守正出奇,兼收并蓄——复星集团在国际并购过程中的机遇与挑战

Pursuing the Orthodox Strategy with Surprising and All-Embracing Tactics——Challenges and Opportunities of Fosun Group’s Internationalization

近年来,中国已经成为最大的资本输出国,而且中国民营企业参与海外并购的比例越来越大,成为中国企业参与海外并购最明显的趋势之一:从具有战略意义的希腊比利埃夫斯港口到法国酒庄、意大利足球俱乐部、瑞典汽车公司,无处不留下中国资本和管理团队的踪影和印迹。民营企业海外直接投资项目从2005年的7件增长到2016年的211件,金额数从2005年的1.2亿美元增长到2016年的658.5亿美元,民营企业海外直接投资整体规模上实现了飞跃式的增长。随着“一带一路”等国家倡议的逐步推进,预计民营企业会成为中国海外并购中的中坚力量。民营企业参与海外并购主要集中于高科技、电信、汽车、零售、房地产、娱乐、体育以及食品等行业,其中消费品行业是并购的热门。其原因在于中国中产阶级消费层的日益壮大,以及其对于优质商品和服务的大量需求②。近年来,笔者参与了中国企业国际化的过程,调查和访问了多家中国央企和民企在海外的分支机构,以及海外企业中国公司的外籍高管人士。笔者发现,目前可以检索到的文献多数集中在从财务角度研究中国企业的海外并购③,而对其过程以及运营中的跨文化因素却涉及甚少。本文旨在从跨文化管理的角度切入,通过与复星高层之间的沟通交流以及采访被并购方高层代表,并结合笔者长期在跨国公司并购和运营中的经验,弥补该研究领域的空缺,提出一些观点和思考,并为中国民营企业日后的跨国企业并购和经营提出一些可行性建议。

In recent years,China has emerged as the biggest capital exporter and the most important source of overseas direct investment(ODI):from French vineyards to Italian football clubs,from German robot makers to Swedish car makers.The noticeable trends of fast progress and international success of Chinese private companies mean that the private sector will become the major contributors of Chinese ODI.The number of Chinese private companies’contributing to ODI has increased from 7 cases with a total amount of USD 120 million in 2005 to 211 cases with a total amount of USD 65.85 billion in 2016.Chinese private sector overseas acquisition focuses on hightech,telecom,retail,automotive,real estate,entertainment,hotels,sports and foods,particularly on consumer goods.This can be attributed to China’s fast-growing middle class and its increasing demand for high quality goods and services.While participating in the internationalization process of some Chinese enterprises,the author visited many overseas branches of both stateowned and private enterprises,and interviewed their foreign executives.While most of publicly accessible research focuses on financial and accounting aspects of Chinese ODI and M&A few researches have been carried out on the cross cultural aspects of the M&A process and the operations thereafter.From a cross culture management perspective,this paper proposes to address the gap in knowledge on this topic and put forward feasible ideas and suggestions for Chinese private sector M&A opportunities and future operations,based on the author’s extensive exchange with senior executives of Fosun International.