企业“走出去”竟是为了“回来”竞争|走出去|竞争_新浪财经

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</script>  <div class="BSHARE_POP blkContainerSblkCon clearfix blkContainerSblkCon_14" id="artibody">    <div class="moduleSingleImg01"> </div>   <p>　　<span style="font-family: 微软雅黑;">文/新浪财经意见领袖（微信公众号kopleader）机构专栏中欧视角作者：丁远</span></p> <p>　　<span style="font-family: KaiTi_GB2312,KaiTi;">为什么中国企业愿意“走出去”？结论是中国公司希望能够通过海外并购，去寻求资源、寻求能力，希望能够更好地在国内进行竞争。</span></p> <p>　　<strong>中国企业进军海外已成“新常态”</strong></p> <p>　　随着中国经济步入“新常态”，中国企业走向全球的趋势更为明显。</p> <div class="img_wrapper"><img src="http://n.sinaimg.cn/finance/transform/20160719/b1pj-fxuapvw2332881.jpg" alt="" data-link=""><span class="img_descr"></span></div> <p>　　这张图记录的是从2002年到2014年的中国FDI（中国对外直接投资）数值，可以很明显地观察到节节攀升的态势。</p> <p>　　2014年，中国对外FDI第一次超过了外国对中国投资。中国已经成了资本输出国，而不再是单纯的接受国了。实际上，2016年第一季度，中国的FDI已经超过1000亿美元，几乎等于2014年全年的投资额。</p> <p>　　<strong>本土优势VS东道国的挑战</strong></p> <p>　　我们研究发现，在“走出去”方面，很多中国公司都面临两难的境地：一边是丰富的本土优势，一边是进军海外需要面对的巨大障碍和挑战。</p> <p>　　中国的本土优势：首先，能够从政府和银行得到很多优惠待遇。在中国，政府扮演着非常强势的角色。不管是民企还是国企，在对外投资之前要得到中国政府的批准，特别是涉及国家战略的投资项目，一旦得到批准就能够得到国家的支持并给予有条件的优惠政策。</p> <p>　　第二，可以有效地实现降低资本成本。我们发现，在一些对欧洲企业的收购案例中，参与竞标的中国企业的报价比欧美企业都要激进。因为依靠政府的支持，中国企业可以承受更长时间不盈利的状态，降低利润预期。同时，政策性银行、商业银行提供的低息贷款，也是中国企业能够承受较长时间不盈利的一个原因。</p> <p>　　此外，中国企业还可以因此得到一些直接或间接的补贴。查阅相关数据就会发现，在中国A股市场2500多家上市企业中，占据它们收入很大一块份额的是非经营性的补贴。以2013年为例，很多像<span id=stock_sz002594><a href=http://finance.sina.com.cn/realstock/company/sz002594/nc.shtml class="keyword" target=_blank>比亚迪</a></span><span id=quote_sz002594></span>之类的大公司，如果将补贴全都剔除掉，这些公司其实是亏钱的。</p> <p>　　由此可见，依靠来自政府的支持，中国企业在“国际化”的路径中，风险容忍度就会很高。此外，很多聪明的中国企业也试图和政府政策进行统一。有家著名的中国企业曾公开表示，自己的竞争优势是每晚看央视新闻，从而了解中国政府支持的趋势，找到投资热点。所以中国企业在走向海外的过程中会很纠结，它们在制定的战略里往往将政治目标和企业追求盈利的经济目标混在一起。</p> <p>　　此外，研究发现，这些走出去的企业也会遇到很多来自东道国的挑战。</p> <p>　　首先，中国企业“走出去”经常会受到东道国对这些来自中国的企业的合法性和合理性的质疑：它们的意识形态跟我们是否匹配？是市场经济吗？中国企业要不断地去证明进行海外投资的合理性，这是非常大的挑战。</p> <p>　　其次，中国企业因为拥有一些来自政府的支持和补贴，从而面临不公平竞争的指责。一方面企业希望能够尽可能获得祖国的支持，但是另一方面，它又希望在另外一个国家显得是一家普通的公司。所以很多中国公司就被卡在当中了。</p> <p>　　<strong>动机：寻求资源和能力，更好地在国内竞争</strong></p> <p>　　既然“走出去”会遇到各种各样的困难和挑战，为什么还有这么多企业坚持走“国际化”的路径？</p> <p>　　我们花了九个月的时间去了解中国企业进军海外的动机，发现中西方企业的动机很不一样。大部分西方公司全球化的时候，它们主要是希望能够寻找到市场，将品牌、技术和组织能力在新的市场中得到发挥。</p> <p>　　以大众为例，如果只是在德国开展业务，在经历快速扩张后，大众很快就会发现市场到头了。毕竟德国只有8000万人口。所以当拥有强大的技术竞争优势、品牌优势、企业组织能力时，为了获得更大的市场，需要走出国门。</p> <div class="img_wrapper"><img src="http://n.sinaimg.cn/finance/transform/20160719/f9lv-fxuapvw2333000.jpg" alt="" data-link=""><span class="img_descr"></span></div> <p>　　再来看看中国企业。这些进军海外的企业在国外并不是那么知名，技术上也不强，也没什么品牌，甚至因为年轻，公司的组织能力也比较差。此外，凭借巨大的本土市场，它完全可以成长为一个规模巨大、受全球尊重的公司。为什么中国企业愿意“走出去”？结论是中国公司希望能够通过海外并购，去寻求资源、寻求能力，希望能够更好地在国内进行竞争。</p>  <p>　　(本文作者介绍：中欧国际工商学院是由中国政府与欧洲联盟共同创办，专门培养国际化管理人才的非营利性高等学府。微信号：CEIBS6688) </p><p> </p> </div> <script type="text/javascript"> //分享到微博单张图片分享 jsLoader(ARTICLE_JSS.sinalib). jsLoader(ARTICLE_JSS.shareOnWeibo,function(){ WeiboShare.config({ source: 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