Germany as Location for M&A InvestmentsProf. Horst LöchelInternational M&A, Technology and Intellectual Property Rights Transfer Seminar Shanghai, August 27, 2009德国：并购投资的选择地霍斯特·洛切尔教授国际并购、技术与知识产权转让研讨会上海，2009年8月27日
Overview概论(I)Features of Germany’s Economy and SME -Sector(I)德国经济与中小企业特点(II)M&A Activities in Germany and Potential Benefits(II)德国的并购活动与潜在利益(III)The Importance of Soft-Factors(III)软因素的重要性2Features of Germany’s Economy德国经济的特点¾30 % of GDP of Euro-area and No. 4 worldwide¾占欧洲地区GDP的30%，全球范围名列第四¾Export driven: almost 50% of GDP ¾出口驱动：几乎占GDP的50%¾High GDP per capita: about 34,000 EUR ¾人均GDP高：大约34000欧元¾Strong SME-sector: million companies (‘hidden champions’)¾中小企业实力强：有1360万家企业（“隐性冠军”）¾Still strong industrial basis: almost 30% of value added¾还有强大的工业基础：几乎有30%的增值¾Social Market Economy: balance of power, tax, and social security¾社会市场经济：权力，税收和社会安全的平衡¾No. 5 of industrial performance index of World Economic Forum¾世界经济论坛行业表现指数名列第五¾-5% growth in 2009 (2010: 1% -2%)¾2009年增长率为-5%（2010年：1%-2%）3
Features of Germany’s SME-Sector (2008)德国中小企业特点（2008年）CompaniesEmployeesTurnoverInvestmentsValue added % of all% of all% of all% of all% of all占所有企业占所有雇员占所有营业额占所有投资%占所有增值%%%%All SME’全部中小企业Thereof:其中Small 小型¹中型²大型³)Till 9 employees and 2 million turnover1)最多9名雇员和200万营业额2) Till 49 employees and 10 million turnover2) 最多49名雇员和1000万营业额3) Till 249 employees and 50 million turnover3) 最多249名雇员和5000万营业额4Current M&A Activities in Germany当前德国的并购活动¾Investment volume in 2008: 13,8 bnEUR (+ 5 %)¾2008年投资总量：138亿欧元（增长5%）st¾About 500 projects in the pipeline in the 1half of 2009 (+ 14%)¾2009年上半年约有500个洽谈中项目（增长14%）¾Main investors from the USA, UK and Japan¾投资商主要来自美国、英国和日本¾2006 -2008: 300 investments by Chinese companies¾2006-2008年：有300个投资项目来自中国企业¾Preferred sectors: engineering, manufacturing, IT-services, clean-tech industry¾首选行业：工程，制造，IT服务，清洁技术业5
Potential Benefits of M&A Investments in Germany在德国并购投资的潜在利益¾Market entry with established sales channels¾有既有销售渠道的市场准入¾Acquisition of brands and know-how¾品牌和技能的获得¾Economies of scale and scope¾具有规模的经济6‘Soft-Factors’matter!“软因素”很重要！¾Management culture is different ¾管理文化不同¾Different risk culture ¾不同的风险文化¾Medium and long term orientation ¾中长期的定位7
Summary总结¾Germany’s economy and in particular the SME-sector is a profitable target for foreign M&A’s¾德国经济，尤其是中小企业对于国外的并购企业是一个可获利的目标¾Potential benefits includes market entry, know-how, and economies of scale but the success depends strongly on soft-factor¾潜在利益包括市场准入，技能和规模经济，但成功更大程度取决于软因素8Thanks for the Attention!Questions are Welcome!谢谢听课！欢迎提问！Contact:联系人：Prof Dr Horst Loechel霍斯特·洛切尔教授Chairman, Vice-President上海国际银行金融学院Shanghai International Banking 董事会主席兼副院长and Finance InstituteTel:+ 86 21 6590 8758Fax:+ 86 21 6590 8759Email:@:
