中国合资企业:娃哈哈，哈哈！

[2007.4.19]中国合资企业:娃哈哈，哈哈！
2007-04-28
[2007.4.19]Joint ventures in China：Wahaha-haha!Joint ventures in China中国合资企业Wahaha-haha!娃哈哈，哈哈！Apr 19th 2007 | HONG KONGFrom The Economist print editionThe lessons from Danone and HSBC‘s troubled partnerships in China达能和汇丰银行与中国企业的合作麻烦不断，教训多多THEY seemed like promising deals at the time. When Danone, a Frenchfood giant, acquired a 51% stake in Wahaha Beverage, a Chinese firm, in1996, it considered it a coup. And in 2004 HSBC became the envy ofrival banks when it acquired a 19.9% stake in Bank of Communications,the smallest of China‘s national banks and the only one that, by law,allowed for the possibility of full acquisition. In what has become apainfully familiar experience in China, however, both companies havesince run into trouble. Danone‘s partnership with Wahaha has eruptedinto an acrimonious public dispute and the huge growth in Bank ofCommunication‘s assets has placed it within the small group of powerfulbanks that the Chinese government will not permit to be taken over.这些合作曾经表现出不错的前景。1996年，法国食品业巨头达能公司（Danone）收购了中国娃哈哈饮料公司51%的股份，并自认为是高明之举。2004年，汇丰银行收购了中国最小的国有银行交通银行19.9%的股份，而且交通银行还是中国唯一一家法律允许外资全面收购的银行，这令业内对手嫉妒不已。然而，两家企业自此便陷入了困境，而这种情况在中国已是司空见惯，让人苦恼。达能与娃哈哈的合作突然引起了激烈争议并公开化，交通银行资产的极大增长也使得其跻身为数不多的大银行之列，而中国政府是不会允许外资接管这样的银行的。Danone and HSBC are hardly the first to have been hit. Faced with ageographically vast but promising market obscured by a thicket ofcomplex and contradictory rules, many foreign firms have entered Chinavia joint ventures—and then been left grinding their teeth. The listtouches every industry, including cars (Peugeot), spirits (RémyMartin), beer (Foster‘s), steel (Fletcher Challenge), media (NewsCorporation) and telecoms (too many to list).达能与汇丰都未必是首个遭此打击的企业。许多外国企业通过合资关系进入了中国，面对的是一个地域辽阔、充满希望的市场，却被杂乱无章、自相矛盾的规定弄得糊里糊涂，可它们也只能徒叹奈何。这些外企涉及各个行业，包括汽车（如标致Peugeot）、烈性酒（如人头马RémyMartin）、啤酒（如福士Foster’s）、钢铁（Fletcher Challenge）、媒体（新闻集团NewsCorporation）以及电信（举不胜举）。In theory, the case for joint ventures was compelling. The foreignpartner provided capital, knowledge, access to international marketsand jobs. The Chinese partner provided access to cheap labour, localregulatory knowledge and access to what used to be a relativelyunimportant domestic market. The Chinese government protected swathesof the economy from acquisitions, but provided land, tax breaks and atleast the appearance of a welcome to attract investment.理论上看，合资具有十分有利的条件。外方负责资金、知识、国际市场以及就业，中方则提供廉价劳力、地方法规常识和曾经不起眼的国内市场。中国政府虽然阻止外企大规模并购本国公司，却可以提供土地和优惠税额，并且对吸引外资至少能表现出一种欢迎的态度。In practice, these arrangements have collapsed for three reasons.Chinese companies were happy to receive money and technology, but didnot want to be mere adjuncts to foreign firms; in many cases they havelarge, often global, ambitions of their own. Too often the allocationof profits and investments was unclear, leading to endless squabbling.But perhaps most importantly, China has now changed, says Jesse Changof TransAsia Lawyers, a law firm that advises foreign firms.实际上这些似乎约定俗成的事情都被“搅黄了”，原因有三：中国企业对引进资金和技术不亦乐乎，却不甘心只做外企的附属品；他们大多野心勃勃，眼光常常盯着全球市场。利润和投资的分配经常是一笔糊涂账，争吵没完没了。不过在TransAsia律师事务所（专为外企服务）的JesseChang看来，最重要的可能还是，中国现在变了。China has become far more open legally because of commitments made tothe World Trade Organisation as a condition of membership. But itshunger for foreign investors has been sated. The availability of labourand land has fallen, domestic capital is abundant, the local market isnow understood to be among the most attractive in the world andsentiment has become more nationalistic and self-satisfied. So there isless interest in providing access to foreign partners.作为加入WTO的条件之一，中国承诺更加开放市场，事实也的确如此。不过，中国对外国投资者的渴望已经得到了满足，劳动力和土地减少了，国内资本充裕，本地市场如今也被公认为是全球最具有吸引力的市场，中国人的民族主义情感和自满情绪也日益强烈，所以它们也没多少兴趣来接纳外国合资者。When Danone made its investment, Wahaha says it knew little aboutbusiness and welcomed a partner. Now, alive to the opportunities, it isoutraged that it must clear plans with a foreign majority owner whichhas its own alternative strategies in China through various other(though less important) joint ventures—and it is even more outragedthat Danone wants full ownership. Danone says it believed things weregoing smoothly until 18 months ago, when it discovered Wahaha hadstarted a parallel firm to market similar products. It says it hopes toresolve the dispute.娃哈哈表示，当年达能投资该公司时，它对行业知之甚少，所以欢迎合资者。现在机遇多，它也明显意识到了这一点，但让它愤怒的是，一个占其公司多数股份的外资企业却在中国通过其它各种合资关系（尽管并不关紧）谋求多路发展，而它却必须对这个外企俯首听命。令娃哈哈大为光火的还有，达能竟然想拥有它的全部所有权。达能公司称，双方合作一直比较顺利，直到一年半以前，它发现娃哈哈开了一家生产和销售类似产品的公司。它希望争议能得到解决。HSBC is hedging its bets. Unable to buy out its partner, it is pursuinglocal incorporation, something only recently allowed, and investmentsin Bank of Shanghai and Ping An, an insurance firm. But strictoperating and ownership limits apply.汇丰银行则是两面下注。无法买断交通银行，它就盯上了地方企业，开始投资上海银行和平安保险公司（这也是最近才获准的）。不过，严格的经营和所有权限制还是让它感到困难重重。Better-positioned are a small number of firms that were clever enough(unlike Danone) and allowed by law (unlike HSBC) to wrap up theiroriginal joint ventures amicably. Unilever has shut down more than adozen and Coca-Cola and Starbucks have recently bought out theirChinese partners. “For a joint venture to be successful,” says JonathanWoetzel of McKinsey, a consultancy, “you have to plan for it to die.”只有少数企业境况比较好，它们都非常灵活（不像达能）且在得到法律许可的情况下（不同于汇丰），与中方保持着友好的合资关系。联合利华（Unilever）已经关闭了十多家分厂，而可口可乐和星巴克则于最近买断了其中国合作方。McKinsey咨询公司的JonathanWoetzel说：“合资要想成功，一开始就要做好散伙的准备。”