1996, Wal-Mart entered China and opened its first store in Shenzhen. Subsequently 13, Wal-Mart expanded rapidly by relying on its capital strength and supply network. By 2009, Wal-Mart had opened 65,438+046 stores and supermarkets in 89 cities in China, including first-tier cities such as Beijing, Shanghai, Guangzhou and Shenzhen, and second-tier cities such as Chengdu, Shenyang, Changsha, Jinan, Qingdao and Hangzhou. Every year, 260 million domestic customers shop in supermarkets.
According to the "Top Chain Enterprises 100 in China in 2004" published by China Chain Store & Franchise Association, Wal-Mart ranked 20th among the top chain enterprises 100 in that year with sales of 7.63 billion yuan. In the list of "Top Chain Enterprises in China 100 in 2008", Wal-Mart ranked ninth with a turnover of 27.8 billion yuan. Facing this huge business empire, its China strategy has long been clearly visible.
In fact, Wal-Mart and other foreign investors "invaded" China's retail industry, in addition to increasing stores and expanding territory, there is another way-playing the rules of the game of equity transfer. Behind this seemingly normal economic and market behavior, there is a fierce "dark war"-foreign capital is circuitously entering the retail industry in China. They try to seize the retail market in China gradually through the circuitous route of brand competition and mergers and acquisitions-industry invasion-industrial chain monopoly, and seek high profits through transnational strategy, which will affect product prices and product production structure.
Now some people in the industry are worried that once Wal-Mart and other foreign investors control the whole industrial chain of domestic retail industry, it is entirely possible to conduct joint monopoly and obtain the pricing power of major commodities. In this way, they can raise the consumption price to exploit consumers, lower the purchase price to exploit producers, increase intermediate profits, and legally export profits to China for their own benefit, thus "kidnapping" consumers and suppliers in China and CPI in China.
According to the ultimate goal of foreign capital competing for the capital market, after winning the price war, foreign capital will monopolize the industrial chain through product brands, corporate mergers and acquisitions, etc. The large-scale "land loss" of China retail industry is a good example. The acquisition of Fang Shuijing by Diageo Group also shows that foreign capital has begun to enter the China market from products, and the competition with domestic wines has developed from products to capital markets, and the retail industry is about to face the "loss" of industry sovereignty.
Thus, the trend of foreign "cold violence" invading China's retail industry will intensify. However, who cares about this grim reality? Compared with Carlyle's acquisition of Xugong, Coca-Cola's acquisition of Huiyuan and the dispute between Wahaha and Danone over property rights, the "cold violence" of foreign capital on China's retail industry has not received equal attention from the society. Although we read financial reviews in newspapers and online every day, it is difficult to see a comment related to it.
Some people may say that it's none of my business for foreign investors to buy retail investors. As long as you have money, supermarkets at home and abroad buy the same things. Some retail enterprises don't even think so, and try their best to meet the needs of foreign capital. In the contact with foreign companies, one sentence has almost become a mantra: "M&A of foreign companies is a market behavior, and the government should not interfere". This subtle change in wording makes us a little worried about the fate of some retail enterprises. The so-called worry is not that they are clinging to the thighs of foreign companies, but that some retail enterprises with speculative or redemption intentions are eager to sell to foreign companies, and the price is too high.
Perhaps, from the perspective of a retail enterprise owner, it is understandable to choose to be merged by foreign capital, and its employees can even boast that they "suddenly changed from private employees to employees of multinational enterprises". But from the perspective of China as a whole, China will lose another enterprise that can impact the international retail market. We should know that all foreign acquisitions will naturally not choose those "lower-middle" enterprises, but those enterprises that have been proved to have long-term competitiveness in the China retail market. These enterprises are constantly investing in the arms of foreign capital. In a narrow sense, some of our leading retail enterprises can only be "runners" of foreign capital in the future.
I found some in other people's places.
Statistics from the Ministry of Commerce show that in 2003, foreign-invested enterprises established in China generally operated well, and the growth rates of major economic indicators such as industrial added value, export volume, tax revenue and surplus of foreign exchange settlement and sale were all higher than the national average, and their proportion in the total national economy, especially the national economic increment, continued to increase, which significantly enhanced the role of promoting the sustained, rapid and healthy development of the national economy.
