以集中管控实现管理增效——中铁七局海外大项目管理探索与实践

近年来,中铁七局在海外政治经济复杂的环境下,积极寻求符合海外工程特点的项目管理新模式,以海外大项目管理模式为抓手,有效提升了海外项目管理水平,开拓了海外市场,取得了良好的经济效益. 以合理的机构设置创新管理模式 目前,中铁七局有海外在建项目36个,主要分布在非洲的刚果(金)、坦桑尼亚、塞拉利昂、塞内加尔、埃塞俄比亚、赞比亚、乌干达、博茨瓦纳等10个国家.     

避免海外投资项目风险漩涡

在海外项目投资高歌猛进的同时,应该预测到在风平浪静之下,暗流涌动,且频频凸现,这无疑给海外投资项目敲响了风险防范的警钟。随着国际经济环境的日益恶化,国际承包工程竞争日趋激烈,全世界的建筑公司都开始寻找出路。目前中国政府积极倡导"走出去",加大了对重点海外项目"造项目"的力度。因此,积极参与海外投资项目,特别是融投资带动总承包项目,是我们重要的战略目标。海外投资项目与施工总承包项目所面     

对加强施工企业海外项目普法工作的思考

<正>目前,施工企业正大力实施"走出去"战略,海外的经济活动增加,企业面临的市场竞争环境复杂化,遇到的法律问题越来越复杂多元,给企业带来的潜在法律风险也越来越大。本文拟就如何进一步做好施工企业海外项目普法工作,提高企业经营管理水平和风险应对能力,促进企业又好又快发展做一粗浅探讨。当前施工企业国际项目普法工作面临的主要问题随着施工企业海外业务的扩展和增长,企业面临的法律风险将会成倍增加,普法工作面临许多新的问题。     

纵深推进海外项目管控

企业需要明确管控重点,并通过有效管理手段及时掌握海外项目的运营状况和施加适当的控制,来保障项目管理符合企业战略发展目标,实现企业海外业务的稳健成长。随着企业海外战略的不断纵深推进,海外项目所面临的外部环境复杂化、多样化与管控手段、工具的单一化矛盾日益突出,海外项目经营风险累积效应愈来愈大,如何强化监管,规避海外项目经营风险,确保企业经营目标实现成了当下企业＂走出去＂不得不应对的课题。海外项目管控的困难与挑战海外经营环境的复杂性带来了经营预期的不确定性。     

海外油气勘探开发项目投资风险评估——以尼日利亚为研究对象

海外石油勘探开发投资项目,与国内投资相比,最主要的特征是市场环境不同,风险性大。在所有的市场经营风险中,原油价格、投资水平以及产量是影响海外投资项目决策时机、投资项目回报和投资收益的重要因素。本文选取海外重点战略地区非洲的尼日利亚作为研究对象,分析海外项目的油价临界值、投资一l盘界值、最小经济油田规模和国家石油风险环境,探讨国际石油合作开发项目经济评价的基本规律与方法,对快速确定项目的投资效益、及时把握投资时机、准确进行投资决策等方面都具有现实的指导意义和参考价值。     

低油价下各类石油公司经营策略分析

自从2014年下半年国际油价断崖式下跌以来,各类石油公司采取不同的经营策略应对低油价,其发展策略都与其所占用的资源禀赋、资金水平、行业地位等自身特点紧密结合,普遍反映出“因企制宜”的特征.1)国际大石油公司围绕公司发展战略,巩固主营资产,剥离“非核心”资产,持续优化资产结构与投资策略;2)油气资源国国家石油公司采取放宽对外合作条款等措施吸引境外投资;3)亚洲消费国国家石油公司海外投资策略出现分化态势;4)中小型国际石油公司持续削减上游投资,仅围绕核心资产开展经营;5)油气服务公司通过合并重组等形式“抱团取暖”.我国油气企业应积极借鉴这些公司应对低油价的经营策略,结合自身特点制定应对油价风险的策略,坚持“提质增效、效益为先”,保障研发投资,实现技术创新,并应审慎考虑当前国际油气市场上的并购机遇,切实加强战略研究.     

对海外资源投资中若干问题的思考

中国企业在近期进行的一些海外收购项目不乏成功案例,但在投资主体、交易方式乃至海外投资的整体思路和长期战略方面有必要进行更深入的研究。近期的全球金融危机为中国企业并购海外能源与矿产资源提供了机会,但是这种机会不是常态。在经济常态的环境中,多样化的投资主体、互利多赢的合作经营、捆绑市场份额的方式等等是中国企业在海外资源投资操作方式上需要认真加以研究的内容之一。日本企业以多种经济成分的商业组织为主,以资本借贷形式与资源国签订长期供应协议的投资方式值得借鉴;成立民间海外投资基金,融合海内外金融资源和人才优势也不失为可供选择的方式。投资目标国的市场需求、就业机会、舆论导向、环保要求和产业结构调整等因素,都应在海外投资的全盘考虑之内。从宏观战略和全球资源配置来看,应建立中国东西部地区国内自我循环圈、"金砖四国"资源与货币之间的大循环圈,并发展中国与非洲国家的深度合作。     

发电运营项目国内外比较与管理提升

近年来，我国电力海外投资进程发展迅猛，大量电力总承包（EPC）企业正在以各种方式积极走出国门，不断扩展国际电力工程市场。海外发电运营市场也随着电厂EPC项目的发展而不断扩展。面对不同的文化背景、社会环境、技术水平和管理模式，海外发电运营项目管理首先需要了解与国内发电运营项目的区别，同时也要了解与一般海外工程之间的差别．这样才能准确把握海外发电运营项目的特点，抓住海外项目管理的重点．有针对性地开展项目管理工作。     

后疫情时代煤炭企业进入海外市场的风险评估与前景展望

针对疫情防控常态化对我国煤炭企业进入海外市场的影响,分析了1980—2020年我国海外投资历程和煤炭企业海外市场进入现状,研究表明:我国海外投资进入新的历史阶段,我国国有煤炭企业在海外扩张中起到关键性作用,煤炭企业海外投资总体乐观并且极大程度地参与全球能源治理,服务"一带一路"建设。为进一步保障国有企业海外资金安全,推动发展"国内国际双循环"格局,结合近期国际和国内投资环境的变化特征,对后疫情时代下煤炭企业进入海外市场做出风险评估并提出展望。     

国际化发电企业TRPMP管控体系

中国大唐集团海外投资有限公司（简称“海外公司”）是中旧大唐海外项目的唯一投资主体，主要从事海外能源项目的投资建没经营、国际贸易、工程建设总承包、海外电厂的运营、检修等劳务输出。由于国际市场环境复杂多变，海外项目开发模式和流程与国内差异较大，业务风险点众多，激励约束机制未与国际接轨等原因，在境外发展的过程中遇到了诸多问题和挑战。海外公司结合海外业务发展特点，借鉴研究国际知名能源公司的先进经验，     

R&D investment decision and optimal subsidy

This article assumes that a firm facing technological uncertainty must decide whether to purchase R&D capital at each instant. R&D capital exhibits both irreversibility and externality through the learning‐by‐doing effect. The combination of irreversibility and uncertainty drives agents to be more prudent; the maxim 'better safe than sorry' applies. This maxim is more important if uncertainty is greater, technology progresses at a lower pace, the externality is stronger, or a catastrophic event is less likely to occur. A firm ignoring the externality will both invest later and disinvest earlier than a social planner who internalizes the externality. An equal rate of investment tax credits should be given to both costlessly reversible investments and irreversible ones, and the same rate of taxation should be imposed on disinvestment.     

库尔德油气投资环境分析及投资策略建议

伊拉克库尔德地区油气资源丰富,2016年该地区(含基尔库克)主要油田石油产量约60万桶/日,但油气市场发展受制于基础设施瓶颈.2002年以来,库尔德地区政府与外国投资者共签订产品分成合同50多份.2006年以后大量石油公司涌入,这些石油公司面临两个最为棘手的问题,一是储量缩水严重;二是欠款回收困难.当前库尔德地区政治、经济、安全形势依然严峻,但政府正采取措施改善投资环境,吸引国外油气投资.建议我国石油企业积极寻找库尔德上游投资机会,尽量与大公司合作开拓库尔德油气市场,做好政治风险的防范和规避,多措并举提高账款回收率.     

风险投资的分阶段投资策略

概述了创业企业成长阶段的几类较流行的划分方法 ,从经营活动内容、新技术生命周期和投融资来源相结合的角度,将创业企业的发展过程分为种子期、开发期、成长期和成熟期四个阶段,并针对创业企业在四个发展阶段所面临的不同风险,分析了风险投资者在构造投资舍约时应着重注意的一系列问题以及应采取的相关策略.     

