经济学人 | 中国公司之海外的路

中华经济前不久迅猛发展,但是当国际市场高达翻来覆去失败。中国商店于动出来的进程中,究竟面临什么样阻力?未来以以焉发展也?

Crossing the river

摸着石头过河

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

华公司在远方战绩无完美,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;不可知防范的;总会有的;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.

比如咱如此的人口,不仅聪明,胸怀大志,还放眼世界,所以力求全面可能无法避免。

mixed bag:杂集,混合体,大杂烩

mergers:(机构或者小卖部之)合并

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

一家美国出版商与该公司协议有关统一之事。

acquisition:收购;购置;(知识、技能等之)获得;(多靠珍贵的)购得物

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

倘以某个同国博立足点,收购通常是最好迅速(有时也是唯一)的不二法门。

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.

记明天阳光会照常升起,即便今晚本身吃了极度多匹萨和冰激凌。

trophy: (竞赛、赛跑等之)奖品,奖杯

鉴于中国的经济规模,有同一项事如无可避免,那即便是华夏店肯定在世界舞台上扮极为重要的角色。然而,过去15年里中国局于远处市场及的买卖冒险成果各异。发生的袖珍交易成千上万,其中有一部分会得逞。但有关价値10亿美元或以上的并购,情况就是差了。已发出56笔画交易已;另外39笔交易中,国企以虚高之价位购回了不可估量货物企业;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;联合特别企业;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,将她们之血本,包括俄罗斯底太要命之矿山和工厂,合并成一个公家的大型联合公司。

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)可承受之

微贸易了不合乎任何正规逻辑。上个月,
航空旅游集团海南航空颁发已经收购德意志银行10%之股权,在此之前还曾考虑收购一下德国州立储蓄银行
。这家以首都帮扶了沙i难排球巡回赛的中国公司像觉得好有力量整合德国疏散的银行业,但若是于金融领域里完成此举,难度好比实现中东和平。中国小卖部而当国外发表潜力,需要重新依靠谱的做法。

[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.

霸权国家无法长期受这种连升起的债务。

disproportionate:不成比例的;不匹配的;太怪(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.

点滴国占了美国国防预算的大头,这同她们之外交影响力和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. “

他在自传中如此写道:“虽然我未亮「能」做到什么水平,但起码我产生了单开始之决定。”

英国跟后来之美国在20世纪之更表明,经济霸主国家于全世界跨国公司投资总存量中所占有比例往往偏强。今天,中国底这无异于据为己有比单为4%,低于该占用全球GDP15%和总市值13%的比例。中国领导干部想中国局加快行动。中国大户、房地产公司大连万达之老板王健林以自传中指出,企业若无全球化,中国就算未会见转移强大。

[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:造成不便的;产生问题之

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、非法的内容又易得到,但未成年人并无总是还便于触及到。

category:种类,类别

raw:生的;未烹制的;未煮的;未经加工之

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

随便从何方获取旧数据,现在早就建了阅读器并为分析做好准备。

badly timed:不合时宜

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

不过急于求成走出来的神州号就发了不少错i吴。2005年来说,价値10亿美元或以上的交易占了炎黄小卖部海外并购总额的三分之二,其中大约来一半所属三只来题目的种类。第一像样是共用控股企业针对自然资源局之收买。此类收购的目的是如果管原料来源,但多市的空子还充分糟糕,是以2010年及2014年里巨大商品周期的高峰期以偏强之价钱就的。例如,石油企业受到海油在2012年盖170亿美元购回了加拿大石油公司Nexen,现在就減记了中间一些价値。

[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.

可他说,这项法律可以啊美国搭和中华交涉之筹码。

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.

商店来且转让所有还是部分合同项下的权,任何其他关系公司要附属公司。

yacht:帆船,快艇,游艇

eye-watering:(高得)难以想象的;令人心痛之;催人流泪的

outright:完全地,彻底地

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

自家交代地报告他自身本着客的感想。

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.

学生等说:如果他们非可知坚称就或多或少来说,就无法阻挡该团队被那些针对那个尺度得到出敌意的人口所掌控了。

reception:对待,待遇

老二个问题项目是合作社集团以杠杆,通过借贷或利用集团管子公司客户的保险资金进行收购。四下这么的店堂(海航、大连万达、上海复星和安邦)已经花费了1000亿美元购回各类资金,包括豪华酒店、一家葡萄牙银行、一个俄罗斯资源和同贱游艇制造商。这些收购背后的行当逻辑很难看明白。复星和海航披露了账,负债和总营业利润比分别吗8倍增及13加倍,高得叫人昨舌。最后一个品种完全是欠缺:由于买方还是中国政府临阵退缩,或者是因为当海外遭遇敌视,价値10亿美元或上述之贸易中发生一起2300亿美元之市告吹。结果让中国买家如今吃看是不可靠的。

[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.

上海人乘此机会疯狂地抢购,把毫无价值的票子换成有价的货。

studio:电影企业

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.

