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Since the central government's "going global" strategy in 1997，Chinese enterprises take a variety of forms to go overseas，Significant results: Foreign investment expands from various forms such as investment from green land to transnational mergers and acquisitions，In 2009, M & A investment accounted for 34%of the total foreign investment of the year; foreign contracting projects changed from quantity scale to quality and efficiency type;，Advanced proportion of high -level technical labor dispatch rises。According to statistics from the SASAC，As of the end of 2009，A total of 108 central enterprises investing involved 5901 households，Overseas assets of central enterprises exceed 4 trillion yuan，The profit of the year accounted for 37.7%of the total profit of the central enterprise。

but，The investment environment faced in the process of "going global" is becoming increasingly complicated，A significant increase in corporate risks。huge losses that appear frequently，Especially in financial derivatives、Investment errors and losses in the fields of infrastructure investment，It has been exposed to the institutional mechanism of central enterprises in corporate risk management.。The recent Saudi Saudi project in China Railway built a huge loss event，Highlight the level of risk management in the process of "going global" in the process of "going global" urgently needs to be improved。

　　China Railway Construction Giant Lost

　　January 22, 2011，China Railway Construction Co., Ltd. (hereinafter referred to as "China Railway Construction"), which ranked 133rd among the top 500 in the world, published an announcement，Since October 31, 2010，Under the item of the China Railway Construction Corporation and the performance of the company in the "Saudi Magica to Musteasa Light Rail Contract" and all rights and obligations due to the contract。According to this protocol，China Railway Construction will receive a compensation for RMB 2.077 billion in China Railway Corporation，And the head office will bear all the future profit and loss。This means，China Railway Construction Saudi Arabia project will control up to 1.385 billion yuan。

According to the previous Bet365 app download China Railway Construction October 26, 2010 at the Shanghai Stock Exchange、Announcement issued by the Hong Kong Stock Exchange at the same time: The company's light rail project in the Melizer in the Kingdom of Arabia, Saudi Arabia is expected to have a huge loss of 4.153 billion yuan。This is the largest overseas loss in the history of Chinese construction companies。China Railway Construction in the first half of 2010 net profit 3.3 billion yuan， The losses of the Michael Light Rail Project will devour all the hard work of half a year，This loss is also equivalent to 62.9 % of the annual profit of China Railway Construction in 2009。

Bet365 app download China Railway Construction's explanation of huge losses is，The main reason for the loss is that the project adopts the bidding method，instead of bidding，is specified to be built by China Railway Construction。But according to the situation disclosed now，The huge loss of China Railway on the Saudi Light Rail Project is due to the lack of professional quality and prudent attitude of Bet365 app download overseas operations。If China Railway Construction pays attention to risk control when signing a contract，huge losses will not happen。It can be seen from this case，Implementation of the "Going out" strategy of central enterprises，Facing triple risks: legal risk、Business risk and asset management risk。

　　Legal risk

　　Overseas investment in central enterprises involves a large amount of amount、High sensitivity，Political and economic interests intertwined with each other，Must be highly alert to the latest changes in the international investment environment in the process of "going out"，Can't ignore long -term potential legal risks for short -term benefits。Some companies are used to doing things in accordance with domestic practices in the process of "going out"，Do not pay attention to doing things in accordance with local legal rules，Overseas losses have become a confused account。

Saudi -building legal risks of Bet365 app download China Railway Construction Especially typical: China Railway Construction Macata project does not belong to government aid projects，Not a hard task。The Michael Light Rail Project did not use public bids，Instead, a one -to -one bid method is used。Most of the bidding methods are private projects，Government projects with such a large amount of Micathard light rail adopt bids，Very rare。

Bet365 app download China Railway Construction said in the announcement，The company has already signed the contract，I submitted changes and claim information to the owner，The owner promises to set up a special committee after the project is over，Calculating related claims and compensation issues，But has not yet bet365 best casino games been approved by the owner。Sino -China Railway Construction Management Explanation，Project changes are all according to the requirements of Saudi Arabia，So there are reasons to make claims。But I can't stand the feet for such a reason，The reason is the change design proposed by the owner、Change the construction period、Increasing features, etc. It should be clearly stated and signed in writing files before the implementation，It is rare for the loss after the change.。The place that can really claim the loss is the poor cooperation of the other party and the slow demolition, etc.，Using the losses in these places to explain the liability of the loss of the entire project，Can't stand professional scrutiny。So，The huge loss of China Railway，Management shall bear the responsibility of risk management。

　　Business risk

　　Overseas business investment and income ratio of overseas business，To get the project to lower the price，But it is often not good at controlling project construction costs，Cost out of control。China Railway Construction does not fully estimate the project volume and risk in the bidding link，The offer is too low。According to China Railway Construction Management: "In the actual execution process，Especially during the project subcontracting process，Design is responsible for by foreign companies。If designed by foreign，means standard、There are some problems in order，may be specified by (design company) yourself。Saudi Arabia's system management is different from China，As far as I know, many things are specified，Which companies are specified to provide equipment。"The key to this question，It is determined whether the power of the design company in the contract is in China or Saudi Arabia，And hire the design company to give the design company's permissions，Ask them to design in accordance with what standards，These should be the rights of the general contractor。

However, in the Bet365 app download China Railway Construction Saudi project, the design is subcontracting to foreign companies，Purchase foreign high -priced equipment，The operation and project of foreign companies are not domestic，The supervision of the above operations not only exceeds the scope of Chinese jurisdiction，It also exceeded the scope of corporate risk control of China Railway。Even in the domestic contracted project，Design changes for the contractor、Procurement rights are also things that must be compared when signing a contract，Cost、Price, etc., should be budget in detail before signing the contract，Even inaccurate budgets are major responsibilities。China Railway Construction's business has serious errors in all internal and external risk management links。In this case，Cost out of control、A huge loss is inevitable。

　　Asset management risk

　　Overseas assets of central enterprises huge，But due to the lack of effective supervision mechanisms，Many overseas companies have business mistakes、Debt heavy、Business loss、Asset loss and other problems。The loss of assets of foreign countries has the following situations: overseas personnel squander、Waste、Escape from the model; high -risk speculation operations abroad，Caused huge losses; without approval or not handling relevant legal procedures，Register the state -owned assets in the name of a personal name; the improper appointment of foreign personnel will lead to the loss of state -owned assets。，Resource -owned state -owned assets as an important part of state -owned assets and a large number of hidden assets that are often ignored by people，If trademark、Corporate credibility、The loss of patents, etc. is also very serious。

So，Central enterprises must further improve the level of risk management in the process of implementing the "going global" strategy，Strictly abide by the law，Strengthen business process management，Do a good job of asset management security，Timely disclosure information。In terms of risk management operation mechanism，Central enterprises should establish a sound corporate governance structure，During the decision -making process of major projects，Should give full play to the board of directors、Supervisory Board、Disciplinary Inspection Supervision、Audit、The role of key departments such as risk management，Establishing a board of directors、Supervisory Board、Disciplinary Inspection Supervision、Audit、The risk prevention system for risk management。In the process of implementing the "going global" strategy，In terms of industrial selection，Central enterprises should pay more attention to the physical industry，Ensure that overseas countries have asset security、Value -preserved value，To ensure the success of the country's "going global" strategy。

(Source: "China Social Sciences" Author: Shijie Author Unit: Institute of Industrial Economics of the Chinese Academy of Social Sciences)