commerce opened an internet site for outward investment support in April 200

14、3, and began to provide a wide range of information of the central government policy, the investment environment in each country, the concrete overseas investment projects, and the organizations promoting outward investm

15、ent, etc. Following that, the Ministry of Commerce, with the Ministry of Foreign A</p><p>　　2 .Present situation of outward investment</p><p>　　Along with the go global strategy, the statistics

16、were developed in line with the international standards, and since 2003 the flow of outward investment and the outstanding amount have become released at the actual base (Table 1).</p><p>　　Table 1: Outward

17、Direct Investment by Area and by Sector</p><p>　　Refer to Table 1 (continued)</p><p>　　Note:Total include investment to other area and sectors. </p><p>　　Source: Compiled by the Res

18、earch Office, Bank of Tokyo-Mitsubishi from Ministry of Commerce, Statistical Bulletin of China's Outward Foreign Direct Investment.</p><p>　　The major subjects of investment are divided in three. The fi

19、rst group includes the tax havens, such as Hong Kong, Macau, Singapore, the Cayman Islands, the Virgin Islands, and the Bermuda Islands, and the investment to other areas are conducted through the investing companies est

20、ablished in those areas. These investments include not a little roundtrip investments to China, in order to use China's preferential treatments on outward investment, and then it is possible that the direct investmen

21、ts </p><p>　　The second group includes the resource-rich countries, such as Australia, Russia, Sudan, Kazakhstan, etc. It corresponds to the steady movement of the investment on the mining industry. And ther

22、e is an estimate that not a little number of investments through the tax havens finally flows into the resource-rich countries, too.</p><p>　　The third group includes the countries related to the overseas bu

23、siness by manufacturers, such as Korea, the USA, Germany, Vietnam, Thailand, etc. Seen by industry, not only investments to the manufacturing industry, but also those to wholesale and retail industries are increasing rap

24、idly, and it seems to be related to the trading or sales network development by the manufacturing industry. It is considered that large-scale projects for the acquisition of technologies and brands in developed coun</

25、p><p>　　3．Chinese large-scale investment attracting attention </p><p>　　Although Chinese outward investment is rapidly increasing, its level was as low as the 16th of the world in 2005, and also as

26、 stated above, it would be inflated with roundtrip investment to China. Still, why Chinese outward investment has been attracting attention from the world in recent years is that large-scale projects which developing cou

27、ntries are unlikely undertake in terms of resources and corporate acquisition have been increasing.</p><p>　　(1)Resource acquisition</p><p>　　The Chinese active resource procurements stand out,

28、and the especially outstanding ones are the outward investment by the big three state-owned oil companies, the China National Petroleum Corporation (CNPC), the China National Offshore Oil Corporation (CNOOC), and the Chi

29、na Petroleum & Chemical Corporation (SINOPEC). Chinese oil companies mainly conducted new independent developments with high risk and high return during the 1990s. But in recent years, they turned their direction to

30、the acquisit</p><p>　?。?） Large-scale corporate acquisition in the manufacturing industry</p><p>　　Another trend of large-scale investment by Chinese companies is the M&A of big corporations

31、 in developed countries in the manufacturing industry, and the main purpose is said to be the acquirement of technology and brands. Some insist on the threats of Chinese companies' advance to overseas, but on the oth

32、er hand others strongly doubt the merits of those projects.</p><p>　　The project that notably produced a big reaction was the acquisition of IBM's PC Division by Lenovo, the biggest PC manufacturer in Ch

33、ina, in 2004. Although Lenovo became the world's third PC manufacturer, next to Dell and Hewlett Packard, the penetration into the European and US markets that they aimed for has not progressed. Primarily, PC is beco

34、ming a commodity and the business profitability is very low. In this situation, the market evaluation is rather severe on their acquisition strategy t</p><p>　　Also TCL, the electronic manufacturer that has

