中央企业境外投资风险控制研究
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摘要
自改革开放以来,尤其是2001年加入世界贸易组织(WTO)、2003年设立国务院国有资产监督管理委员会,随着我国社会主义市场经济体制的不断完善、国有资产监管体制改革的进一步深化和经济全球化进程加速,中国全面走向了世界,一大批有实力有优势的中国企业,积极实施了“走出去”战略,加快了国际化步伐,开展了境外工程承包、收购资源、企业并购、境外上市等国际投资与经营活动,充分利用了国际国内两种资源,广泛参与了国际国内两种市场的竞争。其中,中央企业日益成为了我国境外投资的主力军,其境外投资已经步入快速发展时期。然而,与我国央企境外投资快速发展相伴相随的,是境外投资的风险也与日俱增。因此,本文研究目的,就是通过对境外投资与风险控制现有相关文献的梳理综述,对央企境外投资风险管理现状的深入分析,并充分借鉴国外企业以及典型央企在境外投资风险控制方面好的做法与经验,旨在建立起适于我国央企境外投资的风险管控体系与机制,从而逐步提高央企境外投资风险控制能力与水平。
第1章为绪论部分。首先,对本章研究涉及的国内外背景进行了分析,阐述了该研究具有的理论意义和实践指导作用；其次,从央企境外投资、央企境外投资风险、风险管理及跨国公司境外投资风险管理比较研究等四个方面,对国内外现有研究文献进行了综述；然后,阐明了从理论到实务、从国内到国际、从微观到宏观、从技术到制度层面的逻辑思路,以及采用的文献调研、比较分析、技术分析、案例分析等研究方法；最后,指出了本文的主要创新点、困难和不足。
第2章为本文研究涉及的相关理论概述。本章首先对经济全球化概念、内涵与特征及企业国际化的含义、发展阶段、表现类型等理论进行了综述,阐述了经济全球化与企业国际化两者相辅相成之关系；其次,对境外投资含义、六个方面表现特性进行了论述,较为系统地比较研究了以李嘉图为代表的国际分工与比较优势理论、以海默为代表的垄断优势理论、以科斯为代表的内在化理论、以邓宁为代表的折衷主义理论等四大境外投资传统理论,以及境外投资新理论—发展中国家的“不均衡理论”；再次,从风险内涵与类别、全面风险管理内涵与流程、风险预警系统等三个方面对风险与风险管理的理论知识进行了较为详细的论述,阐明了内部控制、全面风险管理与现代企业管理之间的关系；最后,阐述了国家战略、公共政策、境外投资保险、公司治理与利益相关者等有关理论。
第3章为央企境外投资与风险控制现状分析。本章研究提出了央企境外投资三个发展阶段之后,对央企境外投资的主要成效、基本特征进行了论述；基于国外投资环境、国内投资环境、企业自身三个角度,提出了“三大类十风险”央企境外投资风险的分类分析框架；最后,进一步总结分析了央企境外投资与风险管理存在的主要问题与不足。
第4章为国外企业境外投资风险控制的比较研究。本章重点从企业主体、政府主体视角,对欧美、日韩和部分发展中国家境外投资风险管理理论与实践进行了比较分析,认为具有差异化的投资发展阶段和不同特征,决定了不同类型的国家和地区在风险管理上呈现显著的差异性,如以企业主导型的欧美国家和以政府、企业双重主导型的日韩,现已进入全面风险管理阶段,而以政府主导型的发展中国家,目前境外投资风险管理尚处于起步或初级阶段。在比较研究基础上归结出了境外投资风险控制的普遍认知及可供借鉴的经验与启示。
第5章为央企境外投资风险控制案例的实证分析。该章以国有重点骨干央企,也是国际知名的综合矿业集团——中国五矿境外投资风险控制为案例,在充分调研基础上,从其境外投资发展情况与基本特征、境外投资风险控制情况与主要做法,并分别通过境外并购两个成功、失败的个案,进一步进行了比较研究,对存在的主要经验与教训进行总结归纳。
第6章为从企业层面构建“三维一体”的央企境外投资风险控制体系。基于微观的综合视角,从技术层面对央企境外投资风险控制的对策与措施,进行了研究与思考。该章认为央企境外投资风险管控体系的构建应该突出重点,本着先急后缓、先易后难的原则,目前,应逐步建立以组织体系为保障、以预警系统与风险评估体系为核心、以风险文化为灵魂的“三维一体”的央企境外投资风险管控体系,不断提升央企境外投资风险管控的能力和水平。无论是基于第5章“10类风险”设置出来的相应风险预警指标体系,还是基于定量、定性分析相结合的风险评估体系的设计建立,都具有一定前瞻性和科学适用性。
第7章为政府层面构建“一体两翼”的支持促进与监管服务机制。基于宏观的综合视角,从制度层面对央企境外投资风险控制的对策与措施,进行了研究思考。该章认为利用国家力量、政府与社会资源,支持促进中央企业成为世界一流企业,从而进一步增强了抵御抗击风险的能力,某种角度上讲也是为了管理风险,为此,提出了应建立以国家战略导向为主体,政策支持体系、国资监管服务机制两翼驱动为支撑的“一体两翼”式央企境外投资促进与监管服务机制,并对该三项对策措施进行了深刻系统的论述。
文章最后强调,作为在国际舞台上展现国家实力、国家利益的重要代表者的中央企业,在实施“走出去”战略、开展境外投资与国际化经营中,要具有扎根海外、融入当地、放眼全球的胸怀和视野,认真履行社会责任,全面提高参与全球市场竞争、国际资源配置、技术创新、产业整合和风险控制能力,经过一定时期的不懈努力,做强做优中央企业、培育具有国际竞争力的世界一流企业的远景目标,必将会得以实现。
