【中英互譯】何去何從－馬來(lái)西亞寶騰汽車(chē)面臨抉擇

1、 經(jīng)濟(jì)學(xué)家讀譯參考 Translated & Edited by Chen JilongPAGE Page PAGE 7 of NUMPAGES 7Evaluation Warning: The document was created with Spire.Doc for .NET.Proton 馬來(lái)西亞寶騰汽車(chē)A fork in the road何去何從?（陳繼繼龍 編譯）Nov 330thh 20006 | HHONGG KOONGFrom Thee Ecconoomisst pprinnt eedittionnMalayysiaas criisiss-riiddeen nnatiion

2、aal ccarmmakeer ffacees aa sttarkk chhoicce危機(jī)重重的的馬來(lái)西西亞國(guó)有有汽車(chē)制制造商面面臨嚴(yán)峻峻抉擇。WHAT willl bbecoome of Prootonn, Maalayysiaas strruggglinng ccarmmakeer? （1）AA poolitticaal pprojjectt seet uup iin tthe 19880s, itt neeverr piickeed uup sspeeed, hass beeen oveertaakenn byy fooreiign commpettitoors andd haas bb

3、ecoome embbroiiledd1 inn a strrugggle oveer iits futturee diirecctioon. Witth iits cassh rreseervees rrunnningg loow, it is noww inn daangeer oof bbreaakinng ddownn alltoggethher. Thhe ggoveernmmentt, wwhicch hhopees tto pplacce tthe commpanny wwithh a “sttrattegiic pparttnerr” bby nnextt Feebruuary

4、y, ssimpply wannts to exttriccatee2 ittsellf ffromm thhe mmesss wiith thee miinimmum of hummiliiatiion. Whhichh rooutee itt wiill takke iis tthe subbjecct oof ffeveerissh sspecculaatioon.苦苦掙扎的的馬來(lái)西西亞汽車(chē)車(chē)制造商商寶騰將將會(huì)怎樣樣呢？建建于上世世紀(jì)八十十年代的的寶騰是是政府扶扶植的一一個(gè)汽車(chē)車(chē)項(xiàng)目，發(fā)發(fā)展一直直比較遲遲緩，已經(jīng)被外外國(guó)競(jìng)爭(zhēng)爭(zhēng)對(duì)手趕超超，如今開(kāi)開(kāi)始艱難難地尋找找未來(lái)的的出路。由由于現(xiàn)金金

5、儲(chǔ)備不不斷走低低，它已已瀕臨徹徹底崩潰潰。馬來(lái)來(lái)西亞政政府希望望在明年年2月前前為該公公司找到到一個(gè)“戰(zhàn)略伙伴伴”，它現(xiàn)在在只想在在盡可能能保全顏顏面的同同時(shí)脫離離窘境。關(guān)關(guān)于它將將何去何何從已經(jīng)經(jīng)成為當(dāng)下下熱議的的話題。Protoon wwas sett upp byy thhe ggoveernmmentt inn 19983 andd sttartted buiildiing carrs ttwo yeaars latter in asssociiatiion witth MMitssubiishii off Jaapann. IIt wwas a ccenttrall paart of

6、 thee sttrattegyy laaid outt byy Maahatthirr Moohammad, thhe pprimme mminiisteer aat tthe timme, to traansfformm Maalayysiaa innto an inddusttriaalissed nattionn byy 20020. （22）Thhe iideaa waas tthatt a bigg caarmaakerr woouldd crreatte jjobss, pprovvidee acccesss tto ttechhnollogiies, brringg inn e

7、xxporrt eearnninggs aand spaawn a hhostt off suuppoortiing inddusttriees. Butt Prrotoon nneveer ggot bigg. AAlthhouggh iit ooncee haad 665% of thee loocall maarkeet, outtputt neeverr roose aboove 2277,0000 ccarss a yeaar aand expportts nneveer eexceeedeed 220,0000 uniits annnuallly. Inn ann inndusst

8、ryy doominnateed bby aa haandfful of glooball giiantts, eacch pprodduciing 3m-66m ccarss a yeaar, Prootonn reemaiins a mminnnow3. 寶騰由馬來(lái)來(lái)西亞政政府于119833年組建建成立，兩兩年后開(kāi)開(kāi)始與日本三三菱公司司合作生生產(chǎn)汽車(chē)車(chē)。它是是時(shí)任馬馬來(lái)西亞亞總理的的馬哈蒂蒂爾默哈曼曼德戰(zhàn)略略部署（即即到20020年年將馬來(lái)來(lái)西亞建建設(shè)成為為一個(gè)工工業(yè)化國(guó)國(guó)家）的的一個(gè)重重要組成成部分。在馬來(lái)來(lái)西亞政政府看來(lái)來(lái)，一個(gè)個(gè)“大”型的汽車(chē)車(chē)制造公公司可以以創(chuàng)造就就業(yè)、引引進(jìn)技術(shù)術(shù)

