如果说改革开放初期，跨国公司登陆中国尚有些疑虑，步子带有更多的试探性，有些小心翼翼的话，那么在刚刚进入的这个新世纪，他们则放开手脚，开始大踏步地前进了。联合国贸发会议《2001世界投资报告》表明，目前全世界最大的500家跨国公司已有近400家在我国投资。中国正在成为许多跨国公司重要的生产基地、采购基地和研发基地，中国已连续８年成为发展中国家里吸引外资最多的国家。
　　来自市场和权威部门的种种迹象表明，众多跨国公司都已清醒地认识到，如果不进驻中国，抢占中国市场，没有坚定的中国战略，就无法真正实施其全球化战略。目前在世界经济发展趋缓的情况下，中国的经济发展依然焕发出勃勃生机。跨国公司在华投资规模不断加大，长期投资份额增多。来自权威部门的消息说，我国今年利用外资金额仍明显增长，并有可能高达５００亿美元。
　　
　　跨国公司投资的新特点
　　
　　一、２０世纪90年代中期，跨国公司在中国的投资上千万美元的项目可算是大项目，但近年来上亿美元的项目已不足称奇。如壳牌石油公司在广东的项目投资总额达到近４０亿美元；摩托罗拉公司也增资近20亿美元在天津建立半导体集成生产中心和亚洲通信产品生产基地；英特尔公司追加投资3亿美元，扩建其在浦东的芯片测试封装厂；去年底，大众公司宣布对华投资２２亿美元，主要用于波罗、宝来等新型轿车的生产和销售网络的建设上。


　　这一时期的投资行动，跨国公司开始改变了他们过去那种对某单一产品、单一项目投资的零碎化情况，而开始在中国进行系统化的大规模投资，这表现在许多跨国公司不仅仅向某一单个的企业投资，而是对某一个产业的上、中、下游各个阶段的产品进行整个产业链条的投资；他们不仅仅把生产基地设在中国，而且对研究开发、采购、生产、销售和售后服务等各个运营环节进行全方位系统的大规模投资，力求使中国成为支撑他们实施全球化战略的运营中心之一。
　　不仅如此，一些跨国公司还根据中国劳动力成本低、制造业出现的供大于求的局面，开始把其采购网络建在中国，把其生产制造业务转移到中国，使中国成为它在全球的加工基地和采购中心。就日本东芝公司来说，它一方面加大在中国的投资，一方面把其在本土的生产制造业务，例如数字彩电生产线转移到中国，并把在中国制造的产品向其本土出口。另一家跨国公司爱立信仅２０００年在中国大陆的采购量就达１４９亿元人民币，其每天用于在中国采购的金额超过４０００万元人民币。据统计，在物料本土化上，中日合资工厂在中国采购的比率为47％，中美合资厂为57％，而德国大众汽车公司则高达87％。
　　二、一般说来，跨国公司的母公司均率先拥有最先进的技术，代表着该行业此类产品的最新的先进水平。来自有关部门的一项跟踪调查表明，在１９９７年，跨国公司真正在中国市场上使用母公司先进技术的只有１３％，但到去年，这一数据已猛烈增长到４１％。据这方面的行家估计，这个数字在今年肯定还会上升，并有可能超过５０％。据有关部门统计，在今年下线的１３款合资新轿车中，至少有１０款车型是与全球同步的。


　　除向中国转移先进技术外，高新技术产业也已成为跨国公司投资的热点。为增强企业科技创新和新产品开发的能力，上海贝尔公司追加投资达１.１亿美元；英特尔科技（中国）有限公司自在浦东建立第一个生产企业以来，已先后两度增资，投资规模由９５１０万美元扩大到１.９８亿美元；据介绍，英特尔日前向建在上海的工厂追加投资５亿美元，使这家工厂在我国境内可以生产为全球用户提供的最新的芯片。
　　过去一直把中国作为生产基地的跨国公司开始在中国设立研发中心，并纷纷将研发机构迁移至中国。据有关部门统计，至2001年，外国企业独立的研发中心已经达到120余家，
　　2002年预计跨国公司在我国新增的全球研发中心至少有10余家。迄今为止美国跨国公司在中国已设立的研发中心达100多个，近40家具备了相当规模。微软、通用电气、IBM、杜邦、宝洁等著名跨国公司都在中国投资了研发项目。爱立信全球总裁兼CEO柯德川５月在北京召开“科博会”上对宣布，爱立信将研发重点转向我国，中国研发总院日前正式在北京成立，爱立信在本地的研发技术将通过其全球网络向世界输出。据悉，英特尔、摩托罗拉、微软、松下等跨国企业在华研发投入均超过500万美元，研发重心也从贴近本地市场向基础性技术创新转变。这些跨国公司所设立的研发中心主要集中在北京、上海、广州等科研力量比较集中的大城市，其研发领域主要集中在计算机、软件、通信、化工、汽车、医药等领域。来自中国社会科学院的一项调查表明：在1997年，外资在中国的研发中心只有24家；可到2001年，外商企业独立的研发中心已经有124家，真正面向全球重要的研发基地至少有16个。2002年，预计成为跨国公司在中国新增的全球研发中心至少有12家。
　　
　　投资策略和管理方式变化显著
　　
　　加速投资扩张，争设地区总部，是跨国公司开始调整在华投资的战略性布局的标志。为
　　了全面实施在中国的投资战略，近来，跨国公司掀起了一股地区总部迁入中国的热潮。据美国《财富》杂志公布的一份调查表明，约有９２％的跨国公司计划在中国设地区总部。有关统计资料表明，目前至少有36家跨国公司在北京、上海等地设立了地区总部，并且这一数字在将来还会有增无减。