35、been called as a pioneer of the overseas large-scale acquisition strategy by Chinese companies, is forced to review its strategy too. TCL virtually bought the TV divisions of Thomson and the mobile phone divisions of Alc

36、atel by establishing joint ventures by its major equity funding with each of them in 2004, but both of the ventures have kept deficits. Especially, it broke off the joint venture agreement with Alcatel just 8 months afte

37、r the start, </p><p>　　Also in the automobile industry, the movement of foreign corporate acquisitions by Chinese local manufacturers is outstanding. Shanghai Automotive Industry Corporation, the largest man

38、ufacturer in China, advanced the acquisition negotiation with MG Rover in the UK in 2004, after the acquisition of SsangYong, a car manufacturer in Korea. But in April 2005 the negotiation broke up and MG Rover went bank

39、rupt. Then Nanjing Automobile Group Corporation, a midsize manufacturer, bought MG Rover in July</p><p>　　4 ． Evaluation of the go global strategy </p><p>　　China's outward investments gave

40、the world a surprise by the dynamic development in the short-term due to being supported by the government's go global strategy. However, it cannot be denied that the joint effort by the nation and corporations conta

41、ins big problems and is apt to hinder their globalization.</p><p>　　Firstly, because of being based on the national strategy, excessive fund investment on which the profitability is not considered enough ten

42、ds to be easily conducted. As the result of that, China's resource-acquisition activities are not only a waste of Chinese money itself, but also strictly criticized from abroad as the main cause to inflate the resour

43、ces' prices. Meanwhile, in the manufacturing industry, the effectiveness itself of the strategy to obtain technologies and brands, and to save th</p><p>　　The product life cycle is the process from the t

44、ime a product is brought into the market to the time it is getting thrown off and disappears from the market. It is often expressed as 4 stages of Introduction, Growth, Maturity, and Decline. At the Decline stage, the pr

45、ofit becomes less by severe competition.</p><p>　　Secondly, as the result of raising concerns about the foreign countries' securities, those investments bring a bad influence on the businesses. In 2005,

46、on the acquisition of the US oil company, Unocal Corporation, while a US oil major, Chevron Corporation, presented US$17 billion, CNOOC competed with them, offering US$18.5 billion. But they were forced to give up the ac

47、quisition by the intervention of the US Congress (however, some point out that CNOOC's amount was too much, and the failure of </p><p>　　As described above, the large-scale acquisitions brought home to C

48、hinese companies the difficulty of globalization. On the other hand, it is true that Chinese companies already have a considerable influence over the world market. They are steadily penetrating their brands with low pric

49、es in developing countries in Asia, Africa, Latin America and are expanding the overseas production networks. The representative case is Huawei Technologies, a communications equipment manufacturer, that raised the</p

50、><p>　　It is difficult to estimate if Chinese companies can establish a new model of global companies using their advantage of the brand power in developing countries' markets which have room to develop muc

51、h for the future, or if they remain the entities which intensify competition, decline the product's margin and shorten the product's life as strong late companies. But in both cases, they will surely influence th

52、e world's companies, and their future needs to be observed carefully.</p><p><b>　　譯文</b></p><p>　　“走出去”戰(zhàn)略下，中國集流對外投資</p><p>　　資料來源: 東京三菱日聯(lián)銀行經(jīng)濟研究辦

53、 作者：萩原洋子</p><p>　　中國是一個大量吸收外國投資的國家，但在政府的走出去戰(zhàn)略下，近年來中國明顯擴大了對外投資份額。 2005年，除了投資金額的增長速度加快外， 當年123億美元投資總額是前一年的2.2倍，投資總額累計達到572億，如大規(guī)模的采購資源和并購發(fā)達國家大型企業(yè)等引起全球關(guān)注的項目正在增加。 接下來，我將介紹中國對外投資蓬勃發(fā)展的實際條件，并會嘗試評估他們。</p>