In 2003, about 230,000 foreign-invested enterprises (about160,000 industrial enterprises) registered and operated, and their industrial added value reached1174 billion yuan, a year-on-year increase of 20%, which was higher than the national industrial added value (17.00%). It accounts for 10% of the national industrial added value (45,438+07.00%). Exports reached $24,0341000 million, up 4 1.43% year-on-year, and the export added value was $70,404 million, accounting for the national export added value (1kl
The surplus of foreign-invested enterprises' bank settlement and sale of foreign exchange was US$ 65.4/kloc-0.40 billion, up by 38.80% over the previous year, accounting for 53.74% of the national bank settlement and sale surplus (US$/kloc-0.2/kloc-0.72 billion) and 55.99% of the net added value of national foreign exchange reserves.
Foreign-invested enterprises paid 426.8 billion yuan in tax revenue, up 22.8 1% year-on-year, accounting for 20.86% of the total national tax revenue. Foreign-invested enterprises' dependence on foreign countries is obviously higher than other types of enterprises, and their exports account for 45.85% of their industrial output value, which is 29. 16 percentage points higher than other types of enterprises.
Foreign investment has become an important part of China's economy.
Through vertical comparison, relevant experts summarized the role of foreign capital in China's economy from 10:
Promote economic growth. According to relevant analysis, during the period of 1980- 1999, about 2.7% of China's GDP grew at an average annual rate of 9.7%, which came from the direct and indirect contribution of utilizing foreign capital. According to the research results of the International Monetary Fund, in the average economic growth rate of China in 1990s 10. 1%, the direct contribution of foreign capital was about 3%.
Promote capital formation. In terms of gross domestic capital formation (GCF), 1983, foreign direct investment accounted for only 0.9% of China's total domestic assets formation. At 1993, it is12.1%; It reached the highest level at 199415.11%; In 2002, it was 10. 1%.
Improve industrial output value and added value. The proportion of foreign-invested enterprises in China's industrial output value rose from 9.2% in 1993 to 33.4% in 2002. In addition, the proportion of foreign-funded enterprises in China's industrial added value increased from 1.0% in 1994 to 25.7% in 2002.
Increase the export scale. 193 The export value of foreign-funded enterprises was 9 174 billion US dollars, and in 2002 it was1699.4 billion US dollars. The proportion of foreign-funded enterprises' exports in China's total exports rose from 27.5% in 1993 to 52.2% in mid-2002.
Create foreign exchange. In 2002, the surplus of foreign banks' settlement and sale of foreign exchange in China was $47,654.38+300 million, accounting for 72.7% of the surplus of Chinese banks' settlement and sale of foreign exchange in the same period and 63.7% of the added value of China's foreign exchange reserves. Although the foreign exchange surplus of foreign-funded enterprises in previous years was not significant, by comparing the product composition of foreign-funded enterprises and domestic enterprises, it was found that the capital goods imports of foreign-funded enterprises were higher than domestic 10- 15% on average. In other words, foreign-funded enterprises mainly import capital goods, rather than intermediate goods mainly based on raw materials, which can form future production capacity.
Pay taxes. From 65438 to 0993, foreign-invested enterprises paid 22.66 billion yuan, accounting for 5.7% of China's total tax revenue. By 2002, foreign-invested enterprises had paid 348.7 billion yuan in tax revenue, accounting for 2 1% of the total tax revenue in China.
Provide employment opportunities. By the end of 2002, there were more than 23.5 million direct employees in foreign-invested enterprises, accounting for about 1 1% of the urban working population in China.
Promote technology transfer and productivity improvement. Foreign investment has brought advanced technology and modern enterprise management skills to China's economy. In the past 20 years, foreign companies have introduced a large number of advanced equipment and technical projects, which not only bridged the technological gap between China and the outside world, but also developed many new products. The calculation shows that the average scale of foreign-funded enterprises is 43% larger than that of domestic-funded enterprises, and the ratio of assets to labor is higher. In addition to using more capital, foreign enterprises have higher capital productivity than domestic enterprises, and their labor productivity is also 88% higher than domestic enterprises. Foreign-funded enterprises are more efficient in utilizing scarce domestic resources. Foreign-funded enterprises did not compete with domestic enterprises for resources. On the contrary, the development of foreign-funded enterprises has promoted the adjustment of China's economic structure and contributed to China's sustainable development strategy.