Since the reform and opening up, especially China's accession to the WTO in2001and the establishment of the State-owned Assets Supervision and Administration Commission in2003, with the constant improvement of China's socialist market economy system and the deepening reform of the oversight system for state-owned assets as well as the advancement of economic globalization, China has been reaching out to the world from all perspectives, with a flood of competitive Chinese enterprises actively implementing the strategy of going out, which not only speeds up globalization, but also launches China's international investment and business, such as overseas project contracting, acquisitions of international resources, mergers and acquisitions, and overseas listing, etc. Those enterprises have on one hand made the most of the two resources from home and broad, on the other hand extensively participated in the two competitions. Among those enterprises, central enterprises have gradually become the dominant part, whose overseas investment has entered the period of rapid development. However, the risk of foreign investment is also increasing day and night. Therefore, the thesis, taking the good and experience from foreign enterprises and typical central enterprises, aims at setting up a set of risk control mechanism to gradually level up the overseas investment risk control ability of the central enterprises by a comprehensive review of the related articles about foreign investment and risk management and a deep analysis on the current situation of the central enterprises overseas investment and risk management.
The first chapter is the introduction. Firstly, the writer analyzes the background information related to this chapter so as to elaborate the theoretical significance and practical directive function of this study. Secondly he summarizes existing domestic and foreign research literatures from overseas investment by central enterprises, including its investment risks, risk management, and comparative research of overseas investment risk management by multinational company, etc. Thirdly, the writer clarified the logical line of thought of this thesis, including from theory to practice, from home to abroad, from micro to macro, and from technology to regulation, as well as the research methods adopted by this thesis, such as literature review, comparative analysis, technical analysis, and case study, etc. Lastly, the writer points out the innovative part of the thesis, as well as the difficulties and defects.