54、;<p>　　1.“走出去”戰(zhàn)略的發(fā)展</p><p>　?。?）“走出去’戰(zhàn)略的背景</p><p>　　當中國政府促進吸引外資的時候，由于資金短缺問題，政府嚴格控制對外投資。然而，在1999年，中國政府宣布“走出去“戰(zhàn)略，并將政策轉(zhuǎn)向積極支持對外投資。此后，促進對外投資和構(gòu)建支持系統(tǒng)的政策被列入第十個五年計劃（2001-2005）。戰(zhàn)略的第一個原因是國內(nèi)資源不足行業(yè)的發(fā)展

55、，他似乎是因為伴隨經(jīng)濟的高速發(fā)展，越發(fā)意識到資源短缺將成為了一個中期至長期的增長制約因素。第二個原因是中國跨國公司國際化發(fā)展水平提高的背景下，政府強烈意識到大型公司在國際經(jīng)濟中的影響，感受到促進中國企業(yè)國際化的需要。</p><p>　　此外，近年來通過出口和投資導(dǎo)致發(fā)展加速以擴大對外投資的因素增加。大量資本流入伴隨本期盈余和外來直接投資的擴大造成如人民幣升值的壓力和國內(nèi)流動性過剩的負面影響。此外，為應(yīng)對隨著出口

56、增加導(dǎo)致的越發(fā)嚴重的貿(mào)易壁壘，有必要轉(zhuǎn)移生產(chǎn)基地到國外。</p><p>　?。?）“走出去”戰(zhàn)略加強</p><p>　　首先，包括放寬對外投資管制在內(nèi)的基于“走出去”戰(zhàn)略的政策。一項向外投資需要商務(wù)部的認可，和國家外匯管理局授權(quán)外匯管理。在外匯管理方面，廣東、上海等6省市被指定為試驗區(qū)，2002年總投資配額在2億美元，100萬美元以下的項目授權(quán)全力從中央下放到地方外匯管理局。此后，試驗

57、區(qū)范圍擴大，所有的省、市、直轄區(qū)在2005年5月成為試驗區(qū)。同時，總投資限額增加到每年50億，地方外匯管理局授權(quán)限制金額升到每個工程1000萬美元。投資配額制度最終在2006年6月取消。同時，從2004年19月起，除了大型國有公司外，商務(wù)部將投資授權(quán)權(quán)力授權(quán)給當?shù)毓ど绦姓芾聿块T。</p><p>　　其次，主要在商務(wù)部，支持對外投資的系統(tǒng)正在擴張。商務(wù)部在2003年4月為對外投資開設(shè)了一個網(wǎng)站，開始提供廣泛的中

58、央政府政策信息、各個國家的投資環(huán)境、具體的海外投資項目和促進海外投資的組織。緊接著，商務(wù)部和外交部在2004年7月發(fā)布《對外投資國別產(chǎn)業(yè)導(dǎo)向目錄》，列出了推薦的5個行業(yè)1）農(nóng)業(yè)、畜牧業(yè)、水產(chǎn)業(yè)，2）礦業(yè)，3）制造業(yè)，4）服務(wù)業(yè)，和5）67個國家的其他行業(yè)，并開始給投資公司許多在資金、稅收、貿(mào)易、外匯等方面的優(yōu)惠。同時，在2004年11月，國家發(fā)改委和中國進出口銀行業(yè)創(chuàng)造了對外投資貸款支持系統(tǒng)，開始為國家推薦的海外項目提供優(yōu)惠利率貸款。&

59、lt;/p><p>　　隨著走出去戰(zhàn)略的實施，統(tǒng)計制度發(fā)展到符合國際標準，且將自2003年以來對外投資的流量和債務(wù)總額作出公布（表1）。</p><p>　　表1 按行業(yè)及地區(qū)劃分對外直接投資</p><p><b>　　續(xù)表</b></p><p>　　注：總投資包括其他地區(qū)和部門的投資</p><p&