　　与之同时，跨国公司更加重视实施人力资源本地化策略。２００１年底的一份调查材料表明，在中国的绝大多数跨国公司中，人力资源的本地化倾向已非常明显。如摩托罗拉公司（天津）就拥有８０００名中国员工；诺基亚在中国共有员工近４０００人，而其中中国员工占到９０％以上；朗讯公司将其研究人员增加到１５００人，其中绝大部分也是中国员工。在跨国公司的高层管理人员中，也正有越来越多的中国人得到重用，尤其是那些既有海外工作经验和本土背景，又有专业技术知识的人，更受诸多跨国公司的垂青。这种情况，与一些跨国公司刚进入中国的时候，其管理者多是“外国人”形成了显著的对比。如今，在中国的许多跨国公司里，“外国人”正呈现减少趋势。为什么如此呢？阿尔卡特中国有限公司董事长戴伯松说出了其中的道理：“公司在华的外方雇员都有一项使命，就是培训出最能取代他们的中方雇员。一旦中方雇员能胜任，外方雇员就离开。”不仅如此，有些跨国公司，例如微软、ＩＢＭ、爱立信等跨国公司，着眼于其在中国未来更为广远的利益，采取多种形式，诸如在中国成立培训中心，同中国多所著名高校联合办学以及在多所高校设立奖学金等多种形式，来潜心培养他们所需的及未来潜在的人才，加强对相关领域有关人才的培养和争夺。这些跨国公司显然意识到，争夺中国的优秀人才和技术，远比单一的资本投入更为重要。如ＩＢＭ为中国高校计算机人才的培养就提供了价值超过１亿美元的投资。今年它又决定向中国教育部首批示范性软件学院无偿提供总价值约６０００万人民币的软件平台和解决方案；前不久，微软公司也宣布，在未来３年内，它将向中国软件教育和基础教育领域投资、赞助２亿元人民币，并将与北京大学等５所高校在软件学科建设方面展开较具规模的合作。
　　跨国并购日趋增多。一般说来，新建企业花费时间较长，而要想让企业达到一定规模，所需时间恐怕还会更长，一般都需３到５年的时间。相比之下，并购企业通过短短的半年时间就可完成，并能迅速形成规模；同时，采取这种方式既可以减少竞争，降低成本，还可以迅速实现大规模扩张。90年代中期前，跨国公司大多以合资方式进入中国。近年来，受国际跨国并购浪潮的影响及我国加入世贸组织的激励，跨国并购正变得越来越多，跨国公司已经从开始新建合资或独资公司向并购本地企业发展。
　　种种事实表明，通过大规模并购，并由此实现市场垄断优势已成为跨国公司近年来实施迅速扩张的一项重要策略。如世界著名胶片生产商美国柯达公司1998年2月出资3.8亿美元，分别收购了广东汕头公元、厦门福达和江苏无锡阿尔梅3家中国感光材料厂，就是跨国公司在中国的并购行动中的一个成功又典型的范例。可以预计，随着我国资本市场的完善，我国对外资进入领域的逐渐放松，以及中国对世贸组织规则的逐渐适应，将会有越来越多的跨国公司通过并购方式抢占中国这块巨大的市场。毫无疑问，中国的知识密集型服务业市场，诸如银行、保险、电信、物流、批发、零售、外贸以及专业咨询领域，将是跨国公司关注和并购的热点。（完）
　　
　　TRANSNATIONAL CORPORATE INVESTMENT IN CHINA
　　
　　By Gong Chang
　　According to a report published by the United Nations International Trade Conference on global investment in 2001, nearly 400 of the world‘s top 500 transnational corporation have invested in China. The same report also indicates that the country is becoming a production, procurement and research and development (R&D) base for more and more transnational companies. For eight years in a row, China has attracted more foreign investment than any other country in the developing world. Thanks to its entry into the World Trade Organization (WTO) and a rapid, stable development of its economy, China has become increasingly attractive to transnational investors as a market with an immensely great potential for expansion and as an economy enjoying a bright prospect for development.
