中国企业的全球化扩张——适应欧洲的运营环境

Chinese companies are going global and Europe is firmly in their sights. Last year, Chinese FDI into Europe surged to its highest level since 2018 and this wave is only building. Yet many Chinese companies are walking into a market they fundamentally misunderstand.
中国企业正在走向全球，而欧洲正是它们瞄准的重要目标。去年，中国对欧洲的外国直接投资（FDI）攀升至2018年以来的最高水平，而这一浪潮仍在持续升温。然而，许多中国企业进入的是一个他们根本未能理解的市场。

In this article, our Senior Advisor George Zhang, a Chinese executive who has led global business units from European headquarters, argues that competitive technology, products and pricing won't be enough. For Chinese companies to succeed in Europe, they need to master the operating environment itself.
在本文中，英特华高级顾问张家淇（George Zhang）——一位曾在欧洲总部领导全球业务部门的中国籍高管——指出，仅具备竞争力的技术、产品与定价并不足以支撑中国企业在欧取得成功；中国企业若要在欧洲扎根，必须深入掌握当地的运营环境。

That's precisely where most Chinese entrants fall short: regulatory frameworks enforced with zero tolerance; labour markets that are the mirror opposite of China; cultural landmines that can torpedo partnerships overnight; governance gaps that quietly unravel even well-resourced expansions. These are the risks that don't show up in market entry models but show up fast in practice.
这恰恰是大多数进入欧洲的中国企业的短板所在：零容忍、严格执法的监管框架、与中国截然相反的劳动力市场、可在一夜之间摧毁合作关系的文化陷阱、以及会令资源充足的扩张计划悄然失序的治理缺口——这些风险不会出现在市场进入模型中，却会在实际运营中迅速显现。

For Chinese companies expanding their operations in Europe, understanding these dynamics is not optional, making this article (in Chinese) essential reading.
对于正在欧洲拓展业务的中国企业而言，理解这些市场动态机制已不再是可选项，因此，本文值得参阅。

About InterChina 英特华

InterChina is a leading corporate finance advisory firm based in China and specialised in executing complex cross-border mergers and acquisitions. Established in 1994, we have built a team of 50 professionals across our offices in China and Europe. We have advised on 230 transactions over the past 3 decades, averaging 10 transactions per year, making us one of the top 3 advisors in China’s mid-market space (deals in the USD 50~500 million range).

英特华是一家市场领先的企业投融资并购及战略咨询公司，擅长于执行复杂的跨境并购交易。公司成立于1994年，在中国及欧洲均设有办事处，拥有逾50名专业人士。根植中国市场三十余载，我们的团队已成功完成230多笔跨境并购交易，年均约10笔，交易金额在5千万至5亿美元之间，令我们跻身为中国中端市场业融资并购的三大顾问公司之一。

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