60、gt;　　來源：東京三菱銀行商務(wù)部編訂研究室，中國對外直接投資統(tǒng)計公報</p><p>　　投資的對象主要分為三種。第一組包括如香港，澳門，新加坡，開曼群島，維爾京群島，百慕達群島及其他地區(qū)等避稅港，以及通過在這些地區(qū)設(shè)立投資公司進行投資。這些投資包括大量為了使用中國對外投資的優(yōu)惠政策而回投中國的投資，從而使進出中國的投資資本得到相當?shù)呐蛎?。按行業(yè)看，這與許多投資在商業(yè)服務(wù)行業(yè)的投資行為主體主要是投資公司的事實相

61、符。</p><p>　　第二組包括如澳大利亞，俄羅斯，蘇丹，哈薩克斯坦等資源豐富的國際。所對應(yīng)的是采礦業(yè)穩(wěn)健的投資。估計有大量的資本也通過避稅地最終流動到資源豐富的國家。</p><p>　　第三組包括如韓國，美國，德國，越南，泰國等與制造商的海外業(yè)務(wù)有關(guān)的國家。按行業(yè)看，制造業(yè)的投資及批發(fā)和零售行業(yè)的投資迅速增長，它似乎是有關(guān)貿(mào)易或制造業(yè)的銷售網(wǎng)絡(luò)的發(fā)展。據(jù)認為，為獲得發(fā)達國家技術(shù)和品

62、牌的大型項目推升了整個投資，除此之外，還可以保護市場，也能避免貿(mào)易摩擦。</p><p>　　3.中國大規(guī)模的投資引起注意</p><p>　　雖然中國對外投資正在迅速增加，但其水平低在2005年列世界第16，且如上所述，他會在來回投資中國中膨脹。不過，為什么中國對外投資近年來引起了世界關(guān)注是因為發(fā)展中國家不可能在資源和企業(yè)并購方面進行的大型項目卻不斷增加。</p><

63、p><b>　?。?）獲取資源</b></p><p>　　中國積極的資源采購特別突出，三大國有石油公司（中石油、中海油、中石化）的對外投資尤為突出。中國的石油公司在90年代開展高風(fēng)險高收入的自主開發(fā)。但最近幾年，他們把方向轉(zhuǎn)到獲得他們估計有收入的已開辟的油田，并投入大量資金涌入大量收購這些項目中，因為他們通過油價上漲和在海外證券交易所上市大型基金籌集的資金實力來擴張收入來增加資本實力

64、。</p><p>　?。?）制造業(yè)內(nèi)的大規(guī)模收購</p><p>　　中國公司的另一個大規(guī)模投資趨勢是在發(fā)達國家并購制造行業(yè)大公司，其主要目的是獲取技術(shù)和品牌。一些人堅持中國企業(yè)海外擴張威脅論，但在另外一方面，其他人強烈懷疑這些項目的優(yōu)劣。</p><p>　　中國最大的個人電腦廠商聯(lián)想2004年收購IBM個人電腦部門產(chǎn)生了顯著的反應(yīng)。盡管聯(lián)想成為了居戴爾和惠普之

65、后的世界第三大個人電腦廠商，但聯(lián)想滲透進歐洲和美國市場的目標沒有進展。根本上，計算機成為一項商品，且業(yè)務(wù)的利潤低。在這樣的情況下，市場評估對花17.5億美元收購IBM的個人電腦部門造成損失的收購策略相當苛刻。聯(lián)想的股價下跌，2006年9月，聯(lián)想股票被排除在代表香港股票價格指數(shù)的恒生指數(shù)之外。</p><p>　　此外被中國公司稱為海外大規(guī)模收購戰(zhàn)略先鋒的電子產(chǎn)品廠商TCL集團也被迫重新審查自己的策略，TCL實質(zhì)上