　　Despite a slowdown of the global economy, the Chinese economy continues to grow at a rapid pace. Transnational companies have come to recognize China as the last market with a large potential to be tapped. To a transnational company, failure to seize a share of the Chinese market and implement a sound China strategy would mean inability to execute a global strategy in step with the accelerating process of economic globalization. According to the competent Chinese authorities, foreign investment in China will continue to grow in 2002, most likely to US$50 billion.
　　
　　New Characteristics of Transnational Corporation Investment
　　
　　1. A constant increase in investment by transnational companies, accompanied by attempts by transnational companies to invest in all sectors of the Chinese economy.
　　Back in the 1990s, a project involving some US$10 million in investment by a transnational company would be classified as large in size. In more recent years, however, foreign-invested projects valued at US$100 million or even more are no longer rare. Shell, for example, is investing US$4 billion in Guangdong Province. Not long ago, Motorola decided to invest US$2 billion in a project in Tianjin Municipality to produce semi-conductors and communications products for Asian markets. Intel, on its part, is investing US$300 million in expansion of its IC sealing factory in the Pudong New Area, Shanghai. Volkswagonwerk A.G. has announced a decision to earmark US$2.2 billion in supplementary investment for developing new auto models in China and improving its marketing network in the country.
　　Transnational companies are investing not only in production as in the past, but also in R&D, procurement, marketing and post-sales services in an attempt to develop China into a center for their global business operations. Gone are those years when transnational companies just chose a single project or a single product to invest. They are now investing in entire industries, in their upstream, midstream and downstream operations. Many of them are moving their manufacturing sector to China, on account of China‘s relatively inexpensive labor and in view of the fact that manufactured goods are in excess supply in the country. Toshiba has already moved to China its manufacture of color TV sets, which it sells back in Japan. Ericsson spends a daily average of RMB40 million yuan (US$4.82 million) on purchase of raw and semi-processed materials on the Chinese market, its annual purchase for 2000 reaching RMB14.9 billion (US$1.79 billion). In terms of value, raw and semi-processed materials produced in China account for 47% of the total used by Sino-Japanese joint venture companies in the country. For Sino-U.S. joint venture companies, the figure is 57%. For Volkswagonwerk A.G., it is as high as 87%.
　　2. More international corporate investment in high-tech industries in China
　　Back in 1997, only 13% of the companies in China funded by transnational companies were able to use advanced technologies developed by their parent companies. According to the competent Chinese authorities, the figure had shot up to 41% by 2001 and will continue to grow and may eventually exceed 50%. Of the 13 models being produced in China by transnational carmakers in 2002, at least ten are rated as globally up to date.
　　High-tech industries are becoming increasingly hot. Bell (Shanghai) has decided to make an additional investment of US$110 million in its China operations. Ever since it started its first factory in the Pudong New Areas in Shanghai, Intel (China) has twice made additional investment and, as a result, the factory‘s total capital investment has grown from US$95.1 million to US$198 million. It is learned that Intel has decided to expand its Shanghai factory into an IC production center for global supply.