9、、出口口創(chuàng)匯以以及造就就諸多配配套產(chǎn)業(yè)業(yè)?？墒鞘菍汄v一一直都沒(méi)沒(méi)有變“大”。雖然然它曾一一度占有有當(dāng)?shù)厥惺袌?chǎng)655%的份份額，但但其年產(chǎn)產(chǎn)量始終終未曾超超過(guò)222.7萬(wàn)萬(wàn)輛，年年出口量量也都在在2萬(wàn)輛輛以下。在在一個(gè)由由少數(shù)年年產(chǎn)30006600萬(wàn)萬(wàn)輛汽車(chē)車(chē)的全球球巨頭占主主導(dǎo)地位位的產(chǎn)業(yè)業(yè)領(lǐng)域內(nèi)內(nèi)，寶騰騰依然是是個(gè)“小不點(diǎn)點(diǎn)”。（3）Yeet iit hhas reffuseed tto sscalle ddownn4 itts aambiitioons. Prrotoon hhas buiilt facctorriess caapabble of chuurniing outt5 1m c

10、carss a yeaar aand hass laauncchedd a rannge of moddelss. BBut quaalitty iis ppoorr annd llow vollumees mmeann itt iss noot aablee too coompeete on cosst. Eveen llocaal cconssumeers havve bbecoome fedd upp wiith Prootonns carrs, witth ttheiir ssharrplyy deecliininng ssecoond-hannd vvaluues. Thhey ha

11、vve sswittcheed lloyaaltiies to whaat wwas oncce tthe seccondd naatioonall caarmaakerr, PPerooduaa, wwhicch iis nnow conntroolleed aand verry ccomppeteentlly rrun by Jappans DDaihhatssu, parrt oof TToyoota. Prrotoonss maarkeet ssharre iin MMalaaysiia hhas falllenn stteaddilyy inn thhe ppastt feew yy

12、earrs aand is noww juust 31%.然而，它并并不愿善善罷甘休休。寶騰騰已經(jīng)建建成了每每年總產(chǎn)產(chǎn)1000萬(wàn)輛汽汽車(chē)的多多個(gè)工廠廠，并推推出了多多種汽車(chē)車(chē)款式。但但質(zhì)量差差且銷(xiāo)量量少意味味著它在價(jià)格上并不具備備競(jìng)爭(zhēng)力力，就連連當(dāng)?shù)叵M(fèi)者也也逐漸對(duì)對(duì)寶騰汽汽車(chē)產(chǎn)生生了不滿情情緒，原原因就是是二手寶寶騰車(chē)貶貶值過(guò)快快。他們們已經(jīng)“移情別別戀”到Peeroddua身身上。PPerooduaa曾是全全國(guó)第二二大汽車(chē)車(chē)制造商商，現(xiàn)歸屬于于日本豐豐田旗下下的大發(fā)發(fā)，運(yùn)營(yíng)十十分順暢暢。過(guò)去去幾年來(lái)來(lái)，寶騰騰在馬來(lái)來(lái)西亞的的市場(chǎng)占占有率已已逐步降降低，目目前僅為為31。The ccris

13、sis hass inntennsiffiedd inn reecennt wweekks bbecaausee Prrotoonss caash is runnninng oout. Inn 20003 it hadd 3.8 bbilllionn riingggit6 ($11.1 billlioon) in thee baank, buut ttodaay iit hhas onlly 5500mm riingggit, haalf whaat iit hhad in Marrch. Heencee thhe ggoveernmmentts reccentt annnouunceemen

14、nt tthatt itt waas iin nnew tallks witth ttwo bigg Euuroppeann caar ggrouups, Voolksswaggen andd PSSA PPeuggeott Ciitroon, wiith a vvieww too seelliing parrt oor aall of itss sttakee too onne oof tthemm orr foormiing somme kkindd off sttrattegiic aalliiancce.近幾周由于于寶騰現(xiàn)現(xiàn)金消耗耗殆盡，危危機(jī)已進(jìn)進(jìn)一步加加劇。220033年其現(xiàn)現(xiàn)金儲(chǔ)

15、備備為388億林吉吉特（約約合111億美元元），而而現(xiàn)在只只有5億億林吉特特，是33月份時(shí)時(shí)的一半半。因此此，馬來(lái)來(lái)西亞政政府近期期宣稱寶寶騰正在在同大眾眾和PSSA標(biāo)志志雪鐵龍龍兩家歐歐洲大型型汽車(chē)集集團(tuán)舉行行新一輪輪會(huì)談，旨旨在將其其部分或或全部股股份出售售給其中中一家，或或者建立立某種意意義上的的戰(zhàn)略同同盟。The ttrouublee iss thhat Prootonn iss noot jjustt ann aiilinng ccarmmakeer. It is alsso aa poolitticaal hhot pottatoo, ssincce iit iis ccauggh

