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论文编号：	3632
作者编号：	2220080785
上传时间：	2011/11/4 15:33:02
中文题目：	基于预可行性研究的烟草企业境外投资环境研究--以山东中烟为例
英文题目：	Outbound Investment Environmental Study of Tobacco EnterprisesBase on Projection & Feasibility---To Take China Tobacco Shandong Industrial Co., Ltd.
指导老师：	于仲鸣
中文关键字：	关键词：预可行性研究;烟草企业;境外投资;环境;环境研究
英文关键字：	KEY WORDS: Projection and Feasibility Study ;Tobacco Enterprises ;Outbound Investment Environment ;Environmental Study
中文摘要：	中国是烟草大国，中国烟草整体实力雄厚，烟草税收占全国税收近十分之一强，但是中国烟草的巨额利税几乎全部来自国内市场。在全球市场，无论是企业影响力，还是品牌影响力，较菲莫、英美烟草、日烟国际、帝国烟草等跨国烟草巨头都有巨大差距。面对中国加入WTO后，对烟草保护期结束日益临近，中国烟草面临的挑战之一就是来自跨国烟草巨头进入中国市场的挑战，为此，国家烟草专卖局提出，卷烟工业企业要提升国际竞争力，实现从立足国内市场到面向国际市场的跨越，中国烟草“走出去”国际化战略上升为行业战略。目前，世界主要烟草市场格局基本确定，市场、品牌度、市场主体日趋集中，在强手如林的世界烟草界，中国烟草企业国际化战略实施之路困难重重。国际化战略的实施路径，主要有境外建厂和跨国并购，无论何种方式，实质都是境外投资。中国烟草企业境外投资虽不乏先例，但是尚未形成规模，更难以谈经验。中国烟草企业境外投资缺乏科学指导，主要表现为境外投资前评估不足、跟踪评估不到位、后评估缺乏，对烟草企业境外投资指导性有限。如何提高烟草企业境外投资的成功率，提供烟草企业境外投资决策科学性，成为全行业面临的课题，也是中国烟草企业亟待解决的课题。本文立足烟草企业境外投资预可行性研究，通过回顾环境识别与评估、预可行性研究、企业战略等理论，提出烟草企业境外投资预可行性研究阶段，环境研究的内容与目标，并以山东中烟境外投资项目为例，得出烟草企业境外投资预可行性研究阶段，技术经济分析不是主要内容，应该更加关注境外投资环境研究。境外投资环境研究的重点识别评估投资目标国环境因素，度量投资环境风险并提出对策，本文介绍了预可行性研究阶段烟草企业境外投资环境评估目标，参考项目评估模型，搭建了烟草企业境外投资环境评估模型，编制了环境风险度量样表，以山东中烟越南平阳烟草合作项目为例，全面介绍了预可行性研究阶段境外投资环境识别与评估、环境风险度量与应对的过程与方法，着重突出评估结论的应用。本文提出了基于烟草企业高投入、高回报等特性，烟草企业在境外投资预可行性研究阶段应该加注重境外投资环境的评估，着重进行环境研究较之片面的技经分析更可为投资决策提供支持，全面、客观的境外投资环境评估可提高投资决策科学性，最大程度上避免投资失误造成的损失。
英文摘要：	China is a big country in tobacco production and consumption with enormous potentiality on the whole. Tobacco tax revenue occupies over one tenth of the total tax revenues in China, yet this huge profit tax comes almost all from the Chinese domestic market. In the global market, China has a big difference compared to such tobacco giants as Philip Morris, BAT, Japan Tobacco and Imperial Tobacco, etc. in both enterprise influentiality and brand impacts. To face the situation that China’s tobacco protection period expiring date draws near after its entry into the WTO, one of the challenges that China Tobacco faces are multinational tobacco giants entering into China. To this end, the State Tobacco Monopoly Administration proposes that China’s cigarette industry must upgrade its international competitiveness in order to realize a change from keeping a foothold stand in the domestic market to the international market, hence China tobacco’s “Go Overseas” international strategy becomes an industrial strategy. At the moment, world pattern in chief tobacco markets are basically finalized with its day by day centralization in markets, brand reputation and market players. In this world that the strong dominating the tobacco industry, China’s road in the implementation of international strategy meets with quite a lot of difficulties. The route to implement international strategy mainly depends on setting up factories overseas and international merger, but all these in fact are the outbound investment. There is no lack of precedents in the outbound investment in China’s tobacco industry, but is yet to take shape, nor to speak of experiences. China’s outbound investment in tobacco enterprises lack the scientific guidance with such circumstances as lack of assessment prior to investment, follow up evaluation and post-occupancy evaluation, thus restricts instructiveness to the outbound investment. It has become a subject to the whole industry and a question as well to urgently resolve for China’s tobacco industry as how to upgrade the ratio of success for the outbound investment, provide to the tobacco industry the scientific decision making in the field of overseas investment. The article keeps a foothold on the projection and feasibility study on the overseas investment of the tobacco industry. Through retracing theories of environment identification and assessment, projection and feasibility studies, enterprise strategy and so on, we propose the contents and targets of environmental study during the process of projection and feasibility study of tobacco enterprises, and take the overseas investment project of China Tobacco Shandong Industrial Co., Ltd. as an example, thus conclude that economic analysis will not be the key during this projection and feasibility study stage, but to concentrate more on the study of outbound investment environment. Stress on the study of overseas investment environment will be the identification evaluation of the environmental factors of the target country and assess the investment risks in order to give out proposals and suggestions. This article introduces the assessment target on the overseas investment for the tobacco enterprises during the projection and feasibility study stage, the assessment model of reference projects, set up the assessment pattern on the investment environment for the tobacco enterprises and compiles the measurement sample sheet of environmental risks. To take the project proposal of China Tobacco Shandong Industrial Co., Ltd. with Binh Duong of Vinataba as an example, it introduces comprehensively its environmental identification and evaluation on the overseas investment during the projection and feasibility study period, its environmental risk measurement and to answer readily the process and method, laying stress on the practical usage to its assessment conclusions. The article proposes that based on the characteristics of high investment and high returns of the tobacco enterprises, overseas investment environment assessment during the projection and feasibility study period need to be specially emphasized. To conduct environment study, to an certain extent, is more important than only from the points of technical and economic analysis and shall provide support for investment decision-making. A comprehensive and subjective assessment to the overseas investment environment can upgrade the scientific decision-making to the investment and greatly avoid the investment mistakes that occur losses.
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