只是生球迷的不满会带来更胜似代价时,一掷千金罗致球员的场面怕是才会生出。

weakness:弱点,软弱,缺点

另国家呢更了天并购热潮:1989顶1990年间,日本小卖部收购了一如既往贱好莱士与影片公司和洛克菲勒中坚。2005到2015年,印度商厦于塞外大肆挥霍。但中国不同,它的经济范畴要非常得差不多,其店在远方市场上展露出的缺点反映了国内经济之非常问题。

[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,他所有的这些精力都因此当打造麻烦上了。

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.

研讨人员如,仅仅转移一下室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.

默克尔家的个体支持率比还开展一些;同任何可能成为总统之对方相比,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.

可奥巴马管说,他一直采取更为严谨的点子,以避免看起好像美国当干预伊朗事情。

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.

不过日本商界常常为是一个行动迟缓、处在老人统治下之圈子,固守在雷同栽不乐意让富有创造力的村办很快作出决断的心态。

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.

一个紧的问题指向一个设计者来说是好之,但是一个变异的客户和不可靠的资料不是。

outbound:开为外地的,开通往海外的

clampdown:取缔,压制

集体控股企业财务管理最不严格,也更有或当天引起私营竟争对手和政客的不予一一这些政客或许会见如中国政府干涉本国经济。中国之企业家则拥有来自国有银行的降价贷款,而而未乐意发行股票,这让他们肩负了过多的债,并拓展对。他们得出政治关系才能够赢得银行贷款及竣工了钱管制,但这种关联有时连无保险。2015年,复星的小业主被捕,后来同时被释放。本月,安邦不得不对外围报道作出对,否认该董事长为禁止出境。2017年第一季度,中国对外投资较大跌49%,部分缘由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…放在总部遭遇

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 .

那总部将设于湖北省武汉市,每一个业务部门将各自是一个为主运营基地。

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.

现阶段尚无迹象表明国控资金正对她们投资的柜施加不当影响。

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,或者当持久性数据库及数据仓库的根基。

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.

拖欠企业表示,已经来同一下飞企业准备当少数个月后出就无异系,很可能是特别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:一带联袂倡议

reassuring:令人宽慰的,可靠的,令人欣慰的

bilateral:双方的;双边的;(身体窝)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.

中方愿和加方探讨扩大双边贸易的初领域新方式,促进两国贸易持续稳定增长。

唯独,更精明之运动出去的方式恐怕正在发。国资支持的店家正使新机制来说服国外市场和朝,使该深信不疑自己的运作会主要依据商业方式。中国化工恰恰为460亿美元购回了瑞士化学品公司先正达(Syngenta),承诺以先正达公司之总部与钻研单位留在瑞士。主权财富基金中国投资有限责任公司将斥资140亿美元收购欧洲合储公司Logicor。中投想必会说好独自是财务收购,不会见干涉企业事务。中国底同带动一块倡议把合同与商业活动放在双边外交的大字之下,一定水平及是为让与国资支持之柜开工作的国安。

M&A with Chinese characteristics

中华风味之并购

[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.

发出一些关于这个题材之纯理论研究,但从未一个会提出有效之前瞻为实际去验证。

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一栽强大的经济手段,激励保障野生动物并加大保护理念。

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.

废旧家电是固体废物最要的门类有,不开展客观之办将严重污染条件。

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.

自清楚您是那时候生意收购的机要幕后推动者之一,而且若针对消费类产品之经验不解。

中华的私营企业必须厚有产业逻辑的市,而非是负有显著投机性或发生收获战利品意味的贸易。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。但尽管是即时看似交易也发出成为有解。汽车制造商吉利以2010年收购了沃尔沃后取得了成,但计算机公司联想起2014年买断了摩托罗拉的手机业务以来一直陷入困境。然而,长远来拘禁,这些交易比其它任何商业活动都发生再要命的功成名就时。中国互联网公司储蓄足了现金,就会见动下,它们发出众多绝活做筹码。去年,腾讯就因为90亿美元的价钱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.

她并没主宰世界;与擎天之神阿特拉斯(Atlas)一样,政府在支持着世界。

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,但是生意研究一般要集中在大型和跨国集团。

integrated:各片密切和谐的;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.

店铺之有是以它的价值,企业是不合理价值和客观价值的三位一体。

state-led economy:国家策略基本经济

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,美国以拍卖经济危机时须避免下贸易保护主义政策,因为及时也许会见害墨西哥争取解决经济危机的极力。

千古,每个经济强国都以国外建立了协调之营业所形式,反映了其民族特点与所想征服的社会风气之状态。英国公司当19世纪下代理经理人的款式管理山长水远的店。20世纪70年间由,美国商社完善了跨国公司的花样,利用技术及开的边际来综合运作。中国店刚刚从国主导型经济遭遇突出,进入一个重新拥有保护主义色彩的世界。想如果夙愿得偿,它们必须找到好的法来适应这种环境。

于全球化的今日,扬帆出海是炎黄号必经之路。然而想只要运动下,首先,中国公司需要缓解自身之问题,在店铺文化、公司治理、技术创新等方面加强实力,打铁还欲自己硬。另一方面,也使对国外市场有足够的刺探,吸取国内外成功企业之阅历。只有如此稳扎稳打,中国庄才能真正立足于世界经济竞争浪潮。

英文原文:

http://www.economist.com

讲解:霞姐 / Tiassa / Angel

编排 / 校对:Angel

本次文章翻译来源于经济学人商论

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