16、t up in thee feeud bettweeen DDr MMahaathiir aand Abddulllah Baddawii, wwho succceeededd hiim aas pprimme mminiisteer iin 220033. MMr BBadaawi seees tthe firrm aas aa liiabiilitty77, butt too Drr Maahatthirr anny ssalee woouldd bee taantaamouunt to8 dissmanntliing hiss leegaccy. Khaazannah, thhe nna

17、tiionaal iinveestmmentt auuthooritty aand Prootonns maiin ssharrehooldeer, is alsso rreluuctaant to selll bbecaausee off thhe wwritte-ddownn itt woouldd taake. （44）Too coompllicaate mattterrs ffurttherr Prrotoonss maanaggemeent, inn ann effforrt tto aasseert conntrool, hass siigneed vvaguue llettter

18、ss off inntennt wwithh caarmaakerrs iinclludiing Peuugeoot aand Chiinas CCherry. Andd thhreee loocall caar iimpoorteers, DRRB-HHicoom, Nazza GGrouup aand Moffaz, seeparrateely offfereed tto bbuy Prootonn inn orrderr too keeep it in Mallayssiann haandss.問(wèn)題在于寶寶騰不僅僅僅是一一個(gè)沉疴疴在身的的汽車(chē)制制造商，而且由于卷入了馬哈蒂爾與阿卜杜拉巴扎

19、維之間長(zhǎng)期以來(lái)的明爭(zhēng)暗斗，在政治上它也成了一個(gè)“燙手山芋”。巴扎維于2003年接替馬哈蒂爾任馬來(lái)西亞總理，他把寶騰看成是一個(gè)累贅，而馬哈蒂爾卻認(rèn)為任何形式的出售都無(wú)異于瓦解他任內(nèi)建下的基業(yè)。寶騰大股東、國(guó)家投資管理局Khazanah因可能蒙受資產(chǎn)賬面價(jià)值損失因而也不愿出售。寶騰的管理層為了盡力維護(hù)自己對(duì)寶騰的掌控權(quán)，已經(jīng)同標(biāo)志、中國(guó)奇瑞等汽車(chē)制造商簽訂了意向書(shū)，但內(nèi)容含糊其辭，目的就是要把問(wèn)題搞得更加撲朔迷離。此外，馬來(lái)西亞本地三家汽車(chē)進(jìn)口公司DRB-Hicom、納莎集團(tuán)和莫法茲也分別出價(jià)欲收購(gòu)寶騰以使其仍歸馬來(lái)西亞人所有。But eevenn iff a buyyer cann bee fo

20、oundd, aa saale wouuld cauuse othher proobleems.（5）FForeeignn buuyerrs wwoulld bbe iinteeresstedd maainlly iin aacceess to thee maarkeet, nott inn Prrotoonss faactooriees, moddelss orr heeadsstroong mannageers, whho iinsiist thaat aa liittlle mmoree innvesstmeent is alll thhat is neeededd too tuurn

21、thee fiirm arooundd. AAnd altthouugh anootheer ccarmmakeer ccoulld uuse Prootonns mannufaactuurinng pplannts, itt woouldd maake litttlee fiinannciaal ssensse, sinnce mosst ppartts wwoulld hhavee too bee immporrtedd. FForeeignn coompoonennt-mmakeers, puut ooff by Mallayssias rrulees tthatt giive advv

22、anttagees tto eethnnic Mallayss, hhavee seet uup sshopp inn Thhaillandd innsteead.不過(guò)即使能能找到買(mǎi)買(mǎi)主，出出售也會(huì)會(huì)引發(fā)其其它問(wèn)題題。外國(guó)國(guó)買(mǎi)家感感興趣的的主要是是能進(jìn)入入馬來(lái)西西亞市場(chǎng)場(chǎng)，而不不是寶騰騰的工廠廠、車(chē)型型抑或剛剛愎自用用的管理理者。這這些管理理者堅(jiān)持持認(rèn)為要要扭轉(zhuǎn)公公司頹勢(shì)勢(shì)只需再再增加些些許投資資即可。此此外，雖雖然新來(lái)來(lái)乍到的的汽車(chē)制制造商可可以使用用寶騰的的生產(chǎn)線線，但由由于大多多數(shù)零部部件都必必須依賴賴進(jìn)口，因因此基本本上無(wú)利利可圖。由于馬馬來(lái)西亞亞人在制制定規(guī)則則上帶有有民族主主義色彩

23、彩，外國(guó)國(guó)零部件件生產(chǎn)商商只好暫暫時(shí)擱置置進(jìn)入馬馬來(lái)西亞亞的計(jì)劃劃，轉(zhuǎn)而而到泰國(guó)國(guó)開(kāi)張大大吉了。Malayysiaas govvernnmennt, thee prrimee miinissterr annd hhis medddliing preedeccesssor do nott haave lonng tto ddeciide whiich wayy too tuurn. Shhoulld PProtton givve uup aand beccomee a tinny ppartt off a glooball caarmaakerr, oor sshouuld it strrugggle on in thee hoope thaat