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企业经营不仅是业务经营，还应该包括资本运营。资本运营从来就是国外企业、尤其是跨国企业获取利润，实现其战略目标的重要手段，电信企业也不例外。近几年来，全球电信业界围绕资本运营，掀起了一浪高过一浪的并购和重组风潮，如MCI并购Worldcom、沃达丰并购德国曼纳斯曼、AOL并购时代华纳、电讯盈科并购香港电讯、新加坡电信并购澳大利亚澳都斯、AT&&T一分为四重组等等。由于我国电信改革刚刚完成，企业内部治理结构还未理顺，各大公司没有资本运营经验等原因，除了为吸纳资金在海外上市融资外，我国电信运营企业还未加入到全球电信并购的风潮中来。但是，我国电信运营企业要成长为世界一流通信企业，必须要学会资本运营，用业务经营和资本运营两条腿走路。这一方面要扩大融资渠道，学习资本经营经验，学会从容应对股市变化等等，同时还要通过资本运营走出去，开辟新的市场。我国政府和电信主管部门也要为电信企业开展资本运营创造条件，完善国内资本市场的监管体制和运营机制，引导它们在国内上市融资。本期特别策划对企业如何扩展融资渠道、如何应对股市变化、如何通过资本运营“走出去”以及政府如何为电信企业国内上市创造条件等方面做了详细分析，敬请关注。
Business management is not only business, but also includes capital operation. Capital operation has always been an important means for foreign enterprises, especially multinationals, to obtain profits and achieve their strategic goals. Telecom companies are no exception. In recent years, the global telecom industry has set off waves of mergers and acquisitions and reorganizations around capital operation. Examples include MCC’s acquisition of Worldcom, Vodafone’s acquisition of Mannersman Germany, AOL’s acquisition of Time Warner, PCCW’s acquisition of Hong Kong Telecom, Singapore Telecom M & A Australia Austin, AT & T T divided into four groups and so on. As China’s telecommunications reform has just completed, the internal governance structure has not been straightened out, major companies do not have experience in capital operation and other reasons, in addition to attracting funds listed overseas financing, telecommunications operators in China have not yet joined the wave of global telecommunications M & A Come. However, in order to grow into a world-class telecom enterprise, China’s telecom operators must learn how to operate their capital and walk on both their business operations and capital operation. On the one hand, it is necessary to expand financing channels, learn capital management experience, learn how to deal with changes in the stock market, etc., and at the same time, go out through capital operation to open up new markets. The government and telecommunications authorities in our country should also create conditions for telecom operators to carry out their capital operation, perfect the regulatory system and operating mechanism for the domestic capital market, and guide them to go public in the domestic market. In this issue, we plan to give a detailed analysis on how to expand financing channels, how to deal with changes in the stock market, how to “go global” through capital operation, and how the government can create conditions for domestic listing of telecommunications companies.