去年12月初,有关乌克兰反垄断部门已批准中资对马达西奇公司的收购的报道再一次铺天盖地,引发了媒体和舆论界的热烈讨论,然而几天之后的12月16日,当事方之一的北京信威科技集团股份有限公司就发布澄清公告称,近期媒体报道称乌克兰反垄断部门已批准中资对马达西奇公司的收购不属实,给正在兴头上的一众公众号迎头泼上一盆冷水。

In early december, reports that ukrainian antitrust authorities had approved a chinese takeover of mr. madaci again flooded the media and opinion, but on december 16th beijing's xinwei technology group, one of the parties, issued a clarification announcement saying recent media reports that ukraine's antitrust authorities had approved a chinese takeover of mr. madaci, which had poured cold water on the public's head.

  马达西奇公司本身的重要性,从其公司网站上就能看出来北京信威科技集团股份有限公司在公告中表示,经公司自查及和乌克兰沟通核查,上述报道与实际情况不符,截至目前,反垄断申请尚在乌克兰反垄断委员会审核过程中,尚未取得最终核准。公告还强调,由于公司审计报告中无法表示意见所涉及事项尚未解决,本次重组交易对象及标的资产股份被冻结,后续工作亦存在一定不确定性,后续不排除终止或变更的可能性。这一连串的否定词语再次将中资对马达西奇的收购案打回了原点,尽管中方看起来依然没有放弃收购计划,马达西奇公司也对收购案颇有热情,但作为乌克兰的重要资产,乌克兰国家反垄断委员会依然对这起收购有着一票否决的权力。整起收购案也由此回到了最为关键的原点。

As can be seen from the importance of the company's website, beijing xinwei technology group co., ltd. said in its announcement that the company's self-inspection and communication with ukrainian verified that the above reports are not in accordance with the actual situation, so far, the antitrust application has not been finally approved in the course of the ukrainian antitrust commission review. The announcement also stressed that, since the matters involved in the company's audit report could not be resolved, the object of the restructuring and the shares of the underlying assets were frozen, and there was some uncertainty in the follow-up work, which did not rule out the possibility of termination or change. The string of negatives has once again brought back the chinese takeover of mr. tasic, which the ukrainian state antitrust commission still has a veto power over as a key asset in ukraine, though it still looks as if it hasn't given up on the takeover. The whole deal goes back to its most critical point.

  马达西奇公司是世界知名的发动机生产商,同时也是苏联解体后乌克兰航空工业最为宝贵的几大遗产之一。它以始建于1907年的扎波罗日航空发动机制造厂为主,联合了乌克兰8家航空发动机专业厂商共同组建。工厂生产的多款涡扇发动机、涡桨发动机和涡轴发动机是其拳头产品,装备于多种型号的飞机上,其中名声最为显赫的,则是驱动世界上最大运输机安-225以及超重型运输机安-124的D-18T涡扇发动机。

The company is a world-renowned engine manufacturer and one of the most valuable legacies of the post-Soviet Ukrainian aviation industry. It was founded in 1907, mainly in the zaporo-ri aero-engine manufacturing plant, together with eight ukrainian aero-engine professional manufacturers. The factory produces a number of turbofan engines, propeller engines and turboshaft engines that are its leading products and are equipped with a variety of aircraft, the most prestigious of which are the D-18T turbofan engines that drive the world's largest transporter, Ann-225, and overweight transporters, Ann-124.

  苏联解体后,整个乌克兰的经济陷入困境,马达西奇公司也因此一蹶不振,不仅进一步的技术开发无以为继,就连维持企业正常的运营也很成问题。由于苏联的航发技术在经济性、环保性上一直逊色于西方,因此在国际民用航空领域的竞争中难有大的起色;而因为失去了来自苏联政府和军方的订货,马达西奇在军用航发领域也一度举步维艰。

After the collapse of the soviet union, the entire ukrainian economy was in trouble, and madaci's collapse left not only further technology development untenable, but even the maintenance of normal business operations. Because Soviet technology has always been less economical and environmentally friendly than the West, competition in the field of international civil aviation has not improved much; and because of the loss of orders from the Soviet government and the military, Tasic has struggled in the field of military aviation.

