中国网通的并购和上市策略分析

Analysis on China Netcom's Merger and IPO Strategy

中国网通因在电信拆分时期产生的资源禀赋约束,不得不把业务集中在长途电话和固定本地业务领域,从而直接面对中国电信的竞争。中国网通已经并购亚洲环球电讯,如果和电讯盈科的香港电信公司合作成功,就有可能成为亚太地区固话网络的主要运营商。并购能够给公司未来的发展拓展出较大的空间,形成自己的核心竞争力。然而从上市策略上讲,短时间的大面积整合会产生高昂的交易成本。上市可能改变网通的公司治理和管理架构,也可能适得其反。网通需要谨慎安排上市节奏,对现有的治理模式和管理团队进行彻底改造。

China Netcom will become a major fixed-network carrier in Asian-Pacific region if it cooperates with PCCW successfully, together with the acquirement of the Asia Global Crossing early. The operator can develop more market space through merger and improve core competitive strength. Reform for IPO during very short period will bring high trade cost. IPO might change company governance and management structure, so China Netcom shall rebuild governance model and management team.