Beauty experts worry: Chinese enterprises have the ability to manage the Xian Zhengda English media: Chinese enterprises "going out" still faces multiple challenges, author Jin Qi · Masoudi, m arsh; translated by He Li, the British "Financial Times" in the February 17th article, the original title: debt to "go out" Chinese state-owned enterprises on the Chinese chemical, warning signal clear. As the initiator of China’s largest foreign investment in the history of the Chinese company, the company would like to avoid some unhappy experiences of some early pioneers in china. "China’s overseas investment is a double-edged sword," said Shi Jiandao of the American enterprise institute. He adds that the overseas investment by Chinese companies poses a series of challenges to target companies and countries. Common problems arise from different regulatory systems, corporate culture conflicts and commercial misjudgment. It’s not just China that deals with the problem – the US and European companies are going to have this problem too. But debt is increasingly becoming a problem for Chinese firms to trade. Analysts say that Chinese firms have surged in debt since 2009, which means that many of China’s largest companies seeking overseas acquisitions have heavy loans and bonds. Bid $44 billion acquisition of Swiss agricultural chemical giant Syngenta’s China chemical industry is a good example, the company’s total debt which belongs to the rating agency defines "high leverage" category. "The price similar to China’s chemical industry is supported by the state," Shi Jiandao said. "A company with such high leverage cannot get financing on this scale on a commercial basis." The debt problem is not limited to China’s chemical industry. As China’s overseas investments change from a trend to an upsurge, the debt problem becomes more and more urgent. According to data from two American think tanks, the American Enterprise Institute and the American Heritage Foundation, Chinese companies estimated overseas investment last year to $110 billion, an increase of 16% over the past 12 months. Li Keqiang, China’s prime minister, said that China will invest 1 trillion dollars overseas in the next 5 years, becoming the second largest overseas investor after the United states. Many state-owned enterprises projecting overseas Chinese enterprises are heavily in debt. If they are in the full market economy, they will find it difficult or impossible to apply for bank loans. "These companies can’t sustain without state funding," said an anonymous London matchmaking agent. "Are they likely to be good owners of the companies they buy?" I think that’s what regulators are concerned about." The acquisition of state-owned enterprises in China seems to be often due to the non commercial impulse, which makes the situation more complicated. State owned enterprises and even a small number of private enterprises through the implementation of instructions to cater to the Chinese government’s industrial policy. This helps them gain strong support from the government, such as the approval of the expansion plan, and the support of state-owned banks and capital markets. Pei Minxin professor at Claremont Mckenna College California proposed a series of concerns: "people should ask whether such acquisition for non economic motives? Are Chinese acquirers able to manage these large, complex and innovative businesses (such as Xian Zhengda)?." Enter Sina Financial shares] discussion

美专家担忧:中企有没有能力管理好先正达   英媒:中国企业“走出去”仍面临多重挑战   作者金奇、米强、阿尔什·马苏迪,何黎译   英国《金融时报》2月17日文章,原题:背债“走出去”的中国国企 对中国化工来说,警示信号很清楚。作为中国公司史上最大对外投资的发起者,这家企业将希望避免中国一些早期开拓者的不愉快经历。   “中国的海外投资是一把双刃剑,”美国企业研究所的史剑道说。他补充道,中国公司的海外投资给目标企业和国家带来一系列挑战。常见问题源自监管制度不同、企业文化冲突和商业方面的误判。   在交易方面遇到问题的并非只有中国——美国和欧洲企业也会遇到这种问题。但债务日趋成为中国企业所做交易的问题所在。分析师们表示,自2009年以来中国企业负债激增,这意味着寻求海外收购的许多中国最大型企业背负沉重的未偿贷款和债券。   出价440亿美元收购瑞士农业化工巨擘先正达的中国化工就是一个很好的例子,该公司的总债务使其属于评级机构标准普尔所定义的“高杠杆”类别。“类似于中国化工这样的报价是有国家支持的,”史剑道表示,“一家如此高杠杆的公司不可能在商业基础上争取到这种规模的融资。”   债务问题绝不仅限于中国化工。随着中国的海外投资从一种趋势变为一股热潮,债务问题变得越来越紧迫。根据两家美国智库——美国企业研究所和美国传统基金会的数据,中国企业去年对海外投资估计达到1100亿美元,在12个月里增长16%。中国总理李克强表示,未来5年,中国将对海外投资1万亿美元,成为仅次于美国的第二大海外投资国。   向海外投射中国企业实力的许多国企债台高筑,如果是在完全市场经济下,它们会很难或者不可能申请到银行贷款。   “这些企业没有国家资助是撑不下去的,”一名要求匿名的伦敦交易撮合者表示,“他们有没有可能成为他们收购的这些公司的好东家?我认为这是监管者关注的事情。”   中国国企的收购似乎经常出于非商业性冲动,令情况更加复杂。国企甚至少数民营企业通过执行指示,迎合中国政府的产业政策。这有助于它们获得政府的大力支持,比如扩张计划获批,并获得国有银行和资本市场的支持。   美国加州克莱蒙特麦肯纳学院教授裴敏欣提出一连串担忧:“人们应该问一问,这样的收购是否出于非经济动机?中国收购方有没有能力管理好这些大型、复杂和创新的企业(比如先正达)。” 进入【新浪财经股吧】讨论相关的主题文章: