经济学人 | 中国企业的远处的路

华经济近期迅猛发展,但是以列国市场达成频繁失败。中国庄于运动出去的过程遭到,究竟面临哪些阻力?未来而将什么发展吧?

Crossing the river

摸着石头过河

Chinese companies have a weak record abroad. They must do better.

中国供销社于远处战绩无理想,必须改进

【1】CONSIDERING the size of China’s economy, it seemsinevitablethat
its firms will eventually play a huge role on the world stage. Yet China
Inc’s adventures abroad in the past 15 years have been a
mixed bag.
Thousands of small deals have taken place, some of which will succeed.
But of the
mergersandacquisitionsthat have been worth $1bn or
more, it is a different story. There have been 56 abandoned deals, 39
state-backed acquisitions of commodities firms at
frothyprices, and,
lately, wild
spreesbytycoonsscoopinguptrophiessuch as hotels
and football clubs.

inevitable:不可避免的;不可知防备的;总会发出的;照例必有

例:Trying to be perfect may be sort of inevitable for people like us,
who are smart and ambitious and interested in the world.

譬如说咱如此的总人口,不仅聪明,胸怀大志,还放眼世界,所以力求完美可能无法避免。

mixed bag:杂集,混合体,大杂烩

mergers:(机构要小卖部之)合并

例:The company is approached by an American publisher with the
suggestion of a merger .

一家美国出版商与拖欠企业协议有关统一的事儿。

acquisition:收购;购置;(知识、技能等的)获得;(多因珍贵的)购得物

例:An acquisition is often the quickest (and sometimes the only) way to
gain a foothold in a country.

假如以有平国取得立足点,收购通常是最最高效(有时也是唯一)的方式。

frothy:起泡的,多泡的,表面的,空洞的

sprees:狂欢,毫无节制

tycoons:大亨,巨头,大实业家

scoop:用勺儿舀;用铲儿铲;拿起;抢先报道

例:Remember that the sun will still rise tomorrow even if I had one too
many slices of pizza or an extra scoop of ice cream tonight.

记忆明天阳光会照常升起,即便今晚我吃了极其多匹萨和冰淇淋。

trophy: (竞赛、赛跑等的)奖品,奖杯

由于中国的经济规模,有同等码事似乎无可避免,那就是是神州号必然在世界舞台上串极为重要的角色。然而,过去15年里中国局以海外市场达成的商冒险成果各异。发生的微型交易成千上万,其中起一部分会成。但至于价値10亿美元或上述之并购,情况就算不同了。已产生56画交易已;另外39笔画交易中,国企以虚高之价购回了大宗货物企业;最近,各路大亨正在疯狂搜罗酒店和足球俱乐部等战利品。

【2】Some dealsdefyany conventional logic. Last month HNA, an
airlines-and-tourismconglomeratefrom Hainan, said it had bought a
10% stake inDeutscheBank, having earlier considered buying
aLandesbank. The Chinese firm, which runs a beach-volleyball
tournament in Beijing, appears to think it
canconsolidateGermany’sfragmentedbanking industry—the financial
equivalent of bringing peace to the Middle East. If China Inc is to
realise its potential abroad, it needs a morecredibleapproach.

defy:违抗,反抗,不服从

conglomerate:砾岩;企业集团;联合特别商店;合成物

例:They proposed merging their assets, which include some of Russia’s
largest mines and factories, into a state-controlled conglomerate.

他俩建议,将他们之本金,包括俄罗斯的无比可怜的矿山和工厂,合并成一个公家的重型联合局。

Deutsche:德意志银行

Landesbank:西德意志银行

consolidate:加强、巩固

fragmented:碎片,片段

credible:可信的,可靠的;(因类似可能成功如)可承受的

有点贸易了无切合任何正规逻辑。上个月,
航空旅游集团海南航空发表曾收购德意志银行10%底股权,在此之前还一度考虑收购一寒德国州立储蓄银行
。这家以都帮了沙i难排球巡回赛的中国公司像看自己发力量做德国疏散的银行业,但只要以金融领域里做到此举,难度好比实现中东和平。中国商家要当国外发表潜力,需要重新据谱的做法。

[3]The experience of Britain, and then America, in the 20th century
suggests that economichegemonscontrol adisproportionateshare of
the world’s stock of cross-border corporate investment. Today China’s
slice is only 4%, below its15% share of global GDP and its13% share of
total stock market value. Its leaders want firms to go faster. If
companies don’tglobalise, China won’t become powerful, argues Wang
Jianlin, boss of Dalian Wanda, a property firm, and China’s richest
tycoon, in hisautobiography.

hegemons:.霸主;霸王;霸权国家

例:Hegemons cannot for long survive such rising indebtedness.