The second chapter is an introduction to the theories related to this thesis research. Firstly, this chapter summarizes the concept and connotation and the characteristic of economic globalization, also the meaning, development stage and performance type of the internationalization of enterprises, meanwhile it expounds the close relationship between the economic globalization and enterprise internationalization, which complement each other. Secondly, the meaning of overseas investment and the performance characteristics from six aspects are discussed, and systematically compared and analyzed the new theory of in developing countries-the "no equilibrium theory", as well as four big overseas investment traditional theories which include the international division of labor and comparative advantage theory represented by Richard, the monopoly advantage theory represented by Hymer, the internalization theory represented by Coase, the eclecticism theory represented by Duning and so on. Thirdly, it discusses in detail about theories of risk and risk management from the respects of risk connotation and its categories, overall risk management connotation and the process, and risk warning system, also it expounds the relationship between internal control, overall risk management and modern enterprise management. Lastly, it clarifies some theories about state strategy, public policy, overseas investment insurance, enterprise governance and the stakeholders.
The third chapter gives analysis on central enterprises' overseas investment and current situation of risk management. This chapter digs into major achievements and basic features of overseas investment by central enterprises after putting forward and studying its three development stages. Meanwhile, this chapter demonstrates the idea of risk classification and analytical frameworks of overseas investment by central enterprises into' three categories and ten kinds' based on perspectives of environment, domestic investment environment and enterprises themselves. Lastly, the chapter summarizes and analyses main problems and shortcomings of central enterprises' overseas investment and current situation of risk management.
The fourth chapter made a comparative research on risk control of overseas investment in enterprises at home and abroad. Through comparison and analysis on theory and practice of overseas investment in Europe and the United States, Japan, Korea, and some developing countries, this article argues that differentiated stages of investment development and characteristics govern the outstanding disparity on risk management performed by different types of countries and regions. Enterprise-oriented America and Europe, for instance, have now stepped into the stage of comprehensive risk management, as well as Japan and South Korea, which are oriented both in government and enterprises, while in government-oriented developing countries risk management of overseas investment still remains in starting or primary phase. Then general knowledge and the experience for reference and enlightenment of overseas investment are raised based on the comparative research.
The fifth chapter is the empirical analysis on cases of risk management of central enterprises' overseas investment. The chapter takes China Minmetals Corporation's overseas investment risk control as an example. China Minmetals Corporation is not only a state-owned key central enterprise, but also a world-renowned comprehensive mining group. On the basis of full survey, the writer does a further study on its overseas investment development, basic features and risk control methods, and two cases of foreign mergers and acquisitions. A conclusion is made about major experiences and lessons are drawn from above.
The sixth chapter is to construct central enterprises''Trinity' overseas investment risk control system from the level of enterprises. Basing on the microcosmic comprehensive perspective, this chapter does research on central enterprises'countermeasures on overseas investment risk control from the technical level. This chapter holds that central enterprises' overseas investment risk control system should highlight the key points with the principle of emergency and easiness first, difficulty and distance next. For the present, central enterprises'"Trinity" overseas investment risk control system which is guaranteed by the organization system, centered on the early warning system and risk assessment system, and takes the risk culture as the soul should be worked up, and central enterprises'ability and level of risk control should be improved. Whether the corresponding risk early warning index system set up on the basis of the fifth chapter's "ten types of risks", or the design and establishment of the risk assessment system basing on the combination of quantitative analysis and qualitative analysis, all of which are of perspective and scientific applicability.
The seventh chapter is to construct the "One Body Two Wings" promotion and supervision service mechanism from the level of government. Basing on the macroscopic comprehensive perspective, this chapter does research on central enterprises'countermeasures on overseas investment risk control from the level of institution. This chapter thinks that national power, governmental and social resources should be utilized to support and promote central enterprises to be world class enterprises, thereby to further strengthen the abilities against risks, to some extent, which is for risk control. Therefore, this chapter proposes that central enterprises'"One Body Two Wings" overseas investment promotion and supervision service mechanism which takes national strategy orientation as the main body, policy support system and state-owned assets supervision service mechanism as two supporting wings should be established, and holds a deep and systematic discussion on the national strategy of establishing central enterprises'overseas investment, unifying and perfecting the policy system and state-owned assets supervision service mechanism of central enterprises'overseas investment.
