中国工商银行海外收购步伐谨慎
<p><span word="When">When</span> <span word="Industrial">Industrial</span> <span word="and">and</span> <span word="Commercial">Commercial</span> <span word="Bank">Bank</span> <span word="of">of</span> <span word="Chinabought">Chinabought</span> <span word="Bank">Bank</span> <span word="of">of</span> <span word="East">East</span> <span word="Asia">Asia</span>'<span word="s">s</span> <span word="US">US</span> <span word="arm">arm</span> <span word="last">last</span> <span word="month">month</span>, <span word="the">the</span> <span word="deal">deal</span> <span word="demonstrated">demonstrated</span> <span word="how">how</span> <span word="the">the</span> <span word="world">world</span>'<span word="s">s</span> <span word="biggest">biggest</span> <span word="bank">bank</span> <span word="by">by</span> <span word="market">market</span> <span word="value">value</span> <span word="approaches">approaches</span> <span word="foreign">foreign</span> <span word="acquisitions">acquisitions</span>.</p><p>中国工商银行(<span word="ICBC">ICBC</span>)上月收购了东亚银行(<span word="Bank">Bank</span> <span word="of">of</span> <span word="East">East</span> <span word="Asia">Asia</span>)的美国子公司。这笔交易从一个侧面展现出了这家按市值计算全球第一大银行的海外收购模式。</p><p><span word="It">It</span> <span word="is">is</span> <span word="a">a</span> <span word="conservative">conservative</span> "<span word="follow">follow</span> <span word="the">the</span> <span word="money">money</span>" <span word="strategy">strategy</span>: <span word="ICBC">ICBC</span> <span word="is">is</span> <span word="trailing">trailing</span>, <span word="not">not</span> <span word="leading">leading</span>, <span word="the">the</span> <span word="rest">rest</span> <span word="of">of</span> <span word="China">China</span> <span word="Inc">Inc</span>.</p><p>这是一种保守的“追随资金流动”策略：工行选择跟随而非引领其他中资企业的海外扩张。</p><p><span word="China">China</span>'<span word="s">s</span> <span word="petrochemical">petrochemical</span>, <span word="mining">mining</span> <span word="and">and</span> <span word="industrial">industrial</span> <span word="giants">giants</span> <span word="have">have</span> <span word="been">been</span> <span word="aggressive">aggressive</span> <span word="in">in</span> <span word="recent">recent</span> <span word="years">years</span> <span word="in">in</span> <span word="buying">buying</span> <span word="resources">resources</span> <span word="around">around</span> <span word="the">the</span> <span word="world">world</span> <span word="and">and</span> <span word="making">making</span> <span word="strategic">strategic</span> <span word="investments">investments</span>, <span word="from">from</span> <span word="deepwater">deepwater</span> <span word="oil">oil</span> <span word="assets">assets</span> <span word="in">in</span> <span word="Brazil">Brazil</span> <span word="to">to</span> <span word="iron">iron</span> <span word="ore">ore</span> <span word="mines">mines</span> <span word="in">in</span> <span word="Australia">Australia</span>.</p><p>近年来，中国的石化、矿业和制造业巨头们在世界各地积极进行资源收购和战略投资，从巴西的深海石油资产到澳大利亚的铁矿石开采都有涉猎。</p><p><span word="China">China</span>'<span word="s">s</span> <span word="banks">banks</span>, <span word="by">by</span> <span word="contrast">contrast</span>, <span word="have">have</span> <span word="been">been</span> <span word="far">far</span> <span word="more">more</span> <span word="reserved">reserved</span>. <span word="ICBC">ICBC</span> <span word="has">has</span> <span word="been">been</span> <span word="the">the</span> <span word="boldest">boldest</span> <span word="in">in</span> <span word="expanding">expanding</span> <span word="abroad">abroad</span>. <span word="Yet">Yet</span> <span word="its">its</span> <span word="acquisitions">acquisitions</span> <span word="have">have</span> <span word="all">all</span> <span word="been">been</span> <span word="bite">bite</span>-<span word="sized">sized</span>, <span word="such">such</span> <span word="that">that</span> <span word="its">its</span> <span word="non">non</span>-<span word="China">China</span> <span word="holdings">holdings</span> <span word="account">account</span> <span word="for">for</span> <span word="less">less</span> <span word="than">than</span> 5 <span word="per">per</span> <span word="cent">cent</span> <span word="of">of</span> <span word="its">its</span> <span word="overall">overall</span> <span word="revenues">revenues</span>.</p><p>相比之下，中国银行业对海外扩张的态度非常保守。工行已经是其中最为大胆的了。但工行的海外收购规模一直较小，其非本土业务的营收仅占该行总营收的5%。</p>
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