霸权国家无法长期忍受这种无休止升起之债。

disproportionate:不成比例的;不般配的;太特别(或顶小)的

例:The two nations account for a huge chunk of the U. S. defense
budget, and a disproportionate amount of diplomatic attention and
resources.

简单皇家占了美国国防预算的银元,这同她们之外交影响力与资源潜力无限不相乘。

globalise:全球化

lengthy:长期的,漫长的

marital:婚姻的,夫妻(间)的

autobiography:自传;自传体写作

例:In his autobiography, he wrote, “I had no idea what I could achieve,
but at least I made a resolution4 to start something. “

外于自传中这样写道:“虽然自己非理解「能」做到什么水平,但起码自己有矣单开始之决定。”

英国和后来底美国当20世纪之涉表明,经济霸主国家于全世界跨国公司投资总存量中所占据比例往往偏强。今天,中国的及时同样占用比较只有为4%,低于其占据全球GDP15%和总市值13%的比重。中国领导干部要中国店加速行动。中国大户、房地产公司大连万达之老板王健林在自传中指出,企业而非全球化,中国即无见面转换强大。

[4]In their hurry, Chinese firms have made mistakes. Deals worth $1bn
or more account for two-thirds of activity by value since 2005. Of these
about half fall into threeproblematiccategories. First, acquisitions
by state-controlled groups of natural-resources firms. The aim was to
secure access torawmaterials but many deals werebadly timed,
with high prices paid at the peak of the commodity cycle between 2010
and 2014.CNOOC, an oil firm, for example, has written off part of
its $17bn acquisition in 2012 of Nexen, a Canadian oil firm.

problematic:造成困难的;产生问题的

例:The Internet increases the availability of harmful, problematic and
illegal content, but does not always increase minors’ exposure.

互联网让损害的、有问题之、非法的始末还易于得到,但未成年人并无总是还易触及到。

category:种类,类别

raw:生之;未烹制的;未煮的;未经加工的

例:Wherever you get your raw data, the reader is now set up and ready
to parse.

不论是从哪儿获取旧数据,现在早就建了阅读器并也分析做好准备。

badly timed:不合时宜

CNOOC:China National Offshore Oil Corporation 中国海洋石油总公司

不过急于求成走下的中国商厦已作了森错i吴。2005年吧,价値10亿美元或者以上的市占了华夏商店海外并购总额的三分之二,其中大约有一半分属三只来问题的型。第一接近是集体控股企业对自然资源局的收购。此类收购的目的是如果保证原料来源,但广大交易的空子还格外不好,是以2010年届2014年里巨大货物周期的高峰期以偏大之价钱就的。例如,石油企业蒙受海油在2012年为170亿美元收购了加拿大石油公司Nexen,现在一度減记了内一些价値。

[5]The second difficult category consists of acquisition sprees
byleveragedconglomerates, financed by debt or by the funds
thatpolicyholdersentrustto these firms’ insurancesubsidiaries.
Four such companies—HNA, Dalian Wanda, Fosun (based in Shanghai) and
Anbang—have spent $100bn on assets that include luxury hotels, a
Portuguese bank, a Russian gold mine and ayachtmaker. It is hard to
see industrial logic behind the purchases. Fosun and HNA, which disclose
their accounts, haveeye-wateringratios of debt to gross operating
profit of 8 and 13 times respectively. In the last category
areoutrightflops: $230bn of deals worth $1bn or more
havecollapsedbecause the buyer or the Chinese government got cold
feet, or because of ahostile receptionabroad. As a result Chinese
buyers are seen as unreliable.

leverage:杠杆,杠杆作用,影响力,发挥杠杆作用,施加影响

例:Still, he said the law could be used to gain leverage in
negotiations with China.

可是他说,这项法律可以啊美国多及华交涉的筹码。

policyholders:投保人,保险客户

entrust:委托,托付

subsidiary:子公司;附属公司

例:Company shall have the right to assign all or any portion of its
rights hereunder to any other affiliate or subsidiary of Company.

柜有且转让所有要么局部合同项下的权,任何其它涉嫌企业或者附属公司。

yacht:帆船,快艇,游艇

eye-watering:(高得)难以想象的;令人心痛的;催人落泪的

outright:完全地,彻底地

例:I told him outright what I thought of him.

