日中間Ｍ＆Ａ―強みを生かす融合の時代

2010/07/20--The Asahi Shimbun, July 19
EDITORIAL: Closer Japan-China ties.
日中間Ｍ＆Ａ―強みを生かす融合の時代

Chinese companies are increasingly eyeing mergers and acquisitions (M&As) with Japanese companies. High-end clothing maker Renown Inc. becoming an affiliate of a large Chinese textiles company is but one example. These moves symbolize the coming of an era of increased business management fusion between China and Japan.
　日本企業に対する中国企業の合併・買収（Ｍ＆Ａ）の動きが活発化してきた。高級衣料のレナウンが中国の大手繊維メーカーの傘下に入ることもその一例で、日中間の経営融合が進む時代の到来を象徴している。

Renown, which is now restructuring its management, will hold an extraordinary shareholders' meeting to decide whether to accept a 40-percent injection of capital investment from Shandong Ruyi Science and Technology Group.
　経営再建中のレナウンは、山東如意科技集団から４割の出資を仰ぐことなどを臨時株主総会で決める。

Renown has been suffering under the onslaught of new competition, unable to move out of its old business model that relied on department store sales. Renown has famous brand products and the company has strong management skills.
　レナウンは百貨店依存の古いビジネスモデルから脱却できず、新興勢力に押しまくられてきたが、有名ブランドや優れた品質管理力をもつ。

Shangdon Ruyi, on the other hand, is strong in high-end wool textiles, courtesy of its unique spinning technology. But it is still weak in terms of merchandising and brand-development strategies.
　一方の山東如意は、独自の紡績技術を基に高級毛織物で強みを持つ半面、衣料の製品企画力やブランド戦略のノウハウではなお弱さを抱える。

The heads of the two companies said they will try to nurture a cooperative relationship "like brothers" and become a shining example of a new kind of M&A between Japan and China, where each company complements the other. This will help to advance both the development of the Chinese market and business innovation in Japan.
　双方が補い合い、中国市場の開拓と日本でのビジネス変革を進める。「兄弟のような」と両社トップが語る協力関係を築き、日中間の新しいＭ＆Ａの良き先例となってほしい。

Previously, it was a one-way street with Japanese companies buying Chinese businesses. The collapse of Lehman Brothers in fall 2008 changed the tide. Chinese enterprises, which continue to grow, have begun buying Japanese companies even though they have particular skills and business know-how. More management fusion between Japan and China via M&As should occur.
　以前は日本企業が中国企業を買う一方だったが、リーマン・ショックで流れが変わった。成長を続ける中国企業が、技術やノウハウを持ってはいるが経営難にある日本企業を買うようになった。Ｍ＆Ａを通じた日中の経営融合は、もっと起きていい。

Some people fear there will be an outflow of Japanese technology. But if this is in a specific area that Japan simply cannot let go, then there are ways to prevent a skills drain, with the cooperation of business partners and, if necessary, government support.
　「日本の技術が流出する」との警戒感もあるが、本当に譲れない分野なら取引先の連帯や、場合によっては政府の支援などで守ればいい。

Rather, in order to open up a path whereby Japanese companies can better utilize their accumulated skills and know-how, perhaps they should approach M&A proposals more aggressively.
　むしろ日本企業が蓄えてきた技術やノウハウをもっと生かす道を切り開くためには、Ｍ＆Ａに前向きに取り組むべきではないだろうか。

To help blend into the Chinese market, Japanese companies should consider how to get more people in China to understand Japanese business practices. M&As are one way of removing national barriers within management. It would be the quickest way to enhance Chinese appreciation of Japanese technology and tastes and demonstrate that these qualities will work to increase China's prosperity.
　とりわけ中国市場に溶け込むには、経営の中から国境を取り除く効果が期待できるＭ＆Ａを通じて、中国側に理解者を増やすことを考えてはどうか。日本の技術や感性の「良さ」への評価を広げ、中国の豊かさにも役立つことを示すのが近道だ。

In the case of golf club maker Honma Golf Co., which was absorbed by a conglomerate of Chinese retailers, it was the Chinese who admired Honma's high-grade artisan club sets, which cost millions of yen. Now, they are planning to market the clubs to China's new rich class.
　中国の小売業などの連合体の傘下に入った本間ゴルフでは、職人技で作られた数百万円もする高級クラブセットに中国側が惚（ほ）れ込み、富裕層に向けて売ろうとしている。

The winds of fusion are bringing change to Japanese enterprises, too. The business style of Japanese electronics retailer Laox Co. changed markedly during the past year or so after Suning Appliance Co. of Nanjing took over. 　「融合」は日本での事業にも新風を吹き込む。家電量販店ラオックスの経営は、南京市の蘇寧電器集団の傘下に入ったこの１年余で激変した。

Its flagship shop in Akihabara, Tokyo, is at the forefront of international retail. Of the 116 sales clerks, 60 percent are not Japanese, but Chinese, Russian, Brazilian and so on. Staff can handle inquiries in 23 languages. This turned the tide, which had been constantly on the decline.
　東京・秋葉原にある本店は国際化の最先端を行く。１１６人の店員の６割は中国、ロシア、ブラジルなどの外国人。２３の言語で顧客対応できる。縮小一辺倒だった流れを逆転した。

Japanese companies that have entered into business ventures in China are also appointing more Chinese to top executive positions, so fusion is progressing.
　中国に進出した日本企業の間でも、中国人を経営上層部に登用する動きが広がり、融合は進みつつある。

In the Chinese classic "Yi Jing," there is a passage that goes as follows: "When hard-pressed, things will change; when things change, a path will open; when a path opens, it will last." Thus, in order to adapt to change and open up a vision for the future, it is important to pursue the path of fusion that utilizes each other's strong points.
　中国の古典「易経」に「窮すれば変ず、変ずれば通ず、通ずれば久し」とある。変化に対応して未来への展望を開くには、互いの長所を生かした「融合」の道を極めることが大切だ。