  对于美国等西方国家而言,原属苏联的这些高科技企业的技术成果多少对他们有些价值,但这些企业本身的死活他们却并不在乎。因此在苏联解体之初,美欧一些公司趁着这些企业陷入严重的财政危机之时,打着“技术交流”的幌子,以很少的资金获得了大量这些企业所掌握的核心技术或者先进方案,随后就人走茶凉毫无消息,对这些企业的命运不再过问。乌克兰作为同时“掌握苏联核心科技”和“对西方民主天真无邪”的加盟共和国,类似的待遇自然是少不了的,这其中甚至还有美国企业“设计”让乌克兰造船厂拆除建造到一半的“乌里扬诺夫斯克”号核航母的恶劣案例。

For Western countries such as the United States, the technological achievements of the Soviet Union's high-tech companies are of some value to them, but they don't care about their lives. Thus, at the beginning of the collapse of the Soviet Union, some companies in the United States and Europe, under the guise of \"technical exchange \", acquired a large number of core technologies or advanced programmes at the hands of these companies with very little money, and then lost no control over their fate. Ukraine, a republic that has both \"mastered the core technology of the soviet union\" and \"the innocence of western democracy \", is naturally treated with similar treatment, including even the nasty case of american companies\" designing \"to allow ukrainian shipyards to dismantle the nuclear carrier ulyyanovsk, which is half-built.

  有关两家公司设计拆掉“乌里扬诺夫斯克”航母的事情,现在已经不是什么秘辛了虽然马达西奇依靠有限的技术创新和相对积极的营销维持至今,但其“迎合市场”的努力主要体现在竞争激烈且有利可图的中小推力发动机上,在使用机型有限,来源高度垄断的大推力涡扇发动机领域上,马达西奇实质取得的进步相当有限。从上世纪80年代到今天,大型涡扇发动机的推力已经从20吨级发展到了35吨级以上,且在降噪和节油性能上有了不小的进步,整体水平依然在原地踏步的马达西奇虽然依然不是随便谁都能超越的,但距离英美航发公司所代表的一流水平已经有了不小的距离。

The design of the two companies to dismantle the aircraft carrier ulyyanovsk is no secret-although mr tasic relies on limited technological innovation and relatively aggressive marketing to date, its efforts to \"cater to the market\" are mainly reflected in the competitive and lucrative small-and medium- thrust engines, and its substantial progress in the use of large thrust fan engines with limited models and highly monopolistic sources-is limited. From the 1980s to the present day, the thrust of the large turbofan engine has grown from 20 to 35 ton to above, and has made great progress in noise reduction and fuel-saving performance. Although the overall level of masic, which is still in place, is still no one who can surpass it, it is a long way from the first-class level represented by british airways.

  但对于正在追赶世界航发先进水平的中国航空工业而言,马达西奇的“困境”某种程度上却被看做是一种“机遇”。一方面得益于中国快速发展的经济支撑,中国航空工业得到的资金支持相当充实,可以为引进外国先进技术乃至外国企业提供足够的资金;另一方面由于中国航发工业长期将资源集中于歼击机用的小涵道比大推力涡扇发动机研发上,在中小推力涡扇发动机、大涵道比大推力涡扇发动机领域相对缺乏技术积累和研发经验,而马达西奇在这些领域的成就正好与中国“互补”。

But for china's aviation industry, which is catching up with the world's most advanced levels of aviation, tasic's \"dilemma\" is seen in part as an \"opportunity \". On the one hand, thanks to China's rapid economic growth, China's aviation industry receives substantial financial support, which can provide sufficient funds for the introduction of advanced foreign technology and even foreign enterprises; on the other hand, because China's aviation industry has long concentrated its resources on the research and development of small culvert-to-large thrust turbofan engines, large culvert-to-large thrust turbofan engines, there is a relative lack of technology accumulation and research and development experience in the field of medium-to-small thrust turbofan engines, and large culvert-to-large thrust turbofan engines.

