关于试论ChinaTheHiddenRisksinChina’sLeapfrogOverseasAcquisitions序言范文

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试论ChinaTheHiddenRisksinChina’sLeapfrogOverseasAcquisitions序言范文

论文预读:avy Industry. Xiang waxed lyrical with regards to the group’s successful acquisition of Germany-based Putzmeister, a leading global concrete machinery manufacturer, last April. “You could say I’ve been longing for her  for 18 years,” he said.  Hot on the heels of SANY’s global wheeling and de试论ChinaTheHiddenRisksinChina’sLeapfrogOverseasAcquisitions序言范文

IT reads like a love story. “After 18 years of unrequited love, we’re finally together, having formed a union in only half a month of courtship,” sai

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d Xiang Wenbo.

  But Xiang is no Romeo. He’s a businessman, and he made the above quote in his capacity as president of China’s SANY Heavy Industry. Xiang waxed lyrical with regards to the group’s successful acquisition of Germany-based Putzmeister, a leading global concrete machinery manufacturer, last April. “You could say I’ve been longing for her [Putzmeister] for 18 years,” he said.

  Hot on the heels of SANY’s global wheeling and dealing, in May 2012, Dalian Wanda Group officially announced its purchase of AMC Entertainment Inc., the world’s second largest movie theater chain, for US $2.6 billion. Wanda also indicated that it would immediately invest at least US $500 million to sure up the chain’s operations.

  As a matter of fact, in the first half of this year, large global acquisitions were not rare for Chinese companies operating overseas. Data from the Ministry of Commerce indicated the volume of China’s non-financial overseas direct investment reached US $35.4 billion in the first half of the year, representing a year-on-year increase of 48.2 percent. Transnational acquisitions accounted for one third of the total investment volume.

  Despite the buoyancy of Chinese enterprises’ global acquisitions, navigating the global economy remains a tricky task for Chinese enterprises overseas. The challenge has been particularly pronounced since the global financial crisis.

  Another issue facing the country’s leading businesses abroad is a lack of experience in international corporate management. A recent survey indicated that the failure rate of Chinese corporations’ overseas investment is around 67 percent, while the international average stands at roughly 50 percent.

  

  Bucking the Globalization Trend

  Zhou Shuyuan is general manager of Towers Watson Mergers & Acquisitions(China), a U.S.-based global professional services firm. She points out that Chinese firms have eschewed the conventional “Uppsala” model of globalization, whereby firms enter foreign countries in increasing order according to the “cultural distance” from the home country and gradually increase their commitment to a particular country once they learn about it. Rather, most Chinese corporations have adopted a “leapfrog strategy”in their globalization processes.

  A 2012 study of Chinese transnational enterprises released by Towers Watson indicated that 57 percent of surveyed Chinese firms had first entered the more expansive markets of North America, Europe, Middle East and Africa before they entered neighboring Asian emerging markets. Africa and the Middle East have been the main beneficiaries of Chinese investment.

  Prior to the sensational global acquisitions made by Wanda and SANY Heavy Industry, a dozen Chinese firms had already been operating under the leapfrog model. These include automobile manufacturer Geely Holding Group in its acquisition of the Volvo Group, furniture manufacturer Mengnu Group in its merger with U.S.-based sofa bed seller Jennifer Convertibles, and Ausnutria Dairy Corporation with its acquisition of Netherlands-based Hyproca Dairy Group.

  So why are so many Chinese transnational enterprises adhering to the leapfrog model in their global expansion?

  Liu Wenbo, vice president and partner of Roland Berger Strategy Consultants Greater China, indicated that Chinese companies

论文随机片段:n-financial overseas direct investment reached US $35.4 billion in the first half of the year, representing a year-on-year increase of 48.2 percent. Transnational acquisitions accounted for one third of the total investment volume.  Despite the buoyancy of Chinese enterprises’ global acquisitions