自我坦白地告诉他本人本着客的感想。

collapse:崩溃,倒塌

hostile:敌意的;敌对的;坚决否定;强烈反对

例:If they cannot insist on this, they say, there is nothing to stop
their group from being taken over by people hostile to its principles.

生们说:如果他们无能够坚持这或多或少以来,就无法阻碍其团队被那些对那基准得到来敌意的食指所掌控了。

reception:对待,待遇

仲独问题项目是信用社集团以杠杆,通过筹资或应用集团管子公司客户的保险资金进行收购。四贱这么的合作社(海航、大连万达、上海复星和安邦)已经花了1000亿美元收购各类资本,包括豪华酒店、一小葡萄牙银行、一个俄罗斯资源和一致贱游艇制造商。这些收购背后的行逻辑很丢脸明白。复星和海航披露了账目,负债和总营业利润比分别吗8倍增及13倍增,高得让人昨舌。最后一个品类完全是老毛病:由于买方还是中国政府临阵退缩,或者出于当海外被敌视,价値10亿美元或者以上的市受起一起2300亿美元之贸易告吹。结果令中国购买者如今受当是不可靠的。

[6]Other countries have been on foreign M&Abenders: in 1989-90
Japanese companies bought a Hollywoodstudioand the Rockefeller
Centre and in 2005-15 Indian firmssplurgedoverseas. But China is
different. It is much bigger. And its firms’weaknessesabroad reflect
the unique problems of its economy at home.

bender:(一段时间)狂饮作乐

例:Given a chance to turn worthless money into valuable commodities,
Shanghailanders went on a buying bender.

上海人口乘此机会疯狂地抢购,把毫无价值的票换成有价之货。

studio:电影公司

splurge:挥霍;乱花钱;糟蹋钱

例:A splurge on signings would only make sense if it was calculated
that the disaffection of fans was liable to be even more costly.

唯有发生球迷的不满会带来更胜代价时,一掷千金罗致球员的阔怕是才能够来。

weakness:弱点,软弱,缺点

别国家吧更了天并购热潮:1989至1990年里,日本供销社收购了同一小好莱士与影片公司跟洛克菲勒骨干。2005顶2015年,印度商社当角落大肆挥霍。但中国不同,它的经济规模要死得几近,其店于远处市场上展露出之缺陷反映了国内经济之异问题。

[7]State-controlled firms are the most financiallyundisciplined.
They are also more likely toprovokeopposition abroad from
privaterivalsand from politicians who can argue that China’s
government ismeddlingin their economy. As for the
country’sentrepreneurs, cheap loans from state banks and
areluctanceto issueequityleads them to assume too much debt and
tospeculate. They need to be politically connected to get bank loans
and get around currency controls, but such connections can befickle.
In 2015 Fosun’s boss was arrested and then released. This month Anbang
has had to deny that its chairman is banned from leaving the country.
China’soutboundforeign investment dropped by 49% year on year in the
first quarter of 2017, with an officialclampdownon such speculative
deals partly to blame.

undisciplined:无组织纪律的;没规矩的;缺乏担保之

例: When he was young and undisciplined. All that energy was used for
causing trouble.

当他尚年轻不羁时,他有的这些精力都为此当打造麻烦上了。

provoke:引发;激起;引起;挑衅

例:Simply freshening-up the smell of a room is enough to provoke a
subconscious impulse towards fairness, researchers claimed.

切磋人口如,仅仅转移一下屋子的意气就得挑动人们对公正的潜意识冲动。

rival:竞争对手

例:Mrs Merkel’s personal ratings have held up better; voters prefer her
to any likely rival as chancellor.

默克尔夫人的私支持率比还开展一些;同其它可能成总统的敌方相比,选民更支持默克尔。

meddling:干涉;弄;参与

例:But the president said he has taken a more measured approach to
avoid the appearance that the United States is meddling in Iranian
affairs.

然奥巴马管辖说,他径直使用更谨慎的章程,以避免看起好像美国在干预伊朗工作。

entrepreneur:企业家,主办人

reluctance:不情愿;【电】磁阻;厌恶;反抗 (to; at)

例:But business, too, is often a slow-moving gerontocracy, hidebound by
a reluctance to let creative individuals make quick decisions.

只是日本商界常常为是一个行动迟缓、处在老人统治下的领域,固守在一样种不情愿让富有创造力的民用很快作出决断的心怀。

equity:(公司的)股本、普通股;资产净值

speculate:思索,推测

fickle:易变的;无常的;反复无常的

例:A difficult problem could be good for a designer, but a fickle
client or unreliable materials would not be.

