中国国家电网海外并购成功策略分析

Analysis on Successful Strategy of SGCC in International M&A

中国电力行业走出国门,与国际接轨,是"一带一路"战略下高端装备产能合作的先行军。作为中国电力产业的领军企业,国家电网公司近年在国际化征途中频频落子,至今已有9大国际项目落袋为安。国电在海外的项目平均净资产收益率(ROE)超过两位数,比国电作为一个整体的ROE高出数倍。到底是哪些成功策略让国家电网能够赢在前沿?文章对此作出相关分析:首先,国电主要从资产类型、资产质量和战略协同性三个维度筛选海外项目;其次,国电海外并购主要由两种方式组成,一是直接入股,多发生在发达市场,二是取得特许经营权,多为新兴市场并购项目;最后,国电的打法非常明显,项目所在国电力市场成熟、政策法规透明稳定,是投资最重要前提,同时使用了低成本的资金。

Chinese electric power,representative of international cooperation in high-end equipment and manufacture industry,is going to the world,acting as the pioneer of ＂the Belt and Road Initiative（ BR） ＂,the newnational strategy of China. State Grid Corporation of China（ SGCC）,the leading electric enterprise in China,has scrambled nine important projects in the international competition so far. This represents its international strategy. These international projects bring huge returns to SGCC. SGCC＇s Return on Equity（ ROE） of oversea projects surpasses double-digit,being several times higher than the ROE of SGCC as the whole entity. This paper focuses on analysis on key question on what strategies SGCC crafted resulting in its success of international competition. Specifically,there are three aspects involved in this paper. Firstly,SGCC selects projects by three main dimensions,asset type,asset quality,and strategic synergy. Second,SGCC employ different approaches to bid and complete project,such as direct investment in developed markets and obtaining franchise rights in newmarkets. Finally,SGCC emphasizes on market mature,and transparent policies of target markets,which is counted as the most important consideration of its investment decision. Additionally,SGCC is good at leveraging capital in investing by the lowWACC.