中国企业瞄准价值链高端

China National Bluestar bought Elkem, a Norway-based supplier of high-purity silicon for the solar power industry last January. 今年1月,中国蓝星(China National Bluestar)收购了艾肯(Elkem),后者是一家用于太阳能发电行业的

China National Bluestar bought Elkem, a Norway-based supplier of high-purity silicon for the solar power industry last January.

今年1月,中国蓝星(China National Bluestar)收购了艾肯(Elkem),后者是一家用于太阳能发电行业的高纯度硅供应商,总部位于挪威。

Chinese companies are preparing for a wave of investments in Europe in engineering and technology as part of an effort to find new markets and gain greater control of global supply chains, according to bankers and industry experts.

据银行家和业内专家称,为了找寻新市场、并在全球供应链中获得更大的控制权,中国公司正准备在欧洲工程和技术领域掀起一轮投资热潮。

This comes amid exhortations from Beijing encouraging Chinese companies to "go global" and put down roots overseas rather than rely on exports. Clive Whiley, chief executive of financial services group Evolution Securities China, says many Chinese companies view Europe as a better place to expand than the US on grounds of what they believe to be a "less protectionist attitude" to inward investments by China.

值此之际,中国政府正鼓励中国公司“走出去”,在海外扎根,而不是单纯依赖出口。金融服务集团益华证券中国有限公司(Evolution Securities China)首席执行官克莱夫?怀利(Clive Whiley)表示,很多中国公司更青睐在欧洲、而非美国进行扩张,因为他们认为欧洲对中国投资的“态度相对不那么保守”。

Mr Whiley says Chinese companies find the idea of buying these businesses a good way to "complement their expertise in low-cost manufacturing with skills higher up the value chain".

怀利表示,中国公司认为,要获得价值链更高端的技术、以此作为其低附加值制造业方面专长的补充,收购这些(欧洲)公司是一个好办法。

The Chinese groups are targeting businesses with expertise in machinery, materials and specialised components, fields where many European businesses occupy strong positions.

中国企业正把目标锁定那些拥有专业技术的行业——机械、材料和特种零部件业。在这些领域,很多欧洲公司占据着优势地位。

In the six months to the end of March 2011, Chinese businesses invested $64.3bn in Europe in acquisitions, trade deals and loan agreements. this was more than double the comparable figure over the previous 11 quarters. Engineering and manufacturing have been a key focus, according to London bank Grisons Peak.

截至2011年3月底的6个月,中国公司在欧洲的收购交易、贸易协议和贷款协定方面投入了643亿美元。这一数字比之前11个季度的可比数据高出了一倍多。伦敦银行Grisons Peak称,工程和制造业一直是重点。

Recent moves by Chinese businesses into Europe included January's $2bn acquisition by China National Bluestar of Elkem, a Norway-based supplier of high-purity silicon for the solar power industry. Blue-star has also bought a former Courtaulds factory in the UK, which is a centre of expertise in carbon fibre technology.

中国蓝星斥资20亿美元美金收购挪威艾肯,这是中国公司进军欧洲的最新举动之一。蓝星还收购了一家原Courtaulds旗下的英国工厂,该工厂掌握着核心的碳纤维技术。

Bluestar is keen to use some of the know-how from the European businesses by transferring technology to Chinese plants.

蓝星热衷于利用来自欧洲企业的一些技术诀窍,该公司正将一些技术转移到中国的工厂。

Another rationale to these moves is that gaining access to specific groups of customers would be difficult to address through Chinese companies' own efforts, says Richard Orders, head of Asia at US investment group Moelis.

美国投资集团Moelis亚洲区负责人理查德·奥德斯(Richard Orders)表示,中国公司上述举动的另一个原因在于:凭借它们自己的努力,难以接触到某些特定客户群。

Many Chinese companies see European deals as a "short cut to a customer base", he adds. Businesses around the world might, for instance, be comfortable with buying high-tech equipment from a European supplier, whereas they would be less likely to do so if the supplier was Chinese and had a less established track record.

奥德斯补充说,很多中国公司将其欧洲交易视为连接“客户群的捷径”。比如说,对于欧洲供应商提供的高科技设备,全世界的企业可能都会放心购买;但如果供应商是一家中国公司,且过往记录不那么过硬,客户的购买意愿可能就不那么强。

One case of a Chinese enterprise buying in Europe mainly to reach a new group of customers was the 2007 purchase by Northern Heavy Industries, a Chinese machinery company, of NFM, a leading French supplier of specialised tunnelling equipment to companies working around the world on underground railway projects.

中国机械公司北方重工(NHI)2007年收购法国公司NFM,就是为获得新客户群而收购欧洲公司的一个例子。NFM是一家领先的专业隧道设备供应商,其产品广泛应用于世界各地的地铁工程。

The UK seems to have prompted a special interest. “A lot of Chinese businesses believe that Britain has some interesting privately owned engineering businesses that are under-valued,” says one UK banker.

英国似乎引起了(中国企业)特别的兴趣。一位英国银行家说:“很多中国公司认为,英国有一些不错的私有工程公司,它们的价值被低估了。”

Dynex Semiconductor, a British leader in specialist electronic devices for controlling electric motors, was bought three years ago by China South Locomotive and Rolling Stock, one of China's two biggest makers of railway vehicles.

丹尼克斯半导体(Dynex Semiconductor)是一家生产电动机控制专用电子元器件的英国领军企业,3年前被中国两大轨道列车生产商之一——中国南车(China South Locomotive and Rolling Stock)收购。

One of the motivations was to use some of Dynex's technology in the manufacture of motors for high-speed trains in China.

收购动机之一是为了在高铁列车发动机的制造中,使用丹尼克斯的某些技术。

Paul Taylor, Dynex's chief executive, says the deal has benefited the UK company. "The Chinese owner has been very supportive and has helped us to move into a new market [China] which previously we’d have been unable to address."

丹尼克斯首席执行官保罗·泰勒(Paul Taylor)表示,此笔交易令公司从中受益。“中国东家一直很支持我们,并帮助我们打入了一个新市场(中国),而以前我们一直无法进入这一市场。”

Some observers have warned of the possibilities of Chinese deals in Europe foundering because of a lack of understanding by the Chinese owners of European business practices.

一些观察人士已发出警告,称中国公司在欧洲的交易可能失败,因为中国投资者对欧洲商业惯例缺乏了解。

Several Chinese investments in the Germany machine tool industry have failed to meet their owners' original aspirations, says Helmut Hammer, president of Berlin consultancy H&C Hammer.

柏林咨询公司H&C Hammer总裁赫尔穆特·哈默(Helmut Hammer)表示,中国企业对德国机床行业的几笔投资,都未能达到原“东家”最初的预期。

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