一个艰苦的题材对一个设计者来说是好的,但是一个变异的客户及不可靠的素材不是。

outbound:开向异地的,开为海外的

clampdown:取缔,压制

国有控股企业财务管理最无严格,也重新有或当天边引起私营竟争对手及政客的反对一一这些政客或许会见如中国政府干涉本国经济。中国底企业家则装有来自国有银行的降价贷款,而以不愿意发行股票,这吃他俩负责了了多之债务,并展开对。他们用出政治关系才会获得银行贷款及善终了钱管制,但这种涉及有时连无牢靠。2015年,复星的老板娘被捕,后来又被假释。本月,安邦不得不对外围报道作出回复,否认该董事长被禁出境。2017年第一季度,中国对外投资同比下跌49%,部分缘故是合法对这种投机性交易的打压。

[8]More sensible ways of going global may be emerging, however.
State-backed firms are using new mechanisms topersuadeforeign
countries that they will operate on a largely commercial basis.
ChemChina has just boughtSyngenta, a Swiss chemicals firm, for $46bn. It
has promised to keep Syngenta’sheadquartersand research
inSwitzerland.China Investment Corporation(CIC),
asovereign-wealthfund, is to spend $14bn buyingLogicor, a
Europeanwarehousingbusiness. CIC willpresumablyargue that it is
a financial buyer and won’tmeddle. China’sone-belt
one-roadinitiative
is partly aimed atreassuringforeign countries
that do business with state-backed firms, by putting contracts and
activity under abilateral, diplomatic umbrella.

persuade:说服

headquarters:设总部;在…设总部;把…放在总部被

例:The headquarter of the company will be in Wuhan, Hubei Province. A
central hub of operation will be set up for each business unit .

其总部将设于湖北省武汉市,每一个业务部门将各自是一个骨干运营基地。

Switzerland:瑞士

China Investment Corporation:中国投资有限责任公司

sovereign-wealth:主权财富;所谓主权财产;主权基金是出于主权财富

例:There is no evidence so far that sovereign-wealth funds are trying
to wield inappropriate influence in the companies they invest in.

当下还不曾迹象表明国控资金正对她们投资的商号施加不当影响。

warehousing:仓储;仓储业

例:EDM is often used as a reference model for information integration
or as a basis for persistent databases and data warehousing.

EDM通常作为信息并的参考模型,或者当作持久性数据库与数据仓库的根底。

presumably:大概;很可能;想必是

例:The company says it has an airline ready to unveil the system in two
months time, presumably with devices for business or first class.

拖欠店铺表示,已经发出相同下飞企业备于有限只月后推出这同一网,很可能是特意针对商务舱或者头等舱乘客的。

meddle:管闲事,干涉,干预

one-belt one-road initiative:一带协办发起

reassuring:令人欣慰的,可靠的,令人欣慰的

bilateral:双方的;双边的;(身体部位)双侧的;(大脑)两半圆球的

例:China is ready to explore new areas and new ways of expanding
bilateral trade and promote sustained and stable growth of the trade.

中方愿同加方探讨扩大双边贸易的初领域新点子,促进两国贸易持续稳定增长。

而,更明智的倒出去的法门恐怕在发。国资支持的铺面正在使用新机制来说服国外市场和内阁,使其亲信自己的运作会主要因商业方式。中国化工刚刚为460亿美元收购了瑞士化学品公司先正达(Syngenta),承诺将先正达公司之总部及研究单位留在瑞士。主权财富基金中国斥资有限责任公司将斥资140亿美元收购欧洲合储公司Logicor。中投想必会说自己只有是财务收购,不见面干预企业事情。中国底一模一样带来齐倡议把合同和商业活动放在双边外交之大字之下,一定程度上是为给与国资支持之公司举行工作的国安。

M&A with Chinese characteristics

中国风味之并购

[9]For China’s private firms the focus must be on deals that contain
industrial logic, rather than those with a
stronglyspeculativeortrophy-huntingflavour. Last year Haier,
which makes white goods, bought General
Electric’sappliancesbusiness. Even these deals are hit and miss.
Geely, acarmaker, has made a success of Volvo, which it bought in
2010, but Lenovo, a computer firm, has struggled since buying
Motorola’shandsetbusiness in 2014. Yet, over the long term they have
a better chance of succeeding than almost anything else. As China’s
internet firms accumulate cash they will go abroad; they have much to
offer in terms ofexpertise. Last year Tencent paid $9bn for
Supercell, a Finnish gaming firm.

speculative:推测的;猜测的;推断的;揣摩的

例:There are a number of speculative theories about this topic, but
none of them make realistically testable predictions as of yet.