三大国际石油公司上游投资状况和投资策略分析

2015年全球油气上游投资为4510亿美元,比2014年下降了32％,为自2009年以来的最低点.在低油价下,埃克森美孚注重全球经营环境发展趋势的研究,奉行严谨稳健的投资原则,合理控制投资增长速度和投资规模;壳牌削减上游投资,大幅度剥离非核心资产;BP公司实施低成本战略,发展方式由通过收购快速发展转向稳定的有机发展.中国的石油公司投资策略要与投资环境相适应,不断提高市场应对能力;重视大项目的投资决策,严控投资成本;加强投资优化组合管理,优化资产结构.     

Interplay between internal investment and alliance specialization in R&D and marketing

A firm's efforts to build its technological and marketing capabilities are not limited to internal investments but can be extended to include external knowledge acquisitions. We examine the interaction between a firm's specialization in R&D or marketing through its internal investments and its alliances in two different industrial contexts. Our results, based on secondary data sources such as Compustat and SDC Platinum from 1985 to 2009, show that the interaction effects of internal specialization and alliance specialization are contingent on the types of tasks (i.e., R&D and marketing) and the industrial context (i.e., high- and low-tech industries). Our findings indicate that a firm in a high-tech industry is able to achieve greater gains by complementing its internal focus on R&D with its external focus on marketing or by focusing on R&D both internally and externally. In contrast, a firm in a low-tech industry is able to achieve greater performance when R&D and marketing complement each other, without regard for how they are aligned through internal investments and alliances. The firm is also able to improve its performance by focusing on marketing both internally and externally. These findings provide new insights into the complementarity between internal investments and alliances.     

Cultural distance,investment flow,and control in cross‐border cooperation

Previous research analyzing the impact of cultural distance on joint venture negotiations has often confounded firm and environment effects. To decouple these effects, the cross‐border cooperation preferences of small and medium‐sized Korean firms were studied, considering simultaneously firms involved in inward and outward investment ventures. While cultural distance showed no significant relationship with the degree of control sought over the cooperative ventures, cultural distance was significantly related with a preference for ventures in domestic or foreign markets. The impact of cultural distance was found to be greater in inward investment than in outward investment. Copyright © 2008 John Wiley & Sons, Ltd.     

Bribery and investment: Firm‐level evidence from Africa and Latin America

Research summary : Using a unique database that measures firm‐level bribery in Africa and Latin America, we corroborate extant results in the literature that paying bribes deters firm investments in fixed assets. Our contribution is to explore four mechanisms. By adopting a reverse causality approach (Gelman and Imbens, 2013), we find evidence consistent with one of them: short‐term oriented firms prefer to bribe rather than invest in fixed assets, while the opposite is true for firms with a long‐term orientation. We rule out that bribe payments drain financial resources for investment, that firms that invest do not bribe because fixed assets make them less flexible and more vulnerable to future bribes, and that less efficient firms bribe rather than invest. Managerial summary : We ask whether, along with ethical issues, bribing affects the behavior and performance of firms in Africa and Latin America. Our statistical analysis shows that bribe payments do not reduce the short‐term performance of firms, but frustrate investments in fixed assets, which is the foundation of firms' long‐term growth. It is like seeking a job via nepotism or education. Nepotism makes it likely to find a job in the short term. However, the solid skills generated by education raise the odds of finding better jobs in the future. We rule out some common explanations for the trade‐off between bribing and investment (e.g., bribes drain resources to invest or that less efficient firms bribe and do not invest). Our analysis suggests that firms with short‐term orientations are more likely to bribe and firms with long‐term orientation are more likely to invest. Copyright © 2015 John Wiley & Sons, Ltd.     

Inventory investment and output volatility

This paper reports the results of a detailed examination of the hypothesis that improved inventory management and production techniques are responsible for the decline in the volatility of U.S. GDP growth. Our innovations are to look at the data at a finer level of disaggregation than previous studies, to exploit cross-sectional heterogeneity to obtain clearer identification of this hypothesis, and to provide a complete decomposition of the change in GDP volatility. At the aggregate level, changes in inventory behavior can account directly for almost half of the total reduction in GDP volatility. However, reduced volatility of sales and lower covariance among the output of major sectors in the economy each account for more than one-fourth of the reduction in GDP volatility. Improved inventory management appears to be associated loosely with lower volatility at the industry level.