66、在2004年以股權(quán)合資的方式建立合資企業(yè)，收購了湯姆遜的電視業(yè)務(wù)和阿爾卡特的手機業(yè)務(wù)，但這兩個合資項目都出現(xiàn)赤字。特別是TCL在合資協(xié)議實行后8個月中斷了跟阿爾卡特的合作，因為他們無法避免來自不同企業(yè)文化的摩擦。TCL于2005年11月在深圳股票交易所宣布凍結(jié)其并購策略，并再12月將兩個子公司轉(zhuǎn)讓給一家叫羅格朗的法國公司。國有惠州投資控股轉(zhuǎn)讓部分TCL的股票給了一家叫飛利浦的荷蘭電子制造商。據(jù)估計惠州投資控股將銷售所得用作對TCL的財務(wù)

67、支持。</p><p>　　另外在汽車行業(yè)，中國本土制造商收購?fù)鈬居葹橥怀?。中國最大的汽車生產(chǎn)廠家上海汽車工業(yè)公司在收購韓國汽車制造商雙龍后，2004年在英國談判收購羅孚汽車有限公司。但在2005年4月，雙方談判破裂，羅孚破產(chǎn)。然后，中型制造商南京汽車集團公司在2007年5月收購羅孚。南京汽車計劃2007年在中國和英國生產(chǎn)羅孚汽車，并在2008年在美國投產(chǎn)。然而南京汽車集團在收購羅孚前已經(jīng)存在財政赤字，并且有

68、報告說，他們計劃利用羅孚的品牌來尋求合作伙伴，以重建自己的業(yè)務(wù)。</p><p>　　4.評估“走出去”的戰(zhàn)略</p><p>　　中國對外投資由于有政府“走出去”戰(zhàn)略的支持，短期內(nèi)的動態(tài)發(fā)展給世界一大驚喜。然而，不能否認國家和公司的共同努力存在很大的問題，并且容易妨礙公司的全球化。</p><p>　　首先,因為基于國家戰(zhàn)略，過多的基金投資投向了利益率不能被控制的

69、項目。結(jié)果，中國的資源收購項目不僅浪費錢，而且被外國嚴厲批評為資源漲價的的主因。同時，戰(zhàn)略本身在制造業(yè)獲取技術(shù)和品牌，節(jié)省發(fā)展時間的有效性存在懷疑。也就是說，他們以高價買了發(fā)達國家處產(chǎn)品生命周期下降階段的業(yè)務(wù)。</p><p>　　產(chǎn)品的生命周期是從一個產(chǎn)品引入市場到隨著時間的推移銷量下降，最后退出市場。它通常表示為導(dǎo)入期，成長期，成熟期和衰退階段。在衰退階段，利潤因激烈的競爭減少。</p><

70、;p>　　其次，由于持續(xù)增加的對國外證劵的關(guān)注，這些投資給企業(yè)帶來了不良影響。2005年，在收購美國石油公司優(yōu)尼科公司項目上，美國以原油為主業(yè)的雪佛龍石油公司出價170億美元，中海油出價185億美元參與競購。但中海油的收購因美國國會的介入被迫放棄（然而，一些人支持中海油的出價太高，收購的失敗避免了資金浪費）。2006年，美國國務(wù)院對采購聯(lián)想16000臺個人電腦導(dǎo)致機密泄露的的擔(dān)憂增加，部門被迫宣布只能用這些電腦處理非機密文件的工作

71、。</p><p>　　如上所述，大型收購給中國公司本部帶來了全球化障礙。另一方面，中國企業(yè)確實存在對世界市場的可觀影響。他們正不斷滲透自己的低價品牌到亞洲、非洲、拉美的發(fā)展中國家，拓展海外生產(chǎn)網(wǎng)絡(luò)。有代表意義的是通信設(shè)備制造商華為科技，通過投入大量資金于研發(fā)和在全球建立網(wǎng)絡(luò)樞紐，以往在發(fā)展中國家提供通信設(shè)備項目，現(xiàn)今也在發(fā)達國家實行，來提高自身技術(shù)水平。但是，據(jù)認為中國最接近全球化的企業(yè)華為將不會再為了持續(xù)低價