  在有关收购马达西奇公司之前,中国航空工业就已经和马达西奇公司的产品有过不少交集:苏联时代中国引进的多种运输机、客机和直升机都使用过马达西奇生产的发动机;苏联解体后,中国还曾在上世纪90年代引进了其生产的AI-25TLK涡扇发动机,用于装备我军早期批次的教-8教练机,随后还对该型发动机进行了逆向测绘仿制,研制出涡扇-11发动机装备后期批次的教-8教练机;

Before the acquisition of the company, the Chinese aviation industry had much to do with the products of the company: a variety of transport aircraft, passenger planes and helicopters imported from China in the Soviet era had used the engines produced by the company; and, after the collapse of the Soviet Union, China had introduced its AI-25TLK turbofan engine in the 1990s, which was used to equip our army's early batches of teaching-8 trainers, followed by a reverse mapping of the engine and the development of a coach for the later stage of the turbofan-11 engine;

  进入新世纪后,在我军新一代的L-15(自用型号为教-10)高级教练机上,马达西奇生产的AI-222-25和AI-222-25F涡扇发动机及其国产化型号依然扮演了重要的角色;至于中国正在推进的国产大飞机专项工程,更是对大涵道比大推力涡扇发动机有急迫的需求……

After entering the new century, the AI-222-25 and AI-222-25F turbofan engines and their domestic models still play an important role in the new generation of our L-15(self-use model is teaching-10) senior coach aircraft.

  种种意义上看,收购马达西奇都对中国航空工业都有着重大意义,也正因此,收购马达西奇公司的新闻在中国媒体这边也都表现为积极肯定甚至是“一盘大棋”的举措。然而如果仔细了解这一桩收购案,不难发现它与中国航空工业以往的技术获取路径之间,存在着截然不同的巨大分别。

In a variety of ways, the acquisition of mr. madaci is of great significance to the chinese aviation industry, and that is why the news of the acquisition of mr. madaci is a positive and even \"big game\" move in the chinese media. But a closer look at the acquisition makes it easy to see that there is a huge difference between it and China's previous technology acquisition path.

  随着中国综合国力特别是经济实力的增长,中航工业在获取外国优质技术和产业时使用收购这一手段的情况也越来越常见。从零部件生产商到座椅企业再到中小型航发工厂,中航工业或者其下属的公司在海外的收购也越来越多见。不过在此次收购马达西奇公司的过程中,并没有任何带有中航抬头的企业出现,参与收购的中方企业包括北京信威科技集团股份有限公司、北京天骄航空产业投资有限公司、重庆天骄航空动力有限公司等,与中航工业基本没有直接联系,而与信威集团的实际控制人王靖关系匪浅。

With the growth of China's comprehensive national strength, especially its economic strength, it is becoming more and more common for AVIC to acquire foreign high-quality technology and industries through acquisition. From parts manufacturers to seat companies to small and medium-sized aviation factories, acquisitions overseas by avic or its affiliates are increasingly common. However, in the process of the acquisition of the company, there are no companies with the rise of the chinese companies, including beijing xinwei technology group co., ltd., beijing tianjiao aviation industry investment co., ltd., chongqing tianjiao aviation power co., ltd., basically no direct contact with avic industry, but with the actual control of xinwei group wang jing relations.

