历史学人

中国经济近来迅猛发展,可是在国际市集上屡次战败。中国商户在走出来的长河中,终归面临什么样阻力?今后又将如何升高吧?

Crossing the river

摸着石头过河

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

中国小卖部在天涯战表不好,必须更上一层楼

【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:不可防止的;不恐怕避免的;总会暴发的;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.

像我们这么的人,不仅聪明,胸怀大志,还放眼世界,所以力求周密可能不能幸免。

mixed bag:杂集,混合体,大杂烩

mergers:(机构或公司的)合并

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

一家U.S.出版商与该公司协商有关统一的事情。

acquisition:收购;购置;(知识、技能等的)拿到;(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,收购平时是最高效(有时也是唯一)的方法。

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;超过电视公布

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.

记得前天阳光会照常升起,即便今儿早晨自作者吃了太多匹萨和冰激凌。

trophy: (竞技、赛跑等的)奖品,奖杯

是因为中国的经济层面,有一件事就像是无可防止,这就是炎黄供销社必然在世界舞台上扮演极为紧要的角色。然则,过去15年里中国信用社在角落市镇上的小购买销售冒险成果各异。暴发的小型交易成千成万,其中有一部分会打响。但有关价値10亿日币或以上的并购,情状就不相同了。已有56笔交易截止;此外39笔交易中,民有集团以虚高的价钱购回了大批货品公司;近日,各路大亨正在疯狂搜罗旅社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;集团集团;联合大商户;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,将他们的资本,包括俄国的最大的矿山和工厂,合并成二个公共的特大型联合集团。

Deutsche:德意志联邦共和国银行

Landesbank:西酒花之国银行

consolidate:加强、巩固

fragmented:碎片,片段

credible:可相信的,可相信的;(因类似或许得逞而)可承受的

稍微贸易完全不吻合任何正规逻辑。上个月,
航空旅游公司青海航空公布已经收购德意志联邦共和国银行1/10的股权,在此从前还曾考虑收购一家德意志联邦共和国州立储蓄银行
。这家在新加坡救助了沙i难排球巡回赛的中国公司就像是觉得自个儿有力量整合德意志联邦共和国分流的银行业,但要在金融领域里成功此举,难度堪比达成中东和平。中国供销社要在海外公布潜力,须要更可靠的做法。

[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.

霸权国家不只怕长时间经受那种不断进步的债务。

disproportionate:不成比例的;不般配的;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.

两国占据了美利坚合众国国防预算的银元,那与他们的外交影响力和财富潜力极不相乘。

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. “

他在自传中那样写道:“即使我不了然「能」做到哪些水平,但至少本人有了个开头的决心。”

英国及后来的美利哥在20世纪的经验注明,经济霸主国家在举世民企投资总存量中所占比重往往偏高。明天,中国的这一占比仅为4%,低于其占满世界GDP15%和总市值13%的百分比。中国首领希望中国商店加快行动。中国首富、房地产公司奥斯汀万达的业主王建林在自传中提出,集团只要不全世界化,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:造成困难的;暴发难点的

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、有标题标、不合规的情节更易于获取,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.

随便从何处获取原始数据,将来已建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 中国海洋石油总集团

但殷切走出来的炎黄专营商已经犯了好多错i吴。贰零零陆年以来,价値10亿欧元或以上的贸易占了炎黄商店国外并购总额的3/5,其中约有二分之一所属三个有题目标品类。第二类是公私控股公司对自然财富公司的收买。此类收购的目的是要确保原料来源,但为数不少交易的机会都很不佳,是在二〇一〇年至二〇一四年间巨大商品周期的高峰期以偏高的价钱达成的。例如,原油公司中海油在二〇一一年以170亿比索购回了加拿大原油集团Nexen,未来已经減记了中间有些价値。

[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,杠杆功效,影响力,发挥杠杆功效,施加影响

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

但她说,那项法律可以为U.S.追加与中华交涉的筹码。

policyholders:投保人,保证客户

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.

信用社有权转让全部或局地合同项下的义务,任何其他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;令人心痛的;催人流泪的

outright:完全地,彻底地

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

本身交代地报告她自己对她的感想。

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.

学生们说:若是他们不能够锲而不舍那或多或少的话,就不可以阻拦其团队被那么些对其规格抱有敌意的人所掌控了。

reception:对待,待遇

第一个难点项目是公司公司选取杠杆,通过借贷或利用公司保证子公司客户的保障资金举行收购。四家这么的专营商(海航、菲尼克斯万达、新加坡复星和安邦)已经开支了1000亿法郎购回种种资本,包涵豪华客栈、一家葡萄牙共和国(República Portuguesa)银行、二个俄罗丝宝库和一家快艇创制商。那个收购背后的本行逻辑很无耻明白。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。最终2个系列完全是缺点:由于买方或中国政坛临阵退缩,只怕出于在国外遭逢敌视,价値10亿欧元或以上的贸易中有一起2300亿比索的交易告吹。结果使得中国购买者目前被认为是不可靠的。

[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.

香江人乘此机会疯狂地抢购,把毫无价值的钞票换到有价值的货品。

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.

惟有观球的观众的不满会带来更高代价时,穷奢极侈罗致球员的排场怕是才能发生。

weakness:弱点,软弱,缺点

另海外家也经历过国外并购热潮:1990至1988年间,日本信用社收购了一家好莱士与影视公司和洛克菲勒中央。二〇〇七至贰零壹伍年,孔雀之国商厦在塞外荒淫无度。但中国不同,它的经济规模要大得多,其集团在远方市集上暴光出的欠缺反映了国内经济的极度难点。

[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
tospeculateea平台365bet体育在线,. 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:无社团纪律的;没规矩的;紧缺担保的

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

当他还年轻不羁时,他具有的这几个精力都用在创建麻烦上了。

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.