出有有关这问题的纯理论研究,但绝非一个克提出有效之预计为实际去验证。

trophy-hunting:战利品狩猎;猎物;狩猎头像标本

例:Trophy hunting can be a strong economic incentive to protect
wildlife and promote conservation.

猎物狩猎可以看作同样栽强大的经济手段,激励保障野生动物并拓宽保护理念。

appliances:(家用)电器

例:Appliance waste is one of the main kind for solid wastes, which will
pollute environment seriously, if it is not properly disposed.

废旧小家电是固体废物最要的品类有,不进行客观之惩治将重污染环境。

carmaker:汽车制造商

handset:手机,电话听筒

expertise:专长;专门知识;专门技术

例:I knew you were one of the main drivers behind the enterprise
acquisitions, and that you had zero expertise in consumer devices.

自我懂得你是那时候生意收购的关键幕后推动者之一,而且你针对消费类产品之经历不解。

神州之私营企业必须厚有家财逻辑的市,而未是有明显投机性或发收获战利品意味的交易。去年,生产白色家电的海尔收购了通用电气的家用电器业务。但尽管是当时好像交易也出变为有破。汽车制造商吉利在2010年收购了沃尔沃后拿走了成,但计算机店联想起2014年买断了摩托罗拉的无绳电话机业务以来一直陷于困境。然而,长远来拘禁,这些交易比其它任何商业活动都生再度甚之成时。中国互联网企业储蓄足了现款,就见面倒出来,它们有很多特长做筹码。去年,腾讯就因90亿美元的标价收购了芬兰游戏公司
Supercell。

[10]In the past, each economic superpower has created its own
corporate form abroad, reflecting its national character and the state
of the world it sought tobestride. British firms used managing
agents in the 19th century to run remote businesses. From the 1970s
American firmsperfectedthemultinational, taking advantage of
technology and open borders to run things on anintegratedbasis.
China’s firms are emerging out of astate-led economyinto a
moreprotectionistworld. They must find their own ways to adapt to
this environment if they are to fulfil their destiny

bestride:跨坐;骑

例:They do not bestride the world; they are, like Atlas, holding it up.

它并从未主宰世界;与擎天之神阿特拉斯(Atlas)一样,政府于支撑着世界。

perfect:完善

multinational:跨国的;涉及多国的,跨国公司

例:Despite their economic and theoretical relevance, business-oriented
research tends to concentrate on large and multinational organizations.

尽管遭到小型企业具有经济和驳斥方面的习惯性,但是生意研究一般还是集中在大型和跨国集团。

integrated:各片密切协调的;综合的;完整统一之

例:The existence of an enterprise lies in its value and an enterprise
is an integrated entity of its subjective and objective value.

商厦的是是以她的价,企业是不合理价值及客观价值之统一体。

state-led economy:国家政策中心经济

protectionist:保护贸易论者

例:Clinton also said the United States must avoid protectionist
policies that could harm Mexico as it deals with the economic crisis.

其还说,美国以处理经济危机时得避免使贸易保护主义政策,因为马上恐怕会见损伤墨西哥争取解决经济危机的拼命。

千古,每个经济大国都在海外成立了温馨之合作社形式,反映了该民族特点和所思征服的世界的状态。英国公司在19世纪下代理经理人的花样管理山长水远的店家。20世纪70年代由,美国庄完善了跨国公司的样式,利用技术和放之分界来综合运作。中国洋行刚刚由国家主导型经济遭遇崛起,进入一个再次具备保护主义色彩的世界。想如果夙愿得偿,它们要找到自己之措施来适应这种环境。

在全球化的今天,扬帆出海是中华铺必经之路。然而想如果动出来,首先,中国号索要解决本身的题目,在柜文化、公司治理、技术创新等地方加强实力,打铁还需要自己硬。另一方面,也要对准国外市场有足够的摸底,吸取国内外成功企业之涉。只有这么稳扎稳打,中国商社才当真立足于世界经济竞争浪潮。

英文原稿:

http://www.economist.com

讲解:霞姐 / Tiassa / Angel

编排 / 校对:Angel

此次文章翻译来源于经济学人商论

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