Overseas mergers and acquisitions China wind-scraping mergers and acquisitions ranked second in the world

The 2011 world Economic Situation Analysis and forecast report, pointed out that the Chinese enterprises led by the central enterprise to go out of the pace is significantly accelerated, especially in the energy-oriented extractive industry in the international shot extraordinary. At the same time, although the "Chinese wind" is very fierce, very powerful, but Chinese entrepreneurs should always keep a cool head, "because not only the Chinese enterprises themselves have a lot of problems, the objective investment environment is always pregnant with huge investment risk." "Chinese companies are gradually becoming major asset buyers from the role that they used to be the main asset acquisition."　　The 2011 world Economic Situation Analysis and forecast report, published by the Institute of World Economics and politics, Cass, said in the past two years, although China is still actively attracting foreign direct investment, the pace of Chinese enterprises led by the central enterprise has accelerated markedly, especially the energy-driven extractive industry has been doing a remarkable international role. After the second global financial crisis, the scale of global foreign direct investment (FDI) has shrunk markedly. Yet emerging countries, represented by China, are flying against the wind. China's large state-owned enterprises, including PetroChina, Sinopec, CNOOC, Baosteel and Chinalco, have been making big moves to blow the world's eyes. In the 2010, the investment activities of these Chinese enterprises in the international extractive industry continued to receive attention.　　According to statistics, from the beginning of 2005 to the first half of 2010, Chinese enterprises to acquire overseas mining assets a total of 91, the total value of 31.9 billion U.S. dollars. Zhang Jinjie, deputy researcher at the Institute of World Economics and politics at Cass, said that China was in the third phase described in the "theory of investment development trajectory", namely, the slowdown in FDI growth and the acceleration of OFDI growth.　　The doctrine was created by British scholar Dunning, which mainly describes the relationship between FDI inflow and outflow. In the first half of 2010, China's acquisition volume ranked second in the world after the U.S., according to a JPMorgan survey. If it were to start in 2003, China's OFDI was only $2.8 billion trillion, which now has reached $ more than 40 billion trillion.　　China's foreign direct investment has grown at an annual rate of more than 70%.　　Zhang Jinjie that the scale of China's OFDI to FDI and foreign direct investment will gradually reach a level of 1:1 or a relatively balanced phase. In addition to rapid growth, Chinese enterprises overseas investment area is quite concentrated.　　In the first half of 2010, there were 16 other deals in the extractive sector, with the exception of Sinopec's stake in 4.65 billion U.S. dollars for the Canadian oil sands miner owned by the United States. However, the situation is also about to be broken. The most iconic of all is Geely's 1.8 billion-dollar takeover of Sweden's Volvo. At the same time, as one of the flagship of China Machinery Group 31, is about to become China's first production in Germany engineering company.　　The move heralds an attack on the European engineering market by China's fast-growing industrial companies. Li Sherong, a senior researcher at CIC, said to the media that China as a gradual move from developing to developed countriesEconomic power, using its own unique advantages and historic opportunities, to go out to form international leading enterprises, which is the key to China's sustained and rapid economic development, China's overseas mergers and acquisitions in 2011 is still expected to maintain a high growth trend.　　Expert research and analysis, even in accordance with the average annual growth rate of 30% conservative estimates, by 2015, China's foreign investment will reach $350.7 billion trillion, will become the world's largest foreign investment country. Lessons to be drawn from the "2011 World Economic Situation Analysis and prediction" reminder, although the "Chinese wind" is very fierce, very powerful, but Chinese entrepreneurs should always keep a cool head, "because not only the Chinese enterprises themselves have a lot of problems, the objective investment environment is always pregnant with huge investment risk." "At present, there is a huge gap between Chinese enterprises and Western enterprises in terms of overall operation scale, enterprise performance and international degree." In 2007, China's largest extractive industry company PetroChina overseas assets amount of 6.814 billion U.S. dollars, only the same period of Anglo-Dutch Shell overseas assets of 3.5%. Even if Sinopec, CNOOC two Plus, this ratio is less than 10%.　　Similarly, China Minmetals, which has entered the rankings of 100 of the world's largest multinationals in developing countries, is far from the same heavyweight level as its overseas assets, compared with Rio Tinto, BHP Billiton and Vale, a global mining monopoly. In terms of performance, the Chinese enterprises often have the "sea edge", and the final contrast reflects the average per capita assets, per capita sales and other benefits indicators of the huge gap between China and foreign countries. In 2007, PetroChina's overseas per capita sales and the Chinese market included a per capita sales of 2781 U.S. dollars and 104,000 U.S. dollars respectively.　　The same index for Shell is about 717 times times and 32 times times that of PetroChina respectively. "Chinese companies are much less internationalized than Western multinationals. Among China's three largest oil companies, two companies have a cross-country index of even less than 10%, a measure that is relatively low even compared with the famous multinationals in developing countries (regions).　　"Zhang Jinjie said. Moreover, the Chinese enterprises in the process of overseas investment, the first to face is from the international counterparts increasingly fierce international competition. Multinationals, including the west and emerging countries such as India and South Korea, increasingly see Chinese companies as rising rivals.　　Especially in the extractive industry, these countries and Chinese enterprises are often the same. In early 2006, the government-funded quasi-government agency trade Revitalization (JETRO) issued a report reminding Japanese oil companies to pay enough attention to competition from China. At present, Japanese enterprises are using their strong financial advantages and traditional cooperative relations, with the neighboring countries to sign a series of energy development agreements, China's import energy to create a great challenge. Japan's major oil companies and trading firms are currently pursuing a full range of oil and natural gas development strategy. Energy competition between Chinese and Japanese enterprisesThe most famous case, I'm afraid, is the dispute over the Russian gas pipeline a few years ago. In addition, Chinese enterprises often encounter unexpected risks in the process of foreign investment. In 2009, for example, China's "mineral-for-infrastructure" agreement in the Congo was initially valued at $9 billion trillion. Under the agreement, a group of Chinese state-owned enterprises agreed to build roads, railways and hospitals in the Congo in exchange for the right to development of a copper-cobalt mine.　　However, as the agreement was opposed by the International Monetary Fund and Paris Club creditors, the last agreement was forced to be revised to $6 billion trillion. According to Deloitte's 2010 acquisition report, more than 50% of Chinese companies ' overseas mergers and acquisitions have not been successful and cannot achieve the bottom line of value added.　　The data amply suggests that overseas mergers and acquisitions are complex and difficult. "2011 World Economic Situation Analysis and forecast" report said, because Chinese enterprises too lack of foreign investment and multinational business experience, in such a short period of time quickly form role conversion, no matter how strong risk awareness is difficult to fully prevent. What's more, in reality, some overseas mergers and acquisitions projects of Chinese enterprises tend to be too bad for risk prevention, or because of inadequate measures, causing great losses to the country and enterprises. The 2009-year Chinalco takeover of Rio Tinto and the loss of huge economic losses is enough to teach all companies a profound lesson. Dong