中原信用社的塞外之路365bet手机app下载

中华经济近日迅猛发展,不过在列国市场上反复败北。中国集团在走出来的经过中,终归面临哪些障碍?将来又将何以发展吗?

Crossing the river

摸着石头过河

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

中华商厦在天涯战表不好,必须创新

【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
365bet手机app下载,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:不可幸免的;无法预防的;总会发生的;照例必有的

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

像我们如此的人,不仅聪明,胸怀大志,还放眼世界,所以力求完美只怕不能够避免。

mixed bag:杂集,混合体,大杂烩

mergers:(机构或商店的)合并

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

一家美利坚合众国出版商与该店铺协议有关联合的事体。

acquisition:收购;购置;(知识、技能等的)得到;(多指贵重的)购得物

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

要在某一国取得立足点,收购平常是最疾速(有时也是绝无仅有)的艺术。

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;当先电视发布

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.

回想前几天阳光会照常升起,固然明早本身吃了太多匹萨和冰淇淋。

trophy: (比赛、赛跑等的)奖品,奖杯

由于中国的经济规模,有一件事就像无可防止,那就是神州小卖部必然在世界舞台上扮演极为首要的脚色。然则,过去15年里中国商社在天涯市场上的小买卖冒险成果各异。暴发的小型交易多如牛毛,其中有一部分会得逞。但有关价値10亿新币或上述的并购,景况就不相同了。已有56笔交易甘休;其余39笔交易中,国有集团以虚高的标价收购了大宗商品集团;目前,各路大亨正在疯狂搜罗饭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;集团公司;联合大公司;合成物

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

他们提出,将她们的本钱,包涵俄联邦的最大的矿山和工厂,合并成一个共用的特大型联合集团。

Deutsche:德意志联邦共和国银行

Landesbank:西德意志联邦共和国银行

consolidate:加强、巩固

fragmented:碎片,片段

credible:可靠的,可信的;(因类似大概成功而)可接受的

有点贸易完全不符合任何正规逻辑。上个月,
航空旅游公司湖北航空公布已经收购德意志联邦共和国银行10%的股权,在此在此之前还曾考虑收购一家德意志联邦共和国州立储蓄银行
。这家在京城接济了沙i难排球巡回赛的中国公司就像是觉得本人有力量整合德意志分散的银行业,但要在经济领域里做到此举,难度堪比完毕中东和平。中国商社要在海外发布潜力,需求更可靠的做法。

[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.

霸权国家不能长时间忍受那种无休止上升的债务。

disproportionate:不成比例的;不兼容的;太大(或太小)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.

两国占据了美利哥国防预算的大洋,那与她们的外交影响力和资源潜力极不相乘。

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. “

他在自传中如此写道:“即使自个儿不知道「能」做到怎么着程度,但最少我有了个开端的决定。”

英帝国及后来的米利坚在20世纪的经历注解,经济霸主国家在全世界外企投资总存量中所占比重往往偏高。今日,中国的这一占比仅为4%,低于其占全世界GDP15%和总市值13%的比重。中国领导干部希望中国集团加快行动。中国首富、房地产公司达累斯萨拉姆万达的业主王建林在自传中提出,集团若是不满世界化,中国就不会变强大。

[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:造成诸多不便的;发生难点的

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

网络让损害的、有题目的、违法的内容更易于得到,但未成年人并不总是更便于触及到。

category:种类,类别

raw:生的;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.

不论是从何处获取原始数据,现在已确立了阅读器并为解析做好准备。

badly timed:不合时宜

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

但急切走出来的华夏公司曾经犯了成千成万错i吴。2005年以来,价値10亿英镑或以上的贸易占了中国供销社海外并购总额的三分之二,其中约有一半所属多少个有难题的项目。第一类是共用控股公司对自然资源公司的收购。此类收购的目标是要力保原料来源,但众多贸易的空子都很糟糕,是在二〇一〇年至二零一四年间巨大货物周期的高峰期以偏高的标价已毕的。例如,石油公司中海油在二零一二年以170亿美金购回了加拿大石油集团Nexen,现在早已減记了其中有的价値。

[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,杠杆效用,影响力,发挥杠杆成效,施加影响

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

但他说,那项法律能够为美利坚合众国扩张与华夏谈判的筹码。

policyholders:投保人,有限支撑客户

entrust:委托,托付

subsidiary:子集团;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.

