“走出去”戰(zhàn)略下，中國(guó)集流對(duì)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(guó)集流對(duì)外投資</p><p>　　資料來源: 東京三菱日聯(lián)銀行經(jīng)濟(jì)研究辦

53、 作者：萩原洋子</p><p>　　中國(guó)是一個(gè)大量吸收外國(guó)投資的國(guó)家，但在政府的走出去戰(zhàn)略下，近年來中國(guó)明顯擴(kuò)大了對(duì)外投資份額。 2005年，除了投資金額的增長(zhǎng)速度加快外， 當(dāng)年123億美元投資總額是前一年的2.2倍，投資總額累計(jì)達(dá)到572億，如大規(guī)模的采購(gòu)資源和并購(gòu)發(fā)達(dá)國(guó)家大型企業(yè)等引起全球關(guān)注的項(xiàng)目正在增加。 接下來，我將介紹中國(guó)對(duì)外投資蓬勃發(fā)展的實(shí)際條件，并會(huì)嘗試評(píng)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(dāng)中國(guó)政府促進(jìn)吸引外資的時(shí)候，由于資金短缺問題，政府嚴(yán)格控制對(duì)外投資。然而，在1999年，中國(guó)政府宣布“走出去“戰(zhàn)略，并將政策轉(zhuǎn)向積極支持對(duì)外投資。此后，促進(jìn)對(duì)外投資和構(gòu)建支持系統(tǒng)的政策被列入第十個(gè)五年計(jì)劃（2001-2005）。戰(zhàn)略的第一個(gè)原因是國(guó)內(nèi)資源不足行業(yè)的發(fā)展

55、，他似乎是因?yàn)榘殡S經(jīng)濟(jì)的高速發(fā)展，越發(fā)意識(shí)到資源短缺將成為了一個(gè)中期至長(zhǎng)期的增長(zhǎng)制約因素。第二個(gè)原因是中國(guó)跨國(guó)公司國(guó)際化發(fā)展水平提高的背景下，政府強(qiáng)烈意識(shí)到大型公司在國(guó)際經(jīng)濟(jì)中的影響，感受到促進(jìn)中國(guó)企業(yè)國(guó)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(kuò)大對(duì)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(kuò)大造成如人民幣升值的壓力和國(guó)內(nèi)流動(dòng)性過剩的負(fù)面影響。此外，為應(yīng)對(duì)隨著出口

56、增加導(dǎo)致的越發(fā)嚴(yán)重的貿(mào)易壁壘，有必要轉(zhuǎn)移生產(chǎn)基地到國(guó)外。</p><p>　?。?）“走出去”戰(zhàn)略加強(qiáng)</p><p>　　首先，包括放寬對(duì)外投資管制在內(nèi)的基于“走出去”戰(zhàn)略的政策。一項(xiàng)向外投資需要商務(wù)部的認(rèn)可，和國(guó)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(yàn)區(qū)，2002年總投資配額在2億美元，100萬美元以下的項(xiàng)目授權(quán)全力從中央下放到地方外匯管理局。此后，試驗(yàn)

57、區(qū)范圍擴(kuò)大，所有的省、市、直轄區(qū)在2005年5月成為試驗(yàn)區(qū)。同時(shí)，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(gè)工程1000萬美元。投資配額制度最終在2006年6月取消。同時(shí)，從2004年19月起，除了大型國(guó)有公司外，商務(wù)部將投資授權(quán)權(quán)力授權(quán)給當(dāng)?shù)毓ど绦姓芾聿块T。</p><p>　　其次，主要在商務(wù)部，支持對(duì)外投資的系統(tǒng)正在擴(kuò)張。商務(wù)部在2003年4月為對(duì)外投資開設(shè)了一個(gè)網(wǎng)站，開始提供廣泛的中