Produce external effects. The entry of multinational corporations has promoted the development of supporting enterprises. A multinational company entered, and 60% supporting suppliers followed suit, which promoted the localization and localization of employees.
Enhance the competitiveness of enterprises in China. Foreign-funded enterprises have promoted the market competition in China, and their advanced technology and excellent performance have brought pressure to domestic enterprises in China, intensified the competition in China market and enhanced the competitiveness of domestic enterprises.
The deep-seated contribution to China's economy cannot be ignored.
July 65438+May 2005, Hunan Valin Pipeline Co., Ltd.? 000932.SZ, hereinafter referred to as Valin Pipeline's announcement, said that the company received the approval from the State-owned Assets Supervision and Administration Commission of the State Council and the National Development and Reform Commission on the transfer of part of the state-owned equity of Valin Pipeline. Wang Jun, deputy general manager and secretary of the board of directors, told reporters that the joint venture company will be established in late August.
After Valin Group transferred its 647 million shares of Valin Pipeline Company to Mittal Company, the total share capital of Valin Pipeline Company was still 65.438+76.5 million shares, of which Valin Group held 660 million shares of state-owned legal person? Accounting for 37.673%, Mittal holds 647 million non-state-owned shares? Accounting for 36.673%. This M&A case has set a new record for foreign investors to acquire China A-share market, and it is also the first case for foreign investors to acquire state-owned steel enterprises through equity investment.
According to Wang Jun, M&A has experienced many twists and turns. Mittal initially hoped to hold the same shares as Valin Group. The National Development and Reform Commission refused to approve at the last minute, saying that it would control state-owned assets. After this merger, the National Development and Reform Commission immediately issued a policy for the steel industry, which does not allow foreign investors to control steel enterprises, especially large steel enterprises. Prior to this, relevant laws and regulations did not restrict foreign-controlled steel enterprises.
Many countries have relatively perfect supervision systems for cross-border mergers and acquisitions, but this work is still in its infancy in China.
In Germany, the company law stipulates that when a person buys 25% or more shares or voting rights of a German company in a cross-border acquisition, he must notify the Federal Cartel Office. When the acquisition creates or strengthens the market control position, such acquisition will be prohibited.
At the end of 2004, Lenovo's acquisition of IBM's personal computer business was reviewed by the US Committee on Foreign Investment. In September 2004, when China Minmetals proposed to acquire Noranda Mining Company, Canada was worried about the prospect of acquiring its own natural resources company, and was planning to take stricter safeguard measures, and was considering whether to amend the bill to give Parliament greater control over the merger process. At present, in Canada, any M&A agreement worth more than $200 million must be approved by the Canadian government before it can take effect.
However, in China, there is still a lack of a complete and systematic supervision system for transnational mergers and acquisitions. Over the past 20 years of reform and opening-up, multinational companies have seized the China market through direct investment or merger and acquisition of China enterprises, monopolizing many industries or at the critical point of monopoly. However, in China, there is a lack of necessary foreign merger and acquisition review institutions. This phenomenon has aroused great concern from officials and people in the private sector.
While the China Securities Regulatory Commission, the National Development and Reform Commission and other national ministries and commissions are working hard to revise and introduce laws and regulations related to foreign M&A, a white paper from the non-governmental organization, the M&A Association of the All-China Federation of Industry and Commerce, puts forward systematic suggestions on preventing the impact of global M&A on China's economic security, mainly including:
First, step up the implementation of relevant laws and regulations with the Anti-Monopoly Law as the main body. According to the white paper, the biggest direct negative impact of foreign M&A is that it may lead to monopoly and suppress China's infant industries, and the most important means to overcome this negative impact is the anti-monopoly law.
The second is to set up an examination and approval agency for transnational mergers and acquisitions, which can be composed of several ministries and directly managed by the State Council.
I hope it helps you.