Direct Investments and M&A in Switzerland 在瑞士开展直接 ... - Vischer

下面让我们简单谈谈我们在实践中经历的中国投资者的期望落差:
a) Transparency for access to financing underestimated 低估了获取融资的透明度
Above all state owned Chinese enterprises tend to underestimate the need for trans-
parency on their financial standing, group structures, internal organizational rules
and approval procedures whenever a transaction exposes their European counterparts
to Chinese debt risks.
每当欧洲合作对象面临中方债务风险时,几乎所有的中国国企都会低估对方对其财务状况、集团架
构、内部组织以及审批程序方面的透明度要求。
As there is still not much practical experience with the enforcement of foreign claims
in China – in particular against state owned enterprises – the confidence of European
sellers in the reliability of Chinese buyers is key for a successful deal, and transparency
is a key trust building factor. Lack of transparency usually generates abundant
requests for all kind of collaterals and guarantees which, in turn, may offend the Chinese
side.
由于在如何在中国强制执行境外索赔,特别是针对国企的境外索赔方面缺乏实践经验,欧洲卖方对
中国买方的诚信度是否有信心就关乎交易的成败,而透明度则是建立诚信的关键所在。缺乏透明度
通常导致欧方过多地要求各类担保和保证,结果这样就会冒犯中方。
b) European awareness of Chinese brands and reputation of Chinese products in
Europe overestimated 高估欧洲人对中国品牌的意识以及中国产品在欧洲的声誉
Chinese investors starting to market their products in Europe tend to overestimate
European awareness of Chinese brands as well as the quality reputation of Chinese
products in Europe. As many Chinese producers started as OEM manufacturers of
western brands, western awareness of the fact that well known high quality brands
are made in China is lower than expected by their Chinese manufacturers.
刚开始在欧洲销售其产品的中国投资商会高估欧洲人对中国品牌的认识以及中国产品在欧洲的品质
声誉。由于许多中国制造商一开始是西方品牌的 OEM 制造商,而针对知名的优质品牌出自中国这
一事实,西方人的认识程度比中国制造商所想象的要低。
c) Interdependence between high labor productivity and high salaries underestimated
/ Effect of salary increases overestimated 对高水平的劳动生产率与高水平的
薪酬水平之间的相互依存性有所低估 / 对提高薪酬带来的影响有所高估
Chinese investors are often surprised by the high European labor costs and tend to
overlook the interdependence between high labor cost and high labor productivity. In
Europe, labor accounts for about 20% and capital for about 80% of the production
cost whilst in China labor still accounts for about 80% and capital for about 20% of
the production cost. Accordingly, a salary raise of 2% p.a. has a much lesser impact
on production costs in Europe than it would have in China.
中国投资商对欧洲的高劳动力成本经常表示惊奇,往往忽视高劳动力成本与高水平劳动生产率之间
的关系。在欧洲,生产成本中劳动力成本占 20%,资本占 80%,而在中国的生产成本构成中,劳
动力成本仍约占 80%,而资本约为 20%。因此,年薪上调 2%在欧洲对生产成本的影响要轻于在
中国所产生的影响。
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