  作为之前声称投资500亿美元推动开挖尼加拉瓜大运河建设项目的主角,王靖是北京信威科技集团股份有限公司的控股股东和实际控制人,也是北京天骄航空产业投资有限公司、重庆天骄航空动力有限公司和重庆马达西奇天骄航空动力有限公司的董事长。考虑到尼加拉瓜大运河项目在启动前的高调吹嘘与其实际签署协议后一拖再拖,数年后仍不见主体部分开工的执行情况,外界对于天骄收购马达西奇案从一开始就持相当的怀疑态度。

Wang jing is the controlling shareholder and actual controller of beijing xinwei technology group co., ltd., and the chairman of beijing tianjiao aviation industry investment co., ltd., chongqing tianjiao aviation power co., ltd., and chongqing moto tianjiaoqi aviation power co., ltd. Given that the grand canal project in nicaragua has been dragging on with its actual signing of the agreement before it was launched, the implementation of the main part of the project has not been seen for years, and there has been considerable scepticism about tianjiao's acquisition of madaci from the start.

  从商业收购的角度来说,收购马达西奇的公司与中航工业无关其实问题不大,但当收购的设备、企业涉及敏感技术或者对中国的国防工业有重大关切时,向来不愿看到中国产业升级或者改善国防工业的西方国家尤其是美国总是希望给中国收购者制造一些麻烦,以便把事情搅黄。之前中国从乌克兰购买未建成的航母“瓦良格”号时,就曾遭遇西方国家的阻挠,不仅其采购过程一波三折,甚至在采购成功后,在该舰拖航回国的过程中还因故被困在土耳其长达一年之久,极大拖延了中国航母工程的进度。

In terms of commercial acquisitions, the acquisition of the company has little to do with the avic industry, but when the acquisition of equipment, companies involved in sensitive technology or major concerns about china's defence industry, western countries, especially the u.s., that have been reluctant to see china upgrade or improve the defence industry, have always wanted to cause trouble for chinese purchasers. China's previous purchases of the unbuilt aircraft carrier, the Varyange, from Ukraine, have been thwarted by Western countries, not only by its procurement process, but even by its successful purchases, which have left Turkey stranded for up to a year in the process of towing the ship home, greatly delaying the progress of China's aircraft-carrier project.

  马达西奇公司作为一个具备大涵道比大推力涡扇发动机、中小型涡扇发动机、涡轴发动机、桨扇发动机等多种产品生产能力的企业,对于中国航空工业和国防工业的价值自然不必多说,因此尽管天骄收购马达西奇看起来有着不小的不确定性,但美国依然抱着“宁可错杀一千,不能放走一个”的心态,高度关注这起并购案并且不放过任何为其制造障碍的机会。就在最近几年里,美国政府不仅多次向乌克兰政府施压,要求乌方阻止这一并购案,甚至还在美国国内寻找过投资者,试图取代中国公司“插队”收购马达西奇。

As a company with the production capacity of many kinds of products, such as big culvert than big thrust turbofan engine, medium and small turbofan engine, turboshaft engine, propeller fan engine and so on, the value of China's aviation industry and defense industry is not to say much, so although the acquisition of Tianjiao motoraci seems to have a lot of uncertainty, the United States still has the mentality of \"kill a thousand wrong, cannot let go of one \", high attention to the merger and not let go of any opportunity to create obstacles for it. In recent years, the u. s.government has not only repeatedly pressed the ukrainian government to block the merger, but has even sought investors in the u. s.to replace chinese companies in a \"jump\" bid for madaci.

  尽管美国方面对收购案给予了高度关注,乌克兰反垄断委员会对于收购关键性的审核至今也没有明确的结果,但天骄收购马达西奇公司股份的行动在过去几年中确实还是取得了一些进展。此前就有乌克兰媒体援引基辅舍甫琴科区法院的判决结果发布消息称,乌安全部门怀疑马达西奇公司总裁兼总设计师、拉达议员波古斯拉耶夫将该企业56%的股份卖给中国投资商,并称马达西奇公司根据2016年1月29日与北京天骄航空产业投资有限公司签署的协议获得了1亿美元的借款。尽管这一消息既未得到证实,也没有被相关当事人否定,但根据此后乌克兰方面的一系列表态来看,这一收购目前最大的障碍,可能就只有反垄断委员会的审核了。

