World power

“On overseas acquisitions by Chinese enterprises often fail to establish good public relations to gain public and political support for the host country.” Standard & Poor’s September 26 report, remind those who are prepared to “go out”, said China’s large enterprises. Standard & Poor’s believes that this year will be a record-breaking mergers and acquisitions in China, the Chinese company will carry out more ambitious foreign and domestic mergers and acquisitions.

Standard & Poor’s believes that China’s current situation and Japan and South Korea last century, similar to the situation 90 years, many Chinese enterprises overseas acquisitions that will enable them from low-cost manufacturers into high value-added products and services providers.

many large Chinese companies through the issuance of equity and self-generated cash flow has accumulated a large amount of cash reserves, they are eager to find a way out for these funds, “Some companies need access to overseas raw materials by investing in some companies want to learn better techniques , some other enterprises are pursuing further development. ” Appreciation of the RMB, increasing access to liquidity sources, as well as strong government support for the overseas investment of Chinese enterprises has facilitated and supported.

Standard & Poor’s expects oil and gas, mining, high-tech, telecommunications and parts of the manufacturing industry will become China’s largest enterprises in the future focus of overseas mergers and acquisitions.

such as “200 Largest Companies” list by the table, China’s three major oil companies have in recent years, reinforced by financial indicators, S & P analyst, said Fu Pei, by virtue of the sufficient funds, energy companies in China is expected to be to take a more active overseas acquisition initiatives.

S & P said that, due to CNOOC acquisition of Unocal last year, the company’s failure, China’s oil companies are their attention toward Africa and Latin America, China met in these areas will be much less political resistance. At the same time, China also are increasing their investment in Russian energy sector, but because the interests of the two countries in various fields game, “the short term, China will benefit in the painful series of energy agreements signed previously.”

Standard & Poor’s are concerned that high oil prices, environment, mergers and acquisitions of assets have been overvalued in the fall in oil prices, the current project will be profitable seems favorable. In addition, the test is also thirsty for energy resources from other countries, competition in the fight for the right to use Russian oil and natural gas utility in Australia, Chinese companies have been in conflict with Japan.

Standard & Poor’s said is often not well thought out foreign takeover of Chinese enterprises get bogged down in one of the reasons. With TCL, for example, the company’s acquisition of the debt can not be sufficient due diligence, nor for different regulatory and cultural environment for the full study, TCL job cuts in France, strongly opposed by the local union is a failure case.

S & P suggested that Chinese enterprises “going out” should focus on establishing strategic alliances and joint ventures, rather than the complete takeover of the acquisition, which may help Chinese enterprises to avoid protracted overseas acquisitions war.

中国的能源公司将翻转海外收购热潮

论我国企业海外并购“往往不能建立良好的公共关系，争取公众和政界对东道国的支持。”标准普尔9月26日报道，谁提醒那些准备“走出去”，说中国的大型企业。标准普尔认为，今年将是一个创纪录的合并和收购在中国，中方公司将进行更为雄心勃勃的外国和国内并购。

标准普尔认为，中国当前的形势和日本，韩国上个世纪，类似的情况90年来，许多海外收购中资企业，使他们从低生产成本为高附加值的产品和服务供应商。

许多大型通过发行股票和自我企业中产生的现金流量已积累了大量的现金储备，他们急于为这些资金找到出路，“一些公司需要获得海外原材料的在一些公司进行投资，需要学习更好的技术，也有一些企业正在寻求进一步的发展。“人民币升值，增加获得流动资金来源，以及我国企业海外投资的政府的大力支持提供了便利和支持。

标准普尔预计，石油和天然气，采矿，高科技，电信和制造业的部分将成为中国最大的海外并购今后的重点企业。

如“200大企业”的表列表，中国三大石油公司在最近几年中，财务指标，标准普尔分析师表示，傅裴钢筋，由足够的资金，能源公司凭借中国预计将采取更加积极的海外收购举措。

标准普尔表示，由于中海油收购优尼科，去年该公司的失败，中国的石油公司是他们对非洲和拉丁美洲，中国在这些领域的关注达到，就会大大减少政治阻力。同时，中国也正增加对俄罗斯能源部门的投资，但由于在游戏各个领域，两国的利益，“从短期来看，中国将有利于在能源签署的一系列协议，以前的痛苦。”

标准普尔担心油价高企，环境，兼并和收购的资产已经在油价下跌中被高估，当前的项目将是有利可图的，似乎有利。此外，测试也渴了来自其他国家，对使用权在澳大利亚，俄罗斯石油和天然气公用事业斗争的竞争，中国企业在与日本的冲突已对能源资源。

标准普尔说，往往不是深思熟虑的中国企业海外收购中陷入困境的原因之一了。与TCL为例，该公司收购的债务不能充分尽职调查，也不是不同的管理和充分研究的文化环境，TCL集团在法国的裁员，深受当地的工会反对是失败的情况。

标准普尔认为，中国企业“走出去”应将重点放在建立战略联盟和合资企业，而不是收购，这可能帮助企业避免持久战海外收购完成收购。06.9.27