　　The number of R&D centers set up by transnational corporations in China had, by 2001, exceeded 124, and 12 more are being set up in the country this year, according to the Chinese Academy of Social Sciences. Of those centers already in operation, about 100 belong to American companies including Microsoft, General Electric, IBM, du Pont and P&G. R&D spending averages US$5 million a year for Intel, Motorola, Microsoft and Matsushita. What merits special mention is the fact that at least 16 R&D centers serve the global needs of their transnational owners, and 12 centers of that caliber are being set up in 2002. At the 2002 Beijing International High-tech Fair held in May, the Ericsson CEO said that from now on, the company would take steps to shift its R&D to China. Not long afterwards, the Ericsson China Research Institute was set up in the Chinese capital.
　　Most R&D centers set up by transnational companies are in major cities like Beijing and Shanghai, and specialize in development of computer, software, communications, automobile, pharmaceutical and other high-tech technologies.
　　
　　Changes in Investment Strategies and Management by Transnational Companies
　　
　　Increasing numbers of transnational companies have chosen Chinese cities like Beijing and Shanghai to seat their regional headquarters, indicating an eye-catching change in their investment strategies. According to a recent issue of the Fortune magazine, some 92% of the transnational companies already operating in China are planning to have their regional headquarters seated in the country. According to statistics provided by Chinese authorities, 36 transnational companies have set up regional headquarters in Beijing and Shanghai, and more will do so over the next few years.
　　Transnational companies are paying ever greater attention to development and exploitation of locally available human resources, realizing that local managers and workers have a better understanding of the local customer demand and are in a better position to help develop enterprise cultures with local characteristics. Motorola (Tianjin) employed more than 8,000 Chinese workers at the end of 2001. Nokia (China) now employs nearly 4,000 Chinese men and women, accounting for 90% of the total hired for its China operations. Steadily increasing is the number of Chinese working on senior managerial posts in China operations of transnational companies, among whom those with a local background while rich in experiences in overseas operations are most valued.
　　Along with a steady increase in the number of Chinese taking senior managerial posts, gone forever are those years when such posts were taken almost exclusively by foreign nationals. In some transnational companies, foreign managers have the task of training Chinese employees in managerial expertise and will leave for other assignments after Chinese employees become good enough to replace them.
　　Eyeing their development in China for long-term interests, Microsoft, IMB, Ericsson and some other transnational companies have set up training centers in the country to build up a contingent of experts they need for business expansion. Moreover, they are trying to lure in potential talent through cooperation with the best Chinese schools of higher learning or by providing scholarships to students there. These transnational companies know only too well that in a sense, investment in development of human resources may eventually turn out to be more important than capital investment in fixed assets. This understanding has prompted IBM to invest US$100 million in programs at Chinese schools of higher learning to train computer experts. For this year, IBM has pledged to provide software supports and solutions that are valued at RMB60 million (US$7.22 million) to the first batch of schools started by the Chinese Ministry of Education for development of software. Microsoft announced a decision not long ago to invest and donate a total of RMB200 million yuan (US$24 million) in three years to promote training of Chinese software experts. It has also planned cooperation with Peking University and four other leading schools in Beijing in software development.
　　International investment assumes two main forms, establishment of new companies (joint venture companies and companies under sole foreign proprietorship) and merger through international acquisition. The process of merger can be completed in just a few months. In contrast, it may take years to start a new company. Before the mid-1990s, establishment of new companies was the dominant form of foreign investment in China. In more recent years, however, transnational investors have developed a greater preference for merger, believing that merger generates quicker and better economic results while involving less risks. In January 1998, Kodak bought three Chinese photosensitive materials factories - Gongyuan in Shantou of Guangdong, Fuda in Xiamen of Fujian and Armer in Wuxi of Jiangsu - with a total of US$360 million, and that has proved to be an economic success.
　　According to reports issued by competent Chinese authorities, investment made through mergers accounts for somewhere between five and six percent of total investment China has received from transnational companies. In contrast, up to 90% of the investment made by transnational companies worldwide assumes the form of merger. The figure for China will definitely grow along with improvement in China‘s capital market and liberalization of China‘s investment policies in line with the WTO rules and principles. It is safe to say that transnational companies will concentrate on merger activities in China‘s knowledge-intensive sectors, such as banking, insurance, telecommunications, physical distribution, wholesales, retailing, foreign trade and consulting.