中国对外直接投资与海外资源寻求型并购——中铝并购力拓的案例分析

China′s Outward FDI and Resource-Seeking Strategy——A Case Study on Chinalco and Rio Tinto

尽管中铝收购力拓以失败告终,但中国寻找海外资源的战略并购仍旧热情不减。现有的交易理论或投资理论无法恰当地解释中国大型国企收购海外矿产公司的行为动机,而通过分析中铝收购力拓的案例可以得出:与跨国公司不同,中国大型企业"走出去"是国家打造世界强国和实现全球化发展战略的一部分;由于软预算约束及中国政府的大力支持,中国大型企业在风险承受和资金筹集方面具有的优势远远优于海外竞争对手;全球金融危机为中国大型企业的赶超战略提供了机遇,海外跨国公司应该认清其与中国大型企业的差别,以从中国对外直接投资中获益。

The failed advance of Chinalco on the acquisition of Rio Tinto did not slow down China＇s persistent thirst for natural resources such as iron ore and bauxite. However, the eagerness and scale of acquisitions of foreign mining compa- nies by China＇s large state-owned enterprises cannot be satisfactorily explained by existing investment or business theories. Using Chinalco as a case study, this paper makes the following theoretical propositions and conclusions. First, unlike western transnational corporations （TNCs）, Chinese big businesses going global are part of the country＇s power-building globalization strategy. Second, with soft budget constraints and extended protection by the government beyond the nation＇s boundary, these business champions can outstrip their foreign competitors in taking risks and raising investment capital. The on-going world financial crisis has become catalysis for them to catch up with gigantic TNCs of the most advanced in- dustrial economies. Third, foreign TNCs need be aware of these differences to benefit from Chinese OFDI.