Although the u. s.has paid great attention to the acquisition and the ukrainian antitrust commission has so far failed to make clear the crucial review of the acquisition, mr. tianjiao's acquisition of a stake in madaci has indeed made some progress in the past few years. Previously, the ukrainian media quoted the verdict of the kiev schenfuchenko district court as saying that ukraine's security authorities suspected madassich president and chief designer, rajah rajah rayev, of selling 56% of the company to chinese investors, and said the company had received a $100 million loan under an agreement with beijing tianjiao aviation industry investment co., ltd on january 29,2016. Although the news was neither confirmed nor denied by the parties concerned, the biggest obstacle to the acquisition since then, according to a series of statements by the ukrainian side, may only be the antitrust commission's review.

  在探讨中国企业收购马达西奇公司的得失优劣的时候,大家对于技术上的账大多数时候算的清清楚楚:马达西奇有什么技术,造过什么发动机,现在还能造什么发动机;中国需要什么技术,需要什么发动机……但当说到收购成功之后马达西奇将以什么样的形式成为一家中国企业时,除了参与收购的人之外,也许没有人能说清楚,天骄究竟打算以怎样的方式经营马达西奇,而马达西奇又如何与中国国内的航空工业以及航发工业实现有机合作与全面整合。

When discussing the merits and demerits of the acquisition of the company by Chinese companies, it is clear that most of the accounting for technology is clear: what technology is there, what engine has been built, and what engine can be built now, and what technology and what engine China needs. But when it comes to the form in which tasic will become a chinese company after a successful acquisition, no one, other than the people involved, may be able to say clearly how tasic intends to operate tasic, and how tasic intends to collaborate and integrate organically with china's domestic aviation and aviation industries.

  在有关中国将如何处置马达西奇公司的诸多说法中,最有“气魄”也是最“激动人心”的无疑是将整个马达西奇公司搬迁到国内这样的“远大蓝图”。什么“将生产线搬到中国”、“数千外国专家加入中国国籍”、“在中国建设乌克兰航空城”之类的话往往是这类说法的常见标注,然而别说这类消息缺少明确的出处来源,单从工业生产的组织角度看,这样的设想不说毫无可行性,至少是有极大难度的。

Among the many claims that china will dispose of the company, the most \"bold\" and \"exciting\" is the \"big blueprint\" for moving the entire company to the country. The phrase \"moving production lines to china \",\" thousands of foreign experts joining chinese nationality\" and \"building a ukrainian aviation city in china\" is often the hallmark of such claims, but not to mention the lack of a clear source of such information, the assumption is at least extremely difficult from the point of view of the organization of industrial production alone.

  毕竟马达西奇作为一家生产复杂航空发动机的工厂,不像一家普通钢铁厂那样搬迁到哪里都只需要铁矿石和煤焦炭之类相对简单的原料,航空发动机制造企业需要大量的二级乃至三级的生产商为其提供子系统和零部件,而其中的大多数除非有国家级力量进行统一安排,否则很难在另一个地方完全复制这些供应商。搬迁马达西奇工厂也许只要迁移数千工人,而如果要搬迁工厂所需的所有零配件供应商,那么需要迁移的工人规模也许不仅是一座城市所能够解决的,天骄公司虽然神秘,有时候看起来也不缺乏资金,但相比搬迁一家航发生产厂所需要的力量相比,显然将马达西奇整体搬迁并不可靠。

After all, as a factory producing complex aeroengines, masic doesn't need relatively simple raw materials like iron ore and coal coke to move anywhere like an ordinary steel plant. Aero-engine manufacturers need a large number of secondary and even tertiary producers to provide them with subsystems and components, most of which are difficult to replicate entirely in another location unless there is a unified arrangement at the national level. The relocation of the madaci plant may only take thousands of workers, and if all the spare parts suppliers needed to relocate the plant, the size of the workers that need to move may be more than a city can solve. Although tianjiao may be mysterious and sometimes seemingly no shortage of funds, it is clearly unreliable than the force needed to relocate an aviation factory.