The article stressed in conclusion, as the important representative to show national strength and the interests of the state on the international stage, the central enterprises shall root in overseas, based on local resources and look around the world with a global mind and vision during the implementation of the strategy of "going out" and developing overseas investment and international operation, besides, they shall take the social responsibilities into mind seriously and enhance the participation in global market competition, the international resource allocation, technology innovation, the industrial integration and risk control ability. After a certain period of unremitting efforts, the goal to strengthen the central enterprises and cultivate first-class enterprise with international competitive will be realized.
第1章为绪论部分。首先,对本章研究涉及的国内外背景进行了分析,阐述了该研究具有的理论意义和实践指导作用；其次,从央企境外投资、央企境外投资风险、风险管理及跨国公司境外投资风险管理比较研究等四个方面,对国内外现有研究文献进行了综述；然后,阐明了从理论到实务、从国内到国际、从微观到宏观、从技术到制度层面的逻辑思路,以及采用的文献调研、比较分析、技术分析、案例分析等研究方法；最后,指出了本文的主要创新点、困难和不足。
第2章为本文研究涉及的相关理论概述。本章首先对经济全球化概念、内涵与特征及企业国际化的含义、发展阶段、表现类型等理论进行了综述,阐述了经济全球化与企业国际化两者相辅相成之关系；其次,对境外投资含义、六个方面表现特性进行了论述,较为系统地比较研究了以李嘉图为代表的国际分工与比较优势理论、以海默为代表的垄断优势理论、以科斯为代表的内在化理论、以邓宁为代表的折衷主义理论等四大境外投资传统理论,以及境外投资新理论—发展中国家的“不均衡理论”；再次,从风险内涵与类别、全面风险管理内涵与流程、风险预警系统等三个方面对风险与风险管理的理论知识进行了较为详细的论述,阐明了内部控制、全面风险管理与现代企业管理之间的关系；最后,阐述了国家战略、公共政策、境外投资保险、公司治理与利益相关者等有关理论。
第3章为央企境外投资与风险控制现状分析。本章研究提出了央企境外投资三个发展阶段之后,对央企境外投资的主要成效、基本特征进行了论述；基于国外投资环境、国内投资环境、企业自身三个角度,提出了“三大类十风险”央企境外投资风险的分类分析框架；最后,进一步总结分析了央企境外投资与风险管理存在的主要问题与不足。
第4章为国外企业境外投资风险控制的比较研究。本章重点从企业主体、政府主体视角,对欧美、日韩和部分发展中国家境外投资风险管理理论与实践进行了比较分析,认为具有差异化的投资发展阶段和不同特征,决定了不同类型的国家和地区在风险管理上呈现显著的差异性,如以企业主导型的欧美国家和以政府、企业双重主导型的日韩,现已进入全面风险管理阶段,而以政府主导型的发展中国家,目前境外投资风险管理尚处于起步或初级阶段。在比较研究基础上归结出了境外投资风险控制的普遍认知及可供借鉴的经验与启示。
第5章为央企境外投资风险控制案例的实证分析。该章以国有重点骨干央企,也是国际知名的综合矿业集团——中国五矿境外投资风险控制为案例,在充分调研基础上,从其境外投资发展情况与基本特征、境外投资风险控制情况与主要做法,并分别通过境外并购两个成功、失败的个案,进一步进行了比较研究,对存在的主要经验与教训进行总结归纳。
第6章为从企业层面构建“三维一体”的央企境外投资风险控制体系。基于微观的综合视角,从技术层面对央企境外投资风险控制的对策与措施,进行了研究与思考。该章认为央企境外投资风险管控体系的构建应该突出重点,本着先急后缓、先易后难的原则,目前,应逐步建立以组织体系为保障、以预警系统与风险评估体系为核心、以风险文化为灵魂的“三维一体”的央企境外投资风险管控体系,不断提升央企境外投资风险管控的能力和水平。无论是基于第5章“10类风险”设置出来的相应风险预警指标体系,还是基于定量、定性分析相结合的风险评估体系的设计建立,都具有一定前瞻性和科学适用性。
第7章为政府层面构建“一体两翼”的支持促进与监管服务机制。基于宏观的综合视角,从制度层面对央企境外投资风险控制的对策与措施,进行了研究思考。该章认为利用国家力量、政府与社会资源,支持促进中央企业成为世界一流企业,从而进一步增强了抵御抗击风险的能力,某种角度上讲也是为了管理风险,为此,提出了应建立以国家战略导向为主体,政策支持体系、国资监管服务机制两翼驱动为支撑的“一体两翼”式央企境外投资促进与监管服务机制,并对该三项对策措施进行了深刻系统的论述。
文章最后强调,作为在国际舞台上展现国家实力、国家利益的重要代表者的中央企业,在实施“走出去”战略、开展境外投资与国际化经营中,要具有扎根海外、融入当地、放眼全球的胸怀和视野,认真履行社会责任,全面提高参与全球市场竞争、国际资源配置、技术创新、产业整合和风险控制能力,经过一定时期的不懈努力,做强做优中央企业、培育具有国际竞争力的世界一流企业的远景目标,必将会得以实现。
Since the reform and opening up, especially China's accession to the WTO in2001and the establishment of the State-owned Assets Supervision and Administration Commission in2003, with the constant improvement of China's socialist market economy system and the deepening reform of the oversight system for state-owned assets as well as the advancement of economic globalization, China has been reaching out to the world from all perspectives, with a flood of competitive Chinese enterprises actively implementing the strategy of going out, which not only speeds up globalization, but also launches China's international investment and business, such as overseas project contracting, acquisitions of international resources, mergers and acquisitions, and overseas listing, etc. Those enterprises have on one hand made the most of the two resources from home and broad, on the other hand extensively participated in the two competitions. Among those enterprises, central enterprises have gradually become the dominant part, whose overseas investment has entered the period of rapid development. However, the risk of foreign investment is also increasing day and night. Therefore, the thesis, taking the good and experience from foreign enterprises and typical central enterprises, aims at setting up a set of risk control mechanism to gradually level up the overseas investment risk control ability of the central enterprises by a comprehensive review of the related articles about foreign investment and risk management and a deep analysis on the current situation of the central enterprises overseas investment and risk management.
The first chapter is the introduction. Firstly, the writer analyzes the background information related to this chapter so as to elaborate the theoretical significance and practical directive function of this study. Secondly he summarizes existing domestic and foreign research literatures from overseas investment by central enterprises, including its investment risks, risk management, and comparative research of overseas investment risk management by multinational company, etc. Thirdly, the writer clarified the logical line of thought of this thesis, including from theory to practice, from home to abroad, from micro to macro, and from technology to regulation, as well as the research methods adopted by this thesis, such as literature review, comparative analysis, technical analysis, and case study, etc. Lastly, the writer points out the innovative part of the thesis, as well as the difficulties and defects.
The second chapter is an introduction to the theories related to this thesis research. Firstly, this chapter summarizes the concept and connotation and the characteristic of economic globalization, also the meaning, development stage and performance type of the internationalization of enterprises, meanwhile it expounds the close relationship between the economic globalization and enterprise internationalization, which complement each other. Secondly, the meaning of overseas investment and the performance characteristics from six aspects are discussed, and systematically compared and analyzed the new theory of in developing countries-the "no equilibrium theory", as well as four big overseas investment traditional theories which include the international division of labor and comparative advantage theory represented by Richard, the monopoly advantage theory represented by Hymer, the internalization theory represented by Coase, the eclecticism theory represented by Duning and so on. Thirdly, it discusses in detail about theories of risk and risk management from the respects of risk connotation and its categories, overall risk management connotation and the process, and risk warning system, also it expounds the relationship between internal control, overall risk management and modern enterprise management. Lastly, it clarifies some theories about state strategy, public policy, overseas investment insurance, enterprise governance and the stakeholders.