探究人口称,仅仅改变一下房间的意气就足以挑动人们对正义的无意识冲动。

rival:竞争对手

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

默克尔妻子的民用协理率相比还乐观一些;同其他大概变成总统的敌方相比,选民更辅助默克尔。

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.

然则奥巴马总理说,他向来使用尤其谨慎的办法,以幸免看起来好像美利坚合营国在干预伊朗事务。

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.

不过扶桑商界平日也是三个行动迟缓、处在老人统治下的领域,固守着一种不愿令全体创设力的个体很快作出决断的心境。

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;朝秦暮楚的

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

一个困难的标题对一个设计者来说是好的,不过1个翻云覆雨的客户和不可信的素材不是。

outbound:开往各省的,开往国外的

clampdown:取缔,压制

国有控股集团财务管理最不严厉,也更有只怕在天涯引起合营竟争敌手和政客的不予一一这一个政客可能会称中国政坛干涉本国经济。中国的公司家则兼具来自国有银行的跌价贷款,而又不乐意发行股票,那让他俩担负了过多的债务,并开展投机。他们需求有政治关联才能拿到银行贷款及结过货币管制,但这种关系有时并不保证。2014年,复星的老董被捕,后来又被释放。本月,安邦不得不对外边报纸发表作出回复,否认其董事长被明令禁止出境。二零一七年第③季度,中国对外投资同比降低1/3,部分缘故是法定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 .

其总部将设于山西省随州市,每一个业务部门将分别设有多个主导运行基地。

Switzerland:瑞士

China Investment Corporation:中国投资有限义务集团

sovereign-wealth:主权能源;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.

方今还未曾迹象注明国控资金正对他们投资的小卖部施加不当影响。

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平常作为音信集成的参考模型,恐怕作为持久性数据库和数据仓库的底子。

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.

该公司表示,已经有一家航空公司准备在3个月后推出这一种类,很恐怕是特别针对商务舱或许头等舱乘客的。

meddle:管闲事,干涉,干预

one-belt one-road initiative:一带共同发起

reassuring:令人快慰的,可相信的,令人欣慰的

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.

中方愿同加方讨论增添双边贸易的新领域新格局,促进两国贸易不断稳定增加。

只是,更明智的走出来的点子只怕正在显示。国资协助的同盟社正在使用新机制来说服国外市镇和内阁,使其深信不疑自个儿的运作会主要依照商业格局。中国化工恰好以460亿美元收购了瑞士联邦化学品企业先正达(Syngenta),承诺将先正达公司的总部和钻研单位留在瑞士联邦。主权财富资产中国斥资有限权利公司将斥资140亿法郎购回澳大利亚(Australia)合储公司Logicor。中投想必会说本身只是财务收购,不会干涉集团业务。中国的一带一块发起把合同和商业活动放在双边外交的大字之下,一定水平上是为着让与国资帮衬的铺面做工作的国度安心。

M&A with Chinese characteristics

中国特点的并购

[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研商,但未曾一个能提议游之有效的推断让现实去印证。

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.

猎物狩猎可以作为一种强大的经济手段,激励有限协理野生动物并放大爱慕理念。

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爱护的档次之一,不举办合理的查办将严重污染条件。

carmaker:小车创制商

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.

我明白你是那时生意收购的紧要幕后推动者之一,而且你对消费类产品的经验不解。

中华的独资公司必须爱抚有家财逻辑的交易,而不是有所显然投机性或有虏获战利品意味的贸易。2018年,生产原野绿家电的Haier收购了通用电气的家电业务。但不怕是那类交易也不负众望有败。小车创建商吉利在二零零六年收购了Bentley后取得了成功,但计算机公司联想自二零一六年买断了摩Toro拉的无绳电话机业务以来一向陷于困境。可是,深入来看,那些交易比别的任何商业活动都有更大的成功机会。中国网络公司攒够了现金,就会走出来,它们有如拾草芥刀客锏做筹码。二零一八年,腾讯就以90亿韩元的价位购回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.

它们并不曾主宰世界;与擎天之神ArtRuss(Atlas)一样,政党在协助着世界。

perfect:完善

multinational:跨国的;涉及多国的,国有公司

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

固然中小型集团拥有经济和驳斥方面的习惯性,可是生意研商一般依旧集中在大型和民有集团。

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市值,集团是主观价值与客观价值的三人一体。

state-led economy:国家方针中央经济

protectionist:爱抚贸易论者

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,美利哥在拍卖经济风险时务必防止选取贸易珍贵主义政策,因为这可能会贻误墨西哥争取化解经济危害的大力。

过去,逐个经济大国都在外国建立了投机的铺面格局,反映了其民族特点和所想制伏的世界的意况。英帝国公司在19世纪使用代理老板人的花样管理山长水远的商行。20世纪70年份起,美国有集团业周全了民企的款型,利用技术和开花的境界来回顾运作。中国公司正从国家主导型经济中崛起,进入一个更具爱惜主义色彩的世界。想要夙愿得偿,它们必须找到自个儿的点子来适应那种环境。

在整个世界化的明日,扬帆出海是炎黄公司必经之路。但是想要走出来,首先,中国洋行急需缓解自个儿的难题,在集团文化、集团治理、技术立异等方面升高实力,打铁还需自己硬。另一方面,也要对异国他乡市场有丰裕的垂询,吸取国内外成功公司的经历。唯有那样多加商量,中国专营商才能真正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

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