  相比之下,天骄通过收购马达西奇的股份为其募集资金,再帮助后者组织恢复生产,并通过出口航空发动机改善公司的经营状况,反而是相对看起来合适的道路。天骄目前所能看到的行动,很多就属于这一部分。诸如天骄与马达西奇联合参加航展,并根据协议向马达西奇提供1亿美元的借款以进行生产经营活动等。

By contrast, mr. tianjiao's acquisition of a stake in mr. madaci to raise funds to help the latter resume production and improve the company's operations through the export of aero-engines is a relatively plausible path. Many of the actions that tianjiao can now see belong to this part. Such as tianjiao and madaci joint participation in the air show, and under the agreement to provide madaci a $100 million loan for production and business activities.

  应该来说,这些借款加上其他的综合因素,确实让马达西奇的情况逐渐好转。2017年第一季度马达西奇的综合净利润为亿乌克兰格里夫纳(约亿元人民币),比2016年同期(亿乌克兰格里夫纳)增长了倍。但经营好转归经营好转,如果马达西奇只能继续留在乌克兰研制和生产航空发动机,那么该工厂即便被中国企业收购,最多是让其与中国其他航发企业开展合作中少一些企业本身的障碍,其产品和技术的进出口依然受到乌克兰政府的限制,距离其真正脱困自然也有相当大的距离。而想要以这样的形式完全融入中国航空工业,是完全不现实的。

It should be said that these loans, combined with other combined factors, do make things better for mr madassich. The combined net profit for the first quarter of 2017 was in the billions of Ucran Grifna (about 100 million yuan), a doubling from the same period in 2016(in the billions of Ukraine). But business has improved, and if mr tasic can only remain in ukraine to develop and produce aero-engines, the plant, even if acquired by chinese companies, is at best a barrier to less co-operation with other chinese carriers, and the import and export of its products and technologies are still limited by the ukrainian government, a considerable distance away from its true relief. And it is completely unrealistic to want to fully integrate into the Chinese aviation industry in such a form.

  这其中相当重要的一个限制因素,便是马达西奇公司作为中航工业系统以外的企业,本身并没有在中航发的企业体系里占据一个明确的角色。马达西奇目前生产的发动机型号里,除了产量极少,中国没有对应型号的大涵道比大推力涡扇发动机之外,基本上凡是中国自身有大规模装备需求的,国内在采购部分之后都已经有对应的国内仿制型号;而其他的型号中国航空工业基本上也都有对应的型号,并没有迫切需要装备的需求;如此一来,为一款航空发动机全盘收购一家工厂,其投入和风险自然也不言而喻。

One of the most important constraints is that, as an enterprise outside the cna industrial system, madaci itself does not play a clear role in the enterprise system. In addition to the few engine models that are currently produced by mr. madassich, china does not have a corresponding type of large culvert than a large thrust turbofan engine. In addition to the large-scale equipment needed by china itself, there are already domestic imitation models after purchasing part of the engine.

  整体来看,天骄收购马达西奇的案子能够进展到今天的地步,并非中国在对乌克兰航空工业“巧取豪夺”的结果,而更多是乌克兰整个国家的系统性衰败,导致其国家核心竞争力的航发企业陷入极端困境,想要依靠一家中国企业几亿美元的收购提供的资金就让其整体脱困,无论对收购者还是马达西奇公司,就算是“两厢情愿”,最终也怕是个“不可能的任务”。

On the whole, tianjiao's case of acquiring madaci can go as far as it is today, not as a result of china's \"usurpation\" of the ukrainian aviation industry, but as a result of the systemic decline of the entire ukrainian country, which has led to its country's core competitiveness in extreme straits, to rely on hundreds of millions of dollars in funding from a chinese company to bail it out of its overall difficulties, whether it be the acquirer or the motorciqi company, even if it is a \"two-car business,\" eventually be afraid of an\" impossible task \".


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