58、央政府政策信息、各個(gè)國(guó)家的投資環(huán)境、具體的海外投資項(xiàng)目和促進(jìn)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(duì)外投資國(guó)別產(chǎn)業(yè)導(dǎo)向目錄》，列出了推薦的5個(gè)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(gè)國(guó)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(shí)，在2004年11月，國(guó)家發(fā)改委和中國(guó)進(jìn)出口銀行業(yè)創(chuàng)造了對(duì)外投資貸款支持系統(tǒng)，開始為國(guó)家推薦的海外項(xiàng)目提供優(yōu)惠利率貸款。&

59、lt;/p><p>　　隨著走出去戰(zhàn)略的實(shí)施，統(tǒng)計(jì)制度發(fā)展到符合國(guó)際標(biāo)準(zhǔn)，且將自2003年以來對(duì)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(duì)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(guó)對(duì)外直接投資統(tǒng)計(jì)公報(bào)</p><p>　　投資的對(duì)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(dá)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(jìn)行投資。這些投資包括大量為了使用中國(guó)對(duì)外投資的優(yōu)惠政策而回投中國(guó)的投資，從而使進(jìn)出中國(guó)的投資資本得到相當(dāng)?shù)呐蛎洝０葱袠I(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(shí)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(guó)際。所對(duì)應(yīng)的是采礦業(yè)穩(wěn)健的投資。估計(jì)有大量的資本也通過避稅地最終流動(dòng)到資源豐富的國(guó)家。</p><p>　　第三組包括如韓國(guó)，美國(guó)，德國(guó)，越南，泰國(guó)等與制造商的海外業(yè)務(wù)有關(guān)的國(guó)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(zhǎng)，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(rèn)為，為獲得發(fā)達(dá)國(guó)家技術(shù)和品

62、牌的大型項(xiàng)目推升了整個(gè)投資，除此之外，還可以保護(hù)市場(chǎng)，也能避免貿(mào)易摩擦。</p><p>　　3.中國(guó)大規(guī)模的投資引起注意</p><p>　　雖然中國(guó)對(duì)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(huì)在來回投資中國(guó)中膨脹。不過，為什么中國(guó)對(duì)外投資近年來引起了世界關(guān)注是因?yàn)榘l(fā)展中國(guó)家不可能在資源和企業(yè)并購(gòu)方面進(jìn)行的大型項(xiàng)目卻不斷增加。</p><

63、p><b>　?。?）獲取資源</b></p><p>　　中國(guó)積極的資源采購(gòu)特別突出，三大國(guó)有石油公司（中石油、中海油、中石化）的對(duì)外投資尤為突出。中國(guó)的石油公司在90年代開展高風(fēng)險(xiǎn)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(jì)有收入的已開辟的油田，并投入大量資金涌入大量收購(gòu)這些項(xiàng)目中，因?yàn)樗麄兺ㄟ^油價(jià)上漲和在海外證券交易所上市大型基金籌集的資金實(shí)力來擴(kuò)張收入來增加資本實(shí)力

64、。</p><p>　　（2）制造業(yè)內(nèi)的大規(guī)模收購(gòu)</p><p>　　中國(guó)公司的另一個(gè)大規(guī)模投資趨勢(shì)是在發(fā)達(dá)國(guó)家并購(gòu)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(jiān)持中國(guó)企業(yè)海外擴(kuò)張威脅論，但在另外一方面，其他人強(qiáng)烈懷疑這些項(xiàng)目的優(yōu)劣。</p><p>　　中國(guó)最大的個(gè)人電腦廠商聯(lián)想2004年收購(gòu)IBM個(gè)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(gè)人電腦廠商，但聯(lián)想滲透進(jìn)歐洲和美國(guó)市場(chǎng)的目標(biāo)沒有進(jìn)展。根本上，計(jì)算機(jī)成為一項(xiàng)商品，且業(yè)務(wù)的利潤(rùn)低。在這樣的情況下，市場(chǎng)評(píng)估對(duì)花17.5億美元收購(gòu)IBM的個(gè)人電腦部門造成損失的收購(gòu)策略相當(dāng)苛刻。聯(lián)想的股價(jià)下跌，2006年9月，聯(lián)想股票被排除在代表香港股票價(jià)格指數(shù)的恒生指數(shù)之外。</p><p>　　此外被中國(guó)公司稱為海外大規(guī)模收購(gòu)戰(zhàn)略先鋒的電子產(chǎn)品廠商TCL集團(tuán)也被迫重新審查自己的策略，TCL實(shí)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(gòu)了湯姆遜的電視業(yè)務(wù)和阿爾卡特的手機(jī)業(yè)務(wù)，但這兩個(gè)合資項(xiàng)目都出現(xiàn)赤字。特別是TCL在合資協(xié)議實(shí)行后8個(gè)月中斷了跟阿爾卡特的合作，因?yàn)樗麄儫o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(gòu)策略，并再12月將兩個(gè)子公司轉(zhuǎn)讓給一家叫羅格朗的法國(guó)公司。國(guó)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(jì)惠州投資控股將銷售所得用作對(duì)TCL的財(cái)務(wù)