合营社有权转让所有或局地合同项下的任务,任何别的关联公司或附属公司。

yacht:帆船,快艇,游艇

eye-watering:(高得)不可名状的;令人心疼的;催人流泪的

outright:完全地,彻底地

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

本人坦白地告知她我对他的感想。

collapse:崩溃,倒塌

hostile:敌意的;敌对的;坚决否认;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.

学员们说:如若她们不可以锲而不舍这点的话,就不可以拦截其团队被那些对其尺度抱有敌意的人所掌控了。

reception:对待,待遇

第一个难点项目是商店公司采纳杠杆,通过借贷或使用集团有限支撑子公司客户的保证资金进行收购。四家这么的同盟社(海航、菲尼克斯万达、Hong Kong复星和安邦)已经开销了1000亿美金购回各样资金,包涵豪华酒馆、一家葡萄牙共和国(República Portuguesa)银行、一个俄联邦宝库和一家快艇创设商。这个收购背后的行业逻辑很羞耻领会。复星和海航揭破了账目,负债与总营业利润比分别为8倍和13倍,高得令人昨舌。最后一个类型完全是老毛病:由于买方或中国政党临阵退缩,可能是因为在国外碰着敌视,价値10亿英镑或以上的贸易中有一起2300亿新币的交易告吹。结果使得中国购买者目前被认为是不可信的。

[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.

巴黎人乘此机会疯狂地抢购,把毫无价值的钞票换成有价值的商品。

studio:电影集团

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.

唯有看球的粉丝的不满会带来更高代价时,极端奢侈罗致球员的场地怕是才能生出。

weakness:弱点,软弱,缺点

其余国家也经历过海外并购热潮:1989至1990年间,日本集团收购了一家好莱士与电影集团和洛克菲勒要旨。2005至二零一五年,孔雀之国公司在天涯穷奢极欲。但中国不相同,它的经济范畴要大得多,其公司在塞外市场上暴光出的弱项反映了国内经济的例外难点。

[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:无协会纪律的;没规矩的;缺乏担保的

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

当她还年轻不羁时,他拥有的那一个精力都用在炮制麻烦上了。

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.

研商人士称,仅仅转移一下屋子的脾胃就足以吸引大千世界对公正的无心冲动。

rival:竞争对手

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

默克尔老婆的个体帮忙率相比较还开展一些;同任何可能成为总统的敌手相比较,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.

可是前U.S.总统总统说,他平素选用更为严苛的点子,以幸免看起来好像美利坚联邦合众国在干预伊朗业务。

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.

只是东瀛商界日常也是一个行动迟缓、处在老人统治下的领域,固守着一种不愿令所有创建力的个体很快作出决断的情感。

equity:(企业的)股本、普通股;资产净值

speculate:思索,推测

fickle:易变的;无常的;朝梁暮陈的

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

一个劳累的题目对一个设计者来说是好的,然而一个白云苍狗的客户和不可信的资料不是。

outbound:开往外地的,开往国外的

clampdown:取缔,压制

国有控股集团财务管理最不严俊,也更有只怕在塞外引起合资竟争对手和政客的反对一一这个政客只怕会称中国政坛干涉本国经济。中国的公司家则有所来自国有银行的廉价贷款,而又不情愿发行股票,那让他们负责了过多的债务,并展开投机。他们必要有政治关系才能收获银行贷款及结过货币管制,但那种涉及有时并不牢靠。二〇一五年,复星的业主被捕,后来又被保释。本月,安邦不得不对外场报道作出回应,否认其董事长被取缔出境。前年第一季度,中国对外投资同比回落49%,部分缘由是合法对那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…放在总部中

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 .

其总部将设于新疆省恩施土家族哈萨克族自治州,逐个业务部门将各自设有一个主旨运营营地。

Switzerland:瑞士

China Investment Corporation:中国斥资有限权利公司

sovereign-wealth:主权财富;所谓主权财产;主权基金是由主权财富

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

现阶段还平昔不迹象注明国控资金正对他们投资的店堂施加不当影响。

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寻常作为新闻集成的参考模型,或许当作持久性数据库和数据仓库的底蕴。

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.

