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The basis of the economic structure is the industry. The physical industry with manufacturing as its core is the cornerstone of national economic development. However, since the world financial crisis, the Chinese economy has clearly become financialized or virtualized, and the real economy has faced severe difficulties, which has jeopardized the foundation for sustainable economic development. For this reason, innovative thinking is needed to break through the predicament in order to stabilize the foundation of economic development and stimulate its potential.
Transformation and upgrading framework
Since the founding of the People's Republic of China, especially the 30 years of reform and opening up, China has developed into the world's second largest economy. However, this is just more of a total or scale, and the actual competitiveness is not strong, especially the leading industries. In Fortune magazine's list of Fortune 500 companies in 2017, Chinese companies have reached 115. However, there are fewer manufacturing companies, especially innovative ones.
In the face of a new round of scientific and technological revolutions and industrial changes, China's manufacturing industry is facing severe pressures and challenges in transformation and upgrading. As a latecomer country, it is necessary to make full use of the advantages of latecomers, combine industry and finance, integrate global resources, and more effectively catch up with the world's leading level.
Under the current conditions, the key breakthroughs of Chinese manufacturing companies should include "reform", "development", "innovation" and "internationalization." "Reform" mainly through the market-based mechanism to solve the company's property rights system, operating mechanism, governance structure, incentive and restraint mechanisms and the integration of existing resources, improve operational efficiency and vitality; "development" mainly to solve the scale of the enterprise and business and market Expand the problem, adjust and optimize the business structure and layout, do large-scale strengthening capabilities, improve the ability to resist risks; "innovation" can enable companies to better meet or even lead the market demand, and build a higher barrier to competition; "internationalization" It can acquire and utilize international resources, technologies, brands, channels and markets, allocate resources and optimize the layout of industrial value chains worldwide.
In the framework of transformation and upgrading, "reform" and "development" are the foundation and focus. Moreover, these four directions influence and link each other. For example, only those enterprises whose “reforms†have become the main players in marketization are likely to “develop†and have greater incentives to “innovate†and “internationalizeâ€; the “internationalization†activities of companies may be used as external forces to promote their “reformsâ€. , "development" and "innovation." Enterprises should pay attention to these four directions at the same time. Of course, different companies and their different stages may have different directions or priorities.
Private equity investment funds (including venture capital and mergers and acquisitions funds) can support breakthroughs in the above four directions. As an investment innovation tool, the role of finance in real economy services will be brought into play. From the perspective of “reformâ€, investment funds, as market-oriented financial investors, can enter into enterprises, can revitalize stock assets, improve their governance structure, and introduce market-based incentive and restraint mechanisms; from a “development†perspective, they can Introduce key elements such as capital, technology and channels, and expand market size and scope of business more quickly through reorganization of mergers and acquisitions; from an “innovation†perspective, it can support the innovation of technology and business models of enterprises and better control the future. New business, technology and market opportunities; From the perspective of “internationalizationâ€, we can introduce more international resources for enterprises, including technology, brands, talents and channels, and increase their market value.
Transforming and upgrading in the open
The key to industrial competitiveness is technological innovation. Scientific and technological innovation requires not only independent innovation but also learning in an open environment and making use of existing technological achievements in the world. China should continue to open up to the outside world, transcend the traditional “market-for-technical†and “capital-for-resource†approaches to implement the “innovation-driven†openness of “capital- and market-for-technologies-for-intellectual-intelligence†adapted to the current state of economic development. Mainly concerned with the historical performance of existing investment targets or partners, and the “extracted fruit†of existing values, turning to “seeking seedlings†that pay attention to the future application and development value of the industry; rapidly acquiring world-leading technologies through overseas mergers and acquisitions and introducing overseas investments to promote domestic technologies. Improvement of energy level. At the same time, taking advantage of economies of scale, economies of scope, and low-cost human resources in China's major powers, overtaking of corners in certain industry sectors with the same starting line, such as IT, mobile payments, etc.
"Going out" overseas investment and "introducing" foreign investment can bring China's leading technology. Even if domestic partners do not necessarily have control over investment projects, the participation of investment projects and their extensive spillover effects will also help improve the technological capabilities of domestic companies. At the same time, "going out" and "bringing in" are linked to each other. Through “going globalâ€, we will introduce advanced foreign technology and experience into China and improve the capabilities of domestic enterprises; Chinese enterprises with improved capabilities will have more “going out†strength.
Investment funds provide more than just financial resources. They are more supported by the relevant resources it brings, including technology, talent, management, market, and industrial chain integration. The Kechuang Mutual Fund developed on the basis of conventional investment funds includes direct investment, follow-up investment and cooperative investment. First, the investment sub-fund is selected and invested in a number of venture capital funds with stable and excellent financial returns in the global science and technology innovation sector. These funds are then widely sought and invested in promising investments. Newly created leading high-tech projects or targets. Second, to follow investment and follow investment in leading technology projects related to the transformation and upgrading of China's economic structure, increase its influence or control on specific projects, and further increase its financial return. Third, cooperative investment, cooperation with domestic industrial investors to invest in projects that have a huge value in the Chinese market.
Compared with direct overseas M&A of enterprises, Kechuang Mutual Fund is less politically sensitive. As a social investor, it is easier to pass the investment review of the country where it is located. Compared with industrial strategic investors, the investment cost is higher through extensive fundraising. Low, the risk is also lower; compared to market intermediary agencies that only receive commissions, investment funds can grow together with investors or acquirers, and the benefits are compatible.
Compared with the direct investment funds, the strategic advantages of the Kecun Mutual Fund are the strategic foresight and strategic layout of industrial development, taking into account both strategic benefits and financial benefits; the advantages of resources and capabilities lie in the global operation and financing capabilities, and rich cross-border investments. Experience, industrial company management and M&A integration experience; performance advantage lies in selecting and investing in the world's best fund managers, establishing a huge network of local projects, inciting local capital and teams, while reducing investment risks and improving finance as a whole Level of return; through staged investments in sub-funds, predict project value and reduce project direct investment risk; in terms of project coverage, compared to a single investment fund, with a greater range of search and coverage capabilities, can be more widely understood Or master key technologies in the world.
The Kechuang Mutual Fund, which is invested in overseas markets, can be directly funded domestically or abroad, set up in the form of RMB or foreign currency to invest locally or in China, support overseas projects to enter China, or Chinese companies to invest overseas. From the perspective of “going globalâ€, the mother fund can find suitable investment targets for Chinese companies in a wider range, with lower costs and risks, and conduct effective post-merger integration and localization operations. From the perspective of “introductionâ€, the parent fund can select and recommend technology-leading overseas projects to enter the Chinese market through its extensive project channels and networks and cooperation with outstanding investment funds, and provide them with Chinese landing and development. Comprehensive support, including supporting industrial parks, human resources, technology research and development, market channels, and financing. At the same time, funds may be directly or indirectly involved in some form of linkage between projects, which may create the integration effect or overall value of the industry chain.
Kechuang Mutual Fund promotes transformation and upgrading
As an industrial investment fund, it is different from a financial investment fund that only pays attention to financial returns. The Sea Surgical Creation Fund combines the advantages of the parent fund and the independent investment fund operation to break through their respective limitations and create a “combination boxing†to more effectively introduce advanced overseas technologies, enhance China’s ability to control or assemble international advanced technologies, and support the industry. Structural transformation and upgrading.
Through the parent fund-sub-fund-project approach, Kechuang Hybrid Mother Fund exerts its multiplier effect, amplifies or instigates the world's Kechuang Resources Network on a large scale, and establishes the systemic neural network at the forefront of global technological innovation to maximize traceability. Cutting-edge and key technologies are adopted by the world and are used by China. Apply international advanced technology to transform existing domestic businesses or expand new businesses to achieve a global distribution of industrial chains and enhance the international competitiveness of Chinese industries.
From the point of view of industrial development, investment funds can combine the international advanced technology and business models with Chinese elements, thus creating a huge, specific Chinese value. Many overseas leading technologies and business models are constrained by their limited-scale and slow-growing markets, while China is in a period of rapid development, and has a large-scale market with clear, large scale, strong and mature manufacturing capabilities, abundant capital and resources. In fact, the Chinese story has been recognized by the international market and has become a catalyst for the growth of many foreign projects. It has also become an important reason for overseas capital entering China or accepting Chinese capital acquisitions.
According to the “Belt and Road†strategy promoted by the country, the countries and regions along the route are basically all developing countries. Most of their economic and technological development levels are close to or even behind China, which is a very good international for Chinese companies. Opportunities. Existing mature technologies and excess production capacity in China can basically be directly exported, transfer production capacity, expand the market, and at the same time promote the transformation and upgrading of domestic industrial structure. Since most countries and regions along the “One Belt and One Road†are relatively backward, many international advanced technologies are difficult to apply directly. China can export on the basis of the introduction of international advanced technology and adaptability of localization, that is, through the "introduction - digestion (transformation, transformation) - transfer" path to invest in the "Belt and Road" countries and regions to expand the international market, Improve international capabilities. Moreover, the "Belt and Road" countries and regions are not at the same level of technology, and the same technology can carry out gradient transfer.
Local governments and enterprises can use the functions and advantages of Kechuang Hybrid Mutual Fund to gather or leverage domestic and foreign capital, introduce innovative technologies or projects suitable for China's industrial development needs, and promote the transformation and upgrading of regional economy and enterprise business, and in an open environment. China enhances its industrial R&D capabilities, enhances the global position of the industrial value chain, accelerates the construction of China's manufacturing and innovation capabilities, and realizes the “Made in China 2025†strategic goal as soon as possible.
(Lu Yuebing, Chairman, Rui Dao Hua Gao Industrial Innovation Research Institute, Chairman of Huaye Evergreen Intelligent Manufacturing Management Consulting Company, Chairman of Rui Dao Capital; Jiang Xuewei, Partner, Rui Dao Capital)
New Thinking and New Way of China's Manufacturing Transformation and Upgrading
Facing the new normal of China’s economic development and the uncertain world political and economic environment, China is transforming its economic growth mode through continuous supply-side reforms and technological innovations to achieve transformation and upgrading of its economic structure, and to enhance its competitiveness through further opening up. To maintain sustained and stable economic development and build an economically strong country.