67、支持。</p><p>　　另外在汽車行業(yè)，中國(guó)本土制造商收購(gòu)?fù)鈬?guó)公司尤為突出。中國(guó)最大的汽車生產(chǎn)廠家上海汽車工業(yè)公司在收購(gòu)韓國(guó)汽車制造商雙龍后，2004年在英國(guó)談判收購(gòu)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(tuán)公司在2007年5月收購(gòu)羅孚。南京汽車計(jì)劃2007年在中國(guó)和英國(guó)生產(chǎn)羅孚汽車，并在2008年在美國(guó)投產(chǎn)。然而南京汽車集團(tuán)在收購(gòu)羅孚前已經(jīng)存在財(cái)政赤字，并且有

68、報(bào)告說，他們計(jì)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(píng)估“走出去”的戰(zhàn)略</p><p>　　中國(guó)對(duì)外投資由于有政府“走出去”戰(zhàn)略的支持，短期內(nèi)的動(dòng)態(tài)發(fā)展給世界一大驚喜。然而，不能否認(rèn)國(guó)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?yàn)榛趪?guó)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(xiàng)目。結(jié)果，中國(guó)的資源收購(gòu)項(xiàng)目不僅浪費(fèi)錢，而且被外國(guó)嚴(yán)厲批評(píng)為資源漲價(jià)的的主因。同時(shí)，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(shí)間的有效性存在懷疑。也就是說，他們以高價(jià)買了發(fā)達(dá)國(guó)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(gè)產(chǎn)品引入市場(chǎng)到隨著時(shí)間的推移銷量下降，最后退出市場(chǎng)。它通常表示為導(dǎo)入期，成長(zhǎng)期，成熟期和衰退階段。在衰退階段，利潤(rùn)因激烈的競(jìng)爭(zhēng)減少。</p><

70、;p>　　其次，由于持續(xù)增加的對(duì)國(guó)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(gòu)美國(guó)石油公司優(yōu)尼科公司項(xiàng)目上，美國(guó)以原油為主業(yè)的雪佛龍石油公司出價(jià)170億美元，中海油出價(jià)185億美元參與競(jìng)購(gòu)。但中海油的收購(gòu)因美國(guó)國(guó)會(huì)的介入被迫放棄（然而，一些人支持中海油的出價(jià)太高，收購(gòu)的失敗避免了資金浪費(fèi)）。2006年，美國(guó)國(guó)務(wù)院對(duì)采購(gòu)聯(lián)想16000臺(tái)個(gè)人電腦導(dǎo)致機(jī)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(jī)密文件的工作

71、。</p><p>　　如上所述，大型收購(gòu)給中國(guó)公司本部帶來了全球化障礙。另一方面，中國(guó)企業(yè)確實(shí)存在對(duì)世界市場(chǎng)的可觀影響。他們正不斷滲透自己的低價(jià)品牌到亞洲、非洲、拉美的發(fā)展中國(guó)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(guó)家提供通信設(shè)備項(xiàng)目，現(xiàn)今也在發(fā)達(dá)國(guó)家實(shí)行，來提高自身技術(shù)水平。但是，據(jù)認(rèn)為中國(guó)最接近全球化的企業(yè)華為將不會(huì)再為了持續(xù)低價(jià)