该商厦表示,已经有一家航空公司准备在半年后生产这一系统,很只怕是特地针对商务舱恐怕头等舱乘客的。

meddle:管闲事,干涉,干预

one-belt one-road initiative:一带协办发起

reassuring:让人安心的,可信的,让人欣慰的

bilateral:双方的;双边的;(身体部位)双侧的;(大脑)两半球的

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

中方愿同加方商讨增添双边贸易的新领域新措施,促进两国贸易不断稳定增加。

唯独,更明智的走出来的艺术或许正在展现。国资帮助的公司正在利用新机制来说服国外市场和当局,使其深信不疑自身的运作会首要根据商业格局。中国化工恰好以460亿新币购回了瑞士联邦化学品公司先正达(Syngenta),承诺将先正达公司的总部和切磋单位留在瑞士。主权财富基金中国斥资有限义务集团将投资140亿法郎收购亚洲合储公司Logicor。中投想必会说本人只是财务收购,不会干涉公司事务。中国的一带一块倡议把合同和商业活动放在双边外交的大字之下,一定程度上是为着让与国资援救的合营社做事情的国度安心。

M&A with Chinese characteristics

说唱味的并购

[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.

有一部分关于此题材的纯理论探讨,但并未一个能提出可行的展望让实际去表明。

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.

猎物狩猎能够看成一种强大的经济手段,激励保险野生动物并加大爱戴理念。

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.

废旧家电是固体废物最主要的序列之一,不开展客观的惩处将严重污染环境。

carmaker:小车成立商

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.

自我精晓您是那儿买卖收购的机要幕后拉动者之一,而且你对消费类产品的经历不解。

神州的合资集团必须讲究有产业逻辑的贸易,而不是有着鲜明投机性或有虏获战利品意味的交易。二零一八年,生产白色家电的海尔(Haier)收购了通用电气的家用电器业务。但即使是那类交易也不负众望有败。汽车创建商吉利在二零一零年收购了迈巴赫后拿走了中标,但计算机商家联想自二零一四年收购了红米的手机业务以来一贯陷入困境。然则,深刻来看,这几个交易比其他任何商业活动都有更大的打响机会。中国网络商家攒够了现款,就会走出来,它们有诸多绝活做筹码。二〇一八年,腾讯就以90亿台币的价格收购了芬兰共和国游戏公司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.

它们并从未主宰世界;与擎天之神阿特拉斯(Atlas)一样,政党在援救着世界。

perfect:完善

multinational:跨国的;涉及多国的,外企

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

尽管中小型集团持有经济和辩论方面的习惯性,不过生意研商一般依旧集中在大型和民企。

integrated:各部分密切和谐的;综合的;完整统一的

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

商厦的存在是因为它的价值,集团是主观价值与客观价值的三位一体。

state-led economy:国家方针大旨经济

protectionist:尊崇贸易论者

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

她还说,U.S.A.在拍卖经济危害时务必幸免选拔贸易爱抚主义政策,因为那大概会损害墨西哥争得搞定经济风险的拼命。

过去,每一种经济大国都在国外创制了团结的营业所方式,反映了其民族特色和所想打败的世界的情况。英帝国集团在19世纪使用代理老总人的花样管理山长水远的集团。20世纪70年间起,美利坚协作国有公司业健全了跨国公司的样式,利用技术和开花的分界来综合运作。中国公司正从国家主导型经济中出色,进入一个更具爱戴主义色彩的社会风气。想要夙愿得偿,它们必须找到自个儿的不二法门来适应那种环境。

在举世化的前些天,扬帆出海是神州洋行必经之路。然则想要走出去,首先,中国小卖部索要化解本人的标题,在小卖部文化、集团治理、技术立异等方面狠抓实力,打铁还需自个儿硬。另一方面,也要对国外市场有足够的问询,吸取国内外成功公司的经历。只有那样从长远的角度考虑,中国商店才能确实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文学人商论

版权归魅力大学所有,鼓励转载,转发也可

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