The third chapter gives analysis on central enterprises' overseas investment and current situation of risk management. This chapter digs into major achievements and basic features of overseas investment by central enterprises after putting forward and studying its three development stages. Meanwhile, this chapter demonstrates the idea of risk classification and analytical frameworks of overseas investment by central enterprises into' three categories and ten kinds' based on perspectives of environment, domestic investment environment and enterprises themselves. Lastly, the chapter summarizes and analyses main problems and shortcomings of central enterprises' overseas investment and current situation of risk management.
The fourth chapter made a comparative research on risk control of overseas investment in enterprises at home and abroad. Through comparison and analysis on theory and practice of overseas investment in Europe and the United States, Japan, Korea, and some developing countries, this article argues that differentiated stages of investment development and characteristics govern the outstanding disparity on risk management performed by different types of countries and regions. Enterprise-oriented America and Europe, for instance, have now stepped into the stage of comprehensive risk management, as well as Japan and South Korea, which are oriented both in government and enterprises, while in government-oriented developing countries risk management of overseas investment still remains in starting or primary phase. Then general knowledge and the experience for reference and enlightenment of overseas investment are raised based on the comparative research.
The fifth chapter is the empirical analysis on cases of risk management of central enterprises' overseas investment. The chapter takes China Minmetals Corporation's overseas investment risk control as an example. China Minmetals Corporation is not only a state-owned key central enterprise, but also a world-renowned comprehensive mining group. On the basis of full survey, the writer does a further study on its overseas investment development, basic features and risk control methods, and two cases of foreign mergers and acquisitions. A conclusion is made about major experiences and lessons are drawn from above.
The sixth chapter is to construct central enterprises''Trinity' overseas investment risk control system from the level of enterprises. Basing on the microcosmic comprehensive perspective, this chapter does research on central enterprises'countermeasures on overseas investment risk control from the technical level. This chapter holds that central enterprises' overseas investment risk control system should highlight the key points with the principle of emergency and easiness first, difficulty and distance next. For the present, central enterprises'"Trinity" overseas investment risk control system which is guaranteed by the organization system, centered on the early warning system and risk assessment system, and takes the risk culture as the soul should be worked up, and central enterprises'ability and level of risk control should be improved. Whether the corresponding risk early warning index system set up on the basis of the fifth chapter's "ten types of risks", or the design and establishment of the risk assessment system basing on the combination of quantitative analysis and qualitative analysis, all of which are of perspective and scientific applicability.
The seventh chapter is to construct the "One Body Two Wings" promotion and supervision service mechanism from the level of government. Basing on the macroscopic comprehensive perspective, this chapter does research on central enterprises'countermeasures on overseas investment risk control from the level of institution. This chapter thinks that national power, governmental and social resources should be utilized to support and promote central enterprises to be world class enterprises, thereby to further strengthen the abilities against risks, to some extent, which is for risk control. Therefore, this chapter proposes that central enterprises'"One Body Two Wings" overseas investment promotion and supervision service mechanism which takes national strategy orientation as the main body, policy support system and state-owned assets supervision service mechanism as two supporting wings should be established, and holds a deep and systematic discussion on the national strategy of establishing central enterprises'overseas investment, unifying and perfecting the policy system and state-owned assets supervision service mechanism of central enterprises'overseas investment.
The article stressed in conclusion, as the important representative to show national strength and the interests of the state on the international stage, the central enterprises shall root in overseas, based on local resources and look around the world with a global mind and vision during the implementation of the strategy of "going out" and developing overseas investment and international operation, besides, they shall take the social responsibilities into mind seriously and enhance the participation in global market competition, the international resource allocation, technology innovation, the industrial integration and risk control ability. After a certain period of unremitting efforts, the goal to strengthen the central enterprises and cultivate first-class enterprise with international competitive will be realized.
引文
1以上数据来自历年中国统计年鉴和CEIC数据库
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