[case study]영문 (china goes global)_the new taste of chinese companies or foreign assets

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In 2004 and 2005, a series of acquisitions and attempted acquisitions of Western companies by Chinese firms raised strong interest. Very famous firms or brands hat) been acquired or coveted, including the television manufacturing activities of Prance`s Thomson, IBM`s PC division, and the 102-ycar-old appliance maker Maytag. The biggest attention grabber was the Chinese oil company CNOOC`s US$18 billion bid to take control of the US company Unocal.
This spate of acquisitions and acquisition attempts was a new trend, despite the fact that China was already the world`s sixth largest economy in terms of GDP by 2005, and was expected, by some analysts, to become the worlds` largest economy by 2050. China was already the world`s third largest exporter, with exports for 2004 worth US$593.3 billion, and the world`s second leading destination for foreign direct investment (FDI). However, despite its steady growth, outward investment from China had been small compared to investment into China. In addition, while Chinese exports were an increasing force on world markets, there were few Chinese companies that had developed an international presence, brand, or reach. In fact, more than half of China`s exports were produced by foreign invested enterprises (FIEs) and Chinese companies were often confined to the role of an original equipment manufacturer (OEM) in which they captured only a fraction of the added value.
By 2005, however, it seemed this lime was over and it was likely Chinese firms would follow the model of their Japanese or Korean counterparts, like Sony, Samsung and Hyundai, which became Industry leaders, invested heavily abroad and built up international brands. Of course, the question that many policy makers, managers and analysts pondered was whether or not Chinese companies would themselves develop an international reach, and if so, which ones. Some analysts argued that China`s low cost basis and potentially immense market could allow sufficient economies to go abroad. Sceptics pointed to the weaknesses of these new players, including their relative inexperience in international markets, or in market economies in general, as well as backward management and financial systems. Some believed that the first forays of Chinese companies abroad would result in the acquisition of seemingly prestigious companies and assets, which would prove uneconomical, just as numerous acquisitions in the West by Japanese firms in the 1980s had. Others believed that Chinese companies would also face large cultural differences and political hostility that would hamper their development.

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